Kirkland Lake Gold Inc
Kirkland Lake Gold Inc
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Kirkland Lake Gold has eased Dec 2021 (FY/CY 21) gold production expectations from its 3 operations in Canada and Australia to 1.30Moz-1.40Moz from FY/CY 20’s flagged 1.35Moz-1.40Moz, with operating cash costs sold up.
However, with current expansion operations/plans, the company sees production up to 1.40Moz-1.54Moz for FY/CY 23.
FY/CY 21 operating cash costs sold are expected to rise to $US450oz-$475oz from FY/CY 20’s flagged $410oz-$430oz, with AISC steady at $790oz-$810oz.
Canada-Australia gold miner Kirkland Lake Gold is selling its 12% stake in Pilbara, Western Australia, gold-focused Novo Resources for up to $US71.2M.
The deal is for the initial sale of 18.5M Novo units at $2.45 per unit for $45.3M, each unit consisting of 1 common share and half-a-share purchase warrant, with each warrant entitling the holder to acquire 1 additional Novo share at $2.80.
Gold miner Kirkland Lake Gold has done a $US35M deal for 75% of fellow Canadian Wallbridge Mining’s Detour East gold property ,11 km E of the Detour Lake Gold Mine, Quebec, Canada.
Under the terms of the option agreement, Kirkland can acquire up to an undivided 50% by funding phase-1 costs of $7.5M over 5-years, followed by an additional 25% for $27.5M within the 1st 5-years of the formation of a J/V.
With gold production and revenue up, and record cash flow, gold miner Kirkland Lake Gold has lifted Sept 2020 qtr (Q3 20) net earnings to $US202M from Q2 20’s $150.2M, with adjusted net earnings to $249.3M from $219,345M.
Gold production from its Macassa and Detour Lake mines, both in N Ontario, Canada, and the Fosterville mine in Victoria, Australia, rose 3% to 339,584oz, albeit with sales easing to 331,959oz from 341,390oz and operating cash costs sold up to $406oz from $374oz and AISC to $886oz from $751oz.
Canadian-based explorer and developer Mawson Resources aims to capitalise on the success of Kirkland Lake’s Fosterville project and its own growing understanding of Australia’s Victorian Goldfields after finalising an agreement that increases its regional interests by 73% to 471sqkm of granted tenements and applications.
Its revised $4.25M deal with major local landholder Nagambie Resources allows Mawson to earn up to 70% of the Whroo goldfield in an expansion of the Doctors Gully JV agreement by the two companies in January.
$C750M market cap Canadian Novo Resources has sealed its $A6.1M deal to buy 50% of Western Australia-based GBM Resources’ Malmsbury Gold Project in the prolific Victoria, Australia, goldfields.
Novo’s exercise of its purchase option, via the issue of 1.57M Novo shares, includes the right to earn an additional 10% by spending another $5M on exploration over 4-years.
Despite the disruptions caused by COVD-19, including the suspension of operations at the Holt Complex in Canada and of all non-essential work company-wide, Kirkland Lake Gold has had a strong June 2020 qtr (Q2 20), albeit with net earnings falling to $US150.2M from Q1 20’s $202.8M, but with adjusted net earnings up to $219.3M from $179M.
Canadian international miner Kirkland Lake has overcome COVID-19 disruptions with initial contributions from the newly acquired Detour Lake mine in Ontario to lift group production by 48% to 660,634oz for the June half-year (H1FY2020), from 446,472oz in the corresponding period.
Detour Lake contributed 223,547oz in 5 months following its acquisition from Detour Gold, despite operational reductions, while shutdowns lowered output at the Macassa mine to 92,726oz (H1FY2019: 121,972oz) and the Holt Complex to 29,390oz (55,355oz).
Kirkland Lake Gold calculates the costs of measures to protect its workforce from the COVID-19 pandemic as the loss of up to 140,000oz gold production and $US10-15M in non-recurring expenses.
With its Detour Lake and Macassa projects in Ontario now ramping up from reduced operations, the Canadian-based international miner has posted revised FY2020 guidance of 1.35-1.4Moz gold compared to its pre-pandemic forecast of 1.47-1.54Moz.
Canadian miner Kirkland Lake has highlighted the potential for significant growth at its Detour Lake gold mine in NE Ontario in initial results from a continuing exploration program undertaken despite the impacts of COVID-19.
President-CEO Tony Makuch says the results from drilling in the Saddle Zone, 58 North Zone and North Pit supports its belief in substantially increasing mineral reserves to support future production growth and improved costs.