Kirkland Lake Gold

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Kirkland Lake Gold Inc.
TypePublic
TSX:KL
NYSE:KL
ASXKLA
IndustryMining
FoundedJuly 27, 1988 (1988-07-27)
FoundersBrian Hinchcliffe and Harry Dobson
Headquarters,
Key people
Brian Hinchcliffe, CEO (2001-13),
George Ogilvie, CEO (2013-16),
Anthony Makuch, CEO (2016-)
ProductsGold
Websiteklgold.com

Kirkland Lake Gold Inc. is a Canadian gold mining company, based in Toronto, that owns and operates several gold mines in Canada and Australia. It was founded in 1988 as Goldpac Investments, and then operated as Brimstone Gold Corp. between 1994 and 1999, as a consulting and investment company in the gold mining industry. The company was re-named Foxpoint Resources Ltd. as it sought to acquire and develop its own gold mining property.[1] In 2001, the Vancouver-based Foxpoint Resources purchased several mining properties from the Kinross Gold around Kirkland Lake, Ontario. The $5 million purchase included several former mines: Macassa Mine, Lakeshore Mine, Wright Hargreaves and Teck Hughes.[2] The company re-named itself again as Kirkland Lake Gold and re-commissioned the underground Macassa Mine. As it continued new exploration, it was able to begin extracting gold from the mine in 2003.[3][4] Kirkland Lake Gold focused on developing its Macassa mine until 2015 when it acquired St. Andrew Goldfields with its three mines (Holt Complex) about 100 km from Kirkland Lake, in an all-stock deal worth $178 million.[5][6] Pressure from activist shareholders seeking more aggressive expansion led to changes in management to expand the company's holdings.[7] Later that year, the company acquired Vancouver-based Newmarket Gold Inc., which owned the Cosmo mine in the Northern Territory and the Fosterville mine in Victoria, Australia, for $1.01-billion in stock.[8] Kirkland Lake Gold listed stocks on the Australian Securities Exchange effective November 30, 2017.[9] On the Toronto Stock Exchange, Kirkland Lake Gold was promoted to the S&P/TSX 60 index effective September 23, 2019.[10] Within a few months, the company acquired Detour Gold in a $4.9-billion purchase.[11]

See also[edit]

References[edit]

  1. ^ Owen, Rick (February 18, 2002). "Lots of potential: Foxpoint geologist feels high-grade discoveries are still possible". Northern Daily News. Cobalt, Ontario. p. 1.
  2. ^ Wilkinson, Jeff (September 5, 2001). "B.C. company to re-open Macassa mine". Daily Press. Timmins, Ontario. p. 2.
  3. ^ Owen, Rick (January 8, 2003). "Kirkland Lake company pulls first gold from mine". Sudbury Star. Sudbury, Ontario. p. A2.
  4. ^ "Kirkland Lake boosts Ontario estimates". The Globe and Mail. August 19, 2003. p. B7.
  5. ^ Owen, Rick (November 18, 2015). "KL Gold buys St. Andrew; Deal creates multi-asset Ontario-focused gold producer". Northern News. Kirkland Lake, Ontario. p. 1.
  6. ^ "Kirkland Lake Gold ties the knot with St. Andrew Goldfields". Northern Ontario Business. March 31, 2016. Retrieved February 28, 2020.
  7. ^ Critchley, Barry (June 15, 2016). "Intrigue at Kirkland Lake". National Post. p. FP2.
  8. ^ McGugan, Ian (September 30, 2016). "Gold miners Kirkland Lake, Newmarket to merge". The Globe and Mail. p. B2.
  9. ^ Sherratt, Brad (December 6, 2017). "KL Gold to be listed on Australian Exchange". Northern News. Kirkland Lake, Ontario. p. 3.
  10. ^ Milstead, David (September 10, 2019). "TSX 60 to gain gold miner, lose energy player". The Globe and Mail. p. B9.
  11. ^ McGee, Niall (January 29, 2020). "Kirkland Lake's Detour takeover approved". The Globe and Mail. p. B6.