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Canadian Gold Mining Company: Kirkland Lake Gold Ltd. (KL)

Kirkland Lake Gold Ltd. (NYSE: KL, TSX: KL) was founded in 1983, formerly known as Newmarket Gold Inc., in September 2016 from the merger of the original Kirkland Lake Gold and Newmarket Gold, the headquarters Located in Toronto, Canada, with 1,690 full-time employees, it is a medium-sized company engaged in the exploration and development of gold assets.

Kirkland Lake Gold

Kirkland Lake Gold Ltd. (KL):

Kirkland Lake Gold is a growing gold mining company. Kirkland Lake Gold owns and operates four underground gold mines, including the Macassa, Holt and Taylor mines in Ontario, Canada; and the Fosterville Mine in Victoria, Australia. In addition, it has 3 gold production facilities in Canada and Australia.

Kirkland Lake Gold is committed to providing low-cost production, advancing its exploration and development channels, and maintaining a large reserve of resources and high-quality assets to promote future production growth.

In addition, Kirkland Lake Gold also holds shares in Novo Resources (OTCQX:NSRPF) and Osisko Mining (NYSE:OR).

  • As of December 31, 2018, Kirkland Lake Gold held 29.8 million shares in Novo, accounting for 18.2% of the issued common shares.
  • Kirkland Lake Gold acquired 32.6 million shares of Osisko Mining for US$47.8 million, representing approximately 13.6% of the current issued and outstanding common stock.

Kirkland Lake Gold’s 2018 gold production:

  • Macassa Gold Mine: 240,126 ounces
  • Holt Gold Mine: 67,770 ounces
  • Taylor Gold Mine: 58,633 ounces
  • Fosterville Mine: 356,230 ounces

In 2019, Kirkland Lake Gold is expected to produce 920,000-1,000,000 ounces of gold from mines in Canada and Australia.

Kirkland Lake Gold Ltd.’s gold production in 2019 is 974,615 ounces, and the target production for 2020 is expected to be 950,000 – 1,000,000 ounces.

On January 31, 2020, Kirkland Lake Gold Ltd. completed the acquisition of Detour Gold Corporation (TSX:DGC).

On August 17, 2020, Kirkland Lake Gold and Newmont formed a strategic alliance to conduct exploration and development around Kirkland’s Holt Complex and Newmont’s assets in Timmins, Ontario. According to the agreement, Newmont will pay Kirkland Lake 75 million U.S. dollars to obtain mining rights and mineral rights options related to the company’s Holt Mine property.

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