https://www.miningweekly.com

New intermediate miner Kirkland Lake closes St Andrew Goldfields acquisition

28th January 2016

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

Font size: - +

VANCOUVER (miningweekly.com) – TSX-listed Kirkland Lake Gold has completed the acquisition of St Andrew Goldfields, creating a new midtier Ontario-focused gold producer.

St Andrew became a wholly-owned subsidiary of Kirkland Lake, after shareholders received 0.0906 of a common share of Kirkland Lake for each St Andrew share held.

Kirkland Lake issued a total of 33.36-million common shares to the former shareholders of St Andrew, giving former St Andrew shareholders about a 29% stake in Kirkland Lake on an undiluted basis.

The combined entity now operated four mines and two mills in Ontario's southern Abitibi greenstone belt, one of the world's most attractive mining jurisdictions. The company was expected to produce between 260 000 oz and 310 000 oz of gold in 2016, with cash costs estimated to range between $600/oz and $690/oz of gold.

“With diversified gold production from four mines, increased financial flexibility through the aggregate-positive cash position and the large underexplored land position, Kirkland Lake Gold is uniquely positioned for future success. Uniting our companies will create significant opportunities, allowing us to become stronger together especially in these challenging times,” stated Kirkland Lake president and CEO George Ogilvie.

Under terms of the plan of arrangement, a member of the former St Andrew board, Michael Churchill, was appointed to the Kirkland Lake board with immediate effect.

Edited by Samantha Herbst
Creamer Media Deputy Editor

Comments

Showroom

Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 
Stewarts & Lloyds
Stewarts & Lloyds

Stewarts & Lloyds today supplies steel and tube, pipe and fittings, valves, pumps, irrigation, fencing, profiling and roofing products. The cash...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/03/2024)
15th March 2024 By: Martin Creamer
Gold, hydrogen, mining boost make headlines
Gold, hydrogen, mining boost make headlines
15th March 2024
Magazine round up | 15 March 2024
Magazine round up | 15 March 2024
15th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.059 0.089s - 88pq - 2rq
Subscribe Now