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Kirkland Lake Gold

Kirkland Lake Gold Inc. was a Canadian gold mining company based in Toronto. It owned and operated several gold mines in Canada and Australia before its merger into Agnico Eagle in 2021.[1]

History

The company was founded in 1988 as Goldpac Investments. Between 1994 and 1999, it operated as Brimstone Gold Corp., a consulting and investment company in the gold mining industry. The company was renamed Foxpoint Resources Ltd. as it sought to acquire and develop its own gold mining property.[2]

In 2001, the Vancouver-based Foxpoint Resources purchased several mining properties from Kinross Gold around Kirkland Lake, Ontario. The $5 million purchase included several former mines: Macassa Mine, Lakeshore Mine, Wright Hargreaves and Teck Hughes.[3] The company renamed 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.[4][5]

Kirkland Lake Gold focused on developing its Macassa mine until 2015 when it acquired St. Andrew Goldfields with its three mines (the Holt Complex) about 100 km from Kirkland Lake, in an all-stock deal worth $178 million.[6][7]

In 2016, pressure from activist shareholders seeking more aggressive expansion led to changes in management to expand the company's holdings.[8] Later that year, the company acquired Vancouver-based Newmarket Gold Inc., which owned the Cosmo mine in the Northern Territory and the Fosterville and Stawell Gold Mines in Victoria, Australia, for $1.01-billion in stock.[9] Kirkland Lake Gold listed stocks on the Australian Securities Exchange effective November 30, 2017.[10]

On the Toronto Stock Exchange, Kirkland Lake Gold was promoted to the S&P/TSX 60 index effective September 23, 2019.[11] Within a few months, the company acquired Detour Gold in a $4.9-billion purchase.[12]

In February 2022, Kirkland Lake Gold merged with Agnico Eagle Mines Limited in an all-stock deal with Kirkland's stocks being delisted.[13]

Carbon footprint

See also

References

  1. Gabriel Friedman. Riding a 44% gain in its share price, Agnico's first new CEO in 25 years is bullish on 2023 Financial Post, Postmedia, 3 January 2023, retrieved 6 January 2025^
  2. Rick Owen. Lots of potential: Foxpoint geologist feels high-grade discoveries are still possible Northern Daily News, February 18, 2002^
  3. Jeff Wilkinson. B.C. company to re-open Macassa mine Daily Press, September 5, 2001^
  4. Rick Owen. Kirkland Lake company pulls first gold from mine Sudbury Star, January 8, 2003^
  5. Kirkland Lake boosts Ontario estimates The Globe and Mail, August 19, 2003^
  6. Rick Owen. KL Gold buys St. Andrew; Deal creates multi-asset Ontario-focused gold producer Northern News, November 18, 2015^
  7. Kirkland Lake Gold ties the knot with St. Andrew Goldfields Northern Ontario Business, March 31, 2016, retrieved February 28, 2020^
  8. Barry Critchley. Intrigue at Kirkland Lake National Post, June 15, 2016^
  9. Ian McGugan. Gold miners Kirkland Lake, Newmarket to merge The Globe and Mail, September 30, 2016^
  10. Brad Sherratt. KL Gold to be listed on Australian Exchange Northern News, December 6, 2017^
  11. David Milstead. TSX 60 to gain gold miner, lose energy player The Globe and Mail, September 10, 2019^
  12. Niall McGee. Kirkland Lake's Detour takeover approved The Globe and Mail, January 29, 2020^
  13. Agnico Eagle and Kirkland Lake Gold seal the deal Northern Ontario Business, February 9, 2022^
  14. Alt URL Kirkland Lake Gold's Sustainability Report for 2019Q4^
  15. Alt URL Kirkland Lake Gold's Sustainability Report for 2019Q4^
  16. Alt URL Kirkland Lake Gold's Sustainability Report for 2020Q4^