Kirkland Lake, Newmont reach deal for exploration opportunities

Aug. 17, 2020 5:21 PM ETAgnico Eagle Mines Limited (AEM), NEM, AEM:CA, NGT:CABy: Carl Surran, SA News Editor23 Comments
  • Kirkland Lake Gold (KL) and Newmont (NYSE:NEM) say they have formed a strategic alliance for exploration and development opportunities around Kirkland's Holt Complex and Newmont's properties in Timmins, Ontario.
  • Newmont will pay Kirkland Lake US$75M to acquire an option on mining and mineral rights related to the company's Holt Mine property.
  • As a result of the deal, Newmont expects to remove the ~$350M liability for the Holt Royalty on its balance sheet and record a ~$275M gain in net income from discontinued operations in its Q3 results.
  • The companies say they also will work together to identify more exploration opportunities around their land positions in the region.
  • Shares of both companies rose more than 6% in today's trade as gold prices jumped ~2% to their highest in nearly a week.

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