Kirkland Lake earnings boosted by Detour mine

Kirkland Lake Gold‘s (TSX: Kl; NYSE: KL; ASX: KLA) acquisition of Detour Gold and its Detour Lake mine in Ontario earlier this […]

Kirkland Lake Gold‘s (TSX: Kl; NYSE: KL; ASX: KLA) acquisition of Detour Gold and its Detour Lake mine in Ontario earlier this year now accounts for more than 40% of the company’s 2020 free cash flow.

“We are extremely pleased with the contribution already being made by Detour Lake mine, which generated US$231 million of free cash flow in the first eight months since the transaction,” chief executive Tony Makuch said in a statement.

The $4.4 billion (US$3.4 billion) acquisition of Detour, added 14.8 million oz. to Kirkland’s reserves, helping to help ease concerns about the short mine life of the company’s flagship underground Fosterville operations in Australia.

Continue reading at www.northernminer.com.

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