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Kirkland Lake and Newmarket merging to create midtier gold producer
Kirkland Lake Gold and Newmarket Gold have entered into a definitive agreement to merge, creating a midtier gold company that will produce more than 500,000 ounces per year (oz/y) from underground mines in Canada and Australia. Combined cash costs of production during 2016 are estimated at under $650/oz, and all-in sustaining costs are estimated at under $1,015/oz. Both companies are headquartered in Canada -- Kirkland Lake in Toronto and Newmarket in Vancouver. The combined company will carry the name of Kirkland Lake Gold and will have a market capitalization of about C$2.4 billion. Existing Kirkland Lake and Newmarket shareholders will own approximately 57% and 43% of the combined company, respectively. The companies expect the transaction to close before year-end 2016.
Kirkland Lake and Newmarket merging to create midtier gold producer
Kirkland Lake Gold and Newmarket Gold have entered into a definitive agreement to merge, creating a midtier gold company that will produce more than 500,000 ounces per year (oz/y) from underground mines in Canada and Australia. Combined cash costs of production during 2016 are estimated at under $650/oz, and all-in sustaining costs are estimated at under $1,015/oz. Both companies are headquartered in Canada -- Kirkland Lake in Toronto and Newmarket in Vancouver. The combined company will carry the name of Kirkland Lake Gold and will have a market capitalization of about C$2.4 billion. Existing Kirkland Lake and Newmarket shareholders will own approximately 57% and 43% of the combined company, respectively. The companies expect the transaction to close before year-end 2016.
Kirkland Lake and Newmarket merging to create midtier gold producer
2016
Article (Journal)
English
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