Kirkland Lake earnings boosted by Detour mine

Cecilia Jamasmie | November 9, 2020 | 12:15 pm News Precious Metals Australia, NZ & South Pacific Canada Gold 

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.

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