Rumours of an imminent M&A deal involving Kirkland pushed its shares as a lot as 8.5% on Monday, closing 3.36% larger than Friday’s ultimate value.
As soon as accomplished, the merger would go away Agnico with $2.3 billion of accessible liquidity, a mineral reserve base of 48 million ounces of gold (969 million tonnes at 1.53 grams per tonne) and a pipeline of growth and exploration tasks.
Agnico Eagle shareholders will personal about 54% of the mixed firm, whereas these of Kirkland Lake may have a 46% possession.
The brand new Agnico Eagle shall be led by a mixed board and administration group. Its present boss, Sean Boyd, will develop into govt chair of the board, whereas Kirkland Lake chief govt Tony Makuch would be the mixed firm’s CEO.
Toronto-based Agnico has mines are in Canada, Finland and Mexico in addition to exploration and growth actions in these nations and the USA and Colombia.
Kirkland Lake Gold has the Macassa mine and Detour Lake mine, each in northern Ontario, and the Fosterville mine in Australia.
Extra to come back…