Canadian gold miners Agnico Eagle, Kirkland Lake Gold agree to merge

Gold miners Agnico Eagle Mines Ltd. and Kirkland Lake Gold Ltd. have agreed to merge.

Underneath the deal introduced Tuesday, Kirkland Lake Gold shareholders will obtain 0.7935 of an Agnico Eagle frequent share for every Kirkland Lake Gold frequent share held.

The brand new Agnico Eagle shall be led by a mixed board and administration crew together with seven administrators from Agnico Eagle and 6 from Kirkland Lake Gold.

Agnico Eagle CEO Sean Boyd will develop into government chair of the board, whereas Kirkland Lake Gold CEO Tony Makuch shall be chief government of the mixed firm.

“The transaction creates an organization with a powerful platform of individuals, property and monetary assets to proceed to construct and function a long run sustainable and self funding enterprise,” Boyd mentioned in an announcement.

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“Kirkland Lake is a superb cultural match with Agnico Eagle, and we stay up for working collectively to additional develop our enterprise by way of exploration, mine growth and optimization of our high-quality asset base.”

Makuch mentioned the deal creates an business chief.

“The transaction represents a real merger of equals, with the enterprise of each firms to profit from the numerous monetary energy of the merged firm, the intensive pipeline of growth and exploration initiatives to drive future development, and the potential to comprehend vital operational and strategic synergies alongside the Abitibi-Kirkland Lake hall,” Makuch mentioned in an announcement.

Current Agnico Eagle shareholders will personal 54 per cent of the mixed firm whereas Kirkland Lake Gold shareholders will maintain 46 per cent.

The deal requires approval by a two-third majority vote by Kirkland Lake Gold shareholders and a easy majority vote by Agnico Eagle shareholders.

Agnico Eagle has mines are in Canada, Finland and Mexico in addition to exploration and growth actions in these nations and america and Colombia.

Kirkland Lake Gold has the Macassa mine and Detour Lake mine, each in northern Ontario, and the Fosterville mine in Australia.

© 2021 The Canadian Press | Canadian gold miners Agnico Eagle, Kirkland Lake Gold conform to merge


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