- Write by:
-
Saturday, August 15, 2020 - 12:57:10 PM
-
934 Visit
-
Print
Mining News Pro - Kirkland Lake Gold is divesting the company’s holdings in Canadian miners by selling its stake in Osisko Mining and reducing its interest in Novo Resources.
Earlier this week, the company sold about 32.62 million shares in Quebec-focused Osisko — representing its entire holdings and 9.57% of those outstanding — at a price of C$4.45 per share for total consideration of C$145.2 million.
Kirkland Lake also sold 538,700 common shares of Novo at an average price of C$3.52 over the past week for a total consideration of C$1.89 million. In June, the company sold 210,000 Novo shares at an average price of C$3.28 for a total of C$689,024. Together, these sales have resulted in a 0.4% decrease in its holdings in Novo to 15.41% on a non-diluted basis.
“The sale of Osisko and Novo shares further enhances our already industry-leading financial strength, which will support our efforts as we pursue our key strategic priorities, including investing in our three cornerstone assets and returning capital to shareholders, ” Kirkland Lake president and CEO Tony Makuch said in a press release.
“Macassa, Detour Lake and Fosterville are three highly-profitable, cash-flow generating operations, each of which has outstanding exploration upside. There remains significant value creation potential at all three of these assets and unlocking that value is our overriding priority,” he added.
Meanwhile, Kirkland Lake has repurchased 863,500 of its common shares for cancellation. To date in 2020, the miner has purchased a total of 11.9 million common shares for a total of $388.4 million.
Short Link:
https://www.miningnews.ir/En/News/584061
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Gold took a tumble as haven demand waned after geopolitical tensions eased in the Middle East.
The four largest indigenous communities in Chile’s Atacama salt flat suspended dialogue with state-run copper giant ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
Representatives from the Peñas Negras Indigenous community, in northwestern Argentina, clashed with heavily armed police ...
Newmont confirmed on Wednesday that two members of its workforce died this week at the Cerro Negro mine located in the ...
Chinese investors are snapping up stocks tied to high-flying metals from copper to gold, aiding an onshore market facing ...
Outflows from global physically backed gold exchange traded funds (ETFs) continued for a 10th month in March, but at a ...
i-80 Gold fell by over 11% at market open Tuesday following its announcement of a C$100 million ($74m) public offering ...
No comments have been posted yet ...