Thursday, July 16, 2020

Kirkland Lake (ASX:KLA) suspends operations at Holt and Macassa mines

Kirkland Lake Gold (KLA) is reducing operations at its Holt and Macassa mines in Ontario until April 30, due to the ongoing COVID-19 pandemic The company has also withdrawn its 2020 guidance until normal operations recommenceOperations will be fully suspended at the Holt Complex, while at Macassa, a reduced team will continue to focus on production and environmental managementEarlier this month, the company reduced operations at its Detour Lake Mine, where an employee recently tested positive for COVID-19Kirkland Lake Gold shares are up 10.9 per cent on the ASX, trading for $51.84 each at 11:46 am AEDT.

Kirkland Lake Gold Ltd (KLA) is further reducing its mining operations and withdrawing its 2020 guidance as the COVID-19 pandemic worsens.

The company is temporarily suspending mining operations at the Holt Complex in Northern Ontario. This decision will impact the mine’s 529 staff, but the company has committed to providing wage support to those affected.

Kirkland is also reducing operations at its Macassa mine, also in Ontario, However, a core team at Macassa will continue to focus on production and environmental management.

These measures have forced the company to readdress its previous production and spending forecasts. Therefore, Kirkland has withdrawn its 2020 guidance until normal operations resume.

Kirkland announced that these reductions are expected to last until April 30. However, if cases number throughout Canada continue to rise, the company may be forced to readdress the suspension period.

Due to the spread of novel coronavirus across Canada, movement between provinces has become more restricted. As a result, Kirkland employees have been unable to travel from their homes in Quebec into the Holt and Maccassa mines in Ontario.

Kirkland’s CEO and President, Tony Makuch, believes these steps are necessary, given the circumstances.

“We do not make decisions to suspend or reduce operations lightly, recognizing the impact such decisions can have on employment as well as community investment and support.

“Having said that, the recent developments related to COVID-19, such as new limits on interprovincial travel, has made it increasingly difficult to maintain normal business activities at Macassa and Holt Complex,” he said.

Last week, the company announced its first operational reduction at The Detour Lake Mine. With these latest measures in place, Kirkland’s Forsterville Mine in Australia is the company’s only fully operational mine left.

Kirkland Lake Gold shares are up 10.9 per cent on the ASX, trading for $51.84 each at 11:46 am AEDT.

Kirkland Lake Gold (KLA) is reducing operations at its Holt and Macassa mines in Ontario until April 30, due to the ongoing COVID-19 pandemic The company has also withdrawn its 2020 guidance until normal operations recommenceOperations will be fully suspended at the Holt Complex, while at Macassa, a reduced team will continue to focus on production and environmental managementEarlier this month, the company reduced operations at its Detour Lake Mine, where an employee recently tested positive for COVID-19Kirkland Lake Gold shares are up 10.9 per cent on the ASX, trading for $51.84 each at 11:46 am AEDT.

Kirkland Lake Gold Ltd (KLA) is further reducing its mining operations and withdrawing its 2020 guidance as the COVID-19 pandemic worsens.

The company is temporarily suspending mining operations at the Holt Complex in Northern Ontario. This decision will impact the mine’s 529 staff, but the company has committed to providing wage support to those affected.

Kirkland is also reducing operations at its Macassa mine, also in Ontario, However, a core team at Macassa will continue to focus on production and environmental management.

These measures have forced the company to readdress its previous production and spending forecasts. Therefore, Kirkland has withdrawn its 2020 guidance until normal operations resume.

Kirkland announced that these reductions are expected to last until April 30. However, if cases number throughout Canada continue to rise, the company may be forced to readdress the suspension period.

Due to the spread of novel coronavirus across Canada, movement between provinces has become more restricted. As a result, Kirkland employees have been unable to travel from their homes in Quebec into the Holt and Maccassa mines in Ontario.

Kirkland’s CEO and President, Tony Makuch, believes these steps are necessary, given the circumstances.

“We do not make decisions to suspend or reduce operations lightly, recognizing the impact such decisions can have on employment as well as community investment and support.

“Having said that, the recent developments related to COVID-19, such as new limits on interprovincial travel, has made it increasingly difficult to maintain normal business activities at Macassa and Holt Complex,” he said.

Last week, the company announced its first operational reduction at The Detour Lake Mine. With these latest measures in place, Kirkland’s Forsterville Mine in Australia is the company’s only fully operational mine left.

Kirkland Lake Gold shares are up 10.9 per cent on the ASX, trading for $51.84 each at 11:46 am AEDT.

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