Canadian gold miner Kirkland Lake Gold on Monday announced that it would buy smaller rival Detour Gold in a $4.9-billion all-share transaction, solidifying its position as a senior gold producer with targeted 2019 gold production of about 1.5-million ounces and free cash flow of almost $700-million.
The acquisition would add the 600 000 oz/y Detour Lake mine, in Ontario, to Kirkland’s portfolio, which already includes the Macassa and Holt Complex in Ontario, as well as the Fosterville mine, in Australia.