Kirkland Lake Gold completed the acquisition of Detour Gold for $3bn.

Kirkland Lake Gold, a growing gold producer, completed the acquisition of Detour Gold, an intermediate-sized gold mining company, for $3bn. The transaction bolsters the firm's financial strength with a combined net cash balance of $630m (as of September 30), with increased public float, liquidity, and access to capital and provides greater capacity to pursue further growth and return capital to shareholders. “The acquisition of Detour Gold is an excellent fit for Kirkland Lake Gold. We have already taken two mining operations, Macassa and Fosterville, and transformed them into high-quality assets that generate industry-leading earnings and free cash flow. The addition of Detour Lake provides an opportunity to add a third cornerstone asset that is located in our back yard in Northern Ontario. Detour Lake will provide the pro forma company with a 20-plus year mine life which provides unparalleled optionality and excellent growth potential for the benefit of all shareholders," Tony Makuch, Kirkland Lake Gold President and Chief Executive Officer.