Home > Mining Companies > Newmont Corp. > News > Newmont and Kirkland Lake...
Newmont Corp.

Newmont and Kirkland Lake Gold Reach Agreement for Strategic Alliance and Holt Royalty Liability

Aug 17, 2020
DENVER - (BUSINESS WIRE) - Newmont Corporation (NYSE: NEM, TSX: NGT) (Newmont or The Company) and Kirkland Lake Gold Ltd. (NYSE: KL, TSX: KL, ASK: KLA) (Kirkland Lake Gold or Kirkland) have signed a Strategic Alliance Agreement to jointly assess regional exploration opportunities around Newmont’s Timmins properties and Kirkland’s Holt Complex in Ontario, Canada.
 
As part of the Strategic Alliance, Newmont has acquired an option (the Option) from Kirkland on the mining and mineral rights subject to a royalty payable by Newmont to Royal Gold, Inc. (the Holt Royalty) in exchange for a $75 million payment to Kirkland Lake Gold. Newmont can exercise the Option only in the event Kirkland intends to restart operations at the Holt Mine and process material subject to the Holt Royalty. Kirkland has the right to assume Newmont’s obligations under the Holt Royalty at any time, in which case the Option would terminate. The effect of the Option structure is that Newmont will have no additional liability exposure in relation to the Holt Royalty.
 
As a result of the Strategic Alliance Agreement and the Option, Newmont expects to remove the approximately $350 million liability for the Holt Royalty on its balance sheet at June 30, 2020 and record a gain of approximately $275 million in Net income (loss) from discontinued operations in its results for the third quarter of 2020.
 
The formation of the Strategic Alliance provides Kirkland Lake Gold with capital to evaluate strategic alternatives for the future of the Holt mining complex, explore on its existing properties, and evaluate other regional opportunities where Kirkland and Newmont may cooperate in the future. Kirkland Lake Gold will act as manager of Strategic Alliance activities.
 
About Newmont
 
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.
 
About Kirkland Lake Gold Ltd.
 
Kirkland Lake Gold Ltd. is a growing gold producer operating in Canada and Australia that produced 974,615 ounces in 2019. The production profile of the Company is anchored by three high-quality operations, including the Macassa Mine and Detour Lake Mine, both located in Northern Ontario, and the Fosterville Mine located in the state of Victoria, Australia. Kirkland Lake Gold's solid base of quality assets is complemented by district scale exploration potential, supported by a strong financial position with extensive management expertise.
 
Media Contact
Eric Colby
303-837-5724
eric.colby@newmont.com
 
Investor Contact
Jessica Largent
303-837-5484
jessica.largent@newmont.com
 

Source: https://www.newmont.com/investors/news-release/news-details/2020/Newmont-and-Kirkland-Lake-Gold-Reach-Agreement-for-Strategic-Alliance-and-Holt-Royalty-Liability/default.aspx

Exploration Geologist

To process, compile and interpret a significant amount of geologic information being generated by the Borden exploration efforts. Work with contractors and work effectively and efficiently within the geology team and with other departments.

Temporary Core Technician

You will Perform a variety of technical duties in assistance to exploration geologists.

Drill and Blast Engineer

The Drill & Blast Engineer will be responsible for the design and monitoring of efficient and safe mining practices involving drilling & blasting in operations and technical services.

Senior Database Analyst

The Senior Database Analyst is in charge of maintaining and further modifying an in-house SQL database for validating, storing, and auditing a large variety of large datasets (Production drilling, exploration drilling, sampling etc.) in support on Mine Geology, and Exploration Geology as well as Mine Operations and Mine Engineering.

Mine Surveyor

This position will be reporting to the Chief Surveyor.  Accountable for prioritizing daily tasks and providing accurate surveys and mark ups to operations and planning group in a timely manner.

Miner 4 Sump Mucker

Operates Scooptram to remove materials from underground sumps, and occasionally help with pump changes. Reports to the Upper Longhole/ Construction Supervisor at Hoyle site.

Production Geologist

Interpret, collect and compile geological information, communicate with and direct underground production crews and provide support for the Mining department, the Engineering department, for underground operations diamond drilling, for reserve/resource calculations and for data management.

Project Controls Director

Senior level position providing mentorship and leadership to definition, development of and adherence to Newmont standards for controls systems, development and policies for multiple studies and programs.

Electrical Planner

As the planner, you develop maintenance plans in order of priority for preventative, shutdown, backlog, and ad-hoc underground maintenance work activities.

Mobile Maintenance Planner

As the planner, you develop maintenance plans in order of priority for preventative, shutdown, backlog, and ad-hoc maintenance underground work activities.