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Mining News April 03, 2020 10:30:09 AM

Kirkland Lake Gold Withdraws Guidance for 2020

Paul Ploumis
ScrapMonster Author
The guidance will be updated upon resumption of normal operations at its mines.

Kirkland Lake Gold Withdraws Guidance for 2020

SEATTLE (Scrap Monster):  Kirkland Lake Gold Ltd. announced further business reductions in response to COVID-19 pandemic. The company has also withdrawn its 2020 guidance.

According to new release published by the company, the operations at the Holt Complex in Northern Ontario will be temporarily suspended. Also, it has decided to reduce operations at the Macassa Mine in Kirkland Lake, Ontario. The above measures will be in effect until April 30, 2020. The impacted workers will be paid basic wages for the month of April, the news release said. It must be noted that the company had earlier announced its decision to reduce operations at the Detour Lake Mine. Meantime, the Fosterville Mine continues to remain in operation, it added.

The above adjustments in operations are in response to increased border restrictions between Ontario and Quebec, which has had significant impact on the movement of workers, Kirkland Lake Gold said.

Also, the company has decided to withdraw its 2020 guidance until further notice. The guidance will be updated upon resumption of normal operations at its mines.

Tony Makuch, President and Chief Executive Officer of Kirkland Lake Gold commented that the company is working hard to respond quickly to the new developments. The health and safety of its employees remains the number one priority, he said.

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