A PYMNTS Company

Canada: Kirkland to buy gold rival Detour for $3.7B

By  |  November 25, 2019

Canada’s Kirkland Lake Gold agreed to buy Detour Gold for CA$4.9 billion (US$3.7 billion), furthering an M&A spree that’s swept the gold mining industry.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    With an all-share deal, Kirkland will take advantage of a record stock price to acquire the company, which operates the Detour Lake mine in northeastern Ontario. 

    There’s been constant speculation about gold mining acquisitions after huge deals rocked the industry in the last year: Newmont Mining’s acquisition of Goldcorp and Barrick Gold’s takeover of Randgold Resources. The two combinations created companies that dwarf the rest of the industry and mean that smaller miners feel the need to consolidate if they’re going to stay relevant to shareholders.

    “The addition of Detour Lake provides an opportunity to add a third cornerstone asset that is located in our backyard,” Tony Makuch, chief executive officer of Kirkland, said in a statement.

    Full Content: Bloomberg

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.