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Kirkland Lake sells Stawell gold mine in Australia for US$6.3M

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Kirkland Lake sells Stawell gold mine in Australia for US$6.3M

Kirkland Lake Gold Ltd. said Dec. 11 that it agreed to sell its Stawell gold mine in Victoria, Australia, to an affiliate of Arete Capital Partners Ltd.

The mine has been on care and maintenance since December 2016.

In exchange, Kirkland Lake Gold will receive US$6.3 million in cash and a 2.5% net smelter return royalty.

Kirkland Lake Gold President and CEO Tony Makuch said the deal is consistent with a long-term strategy to focus on low-cost, high-grade core assets.

The transaction is expected to close by Dec. 22, subject to certain customary closing conditions.