Kirkland Lake extends Holt suspension, offers severance packages
The suspension of the Holt Complex, in Ontario, will continue for the foreseeable future and owner Kirkland Lake has said that it will offer severance packages to employees that it could not reassign within the organisation.
Of the total workforce of 475 people, Kirkland Lake was able to reassign 220 to new positions or offered them new roles within the organisation.
Where employees had been on an extended temporary layoff, CEO Tony Makuch said on Thursday that Kirkland Lake now believed that the best course of action was to provide severance packages.
“Extending the suspension of operations at Holt Complex was a difficult decision. I want to personally thank everyone at the complex for their efforts and contribution to our company,” he said.
The company suspended business activities at the complex as part of its Covid-19 protocols, and at the same time continued with a strategic review to assess a potential restart of the operations.
The Holt Complex, including the Holt, Taylor and Holloway mines and Holt Mill, was designated as noncore on February 19, with the company planning to consider all options to maximise the value of the assets.
Kirkland explained that the Complex’s high cost structures, low grades, diminishing reserves and requirements for new investments had resulted in significant negative cash flows from these operations, and were key drivers of its decision to extend the suspension of business activities.
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