Kirkland Lake Gold ends strategic review, no transaction forthcoming
TORONTO (miningweekly.com) – Ontario-based Kirkland Lake Gold on Monday said that its board had decided to end the strategic review of the company announced in January, and that despite receiving several expressions of interest, a transaction did not materialise.
The company, which operates its flagship Macassa gold mine in the historic Kirkland Lake gold camp, expected to operate at cash-flow break-even during the fourth quarter, and return to cash-flow positive and profitable operations during the first quarter of the 2015 financial year (beginning May 2014).
"The management team is committed to continuing the execution of its mine optimisation plan to improve margins and return the company to profitability and free cash flow, a strategy which has the support of significant shareholders and which we believe will deliver maximum value for the company.
“The change and transformation process that is currently under way within the business is expected to continue until these objectives are realised. Although the strategic review process has been formally terminated, the board will continue to review opportunities to enhance value,” president and CEO George Ogilvie said.
Kirkland Lake had earlier this month reported that its mine optimisation plan, which it had implemented at the end of last year, had come into full effect towards the end of its third quarter, resulting in significant operating and financial improvements in January, rising revenue, rising margins and lower costs.
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