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Agnico Eagle Mines Limited and Kirkland Lake Gold Ltd. have completed their merger, resulting in the formation of a combined entity under the name Agnico Eagle Mines Limited. Former Kirkland Lake Gold shareholders received approximately 209.3 million Agnico Eagle shares, leading to a market capitalization of about $22.4 billion. The new board of directors includes key executives such as Sean Boyd as Executive Chair and Anthony Makuch as CEO. Kirkland Lake Gold's shares will be de-listed from the TSX and NYSE on February 9, 2022, following the merger.
Agnico Eagle Mines and Kirkland Lake Gold have received approval from Australia’s Foreign Investment Review Board for their merger of equals. This is the final regulatory approval needed for the merger, expected to close around February 8, 2022. Additionally, Agnico Eagle will report its fourth quarter and full year 2021 results on February 23, 2022, following which a conference call will be held to discuss the financial outcomes and operational plans post-merger.
Kirkland Lake Gold has launched a 5G Wireless Private Network (WPN) at its Detour Lake Mine, marking it as Canada's first fully connected mining operation via 5G. This initiative, developed in partnership with Rogers, enhances connectivity across the mine's 80-square-kilometre area, promoting a safer work environment and driving technological innovation. The project will also see the installation of eight new wireless towers along Highway 652, improving connectivity for the surrounding communities. The network is expected to be fully operational by Summer 2022, benefiting both the mine and local residents.
Kirkland Lake Gold reported record production for Q4 2021 and FY 2021, totaling 380,472 ounces and 1,432,616 ounces, respectively. Key drivers included Detour Lake Mine, achieving 210,980 ounces in Q4, and Fosterville with 509,601 ounces for FY 2021, surpassing production guidance. Average realized gold prices were $1,795 per ounce in Q4. The Company ended FY 2021 with $940 million in cash and no debt. A merger with Agnico Eagle is expected to close between late January and mid-February 2022. However, COVID-19 effects may impact future production.
Kirkland Lake Gold Ltd. (TSX:KL) announced a quarterly dividend payment of US$0.1875 per share for Q4 2021, payable on January 14, 2022. This marks the 19th consecutive quarterly dividend since adopting its dividend policy in March 2017. Shareholders will be paid based on the record date of December 31, 2021. Additionally, the Company is proceeding with a merger with Agnico Eagle Mines Limited, pending regulatory approvals, expected to close in Q1 2022.
Kirkland Lake Gold Ltd. (TSX:KL) announced that the Environmental Protection Authority (EPA) of Victoria has identified low-level frequency noise emissions from the Fosterville Mine. The EPA issued a Notice to Investigate and Improvement Notice, requiring the company to address these concerns within two months. Potential restrictions may affect equipment usage at the mine during this period. Despite resident complaints, independent studies show the mine's noise levels are within regulatory limits. The company is collaborating with the EPA to ensure compliance.
Kirkland Lake Gold's shareholders approved a merger of equals with Agnico Eagle Mines Limited at a special meeting held on November 26, 2021. Approximately 80.65% of the votes cast favored the arrangement, allowing Kirkland Shares to be exchanged for Agnico Shares at a ratio of 0.7935. The merger aims to create a leading gold company with enhanced financial strength and a strong project pipeline. The completion of the arrangement is expected in Q1 2022, pending regulatory approvals. CEO Tony Makuch expressed confidence in the merger's potential to generate long-term returns for shareholders.
Agnico Eagle Mines and Kirkland Lake Gold are urging shareholders to vote in favor of their merger of equals ahead of the upcoming meetings. Agnico shareholders must vote by 10:00 a.m. EST and Kirkland shareholders by 11:00 a.m. EST on November 24, 2021. The special meetings will take place online on November 26, 2021. Both companies emphasize the importance of shareholder participation in this transaction, which aims to consolidate their respective strengths in the mining industry.
Agnico Eagle Mines and Kirkland Lake Gold remind shareholders to vote on their proposed merger of equals. Shareholders of Agnico must vote by 10:00 a.m. EST on November 24, 2021, while Kirkland's deadline is 11:00 a.m. EST on November 24, 2021. The special meetings for both companies will be held online on November 26, 2021. This merger aims to enhance value through synergies and expanded operational capabilities in the gold mining sector, with a focus on strong governance and community engagement.
Kirkland Lake Gold (KL) has received a positive endorsement from Institutional Shareholder Services Inc. (ISS), which recommends shareholders vote in favor of the proposed merger with Agnico Eagle Mines Limited. The merger, announced on September 28, 2021, involves an all-stock transaction where Agnico Eagle will acquire KL shares at a ratio of 0.7935 shares. Following the merger, ownership will be approximately 46% for KL shareholders and 54% for Agnico Eagle shareholders. The merger aims to enhance operational diversification and future growth potential in the gold mining sector.
