Kirkland's Holt remains suspended

Kirkland Lake Gold is suspending the operations at the Holt complex in Ontario until further notice and is offering severance pay to all staff that it cannot deploy elsewhere.
Kirkland's Holt remains suspended Kirkland's Holt remains suspended Kirkland's Holt remains suspended Kirkland's Holt remains suspended Kirkland's Holt remains suspended

The Holt mine, part of the Holt complex, in Matheson, Ontario, Canada

The company had suspended the Holt, Taylor and Holloway mines and Holt Mill in April in response to the COVID-19 outbreak.

Earlier this year, the Holt complex had already been designated non-core by Kirkland, which in its latest statement said: "high cost structures, low grades, diminishing reserves and requirements for new investments have resulted in significant negative cash flows from these operations, and are key drivers of our decision to extend the suspension of business activities".

To date, more than 220 employees from a total workforce of 475 people have been re-assigned to new positions, or have recently been offered new roles within the organisation.

"Going forward, we will continue to review strategic options for the Holt complex properties, including the potential for additional exploration activities in the area," the company added.