Hedge funds slash bullish wagers on gold over Trump election win
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Trump’s election victory last week.
Kirkland Lake Gold (TSX:KL, NYSE:KL) announced on Thursday more ramp downs in response to the covid-19 pandemic, including the temporary suspension of operations at the Holt Complex in Northern Ontario, and reduced operations at the Macassa Mine in Kirkland Lake.
The new measures, which are in effect until April 30, follow the transition of the Detour Lake Mine to reduced operations.
Kirkland Lake said it is withdrawing its 2020 guidance until further notice.
Workers impacted by the reductions will receive their base wages for the month of April, the miner said.
The latest ramp downs are in response to recent developments related to the covid-19 virus, including increased border restrictions between Ontario and Quebec
Increased border restrictions between Ontario and Quebec is making the movement of workers increasingly difficult, Kirkland said.
Kirkland also recently announced it would wind down its Cosmo mine and Union Reefs processing plant near Darwin, Australia.
The company’s Fosterville mine in Australia continues to operate at full levels of production.
Ian Holland has departed the role of vice president, Australian Operations. The executive will continue to support business activities as a consultant, Kirkland said. Duncan King, currently vice president, mining, is assuming the role of vice president, Australian Operations on an interim basis.
Kirkland Lake Gold produced 974,615 ounces of gold in 2019.
The company’s stock was trading up 9% on the NYSE Thursday. Kirkland’s market capitalization is $9.13 billion.
