Offer came on the heels of Kirkland Lake's move to buy fellow bullion miner Newmarket Gold (TSX:NMI) in an all-stock deal worth about Cdn$1 billion ($764 million).
The world's fifth largest gold miner increased production, had stronger cash flows and paid shareholders a dividend in the first quarter of its 2017 financial year.
Countries heavily reliant on their extractive sectors need to step up efforts to lure investors or they will see their infrastructure sectors stalled, warn analysts.