Kirkland Lake Gold Initiatives Dividend Policy
Kirkland Lake Gold (TSX: KL) reports a profitable 2016 and initiation of a dividend policy. The company became substantially larger last year with the acquisition of St Andrew Goldfields Ltd. and the merger with Newmarket Gold Inc. The Kirkland Lake board of directors has approved a policy recommending a quarterly dividend of a Canadian penny per share, with the inaugural dividend payable on July 14 to shareholders of record as of June 30. Dividends will be at the discretion of the board of directors and will hinge on financial results, cash requirements, future prospects and other factors, the company says. For the fourth quarter, the company lists net earnings of $3.1 million, or 2 cents (C$0.03) per share. Adjusted net earnings were $27.9 million, or 19 cents (C$0.25). The company says it had record-low operating cash costs and all-in sustaining costs per ounce sold, putting these at $533 and $883, respectively. Record gold production was 106,609 ounces. For full-year 2016, net earnings were $42.1 million, or 35 cents per share (C$0.46), while adjusted net earnings were $75.3 million, or 62 cents (C$0.82). "We remain focused on execution and continuous improvement, as we work to unlock significant value across our quality assets in tier one mining jurisdictions,” says Tony Makuch, president and chief executive officer.