TORONTO, March 30, 2021 (GLOBE NEWSWIRE) — Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or the “Company”) (TSX:KL) (NYSE:KL) (ASX:KLA) today announced the filing of the Company’s 2021 Sustainability Report (the “2021 Sustainability Report” or the “Report”). The 2021 Sustainability Report outlines the Company’s achievements in 2020 and provides guidance on the Company’s sustainability efforts for 2021. The Report is available on the Company’s website at www.kl.gold. All dollar amounts in this press release are expressed in US dollars, unless otherwise indicated. The Report highlights the significant progress achieved by the Company during the past year in the areas of sustainability and responsible mining. Among key initiatives discussed are: Adopting the World Gold Council’s Responsible Gold Mining Initiatives and completing the Year One external assuranceImplementing a Diversity, Equality and Inclusion Policy across the organization and introducing policies and standards on Human Rights, Supplier Code of Conduct and Grievance Resolution;Investing in local communities, with total spending of $905 million in Ontario and Victoria (representing 76% of total expenditures), and the payment of $306 million in wages, most of which remained local;Maintaining leadership in limiting carbon emissions, with all three of the Company’s operating mines having greenhouse gas intensity levels well below industry averages and Macassa having among the lowest greenhouse gas emissions for gold mines globally;Making donations of $3.5 million to local health care and community groups in the areas where the Company operates;Receiving the prestigious 2020 Tom Peters Memorial Mine Reclamation Award in recognition of Detour Lake Mine’s Progressive Reclamation Program:Committing to invest $75 million per year for five years in technology and innovation aimed at further reducing the Company’s carbon footprint by advancing and commercializing alternative fuel and energy sources, building the smart mines of the future with a focus on automation, digitization and connectivity, and providing additional support to the communities with a focus on health care, homelessness, addiction, senior care and youth training and development: and,Targeting to be a Net Zero Greenhouse Gas Emission company by 2050 or sooner. Tony Makuch, President and CEO of Kirkland Lake Gold, commented: “Mining in an environmentally and socially responsible way is essential to our operating and financial success and we are committed to integrating and promoting sustainability into all facets of our business. Our 2021 Sustainability Report highlights a year of significant progress in advancing our efforts to mine responsibly and maintain our social license. In preparing the Report, an area of particular focus was increasing our disclosures on Environment, Social and Governance (‘ESG’) topics. We have advanced our sustainability reporting for further inclusion of Sustainable Accounting Standards Board (SASB) disclosures and metrics for Metals and Mining, in addition to embracing the Responsible Gold Mining Principles of the World Gold Council and the Mining Association of Canada’s Towards Sustainable Mining. We encourage you to read our Sustainability Report to learn more about our efforts to advance responsible mining at Kirkland Lake Gold and welcome your feedback. We are proud of our people and their efforts to promote sustainability and are excited about the prospects for additional progress in 2021.”The Company is hosting a “Teach In” presentation on Wednesday, March 31, 2021 from 2:00 pm ET – 3:00 pm ET to review highlights of the 2021 Sustainability Report. Those wishing to participate the presentation can do so by clicking on the link below and registering for the event. Confirmation of registration will be received via email with additional information for accessing the presentation being provided. A Q&A session will follow with questions being submitted through a Webex Chat. The Webex links will also be available on the Company’s website. 2021 Sustainability Report “Teach-In” PresentationDate: Wednesday, March 31, 2021, 2:00 pm ET – 3:00 pm ETWebex Link:https://kirklandlakegold.webex.com/kirklandlakegold/j.php?MTID=m63e50949225bdd9d5494d8ba637f3438 About Kirkland Lake Gold Ltd. Kirkland Lake Gold Ltd. is a senior gold producer operating in Canada and Australia that is targeting 1,300,000 – 1,400,000 ounces of production in 2021. The production profile of the Company is anchored by three high-quality operations, including the Macassa Mine and Detour Lake Mine, both located in Northern Ontario, and the Fosterville Mine located in the state of Victoria, Australia. Kirkland Lake Gold’s solid base of quality assets is complemented by district scale exploration potential, supported by a strong financial position with extensive management expertise. For further information on Kirkland Lake Gold and to receive news releases by email, visit the website www.kl.gold. FOR FURTHER INFORMATION PLEASE CONTACT: Anthony Makuch, President, Chief Executive Officer & DirectorPhone: +1 416-840-7884E-mail: email@example.com Mark Utting, Senior Vice President, Investor RelationsPhone: +1 416-840-7884E-mail: firstname.lastname@example.org Cautionary Note Regarding Forward-Looking Statements Certain statements in this press release constitute ‘forward looking statements’, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include, among others, the development of the Company’s smart mines and the anticipated timing thereof and the ability to reduce the Company’s future carbon footprint through the commercialization of alternative fuel and energy sources, as well as those risk factors discussed or referred to in the AIF of the Company for the year ended December 31, 2020 filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.
Bank of Canada signals rate hike in 2022, tapers bond purchases
By Julie Gordon and David Ljunggren
OTTAWA (Reuters) -The Bank of Canada signaled on Wednesday that it could start hiking interest rates in late 2022, as it sharply boosted its outlook for the Canadian economy and reduced the scope of its bond buying program.
The central bank said it now expects economic slack to be absorbed in the second half of 2022, from a previous forecast of into 2023. It held its key overnight rate steady at 0.25%.
Governor Tiff Macklem, speaking to reporters after the decision, made clear that while the bank is committed to refrain from raising rates until the economy is running at full capacity, there is no guarantee borrowing costs will rise when those conditions are met.
“What we do when those conditions are met, we’ll have to assess that at the time. There’s nothing mechanical,” he said, adding: “We’re looking for a full recovery, we’re not going to count our chickens before they’re hatched.”
The Bank also said it now believes the COVID-19 pandemic will be “less detrimental” than previously assessed to the economy’s potential output.
Canada‘s annual inflation rate doubled to 2.2% in March, Statistics Canada said separately, in part due to a statistical effect caused by a sharp deceleration last year during the coronavirus pandemic.
The Bank of Canada targets the midpoint of an control range of 1% to 3%. It expects inflation to temporarily rise to about 3% this year, before falling to around 2% in the second half. It will then fall further in early 2022 before recovering.
Canada‘s economy is expected to grow 6.5% in 2021, up from a forecast of 4.0% in January, the central bank said in its spring Monetary Policy Report, also released Wednesday.
It sees economic growth in the United States, which is Canada‘s largest trading partner, at 7.0% this year, up from 5.0%.
Much of the growth comes down to a massive U.S. stimulus plan passed in March and Canada‘s own stimulus package, unveiled Monday as part of Prime Minister Justin Trudeau’s government‘s first budget in more than two years.
“Our projection at a macro level really captures the fiscal stimulus that has been announced both by provincial governments and to a large degree the federal government,” said Macklem.
The Bank of Canada cut its weekly net purchases of Canadian government bonds to a target of C$3 billion ($2.4 billion) from C$4 billion, saying the adjustment reflected the progress made in the economic recovery.
“Certainly this is a more hawkish statement that begins to lay the foundations for the removal of the substantial monetary policy support that has been put in place over the past year,” said Josh Nye, senior economist at RBC Economics.
While recent job growth looks positive, the Bank warned it may take considerable time for full employment to be reached. Due to population growth, Canada needs to add 475,000 jobs to return to its pre-pandemic employment rate, it said.
The Canadian dollar strengthened as much as 1.2% to 1.2459 per greenback, or 80.26 U.S. cents, its biggest gain since last June, while Canada‘s 2-year yield jumped about 4 basis points to 0.334%.
(Reporting by Julie Gordon and David Ljunggren, additional reporting by Steve Scherer, Fergal Smith, Nia Williams, Jeff Lewis and Moira Warburton; Editing by Franklin Paul, Paul Simao and David Gregorio)
U.S. dollar rebound after Canada tips toward higher rates
By David Henry
NEW YORK (Reuters) – A U.S. dollar rebound against major currencies was interrupted on Wednesday after Canada‘s central bank signaled it could start an interest rate hike in 2022 and reduced the scope of its asset-buying program.
The dollar index, which tracks the U.S. currency against six major peers, turned down after the announcement from the Bank of Canada and was off by 0.1% in late afternoon (1946 GMT) in New York after having been up as much as 0.24% for the day. The greenback lost about 1% against the Canadian dollar.
Earlier the U.S. dollar had rebounded from a seven-week low hit overnight against major currencies as broad weakness in stock markets triggered by a resurgence of COVID-19 cases in India and Japan encouraged a retreat to the safe-haven appeal of the greenback.
The safety bid had also supported the Swiss franc and the Japanese yen as the bright outlook for a global recovery dimmed.
But the catalyst for the move between the two North American dollars on Wednesday was a reminder that the outlook for changes in interest rates have been key to currencies as recoveries unfold. The greenback weakened through much of April as U.S. interest rates declined and as traders bet that vaccinations would open up a stronger global economic recovery and drive demand for riskier and higher-yielding currencies.
The greenback’s bounce had come with softer U.S. Treasury yields as investors reconsidered how long it might take before inflation forces the Federal Reserve to tighten monetary policy and as they saw prices for oil and stocks hit on Tuesday by the prospect of a slower global recovery because of more COVID-19 cases.
The Fed’s Open Market Committee meets next week and the European Central Bank decides policy on Thursday. Though neither is expected to signal a change in policy now, traders may hold back from big bets for a few days, said Joseph Manimbo, senior market analyst at Western Union Business Solutions.
“I think the market is just going to play it carefully in case the Fed changes its tune,” Manimbo said.
At the moment, he sees the market acting as though it is at “somewhat of a crossroads for the dollar given that it has struggled this month.”
Some analysts have said that a new inclination by the Bank of Canada to tighten monetary policy could prove to foreshadow changes by other central banks.
The Bank of Canada sharply raised its outlook for the economy and reduced the scope of its large-scale asset-buying program while keeping its key interest rate steady. It said the pandemic will be “less detrimental” to the economy than it had thought.
The central bank’s message brought back some of the appetite for risk, which carried over to other commodity-linked currencies, strategists at ANZ Research noted. The Australian and New Zealand dollars gained about 0.5%.
The benchmark 10-year Treasury yield climbed to 1.58% on the news from Canada and then hovered around 1.57%, not far from the 1.60% level at the start of the week, as the note consolidated gains after a reversal that had driven yields to a 14-month high at 1.7760% last month. The note held steady even after an auction of 20-year bonds showed strong demand.
The biggest casualty of the dollar’s rise in Wednesday trading was the euro, with the single currency weakening as much as 0.24%. It was last flat at $1.2032 after touching a seven-week high of $1.2079 overnight.
The Japanese yen, often seen as a safer refuge than the dollar, gained against the greenback to 107.86 but then drifted back to 108.08.
In cryptocurrencies, bitcoin traded around $55,500, consolidating after its dip to as low as $51,541.16 on Sunday. It set a record high at $64,895.22 on April 14.
Graphic: EURUSD and CESI – https://fingfx.thomsonreuters.com/gfx/mkt/yzdpxbkwdpx/EURUSD%20and%20CESI.JPG
(Reporting by David Henry in New York and Saikat Chatterjee in London; Editing by Will Dunham, Hugh Lawson, Jonathan Oatis and Sonya Hepinstall)
Canadian Dollar Gain Biggest in 10 months as Bank of Canada cuts stimulus
By Fergal Smith
TORONTO (Reuters) – The Canadian dollar surged by the most since June 2020 against its U.S. counterpart on Wednesday and the Toronto stock market rebounded as investors welcomed a move by the Bank of Canada to dial back emergency support for the economy.
The loonie strengthened 0.9% to 1.2495 per U.S. dollar, or 80.03 U.S. cents. Canada‘s main stock index ended 0.5% higher at 19,143.25, clawing back some of its decline over the previous two days.
“I think we are seeing positive sentiment toward the Canadian economy coming off the comments from the Bank of Canada today,” said Colin Cieszynski, chief market strategist at SIA Wealth Management.
The Bank of Canada signaled that it could start hiking interest rates in late 2022, as it sharply boosted its outlook for the Canadian economy and cut the pace of bond purchases to C$3 billion per week from C$4 billion.
The central bank began a large-scale bond buying program last year to support the economy during the coronavirus crisis.
The reduction in stimulus puts Canada‘s central bank at odds with some other major central banks, such as the Federal Reserve and the European Central Bank, that have said they will maintain or even increase the pace of bond buying.
“It makes sense that Canada might be one of the ones to start scaling back first … our economic numbers have been quite positive,” Cieszynski said.
Canada‘s annual inflation rate doubled to 2.2% in March, Statistics Canada said, while the average of the Bank of Canada‘s three core measures was 1.9%, up from 1.8%.
The Canadian dollar, which touched its strongest intraday level since March 18 at 1.2455, was able to rally despite pressure on the price of oil, one of Canada‘s major exports.
U.S. crude oil futures settled 2.1% lower at $61.35 a barrel amid concerns that surging COVID-19 cases in India will drive down fuel demand in the world’s third-biggest oil importer.
Still, the Toronto Stock Exchange’s energy sector advanced 0.9%, while the materials group was up 1.1%, bolstered by higher gold prices. Last Friday, the TSX notched a record high at 19,380.68.
Canadian government bond yields were higher across the curve. The 2-year rose 2.2 basis points to 0.317%, near the top if its range since the start of the year.
(Reporting by Fergal Smith; Editing by Kirsten Donovan and David Gregorio)
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