Gold deal-making heats up as Canada-based miners agree to merge

Toronto

A PROPOSED merger between two Canada-based gold miners is the latest example of consolidation in an industry that remains under pressure to cut costs, even as stronger gold prices smooth the way for deal-making.

On Thursday, Kirkland Lake Gold Inc agreed to buy Newmarket Gold Inc in an all-stock deal valued at C$1.01 billion (S$1.05 billion), creating what the companies said will be a low-cost producer focused on Canada and Australia.