Kirkland divests Stawell gold project

KIRKLAND Lake Gold has sold its shuttered Stawell gold mining operation in regional Victoria to Melbourne-based equity fund Arete Capital Partners for $US6.25 million.

Kirkland suspended Stawell’s operations after it bought out Newmarket Gold in 2016, leaving about 150 workers without jobs at the time.

Kirkland chief executive Tony Makuch said the transaction was consistent with the company’s long-term strategy to focus on our low-cost, high-grade core assets.

“We believe the management team at Arete is well positioned to optimise the operational potential of Stawell in a sustainable manner to create value,” Mr Makuch said.