As gold hits record highs in AUD, a gold mine closure has hit the Northern Territory. Kirkland Lake Gold announced the news to workers at the Cosmo mine and Union Reefs processing plant near Pine Creek. A closure which affects around 250 workers.
According to reports from the ABC Rural, it appears that Kirkland Lake were impacted by government decisions and mining approvals processes.
Production ceased at Cosmo when it was placed into care and maintenance in June 30 2017. Its believed Kirkland had been working to get the mine restarted with advanced and extensive exploration assessing the potential of a resumption of operations.
Cosmo Operations – via Kirkland Lake Gold Website
In a letter that was circulated to employees, Kirkland stated the NT mine would be designated non core. Kirkland also own the Fosterville mine in Bendigo, Victoria which had production figures in 2019 of 619,367oz. Gold today, was trading at $2560.88.