Kirkland Lake Gold to cut spending

Gold mining exploration firm Kirkland Lake Gold yesterday said it planned to slash spending by $2.1m for its 2014 financial year. The cut means it will have saved $5m overall for the year. The company says the latest spending reduction will mean a hiring freeze and the termination of some staff employment contracts. Chief executive George Ogilvie says he will spend time “on the ground in Kirkland Lake” over the next few months to try to improve productivity.