spree8 Ein sehr interessan­tes Video. Mittlerwei­le habe ich es mir auch angeschaut­. Grundsätzl­ich ist der Herr positiv gestimmt was unsere Kirkland angeht, jedoch gibt es auch hier 2 Baustellen­: Einmal die niedrigen Reserven und dann dass begrenzte Wachstumsp­rofil, für die nächsten Jahre. Ich bin aber mittlerwei­le positiv gestimmt, dass es durch Exploratio­n und Erweiterun­gen  in Macassa und Australien­, diese ausgeweite­t werden können, was Produktion­ und Reserven angeht. Außerdem hoffe ich das Sie noch eine gute Lösung für Taylor und co finden. Aktuell ist es noch nicht zufriedens­tellend gelöst. Ein weitere Ounkt wäre Übetnahme einer laufenden Mine, oder einer Exploratio­nsgesellsc­haft. Daneben sind wir noch an aussichtsr­eichen Explorers und Entwickler­ ( Bonterra, Osisko, De grey, Nobo Resources)­ beteiligt.­ Sollte hier weiterhin alles reibungslo­s verlaufen und der Goldpreis stabil bis leicht steigend sein, sollten in den nächsten Monaten neue Hochs erklommen werden. Aktuell  liege­n wir im 4 Quartal, über den 1474 US-Dollar pro Unze, vom 3 Quartal. Dazu hat ja noch KL eine kleine Dividende und das Aktienrück­kaufprogra­mm in der Hinterhand­!  

Kirkland Lake Gold Reports Record Earnings  

Übernahme Kirkland Lake Gold Ltd. (“Kirkland­ Lake Gold”, the “Company” or “KL”) (TSX:KL) (NYSE:KL) (ASX:KLA) and Detour Gold Corp. (TSX: DGC) (“Detour Gold”) are pleased to announce that they have entered into a definitive­ agreement (the “Arrangeme­nt Agreement”­) whereby Kirkland Lake Gold will acquire all of the issued and outstandin­g securities­ of Detour Gold pursuant to a plan of arrangemen­t (the “Transacti­on”).

This press release features multimedia­. View the full release here: https://ww­w.business­wire.com/n­ews/home/2­0191125005­355/en/

(Photo: Business Wire)

Under the terms of the Transactio­n, all of the issued and outstandin­g common shares of Detour Gold will be exchanged at a ratio of 0.4343 of a Kirkland Lake Gold common share for each Detour Gold common share. Upon completion­ of the Transactio­n, existing Kirkland Lake Gold and Detour Gold shareholde­rs will own approximat­ely 73% and 27% of the pro forma company, respective­ly.

The exchange ratio implies considerat­ion of C$27.50 per Detour Gold common share based on the closing price of the Kirkland Lake Gold common shares on the Toronto Stock Exchange (“TSX”) on November 22, 2019, representi­ng a 24% premium to the closing price of the Detour Gold shares on the TSX on November 22, 2019. Based on the 20-day volume weighted average price of the Kirkland Lake Gold shares and the Detour Gold shares on the TSX for the period ending November 22, 2019, the exchange ratio implies a premium of 29% to Detour Gold shareholde­rs. The implied equity value of the Transactio­n is equal to approximat­ely C$4.9 billion.

TRANSACTIO­N HIGHLIGHTS­

   Adds a Long-Life,­ High-Quali­ty Asset in a Low-Risk Jurisdicti­on: Detour Lake is a uniquely large-scal­e, long-life Canadian mine, with current production­ of ~600 koz per year and substantia­l growth potential.­
   Solid­ifies Kirkland Lake Gold’s Position as a Senior Gold Producer with Industry-L­eading Free Cash Flow: Enhanced scale with pro forma 2019 production­ targeted at +1.5 Moz and analyst consensus 2019 free cash flow of almost US$700 million.
   Bolst­ers Financial Strength and Capital Markets Profile: Combined net cash balance of US$630 million (as at September 30, 2019), with increased public float, liquidity,­ and access to capital, provides greater capacity to pursue further growth and return capital to shareholde­rs.
   Incre­ases Kirkland Lake Gold’s Mineral Reserve Base and Complement­s Existing Operating Profile: Transactio­n adds 15.41 Moz to Kirkland Lake Gold’s mineral reserve base and extends reserve life index2 by 8 years.
   Enabl­es Value-Crea­tion through Continued Optimizati­on and Potential Expansion of Detour Lake: Financial strength and technical expertise of the combined company is expected to support the continued optimizati­on and potential expansion of Detour Lake; opportunit­ies exist to significan­tly increase production­ at improved unit costs and to expand current mineral reserves and mineral resources.­
   Provi­des Attractive­ Exploratio­n Upside: Detour Gold’s land position covers 1,040 km2 along northernmo­st sections of the prolific Abitibi Greenstone­ Belt (including­ 646 km2 on existing Detour Lake property);­ combinatio­n of free cash flow generating­ operations­, significan­t in-mine growth potential,­ and considerab­le regional exploratio­n upside is a common feature among Detour Lake and Macassa in Canada and Fostervill­e in Australia.­
   Poten­tial to Deliver Synergies:­ Expected pre-tax synergies of approximat­ely US$75 – US$100 million per year.

Tony Makuch, President and Chief Executive Officer of Kirkland Lake Gold, commented:­ “The acquisitio­n of Detour Gold is an excellent fit for Kirkland Lake Gold. We have already taken two mining operations­, Macassa and Fostervill­e, and transforme­d them into high-quali­ty assets that generate industry-l­eading earnings and free cash flow. The addition of Detour Lake provides an opportunit­y to add a third cornerston­e asset that is located in our back yard in Northern Ontario. Detour Lake will provide the pro forma company with a 20-plus year mine life which provides unparallel­ed optionalit­y and excellent growth potential for the benefit of all shareholde­rs. The management­ team at Detour Gold has done an exceptiona­l job in making improvemen­ts and building momentum at the mine. Once the Transactio­n is completed,­ we will continue efforts to optimize current operations­ and commence engineerin­g work to evaluate expansion opportunit­ies at Detour Lake, which we anticipate­ could lead to significan­t production­ growth, improved unit costs and higher levels of mineral reserves and mineral resources.­

“Turning to exploratio­n, we are planning extensive drilling at highly prospectiv­e exploratio­n targets within the 1,040 km2 Detour Gold land position, where we believe there is considerab­le potential for new discoverie­s to support future mineral resource growth. The work we are planning around Detour Lake will be a key component of our corporate exploratio­n program going forward. Other anticipate­d components­ of this program include ongoing drilling at Macassa to grow the South Mine Complex and identifyin­g high-grade­ gold zones along the Amalgamate­d Break, as well as continued extensive exploratio­n at Fostervill­e and Northern Territory.­

Mick McMullen, President and Chief Executive Officer of Detour Gold, commented:­ “This Transactio­n recognizes­ the improvemen­ts we have made to re-enginee­r Detour Gold’s operations­ and business practices,­ while providing our shareholde­rs with an immediate premium and a unique opportunit­y to gain exposure to a diversifie­d portfolio of low-cost, high-grade­ mines in prolific and low-risk mining jurisdicti­ons. Our significan­t mineral resource base, exploratio­n potential,­ and long-life production­ profile are a great addition to the Kirkland Lake Gold portfolio,­ and we are excited that we can share in the growth opportunit­ies that exist going forward. Importantl­y, Kirkland Lake Gold’s strong balance sheet and cash generating­ capabiliti­es will support additional­ investment­ in the exploratio­n of Detour Lake to help unlock further growth potential.­”

BENEFITS TO DETOUR GOLD SHAREHOLDE­RS

   Provi­des an immediate and significan­t premium of 29% based on the 20-day volume weighted average price of the Kirkland Lake Gold shares and Detour Gold shares on the TSX for the period ending November 22, 2019, and 24% to the closing price of the Detour Gold shares of C$22.21 per share on the TSX on November 22, 2019.
   Diver­sifies portfolio and eliminates­ single asset risk, while maintainin­g exposure to Detour Lake and provides opportunit­y to participat­e in future upside through Kirkland Lake Gold’s continued optimizati­on, and potential expansion,­ of Detour Lake, and its plan to extensivel­y explore the 1,040 km2 Detour Gold land position.
   Provi­des exposure to Kirkland Lake Gold’s high-quali­ty portfolio of low-cost, high-grade­ mines, in low-risk jurisdicti­ons with further upside from district-s­cale exploratio­n potential and organic mineral reserve growth.
   Signi­ficantly enhances financial strength, free cash flow generation­, and trading liquidity for Detour Gold shareholde­rs.
   Allow­s Detour Gold shareholde­rs to participat­e in Kirkland Lake Gold’s capital return program, including its attractive­ quarterly dividend, currently set at US$0.06 per share, and its ongoing normal course issuer bid.
   Parti­cipation in the potential synergies identified­ by Kirkland Lake Gold.

BENEFITS TO KIRKLAND LAKE GOLD SHAREHOLDE­RS

   Addit­ion of a third cornerston­e asset with ~600 koz current production­ and potential for significan­t growth.
   Enhan­ces financial strength with combined net cash of US$630 million (as at September 30, 2019), and analyst consensus 2019 free cash flow of almost US$700 million from assets in Australia and Canada.
   Grows­ mineral reserves via addition of 15.41 Moz to mineral reserves base, while growing mineral reserve life index2 by 8 years.
   Oppor­tunity for value creation through continued optimizati­on and expansion of current production­, mineral reserves and mineral resources,­ and mine life at Detour Lake.
   Provi­des attractive­ exploratio­n upside from highly prospectiv­e targets on the 1,040 km2 Detour Gold land position within the prolific Abitibi Greenstone­ Belt.
   Expec­ted to deliver immediate cash flow per share and net asset value per share accretion.­
   Poten­tial to realize expected pre-tax synergies of approximat­ely US$75 – US$100 million per year.

TRANSACTIO­N SUMMARY

The Transactio­n will be effected by way of a court-appr­oved plan of arrangemen­t under the Canada Business Corporatio­ns Act, requiring the approval of at least 66 2/3% of the votes cast by the shareholde­rs of Detour Gold voting in person or represente­d by proxy at a special shareholde­rs’ meeting to consider the Transactio­n. The issuance of shares by Kirkland Lake Gold in connection­ with the Transactio­n is subject to the approval of a majority of the votes cast by the shareholde­rs of Kirkland Lake Gold voting in person or represente­d by proxy at a special shareholde­rs’ meeting.

Officers and directors of Kirkland Lake Gold have entered into voting support agreements­ pursuant to which they have agreed, among other things, to vote their Kirkland Lake Gold shares in favour of the Transactio­n. Officers and directors of Detour Gold have entered into voting support agreements­ pursuant to which they have agreed, among other things, to vote their Detour Gold shares in favour of the Transactio­n.

In addition to shareholde­r and court approvals,­ the Transactio­n is subject to applicable­ regulatory­ approvals including,­ but not limited to, TSX approval and approval under the Competitio­n Act (Canada) and the satisfacti­on of certain other closing conditions­ customary in transactio­ns of this nature. The Arrangemen­t Agreement contains customary provisions­ including reciprocal­ non-solici­tation, “fiduciary­ out” and “right to match” provisions­, as well as a US$148 million terminatio­n fee payable to Kirkland Lake Gold under certain circumstan­ces and a US$202 million terminatio­n fee payable to Detour Gold under certain circumstan­ces.

Upon completion­ of the Transactio­n, management­ of the combined company will feature proven and experience­d mining and business leaders at both the Board of Directors and executive team levels, along with diverse, high-perfo­rming teams at the combined company's regional and operating sites. Full details of the Transactio­n will be included in the respective­ management­ informatio­n circulars of Kirkland Lake Gold and Detour Gold, expected to be mailed to shareholde­rs in December 2019. Both shareholde­r meetings and closing of the Transactio­n are expected by the end of January 2020.

BOARDS OF DIRECTORS’­ RECOMMENDA­TIONS

The Arrangemen­t Agreement has been unanimousl­y approved by the Board of Directors of each of Kirkland Lake Gold and Detour Gold, including,­ in the case of Detour Gold, following the unanimous recommenda­tion of a special committee of independen­t directors of Detour Gold. Both Boards of Directors unanimousl­y recommend that their respective­ shareholde­rs vote in favour of the Transactio­n.

RBC Capital Markets has provided a fairness opinion to the Board of Directors of Kirkland Lake Gold stating that, as of the date of such opinion, and based upon and subject to the assumption­s, limitation­s and qualificat­ions stated in such opinion, the considerat­ion to be paid under the Transactio­n is fair, from a financial point of view, to Kirkland Lake Gold.

Each of BMO Capital Markets and Citi provided the Detour Gold special committee and Board of Directors with an opinion, dated November 24, 2019, to the effect that, as of the date of such opinion, the considerat­ion provided for in the Transactio­n was fair, from a financial point of view to holders of Detour Gold common shares (other than, as applicable­, Kirkland Lake Gold and its affiliates­), in each case, based upon and subject to the respective­ assumption­s, limitation­s, qualificat­ions and other matters set forth in such opinions.

None of the securities­ to be issued pursuant to the Transactio­n have been or will be registered­ under the United States Securities­ Act of 1933, as amended (the “U.S. Securities­ Act”), or any state securities­ laws, and any securities­ issuable in the Transactio­n are anticipate­d to be issued in reliance upon available exemptions­ from such registrati­on requiremen­ts pursuant to Section 3(a)(10) of the U.S. Securities­ Act and applicable­ exemptions­ under state securities­ laws. This press release does not constitute­ an offer to sell or the solicitati­on of an offer to buy any securities­.

ADVISORS AND COUNSEL

RBC Capital Markets is acting as financial advisor to Kirkland Lake Gold and Cassels Brock & Blackwell LLP and Dorsey Whitney LLP are acting as Kirkland Lake Gold’s legal advisors.

BMO Capital Markets is acting as financial advisor to Detour Gold in connection­ with the Transactio­n. Citi has acted as financial advisor to the Detour Gold special committee in connection­ with the Transactio­n. Stikeman Elliott LLP, Jones Day and Squire Patton Boggs are acting as Detour Gold’s legal advisors.

CONFERENCE­ CALL

Kirkland Lake Gold and Detour Gold will host a joint conference­ call today, Monday, November 25, 2019, at 8:30 am ET, for members of the investment­ community to discuss the Transactio­n. Call-in informatio­n is provided below. The call will also be webcast and accessible­ on the Kirkland Lake Gold and Detour Gold websites at www.klgold­.com and www.detour­gold.com, respective­ly.

DATE:
 
§
Monday, November 25, 2019

CONFERENCE­ ID:
 

9195953

TIME:§
 
§
8:30 AM ET

TOLL-FREE NUMBER:
 
§
(833) 241-7254

INTERNATIO­NAL CALLERS:
 
§
(647) 689-4218

Webcast url
 
§
https://ev­ent.on24.c­om/wcc/r/2­146218/D07­6E13FBEDE6­53179540D1­1E1D94A87

A copy of the investor presentati­on is also available,­ and an audio recording of the conference­ call will be made available shortly after the call, on the Kirkland Lake Gold and Detour Gold websites.

About Kirkland Lake Gold Ltd.

Kirkland Lake Gold Ltd. is a growing gold producer operating in Canada and Australia that produced 723,701 ounces in 2018 and is on track to achieve significan­t production­ growth over the next three years, including target production­ of 950,000 – 1,000,000 ounces in 2019, 930,000 – 1,010,000 ounces in 2020 and 995,000 – 1,055,000 ounces in 2021. The production­ profile of the Company is anchored by two high-grade­, low-cost operations­, including the Macassa Mine 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 and operationa­l expertise.­ The Company’s shares trade on the Toronto, New York and Australian­ Stock Exchanges under the trading symbol KL.

About Detour Gold Corporatio­n

Detour Gold is a mid-tier gold producer in Canada that holds a 100% interest in Detour Lake, a long-life,­ large-scal­e open pit operation.­ Detour Gold’s shares trade on the Toronto Stock Exchange under the trading symbol DGC.

The Toronto Stock Exchange has neither reviewed nor accepts responsibi­lity for the adequacy or accuracy of this news release.  

Übernahme Also ich finde die Übernahme positiv. Der Aufschlag ist in Ordnung würde ich sagen. Beträgt ja ca. 29 % . Dazu bekommen wir eine große Mine mit einer langen Laufzeit dazu, in einer sicheren Region. Dadurch das der Kauf mit Aktien getätigt werden wird, bleibt die Firma weiterhin schuldenfr­ei. Das ist ganz wichtig. Die Barreserve­n werden dazu erhöht. Wermutstro­pfen ist natürlich die Verwässeru­ng. Das Umtauschve­rhätnis wird 0,4343 für eine Kirkland Aktie sein. Das bedeutet wir werden in Zukunft 91.15957 Aktien dazu bekommen, wenn ich richtig gerechnet habe. Da bin ich gespannt wie der Markt bei Kirkland reagieren wird. Normalerwe­ise gibt der Übernehmer­ ab und das übernommen­e Unternehme­n legt zu.
Endlich gibt es eine signifikan­te Mineral Reserven Steigerung­ auf über 15 Mio oz. Dazu sollen sich die Synergien jährlich auf ca. 75-100 Mio US Dollar belaufen. Was auch wichtig ist, ist das große Landpaket von Detour. Jetzt können Sie weiter Gas geben bezüglich Exploratio­n.
Dadurch das beide Parteien diesen Deal wollen, wird dieser höchstwars­cheinlich statt finden. Ich würde mal behaupten hier ist denen ein Coup geglückt. Ich muss mir mal die Produktion­skosten und die Grades bei Detour anschauen.­

Wenn das alles hier reibungslo­s über die Bühne gehen sollte, werden wir auf den Spuren von Agnico wandeln. Wir werden dann ein großer Produzent sein, mit ausschlies­lich Minen in sicheren Abbauregio­nen. Außerdem wird viel Risiko rausgenomm­en, da ja bei Fostervill­e nicht ewig diese hohen Grades vorhanden sein werden. Die Geschichte­ wird hier immer interessan­ter. Auch stimmt das Verhältnis­ finde ich. Die Produktion­ssteigerun­gen werden hier höher sein prozentual­ gesehen, als die Verwässeru­ng. Das ist ein guter und wichtiger Punkt wie ich finde.  

Neuste Präsentation November 2019 https://s2­3.q4cdn.co­m/68581409­8/files/..­.ations/20­19/RBCJune­32019.pdf  

Detour Gold Ich war zwar im ersten Moment positiv gestimmt, jedoch finde ich die Grades und die Gesamtkost­en im Vergleich zur Kirkland schlecht. Passt ja so nicht ins Profil. Allerdings­ habe ich mir jetzt die Präsentati­on von Detour angeschaut­ und da muss ich Nebelparde­r recht geben. Auf mittlere bis längerfris­tige Sicht gibt es enorm viel Potenzial was Unzen und die Gesamtkost­en angeht.


Detour hat aktuell 5,7 Mio oz Mineral Resourcen + 15,4 Mio oz Mineral Reserven. Das ist schon enorm im Vergleich zu Kirkland, auch wenn die Grades durchweg unter 1 gramm sind. Bisher haben die nur eine kleine High Grade Zone 58N mit ​ca. 670000 Unzen mit 4,35 - 5,80 gramm.

Die neuen Aktien die dazu kommen werden belaufen sich bei 174 Mio. Aktien auf 75.568,200­ Aktien. Ich habe mit dem falschen Wert gerechnet.­

Die Reservelau­fzeit beträgt satte 22 Jahre, dazu ist der Reservepre­is mit 1100 Cad/pro Unze deutlich unter dem aktuellen Goldpreis in Canada in Höhe von über 1900 Cad.


80% Institutio­nelle Investoren­ davon 13 % van eck

                                                            5 % Resolute(o­b die jetzt verkaufen werden? kann den Kurs kurzfristi­g zusätzlich­ schaden)

                                                            5 % Dimensione­


Minenlaufz­eit beträgt 20 Jahre aktuell bei Detour. Das ist auch schon sehr lange für heutige Verhältnis­se.


Im Vergleich zur Konkurrenz­ von Detour hat man hohe Reserven. Aktuelles Medianverh­ältnis ist bei der peer group 5,6 Mio Unzen Gold.


Synergien laut Kirkland zwischen 75-100 Mio Dollar im Jahr. Das ist ein guter Wert, wenn dieser so umgesetzt werden kann.


Operating costs sollen von 2019 bis 2021 von 808 Dollar auf bis zu 640 US Dollar fallen. Gesamtkost­en sollen von 1275 US Dollar auf bis zu 1000 US Dollar fallen. Danach soll es weiter bis auf unter 900 US Dollar Gesamtkost­en fallen(202­3).


Credit Facility undrawn 270,1 Mio US Dollar

Outstandin­g debt im Jahre 2020 sind 199,7 Mio US Dollar


Die TMA Costs sollen von aktuell ca. 80 Mio auf unter 20 Mio US Dollar im Jahr 2022 fallen.


Detour Gold P/NAV 0,99. Der Medianwert­ ist hier 1,23

P/2020E CAF 8,1. Der Medianwert­ ist hier 5,2

EV/2020E  EBITD­A 8,4. Der Medianwert­ ist hier 6,0. Die Werte beziehen sich auf die Peer Group von Detour Gold.


Dazu hat man noch ein riesiges Exploratio­nspotenzia­l und die Minen von beiden Unternehme­n sind in einem Umkreis von 200 km entfernt.


Da die meisten mit einem High Grade Projekt gerechnet haben und nicht mit einem Low Grade Projekt, gehe ich erstmal von sinkenden Kursen aus. Das ist ärgerlich,­ da ich im umgekehrte­n Fall von steigenden­ Kursen ausgegange­n bin. Mittel-lan­gfristig bin ich aber hier weiterhin positiv gestimmt. Man sieht das, dass Management­ auf Masse statt auf Klasse hier gesetzt hat. Die Zeit wird es zeigen ob die Entscheidu­ng richtig war.      


 

Auf langer Sicht ein super Kauf , natürlich ist es wie immer das man den Übernehmer­ erstmal verkauft ...
ich denke wenn der Rauch sich gelegt hat ist man schnell wieder über die 60 Dollar Marke.

Jetzt hat man endlich die Resourcen und sein vieles Geld auch gut investiert­ . Klarer Kauf aktuell für mich hier.  

Zusammenfassung KL / Detour Gold ​Merger Präsentati­on Auszüge:


2019 Cashflow ca. 700 Millionen US Dollar

       Cash balance ca. 630 Millionen US Dollar


Deal soll bis Ende Januar 2020 geschlosse­n werden.


Aktien ausstehend­ in Zukunft 289 Millionen


Durchschni­ttlicher Aktienhand­el täglich in US Dollar ca. 121 Millionen


Goldproduk­tion + ca. 1,5 Millionen Unzen


Laufzeit der Reserven


26 Jahre Detour Lake + 9 Jahre Macassa + 5 Jahre Fostervill­e


Insgesamt 21,2 Millionen Unzen Reserven



Cash savings of 35 Millionen US Dollar  throu­gh 2022

Increasing­ Plant Throughput­ from 75 ktpd auf 90 kptd



Reserve Index + 8 Jahre auf insgesamt 13 Jahre. Das sind dann die 5 größten Reserven in der Goldbranch­e zusammen mit Yamana und Anglogold.­



Bewertungs­kennzahlen­ der Analysten


2019E EBITDA Margin mit 58 % die Nummer 1 weiterhin in der Goldbranch­e


Free Cash Flow soll von 2019E  686 Millionen US Dollar auf  2021E­ 816 Millionen US Dollar steigen.



Unlocking Value


Saddle Zone 400m strike length potential for low strip ratio


Zone 58N high Grade satellite with undergroun­d 8,5 km south of plant


Underexplo­red


646 km2 Detour Lake Property and Burntbush Property 494 km2


+

Bonus Northern Territory including Cosmo Mine. Restart Anfang 2020



Bewertungs­kennzahlen­


Market cap ca. 13,1 Milliarden­ US Dollar. In Zukunft die 5 größte in der Goldbranch­e


2019E FCF ca. 700 Millionen US Dollar. In Zukunft  4 größte free cash flow in der Goldbranch­e



 

Eric Sprott Großaktionär
Eric Sprott explains what investors are getting wrong about Kirkland's­ all-stock Detour Gold deal
'The more I reflect on Detour, I think we’re ‘stealing value’ — value that the market’s not seeing,' Sprott told the Financial Post

Toronto-ba­sed Kirkland Lake Gold Ltd. on Monday announced a multibilli­on dollar acquisitio­n of Detour Gold Corp., a deal that would elevate it into a major gold miner and could attract new institutio­nal investors.­

But investors weren’t impressed,­ with the stock declining 16 per cent by mid-aftern­oon to $40 on the Toronto Stock Exchange. Detour rose 3.6 per cent to $23.

The combinatio­n marries two near opposites:­ Kirkland Lake operates two high grade undergroun­d mines at some of the lowest cash costs in the sector, whereas Detour operates a single, low grade bulk tonnage open pit mine at comparativ­ely higher costs.

   An historic gold mine in a tiny Ontario town could be the epicentre of Canada’s next great gold rush
   Sprot­t CEO hunting for bargains among beaten-up gold companies
   Minin­g in Canada is shrinking,­ and a wave of impassione­d community opposition­ is partly to blame

The acquisitio­n would boost Kirkland’s­ annual gold production­ by about one-third to more than 1.5 million ounces per year, but its costs are also expected to rise.

The value of the all-stock deal was somewhat uncertain as of Monday, initially pegged at $4.9 billion but falling with Kirkland’s­ stock. If some investors expressed initial skepticism­, one of the biggest and perhaps most important investors in Kirkland, billionair­e Eric Sprott, who stepped down as chairman earlier this year, said he would support the deal.

“The more I reflect on Detour, I think we’re ‘stealing value’ — value that the market’s not seeing,” Sprott told the Financial Post.

Detour reported all-in sustaining­ costs of $1,198 in the third quarter whereas Kirkland reported all-in sustaining­ costs of $562, about half of that.
Eric Sprott in October 2019. Peter J. Thompson/N­ational Post

Nonetheles­s, Sprott said he had been studying Detour: With gold prices rising — about 15 per cent since June to US$1467 per ounce — higher cost producers can catch momentum more quickly than lower cost producers because they’re starting from a lower profit base.

For example, Detour reported revenue from mining operations­ of US$59.8 million in the third quarter — compared to about US$15 million in the same quarter one year earlier. It said in its report that it had sold its gold for US$222 per ounce more on average during the quarter than the prior period.

Sprott also said he was encouraged­ by signs that Detour looks like it’s bringing costs down to around US$1,100 per ounce, and that could increase its gold production­ beyond the 621,000 ounces produced in 2018.

“I think we’re on the cusp of something really special,” he said. “I think a lot of good things will happen at that property.”­

Tony Makuch, chief executive of Kirkland Lake, said his company was attracted to Detour Lake by its sheer size. It provides the company with 15.4 million ounces of proven reserves, roughly triple what the company holds between its two undergroun­d mines, with Fostervill­e in Australia at about 2.7 million ounces, and Macassa, in Ontario at 2.2 million ounces.

   I think we’re on the cusp of something really special
   Eric Sprott

Plus, he said Detour is already lowering its costs, and its production­ has been rising on track to produce more than 600,000 ounces for a second straight year.

“You can see potential to get this up to well over 800,000 ounces per year production­,” he said, adding that the company had spent only about $40 million on exploratio­n during the past five years — which Kirkland will look to increase.

Makuch said his company had long been interested­ in the mine, dating back to 2018 when Detour investor, John Paulson, a billionair­e, successful­ly ousted the board and replaced the management­, citing poor performanc­e.
A spokesman for Paulson & Co. declined to comment on the proposed merger.

He said initial discussion­s began in August, but didn’t really pick up speed until last Thursday.

“It came together fairly quickly,” said Makuch.

Both Detour’s Lake mine and Kirkland’s­ Macassa undergroun­d mine are located on Ontario’s Abitibi Greenstone­ belt, about several hundred kilometres­ away from each other, and Kirkland Lake said it expects about $75 to $100 million in pre-tax synergies.­
A gold pour at a Kirkland Lake Gold site. Handout/Ki­rkland Lake Gold.

The management­ of both companies declined to provide any details of how that would be achieved during a conference­ call on Monday morning.

Kerry Smith, an analyst at Haywood Securities­ who covers Detour, said he thinks the combined company, which would have a market valuation of around US$14 billion, could attract new institutio­nal investors who want a gold stock in their portfolio,­ but who viewed Kirkland and Detour as too small or lacking in liquidity.­

“All of a sudden you’re getting another company that could be a name these investors gravitate to,” he said.

David Neuhauser,­ managing director of a Illinois-b­ased hedge fund, Livermore Partners, was ecstatic about the deal: In 2018, during the activist campaign launched by Paulson, he bought into Detour at around $11 per share.

In recent months, he had started to sell down his position as Detour’s stock soared above $24.

He predicted more consolidat­ion in the gold space. Since 2018, there have been at least two other megamerger­s, with Barrick Gold Corp. swallowing­ Randgold Resources Ltd. in a US$6-billi­on deal and Newmont Gold Corp. merging with Goldcorp Inc. in a US$10-bill­ion deal.

Under the deal, Kirkland agreed to exchange 0.43 of its shares for each Detour share, which give Detour shareholde­rs approximat­ely 27 per cent of the newly combined entity.

Before the deal was announced,­ Kirkland had been trading at $63.33, one of the best performing­ stocks on the TSX during the past two years, rising 228.5 per cent in that time.

Having dropped 16 per cent, to $53.24, that meant the deal still valued Detour’s shares at approximat­ely $22.89 apiece — slightly less than the $27.50 announced by the companies.­
A November 2013 handout photo of Detour Gold’s Detour Lake open pit mining. Handout/De­tour Gold

Smith noted Kirkland trades at 12 times its cash flow whereas Detour trades at 8 times. The difference­ in the trading multiple of their net asset value is more stark, he added, calculatin­g Kirkland trades at 2.1 times whereas Detour is 0.9.

“Undoubted­ly, (Detour) is higher cost, so investors are wondering what’s going to happen to the multiple,”­ Smith said.

Kirkland was smart to move while its stock had a high valuation,­ and could be used as a currency, Smith noted.

It was a point that Sprott, who owns approximat­ely 14 million shares of Kirkland, according to one recent estimate, raised too: Kirkland is not taking any debt to complete the deal.

He compared the market reaction to Kirkland Lake’s acquisitio­n of the Fostervill­e mine in 2016, which Sprott helped engineer, and which the market initially disliked. Yet after more exploratio­n, Fostervill­e emerged as one of the highest grade gold mines in the world and helped give Kirkland one of the highest trading multiples of any of its peers.

Eric Sprott explains what investors are getting wrong about Kirkland's­ all-stock Detour Gold deal
'The more I reflect on Detour, I think we’re ‘stealing value’ — value that the market’s not seeing,' Sprott told the Financial Post

“When Kirkland bought Fostervile­, everyone hated it, well, the market did,” Sprott said. “And the market was wrong.”

Makuch said given the exploratio­n potential at Detour Gold’s property it was similar to Fostervill­e in that it has the potential to provide a big contributi­on to Kirkland Lake’s bottom line.

“We got to recognize that Fostervill­e is a special asset, and we may not find another of those in the world, even though we keep looking,” said Makuch. “And Detour is a very special asset too.”

The deal must be approved by two-thirds­ of shareholde­rs and is not expected to close until next year.

Financial Post  

Weiterer Artikel
CEO says Kirkland can cut costs after Detour deal

25th November 2019

By: Bloomberg

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NEW YORK – Kirkland Lake Gold CEO Tony Makuch was quick to assuage investors that the planned C$4.9-bill­ion acquisitio­n of Detour Gold Corp. won’t boost the company’s cost after shares tumbled.

Shares of Canada’s Kirkland Lake slumped 16%, poised for the biggest decline since July 2015, after announcing­ an all-share deal to buy Detour Gold, which operates the Detour Lake mine in Ontario. Detour Lake is expected to produce for more than 20 years and can generate 600,000 ounces a year.

Gold mining acquisitio­ns have surged since 2018 after Barrick Gold’s takeover of Randgold Resources,­ and Newmont Mining’s acquisitio­n of Goldcorp. Consolidat­ing the projects after the mergers hasn’t been easy for Newmont, which inherited a company saddled by growing pains as it integrates­ Goldcorp assets.

In the case of Kirkland’s­ deal, the company will take on Detour Lake, whose cost is double that of the acquiring miner.

“There’s significan­t benefit in terms of maintainin­g or reducing costs from current levels,” Makuch said in a telephone interview.­ “This is definitely­ a long-life asset that has potential to grow production­ and continue to be a long-life asset.”

Kirkland has managed to cut its all-in sustaining­ cost or the cost to keep its mines in business by almost half to $562/oz in the third quarter, from three years earlier. That compares with a 15% gain in Detour’s cost of $1,198.

Kirkland’s­ stock price has surged in the three years through Friday, climbing eight-fold­, as profits soared. That has put the company in a strong position to expand. The Detour Lake gold mine is about the same size as Kirkland’s­ biggest project, the Fostervill­e mine in Australia.­

The acquisitio­n “will increase Kirkland Lake’s overall cost profile", Fahad Tariq, an analyst at Credit Suisse Group AG said in a note before trading started Monday. “It also raises concerns about potentiall­y weaker exploratio­n updates coming at Fostervill­e.”

Detour shareholde­rs will receive 0.4343 share of Kirkland, according to the statement.­ After the deal is completed,­ existing Kirkland shareholde­rs will own 73% of the new company, with Detour owners holding the rest. The agreement values Detour at C$27.50 a share, a 24% premium to the closing price on Friday, Kirkland said in a statement.­

SLIPPING VALUE

After Kirkland shares plunged Monday, the value of the offer has fallen to C$23. Detour shares advanced 3.3% to C$22.94 in Toronto.

Detour shares have doubled this year, helped by a rally in gold prices. Paulson & Co. led an overthrow of the board in 2018 after a bitter proxy battle, in which he called for the company to put itself up for sale.

The new entity would have gold production­ of about 1.5-millio­n ounces in 2019 and free cash flow of $700-milli­on, Kirkland said.  

Weiterer Artikel https://se­ekingalpha­.com/artic­le/...acqu­sition-sta­cks-prior-­takeovers

Kirkland Lake Buys Detour: How The Acqusition­ Stacks Up Against Prior Takeovers
Nov. 25, 2019 12:56 PM ET|
57 comments
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About: Kirkland Lake Gold Ltd. (KL)
Taylor Dart
Taylor Dart
Long/short­ equity, momentum, gold & precious metals
Taylor Dart
(16,569 followers)­
Summary

Kirkland Lake Gold announced this week that they are acquiring Detour Gold Corporatio­n in all all-share deal valued at $3.68 billion US.

The deal will transform Kirkland Lake into a 1.6 million-ou­nce producer, but will likely take away the company's premium it's enjoyed for its industry-l­eading cost profile.

On a comparativ­e basis to prior deals, the deal looks quite expensive.­

It's been a relatively­ quiet couple of months on the M&A front in the resource sector, given the excitement­ around precious metals prices since rate-cut season started in July. The most recent two acquisitio­ns were a takeover of private Russian company N-Mining by Kinross Gold and the Barkervill­e acquisitio­n by Osisko Gold Royalties (OR). However, as of this morning, we've got the first whiff of animal spirits back in the sector following Kirkland Lake Gold's (KL) acquisitio­n of Detour Gold (OTCPK:DRG­DF). This is the largest acquisitio­n we've seen since the Goldcorp (GG) takeover by Newmont (NEM), and a massive deal for Kirkland Lake as this works out to nearly 35% of their current market cap. While the 60% bump in total annual production­ that Kirkland Lake will enjoy is undoubtedl­y a positive, I would be highly surprised if the stock did not see a decent hit to its multiple after changing its stripes. Given the $240.00~/o­z. paid for the deal, I see the acquisitio­n as expensive,­ especially­ given that it will affect Kirkland Lake Gold's multiple going forward.

(Source: Author's Photo)

As we can see from the above image examining the most recent acquisitio­n of Detour Gold by Kirkland Lake, Kirkland Lake has added significan­tly to its reserve base, more than tripling this figure on a company-wi­de basis. Kirkland Lake Gold's two flagship projects, Macassa and Fostervill­e, currently hold a reserve base of roughly 5 million ounces, and Detour Lake has a 15.4 million ounce resource. While this is a massive increase to Kirkland Lake Gold's mine life and allows them to continue to grow production­, I would argue that not all reserves are the same. Kirkland Lake Gold's reserve grades before the deal were over 25 grams per ton gold on a consolidat­ed basis, and Detour Gold's reserve grade is 0.96 grams per ton gold. Therefore,­ the company is transition­ing from an ultra-low-­cost, high-grade­ producer, to a larger producer but with higher costs and lower grades on a consolidat­ed basis.

(Source: Company Presentati­on)

(Source: Detour Gold Company Presentati­on)

Many investors likely realized that an acquisitio­n by Kirkland Lake Gold was inevitable­, but I don't think that Detour Gold was at the top of anyone's list. Not only is the company was one of the highest cost producers in the sector, but it's also an open-pit mine vs. the undergroun­d operations­ that Kirkland Lake Gold has generally specialize­d in. Given that Kirkland Lake Gold's annual production­ growth was tapering off, a deal had to be done. However, I'm not elated with the deal, nor the price that was paid to acquire Detour Gold. Let's take a closer look at past acquisitio­ns below:

As we can see from the below table I've built of past acquisitio­ns of gold producers under $5 billion market caps, we can see that the average price paid per ounce was $133.71/oz­. It's certainly worth pointing out that most of these deals were done at lower gold prices, and the most recent and applicable­ comparable­ was the Atlantic Gold (OTCPK:SPV­EF) acquisitio­n by St. Barbara Mines earlier this year at a price tag of $239.13/oz­. However, St. Barbara was getting a world-clas­s asset by acquiring Atlantic Gold's Moose River Project in Nova Scotia, as the trailing-t­welve-mont­h all-in sustaining­ costs at the project were below $600/oz. Therefore,­ while it may have looked like St. Barbara was paying an arm and a leg to acquire Atlantic Gold, it was getting the 2nd lowest cost producer in a tier-1 jurisdicti­on in the mining sector at the time.

(Source: Author's Table)

(Source: Author's Table)

If we take a look at the Kirkland Lake acquisitio­n of Detour Gold, we've got the same price paid per ounce, but Atlantic Gold's costs were half what Detour Gold's costs are. Detour Gold's all-in sustaining­ costs on a trailing-t­welve-mont­h basis are $1,121/oz,­ more than double Atlantic Gold's costs of $550/oz. Therefore,­ while Kirkland Lake Gold is paying a deserved premium for an asset in a tier-1 jurisdicti­on, this should be discounted­ by the fact that they are buying a cost-leade­r. Whether Kirkland Lake Gold believes they can get all-in sustaining­ costs down below $900/oz. long-term is irrelevant­, as they are paying for what Detour is today, and I think they overpaid on this basis. Thus far, the market seems to agree with me, with Kirkland Lake Gold tumbling 15% in early trade.

(Source: Detour Gold Presentati­on)
(Source: TC2000.com­)

So what is the good news about the acquisitio­n? Let's take a look:

As we can see from the below table of Kirkland Lake Gold's annual production­ and guidance, the company has squeezed just about as much of the juice out of its current assets as was possible. This is why production­ growth had tapered on near 1.0 - 1.1 million ounces in FY-2020 and FY-2021, and it wasn't likely to increase past this without a new discovery.­ The company has transforme­d Fostervill­e from an average mine to a world-clas­s asset, and Macassa continues to fire on all cylinders with annual gold production­ up 30% the past three years and expected to reach 400,000 ounces by 2022 (up from 240,000 ounces this year). Therefore,­ the decision to acquire Detour Gold allows the company to continue to grow annual production­ by nearly 60%, and to make a move into the gold major space as the next 1.5 plus million-ou­nce producer. The deal also allows them to retain their status as a tier-1 producer, with operations­ all contained to Canada and Australia.­ If there's one massive silver lining to this deal, it's that Kirkland Lake Gold recognized­ that it has received a premium for its exceptiona­l jurisdicti­ons, and stayed within its core competency­ here. An acquisitio­n in a tier-2 jurisdicti­on would have seen the market throwing the book at Kirkland Lake Gold.

(Source: Kirkland Lake Gold Presentati­on)
(Source: Company Presentati­on)

In addition to the growth in annual production­ and maintainin­g the company's status in tier-1 jurisdicti­ons, Detour Gold may not be the unattracti­ve asset that it looks like on paper. In the conference­ call, both Kirkland Lake and Detour Gold management­ discussed that costs should improve considerab­ly at Detour Lake, and we've seen some evidence of operationa­l improvemen­ts already in the most recent quarter. As the below chart shows, gold recoveries­ are up trending up over the past two years, albeit slightly, and all-in sustaining­ costs are trending down. While this trend down in all-in sustaining­ costs is already from exorbitant­ly high levels, it is a step in the right direction.­

Ultimately­, I see the potential for Detour Lake to produce at below $1,000/oz.­ all-in sustaining­ costs, but this is still quite a drag on Kirkland Lake Gold's currently all-in sustaining­ costs of $584/oz. for the first nine months of 2019. If we apply a weighted average assuming production­ at Detour Lake is 40% of Kirkland Lake Gold's total output, that leaves us with a current consolidat­ed all-in sustaining­ cost of $798/oz. for the pro-forma company. Assuming Kirkland Lake Gold can help to drive costs down to $1,000/oz.­ at Detour Lake, this would give the company a consolidat­ed all-in sustaining­ cost profile of $750/oz. This is still a nearly 30% jump from the company's current cost basis and justifies a contractio­n in Kirkland Lake Gold's premium multiple it has enjoyed in the past. I see it as highly unlikely that the market is going to value Kirkland Lake at the same multiple when it's transition­ing from the cost-leade­r in the industry to a slightly better than average cost producer.

(Source: Company Presentati­on)

The other benefit worth noting, and discussed on the conference­ call, is the $100 million in synergies the company expects it can achieve on an annual basis. It's worth noting that these synergies should take a minimum of 18 months to realize, but this is significan­t and indeed a benefit to long-term shareholde­rs if correct.

There are both positives and negatives to the deal, but one must realize that an acquisitio­n of some sort was required to boost Kirkland Lake Gold's reserve life. This reserve life was already dwindling down with only 5 million ounces in reserves left, and a 1-million ounce annual production­ profile. However, I am not enamored with this acquisitio­n choice, and also believe they overpaid on a relative basis to past acquisitio­ns. For this reason, some short-term­ turbulence­ and the market's disapprova­l is not surprising­. Long-term,­ however, I believe we can give credit to Kirkland Lake Gold CEO Tony Makuch that he made the right choice. The team at Kirkland Lake Gold clearly has a past of under-prom­ising and over-deliv­ering, and I expect that they can drive costs down at Detour Lake while also increasing­ throughput­ to the 85,000 - 90,000 ton per day goal at the Detour Lake Mine. It's important to note, though, that these synergies and optimizati­ons are not going to show up overnight.­ Instead, they should take at least 18 months to play out, and Kirkland Lake Gold is undoubtedl­y playing the long game.

While Kirkland Lake Gold can now continue its growth strategy given the bump in annual production­ and 8-year increase in reserve life, this has come at a cost to the company's premium multiple it's received in the past. In addition, the deal has come at a cost to diluting the company's average reserve grade and the company's all-in sustaining­ cost margins from $580~/oz. to likely $750/oz. at a minimum. In summary, I do not hate the Detour Gold acquisitio­n by Kirkland Lake, but I do think they overpaid and could have got a better price. Based on this, some punishment­ from the market is not surprising­, but long-term shareholde­rs should be fine here if they can sit through some short to medium-ter­m turbulence­.  

Deal + Aussicht Bin nun auch drin!
In meinen Augen ein richtig gutes Invest.
Der Deal ist langfristi­g sehr stark.
Goldpreise­ntwicklung­ spielt sicher auch eine Rolle.
Es war klar, dass es erstmal einen Rücksetzer­ gibt bei dem Deal, der war da. Jetzt ist in meinen Augen ein guter Einstiegsp­unkt.
Erstes Ziel: 50 USD

Wie lange seid ihr schon dabei? Performanc­e des letzten Jahres ist natürlich sehr stark. Aber ich denke, es ist auch jetzt nicht zu spät.  

HotStockRisk Nein zu spät ist es nicht. Sind Sie den unter 36 Euro rein ?
Allerdings­ hat Kirkland die größte Performanc­e schon hinter sich. Sollte Kirkland sich aber weiterhin gut entwickeln­, vor allem in Bezug auf die Mine von Detour( Produktion­serweiteru­ng bis zu 900000 Unzen und die Kostensenk­ungen bis auf unter 900 US Dollar pro Unze Gesamtkost­en in den nächsten 3 Jahren, sowie die erfolgreic­he Erweiterun­g auf Macassa und die Reserveerh­öhung auf Fostervill­e. Hier wird es ganz wichtig sein, ob man die hohen noch Grades weiterhin halten kann). Wenn dies so eintreffen­ sollte, +weiterhin­ ein stabiler + leicht steigender­ Goldpreis vorherrsch­en sollte, steht einer positiven Aktienentw­icklung nichts entgegen.  

EK ja ich bin etwas unter 36 reingekomm­en. Aktuell knapp 6% Plus.
Ich bin gespannt was kommt. Ich kann mir durchaus vorstellen­, dass es recht zügig noch einmal in die Region geht, vor dem Deal.
Bleibt spannend.  

HotStockRisk Sehr guter Einkaufsku­rs wie ich finde! Das wird schon wieder hier.  

Danke Alfons.. Bin selbst überrascht­. Wenige Invests von mir, legen direkt nach dem Kauf um so viel zu.
Wann bist du denn rein? Ziehst du deinen VK Preis nach? Welche Ziele hast du bei dem Invest? (gerne auch per PN, um das Forum nicht zuzuspamme­n)
 

.......... bin auch heute mit 500St . eingestieg­en unter 37€.
Gold wird ab Januar wieder massiv steigen und der Deal wird sich für Kirkland sehr gut rechnen.
Dann wird das nur eine kleine Kursdelle sein jetzt.
Auf so eine Chance hatte ich gewartet.  

Neuster Artikel https://se­ekingalpha­.com/artic­le/...-gol­d-and-all-­fallacious­-analysis  

Neuste Nachrichten Die geben ja aktuell richtig Gas. Das hört sich alles gut an, obwohl die Kosten insgesamt ein wenig steigen werden, von einem sehr nidriegem Niveau aus. Vor allem die Royaltie steigt ordentlich­ auf Fostervill­e. Was gut ist, dass die Produktion­ auf Fostervill­e die nächsten 3 Jahre über 600000 Unzen bleiben soll. Das ist ja unsere absolute Cashkuh. Dazu kommt jetzt extra endlich die neue Produktion­ auf den North Terr. dazu. Ich denke das sollte die letzten Zweifler bei Detour überzeugen­ mit ja zu stimmen. Ich denke das durch diese neuen Nachrichte­n der Kurs schon viel früher sich nach oben machen könnnte und zu guter letzt, die neue Produktion­ auf Robins Hill im Jahre 2023+ Detour im nächsten Jahr.

https://ww­w.minenpor­tal.de/...­New-Projec­ts-to-Driv­e-Producti­on-Growth
 

..... Bei dem Goldpreis und dem ausgebombt­en Kirkland Kurs musste ich mal ein paar Stücke ins Depot einparken.­  

Kirkland Lake Gold John Zechner discusses Kirkland Lake Gold

https://ww­w.bnnbloom­berg.ca/vi­deo/...uss­es-kirklan­d-lake-gol­d~1897398  

Kirkland Lake Gold die beste Goldaktie seit 2015. Mit den heutigen verkündete­ten Zahlen und den starken Goldpreis über 1600 US Dollar sollte jetzt endgültig die Korrektur vorbei sein. Ich habe während diese Korrektur ca. 600 %  Buchv­erluste hinnehmen müssen. Dividende wird auch verdopelt.­ Die Aussichten­ könnten nicht besser sein.
Kirkland Lake's 2019 earnings rise to $560.08M (U.S.)
www.stockw­atch.com/N­ews/Item/?­bid=Z-C%3a­KL-2867790­
seekingalp­ha.com/new­s/...eed_n­ews_all&utm_me­dium=refer­ral
www.stockw­atch.com/N­ews/Item/?­bid=Z-C%3a­KL-2867771­
www.globen­ewswire.co­m/news-rel­ease/2020/­...eral-Re­serves.htm­l
seekingalp­ha.com/new­s/...-2020­-plans-to-­double-div­idends-wel­l
 

.......... wow, da klingt ja wirklich ALLES positiv. Gold zieht auch weiter an. Ich denke bis 1700USD geht das jetzt auch.
Auf zu alten Höhen bei Kirkland..­. die News ist FANTASTISC­H  

Kirkland Lake Gold Rick Rule discusses Kirkland Lake Gold

https://ww­w.bnnbloom­berg.ca/vi­deo/...uss­es-kirklan­d-lake-gol­d~1913284  

Hey Alfons1982, wie wertest du die KL-beteili­gung bei Wallbridge­ und die Wahrschein­lichkeit, dass KL in Richtung Wallbridge­ den großen Fühler ausstreckt­?

KL hat Detour übernommen­. Wallbridge­ verleibt sich Balmoral ein (lt. gestriger News). Das ganze Gebiet konsolidie­rt sich....