Agnico Eagle Mines: 2 Operating Mines in Canada’s North
Creating Wealth and Opportunity
Agnico Eagle is a global leader in the gold mining business. The Company is a senior Canadian gold mining company that has produced precious metals since 1957. Agnico has eight operating mines. The mines are located in Canada, Finland and Mexico, with exploration activities in each of these countries as well as in the United States and Sweden. The Company and its shareholders have full exposure to gold prices due to its long-standing policy of no forward gold sales. Agnico Eagle has declared a cash dividend every year since 1983.
The Company has a reputation as a leader in safety and sustainability. They also bring prosperity to its employees, their families and the communities in which they operate.
In Nunavut, Canada’s north, the Company has two large operating mines. Meliadine and Meadowbank will be producing between 700 and 900 thousand ounces a year as they mature between them.
Agnico Eagle’s strategy is to focus on regions that have great mineral potential and Nunavut is one of those regions. Furthermore, Agnico believes in being a partner with the community. “As a guest in these communities, social responsibility is a core foundational block.” says President, Ammar Al-Joundi. “Our vision is to have our business at some point run 100 percent by Nunavummiut and local residents”.
The Meadowbank open-pit gold mine in the Kivalliq District of Nunavut was Agnico Eagle’s first Low Arctic mine. Its approximately 300 kilometres west of Hudson Bay and 110 kilometres by road north of Baker Lake. The discovery and development of the Amaruq satellite deposit 50 kilometres away has extended the life of the Meadowbank Complex by supplying a new source of ore to the existing Meadowbank mill.
The Meliadine mine in Nunavut Territory, northern Canada is Agnico Eagle’s second mine in Canada’s Low Arctic. It opened nine years after the Meadowbank mine. Further, Meliadine is its largest gold deposit in terms of mineral resources. Commercial production began at Meliadine in mid-May 2019. Moreover, the mine is expected to produce 230,000 ounces gold in 2019 (including pre-commercial production), and 385,000 ounces of gold production in 2020, its first full year of production. Additionally, the Company anticipates that mining at Meliadine will be carried out through several underground mining operations and open pits over a 14 year mine life. There are numerous opportunities to create additional value at Meliadine, both at the mine and on the large regional land package.
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