COMPANY PROFILE
"Build a growing, high-quality, low risk, sustainable business"
Summary
Agnico Eagle is a senior Canadian gold mining company, producing precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States and Colombia. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. The company was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
Founding Year
Agnico Eagle has been in business for 65 years. It was founded in 1957, in Cobalt, Ontario. The Cobalt Consolidated Mining Company reorganized and renamed itself Agnico Mines Limited, forging its name from the chemical symbols for silver (Ag) nickel (Ni) and cobalt (Co) – metals the company was producing at the time. In 1972, Agnico Mines Limited merged with Eagle Gold Mines Limited to form Agnico Eagle Mines Limited. This enabled the development of the Joutel mining complex in Quebec, which began producing gold in 1974.
Strategy
Our strategy is to build a growing, high-quality, low risk, sustainable business.
• Delivering on performance and growth expectations: Ensure our existing portfolio delivers on expectations, lowers operational risk and generates free cash flow.
• Building and maintaining a high-quality project pipeline: Ensure we develop a best-in-class project pipeline to replenish mineral reserves and production, while maintaining the quality, manageability and fit of our future portfolio.
• Developing our people: Develop and provide growth opportunities for our people, and provide the skills infrastructure to support development of our operations and projects.
• Operating in a socially responsible manner: Create value for our shareholders while operating in a safe, and socially and environmentally responsible manner, as we contribute to the prosperity of our people, their families and the communities in which we operate.
Corporate Presentation
Investment Highlights
• Long-term focus on per share Value Creation
• Solid track record of meeting expectations
• Existing project pipeline provides high-quality production growth
• Providing meaningful dividends
• Operating in safe jurisdictions and in a socially responsible manner
Main Leadership
Our leadership team is responsible for implementing our strategy, overseeing our businesses and setting operating and financial performance targets.
• Sean Boyd, Executive Chair
• Ammar Al-Joundi, President and CEO
• Dominique Girard, Executive Vice President & COO – Nunavut, Quebec & Europe
• Guy Gosselin, Executive Vice President, Exploration
• Eric Kallio, Executive Vice President, Exploration Strategy & Growth
• Carol Plummer, Executive Vice President, Operational Excellence
• Jean Robitaille, Executive Vice President and Chief Strategy & Technology Officer
• David Smith, Executive Vice President, Finance & CFO
• Natasha Vaz, Executive Vice President & COO – Ontario, Australia & Mexico
• Chris Vollmershausen, Executive Vice President, Legal, General Counsel & Corporate Secretary
Main Assets
Agnico Eagle’s ability to consistently execute its business strategy has provided a solid foundation for growth. We continue to improve our production base by optimizing our existing mines.
The Company’ world-class operating mines are located in Canada, Australia, Finland and Mexico.
• Canada:
- Quebec: o LaRonde Complex – Comprised of the LaRonde and LaRonde Zone 5 mines. In the fourth quarter of 2021, it poured its 7 millionth ounce of gold. With 3.8 million ounces of gold in proven and probable mineral reserves, the LaRonde Complex still has one of the largest gold reserves at a Canadian gold mine. o Goldex Mine – Commercial Production from M and E zones started in 2013, while the Deep 1 project started commercial production in July 2017 and is expected to extend the Goldex mine life through 2030. o Canadian Malartic Mine (50% interest) – One of the world’s largest gold mines. The open-pit mine life is expected to last through 2029, and the ongoing development of the underground Odyssey project will extend overall mine life to 2039. o Our Quebec operations are all located in the prolific Abitibi-Temiscamingue region within 60 km of each other, along the Cadillac-Larder Lake fault.
- Ontario: o Detour Lake Mine – Emerging in 2022 as the largest gold mine in Canada with the largest mineral reserves and substantial growth potential. As stated in the Company’s news release dated July 27, 2022, a new technical evaluation shows a 38% increase in mineral reserves to 20.4Moz and mine life extended by 10 years. o Macassa Mine – Located in the Town of Kirkland Lake, it remains one of the highest gold grade mines in the world.
- Nunavut: o Meadowbank Complex – Located in the Kivalliq District of Nunavut, the Meadowbank open-pit mine was the Company’s first Low Arctic mine. The Discovery and development of the Amaruq satellite deposit 50 km away extended the life of the Meadowbank Complex by supplying a new source of ore to the existing Meadowbank mil. o Meliadine Mine – Also in the Kivalliq District, it’s Agnico Eagle’s second mine in Canada’s Low Arctic. Meliadine includes seven gold deposits, six of which are part of the current mine plan. The 98,222-hectare property covers an 80-km-long greenstone belt.
• Australia: o Fosterville Mine – Largest gold producer in the state of Victoria. High-grade, low-cost underground mine with extensive in-mine and district-scale exploration potential.
• Finland: o Kittilä Mine – Located in the Lapland region of northern Finland, it’s the largest primary gold producer in Europe. Achieved commercial production in May 2009, becoming Agnico Eagle’s first mine outside of Canada.
• Mexico: o Pinos Altos Mine – Located in the state of Chihuahua, Pinos Altos achieved commercial production in 2009. It has since produced over 2.4 million ounces of gold, including production from the nearby Creston Mascota satellite deposit, which was built in 2010 as a standalone heap leach operation and achieved commercial production in 2011. o La India Mine – La India is an open pit mine and heap leach operation, located in the state of Sonora, at approximately 70 km northwest of our Pinos Altos mine, providing operating synergies between the two operations. It was commissioned in 2013, just 22 months after its acquisition, and achieved commercial production in February 2014. It has since produced over 735,000 ounces of gold.
In the full year 2022, the Company's gold production was a record 3,135,007 ounces. Including the entire full year's production from the pre-Merger Kirkland Lake Gold mines, total gold production in the full year 2022 was 3,280,731 ounces.