Andre Leite Vice President - Ontario Operations
AGNICO EAGLE
"We believe there is substantial potential, that if realized, could position Detour Lake as a unique 1-million-ounce producer with combined parallel open pit and underground operations."
Can you provide a brief overview of Agnico Eagle's performance and developments in 2023?
In 2023, we acquired the remaining half of Canadian Malartic, consolidating the two major gold-producing assets in the Abitibi belt – Detour Lake and Canadian Malartic mines. At Macassa, we completed a number of key projects in 2023 including the #4 Shaft. At Detour Lake, we continue to ramp up mill production targeting to achieve 28 million tons per year, and continue exploring the underground potential at the operation and the potential to further increase mill capacity – with the vision of potentially reaching one million ounces of production. We also continue to look for synergies and opportunities in the Abitibi region, including the opportunity to process Upper Beaver and AK ore in our processing facilities in Québec. What will the new shaft #4 at Macassa unlock for Agnico Eagle?
At Macassa, the construction of the #4 Shaft was the first step in building a whole new mine. The completion of construction and commissioning along with the associated ventilation projects was a significant milestone for the operation. The operational conditions and temperatures at the mine were limiting factors in certain areas, and now those limitations have been removed. What is Agnico's stance on Ontario's current regulatory landscape?
Ontario minister of mines, the Hon. George Pirie, has been a strong advocate for our industry, and we appreciate his efforts. From a regulatory standpoint, we aim to maintain high standards, while ensuring agility in the process of permitting a mine. We value effective consultations with First Nations and adherence to environmental standards. Streamlining the process is crucial for developing Northern Ontario's mineral resources. Can you provide the highlights of Agnico Eagle's 2023 field season in Ontario and shed light on your plans for the 2024 field season?
In the 2023 exploration campaign, we focused on Detour Lake to better understand the orebody, successfully extending it to the west. Positive results from test holes along that trend indicate the potential for further expansion. This year, our goal is to define the ore body more precisely. Currently, we are mainly focusing on better delineating the known mineralization to support the evaluation of potential underground operations. We believe there is substantial potential, that if realized, could position Detour Lake as a unique 1-million-ounce producer with combined parallel open pit and underground operations. How is Agnico Eagle progressing towards its target of a 30% emissions reduction by 2030?
Operating in Ontario and Québec, a significant portion of our power is sourced from clean hydroelectric power. Our footprint, on an intensity basis, is favorable compared to our peers. Macassa has been a pioneer in adopting BEV technology, and our team has put in a lot of hard work to make it successful. Moving forward, we are focused on emissions related to the open pit operations we have in Ontario. We are exploring projects involving trolleys and keeping an eye on technology developments by OEMs. While our starting point is good, we recognize the need for continuous improvement and are actively seeking opportunities to reduce emission levels. Are there plans to expand into critical minerals?
Agnico Eagle has successfully been mining gold for several decades. The investment in Canada Nickel was an opportunity for an early stage investment in this growing sector, and an emerging nickel belt, right in our backyard. It's aligned with Agnico Eagle’s well-established strategy of early-stage project investments and will allow us to monitor both the project's progress and emerging technologies relevant to its development. Currently, there is no intent to deviate from our gold focus materially. What are Agnico Eagle’s priorities for 2024?
In 2024, we will continue optimizing our assets with a focus on organic growth from our regional platforms. At Detour Lake, we are expecting to reach 28 million tons per year through the mill and pursue mill optimization beyond that. We are also advancing an underground mining study which we expect to be completed in the first half of the year.