COMPANY PROFILE
"Build for the future"
Summary
Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, 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. 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.
History
Agnico Eagle has been in business for over 65 years. It was founded in 1957, in Cobalt, Ontario, where it produced silver, nickel and cobalt. The Company began producing gold in 1974, in Joutel, Quebec, and now owns and operates eleven gold mines in four countries, focusing on premier jurisdictions with high geological potential and low political risk. It is the largest gold producer in Canada and the third largest in the world.
The Company’s latest expansion activities include the acquisition of TMAC Resources and the Hope Bay properties in 2021 to consolidate the Company’s Nunavut operating platform; the merger of equals with Kirkland Lake Gold in 2022, adding the Detour Lake and Macassa mines in Ontario and the Fosterville gold mine in Australia; the acquisition of Yamana Gold’s Canadian assets in 2023 which allowed Agnico Eagle to become sole owner of the Canadian Malartic and Odyssey mines in Quebec, further consolidating its land position and activities in the Abitibi gold belt of Quebec and Ontario; and finally, a 50:50 joint venture with Teck to develop the San Nicolás copper-zinc project in Mexico.
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.
2023 Production and 2024 Forecast
In 2023, Agnico Eagle’s payable gold production reached a record of 3,439,654 ounces (reflecting the Company’s 50% interest in the Canadian Malartic complex up to and including March 30, 2023, and 100% interest thereafter). Gold production for 2024 is forecasted to be in the range of 3.35 to 3.55 million ounces.
Main Leadership
Agnico Eagle’s executive team is responsible for implementing our strategy, overseeing our businesses and setting operating and financial performance targets.
- Ammar Al-Joundi, President and CEO
- Dominique Girard, Executive Vice President & Chief Operating Officer – Nunavut, Quebec & Europe
- Guy Gosselin, Executive Vice President, Exploration
- Carol Plummer, Executive Vice President, Sustainability, People & Culture
- Jamie Porter, Executive Vice President, Finance & Chief Financial Officer
- Jean Robitaille, Executive Vice President and Chief Strategy & Technology Officer
- Natasha Vaz, Executive Vice President & Chief Operating Officer – Ontario, Australia & Mexico
- Chris Vollmershausen, Executive Vice President, Legal, General Counsel & Corporate Secretary
Corporate Presentation
Operations and Projects
Agnico Eagle’s operating mines are located in Canada, Australia, Finland and Mexico. The Company’s ability to consistently execute its business strategy has provided a solid foundation for growth while maintaining high performance standards in health, safety, environment and community development.
- Canada: Agnico Eagle owns the five largest gold mines in Canada and two of the ten largest in the world with multi-decade production. Canadian activities are focused in Nunavut, with two operating mines (Meliadine mine and Meadowbank Complex) and one advanced exploration project (Hope Bay), as well as in the Abitibi gold belt of Ontario and Quebec with five operating mines (Detour Lake mine, Macassa mine, Canadian Malartic Complex, LaRonde Complex, Goldex Complex) and two advanced exploration projects (Upper Beaver and Wasamac). In 2023, the Company produced 2.75 million ounces of gold from its Canadian operations, representing 80% of its global production.
- Australia: The Fosterville Gold Mine is the largest gold producer in the state of Victoria. It’s a high-grade, low-cost underground mine with extensive in-mine and district-scale exploration potential. The Fosterville property includes approximately 1,400 sq. km of additional land package with numerous brownfield and greenfield exploration targets that are a key aspect of the Company's ongoing exploration efforts.
- Finland: The Kittilä mine is located in the Lapland region of northern Finland and is the largest primary gold producer in Europe. The mine achieved commercial production in May 2009, becoming Agnico Eagle’s first mine outside of Canada. A major expansion project, including the expansion of the mill with 25% increase in milling capacity and the sinking of a 1,044-metre-deep shaft which was commissioned in the second half of 2023 is expected to increase the efficiency of the mine and decrease or maintain current operating costs while providing access to the deeper mining horizons.
- Mexico: Agnico Eagle’s activities in Mexico include the Pinos Altos mine, located in the state of Chihuahua, and the La India, located in the state of Sonora, at approximately 70 km northwest of the Pinos Altos mine. 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. La India is an open pit mine and heap leach operation. Mining from the open pit ceased during the fourth quarter of 2023 and remaining gold production in 2024 is expected to come from the residual leaching of the heap leach pads.
Please visit Agnico Eagle’s website at www.agnicoeagle.com for more information on the Company’s operations and exploration activities.