Agnico Eagle Mines Ltd. announced that is has acquired of Canadian Malartic, the largest openpit gold mines in Canada through its transaction with Pan American Silver and Yamana Gold.

Agnico Eagle is the third largest gold producer in the world. In addition to the acquisition of Canadian Malartic, Agnico Eagle added Wasamac project located in the Abitibi region of Quebec and several other exploration properties located in Ontario and Manitoba to its portfolio.

“Over the last 18 months, the company has solidified its presence in the Abitibi gold belt, a region of low political risk and high geological potential, and where it has a strong competitive advantage from having operated there for over 50 years,” Agnico Eagle said in the statement.

The said its production in the Abitibi gold belt is forecast to be approximately 1.9 million ounces to 2.1 million ounces of gold per year through 2025. In addition, the company has the unique ability to monetize future additional mill capacity at the Canadian Malartic Mine, given its extensive operations and strategic land position in the region.

The company's 2023 production and costs guidance, which assumed 50 percent ownership of Canadian Malartic for the first three months of 2023 and 100 percent ownership for the last nine months of the year, is in line with the actual completion date of the arrangement.

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. 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.

 Photo credit: Agnico Eagle