Agnico-Eagle Mines Ltd
Agnico-Eagle Mines Limited (Canada) mines in Canada and has projects in Mexico, Finland, and the USA.
Agnico-Eagle targets 1,3m oz/y gold output by 2010
By: Liezel Hill (Mining Weekly)
Published: 10 Jan 08 - 22:01
Canadian gold-miner Agnico-Eagle, which plans to bring five new mines into production in the next two years, expects to produce an average of 1,3-million ounces of gold a year between 2010 and 2017, the firm said on Thursday.
Cash costs during the period are expected to average $230/oz, compared with a previous estimate of $250/oz.
Agnico-Eagle's LaRonde mine, in Quebec, is Canada's largest gold deposit in terms of reserves, according to the company's website.
The Toronto-based firm has forecast output of 360 000 oz for its 2008 financial year, at average cash costs of below $50/oz, it said last month.
The company is able to keep costs below industry norms by selling byproducts like zinc and silver that it mines at its LaRonde operation.
In its 2006 financial year, the LaRonde mine produced 5-million ounces of silver, 82 000 t of zinc and 7 300 t of copper.
Agnico-Eagle, which has projects in Canada, Mexico, Finland and the US, said on Thursday that plans to grow its gold reserves to between 18-million and 20-million ounces within the next 15 months, from a base of 16,3-million ounces.
Growth will be focused on “mining friendly regions”, the firm said in a presentation posted on its website.
The first of its growth projects, Goldex, in north western Quebec, will come on stream in April this year, two months ahead of schedule, Agnico-Eagle said.
The mine will produce 175 000 oz/y, at total cash costs of $230/oz.
Agnico-Eagle plans to bring its Kittila mine, in Finland, into production in September and is spending about C$225-million on an extension project to access deeper ore at LaRonde.
The firm also recently increased the probable gold reserves at its Meadowbank project, in Canada's Nunuvut Territory, by 20%, or almost 600 000 oz, to 3,5-million ounces.
The project's schedule has been brought forward by six months, with production expected to begin in January 2010, the company said.
Edited by: Liezel Hill (Mining Weekly)
| Agnico-Eagle's reserves leapt 33% last year, sees further rise in '08 | |
| By: Liezel Hill Published: 15 Feb 2008 - 16:03 | |
Canadian gold-miner Agnico-Eagle, which plans to bring five new mines into production in the next two years, increased its proven and probable gold reserves by a third in 2007, to 16,7-million ounces, the company said on Friday. Gold resources had also increased to “record levels”, the company said. “With its largest ever exploration program now under way, combined with better drilling access, the company is well positioned to achieve its gold reserve target of 18-million to 20-million ounces within the next twelve months,” Agnico-Eagle said. The company plans to spend $65-million on exploration this year. "With gold reserves and resources at record levels, and with several of our large deposits open for further expansion, we anticipate further resource to reserve conversion in 2008," CEO Sean Boyd said. Reserves indicate metal which can be economically and feasibly mined, while resources are mineral occurances which have been studied enough to quantify their contained metal to a certain degree. Agnico-Eagle, like other gold-miners around the world, is scrambling to firm up gold reserves and accelerate mine development to take advantage of record prices for the yellow metal. The first of its growth projects, Goldex, in north western Quebec, will come on stream in April this year, two months ahead of schedule, Agnico-Eagle said last month. The company expects to produce an average of 1,3-million ounces of gold a year between 2010 and 2017, it said earlier this year. Agnico-Eagle shares rose 1,17% in early trade on Friday, to C$63,20 a share by 9:35 in Toronto. |
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