Agnico Eagle

Agnico Eagle Mines Limited

Type| Public

Traded as

| TSX: AEM
NYSE: AEM
S&P/TSX 60 component
Industry| Mining & Gold Producers & Products Manufacturing
Predecessor| Agnico Mines Limited
Eagle Gold Mines Limited
Founded| 1 June 1972 (1972-06-01)
Founder| Paul Penna
Headquarters| Toronto, Ontario, Canada

Key people

| Sean Boyd (Chair of the Board)
Ammar Al-Joundi (CEO)
Revenue|  $ 2.875 billion (2016)[1]

Operating income

|  $ 327 million (2016)[1]

Net income

|  $ 512 million (2020)
Total assets|  $ 9.556 billion (2016)[1]
Total equity|  $ 6.040 billion (2016)[1]

Number of employees

| 16,968 (Dec 2024)[2]
Subsidiaries| Agnico-Eagle USA
Agnico-Eagle Mexico
Agnico-Eagle Sweden
Agnico-Eagle Finland
Riddarhyttan Resources
Website| www.agnicoeagle.com

Agnico Eagle Mines Limited is a Canadian-based gold producer with operations in Canada, Finland, Australia and Mexico and exploration and development activities extending to the United States. Agnico Eagle has full exposure to higher gold prices consistent with its policy of no-forward gold sales. It has paid a cash dividend every year since 1983.

## Contents

* 1 History
* 1.1 Recent Developments (2025)
* 2 Operations
* 2.1 LaRonde gold mine
* 2.2 Goldex
* 2.3 Lapa
* 2.4 Kittilä
* 2.5 Pinos Altos
* 2.6 La India
* 2.7 Meadowbank
* 2.8 Detour Lake Mine
* 2.9 Macassa Mine
* 3 Exploration
* 4 Carbon footprint
* 5 Controversies
* 6 References
* 7 Further reading
* 8 External links

## History

In 1953, five struggling mining companies joined to become Cobalt Consolidated Mining, which would last until 1957, when the company changed its name to Agnico Mines. "Agnico" is derived from the periodic table of elements using the symbols for silver (Ag), nickel (Ni) and cobalt (Co).[3] In 1963, Paul Penna became the president of Agnico Mines, and he eventually oversaw the merger of Agnico Mines with Eagle Mines Ltd, a successful gold exploration company, enabling the development of Eagle's Joutel mining complex in northern Quebec. The newly formed company became Agnico Eagle Mines Limited.[3]

In 1974, the Joutel mine went into production and would eventually produce approximately 1.1 million ounces of gold until its closure in 1993.[4] During this period, Agnico Eagle also acquired the property and assets of Dumagami Mines Limited in north-western Quebec, which had recently gone into production a year earlier in 1988. The Dumagami mine would eventually be renamed the LaRonde mine, which is now considered the flagship mining operation for Agnico Eagle, and one of the largest gold deposits in Canada. With LaRonde producing steadily, Agnico Eagle acquired more assets over the following years.[3]

In 1993, they completed the purchase of the Goldex mine, becoming the 100% owner of the largest unexploited gold deposit in Quebec. This was followed by the purchase of the Lapa gold deposit in 2000, Riddarhyttan Resources AB (the 100% owner of the Suurikuusikko gold deposit in northern Finland, which would become the Kittilä mine) in 2005, the Pinos Altos project in Mexico in 2006, and the purchase of Cumberland Resources in 2007, giving Agnico Eagle 100% control of the Meadowbank gold project in Nunavut, Canada.[3]

As a result of these purchases, the following years would see Agnico Eagle grow from a single-operation gold producer (LaRonde) to a much larger company consisting of 6 mines in total, with Goldex going into production in 2008, Kittila, Lapa and Pinos Altos in 2009, and Meadowbank in 2010.[3]

In 2010, Agnico Eagle completed the purchase of the Meliadine property, located southeast of Meadowbank near Rankin Inlet, Nunavut. In 2011, the company also announced a $70 million (CAD) investment in Rubicon Minerals, representing a 9.2% ownership stake and access to the Phoenix gold project located in the heart of Red Lake, Ontario.[3]

In 2016, Agnico Eagle was ranked as the 14th best of 92 oil, gas, and mining companies on indigenous rights in Arctic resource extraction.[5]

In 2018, CEO Sean Boyd received The Northern Miner's "Mining Person of the Year Award" at the annual Pacific Mine Forum (PMF).[6]

In the 2021 Arctic Environmental Responsibility Index (AERI) Agnico Eagle Mines Limited was ranked no. 35 among 120 oil, gas, and mining companies involved in resource extraction north of the Arctic Circle.[7]

In 2021, a $13.5 billion merger between Kirkland Lake Gold and Agnico consolidated the largest gold mines in Canada's Abitibi gold belt.[8]

Company veteran Ammar Al-Joundi was appointed CEO of Agnico on 1 March 2022, after Tony Makuch, the holdover CEO from its merger with KL Gold, lasted only three weeks in the job and was fired by Sean Boyd who had progressed by then to the chair the amalamgated company,[8][9] which at the time had a market capitalization of $29 billion.[9]

### Recent Developments (2025)

In 2025, Agnico Eagle Mines Limited completed the acquisition of 100% of O3 Mining Inc. for CAD $1.67 per share in cash, adding the Marban deposit in Québec to its development pipeline.[10] The company reported record financial results, including third-quarter net income of US$1.055 billion (US$2.10 per share) and adjusted net income of US$1.085 billion (US$2.16 per share), supported by gold production of 866,936 ounces at an average realized price of US$3,476 per ounce.[11] Agnico Eagle transitioned from a net debt position to net cash of US$2.16 billion, repaid US$550 million in debt, and returned US$300 million to shareholders through dividends and buybacks.[12]

The company advanced several growth projects, including the Odyssey underground expansion at Canadian Malartic, development of an exploration ramp at Detour Lake, and resource expansion drilling at Hope Bay and Upper Beaver, where shaft construction was scheduled for late 2025.[13][14] A feasibility study for the San Nicolás copper-zinc project in Mexico was expected by year-end.[13]

In April 2025, Agnico Eagle published its 16th Sustainability Report, reaffirming its commitment to net-zero Scope 1 and 2 emissions by 2050, with an interim target of 30% reduction by 2030. The company increased investment in energy efficiency and low-carbon technologies and expanded community engagement and Indigenous partnerships.[15][16]

## Operations

### LaRonde gold mine

The LaRonde mine, formerly Dumagami Mine, is located alongside the Trans-Canada highway in the Abitibi-Témiscamingue region between Rouyn-Noranda and Val-d'or, Quebec.

LaRonde's Penna shaft, also known as shaft 3, is believed to be the deepest single lift shaft in the Western Hemisphere, descending more than three kilometres (or 9800 ft) below the surface. It is estimated to have the longest potential lifespan of Agnico Eagle's six operating mines, estimated to be approximately 35 years once completed, from 1988 to 2023.[17] The lifespan is now expected to run until 2032.[18] The operation currently mines gold, zinc, copper and silver ores and employs 1,042 workers.[18]

The mine was renamed to the LaRonde Mine by company founder Paul Penna, to honour its first project manager, mining engineer Donald J. "Don" LaRonde (c. 1931–1986).[19][20]

### Goldex

Pouring Gold into molds

Employing 213 people, with an estimated mine life of 10 years (2008–2018); Goldex is an underground mine located just outside Val-d'Or, Quebec, Canada. Goldex is unique due to its partnership with the Quebec government in the restoration of the nearby abandoned Manitou mine tailings site. Through an innovative approach, the tailings from the Goldex mine are sent through a 25 km long pipeline to the Manitou site where they neutralize the acidic waters in the area, the result of years of poorly confined tailings generated between 1942 and 1979 by the mining companies operating the Manitou project at the time. Not only do the Goldex tailings neutralize and help rehabilitate the site, but the system also eliminates the need for a tailings pond at the Goldex site itself.[17]

The mine is expected to run until 2032 and currently produces roughly 134,000 oz of gold per year.[21]

### Lapa

Lapa, located about 11 km away from the LaRonde mine (see above), in the Rivière-Héva municipality of the Abitibi region in Quebec, Canada, is one of Agnico Eagle's smaller operations employing 192 people, with a 6-year mine life expectancy (2009–2015). The main headframe that is used at the Lapa mine was constructed almost entirely from a pre-existing headframe at LaRonde. The original headframe was dismantled, sand blasted and painted before it was installed at Lapa. Although Lapa may be a smaller operation in comparison to our other mines, it is one of Agnico Eagle's highest-grade mines, with reserve grades twice as rich as the company average.[17]

### Kittilä

Open Pit Mining in Kittilä, Finland

In the Lapland region of Northern Finland, Agnico Eagle's Kittilä operation has a life expectancy of 23 years (2009–2032). With 375 employees, this open pit and underground mine is one of the largest known gold deposits in all of Europe,[22][23] containing almost 4.9 million ounces of gold in reserves. Aggressive exploration is also currently underway; with the Kittilä mine serving notice that gold-mining is again a booming industry in northern Finland.[17]

### Pinos Altos

Agnico Eagle's largest employer, with 972 employees, is the Pinos Altos mine located in the state of Chihuahua, in northern Mexico. Pinos Altos began operation in 2009 and is expected to continue until 2026, resulting in an estimated 17 years of production. The open-pit and underground mining operation is in the mountainous Sierra Madre gold and silver belt of northern Mexico.[17]

### La India

La India is an open pit mine is located approximately 200 km east of Hermosillo in Sonora, Mexico. It began production in February 2014 and has a mine life expectancy of 6 years.

### Meadowbank

Meadowbank is an open-pit mine in the Kivalliq Region of Nunavut with an 8-year life expectancy (2010 – 2017). Meadowbank is one of Agnico Eagle's most recent mine to begin operation, and has about 650 employees. In 2010 the first gold brick was poured at Meadowbank, which was also the first ever gold brick to be poured in the history of Nunavut. Meadowbank is also Agnico Eagle's largest producer, estimated to produce 430,000 ounces of gold in 2014.[17]

### Detour Lake Mine

The open-pit Detour Lake operation is the largest gold producing mine in Canada with the country's largest gold mineral reserves.

Located within the northernmost Abitibi Greenstone Belt, the mine was originally owned by Placer Dome and operated primarily as an underground mine from 1987 to 1990. Production resumed in 2013 as an open-pit mine under the ownership of Detour Gold Corporation. Agnico Eagle acquired its interest in the Detour Lake mine on February 8, 2022.

### Macassa Mine

With exploration beginning in 1931 and first production beginning in 1933, Macassa remains one of the world's highest-grade gold mines. The #4 Shaft production hoist, commissioned in 2023, has started a new chapter in the life of the Macassa mine, increasing production, improving working conditions, lowering unit costs and increasing exploration capacity.

## Exploration

The 2011 exploration program is expected to include more than 410 km of planned drilling to expand resources and convert our large gold resource to reserves.[24] Major programs are planned at the following locations:

Meliadine – 90,000 meters of diamond drilling, an underground bulk sample, new permanent accommodations at the exploration camp, permitting infrastructure upgrades.[24]

Kittilä – 56,200 meters of exploration and conversion drilling, and construction of an exploration ramp to accelerate the definition of resources and facilitate additional exploration at depth.[24]

Goldex Mining Headquarters

Goldex – 58,200 meters of diamond drilling will principally target resource expansion for the D zone. Pending the results of a planned mining study in 2011, a reserve conversion program will also be considered.[24]

LaRonde/Bousquet/Ellison – 42,050 meters of drilling, which includes a follow-up exploration program for Ellison.[24]

Pinos Altos – 33,800 meters of drilling including minesite (reserve conversion) and regional (resource expansion) drilling, and an underground exploration program and scoping study for the Cubiro zone.[24]

Meadowbank – 32,000 meters of conversion and exploration drilling targeting extensions of the Vault deposit and underground potential beneath Goose South.[24]

Gilt Edge – In 2018, a former gold mine in South Dakota was acquired in an exploration-environmental partnership with the EPA.

In December 2016 Agnico invested CA$4.5 million into Canadian junior mining company Cartier Resources to conduct exploration on the Chimo, Benoist, Wilson, Fenton and Cadillac Extension projects in Quebec.[25]

## Carbon footprint

Agnico-Eagle Mines Group reported Total CO2e emissions (Direct + Indirect) for 31 December 2020 at 578 Kt (+57/+11% y-o-y).[26] The growth accelerated compared to the long-term upward trend (CAGR of +7.6% since 4Q'16).

Agnico-Eagle Mines Group's Total CO2e emissions (Direct + Indirect) (in kilotonnes)  Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020

|
|
|
|
|

407[27] | 400[28] | 415[29] | 411[30] | 521[31] | 578[26]

## Controversies

In 2025, Agnico Eagle faced regulatory and community challenges in Nunavut. A federal investigation found violations of caribou protection measures at the Whale Tail and Meadowbank mines, including failure to secure Free, Prior, and Informed Consent (FPIC) from Indigenous stakeholders.[32] The company also withdrew its proposal to extend the Meliadine mine after the Nunavut Impact Review Board recommended against it due to environmental concerns, particularly impacts on the Qamanirjuaq caribou herd.[33]

## References

1. ↑ 1.0 1.1 1.2 1.3 "Financials for Agnico Eagle Mines Limited". TMX Money. https://web.tmxmoney.com/financials.php?qm_symbol=AEM&type=IncomeStatement&rtype=A.
2. ↑ "Annual Information Form for the year ended December 31, 2024". https://www.sec.gov/Archives/edgar/data/2809/000110465925017551/aem-20241231xex99d1.htm#tEMP.
3. ↑ 3.0 3.1 3.2 3.3 3.4 3.5 "Agnico-Eagle Our Company - History". http://agnico-eagle.com/English/Our-Company/History/default.aspx.
4. ↑ "Maple Gold Mines - Home". https://www.maplegoldmines.com/index.php/en/projects/joutel-gold-project-50-50-jv.
5. ↑ Overland, Indra (2016). "Ranking Oil, Gas and Mining Companies on Indigenous Rights in the Arctic". Arran. https://www.researchgate.net/publication/313474088.
6. ↑ Cumming, John "Agnico Eagle's Sean Boyd is TNM's Mining Person of the Year (Northern Miner – February 27, 2018)", Republic of Mining, February 28, 2018. Retrieved October 26, 2018.
7. ↑ Overland, I., Bourmistrov, A., Dale, B., Irlbacher-Fox, S., Juraev, J., Podgaiskii, E., Stammler, F., Tsani, S., Vakulchuk, R. and Wilson, E.C. 2021. The Arctic Environmental Responsibility Index: A method to rank heterogenous extractive industry companies for governance purposes. Business Strategy and the Environment. 30, 1623–1643. https://onlinelibrary.wiley.com/doi/10.1002/bse.2698
8. ↑ 8.0 8.1 Friedman, Gabriel (3 January 2023). "Riding a 44% gain in its share price, Agnico's first new CEO in 25 years is bullish on 2023". Financial Post, a division of Postmedia Network Inc. https://financialpost.com/commodities/riding-a-44-gain-in-its-share-price-agnicos-first-new-ceo-in-25-years-is-bullish-on-2023.
9. ↑ 9.0 9.1 Lazenby, Henry (1 March 2022). "New Agnico Eagle positioned for growth, says chairman Sean Boyd". THE NORTHERN MINER. https://www.northernminer.com/news/new-agnico-eagle-positioned-for-growth-says-chairman-sean-boyd/.
10. ↑ "Agnico Eagle Completes Acquisition of 100% of O3 Mining". Agnico Eagle Mines Limited. 2025-03-18. https://agnicoeagle.com/English/news-and-media/news-releases/news-details/2025/AGNICO-EAGLE-COMPLETES-ACQUISITION-OF-100-OF-O3-MINING/default.aspx.
11. ↑ "Agnico Eagle Reports Third Quarter 2025 Results". Agnico Eagle Mines Limited. 2025-10-29. https://agnicoeagle.com/English/news-and-media/news-releases/news-details/2025/AGNICO-EAGLE-REPORTS-THIRD-QUARTER-2025-RESULTS
RECORD-ADJUSTED-NET-INCOME-WITH-ANOTHER-QUARTER-OF-STRONG-PRODUCTION-FINANCIAL-POSITION-FURTHER-STRENGTHENED-BY-REPAYMENT-OF-LONG-TERM-DEBT-AND-CASH-ACCUMULATION/default.aspx.
12. ↑ "Agnico Eagle Mines at Diggers & Dealers Mining Forum 2025". Ainvest. 2025-08-06. https://www.ainvest.com/news/agnico-eagle-mines-diggers-dealers-mining-forum-2025-2508/.
13. ↑ 13.0 13.1 "Can Agnico Eagle's Growth Pipeline Spark Its Next Production Surge?". Yahoo Finance. 2025-12-02. https://finance.yahoo.com/news/agnico-eagles-growth-pipeline-spark-130200259.html.
14. ↑ "Agnico Eagle Soars on Strong Q1 2025 Results and Sustainability Milestones". Ainvest. 2025-04-24. https://www.ainvest.com/news/agnico-eagle-soars-strong-q1-2025-results-sustainability-milestones-2504/.
15. ↑ "Agnico Eagle focus is on the 'why' as it pursues ESG aims". Mines and Money. 2025-10-02. https://minesandmoney.com/news/industry/agnico-eagle-focus-is-on-the-why-as-it-pursues-esg-aims.
16. ↑ "Agnico Eagle Soars on Strong Q1 2025 Results and Sustainability Milestones". Ainvest. 2025-04-24. https://www.ainvest.com/news/agnico-eagle-soars-strong-q1-2025-results-sustainability-milestones-2504/.
17. ↑ 17.0 17.1 17.2 17.3 17.4 17.5 "Operating Mines". Agnico-Eagle Mines Limited. http://agnico-eagle.com/English/Our-Business/Operating-Mines/default.aspx.
18. ↑ 18.0 18.1 "Agnico Eagle Mines Limited - Operations - Operations - LaRonde Complex". https://www.agnicoeagle.com/English/operations/operations/laronde/default.aspx.
19. ↑ Northern Miner "Dumagami sheds image as a 'marginal' producer", Northern Miner, April 4, 1988. Retrieved October 27, 2018.
20. ↑ Niles, Tim "Grayd VP Exploration Hans Smit on $275M acquisition by Agnico-Eagle", Resource Clips, September 20, 2011. Retrieved October 27, 2018,
21. ↑ "Agnico Eagle Mines Limited - Operations - Operations - Goldex". https://www.agnicoeagle.com/English/operations/operations/goldex/default.aspx.
22. ↑ "Supplying more than 100 valves to the largest gold mine in Europe". AVK International. https://www.avkvalves.eu/en/cases/water-cases/agnico-eagle-finland.
23. ↑ Chen, Jackson (27 October 2023). "Agnico operating permit restored for Kittila mine in Finland". Mining.com. https://www.mining.com/agnico-has-kittila-operating-permit-restored-expects-30000-oz-of-additional-production/.
24. ↑ 24.0 24.1 24.2 24.3 24.4 24.5 24.6 "Financial Reports". Agnico-Eagle Mines Limited. http://agnico-eagle.com/English/Investor-Centre/Financial-Reporting/default.aspx.
25. ↑ "Cartier Resources Closes CA$4.5 Million Strategic Investment with Agnico Eagle Mines". Junior Mining Network. 22 December 2016. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/371-tsx-venture/ecr/27871-cartier-resources-closes-ca-4-5-million-strategic-investment-with-agnico-eagle-mines.html.
26. ↑ 26.0 26.1 "Agnico-Eagle Mines Group's Sustainability Report for 2020Q4". https://s21.q4cdn.com/374334112/files/doc_downloads/sd_reports/2020/2020-SustainabilityReportEnglish.pdf. Alt URL
27. ↑ "Agnico-Eagle Mines Group's Sustainability Report for 2019Q4". https://s21.q4cdn.com/374334112/files/doc_downloads/sd_reports/2019/AgnicoEagle_SDReport2019.pdf. Alt URL
28. ↑ "Agnico-Eagle Mines Group's Sustainability Report for 2020Q4". https://s21.q4cdn.com/374334112/files/doc_downloads/sd_reports/2020/2020-SustainabilityReportEnglish.pdf. Alt URL
29. ↑ "Agnico-Eagle Mines Group's Sustainability Report for 2020Q4". https://s21.q4cdn.com/374334112/files/doc_downloads/sd_reports/2020/2020-SustainabilityReportEnglish.pdf. Alt URL
30. ↑ "Agnico-Eagle Mines Group's Sustainability Report for 2020Q4". https://s21.q4cdn.com/374334112/files/doc_downloads/sd_reports/2020/2020-SustainabilityReportEnglish.pdf. Alt URL
31. ↑ "Agnico-Eagle Mines Group's Sustainability Report for 2020Q4". https://s21.q4cdn.com/374334112/files/doc_downloads/sd_reports/2020/2020-SustainabilityReportEnglish.pdf. Alt URL
32. ↑ "Feds say Agnico Eagle has failed to protect caribou at Nunavut gold mine". CBC News. 2025-06-15. https://www.cbc.ca/news/canada/north/agnico-eagle-caribou-monitoring-violations-cirnac-1.6876469.
33. ↑ "Agnico Eagle pulls extension proposal for Rankin Inlet gold mine". CBC News. 2025-12-21. https://www.cbc.ca/news/canada/north/agnico-eagle-mines-extension-proposal-withdrawal-1.7066522.

## Further reading

* Vos mines vous parlent. 2013 onwards. Montréal: Québécor media. N.B.: "1ère éd., 10 avril 2013". Without ISSN

## External links

* Official website
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