Canadian Mining Journal

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GOLD: Agnico Eagle yields record 1.4M oz in 2014

TORONTO – Agnico Eagle Mines recorded its highest ever annual production – 1.43 million oz of gold – in 2014. Not only was that number above guidance, but the all-in sustaining costs of US$954 per oz on a by-product basis was...



TORONTO – Agnico Eagle Mines recorded its highest ever annual production – 1.43 million oz of gold – in 2014. Not only was that number above guidance, but the all-in sustaining costs of US$954 per oz on a by-product basis was well below the estimated US$990 per oz.

With the acquisition of half the Canadian Malartic gold mine in Quebec, Agnico increased the contained ounces at its properties to 20.0 million at year end 2014, compared to 16.9 million oz a year earlier. Measured and indicated tonnage was up 56%, and inferred tonnage rose 33% during the same period.

Two projects in Nunavut made noticeable contributions to the increased resources. The Amaruq project counted 1.5 million oz in its initial inferred resource estimate (6.6 million tonnes at 7.07 g/t Au). Reserves at Meliadine rose 500,000 oz to 3.3 million oz in ore with an average grade of 7.44 g/t Au. Agnico expects to receive the project certificate for Meliadine within the next two months, and will move the project forward.

Looking ahead through 2017, the outlook for Agnico is good. Payable gold production in 2015 is expected to be 1.60 million oz, with consolidated AISC to fall between US$880 to US$900 per ounce. Production in 2017 is estimated to be 1.5 million oz, but there are several projects that could add to that total. The Vault deposit at Meadowbank could be expanded. At the Goldex mine in Quebec, the Deep zone is to be developed and the Akasaba West zone will begin production. The Rimi zone and the Kuotko satellite deposit are to be developed at Kittila in Finland. Beyond 2019, the Amaruq and Meliadine projects could come on-stream.

See the latest corporate presentation at AgnicoEagle.com