Canadian Mining Journal

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PRODUCTION TARGET – $50/oz for LaRonde gold

ONTARIO - Toronto-based AGNICO-EAGLE MINES has set its sights on being one of the world's lowest cost gold producer...


ONTARIO – Toronto-based AGNICO-EAGLE MINES has set its sights on being one of the world’s lowest cost gold producers. Toward that end, the company announced a 2006 total cash cost target of US$50/oz for gold from its LaRonde mine near Cadillac, Quebec.

“While we are budgeting for cash costs of $50 per ounce of gold in 2006, at current by-product prices and exchange rates, the actual total cash costs have the potential to be significantly lower,” said Sean Boyd, vice-chairman & CEO. “Agnico-Eagle’s revenues, earnings, and cash flows enjoy significant leverage to rising metals prices. This leverage, and our low cost production base, puts us in an excellent position to finance our growth pipeline of gold projects,” he added.

Agnico-Eagle has built it success on loyal and capable management. Boyd’s appointment as vice-chairman & CEO is very recent. At the same time Ebe Scherkus moves up to the position of president and COO. Both men are 20-year employees of the company. As well, Jean Robitaille, who has been with the company 18 years, has been named VP of metallurgy and marketing.

Pertti Voutilainen, former CEO of Outokumpu, has brought his considerable knowledge of the Finnish mining industry to the board by becoming a director. Agnico recently acquired Riddarhyttan Resources, which has an advanced exploration project in Finland.

For details on the LaRonde gold mine and the company’s plans for growth, visit www.Agnico-Eagle.com.


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