As existing deposits and mines are advanced, companies are looking for new frontiers to secure their long-term production and growth. The northern portion of this continent, with favourable geology, relative under-exploration and mining-friendly policies is an attractive destination for those willing to venture outside of more established mining camps. Below, we present eight companies with assets in the Far North.
Agnico Eagle Mines
Agnico Eagle Mines (TSX, NYSE: AEM) is a gold producer with mines in Quebec’s Abitibi region, Nunavut, Finland and Mexico.
Prior to withdrawing its 2020 guidance in March due to COVID-19, the company expected to produce 1.88 million oz. this year, with the northern business unit (Canadian and Finnish operations) generating 1.6 million oz. at all-in sustaining costs (AISCs) of US$975 to US$1,025 per ounce.
La Ronde, Agnico’s flagship asset, is an underground operation and has been in production since 1988. The 7,000-tonne-per-day mine has an operating life extending out to 2025, with an expansion at depth completed in 2011. The La Ronde Zone 5 underground mine, 2.5 km to the west, started commercial operations in 2018 with on-site processing of the ore.
The Meliadine property covers 1,113 sq. km and is the company’s largest mineral resource with seven gold deposits, six of which are in the mine plan. The asset achieved commercial production last year and features a 14-year life with both open pit and underground extraction. The first phase of operations includes underground mining, transitioning to a combined open pit and underground operation by 2023. In the near term, the asset is expected to churn out approximately 350,000 oz. per year.
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