Agnico-Eagle Mines Limited

Title: Agnico-Eagle Mines Limited
Category: Mining
Clicks: 41
Added on: Nov 26, 2011
Agnico-Eagle Mines is a Canada-based gold mining company with operations in Finland, Canada, and Mexico. Its development and exploration activities are expanding to the US. Its trading symbol is AEM on the TSX and NYSE. Main competitors are Hecla Mining, Coeur d'Alene Mines, and AngloGold Ashanti.

Agnico Mines was first created by five struggling miners in 1953 and named Cobalt Consolidated Mining. In 1957, its name changed to Agnico Mines, which was derived from the symbols of the elements Ag, Ni, and Co for the elements silver, nickel, and cobalt, respectively. It was in 1963 when Paul Penna oversaw the merger between Eagle Mines and Agnico Mines. The former was a successful gold exploration miner, and the merger enabled the development of the mining complex Joutel. The new company was named Agnico-Eagle Mines Limited.

At present, the company operates 1 mining site in Mexico, 1 in Finland, and 5 mining sites in Canada. The Flagship mine is situated in northwestern Quebec and since 1988, it has produced over 4 million gold ounces. The mining site close to LaRonde is among the lowest-cost operations underground on a per tonne basis. Lapa is a small mine nearby, with gold grades that are twice as rich compared to the average for the company. Meadowbank is the largest mining site of Agnico-Eagle Mines and an open-pit mine found in the Nunavut Territory. Pinos Altos are underground, open-pit operations exploited in northwestern Mexico. The mine has silver and gold reserves. Kittila is also a group of underground, open-pit mining operations found in northern Finland. The largest known reserves of gold in Europe are found here.

In addition, the company has growth and exploration projects, one being in LaRonde. In Kittila, a feasibility study evaluates the possibility to expand the production by at least 50 percent. Expansion drilling and conversion in Meadowbank is another priority of the company.

A competitive strength of Agnico Mines is having long-life deposits of gold in mining-friendly regions. Low-cost and effective production methods and a strong operating base are also among its competitive strengths. Finally, the company takes pride in having a solid financial position, and excellent quality gold reserves.
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