Nearly half of Agnico Eagle's production is now under care and maintenance
Bowing to provincial authorities, Agnico Eagle Mines (NYSE:AEM) said today that it is ramping down operations in the Abitibi region of Quebec, which include the LaRonde Complex, the Goldex mine and the Canadian Malartic mine.
The three Abitibi operations accounted for 876,000 ounces of payable gold production in 2019.
Agnico Eagle's total production in 2019 was 1.78 million ounces of payable gold production.
The company said that each of the Abitibi operations are to be placed on care and maintenance until April 13, 2020, and as instructed, minimal work will take place during that time. In addition, the company will reduce activities at the Meliadine and Meadowbank mining operations in Nunavut, which are currently serviced out of Mirabel and Val d'Or, Quebec. Exploration activities in Canada will also be suspended during this period.
"The health, safety and well-being of all our employees and the communities that we operate in continue to remain our priority. As directed by the Quebec government, our Quebec mines will be placed on care and maintenance. At the same time, our Nunavut mines will be operating at reduced levels", said Sean Boyd, Agnico Eagle's Chief Executive Officer. "Even with the reduction in mining activities, we plan to maintain a state of operational readiness in order to resume normal operations in a timely and safe manner once the restrictions are lifted."