Make Kitco Your Homepage

Agnico Eagle completes acquisition of Yamana's Canadian assets, now owns 100% of Canadian Malartic

Kitco News

Editor note Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here!

(Kitco News) - Major gold producer Agnico Eagle (NYSE: AEM) (TSX: AEM) today announced the successful completion of the previously announced plan of arrangement pursuant to which Agnico Eagle has acquired certain subsidiaries and partnerships which hold Yamana Gold's interests in its Canadian assets. 

According to a press release, with the completion of the arrangement, the company now owns 100% of the Canadian Malartic mine, 100% of the Wasamac project located in the Abitibi region of Quebec and several other exploration properties located in Ontario and Manitoba.

 “Over the last 18 months, the company has solidified its presence in the Abitibi gold belt, a region of low political risk and high geological potential, and where it has a strong competitive advantage from having operated there for over 50 years,” Agnico Eagle said. 

The company's production in the Abitibi gold belt is forecast to be approximately 1.9 million ounces to 2.1 million ounces of gold per year through 2025. 

In addition, the company said it has the “unique ability” to monetize future additional mill capacity at the Canadian Malartic mine, given its extensive operations and strategic land position in the region.

Agnico Eagle is a senior Canadian gold mining company, producing precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States.

Chile's mining sector expands 1.7% in February - report

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.