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Agnico Eagle Mines Limited
Type
Public
Traded as TSX: AEM
NYSE: AEM
S&P/TSX 60 component
Industry Mining & Gold Producers & Products Manufacturing
Founded 1953 as Cobalt Consolidated Mining Company
Founder Paul Penna
Headquarters Toronto, Ontario, Canada
Key people
James D. Nasso
(Chairman of the Board)
Sean Boyd (CEO)
Revenue Increase $ 1,917,714,000 (2012)
Operating income
Decrease $ 435,141,000 (2012)
Net income
Decrease $ 310,916,000 (2012)
Total assets Decrease $ 5,255,842,000 (2012)
Total equity Decrease $ 3,410,212,000 (2012)
Number of employees
5500 (Dec 2012)
Subsidiaries Agnico-Eagle USA
Agnico-Eagle Mexico
Agnico-Eagle Sweden
Riddarhyttan Resources
Website AgnicoEagle.com

Agnico Eagle Mines Limited is a Canadian-based gold producer with operations in Canada, Finland and Mexico and exploration and development activities extending to the United States. Agnico Eagle has full exposure to higher gold prices consistent with its policy of no-forward gold sales. It has paid a cash dividend for 29 consecutive years as of 2010.

In 1953, five struggling mining companies joined together to become Cobalt Consolidated Mining, which would last until 1957, when the company changed its name to Agnico Mines. “Agnico” is derived from the periodic table of elements using the symbols for silver (Ag), nickel (Ni) and cobalt (Co). In 1963, visionary Paul Penna became the president of Agnico Mines, and he eventually oversaw the merger of Agnico Mines with Eagle Mines Ltd, a successful gold exploration company, enabling the development of Eagle’s Joutel mining complex. The newly formed company became Agnico Eagle Mines Limited.

In 1974, the Joutel mine went into production and would eventually produce approximately 1.1 million ounces of gold until its closure in 1993. During this period, Agnico Eagle also acquired the property and assets of Dumagami Mines Limited in north-western Quebec, which had recently gone into production a year earlier in 1988. The Dumagami mine would eventually be renamed the LaRonde mine, which is now considered the flagship mining operation for Agnico Eagle, and one of the largest gold deposits in Canada. With LaRonde producing steadily, Agnico Eagle acquired more assets over the following years.

In 1993, they completed the purchase of the Goldex mine, becoming the 100% owner of the largest unexploited gold deposit in Quebec. This was followed by the purchase of the Lapa gold deposit in 2000, Riddarhyttan Resources AB (the 100% owner of the Suurikuusikko gold deposit in northern Finland, which would become the Kittilä mine) in 2005, the Pinos Altos project in Mexico in 2006, and the purchase of Cumberland Resources in 2007, giving Agnico Eagle 100% control of the Meadowbank gold project in Nunavut, Canada.

As a result of these purchases, the following years would see Agnico Eagle grow from a single-operation gold producer (LaRonde) to a much larger company consisting of 6 mines in total, with Goldex going into production in 2008, Kittila, Lapa and Pinos Altos in 2009, and Meadowbank in 2010. In 2010, Agnico Eagle completed the purchase of the Meliadine property, located southeast of Meadowbank near Rankin Inlet, Nunavut. In 2011, the company also announced a $70 million (CAD) investment in Rubicon Minerals, representing a 9.2% ownership stake and access to the Phoenix gold project located in the heart of Red Lake, Ontario.

The LaRonde mine, located in Quebec, Canada, employs 735 people. It has the longest estimated mine life out of Agnico Eagle’s 6 operating mines, estimated to be approximately 35 years once completed, from 1988 to 2023. LaRonde is an underground mine with the deepest single-lift shaft in the western hemisphere, descending 2.25 km below the surface. An expansion is also planned, and upon its completion, the total mine depth will be over 3 km deep, making the LaRonde mine one of the deepest mines in the Americas.

Employing 213 people, with an estimated mine life of 10 years (2008-2018); Goldex is an underground mine located just outside Val-d’Or, Quebec, Canada. Goldex is unique because of its partnership with the Quebec government in the restoration of the nearby abandoned Manitou mine tailings site. Through an innovative approach, the tailings from the Goldex mine are sent through a 25 km long pipeline to the Manitou site where they neutralize the acidic waters in the area, the result of years of poorly confined tailings generated between 1942 and 1979 by the mining companies operating the Manitou project at the time. Not only do the Goldex tailings neutralize and help rehabilitate the site, the system eliminates the need for a tailings pond at the Goldex site itself.

Lapa, located about 11 km away from the LaRonde mine (see above), in the Rivière-Héva municipality of the Abitibi region in Quebec, Canada, is one of Agnico Eagle’s smaller operations employing 192 people, with a 6-year mine life expectancy (2009-2015). The main headframe that is used at the Lapa mine was constructed almost entirely from a pre-existing headframe at LaRonde. The original headframe was dismantled, sand blasted and painted before it was installed at Lapa. Although Lapa may be a smaller operation in comparison to our other mines, it is one of Agnico Eagle’s highest-grade mines, with reserve grades twice as rich as the company average.

In the Lapland region of Northern Finland, Agnico Eagle’s Kittila operation has a life expectancy of 23 years (2009 – 2032). With 375 employees, this open pit and underground mine is one of the largest known gold deposits in all of Europe, containing almost 4.9 million ounces of gold in reserves. Aggressive exploration is also currently underway; with the Kittilä mine serving notice that gold-mining is again a booming industry in northern Finland.

Agnico Eagle’s largest employer, with 972 employees, is the Pinos Altos mine located in the state of Chihuahua, in northern Mexico. Pinos Altos began operation in 2009 and is expected to continue until 2026, resulting in an estimated 17 years of production. The open-pit and underground mining operation is in the mountainous Sierra Madre gold and silver belt of northern Mexico.

Meadowbank is an open-pit mine in the Kivalliq Region of Nunavut with a 8-year life expectancy (2010 – 2017). Meadowbank is Agnico Eagle’s most recent mine to begin operation, and has about 650 employees. In 2010 the first gold brick was poured at Meadowbank, which was also the first ever gold brick to be poured in the history of Nunavut. Meadowbank is also Agnico Eagle’s largest producer, estimated to produce 430,000 ounces of gold in 2014.

The 2011 exploration program is expected to include more than 410 km of planned drilling to expand resources and convert our large gold resource to reserves. Major programs are planned at the following locations:

Meliadine – 90,000 meters of diamond drilling, an underground bulk sample, new permanent accommodations at the exploration camp, permitting infrastructure upgrades.

Kittilä – 56,200 meters of exploration and conversion drilling, and construction of an exploration ramp to accelerate the definition of resources and facilitate additional exploration at depth.

Goldex – 58,200 meters of diamond drilling will principally target resource expansion for the D zone. Pending the results of a planned mining study in 2011, a reserve conversion program will also be considered.

LaRonde/Bousquet/Ellison – 42,050 meters of drilling, which includes a follow-up exploration program for Ellison.

Pinos Altos – 33,800 meters of drilling including minesite (reserve conversion) and regional (resource expansion) drilling, and an underground exploration program and scoping study for the Cubiro zone.

Meadowbank – 32,000 meters of conversion and exploration drilling targeting extensions of the Vault deposit and underground potential beneath Goose South.

In December 2016 Agnico invested CA$4.5 million into Canadian junior mining company Cartier Resources to conduct exploration on the Chimo, Benoist, Wilson, Fenton and Cadillac Extension projects in Quebec.

News

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q4 2020 2021-02-11 Future report Set alerts
Q3 2020 2020-10-28 Future report Set alerts
Q2 2020 2020-07-29 0.18 0.43
Q1 2020 2020-04-30 0.23 -0.09
Q4 2019 2020-02-13 0.37 1.38
Q3 2019 2019-10-23 0.37 0.32
Q2 2019 2019-07-24 0.10 0.12
Q1 2019 2019-04-25 0.14 0.16
Q4 2018 2019-02-14 0.14 -1.68
Q3 2018 2018-10-24 0.01 0.07

Ratings

2016-07-07 Reiterated Rating HSBC Buy
2016-06-04 Reiterated Rating Credit Suisse Buy
2016-06-04 Reiterated Rating Credit Suisse Group AG Buy
2016-05-16 Reiterated Rating Sterne Agee CRT Buy
2016-05-12 Downgrade BMO Capital Markets Outperform to Market Perform
2016-05-05 Boost Price Target RBC Capital Outperform $42.00 to $46.00
2016-05-05 Boost Price Target Royal Bank Of Canada Outperform $42.00 to $46.00
2016-04-27 Reiterated Rating RBC Capital Outperform
2016-04-12 Boost Price Target RBC Capital $34.00 to $42.00
2016-04-08 Boost Price Target CIBC $37.50 to $44.50
2016-03-14 Downgrade Raymond James Outperform to Market Perform
2016-03-14 Downgrade Raymond James Financial Inc. Outperform to Market Perform
2016-03-07 Reiterated Rating Goldman Sachs Neutral $40.00 to $42.00
2016-03-07 Reiterated Rating Goldman Sachs Group Inc. Neutral $40.00 to $42.00
2016-02-14 Reiterated Rating Paradigm Capital Buy $48.50 to $63.00
2016-02-14 Reiterated Rating Canaccord Genuity Buy $53.00 to $55.00
2016-02-13 Reiterated Rating Barclays Buy
2016-02-13 Reiterated Rating Barclays PLC Buy
2016-02-12 Boost Price Target Barclays Overweight $36.00 to $38.00
2016-02-11 Reiterated Rating National Bank Financial Outperform Market Weight to Sector Perform $44.00 to $45.00
2016-02-11 Reiterated Rating Desjardins Hold $42.00 to $47.00
2016-02-08 Boost Price Target BMO Capital Markets Outperform $36.00 to $40.00
2016-02-05 Reiterated Rating JPMorgan Chase & Co. Overweight
2016-02-02 Downgrade Desjardins Buy to Hold
2016-01-14 Upgrade Barclays Equal Weight to Overweight $32.00 to $36.00
2016-01-14 Upgrade BMO Capital Markets Market Perform to Outperform $30.00 to $36.00
2016-01-13 Downgrade TD Securities Buy to Hold $33.00
2015-12-22 Reiterated Rating Credit Suisse Focus List
2015-11-02 Upgrade Macquarie Neutral to Outperform
2015-10-31 Reiterated Rating Canaccord Genuity Buy $49.00 to $51.00
2015-10-30 Boost Price Target HSBC $31.00 to $33.10
2015-10-27 Lower Price Target Barclays Equal Weight $33.00 to $32.00
2015-10-26 Lower Price Target Morgan Stanley $40.00 to $39.00
2015-10-26 Downgrade HSBC Buy to Hold
2015-10-26 Reiterated Rating RBC Capital Outperform
2015-10-16 Downgrade Raymond James Strong-Buy to Outperform $31.50 to $34.00
2015-10-05 Boost Price Target RBC Capital Outperform $33.00 to $34.00
2015-09-08 Reiterated Rating HSBC Buy $30.90 to $25.90
2015-08-25 Reiterated Rating Barclays Hold
2015-08-24 Lower Price Target RBC Capital Outperform $35.00 to $33.00
2015-08-24 Boost Price Target Dundee Securities Buy $36.00 to $37.00
2015-08-24 Lower Price Target Canaccord Genuity Buy $49.00 to $48.00
2015-08-24 Boost Price Target Barclays Equal Weight $32.00 to $33.00
2015-08-12 Upgrade Bank of America Neutral to Buy $32.00 to $31.00
2015-08-12 Upgrade Bank of America Corp. Neutral to Buy $32.00 to $31.00
2015-08-11 Lower Price Target RBC Capital Outperform $38.00 to $35.00
2015-07-31 Reiterated Rating Barclays Equal Weight $33.00 to $32.00
2015-07-31 Lower Price Target Scotiabank $42.00 to $41.00
2015-07-24 Initiated Coverage CIBC Sector Outperform to Sector Outperform
2015-07-22 Upgrade HSBC Hold to Buy $32.90 to $30.90
2015-07-18 Lower Price Target National Bank Financial Outperform $44.00 to $41.25
2015-07-18 Lower Price Target Dundee Securities Neutral $47.00 to $43.00
2015-07-16 Reiterated Rating Barclays Hold $35.00 to $33.00
2015-07-08 Reiterated Rating JPMorgan Chase & Co. Overweight $42.00 to $41.00
2015-06-20 Reiterated Rating BMO Capital Markets Hold
2015-06-16 Initiated Coverage BMO Capital Markets Market Perform $35.00
2015-06-10 Boost Price Target Credit Suisse Outperform $42.00 to $43.00
2015-05-01 Reiterated Rating Canaccord Genuity Buy
2015-04-14 Set Price Target Barclays Hold $35.00 to $34.00
2015-02-18 Upgrade JPMorgan Chase & Co. Neutral to Overweight $38.00 to $41.00
2015-02-13 Set Price Target Barclays Hold $32.00 to $35.00
2015-02-12 Upgrade Raymond James Outperform to Strong-Buy
2015-02-04 Downgrade National Bank Financial Sector Perform
2015-01-28 Upgrade Canaccord Genuity Focus List
2015-01-26 Reiterated Rating JPMorgan Chase & Co. Hold $34.50 to $38.00
2015-01-26 Downgrade HSBC Overweight to Neutral
2015-01-15 Lower Price Target Barclays Equal Weight $35.00 to $32.00
2015-01-12 Upgrade BMO Capital Markets Market Perform to Outperform
2014-11-13 Upgrade HSBC Neutral to Overweight $33.00 to $32.00
2014-10-31 Reiterated Rating Barclays Equal Weight $37.00 to $35.00
2014-10-20 Upgrade Scotiabank Sector Perform to Sector Outperform $40.00
2014-10-13 Reiterated Rating JPMorgan Chase & Co. Neutral $34.00 to $33.00
2014-10-09 Upgrade Desjardins Hold to Buy
2014-10-02 Upgrade HSBC Underweight to Neutral
2014-10-01 Upgrade National Bank Financial Sector Perform to Outperform
2014-08-28 Lower Price Target Raymond James $44.00 to $42.00
2014-08-08 Boost Price Target CIBC $40.00 to $45.00
2014-08-01 Reiterated Rating JPMorgan Chase & Co. Neutral $31.00 to $34.00
2014-08-01 Lower Price Target Cowen and Company $26.01 to $24.34
2014-08-01 Downgrade Scotiabank Outperform to Sector Perform
2014-07-31 Downgrade Desjardins Buy to Hold
2014-07-31 Downgrade BMO Capital Markets Outperform to Market Perform
2014-07-25 Downgrade HSBC Neutral to Underweight
2014-07-17 Boost Price Target Credit Suisse $48.00 to $50.00
2014-07-14 Boost Price Target Raymond James $39.00 to $44.00
2014-07-10 Reiterated Rating Sterne Agee CRT Positive
2014-07-09 Boost Price Target RBC Capital $43.00 to $49.00
2014-07-08 Boost Price Target Morgan Stanley $39.00 to $41.00
2014-06-17 Initiated Coverage Barclays Equal Weight $36.00 to $39.00
2014-06-17 Upgrade TD Securities Hold to Buy
2014-06-17 Upgrade BMO Capital Markets Market Perform to Outperform $37.00 to $44.00
2014-05-28 Lower Price Target Cowen and Company $23.80 to $22.63
2014-05-23 Reiterated Rating Cowen and Company Market Perform $23.63 to $23.80
2014-05-23 Boost Price Target CIBC Outperform to Sector Outperform $38.00 to $40.00
2014-05-05 Reiterated Rating Raymond James Outperform $39.00
2014-05-05 Boost Price Target Morgan Stanley Overweight $36.00 to $37.00
2014-05-02 Reiterated Rating Scotiabank Sector Outperform
2014-05-02 Reiterated Rating Credit Suisse Outperform $41.00
2014-04-24 Lower Price Target HSBC $33.30 to $31.40
2014-04-24 Upgrade Dundee Securities Neutral to Buy $40.00 to $42.00
2014-04-23 Upgrade RBC Capital Sector Perform to Outperform $43.00
2014-04-17 Upgrade Desjardins Hold to Buy
2014-03-28 Upgrade Canaccord Genuity Hold to Buy
2014-03-21 Reiterated Rating Cowen and Company Market Perform $24.48 to $27.72
2014-02-14 Downgrade UBS Buy to Neutral $31 to $34
2014-02-14 Reiterated Rating Morgan Stanley Overweight $32.60 to $36.00
2014-02-14 Downgrade Canaccord Genuity Buy to Hold $33.50 to $38.50
2014-02-13 Downgrade BMO Capital Markets Outperform to Market Perform $36.00
2014-01-23 Upgrade Sterne Agee CRT Neutral to Buy $38.00
2014-01-17 Lower Price Target Barclays Equal Weight $37.00 to $33.00
2014-01-13 Upgrade Canaccord Genuity Hold to Buy
2014-01-09 Downgrade Cormark Market Perform
2014-01-09 Downgrade Desjardins Buy to Hold
2013-12-06 Downgrade RBC Capital Mkts Outperform to Sector Perform $38 to $31
2013-12-06 Downgrade RBC Capital Outperform to Sector Perform $38.00 to $31.00
2013-11-26 Upgrade Morgan Stanley Equal Weight to Overweight $28.00 to $36.00
2013-10-25 Upgrade BMO Capital Markets Market Perform to Outperform
2013-10-25 Upgrade Salman Partners Buy
2013-10-25 Upgrade CIBC Sector Perform to Outperform $31.00 to $37.00
2013-10-24 Upgrade Desjardins Hold to Buy
2013-10-24 Upgrade BMO Capital Markets Market Perform to Outperform $32.00 to $35.00
2013-10-24 Initiated Coverage Canaccord Genuity Hold
2013-10-21 Upgrade HSBC Underweight to Neutral $28.20
2013-10-10 Upgrade Raymond James Market Perform to Outperform
2013-09-20 Initiated Coverage Goldman Sachs Neutral
2013-09-19 Reiterated Rating CIBC Hold $31.00
2013-09-16 Upgrade Dundee Securities Neutral
2013-07-15 Reiterated BMO Capital Markets Market Perform $45 to $33
2013-04-29 Downgrade HSBC Securities Neutral to Underweight $42.80 to $28.60
2013-04-22 Reiterated Barclays Equal Weight $51 to $39
2013-02-15 Reiterated BMO Capital Markets Market Perform $55 to $50
2012-11-19 Upgrade RBC Capital Mkts Sector Perform to Outperform
2012-10-26 Reiterated RBC Capital Mkts Sector Perform $64 to $69
2012-10-16 Initiated Barclays Equal Weight $62
2012-08-22 Downgrade Global Hunter Securities Buy to Neutral
2012-05-30 Downgrade Dahlman Rose Buy to Hold
2012-03-28 Initiated Global Hunter Securities Buy $46
2016-07-07 Reiterated Rating HSBC Buy
2016-06-04 Reiterated Rating Credit Suisse Buy
2016-06-04 Reiterated Rating Credit Suisse Group AG Buy
2016-05-16 Reiterated Rating Sterne Agee CRT Buy
2016-05-12 Downgrade BMO Capital Markets Outperform to Market Perform

There is presents forecasts of rating agencies and recommendations for investors about this ticker

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