Agnico-Eagle announces record profits

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Gold miners work in the open pit mine at Agnico-Eagle's Meadowbank Mine 75 km north of Baker Lake in 2011. (Canadian Press)Nunavut’s Meadowbank mine production played role in turnaround

Agnico-Eagle’s third-quarter results show big profits for the company, and executives say the Meadowbank gold mine, located in Canada’s eastern Arctic territory of Nunavut, is playing a major role.

It’s a major change from 2011, when the company reported multi-million dollar losses.

Agnico-Eagle has been riding a wave of success this year, with record profits in the first three quarters.

The company credits strong production at mines in Finland, Mexico, and in Canada’s predominantly French-speaking province of Quebec.

But company president Sean Boyd singled out the Meadowbank mine, to illustrate the company’s turnaround.

He said the mine near Baker Lake has become more efficient in the last year, boosting production and profitability.

“In terms of moving waste and ore, we moved on average, in Q3, a record 102,000 tonnes per day,” he said.

“If you recall last year, we were struggling to get anywhere close to those targets. So that’s something we’re in a comfortable position to continue to do as we move forward.”

Last year, Meadowbank fell short of the company’s expectations, with high costs and low production. That prompted Agnico-Eagle to announce plans to close the mine in 2017 three years earlier than originally expected.

Company executives are now reviewing that decision and should know more by February.

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