Our eight mines are located in the mining friendly regions of Canada (Quebec and Nunavut), Finland, and Mexico, with exploration and development activities in each of these regions as well as in the United States and Sweden.
We maintain a solid financial profile, and expect to maintain net free cash flow with stable annual production and costs.
We produced a record 1,671,340 ounces of gold in 2015 and 4.3 million ounces of silver.
Agnico has a strong track record of growing gold reserves and resources through exploration — our gold reserves stand at 19.1 million ounces. We also have approximately 55 million ounces of silver, 148,000 tonnes of zinc and 68,000 tonnes of copper in reserves as of December 31, 2015.
In 2016, we expect to produce 1,600,000 ounces of gold including the Canadian Malartic mine.
LaRonde mine has produced over 5.0 million ounces of gold since 1988 and remains a consistent engine of earnings and cash flow.
The Meadowbank mine in the Nunavut, Canada is our largest gold producer, with production of 381,804 ounces in 2015.
The mine life has been extended to 2018 to partially bridge the production gap with the potential development of the Amaruq deposit.
The Kittila mine in northern Finland is the largest primary gold producer in Europe, and hosts the company's largest mineral reserves.
The Sisar zone was discovered in 2015 at depth, subparallel to the main Kittila ore zone, and could potentially provide an additional source of underground ore to the mill with relatively little underground development.
The Meliadine advanced exploration project in Nunavut has one of Agnico Eagle’s largest mineral resources with reserve grades more than three times the company average.
In May 2016, the Company received the final permit needed before commencing construction activities. The determination of whether to build a mine at Meliadine is subject to approval by Agnico Eagle's Board of Directors, which will be based on, among other things, prevailing market conditions and outcomes of the various plans being evaluated.
The Amaruq exploration project is being evaluated for its potential to be developed as a satellite operation to the Meadowbank mine, 50 km away.
Gold in inferred mineral resources is now estimated to be 3.7 million ounces as of June 30, 2016. Construction of a 62 km Amaruq Exploration Access Road commenced from the Meadowbank mine in early 2016.
The El Barqueño project in Jalisco State, west-central Mexico, was acquired in late 2014; an aggressive exploration campaign resulted in an initial inferred mineral resource estimate in 2015.