NYSE: AEM 44.33
-0.04 -0.09%
Volume: 1,230,379
March 23, 2017
TSX: AEM 59.15
+0.03 +0.05%
Volume: 484,880
March 23, 2017
Gold: 1,245.55
-0.50 -0.04%
Volume:
March 23, 2017

What year and where was Agnico Eagle formed?

Agnico Mines was formed in Canada in 1957 and was officially named Agnico-Eagle Mines Limited in 1972 through the merger of Agnico Mines Limited, a prominent silver producer in Cobalt, Ontario, and Eagle Gold Mines Limited, a successful gold exploration company. The name was changed to Agnico Eagle Mines Limited (dropping the hyphen) in 2013.

What is Agnico Eagle’s overall business strategy?

Build a high-quality, manageable business that generates superior long-term returns per share by:

  • Increasing gold production in lower risk jurisdictions:
    We expect 2017 gold production of approximately 1.56 million ounces.
  • Growing operating and free cash flows:
    Our goal is to increase net free cash flow through higher production, controlling operating costs and disciplined capital spending.
  • Providing meaningful dividends:
    We have a history of paying dividends every year since 1983, and our goal is to increase the dividend over time.
  • Minimizing share dilution:
    Traditionally, acquisitions and construction have been completed with minimal share dilution.
  • Operating in a socially responsible manner:
    Our strategy is to create economic value by operating in a safe, socially and environmentally responsible manner while contributing to the prosperity of our employees and the communities in which we operate.

How many people does Agnico Eagle employ?

We employ approximately 8,400 permanent and contractor employees in five countries.

How much gold does the company have in the ground?

At the end of 2016, our proven and probable mineral reserves contained 19.9 million ounces of gold. Our byproduct reserves include approximately 54 million ounces of silver, 153,000 tonnes of zinc and 77,000 tonnes of copper.

How much gold will you produce this year?

Agnico Eagle’s payable gold production is expected to be 1.56 million ounces in 2017.

What products do you produce?

We produce gold, silver, zinc and copper. In 2017, gold and silver sales are expected to account for approximately 98% of revenues.

Who are Agnico Eagle’s customers?

Our customers are bullion banks (or dealers). We reduce counterparty risk by limiting our gold sales to bullion dealers that are divisions of major banks.

How do you sell the gold you produce?

We sell the gold as soon as it is available – we do not inventory gold ounces – at prevailing market prices on the day of the sale.

What is the company's hedging policy?

Agnico Eagle does not sell forward any of our gold or silver production. We participate fully in the upside increase in the price of both gold and silver, and always have.

Is Agnico Eagle in development partnership with another miner on any of its properties?

We own 100% of all of our operations and development stage properties, with the exception of the properties obtained through the Agnico Eagle and Yamana Gold Inc. acquisition of Osisko Mining Corporation on June 16, 2014. Agnico Eagle and Yamana each own 50% of the Canadian Malartic General Partnership that owns and operates the Canadian Malartic mine. Other properties acquired from Osisko such as the Kirkland Lake, Hammond Reef and Pandora projects are held by Canadian Malartic Corporation, in which Agnico Eagle and Yamana each own 50% interest.