Operations

    Operating Mines

    Strategy

    Agnico Eagle’s ability to consistently execute its business strategy has provided a solid foundation for growth. Three pillars – performance, pipeline and people – form the basis of Agnico Eagle’s success and competitive advantage. By delivering on them, the Company strives to continue to build its production base and generate increased value for shareholders, while operating in a safe and environmentally responsible manner, as we contribute to the prosperity of our people, their families and the communities in which we operate.

    Production Summary & Forecast

    Delivering on Performance: Agnico Eagle has established a valuable reputation for staying true to our mission, faithfully executing our business strategy, and for delivering measured, responsible growth.

    In 2020, payable gold production totaled 1,736,568 ounces of gold (including 36,416 ounces of pre-commercial gold production from the IVR pit at Amaruq, the Tiriganiaq open pit at Meliadine, and the Barnat pit at Canadian Malartic), with production costs per ounce of $838, total cash costs per ounce of $775 and all-in sustaining costs (AISC) per ounce of $1,051. Production costs, total cash costs per ounce and AISC per ounce exclude the pre-commercial production ounces from IVR, Tiriganiaq and Barnat.

    The 2.6% decrease in gold production in 2020 compared to 2019 was primarily due to the temporary shutdowns or reduced activity levels as a result of measures taken by the Quebec and Mexican governments related to the COVID-19 pandemic.

    In 2021, payable gold production is expected to be approximately 2.05 million ounces (mid-point), while total cash costs per ounce are expected to be between $700 to $750, and AISC are forecast between $950 to $1,000 per ounce of gold, on a by-product basis. This guidance for 2021 does not include production from the newly acquired Hope Bay gold project in Nunavut.

    Full-year 2020 Production Summary and 2021 Guidance


    2021 Guidance* Full-year 2020
    Realized Price for Gold (per ounce)
    $1,788
    Realized Price for Silver (per ounce)
    $20.40
    Realized Price for Zinc (per tonne)
    $2,377
    Realized Price for Copper (per tonne)
    $6,298
    Total gold (ounces) 2.05 million ounces (mid-point)
    1,736,568
    Total silver (x000 ounces)
    3,365
    Zinc (tonnes)
    6,259
    Copper (tonnes)
    3,069
    Weighted average production costs per ounce of gold (by-product basis):
    $838
    Weighted average total cash costs per ounce of gold (by-product basis): $700 to $750 $775
     Weighted average all-in sustaining costs per ounce of gold (by-product basis):  $950 to $1,000 $1,051
    *Excludes Hope Bay