NYSE: AEM 40.32
+0.89 +2.26%
Volume: 1,926,448
December 18, 2018
TSX: AEM 54.35
+1.47 +2.78%
Volume: 1,253,467
December 18, 2018
Gold: 1,250.40
+0.16 +0.01%
Volume:
December 18, 2018

Strategy overview

Agnico Eagle is determined to make a significant and positive difference in the communities where we operate and in the lives of our employees.

This commitment is founded on our core values – to operate safely, protect the environment, and treat our employees and communities with respect:

  • Respect for our employees: We aim to maintain a safe and healthy workplace that is based on mutual respect, fairness and integrity.
  • Protect the environment: We aim to minimize the effects of our operations on the environment and maintain its viability and its diversity.
  • Operate safely: We believe that all loss due to accidents/incidents is preventable. We aim to operate a safe and healthy workplace that is injury and fatality free. We believe that if we all work together, we can achieve zero accidents in the workplace and enhance the well-being of employees, contractors and communities.
  • Respect for our communities: We aim to contribute to the social and economic development of sustainable communities associated with our operations.

We integrate health, safety, environment and social acceptability into all aspects of our business strategy and management principles. Our strategy and reporting program targets five areas: health and safety of employees and contractors; environmental issues related to waste and water management, tailings and mine closures; employee and stakeholder engagement; direct economic value to key stakeholders; and governance matters.

Sustainable Development at Agnico Eagle – The Nunavut Experience

Agnico Eagle is determined to make a significant and positive difference in the communities where we operate and in the lives of our employees. This video is the first in a series that will highlight our activities in each of our operating regions, as well as provide a first-hand perspective from members of the community and our employees.

Sustainable development – health, safety, environment and social acceptability – is integrated into our business strategy and our management principles. For Agnico Eagle, it is a non-negotiable item of good management.

At the core of our Sustainable Development program we are committed to creating value for our shareholders while operating in a safe, and socially and environmentally responsible manner, while contributing to the prosperity of our employees, their families and the communities in which we operate. This has translated into the four fundamental values of our Sustainable Development Policy: operate safely, protect the environment, and treat our employees and communities with respect. These values have helped us build a solid foundation from which we can continue to grow our business.

In 2017, we continued to integrate sustainable development considerations into our business strategy and in the way we plan and manage our activities. Our Sustainable Development policy reflects an emphasis on health and wellness, our commitment to the protection of Human Rights, and a commitment to minimizing impacts to environment and risks associated with the management of tailings and water. During the year, we committed to the implementation of measures to reduce our energy consumption and greenhouse gas emissions and address climate change in developing an energy and greenhouse gas management strategy.

We measure our performance using the Global Reporting Initiative’s (GRI) G4 sustainability reporting guidelines, to a self-declared A Level. To learn more about our overall sustainability performance, click here to see our 2017 performance details.

Click here to learn more about our in-house Responsible Mining Management System (RMMS) and the many standards Agnico Eagle adheres to.

FTSE Russell (the trading name of FTSE International Limited and Frank Russell Company) confirms that Agnico Eagle Mines Limited has been independently assessed according to the FTSE4Good criteria, and has satisfied the requirements to become a constituent of the FTSE4Good Index Series. Created by the global index provider FTSE Russell, the FTSE4Good Index Series is designed to measure the performance of companies demonstrating strong Environmental, Social and Governance (ESG) practices. The FTSE4Good indices are used by a wide variety of market participants to create and assess responsible investment funds and other products.

We are committed to maintaining the highest health and safety standards possible.

Our long-term goal is to strengthen our health and safety culture with more individual accountability and leadership. This will be accompanied by a shift to aspirational zero harm safety targets and leading performance indicators.

2017 was the safest year in Agnico Eagle’s history.

Our combined lost-time accident and restricted work frequency was 0.91, a 6% reduction from our 2016 rate of 0.97 and substantially below our target of 1.25. Three of our operations — Pinos/Mascota, La India and Lapa — contributed strongly to this improved performance. La India and Lapa both achieved perfect years with 52 weeks worked at triple zero performance, no lost-time accident, no restricted work cases and no fatality and our Pinos/Mascota mine registered only two restricted work case and two lost-time accidents during the year.

To learn more about our health and safety performance and priorities, click here.

Performance Highlights:

  • 2017 is the seventh year in a row Agnico Eagle has posted our lowest ever combined lost time and restricted work frequency rate and this year we hit a record low with a combined lost-time and restricted work frequency of 0.91.
  • Our best performances came from the La India and Lapa mines, both achieving a perfect score with a combined accident frequency. Our Pinos Altos/Mascota mine also had a very good combined accident frequency of 0.18.
  • The Quebec Mining Association recognized our strong safety performance, honouring 32 of our front line supervisors for achieving 50,000 hours and more without any compensable accidents on their work teams.
  • Meliadine’s Mine Rescue Team won the Best Underground First Aid Award during the 60th Annual Mine Rescue Competition held in Yellowknife this past June.
  • LaRonde Mine Rescue Team won the Quebec Provincial Mine Rescue Championship.
  • In 2017, the Lapa mine achieved a fantastic year by winning the John T. Ryan Trophy, despite being in closure mode. This National prize is awarded by the Canadian Institute of Mining for the mine who experienced the lowest recordable injury frequency. Also the Lapa mine won the Quebec Mining Association F.J. O’Connell Trophy. The criteria for this award takes into account improvements in a company’s safety record, its record compared to the industry average, and its combined accident frequency based on specified target values. The objective is to reward a strong performance in the field of safety.

We focus on limiting our environmental impacts by using natural resources efficiently, by preventing or limiting emissions and by reducing waste. Each of our operations is required to identify, analyze and manage its environmental risks and to work in a transparent manner with local stakeholders, building a foundation of trust and cooperation.

To learn more about our environment performance and priorities, click here.

Performance Highlights:

  • Overall, the total amount of electricity used both from external grids and generated onsite increased by approximately 2%, from 1,091 GWh in 2016 to 1,114 GWh in 2017. This overall increase can be attributed to increased production and development at our various mines.
  • Total diesel fuel use increased from 104.8 million litres (ML) in 2016 to 110.3 ML in 2017. Of that quantity, 71.4 ML (65%) were used for mining equipment, 38.5 ML (35%) were used for power generation, and 0.4 ML (<1% were for other uses.
  • Mining at Meadowbank accounts for 63% of the total diesel fuel used. In 2017, Meadowbank had a 6% increase, from 65 ML in 2016 to 69 ML of diesel used because of an increase in mined tonnes and further distance for hauling ore. La India also had an increase in diesel use related to more power generation required and a 30% further distance for hauling ore and waste rock.
  • Total direct and indirect GHG emissions were 414,654 tonnes of CO2 equivalent in 2017, a 4% increase from 2016. The increased emissions are linked to the increase in diesel consumption previously mentioned.
  • Pinos Altos and Creston Mascota obtained their fourth certification under the Industria Limpia - Clean Industry designation of the Mexican environmental authority, PROFEPA.
  • Public hearings for the Whale Tail pit, part of the Amaruq project, took place in September 2017 with a positive decision from the Nunavut Impact Review Board (NIRB) rendered on November 6, 2017. The Project Certificate is expected for 2018 after the approval of the decision by the federal Minister of Indigenous and Northern Affairs.
  • The Akasaba project, a satellite open pit project located 30 km from the Goldex mine, worked its way through an environmental assessment process under the Quebec Bureau des Audiences Publiques en environnement (BAPE) a provincial requirement, and also with the Canadian Environmental Assessment Agency (CEAA). The BAPE issued a positive decision in June 2017 and a decree is expected from the Government of Quebec in Q2 2018. The CEAA continues its evaluation.
  • In terms of compliance, Kittila saw slight exceedances of the 30 ppm monthly total Nitrogen discharge objectives at its final effluent for 6 months out of 12. Studies are underway to try to resolve the situation. Meliadine also experienced exceedances of the fecal coliform concentration at the effluent of the exploration camp sewage treatment plant. Given that the new camp sewage treatment plant was in service, the effluent was redirected to the new treatment plant to ensure compliance.
  • In 2015, Environment Canada charged the Company with two infractions under the Fisheries Act in relation to a seepage incident at the Meadowbank mine in 2013. In 2017, Agnico Eagle paid a fine of C$50k related to this incident. In 2017, the Canadian Nuclear Safety Commission issued a penalty of C$3,970 related to the control and use of a radiation device at the Meadowbank mine.

Agnico Eagle’s people and culture have always been our competitive strength and advantage. It is critical to our current and future success that we maintain our corporate culture where every person is treated with dignity and respect, and people interact on the basis of collaboration, commitment and dedication to excellence.

We place a particular emphasis on health and safety training, to ensure that our employees are achieving Agnico Eagle’s workplace health and safety standards. Additionally, our long-term goal is to hire 100% of our workforce, including our management teams, directly from the local region in which each of our global operations is located.

To learn more about our employment performance and priorities, click here.

Performance Highlights:

  • The 2017 Paul Penna Award — which celebrates the legacy of our founder, who believed in supporting the well-being of employees and the communities in which we operate — was presented to two deserving recipients. Jane Werniuk, Senior Geologist, Technical Reporting, was honoured for her work with the Corpus Christi Refugee Resettlement Committee, which sponsored three individuals and a family of seven, helping them integrate into Canadian society. Dany Lauzon, Production Shovel Operator at the Canadian Malartic Mine, was honoured for his work as President of the Board of Directors for the Youth Refuge of Malartic in Quebec, which seeks to reduce and eliminate juvenile delinquency.
  • The 2017 Michel Letourneau Award, which recognizes innovation and teamwork, was given to a diverse LaRonde team for significantly improving mining production through an innovative project to detect and enable faster repairs of leaks in the compressed air distribution network at the mine. The project contributes to the mine’s cost efficiency and safety and allows for deeper drilling and mine life extension.
  • Agnico Eagle Mexico was recognized in the “Great Place to Work” program for the northwest Mexico region for the 6th time.
  • In 2017, we continued the implementation of Agnico Eagle’s formal human resources strategy. Its main focus is supporting our organizational culture in the creation of a great place to work where employees are highly productive and engaged in the achievement of the business strategy. With improving employee engagement survey results and with four times the expected number of people registering Individual Development Plans (i.e. more than 1,250 employees), the human resources strategy continues to reinforce Agnico Eagle’s culture: the roots of our success.
  • In 2017, 7,867 people worked for Agnico Eagle, either as employees or as contractors, at our sites worldwide (excluding Canadian Malartic).

We act in a socially responsible manner and contribute to the communities in which we operate in order to make a difference in their everyday lives. We are committed to working with our employees and other stakeholders to create growth and prosperity, which allows all stakeholders to benefit from our mining experience.

At Agnico Eagle social acceptability is an integral part of our success. As early as possible in the project development phase, we engage and partner with stakeholders to assess the levels of social acceptability and potential impacts of the project within the host community. Our exploration teams always assign a person with responsibility for community relations, regardless of the size of the project.

We want our stakeholders to understand our activities and priorities, but we also want to know their concerns so that we can work together toward a common goal of social acceptability. This allows us to mitigate potential negative impacts, and discover opportunities for collaboration, avoiding potential conflict and building community relationships on a foundation of trust and transparency.

To learn more about our community performance and priorities, click here.

Performance Highlights:

  • Our community investment program continued to target initiatives that enable each of the communities where we operate to benefit from economic development in their region, even after mining ceases. Our goal is to provide both Agnico Eagle and our host communities with optimum returns on our investments in strategic health, education and capacity-building initiatives. In 2017, we invested more than $5.8 million in our local communities. Since 2009, Agnico Eagle’s community investments have totalled close to $34 million.
  • During 2017, Agnico Eagle Nunavut renewed its Meadowbank IIBA, updated the Meliadine IIBA and signed a new IIBA for the Whale Tail project with the KIA. A Memorandum of Understanding (MOU) was signed between Agnico Eagle and the Government of Nunavut to enhance collaboration and partnership.
  • On September 30th, the Pinos Altos Community Center, constructed by Agnico Eagle, was donated to the local authorities and the communities of the Ocampo Municipality. Agnico Eagle´s vision to continue improving the quality of people’s lives, made it possible to build this community center with an investment of 25 million pesos that will benefit 1,400 families living in the 10 surrounding communities.
  • Agnico Eagle Mexico received the Corporate Social Responsibility recognition for the 10th consecutive year. The award recognizes companies that incorporate in their corporate culture a commitment to be socially responsible by showing respect for people, ethical values, community and the environment.
  • Indicators of performance in Community Relations Engagement, within the framework of our Responsible Mining Management System (RMMS), were developed and implemented with the aid of Borealis, our community relations software. The ability to clearly communicate and provide more concrete examples of how our community investments, programs and engagement translate into measurable social outcomes is essential to validate our efforts to create shared value and reflect what matters most to the organization and its key stakeholders.

At Agnico Eagle, we believe the biggest contribution we can make to the wellbeing of the communities in which we operate is through the creation of long-term employment opportunities and the provision of economic development opportunities.

Our operations contribute to the social and economic development of our host communities and countries through the wages and benefits we provide to employees and the taxes we pay to all levels of government.

We also strive, where feasible, to buy from locally-based suppliers as a way of supporting the economic vitality of our communities, stimulating the local economy and at the same time minimizing the environmental impact of transporting materials from distant locations to our sites.

Agnico Eagle is a strong supporter of the Canadian mining industry’s disclosure of payments to government initiative, which is a direct response to increased public demand for more transparency. And, we will continue to increase our level of disclosure on tax payments to governments in order to highlight our economic contribution to public finances.

To learn more about the economic value we generate click here.

Performance Highlights:

  • In 2017, Agnico Eagle provided $382 million in wages and benefits to our global workforce and paid $329 million in taxes, royalties and fees to all levels of government (including Indigenous groups). We recorded operating margin of $1,1851 million and produced 1,713,533 million ounces of gold.
  • In 2017, through the payment of wages and benefits, Agnico Eagle contributed approximately $304 million to the economy of Canada, $32 million to the economy of Finland, and approximately $46 million to the economy of the Chihuahua and Sonora States in Mexico.
  • In 2017, we made payments in taxes, royalties and fees to governments at all levels (including Indigenous groups) totalling $329 million.
  • We contributed approximately $92 million in taxes and royalties to Quebec, Canada (since 2010, we have paid a total of $178 million in royalties to Quebec); $77 million in taxes, royalties, fees and compensation payments in Nunavut, Canada (both to government and to Inuit organizations representing Inuit beneficiaries under the Nunavut Land Claim Agreement); $24 million in taxes and royalties to Finland; approximately $105 million in taxes and royalties to Mexico; and, $31 million in taxes to Ontario. These payments to governments comprised 13% of our gross revenue in 2017.
  • In 2017, our mines spent $879 million on the procurement of local goods and services. This represents 65% of all procurement spending in 2017.

Our sustainability stories