Agnico Eagle completes Acquisition of Yamana’s Canadian Assets
March 31, 2023
TORONTO, March 31, 2023 – Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (“AgnicoEagle” or the “Company”) is pleased to announce the successful completion of the previously announced plan of arrangement (the “Arrangement”) pursuant to which Agnico Eagle has acquired certain subsidiaries and partnerships which hold Yamana Gold Inc.’s (“Yamana”) interests in its Canadian assets, including the Canadian Malartic mine. As part of the Arrangement, Pan American Silver Corp. has acquired all the issued and outstanding common shares of Yamana.
With the completion of the Arrangement, the Company now owns 100% of the Canadian Malartic mine, 100% of the Wasamac project located in the Abitibi region of Quebec and several other exploration properties located in Ontario and Manitoba. Over the last 18 months, the Company has solidified its presence in the Abitibi gold belt, a region of low political risk and high geological potential, and where it has a strong competitive advantage from having operated there for over 50 years. The Company’s production in the Abitibi gold belt is forecast to be approximately 1.9 million ounces to 2.1 million ounces of gold per year through 2025. In addition, the Company has the unique ability to monetize future additional mill capacity at the Canadian Malartic mine, given its extensive operations and strategic land position in the region.
The Company’s 2023 production and costs guidance, which assumed 50% ownership of Canadian Malartic for the first three months of 2023 and 100% ownership for the last nine months of the year, is in line with the actual completion date of the Arrangement. For additional details on the Company’s 2023 guidance please see the Company’s news release dated February 16, 2023.
About Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company, producing precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. The Company was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.