Topic: How To Invest

Q: Hi. Please provide an update on Agnico Eagle? Thank you.

Article Excerpt

A: Agnico Eagle Mines Ltd., $77.01, symbol AEM on Toronto (Shares outstanding: 243.0 million; Market cap: $18.6 billion; www.agnico-eagle.com), has eight gold mines: five in Canada (LaRonde, Meadowbank, Meliadine, Goldex and Malarctic), one in Finland (Kittila), and two in Mexico (Pinos Altos and La India). In addition, on February 2, 2021, the company completed the acquisition of Toronto-listed TMAC Resources Inc. for $226.0 million. TMAC owns and operates the Hope Bay mine in Hope Bay, Nunavut. The mine went into production in 2017. TMAC also holds exploration properties in the Kitikmeot region of Nunavut. In the three months ended March 31, 2021, Agnico Eagle’s overall gold production rose 25.6%, to 516,804 ounces from 411,366 a year earlier. That jump was driven by the return to normal operations for the company’s Quebec and Nunavut mines. They had been affected by COVID-19 precautionary measures in the prior period. The contribution of gold production from the Hope Bay mine, which was acquired during the first quarter…