Inuit orgs could rake in nearly half a billion from Agnico Eagle’s Kivalliq operations
Following the pouring of its first bar of gold last February, the Meliadine gold mine near Rankin Inlet will start commercial production this month, Agnico Eagle Mines Ltd. said last week in its financial statements for the first quarter of 2019.
The processing plant at Meliadine has already produced 17,582 “pre-commercial” ounces of gold. And by the end of this year, AEM hopes to produce about 230,000 ounces, the company said.
The long-awaited Meliadine mine, which cost more than $900 million in capital expenditures, is expected to require about 900 employees, at least 350 of whom will be Inuit. “Three underground mining areas are now in operation, with operations in a fourth area expected to commence in the second quarter of 2019,” the company said.
At the same time, the company will move ahead later this year on commercial production at its Amaruq–Whale Tail property, a satellite operation.
“With commercial production expected shortly at Meliadine, and Amaruq on schedule for start-up in the third quarter of 2019, we anticipate higher gold production to result in increased earnings and cash flow in the second half of the year,” the company’s CEO, Sean Boyd, said in a news release.
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