Agnico Eagle raising the gold production bar in the Abitibi – by Ian Ross (Northern Ontario Business – February 21, 2023)

Mine expansion at Detour Lake and Kirkland Lake figure prominently in gold production plans

There are more ounces to be pulled from the Abitibi gold belt, says Agnico Eagle. The Toronto gold company maintains it can produce more than two million ounces out of this region of northeastern Ontario and western Quebec by 2025, an area where Agnico got its start in the late 1950s. Agnico has five mines within this 32,000-square-kilometre area.

In a Feb. 17 conference call with analysts, Agnico management said it believes 2023 is an exciting year to advance a pipeline of projects and start to expand production at its existing operations while keeping production and total costs down to a low of $800 an ounce.

The company released its 2022 fourth-quarter and year-end results on Feb. 16. Despite some inflationary and operational challenges, Ammar Al-Joundi, the company’s president and CEO, called 2022 a solid year.

Company-wide, Agnico posted record gold production. Payable gold production for the year was 3,135,000 ounces at production costs of US$843 per ounce, total cash costs were $793 per ounce, and all-in-sustaining costs were $1,109 per ounce.

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