Nunavut operations contribute to ‘record’ quarter for Agnico Eagle – by Jeff Pelletier (Nunatsiaq News – May 2, 2024)


Strong production at Agnico Eagle Mines Ltd.’s Nunavut gold mines played a role in achieving a “record” first quarter this year, the company says. Agnico released its first quarterly financial report for 2024 last week.

CEO Ammar Al-Joundi said in a news release the company is reporting a “second consecutive quarter of record operating margins and record free cash flow.” The company reported an adjusted net income of around US$377.5 million for the first quarter of this year from its mining operations around the world. That’s up from around US$282.3 million the previous quarter.

In addition to the Meliadine gold mine and the Meadowbank complex in Nunavut’s Kivalliq region, Agnico operates mines in northern Ontario, Quebec, Mexico, Finland and Australia.

Both Nunavut mines played a significant role in a successful quarter, representing close to 25 per cent of the company’s total production, according to Martin Plante, Agnico’s vice-president of operational excellence. Until last week, Plante was the company’s vice-president of Nunavut operations.

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