Agnico Eagle’s dealmaking brings top gold mines into fold
Agnico Eagle Mines is about to get its “forever” wish — full ownership of one of North America’s biggest gold mines.
The world’s third-biggest bullion producer has split ownership of the Canadian Malartic mine with Yamana Gold since 2014, but that’s about to change thanks to some swift dealmaking. Yamana shareholders have endorsed a $4.8-billion deal that sees Agnico consolidate the open pit mine in northwestern Quebec while Pan American Silver takes over Yamana’s Latin American assets.
Agnico is gaining full operational control of Canada’s top gold mine by annual output. Malartic generated almost 715 000 oz of bullion in 2021, ranking it as North America’s fourth-largest producing bullion mine.
“We wanted that other half of Malartic forever, but it never came for sale,” Agnico CEO Ammar Al-Joundi said in a January 6 interview. Last year’s failed takeover attempt of Yamana by South Africa’s Gold Fields Ltd. left the mine available “at a decent price,” he said, “and we saw our chance.”
Agnico only started hammering out a pact with Pan American in September to acquire Yamana and split the assets, according to regulatory filings. The pair pitched their proposal on October 21, triggering the unraveling of the Gold Fields offer by early November.
Agnico’s deal comes nearly a year after the Toronto-based miner bought Kirkland Lake Gold, owner of Detour Lake Mine in northeast Ontario, Canada’s second-biggest gold mine.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation