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AGNICO EAGLE MINES LIMITED

(AEM)
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Canada's Agnico says Nunavut hearings delayed amid rise in COVID-19 cases

04/30/2021 | 11:48am EDT
FILE PHOTO: A visitor speaks with a representative of Agnico Eagle Mines Ltd at the PDAC annual conference in Toronto

TORONTO (Reuters) - Canada's Arctic territory Nunavut has delayed public hearings about a key water disposal project at Agnico Eagle Mines' Meliadine gold mine, a company executive said on Friday, as the region grapples with a new wave of coronavirus.

The mineral-rich territory extended a public health emergency to May 13 on Thursday after the number of active COVID-19 cases hit 50, with Canada battling a third wave of infections largely driven by new variants.

Meliadine is an underground and open pit gold mine located near the western shore of Hudson Bay in the Kivalliq district of Nunavut, about 25 km (16 miles) north of Rankin Inlet.

Toronto-based Agnico is seeking approval to pipe excess groundwater from the mine into the Arctic Ocean and increase contaminants it can legally dispose of in a nearby lake.

Public hearings set for May 17-20 in Rankin Inlet have been indefinitely postponed, senior vice-president of operations for Canada and Europe Dominique Girard said on an analyst call.

There will be no operational impact due to lower-than-expected inflows of groundwater at the mine, he said.

Inuit leaders previously said pandemic lockdowns had hindered talks with Agnico over the plans.

The delay comes a day after top gold miner Newmont Corp said it had paused operations at its Musselwhite mine in Ontario province to limit the virus spread.

Agnico in January agreed to buy struggling TMAC Resources, increasing its sizeable presence in Nunavut, where it also operates the Meadowbank gold complex.

The miner said 219 employees, mostly in Mexico, tested positive for COVID-19 in the first quarter.

(Reporting by Jeff Lewis; Editing by David Clarke)

By Jeff Lewis


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AGNICO EAGLE MINES LIMITED 1.29% 69.17 Delayed Quote.-1.90%
GOLD -0.08% 1834.94 Delayed Quote.-3.52%
SILVER 0.33% 27.723 Delayed Quote.4.17%
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05/07June Gold Contract Ends Up US$15.50; Settles at US$1,831.30 per Ounce
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05/05UPDATE : Gold Ends Higher on Lower Bond Yields and a Steady Dollar
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05/05June Gold Contract Ends Up US$8.30; Settles at US$1,784.30 per Ounce
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05/05Gold Rises on Lower Bond Yields and a Steady Dollar
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Financials (USD)
Sales 2021 3 968 M - -
Net income 2021 681 M - -
Net Debt 2021 1 157 M - -
P/E ratio 2021 24,1x
Yield 2021 2,02%
Capitalization 16 828 M 16 828 M -
EV / Sales 2021 4,53x
EV / Sales 2022 4,23x
Nbr of Employees 6 210
Free-Float 99,3%
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Technical analysis trends AGNICO EAGLE MINES LIMITED
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 74,29 $
Last Close Price 69,17 $
Spread / Highest target 50,4%
Spread / Average Target 7,40%
Spread / Lowest Target -42,2%
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Managers and Directors
NameTitle
Sean Boyd Vice Chairman & Chief Executive Officer
Ammar Al-Joundi President
David Smith Chief Financial Officer & Senior VP-Finance
James D. Nasso Chairman
Lino Cafazzo Vice President-Information Technology
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