Agnico-Eagle Mines Ltd. (AEM-TSX, AEM– NYSE )stated its gold reserves reached a record level at completion of 2023 after increasing by 10.5% to 53.8 million ounces.
The business stated the year-over-year boost is mainly due to the acquisition of the staying 50% interest in the Canadian Malartic complex in Quebec and statement of preliminary reserves at Malartic’s East Gouldie deposit.
Agnico-Eagle obtained Yamana Gold’s 50% interest in Canadian Malartic back in March, 2023. Canadian Malartic ranks amongst the world’s biggest gold mining operations, including the Canadian Malartic open-pit mine and the underground Odyssey mine.
The acquisition of the staying 50% interest in the complex included 1.5 million ounces of gold in mineral reserves, 3.1 million ounce of gold in determined and suggested resources and 4.7 million ounces of gold in presumed resources to Agnico’s stock.
“Since the preliminary discovery of the East Gouldie deposit in late 2018, the business has actually made significant development bringing the Odyssey mine into production, starting the shift from the biggest open pit cash cow in Canada to the biggest underground mine in Canada,” the business has actually stated.
At the end of 2023, presumed mineral resources at East Gouldie stood at 3.3 million ounces of gold (545.2 million tonnes of grade 2.29 g/t gold).
Agnico stated it has actually allocated $336.7 million for expedition costs and task costs in 2024. That quantity will include $151.1 million for expensed expedition, $107.9 million for capitalized expedition and $77.7 million for task research studies, technical services and other business expenditures.
Expedition top priorities for 2024 consist of drilling the western and deep extension of the Detour Lake (northeastern Ontario) deposit to help in the optimization of the open pit operations and to additional advance a prospective underground mining circumstance, growing the underground mineral reserve and mineral resource at the Odyssey mine and continuing big expedition programs at other running possessions and Hope Bay (Nunavut).
The business anticipates to invest $20.4 million for 137,000 metres of drilling at the Canadian Malartic complex in 2024, consisting of $12.9 million at Odyssey for 102,500 metres of drilling.
Agnico-Eagle shares increased 2.6% or $1.62 to $64.44 on Friday. The shares are selling a 52-week variety of $82.90 and $59.36.
Agnico is a Canadian gold mining business with operations in Canada, Australia, Finland and Mexico.
The business is anticipating payable gold production of roughly 3.35 to 3.55 million ounces this year, and around 3.40 to 3.60 million ounces in 2025. Payable gold production is anticipated to stay steady in 2026 at a predicted variety of 3.40 to 3.60 million ounces.