Agnico Eagle Mines wraps up acquisition of Yamana Gold’s Canadian assets

Agnico Eagle Mines has wrapped up the previously announced acquisition of some subsidiaries and partnerships that hold the stakes of Yamana Gold in its Canadian assets, which include the Canadian Malartic open-pit gold mine.

Pan American Silver, as part of the agreement, has acquired all Yamana Gold’s outstanding and issued common shares.

With the conclusion of the arrangement, Agnico Eagle Mines holds 100 percent of the Canadian Malartic Mine, and 100 percent of the Wasamac project, situated within Quebec’s Abitibi region as well as various other exploration properties across Ontario and Manitoba.

In the past 18 months, the Canadian mining company is said to have strengthened its position in the Abitibi gold belt which is a region with a low risk of political instability and a high potential for geological exploration and with an advantage in competitiveness due to operating for more than 50 years.

Agnico Eagle Mines’ production within the Abitibi gold belt is predicted to be in the range of around 1.9 million ounces to 2.1 million ounces of gold each year until 2025.

Additionally, the gold miner claims to have the ability to make money from the future milling capacities at the Canadian Malartic mine, due to its vast operations as well as its strategically placed land throughout the region.

Agnico Eagle Mines said that its 2023 production and costs guidance, which included the ownership of 50% of Canadian Malartic for the first three months of the year, and 100 percent ownership for the final nine months, aligns with the exact date of completion of the arrangement.