From 2008 to 2010, Agnico-Eagle developed five new mines, increasing gold production by more than 300%. The Company is well positioned to continue growing output through internal expansion projects, the recently acquired Meliadine project, and ongoing exploration activities, as well as potential acquisitions, joint ventures and partnerships.
Internal Expansion Projects
LaRonde – Construction of the deep extension of the LaRonde mine is scheduled for completion in 2011. The project is expected to support a mine life through to 2023. The Company is considering the possibility of mining the Bousquet Zone 5 by open pit, located 3 kilometres west of the LaRonde mine. An initial open pit inferred resource estimate of 18.8 million tonnes grading 1.87 g/t gold has been announced for Zone 5 as of December 31, 2010; a scoping study is expected to be completed in the second half of 2011.
Learn more
Lapa – In 2011, the Company is investing $3.6 million to continue excavating an exploration tracked drift toward the east, and $2.1 in drilling close to infrastructure as well as from the exploration drift. The goal is to extend the mine’s life beyond 2015.
Learn more
Kittila – The continued growth of the orebody has led to a feasibility study that is evaluating the potential for an expansion of at least 50% in throughput to at least 4,500 tonnes per day. The study is expected to be reviewed in the third quarter of 2011; a third quarter reserve and resource update is expected as well. Capital requirements are expected to be $250 to $300 million, with production at the higher rate possibly commencing as early as the second half of 2014.
Learn more
Pinos Altos – Creston Mascota is the first satellite deposit to be developed on the Pinos Altos property, pouring its first gold on December 28, 2010. It is expected to achieve commercial production in the second quarter of 2011. Close to Creston Mascota is the Cubiro deposit, discovered on surface by Agnico-Eagle. An underground exploration program and scoping study are being planned at Cubiro with the goal of converting resources to reserves and extending the zone to the northwest at depth. The Sinter deposit, 2 kilometres west of the Santo Niño zone, is being examined as a possible source of open pit ore for the Pinos Altos mill. This would effectively extend the mine life of Pinos Altos. The Company is evaluating alternatives for increasing the underground mine capacity either through an additional production ramp or a production shaft; the study is expected to be completed in Q4 2011.
Learn more
Meadowbank – Conversion and expansion drilling around the southern end of the Goose South deposit will remain a priority in the 2011 exploration program. A study considering an underground exploration ramp to examine this resource is expected to be presented to the Board in Q2 2011.
Learn more
Learn more
Business Development