Agnico-Eagle Mines

Based in Toronto, Ontario, Canada, Agnico-Eagle Mines is a public company that primarily focuses on the mining of gold ores and is one of the few gold miners that remains consistently debt free and unhedged. They currently have mining operations set up in Canada, Finland and Mexico, with sight to expand operations in the coming months. Although it is smaller in scale than other globally operated gold mining companies its shares are currently being traded on the Toronto Stock Exchange in Canada and the New York Stock Exchange in the United States, and they are financially successful.

Going by 2007 data the company has a net income of $139 million US Dollar equivalent and revenues of $432 million US Dollar equivalent. Their probable reserves are 16.6 million ounces of gold, with an annual output of around 230,000 ounces. A recent forecast suggests they’ll reach a level of 680,000 ounces in 2009 and 1.4 million ounces in 2011. They made 350,000 ounces in 2008. Currently the company employs around 600 workers across their many mining projects.

Aginco-Eagle has three major mines in operation. There is LaRonde based out of Northwest Quebec, Canada, bringing in over 3 million ounces of gold since its inception. Secondly is the Goldex mine, also based out of the Abitibi region of Quebec. This mine was added in 2008. Their third major mine is located in Kittila, Helsinki, Finland, with probable gold reserves of 3 million ounces. They also have operations based on of Mexico.

Historically Agnico-Eagle Mines was founded in 1972 as the result of a merger between Agnico Mines Limited, a big silver mining company in Cobalt, Ontario, and Eagle Gold Mines Limited, a gold explorers firm, although it existed under its old umbrella since 1953. Since 1999 the company has expanded a great deal, purchasing assets and ownership in various other mining companies and projects, including Riddarhyttan Resources and the Pinos Altos operation in Mexico.

Currently the company’s corporate structure puts James D. Nasso as the Chairman of the Board, with 9 other directors on the team.

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