FP/wire say Agnico Eagle mulls Australian mine's future
2023-03-07 07:18 ET - In the News
The Financial Post reports in its Tuesday edition that Agnico Eagle Mines is weighing what to do with its only Australian gold mine after landing two big takeovers within two years that turned the company into the world's third-largest gold producer. A Bloomberg dispatch to the Post says that Agnico gained an Australian mine as part of its combination with Kirkland Lake Gold, giving it a foothold into a region beyond its North American focus. Agnico's latest deal reinforces the Toronto-based company's homegrown roots by taking full control of the Canadian Malartic mine in Quebec. Chief executive officer Ammar Al-Joundi said he will spend this year reviewing Agnico's operations, which also include a gold mine in Finland, to determine next steps. That, he said, will involve making a decision on a key question: "Do we get bigger in Australia or do we get smaller? We like Australia, we have no intention to sell Australia, but it would be disingenuous for me to say that we've got this big competitive advantage in Australia when we've got one mine," Mr. Al-Joundi told Bloomberg. The CEO's road ahead comes as mining companies worldwide pursue deals to boost output and improve efficiencies to counter rising costs.