TORONTO, Oct. 27, 2023 /CNW/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") today announced that the Supreme Administrative Court of Finland ("SAC") issued its ruling on Kittila's operating permit and has restored Kittila's operating permit to 2 million tonnes per annum ("mtpa").
"We are pleased with the positive ruling by the Supreme Administrative Court of Finland, which allows Kittila to continue to operate at a rate of 2 mtpa. This ruling is consistent with our excellent environmental performance at Kittila, where we are well below the environmental emission limits. We now expect approximately 30,000 ounces of additional production from the Kittila mine in the fourth quarter of 2023 and we are now expecting to be near the upper end of our total annual production guidance of between 3.24 million ounces to 3.44 million ounces of gold in 2023," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer.
In 2020, the Regional State Administrative Agency of Northern Finland granted Agnico Eagle Finland Oy ("Agnico Finland") environmental and water permits that would allow Agnico Finland to enlarge the CIL2 tailings storage facility, expand the operations of the Kittila mine to 2.0 mtpa and build a new discharge waterline. The permits were subsequently appealed to the Vaasa Administrative Court in Finland. The appeals were granted, in part, in July 2022 with the result that the permits were returned for reconsideration by the Regional State Administrative Agency of Northern Finland. In August 2022, the Company appealed the decisions of the Vaasa Administrative Court to the SAC and requested that the SAC restore the permits. No further appeals are available.
On October 27, 2023, the SAC confirmed that the environmental permits granted to Agnico Finland in 2020 remain valid and production can continue at a rate of 2.0 mtpa in accordance with the permit. The Company operated Kittila at an annualized rate of 2.0 mtpa in the first nine months of 2023 and is now expected to maintain that production rate through the fourth quarter of 2023, providing approximately 30,000 ounces of additional gold production. Overall, the Company now expects gold production to be near the upper end of its annual production guidance of between 3.24 million ounces to 3.44 million ounces per year in 2023.
About Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company, producing precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. The Company was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.