Agnico-Eagle Mines

Since its establishment, the Agnico-Eagle Mines has produced more than 4 million ounces of gold. The company has announced its ambitious plan to produce 1.4 million ounces per year, starting in 2011. In 2008, the income of the company stood at 98.6 million. At present, its stock trades at the Tier II gold producer average. The company shares are listed under the symbol AEM at the New York Stock Exchange and the Toronto Stock Exchange.

During the 1960s, the Eagle Mines Ltd., lead by the mining industrialist Paul Penna, started a drilling operation at a gold property near Joutel. Penna invested $ 9 million over a period of three years to prepare the site for mining. The rising costs of construction rendered his previous estimates invalid. The site requited a further investment of $ 5.5 million to start operations. Being an Eagle Investor, the Agnico Mines attracted additional investment from the Toronto-Dominion Bank and completed the project. In 1972, the Agnico-Eagle Mines was founded with the merger of the Agnico Mines and the Eagle Mines.

Penna accumulated other mining sites over the years. In 1971, he purchased the Tabel property which held 0.5 million ounces of gold. The LaRonde site was purchased by the Agnico-Eagle Mines from the Noranda Mines in 1979. The site became fully operational in 1985, reaching an output of more than 0.216 million ounces of gold in 2008. According to estimates, the mining site contains gold reserves amounting to 5.2 million ounces. After the completion of several feasibility studies, the Agnico-Eagle Mines started the construction of the Goldex Mine. The preparation of the mining site was completed in 2008. The gold reserves of the site stand at 1.6 million ounces. The Lapa property, situated 11 km east of LaRonde, contains estimated gold reserves of 1.2 million ounces. The site will be fully operational in the second half of 2009. The Kittila Mine in Finland contains a probable gold reserve of 2.6 million ounces. The site is expected to produce 0.15 million ounces per year. The Pinos Altos site in Mexico holds an estimated gold reserve of 2.2 million ounces of gold.

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