Agnico Eagle Mines and Kirkland Lake sign $11 billion agreement
- The output in 2021 is expected to be approximately 3.4 million ounces, and the combined company will develop a gold producer
Agnico Eagle Mines and competitor Canadian gold mining company Kirkland Lake Gold signed an all-share equal merger transaction valued at approximately US$11 billion. The combined company will operate as Agnico Eagle Mines, an advanced producer with operations primarily in the Abitibi-Greenstone belt in northeastern Ontario and northwest Quebec. The combined company's output in 2021 is expected to be approximately 3.4 million ounces.
In addition to Ontario and Quebec, the combined company will operate in Nunavut, Canada; Fosterville, Victoria, Australia; Kittila in Lapland, Finland; Pinos Altos and La India in Mexico .
Currently, Agnico Eagle Mines operates mines in Canada, Mexico and Finland. It also works with the United States and Colombia to carry out exploration and development activities in these three countries. On the other hand, Kirkland Lake Gold operates the Macassa and Detour Lake mines in Ontario and the Fosterville mine in Victoria. The Canadian premium gold producer's goal is to achieve production of 13,000-1.4 million ounces in 2021.
Sean Boyd, CEO of Agnico Eagle Mines, said: "This transaction creates a company with a strong platform of personnel, assets and financial resources to continue to build and operate a long-term sustainable self-financing business. "Kirkland Lake is an excellent cultural fit for Agnico Eagle. We look forward to working together through exploration, mine development and optimizing our high-quality asset base to further develop our business. Keywords: foreign engineering project information, international engineering news
"Over time, we believe that the gold industry will continue to develop and integrate. Through this transaction, we can take full advantage of high-quality opportunities and become a true Canadian mining champion." Tony Makuch, President and CEO of Kirkland Lake Gold said: " This transaction represents a true merger of equals, and both companies’ businesses will benefit from the combined company’s strong financial strength, extensive pipeline of development and exploration projects to drive future growth, as well as in Abi Tibi-Kirkland Lake The potential for significant operational and strategic synergy along the corridor."Editor/Baohongying