Sean Boyd, President/CEO of Agnico Eagle Mines Ltd. (AEM), said the company expects 45% production growth through 2016. He was speaking at the Denver Gold Forum in Denver, Colorado.
Citing gold production of 692K oz., with total cash costs of $579 U.S./oz (better than its $678 U.S./oz guidance), Boyd also said that production guidance has increased to 1.35M oz to 1.37M oz. of gold, with cash costs forecast to be between $650-$675 U.S. per ounce. All-in sustaining costs are unchanged at $990 U.S./oz.
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Highlighting Agnico’s 2014 H1 is the joint acquisition with Yamana Gold of Osisko Mining Corporation of the Canadian Malartic mine, a deal completed in June. Agnico has a 50% share of production from the mine. A 43-1010 reserve and resource update was recently completed, and studies are underway to optimize the mine plan. Boyd said the company expects those plans to be completed by the end of Q3 this year.
Boyd also pointed to the IVR discovery near Meadowbank in Canada, which continues to expand; a new deep intersection at Kittila; and technical studies progress at Meliadine and Akasaba West projects.
Boyd also talked about the potential acquisition of Cayden Resources, which provides “an opportunity to establish a new operating base in a home jurisdiction.” Agnico has offered Canadian $3.79 per Cayden share, a $205 million Canadian equity value. The potential acquisition would make Agnico Eagle the owner of a suite of high potential exploration projects in Jalisco State and Guerrero State in Mexico.
Boyd said there is the potential for numerous deposits at its El Barqueno, Mexico location and a large exploration program will be implemented in 2015, with first maiden resource expected thereafter. The potential acquisition fits Agnico’s strategy of acquiring early-stage projects and adding value through focused exploration, Boyd said.
Cayden shareholders are expected to vote in late October or early November of this year on the proposed offering, with closing expected before year-end if Mexican government, regulatory and court approvals are passed.
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