CA - Agnico Eagle sees higher production longer mine life at Canadian Malartic
2023-06-20 13:19:21 ET
Agnico Eagle Mines ( NYSE: AEM ) said Tuesday an internal study points to improved value , an extended mine life and potential future production growth at its Canadian Malartic mining complex in Quebec.
Agnico Eagle ( AEM ) said a new study of the Odyssey mine, which is part of Canadian Malartic, forecasts payable gold production for Odyssey has increased by 23% compared with an earlier study completed in 2020.
The Canadian Malartic complex is forecast to generate positive free cash flow during the transition from open pit to underground mining, even at an assumed gold price of $1,650/oz, the company said.
From 2029 on, Agnico Eagle ( AEM ) forecast gold production at the Canadian Malartic complex to average 558K oz/year of gold over 13 years at total cash costs of $768/oz.
The company said project construction activities have progressed well despite a challenging construction environment, with first production from underground being achieved on schedule in March of this year.
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Agnico Eagle sees higher production, longer mine life at Canadian Malartic