OMA member profile: Agnico Eagle– targeting a higher flight path

This article was provided by the Ontario Mining Association (OMA), an organization that was established in 1920 to represent the mining industry of the province.

With its headquarters in Toronto, Ontario Mining Association member Agnico Eagle has re-crafted its logo to reflect its flight path as a global gold producer. The company has its roots in Agnico Mines, which was created by Canadian Mining Hall of Fame inductee Paul Penna in 1957 through the consolidation of silver interests in the Cobalt area. In 1972, Agnico Mines merged with Eagle Gold Mines, which had prospects in northwestern Quebec, to become Agnico Eagle Mines Limited.

From a modest start with precious metals production and development in Ontario and Quebec, the company has matured into a global mining company. In 2012, it produced about 1,043,000 ounces of gold and 4.7 million ounces of silver from properties in Canada, Mexico and Finland. From 2008 to 2011, Agnico Eagle developed five new mines and increased its gold production by more than 325%.

The Kittila mine in northern Finland is 900 kilometres north of Helsinki and 150 kilometres north of the Arctic Circle. It started production in 2009 and became the first mine Agnico Eagle producing property opened outside of Canada. Pinos Altos in Mexico started commercial production in the fall of 2009 and is now a major gold and silver producer.

In Canada, the LaRonde property is Quebec is billed as the company’s flagship with a current mine life stretching to 2026. It has produced more than 4.3 million ounces of gold since opening in 1988. The company’s largest annual gold producer is the open pit Meadowbank gold mine in Nunavut. Production began here in 2010 and in 2013 anticipated production is 360,000 ounces of gold.

So maybe this soaring flight on production charts upward warrants a new corporate logo stronger than the old stylized letters AEM. “Our new look goes far beyond just a symbol. It really is a reflection of our true identity,” said Sean Boyd, Agnico Eagle President and Chief Executive Officer.

“Our brand is not what you see on paper – it is our people and the core values we believe in. We have kept the eagle as our defining symbol because it reflects the pride we have in our heritage and our enthusiasm for the future,” he added. It is no coincidence that our eagle is moving forward and in full flight.”

And Agnico Eagle is putting significant investments into the ground to stay on this flight path. The company’s exploration budget for 2013 is $92 million with about 60% of that total dedicated to mine site and advanced project exploration. The company has geologists based in Canada, the United States, Mexico and Finland who are involved in 86 projects covering more than 4,000 square kilometres of land worldwide.

For more information on Agnico Eagle and to check out its new logo, you can go to its website at www.agnicoeagle.com. This article is the nineteenth in a series of profiles of OMA member companies and their contributions to the vitality of Ontario’s society and economy.

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