TORONTO, Oct. 27, 2023 /PRNewswire/ - Agnico Eagle
Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or
the "Company") today announced that the Supreme Administrative
Court of Finland ("SAC") issued
its ruling on Kittila's operating permit and has restored Kittila's
operating permit to 2 million tonnes per annum ("mtpa").
"We are pleased with the positive ruling by the Supreme
Administrative Court of Finland,
which allows Kittila to continue to operate at a rate of 2 mtpa.
This ruling is consistent with our excellent environmental
performance at Kittila, where we are well below the environmental
emission limits. We now expect approximately 30,000 ounces of
additional production from the Kittila mine in the fourth quarter
of 2023 and we are now expecting to be near the upper end of our
total annual production guidance of between 3.24 million ounces to
3.44 million ounces of gold in 2023," said Ammar Al-Joundi, Agnico Eagle's President and
Chief Executive Officer.
In 2020, the Regional State Administrative Agency of
Northern Finland granted Agnico
Eagle Finland Oy ("Agnico Finland") environmental and water permits
that would allow Agnico Finland to enlarge the CIL2 tailings
storage facility, expand the operations of the Kittila mine to 2.0
mtpa and build a new discharge waterline. The permits were
subsequently appealed to the Vaasa Administrative Court in
Finland. The appeals were granted,
in part, in July 2022 with the result
that the permits were returned for reconsideration by the Regional
State Administrative Agency of Northern
Finland. In August 2022, the
Company appealed the decisions of the Vaasa Administrative Court to
the SAC and requested that the SAC restore the permits. No further
appeals are available.
On October 27, 2023, the SAC
confirmed that the environmental permits granted to Agnico Finland
in 2020 remain valid and production can continue at a rate of 2.0
mtpa in accordance with the permit. The Company operated Kittila at
an annualized rate of 2.0 mtpa in the first nine months of 2023 and
is now expected to maintain that production rate through the fourth
quarter of 2023, providing approximately 30,000 ounces of
additional gold production. Overall, the Company now expects gold
production to be near the upper end of its annual production
guidance of between 3.24 million ounces to 3.44 million ounces per
year in 2023.
About Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company, producing
precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of high-quality
exploration and development projects in these countries as well as
in the United States. Agnico Eagle
is a partner of choice within the mining industry, recognized
globally for its leading environmental, social and governance
practices. The Company was founded in 1957 and has consistently
created value for its shareholders, declaring a cash dividend every
year since 1983.
Forward-Looking Statements
The information in this news release has been prepared as at
October 27, 2023. Certain statements
contained in this news release constitute "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and "forward-looking
information" under the provisions of Canadian provincial securities
laws and are referred to herein as "forward-looking statements".
All statements, other than statements of historical fact, that
address circumstances, events, activities or developments that
could, or may or will occur are forward looking statements. When
used in this news release, the words "achieve", "aim",
"anticipate", "could", "estimate", "expect", "forecast", "future",
"plan", "possible", "potential", "schedule", "target", "tracking",
"will", and similar expressions are intended to identify
forward-looking statements. Such statements include, without
limitation: the Company's forward-looking guidance, including gold
production; the potential for additional gold production at
Kittila; the Company's ability to obtain the necessary permits and
authorizations in connection with its proposed or current
exploration, development and mining operations and the anticipated
timing thereof; and operations at and expansion of the Kittila mine
following the decision of the Finnish courts and administrative
bodies. Such statements reflect the Company's views as at the date
of this news release and are subject to certain risks,
uncertainties and assumptions, and undue reliance should not be
placed on such statements. Forward-looking statements are
necessarily based upon a number of factors and assumptions that,
while considered reasonable by Agnico Eagle as of the date of such
statements, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. The
material factors and assumptions used in the preparation of the
forward looking statements contained herein, which may prove to be
incorrect, include, but are not limited to, the assumptions set
forth herein and in the Company's earnings release for the third
quarter of 2023 issued on October 25,
2023, management's discussion and analysis ("MD&A") and
the Company's Annual Information Form ("AIF") for the year ended
December 31, 2022 filed with Canadian
securities regulators and that are included in its Annual Report on
Form 40-F for the year ended December 31,
2022 ("Form 40-F") filed with the U.S. Securities and
Exchange Commission (the "SEC") as well as: that there are no
significant disruptions affecting operations; that production,
permitting, development, expansion and the ramp-up of operations at
each of Agnico Eagle's properties proceeds on a basis consistent
with current expectations and plans; that the relevant metal
prices, foreign exchange rates and prices for key mining and
construction inputs (including labour and electricity) will be
consistent with Agnico Eagle's expectations; that Agnico Eagle's
current estimates of mineral reserves, mineral resources, mineral
grades and metal recovery are accurate; that seismic activity at
the Company's operations at LaRonde, Goldex and other properties is
as expected by the Company and that the Company's efforts to
mitigate its effect on mining operations are successful; that the
Company's current plans to optimize production are successful; that
there are no material variations in the current tax and regulatory
environment; that governments, the Company or others do not take
additional measures in response to the COVID-19 pandemic or
otherwise that, individually or in the aggregate, materially affect
the Company's ability to operate its business or its productivity;
and that measures taken relating to, or other effects of, the
COVID-19 pandemic do not affect the Company's ability to obtain
necessary supplies and deliver them to its mine sites. Many
factors, known and unknown, could cause the actual results to be
materially different from those expressed or implied by such
forward looking statements. Such risks include, but are not limited
to: the volatility of prices of gold and other metals; uncertainty
of mineral reserves, mineral resources, mineral grades and mineral
recovery estimates; uncertainty of future production, project
development, capital expenditures and other costs; foreign exchange
rate fluctuations; inflationary pressures; financing of additional
capital requirements; cost of exploration and development programs;
seismic activity at the Company's operations, including the LaRonde
complex and Goldex mine; mining risks; community protests,
including by First Nations groups; risks associated with foreign
operations; governmental and environmental regulation; the
volatility of the Company's stock price; risks associated with the
Company's currency, fuel and by-product metal derivative
strategies; the current rising interest rate environment; the
potential for major economies to encounter a slowdown in economic
activity or a recession; the potential for increased conflict or
hostilities in various regions, including Europe and the Middle East; and the extent and manner to
which COVID-19, its variants, and other communicable diseases or
outbreaks, and measures taken by governments, the Company or others
to attempt to mitigate the spread thereof may directly or
indirectly affect the Company. For a more detailed discussion of
such risks and other factors that may affect the Company's ability
to achieve the expectations set forth in the forward-looking
statements contained in this news release, see the AIF and MD&A
filed on SEDAR at www.sedarplus.ca and included in the Form
40-F filed on EDGAR at www.sec.gov, as well as the Company's other
filings with the Canadian securities regulators and the SEC. Other
than as required by law, the Company does not intend, and does not
assume any obligation, to update these forward-looking
statements.
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SOURCE Agnico Eagle Mines Limited