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Agnico Eagle CEO mulls move to go big or get small in Australia
By Jacob Lorinc
Bloomberg News
via Yahoo News, Sunnyvale, California
Monday, March 6, 2023
Agnico Eagle Mines Ltd. is weighing what to do with its only Australian gold mine after landing two big takeovers within two years that turned the Canadian company into the world’s third-largest gold producer.
Agnico gained an Australian mine as part of its combination with Kirkland Lake Gold Ltd., giving it a foothold into a region beyond its North American focus.
Agnico’s latest deal, set to close this month, reinforces the Toronto-based firm’s homegrown roots by taking full control of the Canadian Malartic mine in Quebec.
... Dispatch continues below ...
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Chief Executive Officer Ammar Al-Joundi said he’ll spend this year reviewing Agnico’s operations, which also includes a gold mine in Finland, to determine next steps. That, he said, will involve making a decision on a key question: “Do we get bigger in Australia or do we get smaller?”
“We like Australia, we have no intention to sell Australia, but it would be disingenuous for me to say that we’ve got this big competitive advantage in Australia when we’ve got one mine,” Al-Joundi said Friday in an interview at Bloomberg’s Toronto office. ...
... For the remainder of the report:
https://finance.yahoo.com/news/agnico-eagle-ceo-mulls-move-144000213.html
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