Canada’s Agnico Eagle Mines (TSX, NYSE:AEM) has launched a new subsidiary, Avenir Minerals Limited, to manage and advance nearly $80 million in early-stage critical minerals investments.
The Toronto-based gold miner will also contribute $50 million in cash to fund the new company and retain a right of first refusal on future investment opportunities, with the option to provide additional capital later.
Avenir will evaluate and develop critical mineral opportunities outside Agnico’s core gold and copper operations. Operating as an independent and self-sustaining entity, it will pursue strategic partnerships and government support for critical mineral projects, with a primary focus on Canada.
The move follows Agnico’s $180 million investment earlier this week in Perpetua Resources (NASDAQ, TSX: PPTA), a US-based gold and antimony producer developing the $1.3 billion Stibnite project in Idaho. The…
