“We have adopted a phased and disciplined approach to develop this potential, with the approval of a $100 million investment over the next three years to further study and de-risk the underground project, including the development of an exploration ramp and the collection of a bulk sample,” Agnico CEO Ammar Al-Joundi said in a news release.
“With the development of an underground mine to complement the existing open pit mine, we see the opportunity to transform the asset into one of the top five gold mines in the world by output.
“We believe the underground project has relatively low execution risk and has the potential to generate a strong risk-adjusted return on capital while maintaining exploration and production upside for decades in one of the best mining jurisdictions in the world,” he added.
The 2024 PEA assumes an underground mining rate of about 11,200 t/y starting in 2030, combined with a mill expansion to…
