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Friday, 27th October 2006 (3242 views)

Agnico-Eagle, the Toronto-based gold and base metals miner, has announced record earnings and its plans for future resources.

The long-established company proclaimed probable gold reserve increases from 14 million to 15 million ounces by 2008.

Sean Boyd, the vice chairman of Agnico-Eagle, also spoke of the construction work ongoing at its La Ronde II project in Quebec.

He said: "We will also continue to make good progress toward our goal of expanding our gold production and reserve base."

Four new gold mines are planned with hopes to triple the current production levels to 900,000 ounces by 2009.

One of these mines is in northern Finland and is known as the Kittila project. Production is expected to start there in 2008 when it is anticipated to provide 150,000 ounces of gold over a 13-year mine life.

At 900 kilometres north of Helsinki, the climate and geology is similar to that of Agnico-Eagle's operations in Canada so the company reportedly feels the operating conditions are comfortable.

The Kittila mine is expected to create 200 new jobs according to the business and will accelerate the implementation of other mining projects in Finland.

 

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