Agnico Eagle Mines is said to be on track to become the world’s second largest gold producer, who challenges the position of Barrick Gold.
The Canadian mining company focuses on the output of 3.3 – 3.5 million Ounces (MOZ) Gold this year, in accordance with the production of Barrick, reported Bloomberg.
Barrick, currently the second largest producer, predicts a decrease in the output due to the conclusion of his mining complex in Mali.
Agnico CEO and former Barrick director Ammar al-Joundi emphasized that the company’s strategy is not aimed at the size.
Al-Joundi said: “We never gave if we are bigger than these guys or those boys. We only care whether we grow our value per share. If I had less production in double the margins, I would probably do it. ‘
Both Agnico and Barrick, with head office in Toronto, have had a competition for market share in recent years.
Agnico quickly ascended the industry in the field of strategic acquisitions, while Barrick is striving for gold and copper projects in South Asia and Africa.
The gold industry has seen consolidation as producers trying to replace aging assets with newer mines.
Agnico Eagle, once a small producer in Quebec, is now considered the largest mining company in Canada by market capitalization, which has 11 mines on three continents.
Agnico recently acquired 110,424,431 ordinary shares of O3 -my -construction, which represents approximately 94.1% of the outstanding shares. This acquisition is part of a takeover bid supported by the board for $ 1.67 per share.
The company has also made an investment of C $ 55 million ($ 40 million) in ATEX resources, in accordance with its strategy to invest in projects with a high geological potential.
“Agnico To match the output of Barrick, the second largest gold producer in the world” was originally made and published by Mining Technology, a brand in the global data.
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