“Among the highlights embrace our second consecutive quarter of report working margins and our second consecutive quarter of report free money circulate ($395.6 million),” president and CEO Ammar Al-Joundi mentioned on an April convention name.
“We stay centered on capital self-discipline,” he mentioned. “We’re completely decided at Agnico that will increase in gold worth go to our homeowners.”
Agnico is advancing the previous Hope Bay gold mine challenge in Nunavut, the place it additionally operates the Meadowbank and Meliadine gold mines, quantity three and 4 in Canada by manufacturing. It’s planning a $1 billion underground enlargement at Detour Lake that might improve annual output to 1 million oz., making it one of many world’s top-five gold mines.
Higher Beaver
The corporate expects to present an replace in August on creating the Higher Beaver challenge close to Kirkland Lake in northern Ontario as an underground gold and copper mine with a small open pit and processing facility.
In July, Agnico pledged C$93 million for a 9.9% stake in Foran Mining (TSX: FOM), which is advancing the McIlvenna Bay copper-zinc-gold-silver challenge in Saskatchewan. The most important invested C$8.2 million for 13% of First Nordic Metals (TSX-V: FNM) in Finland and boosted its holding in Ontario-focused Maple Gold Mines to 19.9%.
Barrick Gold (TSX: ABX; NYSE: GOLD) leads our listing of Canadian miners by web earnings at $1.95 billion and is second in response to market worth at C$44.7 billion.
The corporate produced 1.9 million oz. gold and 83,000 tonnes of copper on this yr’s first half, the corporate mentioned in July. That compares with 1.1 million oz. gold and 102,058 tonnes copper in final yr’s second half, in response to its annual report.
Barrick says prices ought to decline as output will increase throughout this yr’s second half. The worldwide miner, which has solely the Hemlo mine in Canada, expects elevated manufacturing at Turquoise Ridge in Nevada after upkeep on the Sage autoclave within the first quarter. It continues to ramp up output at Porgera in Papua New Guinea and posted will increase at Tongon in Ivory Coast, North Mara in Tanzania and Kibali within the Democratic Republic of Congo (DRC).
These will increase had been partially offset by deliberate decrease manufacturing at Cortez and Phoenix in Nevada. Pueblo Viejo manufacturing within the Dominican Republic was flat because the miner plans to extend throughput and restoration charges within the yr’s second half, it mentioned.
Mali junta
Barrick can be contending with the junta in Mali that desires extra taxes from the Loulo-Gounkoto operation that produced 683,000 oz. of gold final yr. Rights teams say the mine is funding Russia as a result of its Wagner Group mercenaries are backing the army authorities.
“Barrick has been participating with the Nationwide Directorate of Geology and Mines to develop our exploration footprint right here, securing our capability to ship actual worth to Mali,” CEO Mark Bristow mentioned in July in uncommon feedback because the junta took energy a yr in the past. “We proceed to work constructively in the direction of a world decision of our variations.”
Bristow has a historical past of working with governments in troubled areas because it develops the $7 billion Reko Diq challenge in Pakistan after reopening Porgera, each with offers giving locals about half the revenue.
Dealmaker
Wheaton Valuable Metals (TSX: WPM) is quantity three in market capitalization at C$37.9 billion and sixth in web earnings at $538 million. Its streaming and royalties mannequin reduces publicity to operational dangers for its personal shareholders whereas providing different capital elevating for corporations which may be thwarted by inventory market valuations.
From August final yr, the corporate notched up eight offers valued at greater than C$1 billion in potential funds, in response to president and CEO Randy Smallwood. He’s concentrating on 850,000 gold-equivalent oz. of annual manufacturing.
Nutrien (TSX: NTR; NYSE: NTR), the world’s largest potash producer, clocks in at quantity 4 on each lists, with a market worth of C$34.5 billion and web earnings final yr of $1.29 billion. The corporate mentioned in July it’s reviewing strategic choices for its half possession of Argentine fertilizer firm Profertil and mentioned it’s now not pursuing the $2 billion Geismar clear ammonia challenge in Louisiana.
Teck Sources (TSX: TECK.B), is sixth on our listing of market values at C$32.6 billion after it offered three-quarters of its Elk Valley coal property to Glencore (LSE: GLEN) and the remaining to Nippon Metal of Japan and POSCO of South Korea. Previously Canada’s largest diversified miner, the corporate is now centered on copper.
Future development
Teck doesn’t make our prime 13 in web revenue for final yr, however BMO Capital Markets is upbeat in regards to the firm’s future. Teck will likely be a cleaner funding story as a simplified copper funding automobile, mining analyst Jackie Przybylowski wrote in a July 15 be aware.
“Completion of this transaction refocuses Teck as a Canadian-based essential minerals champion,” she mentioned. “The proceeds from the coal sale will fund future development — both from Teck’s current portfolio of copper development choices or by way of acquisition of latest property.”
Cameco (TSX: CCO; NYSE: CCJ) ranked seventh with C$22.7 billion in market worth and tenth in web earnings with $263 million because it rode a uranium worth surge that peaked in January at $106 per lb., the very best in 17 years. Decrease-than-expected gross sales damage first-quarter outcomes, however the firm mentioned it expects metallic income to rebound and its 49%-owned Westinghouse nuclear plant companies division to have a stronger second half.
DRC
Ivanhoe Mines (TSX: IVN) within the DRC in July restarted the century-old Kipushi mine which goals to be the world’s fourth-largest zinc producer. The corporate based by co-chair Robert Friedland is eighth in the marketplace cap listing at C$24.8 billion, and ninth in web earnings at $303 million.
Additionally in Congo, the Kamoa-Kakula advanced, which holds the world’s fourth-largest copper useful resource, produced 186,925 tonnes of the wiring and plumbing metallic on this yr’s first half. It’s ramping up its stage three concentrator capability this quarter to greater than 600,000 tonnes a yr. Ivanhoe owns 39.5% of Kamoa-Kakula, which goals to provide 440,000 to 490,000 tonnes of copper in focus this yr.
The corporate advantages from United States funding of a rail line throughout Angola to the Atlantic from the Zambia-DRC copper belt. The corporate, metals dealer Trafigura and Angola are contemplating a 2,000-megawatt high-voltage line from northern Angola hydro-electric crops to the copper area.