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Lapland luxury

Agnico-Eagle diversifies with Finnish gold mine.

Agnico-Eagle owns Canada’s largest gold deposit –- the LaRonde gold mine in the Abitibi region of Quebec, about 650 km northwest of Montreal. With 18 years of production already in the books and reserves of 5.3 million oz. gold, a company could grow content watching a blue-chip asset like LaRonde yield seemingly endless ounces of yellow metal. Not Agnico-Eagle. Well aware of its dearth of likely producers in the pipeline, Agnico sought the luxury of diversification. And in the fall of 2005, it acquired the outstanding shares of Finnish miner Riddarhyttan Resources and its 2.3-million-oz. Kittila gold project (another 1.2 million oz. are in the resource category). T.N.M. staff writer Anthony Vaccaro travelled to Finnish Lapland, 1,000 km north of Helsinki, for an update on Kittila’s development. His story appears in the July 7-13/06 issue.

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