From the Archives: The Origins of Agnico Eagle Mines 

Agnico Eagle Mines is today Canada’s top miner by market capitalization. But its prominence today comes after a decades-long journey of challenges and successes, and a shift in focus from silver to gold.  

In the 1950s, a group of small silver mining companies in Cobalt, Ont. were doing their best to mine the thinning veins of silver in the historical silver rush town. They joined in 1953 to form Cobalt Consolidated Mining.

While in the summer of 1957 the company managed to produce more than 117,000 oz. of silver, later that year it restructured itself to attract more financing. It was renamed Agnico Mines, representing the abbreviated element symbols for silver (Ag), nickel, (Ni), and cobalt (Co).

After Paul Penna took the helm as company president in 1963, Agnico picked up steam. By the mid 1960s, Agnico was recovering millions of dollars worth of silver from tailings in the Cobalt region.

In 1972, Agnico merged with Eagle Gold Mines and began mining at the Joutel project in Quebec.After more success in the 1980s, Agnico acquired Goldex and its Val-d’Or deposit in 1993. Goldex went into production in 2008 and still produces today.

This is part of The Northern Miner‘s From The Archives series, where we link current developments, like rising precious metals prices incenting further exploration and mining, with news items from our 111 years of archives. The Miner is Canada’s oldest mining publication