Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, September 29, 2023

Article Excerpt

AGNICO EAGLE MINES LTD., $61.72, symbol AEM on Toronto, owns producing gold mines in Canada, Australia, Finland and Mexico. In Canada, it owns the La Ronde, Canadian Malarctic, Goldex, Maccassa, Detour Lake, Meliadine, Meadowbank and Hope Bay mines. Agnico also owns the Fosterville mine in Australia, the Kittala mine in Finland, and the Pino Altos and La India mines in Mexico. Agnico has made some key acquisitions for growth over the last few years. In February 2021, the company completed the acquisition of Toronto-listed TMAC Resources Inc. for $226.0 million (Cdn.). TMAC owned and operated the Hope Bay mine in Hope Bay, Nunavut. The mine went into production in 2017. TMAC also held exploration properties in the Kitikmeot region of Nunavut. Subsequently, Agnico made an even bigger acquisition. In February 2022, the company completed the purchase of Kirkland Lake Gold Ltd. (symbol KL on Toronto) in an all-stock transaction valued at $13.5 billion (Cdn.). The acquisition added three gold mines (Maccassa, Detour Lake and…