The Meadowbank gold project in the Nunavut Territory of Canada is Agnico-Eagle’s first Arctic mine, declaring commercial production as of March 2010. Meadowbank has proven and probable gold reserves of 3.7 million ounces (32.2 million tonnes grading 3.5 grams/tonne gold) and a large gold resource. It is located on a very large property that has significant exploration potential for gold.
First Quarter 2010
- First gold poured in late February 2010; commercial production achieved March 1, 2010
- Payable production of 18,599 (17,515 commercial) in Q1 2010, at total cash costs of $840/ounce in March
- Minesite costs of C$93/tonne; expected to average C$68 for 2010 as mine ramps up to design capacity of 8,500 tonnes per day
- Plant averaged 6,397 tonnes per day with 85% gold recovery in March 2010; portable crusher to be installed in Q2 2010 to allow higher throughput
- Scoping study underway into increasing production rate to 10,000 tonnes/day, to be completed mid-2010; increased rate could be achieved by year-end 2012
- 2010 exploration priority is conversion drilling and expansion of this large resource to reserves