Canadian gold miner Agnico Eagle has issued a new production and capital expenditure (capex) guidance for 2020 to reflect the impact of Covid-19-related production shutdowns, but with mines ramping up again, the group says it is positioned for a strong second half.
NYSE- and TSX-listed Agnico Eagle expects its 2020 production to be 1.63-million to 1.73-million ounces, compared with its withdrawn guidance of 1.875-million ounces.
The guidance was reduced after the miner in March sent home its Nunavut-based workforce and reduced its mining activities at Meliadine and Amurq. Operations in Quebec were temporarily suspended for three weeks in March and April and its Mexican operation was also put on temporary suspension in April.
Agnico Eagle reports that gold production will gradually ramp up in Quebec, Mexico and Nunavut in the second quarter and a quarterly average of 480 000 oz to 500 000 oz should be achieved in the second half of the year.