World no. 2 gold miner is ‘willing to move’ on M&A, CEO says

Agnico Eagle's annual production last year propelled the Toronto-based miner past Barrick Mining Corp., to claim the No. 2 rank for the world’s gold producers. Photo by Handout/Agnico-Eagle Mines LTD/Postmedia filesArticle contentAgnico Eagle Mines Ltd. chief executive Ammar Al-Joundi said the gold producer is “very well-positioned” to pursue acquisitions should opportunities emerge, signalling a renewed openness to deal-making after years focused on growing output from existing mines.Sign In or Create an AccountEmail AddressContinueor View more offersArticle content“We are willing to move — and we have moved — when we see an opportunity on the M&A side that actually creates value per share,” he said during an earnings call on Friday, adding that the company has a “very good understanding of the various assets out there.”Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.We apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Play VideoArticle contentArticle contentHis comments suggests a more proactive approach to doing deals from a CEO who has traditionally been reserved on transactions.Article contentBack in September, Al-Joundi told Bloomberg that his company was focused on internal growth, and warned about the pursuit of “irresponsible M&A” just because of high gold prices. The precious metal has been on a record-breaking run, helping to boost miners’ coffers and drive profit margins to all-time highs.Article contentSpeaking to investors and analysts on Friday’s call, Al-Joundi said assets with strong exploration potential would offer the most high value opportunities. He added, in response to a separate question, that the company would also consider divesting non-core holdings.Article content“What would really interest us — and what has really driven us for external M&A — has really been exploration upside,” he said. “If it makes sense for someone else to own one of those assets and they view that they can pay our owners more money than we see in it, we would always be open to that.”Article contentAgnico Eagle’s mines have already helped the company grow. Its annual production last year has propelled the Toronto-based miner past Barrick Mining Corp., to claim the No. 2 rank for the world’s gold producers.Article contentBloomberg.comArticle contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Play VideoArticle contentTrending Subscriber only. Donald Trump plans to roll back tariffs on steel and aluminium goods Subscriber only Financial Times As U.S. companies return to Venezuela's oilfields — one Canadian driller has a head start Oil & Gas Ontario issues first permit that opens up old mine tailings for exploration Mining CRA charged taxpayer instalment interest before he received all his GIC income Taxes As Canadian bond yields fall, watch for fixed rates to follow Mortgage Rates Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Subscriber only. Donald Trump plans to roll back tariffs on steel and aluminium goods Subscriber only Financial Times As U.S. companies return to Venezuela's oilfields — one Canadian driller has a head start Oil & Gas Ontario issues first permit that opens up old mine tailings for exploration Mining CRA charged taxpayer instalment interest before he received all his GIC income Taxes As Canadian bond yields fall, watch for fixed rates to follow Mortgage Rates