Agnico Eagle Mines Ltd.\u0027s Ammar Al\u002DJoundi noted that inflation was causing the gold producer\u0027s costs to inch upward. Find out more.
are transitioning from being resource funds to generalist funds and that’s because, frankly, resource funds haven’t been able to get that much money. If you take a look at the size of the gold industry, it’s tiny, relative to the generalist investor funds available. What I really believe is that Agnico’s not competing with other gold mining companies for investors. Rather, we as an industry are competing with other industries — tech, bioscience, telecom, manufacturing.
A very simple example: if you take Canadian Malartic, we paid a fair price for the mine, but we also got huge exploration potential and a lot of excess mill capacity that’s going to become available. Nobody else in the world can utilize that excess mill capacity as well as we can because we have a lot of assets nearby that can actually use it. We think there’s a potential to add another 500,000 ounces a year of production later this decade.
We certainly see Australia as meeting our criteria as a region that has geologic potential for multiple mines over multiple decades. That’s what we’re looking for if we go into a region. And it meets the criteria of political stability so we can actually operate multiple mines for multiple decades. It doesn’t do you any good to have a 30-year mine that gets expropriated in eight years. So, Australia meets that criteria and Australians are good miners.
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