Agnico Eagle Mines scales down operations at Nunavut sites

• Agnico Eagle Mines (TSX:AEM) has announced that it will reduce operations at its Nunavut sites in the wake of COVID-19
• The Government of Nunavut yesterday declared a state of public health emergency
• The company’s Nunavummiut workforce will return home, and those offsite will not come back to the site for four weeks
• The laid-off workers will continue to receive their remuneration
• Agnico Eagle’s remaining workforce will continue to operate the Meliadine and Meadowbank sites
• Agnico Eagle Mines (AEM) is currently up 1.45 per cent to C$52.64 per share, with a market cap of $12.63 billion

Agnico Eagle Mines (TSX:AEM) has announced that it will reduce operations at its Meliadine and Meadowbank sites in the wake of COVID-19.

The Government of Nunavut yesterday declared a state of public health emergency as the virus threatens communities. However, Agnico Eagle says that there are no confirmed cases of COVID-19 at any of the company’s operations.

Senior management from the Canadian gold miner will meet with representatives from Rankin Inlet, Baker Lake, the Kivalliq Inuit Association, the Government of Nunavut and other major stakeholders. The parties plan to conduct a review of Agnico’s Pandemic Plan to ensure the continued health of local residents.

Part of the plan involves sending home the company’s Nunavummiut workforce from the Meliadine and Meadowbank operations and exploration projects.

The workers will remain at home, with continued renumeration, for a period of four weeks. Nunavummiut workers currently offsite will also not return until the virus situation improves.

Agnico Eagle will also meet with its various contractors to discuss similar decisions for their Nunavummiut employees.

Sean Boyd, CEO of Agnico Eagle Mines, commented on the new policies.

“We value our relationship with the people of Nunavut and are committed to do what is best for the health, safety and well-being of all our employees and the communities.

“This precautionary measure is being implemented in order to eliminate the potential risk of transmission of COVID-19 from a southern worker to a Nunavut worker, with the risk of it moving into the communities,” he added.

The company plans to continue operations at both Meliadine and Meadowbank with its remaining non-Nunavummiut workers.

Agnico Eagle Mines (AEM) is currently up 1.45 per cent to C$52.64 per share at 11:29am EST.