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Agnico Eagle to invest US $ 37.8 million in Mexico mine

Canadian mining company Agnico Eagle plans to invest $ 37.8 million in its La India gold mine, located in Mexico, by 2020.

The La India mine is located in the municipality of Sahuaripa, in the southeast of the state of Sonora, between the small rural towns of Tarachi and Matarachi. The closest major city with an international airport is Hermosillo, the capital of Sonora, located 210 kilometers west-northwest of the La India mine.

The road trip from Hermosillo to the site takes approximately seven hours. Alternatively, the mine can be accessed by small aircraft. Power supply at the La India mine is provided by diesel generators.

Agnico Eagle: operating results

* Gold production includes pre-commercial production from Barnat (2,974oz in Q1 2020)
** Excludes pre-commercial productionAgnico Eagle reported that capital expenditures at the La India mine during 2019 were approximately $ 15.4 million, which included sustainable capital expenditures, deferred expenses, and capitalized exploration.

The company expects capital expenditures to be approximately $ 37.8 million in 2020, including capitalized exploration. Capital expenditures in 2020 will be used for the construction of heap leaching and for the construction of the power line.

Agnico Eagle and mining production

During 2019, the La India mine had a payable production of 82,190 ounces of gold from approximately 5.4 million tons of ore stacked on the heap leach pad with a rating of 0.68 grams of gold per ton.

Production costs per ounce of gold produced in India in 2019 were $ 799. The total cash cost per ounce of gold produced in India in 2019 was $ 823 per by-product and $ 849 per co-product.

Also, production costs per ton in India were $ 12 and mine costs per ton were $ 13 in 2019. Stacking rates averaged 14,800 tons of ore per day.

Agnico Eagle acquired the La India property in November 2011 as part of its acquisition of Grayd, which had explored the property since 2004 and had prepared a preliminary economic evaluation of the project in December 2010.

The La India property consists of 53 fully owned mining concessions and one in the Mulatos gold belt in Sonora, Mexico. The La India property includes the Tarachi deposit and several other potential targets in the Mulatos Gold Belt.

In the Tarachi deposit, surface rights in the project area are owned by the Tarachi ejido (agrarian community) and individuals. All measured, indicated and inferred mineral resources are found within privately owned or ejido lands.

 

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