Founded in 1953, Toronto, Canada-based Agnico-Eagle Mines Limited (AEM) is a gold producer with mining operations in northwestern Quebec, mine construction projects in northwestern Quebec and northern Finland, and exploration and development activities in Canada, Finland, the western United States, and northern Mexico. Agnico-Eagle does not hedge gold production. At the end of 2006, AEM's gold reserves totaled 12.5 million ounces. Agnico-Eagle operates through three regional units: the Canadian Region, the European Region and the Mexican Region. The Canadian region includes the LaRonde Mine (including the LaRonde mine extension below level 245, earlier referred to as the LaRonde II project) and the Goldex and Lapa mine projects situated in the Abitibi region of Quebec. The company's operations in the European Region are performed through its indirect subsidiary, Riddarhyttan Resources AB that indirectly owns the Kittila mine project in Finland. The Mexican Region operations are conducted through its subsidiary, Agnico Eagle Mexico S.A. de C.V., which owns the Pinos Altos project. In addition, AEM has an international exploration office in Reno, Nevada. As of December 31, 2006, AEM managed exploration on 77 properties in the central and eastern Canada, 12 properties in Nevada and Idaho in the U.S., one mining license and several claims and reservations in Finland, and two properties in Mexico. Further, the acquisition of Vancouver, Canada-based Cumberland Resources Ltd. in 2007 provided Agnico-Eagle the ownership of the Nunavut, Alberta-based Cumberland's 100% owned Meadowbank gold project. The project has proven and probable gold reserves of 3.5 million ounces and a mine life of nine years. Currently, the LaRonde mine with its single production shaft (the Penna shaft) accounts for the company's entire gold production and is Canada's largest gold deposit.
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