Agnico Eagle Forced To Reduce Nunavut Operations Again Due To COVID-19

Agnico Eagle Mines (TSX: AEM) continues to struggle at its Nunavut, Canada operations as a result of the ongoing pandemic. The company last night announced that it is again reducing its operations in the Canadian territory due to the threat imposed by the virus, and the impact it could have on the surrounding communities.

The firm last night formally announced that there is a total of 13 presumptive cases across the Hope Bay, Meliadine, and Meadowbank operations in the territory. As a result, the company is taking precautionary steps and is sending home its Nunavut based workforce from the three mines, as well as at corresponding exploration projects.

Employees that are Nunavut-based will be sent home for at least three weeks as a result of the risk posed by the current Omicron variant, with employees to continue to receive pay. The company is also meeting with local-based contractors to implement similar measures.

Nunavut-based employees are to leave the firms projects immediately, while the company has indicated that it will gradually reduce the remaining workforce over the coming days. The reduced operations are slated to last for at least the remainder of the year, with the firm currently assessing when to resume activities in early 2022.

The reduction of operations follows the firm being forced to idle operations in October at Hope Bay due to an outbreak of the virus on site.

Agnico Eagle last traded at $67.18 on the TSX.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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