Agnico Eagle suspends Quebec pit mining, flags production hit

Agnico Eagle Mines (TSX: AEM) said on Thursday a rock mass movement occurred along the north wall of the Barnat open pit at its Canadian Malartic complex in Quebec, prompting a temporary suspension of mining operations.

The company said no injuries, equipment damage or environmental impact were reported as a result of the event.

Agnico said the area had previously been identified as geotechnically weaker and was under enhanced monitoring, adding that technical teams are conducting a detailed assessment.

Processing operations at the Canadian Malartic complex will continue in the near term using stockpiled ore, the company said.

The Barnat open pit was expected to be mined out by early 2029, and the company said the incident could reduce production by up to about 150,000 ounces of gold per year in both 2027 and 2028, pending the outcome of its assessment.

Agnico Eagle said Canadian Malartic output in the second quarter of 2026 was not affected, with production expected to be about 845,000 ounces of gold, slightly ahead of plan.

It expects production in the second half of 2026 to fall by roughly 60,000 to 80,000 ounces, which could push full-year output toward the lower end of its forecast range of 3.3 million to 3.5 million ounces.

The miner said it is advancing its assessment and planning a safe restart at Barnat, adding that the disruption does not affect the Odyssey mine or its long-term 1-million-ounce annual production target at Canadian Malartic.

(Reporting by Varun Sahay in Bengaluru)