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Agnico Eagle Mines Limited (AEM) reported a 0.9% year-over-year increase in proven and probable gold reserves to 54.3 million ounces as of the end of 2024. Inferred mineral resources grew 9% to 36.2 million ounces, driven by exploration at various sites including Detour Lake and Hope Bay. The company aims to maintain drilling momentum going into 2025, with a focus on developing the East Gouldie deposit for production startup expected in the second half of 2026.
In comparison, Newmont Corporation (NEM) saw its gold reserves decline by 1.3% to 134.1 million ounces at the end of 2024, while Barrick Mining Corporation (B) reported a notable increase in reserves, up approximately 17.4 million ounces to 89 million ounces. This highlights differing reserve growth strategies within the industry.
AEM’s strategy appears growth-oriented, potentially placing it ahead of its peers during ongoing explorations. Current estimates from Zacks suggest a 67.4% year-over-year increase in earnings for 2025.
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