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Agnico Eagle undertaking review of Canadian cobalt assets amid market interest

Agnico Eagle Mines Ltd. CEO Sean Boyd told Bloomberg TV that the miner is reviewing its cobalt assets in Canada after receiving five or six inquiries amid surging demand for the rechargeable-battery ingredient.

The miner is evaluating the assets for a potential sale. The move comes following recent interest among manufacturers for cobalt.

"[We are] doing an analysis now but [we are] certainly open to work with those players that have that specialty," Boyd said.

The company will remain focused on its core business of building and running gold mines in the meantime. The miner has not considered merging with rivals, according to the Feb. 26 report.

"[We are] not looking at big M&A at all," Boyd said, adding that the best strategy for the miner is to identify "things early stage and build them."