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Canadian Malartic gold mine resumes operations as Quebec authorizes mining activity

Highlights

Gradual return to production will begin Wednesday

Agnico will also resume activity at two other Quebec gold mines

Pittsburgh — The Canadian Malartic mine in Quebec, one of Canada's largest gold mines, will resume operations on Wednesday following the Quebec government's decision on Monday identifying mining as a priority activity amid various lockdown measures put in place related to the coronavirus pandemic, the mine's co-owners Yamana Gold and Agnico Eagle said Tuesday.

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"The resumption of mining activity will occur over a period of several weeks with full attention to the health and safety of returning employees, contractors and suppliers," Yamana Gold said in a statement.

Yamana said the government's decision recognized the importance of the mining industry and consistent metal supply for the production of essential products, including medical devices.

Mining activities at Canadian Malartic will ramp up to normal levels in a gradual and supervised manner, Agnico said in a statement.

Canadian Malartic was placed on care and maintenance on March 24 in response to government restrictions that required mining companies to minimize operational activities.

Agnico said it will also restart operations at its LaRonde mine complex and Goldex mine in the Abitibi region of Quebec.

"At each of these operations, the company will implement health, hygiene and physical distancing measures that meet or exceed the requirements of the Government of Quebec, including the Quebec Department of Public Health and the Province's Committee on Standards, Equity and Occupational Safety," Agnico said.

Canadian Malartic is a 50%-50% joint venture between Yamana and Agnico.

The Canadian Malartic mine is Canada's largest gold producing mine, according to the most recent data provided by S&P Global Market Intelligence, which, like S&P Global Platts, is a division of S&P Global. The mine produced 334,596 oz of gold in 2019.