IKN

And thereby hangs a tale

Agnico (AEM) sends Kirkland Lake (KL) shareholders festive greetings

Merry Christmas, some coal for you:

Effective immediately, the Company, in collaboration with the Nunavut public health authorities, has decided to send home the Nunavut based workforce (Nunavummiut) from the Meliadine, Meadowbank and Hope Bay operations as well as its Nunavut exploration projects. All Nunavummiut workers currently on site will be sent home and those that are currently off-site will not return to work at this time for a period of at least three weeks. These employees will continue to receive their remuneration during this period. In addition, Agnico Eagle will be meeting with its Nunavut contractors to discuss implementing similar measures for their Nunavummiut workforce. 

So, that’s just three mines and a third of consolidated production offline, a mere (sherry cream) trifle. Full NR here, but to assuage any pain and spread yuletide spirit instead of viruses, KL holders will surely be glad to know all Nunavut-based staff are at home on full pay. Tis the season, after all.

9 Comments

    Pim Netherlands 23/12/21 3:06 am

    My brain is slow… didn’t really understand the message… But KL shareholders clearly not happy with the new currency…. if this is the way.

    Reply

    Does not mean the mine is offline. AEM did fine for a year or so without the local folks. They simply fly in other people to do the job. Costs increase of course.

    Reply

      I cannot see how they don’t lose production. How do they turn around a whole FIFO shift at two major mines over the Christmas period without severe disruption?

      Reply

        From Q2 2021 AEM Conference Call:

        “So welcome all of our Nunavummiut workers back and thank you for your patience over the last sort of year and a half.”

        1.5 years without the Inuit. And now look at production increase at the 2 mines!

        Reply

    “in collaboration with the Nunavut public health authorities” doesn’t sound very voluntary. Can you blame AEM if they had no choice?

    Perhaps you’ll see the same thing elsewhere and this is just the first one.

    Reply

      I sent the NR link to a CEO of a Canadian company yesterday. His response was (exact quote), “Inevitable, everywhere. Hopefully it’s a fast burn.”

      PS: His opinion may be too pessimistic, but I got the point.

      Reply

    […] At least one past (& perhaps current) Kirkland Lake shareholder isn’t happy. […]

    Reply

    Little to no ICU beds in Northern Canada. (7 in all of N.W.T., I believe.) An outbreak in Northern Canada would quickly overwhelm the meagre health systems there and would be devastating to local populations. Responsible decision by Agnico.
    Human life >>> Kirkland Lake shareholders

    Reply

    Little to no ICU beds in Northern Canada. (7 in all of N.W.T., I believe.) An outbreak in Northern Canada would quickly overwhelm the meagre health systems there and would be devastating to local populations. Responsible decision by Agnico.
    Human life >>> Kirkland Lake shareholders

    Reply

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