The Meadowbank Complex is a gold project situated in Kivalliq, Nunavut, Canada. Meadowbank has produced 2.9 Moz at a grade of 3.07 g/t since its inception in 2010. The deposit is situated in Archean supercrustal rocks of the Woodburn Lake Group. These consist of polydeformed and metamorphosed volcanic and sedimentary layers. Gold is held in either iron formations or disseminated.
The Meadowbank Complex is composed of Meadowbank Mine and the satellite Amaruq Project located 50 km northwest of Meadowbank Mine. Both mines operate as open pits. At the time of writing the Technical Report, Meadowbank Mine was nearing end of mine life and production was shifting to the newly developed Amaruq deposit. Production averages 339 koz per year from 2017 to 2024, with average operating cost of C$105/t. Average strip ratio is 8.3. Meadowbank Complex has an after tax NPV5% of C$202 M and IRR of 25.7%.
| Classification | Tonnes (‘000 t) | Grade (g/t) | Ounces (‘000 oz) |
|---|---|---|---|
| Reserve | 24,771 | 3.40 | 2,710 |
| Resource (M+I) | 11,364 | 3.29 | 1,203 |
| Inferred | 8,751 | 6.22 | 1,749 |
Meadowbank has sizable annual ounce production with a substantial Reserve of 2.7 Moz and M+I Resource of 1.2 Moz. The bulk of Inferred Resources are at depth and will be evaluated for underground mining potential. Using a price of US$1,200/oz and C$/US$ 1.25, project economics will likely improve from elevated gold prices and weakening Canadian dollar. Meadowbank also benefits from good grades. 3.40 g/t is high grade for open pit mining; Inferred grade of 6.22 g/t also displays viability for underground mining.
The information presented above does not constitute investment advice. This is a summary from the NI43-101 Technical Report effective Feb 14, 2018 (INSERT), with commentary from the author. Statements above do not represent the views of Agnico Eagle. If any discrepancies arise, the information contained within the NI43-101 are official and final. For latest depletion data, please refer to the AIF update.