MASHINIi

Agnico Eagle Mines Limited.

AEM.US | Mining of iron ores

Agnico Eagle Mines Limited is a Canadian-based gold mining company with operations in Canada, Australia, Finland and Mexico. The company is focused on the exploration, development, and production of gold. Its primary products are gold bullion, gold concentrate, and silver. Agnico Eagle operates thro...Show More

Ethical Profile

Mixed.

A federal investigation concluded "non-compliance and willful disobedience" regarding caribou protection at Agnico Eagle's Meadowbank mine, where guidelines were allegedly revised. In 2017, the company was fined $50,000 for failing to report a cyanide and metal discharge into a fish-bearing waterbody at the site. Agnico Eagle targets net-zero emissions by 2050 and a 30% reduction in Scope 1 & 2 emissions by 2030. It supports employee mental health via a "Dig Deep" peer program and reports $1.9 billion in local purchases, with 30-40% local workforce. Critics point to data gaps in living wages and ethical sourcing.

Value Scores

Better Health for All-10
-100100
Fair Money & Economic Opportunity0
-100100
Fair Pay & Worker Respect40
-100100
Fair Trade & Ethical Sourcing0
-100100
Honest & Fair Business10
-100100
Kind to Animals-70
-100100
No War, No Weapons0
-100100
Planet-Friendly Business-40
-100100
Respect for Cultures & Communities50
-100100
Safe & Smart Tech10
-100100
Zero Waste & Sustainable Products-40
-100100

Better Health for All

-10

Agnico Eagle Mines' core products (gold, gold concentrate, and silver) have no significant direct positive or negative health impact, and the company generates no revenue from products with direct negative health outcomes. The company does not offer health-related products or services for sale, nor does it collect or manage external health-related data. It is not a pharmaceutical, food, or clinical research company, and no specific actions during global health crises were evidenced. The company reported a workforce total recordable injury frequency of 5.14 per 1 million person-hours worked.

1
For mental health, the company has implemented industry-leading programs for its employees and their families at sites like Detour Lake Mine.
2
These include on-site psychotherapy, psychoeducation, referral services, an Employee and Family Assistance Program, Mental Health First Aid, ASIST training, "Dig Deep" and "Safe Spaces" meetings, a Mental Health and Addictions Consultant role, and a Workplace Psychological Health and Safety Policy.
3
The employee-driven "Dig Deep" program, enacted in 2021, has over 40 volunteers, with 60% trained in ASIST, and recorded 108 employee contacts and 47 referrals in Q1 2023.
4
Regarding addiction mitigation, the company's comprehensive programs for its workforce and their families aim to prevent or reduce substance abuse, remove stigma, and provide extensive support resources, including a substance use rehabilitation program.
5

Fair Money & Economic Opportunity

0

Agnico Eagle Mines Limited is a gold mining company, and its core business activities do not involve offering lending, insurance, or other financial services to consumers. The ethical value 'Fair Money & Economic Opportunity' is specifically designed to assess financial institutions and their provision of fair financial services. The provided articles discuss the company's employment, local procurement, and community investments, which are socio-economic contributions, but do not contain any specific, concrete data points relevant to the financial services-focused Key Performance Indicators (KPIs) in this rubric. Therefore, all KPIs are omitted as they are not applicable to the company's operations and no evidence was found to score them.

Fair Pay & Worker Respect

40

The company reported a total recordable injury frequency (TRIR) of 0.934 per 200,000 hours worked, with zero fatalities.

1
No other specific, quantifiable data was available for the remaining KPIs related to fair pay and worker respect.

Fair Trade & Ethical Sourcing

0

No quantitative data was found in the provided articles for any of the Fair Trade & Ethical Sourcing KPIs. While the company mentions participation in various industry standards and frameworks (e.g., Conflict-Free Gold Standard, International Cyanide Management Code, Responsible Gold Mining Principles)

1
and states a commitment to human rights
2
and publishing a Modern Slavery Report,
3
specific metrics like the percentage of spend covered by certifications, average audit frequency for tier-1 suppliers, number of substantiated forced or child labor incidents, traceability coverage, remediation speed, ethical clause coverage in contracts, share of spend on high-risk materials, or percentage of procurement budget directed to diverse suppliers are not provided.

Honest & Fair Business

10

Agnico Eagle Mines Limited reported zero regulatory fines in 2022, 2023, and 2024

1
, but received six regulatory non-compliance notices in 2024
2
. The company has a Confidential Anonymous Complaint Reporting Policy, last reviewed in July 2023
3
, which includes a 24/7 toll-free hotline provided by an independent third-party service provider
4
, an online form
5
, and explicitly prohibits retaliation
6
. For European complaints, responses are provided within 7 days and follow-up actions specified within 3 months
7
. In 2024, 14 reports were received through the whistleblower hotline
8
. The company committed to addressing 100% of grievances within 30 days
9
, and in 2024, 100% were addressed within this timeframe
10
, with 98% closed by year-end
11
. Agnico Eagle also has an Anti-Corruption and Anti-Bribery Policy, established in March 2021
12
, which applies to all personnel and agents
13
, commits to compliance with international anti-corruption laws
14
, and allows for internal or external audits
15
. In 2024, zero instances of fraud were reported to the Audit Committee
16
, and there were no legal actions for anti-competitive behavior, anti-trust, or monopolistic practices
17
.

Kind to Animals

-70

The company has demonstrated a pattern of non-compliance and willful disobedience regarding caribou protection measures at its Nunavut mine sites. In 2020, its non-compliance affected approximately 22,000 caribou, representing 40% of migrating caribou, and non-essential traffic used a haul road for 82 days during a 92-day closure period.

1
A federal investigation concluded the company's actions amounted to "non-compliance and willful disobedience."
2
A federal order was issued in May 2023 for repeated failures over the past decade and a half to implement protection measures and accurately report activities.
3
The company also unilaterally revised caribou protection guidelines, significantly increasing sighting thresholds (e.g., from 12 to 75 for spring caribou), a move disputed by stakeholders and criticized by the Nunavut Department of Environment for lacking proper consultation and having significant data deficiencies.
4
The company refused to revise its data analysis.
5
These actions indicate a direct negative impact on wildlife habitats and an active effort to weaken existing animal welfare protections.

No War, No Weapons

0

Agnico Eagle Mines Limited is a gold mining company whose primary products are gold bullion, gold concentrate, and silver, with no evidence of involvement in arms, defense, or related activities.

1
The company adheres to the Conflict-Free Gold Standard, indicating its primary product is certified conflict-free.
2
There is no evidence of dual-use technology, sales to embargoed regimes, or any defense-related assets or business requiring oversight or divestment.
3

Planet-Friendly Business

-40

Agnico Eagle Mines Limited reported total Scope 1, 2, and 3 greenhouse gas emissions of 3.26 million tCO2e in 2024.

1
In the same year, 55% of the company's electricity consumption was sourced from renewable energy.
2
The company's Climate Action Report is aligned with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.
3
In 2024, the company recorded six incidents of regulatory non-compliance notices, none of which resulted in significant adverse environmental effects or fines.
4

Respect for Cultures & Communities

50

Agnico Eagle Mines Limited allocates over 20% of its community investments towards cultural preservation.

1
The company has not reported any cultural appropriation incidents in the past three years (2022-2024) and implements active measures to protect cultural sites, including archaeological assessments and consultation with Indigenous communities. It maintains proactive prevention and rapid response frameworks, evidenced by 100% of community grievances being addressed within 30 days in 2024.
2
The company's global local employment ratio was 67% in 2024,
3
and 46% of its mining procurement spend in 2023 was directed to local suppliers.
4
Furthermore, Agnico Eagle demonstrates language inclusivity by making key documents, such as its Reconciliation Action Plan, available in multiple Indigenous and local languages.
5

Safe & Smart Tech

10

The company reported 0 information security breaches in 2023.

1
It has an Information Technology Usage Policy
2
and a Privacy Policy.
3
The company states it will not sell, distribute, or otherwise disclose personal information to third parties unless permitted by applicable law or with consent, and limits the use of collected personal information to stated purposes.
4
Individuals have the right to access, rectify, and withdraw consent for their personal information, with access granted within 30 days of a written request.
5
Users can be removed from the database, control cookies, and opt out of Google Analytics tracking.
6
The company's computer network systems and databases are secured by complex passwords.
7
Personal information collection is limited to what is needed for stated purposes, and retention is only for the duration required for business and statutory compliance.
8
IP addresses are collected for website usage but are not linked to personally identifiable information.
9
The company periodically conducts audits of its IT systems by external experts, including penetration testing.
10

Zero Waste & Sustainable Products

-40

Agnico Eagle Mines Limited received six regulatory non-compliance notices across the organization in 2024.

1
In 2023, its Meadowbank site received two warning letters for breaches in 2022 and one order for alleged non-compliance with its Terrestrial Ecosystem Management Plan.
2
Hope Bay also received two warning letters in 2023 for Metal and Diamond Mining Effluent Regulation violations.
3
In 2017, the company was fined C$50,000 for failing to report a spill of mining waste at its Meadowbank site.
4
The company recycled 32% of its domestic (non-hazardous) waste.
5
It has implemented multiple waste reduction initiatives, including composting programs, a worm composting initiative at Creston Mascota, a cardboard press at Goldex, and a tire repair partnership at Detour Lake that prevented 2,050 tonnes of carbon dioxide emissions and avoided 44 thousand litres of oil in 2024.
6
LaRonde received the TSM Environmental Excellence Award for its filtered tailings project.
7
Hazardous wastes are disposed of off-site by licensed companies, and a program at Pinos Altos helped communities safely dispose of over 3,000 litres of used oil by the end of 2024.
8
LaRonde also improved hazardous material sorting and recovered metal from contaminated tanks.
9

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AI-generated analysis based on publicly available data. Not financial advice. Ratings are expressions of opinion derived from automated models and may contain inaccuracies. See our Risk Disclosure for full details.