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Agnico Eagle to purchase Canadian Malartic Corp.’s exploration assets

On Dec. 21, 2017, Agnico Eagle Mines Limited (TSX: AEM) announced it has agreed to acquire all the Canadian exploration assets of Canadian Malartic Corp. (CMC), including the Kirkland Lake and Hammond Reef Gold projects.

CMC is a corporation 50-50 owned and operated by Agnico Eagle and Yamana Gold Inc. The transaction is structured as an asset deal, whereby Agnico Eagle will acquire all of Yamana’s indirect 50% interest in the Canadian exploration assets of CMC, giving Agnico Eagle 100% ownership of CMC’s interest in the assets on closing of the transaction. The effective purchase price after the distribution of the sale proceeds by CMC to its shareholders will be US$162.5 million in cash. The transaction won’t affect the CMC mine and related assets including Odyssey, East Malartic, Midway, and East Amphi, which will continue to be jointly owned and operated by Agnico Eagle and Yamana through CMC and the Canadian Malartic General Partnership.

The parties have agreed to work expeditiously towards closing of the transaction, which is anticipated to occur by Mar. 31, 2018 in respect of those assets which CMC can then convey with subsequent closings thereafter as CMC obtains the requisite consents to transfer. The transaction is subject to notification under Canada’s Competition Act and the receipt of government, First Nations and other third party consents.