Agnico Announces Multiple Deals to Consolidate Position in Finland
Transactions worth just under US$2.8B
Agnico Eagle Mines (TSX/NYSE: AEM) has announced three transactions worth nearly US$2.8 billion which will consolidate its position in Finland’s Central Lapland Greenstone Belt.
It comes after Agnico chief operating officer, Nunavut, Quebec & Europe Dominique Girard told the Mining Forum Europe last week that the company’s 220,000 ounce per annum Kittilä mine in Finland was still a core asset.
The transactions announced on Monday will take Agnico’s landholding in the region to 2492 square kilometres and resources to 6.8 million ounces.
Agnico said the deals gave its Finnish portfolio the potential to evolve into a world-class multi‑decade gold production hub producing around 500,000ozpa.
“These transactions deliver on our long‑standing regional strategy and build on our more than 20 years of best-in-class operating experience in Finland to establish another multi‑asset, multi‑decade platform in our portfolio within a world‑class gold belt,” Agnico president and CEO Ammar Al-Joundi said.
“This approach mirrors how we have successfully built value across our Canadian platforms and represents an important next chapter for our Finland business.”
Kittilä and Ikkari combined
The largest of the three deals is the C$2.9 billion acquisition of Rupert Resources (TSX: RUP).
Each Rupert Share will be exchanged for upfront consideration of 0.0401 of an Agnico share, equating to roughly C$12 per share and contingent consideration of up to C$3 that is payable in cash upon certain milestones being achieved over the next decade, including resource and production milestones.
The transaction represents a 67% premium to Rupert’s last closing price.
Agnico already owns 13.9% of Rupert, having invested in the company in February 2020.
The transaction will give Agnico ownership of the 3.5Moz Ikkari project, 50km from Kittilä.
A February 2025 prefeasibility study identified the potential for Ikkari to produce 227,000ozpa of gold over the first 10 years of its life.
Agnico said the integration of Ikkari and Kittilä was expected to generate operating and development synergies of up to US$500 million.
Agnico plans to spend around US$20 million on exploration at Ikkari over the next 18 months and will aim to complete an updated internal evaluation for the optimised mine design by the end of 2027.
Other deals
Agnico also announced it would acquire Aurion Resources (TSXV: AU) for C$481 million in cash, a 46% premium.
It already owns 9.9% of Aurion.
Agnico has also entered into an agreement with B2Gold (TSX: BTO) to acquire B2Gold’s 70% interest in the Fingold JV for US$325 million in cash.
Aurion holds the remaining 30% interest in the Fingold JV and has waived its right of first refusal over the sale of B2Gold’s interest in the Fingold JV.
Aurion holds 761 square kilometres of ground within the Central Lapland Greenstone Belt, including the land held by the Fingold JV.
Agnico said the consolidated property was underexplored with several discoveries made only drilled to less than 30m depth.
The company is planning a US$60-100 million regional exploration program over three years.
Separately, Agnico and B2Gold have agreed to enter into a non-exclusive collaboration agreement focused on knowledge sharing and cooperation across their respective operations in Nunavut, Canada.
Agnico to maintain returns
Agnico said it remained committed to delivering strong returns to shareholders in 2026 via a combination of the dividend and share repurchases.
Agnico paid US$803 million in dividends in 2025 and repurchased US$600 million worth of shares.
It said it still intended to increase the share repurchase limit to US$2 billion next month.
“The company will evaluate opportunities to reduce dilution associated with these transactions throughout the remainder of 2026, including potentially returning the proceeds of portfolio investment sales to shareholders through share buybacks,” it said.
As of the end of December, Agnico was in a net cash position of US$2.67 billion with cash of US$2.86 billion and debt of US$196 million.
The company will report its first quarter results on May 1.