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Agnico Eagle Mines Ltd
Symbol AEM
Shares Issued 173,087,426
Close 2013-07-04 C$ 29.39
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Globe says Agnico-Eagle, others get cozy with juniors

2013-07-05 09:05 ET - In the News

Also In the News (C-MAX) Midas Gold Corp
Also In the News (C-NGD) New Gold Inc
Also In the News (C-RR) Rainy River Resources Ltd
Also In the News (C-TCK) Teck Resources Ltd

The Globe and Mail reports in its Friday edition halfway through another annus horribilis for the gold industry, one of the most prescient calls so far has come from National Bank Financial analyst Steve Parsons. The Globe's Sean Silcoff writes Mr. Parsons's accurate prediction in January was not about the direction of gold prices, but that one asset type was about to heat up: junior gold exploration firms. Given the wretched market for juniors over the past two years, this may come as a surprise to some. Sure enough, gold companies, primarily mid-tier players, have been madly shopping for exploration firms in recent months. Agnico-Eagle Mines snapped up key minority stakes of four junior golds and bought a fifth outright this past spring, providing much needed financing. Last month, New Gold formally offered to take over Rainy River Resources, while Teck Resources Ltd. this week bought a strategic 9.9-per-cent stake in Midas Gold. Just months earlier, these tarnished trophies could barely scratch together enough financing to keep the lights on. But they have something precious to larger miners as the industry heads toward what Mr. Parsons calls an impending "production cliff."

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