Agnico Eagle cut 2026 gold output guidance by 60,000-80,000 oz after a Quebec pit slide. The company warned of up to 150,000 oz annual losses in 2027-2028.
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Agnico Eagle Mines cut its 2026 gold production guidance by 60,000 to 80,000 ounces after a rock mass movement along the north wall of the Barnat open pit at the Canadian Malartic complex in Quebec. The company reported the slide on July 2. No injuries or environmental damage occurred. Mining in the pit has been suspended while geotechnical teams assess the wall, Agnico Eagle said in a statement.
The processing plant at Canadian Malartic will run on stockpiled ore for now. Second-quarter production of roughly 845,000 ounces of gold is not affected. The full-year reduction pushes 2026 output toward the low end of the company's prior guidance range.
The bigger concern stretches into 2027 and 2028. Agnico Eagle said the slide could cut annual production by up to 150,000 ounces in those years if access to higher-grade Barnat ore remains restricted. That would push the complex further from its long-term target of 1 million ounces annually by the early 2030s. The company was quick to separate this event from its bigger growth project on the same site. The underground Odyssey mine, which is being developed to extend the life of the Canadian Malartic complex, is not affected. Agnico Eagle's longer-term plans there still stand.
Agnico Eagle is the world's second-largest gold producer by output, with roughly 85% of its production coming from Canada. Its other mines in Finland, Australia, and Mexico are not affected by the Quebec slide.
The update came as spot gold traded above $4,300 an ounce, a level last seen in early 2025. Higher bullion prices offset some of the volume concerns for Agnico Eagle. The multi-year nature of the Barnat disruption introduces a risk that is harder to hedge than a quarterly miss. The company plans to provide an updated timeline for the pit restart once geotechnical work is complete. No date has been set.
Investors can track the stock on the AEM stock page. For broader context on gold's recent rally and how producers are positioned, the gold profile covers the supply-side dynamics that matter most to miners like Agnico Eagle.
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