Agnico Eagle shares drop as covid-19 circumstances rise in Nunavut

The corporate determined to ship house the Nunavut-based workforce (Nunavummiut) from the Meliadine, Meadowbank and Hope Bay operations in addition to its Nunavut exploration initiatives.

As a result of discount, the corporate expects manufacturing to be minimal over this era. It is usually reassessing present protocols in preparation for a resumption of actions anticipated in early 2022.

All Nunavummiut employees, presently on-site, can be despatched house and people which might be at present off-site won’t return to work right now for a interval of at the least three weeks.

Shares of Agnico Eagle have declined 25.4% in 2021 in contrast with a 13.3% fall of the trade.

Final 12 months, miners working in distant areas in Canada, together with Agnico, despatched house Indigenous employees and restricted contact between fly-in employees and communities to attenuate the chance of spreading covid-19. The extremely transmissible Omicron variant of the virus now threatens a wave of recent disruptions, even after the roll-out of vaccines and vaccine mandates this 12 months. 

Nunavut is extending its “circuit-breaker” lockdown as an increase in covid-19 circumstances pushes the territory’s healthcare system to a breaking level.

The territory’s chief public well being officer, Dr. Michael Patterson, mentioned Wednesday the province has 74 circumstances in eight communities after counting zero circumstances on Dec. 21.

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Written by colin


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