Agnico Eagle announced that the Supreme Administrative Court of Finland issued its ruling on Kittila’s operating permit and has restored Kittila’s operating permit to 2 million tons per annum. The company now expects approximately 30,000 ounces of additional production from the Kittila mine in Q4 2023 and now expects to be near the upper end of total annual production guidance of 3.24M ounces to 3.44M ounces of gold in 2023. In 2020, the Regional State Administrative Agency of Northern Finland granted Agnico Eagle Finland Oy environmental and water permits that would allow Agnico Finland to enlarge the CIL2 tailings storage facility, expand the operations of the Kittila mine to 2.0 mtpa and build a new discharge waterline. The permits were subsequently appealed to the Vaasa Administrative Court in Finland. In August 2022, the Company appealed the decisions of the Vaasa Administrative Court to the SAC and requested that the SAC restore the permits. No further appeals are available. The company operated Kittila at an annualized rate of 2.0 mtpa in the first nine months of 2023 and is now expected to maintain that production rate through Q4, providing approximately 30K ounces of additional gold production.
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