We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Agnico Eagle Mines Inks Deal to Buy O3 Mining in Friendly Transaction
Read MoreHide Full Article
Agnico Eagle Mines Limited (AEM - Free Report) and O3 Mining Inc. recently signed a definitive support agreement. Under this agreement, AEM has agreed to offer to acquire, directly or indirectly, all of O3 Mining's outstanding common shares in cash at $1.67 per common share through a takeover bid. The offer is worth approximately $204 million on a fully diluted in-the-money basis.
The offer price of $1.67 per common share represents a 57% premium over the volume-weighted average price of Common Shares on the TSX Venture Exchange for the 20-day period ending Dec. 11, 2024.
O3 Mining's principal asset is the 100%-owned Marban Alliance property. The Marban Alliance property includes the Marban deposit, which is an advanced exploration project with the potential to sustain an open pit mining operation akin to Agnico Eagle's Barnat open pit operations at the Canadian Malartic complex.
The potential combination of the Marban Alliance property into the Canadian Malartic land package will result in significant and unique synergies by leveraging Agnico Eagle's regional operational expertise and existing infrastructure, which includes the Canadian Malartic mill, open pit workforce and equipment fleet.
Shares of Agnico Eagle have gained 51.7% in the past year compared with a 19.4% rise of the industry.
Image Source: Zacks Investment Research
The company expects its 2024 gold production to be in the range of 3.35-3.55 million ounces and is on track to meet the mid-point of the range. AEM anticipates meeting its 2024 projection of between $875 and $925 for total cash costs per ounce and between $1,200 and $1,250 for AISC per ounce. With capitalized exploration excluded, it expects total capital expenditures for 2024 to be in the range of $1.6 million to $1.7 million.
Better-ranked stocks in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , Ingevity Corporation (NGVT - Free Report) and CF Industries Inc. (CF - Free Report) .
Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 14.1%. The company's shares have soared 161.6% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.
Ingevity, a Zacks Rank #2 (Buy) stock, beat the consensus estimate in three of the trailing four quarters. In this time frame, it has delivered an earnings surprise of roughly 95.4%, on average. The consensus estimate for NGVT’s current year earnings has increased 15.9% in the past 60 days.
The Zacks Consensus Estimate for CF’s current-year earnings is pegged at $6.32 per share. CF, a Zacks Rank #1 stock, beat the consensus estimate in two of the last four quarters while missed twice, with the average earnings surprise being 10.3%. CF has rallied around 18.2% in the past year.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Agnico Eagle Mines Inks Deal to Buy O3 Mining in Friendly Transaction
Agnico Eagle Mines Limited (AEM - Free Report) and O3 Mining Inc. recently signed a definitive support agreement. Under this agreement, AEM has agreed to offer to acquire, directly or indirectly, all of O3 Mining's outstanding common shares in cash at $1.67 per common share through a takeover bid. The offer is worth approximately $204 million on a fully diluted in-the-money basis.
The offer price of $1.67 per common share represents a 57% premium over the volume-weighted average price of Common Shares on the TSX Venture Exchange for the 20-day period ending Dec. 11, 2024.
O3 Mining's principal asset is the 100%-owned Marban Alliance property. The Marban Alliance property includes the Marban deposit, which is an advanced exploration project with the potential to sustain an open pit mining operation akin to Agnico Eagle's Barnat open pit operations at the Canadian Malartic complex.
The potential combination of the Marban Alliance property into the Canadian Malartic land package will result in significant and unique synergies by leveraging Agnico Eagle's regional operational expertise and existing infrastructure, which includes the Canadian Malartic mill, open pit workforce and equipment fleet.
Shares of Agnico Eagle have gained 51.7% in the past year compared with a 19.4% rise of the industry.
Image Source: Zacks Investment Research
The company expects its 2024 gold production to be in the range of 3.35-3.55 million ounces and is on track to meet the mid-point of the range. AEM anticipates meeting its 2024 projection of between $875 and $925 for total cash costs per ounce and between $1,200 and $1,250 for AISC per ounce. With capitalized exploration excluded, it expects total capital expenditures for 2024 to be in the range of $1.6 million to $1.7 million.
Agnico Eagle Mines Limited Price and Consensus
Agnico Eagle Mines Limited price-consensus-chart | Agnico Eagle Mines Limited Quote
AEM’s Rank & Key Picks
AEM currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , Ingevity Corporation (NGVT - Free Report) and CF Industries Inc. (CF - Free Report) .
Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 14.1%. The company's shares have soared 161.6% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.
Ingevity, a Zacks Rank #2 (Buy) stock, beat the consensus estimate in three of the trailing four quarters. In this time frame, it has delivered an earnings surprise of roughly 95.4%, on average. The consensus estimate for NGVT’s current year earnings has increased 15.9% in the past 60 days.
The Zacks Consensus Estimate for CF’s current-year earnings is pegged at $6.32 per share. CF, a Zacks Rank #1 stock, beat the consensus estimate in two of the last four quarters while missed twice, with the average earnings surprise being 10.3%. CF has rallied around 18.2% in the past year.