On January 4, Agnico Eagle agreed to pay $286 million to acquire all the outstanding common shares of TMAC Resources Inc. TMAC is operator of the Hope Bay gold project southwest of Cambridge Bay. TMAC says the property contains at least 5.1 million ounces of gold.
Agnico Eagle has also promised to pay down all of cash‐strapped TMAC’s outstanding debt, which amounts to about $170 million.
Agnico Eagle Mines is a global leader in the gold mining business internationally and has been active in Nunavut since 2007.
The TMAC‐Agnico Eagle agreement will come before the Ontario Superior Court of Justice for approval January 20, 2021.