RACHELLE YOUNGLAI
RTGAM



Agnico Eagle Mines Ltd.'s chief executive says the company is under no pressure to buy another gold mine, but is nevertheless looking at potential acquisitions.

The Toronto-based mining company shied away from making multi-billion-dollar purchases during gold's heyday, and unlike its rivals, has coasted through the downturn relatively unscathed.

Today, Agnico is an enviable position. It doesn't have to sell mines or shelve prized projects to reduce debt, and the company's assets are in relatively mining-friendly jurisdictions like Nunavut and Finland.

"We are under no pressure. But that doesn't mean we are not looking," Agnico's chief executive Sean Boyd said in an interview Thursday.

Last year, Agnico made its first major acquisition when it bought half of the Canadian Malartic mine in Quebec. The mine, which sits along the same highway as Agnico's mines in the province, boosted the company's production and provided the miner with additional cash.

"We are not forced like some others to sell a bunch of stuff to get down to a manageable level," said Mr. Boyd, who has been with Agnico for three decades.

Barrick Gold Corp., Anglo American Plc, Freeport-McMoRan Inc. and many other mining companies have either divested mines or are trying to sell assets to strengthen their balance sheets. Some companies such as Freeport were fortunate enough to find buyers for their assets. Others such as BHP Billiton had to reverse course on their sale plans.

Today, companies such as AngloGold Ashanti Ltd. are so desperate for cash that they are considering selling even their most prized assets. Sources have said AngloGold, based in South Africa, is marketing one of its best mines, called Cripple Creek & Victor, and that the company has started sending confidential agreements to prospective buyers.

Mr. Boyd declined to comment on whether he was interested in Cripple Creek, and said he did not know much about the mine.

"We have to be convinced that something new could improve the quality of our business," he said.