Less than two weeks after G Mining’s $3B bid for G2 Goldfields, we’ve got more regional consolidation - with Agnico Eagle (AEM) spending $3.8B across three deals to expand its Finnish footprint…

… which it expects will drive $500M of synergies beyond the cost savings from eliminating property boundaries. Management aims to more-than-double local production to 500K ounces per year over the next decade…

… with exploration upside from the pro-forma 2.5K km2 land package (from 355 km2 today). With $2.9B of the deal paid for in stock, >$2B of dry powder, and the massive spread over AISC generating a metric tonne of cash…

… the three-year, $60-100M exploration program is a drop in the bucket.

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