Agnico Eagle Mines Ltd (NYSE: AEM) (TSE: AEM) temporarily suspended mining at the Barnat open pit in Quebec after a rock mass movement along the pit’s north wall, the company said on Thursday. The incident caused no injuries, equipment damage or environmental harm.
The company said it had already identified the affected area as geotechnically weaker and had increased monitoring before the event. Technical teams are now completing a detailed assessment to determine the cause and the safest path forward.
However, processing at the Canadian Malartic complex will continue using stockpiled ore while mining remains paused. That should allow the operation to keep producing gold in the near term despite the disruption.
Barnat had been scheduled to operate until early 2029. The company said the incident could reduce production by as much as 150,000 ounces of gold annually in both 2027 and 2028, depending on the assessment’s findings.
Additionally, Agnico said second-quarter 2026 production at Canadian Malartic was unaffected by the rock movement. The mine is expected to produce about 845,000 ounces during the quarter, slightly above the company’s internal plan.
The miner also expects lower production during the second half of 2026 because of the suspension. It estimates output could fall by roughly 60,000 to 80,000 ounces, placing full-year production near the lower end of its guidance range of 3.3 million to 3.5 million ounces.
Meanwhile, the company said the disruption does not affect the underground Odyssey mine. Development work there continues as planned, and management still expects the Canadian Malartic complex to achieve its long-term target of producing one million ounces of gold annually.
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Agnico reported an improved proven and probable mineral reserves
Furthermore, Agnico is advancing engineering work and operational planning so mining at Barnat can continue once technical reviews are complete. The company plans to provide additional updates as its assessment progresses.
Canadian Malartic complex is one of Canada’s largest gold mining operations and sits near the town of Malartic.
The site includes the Barnat open pit and the underground Odyssey mine, which is becoming the primary source of production. Additionally, Canadian Malartic plays a major role in Agnico Eagle’s overall output, producing hundreds of thousands of ounces of gold each year. The company expects the complex to reach a long-term production rate of about one million ounces annually.
Earlier this year, Agnico reported that its proven and probable mineral reserves increased two per cent to 55.4 million ounces. Additionally, indicated mineral resources rose 10 per cent to 47.1 million ounces, while inferred resources climbed 15 per cent to 41.8 million ounces.
The company said its 2026 exploration program will focus on expanding deposits around Canadian Malartic. Furthermore, it will advance underground work at Detour Lake and pursuing regional opportunities across Quebec’s Abitibi gold belt. Management said the drilling program aims to support future production growth and extend mine life across its portfolio.
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