Bank Of America Sees Growth Potential From Meliadine And IVR For Agnico Eagle Mines
In a report published Wednesday, Bank of America analyst Michael Jalonen reiterated a Neutral rating and $42.50 price target on Agnico Eagle Mines Ltd. (NYSE: AEM).
In the report, Bank of America noted, “On August 26th we participated in an analyst/investor tour of Agnico Eagle's wholly owned Meliadine project and learned more about potential future development options from local project management. Meliadine has the potential to become AEM's next operating mine by 2019, producing 250-350koz of gold per annum. Also discussed was the IVR project where recent drilling has uncovered four parallel zones of shallow gold mineralization at very attractive grades. Located just 50km northwest of Meadowbank, IVR has the potential to become a satellite mine with ore transported to Meadowbank's mill (extending its life past the current four years).”
Agnico Eagle Mines closed on Tuesday at $37.35.
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