By Robb M. Stewart
Agnico Eagle Mines has the go ahead to buy back up to $1 billion worth of its share over a one-year period.
The Canadian gold miner said Thursday the Toronto Stock Exchange approved its plans for a normal course issuer bid, under which it could buy up to the lesser of $1 billion in stock or 25.2 million of its shares, the equivalent of 5% of the issued and outstanding stock.
The buyback program will run through May 3, 2026.
Agnico Eagle's shares have jumped 44% in Toronto and 50% on the New York Stock Exchange so far in 2025, buoyed in part by the surge this year in the price of gold. Based on a close at $119.02 in New York on Monday, the company said the buyback program would allow it to buy up to 8.4 million of its shares, about 1.7% of the issued and outstanding total.
Purchases under the normal course issuer bid are expected to be made through the facilities of the TSX, New York Stock Exchange and alternative trading systems in Canada or the U.S. at prevailing market prices, the company said.
Under the current buyback program, set to end Saturday, Agnico Eagle has bought almost 1.7 million of the roughly 25 million shares allowed at a weighted-average price of about $80.56 a share.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
May 01, 2025 08:28 ET (12:28 GMT)
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