2017 Performance


Economic Value

Developing Strong, Sustainable Communities in Kivalliq

Whale Tail gold project IIBA signed with KIA.

The Amaruq Whale Tail project is the next big project in our pipeline but before any development can proceed, critical agreements and approvals must be received.

Key among them is an Inuit Impact Benefit Agreement (IIBA) between Agnico Eagle and the Kivalliq Inuit Association (KIA). IIBA’s are required by the Nunavut Land Claims Agreement whenever a major project is built on Inuit Owned Lands.

After several months of negotiations, hundreds of community members from Baker Lake were on hand June 15th to witness the historic signing of the Whale Tail IIBA. The IIBA addresses protection of Inuit values, culture and language, as well as protection of the land, water and wildlife. It also provides substantial financial benefits to the KIA and Nunavut Tunngavik Incorporated (NTI) in resource royalties and fees, as well as Inuit employment, training and business opportunities.

“We are proud to partner with KIA in our continued growth in Nunavut and in developing strong, sustainable communities in the Kivalliq Region. Only through combined partnership efforts will we achieve success and our vision of seeing mines in Nunavut being operated and managed by Inuit,” said Ammar Al-Joundi, President of Agnico Eagle during the ceremony.

The next project milestone is to receive the environmental permits that will allow Agnico Eagle to proceed with site development, currently expected by the second quarter of 2018. Production at Whale Tail could then begin as early as the third quarter of 2019 with an additional 80 new jobs created.

During the year, the KIA and Agnico Eagle also concluded a formal review of the existing Meadowbank IIBA, as well as amendments to the existing Meliadine IIBA signed in 2015 – successfully harmonizing IIBA rules and procedures among the Whale Tail, Meadowbank and Meliadine projects.