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Ammar Al-Joundi, CEO of Agnico Eagle Mines Limited | Rule Symposium 2026: Rick Rule interviews

Rule Investment Media May 19, 2026

Summary

Agnico Eagle's regional strategy concentrates on jurisdictions with decades of geologic potential and political stability, because capital allocation is mostly knowledge.

Canada's two biggest mines, Detour and Malartic, are each being grown past one million ounces a year using existing mills and infrastructure.

Four already-permitted projects, including a fourth Nunavut mine and Upper Beaver, add 1.5 million ounces without new discovery or permitting risk.

Net present value (today's worth of future cash) ignores mine cash flows after year 10, so long-life mines are undervalued, the CEO argues.

A six-year review led to consolidating three companies controlling what Agnico's team calls the most prospective ground in Northern Europe.

Key points on Agnico Eagle Mines

  • The CEO says four projects that are already found and permitted — the Detour underground mine, the Malartic expansion, a new Nunavut mine, and Upper Beaver — are expected to add about 1.5 million ounces of annual production while reusing existing mills, power, and crews.
  • As of the May 2026 interview, Detour produces roughly 700,000 ounces of gold a year and is being grown past 1 million ounces by adding an underground mine beside the open pit, with mine life already extended past 2060; the CEO says it will be one of only two mines in the Western world above 1 million ounces a year.
  • Malartic, Canada's second-largest gold mine at about 600,000 ounces a year, is also targeted to exceed 1 million ounces, so the country's two biggest mines would both top that level by the early 2030s.
  • The CEO credits a regional strategy — entering only regions with multi-decade geologic potential and political stability, building its own mines with its own teams, and running turnover at one-third of peers — for Agnico's record of returns and avoided critical mistakes.
  • In Finland, the company announced the simultaneous consolidation of three companies to control what its team calls the most prospective land package in Northern Europe, after six years of evaluation near Kitula, which it describes as Europe's largest gold mine.

Key points on Barrick Mining

  • The CEO says he spent much of his career at Barrick and left as its CFO to join Agnico Eagle.
  • He calls Barrick 'a great company' and uses its Tanzania mine, staffed by fly-in, fly-out engineers who typically leave after about three years, as his example of the turnover Agnico's regional model avoids.

Ammar Al-Joundi's takeaways

  • Top takeaway Argues Agnico's regional, multi-decade approach — geologic potential over decades plus political stability, self-built mines, and deep local knowledge — makes capital allocation '90% knowledge' and explains roughly three decades of outperformance versus peers.
  • Frames the growth pipeline as unusually low risk: about 1.5 million ounces of added annual production from four mines that are 'already found' and 'already permitted,' built on existing infrastructure and employees.
  • Contends the market undervalues long-life mines because NPV resets after year 10 or 11, saying 'the way you make money in our business isn't by building the mine, it's by extending the mine.'
  • Points to employee retention — one-third the turnover of peers in its operating regions — as the source of the local knowledge and mine-level innovation behind Agnico's operating record.
  • Casts the Finland three-company consolidation as a deliberate decision made after six years of studying the assets, not a reaction to a rise in gold prices.

Rick Rule's takeaways

  • Top takeaway Discloses he has owned Agnico Eagle for roughly three decades and calls it the only operating company in his 'big three' gold portfolio.
  • Characterizes Agnico as having an unparalleled range of operating assets, persistently high return on capital employed, persistently high operating margins, and a record of avoiding critical mistakes.
  • Notes that every public-company exhibitor at his symposium — including Agnico, a sponsor — is owned in the conference sponsors' accounts, and says he previously interviewed Paul Penna, whom he calls Agnico's founder, and Sean Boyd.

Sean Boyd's takeaways

  • Top takeaway The CEO says he joined Agnico Eagle working under Sean Boyd and that Boyd tapped him to take over as CEO when Boyd decided to retire.