Agnico Eagle Mines Ltd
AEM
Materials
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exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Agnico Eagle Mines Ltd is a gold mining company operating underground and open-pit mines, including the Fosterville Gold Mine in Australia and the Detour Lake mine in Canada. The company's primary business activity is the extraction of gold, a non-fuel mineral resource. This core business model places it within the extractive industries category.
The company has engaged with Indigenous rights frameworks, having negotiated a mining agreement with the Dja Dja Wurrung Clans Aboriginal Corporation (DJAARA) in Australia. Agnico Eagle also cites adherence to voluntary principles on security and human rights. However, the fundamental exclusion stems from the company's product: it derives its revenue from mining and selling gold, an activity defined as exclusionary under the extractive industries criteria.
Agnico Eagle Mines Ltd operates gold mines in ecologically sensitive subarctic and Arctic regions, where its extractive activities have resulted in documented environmental damage and regulatory failures. The company’s Meadowbank mine in Nunavut failed to implement required caribou protection measures for four consecutive years, prompting a call from the Government of Nunavut for a federal investigation in 2022. At its Meliadine mine, also in Nunavut, Agnico Eagle planned to pipe saline effluent directly into Melvin Bay near Rankin Inlet, a proposal that drew significant public scrutiny over its potential impact on the marine environment.
The company’s operations have been subject to environmental assessment and monitoring due to their high-risk location, with its tailings management facilities in the Arctic cited as vulnerable case studies in climate change analyses. Agnico Eagle’s presence on a Canadian government list of “environmental offenders” whose penalties fund environmental repair further indicates a record of violations. While the company publishes sustainability reports and commits to regulatory compliance, these documented incidents of habitat disruption and pollution in fragile ecosystems demonstrate a pattern of physical environmental damage linked to its mining operations.
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