Mentioned:
AEM -7.41% PPTA -9.54%
One of the giants of gold and copper mining is getting serious about something new: critical minerals.
What’s happening:
- Agnico Eagle (NYSE: AEM) has launched a new wholly owned subsidiary known as Avenir Minerals Limited to focus exclusively on investments into critical minerals projects
By the numbers:
- Avenir Minerals Limited is starting out with roughly $80M USD in critical minerals assets that were previously held within Agnico Eagle and $50M USD in cash
Why it matters:
- This is the first time ever that Agnico Eagle has formed an entirely new subsidiary to pursue opportunities and strategic investments into critical minerals
Going deeper:
- Agnico Eagle just made major waves on Wall Street when they partnered up with JPMorganChase to lead a $225M USD equity financing round into antimony producer Perpetua Resources (NASDAQ: PPTA) which gives Agnico Eagle roughly a 6.5% ownership stake in the entire company
- Agnico Eagle has publicly stated that Avenir Minerals Limited will largely look to deploy capital into projects focused on nickel, cobalt, zinc and antimony within North America
