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Changes in leadership at Agnico Eagle Finland Oy
Agnico Eagle’s new leader is Jani Lösönen Managing Director of Agnico Eagle Finland Oy Ingmar Haga will retire by the end of 2017. Jani Lösönen was appointed as the new CEO from May 1 2017.
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ani Lösönen, 41, previously worked as the managing director of Ekokem. He graduated from the Lappeenranta University of Technology with a Master’s degree in industrial engineering, and he has also held various production and business management positions at Kemira. Lösönen says that the leap from one industry to another was not very large. He has worked for 20 years in the industrial sector. ”Different companies within heavy industry have many of the same char-
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acteristics; safety and environmental issues are a high priority, productivity needs to be constantly improved and timely investment will ensure long-term business development“, Lösönen explains. Lösönen describes the situation of Agnico Eagle Finland Oy and the work done by the company’s previous managment as extremely good. There are no reasons for major changes in the traditional company. “There is no intention to make radical changes in the line, responsible work continues and attention is paid to the company’s economic productivity.” The deposit in Kittilä is Agnico Eagle’s largest gold asset. Kittilä also have good opportunities to expand due to the large mineral reserves. In Agnico Eagle’s Q2 quarter review, CEO Sean Boyd also referred to enlargement opportunities for Finland. Lösönen says that the
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EIA on production from 1.6 million tonnes to 2 million tonnes has been approved and the company is currently making technical and financial reports on the profitability of the extension. “I believe that next year we will be able to say more about the possiblility of enlargement, we believe that there are opportunities,” says Lösönen.
Social participant The company has listed one of its goals as promoting social, economic and sustainable development in Kittilä and throughout Lapland. Agnico Eagle has made extensive donations to educational institutions in the north. The University of Oulu received a donation of over € 1 million. The University of Lapland received a donation of 100,000 euros. According to Lösönen, the company wants to support training and raise
awareness of the possibilities in the field for students. The company hopes to promote expertise in various fields for both production and administrative tasks. “Education is important in Finland, we are positive about that.” Lösönen describes the company as an active and responsible actor in the local community. The company supports local projects in Kittilä and participates in joint ventures, such as co-operatives working groups. Various tradesmen are involved in the co-operatives. The aim is to have a wide-ranging dialogue with different stakeholders and to participate in the local community in many ways.
Long-lasting activity According to Lösönen, mining companies must take care of their own performance and continuous-
ly improve their processes. The Nasdaq list the price of gold (October 2, 2017) $ 1274 per oz. The price of gold per ounce has remained below the $ 1400 level for three years. This year, gold prices have risen by $ 70–80. The price of gold varies between stock exchanges, the company cannot influence them or speculate on the price. There is always a market for gold, but the price is also varied by speculative elements. The mining company has its own line. “The company operates on a long-term basis, and we do not over-react to gold short-term fluctuations, our design horizon is longer.” The company’s balance sheet will last longer than the price fluctuation “ Lösönen emphasizes that Agnico Eagle has been working for 60 years in the mining industry. Along the way, there have been many situations
and uncertainties that were solved by following the company’s long-term strategy. Last year, the company mined 202.508 ounces of gold in Kittilä. In the future, production will be the same or higher, Lösonen estimates. The operational activity of the Kittilä mine is profitable. Profits will be reinvested in the mine. Lösönen says that he is very confident about the future. The first months have shown that the company is in good shape. “We are proud of our history and optimistic for the future.”
JUHA VESTERINEN Translated by Sally Ulich
Agnico Eagle’s donations to educational institutions Agnico Eagle Finland Oy has donated one million euros to the University of Oulu. The deed of donation was signed at the University of Oulu in May. At the event, Agnico Eagle Finland Oy was represented by Managing Director Ingmar Haga. Also present were Pertti Voutilainen from Agnico Eagle’s board, and Mikko Korteniemi, General Manager of the Kittilä mine. On behalf of the University of Oulu, the donation was received by Rector Jouko Niinimäki, Helka-Liisa Hentilä, Ph.D., Dean of the Oulu Mining School Juha Pekka Lunkka and Education Dean Saija Luukkanen. Reasons for the donation include the company’s goal of carrying out mining operations in a long-term and sustainable manner and securing the industry’s expertise in the future. “Agnico Eagle’s goal and hope for Northern Finland is an internationally acclaimed high-quality education and re-
search centre for mining. The potential and opportunities for mining are specifically in the north. The location of education and research in the area is therefore of paramount importance“, states Senior Advisor Ingmar Haga. Agnico Eagle Finland Oy will donate EUR 100,000 to the University of Lapland. ”The University has an important role in continuing to provide qualified teachers to all Lapland schools. We consider this very important for the future of Lapland and therefore we want to support the work of the university”, Managing Director Ingmar Haga explains the fundamentals of the company’s donation. Half of the company’s donation will be used for educational sciences, with the other half for the development of law research and education. Rector Mauri Ylä-Kotola expressed his gratitude. ”The
University of Lapland training school is currently being expanded and activities are being developed so that – in addition to teacher training – the university can support schools across Lapland, for example through distance learning. It is great that Agnico Eagle, as a major player in Lapland, wants to support this development work.” The government has earmarked EUR 150 million in this year’s budget, which is allocated to universities in proportion to the donations that they receive. (JV) Translated by Sally Ulich