Agnico Eagle Halts Barnat Pit Operations After Geotechnical Shift

Technical teams are currently on-site conducting a geotechnical assessment to determine the stability of the pit wall and establish a pathway for resuming extraction. To mitigate the immediate impact on output, the company is pivoting to process low-grade ore from existing stockpiles, keeping the plant operational despite the loss of planned feed from the Barnat sector.

The suspension carries a measurable financial weight. Agnico Eagle projects a production shortfall of 60,000 to 80,000 ounces of gold for the second half of 2026, followed by a decline of 150,000 ounces annually throughout 2027 and 2028. Investors reacted to the news with caution, sending shares down 1% to 218.13 Canadian dollars, even as the company noted that its broader second-quarter production remains slightly ahead of internal targets.