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Canada Canadian Malartic

Canada’s biggest gold mine and low cost producer is advancing a large underground project with the potential to extend mine life for decades

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Fast Facts

Ownership

50%

Primary Metal

Gold

Mine Type

Open Pit

Proven and Probable Mineral Reserves (50%)(1)

1,767,000 ounces of gold

2021 Production (50%)

357,392 ounces of gold

2022 Production Guidance (50%)

320,000 ounces of gold

  • 1. 50,225,000 tonnes with an average grade of 1.09 grams per tonne gold.

Overview

The Canadian Malartic mine, in which Yamana holds a 50% interest, is located in the Abitibi region of Quebec near the town of Val-d’Or. It is Canada’s largest gold mine and Yamana’s biggest producer. The Company acquired the operation in 2014 with Agnico Eagle Mines when they jointly purchased Osisko Mining. The operation is overseen by the Canadian Malartic General Partnership, a joint management committee consisting of senior leaders from Yamana and Agnico Eagle.

Canadian Malartic is currently an open-pit mine, but the operation is advancing a large underground project, known as the Odyssey project, that transition Canadian Malartic into an underground operation by approximately 2028 with a mine life that runs until at least 2039.

Value Proposition

The primary objective of exploration at Canadian Malartic is to further define and increase underground mineral resources. Currently, the Company is advancing an aggressive infill drilling program at East Gouldie, one of three primary mineralized zones that comprise the Odyssey project. To date, drilling at East Gouldie has added a total of 82 new pierce points in the mineralized zones, confirming estimated grades and widths and resulting in the first gold indicated mineral resources for the deposit of 1.5 million ounces, on a 100% basis, as at year-end 2021. The ongoing infill drilling program continues to increase the inventory of indicated mineral resources to support the planned conversion of mineral resources to mineral reserves. Expansion of the mineral resource envelope on all sides added new inferred mineral resources with a high potential for future conversion in the mine plan, while step out drilling extended the mineralized zone 1,260 metres beyond the reported East Gouldie mineral resource and identified a new subparallel zone, located 400 metres in the footwall of the East Gouldie zone. Improving the geological confidence of the mineral resources is expected to further de-risk future production.

For the most recent exploration update on Canadian Malartic, please see the press release dated February 8, 2022.

Please click here to view the latest technical report for Canadian Malartic. 

Odyssey Project

The Odyssey project hosts three main underground mineralized zones: East Gouldie, East Malartic, and Odyssey. As of December 31, 2021, the Odyssey Project contains 2.35 million ounces of gold in Indicated Mineral Resources and 13.15 million ounces of gold in Inferred Mineral Resources of which 7.3 million ounces, or approximately 47%, is included in the technical study mine plan (100% basis). Shallow mineralized zones located less than 600 metres below surface will be mined using a ramp from surface. Deeper mineralized zones will be mined via ramping and a production shaft. First production is expected in late 2023 in the Odyssey zone. Shaft sinking activities are expected to begin in late 2022, with production from the higher-grade East Gouldie zone expected to begin in 2027. From 2029 to 2039, the underground operation is expected to be in full production, producing an expected 500,000 to 600,000 ounces of gold per year (100% basis).

For more information on the Odyssey project, please see the press release dated February 11, 2021. For the most recent exploration updates please see press release dated April 4, 2022 and press release dated July 27, 2022.

See a video of a 3 D model of the Odyssey Project.

Please refer to Mineral Reserves & Resources for complete information relating to mineral reserves and mineral resources indicating tonnage and grade for the various mines and projects.

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For more information, please see the press release dated February 11, 2021.
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Please refer to Mineral Reserves & Resources for complete information relating to mineral reserves and mineral resources indicating tonnage and grade for the various mines and projects.
Download PDF (1.6 MB)