Fast Facts

Ownership

50%

Primary Metal

Gold

Mine Type

Open Pit

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

2,214,000 ounces of gold

2020 Production (50%)

284,317 ounces of gold

2021 Production Guidance (50%)

340,000 – 361,000 ounces of gold

  • 1. 61,438,000 tonnes with an average grade of 1.12 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. The focus of the diamond drilling campaign in 2021 is surface drilling to further define high quality mineral resources with drill hole spacing of 80 metres. Improving the geological confidence of the mineral resources is expected to further de-risk future production.

In December 2020, ramp development was started on the Odyssey project to facilitate underground conversion drilling in 2021 and provide access to the Odyssey, East Malartic, and East Gouldie deposits. The new ramp will provide the ability to carry out bulk sampling of up to 40,000 tonnes of ore and is expected to take approximately two years to complete.

For the most recent exploration update and latest detailed drill results for Canadian Malartic, please see the press release dated October 28, 2020.

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

Odyssey Project

The Odyssey project hosts three main underground mineralized zones: Easy Gouldie, East Malartic, and Odyssey. At year-end 2020, underground mineral resources had grown to approximately 14.4 million ounces of gold (100% basis), a 4 million ounce increase from year-end 2019. 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.

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.

For more information, please see the press release dated February 11, 2021.
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.