Form 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
The Securities Exchange Act of 1934
For the Month of April 2003
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Agnico-Eagle Mines Limited
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(Translation of registrant's name into English)
145 King Street East, Suite 500, Toronto, Ontario M5C 2Y7
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[Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20F or Form 40-F.]
Form 20-F X Form 40-F
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[Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No X
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[If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b):82-
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
AGNICO-EAGLE MINES LIMITED
Date: April 1, 2003 By: (SIGNED) SEAN BOYD
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President and Chief Executive Officer
MATERIAL CHANGE REPORT
SECTION 75 OF THE SECURITIES ACT (ONTARIO)
SECTION 85 OF THE SECURITIES ACT (BRITISH COLUMBIA)
SECTION 146 OF THE SECURITIES ACT (ALBERTA)
SECTION 84 OF THE SECURITIES ACT (SASKATCHEWAN)
SECTION 73 OF THE SECURITIES ACT (QUEBEC)
SECTION 81 OF THE SECURITIES ACT (NOVA SCOTIA)
SECTION 76 OF THE SECURITIES ACT (NEWFOUNDLAND AND LABRADOR)
1. REPORTING ISSUER
Agnico-Eagle Mines Limited ("Agnico-Eagle")
Suite 500
145 King Street East
Toronto, Ontario
M5C 2Y7
2. DATE OF MATERIAL CHANGE
March 28, 2003.
3. PRESS RELEASE
Agnico-Eagle issued a press release through Canada Newswire on March
31, 2003 in Toronto, Ontario.
4. SUMMARY OF MATERIAL CHANGE
A rock fall of an estimated 30,000 tons in two production stopes
occurred during routine operations at Agnico-Eagle's LaRonde gold mine
in Quebec. There were no injuries and no equipment was damaged.
Underground and mill operations have not been interrupted and reserves
are unaffected. A preliminary estimate of the incident's impact on 2003
total gold production is a reduction of up to 20%, due mainly to the
necessity to replace higher-grade mining blocks with ore from low-grade
areas of the mine.
5. FULL DESCRIPTION OF MATERIAL CHANGE
Agnico-Eagle reported a rock fall in two production stopes at its
LaRonde gold mine in Quebec. The fall of an estimated 30,000 tons
occurred when a pyramid-shaped stopping sequence was routinely being
developed in order to distribute and relieve rock stress. The fall
occurred over a period of approximately two weeks in late February and
early March 2003 above Level 215 at 2,150 m (7,050 feet) below surface.
There were no injuries and no equipment was damaged. Underground and
mill operations have not been interrupted and reserves are unaffected.
After investigating various alternatives which would have permitted the
Company to continue mining in the higher grade areas of the mine,
management of Agnico-Eagle determined on March 28, 2003 that this could
not be
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accomplished consistent with proper mining practice and concluded
therefore that gold production in 2003 would be materially affected by
the event.
A preliminary estimate of the incident's impact on 2003 total gold
production is a reduction of up to 20%, due mainly to the necessity to
replace higher-grade mining blocks with ore from low-grade areas of the
mine. It is estimated that up to 10 large mining blocks on the lower
level will have to be mined later than originally planned (please see
longitudinal section for more details at
http://file.newswire.ca/3/2030331.pdf). A more definitive estimate of
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the production and cost impact will be provided as soon as it is
available.
The fall took place on the eastern edge of the pyramid mining sequence,
one of the areas under most stress until the mining sequence is fully
established. Once established, the stress is transferred to the
sidewalls, similar to an arch in a building.
Remedial steps are in progress. The fallen ore has been extracted and
the void is being backfilled with cemented rock fill. Recovery studies
have established that the mining method on four blocks needs to be
revised to a narrower width to faster establish the pyramid sequence.
This narrower mining approach will reduce tons mined from Level 215
until the end of the second quarter. Wider blocks will be mined at a
later date in the next sequence. There will be no long-term change to
the mining method which has been used at LaRonde since start up in
1988.
These falls are part of normal mining risk and have occurred on
previous occasions at Shaft #1. Production continued then because
alternative working areas had been developed and were mined while the
original areas were being stabilized. Development on the lower levels
at LaRonde is behind schedule, as previously announced. This is due to
a mill failure mid 2002 that stopped production of backfill material,
and due to excessive summer heat when working conditions at depth
reduced development productivity. Consequently, alternative areas in
the lower mine levels are not yet sufficiently developed for mining.
6. RELIANCE ON SUBSECTION 75(3) OF THE
ONTARIO SECURITIES ACT OR EQUIVALENT PROVISIONS
Not applicable.
7. OMITTED INFORMATION
Not applicable.
8. SENIOR OFFICER
David Garofalo, Vice-President, Finance and Chief Financial Officer
(416) 947-1212
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9. STATEMENT OF SENIOR OFFICER
The foregoing accurately discloses the material change referred to
herein.
DATED at Toronto, Ontario this 1st day of April, 2003.
(SIGNED) DAVID GAROFALO
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David Garofalo
Vice-President, Finance and
Chief Financial Officer