Agnico-Eagle Mines (AEM -0.4%) released updated mineral reserves and resources for the Canadian Malartic mine, owned jointly with Yamana Gold (AUY +0.7%), which shows a decrease of ~60K oz. to the reserve base from previous estimates published by Osisko Mining after taking into account a 5% royalty payable to Osisko.
Proven and probable in-pit mineral reserves are 8.9M oz. of gold based on a US$1,300/oz. gold.
Raymond James analysts say their initial view of the report indicates a neutral impact to each company’s net asset value.