Agnico Eagle Mines Partners With Nukik to Advance KHFL Project

Agnico Eagle Mines Limited AEM and Nukik Corporation have signed a Memorandum of Understanding (MOU) for advancing commercial negotiations and solidifying the technical collaboration on Kivalliq Hydro-Fibre Link (KHFL). KHFL is a landmark infrastructure initiative set to pave the way for Nunavut’s Kivalliq region to economic self-determination, clean energy and lasting prosperity.

The agreement aims to bring clean, reliable energy and high-speed broadband connectivity to the region through discussions and technical work between the two organizations. Nukik’s KHFL project is collaborating with the federal government and industry partners to accelerate the strategic goal of the project. With Agnico Eagle’s Meliadine mine serving as a key foundation in the region, the partnership strengthens a shared vision of sustainable development.

The project will eventually connect Nunavut to Manitoba’s hydro and fiber network, replacing dependence on diesel and eradicating the digital divide. The Kivalliq region currently consumes around 138 million liters of diesel annually, with a high reliance on imported, non-Canadian diesel fuel. This underlines the urgent need for a reliable, renewable alternative.

KHFL appropriately addresses the issue. Through the MOU, the companies will advance technical studies, commercial discussions and capacity-building initiatives to successfully realize the development of the KHFL project.

AEM’s shares have gained 97.9% over the past year compared with the industry’s 116.7% rise.

AEM’s Zacks Rank & Other Key Picks

AEM currently sports a Zacks Rank #1 (Strong Buy).

Some other top-ranked stocks in the Basic Materials space are Kinross Gold Corporation KGC, Fortuna Mining Corp. FSM and Harmony Gold Mining Company Limited HMY.

At present, KGC sports a Zacks Rank #1, while FSM and HMY carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for KGC’s current-year earnings is pegged at $1.67 per share, indicating a rise of 145.59%. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters while missing it in one, with an average surprise of 17.37%. KGC’s shares have risen 164.5% over the past year.

The Zacks Consensus Estimate for FSM’s current fiscal-year earnings is pinned at 76 cents per share, indicating a 65.22% year-over-year increase. Its shares have surged 85.5% over the past year.

The Zacks Consensus Estimate for HMY’s 2026 earnings is pegged at $2.68 per share, indicating a 111.02% year-over-year increase. HMY’s shares have gained 103.6% over the past year.

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This article originally published on Zacks Investment Research (zacks.com).

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