Sean Boyd CEO of Agnico Eagle Mines with Matt Bird at the World Economic Forum | ESG News
Sean Boyd, CEO of Agnico Eagle Mines with Matt Bird at World Economic Forum (Davos, Switzerland)
Agnico opened two new gold mines in Canada
Agnico has mines in Canada, Mexico, Finland, U.S., and Sweden
Agnico finished top 5 market cap
INTERVIEW TRANSCRIPTS: Sean Boyd, CEO of Agnico Eagle Mines with Matt Bird
Matt Bird – Show Host, Traders Network Show: 00:00
Welcome back to the Traders Network Show broadcasting worldwide from Davos, Switzerland. I’m Matt bird. We’re here at the 2020 World Economic Forum and the next guest needs a little introduction on the world gold stage. Sean Boyd, welcome to the show. Sean, you’ve been in the gold industry for quite some time. Rumor and news has it, you’re up to some stuff in the Arctic. You’re breaking new ground, you’ve always broken new ground within the resource industry. What’s next with you? What’s happening right now?
Sean Boyd – CEO, Agnico Eagle Mines: 00:32
As you mentioned it’s an exciting time for Nico. We’re still building mines and we’ve recently opened two mines in Canada’s Arctic in none of it. This will drive our production over 2 million ounces. So it’s an important part of our business. But I think what we’re most excited about is that it’s one of those unique places in the world where you can actually get business done from a mining perspective. And there’s huge mineral potential. And what we found when we went up there in 2007, that we were welcomed by the locals, the Inuit population. And it’s an interesting place to do business because the Inuits owned 18% of the land mass and the land mass of none of it is three and a half times the size of France. They selected that 18% based on its geological potential. They hired consultants. So the nun owned the best rocks and none of it. So they’re in the business of resource development and it ties in perfectly to what’s happening at this conference. This conference is focused on ESG, impact on environment and we’re able to make the case from a mining perspective where we’re having positive impact, we’re giving opportunity, we’re providing jobs, the best social program is a job. And not only are we generating wealth for our shareholders, we’re making a positive difference in the lives of the communities. And we’re giving them opportunity for the future. That’s what’s most exciting.
Matt Bird – Show Host, Traders Network Show: 01:50
You’re arguably no question a world thought leader on the subject. Can you switch hats for a little bit and be an analyst from the industry itself? How has the industry itself shifting on a sustainability aspect and the economic development side, what are you seeing as far as trends?
Sean Boyd – CEO, Agnico Eagle Mines: 02:11
Well it’s for most companies in the mining space, ESG is not new. You have to learn as a mining company, you have to earn your social license to operate those projects every single day. So we’re not sitting here as an industry all of a sudden being hit on the side of the head by ESG coming out of the blue. That’s what we live with every single day. There’s no question that there’s bad actors in every industry and unfortunately industries get tarred by the bad actors. But for the most part one of the benefits of being a mine builder and a mine operator and going into remote parts of the world where there aren’t really good opportunities is that you get to make those impacts and have those positive impacts. So we’re here in Davos to tell that story because that story isn’t well told and it needs to be told.
Matt Bird – Show Host, Traders Network Show: 02:40
What could other mining organizations out there would be doing to become more like Nico.
Sean Boyd – CEO, Agnico Eagle Mines: 03:10
I think there are a lot that are like, Nico, we’re just not hearing those stories cause it’s a good news story. But when you think about mining and particularly now, it’s a tough business. Particularly the gold business. It’s an industry that is having a tough time growing its output. Why? Because the easy deposits have been discovered where the deposits are being found now, they’re in remote parts of the world. They’re in places with little or no infrastructure. They’re in places with really harsh climates and you have to be adaptable. But when you go into those regions, usually you’re into regions where there isn’t much opportunity. And so what you’re able to do is not only are you bringing opportunity, but you’re bringing an ability to train and have people learn skills. And that’s what we do very well. And I think that message needs to get out.
Matt Bird – Show Host, Traders Network Show: 03:30
You know, a few people really know where gold comes from and that is a celestial metal. What would, if you want to the audience out there, the retail, the consumers, how special is gold?
Sean Boyd – CEO, Agnico Eagle Mines: 04:10
Well, that’s why it’s so valuable because it’s hard to find. And so let’s just run through where we are. We mentioned Nunavut. So Nunavut, Northern Canada an area with very little infrastructure. We’re building our own roads. There’s no roads, so we’re having to go into these remote regions. But we’re also in Quebec. We’re 500 kilometers North of Montreal or three kilometers underground. So you’re having to use innovation. You’re having used technology to adapt. We’re in Northern Finland North of the Arctic circle. We’re 30 kilometers from a major tourist area. We coexist. We’re in Northern Mexico in an area where there isn’t a lot of opportunity. And again, we’re bringing hope and we’re bringing jobs. So it’s scarce, which means it’s valuable. And there’s a lot of debate and you see it in cycles. Goals of Barbara’s Relic. Gold has no use. Gold. Makes no sense. Why is gold $1,550 today and the face of record, high stock markets every single day? You would probably make a case a few years back if the Dow Jones is 29,000 gold a thousand dollars. It’s telling us something. There is money around the world that you worried about the future debts rising economies aren’t growing.
Sean Boyd – CEO, Agnico Eagle Mines: 05:28
One of the ways that we may need to as a as a society is inflate to manage the debt that’s growing, Gold’s going to do well in multiple conditions. And so it’s still money. It’s still a store of value. It’s still a preserver wealth, great portfolio diversifier, but there’s trust behind gold. Cryptocurrency. Yeah. You got to trust the people that are devising and setting that up. Gold. You have it. You want it. Now, why are central banks buying it? Central banks are buying more last year than they did in 50 years and they control the printing presses. And so gold has a role to just stabilize and support Central bank reserves for seeing diversity.
Matt Bird – Show Host, Traders Network Show: 06:08
I really liked the trust analogy. When you think about the US dollar or any a piece of paper, we define what that value is. It’s, you know, it could be worth nothing or it could be worth something, whatever you put to it. Gold, it’s a physical, tangible thing. Do you ever come across other precious metals when you’re mining?
Sean Boyd – CEO, Agnico Eagle Mines: 06:19
Silvers in some instances as associated with gold, we produced biproduct silver, but not just that. We have a deposit in Quebec where we’re producing by-product, copper in sync with the significant ones. So all deposits are different. That’s what makes the industry so complex.
Matt Bird – Show Host, Traders Network Show: 06:39
And so, I know you’re a busy guy. Where are you? What next for you?
Sean Boyd – CEO, Agnico Eagle Mines: 06:51
I’ll be heading home to Canada tomorrow. So we’ve been in Switzerland for three days and just touching base with a lot of our shareholders, we’ve got a really good following here in Europe. Why? Because the Europeans understand gold and understand its importance and light gold companies. And so we’ll head back home to Canada put our year end to bed. A couple of weeks. And keep growing and keep growing this business.
Matt Bird – Show Host, Traders Network Show: 07:11
And just you guys are now top five congratulations. Sean Boyd. You’re watching the Traders Network Show for Equities News, and a special thanks to our syndicated partners and affiliates, ABC, NBC, Fox, and CBS. I’m Matt Bird. We’ll be back after these messages. More WEF coming your way. Don’t go away.