Business UpdateJul 2, 2026, 05:01 PM
OR Royalties Partner's Barnat Pit Sees Rock Movement, Production Impact
AI Summary
OR Royalties Inc. announced that its operating partner, Agnico Eagle Mines Limited, reported a rock mass movement at the Barnat open pit of the Canadian Malartic Complex. While there were no injuries or environmental damage, mining operations have been temporarily suspended. Agnico Eagle expects this to reduce gold production by 60,000-80,000 ounces in the second half of 2026 and up to 150,000 ounces annually in 2027 and 2028. Despite this, OR Royalties' 2026 guidance and 5-year outlook remain unchanged, as the long-term production target for the complex is not affected.
Key Highlights
- Rock mass movement occurred on July 1, 2026, at the Barnat open pit of Canadian Malartic.
- No injuries, equipment damage, or environmental impact resulted from the event.
- Agnico Eagle temporarily suspended mining operations in the Barnat open pit as a precaution.
- Agnico Eagle expects a 60,000-80,000 ounce gold production reduction in H2 2026.
- Agnico Eagle anticipates up to 150,000 ounces gold reduction per year in 2027 and 2028.
- OR Royalties' 2026 gold equivalent ounce delivery guidance and 5-year outlook remain unchanged.
- The Odyssey (underground) mine and the 1 million ounce annual production target for the early 2030s are unaffected.
Price Impact
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