Agnico-Eagle board approves development of Mexican mine

Sept 4 Tue Sep 4, 2012 6:44pm EDT

Sept 4 (Reuters) - Canadian gold miner Agnico-Eagle Mines Ltd said its board approved the development and construction of a mine in Mexico.

Commercial production at the La India mine is expected in the second half of 2014, the company said.

Construction costs, which will be funded from the operating cash flows, for the mine are expected to total about $158 million. Capital costs are expected to total about $25 million over the eight-year life of the mine.

Construction of the project will begin immediately, Agnico-Eagle, which also has the Pinos Altos mine in northern Mexico, said.

Shares of the company closed at C$47.12 on Tuesday on the Toronto Stock Exchange.

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