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Agnico Eagle’s million dollar gift to Cobalt

The preservation of the Town of Cobalt ’s rich mining heritage has received a $1-million boost from Agnico Eagle Mines .
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Agnico Eagle Mines has bestowed $1 million on the Town of Cobalt.

The preservation of the Town of Cobalt’s rich mining heritage has received a $1-million boost from Agnico Eagle Mines.

The company’s donation to the Historic Cobalt Legacy Fund was announced June 4 at a ceremony in town honouring former employees of Agnico Eagle’s Cobalt silver division.

“We are very pleased to make this contribution in honour of Agnico Eagle’s founder Paul Penna, as well as on behalf of all the men and women whose commitment, perseverance and spirit helped to transform Agnico Eagle into a leading international gold mining company,” said Sean Boyd, Agnico Eagle’s CEO, in a company news release.

“Cobalt is the foundation of our company and as many of our former silver division employees remain in the region, they will continue to benefit from the preservation of these important cultural and community organizations.”

The northeastern Ontario town is known as the “Cradle of Canadian Mining” and was designated as a Parks Canada National Historic Site in 2002. The town played a decisive role in the evolution of hard-rock mining in Canada due to silver mining boom between 1903 and the 1920s, which attracted international attention.

The legacy fund was established in 2014 as an endowment fund aimed at preserving Cobalt’s historical past.

Revenues from Agnico Eagle’s gift will be designated to support the Cobalt Public Library along with providing annual operating grants to various cultural and heritage organizations that includes the Cobalt Mining Museum, the Bunker Military Museum of Cobalt, the Classic Theatre of Cobalt and the Cobalt Heritage Silver Trail.

“Agnico Eagle has a long history of being a good corporate citizen in Cobalt,” said Jack Birtch, chairman of the legacy fund. “This contribution will help ensure the sustainability of very important historical and cultural organisations that contribute to the unique character of this historic community.”

Agnico Eagle’s history is closely tied to Cobalt with the creation of the Cobalt Consolidated Mining Company in 1953, which later became Agnico Mines Ltd. in 1957. The company’s mining activities in Cobalt ceased in 1989 after producing more than 26 million ounces of silver starting in 1957.

The company’s current activities include post-closure monitoring and maintenance activities at its previous mine site and properties in the Cobalt and Coleman area.

“The Town of Cobalt has enjoyed a long-standing positive relationship with Agnico Eagle,” said Mayor Tina Sartoretto. “Many of the former employees still live in the area and have many fond memories of working with what is now an international mining company. It is remarkable that Agnico Eagle has never forgotten its roots or the men and women on whose shoulders the company now stands. I want to take this opportunity to thank them for this noteworthy contribution to the Historical Cobalt Legacy Fund.”