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Agnico, like other gold miners, is seeking to create a hedge by expanding its exposure to copper and other metals. The company recentlyto develop the San Nicolas copper-zinc project in Zacatecas, Mexico. But Al-Joundi said Agnico invested in San Nicolas for entirely different reasons. First, it has strong economics, with a 2021 prefeasibility study indicating that an open pit mine, producing 63,000 tonnes of copper and 147,000 tonnes of zinc per year, would provide a 33 per cent internal rate of return.
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