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SEGMENTED INFORMATION | 12 Months Ended
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Dec. 31, 2017
SEGMENTED INFORMATION |
SEGMENTED INFORMATION | 21. SEGMENTED INFORMATION Agnico Eagle operates in a single industry, namely exploration for and production of gold. The Company's primary operations are in Canada, Mexico and Finland. The Company identifies its reportable segments as those operations whose operating results are reviewed by the Chief Operating Decision Maker ("CODM"), the Chief Executive Officer for the purpose of allocating resources and assessing performance and that represent more than 10.0% of the combined revenue from mining operations, income or loss or total assets of all operating segments. Each of the Company's significant operating mines and projects are considered to be separate operating segments. Certain operating segments that do not meet the quantitative thresholds are still disclosed where the Company believes that the information is useful. The CODM also reviews segment income (defined as revenues from mining operations less production costs, exploration and corporate development expenses and impairment losses and reversals) on a mine-by-mine basis. The following are the Company's reportable segments organized according to their relationship with the Company's three business units and reflect how the Company manages its business and how it classifies its operations for planning and measuring performance:
Northern Business: |  | LaRonde mine, Lapa mine, Goldex mine, Meadowbank mine including the Amaruq deposit, Canadian Malartic joint operation, Meliadine project and Kittila mine
Southern Business: |  | Pinos Altos mine, Creston Mascota deposit at Pinos Altos and La India mine
Exploration: |  | United States Exploration office, Europe Exploration office, Canada Exploration offices and Latin America Exploration office
Revenues from mining operations and production costs for the reportable segments are reported net of intercompany transactions. Corporate and other assets and specific income and expense items are not allocated to reportable segments.
|  |  | Year Ended December 31, 2017
|  |  | Revenues from Mining Operations |  |  | Production Costs |  |  | Exploration and Corporate Development |  |  | Segment Income (Loss) |  |
Northern Business: |  |  |  |  |  |  |  |  |  |  |  |  |  |
LaRonde mine |  | $ | 484,488 |  | $ | (185,488 | ) | $ | – |  | $ | 299,000 |  |
Lapa mine |  |  | 64,572 |  |  | (38,786 | ) |  | – |  |  | 25,786 |  |
Goldex mine |  |  | 139,665 |  |  | (71,015 | ) |  | – |  |  | 68,650 |  |
Meadowbank mine |  |  | 449,025 |  |  | (224,364 | ) |  | (28,871 | ) |  | 195,790 |  |
Canadian Malartic joint operation |  |  | 404,441 |  |  | (188,568 | ) |  | (3,864 | ) |  | 212,009 |  |
Kittila mine |  |  | 248,761 |  |  | (148,272 | ) |  | – |  |  | 100,489 |  |
Total Northern Business |  |  | 1,790,952 |  |  | (856,493 | ) |  | (32,735 | ) |  | 901,724 |  |
Southern Business: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pinos Altos mine |  |  | 257,905 |  |  | (108,726 | ) |  | – |  |  | 149,179 |  |
Creston Mascota deposit at Pinos Altos |  |  | 63,798 |  |  | (31,490 | ) |  | – |  |  | 32,308 |  |
La India mine |  |  | 129,949 |  |  | (61,133 | ) |  | – |  |  | 68,816 |  |
Total Southern Business |  |  | 451,652 |  |  | (201,349 | ) |  | – |  |  | 250,303 |  |
Exploration |  |  | – |  |  | – |  |  | (108,715 | ) |  | (108,715 | ) |
Segments totals |  | $ | 2,242,604 |  | $ | (1,057,842 | ) | $ | (141,450 | ) | $ | 1,043,312 |  |
Total segments income |  |  |  |  |  |  |  |  |  |  | $ | 1,043,312 |  |
Corporate and other: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Amortization of property, plant and mine development |  |  |  |  |  | (508,739 | ) |
| General and administrative |  |  |  |  |  |  |  |  |  |  |  | (115,064 | ) |
| Impairment loss on available for sale securities |  |  |  |  |  |  |  |  |  |  |  | (8,532 | ) |
| Finance costs |  |  |  |  |  |  |  |  |  |  |  | (78,931 | ) |
| Gain on derivative financial instruments |  |  |  |  |  |  |  |  |  |  |  | 20,990 |  |
| Gain on sale of available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  | 168 |  |
| Environmental remediation |  |  |  |  |  |  |  |  |  |  |  | (1,219 | ) |
| Foreign currency translation loss |  |  |  |  |  |  |  |  |  |  |  | (13,313 | ) |
| Other income |  |  |  |  |  |  |  |  |  |  |  | 3,709 |  |
| Income before income and mining taxes |  |  |  |  |  |  |  |  |  |  | $ | 342,381 |  |
|  |  | Year Ended December 31, 2016
|  |  | Revenues from Mining Operations |  |  | Production Costs |  |  | Exploration and Corporate Development |  |  | Gain on Impairment Reversal |  |  | Segment Income (Loss) |  |
Northern Business: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LaRonde mine |  | $ | 388,180 |  | $ | (179,496 | ) | $ | – |  | $ | – |  | $ | 208,684 |  |
Lapa mine |  |  | 92,160 |  |  | (52,974 | ) |  | – |  |  | – |  |  | 39,186 |  |
Goldex mine |  |  | 149,730 |  |  | (63,310 | ) |  | – |  |  | – |  |  | 86,420 |  |
Meadowbank mine |  |  | 384,023 |  |  | (218,963 | ) |  | (63,488 | ) |  | 37,161 |  |  | 138,733 |  |
Canadian Malartic joint operation |  |  | 371,920 |  |  | (183,635 | ) |  | (4,044 | ) |  | – |  |  | 184,241 |  |
Meliadine project |  |  | – |  |  | – |  |  | – |  |  | 83,000 |  |  | 83,000 |  |
Kittila mine |  |  | 252,346 |  |  | (141,871 | ) |  | – |  |  | – |  |  | 110,475 |  |
Total Northern Business |  |  | 1,638,359 |  |  | (840,249 | ) |  | (67,532 | ) |  | 120,161 |  |  | 850,739 |  |
Southern Business: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pinos Altos mine |  |  | 294,377 |  |  | (114,557 | ) |  | – |  |  | – |  |  | 179,820 |  |
Creston Mascota deposit at Pinos Altos |  |  | 62,967 |  |  | (27,341 | ) |  | – |  |  | – |  |  | 35,626 |  |
La India mine |  |  | 142,529 |  |  | (49,745 | ) |  | – |  |  | – |  |  | 92,784 |  |
Total Southern Business |  |  | 499,873 |  |  | (191,643 | ) |  | – |  |  | – |  |  | 308,230 |  |
Exploration |  |  | – |  |  | – |  |  | (79,446 | ) |  | – |  |  | (79,446 | ) |
Segments totals |  | $ | 2,138,232 |  | $ | (1,031,892 | ) | $ | (146,978 | ) | $ | 120,161 |  | $ | 1,079,523 |  |
Total segments income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,079,523 |  |
Corporate and other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Amortization of property, plant and mine development |  |  |  |  |  |  |  |  |  |  |  | (613,160 | ) |
| General and administrative |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (102,781 | ) |
| Finance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (74,641 | ) |
| Gain on derivative financial instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,468 |  |
| Gain on sale of available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,500 |  |
| Environmental remediation |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,058 | ) |
| Foreign currency translation loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (13,157 | ) |
| Other expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (16,233 | ) |
Income before income and mining taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 268,461 |  |
|  |  | Total Assets as at
|  | December 31, 2017 |  | December 31, 2016 |
Northern Business: |  |  |  |  |  |  |
LaRonde mine |  | $ | 870,150 |  | $ | 808,981 |
Lapa mine |  |  | 17,867 |  |  | 16,473 |
Goldex mine |  |  | 275,132 |  |  | 248,766 |
Meadowbank mine |  |  | 565,355 |  |  | 500,207 |
Canadian Malartic joint operation |  |  | 1,943,304 |  |  | 1,956,285 |
Meliadine project |  |  | 1,194,414 |  |  | 781,999 |
Kittila mine |  |  | 982,378 |  |  | 961,392 |
Total Northern Business |  |  | 5,848,600 |  |  | 5,274,103 |
Southern Business: |  |  |  |  |  |  |
Pinos Altos mine |  |  | 668,492 |  |  | 667,123 |
Creston Mascota deposit at Pinos Altos |  |  | 50,144 |  |  | 60,308 |
La India mine |  |  | 427,957 |  |  | 428,005 |
Total Southern Business |  |  | 1,146,593 |  |  | 1,155,436 |
Exploration |  |  | 277,099 |  |  | 198,738 |
Corporate and other |  |  | 593,309 |  |  | 479,674 |
Total assets |  | $ | 7,865,601 |  | $ | 7,107,951 |
The following table sets out the carrying amount of goodwill by segment for the years ended December 31, 2016 and December 31, 2017:
|  | Meliadine Project |  | La India Mine |  | Canadian Malartic Joint Operation |  | Total |  |
Cost |  | $ | 200,064 |  | $ | 39,017 |  | $ | 657,792 |  | $ | 896,873 |  |
Accumulated impairment |  |  | (200,064 | ) |  | – |  |  | – |  |  | (200,064 | ) |
Carrying amount |  | $ | – |  | $ | 39,017 |  | $ | 657,792 |  | $ | 696,809 |  |
The following table sets out capital expenditures by segment:
|  | Capital Expenditures Year Ended December 31,
|  | 2017 |  | 2016 |
Northern Business: |  |  |  |  |  |  |
LaRonde mine |  | $ | 89,749 |  | $ | 64,288 |
Goldex mine |  |  | 57,050 |  |  | 78,388 |
Meadowbank mine |  |  | 111,516 |  |  | 38,248 |
Canadian Malartic joint operation |  |  | 86,549 |  |  | 60,434 |
Meliadine project |  |  | 372,071 |  |  | 116,136 |
Kittila mine |  |  | 87,789 |  |  | 75,904 |
Total Northern Business |  |  | 804,724 |  |  | 433,398 |
Southern Business: |  |  |  |  |  |  |
Pinos Altos mine |  |  | 49,337 |  |  | 59,572 |
Creston Mascota deposit at Pinos Altos |  |  | 8,108 |  |  | 9,287 |
La India mine |  |  | 10,783 |  |  | 10,507 |
Total Southern Business |  |  | 68,228 |  |  | 79,366 |
Corporate and other |  |  | 1,201 |  |  | 3,286 |
Total capital expenditures |  | $ | 874,153 |  | $ | 516,050 |
The following table sets out revenues from mining operations by geographic area(i):
|  | Year Ended December 31,
|  | 2017 |  | 2016 |
Canada |  | $ | 1,542,191 |  | $ | 1,386,013 |
Mexico |  |  | 451,652 |  |  | 499,873 |
Finland |  |  | 248,761 |  |  | 252,346 |
Total revenues from mining operations |  | $ | 2,242,604 |  | $ | 2,138,232 |
Note: (i) Presented based on the location of the mine from which the product originated. The following table sets out non-current assets by geographic area:
|  | Non-current Assets as at
|  | December 31, 2017 |  | December 31, 2016 |
Canada |  | $ | 4,452,478 |  | $ | 3,970,435 |
Mexico |  |  | 1,026,740 |  |  | 1,010,063 |
Finland |  |  | 900,831 |  |  | 873,220 |
Sweden |  |  | 13,812 |  |  | 13,812 |
United States |  |  | 10,206 |  |  | 10,242 |
Total non-current assets |  | $ | 6,404,067 |  | $ | 5,877,772 |

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