Gold producer Agnico Eagle diversifies into phosphate via a $94 million deal, signaling growing investor interest in LFP battery materials.
Agnico Eagle Mines’ subsidiary Avenir Minerals acquired Fox River Resources for $94 million, marking its entry into the phosphate and LFP battery sectors. The move is seen as validation for North America’s igneous phosphate market, traditionally dominated by gold producers like Agnico Eagle, the world’s second-largest gold miner by output.
The transaction reduces the number of major igneous phosphate players in North America to three, with Agnico Eagle bringing significant capital to the space. First Phosphate CEO John Passalacqua noted the deal highlights growing investor confidence in phosphate projects, particularly for electric vehicle battery supply chains.
Passalacqua welcomed the new competition, emphasizing Agnico Eagle’s financial strength and free cash flow as positive for the sector. The acquisition underscores rising demand for phosphate in fertilizer and battery applications.