Maybe it's waiting for a field mouse to emerge from its den, or perhaps just enjoying the shade of a big oak tree, but Canada's golden eagle has definitely touched ground for the time being. Thankfully, we actually know the causes for the raptor's respite, so let's jump in to assess the damage.
Gold miner Agnico-Eagle
Due to delays in equipment deliveries and mechanical installations, commencement of operations at the Kittila mine in Finland has been revised from September to sometime in the fourth quarter. The new Goldex mine is operational, but its ramp-up to commercial production has also been delayed. Backlogs for mining equipment from major suppliers like Terex
Alongside these delays, cost increases both for development and operation of mines are heralding a new reality for miners worldwide. Agnico-Eagle revealed that costs could trump projections by 40% through 2010. Recent revelations from competitors like Gold Fields
Like my Foolish colleague David Smith's take on Freeport McMoRan's
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Fool contributor Christopher Barker captains yachts and writes about stocks. He can also be found blogging actively and acting Foolishly within the CAPS community under the username TMFSinchiruna. He owns shares of Agnico-Eagle, Freeport McMoRan, and Gold Fields. The Motley Fool has a 24-karat disclosure policy.
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