Strategic management of Agnico Eagle Mines Limited

Introduction of Agnico Eagle Mines Limited

The growth of a company depends on the integrated planning as well as the analytic platform. The companies develop strategic plans to make decisions that involve higher allocation of amounts and explore more ways to extract the products. The improved and concise strategic planning enables to have operational decisions that maximize the returns on each ongoing investment(Radtke, Siatras, & Rehnstrom, 2010). Several companies develop their forward-looking financial guideline for the capital market that results in higher scrutinized processes. The ideal solution of issues in companies are based on the scenario analysis capabilities, forecasting of the platform, budgeting, and operational planning. Agnico Eagle mines develop successful plans for implementation of solution and it has the link with the financial and operational functions in the real-time(Radtke, Siatras, & Rehnstrom, 2010).

The purpose of the present work is to evaluate the strategic purpose of Agnico Eagle Mines Limited and approach as a real Canadian organization. The work identifies as well as implements the strategic theories of HRM to address the challenges faced by the company in international expansion.The solution identified in performance management programs improves the communication, budgeting processes, planning, standardize close, data consistency, and standard technical processes.

Overview of the Agnico Eagle Mines Limited

Agnico Eagle Mines Limited is one of the most well known and leading international gold producers that explore the mines in Canada, Mexica, United States, and Finland. The company was originated by Paul Penna who worked on the silver production process in cobalt, Ontario. The mission of Agnico Eagle Mines Limited is to develop an easy and high-quality business that generates more returns for the shareholders(Agnicoeagle. com, 2019). The company focuses on the environment of the workplace for the employees and contributes positively to the improved operation in the communities. The eventual merger of the company in 1957 was associated with the acquisition and exploring the company properties. The development of significant revenues in 2015 was the US $ 1.985 billion and capitalization reached at $ 7.6 billion. During 2010, Agnico Eagle Mines Limitedfaced serious challenges in the mining operation and consequently resulted in the significant hits. The management team is capable to address and implement new strategies according to the requirement of Agnico Eagle Mines Limited(Agnicoeagle. com, 2019).Agnico Eagle Mines Limited use Rogers communication programs where a number of employees are 8400, total assets $ 9.556 billion, the share price is $ 57.07, market capitalization is $ 13,426.02 m and net income of the company is $ 214 million(Proactiveinvestors. co. the UK, 2019).

The strategic purpose of Agnico Eagle Mines Limited

The company is based on three core values including protection of the environment, safe operation, and treatment of communities and employees with respect. The international growth of the company increases by increasing the operations in Canada and using the advanced stage projects of the United States, Finland, Mexico, and Canada. The largest gold deposit in Canada is LaRonde Mine of Quebec. Agnico Eagle Mines Limited has strong foundations for higher international expansion (Proactiveinvestors. co. UK, 2019).

The compliance strategy of Agnico-Eagle Mines limited includes the professional services for domestic and international expansion. The company is continuously experiencing variation in the mineral reserves, production, employee, operations, and international scope of the business. the success of the company can be estimated by the quality and consistency in the strategies and execution of companion programs(Radtke, Siatras, & Rehnstrom, 2010). The current strategic planning includes expansion programs to retain, attract and motivate the employees to achieve the strategic objectives of the company. The company is delivering the values to the shareholders for the execution of consistent programs. Experienced executive management team heads are working together to create the values for the shareholders. The expansion programs includea strategy to enhance the number of talented executives and to exceed the strategic objectives of the company(Proactiveinvestors. co. UK, 2019). The requirement of a highly talented executive is fulfilled by North American gold mining companies. the company retains comparable and competitive programs on the basis of compensation policy. The independent management and individual expertise of the workers in the company posses the requisition of quality such as business judgment, experience, and integrity. The excellent communication skills are required to be considered in the company to have commitments with the other companies(Radtke, Siatras, & Rehnstrom, 2010).

The implementation of a new suite of product precedes for the cross-functional performance and for the assessment of the project. The recommended program of the company increases the cross-functional performance and number of recommendations are required to be considered. The proposed expansion program for Agnico Eagle Mines Limited at international level is based on the structure of the company and supporting programs(Radtke, Siatras, & Rehnstrom, 2010). The driving principles for the strategic development and implementation of new programs to expand Agnico Eagle Mines Limited at international levels are listed below,

1.      Global KPIs of Agnico Eagle Mines Limited

a.      The company is required to develop a new program that discusses and measures the abilities of new strategies in the company. This program could be more effective for the international expansion.

2.      Global strategic planning of Agnico Eagle Mines Limited

a.      The foundation of financial information is highly recommended, and it is based on the report and metric calculations. The improved global strategic planning should be developed for the higher guidance and financial improvement(Proactiveinvestors. co. UK, 2019).

3.      Automated budgeting and forecasting of Agnico Eagle Mines Limited

a.      The accuracy, flexibility, and speed of budget are required for the forecasting process. The implementation of this strategy will reduce the time required for the gathering of data. The information related to the analysis of results is considered in this strategy.

4.      Automated site budgeting and forecasting of Agnico Eagle Mines Limited

a.      The budgeting process is especially important for implementation of new strategies, to reduce the cost structures and to develop consistent sites of cost comparison(Radtke, Siatras, & Rehnstrom, 2010).

Conclusion on Agnico Eagle Mines Limited

In the present work, the development strategies are discussed for Agnico Eagle Mines Limited. The main focus of the company is developed international relations and to expand the business at domestic and international level.The international expansion of business depends on the cost structure and policies of the company.

References of Agnico Eagle Mines Limited

Agnicoeagle. com. (2019). Our Mission. Retrieved from agnicoeagle.com: https://agnicoeagle.com/English/home/default.aspx

Proactiveinvestors. co. The UK. (2019). Agnico-Eagle Mines (TSE: AEM). Retrieved from www.proactiveinvestors.co.uk: https://www.proactiveinvestors.co.uk/TSE:AEM/Agnico-Eagle-Mines/timeline/

Radtke, J., Siatras, T., & Rehnstrom, J. (2010). MINING OPERATIONAL AND FINANCIAL DATA TO OPTIMIZE CORPORATE STRATEGY AND PERFORMANCE. Retrieved from www.agnicoeagle.com: https://www.agnicoeagle.com/English/investor-relations/news-and-events/news-releases/news-release-details/2010/AGNICO-EAGLE-RELEASES-ANNUAL-PRODUCTION-GROWTH-PLAN-2011-CASH-DIVIDEND-INCREASED-BY-256/default.aspx