YIT and Agnico Eagle Finland have signed a contract to construct the deep level tunnels in a gold mine during the coming years

YIT Corporation Investor News December 5, 2017 at 9:15 a.m.


YIT has signed a contract with Agnico Eagle Finland Oy to construct the deep level tunnels in the Rimpi area in Kittilä gold mine in Finland. The contract includes the excavation and reinforcement work of the tunnels to be constructed. The construction will be started in the beginning of 2018 and it will be completed in 2021. The total value of the contract is approximately EUR 35 million and it will be booked in the order backlog in the last quarter of 2017. In addition, there is an option for an extension during the contracting period.

YIT and Agnico Eagle Finland Oy have a target to build a partnership contract model to be implemented in the project which will be further developed together to create a new operating model for the mine. “Implementation of a demanding project requires excellent co-operation from contracting parties. In the partnership contract model, the objectives are shared which encourages efficient work and successful results”, says Petri Saarinen, Head of Unit at YIT.

Agnico Eagle Finland is a subsidiary of Canadian mining company and is operating Kittilä mine, the largest gold mine in Europe. Operations started in 2006 and at current production volumes, the mine’s known ore reserves are expected to produce gold until mid 2030’s. The company produces about 200,000 oz, 6,000 kg, of gold yearly.

For further information, please contact:

Maija Hongas, Manager, Investor Relations, YIT Corporation, tel. +358 50 3900 309, maija.hongas@yit.fi   

Petri Saarinen, Head of Unit, YIT Construction Ltd., tel. +358 400 935 182, petri.saarinen@yit.fi


Hanna Jaakkola

Vice President, Investor Relations

Distribution: Nasdaq Helsinki, major media, www.yitgroup.com

YIT creates better living environment by developing and constructing housing, business premises, infrastructure and entire areas. Our vision is to bring more life in sustainable cities. We want to focus on caring for customer, visionary urban development, passionate execution and inspiring leadership. Our growth engine is urban development involving partners. Our operating area covers Finland, Russia, the Baltic countries, the Czech Republic, Slovakia and Poland. In 2016, our revenue amounted to nearly EUR 1.8 billion, and we employ about 5,300 employees. Our share is listed on Nasdaq Helsinki. www.yitgroup.com