Is Agnico Eagle / AEM Halal?
Screener: Yes — Agnico Eagle passes Shariah screening as of September 2026. ~0.1% debt-to-market-cap — the company is essentially unlevered, with US$3.3B of net cash. The cleanest balance-sheet screen in our Canadian database.
Screen 1: Business activity — pass
Agnico Eagle is a senior gold producer with operations across Canada, Australia, Finland, and Mexico. In Q2 2026 it produced 855,816 ounces of payable gold at all-in sustaining costs of US$1,459/oz, realizing an average gold price of US$4,483/oz. Q2 net income was US$1.6B (US$3.19/share) with record quarterly free cash flow of US$1.335B. Gold mining is not a prohibited industry under any major methodology (AAOIFI, Dow Jones Islamic Market, FTSE, MSCI Islamic).
Screen 2: Financial ratios — pass
- Gross interest-bearing debt: US$197M of total debt outstanding at June 30, 2026.
- Market cap: ≈ US$139.55B (NYSE: AEM at ~US$184.15).
- Debt-to-market-cap: (0.197 ÷ 139.55) × 100 ≈ 0.1% — essentially zero leverage against a 33% ceiling.
- Cash: US$3.464B at June 30, 2026 → a net-cash position of US$3.267B. Cash-to-market-cap ≈ 2.5% — under the 33% ceiling.
- Interest income: no separately verifiable Q2 2026 figure was located in public sources. Estimated Q2 revenue was ≈US$3.8B (855,816 ounces at US$4,483/oz realized), so the 5% ceiling would require ≈US$192M of interest income in a single quarter — roughly a 22% annualized yield on the US$3.46B cash balance. Nothing in the company's reporting suggests anything near that level.
Screen 3: Purification
Agnico declared a quarterly dividend of US$0.45 per share and repurchased US$400M of its own shares in Q2 2026 — a record US$625M returned to shareholders. Under standard screening treatment, dividends from a compliant company are halal income subject to purification of any small non-compliant income earned — our purification calculator can help estimate the charitable amount. Nothing on this site is a fatwa.
What could change the screener
- A debt-funded mega-acquisition — the only plausible path from 0.1% to 33%.
- A gold-price collapse shrinking the market-cap denominator — the ratio has enormous headroom, but screens are quarterly by design.
- Entry into a prohibited business — not the case today.
Halal alternatives and peers
Fellow screened Canadian miners: Barrick Mining (PASS, ~6.5%) and Cenovus (PASS, energy). See the full screener database, or the Shariah-compliant ETF route (WSHR, SPUS) in our complete guide.
FAQ
Is Agnico Eagle halal to invest in?
As of September 2026: yes, under the AAOIFI-style screening we apply. Gold mining is a permissible business, debt-to-market-cap is ≈0.1% — essentially unlevered — and the balance sheet holds US$3.3B of net cash. This is a screening result, not a religious ruling.
How was the 0.1% debt ratio calculated?
US$197M of total debt outstanding at June 30, 2026 against a market cap of ≈US$139.55B — (0.197 ÷ 139.55) × 100 ≈ 0.1%, essentially zero leverage against the 33% ceiling. Cash of US$3.464B gives a net-cash position of US$3.267B.
Agnico holds US$3.5B in cash — is the interest income a problem?
No separately verifiable Q2 2026 interest-income figure was located in public sources. Estimated Q2 revenue was ≈US$3.8B (855,816 ounces at an average realized price of US$4,483/oz), so the 5% ceiling would require ≈US$192M of interest income in a single quarter — roughly a 22% annualized yield on the US$3.46B cash balance. Nothing in the company's reporting suggests anything near that level.
Are Agnico Eagle's dividends halal?
Agnico declared a Q2 2026 dividend of US$0.45 per share and repurchased US$400M of shares in the quarter (US$625M total returned). Under standard screening treatment, dividends from a compliant company are halal income subject to purification of any non-compliant income earned — our purification calculator can help estimate the charitable amount. Nothing on this site is a fatwa.
What do Zoya, Musaffa, and ShariaPortfolio say?
No verified current third-party verdict on Agnico Eagle was found in public sources during our September 2026 research — not on Zoya, Musaffa, or ShariaPortfolio. Our PASS result is an independent application of the AAOIFI-style screen; consult a scholar or screener of your choice before investing.