Agnico Eagle narrows Q3 profit on low prices
TORONTO (miningweekly.com) – NYSE- and TSX-listed Agnico Eagle Mines on Wednesday said its third-quarter net income slid 55% year-on-year to $47.31-million, or $0.27 a share, which was mainly owing to lower realised metal prices, and an extended maintenance shutdown at its Kittila mine, in Finland, during the second quarter.
Excluding one-time items, the company reported adjusted net income for the three months ended September 30, of $60.5-million, or $0.35 a share, beating analyst expectations of $0.09 a share on revenue of $368.69-million.
Revenues totalled $444.32-million, down 17% on the $535.83-million recorded in 2012.
Agnico reported record quarterly gold production of 315 828 oz, 10% more than in the same quarter last year, boosted in part by a strong contribution from its Meadowbank mine, in Canada. Meadowbank had record throughput, better than expected gold grades, and higher mill recoveries, the company said.
Total cash costs in the quarter were $591/oz, compared with $556/oz in the third quarter of 2012. The total cash costs was, however, down 29% from $785/oz recorded during the three months ended June 30.
Agnico also increased its full-year production guidance to 1.06-million ounces of gold and reduced its total cash cost estimate to about $690/oz.
The company's stock rallied 3.25% to change hands at $26.70 apiece in after-hour trade on Wednesday.
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