Agnico Eagle Mines beats profit estimates on higher gold prices
Canadian gold miner Agnico Eagle Mines reported a better-than-expected adjusted profit for a fourth straight quarter on Wednesday, largely due to higher realised gold prices.
Average realized gold prices rose to $1 318/oz from $1 293/oz a year earlier, the company said, while gold production improved 1.8% to 412 315 oz.
Quebec's largest gold producer reported all-in sustaining costs per ounce of $953 in the second quarter ended June 30, compared with $921 a year earlier.
Agnico Eagle's Meliadine mine in northern Canada - its largest gold deposit mine in terms of resources - started commercial production in May. The company operates eight mines in Canada, Finland and Mexico.
Net income rose to $27.8-million, or 12c per share, in the second quarter ended June 30, from $5-million, or 2c a share, a year earlier.
Excluding items, it earned 10c a share, compared with estimate of 4c, according to Refinitiv IBES.
Revenue fell about 5% to $526.6-million, but beat analysts' estimate of $505.21-million.
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