Agnico Eagle Mines - First view of an emerging champion
On an underlying basis, Agnico Eagle Mines’ (AEM’s) Q122 revenue of US$1,325.7m, EBITDA of US$583.8m, pre-tax profits of US$300.4m and adjusted net EPS of US$0.612/share were either at or above the top end of analysts’ expectations. Production (with Kirkland Lake included from 8 February) was 660,604oz at a total cash cost of US$811/oz (on a by-product basis) and an all-in sustaining cost (AISC) of US$1,079/oz. Including a full quarter’s contribution from Kirkland Lake’s mines, pro forma payable production in Q122 was 806,329oz. AEM maintained the quarterly dividend at US$0.40/share, while net debt (excluding leases) declined to US$503.7m, equivalent to leverage (net debt/[net debt + equity]) of just 3.0%.Agnico-Eagle Mines is a gold mining company with mining operations in Canada, Mexico and Finland. Co. earns a proportion of its revenues from the production and sale of gold in both dore bar and concentrate form. The remainder of revenue and cash flow is generated by the production and sale of byproduct metals. The revenue from byproduct metals is mainly generated by production at the LaRonde mine in Canada (silver, zinc, copper and lead) and the Pinos Altos mine in Mexico (silver).
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