Agnico Eagle Mines - Moving forward during difficult times
Agnico Eagle Mines (AEM) reported a strong set of Q3 results, delivering gold production of 816,795oz at competitive cash and all-in sustaining costs (AISC) of US$779/oz and US$1,106/oz, respectively, notwithstanding cost pressures, constraints regarding workforce availability and the lingering aftermath of COVID-19. Material mark-to-market losses on foreign exchange and oil hedges of US$134.5m distorted headline earnings. However, excluding these non-cash, exceptional items, adjusted net income was US$235.4m or US$0.52/share, compared to US$119.0m or US$0.49/share in Q321. The quarterly dividend was held at US$0.40/share.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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