Friday, March 27th5.9°C
24931
25546

Agnico Eagle's Q2 net profit is US$37.7 million, revenue rises on higher output

TORONTO - Agnico Eagle Mines Ltd (TSX:AEM) had US$37.7 million of net income in the second quarter and the profit would have been higher without costs associated with its acquisition of a 50 per cent stake in Osisko Mining, in partnership with Yamana Gold (TSX:YRI).

Agnico Eagle's profit for the three months ended June 30 amounted to 20 cents per share, which compares with a net loss of $24.4 million or 14 cents per share a year earlier.

Excluding a US$6.1-million item related to Osisko, foreign exchange, stock options and a non-recurring gain, Agnico would have had US$52.8 million of net income or 28 cents per share in the second quarter.

Its revenue was US$437.8 million, up from $336.4 million in the second quarter of 2013, due to significantly higher gold production volumes.

Agnico Eagle said its production benefitted from higher grades of ore at its Meadowbank mine in Nunavut and contributions from production at Goldex and La India.

"With the closing of the Osisko transaction in the second quarter, we are now working closely with our partner Yamana to optimize the Canadian Malartic mine and maximize the potential of the Kirkland Lake portfolio," Sean Boyd, Agnico's president and chief executive officer, said in a statement issued Wednesday after markets closed..

Agnico Eagle also said Wednesday that it's increasing its 2014 production guidance to about 1.35 million ounces, which is above the 2014 guidance range of 1.175 million to 1.205 million ounces.

The Canadian Press


Read more Business News

24497


Recent Trending




Today's Market
S&P TSX14869.80-59.57
S&P CDNX679.56+2.32
DJIA17678.23-40.31
Nasdaq4863.36-13.16
S&P 5002056.15-4.90
CDN Dollar0.8001-0.0009
Gold1204.90+7.60
Oil50.41-1.02
Lumber287.80+1.80
Natural Gas2.655-0.017

 
Okanagan Companies
Pacific Safety0.13+0.01
Knighthawk0.010.00
QHR Technologies Inc1.50+0.00
Cantex0.03-0.01
Anavex Life Sciences0.21+0.00
Metalex Ventures0.04-0.01
Russel Metals24.68-0.28
Copper Mountain Mining1.13+0.00
Colorado Resources0.115-0.010
ReliaBrand Inc0.0075-0.0004
Sunrise Resources Ltd0.045+0.000
Mission Ready Services0.235-0.005
Decisive Dividend Corporation1.78-0.32

 



24910

FEATURED Property
21532352350 Shannon Heights Place
10091522 bedrooms
$199,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


CRA Notice of Assessment

Many Canadians rush to file their taxes on time each year and don’t think about it until the next year. One of the most overlooked notices received from the CRA annually is the annual Notice of ...


Medical confidential?

If ICBC asks your doctor for your information you may wonder: Can ICBC ask my doctor for my medical information? Can ICBC request a medical report from my doctor without my consent? What is ICBC entit...


Stay out of sales limbo!

Have you ever had a series of good meetings with a prospect … gathered all kinds of information … and given what you thought was a great presentation … only to receive a response ...

_



25666




Member of BC Press Council


24598