Thursday, November 27th3.9°C
23286
23371

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

23630


Recent Trending




Today's Market
S&P TSX15008.41-30.00
S&P CDNX765.38-5.68
DJIA17827.7512.81
Nasdaq4787.317+29.065
S&P 5002072.83+5.80
CDN Dollar0.8851-0.0038
Gold1193.50-3.10
Oil72.56-1.13
Lumber327.90-1.60
Natural Gas4.295+0.144

 
Okanagan Companies
Pacific Safety0.160.00
Knighthawk0.01-0.005
QHR Technologies Inc1.32-0.02
Cantex0.04-0.005
Anavex Life Sciences0.171-0.004
Metalex Ventures0.03-0.005
Russel Metals31.37-0.13
Copper Mountain Mining2.17+0.01
Colorado Resources0.12-0.01
ReliaBrand Inc0.0134-0.0001
Sunrise Resources Ltd0.045-0.005
Mission Ready Services0.34+0.015

 
24130


23457

FEATURED Property
2115238#403 - 770 Rutland Road
2 bedrooms 2 baths
$275,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Second marriage issues

It is not unusual that one or both of the parties planning to marry are approaching marriage for the second time. There are pluses and minuses to this new situation. On the plus side, individuals ente...


The last great Canadian tax shelter

A guide to how flow-through fund limited partnerships can mightily aid your tax planning!The end of the year will raise concerns among many professionals, self-employed persons, business owners and ev...


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...

_



24231

24156


Member of BC Press Council


22632