Agnico-Eagle forecasts strong finish to 2020 and boosts guidance

Agnico-Eagle is forecasting a strong second half. The operator of the Canadian Malartic, Golden, and Laronde mines in Quebec says gold production should average 480 000 oz to 500 000 oz a quarter, as the company successfully ramped up operations in the face of the Covid-19 pandemic.

Seven of Agnico’s 8 mines were halted during the second quarter.  The company produced 331 064 oz at a cost of $1142/oz. That was about 20% below the same period in 2019.

“We finished the quarter strong as our employees responded quickly and effectively with a plan to manage the mine shut downs and subsequent restart and ramp-up of operations while protecting the health, safety and wellbeing of our employees and the communities in which we operate,” said CEO Sean Boyd.

Agnico has mines in Canada, Finland and Mexico. The company is forecasting a strong second half. It has increased gold production guidance to between 1.68-million and 1.73-million ounces, compared with the previous guidance of 1.63-million to 1.73-million ounces. 

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