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Past year outstanding for Agnico Eagle

May 6, 2020

The closeout of 2019 combined with the start of 2020 have proven to be an outstanding run for Agnico Eagle. The company generated revenues of $671.9 million, up 26.2% year over year. However, Agnico Eagle Mines Limited posted a net loss of $21.6 million or 9 cents per share in first-quarter 2020 against net income of $37 million or 16 cents per share in the year-ago quarter. Barring one-time items, adjusted earnings per share were 23 cents, which beat the Zacks Consensus Estimate of 18 cents. 

Payable gold production rose 3.3% year over year to 411,366 ounces in the reported quarter. The figure includes pre-commercial production at Canadian Malartic from the Barnat deposit. Total cash costs per ounce for gold were $836, up 34.2% year over year. All-in sustaining costs (AISC) were $1,099 per ounce, up 31.5% from year over year.

Production costs and total cash costs per ounce increased in the first quarter on a year-over-year basis due to higher costs at the Meliadine mine and Meadowbank Complex.

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