Friday, February 12, 2021 12:22:04 PM
Agnico Eagle CEO Sean Boyd
12th February 2021
By: Mariaan Webb
Creamer Media Deputy Editor Online
NYSE- and TSX-listed gold miner Agnico Eagle has reported record quarterly production, record annual earnings and cash flow and outlined plans to bolster production by 24% from 2020 to 2024.
The Canada-based mining company on Thursday reported record net income of $511.6-million, or $2.12 a share, for 2020, driven by high gold prices. This compares with income of $473.2-million, or $2 a share, in 2019.
Fourth-quarter income was $205.2-million, or $0.85 a share, and adjusted fourth-quarter income was $162.1-million, or $0.67 a share, for the quarter.
"Despite 2020 being very challenging, we ended the year with record quarterly gold production, our largest gold reserve base and our best-ever safety performance as a result of the excellent work of our employees,” said CEO Sean Boyd.
Fourth-quarter production jumped to 501 445 oz, including 15 504 oz of precommercial gold production from the IVR openpit at the Meadowbank Complex and the Tiriganiaq openpit at Meliadine. All-in sustaining costs (AISC) for the quarter were $985/oz.
Payable gold production in the full year 2020 was 1.7-million ounces at an AISC of $1 051/oz. This falls within the group’s guidance of 1.68-million to 1.73-million ounces at an AISC of between $1 025/oz and $1 075/oz.
"With gold production expected to increase by approximately 300 000 oz in 2021, combined with an anticipated decline in total cash costs per ounce of 6%, we expect to continue to generate strong net free cash flow in 2021 while we steadily advance our pipeline of growth projects," said Boyd.
The mid-point of Agnico’s gold production guidance for 2021 and 2022 remains at 2.05-million and 2.1-million ounces, respectively
https://www.miningweekly.com/article/agnico-eagle-hits-record-quarterly-output-and-record-fy-earnings-2021-02-12/rep_id:3650
Recent AEM News
- AGNICO EAGLE ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID • PR Newswire (US) • 05/01/2024 09:30:00 PM
- AGNICO EAGLE ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID • PR Newswire (Canada) • 05/01/2024 09:30:00 PM
- AGNICO EAGLE ANNOUNCES ELECTION OF DIRECTORS • PR Newswire (Canada) • 04/26/2024 09:30:00 PM
- AGNICO EAGLE ANNOUNCES ELECTION OF DIRECTORS • PR Newswire (US) • 04/26/2024 09:30:00 PM
- AGNICO EAGLE REPORTS FIRST QUARTER 2024 RESULTS - STRONG QUARTERLY GOLD PRODUCTION AND COST PERFORMANCE DRIVE RECORD QUARTERLY FREE CASH FLOW; 2023 SUSTAINABILITY REPORT RELEASED • PR Newswire (Canada) • 04/25/2024 09:00:00 PM
- AGNICO EAGLE REPORTS FIRST QUARTER 2024 RESULTS - STRONG QUARTERLY GOLD PRODUCTION AND COST PERFORMANCE DRIVE RECORD QUARTERLY FREE CASH FLOW; 2023 SUSTAINABILITY REPORT RELEASED • PR Newswire (US) • 04/25/2024 09:00:00 PM
- U.S. Futures Drop in Pre-Market Trading as Tech Stocks Plunge After Meta Issues Gloomy Forecast • IH Market News • 04/25/2024 11:53:54 AM
- AGNICO EAGLE PROVIDES NOTICE OF RELEASE OF FIRST QUARTER 2024 RESULTS, CONFERENCE CALL AND ANNUAL MEETING • PR Newswire (Canada) • 03/25/2024 11:30:00 AM
- AGNICO EAGLE PROVIDES NOTICE OF RELEASE OF FIRST QUARTER 2024 RESULTS, CONFERENCE CALL AND ANNUAL MEETING • PR Newswire (US) • 03/25/2024 11:30:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/29/2024 06:53:07 PM
- AGNICO EAGLE ANNOUNCES PURCHASE OF COMMON SHARES OF PRISM RESOURCES INC. • PR Newswire (US) • 02/28/2024 10:00:00 PM
- AGNICO EAGLE ANNOUNCES PURCHASE OF COMMON SHARES OF PRISM RESOURCES INC. • PR Newswire (Canada) • 02/28/2024 10:00:00 PM
- White Gold Corp. Discovers 1 km Long Gold-In-Soil Anomaly 9 km Northwest of Its VG Deposit, White Gold District, Yukon, Canada • GlobeNewswire Inc. • 02/22/2024 12:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/20/2024 04:18:15 PM
- AGNICO EAGLE PROVIDES AN UPDATE ON 2023 EXPLORATION RESULTS AND 2024 EXPLORATION PLANS - MINERAL RESERVES UP 10.5% YEAR-OVER-YEAR TO 54 MOZ; INITIAL MINERAL RESERVES OF 5.2 MOZ DECLARED AT EAST GOULDIE; INITIAL UNDERGROUND MINERAL RESOURCES DECLARED AT DET • PR Newswire (Canada) • 02/15/2024 10:30:00 PM
- AGNICO EAGLE PROVIDES AN UPDATE ON 2023 EXPLORATION RESULTS AND 2024 EXPLORATION PLANS - MINERAL RESERVES UP 10.5% YEAR-OVER-YEAR TO 54 MOZ; INITIAL MINERAL RESERVES OF 5.2 MOZ DECLARED AT EAST GOULDIE; INITIAL UNDERGROUND MINERAL RESOURCES DECLARED AT DET • PR Newswire (US) • 02/15/2024 10:30:00 PM
- AGNICO EAGLE REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS - RECORD QUARTERLY AND ANNUAL GOLD PRODUCTION AND FREE CASH FLOW; RECORD MINERAL RESERVES INCREASED 10.5%; UPDATED THREE-YEAR GUIDANCE • PR Newswire (Canada) • 02/15/2024 10:00:00 PM
- U.S. Futures Edge Higher Ahead of Key Economic Data Release, Oil Prices See Modest Declines • IH Market News • 02/15/2024 11:35:32 AM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/01/2024 06:04:56 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/08/2024 06:13:42 PM
- AGNICO EAGLE PROVIDES NOTICE OF RELEASE OF FOURTH QUARTER AND FULL YEAR 2023 RESULTS AND CONFERENCE CALL • PR Newswire (Canada) • 01/08/2024 12:30:00 PM
- AGNICO EAGLE PROVIDES NOTICE OF RELEASE OF FOURTH QUARTER AND FULL YEAR 2023 RESULTS AND CONFERENCE CALL • PR Newswire (US) • 01/08/2024 12:30:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/02/2024 04:13:42 PM
- AGNICO EAGLE ANNOUNCES INVESTMENT IN CANADA NICKEL COMPANY INC. • PR Newswire (US) • 12/29/2023 10:00:00 PM
- AGNICO EAGLE ANNOUNCES INVESTMENT IN CANADA NICKEL COMPANY INC. • PR Newswire (Canada) • 12/29/2023 10:00:00 PM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM