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Agnico Eagle (AEM) reports strong gold production results

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DiscoverGold Member Level  Wednesday, 07/28/21 10:29:46 PM
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Agnico Eagle (AEM) reports strong gold production results in Q2, declares $0.35 per share quarterly dividend
By: Kitco News | July 28, 2021

Agnico Eagle Mines (NYSE: AEM) (TSX: AEM) today reported that in Q2 2021, the company's payable gold production was 526,006 ounces (including ounces from the Hope Bay mine), a 59% increase compared to 331,064 ounces produced in Q2 2020.

The company said that its operating results positively affected by better than expected maintenance performance and higher than forecast production at the LaRonde Complex and Meliadine mine.

Agnico Eagle also reported a quarterly net income of $189.6 million, or net income of $0.78 per share, for the second quarter of 2021, an increase of 80% compared to net income of $105.3 million or net income of $0.44 per share reported in Q2 2020.

Agnico Eagle added that its expected gold production (excluding Hope Bay) in 2021 is unchanged at approximately 2,047,500 ounces, while total cash costs per ounce and AISC per ounce continue to be forecast in the range of $700 to $750 and $950 to $1,000, respectively.

The company noted that its Board of Directors has declared a quarterly cash dividend of $0.35 per common share, payable on September 15, 2021 to shareholders of record as of September 1, 2021.

"In the second quarter of 2021, the company posted record safety performance with solid operational results which resulted in another strong quarter of cash flow generation. The company remains on track to hit its production and cost guidance for 2021 and we expect to see growing gold output in the second half of the year, which should lead to continued strong cash flow generation in 2021," said CEO Sean Boyd.

Agnico Eagle is a senior Canadian gold mining company that has produced precious metals since 1957. Its operating mines are located in Canada, Finland and Mexico, with exploration and development activities in each of these countries as well as in the United States and Colombia.

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