Loading ...Agnico Eagle Mines Swings to 4Q Profit, Cuts Gold 2020 Production Target — Earnings Review
Agnico Eagle Mines Ltd. reported results for the quarter ended in December. Here’s what you need to know:
EARNINGS: The Canadian gold mining company swung to a quarterly profit of $331.7 million, or $1.38 a diluted share, from a year-earlier loss of $393.7 million, or $1.68 a share. On an adjusted basis, profit was 37 cents a share.
REVENUE: Revenue from mining operations rose to $753.1 million from $537.8 million a year earlier.
YEAR: The company ended the year at a profit of $473.2 million on $2.49 billion in revenue, compared with a loss of $326.7 million on $2.19 billion a year earlier.
OUTLOOK: The company cut its 2020 gold production projection to about 1.88 million ounces, down from its previous view of 1.9 million to 2 million ounces, reflecting a slower-than-previously-expected ramp-up of production at the new Nunavut operations and a more conservative mining plan in the West mine area at LaRonde. In 2021, it projects 2.1 million to 2.09 million ounces and 2.07 million to 2.14 million ounces in 2022. Unit costs expected to decline from 2020 to 2022.