Agnico-Eagle Mines Limited (AEM) popped up yesterday 6.9% on the back of great second quarter results, the highlights of which are published below. If you can find the time this clip is worth watching, its BNN talking with Sean Boyd, CEO, Agnico-Eagle Mines Limited who, as always he is very positive about the future prospects for the Eagle, just click here.
Highlights of Quarterly Results for the second quarter 2009 are as follows:
Increased gold production
■ Record gold production in Q2 of 119,053 oz as Lapa and Kittila
achieve commercial production
■ Four internal expansions expected to contribute to continued
■ Grow gold reserves
■ Record reserves of 18.1 million ounces*
■ Four of six deposits may ultimately exceed 5 million oz
■ Acquire small, think big
■ Since being acquired, gold reserves and resources up 89%* in
Finland, Mexico and Nunavut
■ Be a low-cost leader
■ Expect to remain in the lowest quartile of total cash cost per
ounce long term
■ Maintain a solid financial profile
■ Expanded credit facilities to $900M
■ Significant free cash flow expected starting 2010
This stock is still one of our favourites and still retains a policy of not hedging their gold sales thus giving themselves full exposure to gold prices going forward.
Talking of BNN, John Ing also made a rare appearance to talk about gold and he is looking for $2000/oz and has a few words to say about Agnico-Eagle Mines.
Agnico-Eagle Mines Limited trades on the NYSE under the ticker symbol of AEM and on the Toronto Stock Exchange under the symbol of AEM.TO.
Agnico-Eagle Mines Ltd (AEM) has a market capitalization of $8.71 billion, average volume of 3.87 million shares traded, a 52 week high $67.39, a 52 week low of $20.87, a P/E ratio of 86.51 and closed yesterday at $55.95.
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