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« IMF Gold Sales | Main | Gold Breaks Up Out Of Declining Wedge Formation »
Wednesday
Feb172010

Agnico-Eagle Mines Limited Record Everything: quarterly, annual revenue, gold production, gold reserves, resources et al.

Agnico Logo 31 July 2009.JPG


A news release just issued by Agnico-Eagle Mines Limited (AEM) today reported quarterly net income of $47.9 million, or $0.31 per share for the fourth quarter of 2009. This result includes a non-cash foreign currency translation loss of $7.8 million, or $0.05 per share, stock option expense of $6.3 million, or $0.04 per share, and a gain on sale of investments of $3.7 million, or $0.02 per share. In the fourth quarter of 2008, the Company reported net income of $21.9 million, or $0.15 per share.

Fourth quarter 2009 cash provided by operating activities was $53.7 million up from cash used by operating activities of $46.4 million in the fourth quarter of 2008, primarily due to 83% higher gold production and significantly higher metal prices.

"Earnings and cash flow increased significantly this quarter on the back of record quarterly gold production as five mines are now contributing to the Company's gold production base", said Sean Boyd, Vice-Chairman and Chief Executive Officer. "In addition, with the start of our new Meadowbank mine this quarter, and our record gold reserve base, we are well positioned to continue to increase our gold production and grow earnings and cash flow per share", added Mr. Boyd.

Fourth quarter 2009 highlights include:

- Strong earnings and cash flows - five operating mines, sixth mine
commissioning

- Record Gold Production - record quarterly production of 163,276
ounces contributed to record annual gold production of 492,972 ounces
- Good Cost Control - minesite costs per tonne targets achieved at the
steady state mines, LaRonde and Goldex. New mines showing steady
improvement

- Record gold reserves - gold reserves rise 0.3 million ounces net of
production, to a record 18.4 million ounces(1)

- Record gold resources - gold resources(2) rise to a record level with
an increase of 28% over 2008, even after conversion of 0.8 million
ounces to reserves in 2009

All bodes well for the old buzzard having had some difficulties of late in terms of getting their new mines started, so lets hope that they can push on from here.

To read the article in full please click here.

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.


All the best.

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