TORONTO (miningweekly.com) – Canadian gold miner Agnico Eagle has narrowed its net profit for the first three months of the year.
The NYSE- and TSX-listed company reported net income of $28.7-million, or $0.13 a share, for the period ended March 31, compared with $97.1-million, or $0.56 a share, in the comparable period a year earlier.
Excluding special items, adjusted net income for the period came in at $31.4-million, or $0.15 a share, topping analyst expectations of $0.10 a share.
Agnico, which operates gold mines in Canada, Mexico and Finland, reported record quarterly output of 404 210 oz of payable gold at total cash costs on a by-product basis of $588/oz and all-in sustaining costs of $804/oz, which was below the full-year guidance of $880/oz to $900/oz on a by-product basis.
However, costs were negatively impacted by lower zinc and copper output and 17% and 21% lower realised silver and copper prices, respectively.
The improved gold output was mainly ascribed to the inclusion of Canadian Malartic, a full quarter of production at La India, in Mexico, increased throughput levels at Goldex, in Quebec, increased mill capacity at Kittila, in Finland, and higher grades and better recoveries at Pinos Altos, also in Mexico.
The company reaffirmed its full-year production outlook at about 1.6-million ounces.