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Agnico Eagle narrows Q3 profit on low prices

By: Henry Lazenby NYSE- and TSX-listed Agnico Eagle Mines on Wednesday said its third-quarter net income slid 55% year-on-year to $47.31-million, or $0.27 a share, which was mainly owing to lower realised metal prices, and an extended maintenance shutdown at its Kittila mine, in Finland, during the second... 

Agnico Eagle to maintain midterm output guidance amid cost cuts

By: Henry Lazenby TSX- and NYSE-listed Agnico Eagle Mines this week said it was implementing a significant round of cost-cutting measures on the back of reporting a surprise loss during the second quarter. The Toronto-based company, which is one of Canada’s oldest miners, on Wednesday said it would reduce costs by... 

Kittilä mine, Finland.

By: Sheila Barradas An openpit mine situated in Finnish Lapland. 

Agnico earnings down, buys stake in jnr Rubicon

By: Liezel Hill Toronto-based gold miner Agnico-Eagle Mines reported a 31% decline in second-quarter net income, after output fell, a year-ago tax recovery was not repeated and the company recorded a non-cash foreign currency translation loss. Revenue from mining operations rose 24% year-on-year though, to... 

Agnico-Eagle plans Meliadine feasibility study by 2013

By: Liezel Hill Toronto-based Agnico-Eagle Mines has begun an “aggressive” exploration programme at its new Meliadine project, in Nunavut, and plans to complete a feasibility study in 2013. Agnico bought Meliadine this year when it acquired junior Comaplex Minerals. 

Fast-growing Agnico-Eagle may boost dividend, still eyes acquisitions

By: Liezel Hill Toronto-based Agnico-Eagle Mines will consider using some of its growing cash flow to raise its dividend next year, and continues to look for early-stage acquisition opportunities, CEO Sean Boyd said on Thursday. The company is nearing the final lap of a five-mine construction marathon, which... 

Agnico-Eagle posts $54,3m Q1 profit, starts production at Lapa

By: Liezel Hill Toronto-based gold-miner Agnico-Eagle Mines earned $54,3-million in the first three months of 2009, compared with $28,9-million a year earlier. Earnings were boosted by a $38,6-million tax recovery, as well as a gain on foreign currency translation of $7,5-million.  

Agnico-Eagle pours first gold at Kittila mine  

By: Liezel Hill Toronto-based gold-miner Agnico-Eagle Mines poured the first gold this week at its new Kittila mine, in Finland, and has another two operations still on the way this year, vice-chairperson and CEO Sean Boyd said on Thursday. The commissioning at Kittila had been longer than scheduled - the first... 

Agnico-Eagle to double output in 2009, and again in 2010

By: Liezel Hill Canadian-gold-miner Agnico-Eagle Mines expects gold production to jump 100%, to 590 000 oz next year, followed by another doubling, to 1,2-million ounces, in 2010. The Toronto-based miner opened two new mines this year, and will repeat the feat in 2009, with a fifth operation scheduled to start... 

Agnico-Eagle to raise $252m in private placement

By: Liezel Hill Canadian gold-miner Agnico-Eagle Mines, which formally opened its Kittila mine, in Finland this week, has agreed to raise about $252-million in a private placement, to fund mine development, the company said on Wednesday. A syndicate led by Macquarie Capital Markets will underwrite the private... 

Agnico-Eagle profit rises on foreign currency gain, gold output

By: Liezel Hill Canadian gold-miner Agnico-Eagle Mines increased third-quarter net income to $14-million, compared with $11,5-million a year earlier, mainly thanks to a foreign currency translation gain. Gold production in the September quarter increased 23% to 68 753 oz, at weighted average total cash costs of... 

Agnico-Eagle enters $300m credit facility

By: Liezel Hill Toronto-based Agnico-Eagle Mines has executed a new non-amortising $300-million revolving credit facility, which brings the total credit lines available to the company to $600-million. Both the existing $300-million facility and the new credit line , which is being provided by a syndicate of... 

Agnico-Eagle lowers output targets on start-up delays

By: Liezel Hill Canadian gold-miner Agnico-Eagle has revised its production guidance for the year to between 300 000 oz and 320 000 oz of gold, after delays at two of its new mines mean new production will not come online as quickly as expected. The company also warned that it was reviewing its capital... 

Agnico-Eagle mulls growth at own projects, cautiously eyes potential targets

By: Liezel Hill Notwithstanding CEO Sean Boyd's insistence that “it's not a race, we're not racing anywhere”, Canadian gold-miner Agnico-Eagle is unarguably making excellent time, with one new mine under its belt this year and another four to come over the next 18 months, not to mention an extension at its... 

One down, four to go as Agnico-Eagle pours first gold at Goldex

By: Liezel Hill One might be forgiven for wondering whether someone at Canadian gold miner Agnico-Eagle Mines has a penchant for the number five. The company has just poured the first gold bar at the first of five mines that it will commission over the next eighteen months, in order to grow production by five... 

Agnico-Eagle profit rises to $28,9m

By: Liezel Hill Canadian gold-miner Agnico-Eagle Mines, which is bringing five new gold mines into production over the next two years, lifted first quarter net income to $28,9-million, compared with $24,9-million a year ago.  

Still significant upside for gold - Agnico-Eagle's Boyd

By: Liezel Hill Canadian gold-miner Agnico-Eagle Mines, which is bringing five new gold mines into production over the next two years, expects the gold price to continue to strengthen as investment demand for the yellow metal grows, CEO Sean Boyd said on Friday. “We don't sense that the broader... 

Agnico-Eagle Q4 earnings rise 56% on tax cut

By: Liezel Hill Canadian gold-miner Agnico-Eagle Mines, which plans to bring five new mines into production in the next two years, on Wednesday reported fourth-quarter net income of $65,2-million, compared with $41,9-million a year ago. Profit was boosted by a gain of $29,8-million, or $0,21 per share, on the... 

Agnico-Eagle targets 1,3m oz/y gold output by 2010

By: Liezel Hill Canadian gold-miner Agnico-Eagle, which plans to bring five new mines into production in the next two years, expects to produce an average of 1,3-million ounces of gold a year between 2010 and 2017, the firm said on Thursday.  

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