Agnico Eagle operates eight mines in Canada, Finland and Mexico and is among the top 15 largest gold mining companies in the world. It seeks to build a high-quality business that generates superior long-term returns for shareholders and contributes to the communities in which it operates.
Agnico Eagle Mines (AEM) reported a strong set of Q3 results, delivering gold production of 816,795oz at competitive cash and all-in sustaining costs (AISC) of US$779/oz and US$1,106/oz, respectively, notwithstanding cost pressures, constraints regarding workforce availability and the lingering aftermath of COVID-19. Material mark-to-market losses on foreign exchange and oil hedges of US$134.5m distorted headline earnings. However, excluding these non-cash, exceptional items, adjusted net income was US$235.4m or US$0.52/share, compared to US$119.0m or US$0.49/share in Q321. The quarterly dividend was held at US$0.40/share.