Wednesday, September 29, 2021
HomeBusinessAgnico Eagle profit soars amid higher sales, increasing metal prices

Agnico Eagle profit soars amid higher sales, increasing metal prices

TORONTO – Agnico Eagle Mines Ltd. says its revenue rose in its newest quarter because it benefited from a rise in gross sales volumes and better realized metallic costs.

The Canadian gold mining firm reported a second-quarter internet earnings of US$189.6 million, or 78 cents US per fundamental share, in contrast with a internet earnings of US$105.3 million, or 44 cents cents US per fundamental share, in the identical interval of 2020.

The corporate says income from mining operations was US$966.3 million for the three months ended June 30, in contrast with US$557.2 million the yr earlier than.

Agnico Eagle says its greater internet earnings within the quarter is primarily on account of greater mine working margins in comparison with 2020, when gold manufacturing and gross sales have been negatively affected by pandemic-related reductions in mining actions.

The corporate says on its web site it operates mines in Canada, Finland and Mexico, with exploration actions in every of those international locations in addition to in the USA and Colombia.

Sean Boyd, Agnico Eagle’s chief govt officer, says the corporate stays on observe to hit its manufacturing and value steerage for 2021 and expects to see rising gold output within the second half of the yr.

“Our sound operational platform and steady monetary place has given us the flexibleness to extend our exploration spending in 2021, and advance our pipeline of improvement tasks, which is predicted to offer further shareholder worth within the coming months and years,” he stated in a press release.

Nationwide Financial institution analyst Mike Parkin says in a shopper be aware that Agnico Eagle’s monetary and working outcomes proved higher than anticipated.

He says the financial institution expects the mining firm’s shares to outperform friends in buying and selling. The corporate’s inventory was buying and selling at $81.16 on the Toronto Inventory Trade on Thursday, up almost 5 per cent or $3.79.

This report by The Canadian Press was first printed July 29, 2021.

Corporations on this story: (TSX:AEM)



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