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(Kitco News) - Agnico Eagle (NYSE and TSX: AEM), one of the largest gold producers globally, today reported record payable gold production of 873,204 ounces in Q2 2023, up 2% compared to the prior-year period (858,170 ounces).
In a statement, the company said its record quarterly gold production reflects 100% ownership of Canadian Malartic for the full quarter, combined with a strong operational performance at all producing sites.
In Q2 2023, all-in sustaining costs (AISC) per ounce were $1,150, compared to $1,026 in the prior-year period.
Agnico Eagle explained that AISC per ounce increased in the second quarter of 2023 when compared to the prior-year period primarily due to higher minesite costs per tonne related to inflation.
In Q2 2023, the company’s net income was $326.8 million ($0.66 per share), which is an increase of 13% compared to Q2 2022 net income of $290.4 million ($0.64 per share).
According to a press release, the increase in net income in Q2 2023 is due to a gain on derivative financial instruments, higher mine operating margins from higher sales volumes resulting from the acquisition of the remaining 50% of Canadian Malartic, and lower income and mining tax expenses.
The company added that its expected payable gold production in 2023 remains unchanged at approximately 3.24 to 3.44 million ounces with total cash costs per ounce expected to be between $840 and $890 and AISC per ounce expected to be between $1,140 and $1,190.
"Agnico Eagle delivered another strong operational quarter, with record quarterly gold production and better than expected costs driving solid financial results. With this excellent start to the year, we are tracking very well to meet our annual production and cost guidance. I would also like to commend our team for one of the best quarterly safety performances in the company's history," said president and CEO Ammar Al-Joundi.
Agnico Eagle is a senior Canadian gold mining company, producing precious metals from operations in Canada, Australia, Finland and Mexico. The company was founded in 1957. Agnico noted it has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
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