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Agnico Eagle Mines Ltd.
Summary
| Project: | Kittila | |
|---|---|---|
| Deposit: | Sisar, Roura | |
| Location: | Finland | |
| Commodities: | Gold | |
| Date: | 10/25/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 25-10-2018: Agnico Eagle Mines Ltd. announces an Exploration/Drilling Update report for its Sisar, Roura deposit at the Kittila project. Drilling results incl. 10.5m @ 3.7g/t Au from 173.0m. Toronto (October 24, 2018) – Agnico Eagle Mines Limited (NYSE:AE | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Francis Brunet (Internal) | |
| ABSTRACT: | Toronto (October 24, 2018) – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) ("Agnico Eagle" or the "Company") today reported quarterly net income of $17.1 million, or $0.07 per share, for the third quarter of 2018. This result includes non-cash foreign currency translation gains on deferred tax liabilities and non-recurring tax gains of $11.8 million ($0.05 per share) and non-cash foreign currency translation gains, mark-to-market adjustments and derivative gains on financial instruments of $4.1 million ($0.01 per share). Excluding these items would result in adjusted net income1 of $1.2 million or $0.01 per share for the third quarter of 2018. In the third quarter of 2017, the Company reported net income of $72.5 million or $0.31 per share. Included in the third quarter of 2018 net income, and not adjusted above, is non-cash stock option expense of $3.8 million ($0.02 per share). In the first nine months of 2018, the Company reported net income of $67.0 million, or $0.29 per share. This compares with the first nine months of 2017, when net income was $203.3 million, or $0.89 per share. In the third quarter of 2018, cash provided by operating activities was $137.6 million ($155.0 million before changes in non-cash components of working capital), as compared with the third quarter of 2017 when cash provided by operating activities was $194.1 million ($207.9 million before changes in non-cash components of working capital). In the first nine months of 2018, cash provided by operating activities was $465.4 million ($495.1 million before changes in non-cash components of working capital), as compared with the first nine months of 2017 when cash provided by operating activities was $600.6 million ($629.9 million before changes in non-cash components of working capital). The decrease in net income and cash provided by operating activities during the current quarter compared to the prior year period was mainly due to lower gold sales volumes, lower realized gold prices, lower by-product revenue and expected higher costs at several operations, principally at LaRonde, Kittila and the Company's Mexican operations. Lower gold sales were primarily as a result of the expected lower gold production in the period primarily due to reduced throughput levels at Meadowbank as the mine transitions through the last full year of mining at site. | |
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