Agnico-Eagle Mines Announces Revision To 2020 Production Guidance – Quick Facts

Agnico-Eagle Mines Ltd (AEM,AEM.TO) reported fourth-quarter payable gold production of 494,678 ounces at production costs per ounce of $763. Excluding the pre-commercial production ounces at Barnat, payable gold production was 491,541 ounces, compared to 410,712 ounces, prior year.

The gold production forecast for 2020 is now 1.875 million ounces, compared to the recent guidance of 1.9 to 2.0 million ounces. The guidance for 2020 was reduced largely due to revisions to the mine plans at the Nunavut operations and LaRonde.

“The production ramp up in Nunavut has been slower than expected, which has resulted in higher than anticipated costs in the fourth quarter of 2019 and slight revisions to our 2020 production guidance,” said Sean Boyd, Agnico Eagle’s CEO.

The mid-point of gold production guidance for 2021 is essentially unchanged at 2.05 million ounces and the mid-point of gold production guidance for 2022 is 2.10 million ounces.

Agnico-Eagle Mines said the three-year guidance shows 18% growth over 2019 production level. The company anticipates its unit costs to decline from 2020 to 2022.

Agnico-Eagle Mines Ltd reported fourth-quarter adjusted net income per share of $0.37 compared to a loss of $1.68 per share, previous year. On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $0.38, for the quarter. Analysts’ estimates typically exclude special items.

Agnico Eagle’s Board has declared a quarterly cash dividend of $0.20 per common share, payable on March 16, 2020 to shareholders of record as of February 28, 2020.

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