Agnico Eagle improves 2018 guidance, sees ‘enormous’ potential in Nunavut – by Mariaan Webb (MiningWeekly.com – July 26, 2018)

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Canadian gold major Agnico Eagle Mines has added 50 000 oz to its gold production guidance for 2018, after a strong operational performance from its mines during the June quarter.

The NYSE- and TSX-listed miner, which operates in Canada, Finland and Mexico, increased its guidance to 1.58-million ounces of gold, from 1.53-million previously estimated, after the second-quarter production came to 404 961 oz at an all-in sustaining cost (AISC) of $921/oz.

The unit cost guidance for the full year remained unchanged, with total cash costs of between $625/oz and $675/oz and the AISC in a range of $890/oz to $940/oz.

“Cash costs remained at the mid-point of our guidance, but we expect these costs to trend lower in the second half of the year,” CEO Sean Boyd said in a press statement on Wednesday.

Agnico Eagle reported quarterly net income of $5-million, or $0.02 a share, for the second quarter, compared with $54.9-million, or $0.24 a share, a year earlier. Excluding certain items, adjusted net income came to $2.6-million, or $0.01 a share, in the June 2018 quarter.

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