Toronto company sets record gold production in second quarter results
The Abitibi Gold Belt of northeastern Ontario and western Quebec continue to be the happy, high grade hunting grounds for Agnico Eagle. The seemingly never-ending gold potential of the Toronto miner’s Detour and Kirkland Lake operations were among the highlighted items in the company’s second quarter results released this week.
Agnico Eagle reported an adjusted profit of $322.4 million this week, up 11 per cent from a year earlier, on the back of record gold production of 873,204 ounces from its mines in Ontario, Quebec, Nunavut Territory, Mexico and Finland. Its all-in-sustaining cost is US$1.150 per ounce.
The company said these were “better than anticipated” operating performances despite forest fires in Northern Ontario and western Quebec, which impacted operations due to air quality problems. Agnico Eagle’s strategy these days isn’t about making big-splash acquisitions but maximizing the gold opportunities in the ground it already holds.
The company is running a slew of technical studies on a pipeline of projects in the Abitibi that are in close proximity to the infrastructure at its existing mines and processing plants in Ontario and Quebec.