https://www.thecanadianpressnews.ca/
TORONTO – Record gold prices are translating into higher profits for Canadian producers and excitement about the potential for more growth, though miners remain cautious on spending. Agnico Eagle Mines Ltd. was among the first big producers to report results after a quarter that saw gold top US$3,000 an ounce, while this week it pushed to over US$3,500 an ounce for the first time on U.S. instability fears.
The higher prices led Agnico Eagle, one of the world’s biggest gold producers, to report record adjusted net income of US$770 million for the quarter ending March 31, up from US$377 million last year. “The gold price performance over the past year has been remarkable,” said chief executive Ammar Al-Joundi on an earnings call Friday.
The price surge has been a boon to an industry that has seen production rise by about a third over the last decade to make Canada the fourth-largest gold producer in the world, and led exports to top $30 billion in 2023, according to Natural Resources Canada.
For the rest of this article: https://www.thecanadianpressnews.ca/business/miners-set-to-reap-rewards-of-high-gold-prices-but-remain-cautious-on-spending/article_1a5a6496-289c-52f4-bff4-7e0dec4f8f46.html