2023-07-26 19:17:19 ET
Agnico Eagle Mines ( NYSE: AEM ) +2.1% post-market Wednesday after reporting better than expected Q2 adjusted earnings and reaffirming full-year guidance for production, cost and capital spending.
Q2 net income rose to $326.8M, or $0.66/share, from $290.4M, or $0.64/share, in the year-earlier quarter, while revenues from mining operations rose nearly 9% Y/Y to $1.72B.
Agnico Eagle ( AEM ) said Q2 payable gold production hit a quarterly record 873.2K oz, up 1.7% Y/Y, at all-in sustaining cost of $1,150/oz, reflecting strong operating performance across the company's mines and 100% ownership of Canadian Malartic for the full quarter; the Detour Lake mill set a record for quarterly throughput, with an improved mill availability of 92.8%.
The company said it is on track to meet FY 2023 guidance for gold production of 3.24M-3.44M oz, AISC of $1,140-$1,190/oz, and total capital expenditure of ~$1.42B; production guidance assumes Kittila operates at an annual rate of 1.6M metric tons, with a decision by the Supreme Court of Finland to either maintain the 1.6M tons/year permit or revert to the 2M tons/year permit expected in Q3.
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Agnico Eagle posts Q2 earnings beat as gold production hits quarterly record