Agnico Eagle Mines Ltd (TSX:AEM) announced on Thursday record second-quarter 2023 gold production of 873,294 ounces, at an all-in sustaining cost (AISC) of US$1150 per ounce, the first full quarter of the company’s 100% ownership of the Canadian Malartic mine.
The gold miner noted that its 2Q output was partially offset by lower production at Detour Lake in Ontario, and LaRond, in Quebec.
Agnico saw its adjusted earnings for the quarter increase 13% year over year to US$322.4 million, or US$0.65 per share, which surpassed the Zacks consensus estimate of US$0.55 per share.
As well, Agnico Eagle generated revenue of US$1.72 billion during the period, which also exceeded the US$1.42 billion consensus estimate.
For the full year, the company is forecasting production of 3.24 million to 3.44 million gold ounces at an AISC of US$1,140 per ounce to $1,190 per ounce.
Shares of Agnico Eagle Mines slipped 2% to $67.65 in early Thursday trading on the Toronto Stock Exchange but have gained 34% over the past 52 weeks.
Contact Sean at sean@proactiveinvestors.com