LaRonde, Meliadine lead Agnico Eagle to record quarterly gold output

The company said the quarterly decrease was due primarily to lower operating margins, unrealized losses for non-cash items, and higher amortization of property.

For the first nine months of 2021, Agnico reported net income of $440.2 million, or $1.81 per share, compared to $306.4 million in 2020.

Gold production during the third quarter 2021 reached record levels at 541,663 oz. at all-in sustaining costs per ounce of $1,011. This includes 17,947 oz. from the recently acquired Hope Bay mine in Nunavut.

Quarterly production from the mines in the Abitibi region – LaRonde, Goldex and 50% of Canadian Malartic – totaled 222,373 oz. of gold. In Nunavut, the Mediadine mine has a record quarter producing 97,024 oz, including pre-commercial production of 6,881 oz. from the new Tiriganiaq open pit.

The 1.53 million oz. of gold produced in the first nine months of this year was also a record.

Agnico confirmed that guidance for 2021 remains unchanged at approximately 2.05 million oz. with all-in sustaining costs of $950 to $1,000 per ounce. Capital expenditures for the year are also unchanged at $803 million.

For Agnico’s global mines, the measured and indicated resources (as of December 31, 2020) were 341.4 million tonnes grading 1.4 g/t gold for 15.3 million contained oz., and the inferred resource was 283 million tonnes grading 2.57 g/t gold for 23.4 million contained oz. Proven and probable reserves total 15.2 million tonnes grading 0.76 g/t gold for 115.5 million contained oz.