VANCOUVER — Agnico Eagle Mines (TSX: AEM; NYSE: AEM) has been one of the best performing gold equities during the recent downturn due to a strong balance sheet and a knack for picking the right projects and developing mines the right way. The company reported another strong quarter to start 2016, but perhaps more interestingly, it also provided insights into a promising exploration portfolio.
Agnico reported first-quarter production of 411,336 oz of gold at by-product all-in sustaining costs of US$797 per oz. The result places the company on track to hit the upper end of its guidance, which ranges from 1.525 million oz to 1.565 million oz at all-in sustaining costs of between US$850 and US$890 per oz.
Quarterly net income totaled US$28.7 million, or 13¢ per share, with cash from operations pegged at around US$146 million. The result marks the sixth consecutive quarter that Agnico has reduced its outstanding debt, which fell by US$89 million to US$923 million.
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