Canadian Mining Journal


Barrick, Agnico Eagle top earnings expectations

A slew of mining companies have recently rolled out their third quarter financials, including Toronto-based gold miners Barrick Gold (TSX: ABX; NYSE: ABX) and Agnico Eagle Mines (TSX: AEM; NYSE: AEM). Both firms published better than expected results during the quarter. Here are some of the highlights:

Barrick, which remains focused on reducing debt and generating free cash flow, recorded adjusted earnings of US$131 million, or US11¢ per share, above analysts’ estimates of US7¢ per share. Net loss totaled US$264 million, or US23¢ per share, largely due to a goodwill impairment at its 50% held Zaldivar copper mine in Chile.

… Agnico swung into a profit with record quarterly output and low costs driven by its Abitibi assets, CEO Sean Boyd said on a conference call.

The miner produced 441,124 oz of gold, up 26% from the year ago, largely due to higher throughput and grades at the LaRonde, Goldex and 50% held Canadian Malartic operations. Including the Lapa mine, all four assets contributed 64% of the ounces.

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