TORONTO – AGNICO-EAGLE MINES reported fourth quarter earnings of US$11.7 million and net earnings of $15.6 million. For the full year 2005, earnings totalled $37.0 million versus $47.9 million, or $0.56 per share in 2004. The difference in year-over-year earnings is largely attributable to a byproduct hedge loss and increased exploration expense in 2005.
The company also reported record reserve levels in 2005 of 10.4 million oz of gold, up 32% from the previous year. By project, reserves at LaRonde I were 1.6 million oz; at LaRonde II, 3.7 million oz; at Goldex, 1.6 million oz; at Lapa, 1.2 million oz; and at Suurikuusikko, 2.3 million oz.
Payable gold production for 2005 was 241,807 oz at total cash costs of US$43/oz. For the fourth quarter, payable production was 63,002 oz at total cash costs per ounce of MINUS US$22. (Editor’s note: I think this sets Agnico-Eagle apart as a low-cost producer.)
The complete press release on fourth quarter and yearly earnings can be read at www.Agnico-Eagle.com.