TORONTO – Agnico-Eagle Mines has wrapped up the fourth quarter and 2012 year with record annual production and operating cash flows. Gold production was 1.04 million oz at total cash costs of US$640/oz, compared with 1.03 million oz at US$660/oz in 2011. Cash provided by operating activities in 2012 reached a record US$696.0 million, a 4.3% gain over the previous year.
The company recorded net income of US$310.9 million, or $1.82 per share for the full year 2012. A year earlier there was a net loss of US$568.9 million due to the suspension of mining at Goldex and a re-evaluation of the Meadowbank mine plan.
Agnico was busy as wll as profitable last year. Construction at the Goldex mine in Quebec and the La India project in Mexico is proceeding on schedule; both are to come into production in 2014. The 25% expansion of the Kittila mine and mill in Finland by 2015 has been approved. Gold reserves, net of production, were maintained at 18.7 million oz at the end of 2012, and inferred resources grew significantly at Kittila as well as at Meliadine in Nunavut.
The company says payable gold production in 2013 is expected to be between 970,000 and 1.01 million oz. Improving grades at the LaRonde mine in Quebec and Pinos Altos mine in Mexico as well as the start-ups of Goldex and La India during 2014 will push gold production up to the range of 1.10 million to 1.14 million oz, and in 2015 payable gold production is expected to exceed 1.20 million oz.
Full details of Q3 and year end finances and operations for Agnico are available in the news release dated Feb. 13, 2013, and posted at Agnico-Eagle.com.