For the third quarter of 2017, Agnico Eagle Mines (AEM) reported strong operational performance from its mines. Payable gold production was 454,362 ounces (oz), compared to 416,187 oz in the prior-year period. The higher level of production in the 2017 period was attributed to higher grades mined at LaRonde, Meadowbank and Canadian Malartic.
“We continued to see strong operating performance in the third quarter, culminating in record gold production and strong cash flow generation,” said CEO Sean Boyd. “Given these strong results, we have increased our 2017 production guidance and have increased our dividend by 10%.”
He added that major projects in Nunavut continue to advance on time and on budget.
For the first nine months of 2017, AEM reported payable gold production of more than 1.3 million oz, compared to 1.2 million oz in the prior-year period.
Production costs for the third quarter of 2017 were $578/oz, which was 13% lower, compared to $666/oz in the prior-year period. Total cash costs for the third quarter of 2017 were $546/oz, which was 5% lower compared to $575/oz in the prior-year period. Both production and total cash costs in the third quarter of 2017 were positively affected by record quarterly production.