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AGNICO-EAGLE REPORTS IMPROVED PROFIT FOR FIRST HALF OF 1993

 TORONTO, Aug. 16 /PRNewswire/ -- Agnico-Eagle Mines Limited (NASDAQ: AEAGF; Toronto, Montreal: AGE) today reported net profit of $2.7 million or 10 cents per share, in the six months ended June 30, 1993 on revenue of $35.8 million up from a profit of $2.2 million or 8 cents per share on revenue of $34.9 million a year earlier.
 The results reflect record gold production during the second quarter at the La Ronde Division of 40,407 ounces and increased gold prices. For the second quarter, net profit declined slightly to $2.4 million or 8 cents per share from $2.7 million or 10 cents per share during the 1992 second quarter as the Joutel Division continued to operate at a loss while it develops new underground mining areas.
 At the LaRonde Division, the grade of ore mined continues to exceed expectations averaging 0.26 ounces of gold per ton during the first half of 1993. As a result, gold production at LaRonde increased 12 percent to 76,279 ounces from 67,918 ounces produced during the first half of 1992. In addition, unit operating costs continued to improve at LaRonde averaging US$201 per ounce for the first half of 1993 compared to US$214 for the corresponding 1992 period.
 "Agnico-Eagle's major focus is exploration and development at the LaRonde Division where the potential to add to gold reserves is excellent", says Paul Penna, Agnico-Eagle's president.
 Work has begun on the $15.1 million development program on the LaRonde Division's high grade Zone 6 which is expected to be in production by mid-1995. In addition, exploration drilling is continuing on Zone 20, the large polymetallic zone discovered at depth and east of the main shaft in early 1993. Zone 20, remains open for expansion and contains good gold and zinc values with quantities of silver, copper and lead. Work will begin shortly on a program to deepen the main production shaft to 5,000 feet and extend two development drifts east into Zone 20 at an estimated cost of $13.4 million. Both programs at LaRonde are fully financed by the recent equity issue.
 AGNICO-EAGLE MINES LIMITED
 Summarized Quarterly Data
 (Unaudited, in thousands of Canadian dollars,
 except per share and per ounce amounts)
 Three months Six months
 ended June 30, ended June 30,
 1993 1992 1993 1992
 Consolidated Financial Results
 Income from
 production $ 20,076 $ 18,418 $ 35,812 $ 34,913
 Net income for the
 period 2,394 2,670 2,738 2,194
 Net income per share 0.08 0.10 0.10 0.08
 Operating cash flow(A) 4,111 4,653 6,116 6,134
 Operating cash flow
 per share 0.14 0.16 0.21 0.21
 Gold production -
 ounces 43,689 46,164 81,866 85,386
 Average cash operating
 costs - per gold
 ounce produced
 - $U.S. $231 $210 $230 $239
 Average gold price
 received per ounce
 - $U.S. $362 $333 $347 $345
 Operating And Financial Summary
 LaRonde Division
 Income from
 production $ 18,554 $ 14,871 $ 33,345 $ 27,803
 Cash mine operating
 costs 10,248 8,362 19,308 17,204
 Cash mine operating
 profit $ 8,306 $ 6,509 $ 14,037 $ 10,599
 Tons of ore milled 171,075 154,772 318,546 322,733
 Grade - ounces of
 gold per ton 0.26 0.25 0.26 0.22
 Gold production
 - ounces 40,407 37,214 76,279 67,918
 Cash operating costs
 - per gold ounce
 produced (net of
 by-product revenue)
 - $U.S. $200 $187 $201 $214
 Joutel Division
 Income from
 production $ 1,522 $ 3,547 $ 2,467 $ 7,110
 Cash mine operating
 costs 2,586 3,260 4,454 6,981
 Cash mine operating
 profit (loss) ($ 1,064) $ 287 ($ 1,987) $ 129
 Tons of ore milled 20,914 57,730 38,307 105,168
 Grade - ounces of
 gold per ton 0.16 0.19 0.16 0.19
 Gold production
 - ounces 3,282 8,950 5,587 17,468
 Cash operating costs
 - per gold ounce
 produced (net of
 by-product revenue)
 - $U.S. $620 $304 $633 $337
 (A) -- Before non-cash working capital adjustments
 -0- 8/16/93
 /CONTACT: Paul Penna, chairman and president of Agnico-Eagle Mines Limited, 416-947-1212/
 (AEAGF)


CO: Agnico-Eagle Mines Limited ST: Ontario IN: MNG SU: ERN

TS -- NY064 -- 3061 08/16/93 12:07 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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