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AGNICO-EAGLE REPORTS THIRD QUARTER RESULTS

 TORONTO, Nov. 8 /PRNewswire/ -- Agnico-Eagle Mines Limited (NASDAQ-NMS: AEAGF; TSE, ME) reports net profit of $3.0 million, or 11 cents per share, in the nine months ended Sept. 30, 1993, on revenue of $55.1 million down from a profit of $5.9 million, or 21 cents per share, on revenue of $54.4 million a year earlier. Despite increased gold production at the LaRonde Division, the results reflect lower gold production during the first nine months at the Joutel Division, higher smelting costs and reduced by-product revenue due to a 19 percent decline in the average price of copper received.
 For the third quarter, net profit declined to $0.2 million, or 1 cent per share, on revenue of $19.2 million from $3.7 million, or 13 cents per share, on revenue of $19.5 million during the 1992 third quarter. In addition to lower gold production and increased operating costs due to lower by-product revenue, a foreign exchange loss of $1.5 million largely on the repayment of long-term debt also contributed to lower 1993 third quarter income.
 In the fourth quarter of 1993, net income should be substantially higher as the company expects reduced losses at the Joutel Division, higher net interest income, lower administration charges, increased income from the sale of investments and higher gold production at the LaRonde Division.
 Agnico-Eagle's major focus continues to be on exploration and development at the LaRonde Division. Construction on the $15.1 million development program on the LaRonde Division's high grade Zone 6 is well advanced with production scheduled by mid-1995.
 Underground drilling and development is continuing on the 20th Level Exploration Drive with two drills testing the Zone 20 target area. Zone 20, containing two large polymetallic massive sulfide lenses, was discovered in early 1993 and remains open for expansion. Recent drilling in the Zone 20 area has identified two additional lenses, known as Zone 19, situated to the west of Zone 20 and, Zone 18, situated to the east of Zone 20. Both of these lenses remain open in all directions.
 A mineral inventory calculated on both the South and North Lenses of Zone 20 in August as well as the discovery of additional zones has resulted in significant modifications to the underground exploration and development program originally proposed. The important changes that have been made include the relocation of the Zone 6 production shaft and immediate deepening from the originally planned 1,600 feet to 5,000 feet, and the deepening of the LaRonde main production shaft down to 4,200 feet rather than the originally proposed 5,000 feet. Exploration drives into Zone 20 would be driven from each of the shafts. These modifications would accelerate the exploration, development and future production from Zone 20 and reflect its enormous potential.
 AGNICO-EAGLE MINES LIMITED
 Summarized Quarterly Data
 (Unaudited, in Thousands of Canadian Dollars, Except Per Share
 and Per Ounce Amounts)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Consolidated Financial
 Results
 Income from production $19,240 $19,524 $55,052 $54,437
 Net income for
 the period 228 3,748 2,966 5,942
 Per share
 - primary 0.01 0.13 0.11 0.21
 - fully diluted 0.01 0.12 0.11 0.19
 Operating cash
 flow(A) 2,221 6,834 8,337 12,968
 Operating cash
 flow per share 0.07 0.24 0.28 0.46
 Gold production
 - ounces 38,259 46,602 120,125 131,988
 Cash operating costs -
 per gold ounce
 produced -
 U.S. $ $271 $190 $243 $221
 Average gold price - per
 gold ounce received -
 U.S. $ $386 $349 $358 $346
 Operating and Financial
 Summary
 LaRonde Division
 Income from
 production $17,773 $15,135 $51,118 $42,938
 Cash mine
 operating costs 10,567 7,646 29,875 24,850
 Cash mine
 operating income $7,206 $7,489 $21,243 $18,088
 Tons of ore milled 153,849 141,756 472,395 464,489
 Grade - ounces of gold
 per ton 0.25 0.27 0.26 0.24
 Gold production -
 ounces 35,161 36,109 111,440 104,027
 Cash operating costs -
 per gold ounce produced
 (net of by-product
 revenue) - U.S. $ $230 $178 $210 $200
 Joutel Division
 Income from production $1,467 $4,389 $3,934 $11,499
 Cash mine operating costs 2,945 2,960 7,399 9,941
 Cash mine operating loss ($1,478) $1,429 ($3,465) $1,558
 Tons of ore milled 23,746 54,516 62,053 159,684
 Grade - ounces of gold
 per ton 0.13 0.19 0.13 0.19
 Gold production -
 ounces 3,098 10,493 8,685 27,961
 Cash operating costs -
 per gold ounce
 produced - U.S.$ $773 $235 $666 $298
 (A) -- Before non-cash working capital adjustments.
 -0- 11/8/93
 /CONTACT: Paul Penna of Agnico-Eagle Mines Limited, 416-947-1212/
 (AEAGF)


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

TW -- NY084 -- 1883 11/08/93 15:39 EST
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Date:Nov 8, 1993
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