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Highlights

  • Agnico Eagle Mines reported total gold production of 850,429 ounces with USD 893 production cost/ounce in Q3 2023.
  • It concluded the quarter with the highest-ever adjusted EBITDA of USD 477 million and net income of USD 0.36 per share.
  • AEM’s payable gold production for 2023 is likely to be between 3.24 to 3.44 million ounces with total cash costs/oz to range from $840 to $890.

Agnico Eagle Mines Limited (NYSE: AEM) is a Canada-based gold mining company. Canada, Finland, Australia, and Mexico. Delta, Douay/Joutel, Anza, Barsele, Kirkland Lake Regional, Kuotko, Monument Bay are some of its exploration sites. The company has its operations at Canadian Malartic Complex, Goldex, Kittila, Detour Lake, Fosterville, La India, and others.

In Q3 2023, the company reported total gold production of 850,429 ounces with USD 893 production cost/ounce. This surge in production was mainly because of higher production at the Canadian Malartic and Meadowbank complexes as well as at the Kittila mine.

 It concluded that quarter with the highest-ever adjusted EBITDA of USD 477 million and net income of USD 0.36 per share. Its cash flow from operating activities stood at USD 1.01 per share.

The firm paid a cash dividend of USD0.40 per common share for the quarter, in December 2023.

The company’s payable gold production for the full year 2023 is likely to be between 3.24 to 3.44 million ounces with total cash costs/oz to range from $840 to $890. Its AISC/oz is likely to be between $1,140 and $1,190. The company’s total capital expenses are expected to be $1.42 billion.

In case the Supreme Administrative Court reinstates the Kittila’s operating permit at 2.0 mtpa, extra 30,000 ounces Au will be added in the fourth quarter of 2023.

Top 10 shareholders:

Around 25% of the total shareholdings in AEM is held by its top ten shareholders. While Van Eck Associates Corporation is the biggest shareholder with approximately 4.64%stake, the Vanguard Group, Inc. is the second-biggest shareholder with over 3.4% shareholding.

Stock Price Performance

AEM’s stock price has returned 6.74% in the last three months. It has jumped by 4.05% in the past six months. The stock’s 52-week high and low price stand at USD 61.15 and USD 43.22, respectively.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is February 13, 2024. The reference data in this report has been partly sourced from EODHD/Others.