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Agnico Eagle Mines Ltd AEM

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Agnico-Eagle on Track to Hit 2021 Guidance After Solid Q2, but Lofty Gold Price Risk Limits Upside

Analyst Note

| Kristoffer Inton |

Agnico-Eagle reported another solid quarter, with production up and costs down. Excluding the recently acquired Hope Bay, the company produced 500,698 ounces, up 60% from a favorable comparison with the prior-year quarter that saw operations hampered by the COVID-19 pandemic. All-in sustaining costs for the quarter were $1,021 per ounce, down 11% from 2020. Management maintained full-year guidance excluding Hope Bay for 2,047,500 ounces at AISC of $950 to $1,000 per ounce. Given year-to-date results, we see this guidance as very much achievable.

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Company Profile

Business Description

Agnico Eagle Mines is a gold miner operating mines in Canada, Mexico, and Finland. It also owns 50% of the Canadian Malartic mine. Agnico operated just one mine, LaRonde, as recently as 2008 before bringing its other mines on line in rapid succession in the following years. The company produced more than 1.7 million gold ounces in 2020. Agnico Eagle is focused on increasing gold production in lower-risk jurisdictions.

Contact
145 King Street East, Suite 400
Toronto, ON, M5C 2Y7, Canada
T +1 416 947-1212
Sector Basic Materials
Industry Gold
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 6,482

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