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Agnico Eagle Mines Ltd AEM

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Agnico-Eagle’s 3Q Reflects Continued Recovery From COVID-19; but Lofty Gold Price Limits Upside

Analyst Note

| Kristoffer Inton |

Agnico-Eagle’s second quarter suffered from temporary shutdowns at eight of its mines due to the ongoing coronavirus pandemic. Not only did those mines reopen before the third quarter began, but also several mines achieved operational records in either milling or production. As a result, gold production was up 49% sequentially and 3% year over year to 493,000 ounces. Compared with the prior year quarter, cash costs per ounce rose 17% to $764 per ounce and all-in sustaining costs rose 13% to $1,016 per ounce. However, this level of cost inflation was largely expected.

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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 nearly 1.8 million gold ounces in 2019. Agnico Eagle is focused on increasing gold production in lower-risk jurisdictions.

145 King Street East, Suite 400
Toronto, ON, M5C 2Y7, Canada
T +1 416 947-1212
Sector Basic Materials
Industry Gold
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 6,487