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MarketScreener Homepage  >  Equities  >  Singapore Stock Exchange  >  AEM Holdings Ltd    AWX   SG1BA1000003

AEM HOLDINGS LTD

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Agnico Eagle first-quarter profit falls but beats expectations

04/25/2019 | 05:59pm EST

TORONTO (Reuters) - Agnico Eagle Mines, the biggest Canada-focused gold miner, reported an 18% decline in first-quarter profit on Thursday on lower gold production as its Meadowbank mine in Canada's Nunavut territory nears the end of its life.

Even so, the Toronto-based company's net income of $37 million, or 16 cents per share, in the three months ended March 31, beat analyst estimates of 7 cents a share.

Lower realized gold prices also contributed to the decline, the company said. The fall in gold sales and prices was partially offset by lower costs at its Goldex mine in Canada, Kittila in Finland, and Pinos Altos and Creston Mascota in Mexico, Agnico said in a regulatory filing.

Agnico Eagle this year begins operating two new mines in Nunavut, transitioning from Meadowbank to the Amaruk satellite deposit, and opening the new Meliadine mine.

As a result, "we anticipate higher gold production to result in increased earnings and cash flow in the second half of the year," Chief Executive Sean Boyd said in the statement. "This should allow the company to continue to advance its development pipeline, increase financial flexibility and potentially raise dividends."

Agnico reported total gold production of 398,217 ounces in the first quarter, including pre-commercial production of 17,582 ounces at Meliadine, at an all-in sustaining cost of $836 per ounce. That compared with production of 389,278 ounces a year ago at a cost of $889 per ounce.

Cash from operating activities fell to $148.7 million from $207.7 million a year earlier, the company said.

(Reporting by Nichola Saminather; Editing by James Dalgleish and Leslie Adler)

By Nichola Saminather


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
AEM HOLDINGS LTD 0.96% 4.2 End-of-day quote.21.74%
GOLD -0.25% 1847.01 Delayed Quote.-2.24%
SILVER -0.36% 25.352 Delayed Quote.-3.86%
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Financials
Sales 2020 521 M 393 M 393 M
Net income 2020 93,5 M 70,5 M 70,5 M
Net cash 2020 175 M 132 M 132 M
P/E ratio 2020 12,1x
Yield 2020 2,10%
Capitalization 1 181 M 892 M 891 M
EV / Sales 2020 1,93x
EV / Sales 2021 1,67x
Nbr of Employees 527
Free-Float 89,0%
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Mean consensus BUY
Number of Analysts 4
Average target price 5,03 SGD
Last Close Price 4,18 SGD
Spread / Highest target 25,8%
Spread / Average Target 20,2%
Spread / Lowest Target 10,8%
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Managers and Directors
NameTitle
Chandran Ramesh Nair Group Chief Executive Officer
Wai San Loke Non-Executive Chairman
Meng Kiang Goh Vice President-Operations
Sook Han Leong Chief Financial Officer & Joint Secretary
Tat Ming Chua Vice President-Engineering
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