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Strong quarterly free cash flow drives 75% increase in dividend at Agnico Eagle

Admin
Jan 15, 2021 Precious Metals News Comments Off on Strong quarterly free cash flow drives 75% increase in dividend at Agnico Eagle



Agnico Eagle (NYSE:AEM) announced its Q3 this evening after markets closed.

Net income per share was 92 cents in Q3, up from 32 cents during the same quarter a year ago.

The company said gold production returns to near-record levels seen in the fourth quarter of 2019. Payable gold production in the third quarter of 2020 was 492,693 ounces at production costs per ounce of $865, total cash costs per ounce of $764 and all-in sustaining costs per ounce (AISC) of $1,016.

Production costs, total cash costs per ounce and AISC per ounce exclude the pre-commercial production ounces from Barnet and Tiriganiaq.

Operations have rebounded strongly post second-quarter 2020 COVID-19 interruptions. In the third quarter of 2020, new operational records were established at several of the company’s mines.

Full year 2020 production guidance was unchanged at 1.68 to 1.73 million ounces, while expected total cash costs per ounce and AISC per ounce continue to be forecast in the range of $740 to $790 and $1,025 to $1,075, respectively. The longer-term guidance is maintained.

Slight increase to 2020 capital expenditures reflect accelerated development spending. Capital expenditures in 2020 are expected to be approximately $720 to $740 million (compared to previous guidance of $690 million).

Strong quarterly free cash flow drives 75% increase in dividend. On the back of record quarterly results, a quarterly dividend of $0.35 per share has been declared. The previous quarterly dividend was $0.20 per share.


Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.



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