Agnico Eagle Mines reports fourth-quarter loss of US$453.3 million

The Canadian Press 0

TORONTO – Agnico Eagle Mines Ltd. (TSX:AEM) is reporting a fourth quarter net loss of US$453.3 million, or US$2.61 per share.

That compares with a net profit of US$82.8 million, or 48 cents a share, a year ago.

The gold miner says the results include an after tax impairment charge of US$436.3 million and other charges and expenses.

Revenue was US$437.2 million, down from US$449.3 million a year ago.

Agnico says realized gold and silver prices were down 26 per cent and 35 per cent respectively, period over period.

For the year, Agnico reports a net loss of US$406.5 million, or US$2.35 a share, compared with a net profit of US$310.9 million, or US$1.82 a share, in 2012.

In a statement, Agnico says it exceed both production and cost guidance for the second year in a row.

”Over the next three years, we expect further production growth and stable costs”, said Sean Boyd, president and chief executive officer.

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