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BRIEF-Agnico Eagle Reports Second Quarter 2020 Results

Published 2020-07-29, 06:34 p/m
Updated 2020-07-29, 06:36 p/m
© Reuters.

July 29 (Reuters) - Agnico Eagle Mines Ltd AEM.TO :

* AGNICO EAGLE REPORTS SECOND QUARTER 2020 RESULTS - SUCCESSFUL RAMP UP OF OPERATIONS POST TEMPORARY COVID-19 SHUTDOWNS; 2020 PRODUCTION GUIDANCE INCREASED, CAPEX AND COST GUIDANCE MAINTAINED - OPERATIONS ON TRACK FOR STRONG SECOND HALF; CREDIT FACILITY NOW

* Q2 ADJUSTED EARNINGS PER SHARE $0.18 EXCLUDING ITEMS

* Q2 EARNINGS PER SHARE $0.44

* Q2 EARNINGS PER SHARE ESTIMATE $0.20 -- REFINITIV IBES DATA

* 2020 PRODUCTION GUIDANCE INCREASED, CAPEX AND COST GUIDANCE MAINTAINED

* CREDIT FACILITY NOW FULLY REPAID

* ANTICIPATE GENERATING SIGNIFICANT FREE CASH FLOW IN SECOND HALF OF 2020

* QTRLY PAYABLE GOLD PRODUCTION WAS 331,064 OUNCES AT PRODUCTION COSTS PER OUNCE OF $854, TOTAL CASH COSTS PER OUNCE OF $825

* EXPECTS TO REACH A MONTHLY PRODUCTION RATE IN JULY 2020 OF ABOUT 160,000 TO 170,000 OUNCES OF GOLD

* GOLD PRODUCTION IN 2020 IS NOW EXPECTED TO BE 1.68 TO 1.73 MILLION OUNCES

* QTRLY REVENUES FROM MINING OPERATIONS $557.2 MILLION VERSUS $526.6 MILLION

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