Sean Boyd, CEO of Agnico-EagleDeborah Baic/The Globe and Mail
Agnico-Eagle Mines Ltd. reported a second-quarter profit of $100.4-million (U.S.) on Wednesday as the gold miner had all six of its mines in production.
The Toronto-based company said the profit amounted to 63 cents per share for the quarter ended June 30 compared with a profit of $1.2-million, or a penny per share, a year ago.
Revenue totalled $353.9-million, up from $133.1-million.
"Four of the mines are now operating at steady state with the other two in the late stages of optimization," chief executive officer Sean Boyd said in a statement.
"Further increases in gold production and lower cash operating costs are expected in the second half of 2010 as we continue to optimize all our mines and focus on driving down the unit costs at our Kittila and Meadowbank mines."
Payable gold production in the quarter totalled 257,728 ounces at a total cash cost per ounce of $487. That compared 119,053 ounces at $326 per ounce in the second quarter of 2009.
Agnico-Eagle said maintained its full year gold production guidance at between one million and 1.1 million ounces.
The company's average realized price for gold was $1,222 per ounce, up from $962 a year ago.