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Friday, 20th February 2009 (952 views)

Agnico-Eagle Mines has reported its results for the fourth quarter of 2008, in which its net income was $21.9 million (£15.3 million).

The company reported that it achieved record production levels in the three-month period of 89,360 ounces, contributing towards an overall record annual total for 2008 of 276,762 ounces.

Vice Chairman of the firm Sean Boyd attributed the enhanced performance to the improvements in production at two of its mines, saying: "Compared to the fourth quarter last year, gold production increased 48 per cent as LaRonde continued its steady performance and the new Goldex mine achieved its design capacity in December."

Agnico-Eagle also stated that it now holds record gold reserves and its highest ever level of gold resources.

Last month the company revealed it was issuing 900,000 shares to finance a project in Mexico.

The issue - at $38 a share - was carried out to help it pay for surface rights and meet advance royalty payments concerning the Pinos Altos mine in Chihuahua state.

 

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