Canadian gold miner Agnico Eagle Mines Ltd. hiked its dividend for the third quarter to 17.5 cents per share, from 11 cents apiece a year ago, as quarterly net income surged over fourfold on the back of higher gold sales volumes and realized prices.
The company recorded a third-quarter net income of US$76.7 million or 32 U.S. cents per share, compared to the year-ago net income of US$17.1 million, or 7 cents per share.
Revenue in the three months jumped to US$683.0 million, from US$518.7 million in the prior-year quarter, according to the Oct. 23 release.
Cash provided by operating activities in the third quarter reached a record US$349.2 million, up from US$137.6 million a year ago.
Agnico booked record payable gold production in the quarter of 476,937 ounces at an all-in sustaining cost, or AISC, of US$903 per ounce. Year-ago production stood at 421,718 ounces at AISC of US$848/oz.
The year-over-year increase in output was mainly due to a full quarter of commercial production from the Meliadine mine in Nunavut, partially offset by lower throughput levels at the Meadowbank in Nunavut as the mine transitioned to the Amaruq satellite deposit.
Gold production guidance was increased slightly to between 1.77 million ounces and 1.78 Moz, from 1.75 Moz previously.
Total cash costs and AISC for 2019 is expected to be in the range of US$620/oz to US$670/oz and US$875/oz and US$925/oz, respectively.