Canadian gold-miner Agnico-Eagle Mines' net income declined to $21,9-million in the fourth quarter of 2008, compared with $65,2-million a year earlier, after lower zinc and copper prices weighed on earnings.
However, Agnico-Eagle produced a best-ever 89 360 oz of gold during the fourth quarter, thanks to new output from the Goldex mine, in Quebec, which started up last year.
Cash costs rose to $463/oz, compared with minus $184/oz in the fourth quarter of 2007, when the firm was still enjoying the benefits of strong prices for the base metals which it produces as byproducts.
The net income figure also includes a $39,2-million noncash writedown of investments, which partly offset a noncash foreign currency translation gain of $51,5-million and a tax recovery of $11,1-million.
Source: Miningweekly.com
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