Agnico-Eagle Reports Q3 2010 Results; Record Quarterly Net Income; Record Quarterly Gold Production at Meadowbank, Goldex, Kittila and Pinos Altos
Stock Symbol: AEM (NYSE and TSX) For further information: Investor Relations (416) 947-1212
(All amounts expressed in U.S. dollars unless otherwise noted)
AGNICO-EAGLE REPORTS Q3 2010 RESULTS;
RECORD QUARTERLY NET INCOME;
RECORD QUARTERLY GOLD PRODUCTION AT MEADOWBANK, GOLDEX, KITTILA AND PINOS ALTOS
Toronto (October 27, 2010) – Agnico-Eagle Mines Limited ("Agnico-Eagle" or the “Company”) today reported a record quarterly net income of $121.5 million, or $0.73 per share, for the third quarter of 2010. This result includes a non-cash foreign currency translation loss of $17.7 million, or $0.11 per share. The result also includes non-cash stock-based compensation expense of $8.4 million, or $0.05 per share. More than offsetting these items, was a gain on the acquisition of Comaplex Minerals’ Meliadine property of $57.5 million (net of acquisition costs), or $0.34 per share. Additionally, the Company recorded a gain on the sale of available-for-sale securities and a property disposition totaling $16.6 million, or $0.10 per share and a one-time tax restructuring loss of $5.6 million, or $0.03 per share. In the third quarter of 2009, the Company reported a net loss of $17.0 million, or $0.11 per share. A 140% increase in gold production and a 233% increase in gross mine profit1 over the third quarter of 2009 contributed to the record financial and operating quarter.
Third quarter 2010 cash provided by operating activities was $156.8 million ($170.9 million before changes in non-cash components of working capital), up from cash used in operating activities of $13.8 million in the third quarter of 2009 ($38.6 million before changes in non-cash components of working capital). This significant increase was largely due to the previously mentioned increase in gold production and substantially higher prices for gold, zinc, silver and copper.
Third quarter 2010 highlights include:
- Record Gold Production, Record Revenue and Record Net Earnings – quarterly gold production of 285,178 ounces resulted in revenue of $398.5 million and net earnings of $121.5 million
- Record Cash Flows – excluding non-cash changes in working capital, $170.9 million versus the prior quarter’s record of $138.9 million
- Record quarterly gold recovery at Kittila – with the 81% recovery in the mill at Kittila, the design rate of 83% is on target for year end 2010
- Creston Mascota at Pinos Altos about to Start-Up – crushing plant has been commissioned and loading of leach pads scheduled to begin in fourth quarter
1 Gross mine profit is calculated as total revenues from all metals, by mine, minus total production costs, by mine.
“The transformational phase at Agnico-Eagle is complete and has resulted in record earnings and cash flows per share. The next phase, one of optimization and expansion of our newly built mines, is underway. As a result, we expect gold production and cash flows to continue to grow” said Sean Boyd, Vice-Chairman and Chief Executive Officer. “We look forward to reinvesting part of these growing cash flows to expand output, grow gold reserves and increase our longstanding dividend” added Mr. Boyd.
Payable gold production2 in the third quarter of 2010 was a record 285,179 ounces at total cash costs per ounce3 of $441. This compares with payable gold production of 118,763 ounces at total cash costs per ounce of $436 in the third quarter of 2009.
The total cash costs were essentially unchanged versus the prior year’s quarter. Significant byproduct revenues at LaRonde resulted in total cash costs of negative $298 per ounce at that mine. Also contributing strongly was Goldex with record quarterly gold production and good cost control ($288/oz).
Higher than anticipated total cash costs remain at Meadowbank ($677/oz) as this new mine moves through start-up and commissioning. Additionally, total cash costs per ounce at Pinos Altos were $690 in the third quarter of 2010 versus $415 in the second quarter of 2010. This increase at Pinos Altos is mainly due to the first ore from the underground operation (relatively high start-up costs), the one-time lump-sum payment of an annual bonus to workers (will be accrued going forward) and, most significantly, due to the stockpile inventory adjustments (wrote down a low-grade stockpile). While the industry has seen higher costs for major inputs such as reagents (specifically cyanide) and labour, total cash costs per ounce at both of these mines are expected to decline as gold production increases.
For the first nine months of 2010, payable gold production was a record 731,138 ounces at total cash costs per ounce of $459. This compares with payable gold production of 329,628 ounces at total cash costs per ounce of $368 in the first nine months of 2009. The increase in gold production is due to the impact of two new gold mines commencing operations in the past year. The increase in total cash costs per ounce in the first nine months of 2010 is mainly due to the higher than expected total cash costs per ounce at Meadowbank ($682/oz) and Pinos Altos ($527), neither of which were operating in the first nine months of 2009.
For the full year 2010, gold production is still expected to be in line with previous guidance of between 1.0 and 1.1 million ounces. The Company’s forecast for its full year total cash cost per ounce remains unchanged from the second quarter 2010 guidance of approximately $425 to $450.
2 Payable production of a mineral means the quantity of mineral produced during a period contained in products that are sold by the Company, whether such products are shipped during the period or held as inventory at the end of the period. 3 Total cash costs per ounce is a non-GAAP measure. For reconciliation of this measure to production costs, as reported in the financial statements, see Note 1 to the financial statements at the end of this press release.
Third Quarter 2010 Results Conference Call Webcast
The Company’s senior management will host a conference call on Thursday, October 28, 2010 at 11:00 AM (E.D.T.) to discuss financial results and provide an update of the Company’s exploration and development activities.
Via Webcast:
A live audio webcast of the meeting will be available on the Company’s website homepage at www.agnico-eagle.com.
Via Telephone:
For those preferring to listen by telephone, please dial 416-644-3415 or Toll-free 877-974- 0446. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.
Replay archive:
Please dial the 416-640-1917 or Toll-free 877-289-8525, passcode 4369179#.
The conference call replay will expire on Thursday, November 4, 2010.
The webcast along with presentation slides will be archived for 180 days on the website.
Cash Position Remains Strong
Cash and cash equivalents were essentially unchanged at $148.1 million on September 30, 2010 from the June 30, 2010 balance of $152.8 million.
Capital expenditures in the third quarter of 2010 were $167.1 million, including $74.1 million at Meadowbank, $28.2 million at Pinos Altos, $25.5 million at LaRonde, $21.1 million at Kittila, $7.1 million at Lapa, $6.0 million at Goldex and $3.6 million at Meliadine. For 2010, capital expenditures are estimated to remain unchanged at approximately $506 million.
With its cash balances, anticipated cash flows and available bank lines, Agnico-Eagle remains fully funded for the development and exploration of its current pipeline of gold projects in Canada, Finland, Mexico and the USA.
Available bank lines as of September 30, 2010 were approximately $1.1 billion.
LaRonde Mine – Steady State Mine Continues Strong Performance
The LaRonde mill processed an average of 6,872 tonnes per day (“tpd”) of ore in the third quarter of 2010, compared with an average of 6,509 tpd in the corresponding period of 2009. The increase in throughput in 2010 reflects an extended maintenance shutdown in the 2009 period which did not recur in 2010. Overall, LaRonde has been operating at a steady state of approximately 7,000 tpd for approximately seven years, since its most recent expansion in 2003.
Minesite costs per tonne4 were C$74 in the third quarter of 2010, essentially unchanged when compared to C$73 in the third quarter of 2009.
For the first nine months of 2010, minesite costs per tonne were slightly below budget at C$74. For the first nine months of 2009, the minesite costs per tonne were C$72. The increase is largely due to general cost inflation.
Net of byproduct credits, LaRonde’s total cash costs per ounce were negative $298 in the third quarter of 2010 on production of 37,832 ounces of gold. During the third quarter of 2009, total cash costs per ounce were $60 on production of 47,726 ounces of gold. The decrease in total cash costs is largely due to higher byproduct revenues, partly offset by the lower gold production. The lower production was mainly due to an expected decrease in gold grade for ore mined in 2010.
For the first nine months of 2010, LaRonde’s total cash costs per ounce were $69 on gold production of 124,401 ounces, as compared to the first nine months of 2009, when the total cash costs per ounce were $148 on production of 157,098 ounces of gold. The lower total cash costs were largely due to higher byproduct metals revenues, as noted above. Similarly, the lower production is mainly due to the lower gold grade (approximately 23% lower) mined in 2010.
Commencing in late 2011, when the Company expects to begin mining ore from the LaRonde Extension, LaRonde is expected to begin producing more gold, averaging 324,000 ounces of gold per year from 2014 through 2023, reflecting the higher gold grades at depth. The development of the LaRonde Extension remains on time and on budget.
Goldex – Record Production and Good Cost Control
The Goldex mill processed an average of 7,893 tpd in the third quarter of 2010, continuing to exceed the 2010 mine plan of approximately 6,900 tpd. During the third quarter of 2009, the plant processed 7,342 tpd. Goldex is now operating close to its expanded steadystate rate of 8,000 tpd. This expansion is essentially complete, ahead of schedule.
Minesite costs per tonne at Goldex were approximately C$21 in the third quarter of 2010, in line with the C$21 per tonne achieved in the third quarter of 2009.
Payable gold production in the third quarter of 2010 was 50,672 ounces at total cash costs per ounce of $288. This compares favourably to the third quarter of 2009 when gold production was 31,169 ounces at total cash costs per ounce of $428. The higher ounce output is largely due to the higher throughput and the resumption of mining from the higher grade central pillar, when compared to 2009 (grade up 45% over the comparable period).
For the nine months ended September 30, 2010, total cash costs at Goldex were $325 per ounce on gold production of 141,275 ounces. Total cash costs per ounce during the comparable nine month period in 2009 were $371 on gold production of 102,774 ounces. The improvement in production and costs continues to reflect optimization of throughput and the resumption of mining in the higher grade central pillar.
4 Minesite costs per tonne is a non-GAAP measure. For reconciliation of this measure to production costs, as reported in the financial statements, see Note 1 to the financial statements at the end of this news release.
Life of mine average annual gold production is expected to be approximately 168,000 ounces per year through 2017.
The final production blast for the current orebody is scheduled for late 2010 (to be followed by approximately seven years of extraction). As a result, the focus has shifted to exploration and potentially extending the mine life by adding nearby zones, such as the “M”, “D”, “E” and “S” zones, into the mine plan.
Development is already underway on the “M” zone, while studies on the other zones are expected to be completed in 2011. First production from the “M” zone is expected to be in 2013.
Lapa – Strong Tonnage and Cost Performance Continue
The Lapa milling circuit, located at LaRonde, processed an average of 1,573 tpd in the third quarter of 2010, compared to 1,179 tpd in the third quarter of 2009. This increase reflects the continued optimization efforts at the mine and mill where both facets at Lapa continue to operate above budgeted levels.
Minesite costs per tonne were below budget at C$105 in the third quarter of 2010, and well below the C$142 incurred in the third quarter of 2009. This reduction in cost reflects the optimization and efficiencies which have been realized since the May 2009 start-up.
Payable production in the third quarter of 2010 was 27,688 ounces of gold at total cash costs per ounce of $509. This compares to 18,409 ounces of gold at total cash costs per ounce of $784 during the third quarter of 2009. The higher production and lower costs reflect the optimization since start-up. Specifically, mine personnel have been successful in increasing the throughput to offset the dilution underground.
For the nine month period ending September 30, 2010, total cash costs at Lapa were $517 per ounce on gold production of 88,168 ounces. This compares with gold production of 30,013 ounces at total cash costs of $832 in the partial first nine months of 2009. This production increase and unit cost decrease is largely due to improved throughput, optimization and its associated efficiencies.
Life of mine production is expected to be approximately 116,000 ounces of gold through 2015.
Kittila – Mill Optimization in Final Stages
The Kittila mill processed an average of 3,067 tpd in the third quarter of 2010, compared to 1,958 tpd in the third quarter of 2009. The design throughput rate at Kittila is 3,000 tpd. The higher rate in 2010 is due to continued optimization efforts since the January 2009 start-up.
Gold recoveries in the third quarter of 2010 averaged a record high of approximately 81%, up significantly from the 68% achieved in the second quarter of 2010 and the 64% realized in the third quarter of 2009. The higher recoveries were largely due to a series of process changes that were implemented in the second and third quarters of 2010.
The improvement in the process was largely due to the control and reduction of the chloride compound levels in the autoclave. The design rate of 83% mill recovery is expected to be achieved on a steady state basis by the end of 2010.
Minesite costs per tonne at Kittila were approximately €58 in the third quarter of 2010, an improvement from the €78 achieved in the third quarter of 2009. The decrease in minesite costs is largely due to the higher throughput.
Third quarter 2010 gold production at Kittila was a record 40,344 ounces at total cash costs per ounce of $519, compared to 18,284 ounces at cash costs per ounce of $1,080 in the third quarter of 2009. This improvement is largely due to higher mill recoveries and improved throughput, facilitated by the ongoing, consistent, performance of the mine.
For the nine month period ending September 30, 2010, total cash costs at Kittila were $603 per ounce on gold production of 96,484 ounces. This compares with gold production of 36,568 ounces at total cash costs of $1,041 in the partial first nine months of 2009. This improvement is largely due to higher mill recoveries and improved throughput since startup.
Underground production is now underway at Kittila and ground conditions are encouraging. Total underground production is expected to account for approximately 10% of Kittila’s 2010 production.
Life of mine average gold production is expected to be approximately 150,000 ounces per year through 2032.
A study is underway examining the possibility of increasing the production rate at Kittila reflecting the continued growth of the reserve base. Assuming the successful optimization of the mill recoveries, and further drilling at depth and to the north of the main Suuri deposit, it is anticipated that the expansion study will be completed by the middle of 2011.
Pinos Altos – Achieving Design Throughput. Additional Filter Capacity Installed
Agnico-Eagle is proud to announce that the Pinos Altos mine was the winner of Mexico’s 2009 “Casco de Plata” (“Silver Hard Hat”) safety award recognizing the mine as the number one safety performer nationally during 2009 in the large open pit mine category.
The Pinos Altos mill processed an average of 3,863 tpd in the third quarter of 2010, representing an improvement over the prior quarter (3,575 tpd) as the ramp up to the design rate of 4,000 tpd continues. No comparable period exists in 2009 as the mine achieved commercial production in November. Commissioning of a fourth tailings filter commenced in the last week of September and a fifth tailings filter will be commissioned in November, which is expected to eliminate tailings filtration as a bottleneck in the mill.
Minesite costs per tonne were $50 in the third quarter of 2010, compared to $31 in the prior quarter. The increase in minesite costs was largely due to a stockpile adjustment, the payment of a special bonus to workers and the start-up of the underground mining operation, as previously mentioned. Without the impact of the stockpile adjustment, the minesite costs per tonne would have been $40 in the third quarter of 2010.
Minesite costs per tonne were $39 for the first nine months of 2010.
Some temporary production delays have been experienced in the new underground mine as several historic artisanal openings had to be emptied and backfilled. These artisanal openings only impact the upper part of the Santo Nino underground orebody.
Lateral development and stope preparation is ahead of schedule. Ground conditions in the mined stopes have been better than expected, which should allow rapid increases in underground production in the coming months along with lower unit costs.
Payable production from the mill and heap leach operations in the third quarter of 2010 was a record 35,248 ounces of gold at total cash costs per ounce of $690. This compares with the second quarter of 2010, which had payable gold production of 29,665 ounces at total cash costs per ounce of $415. The increase in total cash costs from the second quarter of 2010 is largely due to the previously discussed factors.
For the first nine months of 2010, payable gold production was 91,141 ounces at total cash costs of $527 per ounce.
Life of mine average gold production is expected to be approximately 170,000 ounces per year through 2028, including production from Creston Mascota. Over this period, annual silver production is expected to average 2.5 million ounces.
Civil works and mechanical construction are close to completion at the nearby Creston Mascota project. First ore is expected to be placed on the leach pads during the fourth quarter of 2010. This stand-alone mine is expected to achieve commercial production in the second quarter of 2011. Production of approximately 50,000 ounces of gold per year is expected over five years at this project.
Meadowbank – Tonnage Ramp-Up Continues
During the third quarter of 2010, the Meadowbank mill processed an average of 6,918 tpd. Throughput in the prior quarter, its first full quarter of operation, totaled 6,262 tpd.
In spite of this improvement in throughput, unit costs have been negatively impacted by crushing issues, as discussed last quarter. To attempt to resolve these issues, and achieve the design rate of 8,500 tpd on a consistent basis, the Company will install a permanent secondary crushing unit at the front end of the circuit. This solution was successfully adopted at Goldex during its commissioning phase. This secondary crusher should be installed and operational early in the third quarter of 2011. In the meantime, two portable crushing units are being used.
Minesite costs per tonne were higher than planned at C$103 in the third quarter of 2010. This compares with the second quarter of 2010 when minesite costs per tonne were C$94. The higher costs are due to higher drilling and hauling costs as low availability of equipment led to increased use of contractors. Also impacting costs were some major equipment repairs, pre-crushing at the mill and higher logistics expenses.
It is expected that minesite costs per tonne will begin to drop in the fourth quarter of 2010, as larger, more efficient haul trucks and shovels are commissioned.
Payable production during the third quarter of 2010 was 93,395 ounces of gold, at total cash costs per ounce of $677. This compares with payable production of 77,676 ounces at total cash costs per ounce of $663 in the prior quarter.
Year to date, gold production is 189,669 ounces at total cash costs of $682 per ounce. These costs are expected to begin to decline in the fourth quarter as operational improvements are realized and the larger equipment is utilized.
Life of mine average annual gold production is expected to be approximately 350,000 ounces through 2019.
A study examining the possibility of increasing the production rate at Meadowbank is partially complete. The study was scheduled to be completed in 2010, however, due to ongoing optimization efforts, the study is being delayed until the mine reaches steady state and further underground drilling is completed.
Meliadine Acquisition Complete, Exploration Program Begins
On July 6, 2010, Agnico-Eagle completed the acquisition of 100% of the Meliadine gold property (through the acquisition of Comaplex Minerals Corp.), located approximately 300 kilometres southeast of the Company’s Meadowbank mine.
Through early 2013, it is anticipated that approximately $62 million will be spent on drilling an anticipated 200,000 metres with the main focus being on converting the resource at the high grade Tiriganiaq deposit to reserves. An underground bulk sample will also be completed along with a feasibility study, permitting and permanent all-weather road construction. The total expenditures, including drilling, over this period are expected to be approximately $130 million.
Initial results from this drilling program, and those for some of Agnico-Eagle’s other exploration programs, including Kittila, will be presented in an exploration update planned for December 2010.
About Agnico-Eagle
Agnico-Eagle is a long established, Canadian headquartered, gold producer with operations located in Canada, Finland and Mexico, and exploration and development activities in Canada, Finland, Mexico and the United States. Agnico-Eagle's LaRonde mine is Canada's largest operating gold mine in terms of reserves. The Company has full exposure to higher gold prices consistent with its policy of no forward gold sales. It has paid a cash dividend for 28 consecutive years.
Forward-Looking Statements
The information in this news release has been prepared as at October 27, 2010. Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward looking information” under the provisions of Canadian provincial securities laws and are referred to herein as “forward-looking statements”. When used in this document, words such as "anticipate", “believe”, "expect", "estimate," "forecast," "planned", "will", "likely", “scheduled”, and similar expressions are intended to identify forward-looking statements.
Such statements include without limitation: the Company's forward-looking production guidance, including production growth, estimated ore grades, metal production, life of mine horizons, commencement of production estimates, the estimated timing of studies related to mine expansions, recovery rates, mill throughput, optimization efforts, and projected exploration and capital expenditures, including costs and other estimates upon which such projections are based; the Company's goal to increase its mineral reserves and resources; and other statements and information regarding anticipated trends with respect to the Company's operations, exploration and the funding thereof. Such statements reflect the Company's views as at the date of this press release and are subject to certain risks, uncertainties and assumptions. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico-Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The factors and assumptions of Agnico-Eagle contained in this news release, which may prove to be incorrect, include, but are not limited to, the assumptions set forth herein and in management’s discussion and analysis and the Company’s Annual Report on Form 20-F for the year ended December 31, 2009 (“Form 20-F”) as well as: that there are no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, damage to equipment, natural occurrences, political changes, title issues or otherwise; that permitting, production and expansion at each of Agnico-Eagle's mines and growth projects proceeds on a basis consistent with current expectations, and that Agnico-Eagle does not change its plans relating to such projects; that the exchange rate between the Canadian dollar, European Union euro, Mexican peso and the United States dollar will be approximately consistent with current levels or as set out in this news release; that prices for gold, silver, zinc, copper and lead will be consistent with Agnico-Eagle's expectations; that prices for key mining and construction supplies, including labour costs, remain consistent with Agnico-Eagle's current expectations; that Agnico-Eagle's current estimates of mineral reserves, mineral resources, mineral grades and metal recovery are accurate; that there are no material delays in the timing for completion of ongoing growth projects; that the Company’s current plans to optimize production are successful; and that there are no material variations in the current tax and regulatory environment. Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves, mineral resources, mineral grades and metal recovery estimates; uncertainty of future production, capital expenditures, and other costs; currency fluctuations; financing of additional capital requirements; cost of exploration and development programs; mining risks; risks associated with foreign operations; governmental and environmental regulation; the volatility of the Company's stock price; and risks associated with the Company's byproduct metal derivative strategies. For a more detailed discussion of such risks and other factors, see the Form 20-F, as well as the Company's other filings with the Canadian Securities Administrators and the U.S. Securities and Exchange Commission (the “SEC”). The Company does not intend, and does not assume any obligation, to update these forward-looking statements and information, except as required by law. Accordingly, readers are advised not to place undue reliance on forwardlooking statements. Certain of the foregoing statements, primarily related to projects, are based on preliminary views of the Company with respect to, among other things, grade, tonnage, processing, recoveries, mining methods, capital costs, total cash costs, minesite costs, and location of surface infrastructure. Actual results and final decisions may be materially different from those currently anticipated.
AGNICO-EAGLE MINES LIMITED SUMMARY OF OPERATIONS KEY PERFORMANCE INDICATORS (thousands of United States dollars, except where noted, US GAAP basis, Unaudited) Three months ended Nine months ended September 30, September 30, 2010 2009 2010 2009 Gross mine profit (exclusive of amortization shown below) (Note 1)
| LaRonde.................................................................................................... | $48,722 | $40,276 | $137,723 | $128,575 |
| Goldex ....................................................................................................... | 44,349 | 16,687 | 113,408 | 54,260 |
| Lapa .......................................................................................................... | 17,764 | 2,751 | 59,241 | 1,918 |
| Kittila ......................................................................................................... | 26,838 | 884 | 54,933 | 4,029 |
| Pinos Altos................................................................................................. | 15,089 | — | 50,346 | — |
| Meadowbank (Note 2) ............................................................................... | 49,042 | — | 86,392 | — |
| Total gross mine profit................................................................................ | 201,804 | 60,598 | 502,043 | 188,782 |
| Amortization............................................................................................... | 48,145 | 23,200 | 122,651 | 50,800 |
| Corporate................................................................................................... | (9,817) | 44,007 | 66,092 | 96,670 |
| Income before tax...................................................................................... | 163,476 | (6,609) | 313,300 | 41,312 |
| Tax provision.............................................................................................. | 42,016 | 10,357 | 69,147 | 2,710 |
| Net earnings ................................................................................... | $121,460 | $(16,966) | $244,153 | $38,602 |
| Net earning per share....................................................................... | $0.73 | $(0.11) | $1.52 | $0.25 |
| Operating cash flow.......................................................................... | $156,829 | $(13,787) | $392,894 | $61,405 |
Realized price per sales volume (US$):
| Gold (per ounce)..................................................................................... | $1,235 | $939 | $1,192 | $957 |
| Silver (per ounce).................................................................................... | $20.53 | $15.59 | $19.27 | $14.48 |
| Zinc (per tonne)...................................................................................... | $2,151 | $1,932 | $2,088 | $1,589 |
| Copper (per tonne) ................................................................................. | $8,689 | $7,580 | $7,572 | $5,745 |
Payable production:
Gold (ounces)
| LaRonde................................................................................................. | 37,832 | 47,726 | 124,401 | 157,098 |
| Goldex .................................................................................................... | 50,672 | 31,169 | 141,275 | 102,774 |
| Lapa ...................................................................................................... | 27,688 | 18,409 | 88,168 | 30,013 |
| Kittila ..................................................................................................... | 40,344 | 18,284 | 96,484 | 36,568 |
| Pinos Altos ............................................................................................. | 35,248 | 3,175 | 91,141 | 3,175 |
| Meadowbank (Note 2) ............................................................................ | 93,395 | — | 189,669 | — |
| Total gold (ounces) | 285,179 | 118,763 | 731,138 | 329,628 |
Silver (000s ounces)
| LaRonde................................................................................................. | 1,080 | 995 | 2,815 | 3,058 | |
| Pinos Altos.............................................................................................. | 290 | 16 | 760 | 16 | |
| Meadowbank (Note 2) ............................................................................ | 18 | — | 32 | — | |
| Total silver (000s ounces) | 1,388 | 1,011 | 3,607 | 3,074 | |
| Zinc (tonnes) .......................................................................................... | 14,915 | 12,516 | 47,604 | 40,735 | |
| Copper (tonnes)...................................................................................... | 1,181 | 1,400 | 3,289 | 5,148 |
Payable metal sold:
| Gold (ounces – LaRonde) ....................................................................... | 36,979 | 48,959 | 123,885 | 160,381 |
| Gold (ounces – Goldex)........................................................................... | 49,117 | 32,572 | 135,290 | 98,007 |
| Gold (ounces – Lapa).............................................................................. | 25,846 | 14,669 | 91,959 | 17,836 |
| Gold (ounces – Kittila)............................................................................. | 41,655 | 21,946 | 100,917 | 28,726 |
| Gold (ounces – Pinos Altos) .................................................................... | 31,759 | 594 | 83,358 | 594 |
| Gold (ounces – Meadowbank) (Note 2)................................................... | 93,495 | — | 170,780 | — |
| Total gold (ounces) | 278,851 | 118,740 | 706,189 | 305,544 |
| Silver (000s ounces – LaRonde).............................................................. | 1,052 | 1,009 | 2,711 | 3,033 |
| Silver (000s ounces – Pinos Altos) .......................................................... | 244 | 1 | 731 | 1 |
| Silver (000s ounces – Meadowbank)....................................................... | 18 | — | 32 | — |
| Total silver (ounces) | 1,314 | 1,010 | 3,474 | 3,034 |
| Zinc (tonnes) .......................................................................................... | 14,388 | 14,579 | 44,354 | 44,440 |
| Copper (tonnes)...................................................................................... | 1,193 | 1,405 | 3,283 | 5,157 |
Total cash costs per ounce of gold (Note 3,4):
| LaRonde.................................................................................................... | ($298) | $60 | $69 | $148 |
| Goldex ...................................................................................................... | $288 | $428 | $325 | $371 |
| Lapa ......................................................................................................... | $509 | $784 | $517 | $832 |
| Kittila ........................................................................................................ | $519 | $1,080 | $603 | $1,041 |
| Pinos Altos ................................................................................................ | $690 | — | $527 | — |
| Meadowbank (Note 2) ............................................................................... | $677 | — | $682 | — |
| Weighted average total cash costs per ounce............................................. | $441 | $436 | $459 | $368 |
Note 1
Gross mine profit is calculated as total revenues from all metals, by mine, minus total production costs, by mine.
Note 2
Meadowbank achieved commercial production as of March 1, 2010. Payable production includes commercial production of 188,585 ounces since March 1, 2010 and non-commercial production of 1,084 ounces.
Note 3
Total cash costs per ounce of gold is calculated net of silver, copper, zinc and other byproduct credits. The weighted average total cash cost per ounce is based on commercial production ounces. Total cash costs per ounce is a non-GAAP measure. For a reconciliation to production costs, see Note 1 to the financial statements. See also “Note Regarding Certain Measures of Performance”.
Note 4
Certain measures have been reclassified in prior periods to conform to the current periods’ presentation. The changes are immaterial in nature.