Agnico-Eagle Reports Q2 2010 Results; Record Quarterly Revenue, Net Income and Gold Production
For further Stock Symbol: AEM (NYSE and TSX)
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Investor Relations (416) 947-1212
(All amounts expressed in U.S. dollars unless otherwise noted)
AGNICO-EAGLE REPORTS Q2 2010 RESULTS;
RECORD QUARTERLY REVENUE, NET INCOME AND GOLD PRODUCTION
Toronto (July 28, 2010) – Agnico-Eagle Mines Limited ("Agnico- Eagle" or the “ Company” ) today reported a record quarterly net income of $100.4 million, or $0.64 per share, for the second quarter of 2010. This result includes a non-cash foreign currency translation gain of $17.4 million, or $0.11 per share, as well as a one-time tax recovery of $21.2 million, or $0.14 per share. The result also includes non-cash stock-based compensation expense of $8.1 million, or $0.05 per share. In the second quarter of 2009, the Company reported net income of $1.2 million, or $0.01 per share. A 116% increase in gold production and a 151% increase in gross mine profit over the second quarter of 2009 contributed to the record financial and operating quarter.
Second quarter 2010 cash provided by operating activities was $161.6 million (including an increase in working capital of $16.7 million), up from cash provided by operating activities of $26.4 million in the second quarter of 2009 (which included a decrease in working capital of $27.4 million). This significant increase was largely due to gold production that was more than double that in the comparable period in 2009 and substantially higher prices for gold, zinc, silver and copper.
“ Our record quarterly financial results were driven by record gold production as all six of our mines operated throughout the quarter for the first time. Four of the mines are now operating at steady state with the other two in the late stages of optimization ” said Sean Boyd, Vice-Chairman and Chief Executive Officer. “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 ” added Mr. Boyd.
Second quarter 2010 highlights include:
- Record Gold Production, Record Revenue and Record Net Earnings – quarterly gold production of 257,728 ounces resulted in revenue of $353.9 million and net earnings of $100.4 million
- Good Cost Control Continues at Steady State Mines – minesite costs per tonne continue to be on target at; LaRonde, Goldex, Lapa and Pinos Altos.
- Improved Available Liquidity – during the quarter the Company executed a new non-amortizing, unsecured $1.2 billion revolving credit facility through a syndicate of banks. The Company also issued $600 million of unsecured long-term notes which was used to reduce amounts outstanding under the credit facilities.
Payable gold production1 in the second quarter of 2010 was a record 257,728 ounces at total cash costs per ounce2 of $487. This compares with payable gold production of 119,053 ounces at total cash costs per ounce of $326 in the second quarter of 2009. The increase in total cash costs per ounce in the second quarter of 2010 is mainly due to the high costs at Meadowbank ($663/oz) as the mine moves through start-up and commissioning. Total cash costs are expected to decline as the mining and processing rate increases and gold output grows towards steady state levels.
For the first six months of 2010, payable gold production was a record 445,960 ounces at total cash costs per ounce of $469. This compares with payable gold production of 210,864 ounces at total cash costs per ounce of $320 in the first half of 2009. The increase in gold production is due to the impact of four new gold mines commencing operations in the past 14 months. The increase in total cash costs per ounce in the first half of 2010 is mainly due to the high costs at Meadowbank ($695/oz) as stated above.
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.
Total cash cost per ounce guidance of $399 was provided on December 16, 2009. This was based on projected gold production of 1.057 million ounces and the following assumptions:
Silver ($/oz) 14.00 Zinc ($/lb) 0.82 Copper ($/lb) 2.77 C$/US$ 1.10 US$/Euro 1.40
Applying current spot rates for these factors would result in total cash cost estimates of approximately $420 per ounce. Based on the higher operating costs experienced at Kittila and Meadowbank during the commissioning phase in 2010, the Company expects that its full year total cash cost per ounce is likely to be in the range of $425 to $450.
Second Quarter 2010 Results Conference Call Webcast
1 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.
2 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.
The Company’s senior management will host a conference call on Thursday, July 29, 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 877-974-0445. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.
Replay archive:
Please dial 416-640-1917 or toll-free 877-289-8525, passcode 4328627#.
The conference call replay will expire on Thursday, August 5, 2010.
The webcast along with presentation slides will be archived for 180 days on the website.
New SVP Finance, Chief Financial Officer
The Company is pleased to announce that Mr. Ammar Al-Joundi will be joining Agnico-Eagle as of September 1, 2010 in the position of SVP Finance and Chief Financial Officer.
Mr. Al-Joundi has over 20 years of experience in finance on both the corporate and banking sides. Most recently Mr. Al-Joundi was with Barrick Gold Corporation where he had spent the previous 11 years in progressively more senior roles including: VP Treasurer then SVP Finance for Barrick Gold Corporation; Executive Director and CFO for Barrick South America; and finally SVP Capital Allocation and Business Strategy for Barrick Gold Corporation.
Mr. Al-Joundi is a graduate of the University of Toronto in Mechanical Engineering and has a MBA from the University of Western Ontario. Ammar is also a Professional Engineer.
Cash Position Remains Strong – Credit Facility Restructuring Provides Additional Liquidity
Cash and cash equivalents increased to $152.8 million at June 30, 2010 from the March 31, 2010 balance of $118.1 million. The large increase in gold production and its associated effect on revenues, net income and cash flows were mainly responsible for the increase.
Capital expenditures in the second quarter of 2010 were $117.0 million, including $33.9 million at Meadowbank, $28.2 million at Pinos Altos, $22.8 million at LaRonde, $16.6 million at Kittila, $10.6 million at Lapa and $4.7 million at Goldex.
For 2010, capital expenditures are estimated at $500 million, up from a previous estimate of $478 million. The additional capital is being spent at Meadowbank and Kittila to make improvements to the process plants and accelerate the purchase of mining equipment.
With its cash balances, anticipated cash flows, available bank lines and increased debt capacity, Agnico-Eagle remains fully funded for the development and exploration of its current pipeline of gold projects in Canada, Finland, Mexico and the USA.
During the second quarter of 2010, the Company executed an amended non-amortizing, unsecured $1.2 billion revolving credit facility, maturing June 2014. This facility replaces both preexisting unsecured tranches of the Company’s credit lines. The new facility is being provided by a syndicate of international banks.
Available credit lines under the amended facility as of June 30, 2010 were more than $1.0 billion.
LaRonde Mine – Steady State Mine Continues Strong Performance
The 100% owned LaRonde mine in northwestern Quebec, Canada, began operation in 1988. Proven and probable gold reserves at LaRonde total approximately 4.8 million ounces from 34.4 million tonnes grading 4.4 grams per tonne ( “g/t ”).
The LaRonde mill processed an average of 7,254 tonnes per day ( “tpd ”) of ore in the second quarter of 2010, compared with an average of 7,212 tpd in the corresponding period of 2009. 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 tonne3 were C$79 in the second quarter of 2010, compared to C$74 in the second quarter of 2009. The rise in minesite costs was largely due to a higher proportion of expensed versus capitalized underground development during the second quarter of 2010. Typically stope development is expensed while permanent development is capitalized.
For the first half of 2010, minesite costs per tonne were on budget at C$75 as the higher proportion of expensed development in the second quarter of 2010 balanced out the lower proportion in the first quarter of 2010. For the first half of 2009, the minesite costs per tonne were C$73. The increase is largely due to general cost inflation.
Net of byproduct credits, LaRonde’s total cash costs per ounce were $270 in the second quarter on production of 41,533 ounces of gold. During the second quarter of 2009, total cash costs per ounce were $109 on production of 58,034 ounces of gold. The
3 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.
increase in total cash costs is largely due to the lower gold production. This lower production was due to an expected decrease in gold grade for stopes mined in 2010. Additionally, an unfavourable swing in the CAD/USD exchange rate during the period had the effect of increasing total cash costs. Somewhat offsetting these factors were higher byproduct metals revenues.
For the first six months of 2010, LaRonde’s total cash costs per ounce were $216 on gold production of 86,569 ounces, as compared to the first half of 2009, when the total cash costs per ounce were $196 on production of 109,372 ounces of gold. The higher total cash costs were largely due to the lower gold production and stronger Canadian dollar, partly offset by higher byproduct metals revenues, as above.
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 through 2023, reflecting the higher gold grades at depth, where the deposit remains open. The development of the LaRonde Extension remains on time and on budget.
Goldex – Strong Production and Cost Control Continue
The 100% owned Goldex mine in northwestern Quebec began operation in 2008. Proven and probable gold reserves total 1.6 million ounces from 24.7 million tonnes grading 2.0 g/t.
The Goldex mill processed an average of 7,327 tpd in the second quarter of 2010, continuing to exceed the 2010 mine plan of approximately 6,900 tpd. During the second quarter of 2009, the plant processed 6,875 tpd. Minesite costs per tonne at Goldex were approximately C$24 in the second quarter of 2010, in line with the C$24 per tonne achieved in the second quarter of 2009.
Payable gold production in the second quarter of 2010 was 48,334 ounces at total cash costs per ounce of $324. This compares favourably to the second quarter of 2009 when gold production was 35,645 ounces at total cash costs per ounce of $365. The higher ounce output is largely due to the resumption of mining from the higher grade portions of the orebody.
For the six month period ended June 30, 2010, total cash costs at Goldex were $348 per ounce on gold production of 90,603 ounces. Total cash costs per ounce during the comparable six month period in 2009 were $352 on gold production of 71,604 ounces. The improvement in production and costs continues to reflect optimization of recoveries and throughput at the Goldex mine.
Life of mine average annual gold production is expected to be approximately 168,000 ounces per year through 2017.
The expansion of the mine from 6,900 tpd to 8,000 tpd was approved in 2009. An increase in the mining rate has been realized earlier than anticipated as development of the orebody is ahead of schedule. Goldex should be able to achieve the higher rate on a steady state basis in the fourth quarter of 2010 with only minor modifications to the mill to support the higher throughput.
With Goldex operating at steady-state, and the final production blast for the current orebody scheduled for late 2010 (to be followed by approximately seven years of extraction), the focus has shifted to exploration and potentially extending the mine life by adding nearby zones, such as the “ M ”, “E” and “ S ” zones, into the mine plan.
Additionally, Agnico-Eagle recently entered a purchase and option agreement to explore Adventure Gold Inc.’s Dubuisson project located immediately west of Goldex. Up to $4 million is expected to be spent on this property over a period of five years from the effective date of the agreement. If Agnico-Eagle exercises its options, the Company may acquire up to 70% of Dubuisson.
Lapa – Strong Tonnage and Cost Performance Continue
The 100% owned Lapa mine in northwestern Quebec achieved commercial production in May 2009. Proven and probable gold reserves total approximately 0.8 million ounces from 3.2 million tonnes grading 8.2 g/t.
The Lapa circuit, located at the LaRonde mill, processed an average of 1,523 tpd, compared to 895 tpd in the partial second quarter of 2009. This throughput is slightly higher than the design rate for the mill of 1,500 tpd and reflects results of continued optimization efforts at the mill.
Minesite costs per tonne were C$118 in the second quarter of 2010, well below the C$149 incurred in the second quarter of 2009. This reduction in cost reflects the optimization and efficiencies which have been realized since the May 2009 startup. Specifically, mine personnel have been successful in increasing the throughput to offset the higher dilution underground.
Payable production in the second quarter of 2010 was 28,927 ounces of gold at total cash costs per ounce of $545. This compares to 11,603 ounces of gold at total cash costs per ounce of $948 during the partial second quarter of 2009.
For the six month period ending June 30, 2010, total cash costs at Lapa were $516 per ounce on gold production of 60,480 ounces. This compares with gold production of 11,603 ounces at total cash costs of $948 in the partial first half of 2009. This production increase and unit cost decrease is largely due to improved throughput and its associated efficiencies.
Life of mine production is expected to be approximately 115,000 ounces of gold through 2015.
An underground exploration program to the east and to the west of the Contact zone has begun. The goal is to transfer additional resource into reserves and to further test the favourable Cadillac Break gold belt, especially to the east.
Kittila – Mill Optimization Beginning to Show Results
The 100% owned Kittila mine in northern Finland achieved commercial production in May 2009. Proven and probable gold reserves total approximately 4.0 million ounces from 26.0 million tonnes grading 4.8 g/t.
The Kittila mill processed an average of 2,412 tpd in the second quarter of 2010, compared to 1,980 tpd in the second quarter of 2009. While getting closer to the design rate of 3,000 tpd, the throughput in the second quarter of 2010 was negatively affected by a longer than expected scheduled maintenance shutdown in the processing plant in the first quarter (which lasted until April 10), as well as maintenance work on the oxidation scrubber for three days in June.
Gold recoveries in the second quarter of 2010 averaged approximately 68%, down from the 71% achieved in the first quarter of 2010. The lower recoveries were largely due to a series of process changes that were implemented in the second quarter of 2010. However, these changes are expected to lead to improving recoveries over the next several quarters as further optimization is undertaken in the plant.
Recoveries have improved significantly over the past several weeks largely due to the control and reduction of the chloride compound levels in the autoclave. Since the implementation of the chlorine reduction process, recoveries have averaged 74% in June and the average has exceeded 81% during the 40-day period ending July 27. 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 €64 in the second quarter, in line with the €64 achieved in the first quarter of 2010. In the second quarter of 2009 (partial quarter as the mine was declared commercial in May), minesite costs per tonne averaged €43.
The increase in minesite costs is largely due to the increased use of contractors and autoclave repairs. Due to limited equipment availability, additional contract labour was required in both operations and maintenance. The autoclave repairs, which carried over into the second quarter of 2010, reduced this quarter’s mill availability to 78% (down 7% from the first quarter). In 2011, minesite costs per tonne are expected to fall as throughput increases in the plant and as optimization of the mine continues.
Second quarter 2010 gold production at Kittila was 31,593 ounces at total cash costs per ounce of $607, compared to 13,771 ounces at cash costs per ounce of $658 in the partial second quarter of 2009. Approximately half of the second quarter 2010 gold production was realized in June, reflecting the greatly improved milling performance.
For the six month period ending June 30, 2010, total cash costs at Kittila were $663 per ounce on gold production of 56,140 ounces. This compares with gold production of 18,285 ounces at total cash costs of $658 in the partial first half of 2009. This production increase is largely due to higher mill recoveries and improved throughput.
Total cash costs per ounce are expected to decline as gold output increases in the second half of 2010 due to the increased processing rate and improved recoveries.
During the second quarter, the first underground stopes were mined. Total underground production is expected to account for approximately 10% of Kittila’s 2010 production. Dilution levels, to date, have been better than expected.
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. Following 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 – Ramp-up Continues with Improved Results. Additional Filter Capacity Expected in Q3
The 100% owned Pinos Altos mine in northern Mexico achieved commercial production in November 2009. Proven and probable reserves, including the stand-alone Creston Mascota deposit, total 3.4 million ounces of gold and 94 million ounces of silver from 42.0 million tonnes of ore grading 2.5 g/t of gold and 69 g/t silver.
The Pinos Altos mill processed an average of 3,575 tpd in the second quarter of 2010, representing a significant improvement over the prior quarter (2,584 tpd) as the ramp up to the design rate of 4,000 tpd continues. Additional tailings filtration capacity is expected to be installed during the third quarter of 2010 which should enable a proposed increase in throughput.
Minesite costs per tonne were below budget at $31 in the second quarter of 2010, compared to $34 in the prior quarter. No comparable period exists in 2009 as the mine achieved commercial production in November.
The first underground mining blocks were extracted as expected in the second quarter of 2010. A 13,000 tonne underground stope was extracted which confirmed the block model in terms of grade and dilution. The paste backfill system has been commissioned and is fully operational.
Payable production in the second quarter of 2010 was 29,665 ounces of gold at total cash costs per ounce of $415. This compares favourably with the prior quarter which had payable gold production of 26,228 ounces at total cash costs per ounce of $436 (there is no comparable second quarter or six month period in 2009 as the mine achieved commercial production in November).
For the first six months of 2010, payable gold production was 55, 893 ounces at total cash costs of $425 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 activities have commenced at the nearby, stand-alone, Creston Mascota project which is expected to achieve commercial production in the second quarter of 2011.
Further exploration is underway and the Company is anticipating the eventual development of several other satellite deposits on the Pinos Altos concession package which could include the Sinter, Cubiro and San Eligio zones.
Meadowbank – Tonnage Ramp-Up Continues
The 100% owned Meadowbank mine project in Nunavut, Canada, achieved commercial production in March 2010. Proven and probable gold reserves total 3.7 million ounces from 32.2 million tonnes grading 3.5 g/t.
During the second quarter of 2010, the Meadowbank mill processed an average of 6,262 tpd, with several days in June exceeding 9,000 tpd.
However, since the February start-up, unit costs have been negatively impacted by harder ore, less than optimal fragmentation from the pit and a different particle size gradation from the crusher than expected. To solve these issues the Company is installing a permanent secondary crushing unit in the front end of the circuit, similar to the solution adopted at Goldex. However, this has negatively impacted both capital (as previously discussed) and operating cost estimates for the mine in 2010. This secondary crusher should be installed and be operational in the first half of 2011. In the meantime, a portable crushing unit is being used.
Minesite costs per tonne were higher than planned at C$94 in the second quarter of 2010, due to the increased costs associated with; the replacement of some major components, the installation and use of a portable crusher, logistics, and additional use of contractors. A portable crusher was installed in the second quarter which is expected to help facilitate higher throughput and lower minesite costs per tonne in the second half of 2010. Longer term it is anticipated that a permanent crusher will be added.
Payable production during the second quarter of 2010 was 77,676 ounces of gold, at total cash costs per ounce of $663. During March 2010, gold production was 18,599 ounces at total cash costs of $840 per ounce. The total cash costs are also expected to decline during the remainder of 2010 as the mine and mill operations are optimized and gold production increases.
Gold production in 2010 is expected to be approximately 300,000 ounces. 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
Subsequent to quarter end, on July 7, 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.
Meliadine currently hosts 3.3 million ounces of gold in measured and indicated resources (12.9 million tonnes grading 7.9 g/t) plus 1.7 million ounces of gold in inferred resources (8.4 tonnes grading 6.4 g/t). The deposit remains open for expansion and a large scale exploration program has been approved and is underway.
Through early 2013, it is anticipated that approximately $62 million will be spent on drilling approximately 200,000 metres with the main focus being on converting the resource at the high grade Tiriganiaq zone to reserves. An underground bulk sample will also be completed along with a feasibility study, permitting and road construction. The total expenditures over this period are expected to be approximately $130 million.
Initial results from this drilling program, and those for Agnico- Eagle’s other exploration programs, will be presented in an exploration update planned for September 2010.
Corporate Social Responsibility Report Published
During the quarter, Agnico-Eagle published its first Corporate Social Responsibility (CSR) report. The CSR report details the Company’s economic, health, safety, environment and social performance from January 1 to December 31, 2009. It is intended to give shareholders, employees, contractors, suppliers, business partners, government bodies and people in the communities in which the Company operates a better understanding of how Agnico- Eagle manages operational safety, environmental and social risks. The report is available on the Company’s website at:
http://www.agnicoeagle.com/Theme/Agnico2/files/AEM_CSR_2010_Final.pdf
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.
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 Six months ended June 30, June 30, 2010 2009 2010 2009 Gross mine profit (exclusive of amortization shown below) (Note 1)
| LaRonde ............................................ | $43,614 | $50,653 | $89,001 | $88,299 |
| Goldex ............................................. | 42,635 | 19,107 | 69,059 | 37,573 |
| Lapa ............................................... | 20,204 | (834) | 41,477 | (833) |
| Kittila ............................................ | 16,625 | 3,145 | 28,095 | 3,145 |
| Pinos Altos ........................................ | 22,626 | — | 35,257 | — |
| Meadowbank (Note 2) ................................ | 35,179 | — | 37,350 | — |
| Total gross mine profit ............................ | 180,883 | 72,071 | 300,239 | 128,184 |
| Amortization ....................................... | 44,003 | 15,470 | 74,506 | 27,600 |
| Corporate .......................................... | 28,332 | 38,016 | 75,910 | 52,663 |
| Income before tax .................................. | 108,548 | 18,585 | 149,823 | 47,921 |
| Tax provision ...................................... | 8,189 | 17,358 | 27,131 | (7,647) |
| Net earnings ...................................... | $100,359 | $1,227 | $122,692 | $55,568 |
| Net earning per share .............................. | $0.64 | $0.01 | $0.78 | $0.36 |
| Operating cash flow ................................ | $161,574 | $26,369 | $236,065 | $75,192 |
Realized price per sales volume (US$):
| Gold (per ounce) .................................. | $1,222 | $962 | $1,168 | $965 |
| Silver (per ounce) ................................ | $19.29 | $14.32 | $18.94 | $13.93 |
| Zinc (per tonne) .................................. | $1,890 | $1,698 | $2,057 | $1,421 |
| Copper (per tonne) ................................ | $6,581 | $5,832 | $6,934 | $5,058 |
Payable production:
Gold (ounces)
| LaRonde ........................................... | 41,533 | 58,034 | 86,569 | 109,372 | ||
| Goldex ............................................ | 48,334 | 35,645 | 90,603 | 71,604 | ||
| Lapa ............................................. | 28,927 | 11,603 | 60,480 | 11,603 | ||
| Kittila .......................................... | 31,593 | 13,771 | 56,140 | 18,285 | ||
| Pinos Altos ...................................... | 29,665 | — | 55,893 | — | ||
| Meadowbank (Note 2) ............................... | 77,676 | — | 96,275 | — | ||
| Total gold (ounces) | 257,728 | 119,053 | 445,960 | 210,864 |
Silver (000s ounces)
| LaRonde ........................................... | 860 | 1,034 | 1,735 | 2,063 | ||
| Pinos Altos ....................................... | 248 | — | 470 | — | ||
| Meadowbank (Note 2) ............................... | 12 | — | 14 | — | ||
| Total silver (000s ounces) | 1,120 | 1,034 | 2,219 | 2,063 | ||
| Zinc (tonnes) ..................................... | 18,465 | 14,928 | 32,689 | 28,219 | ||
| Copper (tonnes) ................................... | 1,056 | 2,066 | 2,108 | 3,748 |
Payable metal sold:
| Gold (ounces – LaRonde) ........................... | 41,665 | 59,608 | 86,906 | 110,561 | ||
| Gold (ounces – Goldex) ............................ | 48,310 | 33,501 | 86,173 | 66,965 | ||
| Gold (ounces – Lapa) .............................. | 31,920 | 3,167 | 66,113 | 3,167 | ||
| Gold (ounces – Kittila) ........................... | 28,588 | 6,780 | 59,262 | 6,780 | ||
| Gold (ounces – Pinos Altos) ....................... | 30,633 | — | 51,599 | — | ||
| Gold (ounces – Meadowbank) (Note 2) ............... | 70,182 | — | 77,285 | — | ||
| Total gold (ounces) | 251,298 | 103,056 | 427,338 | 187,473 | ||
| Silver (000s ounces – LaRonde) .................... | 884 | 1,012 | 1,659 | 2,024 | ||
| Silver (000s ounces – Pinos Altos) ................ | 267 | — | 487 | — | ||
| Silver (000s ounces – Meadowbank) ................. | 14 | — | 14 | — | ||
| Total silver (ounces) | 1,165 | 1,102 | 2,160 | 2,024 | ||
| Zinc (tonnes) ..................................... | 15,437 | 12,804 | 29,966 | 29,861 |