Lower gold prices and reduced production contributed to a net loss during the first quarter of the year, Agnico-Eagle Mines (TSE) reported. The company recorded a loss of $3.1 million compared to a net profit of $1.7 million for the same period in 1990.
The Toronto-based company is anticipating a commercial startup of its open pit mining operations on its Eagle West zone at its Joutel division in northwestern Quebec during the current quarter.
The company continued to experience dilution troubles at its producing Joutel mine in northwestern Quebec, a problem aggravated by an insufficient number of working places.
Gold production totalled 34,130 oz. during the quarter at an average cash operating cost of US$345 per oz. Comparative first-quarter figures in 1990 were 44,034 oz. at US$235 per oz. Agnico-Eagle Mines (TSE) 3 months ended Mar. 31 1991 1990 Revenue $14,415 $21,197 Net earnings (loss) (3,060) 1,747
per share (0.10) 0.07
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