Net losses for the three months ended Sept 30 were $114,000 or 1 cents per share, compared with $422,000 or 3 cents per share at the same time last year.
In the first nine months of 1989, Agnico-Eagle reported net income of $3.8 million or 25 cents per share, compared with a loss of $1.7 million or 12 cents per share at the same time last year.
During the recent third quarter, Agnico-Eagle says it received an average of $359(US) per oz for its gold output, compared with $423 per oz for the corresponding 1988 period.
Third-quarter gold production increased to 18,438 oz, from 17,994 oz in the first three months of 1988.
Increased tonnage and lower unit costs compensated for the lower bullion prices, the company said. The average cost per oz of gold dropped to $305(C) in the third quarter from $352 during the corresponding period in 1988.
Agnico-Eagle recently agreed to amalgamate with its 43% owned affiliate Dumagami Mines (TSE). Both companies are based in Toronto.
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