Higher gold prices, together with higher grades at the LaRonde mine in Quebec, enabled Agnico-Eagle Mines (TSE) to earn more money in 1993 than in the previous year.
Revenue from the Val d’Or area mine rose to $77.5 million, compared with $70.5 million in 1992. Agnico’s earnings were also up, reaching $7.4 million or 23 cents a share, compared with $6.2 million or 22 cents a share in the previous year. Fourth-quarter earnings increased significantly, to $4.4 million or 13 cents a share in 1993 from $300,000 or 1 cents a share in the 1992 fourth quarter.
Gold production was down marginally, to 165,671 oz. from 171,251 oz., while cash operating costs also slipped, to $US226 from $US229.
Once construction of the second shaft at La Ronde is completed, sometime in 1995, Agnico can start mining the No. 6 zone.
A shaft is also being sunk at the Vezza gold property near Joutel, Que., and underground exploration and development have begun at the Goldex Extension zone, also in northwestern Quebec.
.Glencairn completes private placement
Alberta-listed Glencairn Explorations has completed a private placement of 200,000 units at $1 each.
Each unit consists of one common share and half of a warrant. One full warrant entitles the holder to buy a common share for $1.20 until Jan. 27, 1996.
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