Boston, MA 10\/25\/2013 (wallstreetpr) – Agnico Eagle Mines Ltd (USA) (NYSE:AEM), is a Canada-based leading global gold producer , with mining operations in northern Mexico, north-western Quebec, Nunavut, and northern Finland, and it carries on exploration work in Canada, Latin America, the United States, and Europe.<\/p>\n
With the help of a high jump taken by Agnico Eagle mines of 13%, Canada\u2019s main index opened on the higher side.<\/p>\n
There was a decline in the profit of the company in 3Q. The decline in profit was mainly due to declining in the prices of realized metal and also due to maintenance shut-down. However on the production front, the company surprised the street with reporting higher production than the street estimates. Owing to the weak realisation, maintenance shut-down, and increase in cost of production, net income of the company declined substantially to $47.3 million as compared to $106.3mn. However, this excludes non-cash and non-recurring expenses.<\/p>\n
Owing to higher than estimated production, the company declared its production guidance, and it expects it to grow its production to 1,060,000 ounces of gold.<\/p>\n
The company chartered out a plan pertaining to the development of the mines, by investing in a company called Probe Mines Limited. The media report suggests that, the company has entered into a deal with Probe Mines Ltd and Cormark Securities Inc. It further states that, Agnico will be purchasing 7,500,000 units of Probe from Cormark at a price of $1.50 per unit as on the closure of the deal. The company will be holding 7,500,000 of common shares and 5,625,000 warrants which amounts to 9.94% of of issued and outstanding shares .<\/p>\n
The company declares that it will invest in Sulliden Gold Corporation Ltd through non-brokered private placement which will amount to $0.89 per unit and the total consideration of the deal will be $24,000,000. Post the completion of the deal, the company will be holding 26,966,292 of common shares and 18,876,404 of warrants.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 10\/25\/2013 (wallstreetpr) – Agnico Eagle Mines Ltd (USA) (NYSE:AEM), is a Canada-based leading global gold producer , with mining operations in northern Mexico, […]<\/p>\n","protected":false},"author":32,"featured_media":11368,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[3777,3776,3774,3775],"stock_ticker":[],"class_list":["post-11363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-aem","tag-agnico-eagle-mines-ltd-usa","tag-agnico-eagle-mines-ltd-usa-nyseaem","tag-nyseaem","entry"],"acf":[],"yoast_head":"\n