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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (170181)	2/17/2023 12:59:36 PM
From: LoneClone	Read Replies (1) \| Respond to of 192593

Agnico Eagle Shares Sink as Inflation Sideswipes Earnings ca.finance.yahoo.com Jacob Lorinc Fri, February 17, 2023 at 8:28 a.m. PST·1 min read (Bloomberg) -- Agnico Eagle Mines Ltd.’s stock faced its biggest drop in more than two years after reporting inflationary headwinds and lower-than-expected sales in its latest earnings. Shares fell 7.8% to C$61.19 as of 11:25 a.m. in Toronto, the biggest intraday decline since November 2020. The decline came after the world’s third-largest gold producer reported fourth-quarter earnings Thursday that showed weaker production guidance and higher costs than analysts expected. “We did a lot of very good things that controlled costs, but we’re not immune from inflation forever,” Chief Executive Officer Ammar Al-Joundi said Friday during an earnings call with analysts. “What you’re seeing in the fourth quarter is some of that affecting us.” Mining companies worldwide have been wrestling with pricey materials needed to dig up and process metals amid rising inflation. Read more: Agnico Eagle Mines Dips on Low Production For The Next 3 Years Agnico said in its earnings report that expected cost increases this year are mostly related to inflationary pressures on labor, electricity, fuel and consumables. The firm expects some easing of input costs later in the year. Such cooling, along with increased gold output from its takeover of Yamana Gold Inc.’s Canadian mines, will lead to a decline in unit costs in 2024 and 2025.