Shares of Agnico-Eagle Mines Limited (AEM) rose to a fresh 52-week high of $50.23 on Jun 3.
Gold prices bounce off 15-month lows to reclaim $1,200/oz. as the dollar rally pauses, helping strengthen shares of precious metals miners: AU +4.4%, GFI +3%, IAG +1.9%, BTG +3%, GG +2.2%, NGD +1.5%, KGC +1.6%, AGI +1.6%, RGLD +1%, SLW +2.1%. Sterne Agee analysts Michael Dudas and Satyadeep Jain foresee gold and silver prices trending higher, with gold averaging $1,400/oz. in 2015 and $1,450 in 2016 and silver averaging $19 next year and $21 in 2016, as “global demand remains firm, liquidity remains ample and the dollar appears overbought.” With investor sentiment still skeptical, Sterne thinks any supportive macro news flow could provide fuel for a rally; the firm rate Newmont Mining (NEM +1.5%), Agnico-Eagle Mines (AEM +2.4%), Coeur Mining (CDE +1.3%) and Gold Resource (GORO +0.2%) as Buys, with Barrick Gold (ABX +0.5%), Hecla Mining (HL +4.3%) and Pan American Silver (PAAS +1.5%) rated Neutral.ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, SGOL, ZSL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, DGL, DBS, DGZ, OUNZ, DGLD, AGOL, DBP, TBAR, USV, UBG, JJP, GLDE, BAR, GYEN, GEUR, RGRP, BARS, GGBP, BLNG Post your comment!
Agnico Eagle Mines (NYSE:AEM) agrees to acquire Canadian precious metals exploration company Cayden Resources (OTCQX:CDKNF) for ~C$205M, or C$3.79/share.Cayden owns, has options to acquire or has staked, concessions constituting a 100% interest in Mexico's El BarqueHo property, which contains a significant epithermal bonanza type gold vein and disseminated stockwork system, as well as other Mexican properties. Post your comment!
Agnico-Eagle Mines (AEM -0.4%) released updated mineral reserves and resources for the Canadian Malartic mine, owned jointly with Yamana Gold (AUY +0.7%), which shows a decrease of ~60K oz. to the reserve base from previous estimates published by Osisko Mining after taking into account a 5% royalty payable to Osisko. Proven and probable in-pit mineral reserves are 8.9M oz. of gold based on a US$1,300/oz. gold. Raymond James analysts say their initial view of the report indicates a neutral impact to each company’s net asset value. Post your comment!
The struggle between Goldcorp Inc (TOR:G) and deal partners Yamana Gold Inc (YRI.TO) and Agnico-Eagle Mines Ltd (AEM.TO) underlines the appeal of buying a mine, in this case Osisko's Canadian Malartic gold mine in Quebec, rather than building one. A report on Friday that there have been recent merger talks between the world's two top gold producers, Barrick Gold Corp (ABX.TO) and Newmont Mining Corp (NEM) further illustrates a buy rather than build mentality that has overtaken the industry - cost cutting would likely be a key part of any such deal.
Agnico-Eagle Mines Ltd. (AEM): New Analyst Report from Zacks Equity Research - Zacks Equity Research Report
We are retaining our Neutral recommendation on Agnico-Eagle. The company slipped to a loss in the fourth quarter on hefty impairment charges
Agnico-Eagle Mines Limited (AEM): Q4 EPS of $0.25 beats by $0.06.Revenue of $437.24M (-2.7% Y/Y) beats by $26.34M.Press Release 1 comment!
Agnico-Eagle Mines (AEM -0.2%) is downgraded to Sector Perform from Outperform with a $31 target price, down from $38, at RBC Capital, the result of lower financial estimates generated by the firm's reduced long-term gold price assumption from $1,400 to $1,300/oz. The firm forecasts negative free cash flow at AEM in 2014 and believes the market will need to see capital and operating guidance before it re-rates shares higher. Meanwhile, RBC upgrades Franco-Nevada (FNV -0.2%) to Outperform with a $53 target, up from $43, citing operating royalties and new feasibility and development stage gold assets (Brucejack, Golden Meadows, Kirkland Lake, ABX royalty portfolio), which the firm says have the potential to add 8%-12% in annual revenue. Post your comment!
Morgan Stanley throws in the towel on its Overweight rating for Kincross Gold (KGC), cutting the stock to Equalweight. At the same time, the team ups Agnico-Eagle Mines (AEM) to Overweight.Cut to Underweight is IAMGOLD (IAG)AEM +1.4% IAG -0.5% premarket Post your comment!
Agnico-Eagle Mines (AEM): Q3 EPS of $0.35.Revenue of $444.3M beats by $75.04M. (PR) 1 comment!
HSBC upgraded its stock ratings on various gold mining companies, noting that recent weak stock performance has "opened up value again," demand for gold remains strong, lower prices are resulting in reduced supply. The firm expects gold prices to rebound again, bringing better value in some gold miners, particularly Barrick Gold (ABX +1.9%), Goldcorp (GG +2.1%) and IAMGOLD (IAG +3%), upgraded to Overweight from Neutral (I, II, III); it also raises Agnico-Eagle Mines (AEM +0.4%), Yamana Gold (AUY +2%) and AngloGold (AU +0.3%) to Neutral from Underweight (I, II, III). HSBC, however, cuts Gold Fields (GFI +0.2%) to Underweight from Neutral, in part due to higher risk related to an SEC investigation. ETFs: GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING. 1 comment!
Not surprisingly, a focus on cost controls and cash flow are familiar pledges from the gold miners at this year's Denver Gold Forum (webcasts here).Speaking a couple of hours ago, Agnico-Eagle Mines (AEM -0.4%) laid out plans to cut costs by $50M this year and $200M in 2014, while limiting exploration costs to just $50M. AuRico Gold (AUQ -0.1%) and IAMGOLD (IAG +0.5%) offered similar outlines yesterday, as did Barrick Gold earlier today.The question now, writes Ben Levisohn in Barron's, is whether they can deliver.Gold miner ETFs: GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING. 3 comments!
Agnico-Eagle Mines (AEM) +1.7% premarket after providing a development project update. Commissioning is in progress at the La India mine in Mexico; mining and pad loading are underway with initial leaching expected to begin in October, and commercial production is seen for Q1 2014. Mining and milling resumes at the Goldex mine in Quebec; first gold pour is expected in October, and the project remains on track to produce 15K oz. of gold in 2013. Post your comment!
Agnico-Eagle Mines Limited posted net loss of $24.4 million or 14 cents per share in second-quarter 2013, down from a profit of $43.3 million or earnings of 25 cents per share a year ago.
Here's your Cheat Sheet to earnings...
Agnico-Eagle Mines (AEM): Q2 EPS of -$0.03 misses by $0.11. Revenue of $336.4M misses by $23.67M. (PR)
Agnico-Eagle Mines (AEM): Q2 EPS of -$0.03 misses by $0.11. Revenue of $336.4M misses by $23.67M. (PR) Post your comment!
Quebec's government lays out plans to extract higher taxes from the mining sector over the next 12 years, with measures such as a minimum royalty. The province wants new funding sources to bring its debt under control, but miners already facing falling profits due to falling commodity prices oppose the plan, though Agnico-Eagle Mines (AEM) says the overall impact on its operations appears to be minor.
Quebec's government lays out plans to extract higher taxes from the mining sector over the next 12 years, with measures such as a minimum royalty. The province wants new funding sources to bring its debt under control, but miners already facing falling profits due to falling commodity prices oppose the plan, though Agnico-Eagle Mines (AEM) says the overall impact on its operations appears to be minor. Post your comment!
Agnico-Eagle Mines Limited's first-quarter 2013 adjusted earnings (excluding one-time items other than stock-based compensation expenses) of 24 cents per share were well below the Zacks Consensus Estimate of 34 cents.
(Kitco News) - Despite the recent sharp drop in metal prices and rising costs, Agnico-Eagle Mines Limited (NYSE:AEM, TSX:AEM) will continue with its current strategy, which includes a push in production.