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On November 2, 2005, Agnico-Eagle adopted the symbol AEM for trading on the Toronto Stock Exchange, matching its New York Stock Exchange symbol. It is our hope and our belief that investors and analysts looking for growth and long-term value will soon recognize that AEM is the new symbol for gold.
Our foundation is the largest gold deposit in Canada, based on reserves, and before the decade is over we expect to have two more mines operating in the same gold-rich area. We also expect to establish mines outside of Canada. Within the next three years, our goal is to add significantly to our gold reserves, triple our gold production, and continue to build value for our shareholders.
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Since its formation in 1972, Agnico-Eagle has produced more than 3.9 million ounces of gold. In the past five years, annual gold production at our flagship LaRonde mine has averaged approximately 250,000 ounces, and the mine is one of the lowest total cash cost producers in the industry. In 2005, we built on our strengths, maintaining solid operating performance while increasing gold reserves by 32%, beginning construction of our next gold mines, and accelerating our international expansion in Finland and Mexico. |
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2005 |
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2004 |
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2003 |
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| Operating |
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| Ore production (millions of tonnes) |
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2.7 |
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2.7 |
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2.2 |
| Gold production (ounces) |
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241,807 |
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271,567 |
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236,653 |
| Total cash cost per ounce |
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$ |
43 |
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$ |
56 |
$ |
269 |
| Average realized gold price |
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$ |
449 |
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$ |
418 |
$ |
368 |
Proven and probable gold
reserves (millions of ounces) |
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10.4 |
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7.9 |
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7.9 |
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| Financial |
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| Revenue |
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$ |
241.3 |
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$ |
188.0 |
$ |
126.8 |
| Net income |
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37.0 |
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47.9 |
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(19.5) |
| Net income per share |
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0.42 |
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0.56 |
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(0.23) |
Cash provided by
operating activities |
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83.0 |
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49.5 |
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4.3 |
| Dividends per share |
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$ |
0.03 |
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$ |
0.03 |
$ |
0.03 |
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All dollar amounts are in US$ unless otherwise indicated.
All units of measurement are in metric unless otherwise noted.
Total cash cost per ounce is a non-GAAP measure. A reconciliation is included in the attached Form 20-F.
This document uses the terms "measured resources," "indicated resources" and "inferred resources." The U.S. Securities and Exchange Commission does not recognize them.
A more detailed discussion is included in the attached Form 20-F.
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