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The signs of growth are everywhere. With four gold projects under construction and another feasibility study complete and undergoing third-party review, Agnico-Eagle is aiming to triple its gold production in the next three years.
What is more, we are not only on track to grow gold reserves from the current level of 12.5 million ounces to between 14 and 15 million ounces by the end of 2007, we are working to surpass our ambitious target. With the largest exploration budget in the company’s history, drilling on our 100%-owned properties continues. This drilling is leading to important discoveries both inside and outside of previously projected mining areas. |
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After years of quietly and efficiently building our business, 2006 stands out as the year in which Agnico-Eagle took its place among the world’s leading gold producers as measured by market capitalization. Agnico-Eagle shares outperformed most of the gold producers in 2006 with a return of 109%. Over this period, gold bullion increased 23% in value and the HUI Index of unhedged gold producers returned 22%. In addition, the company was added to the S&P/TSX 60, recognizing that Agnico-Eagle is one of Canada’s largest, most liquid corporations. For a gold company that has pursued a patient, organic growth strategy – instead of chasing multi-billion-dollar mergers or acquisitions – these are significant accomplishments. They are also a tribute to the many years of disciplined planning and execution by our employees. |
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| HIGHLIGHTS |
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All dollar amounts are in US$
unless otherwise indicated |
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2006 |
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2005 |
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2004 |
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| Operating |
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| Ore milled (millions of tonnes) |
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2.7 |
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2.7 |
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2.7 |
| Gold production (ounces) |
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245,826 |
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241,807 |
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271,567 |
| Total cash cost per ounce |
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$ |
(690) |
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$ |
43 |
$ |
56 |
| Average realized gold price |
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$ |
622 |
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$ |
449 |
$ |
418 |
Proven and probable gold
reserves (millions of ounces) |
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12.5 |
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10.4 |
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7.9 |
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Financial (millions except
per share amounts) |
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| Revenue |
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$ |
464.6 |
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$ |
241.3 |
$ |
188.0 |
| Net income |
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161.3 |
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37.0 |
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47.9 |
| Net income per share |
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1.40 |
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0.42 |
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0.56 |
| Dividends per share |
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$ |
0.12 |
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$ |
0.03 |
$ |
0.03 |
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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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