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LaRonde
quebec, canada |
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Goldex
quebec, canada |
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Kittila
kittila, finland |
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The LaRonde mine is our consistent engine of earnings and cash flow with mine life anticipated to extend through 2022.
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Goldex achieved commercial production in 2008 and is expected to steadily increase output throughout 2009. |
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Kittila poured its first gold in
January 2009, and is expected to
ramp-up to full production rates
by mid-year. |
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Lapa
quebec, canada |
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Pinos Altos
Chihuahua, mexico |
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Meadowbank
Nunavut, canada |
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Construction at Lapa is well advanced and start-up of gold production is targeted for mid-2009.
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While mine commissioning is on track to begin in 2009, exploration activity in 2008 added 1.0 million ounces of gold reserves. |
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Open pit production is expected to begin in early 2010, with underground operations also being investigated. |
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2008 Highlights
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Key Performance Drivers
| Driver |
2008 Performance |
| Spot price of gold |
Gold prices continued their upward march as Agnico-Eagle realized an 18% increase in gold prices
to $879 per ounce. |
Spot prices of silver,
zinc, and copper |
Silver prices largely tracked gold upwards while base-metal prices deteriorated significantly with the global economic slowdown. Agnico-Eagle realized a 41% decrease in zinc prices to $1,745 per tonne. |
C$/US$
exchange rate |
The Canadian dollar weakened considerably reflecting the collapse of most commodity prices. As many of the company’s operations costs are denominated in Canadian dollars, this partly mitigated the fall in byproduct base-metal prices. |
| Production volumes |
Record 276,762 ounces of payable gold production, partially due to the start-up of the Goldex mine in August. |
| Production costs |
Total cash costs per ounce of gold of $162 compared to minus $365 in 2007, primarily a result of
significantly lower prices for zinc and copper byproducts in 2008.
Good cost control at LaRonde as minesite costs per tonne were on target at $67, only 2% higher than
2007 despite a strongly inflationary environment for the industry. Full-year minesite costs per tonne at
Goldex of $27 on target.
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