Production Summary & Forecast
Delivering on Performance: Agnico Eagle has established a valuable reputation for staying true to our mission, faithfully executing our business strategy, and for delivering measured, responsible growth.
In 2020, payable gold production totaled 1,736,568 ounces of gold (including 36,416 ounces of pre-commercial gold production from the IVR pit at Amaruq, the Tiriganiaq open pit at Meliadine, and the Barnat pit at Canadian Malartic), with production costs per ounce of $838, total cash costs per ounce of $775 and all-in sustaining costs (AISC) per ounce of $1,051. Production costs, total cash costs per ounce and AISC per ounce exclude the pre-commercial production ounces from IVR, Tiriganiaq and Barnat.
The 2.6% decrease in gold production in 2020 compared to 2019 was primarily due to the temporary shutdowns or reduced activity levels as a result of measures taken by the Quebec and Mexican governments related to the COVID-19 pandemic.
In 2021, payable gold production is expected to be approximately 2.05 million ounces (mid-point), while total cash costs per ounce are expected to be between $700 to $750, and AISC are forecast between $950 to $1,000 per ounce of gold, on a by-product basis. This guidance for 2021 does not include production from the newly acquired Hope Bay gold project in Nunavut.
Full-year 2020 Production Summary and 2021 Guidance
Performance Indicator |
2021 Guidance* |
Full-year 2020
|
Realized Price for Gold (per ounce) |
|
$1,788
|
Realized Price for Silver (per ounce) |
|
$20.40
|
Realized Price for Zinc (per tonne) |
|
$2,377
|
Realized Price for Copper (per tonne) |
|
$6,298
|
Total gold (ounces) |
2.05 million ounces (mid-point)
|
1,736,568
|
Total silver (x000 ounces) |
|
3,365
|
Zinc (tonnes) |
|
6,259
|
Copper (tonnes) |
|
3,069
|
Weighted average production costs per ounce of gold (by-product basis): |
|
$838
|
Weighted average total cash costs per ounce of gold (by-product basis): |
$700 to $750 |
$775
|
Weighted average all-in sustaining costs per ounce of gold (by-product basis): |
$950 to $1,000 |
$1,051
|
*Excludes Hope Bay
|