US EditionMiners set to reap rewards of high gold prices but remain cautious on spending
- Canadian producers, like Agnico Eagle Mines Ltd., are seeing record profits as gold prices exceed US$3,500 an ounce, indicating excitement for growth in the industry yet caution in spending plans.
- Agnico Eagle reported an adjusted net income of $770 million for the quarter ending March 31, up from $377 million the previous year.
- Dean Braunsteiner of EY Canada stated that high gold prices could lead to mine expansions and reopening of projects, although early-stage explorations may still struggle for attention.
- Ammar Al-Joundi, Agnico Eagle's CEO, emphasized that the profits will not result in significant spending increases but rather a focus on returning money to shareholders.
21 Articles
21 Articles
castanet.net
Miners set to reap rewards of high gold prices but remain cautious on spending
Record gold prices are translating into higher profits for Canadian producers and excitement about the potential for more growth, though miners remain cautious on spending.
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With gold prices touching record highs recently, some buyers of Costco gold bars are sharing their love of bullion on social media. But one gold bug tells us he’s planning to be a lifelong investor in the precious metal.
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Canadian miner Barrick Gold Corp (TSX: ABX) (NYSE: GOLD) has decided to find a buyer for the Hemlo mine in Ontario. Announced on Thursday, this is part of a greater strategy wherein Barrick is leaving behind all of its non-core assets in order to focus on its high margin, high potential producers. This strategy includes a greater emphasis on Tier One gold and copper operations. Further, these are characterized by long life spans and lower produc…
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