Agnico Eagle Mines Reports Fourth Quarter and Full Year 2016 Results – Meliadine and Amaruq Projects Approved for Development; Annual Gold Production Expected to Grow to 2.0 Million Ounces in 2020

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1060-tsx/aem/29375-agnico-eagle-mines-reports-fourth-quarter-and-full-year-2016-results-meliadine-and-amaruq-projects-approved-for-development-annual-gold-production-expected-to-grow-to-2-0-million-ounces-in-2020.html

TORONTO, Feb. 15, 2017 /CNW/ – Agnico Eagle Mines Limited (NYSE: AEM, TSX:AEM) (“Agnico Eagle” or the “Company”) today reported quarterly net income of $62.7 million, or net income of $0.28 per share for the fourth quarter of 2016. This result includes impairment reversals of the Meadowbank mine and Meliadine project, net of tax, of $81.2 million ($0.36 per share), a non-cash foreign currency translation loss on deferred tax liabilities of $12.9 million ($0.06 per share), various mark-to-market adjustment losses of $9.4 million ($0.04 per share), non-recurring losses of $2.4 million ($0.01 per share) and non-cash foreign currency translation gains of $1.7 million ($0.01 per share). Excluding these items would result in adjusted net income1 of $4.5 million ($0.02 per share) for the fourth quarter of 2016. In the fourth quarter of 2015, the Company reported a net loss of $15.5 million or $0.07 per share.

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