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Agnico-Eagle Mines: Analysts Cut Price Targets on Q2 Earnings Miss

Posted on July 25, 2008

Agnico-Eagle Mines Ltd.'s (AEM) second quarter miss had analysts lining with cuts to the gold miner's price target. On Wednesday after market close, Agnico-Eagle Mines Ltd. reported reduced second-quarter earnings to $8.3-million or $0.06 a share, from $37.8-million, or $0.28 a share, in the year-earlier period, blaming sharply falling prices for zinc and lower production levels that resulted in cash costs of $113 per ounce, against negative $699 a year earlier. The company said the production ramp-up at the new Goldex mine near LaRonde has been slower than expected, while technical delays a...

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earnings , gold , market close , zinc