Agnico-Eagle Q2 profits jump on higher metal prices

The group said gold production more than doubled during the period and added that it benefited from higher prices for metals like gold, silver, zinc and copper

TORONTO (Reuters) - 

Agnico-Eagle Mines (AEM.TO: Quote) said on Wednesday its second-quarter profit rose sharply, as gold production more than doubled and it benefited from higher gold, zinc, silver and copper prices.

The Canadian gold miner earned $100.4 million, or 63 cents a share, in the quarter ended June 30. The latest results include a non-cash foreign currency translation gain and a one-time tax recovery that were slightly offset by non-cash stock-based compensation expenses.

That compared with year-before earnings of $1.2 million, or 1 cent a share, when profit was hit by a non-cash currency translation charge and stock option expenses.

Revenue more than doubled to $347.5 million, as the company brought a series of new mines into production over the last year.

($1=$1.04 Canadian) (Reporting by Euan Rocha and Julie Gordon; editing by Rob Wilson)

© Thomson Reuters 2010 All rights reserved

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