Operator
Good morning, my name is Denise, and I ll be your conference operator today. At this time, I d like to welcome everyone to the Agnico Eagle s Fourth Quarter Results 2020 Conference Call. [Operator Instructions] Thank you. Mr. Sean Boyd, you may begin your conference.
Sean Boyd
Vice Chairman and Chief Executive Officer
Thank you, operator and good morning everyone and welcome to our fourth quarter and 2020 full-year results conference call. Before we get started with the slides, just want to remind everybody that this presentation does include forward-looking statements and we have that material in the slide deck.
Just to start off, in terms of how we closed the year and how we re positioned for moving forward over the next several years, we had a record quarter in terms of production which drove record cash flow. But more importantly, we posted our best ever safety performance. So although we re pushing more volumes than ever and we have more employees than ever, we
We don t see bitcoin dislodging gold : Agnico Eagle CEO
Shane McNeil, BNN Bloomberg VIDEO SIGN OUT
One major Canadian gold producer said that while investors are flocking to bitcoin in record numbers, digital gold will never replace the precious metal itself.â
Agnico Eagle Mines Ltd. Chief Executive Officer Sean Boyd said in an interview Friday that while his company is certainly aware of the competition posed by cryptocurrencies at a board level, he doesnât see it posing an immediate threat.
âI think you have to have those conversations, but you look at the liquidity in bitcoin. Itâs a small market,â Boyd said. âSure, you may get other cryptocurrencies, but there still are issues around cryptocurrencies as far as security goes. So, we donât see bitcoin dislodging gold and goldâs importance.â
Initial production is expected in 2023 from the underground ramp but shaft sinking to access higher-grade underground deposits is expected to continue until the end of 2028
Agnico Eagle Reports Fourth Quarter and Full Year 2020 Results
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(All amounts expressed in U.S. dollars unless otherwise noted)
RECORD QUARTERLY PRODUCTION; RECORD ANNUAL EARNINGS AND CASHFLOW; RECORD RESERVES; GOLD PRODUCTION FORECAST TO GROW 24% FROM 2020 THROUGH 2024; ODYSSEY PROJECT AND AMARUQ UNDERGROUND APPROVED FOR DEVELOPMENT
Stock Symbol: AEM (NYSE and TSX)
TORONTO, Feb. 11, 2021 /PRNewswire/ -
Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ( Agnico Eagle or the Company ) today reported quarterly net income of $205.2 million, or net income of $0.85 per share, for the fourth quarter of 2020. This result includes non-cash mark-to-market gains on warrants of $29.3 million ($0.12 per share), foreign currency translation gains on deferred tax liabilities of $28.8 million ($0.12 per share), derivative gains on financial instruments of $21.7 million ($0.09 per share), losses on environmental remediation of $16.6 million ($0.07 per