⁍ Agnico Eagle Mines raised the low-end of its production outlook for the year.

---

⁍ The miner now expects full-year gold output in the range of 1.68 million to 1.73 million ounces.

---

⁍ Agnico said average realized price for gold jumped 31% to $1,726 per ounce from a year earlier.

---

– Gold prices have been on the rise this year, and that’s been good news for one Canadian mining company. Agnico Eagle Mines on Wednesday raised the low end of its forecast for gold production for this year to 1.73 million to 1.73 million ounces, up from its previous forecast of 1.63 million to 1.73 million ounces, Reuters reports. The company’s gold production fell about 20% to 331,064 ounces in the quarter, as the pandemic battered mining activity. Seven of the company’s eight mines experienced temporary shutdowns or reduced activity due to restrictions imposed to curb the spread of the pandemic. Seven of the company’s eight mines experienced temporary shutdowns or reduced activity due to restrictions imposed to curb the spread of the pandemic. The company said Wednesday all operations were subsequently restarted in a timely manner during the quarter, with production progressively ramping up to more ‘steady state’ levels in June. “With July production expected to exceed 160,000 ounces of gold, the company is well positioned to have a strong second half with gold production expected to average 480,000 to 500,000 ounces per quarter with declining unit costs,” CEO Sean Boyd said. The company’s net income rose nearly fourfold to $105.3 million, or 43 cents per share, in the second quarter ended June 30, primarily due to unrealized gains on warrants as well as on financial instruments held by the miner. Excluding items, it earned 18 cents per share, missing analysts’ estimate of 20 cents.