Agnico Eagle spending $1.4M a month on Nunavut workers kept home by pandemic – Nunatsiaq News
But company still hauled in more money last quarter than a year ago, and it envisions a strong finish to 2020
5 August 2020
Agnico Eagle Mines Ltd. is spending $1.4 million per month to support its Nunavut-based workforce that’s been sent home during the COVID-19 pandemic, according to the company’s latest quarterly financial report.
Yet the company still found itself making more money during the second quarter of 2020 compared to last year’s second quarter, with a net income of $162.6 million, up from $126.3 million. That’s due to soaring gold prices and lower exploration and administrative costs, which ended up outweighing the burden of lower gold sales volumes and the cost of temporarily suspending operations once the pandemic hit.
“The second quarter was challenging given the global COVID-19 pandemic and its impact on our operations,” said CEO Sean Boyd in a statement that accompanied the financial report, released on July 29.
