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Canada’s Agnico Eagle Mines reported a near four-fold rise in quarterly profit and raised the lower-end of its production outlook for the year, benefiting from a surge in gold prices and a ramp up in operations post coronavirus-led shutdowns.

The miner now expects full-year gold output in the range of 1.68 million to 1.73 million ounces, compared with its previous forecast of 1.63 to 1.73 million ounces.

Massive stimulus packages to aid economies reeling from pandemic-driven woes and a low interest rate environment have helped drive a 29% increase in gold prices this year.

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

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 on 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.

Net income rose to $105.3 million, or 43 cents per share, in the second quarter ended June 30 from $27.8 million, or 12 cents per share, a year earlier.

The company’s profit also benefited from an unrealized gain on warrants as well as on financial instruments held by the miner.

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