Agnico-Eagle's Meadowbank gold mine is pictured near Baker Lake, Nunavut in this August 24, 2011 file photograph.Reuters
Agnico-Eagle Mines Ltd. has reported a quarterly net loss of $601.4-million, or a loss of $3.53 per share, for the fourth quarter of 2011.
That compares to net income of $88-million, or 53 cents per share, in the same period a year ago.
Average analyst estimates had been for a profit of 48 cents per diluted share, according to those surveyed by Thomson Reuters.
The most recent result includes a $644.9-million partial writedown of the Meadowbank mine and a non-cash foreign currency translation loss of $3.6-million.
The Toronto-based company also took a stock option expense of $8.1-million, non-recurring tax audit expenses of $11.1-million and other non-recurring expense items of $10-million.
"While 2011 was a very difficult year for our company, we look forward to 2012 as we expect most of our mines to produce more gold, said Agnico-Eagle president and CEO Sean Boyd.
"In 2012, Agnico-Eagle anticipates meeting its targets, increasing profitability and growing the shareholders' exposure to gold on a per share basis."
Agnico-Eagle also announces a quarterly cash dividend will be paid of 20 cents per common share. The next dividend will be paid on March 15, 2012. Agnico-Eagle has now declared a cash dividend to its shareholders for 30 consecutive years.
Agnico-Eagle recently completed its takeover of Grayd Resource Corp.
The acquisition beefed up Agnico-Eagle's existing operations in Mexico, a country in which it already has operations.
Shares in Agnico-Eagle were hit hard last year after troubles at its Goldex mine in Val D'Or, Que. The company stopped operations at the mine due to unstable rock formations and flooding in the operation.
The Goldex mine is in the Abitibi region of Quebec and part of a group of mines that Agnico-Eagle owns including the LaRonde mine and Lapa mine.
Agnico-Eagle has mining operations, exploration and development projects in Canada, Finland, Mexico and the United States. The company's LaRonde mine is Canada's largest operating gold project in terms of reserves.