Agnico Eagle Mines Ltd. (TSX:AEM,NYSE:AEM) announced on Wednesday its results for the fourth quarter of 2013, as well as 2013 as a whole, commenting that it achieved record annual gold production of 1,099,335 ounces at a total cash cost of $672 per ounce.
However, in Q4 the company recorded a net loss of $453.3 million.
As quoted in the press release:
This result includes, a non-cash after tax impairment loss of $436.3 million ($2.51 per share), a non-cash deferred tax charge (primarily related to a new Mexican mining tax law enacted in the fourth quarter of 2013) of $47.2 million ($0.27 per share), a non-cash impairment loss on available for sale securities of $10.2 million ($0.06 per share), a non-cash stock option expense of $4.3 million ($0.02 per share), other non-recurring expenses of $5.7 million ($0.04 per share), and a non-cash foreign currency translation gain of $6.2 million ($0.04 per share). Excluding these items would result in adjusted net income of $44.2 million ($0.25 per share) for the fourth quarter of 2013. In the fourth quarter of 2012, the Company reported net income of $82.8 million or $0.48 per share.