UPDATE 1-Canada's Agnico profit rises on record gold output

Wed Oct 24, 2012 9:35pm EDT
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* Q3 EPS $0.62 v loss of $0.48 when hit by mine closure charge

* Boosts 2012 guidance 5 pct to 1.03 million ounces of gold

* Sees strong performance at Meadowbank mine in Canada

Oct 24 (Reuters) - Canada's Agnico-Eagle Mines Ltd reported a quarterly profit on record gold production on Wednesday and boosted its output forecast for the year by 5 percent.

The company now expects to produce some 1.03 million ounces of gold in 2012, up from a previous estimate of 975,000 ounces, with total cash costs falling to $660 per ounce, down from the $690 touted previously.

Agnico expects to pass the 1-million ounce threshold this year as it improves output at its Meadowbank mine in the Canadian territory of Nunavut and on strong production at its Kittila mine in northern Finland.

It maintained its 2013 outlook of 990,000 ounces of gold, as higher output at Meadowbank is expected to be offset by lower production at the LaRonde mine in Canada.

Toronto-based Agnico also announced that it had promoted David Smith to chief financial officer. Smith, who has been with the company for almost eight years, previously headed the strategic planning and investor relations departments.

He replaces Ammar Al-Joundi, who left Agnico earlier this year to work for rival Barrick Gold.   Continued...