July 27, 2011 / 8:59 PM / 7 years ago

UPDATE 1-Agnico Eagle profit drops on lower output

(In U.S. dollars)

TORONTO, July 27 (Reuters) - Agnico-Eagle Mines (AEM.TO) said on Wednesday its quarterly profit fell as gains from higher realized prices were more than offset by lower production volumes, a foreign currency translation loss, and increased tax expenses.

Net income in the second quarter ended June 30 fell to $68.8 million, or 41 cents a share, from a year-before profit of $100.4 million, or 64 cents a share.

The company said gold production in the quarter was 239,328 ounces, down from 257,728 ounces a year earlier. Total cash costs in the latest period rose to $565 an ounce from $482 an ounce.

Agnico said the lower production level was largely due to a fire at its Meadowbank mine in the northern Canadian territory of Nunavut that forced the company to curtail operations at the site. (Reporting by Euan Rocha; editing by Peter Galloway)

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