October 29, 2008 / 8:58 PM / in 10 years

UPDATE 1-Agnico-Eagle profit rises on gain, gold prices

(In U.S. dollars unless noted)

TORONTO, Oct 29 (Reuters) - Agnico-Eagle Mines (AEM.TO) said on Wednesday its third-quarter profit rose by 21.7 percent, helped by a foreign currency translation gain, as well as higher gold prices and production.

The Canadian gold producer, which mines zinc as a byproduct, earned $14 million, or 10 cents a share, in the quarter ended Sept 30. That was up from $11.5 million, or 8 cents a share, in the year-before period.

Stripping out the currency gain and other one-time items, the company earned 6 cents a share. That missed expectations of a profit of 8 cents a share, as polled by Reuters Estimates.

Gold production rose 23 percent to 68,753 ounces, while realized prices during the quarter climbed to $903 an ounce from $748.

Cash costs were $240 an ounce, up from minus $307 an ounce in the year-before quarter, as plunging zinc prices eroded the value of the zinc production that Agnico uses as a cost offset. (Reporting by Cameron French; Editing by Peter Galloway)

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