Agnico Eagle Mines (AEM) Q3 2022 Earnings Call Transcript

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day. My name is Michelle, and I will be your conference operator today. At this time, I would like to welcome everyone to the Agnico Eagle Third Quarter Results 2022 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator instructions] Thank you.

Mr. Ammar Al-Joundi, you may begin your conference.

Ammar Al-Joundi

Well, thank you very much and good morning everyone. Thank you for taking the time out of your busy day to join us on our call this morning. Last quarter, we started the call by thanking our operating teams for delivering some exceptional operating results. And this quarter we'd also like to thank our operating teams, not just for delivering solid operating results, but notably and importantly we'd like to thank our operating team for delivering the best quarterly safety performance in the company's 65 year history. Nothing is more important than the safety of our people and our communities. A safe mine is a well run mine and a well run mine is a safe mine. So thank you very much to all of our employees and our operating teams for delivering that.

With the strong results in this third quarter, we've now got nine months under our belt, and we are pleased to be able to say that we are reiterating guidance for 2022, production guidance, capital expenditure guidance and importantly cost guidance and that hasn't been easy in the highest inflation environment in probably 40 or 50 years. The team has done a very good job and again congratulations on that. We are maintaining our guidance on all of those, albeit at the higher end of the cost guidance. This strong quarterly production allows us to have strong earnings per share, cash flow per share, and create value per share, and maintain our strong financial position on both liquidity and cash flow generation. The real story that I think you'll see during this call is the continued progress on our expansion projects and some excellent and exciting drill results. These are the items that are going to drive value creation going forward, and I think that what really separates us and differentiates us versus our peers. Finally as an introduction, we are proud to say that we are announcing an interim target of a 30% reduction in greenhouse gas emissions by 2030 on our way to a target of zero greenhouse gas emissions by 2050. This is not a challenge we take lightly. It's not a challenge we think is going to be easy, but it's a challenge we are prepared to undertake and are confident will achieve. Next slide, please. Thank you.