Good news out of Agnico Eagle Mines (AEM). Kittila in Finland is back to full capacity. It accounts for about 13% of 2012 production and was supposed to be down for 40 days as part of a scheduled maintenance plan, but AEM finished the job after only 18 days.
The total number of days down remains unchanged for the year at 44 but they’ll likely see a better than expected second quarter. And don’t forget that any bit of credibility is a good thing in this beaten up sector.
AEM’s 2012 1Q performance was the biggest sign the company had righted the ship after the company produced more gold compared to 1Q 2011 (when they had Goldex operating). All 5 mines produced record quarterly results. Things are going well for this company and you’ll see the stock break new highs and outperform its peers once more love returns to this sector.