Agnico Eagle Mines, the biggest Canada-focused gold miner, reported an 18% decline in first-quarter profit on Thursday on lower gold production as its Meadowbank mine in Canada’s Nunavut territory nears the end of its life.
Even so, the Toronto-based company’s net income of $37-million, or 16c a share, in the three months ended March 31, beat analyst estimates of 7c a share.