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					Gold
Not Just For Bugs

David Garofalo,
SVP, Finance and CFO
Agnico-Eagle Mines Limited




                             1
Forward Looking Statements

The information in this document has been prepared as at April 19, 2010. Certain statements contained in this document constitute
“forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward
looking information under the provisions of Canadian provincial securities laws. When used in this document, the words “anticipate”,
“expect”, “estimate”, “forecast”, “will”, “planned”, and similar expressions are intended to identify forward-looking statements or
information.
Such statements include without limitation: statements regarding timing and amounts of capital expenditures and other assumptions;
estimates of future reserves, resources, mineral production and sales; estimates of mine life; estimates of future internal rates of
return, mining costs, cash costs, minesite costs and other expenses; estimates of future capital expenditures and other cash needs,
and expectations as to the funding thereof; statements and information as to the projected development of certain ore deposits,
including estimates of exploration, development and production and other capital costs, and estimates of the timing of such
exploration, development and production or decisions with respect to such exploration, development and production; estimates of
reserves and resources, and statements and information regarding anticipated future exploration; the anticipated timing of events with
respect to the Company's minesites and statements and information regarding the sufficiency of the Company's cash resources. Such
statements and information reflect the Company's views as at the date of this document and are subject to certain risks, uncertainties
and assumptions, and undue reliance should not be placed on such statements and information. Many factors, known and unknown
could cause the actual results to be materially different from those expressed or implied by such forward looking statements and
information. Such risks include, but are not limited to: the volatility of prices of gold and other metals; uncertainty of mineral reserves,
mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, capital expenditures, and other
costs; currency fluctuations; financing of additional capital requirements; cost of exploration and development programs; mining risks;
community protests; risks associated with foreign operations; governmental and environmental regulation; the volatility of the
Company's stock price; and risks associated with the Company's byproduct metal derivative strategies. For a more detailed
discussion of such risks and other factors that may affect the Company’s ability to achieve the expectations set forth in the forward-
looking statements contained in this document, see the Company's Annual Report on Form 20-F for the year ended December 31,
2008, as well as the Company's other filings with the Canadian Securities Administrators and the U.S. Securities and Exchange
Commission. The Company does not intend, and does not assume any obligation, to update these forward-looking statements and
information. Marc Legault, a Qualified Person and the Company’s Vice-President, Project Development, reviewed the technical
information disclosed herein. For a detailed breakdown of the Company’s reserve and resource position see the February 17, 2010
press release on the Company’s website. That press release also lists the Qualified Persons for each project.



                                                                                                                                               2
Note To Investors
Note to Investors Regarding the Use of Non-GAAP Financial Measures
This document presents estimates of future "total cash cost per ounce" and "minesite cost per tonne" that are not recognized
measures under United States generally accepted accounting principles ("US GAAP"). This data may not be comparable to data
presented by other gold producers. These future estimates are based upon the total cash costs per ounce and minesite costs per
tonne that the Company expects to incur to mine gold at the applicable projects and do not include production costs attributable to
accretion expense and other asset retirement costs, which will vary over time as each project is developed and mined. It is therefore
not practicable to reconcile these forward-looking non-GAAP financial measures to the most comparable GAAP measure. A
reconciliation of the Company's total cash cost per ounce and minesite cost per tonne to the most comparable financial measures
calculated and presented in accordance with US GAAP for the Company's historical results of operations is set forth in the notes to the
financial statements included in the Company's Annual Information Form and Annual Report on Form 20-F, for the year ended
December 31, 2008, as well as the Company's other filings with the Canadian Securities Administrators and the SEC.




                                                                                                                                          3
Gold is Money

■ First known gold artifacts date back to ~4,000 BC
   ■   Gold’s appeal, characteristics and scarcity have contributed
       to its synonymity with “value”

■ Gold overtook silver as Europe’s currency
  standard at the end of the 17th century
   ■ By 1908, only China and Hong Kong remained on a silver
       standard

■ Gold backed treasury notes began to lose value
  around WWI, as governments were forced to
  issue non-backed paper money to fund the war
■ Breton Woods system established after WWII –
  Gold pegged at US$35/oz
   ■ System collapsed in 1971 as nearly all nations switched to
       full fiat money

■ Gold remains the only non-printable, accepted
  currency and store of value

                                                                      4
What Makes Gold So Special?

■ Gold’s appeal through the centuries is
  multifold:
   ■ Dense, soft, shiny and the most malleable and
       ductile pure metal known
        ■ A gold leaf can be beaten thin enough to become
            translucent; 1 gram can be beaten into a sheet of 1m2
        ■   70% denser than lead
   ■   Resistant to oxidation, corrosion and an excellent
       conductor of electricity
        ■ Well suited for use in coins, jewelry, and as a protective
            coating on other metals
   ■   Least reactive metal
   ■   Multiple industrial applications – (jewelry, medicine,
       dentistry, electronics, food, etc.)
   ■   Very rare – Gold’s abundance in the Earth’s crust is
       0.0000003%

■ In medieval times, gold was often seen as
  beneficial for the health, in the belief that
  something that rare and beautiful could not
  be anything but healthy.
                                                                       5
Gold – Sound Investment Over Time
Gold has proven to be a consistent store of value

    "Regardless of the dollar price involved, one ounce of gold would purchase a
    good-quality man's suit at the conclusion of the Revolutionary War, the Civil
    War, the presidency of Franklin Roosevelt, and today.“
                                                                              Peter A. Burshre – Financial Commentator


$2,500



$2,000



$1,500



$1,000



 $500



   $0
     1791   1803   1815   1827   1839   1851   1863   1875   1887   1899    1911   1923    1935   1947   1959   1971      1983   1995   2007
                             US Market Price Au                            Inflation Adjusted Gold Price (2009 Dollars)

                                                                                                                                               6
Preservation Of Wealth
Gold’s scarcity is in stark contrast to the exponential growth of public debt…

     “Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
     Gold stands in the way of this insidious process. It stands as a protector of
     property rights.”
                                                    Alan Greenspan – Former Chairman of the Federal Reserve

         Public Debt as a Percentage of GDP (Advanced Economies)
 120%

 100%

  80%

  60%

  40%

  20%

   0%
        1970                                 1980         1990                2000               2010E

Source: NBF Economics, NBF Equity Research

                                                                                                              7
Hedge Against Inflation And Volatility
… As well as the exponential growth in money supply

   “The gold standard makes the money’s purchasing power independent of the
   changing, ambitions and doctrines of political parties and pressure groups.
   This is not a defect of the gold standard; it is its main excellence.”
                                                             Ludwig von Mises – Famous Austrian Economist

USD Billions
$9,000

$8,000

$7,000

$6,000

$5,000

$4,000

$3,000

$2,000

$1,000

    $0
     1981      1983   1985   1987    1989  1991    1993   1995   1997  1999   2001    2003     2005    2007   2009
                                    M1 Money Supply Index         M2 Money Supply Index (inclusive of M1)



                                                                                                                     8
Gold – One Of The Scarcest Metals

■ Every year, global gold production is a mere 2,500 tonnes
       ■    By comparison, Iron (Fe) is produced at 1.2B tonnes annually

■ As of 2009, worldwide above ground gold amounted to 163,000t – the volume
    equivalent of ~240 TEU’s*, or less than one feeder vessel (300-500 TEU’s).
     ■ It would take the cargoes of about 40 feeder vessels to fill up a large container ship

Element Composition Of The Earth’s Crust                                         2009 Meadowbank Sealift ~ 240 TEU’s

Potassium        Magnesium
                                                           Gold’s occurrence
                                       All others
  2.6%             2.1%                                   in the Earth’s crust
                                          1.5%
            Sodium                                         0.0000003%
Calcium      2.8%
 3.6%
            Iron
            5.0%

Aluminum
  8.1%                                           Oxygen
                                                 46.6%


                            Silicon
                            27.7%




Source: Association for Mineral Exploration BC                                   * TEU – the volume of an intermodal container ~39m3

                                                                                                                                       9
Gold Price Drivers
Supply, Demand and (Dis)-Investment
                                      Sources Of Gold Supply - 2009
                                                                       Official
Primary drivers of gold price:                                        Holdings
                                                                      Changes
                                            Scrap
                                                                        1%
■ Investment / Disinvestment               Recovery,
                                             37%


■ Scrap supply
■ Jewellery demand
■ Producer hedging / dehedging
                                                                             Total Gold
                                                                             Production,
                                                                                62%

■ Central Bank sales or purchases
■ Mine supply                         Sources Of Gold Demand - 2009
                                           Investment                   Dehedging
                                            Demand                         6%
                                              33%




                                           Other
                                         Fabrication                          Jewellery
                                          Demand                              Demand
                                            20%                                 41%


                                                                                           10
Investment Demand
■ Investment demand has likely been the most significant driver of the gold
         price over the past decade
           ■ Introduction of the gold ETF has created a medium for channeling investment demand for gold
         2,000                                                                                                                           $1,200
                     Comex Net Speculative Position LHS        Global ETFs (6 funds) LHS            Gold Price RHS
                                                                                                                                         $1,150

                                                                                                                                         $1,100

                                                                                                                                         $1,050
         1,500
                                                                                                                                         $1,000

                                                                                                                                         $950




                                                                                                                                                  Gold Price (US$/oz)
                                                                                                                       1,570t
                                                                                                                                         $900
Tonnes




         1,000                                                                                                                           $850

                                                                                                                                         $800

                                                                                                                                         $750

                                                                                                                                         $700
          500
                                                                                                                                         $650
                                                                                                                       646t
                                                                                                                                         $600

                                                                                                                                         $550

            0                                                                                                                            $500
            Dec-05   Apr-06   Aug-06    Jan-07    May-07   Sep-07    Jan-08    May-08      Sep-08   Jan-09    May-09   Oct-09   Feb-10

Source: RBC CM

                                                                                                                                                                        11
Scrap Supply
■ Jewellery gold is the largest potential source of supply from above ground stocks
■ Scrap sales volumes generally increase during periods of high prices and
   economic hardships – but not enough to adversely impact gold prices
    ■ Since 2000, gold price rose approximately by 300%, while scrap supply roughly doubled
    ■ In developed countries, high retail gold premiums force scrap sales to be driven primarily by special
          circumstances (death, divorce, destitution, damage)
     ■    In developing countries, price swings and economic crises are the main sources of scrap sales

2008 distribution of above ground gold (tonnes)         Global scrap supply
                                                       1,600

                                                       1,400

                                                       1,200

                                                       1,000

                                                        800

                                                        600

                                                        400




                                                                                                                                                                                                    2009E
                                                                                                                                                                                                            2010E
                                                               1990
                                                                      1991
                                                                             1992
                                                                                    1993
                                                                                           1994
                                                                                                  1995
                                                                                                         1996
                                                                                                                1997
                                                                                                                       1998
                                                                                                                              1999
                                                                                                                                     2000
                                                                                                                                            2001
                                                                                                                                                   2002
                                                                                                                                                          2003
                                                                                                                                                                 2004
                                                                                                                                                                        2005
                                                                                                                                                                               2006
                                                                                                                                                                                      2007
                                                                                                                                                                                             2008
Source: GFMS                                            Source: GFMS, NBF

                                                                                                                                                                                                                    12
Jewellery Demand
■ Over the past decade 76% (UBS) of total gold supply has been accounted for by
   jewellery demand
    ■ Large appreciation of the USD-denominated gold price from 2001 to 2008 led to a significant
          decline in annual demand for gold jewellery…
     ■    … however, rising demand from India, China and other developing countries continue to make
          jewellery demand an important factor affecting the price of gold



Top 10 jewellery consuming countries, 1999-2008           Global gold jewellery demand 1996-2008

                                                         3,500



                                                         3,000



                                                         2,500



                                                         2,000



                                                         1,500
                                                                 1996

                                                                        1997

                                                                               1998

                                                                                      1999

                                                                                             2000

                                                                                                    2001

                                                                                                           2002

                                                                                                                  2003

                                                                                                                         2004

                                                                                                                                2005

                                                                                                                                       2006

                                                                                                                                              2007

                                                                                                                                                     2008
Source: GFMS

                                                                                                                                                            13
Producer Hedging/Dehedging
■ Miners’ hedging of gold production has had a material adverse effect on prices
  through the 1990’s
■ Industry wide dehedging that began at the turn of the century has provided
  support for the gold price over the past decade
   ■ Total dehedging in 2009 was approximately 242 tonnes, leaving the remaining balance of world
          hedge books at approximately 250 tonnes, or 8M oz of gold


 600 t                                                                                                          9.0%

                                                                                                                8.0%
 400 t
                                                                                                                7.0%

 200 t                                                                                                          6.0%

                                                                                                                5.0%
    0t
                                                                                                                4.0%

 -200 t                                                                                                         3.0%

                                                                                                                2.0%
 -400 t
                                                                                                                1.0%

 -600 t                                                                                                         .0%
          1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

                                      Net Producer Hedging            5-yr Treasury Yields

                                                                                                                       14
Central Bank Sales / Purchases
■ Central Bank sales prior to and during CBGA agreements created significant
         resistance to upward gold price movement over the past two decades and
         peaked at close to 700 tonnes in 2005
■ Since 2005 selling subsided materially, with net sales of only 24t in 2009
               ■   Non-CBGA countries, holding large foreign exchange reserves emerged as net buyers of gold



     Central Bank Sales (1990 – 2010E)                           Top-10 Foreign Exchange Holders

         700                                                      (US$ billion,end-May 2009)

         600                                                      Country                                  Foreign Exchange Reserves
                                                                  China                                                        2,089
         500
                                                                  Japan                                                         993
         400                                                      Russia                                                        386
Tonnes




                                                                  Taiwan                                                        313
         300
                                                                  India                                                         242
         200                                                      South Korea                                                   212
         100                                                      Brazil                                                        194
                                                                  Hong Kong                                                     193
          0
                                                                  Singapore                                                     170
                                                        2009E
                                                        2010E
               1990
               1991
               1992
               1993
               1994
               1995
               1996
               1997
               1998
               1999
                                     2000
                                     2001
                                     2002
                                     2003
                                     2004
                                     2005
                                     2006
                                     2007
                                     2008




                                                                  Algeria                                                       141

Source: GFMS, NBF                                                Source: IMF; respective central bank websites

                                                                                                                                       15
Central Bank Sales / Purchases (continued)
■ In 2009, gold sales by the IMF and CBGA participants have been largely
    absorbed by purchases from Central Banks of China, India, Russia, Sri Lanka,
    and others
■ Total Central Bank holdings are ~34,000 tonnes of gold at the end of 2009,
    representing approximately 12% of overall foreign exchange reserves
     ■ Developing countries with large foreign exchange reserves and relatively low gold holdings
              represent material potential purchasing power and support to the gold price

Official Sector Gold Holdings                                                       Gold vs. Other Reserves (at end-April)

                           IMF, 11%
                BIS, <1%                                                            100%


                                                                                     80%
                                                  CBGA
                                               Signatories,
                                                              % of total reserves
   Rest of World,
                                                   40%                               60%
        21%


                                                                                     40%


                                                                                     20%


                                                                                      0%
                                                                                              USA        CBGA        China         Other      World
                      United States,
                           27%                                                                                Gold           Other Reserves
Source: IMF                                                                 Source: GFMS

                                                                                                                                                      16
Mine Supply

■ Despite a 6% increase in 2009, overall mine production output has steadily
  declined since 2001 and is expected to continue to do so post-2010
■ Production decline is particularly pronounced in traditional gold producing
  countries (S.Afr., USA, Canada, Australia), while China, Russia and Indonesia
  experienced the largest production increases in 2009
■ New, high-political risk            Gold Mine Production                                                   2008 down 62t
                                                                                                               or 2.5% yoy
  jurisdictions are increasingly            3,000
  becoming the locations of
                                            2,500
  new projects
■ Lack of physical and
                                            2,000


  government infrastructure,                1,500
                                   Tonnes




  corruption, permitting risk               1,000
  and political instability are
  some of the new risks facing               500

  producers                                    0
                                                    1980   1984      1988      1992      1996         2000   2004      2008

                                     Source: GFMS                 S. Africa, USA, Australia, Canada          Rest of World

                                                                                                                              17
Market Cost Structure
■ Industry cash costs have risen dramatically over the past decade, reflecting:
                               ■    Difficulties of operating gold mines in new, challenging jurisdictions
                               ■    Sensitivities to increasing costs of input commodities (i.e. oil, steel, explosives, etc.)
                               ■    Scarcity of quality large scale deposits

■ Consistently rising industry operating cost environment provides a degree of
                             support for the price of gold

                       2010E Cash Costs – Select North American Producers                                                                                          Industry Cash Costs
                            $600                                                                                                                                                               $500

                            $500                                                                                                                                                               $450
                                   wt. avg - $442/oz
2010E Cash Costs (US$/oz)




                                                                                                                                                                   Total Cash Costs (US$/oz)
                            $400                                                                                                                                                               $400


                            $300                                                                                                                                                               $350


                            $200                                                                                                                                                               $300


                                                                                                                                                                                               $250
                            $100

                                                                                                                                                                                               $200
                             $0
                                   Alamos

                                            Yamana

                                                     Agnico-Ea

                                                                 Eldorado

                                                                            Goldcorp

                                                                                       Allied Neva

                                                                                                     Barrick

                                                                                                               Newmont

                                                                                                                         New Gold

                                                                                                                                    Centerra

                                                                                                                                               Kinross

                                                                                                                                                         IAMGOLD




                                                                                                                                                                                               $150




                                                                                                                                                                                                                                                                            2010E
                                                                                                                                                                                                      1990

                                                                                                                                                                                                             1992

                                                                                                                                                                                                                    1994

                                                                                                                                                                                                                           1996

                                                                                                                                                                                                                                  1998

                                                                                                                                                                                                                                         2000

                                                                                                                                                                                                                                                2002

                                                                                                                                                                                                                                                       2004

                                                                                                                                                                                                                                                              2006

                                                                                                                                                                                                                                                                     2008
Source: AEM guidance, RBC CM                                                                                                                                       Source: GFMS, RBCCM

                                                                                                                                                                                                                                                                                    18
Operations At A Glance
100% of reserves at six operating mines.

■ Located in mining-friendly regions of low political risk
■ 100% owned, with low total acquisition costs
■ Each region has long-term mining camp potential
 Fraser Institute’s          Fraser Institute’s          Fraser Institute’s
 ranking
                       1     ranking
                                                  1      ranking
                                                                              14




 LaRonde                     Goldex                      Kittila
 QUEBEC, CANADA              QUEBEC, CANADA              KITTILA, FINLAND


 Fraser Institute’s          Fraser Institute’s          Fraser Institute’s
 ranking
                       1     ranking
                                                  28     ranking
                                                                              44




 Lapa                        Pinos Altos                Meadowbank
 QUEBEC, CANADA              CHIHUAHUA, MEXICO          NUNAVUT, CANADA
                                                                                   19
Fraser Institute’s 2008/2009 ranking of 71 mining jurisdictions
Corporate Strategy
Strategy Remains Focused On Per Share Metrics

■ Increase gold production
   ■ Targeting 2010 gold production of 1.0 million
     to 1.1 million oz
   ■ Internal expansions expected to contribute to
     steady production growth through 2014
■ Grow gold reserves
   ■ Record gold reserves of 18.4 million ounces
   ■ Four of the six deposits may ultimately
     exceed 5 million oz
■ Acquire small, think big
   ■ Focus on early stage projects where value
     can be created for AEM’s shareholders
   ■ Anticipate closing Comaplex deal in June 2010
■ Be a low-cost leader
   ■ Steady state mines have achieved
     very good cost performance
■ Maintain a solid financial profile
   ■ Credit facilities of $900M with a large
     syndicate of banks                              20
AEM Transformation Successfully Completed
$2.1B Spent on Five New Mines Over Three Years

■ 2007                                     ■ 2010
   ■ Regionally focused one-mine                 ■ Multi-mine international gold
     producer                                      producer with 6 operating mines

   ■ Annual production of 231,000 oz             ■ Production expected to grow
     Au                                            four-fold to over 1 million oz Au

   ■ Gold reserves of 12.5 million oz            ■ Gold reserves have grown
                                                   ~50% to 18.4 million oz

   ■ $40M Exploration budget                     ■ Exploration budget increased
                                                   90% to $75M in 2010

   ■ Share price of $38.92 (Jan 3/07)            ■ Share price of $56.21 (Jan 4/10)
   ■ Focus on construction of new                ■ Focus on internal expansions
     mines


                                                                                       21
Industry Leading1 Gold Production Growth Estimates
Studies on three potential internal expansions underway. Meliadine study to begin in 2011.

 Payable Gold Production
                                                                                                                          Total Cash Cost
 (ounces)
                                                                                                                          (US$/oz)
     1,800,000


     1,600,000
                                                                                                                                        $400


     1,400,000


     1,200,000
                                                                                                                                        $350


     1,000,000


      800,000                                                                                                                           $300


      600,000


      400,000                                                                                                                           $250


      200,000


            0                                                                                                                           $200
                         2009A                      2010E               2011E           2012E          2013E            2014E

         LaRonde            Goldex          Lapa            Kittila   Pinos Altos   Meadowbank   Creston Mascota   Total Cash Cost (US$/oz)

 1    For an intermediate or senior gold producer



                                                                                                                                               22
Leading Growth Profile Among Senior Producers
Gold production (oz) / 1000 shares




Source: AEM guidance, BMO Capital Markets estimates – Feb/10

                                                               23
 Transformation To Multi-Mine Gold Producer Complete
 Industry Leader In Cash Generation Going Forward

 Cash Flow Per Share                                                                                                    2010E Revenue By Metal
         2009E          2010E       2011E   2012E       2013E      2014E
 $7.0

 $6.0                                                                                                                  Gold
                                                                                                                       87%
 $5.0
 $4.0

 $3.0
                                                                                                                                                 Silver
 $2.0                                                                                                                                             6%
 $1.0
                                                                                                                                        Base
 $0.0
                                                                                                                                        Metals
          Newmont           Agnico-Eagle      Barrick           Goldcorp   Kinross    IAMGold   Yamana    Eldorado                       7%


 Free Cash Flow Per Share
         2009E      2010E          2011E    2012E       2013E      2014E                                                 2010E Revenue By Mine
  $4.0
                                                                                                                                        Pinos
  $3.0
                                                                                                                              Kittila   Altos
  $2.0                                                                                                                         12%       17%
  $1.0
  $0.0                                                                                                                Lapa
 -$1.0                                                                                                                 9%
 -$2.0                                                                                                                                           Meadow
 -$3.0                                                                                                               Goldex                       bank
 -$4.0                                                                                                                12%                         26%
 -$5.0
         Agnico-Eagle           Goldcorp     IAMGold            Barrick    Eldorado   Yamana    Newmont   Kinross
                                                                                                                         LaRonde
                                                                                                                           24%
Source: BMO Capital Markets estimates – Feb/10; Gold assumptions (US$/oz): 2010 - $1150, 2011 – $1150, 2012 – $950, 2013 & 2014 - $850                24
                            A solid financial position, low-cost structure, well-funded
                            growth projects in regions of low political risk, and a
                            focused, consistent strategy put Agnico-Eagle in a strong
                            position to continue creating exceptional per share value.

Sean Boyd
Vice Chairman and Chief Executive Officer
Ebe Scherkus
President and Chief Operating Officer
David Garofalo
Senior Vice President, Finance and Chief Financial Officer

Trading Symbol: AEM on TSX & NYSE

Executive and Registered Office:
145 King Street East, Suite 400
Toronto, Ontario, Canada, M5C 2Y7
Tel:              416-947-1212
Toll-Free:        888-822-6714
Fax:              416-367-4681

www.agnico-eagle.com

Investor Relations:
416-947-1212
info@agnico-eagle.com



     Member of the World Gold Council   www.gold.org                                      25

				
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