Agnico Eagle Mines (NYSE:AEM), the world's second-largest gold producer, delivered outstanding third-quarter results. The firm also announced the establishment of a new subsidiary, Avenir Minerals, to consolidate its investments in critical minerals.

Third-quarter net income rose to $1.06 billion, or $2.10 per share. Meanwhile, the miner generated $1.82 billion in operating cash flow and $1.19 billion in free cash flow, benefiting from strong production and higher gold prices.

"We delivered another quarter of strong and consistent operational performance, which translated into record financial results as higher gold prices continue to drive expanded margins," said Ammar Al-Joundi, President and CEO.

"We are well on track to meet our full-year production and cost guidance, supported by disciplined cost management and a focus on productivity," he added.

Low Costs, High Prices, Strong Balance Sheet

Meadowbank and LaRonde mines led the quarterly production, which totaled 866,936 ounces (oz). Cash costs were $994/oz, and all-in sustaining costs were $1,373/oz. The average realized ...