12. SEGMENTED INFORMATION
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Agnico-Eagle predominantly operates in a single industry, namely exploration for and production of gold. Based on the internal reporting structure and the nature of the Company's activities, the Company identifies its reportable segments as those consolidated mining operations or functional groups that represent more than 10% of the combined revenue, profit or loss or total assets of all reported operating segments. Consolidated mining operations or functional groups not meeting this threshold are aggregated at the applicable geographic region for segment reporting purposes. This structure reflects how the Company manages its business and how it classifies its operations for planning and measuring performance:
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Canada: |
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LaRonde Mine, Lapa Mine, Goldex Mine, Meadowbank Mine, and the Regional Office |
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Europe: |
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Kittila Mine |
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Latin America: |
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Pinos Altos Mine |
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Exploration: |
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USA Exploration office, Europe Exploration office, Canada Exploration office, and the Latin America Exploration office |
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Specific Corporate Head Office income and expense items are noted separately below.
On May 1, 2009, both the Lapa Mine and Kittila Mine achieved commercial production. The Pinos Altos Mine achieved commercial production on November 1, 2009. The Meadowbank Mine achieved commercial production March 1, 2010.
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Three Months Ended
June 30, 2010 |
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Revenues from
Mining
Operations |
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Production
Costs |
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Amortization |
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Exploration &
Corporate
Development |
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Foreign Currency
Translation Loss
(Gain) |
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Segment
Income
(Loss) |
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Canada |
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$ |
271,568 |
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$ |
130,228 |
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$ |
33,088 |
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$ |
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$ |
(13,836 |
) |
$ |
122,088 |
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Europe |
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34,725 |
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17,937 |
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6,176 |
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(4,025 |
) |
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14,637 |
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Latin America |
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41,163 |
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18,408 |
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4,739 |
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434 |
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17,582 |
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Exploration |
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12,955 |
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(12,955 |
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$ |
347,456 |
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$ |
166,573 |
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$ |
44,003 |
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$ |
12,955 |
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$ |
(17,427 |
) |
$ |
141,352 |
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Segment income |
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$ |
141,352 |
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Corporate and Other |
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Interest and sundry income |
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783 |
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Gain on sale of available-for-sale securities |
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Gain on derivative financial instruments |
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5,705 |
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General and administrative |
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(23,240 |
) |
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Provincial capital tax |
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(742 |
) |
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Interest expense |
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(15,309 |
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Income before income, mining and federal capital taxes |
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$ |
108,549 |
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Three Months Ended
June 30, 2009 |
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Revenues from
Mining
Operations |
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Production
Costs |
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Amortization |
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Exploration &
Corporate
Development |
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Foreign Currency
Translation Loss
(Gain) |
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Segment
Income
(Loss) |
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Canada |
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$ |
126,749 |
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$ |
57,823 |
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$ |
13,424 |
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$ |
3,384 |
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$ |
15,935 |
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$ |
36,183 |
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Europe |
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6,335 |
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3,190 |
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2,046 |
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1,413 |
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1,715 |
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(2,029 |
) |
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Latin America |
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2,476 |
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(41 |
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(2,435 |
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Exploration |
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2,462 |
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(945 |
) |
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(1,517 |
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$ |
133,084 |
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$ |
61,013 |
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$ |
15,470 |
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$ |
9,735 |
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$ |
16,664 |
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$ |
30,202 |
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Segment income |
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$ |
30,202 |
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Corporate and Other |
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Interest and sundry income |
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5,103 |
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General and administrative |
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(13,253 |
) |
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Gain on sale of available-for-sale securities |
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341 |
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Provincial capital tax |
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(1,473 |
) |
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Interest expense |
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(2,335 |
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Income before income, mining and federal capital taxes |
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$ |
18,585 |
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Six Months Ended
June 30, 2010 |
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Revenues from
Mining
Operations |
|
Production
Costs |
|
Amortization |
|
Exploration &
Corporate
Development |
|
Foreign Currency
Translation Loss
(Gain) |
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Segment
Income
(Loss) |
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Canada |
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$ |
448,183 |
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$ |
211,588 |
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$ |
53,449 |
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$ |
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$ |
(3,677 |
) |
$ |
186,823 |
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Europe |
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69,213 |
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40,955 |
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13,290 |
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(4,687 |
) |
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19,655 |
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Latin America |
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67,643 |
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32,257 |
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7,767 |
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(162 |
) |
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27,781 |
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Exploration |
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20,459 |
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(20,459 |
) |
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$ |
585,039 |
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$ |
284,800 |
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$ |
74,506 |
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$ |
20,459 |
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$ |
(8,526 |
) |
$ |
213,800 |
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Segment income |
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$ |
213,800 |
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Corporate and Other |
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Interest and sundry income |
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2,159 |
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Gain on sale of available-for-sale securities |
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346 |
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Gain on derivative financial instruments |
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5,156 |
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General and administrative |
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(51,670 |
) |
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Provincial capital tax |
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(155 |
) |
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Interest expense |
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(19,813 |
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Income before income, mining and federal capital taxes |
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$ |
149,823 |
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Six Months Ended
June 30, 2009 |
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Revenues from
Mining
Operations |
|
Production
Costs |
|
Amortization |
|
Exploration &
Corporate
Development |
|
Foreign Currency
Translation Loss
(Gain) |
|
Segment
Income
(Loss) |
|
|
Canada |
|
$ |
232,580 |
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$ |
107,541 |
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$ |
25,554 |
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$ |
4,869 |
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$ |
9,381 |
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$ |
85,235 |
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Europe |
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6,335 |
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3,190 |
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2,046 |
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3,452 |
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302 |
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(2,655 |
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Latin America |
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4,430 |
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(34 |
) |
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(4,396 |
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Exploration |
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3,233 |
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(478 |
) |
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(2,755 |
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$ |
238,915 |
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$ |
110,731 |
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$ |
27,600 |
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$ |
15,984 |
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$ |
9,171 |
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$ |
75,429 |
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Segment income |
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$ |
75,429 |
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Corporate and Other |
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Interest and sundry income |
|
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9,796 |
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Gain on sale of available-for-sale securities |
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|
535 |
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General and administrative |
|
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(32,053 |
) |
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Provincial capital tax |
|
|
(2,582 |
) |
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Interest expense |
|
|
(3,204 |
) |
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Income before income, mining and federal capital taxes |
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$ |
47,921 |
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