Page 32 - Bullion World Volume 3 Issue 3 March 2023

Bullion World | Volume 3 | Issue 3 | March 2023 Agnico Eagle Announced Record
International Gold Production in 2022

Agnico Eagle Mines Limited reported financial and operating
news 2022 and throughout the year, the company delivered solid
results for Q4 and full year 2022. During the fourth quarter of
operating performance amidst challenging cost and workforce

environment.
VTB to launch gold The payable gold production in Q4 2022 was 799,438 ounces at
production costs per ounce of $834. The company reported total
buyback service in Q2 cash costs per ounce of $863 and all-in sustaining costs (AISC)
per ounce of $1,231. The company reported quarterly net income
of $0.45 per share and adjusted net income of $0.41 per share in
VTB plans to launch a service to buy back the fourth quarter of 2022, said the company press release.
physical gold in the second quarter of 2023, the
Russian state bank said. The payable gold production stood at 3.135 million ounces in
2022, with production costs per ounce of $843, total cash costs
The service will be available to customers who per ounce of $793 and AISC per ounce of $1,109. The gold
acquired gold bars and kept them in the custody mineral reserves recorded surge by 9% to end the previous year
of the bank, so additional inspection of the metal at 48.7 million ounces of gold.
will not be necessary, VTB.
Commenting on the outlook for 2023, the company aims to
The gold will be repurchased at VTB quotes on optimize its expanded strategic positions in the Abitibi region of
the date of the transaction in rubles. Ontario and Quebec, which in turn will further boost the company’s
profitable production.
VTB sold 34 tonnes of physical gold to customers Source: https://www.scrapmonster.com
last year, making it the leader on this market. The
average transaction was 10 kg, which amounts Turkey’s Swiss
to about 44 million rubles in today's prices. This
instrument is aimed at wealthy clients, as the Gold Imports
minimum purchase is 1 kg.
Hit Highest in at
"There was strong demand for physical gold, and
a large share of the gold remained in our vaults Least 11 Years
as an alternative to savings. People felt at ease,
because they could take this gold at any time and Turkey’s gold imports from Switzerland rose to the highest since
dispose of it as they saw fit," VTB management at least 2012 in January as the country’s soaring inflation spurred
board member Anatoly Pechatnikov told demand for the precious metal.
reporters, speaking about the results of 2022.

"Obviously, an exit is needed from this saving More than 58 tons of the precious metal was shipped to Turkey,
investment, so we will buy back those bars that according to Swiss Customs, the biggest monthly figure in data
were left in our custody from our clients and going back to January 2012. The eye-watering figure — accounting
provide such an additional service," Pechatnikov for 42% of total Swiss gold exports — comes after bullion buying
said. surged as Turkish consumer inflation accelerated to as high as
85% last year.
The portfolio of physical gold held by VTB's
wealthy clients totaled 50 billion rubles at the Turkey’s government is now taking measures to limit some gold
end of 2022 after growing by more than 50% in imports after devastating earthquakes left over 41,000 dead.
the second half of the year. This year, taking into Banks are also being asked to set minimum spreads on bullion
account the repurchase program, the portfolio sales to domestic buyers in an attempt to curb demand.
will grow more slowly and total 55 billion rubles by
the end of 2023, VTB forecast. Foreign gold purchases have been one of the biggest drags on
Source: https://interfax.com
Turkey’s external finances in recent months, piling pressure on the
already embattled lira. The nation’s central bank was the biggest
buyer among publicly named institutions last year, adding 148 tons
of metal to its reserves.
Source: https://finance.yahoo.com
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