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GOLD MINERS ROUNDUP 34 E&MJ; • MAY 2018 www.e-mj.com Fields reported. "After a challenging Q1 2017, the South Deep mine in South Africa came in below the targets set for the first year of its five-year rebase plan announced early in 2017." Production at South Deep "was impacted by two fatal accidents and three fall-of-ground inci- dents in Q1 2017, which negatively af- fected the contribution from higher-grade corridors," the company reported. "De- spite subsequent improvements during the remainder of the year, full-year pro- duction of 281,000 oz came in 11% be- low the 2017 guidance of 315,000 oz." The company increased gold reserves by 890,000 oz to 49.01 million oz as of the end of 2017. Guidance for 2018 is for between 2.08 Million oz and 2.10 million oz. The year is anticipated to bring gradual improve- ment in production at South Deep, with a projected output of 321,000 oz; a rise in Damang's production to 160,000 oz from 144,000 oz, but lower output from Tarkwa; and a "decline in gold-equivalent production at Cerro Corona from 307,000 oz in 2017 to 280,000 oz in 2018, due to expectations of a lower copper price." The company is reportedly set to spend $341 million at Damang "over a number of years to extend the mine's life to 2025, and in Australia we have partnered with Gold Road to develop the Gruyere project in the highly prospective Yamarna district in Western Australia." No. 9 Agnico Eagle (1.7M Oz) Agnico Eagle Mines Ltd. reported its 2017 net income rose 54% yoy to $243 million. Revenues from gold increased $91 million yoy to $2.1 billion. Total liabilities increased roughly 12% yoy to $2.9 billion, "primarily due to a $169.2 million net increase in long-term debt and a $80.8 million increase in reclamation provisions." Of the group, Agnico Eagle had the third lowest AISC, at $804/oz, which was down 2% yoy and down 16% from the 2014 high of $954/oz. Total ore mined rose 1% to 31 mt, the most for the miner in at least the last half decade. The result was "record produc- tion during the year of 1.71 million oz with lower total cash costs, exceeding our production forecast and beating our cost guidance for the sixth consecutive year," the company reported. The company re- ported the fewest number of lost time accidents in its history, and, separately, increased its dividend by 10% in Q4. Agnico Eagle reported it has "one of the highest mineral reserve grades among our North American peers." In 2017, it increased reserves by 3% and grades by almost 8% yoy. Reserves were set at 20.6 million oz. "Our proven and probable miner- al reserves, net of 2017 production, totalled 257 million mt of ore grading 2.49 g/mt gold," Agnico Eagle reported. The increase "is largely the result of the initial mineral re- serves declared at the Amaruq satellite de- posit at Meadowbank and at the Bravo Zone at Creston Mascota, and successful drill pro- grams and the reduction in cut-off grade at Meliadine, partially offset by the 1,713,533 oz of payable gold production in 2017 (1,928,000 oz of in-situ gold mined)." The company plans to produce 1.53 million oz in 2018. This year it will final- ize development of Meliadine and Ama- ruq, after which "capex will drop signifi- cantly in 2019, as benefits begin to flow from the substantial investments we have made in Nunavut," Agnico Eagle report- ed. Mining at Lapa, an underground mine in the Abitibi region (Quebec, Canada), "is expected to end in the first quarter of 2018, with ore being stockpiled for pro- cessing," the company reported. "Mill- ing operations are planned to resume in March 2018." Underground mining at LaRonde's Zone 5 will reach commercial production in Q3 2018, "while evalua- tion is underway on a phased approach to LaRonde 3, a project that would develop deeper levels for mining beyond 2022." Production is calendared to begin at the Pinos Altos Sinter Deposit operation in Late 2018. No. 10 Sibanye-Stillwater (1.4M Oz) Sibanye-Stillwater reported its 2017 rev- enue hit $3.8 billion, up 47% yoy. Net debt hit $1.9 billion, up from $525 mil-