The Financial Post reports in its Thursday edition second-quarter earnings dropped at Agnico Eagle Mines, but the gold miner generated strong cash flow and kept a good balance sheet. The Post's Peter Koven writes investors want evidence companies can maintain strong liquidity in case gold remains at current levels (around $1,100 an ounce) for a prolonged period, or goes even lower (all figures U.S.). Agnico had an adjusted profit of $18.5-million, which was down from $52.8-million in the year-ago quarter but also in line with analyst expectations. The company exited Q2 with $158-million of cash, and paid down $70-million of debt. Unlike some of its competitors, Agnico is in a position of strength with rising production, low costs and little debt. The company's all-in sustaining costs were just $864 an ounce in the second quarter. Agnico also lowered its full-year cost guidance. Chief executive officer Sean Boyd said Agnico is not only trying to cut costs, but also increase spending as it identifies good growth opportunities. "I know the theme will be slash-slash, cut-cut. But at the end of the day, mining is a long-term business and you still have to invest in your people and your business," he said.