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Coeur Mining Inc. (TSX:CDM,NYSE:CDE) announced its results for the third quarter of 2013, noting that it produced 4.2 million ounces of silver and 63,766 ounces of gold, down 9 percent and up 5 percent, respectively, from the previous quarter.
Coeur Mining Inc. (TSX:CDM,NYSE:CDE) announced its results for the third quarter of 2013, noting that it produced 4.2 million ounces of silver and 63,766 ounces of gold, down 9 percent and up 5 percent, respectively, from the previous quarter.
The company also reaffirmed its production guidance for 2013 of 18 to 19.1 million ounces of silver and 250,000 to 258,000 ounces of gold.
Other highlights include:
- Announced a 91.5% increase in silver reserves and 96.4% increase in gold reserves at Rochester in September 2013.
- Produced 4.2 million silver ounces and 63,766 gold ounces, a decrease of 9% and an increase of 5%, respectively, from the second quarter 2013. Metal sales were 4.9 million silver ounces and 76,466 gold ounces, a decrease of 7% and an increase of 21%, respectively, from the second quarter 2013.
- Net metal sales were $200.8 million, down 2% compared to the second quarter 2013 mostly due to declines of 8% and 6% in realized silver and gold prices, respectively, which averaged $21.06 per silver ounce and $1,329 per gold ounce in the third quarter 2013.
- Cash flow from operating activities was $26.8 million, or $0.27 per share, in the third quarter 2013 compared to $63.3 million, or $0.63 per share, during the second quarter 2013. Before changes in working capital, cash flow from operating activities was $37.3 million in the third quarter 2013 and $14.4 million in the second quarter 2013.
- Adjusted earnings1Â were $(23.4) million, or $(0.23) per share, compared with $(34.6) million, or $(0.35) per share, in the second quarter 2013. Net loss for the third quarter 2013 was $46.3 million, or $0.46 per share, compared with net loss of $35.0 million, or $0.35 per share, in the second quarter 2013.
- Companywide cash operating costs were $11.38 per silver ounce1 in the third quarter 2013 and $9.66 per silver ounce1 during the first nine months of 2013. Palmarejo’s cash operating costs per silver ounce1 dropped 14% in the third quarter compared to the second quarter. Higher production levels are expected to generate lower cash operating costs per silver ounce1 in the fourth quarter, particularly at Rochester.
Click here to read the full Coeur Mining Inc. (TSX:CDM,NYSE:CDE) press release.