Coeur Records Q1 Net Loss, Maintains Production Guidance

Coeur Mining Inc. (NYSE:CDE) announced its results for the first quarter of 2014, commenting that it recorded an adjusted net loss of $19.5 million, or $0.19 per share. Meanwhile, revenue came to $159.6 million.

The company also said it is maintaining its 2014 production guidance of 17 to 18.2 million ounces of silver and 220,000 to 238,000 ounces of gold.

Other highlights include:

• Silver production totaled 4.1 million ounces, a 7% increase compared to last year’s first quarter
• Gold production totaled 58,836 ounces, a 3% increase compared to last year’s first quarter
• Costs applicable to sales at Coeur’s primary silver mines declined 6% from last year’s first quarter to $13.25 per silver equivalent ounce1
• Costs applicable to sales per silver equivalent ounce1 were $12.67 at Rochester, down 24% from the fourth quarter and the lowest in over two years
• All-in sustaining costs per silver equivalent ounce1 declined 4% from last year’s first quarter to $19.12
• Kensington’s quarterly free cash flow of $9.2 million was its highest in three years
• Net loss was $37.2 million, or $0.36 per share
• Cash, cash equivalents, and short-term investments totaled $318.6 million at March 31, 2014

Mitchell J. Krebs, president and CEO of Coeur, commented:

I am pleased with the Company’s performance through April. Our production levels are on target and our costs are at the low end of guidance, which reflects our organization’s improved ability to establish and execute reliable, well-engineered plans.

As we enter the mid-point of 2014, we look forward to demonstrating Rochester’s continuing production growth and declining cost profile and to providing the anticipated longer-term profile of our Palmarejo operation during the second quarter. By the third quarter, we expect to complete the feasibility study for the La Preciosa silver-gold project in Mexico and plan to make a disciplined decision on how to proceed.

Click here to read the full Coeur Mining Inc. (NYSE:CDE) press release.