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Coeur Reports Q2 Results, Bumps Up 2015 Production Guidance
Coeur Mining Inc. (NYSE:CDE) released its Q2 2015 results, commenting that revenues came in at $166.3 million. The company also said it recorded an adjusted net loss of $16.7 million, or $0.11 per share.
Coeur Mining Inc. (NYSE:CDE) released its Q2 2015 results, commenting that revenues came in at $166.3 million. The company also said it recorded an adjusted net loss of $16.7 million, or $0.11 per share.
Other Q2 highlights include:
Silver production was 4.3 million ounces and gold production was 80,855 ounces, or 9.1 million silver equivalent ounces, a 13% increase as previously announced on July 9, 2015 Adjusted costs applicable to sales were $12.56 and adjusted all-in sustaining costs were $16.60 per silver equivalent ounce, the lowest level since Coeur began reporting this metric in 2013 Adjusted costs applicable to sales per gold ounce at Kensington of $745 fell 7% from the first quarter Adjusted costs applicable to sales per silver equivalent ounce at Palmarejo declined 9% from the first quarter to $13.21 Adjusted costs applicable to sales per silver equivalent ounce at Rochester were $12.01, down 7% from the first quarter Adjusted costs applicable to sales per silver ounce at San Bartolomé dropped 8% from the first quarter to $13.26 Completed the acquisition of Paramount Gold and Silver Corp. and announced an 89% increase in silver reserves and a 76% increase in gold reserves at Palmarejo at a 31% higher average silver grade On June 24, Coeur announced a 39% increase in Wharf’s gold reserves. The addition of Wharf represents a 35% increase in Coeur’s total gold reserves On June 25, Coeur closed a new $100 million, five-year, senior secured term loan and repaid a pre-existing $50 million bridge loan due in the first quarter of 2016 Cash, cash equivalents, and short-term investments were $205.9 million at June 30
The company also adjusted its outlook for 2015:
Coeur is raising its 2015 total production guidance by approximately 2% to 33.1 – 35.9 million silver-equivalent ounces, consisting of 14.7 – 15.8 million silver ounces and 306,000 – 335,000 gold ounces. Coeur is also lowering its guidance for all-in sustaining costs per silver equivalent ounce1 by approximately 3% to $17.00 – $18.00. The revised guidance is mainly due to stronger than planned production at lower than expected costs at Palmarejo and Kensington, partially offset by lower than expected production at San Bartolomé, which experienced a temporary cessation of mining activity in July due to political disruptions in Bolivia.
Click here to read the full Coeur Mining Inc. (NYSE:CDE) press release.
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