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Coeur Mining Inc. (NYSE:CDE) announced its results for the second quarter of 2014, commenting that it recorded revenue of $164.6 million, an adjusted net loss of $31.6 million and cash flow from operating activities of $30.5 million.
Coeur Mining Inc. (NYSE:CDE) announced its results for the second quarter of 2014, commenting that it recorded revenue of $164.6 million, an adjusted net loss of $31.6 million and cash flow from operating activities of $30.5 million.
Meanwhile, the company’s silver production came to 4.5 million ounces, while its gold production was 61,025 ounces. Respectively, those are increases of 10 and 4 percent from Q1.
Other highlights include:
- Rochester produced 1.7 million silver equivalent ounces, a 34% increase compared to the first quarter. Cash flow from operating activities of $4.3 million at Rochester in the second quarter is expected to increase during the second half of 2014 as production levels continue to rise
- Cash flow from operating activities was $30.5 million in the second quarter, compared to $ (9.6)million in the first quarter
- Mine-level free cash flow of $22.5 million increased from $ (4.4)million in the first quarter, reaching the highest level in a year
- Costs applicable to sales at Coeur’s primary silver mines increased 8% from the first quarter but declined 4% from last year’s second quarter to $14.31 per silver equivalent ounce
- All-in sustaining costs per silver equivalent ounce increased 4% from the first quarter but declined 6% from last year’s second quarter to $19.89
- General and administrative expenses were $9.4 million in the second quarter, down 32% from the first quarter
- Net loss was $43.1 million, or $0.42 per share
- Adjusted net loss was $31.6 million, or $0.31 per share
- Cash, cash equivalents, and short-term investments totaled $316.8 million at June 30, 2014, nearly unchanged from the first quarter
- Coeur announced a re-scoping of its Palmarejo mine, including plans to complete development of the Guadalupe underground mine at Palmarejo and terms for a new gold stream agreement with Franco-Nevada, which is expected to significantly improve the mine’s cash flow profile
Mitchell J. Krebs, Coeur’s president and CEO, commented:
Our second quarter results demonstrate improved or consistent performance across our portfolio. Our costs are tracking below initial expectations as we make further progress increasing the efficiency of our operations.
In recent weeks, we made important decisions regarding the long-term plan for our Palmarejo mine and La Preciosa silver-gold project in Mexico. Our re-scoped mine plan for Palmarejo and deferral of mine construction at La Preciosa demonstrate our commitment to disciplined capital deployment with the intent to maximize free cash flow and stockholder returns
Click here to read the full Coeur Mining Inc. (NYSE:CDE) press release.