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Tahoe Resources Inc. (TSX:THO,NYSE:TAHO) announced its financial results for the third quarter of 2013 and provided a forecast for 2014, commenting that during Q3 it both produced and shipped the first concentrate from its Escobal mine.
Tahoe Resources Inc. (TSX:THO,NYSE:TAHO) announced its financial results for the third quarter of 2013 and provided a forecast for 2014, commenting that during Q3 it both produced and shipped the first concentrate from its Escobal mine.
Plans are in place to ramp up to full production of 3,500 tonnes per day at Escobal by the first quarter of next year. For the whole of 2014, Tahoe aims to put out 18 to 21 million ounces of silver contained in concentrate.
Other highlights include:
- Net earnings/(loss) for the quarter amounted to ($15.5 million) or ($0.11) per share.
- Cash outflow from operating activities amounted to $9.0 million.
- Corporate general and administrative (G&A) expense amounted to $3.6 million, excluding non-cash share-based compensation of $1.5 million.
- Exploration expenses amounted to $1.2 million.
- A project-to-date total of $317.9 million of the $326.6 million budget has been spent towards construction of the 3500 tonnes per day (tpd) Escobal project.
- Additionally, $35.8 million has been spent towards expansion to 4500 tpd.
- Cash and equivalents at quarter-end were $39.2 million including net proceeds of $50 million drawn from the Company’s credit facility in June.
Click here to read the full Tahoe Resources Inc. (TSX:THO,NYSE:TAHO) press release.
