Coeur Mining (the “Company” or “Coeur”) (NYSE: CDE) today announced third quarter production of 9.5 million silver equivalent1 ounces, comprised of 4.0 million silver ounces and 93,293 gold ounces.
Third quarter silver equivalent1 production increased 7% quarter-over-quarter and 10% year-over-year. Higher quarter-over-quarter silver equivalent1 production was driven by a 13% increase in gold production while higher year-over-year silver equivalent1 production was due to a 10% increase in gold production and an 11% increase in silver production.
Metal sales of 3.8 million ounces of silver and 89,972 ounces of gold, or 9.2 million silver equivalent1 ounces, were in-line with third quarter production.
- Silver equivalent production increased 25% quarter-over-quarter and 89% year-over-year to 3.6 million ounces
- Average mining rates during the quarter were up 22%, achieving the year-end target of 4,500 tons per day one quarter early. This was driven by higher-than-budgeted mining rates at Independencia, which increased approximately 70% quarter-over-quarter to over 1,800 tons per day
- The average silver grade increased 11% as a result of mining higher grade stopes in the Independencia deposit that became accessible following the installation of additional ground support during the prior quarter