Coeur Reports Solid First Quarter Results
COEUR D'ALENE, Idaho, May 07, 2012 (BUSINESS WIRE) --Coeur d'Alene Mines Corporation (NYSE:CDE) (TSX:CDM) produced 4.9
million ounces of silver and 43,901 ounces of gold in the first quarter
of 2012, which resulted in $204.6 million in sales and $93.8 million in
operating cash flow1 during the first quarter of 2012.
First Quarter Highlights:
Net metal sales totaled $204.6 million, 3% higher than the first
quarter of 2011.
Silver production totaled 4.9 million ounces, 19% higher than last
year's first quarter, and gold production totaled 43,901 ounces.
Cash operating costs1 decreased 25% to $6.29 per silver
Silver and gold sales totaled 4.3 million ounces and 38,884 ounces,
Operating cash flow1 increased 4% to $93.8 million.2
General and administrative expenses decreased 38%.
Adjusted earnings1 totaled $41.5 million, or $0.46 per
share, an 11% increase over the first quarter of 2011.3
Average realized prices were $32.61 per ounce for silver and $1,702
per ounce for gold, 4% and 24% higher, respectively, than the first
quarter of 2011.
Cash, cash equivalents, and short-term investments totaled $153.2
million4 as of March 31.
"The first quarter operating and financial results reflect a solid start
to 2012. We are particularly pleased that full production has resumed
two months ahead of schedule at Kensington," said Mitchell J. Krebs,
Coeur's President and Chief Executive Officer. "Despite cost pressures
throughout our industry, we are proud to have reduced cash operating
costs1 per ounce by 25% in the first quarter compared to the
same period last year. In addition, we experienced a 38% reduction in
our general and administrative costs. Our 2012 production guidance of
18.5 - 20.0 million ounces of silver and 210,000 - 230,000 ounces of
gold remains unchanged. With silver and gold prices remaining resilient,
we are on-track for a robust second quarter and full-year 2012
Mr. Krebs continued, "Palmarejo remains our largest producer and cash
flow contributor and posted a strong first quarter. San Bartolome
performed consistently in the first quarter and successfully operated
above the 4,400 meter level during most of the quarter. The first
quarter marked Rochester's initial three months of operation since
resuming active mining in December. We expect production at Rochester to
increase each quarter of 2012 as more material is added to the new leach
pad. With Kensington now completing several critical projects, the focus
will turn to achieving sustainable production levels and reducing costs.
With Kensington and Rochester reaching operational consistency, all four
of our major long-lived mines are expected to contribute to strong
second quarter and full-year performance."