Coeur Reports Third Quarter Production Results and Reaffirms Full-Year Production Guidance
CHICAGO--(BUSINESS WIRE)--Oct. 10, 2013-- Coeur Mining, Inc. (the "Company" or "Coeur") (NYSE:CDE, TSX:CDM) announced it produced 4.2 million ounces of silver and 63,763 ounces of gold during the third quarter of 2013. These production levels represent a decrease of 10% for silver and an increase of 5% for gold compared to the second quarter. Production at both Palmarejo and San Bartolomé were consistent with the second quarter. Kensington's gold production increased 25% over the second quarter of 2013 due to an increase in tons milled and higher gold grades. Rochester's production during the quarter was negatively impacted by the completion of several expansion-related projects, which are expected to lead to significantly higher production levels in the fourth quarter and next year.
Operational Highlights: Production
|(silver ounces in thousands)||3Q 2013||2Q 2013||Quarter Variance|
The Company reaffirmed its full-year 2013 consolidated production guidance of 18.0-19.1 million ounces of silver and 250,000-258,000 ounces of gold.
2013 Production Outlook
|(silver ounces in thousands)||Country||Silver||Gold|
|Palmarejo||Mexico||7,700 - 8,300||108,000 - 110,000|
|San Bartolomé||Bolivia||5,900 - 6,000||--|
|Rochester||Nevada, USA||3,700 - 4,000||34,000 - 36,000|
|Kensington||Alaska, USA||--||108,000 - 112,000|
|Endeavor||Australia||700 - 800||--|
|Total||18,000 - 19,100||250,000 - 258,000|
Mitchell Krebs, President and Chief Executive Officer, commented, "Our third quarter operating performance demonstrates further consistency at Palmarejo, San Bartolomé, and Kensington, and represents a critical turning point for Rochester. The completion of recent capital investments in the existing heap leach pads and in the operation's crushing capacity, along with the substantial increase in reserves announced last month, support the high-return, long-term growth profile we expect to achieve at Rochester. Maintaining our full-year total production guidance within the range provided at the beginning of 2013 reflects our enhanced technical and operating capabilities and our ability to better execute against our plan."
Coeur will report its full third quarter operating and financial results on November 6, 2013 after the New York and Toronto stock exchanges close for trading. There will be a conference call on November 7, 2013 at 11:00 a.m. Eastern time.
|Dial-In Numbers:||(877) 768-0708 (U.S. and Canada)|
|(660) 422-4718 (International)|
|Conference ID:||805 93 215|
The conference call and presentation will also be webcast on the Company's website www.coeur.com.
Hosting the call will be Mitchell J. Krebs, President and Chief Executive Officer of Coeur, who will be joined by Peter C. Mitchell, Senior Vice President and Chief Financial Officer, Frank L. Hanagarne, Jr., Senior Vice President and Chief Operating Officer, Hans Rasmussen, Vice President of Exploration, Joe Phillips, Senior Vice President and Chief Development Officer, and other members of management.
A replay of the call will be available on Coeur's website through November 21, 2013.
|Replay number:||(855) 859-2056 (U.S. and Canada)|
|(404) 537-3406 (International)|
Coeur Mining, Inc. is the largest U.S.-based primary silver producer and a growing gold producer. The Company has four precious metals mines in the Americas generating strong production, sales and cash flow. Coeur produces from its wholly owned operations: the Palmarejo silver-gold mine in Mexico, the San Bartolomé silver mine in Bolivia, the Rochester silver-gold mine in Nevada and the Kensington gold mine in Alaska. The Company also has a non-operating interest in the Endeavor mine in Australia. In addition, the Company has two silver-gold feasibility stage projects - the La Preciosa project in Mexico and the Joaquin project in Argentina. The Company also conducts ongoing exploration activities in Mexico, Argentina, Nevada, Alaska and Bolivia. The Company owns strategic investment positions in eight silver and gold development companies with projects in North and South America.
Posted: October 10, 2013