Kensington's gold production increased 25%
versus prior quarter
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
Silver Gold Silver
Gold Silver Gold
Palmarejo 1,918 29,893
2,045 28,191
(6
)%
6 % San Bartolomé 1,528
— 1,523 — 0 % n.a.
Rochester 580 4,821 844 9,404
(31 )% (49 )% Kensington
— 29,049 — 23,162 n.a. 25
% Endeavor 162
— 221 —
(27
)%
n.a. Total 4,188
63,763 4,633
60,757 (10 )%
5 %
2013 Outlook
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)
About Coeur
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.
Cautionary Statement
This news release contains forward-looking statements within the
meaning of securities legislation in the United States and Canada,
including statements regarding anticipated operating results,
production levels, drilling results, reserve levels, and efforts to
generate high returns and long-term growth. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause Coeur's actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Such factors include, among others, the
risk that permits necessary for the planned Rochester expansion may
not be obtained, the risks and hazards inherent in the mining
business (including risks inherent in developing large-scale mining
projects, environmental hazards, industrial accidents, weather or
geologically related conditions), changes in the market prices of
gold and silver and a sustained lower price environment, the
uncertainties inherent in Coeur's production, exploratory and
developmental activities, including risks relating to permitting
and regulatory delays, ground conditions, grade variability, any
future labor disputes or work stoppages, the uncertainties inherent
in the estimation of gold and silver ore reserves, changes that
could result from Coeur's future acquisition of new mining
properties or businesses, reliance on third parties to operate
certain mines where Coeur owns silver production and reserves, the
loss of any third-party smelter to which Coeur markets silver and
gold, the effects of environmental and other governmental
regulations, the risks inherent in the ownership or operation of or
investment in mining properties or businesses in foreign countries,
Coeur's ability to raise additional financing necessary to conduct
its business, make payments or refinance its debt, as well as other
uncertainties and risk factors set out in filings made from time to
time with the United States Securities and Exchange Commission, and
the Canadian securities regulators, including, without limitation,
Coeur's most recent reports on Form 10-K and Form 10-Q. Actual
results, developments and timetables could vary significantly from
the estimates presented. Readers are cautioned not to put undue
reliance on forward-looking statements. Coeur disclaims any intent
or obligation to update publicly such forward-looking statements,
whether as a result of new information, future events or otherwise.
Additionally, Coeur undertakes no obligation to comment on
analyses, expectations or statements made by third parties in
respect of Coeur, its financial or operating results or its
securities.
Paul Hohbach, Coeur's Director of Exploration and a qualified
person under Canadian National Instrument 43-101, reviewed and
approved the scientific and technical information concerning
Coeur's mineral projects in this news release. For a description of
the key assumptions, parameters and methods used to estimate
mineral reserves and resources, as well as data verification
procedures and a general discussion of the extent to which the
estimates may be affected by any known environmental, permitting,
legal, title, taxation, socio-political, marketing or other
relevant factors, please see the Technical Reports for each of
Coeur's properties as filed on SEDAR at www.sedar.com.
Table
3:
Results of Operations by Mine - Palmarejo
3Q 2013 2Q 2013
1Q 2013 4Q 2012 3Q
2012 Underground Operations: Tons mined 219,909 183,267 151,232
139,925 143,747 Average silver grade (oz/t) 4.73 4.59 4.22 4.70
6.13 Average gold grade (oz/t) 0.11 0.11 0.09 0.08 0.09 Surface
Operations: Tons mined 385,379 363,758 388,651 465,498 424,380
Average silver grade (oz/t) 3.49 4.95 3.45 2.62 2.79 Average gold
grade (oz/t) 0.03 0.04 0.03 0.02 0.03 Processing: Total tons milled
583,365 570,322 573,170 563,123 532,775 Average recovery rate – Ag
81.8% 76.5% 78.8% 84.2% 90.0% Average recovery rate – Au 87.6%
81.2% 90.1% 91.4% 102.5% Silver production - oz (000's) 1,918 2,045
1,646 1,555 1,833 Gold production - oz 29,893 28,191 22,965 19,998
23,702
Table
4:
Results of Operations by Mine - San Bartolomé
3Q 2013 2Q 2013
1Q 2013 4Q 2012 3Q
2012 Tons milled 428,884 424,310 374,985 363,813 344,349
Average silver grade (oz/t) 3.89 3.98 4.09 4.20 4.91 Average
recovery rate 91.5% 90.3% 90.6% 88% 90.3% Silver production (000's)
1,528 1,523 1,391 1,343 1,526
Table
5:
Results of Operations by Mine - Rochester
3Q 2013 2Q 2013
1Q 2013 4Q 2012 3Q
2012 Tons milled 2,678,906 2,457,423 2,439,757 2,286,233
2,361,951 Average silver grade (oz/t) 0.53 0.58 0.52 0.51 0.52
Average gold grade (oz/t) 0.003 0.003 0.003 0.005 0.004 Silver
production (000's) 580 844 648 828 819 Gold production 4,821 9,404
8,742 12,055 10,599
Table
6:
Results of Operations by Mine -
Kensington
3Q 2013 2Q 2013
1Q 2013 4Q 2012 3Q
2012 Tons mined 122,064 135,123 116,747 140,626 113,770 Tons
milled 147,427 127,987 129,057 129,622 123,428 Average gold grade
(oz/t) 0.20 0.18 0.20 0.23 0.21 Average recovery rate 96.5% 98.2%
96.2% 96.9% 95.9% Gold production 29,049 23,162 25,206 28,718
24,391
Table
7:
Results of Operations by Mine - Endeavor
3Q 2013 2Q 2013
1Q 2013 4Q 2012 3Q
2012 Silver Production (000's) 162 221 150 105 140
Coeur Mining, Inc.Bridget Freas, Director, Investor
Relations312-489-5819orDonna Mirandola, Director, Corporate
Communications312-489-5842www.coeur.com
Coeur Mining (NYSE:CDE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Coeur Mining (NYSE:CDE)
Historical Stock Chart
From Jul 2023 to Jul 2024