Coeur Reports First Quarter Production Results
posted on
Apr 08, 2014 10:13AM
5 Silver, 1 Gold mine(s) operating - Reserves of: Silver 500m oz, Gold 5m oz
April 07, 2014Share on google_plusone_share
Chicago, Illinois - April 7, 2014 - Coeur Mining, Inc. (the "Company" or "Coeur") (NYSE:CDE) today announced preliminary first quarter production of 4.1 million ounces of silver and 58,836 ounces of gold, or 7.6 million silver equivalent ounces1.
Quarterly Production Results1
“Our first quarter operational performance represents a solid start to the year,” stated Mitchell Krebs, Coeur’s President and Chief Executive Officer. “In particular, we are pleased with the progress at our Rochester mine, where daily silver production rates have exceeded 13,000 ounces in early April. We anticipate higher silver and gold production levels from Rochester in each successive quarter during the remainder of 2014.
“With our four major mines operating consistently, our cost reduction initiatives gaining momentum, minimal required capital projects, and a bolstered liquidity position, we believe we are well-positioned for a successful year,” Mr. Krebs concluded.
1Q 2014 Operational Results1
First quarter operational highlights for each of the Company's mines are provided below.
Palmarejo, Mexico |
1Q 2014 |
4Q 2013 |
3Q 2013 |
2Q 2013 |
1Q 2013 |
Underground Operations: |
|||||
Tons mined |
209,854 |
237,384 |
219,909 |
183,267 |
151,232 |
Average silver grade (oz/t) |
5.95 |
6.00 |
4.73 |
4.59 |
4.22 |
Average gold grade (oz/t) |
0.11 |
0.14 |
0.11 |
0.11 |
0.09 |
Surface Operations: |
|||||
Tons mined |
358,222 |
361,493 |
385,379 |
363,758 |
388,651 |
Average silver grade (oz/t) |
3.50 |
3.49 |
3.49 |
4.95 |
3.45 |
Average gold grade (oz/t) |
0.03 |
0.03 |
0.03 |
0.04 |
0.03 |
Processing: |
|||||
Total tons milled |
571,345 |
595,803 |
583,365 |
570,322 |
573,170 |
Average recovery rate – Ag |
73.3% |
74.5% |
81.8% |
76.5% |
78.8% |
Average recovery rate – Au |
78.0% |
80.6% |
87.6% |
81.2% |
90.1% |
Silver production ounces (000's) |
1,820 |
1,994 |
1,918 |
2,045 |
1,646 |
Gold production ounces |
25,216 |
35,486 |
29,893 |
28,191 |
22,965 |
Silver equivalent production ounces (000's) |
3,333 |
4,123 |
3,712 |
3,736 |
3,024 |
San Bartolomé, Bolivia |
1Q 2014 |
4Q 2013 |
3Q 2013 |
2Q 2013 |
1Q 2013 |
Tons milled |
385,375 |
451,660 |
428,884 |
424,310 |
374,985 |
Average silver grade (oz/t) |
3.88 |
3.79 |
3.89 |
3.98 |
4.09 |
Average recovery rate |
90.5% |
87.6% |
91.5% |
90.3% |
90.6% |
Silver production ounces (000's) |
1,355 |
1,498 |
1,528 |
1,523 |
1,391 |
Rochester, Nevada |
1Q 2014 |
4Q 2013 |
3Q 2013 |
2Q 2013 |
1Q 2013 |
|
Tons placed |
3,640,861 |
3,135,304 |
2,678,906 |
2,457,423 |
2,439,757 |
|
Average silver grade (oz/t) |
0.59 |
0.56 |
0.53 |
0.58 |
0.52 |
|
Average gold grade (oz/t) |
0.003 |
0.002 |
0.003 |
0.003 |
0.003 |
|
Silver production ounces (000's) |
750 |
712 |
580 |
844 |
648 |
|
Gold production ounces |
8,192 |
7,890 |
4,821 |
9,404 |
8,742 |
|
Silver equivalent production ounces (000's) |
1,242 |
1,185 |
869 |
1,408 |
1,173 |
Kensington, Alaska |
1Q 2014 |
4Q 2013 |
3Q 2013 |
2Q 2013 |
1Q 2013 |
Tons milled |
159,697 |
149,246 |
147,427 |
127,987 |
129,057 |
Average gold grade (oz/t) |
0.17 |
0.26 |
0.20 |
0.18 |
0.20 |
Average recovery rate |
94.5% |
96.0% |
96.5% |
98.2% |
96.2% |
Gold production ounces |
25,428 |
37,404 |
29,049 |
23,162 |
25,206 |
Endeavor, Australia |
1Q 2014 |
4Q 2013 |
3Q 2013 |
2Q 2013 |
1Q 2013 |
Silver production ounces (000's) |
168 |
135 |
162 |
221 |
150 |
2014 Production Guidance |
Silver (000's) |
Gold |
Silver Equivalent Ounces (000's) |
Palmarejo, Mexico |
6,700 - 7,200 |
87,000 - 95,000 |
11,920 - 12,900 |
San Bartolomé, Bolivia |
5,700 - 6,000 |
- |
5,700 - 6,000 |
Rochester, Nevada |
4,100 - 4,400 |
28,000 - 31,000 |
5,780 - 6,260 |
Endeavor, Australia |
500 - 600 |
- |
500 - 600 |
Kensington, Alaska |
- |
105,000 - 112,000 |
6,300 - 6,720 |
Total |
17,000 - 18,200 |
220,000 - 238,000 |
30,200 - 32,480 |
Financial Results and Conference Call
Coeur will report its full operational and financial results for the first quarter on May 7, 2014 after the New York Stock Exchange closes for trading. There will be a conference call on May 8, 2014 at 11:00 a.m. Eastern time.
Dial-In Numbers:
(877) 768-0708 (US and Canada)
(660) 422-4718 (International)
Conference ID: 255 26 141
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, Exploration; Joe Phillips, Senior Vice President and Chief Development Officer; and other members of management.
A replay of the call will be available through May 22, 2014.
Replay numbers:
(855) 859-2056 (US and Canada)
(404) 537-3406 (International)