Coeur d'Alene Mines Corp.
Coeur Reports Second Quarter Production Results
48% Increase in Rochester's Quarterly Silver Production to Highest Level in Nearly Seven Years
CHICAGO, July 8, 2014 (GLOBE NEWSWIRE) -- Coeur Mining, Inc. (the "Company" or "Coeur") (NYSE:CDE) today announced preliminary second quarter production of 4.5 million ounces of silver and 61,025 ounces of gold, or 8.1 million silver equivalent ounces1, an increase of 7% compared to the first quarter.
Quarterly Production Results1
Click here to view quarterly production results.
2Q 2014 Operational Results1
Second quarter operational highlights for each of the Company's mines are provided below.
Palmarejo, Mexico | 2Q 2014 | 1Q 2014 | 4Q 2013 | 3Q 2013 | 2Q 2013 |
Underground Operations: | |||||
Tons mined | 177,359 | 209,854 | 237,384 | 219,909 | 183,267 |
Average silver grade (oz/t) | 6.15 | 5.95 | 6.00 | 4.73 | 4.59 |
Average gold grade (oz/t) | 0.11 | 0.11 | 0.14 | 0.11 | 0.11 |
Surface Operations: | |||||
Tons mined | 320,583 | 358,222 | 361,493 | 385,379 | 363,758 |
Average silver grade (oz/t) | 3.72 | 3.50 | 3.49 | 3.49 | 4.95 |
Average gold grade (oz/t) | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 |
Processing: | |||||
Total tons milled | 534,718 | 571,345 | 595,803 | 583,365 | 570,322 |
Average recovery rate – Ag | 75.6% | 73.3% | 74.5% | 81.8% | 76.5% |
Average recovery rate – Au | 78.9% | 78.0% | 80.6% | 87.6% | 81.2% |
Silver production ounces (000's) | 1,761 | 1,820 | 1,994 | 1,918 | 2,045 |
Gold production ounces | 23,706 | 25,216 | 35,486 | 29,893 | 28,191 |
Silver equivalent production ounces (000's) | 3,183 | 3,333 | 4,123 | 3,712 | 3,736 |
- Lower processing rates, higher recoveries, and higher grades in the second quarter are all consistent with the Company's stated strategy of transitioning Palmarejo to a higher-margin, underground operation.
- Further increases in recovery rates are expected in the second half of the year due to improved management of the sources of ore.
San Bartolomé, Bolivia | 2Q 2014 | 1Q 2014 | 4Q 2013 | 3Q 2013 | 2Q 2013 |
Tons milled | 437,975 | 385,375 | 451,660 | 428,884 | 424,310 |
Average silver grade (oz/t) | 3.86 | 3.88 | 3.79 | 3.89 | 3.98 |
Average recovery rate | 87.5% | 90.5% | 87.6% | 91.5% | 90.3% |
Silver production ounces (000's) | 1,481 | 1,355 | 1,498 | 1,528 | 1,523 |
Rochester, Nevada | 2Q 2014 | 1Q 2014 | 4Q 2013 | 3Q 2013 | 2Q 2013 |
Tons placed | 3,329,582 | 3,640,861 | 4,569,588 | 2,678,906 | 2,457,423 |
Average silver grade (oz/t) | 0.58 | 0.59 | 0.57 | 0.53 | 0.58 |
Average gold grade (oz/t) | 0.003 | 0.003 | 0.002 | 0.003 | 0.003 |
Silver production ounces (000's) | 1,112 | 750 | 712 | 595 | 844 |
Gold production ounces | 9,230 | 8,192 | 7,890 | 4,824 | 9,404 |
Silver equivalent production ounces (000's) | 1,666 | 1,242 | 1,185 | 884 | 1,408 |
- Silver production increased 48% and gold production increased 13% compared to the first quarter at Rochester resulting in the highest quarterly silver equivalent production since the third quarter 2007.
- Further production growth is expected in the second half of 2014 due to the continued ramp up of production from the Stage III leach pad.
Kensington, Alaska | 2Q 2014 | 1Q 2014 | 4Q 2013 | 3Q 2013 | 2Q 2013 |
Tons milled | 163,749 | 159,697 | 149,246 | 147,427 | 127,987 |
Average gold grade (oz/t) | 0.18 | 0.17 | 0.26 | 0.20 | 0.18 |
Average recovery rate | 94.5% | 94.5% | 96.0% | 96.5% | 98.2% |
Gold production ounces | 28,089 | 25,428 | 37,404 | 29,049 | 23,162 |
- Mill throughput averaged approximately 1,800 tons per day during the second quarter, consistent with the first quarter.
- Higher average gold grade drove a 10% sequential increase in gold production in the second quarter, which included an average gold grade of 0.22 during the month of June.
Endeavor, Australia | 2Q 2014 | 1Q 2014 | 4Q 2013 | 3Q 2013 | 2Q 2013 |
Silver production ounces (000's) | 129 | 168 | 135 | 162 | 221 |
- Silver production received from the Company's investment in the Endeavor lead-zinc-silver mine in Australia decreased by 24% in the second quarter.
- Coeur owns all silver production and reserves at Endeavor up to a total of 20.0 million payable ounces. As of June 30, 2014, Endeavor had produced 5.1 million payable ounces, or approximately 26% of the total, since Coeur initially acquired this interest in 2005.
1. Silver equivalence calculated using a 60:1 silver to gold ratio.
Financial Results and Conference Call
Coeur will report its full operational and financial results for the second quarter on August 6, 2014 after the New York Stock Exchange closes for trading. There will be a conference call on August 7, 2014 at 11:00 a.m. Eastern time.
Dial-In Numbers: | (877) 768-0708 (US and Canada) |
(660) 422-4718 (International) | |
Conference ID: | 716 78 100 |
The conference call and presentation will also be webcast on the Company's website 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 August 21, 2014.
Replay Numbers: | (855) 859-2056 (US and Canada) |
(404) 537-3406 (International) |