Coeur Mining swings to Q3 adjusted loss
TORONTO (miningweekly.com) – US precious metals miner Coeur Mining late on Wednesday reported that it had swung to a third-quarter adjusted loss, as lower realised silver and gold prices chipped away at its profit.
For the three months ended September 30, the Chicago-headquartered miner reported a net loss, excluding one-time items, of $23.4-million, or $0.23 a share, compared with adjusted earnings of $25.8-million, or $0.29 a share.
This was $0.03 below analyst expectations of $0.20 a share.
Revenues declined 13% year-on-year to $200.8-million, despite gold sales increasing by 30% to 76 466 oz. Silver sales, however, declined 9% to 4.9-million ounces, and both metals were impacted by lower realised prices.
On a year-on-year basis, the average realised gold price fell 20% to $1 329/oz, and the average realised silver price fell 30% to $21.06/oz.
The total production costs rose 5% to $131.7-million, up from $125-million a year earlier.
The company reaffirmed its 2013 full-year production guidance of between 18-million and 19.1-million ounces of silver and 250 000 oz to 258 000 oz of gold.
Coeur said it expected significantly higher output levels in the fourth quarter, particularly from the Rochester silver/gold mine, in Nevada. Coeur was also maintaining its full-year cash operating cost guidance within a range of $9.50/oz and $10.50/oz of silver, and $950/oz to $1 000/oz of gold from Kensington, in Alaska, which reflected continued progress in the company's ongoing cost reduction efforts.
The company incurred $32.7-million in capital expenditure (capex) in the third quarter and reaffirmed its 2013 full-year capex of $100-million to $110-million.
Coeur’s NYSE-listed shares traded down 7.69% at $11.17 apiece early on Thursday morning.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation