TORONTO (miningweekly.com) – Idaho-based precious metals miner Coeur d'Alene Mines on Monday said gold production for the first quarter ended March 31 had risen by 30% to 56 913 oz, mainly owing to significantly higher production from the company's Kensington mine in Alaska, and Rochester mine in Nevada.
Despite company-wide silver production being 22% lower year-on-year, at 3.8-million ounces, mainly owing to lower-grade ore processed from both openpit and underground operations at the company's Palmarejo mine, in Mexico, it said production levels were expected to accelerate during the remaining three quarters of the year.
The company said it expected to meet its full-year production guidance of between 18-million and 19.5-million ounces of silver and 250 000 oz to 265 000 oz of gold.
Precious metal sales were $178.6-million, down 13% compared with the first quarter 2012.
The average realised silver prices was down 6% at $30.61/oz and for gold was down 4% at $1 630/oz, when compared with the first quarter of 2012.
The company reported that grades and mining rates rebounded at Palmarejo late in the first quarter compared with the third and fourth quarters of 2012. Palmarejo produced 1.6-million ounces of silver and 22 965 oz of gold in the quarter.
The company’s TSX-listed stock declined by 7.78% to C$15.53 apiece on Monday.