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Coeur Posts Record Quarterly Sales and Operating Cash Flow as Its New Kensington Gold Mine Joins Company’s Two Other New, Long-Life Mines in Production

Tuesday, August 10th, 2010

Coeur d’Alene Mines Corporation (NYSE:CDE) (TSX:CDM) (ASX:CXC) announce record quarterly sales and operating cash flow, driven by its two new, long-life gold and silver mines in Mexico and Bolivia. The Company’s Kensington gold mine in Alaska, the world’s newest pure gold mine, began processing ore in the second quarter ahead of schedule and is expected to drive a 135% increase in companywide gold production this year over last year’s levels.
Companywide metal sales jumped nearly $33 million, or 49%, to a record $101.0 million, compared to last year’s second quarter, aided by strong production and robust metals prices. Operating cash flow increased 116% compared to last year’s second quarter to a quarterly Company record of $32.5 million, driven by Coeur’s Palmarejo and San Bartolomé mines, which started operations within the past two years.
“Coeur made significant progress this quarter, and we are pleased to have achieved the highest metal sales and operating cash flow in Company history. As our third of three new, long-life, precious metals mines comes on-stream, our strategy has us well-positioned to take advantage of the continued strength in precious metals prices,” said Dennis E. Wheeler, Chairman, President and Chief Executive Officer of Coeur. “The successful and early start-up of our Kensington gold mine in Alaska, together with Palmarejo and San Bartolomé should continue to deliver record growth in metal sales and cash flow for shareholders.”
“Companywide, we remain on-track to produce approximately 17.3 million ounces of silver this year with annual gold production increasing over 135% to 170,000 ounces,” concluded Mr. Wheeler.
The Company produced 4.2 million ounces of silver and 23,124 ounces of gold compared to 3.9 million ounces of silver and 13,795 ounces of gold during last year’s second quarter. Cash operating costs declined to $8.06 per ounce of silver versus $8.57 per ounce during last year’s second quarter. Silver production contributed 73% of the Company’s total metal sales during the second quarter compared to 84% during the second quarter of 2009.
For the first six months of 2010, metal sales increased nearly $78 million, or approximately 70%, to a record $189.3 million. Coeur produced 7.6 million ounces of silver and 48,907 ounces of gold during the first six months of 2010, compared to 7.4 million ounces of silver and 17,586 ounces of gold during last year’s first half. Cash operating costs averaged $7.77 per ounce of silver. Silver production contributed 70% of the Company’s total metal sales during the first half of 2010 compared to 87% during the first half of 2009.
(Ref 1606)

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