Last Thursday, Coeur Mining, Inc. (Coeur) announced first quarter 2019 production of 78 336 oz of gold, 2.5 million oz of silver, 3.7 million lb of zinc and 3.1 million pounds of lead. Metal sales for the quarter were 85 326 oz of gold, 2.6 million oz of silver, 4.7 million lb of zinc and 2.7 million lb of lead.
As disclosed on 20 February 2019, the company expects to produce 334 000 - 372 000 oz of gold, 12.2 - 14.7 million oz of silver, 25 - 40 million lb of zinc and 20 - 35 million lb of lead in 2019.
Quarterly production results
“First quarter operating results were in-line with our expectations” said Mitchell J. Krebs, Coeur’s President and CEO.
“Our top two 2019 initiatives – successfully ramping up operating activities at Silvertip and completing the installation of the high-pressure grinding roll (HPGR) unit at Rochester – remain on-track. Our Kensington mine continues to see the benefit of higher grades from the Jualin deposit, while Wharf exceeded its plan during the first quarter and is positioned to deliver higher production during the remainder of the year.”
“As previously indicated, our full-year financial and operating results are anticipated to be second half weighted. We expect higher production levels at Palmarejo as production begins at the new La Nación deposit and a new thickener is commissioned in the second half of 2019. Rochester’s second half 2019 production is expected to increase due to the positive impacts of the new HPGR unit, while higher mining and processing rates from the higher-grade Jualin deposit are expected to boost second half production at Kensington. Together, these initiatives are expected to lead to a return to positive free cash flow in 2019.”
Financial results and conference call
Coeur will report its first quarter financial results on 1 May 2019 after the New York Stock Exchange closes for trading. There will be a conference call on 2 May 2019 at 11:00 a.m. Eastern Time. Dial-in numbers: (855) 560-2581 (US) (855) 669-9657 (Canada) (412) 542-4166 (International) Conference ID: Coeur Mining Hosting the call will be Krebs, who will be joined by Thomas S. Whelan, Senior Vice President and Chief Financial Officer, Terry F. D. Smith, Senior Vice President of Operations, Hans J. Rasmussen, Senior Vice President of Exploration, and other members of management. A replay of the call will be available through 16 May 2019.
To read the full report: https://www.coeur.com/_resources/news/nr_20190411.pdf
Read the article online at: https://www.globalminingreview.com/finance-business/15042019/coeur-shares-its-first-quarter-2019-production-and-sales-results/