- Gold production at Kensington increased 25% compared to the second quarter and cash operating costs declined 11% to $988 per gold ounce 1.
- Announced a 91.5% increase in silver reserves and 96.4% increase in gold reserves at Rochester in September 2013.
- Produced 4.2 million silver ounces and 63,766 gold ounces, a decrease of 9% and an increase of 5%, respectively, from the second quarter 2013. Metal sales were 4.9 million silver ounces and 76,466 gold ounces, a decrease of 7% and an increase of 21%, respectively, from the second quarter 2013.
- Net metal sales were $200.8 million, down 2% compared to the second quarter 2013 mostly due to declines of 8% and 6% in realized silver and gold prices, respectively, which averaged $21.06 per silver ounce and $1,329 per gold ounce in the third quarter 2013.
- Cash flow from operating activities was $26.8 million, or $0.27 per share, in the third quarter 2013 compared to $63.3 million, or $0.63 per share, during the second quarter 2013. Before changes in working capital, cash flow from operating activities was $37.3 million in the third quarter 2013 and $14.4 million in the second quarter 2013.
- Adjusted earnings 1 were $(23.4) million, or $(0.23) per share, compared with $(34.6) million, or $(0.35) per share, in the second quarter 2013. Net loss for the third quarter 2013 was $46.3 million, or $0.46 per share, compared with net loss of $35.0 million, or $0.35 per share, in the second quarter 2013.
- Companywide cash operating costs were $11.38 per silver ounce 1 in the third quarter 2013 and $9.66 per silver ounce 1 during the first nine months of 2013. Palmarejo's cash operating costs per silver ounce 1 dropped 14% in the third quarter compared to the second quarter. Higher production levels are expected to generate lower cash operating costs per silver ounce 1 in the fourth quarter, particularly at Rochester.
- Repurchased approximately $15.0 million of stock during the third quarter 2013. The Company has now completed approximately $47.5 million of its $100.0 million share repurchase program authorized by the Board of Directors in June of 2012.
- Rochester recognized for outstanding achievement in safety by the Nevada Mining Association.
- Palmarejo received the Industria Limpia (clean industry) certificate by the Federal Attorney for Environmental Protection (Profepa) in Mexico.
- Additional exploration drilling is underway at Palmarejo following positive results in the existing open pit and in the Las Animas-El Salto surface deposit located just south of Guadalupe. Drilling at Kensington during the third quarter also returned additional high-grade results at the Jualin area and the Ann zone.
Coeur Reports Third Quarter 2013 Results
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