Coeur d'Alene Press Newspaper | CDAPress.com

Local and National News - Kootenai County, Idaho

Coeur reports record production

Posted: Friday, Nov 06, 2009 - 12:18:03 am PST
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Third quarter revenue reported at $89.8 million

COEUR d'ALENE -- Coeur d'Alene Mines Corporation on Thursday announced record silver production of 5.2 million ounces during the third quarter of 2009.

This record production represents an 86 percent increase compared to last year's third quarter and was driven by Coeur's two new large, long-life mines -- San Bartolome in Bolivia and Palmarejo in Mexico -- which combined for a total of 3.4 million ounces of silver production, or 65 percent of the company's total silver production, during the third quarter.

Gold production also increased dramatically due to the continued ramp-up of production at Palmarejo, which produced 24,289 ounces during the quarter.

The company also reported record quarterly revenue of $89.8 million, a 146 percent increase over last year's third quarter revenue, along with quarterly operating cash flow of $23 million compared to $1.2 million of operating cash flow during last year's third quarter.

"Our third quarter results continued to highlight the company's dramatic growth and successful transition to its new, long-life mines. As the Palmarejo silver and gold mine in Mexico continues to ramp up its production levels and as we look ahead to the Kensington gold mine in Alaska contributing production and cash flow next year, we look forward to continuing to deliver strong operational and financial results for our shareholders," said Dennis E. Wheeler, chairman, president and chief executive officer. "Silver and gold prices look to remain strong based on a weakening U.S. dollar, consistent investment demand, and -- in the case of silver -- increasing industrial demand, particularly in medical, electronic and technology applications."

Wheeler said the outlook for Coeur is good.

Coeur expects to produce about 18 million ounces of silver in 2009, a 50 percent increase compared to 2008 production levels

The company also expects to produce about 70,000 ounces of gold for the full year -- a 52 percent increase over last year.


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darth Vader wrote on Nov 14, 2009 9:57 AM:

" Let's see wasn't this a article about a local Company doing a good job and surviving in what has been a thirty years or so down market? Anway, that accomplishment alone is noteworthy! "

darth Vader wrote on Nov 13, 2009 11:40 AM:

" Oh, your so right ! After all Katie that bright spot in our world along with Chris Mathews and Keith "what's his face " are beacons of fairness and intelligence? You can alway's believe in network news right down to the NY Times the leader of that band! Remember Dan Rather? You can count on the networks to get it right everytime. After all they got Clinton elected and Obama! 80% of them vote democrat so we know they are fair and balanced and would never report their own agenda! Ha! "

The Realist wrote on Nov 13, 2009 6:51 AM:

" and on FOX it was reported that Chinese gold is a better buy than US gold"

Only a truly ignorant person would write this, or believe it if someone else said it. The market could care less where the gold came from; once it's in the market, it is impossible to pedigree its source. There is no such thing as Chinese gold or US gold, there is only gold and everyone pays the spot price, modified by market frictions - ie, if you're going to be a Canadian Maple Leaf coin, there is the price of gold + the profit that mint makes from making the coin.

Of course, no one ever accused watchers of fox news to be overly endowed with analytical abilities. "

I fell in Love with a Robot wrote on Nov 13, 2009 6:40 AM:

" ... there would be a diminishing amount to be discovered

Thanks Mr. Obvious. You do know that with each and every grain of gold extracted from the earth that which remains is "diminishing?"

It's axiomatic. "

RadRevD wrote on Nov 13, 2009 1:32 AM:

" and on FOX it was reported that Chinese gold is a better buy than US gold plus there would be a diminishing amount to be discovered. can you sayINCREASE THAT PUBLIC FEAR LEVEL? What about our own back yard? "

tabookitty1 wrote on Nov 6, 2009 4:41 PM:

" None too soon.. "

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