Coeur ups gold output in Q1 2021, silver down 11%
(Kitco News) - Coeur Mining (NYSE: CDE) reported Wednesday that the company’s Q1 2021 gold production of 85,225 ounces exceeded expectations for the quarter, tracking well towards its full-year guidance range.
Additionally, all of the company’s site-level gold unit costs were either below or within their full-year guidance ranges, the company said.
The company’s Q1 2021 silver production of 2.4 million ounces was 11% less than in Q1 2020 (2.7 million ounces), primarily driven by a 5% decrease in Palmarejo’s mill throughput quarter-over-quarter, caused by a change in mine sequencing due to geotechnically-challenging conditions as well as lower average grades.
First quarter 2021 revenue totaled $202.1 million compared to $228.3 million in the prior period and $173.2 million in the first quarter of 2020. On an adjusted basis, the company reported EBITDA of $65.9 million, cash flow from operating
activities before changes in working capital of $41.6 million and net income from continuing operations of $13.9 million, or $0.06 per share.
The company also reaffirmed its full-year 2021 production guidance of 322,500 - 367,500 ounces of gold and 9.7 - 12.2 million ounces of silver. Additionally, full-year cost, exploration and capital expenditure guidance was reaffirmed.
Coeur Mining is a U.S.-based, well-diversified, growing precious metals producer with five wholly-owned operations: the Palmarejo gold-silver complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, the Wharf gold mine in South Dakota, and the Silvertip silver-zinc-lead mine in British Columbia.