Coeur reports gold and silver production increase in Q2 2021
(Kitco News) - Coeur Mining (NYSE: CDE) reported yesterday that in Q2 2021, the company’s gold production increased 2% quarter-over-quarter to 87,275 ounces led by a 27% improvement at Wharf, while silver production of 2.6 million ounces was 8% higher largely due to a 15% increase at Rochester.
The company said that year-over-year, gold and silver production increased 12% and 60%, respectively, driven by increases at Palmarejo and Rochester. Production levels are expected to continue climbing in the second half of the year and be within the company’s full-year guidance of 322,500 - 367,500 ounces of gold and 9.7 - 12.2 million ounces of silver.
Coeur's revenue of $214.9 million increased 6% quarter-over-quarter and 39% year-over-year due to higher gold and silver ounces sold and a higher average realized silver price. Operating cash flow improved by $62.4 million quarter-over-quarter and $48.1 million year-over-year to $58.1 million, the company added.
On an adjusted basis, the company reported EBITDA of $52.7 million, cash flow from operating activities before changes in working capital of $31.4 million and net loss from continuing operations of $0.8 million, or $0.00 per share.
Coeur Mining is a U.S.-based 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. In addition, the Company has interests in several precious metals exploration projects throughout North America.