Business
Coeur Mining Reports Second Quarter 2023 Results; Rochester Expansion Near Completion
Rochester Expansion Near Completion CHICAGO / Aug 09, 2023 / Business Wire / Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported second qua
About this update from Coeur Mining, Inc.
[{"type":"text","content":"Rochester Expansion Near Completion CHICAGO / Aug 09, 2023 / Business Wire / Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported second quarter 2023 financial results, including revenue of $177 million and cash flow from operating activities of $39 million. The Company reported GAAP net loss from continuing operations of $32 million, or $0.10 per share. On an adjusted basis1, Coeur reported EBITDA of $22 million, cash flow from operating activities before changes in working capital of $(7) million and net loss from continuing operations of $20 million, or $0.06 per share. Key Highlights Rochester expansion approximately 97% complete as of July 31 – Solution is now circulating through the completed Stage VI leach pad and Merrill-Crowe process plant, with initial ounces expected to be recovered next month. Construction completion of the new three-stage crushing circuit is anticipated this quarter. Ramp-up of the expanded operation is set to occur over the remainder of 2023 and into early 2024, leading to expected significant production growth and materially lower costs. The estimated ultimate cost to complete the expansion is expected to be approximately 6 - 9%, or $40 - $60 million, higher than the prior high-end of guidance. The Company has incurred approximately $660 million of total project costs through the end of July Second quarter operating strength at Rochester and Wharf offset lower production at Kensington – Gold and silver production for the quarter totaled 68,406 ounces and 2.4 million ounces, respectively. Stronger production at Rochester and Wharf offset a weaker quarter at Kensington due to excessive water flows and paste backfill issues, which delayed the timing of production from certain stopes Full-year silver production guidance maintained; gold production guidance revised to reflect lower outlook at Kensington – 2023 silver production is expected to be 10 - 12 million ounces. 2023 gold production is expected to be 304,000 - 352,500 ounces, approximately 5% lower than prior full-year gold production guidance, after taking Kensington’s lower than anticipated second quarter production into account Balance sheet flexibility maintained to support remaining capital investments – Coeur ended the quarter with total liquidity of approximately $346 million including $57 million of cash, $280 million...