Coeur d'Alene Mines Corp. has posted a third-quarter net loss or $15.8 million, or 18 cents a diluted share, down considerably from net income of $31.1 million, or 35 cents a share, during the year-earlier period.
In all, he company sold $230.6 million in silver and gold in the third quarter, down from $343.6 million in metal sales in the year-earlier period.
Coeur President and CEO Mitchell J. Krebs says the company's third-quarter results were hurt by lower production and higher costs at the Palmarejo mine in Mexico, due to what he describes as unfavorable underground conditions.
He adds, "Open-pit production has been accelerated (at Palmarejo) to partially offset the impact, which has led to higher unit costs and lower overall grades."
Also, the Rochester silver and gold mine in Nevada and the Kensington gold mine in Alaska operated at accelerated production rates through the quarter.
"As we look ahead to 2013, we expect silver and gold production to be consistent with 2011 and 2012 levels," Krebs says.