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Coeur d’Alene Mines Corp. has outperformed its last quarter and yearly figures, with Kensington’s gold production playing a strong role in boosting the numbers.
Coeur reported $218 million in metal sales in its fourth quarter, a 75 percent increase. Its full year metal sales were up 72 percent, to a record $515 million.
Gold production for the quarter is reported up 28 percent. The full year’s gold production increased by 118 percent to 157,062 ounces.
The quarter’s silver production also increased by 12 percent.
Coeur also reports that cash and equivalents doubled from the prior quarter-end to more than $66 million.
The quarter showed a 186 percent increase in operating cash flow to a record $99.4 million and a 28 percent drop in total capital expenditures to $26.5 million.
“Coeur’s very strong fourth quarter performance demonstrates the powerful combination of our three new long-life silver and gold operations with exceptionally strong precious metals prices,” stated Dennis Wheeler, Coeur’s president, chairman and CEO, in a press release. “The Company materially outperformed the prior quarter and year during the fourth quarter and 2010. While we continue to fine-tune our new mines as we enter 2011, the fourth quarter provides shareholders with a benchmark for the operating and financial results Coeur expects to generate throughout 2011 assuming continued strong metals prices.”
Director of Corporate Communications Tony Ebersole said Kensington had a particularly significant hand in the positive numbers. He said the mine has produced 43,143 ounces of gold since it began commercial production on July 3 through Dec. 31.
Ebersole said the mine has been ramping up production during the course of the year, production increasing 85 percent from the third quarter to the fourth and gold grades went up by 93 percent during that time. The fourth quarter produced 27,988 ounces of gold from Kensington.
“This will be its first full year of production, and it’s had a huge impact. It will be even bigger next year,” he said.
Kensington’s year-end proven and probable reserves totaled 1.4 million gold ounces. There were 478,245 indicated gold ounces and 121,182 inferred ounces.
• Contact reporter Jonathan Grass at 523-2276 or at firstname.lastname@example.org.