Production at the Rochester mine of Coeur d’Alene Mines (CDE-N) held steady during the first quarter of 1997, with 15,823 oz. gold and 1.5 million oz.
silver.
The latest figures are similar to those recorded during the first quarter of 1996, though cash costs at the operation rose moderately to US$4.01 per oz. of silver-equivalent from $3.79 per oz. in the same period last year.
The higher costs at the open-pit operation are attributed to a shortfall of material placed on the leach pads during the last quarter of 1996. Those costs are expected to fall throughout the year.
Output at the 10-year-old project, which is in northwestern Nevada, is expected to improve. In 1997, gold production is projected to reach 84,000 oz., whereas more than 5.2 million oz. of silver will be produced.
The company reported a first-quarter loss of US$1.7 million (or 8 cents per share), compared with earnings of US$300,000 (1 cents per share) in the same period of 1996. The loss is attributed to lower prices for both gold and silver.
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