A net loss of US$478,000 was reported by Coeur d’Alene Mines (NYSE) in its 1991 first quarter, compared with net income of US$2.4 million in the comparable 1990 period.
The Idaho-based producer said prices for its two main metals, gold and silver, declined substantially in this year’s first quarter and were the primary reason for its weaker financial results.
Silver prices averaged US$3.91 per oz. during the quarter, a drop of US$1.28 from the US$5.19 per oz. received in the 1990 first quarter. And the average gold price fell US$36.39 to US$370.27 per oz. from US$406.66 per oz. in the 1991 first quarter.
Despite the weaker metal prices, the company said its operations generated a positive cash flow of US$1.25 million. Silver production of 1.35 million oz. in the 1991 first quarter was slightly higher than the 1.14 million oz. produced in the 1990 first quarter. Gold production for the same periods was 13,718 oz. this year, and 14,463 oz. in 1990.
The company is reporting good progress at its Kensington gold joint venture in Alaska, and at its Fachinal gold-silver project in Chile. Final design and engineering work are now in progress at Kensington, and a feasibility study for the Fachinal project may be commissioned by the end of this year.
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