Published on 9 Apr 2024 on Zacks via Yahoo Finance
Coeur's (CDE) Rochester Mine Starts Commercial Operation
Coeur Mining, Inc. CDE announced that its newly expanded Rochester silver and gold mine in Nevada achieved commercial production.On Mar 7, the new three-stage crushing circuit and truck load-out facility were officially commissioned. Since then, the crusher circuit has operated at an average throughput of more than 70,000 tons per day and has topped 88,000 tons per day. This led to the declaration of commercial production by the end of the first quarter.Backed by this, the company additionally stated that the ramp-up to full planned capacity of 88,000 tons per day (about 32 million tons per year) is scheduled to be completed in the first half of 2024. With commissioning completed and ramp-up progressing well, the company will be able to shift its focus to mine optimization activities and business development programs aimed at maximizing the value of this world-class, long-life asset.Once fully operational, throughput levels are estimated to be 2.5 times higher than in the past, making Rochester one of the world's largest open-pit heap leach operations. It is expected to be America's largest source of domestically produced and processed silver, as well as a key driver of CDE's cash flow growth.In the fourth quarter of 2023, the company reported an adjusted loss of 2 cents per share, whereas the Zacks Consensus Estimate was pegged at breakeven. The company recorded revenues of $262 million in the quarter.
Price Performance
Coeur’s shares have gained 15.3% in the past year compared with the industry’s 34.7% growth.