CDE - Coeur Mining cuts full-year gold production guidance on Kensington problems

2023-08-10 11:56:39 ET

Coeur Mining ( NYSE: CDE ) -5.6% in Thursday's trading after reporting a Q2 adjusted loss and lowering its outlook for full-year gold production.

Q2 GAAP net loss from continuing operations totaled $32.4M, or $0.10/share, compared to a net loss of $77.4M, or $0.28/share, a year ago, while revenues fell 13% Y/Y to $177.2M from $204.1M in the year-earlier quarter.

The company's average realized gold price improved to $1,809/oz from $1,729/oz a year ago, while its averaged realized silver price rose to $23.91/oz from $22.61/oz.

Coeur ( CDE ) said it now guides for FY 2023 gold production of 304K-352.5K oz, down ~5% from its prior forecast of 320K-370K oz, citing lower than expected Q2 production at the Kensington facility in Alaska.

At Kensington, the company now sees gold production of 84K-95K oz, down from its previous outlook for 100K-112.5K oz, saying excessive water flows and paste backfill issues delayed the timing of production; silver production guidance remained unchanged at 10M-12M oz.

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