

3Q 2019 | 2Q 2019 | 1Q 2019 | 4Q 2018 | 3Q 2018 | |
Tons milled | 442,464 | 447,727 | 378,987 | 378,389 | 300,116 |
Average gold grade (oz/t) | 0.09 | 0.07 | 0.07 | 0.08 | 0.10 |
Average silver grade (oz/t) | 4.88 | 4.74 | 4.64 | 5.96 | 6.26 |
Average recovery rate – Au | 81.7% | 87.7% | 83.4% | 97.6% | 88.8% |
Average recovery rate – Ag | 79.6% | 81.8% | 72.8% | 84.0% | 82.2% |
Ounces Produced | |||||
Gold | 31,779 | 28,246 | 23,205 | 31,239 | 27,885 |
Silver (000's) | 1,720 | 1,735 | 1,278 | 1,893 | 1,544 |
Ounces Sold | |||||
Gold | 32,731 | 28,027 | 27,394 | 23,667 | 29,830 |
Silver (000's) | 1,747 | 1,709 | 1,405 | 1,534 | 1,572 |
Average realized price per gold ounce | $1,269 | $1,210 | $1,154 | $1,148 | $1,082 |
Average realized price per silver ounce | $17.05 | $14.86 | $15.39 | $14.57 | $14.75 |
• | Third quarter gold production increased 13% to 31,779 ounces, while silver production remained consistent at approximately 1.7 million ounces compared to the prior quarter. Year-over-year, gold and silver production increased by approximately 14% and 11%, respectively |
• | Higher gold production during the quarter was primarily driven by the improvement in average grade, partially offset by lower recoveries. Consistent quarter-over-quarter silver production reflected higher grade offset by slightly lower recoveries and mill throughput. Lower recoveries during the quarter reflect additional in-circuit inventory and adjustments on final settlements of doré sales |
• | Production began at La Nación, located within the Independencia mine complex, in the beginning of the third quarter. La Nación is anticipated to continue ramping up through the end of 2019 as infrastructure projects are completed, adding approximately 400 tons per day of additional mill feed |
• | Commissioning of a new thickener was completed on-budget and on-schedule in the third quarter. The project is expected to increase metallurgical recoveries for both gold and silver by approximately 2% and has an estimated one-year payback |
• | Approximately 33% of gold sales in the third quarter, or 10,785 ounces, were sold under Palmarejo's gold stream agreement at a price of $800 per ounce. Full-year gold sales under the stream agreement are expected to remain around similar levels |
• | Full-year 2019 production guidance remains unchanged at 95,000 - 105,000 ounces of gold and 6.5 - 7.2 million ounces of silver |
3Q 2019 | 2Q 2019 | 1Q 2019 | 4Q 2018 | 3Q 2018 | |
Tons placed | 2,516,353 | 2,786,287 | 2,667,559 | 3,674,566 | 4,061,082 |
Average silver grade (oz/t) | 0.43 | 0.45 | 0.46 | 0.46 | 0.52 |
Average gold grade (oz/t) | 0.004 | 0.003 | 0.003 | 0.004 | 0.004 |
Ounces Produced | |||||
Silver (000's) | 982 | 971 | 960 | 1,466 | 1,290 |
Gold | 7,901 | 8,609 | 8,256 | 15,926 | 14,702 |
Ounces Sold | |||||
Silver (000's) | 951 | 962 | 1,000 | 1,391 | 1,248 |
Gold | 7,651 | 8,642 | 8,511 | 15,339 | 14,257 |
Average realized price per silver ounce | $17.02 | $14.83 | $15.31 | $14.53 | $14.70 |
Average realized price per gold ounce | $1,476 | $1,295 | $1,299 | $1,234 | $1,204 |
• | Tons placed in the third quarter decreased 10% quarter-over-quarter and 38% year-over-year to approximately 2.5 million tons. Fewer tons placed reflects the commissioning of the new three-stage crushing circuit during the quarter |
• | Silver production remained consistent quarter-over-quarter at approximately 1.0 million ounces, while gold production decreased 8% to 7,901 ounces. Year-over-year, silver and gold production decreased 24% and 46%, respectively |
• | Silver production was impacted by slightly lower average grade, while gold production decreased largely due to fewer tons placed. Side slope leaching on the Stage III and Stage IV leach pads as well as the stacking of run-of-mine material early in the quarter were used to supplement production |
• | Initial recovery results from bottle roll and column tests on HPGR-crushed ore observed during the quarter were encouraging and in-line with original expectations. The Company plans to continue monitoring and benchmarking results against third-party test work to further validate recovery rates associated with the HPGR unit |
• | Production in the fourth quarter is anticipated to benefit from the stacking of additional tons, reflecting a full quarter integrating the new crushing circuit. The Company began stacking HPGR-crushed material close to the liner of the Stage IV leach pad in September, with breakthrough expected later this month. Additional run-of-mine material may be used opportunistically to supplement production through the remainder of 2019 |
• | Coeur is maintaining full-year 2019 production guidance of 4.2 - 5.0 million ounces of silver and 40,000 - 50,000 ounces of gold |
3Q 2019 | 2Q 2019 | 1Q 2019 | 4Q 2018 | 3Q 2018 | |
Tons milled | 166,475 | 160,510 | 164,332 | 166,310 | 167,964 |
Average gold grade (oz/t) | 0.22 | 0.23 | 0.20 | 0.23 | 0.17 |
Average recovery rate | 93.2% | 93.0% | 90.2% | 93.0% | 91.8% |
Gold ounces produced | 34,156 | 34,049 | 29,973 | 35,335 | 26,809 |
Gold ounces sold | 35,452 | 34,415 | 31,335 | 33,202 | 25,648 |
Average realized price per gold ounce | $1,485 | $1,312 | $1,286 | $1,246 | $1,161 |
• | Commercial production at Jualin was declared on December 1, 2018. The figures shown in the table above include pre-commercial production |
• | Continued strong gold production during the third quarter totaled 34,156 ounces, consistent with the prior period. Year-over-year gold production increased 27% |
• | Jualin accounted for approximately 15% of Kensington’s third quarter production, compared to approximately 17% in the prior quarter. Jualin is now anticipated to account for approximately 15% of Kensington's total production in 2019, largely due to an expected increase in production from the Kensington Main deposit |
• | During the quarter, 9,784 ounces were sold under Kensington's $25.0 million prepayment agreement. Coeur anticipates a working capital outflow of approximately $15.0 million associated with these sales in the third quarter and expects the remaining $10.0 million working capital outflow during the fourth quarter |
• | Full-year 2019 production guidance is unchanged at 117,000 - 130,000 ounces of gold |
3Q 2019 | 2Q 2019 | 1Q 2019 | 4Q 2018 | 3Q 2018 | |
Tons placed | 1,503,021 | 919,435 | 1,090,510 | 1,644,168 | 1,127,391 |
Average gold grade (oz/t) | 0.027 | 0.023 | 0.020 | 0.020 | 0.023 |
Ounces produced | |||||
Gold | 25,946 | 15,680 | 16,902 | 16,960 | 19,437 |
Silver (000's) | 18 | 12 | 13 | 13 | 13 |
Ounces sold | |||||
Gold | 24,573 | 15,301 | 18,086 | 15,306 | 19,874 |
Silver (000's) | 17 | 12 | 14 | 11 | 12 |
Average realized price per gold ounce | $1,481 | $1,311 | $1,317 | $1,247 | $1,198 |
• | Gold production in the third quarter increased 65% quarter-over-quarter and 33% year-over-year to 25,946 ounces |
• | Higher production during the quarter was largely driven by the placement of additional tons and improved grade. Tons placed increased 63% quarter-over-quarter to 1.5 million, while average gold grade increased 17% to 0.027 ounces per ton |
• | Operational results reflect better crusher performance and improved weather conditions. Strong crusher performance and the placement of higher-grade ore are expected to drive solid production results in the fourth quarter |
• | The Company is maintaining full-year 2019 production guidance of 82,000 - 87,000 ounces of gold |
3Q 2019 | 2Q 2019 | 1Q 2019 | 4Q 2018 | 3Q 2018 | |
Tons milled | 53,145 | 59,689 | 62,051 | 38,802 | 28,080 |
Average silver grade (oz/t) | 7.54 | 7.48 | 5.50 | 6.06 | 7.29 |
Average zinc grade (%) | 7.6% | 7.5% | 5.9% | 5.8% | 8.0% |
Average lead grade (%) | 5.4% | 5.4% | 3.7% | 3.9% | 4.6% |
Average recovery rate – Ag | 74.8% | 77.0% | 69.9% | 60.5% | 47.0% |
Average recovery rate – Zn | 51.7% | 59.1% | 50.5% | 69.1% | 49.1% |
Average recovery rate – Pb | 78.4% | 77.3% | 66.8% | 54.7% | 44.4% |
Produced | |||||
Silver (000's ounces) | 300 | 344 | 239 | 142 | 96 |
Zinc (000's lbs) | 4,197 | 5,322 | 3,719 | 3,083 | 2,207 |
Lead (000's lbs) | 4,478 | 4,980 | 3,077 | 1,658 | 1,159 |
Sold | |||||
Silver (000's ounces) | 290 | 365 | 215 | 127 | 131 |
Zinc (000's lbs) | 4,076 | 5,303 | 4,723 | 2,552 | 1,772 |
Lead (000's lbs) | 4,331 | 5,186 | 2,748 | 1,444 | 1,645 |
Average realized price per silver ounce, gross | $19.94 | $15.18 | $14.98 | $15.54 | $14.62 |
Treatment and refining charges per silver ounce | $1.63 | $1.18 | $1.24 | $1.38 | $3.34 |
Average realized price per silver ounce, net | $18.31 | $14.00 | $13.74 | $14.16 | $11.28 |
Average realized price per zinc pound, gross | $0.82 | $0.83 | $1.50 | $1.07 | $1.20 |
Treatment and refining charges per zinc pound | $0.35 | $0.34 | $0.31 | $0.24 | $0.27 |
Average realized price per zinc pound, net | $0.47 | $0.49 | $1.19 | $0.83 | $0.93 |
Average realized price per lead pound, gross | $1.02 | $0.87 | $0.92 | $0.87 | $0.97 |
Treatment and refining charges per lead pound | $0.07 | $0.05 | $0.06 | $0.07 | $0.07 |
Average realized price per lead pound, net | $0.95 | $0.82 | $0.86 | $0.80 | $0.90 |
• | Silvertip achieved commercial production on September 1, 2018. The figures shown in the above table include pre-commercial production |
• | Third quarter silver production decreased 13% to 0.3 million ounces quarter-over-quarter, while zinc and lead production decreased 21% and 10%, respectively, to 4.2 million pounds of zinc and 4.5 million pounds of lead. Lower production was largely driven by planned and unplanned downtime, which impacted mill availability during the quarter |
• | Planned downtime was extended to take advantage of favorable weather conditions to address key projects to improve mill availability. Additional third-party maintenance resources were added during the quarter to accelerate mill stabilization efforts |
• | The Company also deployed a coordinated human resources strategy to further enhance the operation's leadership team, improve recruitment and retention efforts, and bolster training of mill operators. These efforts, combined with the accelerated mill maintenance plan, have resulted in significant improvements in mill availability late in the third quarter and month-to-date |
• | The permit amendment application to operate at a year-round mining and milling rate of 1,100 tons (1,000 metric tonnes) per day is in the final stages of the approval process and expected to be received in the fourth quarter |
• | Full-year 2019 production guidance is unchanged at 1.5 - 2.5 million ounces of silver, 25 - 40 million pounds of zinc and 20 - 35 million pounds of lead |
Gold | Silver | Zinc | Lead | |
(oz) | (K oz) | (K lbs) | (K lbs) | |
Palmarejo | 95,000 - 105,000 | 6,500 - 7,200 | — | — |
Rochester | 40,000 - 50,000 | 4,200 - 5,000 | — | — |
Kensington | 117,000 - 130,000 | — | — | — |
Wharf | 82,000 - 87,000 | — | — | — |
Silvertip | — | 1,500 - 2,500 | 25,000 - 40,000 | 20,000 - 35,000 |
Total | 334,000 - 372,000 | 12,200 - 14,700 | 25,000 - 40,000 | 20,000 - 35,000 |
3Q 2019 | 2Q 2019 | 1Q 2019 | 4Q 2018 | 3Q 2018 | |||||||||||
Average Gold Spot Price Per Ounce | $ | 1,472 | $ | 1,309 | $ | 1,304 | $ | 1,226 | $ | 1,213 | |||||
Average Silver Spot Price Per Ounce | $ | 16.98 | $ | 14.88 | $ | 15.57 | $ | 14.54 | $ | 15.02 | |||||
Average Zinc Spot Price Per Pound | $ | 1.07 | $ | 1.25 | $ | 1.23 | $ | 1.19 | $ | 1.15 | |||||
Average Lead Spot Price Per Pound | $ | 0.92 | $ | 0.85 | $ | 0.92 | $ | 0.89 | $ | 0.95 | |||||