First quarter earnings reports were just issued by Juneau’s largest gold and silver miners.
Coeur d’Alene Mines, operator of the Kensington Mine north of Juneau, announced that silver production declined about 22-percent from the same quarter last year. Total production was 3.8 million ounces.
But gold production was up about 30-percent from the same quarter last year at nearly 57,000 ounces for the first quarter of 2013.
Cash operating costs for gold at Kensington declined $10 from the fourth quarter of 2012 to $1055 an ounce.
Adjusted earnings were down with $6.8 million or 8 cents a share compared to $41.5 million or 46 cents a share for the same quarter last year.
Net income was $12.3 million or 14 cents a share compared to $4 million dollars or 4 cents a share for the first quarter last year.
A change in upper management was also reported by Coeur d’Alene Mines with Peter C. Mitchell, formerly of Vancouver-based Taseko Mines Limited, named as the new Senior Vice president and Chief Financial Officer.
Meanwhile, Hecla Mining reports first quarter income at $11 million or 4 cents a share. And earnings after adjustments of $3.4 million or one cent a share. First quarter 2013 sales for the company were $76.5 million.
The owner of the Greens Creek Mine on Admiralty Island says silver production is up for the first quarter of 2013.
Hecla Mining Company says Greens Creek produced 1.8 million ounces in the first quarter of this year. That’s up 34-percent from 1.3 million ounces for the first quarter of 2012. Total production company wide was 1.9 million ounces.
Net income was reported at $11 million or 4 cents a share.
The cash cost of silver increased from $2.24 per ounce in the first quarter last year to $5.02 per ounce in the first quarter of this year.
Company officials reported that suspension related costs for the Lucky Friday mine declined to $1.5 million compared to $6.2 million for the same period last year. The Lucky Friday resumed limited operation in February with a return to full production levels expected in the middle of 2013.
Hecla also announced the acquisition of Canadian miner Aurizon Mines Limited. It’s biggest assest is the Cara Berardi gold mine in Quebec which has an estimated gold preduction of 125,000 ounces.
- The union representing Haines municipal employees has filed a grievance against the borough on behalf of police officers. The grievance stems from Assembly member Tom Morphet’s decision to publicize accusations against the police department at an Assembly meeting earlier this month.
- House Bill 211 sponsored by Kiana Democrat Dean Westlake met opposition in a House session early Monday afternoon.
- The legislation would close a quarter of the gap between what the state government spends and what it raises.
- Sen. Kevin Meyer said his constituents oppose creating a new bureaucracy to collect an income tax when the Permanent Fund continues to pay dividends.