The parent companies of Juneau’s gold and silver mines have posted a net loss for the second quarter of 2013 that ended June 30th.
Coeur Mining, Incorporated reports a loss of $35 million, or 35 cents per share. Hecla Mining Company lost $25 million, or 8 cents a share in the second quarter.
Hecla reports an 18 percent increase in silver (to 2.2 million ounces) over the first quarter, due to strong production at Greens Creek and the re-opening of the Lucky Friday mine in Idaho.
Hecla also has completed its acquisition of Aurizon Mines of Quebec, which led to a significant increase in gold just for the month of June, the company says.
Both companies released their second quarter financial reports yesterday (Thursday).
Coeur President and CEO Mitchell Krebs said silver production increased 21 percent (to 4.6 million ounces) over the first three months of the year.
Gold production was up 7 percent (to 60,757 ounces.).
Coeur’s increases were mostly due to strong production and high grades of gold and silver at the Palmarejo Mine in Mexico. Krebs said that was not the case at the Kensington, which produces only gold.
“Kensington was basically flat compared to the first quarter due to lower grades, but is positioned for a strong second half.”
Krebs said Kensington, now in its third year, is expected to increase production of higher grade ore through the rest of the year.
To deal with falling metals prices, both Coeur and Hecla have reduced operating and capital costs company wide.
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- Newtok had hoped President Obama would declare a major disaster on its behalf before leaving office. A disaster declaration would have unlocked federal relief funding that could be used for relocation.
- Brad Snow and his girlfriend Lilly Allen were living on the Yukon River when writer John McPhee came through. Snow and McPhee spent four days together in a canoe.
- The Republican-led Senate majority is more focused on cutting spending to close the state’s budget deficit than the new mostly Democratic House majority or independent Gov. Bill Walker.