Kensington tops Coeur’s 4th quarter production

The mill at Kensington Gold Mine. Photo by Rosemarie Alexander.

The mill at Kensington Gold Mine. Photo by Rosemarie Alexander.

Nearly half of Coeur Mining’s 2013 fourth-quarter gold production came from Juneau’s Kensington Gold Mine.

Company gold production for the months September through December totaled 80,780 ounces.  Kensington produced 37,404 ounces for the quarter, a 29 percent increase over Kensington’s third quarter, due to higher grade ore.  Cash operating costs for the quarter are expected to be 24 percent lower than the third quarter at $746 per ounce.

Coeur Mining, Inc. released its fourth-quarter report on Friday.

Fourth-quarter gold production at the company’s Palmarejo mine in Mexico also was strong. Coeur Mining’s 2013 fourth-quarter silver production totaled 4,340 ounces, the most coming from Palmarejo.

Kensington, which is about 45 miles northwest of Juneau, produces only gold.  For the year 2013, the  mine produced 114,821 ounces of gold, at an average price of $1,387 per ounce.

Coeur Mining estimates its Alaska mine will produce 105,000 to 112,000 ounces of gold in 2014.

According to the Coeur report, operating costs at Kensington are going down.

Coeur owns gold and silver mines in Australia, Bolivia, Mexico, and the U.S.