Coeur Mining Posts Loss For FY13 Amid Write Down Of Mines

(RTTNews) - Coeur Mining, Inc. (CDM.TO) (CDE), a silver and gold mining company, Wednesday reported a loss for the year ended December 31, 2013 mainly due to a significant impairment charge recorded on the values of Palmarejo and Kensington mines, and a decrease in revenue.

For the full-year 2013, the company reported net loss of $650.56 million or $6.65 per share, compared with a profit of $48.68 million or $0.54 per share reported for 2012.

Annual silver production declined 6 percent to 17 million ounces, while gold production rose 16 percent to 262,217 ounces.

Silver ounces sold for the year decreased to 17.2 million ounces from 18 million ounces in 2012 and sales of gold ounces rose to 264,493 from 213,185 last year.

Results include an impairment charge of $772.8 million on the carrying values of Palmarejo and Kensington.

Sales for 12-month period declined to $745.99 million from $895.49 million a year earlier.

For the fourth quarter, adjusted earnings were $25.1 million or $0.25 per share, on sales of $168.8 million.

For 2014, the company expects production of 17 million to 18.2 million silver ounces and 220,000 to 238,000 gold ounces.