Coeur Mining, Inc. has reported in their press release that their recently-expanded Rochester silver and gold mine in Nevada has successfully completed ramp-up activities at the end of the second quarter. The mine is now achieving targeted daily throughput rates of over 88,000 tons per day. This represents a significant increase in capacity, as at full capacity, throughput levels are expected to be approximately 2.5 times higher than historical levels, or approximately 32 million tons per year.
During the second quarter, approximately 4.3 million tons of ore were placed on the new stage 6 leach pad, bringing the total tons placed to 15.5 million tons. The company anticipates that at full capacity, Rochester will become one of the world’s largest open pit heap leach operations and America’s largest source of domestically produced and refined silver.
The company's Chairman, President, and CEO, Mitchell J. Krebs, expressed confidence that the achievement of steady-state throughput at Rochester is expected to lead the company to a free cash flow inflection point during the second half of the year, which will enable the company to reduce debt levels.
Coeur Mining, Inc. will be hosting a conference call to discuss its second quarter 2024 operational and financial results on Thursday, August 8, 2024. This comes after the mine successfully completed ramp-up activities and achieved the targeted daily throughput rates. As a result of these announcements, the company's shares have moved 5.5% on the market, and are now trading at a price of $6.75. For the full picture, make sure to review Coeur Mining's 8-K report.
