Coeur d’Alene Mines Corp. cut its 1994 losses in half compared with the $8.1 million it lost in 1993.
The company lost $3.9 million last year, or 26 cents a share. For the fourth quarter of 1994, it lost $1.7 million, or 11 cents a share. That compares to a 1993 fourth quarter gain of $86,000, or 1 cent a share.
Higher gold and silver prices helped offset an expanded exploration program and higher interest payments, said Dennis Wheeler, chief executive of Coeur d’Alene Mines.
The purchase of half the El Bronce gold mine in Chile in the fourth quarter produced nearly 5,000 ounces of low-cost gold for the company. Its Fachinal and Faride mine projects in Chile are also moving forward with encouraging results, Wheeler said.
The company also formed Silver Valley Resources with partner Asarco Inc. during the fourth quarter. The new company controls the Coeur and Galena silver mines in Idaho’s Silver Valley.
Coeur d’Alene Mines stock closed Monday down 63 cents at $14.63.