Mining To Continue At El Bronce Mine

Coeur d’Alene Mines will continue to operate its El Bronce Mine in Chile for at least 12 months.

Earlier this year, the company planned to close the gold mine due to high production costs. It also took a $54.5 million write-down on the mine’s acquisition and development costs during the first quarter.

However, restructuring and layoffs have lowered costs, making continued production feasible, said Jack Kucera, the company’s vice president of investor relations.

The potential for additional reserves may even extend the mine’s life beyond 12 months, officials said.

In other news, Coeur d’Alene Mines reported a third-quarter of $21,000, compared with a loss of $6.3 million a year ago.

The company reported a one-time gain of $6.3 million during the third quarter, due to debt reduction.

After dividends paid to preferred shareholders, the loss attributable to common shareholders was $2.7 million, or 12 cents per share, compared with losses of $8.9 million, or 41 cents per share, for the same period last year.