Coeur D’Alene Mines Posts Loss For Quarter

Production shortfalls at Coeur d’Alene Mines’ Silver Valley and Chile operations contributed to the company’s first losses, officials said.

The company reported losses of $12 million, or 39 cents a share, compared with losses of $9.9 million for the first quarter of 1999. Both figures include the net loss after payment of dividends to preferred shareholders.

Utility shaft repairs at the Galena Mine near Wallace, Idaho, led to lower silver production and higher costs there during the first quarter, officials said.

Investigation of a fatal accident at the Petorca Mine in Chile shut down access to high-grade areas of the gold mine, lowering production and boosting costs there.

Coeur d’Alene Mines produced 2.6 million ounces of silver and 32,200 ounces of gold during the first quarter. Cash costs were $4.65 an ounce for silver, and $365 an ounce for gold.

The company still hopes to meet production targets of 11.5 million ounces of silver and 160,000 ounces of gold this year, CEO Dennis Wheeler told analysts during a conference call.