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Coeur lifts FY'18 guidance, declares commercial production at Silvertip

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Coeur lifts FY'18 guidance, declares commercial production at Silvertip

Coeur Mining Inc. declared commercial production at its Silvertip silver-zinc-lead mine in northern British Columbia, effective Sept. 1.

The company said Sept. 4 that it will continue optimization efforts at Silvertip over the next several quarters, with processing rates on track to average 750 tonnes per day by year-end, and hitting 1,000 t/d in early 2019.

The company's near-term priorities include the construction of improved camp facilities, acceleration of underground development activity and the introduction of long-hole stope mining to selected areas. It has invested a total of US$51.3 million in Silvertip through July.

Meanwhile, the company remains on track to publish an initial NI 43-101 technical report in the fourth quarter and expects to receive approval of a permit amendment application to operate at 1,000 t/d by the end of the year.

Coeur once again raised its full-year output guidance to between 36.1 million and 39.5 million silver equivalent ounces based on a stronger than expected performance at its Rochester silver mine in Nevada and commercial production at Silvertip.

The company expects to produce 13 million to 14.3 million ounces of silver, 363,000 to 382,000 ounces of gold, 13 million to 23 million pounds of zinc and 11 million to 18 million pounds of lead this year.