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Tahoe Resources books US$35.5M adjusted net earnings in Q1


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Tahoe Resources books US$35.5M adjusted net earnings in Q1

Tahoe ResourcesInc. said May 3 that it recorded adjusted net earnings of US$35.5 million,or 16 cents per share, in the first quarter.

This compares with netearnings of US$31.9 million, or 22 cents per share, in the same quarterin 2015.

During the three-month period, the company paid out US$13.7 millionto shareholders through its monthly dividend.

Mine operating earnings were US$54.6 million, on revenue of US$132.1million and operating costs of US$77.5 million.

At the end of the quarter, cash and cash equivalents were US$90.8million.

"We had a strong first quarter in 2016, with productionlevels very much in line with expectations and total cash costs for both silverand gold averaging better than our target ranges for the year," said KevinMcArthur, executive chairman and CEO.

Tahoe produced 5.7 million ounces of silver in concentrate fromEscobal in the Januaryto March period. Gold production from LaArena and Shahuindowere 46,576 ounces and 7,590 ounces in doré, respectively. Total cash costs wereUS$4.51 per silver ounce produced and US$638 per gold ounce produced.

Sales reached 4.6 million ounces of silver, 50,598 ounces ofgold, 2,386 tonnes of lead and 3,336 tonnes of zinc.

In contrast, the company produced 4.6 million ounces of silver,at a total cash cost of US$7.10 per ounce, in the first quarter of 2015. Gold producedand sold at La Arena was 56,354 ounces, at an average realized price of US$1,201per ounce.

This year, the company expects to produce between 18 million ounces and 21 million ounces ofsilver at a total cash cost of US$7.50 to US$8.50 per ounce produced, and between370,000 ounces to 430,000 ounces of gold at total cash costs of US$675 to US$725per ounce.