Coeur Mining Lowers Gold Production Guidance for 2023 — Commodity Comment

By Adam L. Cataldo

Coeur Mining lowered its outlook for gold production this year because of a shortfall at its Kensington facility. Chicago-based Coeur Mining engages in the exploration and development of gold and silver mining properties and mines in the U.S., Canada and Mexico.
On gold production in 2023:

Gold production is expected to be 304,000 to 352,500 ounces. That is down approximately 5% from the prior full-year gold production guidance of 320,000 to 370,000. The decline takes into account lower-than-anticipated second-quarter production at the company’s Kensington facility.
On gold production at Kensington in 2023:
Gold production now estimated at 84,000 to 95,000 ounces, down from 100,000 to 112,500 ounces.
On production issues at Kensington in 2Q:
Excessive water flows and paste backfill issues delayed the timing of production.
On silver production in 2023:
Silver production is unchanged at 10 million to 12 million ounces.
Write to Adam Cataldo at adam.cataldo@wsj.com