Silver prices fell for US miner Coeur d'Alene Mines

US-based silver miner Coeur d’Alene Mines's second-quarter net profit fell by 40% to $23-million or 24c a share, mainly owing to a sharp decrease in the price of silver. Silver prices fell by about 24% compared with last year. Adjusted earnings were down 52%. Coeur has produced 4.9-million ounces of silver and 63 047 oz of gold during the second quarter, which resulted in $254.4-million in revenue and $88.4-million in operating cash flow. The increased gold production was mainly the result of its Kensington gold mine, in Alaska.

The company expected to achieve the high end of its production guidance of between 18.5-million and 20-million ounces of silver and 210 000 oz and 230 000 oz of gold for the year, as well as achieve the low-end of its cash operating costs guidance of between $6.50/oz and $7.50/oz for silver. Its shares were up 5,39%. The miner operates in Bolivia, Mexico and the US.