Coeur Mining (NYSE: CDE) shares rose on Thursday after the company reported positive operating metrics for the expanded Rochester silver-gold mine in Nevada, keeping it on track to achieve its ore placement and production targets in H2.

During August, Coeur placed 2.7 million tons (Mt) of ore on the new Stage IV leach pad at Rochester, a substantial 39% increase over July’s ore stacking figures.

The company stated it remains on track to place 7 to 8 million tons per quarter during the second half of 2024 and to achieve its full-year 2024 production guidance of 4.8 to 6.6 million ounces of silver and 37,000 to 50,000 ounces of gold.

Shares of Coeur Mining were up 15.47% by 12:14 a.m. EDT. The miner has a market capitalization of $2.62 billion.

“Today’s update shows the company is well on track to achieve H2 targets,” BMO wrote in a note.

“We continue to expect that the Rochester expansion will facilitate a shift to positive free cash flow for Coeur in H2.”

Crusher optimizations progressing

With the crusher running at full capacity, Coeur focus has shifted to optimizing recoveries by reducing the crush size of the Rochester ore.

Coeur’s year-end target is to reduce the crush size to 80% passing 5/8″, and the company has indicated it is currently exceeding expectations, with recent improvements yielding a crush size of 3/4″.

Located in Pershing County, Nevada, the Rochester mine first began operations in 1986. After a brief pause between 2007 and 2010, operations resumed in 2011.

Once operating at full capacity, throughput levels are expected to be approximately 2.5 times higher than historical levels, making Rochester one of the world’s largest open-pit heap-leach operations.

Rochester is also expected to be the largest source of US-produced and refined silver.

Source: MINING.COM – Read More