Coeur Mining lowers production forecast at Rainy River Mine
The Rainy River Mine is fast becoming one of Coeur Mining’s most productive gold mines.
The mine accounted for nearly 40 percent of gold production from all of Coeur’s operations in the last three months.
Coeur took over operations from New Gold in March after the completion of an acquisition agreement.
Chief Executive Officer Mitchell Krebs is happy with operations.
“The open pit is doing great, the mill is doing great. They’re really hitting their stride on the underground development,” says Krebs.
Chief Operating Officer Michael Routledge says they did have to make some underground changes to improve the amount of ore being removed.
“After averaging 2,300 tonnes per day in the second quarter, underground production rates jumped over 40% to approximately 3,300 tonnes per day in July,” says Routledge.
“We now expect to achieve our target of 5,000 tonnes per day by year-end.”
While providing strong performance numbers, Coeur is lowering production expectations for the year.
It previously reported that between 230,000 and 275,000 ounces of gold would be mined in the nine months it operated the mill.
Between 190,000 and 230,000 is now anticipated.
“The Rainy River adjustments reflect a more gradual expected ramp-up in underground production rates this year than previously assumed,” says Krebs.
More than 64,000 ounces of gold were mined from Rainy River over the last three months.
It has mined over 76,000 ounces since Coeur’s takeover of operations.
