Coeur Mining, Inc. (NYSE:CDE) Q2 2023 Earnings Conference Call August 10, 2023 11:00 AM ET
Company Participants
Mitchell Krebs - President and CEO
Michael Routledge - SVP and COO
Thomas Whelan - SVP and CFO
Aoife McGrath - SVP, Exploration
Conference Call Participants
Michael Dudas - Vertical Research
Mike Parkin - National Bank
Operator
Hello and welcome to the Coeur Mining Second Quarter 2023 Financial Results Conference Call. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to CEO, Mitch Krebs. Please go ahead.
Mitchell Krebs
Good day, everyone. And thanks for joining our second quarter 2023 earnings call. Before we start, please note our cautionary language on forward-looking statements in today's slide deck and refer to our SEC filings on our website.
I'll kick things off with a review of the main quarterly highlights on Slide 3, before turning the call over to Mic, Tom, and Aoife.
Quarterly revenue totaled $177 million, with production of approximately 68,000 ounces of gold and 2.4 million ounces of silver. The quarter was underpinned by strong performances at a Rochester and Wharf operations offset by a weaker than planned quarter at our Kensington mine in Alaska.
Through the first six months, we produced about 42% of our full year gold production guidance, and about 45% of our full year silver production guidance, which highlights our expectations for a strong second half. The company's two key drivers for the second six months of the year are expected to be the ramp up of Rochester as construction and commissioning activities wrap up and a stronger second half from Kensington.
Water and weather impacted both Rochester and Kensington during the second quarter. Out in Nevada at Rochester, we're very pleased to report that the expansion was approximately 97% complete as of July 31, and is moving quickly toward completion. However, downtime from lightning and rain in Northern Nevada combined with an ongoing shortage of skilled labor and related productivity challenges is driving an increase in the number of contractor hours required to finish up the project this quarter.
Meanwhile, heavy spring snowmelt and runoff in southeast Alaska along with some pace backfield challenges led to a poor quarter at Kensington, which negatively impacted our company wide gold production and financial results. The team has largely addressed these challenges, and we look forward to a stronger back half of the year there. Both Nick and Tom will provide some additional color on these two operations in a few minutes.