Mexico
News

Falling metal prices impact SilverCrest's net earnings in 1Q13

Bnamericas Published: Wednesday, May 15, 2013
Mexico-focused SilverCrest Mines (TSX-V: SVL, OTCQX: STVZF) posted net earnings of US$6mn in 1Q13, down from US$6.07mn in 1Q12. "Our financial performance in comparison to the extraordinary stellar first quarter of 2012, was impacted by lower metal prices and our decision to accelerate waste removal resulting in less ore processed and ultimately few ounces of gold sold compared to the first quarter 2012," president J Scott Drever said in SilverCrest's latest financial report. Revenues fell to US$14.8mn in 1Q13 from US$17.8mn in 1Q12. Silver revenue dropped to US$4.67mn from US$4.7mn in 1Q12, while gold revenue fell to US$10.1mn from US$13.1mn in 1Q12. Silver sale volumes rose 12% to 157,088oz in 1Q13 from 139,771oz in 1Q12. However, average realized price fell 12% to US$30/oz from US$34/oz in 1Q12, SilverCrest said. Gold sale volumes fell 25% to 7,370oz in 1Q13 from 9,788oz in 1Q12. On the spot market SilverCrest sold 5,896oz (down from 6,471oz in 1Q12) at US$1,626/oz (down from US$1,720oz in 1Q12). The firm also delivered 1,474oz (down from 1,958oz in 1Q12) to Sandstorm Gold (TSX: SSL, NYSE: SAND) at US$350/oz. Cost of sales fell to US$4.37mn in 1Q13 from US$4.49mn 1Q12. Silver equivalent cash costs rose to US$7.69/oz from US$7.00/oz in 1Q12, SilverCrest said. In the first quarter silver production rose while gold production fell in comparison to 1Q12. During 1Q13 SilverCrest updated resource estimates at its sole-producing mine Santa Elena in Sonora, Mexico as well as at the La Joya exploration project in Durango, Mexico. The firm also reiterated its 2013 production forecast of 625,000oz silver and 33,000oz gold at an estimated cost of US$8.50/oz silver equivalent.

To continue reading, subscribe to BNamericas to get all the information in this article and access to related news items and reports.

Subscribe to BNamericas and gain access to thousands of project profiles, key contacts and news.

Other projects in: Mining & Metals (Mexico)

Get critical information about thousands of Mining & Metals projects in Latin America: what stages they're in, capex, related companies, contacts and more.

  • Project: Las Minas
  • Current stage: Blurred
  • Updated: 1 month ago
  • Project: Coneto
  • Current stage: Blurred
  • Updated: 1 month ago
  • Project: Cervantes
  • Current stage: Blurred
  • Updated: 1 month ago
  • Project: Juanicipio
  • Current stage: Blurred
  • Updated: 1 month ago
  • Project: El Arco
  • Current stage: Blurred
  • Updated: 1 month ago
  • Project: Santo Tomas
  • Current stage: Blurred
  • Updated: 2 months ago
  • Project: Glor Gold
  • Current stage: Blurred
  • Updated: 2 months ago

Other companies in: Mining & Metals (Mexico)

Get critical information about thousands of Mining & Metals companies in Latin America: their projects, contacts, shareholders, related news and more.

  • Company: Techint S.A. de C.V.  (Techint México)
  • Techint S.A. de C.V. (Techint México) builds structures and facilities for the power, oil & gas, steel and petrochemical sectors. Some of the projects where the company has been...
  • Company: Minera Saucito S.A. de C.V.  (Minera Saucito)
  • Minera Saucito S.A. de C.V. operates underground mine Saucito in Zacatecas state, Mexico, and it is 100% owned by Fresnillo Plc. Drilling started in 2009, and it has been operat...
  • Company: Grupo México S.A.B de C.V.  (Grupo México)
  • Mexican conglomerate Grupo México (GMexico) has operations in the mining, transportation and infrastructure services. Its mining division comprises 15 open-pit and underground m...