Coeur d'Alene Mines posts loss on weak silver prices

Tue Nov 6, 2012 8:55am EST

Nov 6 (Reuters) - Silver miner Coeur d'Alene Mines Corp posted a third-quarter loss due to a sharp drop in silver prices.

The company reported a net loss of $15.8 million, or 18 cents per share, compared with a profit of $23 million, or 26 cents per share, a year earlier.

Total metal sales in the quarter fell 33 percent to $230.6 million.

Silver prices fell 23 percent to average $29.9 per ounce during the July-September quarter, compared with the year-ago period.

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Comments (1)
Venerability wrote:
Not worthy of Reuters.

Earnings are not supposed to include extraordinary items. On proper basis, they missed, but had positive earnings of 29 cents, not a loss.

Another major silver miner, by the way, had an actual loss and has been “punished” by exactly 3 percent, while SLW, which had a big miss yesterday, was punished by less than 2 percent.

CDE’s Shorts, most of which are in the UK, and many of which are connected to a certain Whale and his Nexus, are doing an extraordinarily unfair number on the stock before the conference call at 2 PM. They’re going to have to cover sometime, before Buyers come in en masse.

Nov 06, 2012 10:56am EST  --  Report as abuse
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