Tahoe Resources Records Q1 Net Earnings of $24.8 Million

Tahoe Resources Inc. (TSX:THO,NYSE:TAHO) announced its financial results for the first quarter of 2014, commenting that its net earnings amounted to $24.8 million, or $0.17 per share.

Other highlights include:

  • Operating cash flow before changes in working capital was $44.7 million or $0.31 per share.
  • Revenue of $89.9 million generated from concentrate sales at operating costs of $46.7 million resulted in earnings from mine operations of $43.1 million.
  • Silver production amounted to 4.1 million ounces at a total cash cost of $6.68, total production cost of $9.14 and an all-in sustaining cost of $10.25 per ounce produced, net of by-product credits.
  • Realized price of silver from concentrate sales averaged $20.20 per ounce.
  • Cash and equivalents at quarter-end were $39.9 million.

Kevin McArthur, Tahoe’s CEO, commented:

We are extremely pleased with the Company’s first quarter of commercial production. The ramp-up to 3,500 tonnes per day (tpd) proceeded according to plan, and despite a handful of normal startup issues, the operations team maintained operating costs within expectations.

Furthermore, we have consistently delivered on promises to stakeholders. Escobal has been built to world standards, is a clean operation and is providing substantial economic benefits to the communities in Guatemala.

Click here to read the full Tahoe Resources Inc. (TSX:THO,NYSE:TAHO) press release.