Coeur Mining Increases Gold, Silver Reserves; Chinese Silver Up

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Coeur Mining, Inc. has reported “increased proven and probable mineral reserves totaling approximately 255.4 million silver ounces, up 15.9%, and 2.2 million gold ounces, up 12.3% year-on-year. The company also saw a 26.6% increase in measured and indicated silver resources to 386.3 million ounces as well as a 1.4% increase in measured and indicated gold resources to 2.5 million ounces, the company says,” reports Kitco.

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“Inferred silver resources rose 45.5% to 96.4 million ounces and inferred gold resources increased 36.5% to 1.1 million ounces. ‘2012 was the first year we devoted significant capital to exploration and we are starting to see the fruits of these efforts.’ said Mitchell Krebs, president and chief executive officer of Coeur Mining. ‘We have spent $74 million in exploration expenditures over the past two years and will continue to fund exploration activities using a success-based approach focused on resource conversion.’ He adds that the company will invest $23-$28 million in exploration, including approximately $10 million in capitalized drilling in 2014.”

The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Chinese silver, which saw a 9.2 percent increase. This week marked the third in a row of rising prices for the metal. Over the past week, US silver rose 8.2 percent. Japanese silver prices climbed, up from a week ago. Indian silver rose by a slight 2.1 percent.

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The price of Chinese gold bullion finished the week 4.4 percent higher. Closing out the third week of rising prices, the price of US gold bullion increased by 4.1 percent. Following a 2.9 percent increase, Japanese gold bullion finished the week. Finishing the fourth week of rising prices, the price of Indian gold bullion increased by 2.7 percent.

The price of US platinum bar rose 3.5 percent after falling 0.2 percent during the previous week. The price of Chinese platinum bar rose 3.1 percent after falling 1.7 percent during the previous week. Japanese platinum bar saw its price rise 2.4 percent over the past week.

The price of Chinese palladium bar rose 4.4 percent after falling 3.6 percent during the previous week. With a 3.5 percent climb, US palladium bar claimed the week’s largest gain. Japanese palladium bar gained a slight 2.4 percent this past week.

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