Kensington Mine
RSSKensington Mine in Alaska is an underground gold mine operated by Coeur Mining near Berners Bay north of Juneau. Also called the Kensington Gold Mine or Coeur Kensington, it ships ore from a dock on Berners Bay and sits within the City and Borough of Juneau.
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Photo: James Brooks via Wikimedia Commons · Photo source · CC BY 2.0
Kensington mine's gold output falls 21%, but high gold prices keep it profitable
Coeur Mining's Kensington mine north of Juneau produced 21% less gold this summer than a year earlier, the company reported Wednesday, even as high gold prices kept the mine making money.
The mine produced 21,483 ounces from July through September, down from 27,231. The mill handled about as much rock as before, but the rock held less gold, 4.32 grams per metric ton, down from 5.47.
The mine's adjusted operating costs rose to about $2,304 an ounce in the quarter, up from $1,659 a year earlier, according to the company's release. Over the first nine months of the year, Coeur says, costs per ounce rose because the mine produced less and paid more for labor and supplies.
Kensington sold about 21,900 ounces in the quarter for $91.3 million, according to Coeur's quarterly report, or roughly $4,170 an ounce, about $1,860 more than the mine's reported operating cost per ounce. Sales were down from $98.9 million a year earlier, and the mine's free cash flow, the money left after operating costs and capital spending, fell to $25.6 million from $30.8 million.
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