Mining company announces gains in silver and gold operations
Monday, March 1st, 2010Friday, February 26, 2010
Silver offers good long-term investment potential.
- By Bruce Sands
An Idaho-based silver and gold mining company has announced a significant boost in its 2009 levels of production and proven reserves.
According to Coeur d’Alene Mines Corporation, its total silver production in 2009 stood at 17.7 million ounces, marking a 47.3 percent increase over the 12 million ounces that were mined in 2008. The company’s proven silver reserves at the end of 2009 were 269 million ounces, which was said to be a 16 percent increase over the previous year.
The company’s gold mining efforts have also been doing well in the past year. Total gold production for 2009 was 72,112 ounces, marking a 56.4 percent improvement from 2008, when the company mined 46,115 ounces of the precious metal.
As far as proven gold reserves go, Coeur d’Alene indicated that it saw a 26 percent increase last year to 2.9 million ounces. Significant progress has also reportedly been made at three new precious metals mines held by the company, all of which are projected to have a long life.
Demand for dealer gold and other precious metals has continued to hold up in recent months and is projected to do as industrial applications requiring these commodities continue to pick up pace in various economies around the world.
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