Top 12 primary silver miners lose $544 million in 2nd quarter
SRSrocco Report: reports that the top 12 primary silver miners reported a collective $544 milllion loss for the second quarter. They produced 23.6 million ounces of silver and sold 24.2 million ounces. While the average of their mining costs was $25.26 per ounce, their reported break even cost for net income was a whopping $45.14 per ounce, reflecting mining writeoffs.
The majority of the half a billion dollar loss was due to impairment write-offs by the companies from much lower average silver prices reflected during the second quarter – Silver Standard took a $202 million impairment charge and Pan American wrote off $185 million.