BREAKING: Silver Miners Lose Half A Billion Dollars
If we look at the chart below we can see how three months and substantially lower silver prices can impact the bottom line in the top 12 primary silver miners
Starting at the top of the table, total Revenues from group declined from $804.9 million in Q1 down to $739.9 million in Q2 2013. This was only a $65 million decline or 8% less than the previous quarter, but the group sold a great deal more silver and still suffered a large loss.
You will notice that in Q1, there were 20.3 million oz in silver sales, however in the second quarter the top 12 miners sold nearly 4 million more ounces or a total of 24.1 million oz. Furthermore, the by-product credits increased from $254.8 million in Q1 to $272.8 million during Q2 2013.