Lower adjusted earnings were attributed to lower realized metal prices, lower volume of metal sales, higher cash costs and an equity loss from AUY's 12.5% interest in the Alumbrera mine; the company wrote down $574M in impairment charges for 2013, virtually all of it in Q4.
Total Q4 production was 303,768 gold equiv. oz., a 6% Y/Y decrease, consisting of 260,187 oz. of gold and 2.2M oz. silver vs. 276,373 oz. of gold and 2.3M oz. of silver produced in the year-ago quarter.
AUY’s results and write-downs reflect what is happening to gold miners in general, but gold bugs apparently are not convinced.