Revenues were $534.9 million in the quarter compared with $559.7 million in the first quarter of 2012. Mine operating earnings were $208.0 million, compared with $280.1 million in first quarter of 2012. Lower revenues and mine operating earnings were due to lower metal prices offset by higher volume of metal sales combined with cost inflation. Higher cost of sales, including depletion, depreciation and amortization expenses, was mainly related to higher sale volumes of gold and copper and higher cash costs.
Revenues for the first quarter were generated from the sale of 284,872 GEO, consisting of 241,259 ounces of gold, 2.2 million ounces of silver and 29.1 million pounds of copper, excluding Alumbrera which is accounted for as an equity investment. This compares to sales, excluding Alumbrera, of 273,494 GEO that consisted of 228,763 ounces of gold, 2.2 million ounces of silver and 27.3 million pounds of copper in the first three months of 2012.
The average realized gold price in the first quarter of 2013 was $1,620 per ounce versus $1,696 per ounce in the same quarter of 2012, the average realized copper price was $3.58 per pound versus $3.73 per pound in the first quarter of last year and the average realized silver price was $29.81 per ounce compared to $32.94 per ounce in the first quarter of 2012.
Cost of sales excluding depletion, depreciation and amortization ("DDA") for the first three months of 2013 was $230.7 million compared with $191.8 million in same period of 2012 due to the increased volume of gold and copper sales and higher cash costs as a result of inflationary pressures in the countries where the Company operates.
DDA expense for the quarter was $96.1 million, compared to $87.8 million in the first quarter of 2012. The increase in DDA is due to higher volume of gold and copper sales.
Other expenses as an aggregate of general and administrative, exploration and evaluation, other operating and net finance expenses were $52.9 million in the quarter, compared to $66.9 million in the three months ended March 31, 2012. The decrease in other expenses is detailed below.
General and administrative expenses were $36.7 million in the first quarter compared to $33.1 million in the first three months of 2012. The increase in administrative expenses was due to the expanded administration of the Company's growing operations including the addition of the Mercedes mine and consulting costs related to various process and organizational improvement initiatives.
Exploration and evaluation expenses were $6.9 million, compared to $13.2 million incurred in the first quarter of 2012.
Other operating expenses were $2.1 million in the quarter compared to $9.0 million in the first quarter of 2012, mainly due to lower impairment charges of available-for-sale financial assets.
Net finance expense was $7.1 million for the quarter compared with net finance expense of $11.6 million in the first quarter 2012. Lower net finance expense was mainly due to higher unrealized foreign exchange gains.
Equity earnings from associate were $0.1 million for the quarter compared with $10.9 million in 2012. Lower equity earnings were mainly due to lower revenues as a result of lower metal prices and lower sales volume. Cash dividends from the Company's equity investment in Alumbrera during the quarter were $4.6 million compared to $nil million in 2012. In addition to the cash dividends, Minas Argentinas S.A., a wholly-owned subsidiary of the Company, received $43.8 million in proceeds from the draw-down against a loan facility arranged with Alumbrera.
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