Silver Mining Industry: Unsustainable at Present Market Conditions

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The primary silver mining industry is not sustainable at present market prices. Financial reports are starting to be released and by the end of the month we should have a pretty good idea on how bad the losses will be.
As I stated in my previous article "The Largest Silver Producer Facing Losses at Current Prices", Fresnillo saw its profits plunge 60% in the first half of 2013. Frensillo only reports its financials twice a year, so we don't know how much more their bottom line would have been impacted in the second quarter alone.
Listen: David Morgan: Production Costs Make Silver Unprofitable For Small Miners
According to my calculations of my top 12 primary silver miners (excluding Frensillo & Hochschild as they only release financials twice a year), the net income break-even for the group as a whole was $25.40 in Q1 2013. The average realized price of silver for this group during the first quarter of 2013 was $29.85 which resulted in a $90.7 million in net income from the top 12 miners.
If we look at the table below, we can se