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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Coeur Mining Inc | NYSE:CDE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.27 | 5.53% | 5.15 | 5.35 | 5.07 | 5.08 | 8,390,871 | 00:59:43 |
Delaware (State or other jurisdiction of incorporation or organization) | 1-8641 (Commission File Number) | 82-0109423 (IRS Employer Identification No.) |
Exhibit No. | Description |
Exhibit 99.1 | Press Release dated February 18, 2015 |
COEUR MINING, INC. | |
Date: February 18, 2015 | By: /s/ Peter C. Mitchell |
Name: Peter C. Mitchell Title: Senior Vice President and Chief Financial Officer |
Exhibit No. | Description |
Exhibit 99.1 | Press Release dated February 18, 2015 |
• | Silver production was 4.3 million ounces and gold production was 64,534 ounces, or 8.2 million silver equivalent1 ounces as previously announced on January 15, 2015 |
• | Adjusted all-in sustaining costs were $19.25 per silver equivalent ounce1 |
• | Adjusted costs applicable to sales per silver equivalent ounce1 were $14.43 |
• | Costs applicable to sales per gold ounce1 at Kensington were $845, the lowest level in a year |
• | Announced acquisition of Paramount, which is expected to close in the second quarter |
• | Non-cash impairment charge of $1.5 billion ($1.0 billion net of tax) was recorded to reflect the current pricing environment |
• | Silver equivalent1 production totaled 32.2 million ounces, at the high-end of Company guidance. Silver production was 17.2 million ounces, in-line with Company guidance. Gold production was 249,384 ounces, above Company guidance |
• | Adjusted all-in sustaining costs were $19.27 per silver equivalent ounce1 |
• | Adjusted costs applicable to sales per silver equivalent ounce1 were $14.18 |
• | Costs applicable to sales per gold ounce1 at Kensington were $951 |
• | Costs applicable to sales were $477.9 million, in-line with Company guidance and up slightly compared to 2013 due to a 20% increase in mining rates at Rochester |
• | Capital expenditures were $64.2 million, below Company guidance and down 36% compared to 2013 |
• | Exploration expense was $21.7 million and capitalized exploration was $8.9 million for a total spend of $30.6 million, in-line with Company guidance and down 10% compared to 2013 |
• | General and administrative expenses were $40.8 million, in-line with Company guidance and down 26% compared to 2013 |
• | Amortization was $162.4 million, below Company guidance and down 29% compared to 2013 |
• | Cash, cash equivalents, and short-term investments were $270.9 million at December 31, 2014, up 31% compared to year-end 2013 |
• | Production is expected to be 14.8 - 16.0 million ounces of silver and 294,000 - 323,000 ounces of gold, or 32.4 - 35.4 million silver equivalent ounces1. This assumes the acquisition of the Wharf4 gold mine from Goldcorp, Inc. closes on February 20, 2015 |
• | Costs applicable to sales per silver equivalent ounce1 are expected to be $16.25 - $17.75 at Palmarejo, $13.50 - $15.00 at San Bartolomé, and $12.50 - $14.00 at Rochester |
• | Costs applicable to sales per gold ounce are expected to be $900 - $975 at Kensington and $750 - $825 per gold equivalent ounce1 at Wharf4 |
• | All-in sustaining costs are expected to be $17.50 - $18.50 per silver equivalent ounce1 |
• | Capital expenditures are expected to be $85 - $95 million, including $57 - $64 million of sustaining capital |
• | General and administrative expenses are expected to be $36 - $39 million |
• | Expensed exploration is expected to be $10 - $12 million for the Company's existing assets and is expected to be revised upward once the proposed Paramount acquisition is closed |
(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics) | 2014 | 4Q 2014 | 3Q 2014 | 2Q 2014 | 1Q 2014 | 2013 | ||||||||||||
Revenue | $ | 635.7 | $ | 140.6 | $ | 170.9 | $ | 164.6 | $ | 159.6 | $ | 746.0 | ||||||
Costs Applicable to Sales | $ | 477.9 | $ | 126.5 | $ | 125.9 | $ | 118.7 | $ | 106.9 | $ | 463.7 | ||||||
General and Administrative Expenses | $ | 40.8 | $ | 9.0 | $ | 8.5 | $ | 9.4 | $ | 13.9 | $ | 55.3 | ||||||
Adjusted EBITDA1 | $ | 86.7 | $ | 7.8 | $ | 25.7 | $ | 32.9 | $ | 31.1 | $ | 186.2 | ||||||
Net Income (Loss) | $ | (1,155.9 | ) | $ | (1,079.1 | ) | $ | 3.5 | $ | (43.1 | ) | $ | (37.2 | ) | $ | (650.6 | ) | |
Earnings Per Share | $ | (11.28 | ) | $ | (10.53 | ) | $ | 0.03 | $ | (0.42 | ) | $ | (0.36 | ) | $ | (6.65 | ) | |
Adjusted Net Income (Loss)1 | $ | (112.0 | ) | $ | (37.5 | ) | $ | (18.5 | ) | $ | (21.5 | ) | $ | (18.8 | ) | $ | (41.3 | ) |
Adjusted Net Income (Loss)1 Per Share | $ | (1.09 | ) | $ | (0.37 | ) | $ | (0.18 | ) | $ | (0.21 | ) | $ | (0.18 | ) | $ | (0.42 | ) |
Weighted Average Shares | 102.4 | 102.4 | 102.6 | 102.4 | 102.4 | 97.9 | ||||||||||||
Cash Flow From Operating Activities | $ | 52.9 | $ | 0.7 | $ | 31.3 | $ | 30.5 | $ | (9.6 | ) | $ | 113.5 | |||||
Capital Expenditures | $ | 64.2 | $ | 20.1 | $ | 16.8 | $ | 15.4 | $ | 11.9 | $ | 100.8 | ||||||
Cash, Equivalents & Short-Term Investments | $ | 270.9 | $ | 270.9 | $ | 295.4 | $ | 316.8 | $ | 318.6 | $ | 206.7 | ||||||
Total Debt2 | $ | 478.4 | $ | 478.4 | $ | 469.5 | $ | 480.1 | $ | 464.2 | $ | 308.6 | ||||||
Average Realized Price Per Ounce - Silver | $ | 18.87 | $ | 16.40 | $ | 19.46 | $ | 19.60 | $ | 20.28 | $ | 23.94 | ||||||
Average Realized Price Per Ounce - Gold | $ | 1,252 | $ | 1,186 | $ | 1,260 | $ | 1,277 | $ | 1,279 | $ | 1,327 | ||||||
Silver Ounces Produced | 17.2 | 4.3 | 4.3 | 4.5 | 4.1 | 17.0 | ||||||||||||
Gold Ounces Produced | 249,384 | 64,534 | 64,989 | 61,025 | 58,836 | 262,217 | ||||||||||||
Silver Equivalent Ounces Produced1 | 32.2 | 8.3 | 8.2 | 8.1 | 7.6 | 32.7 | ||||||||||||
Silver Ounces Sold | 17.4 | 4.6 | 4.3 | 4.6 | 3.9 | 17.1 | ||||||||||||
Gold Ounces Sold | 242,655 | 52,785 | 69,541 | 57,751 | 62,578 | 263,048 | ||||||||||||
Silver Equivalent Ounces Sold1 | 32.0 | 7.9 | 8.4 | 8.1 | 7.6 | 32.9 | ||||||||||||
Adjusted Costs Applicable to Sales per AgEq Oz1 | $ | 14.18 | $ | 14.43 | $ | 14.19 | $ | 14.00 | $ | 13.09 | $ | 13.68 | ||||||
Costs Applicable to Sales per Gold Oz1 (Kensington) | $ | 951 | $ | 845 | $ | 937 | $ | 1,008 | $ | 1,005 | $ | 901 | ||||||
Adjusted All-in Sustaining Costs per AgEq Oz1 | $ | 19.27 | $ | 19.25 | $ | 18.27 | $ | 19.10 | $ | 18.52 | $ | 18.77 |
(Dollars in millions, except per ounce amounts) | 2014 | 4Q 2014 | 3Q 2014 | 2Q 2014 | 1Q 2014 | 2013 |
Underground Operations: | ||||||
Tons mined | 744,599 | 187,730 | 169,656 | 177,359 | 209,854 | 791,792 |
Average silver grade (oz/t) | 5.40 | 4.49 | 4.88 | 6.15 | 5.95 | 4.98 |
Average gold grade (oz/t) | 0.10 | 0.06 | 0.10 | 0.11 | 0.11 | 0.11 |
Surface Operations: | ||||||
Tons mined | 1,342,608 | 320,802 | 343,001 | 320,583 | 358,222 | 1,499,281 |
Average silver grade (oz/t) | 3.30 | 2.90 | 3.09 | 3.72 | 3.50 | 3.83 |
Average gold grade (oz/t) | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
Processing: | ||||||
Total tons milled | 2,135,088 | 510,813 | 518,212 | 534,718 | 571,345 | 2,322,660 |
Average recovery rate – Ag | 77.5% | 80.2% | 82.7% | 75.6% | 73.3% | 77.7% |
Average recovery rate – Au | 80.5% | 78.7% | 86.9% | 78.9% | 78.0% | 84.2% |
Silver ounces produced (000's) | 6,558 | 1,444 | 1,533 | 1,761 | 1,820 | 7,603 |
Gold ounces produced | 86,673 | 15,237 | 22,514 | 23,706 | 25,216 | 116,536 |
Silver equivalent ounces produced1 | 11,758 | 2,359 | 2,883 | 3,183 | 3,333 | 14,595 |
Silver ounces sold (000's) | 6,640 | 1,375 | 1,605 | 1,983 | 1,677 | 7,491 |
Gold ounces sold | 92,030 | 16,255 | 23,600 | 25,753 | 26,422 | 112,270 |
Silver equivalent ounces sold1 | 12,162 | 2,350 | 3,021 | 3,528 | 3,262 | 14,228 |
Revenues | $244.0 | $42.2 | $61.4 | $72.4 | $68.0 | $324.0 |
Costs applicable to sales | $187.3 | $48.1 | $46.0 | $49.6 | $43.6 | $188.6 |
Adjusted costs applicable to sales per AgEq ounce1 | $14.47 | $15.70 | $14.43 | $13.48 | $13.13 | $12.95 |
Exploration expense | $6.7 | $1.5 | $2.6 | $1.6 | $1.0 | $7.2 |
Cash flow from operating activities | $54.6 | $(3.2) | $20.2 | $27.4 | $10.2 | $117.6 |
Sustaining capital expenditures | $16.4 | $5.5 | $1.9 | $5.3 | $3.7 | $19.8 |
Development capital expenditures | $9.7 | $5.4 | $4.0 | $0.3 | $— | $13.9 |
Total capital expenditures | $26.1 | $10.9 | $5.9 | $5.6 | $3.7 | $33.7 |
Free cash flow (before royalties) | $28.5 | $(14.1) | $14.3 | $21.8 | $6.5 | $83.9 |
Royalties paid | $48.4 | $10.0 | $11.4 | $12.3 | $14.7 | $57.0 |
Free cash flow3 | $(19.9) | $(24.1) | $2.9 | $9.5 | $(8.2) | $26.9 |
• | Adjusted costs applicable to sales per silver equivalent ounce1 was $15.70 in the fourth quarter 2014, 9% higher than the third quarter due to a decline in grade and recovery rates |
• | Underground mining rates at Guadalupe continue to increase, averaging approximately 500 ore tons per day year-to-date in 2015 and are expected to reach 1,500 ore tons per day by the third quarter of 2015 |
• | Increased oxide ore from the Tucson area of the open-pit caused a decline in fourth quarter recovery rates. Recent modifications to the processing plant are expected to result in improved recovery rates going forward. Specifically, the flowsheet was modified in late 2014 to enable the oxide ore to bypass the flotation circuit and flow directly to the agitated leach circuit |
• | Open-pit operations are expected to end mid-2015 |
• | Underground mining in the original Palmarejo zones is expected to be completed by year-end |
• | Mining activity is expected to reach the Don Ese deposit by year-end assuming the previously announced acquisition of Paramount closes |
• | In 2015, Palmarejo is expected to produce 3.9 - 4.3 million ounces of silver and 55,000 - 65,000 ounces of gold at costs applicable to sales per silver equivalent ounce1 of $16.25 - $17.75 |
(Dollars in millions, except per ounce amounts) | 2014 | 4Q 2014 | 3Q 2014 | 2Q 2014 | 1Q 2014 | 2013 |
Ore tons placed | 14,739,808 | 3,876,944 | 3,892,421 | 3,329,582 | 3,640,861 | 12,311,918 |
Average silver grade (oz/t) | 0.57 | 0.60 | 0.51 | 0.58 | 0.59 | 0.55 |
Average gold grade (oz/t) | 0.004 | 0.004 | 0.005 | 0.003 | 0.003 | 0.003 |
Silver ounces produced (000's) | 4,189 | 1,170 | 1,156 | 1,112 | 750 | 2,799 |
Gold ounces produced | 44,888 | 15,764 | 11,702 | 9,230 | 8,192 | 30,860 |
Silver equivalent ounces produced1 | 6,882 | 2,116 | 1,858 | 1,666 | 1,242 | 4,651 |
Silver ounces sold (000's) | 3,922 | 1,154 | 1,067 | 1,006 | 695 | 2,929 |
Gold ounces sold | 39,803 | 14,131 | 8,932 | 8,970 | 7,770 | 34,723 |
Silver equivalent ounces sold1 | 6,310 | 2,002 | 1,603 | 1,544 | 1,161 | 5,012 |
Revenues | $123.8 | $36.0 | $32.4 | $31.2 | $24.2 | $119.3 |
Costs applicable to sales | $91.5 | $28.7 | $23.7 | $24.4 | $14.7 | $77.9 |
Costs applicable to sales per silver equivalent ounce1 | $14.49 | $14.27 | $14.80 | $15.79 | $12.67 | $15.54 |
Exploration expense | $2.6 | $0.6 | $0.1 | $0.7 | $1.2 | $2.7 |
Cash flow from operating activities | $13.7 | $10.2 | $8.2 | $4.3 | $(9.0) | $(11.0) |
Sustaining capital expenditures | $11.9 | $2.7 | $4.2 | $4.0 | $1.0 | $29.4 |
Development capital expenditures | $— | $— | $— | $— | $— | $— |
Total capital expenditures | $11.9 | $2.7 | $4.2 | $4.0 | $1.0 | $29.4 |
Free cash flow3 | $1.8 | $7.5 | $4.0 | $0.3 | $(10.0) | $(40.4) |
• | Fourth quarter silver equivalent production increased 14% from the third quarter and full-year silver equivalent production increased 48% compared to 2013 |
• | Fourth quarter costs applicable to sales per silver equivalent ounce1 were $14.27, down 4% from the third quarter due to lower crushing and leaching costs |
• | Free cash flow3 of $7.5 million in the fourth quarter was the highest since 2012 |
• | Approval for POA 10 (expansion of Stage 4 leach pad and construction of new Stage 5 leach pad) is expected by year-end with construction planned to begin in the second quarter of 2016 |
• | Coeur plans to crush more than 16.5 million tons at Rochester in 2015, which is expected to reduce unit costs and enable double-digit percentage increases in both silver and gold production |
• | In 2015, Rochester is expected to produce 4.7 - 5.0 million ounces of silver and 55,000 - 65,000 ounces of gold at costs applicable to sales per silver equivalent ounce1 of $12.50 - $14.00 |
(Dollars in millions, except per ounce amounts) | 2014 | 4Q 2014 | 3Q 2014 | 2Q 2014 | 1Q 2014 | 2013 |
Tons milled | 635,960 | 167,417 | 145,097 | 163,749 | 159,697 | 553,717 |
Average gold grade (oz/t) | 0.20 | 0.21 | 0.23 | 0.18 | 0.17 | 0.22 |
Average recovery rate | 94.0% | 94.2% | 93.0% | 94.5% | 94.5% | 94.2% |
Gold ounces produced | 117,823 | 33,533 | 30,773 | 28,089 | 25,428 | 111,951 |
Gold ounces sold | 110,822 | 22,399 | 37,009 | 23,028 | 28,386 | 116,055 |
Revenues | $137.0 | $26.0 | $45.9 | $29.0 | $36.1 | $148.8 |
Costs applicable to sales | $105.3 | $18.9 | $34.7 | $23.2 | $28.5 | $104.6 |
Costs applicable to sales per gold ounce1 | $951 | $845 | $937 | $1,008 | $1,005 | $901 |
Exploration expense | $8.0 | $2.8 | $2.6 | $1.6 | $1.0 | $4.2 |
Cash flow from operating activities | $26.6 | $(3.7) | $17.0 | $(0.6) | $13.9 | $32.4 |
Sustaining capital expenditures | $15.6 | $3.3 | $3.6 | $4.0 | $4.7 | $21.4 |
Development capital expenditures | $0.6 | $0.6 | $— | $— | $— | $— |
Total capital expenditures | $16.2 | $3.9 | $3.6 | $4.0 | $4.7 | $21.4 |
Free cash flow3 | $10.4 | $(7.6) | $13.4 | $(4.6) | $9.2 | $11.0 |
• | Tons milled reached a record 167,417 in the fourth quarter (1,820 tons per day). Strong throughput combined with robust grade and recovery performance caused costs applicable to sales per gold ounce1 to decline 10% to $845 in the fourth quarter, the lowest level in 2014 |
• | Gold ounces sold of 22,399 in the fourth quarter were 33% lower than ounces produced due to an ongoing labor dispute at the ports on the West Coast of the United States. This resulted in the delay of approximately 11,600 ounces that were excluded from fourth quarter sales |
• | Production and cost performance in 2015 is expected to be similar to 2014 at Kensington |
• | Announced inferred resource at Jualin as of year-end 2014. The permitting process has begun for underground development at Jualin, with drilling in Vein 4 expected to continue in 2015 and 2016, and initial production expected in 2017 |
• | In 2015, Kensington is expected to produce 110,000 - 115,000 ounces of gold at costs applicable to sales per gold ounce1 of $900 - $975 |
(Dollars in millions, except per ounce amounts) | 2014 | 4Q 2014 | 3Q 2014 | 2Q 2014 | 1Q 2014 | 2013 |
Tons milled | 1,749,423 | 454,135 | 471,938 | 437,975 | 385,375 | 1,679,839 |
Average silver grade (oz/t) | 3.80 | 3.77 | 3.70 | 3.87 | 3.88 | 3.93 |
Average recovery rate | 88.1% | 88.0% | 86.5% | 87.5% | 90.5% | 90.0% |
Silver ounces produced (000's) | 5,852 | 1,507 | 1,509 | 1,481 | 1,355 | 5,941 |
Silver ounces sold (000's) | 6,276 | 1,987 | 1,438 | 1,494 | 1,357 | 6,079 |
Revenues | $117.7 | $32.6 | $28.4 | $29.1 | $27.6 | $141.7 |
Costs applicable to sales | $89.7 | $29.6 | $20.4 | $20.7 | $18.9 | $86.8 |
Costs applicable to sales per silver equivalent ounce1 | $14.29 | $14.91 | $14.22 | $13.85 | $13.93 | $14.28 |
Exploration expense | $0.1 | $— | $— | $0.1 | $— | $0.1 |
Cash flow from operating activities | $38.0 | $2.3 | $12.3 | $18.9 | $4.5 | $43.9 |
Sustaining capital expenditures | $7.9 | $2.0 | $2.8 | $1.7 | $1.4 | $6.1 |
Development capital expenditures | $— | $— | $— | $— | $— | $5.5 |
Total capital expenditures | $7.9 | $2.0 | $2.8 | $1.7 | $1.4 | $11.6 |
Free cash flow3 | $30.1 | $0.3 | $9.5 | $17.2 | $3.1 | $32.3 |
• | Production, grades, recovery rates, and costs remain relatively stable at San Bartolomé |
• | Cash flow from operating activities of $2.3 million in the fourth quarter declined from $12.3 million in the third quarter mainly due to changes in working capital. The third quarter benefited from an $8.3 million decrease in working capital while the fourth quarter experienced a $5.2 million increase in working capital |
• | In 2015, San Bartolomé is expected to produce 5.8 - 6.1 million ounces of silver at costs applicable to sales per silver equivalent ounce1 of $13.50 - $15.00 |
(Dollars in millions, except per ounce amounts) | 2014 | 4Q 2014 | 3Q 2014 | 2Q 2014 | 1Q 2014 | 2013 |
Tons milled | 792,694 | 214,180 | 199,757 | 185,538 | 193,219 | 791,116 |
Average silver grade (oz/t) | 1.62 | 1.99 | 1.44 | 1.41 | 1.65 | 1.85 |
Average recovery rate | 45.6% | 44.9% | 49.1% | 42.4% | 45.9% | 41.3% |
Silver ounces produced (000's) | 590 | 191 | 141 | 111 | 147 | 606 |
Silver ounces sold (000's) | 586 | 192 | 141 | 106 | 147 | 606 |
Metal sales | $10.0 | $2.7 | $2.4 | $2.0 | $2.9 | $12.9 |
Royalty revenue | $3.2 | $0.7 | $0.6 | $0.9 | $1.0 | $— |
Costs applicable to sales (Endeavor silver stream) | $4.2 | $1.1 | $1.1 | $0.8 | $1.2 | $5.8 |
Costs applicable to sales per silver equivalent ounce1 | $7.17 | $5.69 | $7.71 | $7.94 | $8.05 | $9.61 |
Cash flow from operating activities | $6.5 | $1.5 | $2.4 | $0.8 | $1.8 | $4.3 |
Free cash flow3 | $6.5 | $1.5 | $2.4 | $0.8 | $1.8 | $4.3 |
• | There are four cash-flowing royalties and streams, five non-cash-flowing royalties, and nine investments in junior mining companies held in Coeur Capital or its affiliates. One of the non-cash-flowing royalties is an 80% interest in a 2.5% royalty on Newmont Mining Corporation's Correnso mine in New Zealand, which recently began production and is expected to begin making royalty payments in 2015 |
• | Coeur Capital's largest source of cash flow is the silver stream on the Endeavor mine in New South Wales, Australia in which the Company owns 100% of the silver up to a total of 20.0 million payable ounces. At December 31, 2014, the Company has received 5.5 million ounces, or 27.5% of the total |
(silver and silver equivalent ounces in thousands) | Silver | Gold | Silver Equivalent1 |
Palmarejo | 3,900 - 4,300 | 55,000 - 65,000 | 7,200 - 8,200 |
San Bartolomé | 5,800 - 6,100 | — | 5,800 - 6,100 |
Rochester | 4,700 - 5,000 | 55,000 - 65,000 | 8,000 - 8,900 |
Endeavor | 400 - 600 | — | 400 - 600 |
Kensington | — | 110,000 - 115,000 | 6,600 - 6,900 |
Wharf | — | 74,000 - 78,000 | 4,440 - 4,680 |
Total | 14,800 - 16,000 | 294,000 - 323,000 | 32,440 - 35,380 |
(dollars in millions, except per ounce amounts) | 2015 Guidance | 2014 Result |
Costs Applicable to Sales per Silver Equivalent Ounce1 - Palmarejo | $16.25 - $17.75 | $15.40 |
Costs Applicable to Sales per Silver Equivalent Ounce1 - San Bartolomé | $13.50 - $15.00 | $14.29 |
Costs Applicable to Sales per Silver Equivalent Ounce1 - Rochester | $12.50 - $14.00 | $14.49 |
Costs Applicable to Sales per Gold Ounce1 - Kensington | $900 - 975 | $951 |
Costs Applicable to Sales per Gold Equivalent Ounce1 - Wharf | $750 - $825 | N/A |
Capital Expenditures | $85 - $95 | $64 |
General and Administrative Expenses | $36 - $39 | $41 |
Exploration Expense | $10 - $12 | $22 |
All-in Sustaining Costs per Silver Equivalent Ounce1 | $17.50 - $18.50 | $19.72 |
Year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
In thousands, except share data | |||||||||||
Revenue | $ | 635,742 | $ | 745,994 | $ | 895,492 | |||||
COSTS AND EXPENSES | |||||||||||
Costs applicable to sales | 477,945 | 463,663 | 454,562 | ||||||||
Amortization | 162,436 | 229,564 | 216,032 | ||||||||
General and administrative | 40,845 | 55,343 | 32,977 | ||||||||
Exploration | 21,740 | 22,360 | 26,270 | ||||||||
Litigation settlement | — | 32,046 | — | ||||||||
Write-downs | 1,472,721 | 772,993 | 5,825 | ||||||||
Pre-development, reclamation, and other | 26,037 | 15,184 | 4,086 | ||||||||
Total costs and expenses | 2,201,724 | 1,591,153 | 739,752 | ||||||||
OTHER INCOME (EXPENSE), NET | |||||||||||
Loss on debt extinguishments | — | — | (1,036 | ) | |||||||
Fair value adjustments, net | 3,618 | 82,768 | (23,487 | ) | |||||||
Impairment of marketable securities | (6,593 | ) | (18,308 | ) | (605 | ) | |||||
Interest income and other, net | 1,375 | 13,323 | 15,041 | ||||||||
Interest expense, net of capitalized interest | (47,546 | ) | (41,303 | ) | (26,169 | ) | |||||
Total other income (expense), net | (49,146 | ) | 36,480 | (36,256 | ) | ||||||
Income (loss) before income and mining taxes | (1,615,128 | ) | (808,679 | ) | 119,484 | ||||||
Income and mining tax (expense) benefit | 459,244 | 158,116 | (70,807 | ) | |||||||
NET INCOME (LOSS) | $ | (1,155,884 | ) | $ | (650,563 | ) | $ | 48,677 | |||
OTHER COMPREHENSIVE INCOME (LOSS), net of tax: | |||||||||||
Unrealized gain (loss) on marketable securities, net of tax of $1,446 and $5,362 in 2014 and 2013, respectively | (2,290 | ) | (8,489 | ) | (3,351 | ) | |||||
Reclassification adjustments for impairment of marketable securities, net of tax of $(2,552) and $(7,087) in 2014 and 2013, respectively | 4,042 | 11,221 | 605 | ||||||||
Reclassification adjustments for realized loss on sale of marketable securities, net of tax of $(219) and $(53) in 2014 and 2013, respectively | 346 | 83 | — | ||||||||
Other comprehensive income (loss) | 2,098 | 2,815 | (2,746 | ) | |||||||
COMPREHENSIVE INCOME (LOSS) | $ | (1,153,786 | ) | $ | (647,748 | ) | $ | 45,931 | |||
NET INCOME (LOSS) PER SHARE | |||||||||||
Basic | $ | (11.28 | ) | $ | (6.65 | ) | $ | 0.54 | |||
Diluted | $ | (11.28 | ) | $ | (6.65 | ) | $ | 0.54 |
Year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
In thousands | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | $ | (1,155,884 | ) | (650,563 | ) | 48,677 | |||||
Adjustments: | |||||||||||
Amortization | 162,436 | 229,564 | 216,032 | ||||||||
Accretion | 16,246 | 20,810 | 24,550 | ||||||||
Deferred income taxes | (470,897 | ) | (177,178 | ) | 16,163 | ||||||
Loss on termination of revolving credit facility | 3,035 | — | 1,036 | ||||||||
Fair value adjustments, net | (3,721 | ) | (80,399 | ) | 18,421 | ||||||
Litigation settlement | — | 22,046 | — | ||||||||
Stock-based compensation | 9,288 | 4,812 | 8,010 | ||||||||
(Gain) loss on sale of assets | (35 | ) | (9,801 | ) | 1,101 | ||||||
Impairment of marketable securities | 6,593 | 18,308 | 605 | ||||||||
Other | (359 | ) | (744 | ) | (1,707 | ) | |||||
Changes in operating assets and liabilities: | |||||||||||
Receivables | (20,609 | ) | 663 | 9,756 | |||||||
Prepaid expenses and other current assets | 5,635 | (15,165 | ) | 2,489 | |||||||
Inventory and ore on leach pads | 12,971 | 4,031 | (48,305 | ) | |||||||
Accounts payable and accrued liabilities | 15,507 | (25,910 | ) | (31,019 | ) | ||||||
CASH PROVIDED BY OPERATING ACTIVITIES | 52,927 | 113,467 | 271,634 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital expenditures | (64,244 | ) | (100,813 | ) | (115,641 | ) | |||||
Acquisitions | (21,329 | ) | 34,796 | (29,297 | ) | ||||||
Purchase of short-term investments and marketable securities | (50,513 | ) | (8,052 | ) | (12,959 | ) | |||||
Sales and maturities of short-term investments | 54,344 | (116,898 | ) | 21,695 | |||||||
Other | 8 | 4,478 | 3,087 | ||||||||
CASH USED IN INVESTING ACTIVITIES | (81,734 | ) | (186,489 | ) | (133,115 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Issuance of notes and bank borrowings | 167,784 | 300,000 | — | ||||||||
Payments on long-term debt and capital leases | (25,902 | ) | (60,628 | ) | (97,170 | ) | |||||
Gold production royalty payments | (48,395 | ) | (57,034 | ) | (74,734 | ) | |||||
Share repurchases | — | (27,552 | ) | (19,971 | ) | ||||||
Other | (509 | ) | (514 | ) | 3,784 | ||||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 92,978 | 154,272 | (188,091 | ) | |||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 64,171 | 81,250 | (49,572 | ) | |||||||
Cash and cash equivalents at beginning of period | 206,690 | 125,440 | 175,012 | ||||||||
Cash and cash equivalents at end of period | $ | 270,861 | $ | 206,690 | $ | 125,440 |
December 31, 2014 | December 31, 2013 | |||||||
ASSETS | In thousands, except share data | |||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 270,861 | $ | 206,690 | ||||
Investments | — | — | ||||||
Receivables | 116,921 | 81,074 | ||||||
Ore on leach pads | 48,204 | 50,495 | ||||||
Inventory | 114,931 | 132,023 | ||||||
Deferred tax assets | 22,382 | 35,008 | ||||||
Prepaid expenses and other | 15,523 | 25,940 | ||||||
588,822 | 531,230 | |||||||
NON-CURRENT ASSETS | ||||||||
Property, plant, and equipment, net | 227,911 | 486,273 | ||||||
Mining properties, net | 501,192 | 1,751,501 | ||||||
Ore on leach pads | 37,889 | 31,528 | ||||||
Restricted assets | 7,037 | 7,014 | ||||||
Marketable securities | 5,982 | 14,521 | ||||||
Receivables | 21,686 | 36,574 | ||||||
Debt issuance costs, net | 9,851 | 10,812 | ||||||
Deferred tax assets | 135,946 | 1,189 | ||||||
Other | 9,915 | 15,336 | ||||||
TOTAL ASSETS | $ | 1,546,231 | $ | 2,885,978 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 49,052 | $ | 53,847 | ||||
Accrued liabilities and other | 51,513 | 38,266 | ||||||
Debt | 17,498 | 2,505 | ||||||
Royalty obligations | 43,678 | 48,019 | ||||||
Reclamation | 3,871 | 913 | ||||||
Deferred tax liabilities | 8,708 | 1,011 | ||||||
174,320 | 144,561 | |||||||
NON-CURRENT LIABILITIES | ||||||||
Debt | 460,899 | 306,130 | ||||||
Royalty obligations | 27,651 | 65,142 | ||||||
Reclamation | 66,943 | 57,515 | ||||||
Deferred tax liabilities | 201,189 | 556,246 | ||||||
Other long-term liabilities | 29,911 | 25,817 | ||||||
786,593 | 1,010,850 | |||||||
STOCKHOLDERS’ EQUITY | ||||||||
Common stock, par value $0.01 per share; authorized 150,000,000 shares, issued and outstanding 103,384,408 at December 31, 2014 and 102,843,003 at December 31, 2013 | 1,034 | 1,028 | ||||||
Additional paid-in capital | 2,789,695 | 2,781,164 | ||||||
Accumulated other comprehensive income (loss) | (2,808 | ) | (4,906 | ) | ||||
Accumulated deficit | (2,202,603 | ) | (1,046,719 | ) | ||||
585,318 | 1,730,567 | |||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,546,231 | $ | 2,885,978 |
(Dollars in thousands except per share amounts) | 2014 | 4Q 2014 | 3Q 2014 | 2Q 2014 | 1Q 2014 | 2013 | ||||||||||||||||
Net income (loss) | $ | (1,155,884 | ) | $ | (1,079,038 | ) | $ | 3,466 | $ | (43,121 | ) | $ | (37,191 | ) | $ | (650,563 | ) | |||||
Interest expense, net of capitalized interest | 47,546 | 10,566 | 11,615 | 12,311 | 13,054 | 41,303 | ||||||||||||||||
Interest income and other, net | (1,375 | ) | (3,688 | ) | 213 | 4,083 | (1,983 | ) | (13,323 | ) | ||||||||||||
Income tax provision (benefit) | (459,244 | ) | (440,594 | ) | (16,582 | ) | 2,621 | (4,689 | ) | (158,116 | ) | |||||||||||
Amortization | 162,436 | 38,602 | 41,985 | 41,422 | 40,427 | 229,437 | ||||||||||||||||
EBITDA | (1,406,521 | ) | (1,474,152 | ) | 40,697 | 17,316 | 9,618 | (551,262 | ) | |||||||||||||
Fair value adjustments, net | (3,618 | ) | (7,229 | ) | (16,106 | ) | 8,281 | 11,436 | (82,768 | ) | ||||||||||||
Gain on sale of building | — | — | — | — | — | (1,200 | ) | |||||||||||||||
Gain on commutation of reclamation bonding arrangements | — | — | — | — | — | (7,609 | ) | |||||||||||||||
Impairment of marketable securities | 6,593 | 1,979 | 1,092 | 934 | 2,588 | 18,308 | ||||||||||||||||
Litigation settlements | — | — | — | — | — | 32,046 | ||||||||||||||||
Loss on revolver termination | 3,035 | — | — | — | 3,035 | — | ||||||||||||||||
Inventory adjustments | 14,482 | 14,482 | 4,993 | 6,353 | 4,373 | 5,691 | ||||||||||||||||
Write-downs | 1,472,721 | 1,472,721 | — | — | — | 772,993 | ||||||||||||||||
Adjusted EBITDA | $ | 86,692 | $ | 7,801 | $ | 30,676 | $ | 32,884 | $ | 31,050 | $ | 186,199 |
(Dollars in thousands except per share amounts) | 2014 | 4Q 2014 | 3Q 2014 | 2Q 2014 | 1Q 2014 | 2013 | ||||||||||||||||
Net income (loss) | $ | (1,155,884 | ) | $ | (1,079,038 | ) | $ | 3,466 | $ | (43,121 | ) | $ | (37,191 | ) | $ | (650,563 | ) | |||||
Fair value adjustments, net | (4,323 | ) | (5,622 | ) | (13,026 | ) | 6,498 | 7,827 | (59,908 | ) | ||||||||||||
Stock-based compensation | 8,976 | 1,807 | 2,417 | 2,299 | 2,453 | 4,611 | ||||||||||||||||
Impairment of marketable securities | 6,593 | 1,979 | 1,092 | 934 | 2,588 | 18,308 | ||||||||||||||||
Accretion of royalty obligation | 6,976 | 1,992 | 1,374 | 1,789 | 1,821 | 12,349 | ||||||||||||||||
Write-downs | 1,021,756 | 1,021,756 | — | — | — | 593,214 | ||||||||||||||||
Litigation settlements | — | — | — | — | — | 32,046 | ||||||||||||||||
Gain on sale of building | — | — | — | — | — | (1,200 | ) | |||||||||||||||
Gain on commutation of reclamation bonding arrangements | — | — | — | — | — | (7,609 | ) | |||||||||||||||
(Gain) loss on debt extinguishments | (426 | ) | (426 | ) | — | — | — | — | ||||||||||||||
Loss on revolver termination | 3,035 | — | — | — | 3,035 | — | ||||||||||||||||
Inventory adjustments | 14,482 | 14,482 | 4,993 | 6,353 | 4,373 | 5,691 | ||||||||||||||||
Foreign exchange (gain) loss on deferred taxes | (13,180 | ) | 5,615 | (18,801 | ) | 3,711 | (3,705 | ) | 11,760 | |||||||||||||
Adjusted net income (loss) | $ | (111,995 | ) | $ | (37,455 | ) | $ | (18,485 | ) | $ | (21,537 | ) | $ | (18,799 | ) | $ | (41,301 | ) | ||||
Adjusted net income (loss) per share | $ | (1.09 | ) | $ | (0.37 | ) | $ | (0.18 | ) | $ | (0.21 | ) | $ | (0.18 | ) | $ | (0.42 | ) |
Silver | Gold | |||||||||||||||||||||||||||
(Dollars in thousands except per ounce amounts) | Palmarejo | San Bartolomé | Rochester | Endeavor | Total | Kensington | Total | |||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 256,707 | $ | 109,082 | $ | 112,252 | $ | 8,514 | $ | 486,555 | $ | 148,961 | $ | 635,516 | ||||||||||||||
Amortization | 69,431 | 19,423 | 20,790 | 4,308 | 113,952 | 43,619 | 157,571 | |||||||||||||||||||||
Costs applicable to sales | $ | 187,276 | $ | 89,659 | $ | 91,462 | $ | 4,206 | $ | 372,603 | $ | 105,342 | $ | 477,945 | ||||||||||||||
Silver equivalent ounces sold | 12,161,719 | 6,275,769 | 6,309,912 | 586,242 | 25,333,642 | |||||||||||||||||||||||
Gold ounces sold | 110,822 | |||||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 15.40 | $ | 14.29 | $ | 14.49 | $ | 7.17 | $ | 14.71 | $ | 951 | ||||||||||||||||
Inventory adjustments | (0.93 | ) | (0.17 | ) | (0.16 | ) | — | (0.53 | ) | (11 | ) | |||||||||||||||||
Adjusted costs applicable to sales per ounce | 14.47 | 14.12 | 14.33 | 7.17 | 14.18 | 940 | ||||||||||||||||||||||
Treatment and refining costs | 4,943 | |||||||||||||||||||||||||||
Sustaining capital | 61,199 | |||||||||||||||||||||||||||
General and administrative | 40,845 | |||||||||||||||||||||||||||
Exploration | 21,740 | |||||||||||||||||||||||||||
Reclamation | 7,468 | |||||||||||||||||||||||||||
Project/pre-development costs | 16,588 | |||||||||||||||||||||||||||
All-in sustaining costs | $ | 630,728 | ||||||||||||||||||||||||||
Silver equivalent ounces sold | 25,333,642 | |||||||||||||||||||||||||||
Kensington silver equivalent ounces sold | 6,649,320 | |||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold | 31,982,962 | |||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce | $ | 19.72 | ||||||||||||||||||||||||||
Inventory adjustments | $ | (0.45 | ) | |||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce | $ | 19.27 |
Silver | Gold | |||||||||||||||||||||||||||
(Dollars in thousands except per ounce amounts) | Palmarejo | San Bartolomé | Rochester | Endeavor | Total | Kensington | Total | |||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 64,397 | $ | 34,610 | $ | 34,611 | $ | 2,678 | $ | 136,296 | $ | 27,383 | $ | 163,679 | ||||||||||||||
Amortization | 16,235 | 4,993 | 5,955 | 1,586 | 28,769 | 8,458 | 37,227 | |||||||||||||||||||||
Costs applicable to sales | $ | 48,162 | $ | 29,617 | $ | 28,656 | $ | 1,092 | $ | 107,527 | $ | 18,925 | $ | 126,452 | ||||||||||||||
Silver equivalent ounces sold | 2,350,080 | 1,985,952 | 2,001,976 | 191,983 | 6,529,991 | |||||||||||||||||||||||
Gold ounces sold | 22,399 | |||||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 20.49 | $ | 14.91 | $ | 14.31 | $ | 5.69 | $ | 16.47 | $ | 845 | ||||||||||||||||
Inventory adjustments | (4.79 | ) | (0.53 | ) | (0.49 | ) | — | (2.04 | ) | (53 | ) | |||||||||||||||||
Adjusted costs applicable to sales per ounce | 15.70 | 14.38 | 13.82 | 5.69 | 14.43 | 792 | ||||||||||||||||||||||
Treatment and refining costs | 994 | |||||||||||||||||||||||||||
Sustaining capital | 18,492 | |||||||||||||||||||||||||||
General and administrative | 9,036 | |||||||||||||||||||||||||||
Exploration | 5,783 | |||||||||||||||||||||||||||
Reclamation | 1,549 | |||||||||||||||||||||||||||
Project/pre-development costs | 3,721 | |||||||||||||||||||||||||||
All-in sustaining costs | $ | 166,027 | ||||||||||||||||||||||||||
Silver equivalent ounces sold | 6,529,991 | |||||||||||||||||||||||||||
Kensington silver equivalent ounces sold | 1,343,940 | |||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold | 7,873,931 | |||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce | $ | 21.09 | ||||||||||||||||||||||||||
Inventory adjustments | $ | (1.84 | ) | |||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce | $ | 19.25 |
Silver | Gold | |||||||||||||||||||||||||||
(Dollars in thousands except per ounce amounts) | Palmarejo | San Bartolomé | Rochester | Endeavor | Total | Kensington | Total | |||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 62,481 | $ | 25,564 | $ | 29,077 | $ | 1,998 | $ | 119,120 | $ | 47,555 | $ | 166,675 | ||||||||||||||
Amortization | 16,493 | 5,117 | 5,359 | 909 | 27,878 | 12,887 | 40,765 | |||||||||||||||||||||
Costs applicable to sales | $ | 45,988 | $ | 20,447 | $ | 23,718 | $ | 1,089 | $ | 91,242 | $ | 34,668 | $ | 125,910 | ||||||||||||||
Silver equivalent ounces sold | 3,021,448 | 1,438,409 | 1,602,676 | 141,291 | 6,203,824 | |||||||||||||||||||||||
Gold ounces sold | 37,009 | |||||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 15.22 | $ | 14.22 | $ | 14.80 | $ | 7.71 | $ | 14.71 | $ | 937 | ||||||||||||||||
Inventory adjustments | (0.79 | ) | (0.55 | ) | (0.02 | ) | — | (0.52 | ) | (48 | ) | |||||||||||||||||
Adjusted costs applicable to sales per ounce | 14.43 | 13.67 | 14.78 | 7.71 | 14.19 | 889 | ||||||||||||||||||||||
Treatment and refining costs | 1,425 | |||||||||||||||||||||||||||
Sustaining capital | 12,239 | |||||||||||||||||||||||||||
General and administrative | 8,515 | |||||||||||||||||||||||||||
Exploration | 6,587 | |||||||||||||||||||||||||||
Reclamation | 2,041 | |||||||||||||||||||||||||||
Project/pre-development costs | 2,154 | |||||||||||||||||||||||||||
All-in sustaining costs | $ | 158,871 | ||||||||||||||||||||||||||
Silver equivalent ounces sold | 6,203,824 | |||||||||||||||||||||||||||
Kensington silver equivalent ounces sold | 2,220,540 | |||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold | 8,424,364 | |||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce | $ | 18.86 | ||||||||||||||||||||||||||
Inventory adjustments | $ | (0.59 | ) | |||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce | $ | 18.27 |
Silver | Gold | |||||||||||||||||||||||||||
(Dollars in thousands except per ounce amounts) | Palmarejo | San Bartolomé | Rochester | Endeavor | Total | Kensington | Total | |||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 67,595 | $ | 25,550 | $ | 29,406 | $ | 1,701 | $ | 124,252 | $ | 34,784 | $ | 159,036 | ||||||||||||||
Amortization | 18,044 | 4,855 | 5,025 | 859 | 28,783 | 11,566 | 40,349 | |||||||||||||||||||||
Costs applicable to sales | $ | 49,551 | $ | 20,695 | $ | 24,381 | $ | 842 | $ | 95,469 | $ | 23,218 | $ | 118,687 | ||||||||||||||
Silver equivalent ounces sold | 3,528,219 | 1,494,100 | 1,544,456 | 106,126 | 6,672,901 | |||||||||||||||||||||||
Gold ounces sold | 23,028 | |||||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 14.04 | $ | 13.85 | $ | 15.79 | $ | 7.94 | $ | 14.31 | $ | 1,008 | ||||||||||||||||
Inventory adjustments | (0.56 | ) | — | (0.06 | ) | — | (0.31 | ) | (187 | ) | ||||||||||||||||||
Adjusted costs applicable to sales per ounce | 13.48 | 13.85 | 15.73 | 7.94 | 14.00 | 821 | ||||||||||||||||||||||
Treatment and refining costs | 963 | |||||||||||||||||||||||||||
Sustaining capital | 17,617 | |||||||||||||||||||||||||||
General and administrative | 9,398 | |||||||||||||||||||||||||||
Exploration | 5,153 | |||||||||||||||||||||||||||
Reclamation | 1,964 | |||||||||||||||||||||||||||
Project/pre-development costs | 6,388 | |||||||||||||||||||||||||||
All-in sustaining costs | $ | 160,170 | ||||||||||||||||||||||||||
Silver equivalent ounces sold | 6,672,901 | |||||||||||||||||||||||||||
Kensington silver equivalent ounces sold | 1,381,680 | |||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold | 8,054,581 | |||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce | $ | 19.89 | ||||||||||||||||||||||||||
Inventory adjustments | $ | (0.79 | ) | |||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce | $ | 19.10 |
Silver | Gold | |||||||||||||||||||||||||||
(Dollars in thousands except per ounce amounts) | Palmarejo | San Bartolomé | Rochester | Endeavor | Total | Kensington | Total | |||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 62,233 | $ | 23,358 | $ | 19,159 | $ | 2,135 | $ | 106,885 | $ | 39,240 | $ | 146,125 | ||||||||||||||
Amortization | 18,659 | 4,457 | 4,451 | 953 | 28,520 | 10,709 | 39,229 | |||||||||||||||||||||
Costs applicable to sales | $ | 43,574 | $ | 18,901 | $ | 14,708 | $ | 1,182 | $ | 78,365 | $ | 28,531 | $ | 106,896 | ||||||||||||||
Silver equivalent ounces sold | 3,261,982 | 1,357,307 | 1,160,829 | 146,842 | 5,926,960 | |||||||||||||||||||||||
Gold ounces sold | 28,386 | |||||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 13.36 | $ | 13.93 | $ | 12.67 | $ | 8.05 | $ | 13.22 | $ | 1,005 | ||||||||||||||||
Inventory adjustments | (0.23 | ) | — | (0.04 | ) | — | (0.13 | ) | (126 | ) | ||||||||||||||||||
Adjusted costs applicable to sales per ounce | 13.13 | 13.93 | 12.63 | 8.05 | 13.09 | 879 | ||||||||||||||||||||||
Treatment and refining costs | 1,561 | |||||||||||||||||||||||||||
Sustaining capital | 12,851 | |||||||||||||||||||||||||||
General and administrative | 13,896 | |||||||||||||||||||||||||||
Exploration | 4,217 | |||||||||||||||||||||||||||
Reclamation | 1,914 | |||||||||||||||||||||||||||
Project/pre-development costs | 4,325 | |||||||||||||||||||||||||||
All-in sustaining costs | $ | 145,660 | ||||||||||||||||||||||||||
Silver equivalent ounces sold | 5,926,960 | |||||||||||||||||||||||||||
Kensington silver equivalent ounces sold | 1,703,160 | |||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold | 7,630,120 | |||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce | $ | 19.09 | ||||||||||||||||||||||||||
Inventory adjustments | $ | (0.57 | ) | |||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce | $ | 18.52 |
Silver | Gold | |||||||||||||||||||||||||||
(Dollars in thousands except per ounce amounts) | Palmarejo | San Bartolomé | Rochester | Endeavor | Total | Kensington | Total | |||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 322,107 | $ | 105,930 | $ | 86,759 | $ | 9,575 | $ | 524,371 | $ | 167,325 | $ | 691,696 | ||||||||||||||
Amortization | 133,535 | 19,103 | 8,890 | 3,755 | 165,283 | 62,750 | 228,033 | |||||||||||||||||||||
Costs applicable to sales | $ | 188,572 | $ | 86,827 | $ | 77,869 | $ | 5,820 | $ | 359,088 | $ | 104,575 | $ | 463,663 | ||||||||||||||
Silver equivalent ounces sold | 14,227,657 | 6,079,156 | 5,012,194 | 605,832 | 25,924,839 | |||||||||||||||||||||||
Gold ounces sold | 116,055 | |||||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 13.25 | $ | 14.28 | $ | 15.54 | $ | 9.61 | $ | 13.85 | $ | 901 | ||||||||||||||||
Inventory adjustments | (0.30 | ) | — | (0.02 | ) | — | (0.17 | ) | (12 | ) | ||||||||||||||||||
Adjusted costs applicable to sales per ounce | 12.95 | 14.28 | 15.52 | 9.61 | 13.68 | 889 | ||||||||||||||||||||||
Treatment and refining costs | 6,964 | |||||||||||||||||||||||||||
Sustaining capital | 58,840 | |||||||||||||||||||||||||||
General and administrative | 55,343 | |||||||||||||||||||||||||||
Exploration | 22,360 | |||||||||||||||||||||||||||
Reclamation | 3,746 | |||||||||||||||||||||||||||
Project/pre-development costs | 11,869 | |||||||||||||||||||||||||||
All-in sustaining costs | $ | 622,785 | ||||||||||||||||||||||||||
Silver equivalent ounces sold | 25,924,839 | |||||||||||||||||||||||||||
Kensington silver equivalent ounces sold | 6,963,300 | |||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold | 32,888,139 | |||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce | $ | 18.94 | ||||||||||||||||||||||||||
Inventory adjustments | $ | (0.17 | ) | |||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce | $ | 18.77 |
1 Year Coeur Mining Chart |
1 Month Coeur Mining Chart |
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