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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 | |
---|---|---|---|---|---|---|---|---|
-0.02 | -0.39% | 5.12 | 5.20 | 5.025 | 5.07 | 4,524,808 | 21:28:42 |
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 November 2, 2015 |
COEUR MINING, INC. | |
Date: November 2, 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 November 2, 2015 |
• | Silver production was 3.8 million ounces and gold production was 85,769 ounces, or 9.0 million silver equivalent1 ounces, as previously announced on October 6, 2015 |
• | Silver sales were 4.0 million ounces and gold production was 91,118 ounces, or 9.5 million silver equivalent1 ounces, up 5% from the second quarter |
• | Adjusted costs applicable to sales were $12.07 and adjusted all-in sustaining costs were $15.17 per silver equivalent ounce1, the lowest levels since Coeur began reporting these metrics in 2013 |
• | Adjusted costs applicable to sales per silver equivalent ounce1 at Palmarejo declined 14% from the second quarter to $11.40 |
• | Adjusted costs applicable to sales per gold equivalent ounce1 at Wharf dropped 26% from the second quarter to $716 |
• | Cash, cash equivalents, and short-term investments were $205.7 million at September 30 |
(silver and silver equivalent ounces in thousands) | Silver | Gold | Total Silver Equivalent |
Palmarejo | 4,700 - 5,000 | 65,000 - 70,000 | 8,600 - 9,200 |
San Bartolomé | 5,300 - 5,500 | — | 5,300 - 5,500 |
Rochester | 4,700 - 5,000 | 55,000 - 65,000 | 8,000 - 8,900 |
Endeavor | 500 - 600 | — | 500 - 600 |
Kensington | — | 115,000 - 125,000 | 6,900 - 7,500 |
Wharf | — | 74,000 - 78,000 | 4,440 - 4,680 |
Total | 15,200 - 16,100 | 309,000 - 338,000 | 33,740 - 36,380 |
(dollars in millions, except per ounce amounts) | New 2015 Guidance | Old 2015 Guidance |
Costs Applicable to Sales per Silver Equivalent Ounce1 - Palmarejo | $14.00 - $14.50 | $15.00 - $16.00 |
Costs Applicable to Sales per Silver Ounce - San Bartolomé | $13.50 - $14.50 | $13.50 - $15.00 |
Costs Applicable to Sales per Silver Equivalent Ounce1 - Rochester | $12.25 - $12.75 | $12.50 - $14.00 |
Costs Applicable to Sales per Gold Ounce - Kensington | $800 - $850 | $850 - $900 |
Costs Applicable to Sales per Gold Equivalent Ounce1 - Wharf | $700 - $750 | $750 - $825 |
Capital Expenditures | $95 - $105 | $95 - $105 |
General and Administrative Expenses | $33 - $35 | $36 - $39 |
Exploration Expense | $13 - $16 | $13 - $16 |
All-in Sustaining Costs per Silver Equivalent Ounce1 | $16.50 - $17.00 | $17.00 - $18.00 |
(Amounts in millions, except per share amounts, gold ounces produced & sold, and per-ounce metrics) | 3Q 2015 | 2Q 2015 | 1Q 2015 | 4Q 2014 | 3Q 2014 | ||||||||||
Revenue | $ | 162.6 | $ | 166.3 | $ | 153.0 | $ | 140.6 | $ | 170.9 | |||||
Costs Applicable to Sales | $ | 120.2 | $ | 119.1 | $ | 115.1 | $ | 126.5 | $ | 125.9 | |||||
General and Administrative Expenses | $ | 6.7 | $ | 8.5 | $ | 8.8 | $ | 9.0 | $ | 8.5 | |||||
Adjusted EBITDA1 | $ | 31.4 | $ | 34.7 | $ | 23.7 | $ | 7.8 | $ | 30.7 | |||||
Net Income (Loss) | $ | (14.2 | ) | $ | (16.7 | ) | $ | (33.3 | ) | $ | (1,079.1 | ) | $ | 3.5 | |
Net Income (Loss) Per Share | $ | (0.11 | ) | $ | (0.12 | ) | $ | (0.32 | ) | $ | (10.53 | ) | $ | 0.03 | |
Adjusted Net Income (Loss)1 | $ | (21.8 | ) | $ | (14.5 | ) | $ | (22.7 | ) | $ | (37.5 | ) | $ | (18.5 | ) |
Adjusted Net Income (Loss)1 Per Share | $ | (0.16 | ) | $ | (0.11 | ) | $ | (0.22 | ) | $ | (0.37 | ) | $ | (0.18 | ) |
Weighted Average Shares | 135.2 | 135.0 | 102.6 | 102.4 | 102.6 | ||||||||||
Cash Flow From Operating Activities | $ | 36.2 | $ | 36.9 | $ | (4.0 | ) | $ | 0.7 | $ | 31.3 | ||||
Capital Expenditures | $ | 23.9 | $ | 23.7 | $ | 17.6 | $ | 20.1 | $ | 16.8 | |||||
Cash, Equivalents & Short-Term Investments | $ | 205.7 | $ | 205.9 | $ | 179.6 | $ | 270.9 | $ | 295.4 | |||||
Total Debt2 | $ | 546.0 | $ | 547.7 | $ | 513.5 | $ | 468.5 | $ | 469.5 | |||||
Average Realized Price Per Ounce - Silver | $ | 14.66 | $ | 16.23 | $ | 16.77 | $ | 16.40 | $ | 19.46 | |||||
Average Realized Price Per Ounce - Gold | $ | 1,116 | $ | 1,179 | $ | 1,204 | $ | 1,186 | $ | 1,260 | |||||
Silver Ounces Produced | 3.8 | 4.3 | 3.8 | 4.3 | 4.3 | ||||||||||
Gold Ounces Produced | 85,769 | 80,855 | 69,734 | 64,534 | 64,989 | ||||||||||
Silver Equivalent Ounces Produced1 | 9.0 | 9.1 | 8.0 | 8.3 | 8.2 | ||||||||||
Silver Ounces Sold | 4.0 | 4.0 | 4.1 | 4.6 | 4.3 | ||||||||||
Gold Ounces Sold | 91,118 | 84,312 | 68,420 | 52,785 | 69,541 | ||||||||||
Silver Equivalent Ounces Sold1 | 9.5 | 9.1 | 8.2 | 7.9 | 8.4 | ||||||||||
Silver Equivalent Ounces Sold (Realized)1 | 10.9 | 10.1 | 9.0 | 8.4 | 8.8 | ||||||||||
Adjusted Costs Applicable to Sales per AgEq Oz1 | $ | 12.07 | $ | 12.56 | $ | 13.71 | $ | 14.43 | $ | 14.19 | |||||
Adjusted Costs Applicable to Sales per AgEq Oz (Realized)1 | $ | 11.00 | $ | 11.75 | $ | 12.90 | $ | 13.67 | $ | 13.85 | |||||
Adjusted Costs Applicable to Sales per AuEq Oz1 | $ | 783 | $ | 816 | $ | 797 | $ | 792 | $ | 889 | |||||
Adjusted All-in Sustaining Costs per AgEq Oz1 | $ | 15.17 | $ | 16.60 | $ | 17.66 | $ | 19.25 | $ | 18.27 | |||||
Adjusted All-in Sustaining Costs per AgEq Oz (Realized)1 | $ | 13.14 | $ | 14.81 | $ | 16.05 | $ | 18.04 | $ | 17.57 |
(Dollars in millions, except per ounce amounts) | 3Q 2015 | 2Q 2015 | 1Q 2015 | 4Q 2014 | 3Q 2014 |
Underground Operations: | |||||
Tons mined | 190,399 | 172,730 | 149,150 | 187,730 | 169,656 |
Average silver grade (oz/t) | 4.11 | 3.90 | 4.34 | 4.49 | 4.88 |
Average gold grade (oz/t) | 0.10 | 0.09 | 0.07 | 0.06 | 0.10 |
Surface Operations: | |||||
Tons mined | 247,071 | 257,862 | 281,481 | 320,802 | 343,001 |
Average silver grade (oz/t) | 3.56 | 3.47 | 3.79 | 2.90 | 3.09 |
Average gold grade (oz/t) | 0.03 | 0.03 | 0.04 | 0.03 | 0.03 |
Processing: | |||||
Total tons milled | 427,635 | 435,841 | 451,918 | 510,813 | 518,212 |
Average recovery rate – Ag | 87.9% | 78.5% | 78.7% | 80.2% | 82.7% |
Average recovery rate – Au | 84.7% | 76.2% | 73.9% | 78.7% | 86.9% |
Silver ounces produced (000's) | 1,422 | 1,247 | 1,354 | 1,444 | 1,533 |
Gold ounces produced | 22,974 | 18,127 | 15,495 | 15,237 | 22,514 |
Silver equivalent ounces produced1 (000's) | 2,800 | 2,335 | 2,284 | 2,358 | 2,884 |
Silver ounces sold (000's) | 1,425 | 1,228 | 1,330 | 1,375 | 1,605 |
Gold ounces sold | 25,000 | 15,706 | 13,793 | 16,255 | 23,600 |
Silver equivalent ounces sold1 (000's) | 2,925 | 2,170 | 2,158 | 2,350 | 3,021 |
Silver equivalent ounces sold1 (realized) (000's) | 3,325 | 2,374 | 2,323 | 2,545 | 3,139 |
Revenues | $49.2 | $38.9 | $39.4 | $42.2 | $61.4 |
Costs applicable to sales | $34.1 | $30.1 | $34.5 | $48.1 | $46.0 |
Adjusted costs applicable to sales per AgEq ounce1 | $11.40 | $13.21 | $14.56 | $15.70 | $14.43 |
Adjusted costs applicable to sales per AgEq ounce (realized)1 | $10.01 | $12.07 | $13.52 | $14.49 | $13.91 |
Exploration expense | $1.1 | $1.8 | $1.1 | $1.5 | $2.6 |
Cash flow from operating activities | $22.9 | $9.7 | $(0.2) | $(3.2) | $20.2 |
Sustaining capital expenditures | $1.1 | $2.7 | $3.1 | $5.5 | $1.9 |
Development capital expenditures | $9.4 | $8.0 | $6.1 | $5.4 | $4.0 |
Total capital expenditures | $10.5 | $10.7 | $9.2 | $10.9 | $5.9 |
Free cash flow (before royalties) | $12.4 | $(1.0) | $(9.4) | $(14.1) | $14.3 |
Royalties paid | $10.2 | $9.8 | $10.4 | $10.0 | $11.4 |
Free cash flow3 | $2.2 | $(10.8) | $(19.8) | $(24.1) | $2.9 |
• | Adjusted costs applicable to sales per silver equivalent ounce1 of $11.40 decreased 14% from the second quarter due to higher grades, stronger recoveries, and a higher proportion of production from underground. Compared to last year’s third quarter, Adjusted costs applicable to sales per silver equivalent ounce1 declined 21% |
• | Free cash flow of $2.2 million reached the highest level since the third quarter of 2014 when realized silver and gold prices averaged $19.46 and $1,260, respectively |
• | Palmarejo continues the transition to underground mining at the Guadalupe mine and the Independencia mine (expected beginning early 2016) while mining activities in the historic zones gradually decline |
• | Daily mining rates at Guadalupe averaged more than 1,700 tons per day during the quarter, which triggered the October receipt of the remaining $8 million deposit from an affiliate of Franco-Nevada Corporation under the gold stream agreement entered into in October 2014 |
• | Stronger recovery rates for silver and gold resulted from reduced tailings losses due to tighter operational controls around thickening, longer retention time due to lower processing rates, and higher proportions of Guadalupe ore |
• | Development of the twin declines to Independencia are now approaching 700 meters each (approximately 70% complete) and is expected to reach the Independencia ore body by the end of 2015 |
• | On November 2, an updated technical report was filed reflecting average annual production of approximately six million ounces of silver and 100,000 ounces of gold over the next seven years. See press release issued November 2, 2015 |
• | Coeur is raising 2015 production guidance for Palmarejo by 7% to 4.7 - 5.0 million ounces of silver and 65,000 - 70,000 ounces of gold. Coeur is also lowering 2015 cost guidance from $15.00 - $16.00 to $14.00 - $14.50 |
(Dollars in millions, except per ounce amounts) | 3Q 2015 | 2Q 2015 | 1Q 2015 | 4Q 2014 | 3Q 2014 |
Ore tons placed | 4,128,868 | 3,859,965 | 4,013,879 | 3,876,944 | 3,892,421 |
Average silver grade (oz/t) | 0.59 | 0.61 | 0.74 | 0.60 | 0.51 |
Average gold grade (oz/t) | 0.003 | 0.003 | 0.004 | 0.004 | 0.005 |
Silver ounces produced (000's) | 1,086 | 1,294 | 1,144 | 1,170 | 1,156 |
Gold ounces produced | 10,892 | 16,411 | 13,721 | 15,764 | 11,702 |
Silver equivalent ounces produced1 (000's) | 1,740 | 2,279 | 1,967 | 2,116 | 1,858 |
Silver ounces sold (000's) | 1,304 | 1,120 | 1,351 | 1,154 | 1,067 |
Gold ounces sold | 13,537 | 15,085 | 17,754 | 14,131 | 8,932 |
Silver equivalent ounces sold1 (000's) | 2,116 | 2,025 | 2,416 | 2,002 | 1,603 |
Silver equivalent ounces sold1 (realized) (000's) | 2,333 | 2,221 | 2,629 | 2,171 | 1,647 |
Revenues | $34.6 | $36.3 | $44.0 | $36.0 | $32.4 |
Costs applicable to sales | $25.4 | $24.4 | $31.4 | $28.7 | $23.7 |
Adjusted costs applicable to sales per AgEq ounce1 | $12.01 | $12.01 | $12.95 | $13.82 | $14.78 |
Adjusted costs applicable to sales per AgEq ounce (realized)1 | $10.89 | $10.94 | $11.91 | $12.75 | $14.39 |
Exploration expense | $— | $0.5 | $0.7 | $0.6 | $0.1 |
Cash flow from operating activities | $6.5 | $8.8 | $16.4 | $10.2 | $8.2 |
Sustaining capital expenditures | $1.8 | $2.4 | $0.8 | $2.7 | $4.2 |
Development capital expenditures | $3.5 | $3.5 | $2.5 | $— | $— |
Total capital expenditures | $5.3 | $5.9 | $3.3 | $2.7 | $4.2 |
Free cash flow3 | $1.2 | $2.9 | $13.1 | $7.5 | $4.0 |
• | Third quarter adjusted costs applicable to sales per silver equivalent ounce1 were $12.01 for the second consecutive quarter, prompting Coeur to lower its 2015 guidance to $12.25 - $12.75 from $12.50 - $14.00. This represents a 10% - 15% reduction from 2014 |
• | In 2015, Rochester is expected to produce 4.7 - 5.0 million ounces of silver and 55,000 - 65,000 ounces of gold, representing a 15% - 30% increase from 2014 |
• | Approval for POA 10 (expansion of Stage IV leach pad and construction of new Stage V leach pad) is expected in early 2016. Minimal preparatory work for the Stage V leach pad expected in 2016 with major construction activity planned for 2017 |
(Dollars in millions, except per ounce amounts) | 3Q 2015 | 2Q 2015 | 1Q 2015 | 4Q 2014 | 3Q 2014 |
Tons milled | 165,198 | 170,649 | 164,951 | 167,417 | 145,097 |
Average gold grade (oz/t) | 0.19 | 0.18 | 0.24 | 0.21 | 0.23 |
Average recovery rate | 93.9% | 94.9% | 94.8% | 94.2% | 93% |
Gold ounces produced | 28,799 | 29,845 | 33,909 | 33,533 | 30,773 |
Gold ounces sold | 28,084 | 36,607 | 36,873 | 22,399 | 37,009 |
Revenues | $30.5 | $42.5 | $44.0 | $26.0 | $45.9 |
Costs applicable to sales | $25.0 | $27.5 | $29.4 | $18.9 | $34.7 |
Adjusted costs applicable to sales per gold ounce1 | $842 | $745 | $797 | $792 | $889 |
Exploration expense | $0.2 | $0.4 | $1.7 | $2.8 | $2.6 |
Cash flow from operating activities | $8.9 | $12.0 | $12.3 | $(3.7) | $17.0 |
Sustaining capital expenditures | $1.0 | $4.2 | $4.1 | $3.3 | $3.6 |
Development capital expenditures | $4.5 | $0.5 | $— | $0.6 | $— |
Total capital expenditures | $5.5 | $4.7 | $4.1 | $3.9 | $3.6 |
Free cash flow3 | $3.4 | $7.3 | $8.2 | $(7.6) | $13.4 |
• | Adjusted costs applicable to sales per gold ounce1 increased 13% to $842 in the third quarter mainly due to the timing of certain maintenance costs and a 23% decline in ounces sold |
• | Development of the decline into the high-grade Jualin deposit began in early August. Underground drilling at Jualin is expected to begin in early 2016 |
• | In 2015, Kensington is expected to produce 115,000 - 125,000 ounces of gold at costs applicable to sales per gold ounce of $800 - $850, approximately 6% lower than prior guidance of $850 - $900 |
(Dollars in millions, except per ounce amounts) | 3Q 2015 | 2Q 2015 | 1Q 2015 | 4Q 2014 | 3Q 2014 |
Ore tons placed | 1,149,744 | 887,409 | 415,996 | — | — |
Average gold grade (oz/t) | 0.035 | 0.025 | 0.020 | — | — |
Gold equivalent ounces produced1 | 23,427 | 16,794 | 6,609 | — | — |
Gold equivalent ounces sold1 | 24,815 | 17,131 | — | — | — |
Revenues | $28.0 | $20.4 | — | — | — |
Costs applicable to sales | $17.8 | $16.6 | — | — | — |
Adjusted costs applicable to sales per gold equivalent ounce1 | $716 | $970 | — | — | — |
Exploration expense | $— | $— | — | — | — |
Cash flow from operating activities | $12.9 | $8.2 | (7.2) | — | — |
Sustaining capital expenditures | $0.7 | $1.2 | 0.1 | — | — |
Development capital expenditures | $— | $— | — | — | — |
Total capital expenditures | $0.7 | $1.2 | 0.1 | — | — |
Free cash flow3 | $12.2 | $7.0 | (7.3) | — | — |
• | Adjusted costs applicable to sales per gold equivalent ounce1 declined 26% in the third quarter to $716 due to a significant increase in production from the higher-grade Golden Reward pit, as well as higher recoveries from ore placed on the recently relined leach pad V |
• | Free cash flow3 from Wharf increased to $12.2 million in the quarter, making Wharf the Company's largest source of cash flow |
• | In 2015, Wharf is expected to produce 74,000 - 78,000 ounces of gold at costs applicable to sales per gold equivalent ounce1 of $700 - $750, down approximately 8% compared to prior guidance of $750 - $825 |
(Dollars in millions, except per ounce amounts) | 3Q 2015 | 2Q 2015 | 1Q 2015 | 4Q 2014 | 3Q 2014 |
Tons milled | 373,201 | 457,232 | 406,951 | 454,135 | 471,938 |
Average silver grade (oz/t) | 3.76 | 3.73 | 3.65 | 3.77 | 3.70 |
Average recovery rate | 84.0% | 87.6% | 81.6% | 88.0% | 86.5% |
Silver ounces produced (000's) | 1,178 | 1,495 | 1,213 | 1,507 | 1,509 |
Silver ounces sold (000's) | 1,202 | 1,439 | 1,290 | 1,987 | 1,438 |
Revenues | $17.4 | $23.4 | $21.5 | $32.6 | $28.4 |
Costs applicable to sales | $17.5 | $19.2 | $19.1 | $29.6 | $20.4 |
Adjusted costs applicable to sales per silver ounce1 | $14.41 | $13.26 | $14.47 | $14.38 | $13.67 |
Exploration expense | $0.1 | $— | $— | $— | $— |
Cash flow from operating activities | $5.7 | $5.4 | $5.0 | $2.3 | $12.3 |
Sustaining capital expenditures | $1.8 | $1.0 | $0.9 | $2.0 | $2.8 |
Development capital expenditures | $— | $— | $— | $— | $— |
Total capital expenditures | $1.8 | $1.0 | $0.9 | $2.0 | $2.8 |
Free cash flow3 | $3.9 | $4.4 | $4.1 | $0.3 | $9.5 |
• | Political protests in Potosi, Bolivia prompted a three-week cessation of mining activity in July, which caused a 21% decrease in production and a 9% increase in adjusted costs applicable to sales per silver ounce to $14.41 for the quarter |
• | To supplement tonnage from ongoing mining activities, Coeur recently began purchasing larger volumes of higher-grade ore from local sources to feed into the processing facility. Approximately 17% of third quarter production was generated by third-party ore purchases |
• | In 2015, San Bartolomé is expected to produce 5.3 - 5.5 million ounces of silver at costs applicable to sales of $13.50 - $14.50 per silver ounce, down from prior guidance of $13.50 - $15.00 |
(Dollars in millions, except per ounce amounts) | 3Q 2015 | 2Q 2015 | 1Q 2015 | 4Q 2014 | 3Q 2014 |
Tons milled | 191,913 | 191,175 | 185,299 | 214,180 | 199,757 |
Average silver grade (oz/t) | 1.39 | 2.35 | 1.69 | 1.99 | 1.44 |
Average recovery rate | 45.4% | 45.4% | 42.4% | 44.9% | 49.1% |
Silver ounces produced (000's) | 121 | 204 | 133 | 191 | 141 |
Silver ounces sold (000's) | 95 | 209 | 118 | 192 | 141 |
Metal sales | $1.3 | $3.1 | $1.9 | $2.7 | $2.4 |
Royalty revenue | $1.6 | $1.8 | $2.0 | $0.7 | $0.6 |
Costs applicable to sales (Endeavor silver stream) | $0.5 | $1.4 | $0.6 | $1.1 | $1.1 |
Costs applicable to sales per silver equivalent ounce1 | $4.99 | $6.46 | $5.37 | $5.69 | $7.71 |
Cash flow from operating activities | $3.1 | $2.1 | $2.2 | $1.5 | $2.4 |
Free cash flow3 | $3.1 | $2.1 | $2.2 | $1.5 | $2.4 |
• | 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 September 30, 2015, the Company has received 5.9 million ounces, or 30.0% of the total |
• | There are five cash-flowing royalties and streams, two non-cash-flowing royalties, and several investments in junior mining companies held in Coeur Capital or its affiliates |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
In thousands, except share data | |||||||||||||||
Revenue | $ | 162,552 | $ | 170,938 | $ | 481,770 | $ | 495,133 | |||||||
COSTS AND EXPENSES | |||||||||||||||
Costs applicable to sales | 120,237 | 125,910 | 354,397 | 351,492 | |||||||||||
Amortization | 35,497 | 41,985 | 107,560 | 123,834 | |||||||||||
General and administrative | 6,694 | 8,515 | 23,979 | 31,809 | |||||||||||
Exploration | 2,112 | 6,587 | 9,957 | 15,957 | |||||||||||
Pre-development, reclamation, and other | 4,938 | 4,244 | 13,968 | 20,019 | |||||||||||
Total costs and expenses | 169,478 | 187,241 | 509,861 | 543,111 | |||||||||||
OTHER INCOME (EXPENSE), NET | |||||||||||||||
Fair value adjustments, net | 5,786 | 16,105 | 3,657 | (3,611 | ) | ||||||||||
Interest expense, net of capitalized interest | (12,446 | ) | (11,616 | ) | (33,945 | ) | (36,980 | ) | |||||||
Other, net | (8,893 | ) | (1,303 | ) | (14,257 | ) | (6,927 | ) | |||||||
Total other income (expense), net | (15,553 | ) | 3,186 | (44,545 | ) | (47,518 | ) | ||||||||
Income (loss) before income and mining taxes | (22,479 | ) | (13,117 | ) | (72,636 | ) | (95,496 | ) | |||||||
Income and mining tax (expense) benefit | 8,260 | 16,583 | 8,451 | 18,650 | |||||||||||
NET INCOME (LOSS) | $ | (14,219 | ) | $ | 3,466 | $ | (64,185 | ) | $ | (76,846 | ) | ||||
OTHER COMPREHENSIVE INCOME (LOSS), net of tax: | |||||||||||||||
Unrealized gain (loss) on equity securities, net of tax of $686 and $939 for the three and nine months ended September 30, 2014, respectively | (931 | ) | (1,086 | ) | (3,744 | ) | (1,487 | ) | |||||||
Reclassification adjustments for impairment of equity securities, net of tax of $(423) and $(1,768) for the three and nine months ended September 30, 2014, respectively | 483 | 669 | 2,028 | 2,828 | |||||||||||
Reclassification adjustments for realized loss on sale of equity securities, net of tax of $(140) and $(150) for the three and nine months ended September 30, 2014, respectively | — | 221 | 904 | 238 | |||||||||||
Other comprehensive income (loss) | (448 | ) | (196 | ) | (812 | ) | 1,579 | ||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (14,667 | ) | $ | 3,270 | $ | (64,997 | ) | $ | (75,267 | ) | ||||
NET INCOME (LOSS) PER SHARE | |||||||||||||||
Basic | $ | (0.11 | ) | $ | 0.03 | $ | (0.52 | ) | $ | (0.75 | ) | ||||
Diluted | $ | (0.11 | ) | $ | 0.03 | $ | (0.52 | ) | $ | (0.75 | ) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
In thousands | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||
Net income (loss) | $ | (14,219 | ) | $ | 3,466 | $ | (64,185 | ) | (76,846 | ) | |||||
Adjustments: | |||||||||||||||
Amortization | 35,497 | 41,985 | 107,560 | 123,834 | |||||||||||
Accretion | 3,629 | 3,868 | 10,305 | 12,961 | |||||||||||
Deferred income taxes | (1,233 | ) | (23,437 | ) | (8,470 | ) | (39,142 | ) | |||||||
Loss on termination of revolving credit facility | — | — | — | 3,035 | |||||||||||
Fair value adjustments, net | (5,786 | ) | (16,105 | ) | (3,657 | ) | 3,611 | ||||||||
Stock-based compensation | 1,639 | 2,505 | 6,393 | 7,455 | |||||||||||
Impairment of equity securities | 483 | 1,092 | 2,028 | 4,614 | |||||||||||
Foreign exchange and other | 8,541 | 1,683 | 13,845 | 815 | |||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Receivables | 11,011 | 7,446 | 11,225 | 18,297 | |||||||||||
Prepaid expenses and other current assets | (2,055 | ) | 3,871 | (3,222 | ) | (687 | ) | ||||||||
Inventory and ore on leach pads | 5,380 | 9,698 | 10,713 | (5,821 | ) | ||||||||||
Accounts payable and accrued liabilities | (6,650 | ) | (4,806 | ) | (13,407 | ) | 311 | ||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | 36,237 | 31,266 | 69,128 | 52,437 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||
Capital expenditures | (23,861 | ) | (16,784 | ) | (65,158 | ) | (44,076 | ) | |||||||
Acquisitions, net of cash acquired | (122 | ) | (13,829 | ) | (111,290 | ) | (16,079 | ) | |||||||
Other | 340 | 74 | (1,338 | ) | 61 | ||||||||||
Purchase of short-term investments and equity securities | (3 | ) | (2,089 | ) | (1,876 | ) | (50,423 | ) | |||||||
Sales and maturities of short-term investments | 60 | 2,856 | 529 | 3,413 | |||||||||||
CASH USED IN INVESTING ACTIVITIES | (23,586 | ) | (29,772 | ) | (179,133 | ) | (107,104 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||
Issuance of notes and bank borrowings | — | — | 153,500 | 153,000 | |||||||||||
Payments on debt, capital leases, and associated costs | (2,618 | ) | (13,274 | ) | (77,838 | ) | (20,236 | ) | |||||||
Gold production royalty payments | (10,159 | ) | (11,351 | ) | (30,281 | ) | (38,379 | ) | |||||||
Other | (34 | ) | (77 | ) | (529 | ) | (483 | ) | |||||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (12,811 | ) | (24,702 | ) | 44,852 | 93,902 | |||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (160 | ) | (23,208 | ) | (65,153 | ) | 39,235 | ||||||||
Cash and cash equivalents at beginning of period | 205,868 | 269,133 | 270,861 | 206,690 | |||||||||||
Cash and cash equivalents at end of period | $ | 205,708 | $ | 245,925 | $ | 205,708 | $ | 245,925 |
September 30, 2015 (Unaudited) | December 31, 2014 | |||||||
ASSETS | In thousands, except share data | |||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 205,708 | $ | 270,861 | ||||
Receivables | 93,599 | 116,921 | ||||||
Inventory | 98,109 | 114,931 | ||||||
Ore on leach pads | 68,695 | 48,204 | ||||||
Deferred tax assets | 7,197 | 7,364 | ||||||
Prepaid expenses and other | 18,431 | 15,523 | ||||||
491,739 | 573,804 | |||||||
NON-CURRENT ASSETS | ||||||||
Property, plant and equipment, net | 261,043 | 227,911 | ||||||
Mining properties, net | 851,590 | 501,192 | ||||||
Ore on leach pads | 39,685 | 37,889 | ||||||
Restricted assets | 8,003 | 7,037 | ||||||
Equity securities | 3,213 | 5,982 | ||||||
Receivables | 27,507 | 21,686 | ||||||
Deferred tax assets | 64,359 | 60,151 | ||||||
Other | 11,534 | 9,915 | ||||||
TOTAL ASSETS | $ | 1,758,673 | $ | 1,445,567 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 49,690 | $ | 49,052 | ||||
Accrued liabilities and other | 38,329 | 51,513 | ||||||
Debt | 11,775 | 17,498 | ||||||
Royalty obligations | 33,440 | 43,678 | ||||||
Reclamation | 3,310 | 3,871 | ||||||
Deferred tax liabilities | 8,078 | 8,078 | ||||||
144,622 | 173,690 | |||||||
NON-CURRENT LIABILITIES | ||||||||
Debt | 534,211 | 451,048 | ||||||
Royalty obligations | 6,781 | 27,651 | ||||||
Reclamation | 88,009 | 66,943 | ||||||
Deferred tax liabilities | 222,809 | 111,006 | ||||||
Other long-term liabilities | 47,856 | 29,911 | ||||||
899,666 | 686,559 | |||||||
STOCKHOLDERS’ EQUITY | ||||||||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 136,962,174 at September 30, 2015 and authorized 150,000,000 shares, issued and outstanding 103,384,408 at December 31, 2014 | 1,370 | 1,034 | ||||||
Additional paid-in capital | 2,983,423 | 2,789,695 | ||||||
Accumulated other comprehensive income (loss) | (3,620 | ) | (2,808 | ) | ||||
Accumulated deficit | (2,266,788 | ) | (2,202,603 | ) | ||||
714,385 | 585,318 | |||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,758,673 | $ | 1,445,567 |
(Dollars in thousands except per share amounts) | 3Q 2015 | 2Q 2015 | 1Q 2015 | 4Q 2014 | 3Q 2014 | ||||||||||||||
Net income (loss) | $ | (14,219 | ) | $ | (16,677 | ) | $ | (33,287 | ) | $ | (1,079,038 | ) | $ | 3,466 | |||||
Interest expense, net of capitalized interest | 12,446 | 10,734 | 10,765 | 10,566 | 11,615 | ||||||||||||||
Other, net | 8,893 | 2,852 | 2,511 | (1,709 | ) | 1,305 | |||||||||||||
Income tax provision (benefit) | (8,260 | ) | (260 | ) | 68 | (440,594 | ) | (16,582 | ) | ||||||||||
Amortization | 35,497 | 38,974 | 33,090 | 38,570 | 41,985 | ||||||||||||||
EBITDA | 34,357 | 35,623 | 13,147 | (1,472,205 | ) | 41,789 | |||||||||||||
Fair value adjustments, net | (5,786 | ) | (2,754 | ) | 4,884 | (7,229 | ) | (16,106 | ) | ||||||||||
Inventory adjustments | 2,280 | 1,805 | 3,684 | 14,482 | 4,993 | ||||||||||||||
Corporate reorganization costs | 514 | — | — | — | — | ||||||||||||||
Transaction-related costs | — | 38 | 1,975 | — | — | ||||||||||||||
Write-downs | — | — | — | 1,472,721 | — | ||||||||||||||
Adjusted EBITDA | $ | 31,365 | $ | 34,712 | $ | 23,690 | $ | 7,769 | $ | 30,676 |
(Dollars in thousands except per share amounts) | 3Q 2015 | 2Q 2015 | 1Q 2015 | 4Q 2014 | 3Q 2014 | ||||||||||||||
Net income (loss) | $ | (14,219 | ) | $ | (16,677 | ) | $ | (33,287 | ) | $ | (1,079,038 | ) | $ | 3,466 | |||||
Fair value adjustments, net | (3,384 | ) | (2,618 | ) | 4,339 | (5,622 | ) | (13,026 | ) | ||||||||||
Stock-based compensation | 1,541 | 2,529 | 2,410 | 1,807 | 2,417 | ||||||||||||||
Impairment of equity securities | 483 | 31 | 1,514 | 1,979 | 1,092 | ||||||||||||||
Accretion of royalty obligation | 1,063 | 1,147 | 1,315 | 1,992 | 1,374 | ||||||||||||||
Write-downs | — | — | — | 1,021,756 | — | ||||||||||||||
(Gain) loss on debt extinguishments | — | 524 | (253 | ) | (426 | ) | — | ||||||||||||
Inventory adjustments | 2,280 | 1,805 | 3,684 | 14,482 | 4,993 | ||||||||||||||
Corporate reorganization costs | 514 | — | — | — | — | ||||||||||||||
Transaction-related costs | — | 38 | 1,975 | — | — | ||||||||||||||
Deferred tax asset valuation allowance | — | 76 | (3,464 | ) | — | — | |||||||||||||
Foreign exchange (gain) loss on deferred taxes | (10,092 | ) | (1,305 | ) | (929 | ) | 5,615 | (18,801 | ) | ||||||||||
Adjusted net income (loss) | $ | (21,814 | ) | $ | (14,450 | ) | $ | (22,696 | ) | $ | (37,455 | ) | $ | (18,485 | ) | ||||
Adjusted net income (loss) per share | $ | (0.16 | ) | $ | (0.11 | ) | $ | (0.22 | ) | $ | (0.37 | ) | $ | (0.18 | ) |
Silver | Gold | Total | ||||||||||||||||||||||||||||||||||
In thousands except per ounce amounts | Palmarejo | Rochester | San Bartolomé | Endeavor | Total | Kensington | Wharf | Total | ||||||||||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 42,710 | $ | 33,935 | $ | 20,665 | $ | 1,384 | $ | 99,038 | $ | 33,472 | $ | 23,419 | $ | 56,891 | $ | 155,929 | ||||||||||||||||||
Amortization | 8,617 | 8,499 | 3,526 | 909 | 21,551 | 8,499 | 5,642 | 14,141 | 35,692 | |||||||||||||||||||||||||||
Costs applicable to sales | $ | 34,093 | $ | 25,436 | $ | 17,483 | $ | 475 | $ | 77,487 | $ | 24,973 | $ | 17,777 | $ | 42,750 | $ | 120,237 | ||||||||||||||||||
Silver equivalent ounces sold | 2,924,947 | 2,116,353 | 1,201,959 | 95,260 | 6,338,519 | 9,512,459 | ||||||||||||||||||||||||||||||
Gold equivalent ounces sold | 28,084 | 24,815 | 52,899 | |||||||||||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 11.66 | $ | 12.02 | $ | 14.55 | $ | 4.99 | $ | 12.22 | $ | 889 | $ | 716 | $ | 808 | $ | 12.64 | ||||||||||||||||||
Inventory adjustments | (0.26 | ) | (0.01 | ) | (0.14 | ) | — | (0.15 | ) | (47 | ) | — | (25 | ) | (0.24 | ) | ||||||||||||||||||||
Adjusted costs applicable to sales per ounce | $ | 11.40 | $ | 12.01 | $ | 14.41 | $ | 4.99 | $ | 12.07 | $ | 842 | $ | 716 | $ | 783 | $ | 12.40 | ||||||||||||||||||
Costs applicable to sales per ounce (realized) | $ | 10.25 | $ | 10.90 | $ | 11.14 | $ | 10.95 | ||||||||||||||||||||||||||||
Inventory adjustments | (0.24 | ) | (0.01 | ) | (0.14 | ) | (0.21 | ) | ||||||||||||||||||||||||||||
Adjusted costs applicable to sales per ounce (realized) | $ | 10.01 | $ | 10.89 | $ | 11.00 | $ | 10.74 | ||||||||||||||||||||||||||||
Costs applicable to sales | $ | 120,237 | ||||||||||||||||||||||||||||||||||
Treatment and refining costs | 820 | |||||||||||||||||||||||||||||||||||
Sustaining capital | 8,565 | |||||||||||||||||||||||||||||||||||
General and administrative | 6,694 | |||||||||||||||||||||||||||||||||||
Exploration | 2,112 | |||||||||||||||||||||||||||||||||||
Reclamation | 4,493 | |||||||||||||||||||||||||||||||||||
Project/pre-development costs | 3,648 | |||||||||||||||||||||||||||||||||||
All-in sustaining costs | $ | 146,569 | ||||||||||||||||||||||||||||||||||
Silver equivalent ounces sold | 6,338,519 | |||||||||||||||||||||||||||||||||||
Kensington and Wharf silver equivalent ounces sold | 3,173,940 | |||||||||||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold | 9,512,459 | |||||||||||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce | $ | 15.41 | ||||||||||||||||||||||||||||||||||
Inventory adjustments | $ | (0.24 | ) | |||||||||||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce | $ | 15.17 | ||||||||||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce (realized) | $ | 13.35 | ||||||||||||||||||||||||||||||||||
Inventory adjustments | $ | (0.21 | ) | |||||||||||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce (realized) | $ | 13.14 |
Silver | Gold | |||||||||||||||||||||||||||||||||||
In thousands except per ounce amounts | Palmarejo | Rochester | San Bartolomé | Endeavor | Total Silver | Kensington | Wharf | Total Gold | Total Combined | |||||||||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 39,158 | $ | 37,076 | $ | 24,428 | $ | 3,204 | $ | 103,866 | $ | 40,136 | $ | 20,123 | $ | 60,259 | $ | 164,125 | ||||||||||||||||||
Amortization | 9,046 | 12,684 | 5,271 | 1,852 | 28,853 | 12,684 | 3,491 | 16,175 | 45,028 | |||||||||||||||||||||||||||
Costs applicable to sales | $ | 30,112 | $ | 24,392 | $ | 19,157 | $ | 1,352 | $ | 75,013 | $ | 27,452 | $ | 16,632 | $ | 44,084 | $ | 119,097 | ||||||||||||||||||
Silver equivalent ounces sold | 2,169,960 | 2,024,856 | 1,439,388 | 209,130 | 5,843,334 | 9,067,614 | ||||||||||||||||||||||||||||||
Gold equivalent ounces sold | 36,607 | 17,131 | 53,738 | |||||||||||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 13.88 | $ | 12.05 | $ | 13.31 | $ | 6.46 | $ | 12.84 | $ | 750 | $ | 971 | $ | 820 | $ | 13.13 | ||||||||||||||||||
Inventory adjustments | (0.67 | ) | (0.04 | ) | (0.05 | ) | — | (0.28 | ) | (5 | ) | (1 | ) | (4 | ) | (0.20 | ) | |||||||||||||||||||
Adjusted costs applicable to sales per ounce | $ | 13.21 | $ | 12.01 | $ | 13.26 | $ | 6.46 | $ | 12.56 | $ | 745 | $ | 970 | $ | 816 | $ | 12.93 | ||||||||||||||||||
Costs applicable to sales per ounce (realized) | $ | 12.68 | 10.98 | 12.01 | $ | 11.72 | ||||||||||||||||||||||||||||||
Inventory adjustments | (0.61 | ) | (0.04 | ) | (0.26 | ) | (0.18 | ) | ||||||||||||||||||||||||||||
Adjusted costs applicable to sales per ounce (realized) | $ | 12.07 | $ | 10.94 | $ | 11.75 | $ | 11.54 | ||||||||||||||||||||||||||||
Costs applicable to sales | $ | 119,097 | ||||||||||||||||||||||||||||||||||
Treatment and refining costs | 1,526 | |||||||||||||||||||||||||||||||||||
Sustaining capital | 13,625 | |||||||||||||||||||||||||||||||||||
General and administrative | 8,451 | |||||||||||||||||||||||||||||||||||
Exploration | 3,579 | |||||||||||||||||||||||||||||||||||
Reclamation | 4,036 | |||||||||||||||||||||||||||||||||||
Project/pre-development costs | 2,030 | |||||||||||||||||||||||||||||||||||
All-in sustaining costs | $ | 152,344 | ||||||||||||||||||||||||||||||||||
Silver equivalent ounces sold | 5,843,334 | |||||||||||||||||||||||||||||||||||
Kensington and Wharf silver equivalent ounces sold | 3,224,280 | |||||||||||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold | 9,067,614 | |||||||||||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce | $ | 16.80 | ||||||||||||||||||||||||||||||||||
Inventory adjustments | $ | (0.20 | ) | |||||||||||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce | $ | 16.60 | ||||||||||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce (realized) | $ | 14.99 | ||||||||||||||||||||||||||||||||||
Inventory adjustments | $ | (0.18 | ) | |||||||||||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce (realized) | $ | 14.81 |
Silver | Gold | |||||||||||||||||||||||||||
In thousands except per ounce amounts | Palmarejo | Rochester | San Bartolomé | Endeavor | Total | Kensington | Total | |||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 41,824 | $ | 38,235 | $ | 23,818 | $ | 1,892 | $ | 105,769 | $ | 40,973 | $ | 146,742 | ||||||||||||||
Amortization | 7,333 | 6,843 | 4,691 | 1,259 | 20,126 | 11,554 | 31,680 | |||||||||||||||||||||
Costs applicable to sales | $ | 34,491 | $ | 31,392 | $ | 19,127 | $ | 633 | $ | 85,643 | $ | 29,419 | $ | 115,062 | ||||||||||||||
Silver equivalent ounces sold | 2,157,612 | 2,416,103 | 1,289,867 | 117,863 | 5,981,445 | 8,193,825 | ||||||||||||||||||||||
Gold ounces sold | 36,873 | |||||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 15.99 | $ | 12.99 | $ | 14.83 | $ | 5.37 | $ | 14.32 | $ | 798 | $ | 14.04 | ||||||||||||||
Inventory adjustments | (1.43 | ) | (0.04 | ) | (0.36 | ) | — | (0.61 | ) | (1 | ) | (0.45 | ) | |||||||||||||||
Adjusted costs applicable to sales per ounce | $ | 14.56 | $ | 12.95 | $ | 14.47 | $ | 5.37 | $ | 13.71 | $ | 797 | $ | 13.59 | ||||||||||||||
Costs applicable to sales per ounce (realized) | $ | 14.85 | $ | 11.94 | $ | 13.47 | $ | 12.76 | ||||||||||||||||||||
Inventory adjustments | (1.33 | ) | (0.03 | ) | (0.57 | ) | $ | — | ||||||||||||||||||||
Adjusted costs applicable to sales per ounce (realized) | $ | 13.52 | $ | 11.91 | $ | 12.90 | $ | 12.76 | ||||||||||||||||||||
Costs applicable to sales | $ | 115,062 | ||||||||||||||||||||||||||
Treatment and refining costs | 1,490 | |||||||||||||||||||||||||||
Sustaining capital | 10,909 | |||||||||||||||||||||||||||
General and administrative | 8,834 | |||||||||||||||||||||||||||
Exploration | 4,266 | |||||||||||||||||||||||||||
Reclamation | 2,924 | |||||||||||||||||||||||||||
Project/pre-development costs | 4,873 | |||||||||||||||||||||||||||
All-in sustaining costs | $ | 148,358 | ||||||||||||||||||||||||||
Silver equivalent ounces sold | 5,981,445 | |||||||||||||||||||||||||||
Kensington silver equivalent ounces sold | 2,212,380 | |||||||||||||||||||||||||||
Consolidated silver equivalent ounces sold | 8,193,825 | |||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce | $ | 18.11 | ||||||||||||||||||||||||||
Inventory adjustments | $ | (0.45 | ) | |||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce | $ | 17.66 | ||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce (realized) | $ | 16.46 | ||||||||||||||||||||||||||
Inventory adjustments | $ | (0.41 | ) | |||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce (realized) | $ | 16.05 |
Silver | Gold | |||||||||||||||||||||||||||
(Dollars in thousands except per ounce amounts) | Palmarejo | Rochester | San Bartolomé | Endeavor | Total | Kensington | Total | |||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 64,397 | $ | 34,611 | $ | 34,610 | $ | 2,678 | $ | 136,296 | $ | 27,383 | $ | 163,679 | ||||||||||||||
Amortization | 16,235 | 5,955 | 4,993 | 1,586 | 28,769 | 8,458 | 37,227 | |||||||||||||||||||||
Costs applicable to sales | $ | 48,162 | $ | 28,656 | $ | 29,617 | $ | 1,092 | $ | 107,527 | $ | 18,925 | $ | 126,452 | ||||||||||||||
Silver equivalent ounces sold | 2,350,080 | 2,001,976 | 1,985,952 | 191,983 | 6,529,991 | 7,873,931 | ||||||||||||||||||||||
Gold ounces sold | 22,399 | |||||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 20.49 | $ | 14.31 | $ | 14.91 | $ | 5.69 | $ | 16.47 | $ | 845 | $ | 16.06 | ||||||||||||||
Inventory adjustments | (4.79 | ) | (0.49 | ) | (0.53 | ) | — | (2.04 | ) | (53 | ) | (1.84 | ) | |||||||||||||||
Adjusted costs applicable to sales per ounce | $ | 15.70 | $ | 13.82 | $ | 14.38 | $ | 5.69 | $ | 14.43 | $ | 792 | $ | 14.22 | ||||||||||||||
Costs applicable to sales per ounce (realized) | $ | 18.92 | $ | 13.20 | $ | 15.60 | $ | 15.05 | ||||||||||||||||||||
Inventory adjustments | (4.43 | ) | (0.45 | ) | (1.93 | ) | $ | (1.72 | ) | |||||||||||||||||||
Adjusted costs applicable to sales per ounce (realized) | $ | 14.49 | $ | 12.75 | $ | 13.67 | $ | 13.33 | ||||||||||||||||||||
Costs applicable to sales | $ | 126,452 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce (realized) | $ | 19.76 | ||||||||||||||||||||||||||
Inventory adjustments | $ | (1.72 | ) | |||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce (realized) | $ | 18.04 |
Silver | Gold | |||||||||||||||||||||||||||
In thousands except per ounce amounts | Palmarejo | Rochester | San Bartolomé | Endeavor | Total | Kensington | Total | |||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 62,481 | $ | 29,077 | $ | 25,564 | $ | 1,998 | $ | 119,120 | $ | 47,555 | $ | 166,675 | ||||||||||||||
Amortization | 16,493 | 5,359 | 5,117 | 909 | 27,878 | 12,887 | 40,765 | |||||||||||||||||||||
Costs applicable to sales | $ | 45,988 | $ | 23,718 | $ | 20,447 | $ | 1,089 | $ | 91,242 | $ | 34,668 | $ | 125,910 | ||||||||||||||
Silver equivalent ounces sold | 3,021,448 | 1,602,676 | 1,438,409 | 141,291 | 6,203,824 | 8,424,364 | ||||||||||||||||||||||
Gold equivalent ounces sold | 37,009 | |||||||||||||||||||||||||||
Costs applicable to sales per ounce | $ | 15.22 | $ | 14.80 | $ | 14.22 | $ | 7.71 | $ | 14.71 | $ | 937 | $ | 14.95 | ||||||||||||||
Inventory adjustments | (0.79 | ) | (0.02 | ) | (0.55 | ) | — | (0.52 | ) | (48 | ) | (0.59 | ) | |||||||||||||||
Adjusted costs applicable to sales per ounce | $ | 14.43 | $ | 14.78 | $ | 13.67 | $ | 7.71 | $ | 14.19 | $ | 889 | $ | 14.36 | ||||||||||||||
Costs applicable to sales per ounce (realized) | $ | 14.67 | $ | 14.41 | $ | 14.35 | $ | 14.38 | ||||||||||||||||||||
Inventory adjustments | (0.76 | ) | (0.02 | ) | (0.50 | ) | (0.57 | ) | ||||||||||||||||||||
Adjusted costs applicable to sales per ounce (realized) | $ | 13.91 | $ | 14.39 | $ | 13.85 | $ | 13.81 | ||||||||||||||||||||
Costs applicable to sales | $ | 125,910 | ||||||||||||||||||||||||||
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 and Wharf 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 | ||||||||||||||||||||||||||
All-in sustaining costs per silver equivalent ounce (realized) | $ | 18.14 | ||||||||||||||||||||||||||
Inventory adjustments | $ | (0.57 | ) | |||||||||||||||||||||||||
Adjusted all-in sustaining costs per silver equivalent ounce (realized) | $ | 17.57 |
1 Year Coeur Mining Chart |
1 Month Coeur Mining Chart |
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