NEWS RELEASE
Coeur Reports
Fourth Quarter and Full-Year 2014 Results
Wharf Acquisition
Expected to Close February 20, Six Weeks Earlier than
Expected
Chicago,
Illinois - February 18, 2015 - Coeur Mining, Inc. (the
"Company" or "Coeur") (NYSE: CDE) reported 2014 revenue of $635.7
million, adjusted EBITDA1 of $86.7
million, adjusted costs applicable to sales per silver equivalent
ounce1 of $14.18,
and adjusted all-in sustaining costs of $19.27 per silver
equivalent ounce1. The Company
realized average prices of $18.87 per silver ounce and $1,252 per
gold ounce during 2014, decreases of 21% and 6% respectively,
compared to 2013.
Fourth quarter revenue was $140.6
million, adjusted EBITDA1 was $7.8
million, adjusted costs applicable to sales per silver
equivalent1 ounce of
$14.43, and adjusted all-in sustaining costs were $19.25 per silver
equivalent ounce1. Coeur
realized average prices of $16.40 per silver ounce and $1,186 per
gold ounce during the fourth quarter, decreases of 16% and 6%,
respectively, compared to the third quarter of 2014.
"In 2014 we set out to achieve
improved operating consistency, to reduce our costs, improve the
long-term certainty and visibility of our existing mines, and
thereby enhance the quality of the Company's portfolio of assets,"
said Mitchell J. Krebs, Coeur's President and Chief Executive
Officer. "Despite the challenges confronted in 2014, we largely
achieved these objectives. I believe Coeur is well-positioned to
successfully execute our strategy to reposition our existing assets
to achieve higher grades, better efficiencies, and lower costs,
while maintaining a liquid balance sheet with a long-term capital
structure. Our acquisition of the Wharf gold mine from Goldcorp is
expected to close six weeks ahead of our original estimate,
accelerating its contribution to our 2015 production and cash
flow.
"In terms of our major assets,
Kensington demonstrated strong fourth quarter production of 33,533
ounces of gold, up 32% from the first quarter, and costs applicable
to sales of $845 per gold ounce1, a decline of
16% compared to the first quarter. Rochester established during
2014 that it is capable of being a significant producer of silver,
gold, and cash flow for many years to come. At Palmarejo we
developed and began mining from Guadalupe, we successfully
renegotiated the Franco-Nevada agreement, and we announced in
December the proposed acquisition of Paramount Gold and Silver that
will allow us to combine Palmarejo with Paramount's high-grade San
Miguel property to unlock substantial value over many years to
come."
Fourth Quarter 2014
Highlights
-
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
Full-Year 2014 Highlights
-
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
Full-Year 2015
Outlook
-
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
Financial Highlights
(Unaudited)
(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 |
|
Financial
Results
Fourth quarter revenue decreased
$30.3 million, or 18%, compared with the third quarter to $140.6
million due to lower metal prices and a 24% decline in gold ounces
sold, partially offset by a 7% increase in silver ounces sold. An
ongoing labor dispute at ports on the western coast of the United
States resulted in a delay which caused approximately 11,600 gold
ounces to be excluded from fourth quarter sales. Silver contributed
55% of metal sales and gold contributed 45% during the fourth
quarter. For the full year, silver contributed 52% of metal sales
and gold contributed 48%.
General and administrative
expenses of $9.0 million in the fourth quarter increased 6%
compared to the third quarter but were lower than the first two
quarters of 2014. Capital expenditures of $20.1 million in the
fourth quarter increased 20% compared to the third quarter due to
higher spending at Palmarejo related to Guadalupe development and a
tailings dam expansion.
Net loss was $1,079 million in the
fourth quarter, or $10.53 per share, which included an after-tax
non-cash impairment charge of $1,022 million to reduce asset
carrying values due to lower silver and gold prices. Adjusted net
loss was $37.5 million, or $0.37 per share, in the fourth quarter,
compared to $18.5 million, or $0.18 per share, in the third quarter
mainly due to lower metal prices and fewer ounces sold.
Operations
Highlights of the fourth quarter
and full-year 2014 results for each of the Company's operating
segments are provided below.
Palmarejo,
Mexico
(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
Rochester,
Nevada
(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
Kensington, Alaska
(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
San Bartolomé,
Bolivia
(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
Coeur
Capital
(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
Exploration
Costs associated with exploration
activities for the fourth quarter of 2014 were $5.7 million
(expensed) for discovery of new silver and gold mineralization and
$2.9 million (capitalized) for definition and expansion of
mineralized material, for a total of $8.6 million. Coeur's
exploration program used nine drill rigs during the fourth quarter:
three drills at Palmarejo, four at Kensington, and two in Nevada at
Rochester and the Wonder project. This work resulted in completion
of over 78,777 feet (24,011 meters) of combined core and reverse
circulation drilling.
For the full-year 2014, total
exploration expenditures were $30.6 million, 10% lower than 2013.
Exploration expenses at the Company's current assets are expected
to total $10 - $12 million in 2015, with additional capital
allocated to resource conversion. Coeur will continue to use a
success-based approach to evaluate exploration needs on an ongoing
basis. The Company expects to update 2015 exploration guidance for
the San Miguel project upon closing of the Paramount
acquisition.
Wharf Transaction Update
The previously announced acquisition of the Wharf
gold mine from Goldcorp, Inc. is expected to close on February 20,
2015, subject to satisfaction of remaining closing conditions.
2015
Outlook
Coeur's 2015 total silver and gold
production guidance is shown below and includes pro-rata production
from the acquisition of the Wharf4 assuming a
February 20, 2015 closing date.
2015 Production
Outlook
(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 |
As previously indicated, the cost
projections below assume the acquisition of the Wharf4
gold mine from Goldcorp, Inc. closes on February 20, 2015 and do
not reflect closing of the Paramount acquisition.
2015 Cost Outlook
(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 |
Downside Price
Protection
The Company's downside metal price
protection program uses put spreads to protect a portion of
expected future production against a sharp decrease in metal
prices, while selling intra-quarter, out-of-the-money call options
when appropriate to offset the net cost of the put spreads. Put
spreads settled during the fourth quarter 2014 generated cash flow
of $2.1 million, with $1.4 million received during the fourth
quarter and the remaining $0.7 million received in January 2015.
Intra-quarter calls sold garnered an additional $0.2 million in
cash flow during the fourth quarter.
Put spreads for the first quarter
of 2015 cover 1,250,000 ounces of expected silver production ($18
per ounce and $16 per ounce strike prices) and 24,000 ounces of
expected gold production ($1,200 per ounce and $1,050 per ounce
strike prices). Put spreads for the second quarter of 2015 cover
900,000 ounces of expected silver production with strike prices of
$17 per ounce on options purchased and $15 per ounce on options
sold. Premiums paid for put spreads in the first and second quarter
of 2015 were $1.1 million and $1.4 million, respectively.
Conference Call
Information
Coeur will conduct a conference call and webcast
at www.coeur.com to discuss the Company's fourth quarter and
full-year 2014 results on February 19, 2015 at 11:00 a.m. Eastern
time.
Dial-In Numbers: (877)
768-0708 (U.S. and Canada)
(660) 422-4718 (International)
Conference
ID:
716 78 103
A replay of the call will be available on Coeur's
website through March 5 2015.
Replay Numbers: (855)
859-2056 (U.S. and Canada)
(404) 537-3406 (International)
Conference
ID:
716 78 103
About Coeur
Coeur Mining is the largest U.S.-based silver producer and a
significant gold producer with four precious metals mines in the
Americas employing approximately 2,000 people. Coeur produces from
its wholly owned operations: the Palmarejo silver-gold mine in
Mexico, the San Bartolomé silver mine in Bolivia, the Rochester
silver-gold mine in Nevada and the Kensington gold mine in Alaska.
The Company also has a non-operating interest in the Endeavor mine
in Australia in addition to royalties on the Cerro Bayo mine in
Chile, the El Gallo complex in Mexico, the Zaruma mine in Ecuador,
and a royalty on the Correnso mine in New Zealand. In addition, the
Company has two silver-gold feasibility stage projects - the La
Preciosa project in Mexico and the Joaquin project in Argentina.
The Company also conducts ongoing exploration activities in Alaska,
Argentina, Bolivia, Mexico, and Nevada. The Company owns strategic
investment positions in several silver and gold development
companies with projects in North and South America.
Cautionary
Statement
This news release contains forward-looking statements within the
meaning of securities legislation in the United States and Canada,
including statements regarding anticipated production, costs,
crushing rates, drilling activity, recovery rates, capital
expenditures, the Wharf acquisition, the Paramount acquisition,
Guadalupe underground mining rates, POA 10 approval at Rochester,
open-pit and underground mining operations at Palmarejo,
anticipated royalty payments, development of the Jualin deposit at
the Kensington mine, and initiatives to achieve higher-grade
production, efficiencies, lower costs, maintain a liquid balance
sheet, and a long-term capital structure, and minimize exposure to
declining metal prices. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause Coeur's actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Such factors include, among others, the risk that the
Wharf and Paramount transactions will not be consummated at all or
within the timeframes currently anticipated as stated in this
release, the risk that anticipated production and cost levels are
not attained, the risks and hazards inherent in the mining business
(including risks inherent in developing large-scale mining
projects, environmental hazards, industrial accidents, weather or
geologically related conditions), changes in the market prices of
gold and silver and a sustained lower price environment, the
uncertainties inherent in Coeur's production, exploratory and
developmental activities, including risks relating to permitting
and regulatory delays, ground conditions, grade variability, any
future labor disputes or work stoppages, the uncertainties inherent
in the estimation of gold and silver reserves and resources,
changes that could result from Coeur's future acquisition of new
mining properties or businesses, reliance on third parties to
operate certain mines where Coeur owns silver production and
reserves and the absence of control over mining operations in which
Coeur or its subsidiaries hold royalty or streaming interests and
risks related to these mining operations including results of
mining and exploration activities, environmental, economic and
political risks of the jurisdiction in which the mining operations
are located, the loss of access to any third-party smelter to which
Coeur markets silver and gold, the effects of environmental and
other governmental regulations, the risks inherent in the ownership
or operation of or investment in mining properties or businesses in
foreign countries, Coeur's ability to raise additional financing
necessary to conduct its business, make payments or refinance its
debt, as well as other uncertainties and risk factors set out in
filings made from time to time with the United States Securities
and Exchange Commission, and the Canadian securities regulators,
including, without limitation, Coeur's most recent reports on Form
10-K and Form 10-Q. Actual results, developments and timetables
could vary significantly from the estimates presented. Readers are
cautioned not to put undue reliance on forward-looking statements.
Coeur disclaims any intent or obligation to update publicly such
forward-looking statements, whether as a result of new information,
future events or otherwise. Additionally, Coeur undertakes no
obligation to comment on analyses, expectations or statements made
by third parties in respect of Coeur, its financial or operating
results or its securities.
W. David Tyler, Coeur's Vice
President, Technical Services and a qualified person under Canadian
National Instrument 43-101, supervised the preparation of the
scientific and technical information concerning Coeur's mineral
projects in this news release(which, for greater certainty, does
not include any of Paramount's properties or Wharf). Mineral
resources are in addition to mineral reserves and do not have
demonstrated economic viability. Inferred mineral resources are
considered too speculative geologically to have the economic
considerations applied to them that would enable them to be
considered for estimation of mineral reserves, and there is no
certainty that the inferred mineral resources will be realized. For
a description of the key assumptions, parameters and methods used
to estimate mineral reserves and resources, as well as data
verification procedures and a general discussion of the extent to
which the estimates may be affected by any known environmental,
permitting, legal, title, taxation, socio-political, marketing or
other relevant factors, Canadian investors should refer to the
Technical Reports for each of Coeur's properties as filed on SEDAR
at www.sedar.com.
Non-U.S. GAAP
Measures
We supplement the reporting of our
financial information determined under United States generally
accepted accounting principles (U.S. GAAP) with certain non-U.S.
GAAP financial measures, including adjusted EBITDA, adjusted net
income (loss), costs applicable to sales per silver equivalent
ounce (or per gold equivalent ounce), adjusted costs applicable to
sales per silver equivalent ounce, all-in sustaining costs, and
adjusted all-in sustaining costs. We believe that these adjusted
measures provide meaningful information to assist management,
investors and analysts in understanding our financial results and
assessing our prospects for future performance. We believe these
adjusted financial measures are important indicators of our
recurring operations because they exclude items that may not be
indicative of, or are unrelated to our core operating results, and
provide a better baseline for analyzing trends in our underlying
businesses. We believe adjusted EBITDA, adjusted net income (loss),
costs applicable to sales per silver equivalent ounce (or per gold
equivalent ounce), adjusted costs applicable to sales per silver
equivalent ounce, all-in sustaining costs, and adjusted all-in
sustaining costs are important measures in assessing the Company's
overall financial performance.
Notes
1. Adjusted EBITDA, adjusted net income (loss),
all-in sustaining costs, adjusted all-in sustaining costs, costs
applicable to sales per silver equivalent ounce (or per gold
equivalent ounce), and adjusted costs applicable to sales per
silver equivalent ounce are non-GAAP measures. Please see tables in
the Appendix for the reconciliation to U.S. GAAP. For purposes of
silver and gold equivalence, 60:1 silver to gold ratio.
2. Includes capital leases. Net of debt discount.
3. Free cash flow is defined as cash flow from operating activities
less capital expenditures and royalty payments.
4. Wharf is expected to produce 85,000 - 90,000 ounces of gold at
all-in sustaining costs of $800 - $875 per gold ounce in 2015 based
on guidance provided by Goldcorp on January 12, 2015.
For Additional
Information:
Bridget Freas, Director, Investor
Relations
(312) 489-5819
Donna Mirandola, Director, Corporate
Communications
(312) 489-5842
www.coeur.com
Coeur Mining, Inc.
and Subsidiaries
Condensed Consolidated Statements of Comprehensive
Income (Loss)
|
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 |
|
Coeur Mining, Inc.
and Subsidiaries
Condensed Consolidated Statements of Cash
Flows
|
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 |
|
Coeur Mining, Inc.
and Subsidiaries
Condensed Consolidated Balance Sheets
|
|
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 |
|
14,774 |
|
|
35,008 |
|
Prepaid
expenses and other |
|
15,523 |
|
|
25,940 |
|
|
|
581,214 |
|
|
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 |
|
82,418 |
|
|
1,189 |
|
Other |
|
9,915 |
|
|
15,336 |
|
TOTAL
ASSETS |
|
$ |
1,485,095 |
|
|
$ |
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 |
|
1,100 |
|
|
1,011 |
|
|
|
166,712 |
|
|
144,561 |
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
Debt |
|
460,899 |
|
|
306,130 |
|
Royalty
obligations |
|
27,651 |
|
|
65,142 |
|
Reclamation |
|
66,943 |
|
|
57,515 |
|
Deferred
tax liabilities |
|
147,661 |
|
|
556,246 |
|
Other long-term liabilities |
|
29,911 |
|
|
25,817 |
|
|
|
733,065 |
|
|
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 |
|
$ |
1,485,095 |
|
|
$ |
2,885,978 |
|
Adjusted EBITDA
Reconciliation
(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 |
|
Adjusted Net
Income (Loss) Reconciliation
(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 |
) |
Reconciliation of
Non-U.S. GAAP All-in Sustaining Costs per Silver Equivalent
Ounce
for Year Ended December 31, 2014
|
|
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 |
|
Reconciliation of
Non-U.S. GAAP All-in Sustaining Costs per Silver Equivalent
Ounce
for Three Months Ended December 31, 2014
|
|
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 |
|
Reconciliation of
Non-U.S. GAAP All-in Sustaining Costs per Silver Equivalent
Ounce
for Three Months Ended September 30, 2014
|
|
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 |
|
Reconciliation of
Non-U.S. GAAP All-in Sustaining Costs per Silver Equivalent
Ounce
for Three Months Ended June 30, 2014
|
|
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 |
|
Reconciliation of
Non-U.S. GAAP All-in Sustaining Costs per Silver Equivalent
Ounce
for Three Months Ended March 31, 2014
|
|
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 |
|
Reconciliation of
Non-U.S. GAAP All-in Sustaining Costs per Silver Equivalent
Ounce
for Year Ended December 31, 2013
|
|
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 |
|
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Coeur Mining, Inc. via Globenewswire
HUG#1895612
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