Coeur Reports
Second Quarter 2014 Results
Cash flow from
operating activities increased by $40 million; Rochester cash flow
and production growth accelerates; Full-year cost guidance
reduced
Chicago,
Illinois - August 6, 2014 - Coeur Mining, Inc. (the
"Company" or "Coeur") (NYSE: CDE) reported second quarter 2014
revenue of $164.6 million, adjusted net loss1 of
$31.6 million, and cash flow from operating activities of $30.5
million, the highest level in a year. The Company realized average
metal prices of $19.60 per silver ounce and $1,277 per gold ounce
during the quarter, which were 3% lower and roughly flat,
respectively, compared to the first quarter of 2014.
The Company is reducing its
full-year costs applicable to sales1 guidance
range from $500 - $530 million to $490 - $510 million due to its
successful ongoing cost reduction initiatives. Coeur is narrowing
its 2014 production guidance to 17.0 - 18.0 million silver ounces
and 225,000 - 240,000 gold ounces and is maintaining its full-year
guidance for exploration ($23 - $28 million including capitalized
drilling), general and administrative expenses ($43 - $48 million),
amortization ($190 million), and capital expenditures ($65 - $80
million).
Second Quarter
Highlights
-
Silver production totaled 4.5 million ounces, a
10% increase compared to the first quarter
-
Gold production totaled 61,025 ounces, a 4%
increase compared to the first quarter
-
Rochester produced 1.7 million silver equivalent
ounces1, a 34%
increase compared to the first quarter. Cash flow from operating
activities of $4.3 million at Rochester in the second quarter is
expected to increase during the second half of 2014 as production
levels continue to rise
-
Cash flow from operating activities was $30.5
million in the second quarter, compared to $(9.6) million in the
first quarter
-
Mine-level free cash flow2 of
$22.5 million increased from $(4.4) million in the first quarter,
reaching the highest level in a year
-
Costs applicable to sales at Coeur's primary
silver mines increased 8% from the first quarter but declined 4%
from last year's second quarter to $14.31 per silver equivalent
ounce1
-
All-in sustaining costs per silver equivalent
ounce1 increased 4%
from the first quarter but declined 6% from last year's second
quarter to $19.89
-
General and administrative expenses were $9.4
million in the second quarter, down 32% from the first
quarter
-
Net loss was $43.1 million, or $0.42 per
share
-
Adjusted net loss1 was $31.6
million, or $0.31 per share
-
Cash, cash equivalents, and short-term
investments totaled $316.8 million at June 30, 2014, nearly
unchanged from the first quarter
-
Coeur announced a re-scoping of its Palmarejo
mine, including plans to complete development of the Guadalupe
underground mine at Palmarejo and terms for a new gold stream
agreement with Franco-Nevada, which is expected to significantly
improve the mine's cash flow profile
"Our second quarter results
demonstrate improved or consistent performance across our
portfolio. Our costs are tracking below initial expectations as we
make further progress increasing the efficiency of our operations,"
said Mitchell J. Krebs, Coeur's President and Chief Executive
Officer.
"In recent weeks, we made
important decisions regarding the long-term plan for our Palmarejo
mine and La Preciosa silver-gold project in Mexico. Our re-scoped
mine plan for Palmarejo and deferral of mine construction at La
Preciosa demonstrate our commitment to disciplined capital
deployment with the intent to maximize free cash flow and
stockholder returns."
Financial Highlights
(Unaudited)
(Amounts in millions,
except per share amounts, average realized prices, gold ounces
produced & sold, and per-ounce metrics) |
2Q 2014 |
1Q 2014 |
|
Quarter Variance |
|
4Q 2013 |
3Q 2013 |
2Q 2013 |
Revenue |
$ |
164.6 |
|
$ |
159.6 |
|
|
3 |
% |
|
$ |
168.8 |
|
$ |
200.8 |
|
$ |
204.5 |
|
Costs Applicable to Sales1 |
$ |
118.7 |
|
$ |
106.9 |
|
|
11 |
% |
|
$ |
101.4 |
|
$ |
131.8 |
|
$ |
142.4 |
|
Net Income
(Loss) |
$ |
(43.1 |
) |
$ |
(37.2 |
) |
|
(16 |
%) |
|
$ |
(581.5 |
) |
$ |
(46.3 |
) |
$ |
(35.0 |
) |
Earnings Per Share |
$ |
(0.42 |
) |
$ |
(0.36 |
) |
|
(17 |
%) |
|
$ |
(5.77 |
) |
$ |
(0.46 |
) |
$ |
(0.35 |
) |
Adjusted Net Income
(Loss)1 |
$ |
(31.6 |
) |
$ |
(19.5 |
) |
|
(62 |
%) |
|
$ |
(17.0 |
) |
$ |
(29.3 |
) |
$ |
(29.8 |
) |
Adjusted Net Income (Loss)1 Per
Share |
$ |
(0.31 |
) |
$ |
(0.19 |
) |
|
(63 |
%) |
|
$ |
(0.17 |
) |
$ |
(0.29 |
) |
$ |
(0.30 |
) |
Weighted Average
Shares |
102.4 |
|
102.4 |
|
|
- |
% |
|
100.7 |
|
100.8 |
|
99.8 |
|
Cash Flow From Operating
Activities |
$ |
30.5 |
|
$ |
(9.6 |
) |
|
418 |
% |
|
$ |
10.4 |
|
$ |
26.8 |
|
$ |
63.3 |
|
Capital
Expenditures |
$ |
15.4 |
|
$ |
11.9 |
|
|
29 |
% |
|
$ |
28.1 |
|
$ |
32.7 |
|
$ |
27.2 |
|
Cash, Cash Equivalents & Short-Term
Investments |
$ |
316.8 |
|
$ |
318.6 |
|
|
(1 |
%) |
|
$ |
206.7 |
|
$ |
211.4 |
|
$ |
249.5 |
|
Total Debt3 |
$ |
480.1 |
|
$ |
464.2 |
|
|
3 |
% |
|
$ |
308.6 |
|
$ |
310.2 |
|
$ |
312.1 |
|
Average Realized Price Per Ounce -
Silver |
$ |
19.60 |
|
$ |
20.28 |
|
|
(3 |
%) |
|
$ |
20.50 |
|
$ |
21.11 |
|
$ |
22.73 |
|
Average Realized Price Per
Ounce - Gold |
$ |
1,277 |
|
$ |
1,279 |
|
|
- |
% |
|
$ |
1,206 |
|
$ |
1,300 |
|
$ |
1,356 |
|
Silver Ounces Produced |
4.5 |
|
4.1 |
|
|
10 |
% |
|
4.3 |
|
4.2 |
|
4.6 |
|
Gold Ounces
Produced |
61,025 |
|
58,836 |
|
|
4 |
% |
|
79,845 |
|
63,040 |
|
60,178 |
|
Silver Equivalent Ounces Produced1 |
8.1 |
|
7.6 |
|
|
7 |
% |
|
9.1 |
|
8.0 |
|
8.2 |
|
Silver Ounces
Sold |
4.6 |
|
3.9 |
|
|
19 |
% |
|
4.0 |
|
4.9 |
|
5.2 |
|
Gold Ounces Sold |
57,751 |
|
62,578 |
|
|
(8 |
%) |
|
72,215 |
|
75,677 |
|
63,523 |
|
Silver Equivalent Ounces
Sold1 |
8.1 |
|
7.6 |
|
|
7 |
% |
|
8.3 |
9.4 |
9.0 |
|
Costs Applicable to Sales per Silver
Equivalent Oz1 |
$ |
14.31 |
|
$ |
13.22 |
|
|
8 |
% |
|
$ |
12.49 |
|
$ |
13.82 |
|
$ |
14.88 |
|
All-in Sustaining Costs per
Silver Equivalent Oz1 |
$ |
19.89 |
|
$ |
19.09 |
|
|
4 |
% |
|
$ |
17.94 |
|
$ |
19.97 |
|
$ |
21.22 |
|
Financial
Results
Second quarter revenue increased
by $5.0 million, or 3%, compared to the first quarter to $164.6
million due to an increase in silver ounces sold, partially offset
by fewer gold ounces sold and lower average realized silver and
gold prices. The Company sold 4.6 million ounces of silver and
57,751 ounces of gold, compared to sales of 3.9 million ounces of
silver and 62,578 ounces of gold in the first quarter. The Company
realized average silver and gold prices of $19.60 per ounce and
$1,277 per ounce, respectively, compared with realized average
prices of $20.28 per ounce and $1,279 per ounce, respectively.
Silver contributed 55% of metal sales and gold contributed 45%
during the second quarter.
General and administrative
expenses were $9.4 million in the second quarter, down 32% from the
first quarter. Cash flow from operating activities was $30.5
million in the second quarter, compared to $(9.6) million in the
first quarter. Capital expenditures of $15.4 million were 29%
higher than the first quarter but 43% below the second quarter of
2013 and continue to track significantly below 2013 levels. Capital
expenditures for the first half of the year were mainly for
underground development at Palmarejo and Kensington, plant
improvements at San Bartolomé, and resource definition at
Rochester. In the second half of 2014, underground development at
Guadalupe and Kensington and construction of the tailings dam at
San Bartolomé are expected to comprise the majority of Coeur's
capital spending.
Coeur's adjusted net
loss1 was $31.6
million, or $0.31 per share, in the second quarter 2014, compared
with an adjusted net loss1 of $19.5
million, or $0.19 per share, in the first quarter. The second
quarter adjusted net loss1 excludes a
$6.5 million negative fair value adjustment, $2.3 million in
stock-based compensation, and a $1.7 million accretion of the
Palmarejo royalty obligation. Fair value adjustments are primarily
driven by changes to gold and silver prices, which adjust the
estimated future liabilities for the Palmarejo gold production
royalty and the Rochester 3.4% net smelter returns royalty. The
Company realized a net loss of $43.1 million or $0.42 per share, in
the second quarter 2014.
Downside
Price Protection
The Company extended its downside
metal price protection program during the second quarter, using put
spreads to protect 25% - 40% 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 through the end of 2014 cover
1.25 million ounces of expected quarterly silver production and
25,000 ounces of expected quarterly gold production. Put spreads in
the first quarter of 2015 cover 1.25 million ounces of expected
silver production and 24,000 ounces of expected gold production.
All put options purchased have a strike price of $18/ounce and
$1,200/ounce for silver and gold, respectively. All put options
sold have a strike price of $16/ounce and $1,050/ounce for silver
and gold, respectively.
Operations
Highlights of the second quarter
2014 results for each of the Company's mining operations are
provided below.
Palmarejo,
Mexico
(Dollars in millions,
expect per ounce amounts) |
2Q 2014 |
1Q 2014 |
4Q 2013 |
3Q 2013 |
2Q 2013 |
Underground
Operations: |
|
|
|
|
|
Tons mined |
177,359 |
209,854 |
237,384 |
219,909 |
183,267 |
Average silver
grade (oz/t) |
6.15 |
5.95 |
6.00 |
4.73 |
4.59 |
Average gold grade
(oz/t) |
0.11 |
0.11 |
0.14 |
0.11 |
0.11 |
Surface
Operations: |
|
|
|
|
|
Tons mined |
320,583 |
358,222 |
361,493 |
385,379 |
363,758 |
Average silver
grade (oz/t) |
3.72 |
3.50 |
3.49 |
3.49 |
4.95 |
Average gold grade
(oz/t) |
0.03 |
0.03 |
0.03 |
0.03 |
0.04 |
Processing: |
|
|
|
|
|
Total tons milled |
534,718 |
571,345 |
595,803 |
583,365 |
570,322 |
Average recovery
rate - Ag |
75.6% |
73.3% |
74.5% |
81.8% |
76.5% |
Average recovery rate -
Au |
78.9% |
78.0% |
80.6% |
87.6% |
81.2% |
Silver ounces produced
(000's) |
1,761 |
1,820 |
1,994 |
1,918 |
2,045 |
Gold ounces produced |
23,706 |
25,216 |
35,486 |
29,893 |
28,191 |
Silver equivalent ounces
produced1 |
3,183 |
3,333 |
4,123 |
3,711 |
3,736 |
Silver ounces sold (000's) |
1,983 |
1,677 |
1,768 |
2,592 |
2,007 |
Gold ounces
sold |
25,753 |
26,422 |
31,360 |
38,385 |
28,025 |
Revenues |
$72.4 |
$68.0 |
$75.9 |
$104.5 |
$86.2 |
Costs applicable to sales1 |
$49.6 |
$43.6 |
$39.9 |
$66.8 |
$55.2 |
Costs applicable to sales per silver
equivalent ounce1 |
$14.04 |
$13.36 |
$10.90 |
$13.66 |
$14.97 |
Exploration
expense |
$1.6 |
$1.0 |
$1.1 |
$0.9 |
$3.2 |
Cash flow from operating
activities |
$27.4 |
$10.2 |
$16.6 |
$50.8 |
$37.2 |
Sustaining capital
expenditures |
$5.3 |
$3.7 |
$4.6 |
$7.1 |
$5.4 |
Development capital
expenditures |
$0.3 |
$- |
$4.3 |
$3.2 |
$3.8 |
Total capital
expenditures |
$5.6 |
$3.7 |
$8.9 |
$10.3 |
$9.2 |
Free cash flow (before
royalties) |
$21.8 |
$6.5 |
$7.7 |
$40.5 |
$28.0 |
Royalties paid
(credited) |
$12.3 |
$14.7 |
$13.5 |
$12.6 |
$15.5 |
Free cash flow2 |
$9.5 |
$(8.2) |
$(5.8) |
$27.9 |
$12.5 |
-
On July 20, Coeur announced a re-scoped mine
plan for Palmarejo, reflecting the mining of a portion of current
mineral reserves and a portion of high-grade inferred material
located at the Guadalupe deposit. The mine plan provided the
expected long-term operational and financial profile of the mine,
which included the anticipated economics of the Guadalupe
development plan and new gold stream agreement with Franco-Nevada,
which were both announced on June 23
-
The re-scoped mine plan forecasts lower
throughput for 2014 - 2021 but at higher grades, higher recovery
rates, and lower unit costs than achieved in recent quarters as
Coeur transitions the mine to a higher-margin, underground
operation. Coeur plans to update the mine plan at year end to
incorporate drilling results from the second half of 2013 and first
half of 2014
-
Cash flow from operating activities of $27.4
million in the second quarter was significantly higher than $10.2
million in the first quarter mainly due to higher ounces sold and
lower working capital
-
Capital expenditures of $5.6 million in the
second quarter were up from $3.7 million in the first quarter but
continue to track meaningfully below 2013 levels
-
Coeur expects higher recovery rates and
proportionally fewer open-pit tons mined in the second half of
2014. In line with the re-scoped mine plan, total production at
Palmarejo in 2014 is expected to be 6.7 - 7.0 million ounces of
silver and 84,000 - 90,000 ounces of gold
Rochester,
Nevada
(Dollars in millions,
expect per ounce amounts) |
2Q 2014 |
1Q 2014 |
4Q 2013 |
3Q 2013 |
2Q 2013 |
Ore tons placed |
3,329,582 |
3,640,861 |
4,569,588 |
2,678,906 |
2,457,423 |
Average silver grade
(oz/t) |
0.58 |
0.59 |
0.57 |
0.53 |
0.58 |
Average gold grade
(oz/t) |
0.003 |
0.003 |
0.002 |
0.003 |
0.003 |
Silver ounces produced (000's) |
1,112 |
750 |
712 |
595 |
844 |
Gold ounces
produced |
9,230 |
8,192 |
7,890 |
4,824 |
9,404 |
Silver equivalent ounces
produced1 |
1,666 |
1,242 |
1,186 |
885 |
1,408 |
Silver ounces sold
(000's) |
1,006 |
695 |
621 |
741 |
851 |
Gold ounces sold |
8,970 |
7,770 |
6,323 |
6,539 |
10,925 |
Revenues |
$31.2 |
$24.2 |
$20.6 |
$24.3 |
$34.9 |
Costs applicable to sales1 |
$24.4 |
$14.7 |
$16.6 |
$17.9 |
$22.5 |
Costs applicable to sales per
silver equivalent ounce1 |
$15.79 |
$12.67 |
$16.63 |
$15.83 |
$14.95 |
Exploration expense |
$0.7 |
$1.2 |
$1.0 |
$0.6 |
$0.5 |
Cash flow from operating
activities |
$4.3 |
$(9.0) |
$(9.7) |
$(3.6) |
$(3.4) |
Sustaining capital expenditures |
$3.9 |
$1.0 |
$7.2 |
$12.3 |
$6.6 |
Development capital
expenditures |
$0.1 |
$- |
$- |
$- |
$- |
Total capital expenditures |
$4.0 |
$1.0 |
$7.2 |
$12.3 |
$6.6 |
Free cash flow2 |
$0.3 |
$(10.0) |
$(16.9) |
$(15.9) |
$(10.0) |
-
Production of 1.1 million ounces of silver and
9,230 ounces of gold in the second quarter increased 48% and 13%,
respectively, compared to the first quarter and reached the highest
level since 2007
-
Second quarter costs applicable to sales per
silver equivalent ounce1 were $15.79,
higher than $12.67 in the first quarter due to higher crushing,
royalty, and leaching costs. The Company expects costs applicable
to sales per silver equivalent ounce1 in the second
half of 2014 to be in line with the first half
-
Cash flow from operating activities of $4.3
million reached the highest level in more than a year and revenue
increased 29% from the first quarter as the ramp up in production
from the Stage III leach pad has accelerated
-
Capital expenditures were $4.0 million during
the second quarter, tracking significantly below year-ago
levels
-
Rochester received a favorable ruling regarding
an appeal of Rochester's Plan of Operations Amendment ("POA") 8, an
expansion project that had been approved by the Bureau of Land
Management in 2010. This decision comes just days after the Notice
of Intent for Rochester's POA 10 was published in the Federal
Register. POA 10 includes plans for an expansion of the Stage IV
heap leach pad and construction of the Stage V leach pad, which
together are expected to add approximately 120 million tons of pad
capacity. Permits for POA 10 are expected to be received during the
second half of 2016
San
Bartolomé, Bolivia
(Dollars in millions,
expect per ounce amounts) |
2Q 2014 |
1Q 2014 |
4Q 2013 |
3Q 2013 |
2Q 2013 |
Tons milled |
437,975 |
385,375 |
451,660 |
428,884 |
424,310 |
Average silver grade (oz/t) |
3.87 |
3.88 |
3.79 |
3.89 |
3.98 |
Average recovery
rate |
87.5% |
90.5% |
87.6% |
91.5% |
90.3% |
Silver ounces produced (000's) |
1,481 |
1,355 |
1,499 |
1,528 |
1,523 |
Silver ounces sold
(000's) |
1,494 |
1,357 |
1,485 |
1,334 |
2,151 |
Revenues |
$29.1 |
$27.6 |
$30.6 |
$28.8 |
$49.2 |
Costs applicable to sales1 |
$20.7 |
$18.9 |
$20.6 |
$17.7 |
$32.8 |
Costs applicable to sales per silver
equivalent ounce1 |
$13.85 |
$13.93 |
$13.91 |
$13.25 |
$15.26 |
Exploration
expense |
$0.1 |
$- |
$- |
$- |
$- |
Cash flow from operating
activities |
$18.9 |
$4.5 |
$8.9 |
$7.6 |
$32.8 |
Sustaining capital
expenditures |
$1.7 |
$1.4 |
$1.8 |
$3.0 |
$1.4 |
Development capital
expenditures |
$- |
$- |
$2.0 |
$1.2 |
$1.8 |
Total capital
expenditures |
$1.7 |
$1.4 |
$3.8 |
$4.2 |
$3.2 |
Free cash flow2 |
$17.2 |
$3.1 |
$5.1 |
$3.4 |
$29.6 |
- Silver production of
approximately 1.5 million ounces was 9% higher than the first
quarter due to increased throughput
- Cash flow from operating activities of $18.9
million reached its highest level in a year
- Stable production, grades, and costs are expected
for the remainder of 2014
Kensington,
Alaska
(Dollars in millions,
expect per ounce amounts) |
2Q 2014 |
1Q 2014 |
4Q 2013 |
3Q 2013 |
2Q 2013 |
Tons milled |
163,749 |
159,697 |
149,246 |
147,427 |
127,987 |
Average gold grade (oz/t) |
0.18 |
0.17 |
0.26 |
0.20 |
0.18 |
Average recovery
rate |
94.5% |
94.5% |
93.6% |
94.1% |
95.8% |
Gold ounces produced |
28,089 |
25,428 |
36,469 |
28,323 |
22,583 |
Gold ounces
sold |
23,028 |
28,386 |
34,533 |
30,752 |
24,573 |
Revenues |
$29.0 |
$36.1 |
$39.7 |
$38.9 |
$30.9 |
Costs applicable to sales1 |
$23.2 |
$28.5 |
$23.4 |
$27.5 |
$30.2 |
Costs applicable to sales per gold
ounce1 |
$1,008 |
$1,005 |
$677 |
$894 |
$1,227 |
Exploration
expense |
$1.6 |
$1.0 |
$1.5 |
$1.5 |
$0.6 |
Cash flow from operating
activities |
$(0.6) |
$13.9 |
$11.3 |
$1.9 |
$7.6 |
Sustaining capital
expenditures |
$4.0 |
$4.7 |
$5.7 |
$4.9 |
$7.4 |
Development capital
expenditures |
$- |
$- |
$- |
$- |
$- |
Total capital
expenditures |
$4.0 |
$4.7 |
$5.7 |
$4.9 |
$7.4 |
Free cash flow2 |
$(4.6) |
$9.2 |
$5.6 |
$(3.0) |
$0.2 |
-
Gold production increased 10% compared to the
first quarter due to higher grades and milling rates. Gold grades
are expected to be slightly above the second quarter for the
remainder of the year due to the mining of high-grade stopes from
the main section of the mine and from the high-grade Raven
deposit
-
Costs applicable to sales per gold
ounce1 were $1,008
during the second quarter, nearly unchanged from the first quarter,
and are expected to decline in the second half of 2014 due to
higher grades
-
Cash flow from operating activities of $(0.6)
million was below the $13.9 million generated in the first quarter
due to timing of concentrate shipments
Endeavor,
Australia
(Dollars in millions,
expect per ounce amounts) |
2Q 2014 |
1Q 2014 |
4Q 2013 |
3Q 2013 |
2Q 2013 |
Tons milled |
185,538 |
193,219 |
200,843 |
197,237 |
198,517 |
Average silver grade (oz/t) |
1.41 |
1.65 |
1.37 |
1.71 |
2.73 |
Average recovery
rate |
42.4% |
45.9% |
42.0% |
42.1% |
37.0% |
Silver ounces produced (000's) |
111 |
147 |
115 |
142 |
200 |
Silver ounces sold
(000's) |
106 |
147 |
113 |
186 |
198 |
Revenues |
$2.0 |
$2.9 |
$2.1 |
$4.3 |
$3.5 |
Costs applicable to sales1 |
$0.8 |
$1.2 |
$0.9 |
$1.9 |
$1.7 |
Costs applicable to sales per silver
equivalent ounce1 |
$7.94 |
$8.05 |
$8.32 |
$10.09 |
$8.49 |
Cash flow from operating
activities |
$0.1 |
$1.5 |
$0.9 |
$1.3 |
$1.2 |
Free cash flow2 |
$0.1 |
$1.5 |
$0.9 |
$1.3 |
$1.2 |
-
Silver production decreased 24% from the first
quarter due to lower tons milled, grades, and recovery rates
-
Costs applicable to sales per silver equivalent
ounce declined to $7.94
-
Coeur owns all silver production and reserves at
Endeavor up to a total of 20.0 million payable ounces. At June 30,
2014, the Company has received 5.1 million ounces
Exploration
Costs associated with exploration
activities for the second quarter 2014 were $5.2 million (expensed)
for discovery of new silver and gold mineralization and $3.9
million (capitalized) for definition and expansion of mineralized
material, for a total of $9.1 million. Coeur's exploration program
used ten drill rigs during the second quarter: four drills at
Palmarejo, four at Kensington, and two at Rochester. This work
resulted in completion of over 165,146 feet (50,335 meters) of
combined core and reverse circulation drilling.
2014
Production Outlook
Coeur's 2014 total silver and gold
production guidance is shown below. The Company has slightly
narrowed the range, with higher than planned gold production from
Rochester expected to offset lower gold production from Palmarejo,
in line with Coeur's re-scoped mine plan and strategy to transition
the mine to a higher-margin, lower tonnage operation.
(silver and silver
equivalent ounces in thousands) |
Silver |
Gold |
Silver Equivalent1 |
Palmarejo,
Mexico |
6,700 - 7,000 |
84,000 - 90,000 |
11,740 - 12,400 |
San Bartolomé, Bolivia |
5,700 - 6,000 |
- |
5,700 - 6,000 |
Rochester,
Nevada |
4,100 - 4,400 |
34,000 - 38,000 |
6,140 - 6,680 |
Endeavor, Australia |
500 - 600 |
- |
500 - 600 |
Kensington,
Alaska |
- |
107,000 - 112,000 |
6,420 - 6,720 |
Total |
17,000 - 18,000 |
225,000 -
240,000 |
30,500 - 32,400 |
Conference
Call Information
Coeur will conduct a conference call and webcast
at www.coeur.com to discuss the Company's second quarter results on
August 7, 2014 at 11:00 a.m. Eastern time.
Dial-In Numbers: |
(877) 768-0708 (U.S. and Canada) |
|
(660) 422-4718 (International) |
|
Conference ID: 716 78 100 |
|
|
A replay of the call will be available on Coeur's website
through August 21, 2014. |
Replay Numbers: |
(855) 859-2056 (U.S. and Canada) |
|
(404) 537-3406 (International) |
|
Conference ID: 716 78 100 |
About Coeur
Coeur Mining is the largest
U.S.-based primary silver producer and a significant gold producer
with four precious metals mines in the Americas employing nearly
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 net smelter royalties on the Cerro Bayo mine in Chile,
the El Gallo complex in Mexico, and the Zaruma mine in Ecuador. 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, capital and exploration
expenditures, amortization, exploration and development efforts,
the longer-term operational and financial profile of Palmarejo, the
new gold stream agreement with Franco-Nevada, recovery rates,
grades, throughput, margins, permits, leach pad capacity, and
initiatives to increase efficiency, minimize exposure to declining
metal prices, and maximize free cash flow and returns. 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 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. 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. Insofar as the re-scoped Palmarejo mine
plan referenced herein is a preliminary economic assessment that is
based, in part, on inferred mineral resources, the re-scoped mine
plan does not have as high a level of certainty as would a plan
that was based solely on proven and probable reserves. 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, please see the Technical Reports for each
of Coeur's properties as filed on SEDAR at www.sedar.com and the
new Technical Report for the La Preciosa feasibility study to be
filed on www.sedar.com no later than September 14, 2014.
Cautionary
Note to U.S. Investors
The United States Securities and
Exchange Commission permits U.S. mining companies, in their filings
with the SEC, to disclose only those mineral deposits that a
company can economically and legally extract or produce. We may use
certain terms in public disclosures, such as "measured,"
"indicated," "inferred" and "resources," that are recognized by
Canadian regulations, but that SEC guidelines generally prohibit
U.S. registered companies from including in their filings with the
SEC. U.S. investors are urged to consider closely the disclosure in
our Form 10-K which may be secured from us, or from the SEC's
website at http://www.sec.gov.
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 net income (loss),
costs applicable to sales per silver equivalent ounce, and 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 net income (loss), costs applicable to sales per
silver equivalent ounce, and all-in sustaining costs are important
measures in assessing the Company's overall financial
performance.
Notes
1. Adjusted net income (loss), all-in sustaining
costs, and 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. Silver equivalence calculated using a
60:1 silver to gold ratio.
2. Free cash flow is defined as cash flow from
operating activities less capital expenditures and royalty
payments. Mine-level free cash flow is the sum of free cash flow
generated by Palmarejo, Rochester, San Bartolomé, Kensington, and
Endeavor.
3. Includes capital leases. Net of debt
discount.
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)
|
Three months ended June
30, |
|
Six months ended June
30, |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
(In
thousands, except share data) |
Revenue |
$ |
164,562 |
|
|
$ |
204,525 |
|
|
$ |
324,195 |
|
|
$ |
376,322 |
|
COSTS AND
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
Costs applicable to sales |
118,687 |
|
|
142,386 |
|
|
225,583 |
|
|
230,444 |
|
Amortization |
41,422 |
|
|
56,894 |
|
|
81,849 |
|
|
106,589 |
|
General and administrative |
9,398 |
|
|
15,026 |
|
|
23,294 |
|
|
25,253 |
|
Exploration |
5,153 |
|
|
6,774 |
|
|
9,370 |
|
|
13,615 |
|
Litigation settlement |
- |
|
|
32,046 |
|
|
- |
|
|
32,046 |
|
Pre-development, reclamation, and other |
8,760 |
|
|
1,817 |
|
|
15,775 |
|
|
7,163 |
|
Total costs and expenses |
183,420 |
|
|
254,943 |
|
|
355,871 |
|
|
415,110 |
|
OTHER
INCOME (EXPENSE), NET |
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustments, net |
(8,282 |
) |
|
66,754 |
|
|
(19,717 |
) |
|
84,550 |
|
Impairment of marketable securities |
(934 |
) |
|
(17,192 |
) |
|
(3,522 |
) |
|
(17,227 |
) |
Interest income and other, net |
(116 |
) |
|
419 |
|
|
(2,100 |
) |
|
4,275 |
|
Interest
expense, net of capitalized interest |
(12,310 |
) |
|
(10,930 |
) |
|
(25,365 |
) |
|
(20,662 |
) |
Total other income (expense), net |
(21,642 |
) |
|
39,051 |
|
|
(50,704 |
) |
|
50,936 |
|
Income
(loss) before income and mining taxes |
(40,500 |
) |
|
(11,367 |
) |
|
(82,380 |
) |
|
12,148 |
|
Income and mining tax (expense) benefit |
(2,621 |
) |
|
(23,673 |
) |
|
2,068 |
|
|
(34,918 |
) |
NET INCOME (LOSS) |
$ |
(43,121 |
) |
|
$ |
(35,040 |
) |
|
$ |
(80,312 |
) |
|
$ |
(22,770 |
) |
OTHER COMPREHENSIVE INCOME (LOSS), net of tax: |
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on marketable securities, net of tax of $487 and
$253 for the three and six months ended June 30, 2014,
respectively |
(773 |
) |
|
(7,491 |
) |
|
(401 |
) |
|
(11,057 |
) |
Reclassification adjustments for impairment of
marketable securities, net of tax of $(362) and $(1,363) for the
three and six months ended June 30, 2014, respectively |
572 |
|
|
17,192 |
|
|
2,159 |
|
|
17,227 |
|
Reclassification adjustments for realized loss on sale of
marketable securities, net of tax of $(10) for the three and six
months ended June 30, 2014, respectively |
17 |
|
|
- |
|
|
17 |
|
|
- |
|
Other comprehensive income (loss) |
(184 |
) |
|
9,701 |
|
|
1,775 |
|
|
6,170 |
|
COMPREHENSIVE INCOME (LOSS) |
$ |
(43,305 |
) |
|
$ |
(25,339 |
) |
|
$ |
(78,537 |
) |
|
$ |
(16,600 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME (LOSS) PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.42 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.78 |
) |
|
$ |
(0.24 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
$ |
(0.42 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.78 |
) |
|
$ |
(0.24 |
) |
Coeur Mining,
Inc. and Subsidiaries
Condensed
Consolidated Statements of Cash Flows
|
|
Three months ended June
30, |
|
Six months ended June
30, |
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
|
(In
thousands) |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) |
|
$ |
(43,121 |
) |
|
$ |
(35,040 |
) |
|
$ |
(80,312 |
) |
|
(22,770 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization |
|
41,422 |
|
|
56,896 |
|
|
81,849 |
|
|
106,589 |
|
Accretion |
|
4,502 |
|
|
5,380 |
|
|
9,093 |
|
|
10,840 |
|
Deferred
income taxes |
|
(3,844 |
) |
|
12,123 |
|
|
(15,705 |
) |
|
19,548 |
|
Loss on termination of revolving credit facility |
|
- |
|
|
- |
|
|
3,035 |
|
|
- |
|
Fair
value adjustments, net |
|
8,288 |
|
|
(65,754 |
) |
|
18,845 |
|
|
(81,795 |
) |
Litigation settlement |
|
- |
|
|
22,046 |
|
|
- |
|
|
22,046 |
|
Stock-based compensation |
|
2,385 |
|
|
1,617 |
|
|
4,950 |
|
|
2,713 |
|
(Gain) loss on sale of assets |
|
(48 |
) |
|
(264 |
) |
|
222 |
|
|
(1,132 |
) |
Impairment of marketable securities |
|
934 |
|
|
17,192 |
|
|
3,522 |
|
|
17,227 |
|
Other |
|
(12 |
) |
|
234 |
|
|
(219 |
) |
|
(112 |
) |
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Receivables |
|
4,921 |
|
|
4,401 |
|
|
10,544 |
|
|
8,647 |
|
Prepaid
expenses and other current assets |
|
3,551 |
|
|
2,930 |
|
|
(4,558 |
) |
|
411 |
|
Inventory and ore on leach pads |
|
(1,606 |
) |
|
31,483 |
|
|
(15,519 |
) |
|
10,990 |
|
Accounts
payable and accrued liabilities |
|
13,118 |
|
|
10,094 |
|
|
5,117 |
|
|
(16,930 |
) |
CASH PROVIDED BY OPERATING ACTIVITIES |
|
30,490 |
|
|
63,338 |
|
|
20,864 |
|
|
76,272 |
|
CASH
FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
(15,356 |
) |
|
(27,201 |
) |
|
(27,292 |
) |
|
(40,028 |
) |
Acquisitions |
|
(2,250 |
) |
|
(101,648 |
) |
|
(2,250 |
) |
|
(113,214 |
) |
Purchase of short-term investments and marketable
securities |
|
(2,139 |
) |
|
(683 |
) |
|
(48,360 |
) |
|
(5,332 |
) |
Sales and
maturities of short-term investments |
|
800 |
|
|
1,522 |
|
|
890 |
|
|
6,344 |
|
Other |
|
12 |
|
|
254 |
|
|
(13 |
) |
|
1,209 |
|
CASH USED
IN INVESTING ACTIVITIES |
|
(18,933 |
) |
|
(127,756 |
) |
|
(77,025 |
) |
|
(151,021 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Issuance
of notes and bank borrowings |
|
- |
|
|
- |
|
|
153,000 |
|
|
300,000 |
|
Payments on long-term debt, capital leases, and
associated costs |
|
(2,851 |
) |
|
(1,857 |
) |
|
(6,962 |
) |
|
(57,197 |
) |
Gold
production royalty payments |
|
(12,345 |
) |
|
(15,480 |
) |
|
(27,028 |
) |
|
(30,929 |
) |
Share repurchases |
|
- |
|
|
- |
|
|
- |
|
|
(12,557 |
) |
Other |
|
(160 |
) |
|
(25 |
) |
|
(406 |
) |
|
(477 |
) |
CASH PROVIDED BY (USED IN) FINANCING
ACTIVITIES |
|
(15,356 |
) |
|
(17,362 |
) |
|
118,604 |
|
|
198,840 |
|
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
(3,799 |
) |
|
(81,780 |
) |
|
62,443 |
|
|
124,091 |
|
Cash and cash equivalents at beginning of period |
|
272,932 |
|
|
331,311 |
|
|
206,690 |
|
|
125,440 |
|
Cash and
cash equivalents at end of period |
|
$ |
269,133 |
|
|
$ |
249,531 |
|
|
$ |
269,133 |
|
|
$ |
249,531 |
|
Coeur Mining,
Inc. and Subsidiaries
Condensed
Consolidated Balance Sheets
|
|
|
June 30,
2014 |
|
December 31,
2013 |
ASSETS |
|
|
(In thousands, except share data) |
CURRENT ASSETS |
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
|
$ |
269,133 |
|
|
$ |
206,690 |
|
Investments |
|
|
47,642 |
|
|
- |
|
Receivables |
|
|
68,693 |
|
|
81,074 |
|
Ore on leach pads |
|
|
44,964 |
|
|
50,495 |
|
Inventory |
|
|
137,644 |
|
|
132,023 |
|
Deferred tax assets |
|
|
35,079 |
|
|
35,008 |
|
Prepaid
expenses and other |
|
|
23,593 |
|
|
25,940 |
|
|
|
|
626,748 |
|
|
531,230 |
|
NON-CURRENT ASSETS |
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
482,787 |
|
|
486,273 |
|
Mining
properties, net |
|
|
1,728,667 |
|
|
1,751,501 |
|
Ore on leach pads |
|
|
46,956 |
|
|
31,528 |
|
Restricted assets |
|
|
7,510 |
|
|
7,014 |
|
Marketable securities |
|
|
13,761 |
|
|
14,521 |
|
Receivables |
|
|
38,424 |
|
|
36,574 |
|
Debt issuance costs, net |
|
|
11,031 |
|
|
10,812 |
|
Deferred
tax assets |
|
|
808 |
|
|
1,189 |
|
Other |
|
|
10,830 |
|
|
15,336 |
|
TOTAL
ASSETS |
|
|
$ |
2,967,522 |
|
|
$ |
2,885,978 |
|
LIABILITIES
AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
Accounts payable |
|
|
$ |
49,651 |
|
|
$ |
53,847 |
|
Accrued
liabilities and other |
|
|
40,632 |
|
|
38,266 |
|
Debt |
|
|
11,565 |
|
|
2,505 |
|
Royalty
obligations |
|
|
51,087 |
|
|
48,019 |
|
Reclamation |
|
|
752 |
|
|
913 |
|
Deferred
tax liabilities |
|
|
1,858 |
|
|
1,011 |
|
|
|
|
155,545 |
|
|
144,561 |
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
Debt |
|
|
468,570 |
|
|
306,130 |
|
Royalty
obligations |
|
|
58,505 |
|
|
65,142 |
|
Reclamation |
|
|
59,757 |
|
|
57,515 |
|
Deferred
tax liabilities |
|
|
540,232 |
|
|
556,246 |
|
Other long-term liabilities |
|
|
28,280 |
|
|
25,817 |
|
|
|
|
1,155,344 |
|
|
1,010,850 |
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
Common
stock, par value $0.01 per share; authorized 150,000,000 shares,
issued and outstanding 103,485,960 at June 30, 2014 and 102,843,003
at December 31, 2013 |
|
|
1,034 |
|
|
1,028 |
|
Additional paid-in capital |
|
|
2,785,761 |
|
|
2,781,164 |
|
Accumulated other comprehensive income (loss) |
|
|
(3,131 |
) |
|
(4,906 |
) |
Accumulated deficit |
|
|
(1,127,031 |
) |
|
(1,046,719 |
) |
|
|
|
1,656,633 |
|
|
1,730,567 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
$ |
2,967,522 |
|
|
$ |
2,885,978 |
|
Adjusted Net
Income Reconciliation
(Dollars in thousands except per
share amounts) |
2Q 2014 |
|
1Q 2014 |
|
4Q 2013 |
|
3Q 2013 |
|
2Q 2013 |
Net
income (loss) |
$ |
(43,121 |
) |
|
$ |
(37,191 |
) |
|
$ |
(581,528 |
) |
|
$ |
(46,265 |
) |
|
$ |
(35,040 |
) |
Fair value adjustments, net |
6,498 |
|
|
7,827 |
|
|
(11,289 |
) |
|
13,717 |
|
|
(48,434 |
) |
Stock-based compensation |
2,299 |
|
|
2,453 |
|
|
1,034 |
|
|
358 |
|
|
1,554 |
|
Impairment of marketable securities |
934 |
|
|
2,588 |
|
|
211 |
|
|
870 |
|
|
17,192 |
|
Accretion of royalty obligation |
1,789 |
|
|
1,821 |
|
|
2,974 |
|
|
2,022 |
|
|
2,897 |
|
Write-downs |
- |
|
|
- |
|
|
580,365 |
|
|
- |
|
|
- |
|
Litigation settlement |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
32,046 |
|
Gain on sale of building |
- |
|
|
- |
|
|
(1,200 |
) |
|
- |
|
|
- |
|
Gain
on commutation of reclamation bonding arrangements |
- |
|
|
- |
|
|
(7,609 |
) |
|
- |
|
|
- |
|
Loss on revolver termination |
- |
|
|
3,035 |
|
|
- |
|
|
- |
|
|
- |
|
Adjusted net income (loss) |
$ |
(31,601 |
) |
|
$ |
(19,467 |
) |
|
$ |
(17,042 |
) |
|
$ |
(29,298 |
) |
|
$ |
(29,785 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income (loss) per
share |
$ |
(0.31 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.30 |
) |
Reconciliation of Non-U.S. GAAP Costs Applicable to Sales
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Reconciliation of Non-U.S. GAAP Costs Applicable to Sales
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 |
|
|
|
|
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 |
|
Reconciliation of Non-U.S. GAAP Costs Applicable to Sales
per Silver Equivalent Ounce
for Three
Months 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) |
|
$ |
75,690 |
|
|
$ |
25,513 |
|
|
$ |
19,167 |
|
|
$ |
1,741 |
|
|
$ |
122,111 |
|
|
$ |
41,590 |
|
|
$ |
163,701 |
|
Amortization |
|
35,894 |
|
|
4,851 |
|
|
2,529 |
|
|
801 |
|
|
44,075 |
|
|
18,218 |
|
|
62,293 |
|
Costs applicable to sales |
|
$ |
39,796 |
|
|
$ |
20,662 |
|
|
$ |
16,638 |
|
|
$ |
940 |
|
|
$ |
78,036 |
|
|
$ |
23,372 |
|
|
$ |
101,408 |
|
Silver equivalent ounces
sold |
|
3,649,557 |
|
|
1,485,217 |
|
|
1,000,568 |
|
|
112,965 |
|
|
6,248,307 |
|
|
|
|
|
|
|
Gold ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,533 |
|
|
|
|
Costs applicable to sales per
ounce |
|
$ |
10.90 |
|
|
$ |
13.91 |
|
|
$ |
16.63 |
|
|
$ |
8.32 |
|
|
$ |
12.49 |
|
|
$ |
677 |
|
|
|
|
Treatment and refining costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,494 |
|
Sustaining
capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,278 |
|
General and administrative |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,851 |
|
Exploration |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,440 |
|
Reclamation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
938 |
|
Project/pre-development
costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,822 |
|
All-in sustaining costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
149,231 |
|
Silver equivalent ounces
sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,248,307 |
|
Kensington silver equivalent ounces
sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,071,980 |
|
Consolidated silver
equivalent ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,320,287 |
|
All-in sustaining costs per silver equivalent
ounce |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
17.94 |
|
Reconciliation of Non-U.S. GAAP Costs Applicable to Sales
per Silver Equivalent Ounce
for Three
Months Ended September 30, 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) |
|
$ |
100,314 |
|
|
$ |
22,460 |
|
|
$ |
20,458 |
|
|
$ |
2,765 |
|
|
$ |
145,997 |
|
|
$ |
45,571 |
|
|
$ |
191,568 |
|
Amortization |
|
33,475 |
|
|
4,788 |
|
|
2,519 |
|
|
894 |
|
|
41,676 |
|
|
18,086 |
|
|
59,762 |
|
Costs applicable to
sales |
|
$ |
66,839 |
|
|
$ |
17,672 |
|
|
$ |
17,939 |
|
|
$ |
1,871 |
|
|
$ |
104,321 |
|
|
$ |
27,485 |
|
|
$ |
131,806 |
|
Silver equivalent ounces sold |
|
4,894,600 |
|
|
1,334,066 |
|
|
1,133,525 |
|
|
185,505 |
|
|
7,547,696 |
|
|
|
|
|
|
|
Gold ounces
sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,752 |
|
|
|
|
Costs applicable to sales per
ounce |
|
$ |
13.66 |
|
|
$ |
13.25 |
|
|
$ |
15.83 |
|
|
$ |
10.09 |
|
|
$ |
13.82 |
|
|
$ |
894 |
|
|
|
|
Treatment and refining
costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,880 |
|
Sustaining capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,802 |
|
General and
administrative |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,240 |
|
Exploration |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,305 |
|
Reclamation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
968 |
|
Project/pre-development costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,546 |
|
All-in sustaining
costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
187,547 |
|
Silver equivalent ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,547,696 |
|
Kensington silver equivalent
ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,845,120 |
|
Consolidated silver equivalent ounces
sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,392,816 |
|
All-in sustaining costs per
silver equivalent ounce |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
19.97 |
|
Reconciliation of Non-U.S. GAAP Costs Applicable to Sales
per Silver Equivalent Ounce
for Three
Months Ended June 30, 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) |
|
$ |
90,602 |
|
|
$ |
37,639 |
|
|
$ |
24,505 |
|
|
$ |
2,907 |
|
|
$ |
155,653 |
|
|
$ |
43,313 |
|
|
$ |
198,966 |
|
Amortization |
|
35,384 |
|
|
4,824 |
|
|
1,989 |
|
|
1,224 |
|
|
43,421 |
|
|
13,159 |
|
|
56,580 |
|
Costs applicable to sales |
|
$ |
55,218 |
|
|
$ |
32,815 |
|
|
$ |
22,516 |
|
|
$ |
1,683 |
|
|
$ |
112,232 |
|
|
$ |
30,154 |
|
|
$ |
142,386 |
|
Silver equivalent ounces
sold |
|
3,688,500 |
|
|
2,151,000 |
|
|
1,506,508 |
|
|
198,269 |
|
|
7,544,277 |
|
|
|
|
|
|
|
Gold ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,573 |
|
|
|
|
Costs applicable to sales per
ounce |
|
$ |
14.97 |
|
|
$ |
15.26 |
|
|
$ |
14.95 |
|
|
$ |
8.49 |
|
|
$ |
14.88 |
|
|
$ |
1,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treatment and refining
costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,742 |
|
Sustaining capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,776 |
|
General and
administrative |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,026 |
|
Exploration |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,774 |
|
Reclamation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
936 |
|
Project/pre-development costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
701 |
|
All-in sustaining
costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
191,341 |
|
Silver equivalent ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,544,277 |
|
Kensington silver equivalent
ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,474,380 |
|
Consolidated silver equivalent ounces
sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,018,657 |
|
All-in sustaining costs per
silver equivalent ounce |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
21.22 |
|
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#1846971
Coeur Mining (NYSE:CDE)
Historical Stock Chart
From Apr 2024 to May 2024
Coeur Mining (NYSE:CDE)
Historical Stock Chart
From May 2023 to May 2024