| | Publié le 09 mai 2011 | Silver and Gold Production Combine to Deliver Record First Quarter Results |
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Commenter
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Notation
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Silver and Gold Production from Coeur's
New Mines and Record Metals Prices Combine to Deliver Record First Quarter
Results
COEUR D'ALENE, Idaho,
May 09, 2011 (BUSINESS WIRE) -- Coeur d'Alene Mines Corporation (NYSE:CDE)
(TSX:CDM) today announced the highest first quarter production, metal sales and
cash flow in the Company's history.
First Quarter Highlights:
- Net metal sales of $199.6 million.
- $90.1 million in operating cash flow1.
- Adjusted earnings2 of $37.5 million,
or $0.42 per share.
- 4.1 million ounces of silver produced and 53,130
ounces of gold produced.
- Average realized prices of $31.27 per ounce for
silver and $1,374 per ounce for gold.
- Cash operating costs of $8.36 per silver ounce3.
- Working capital increased by $75.9 million to
approximately $71.4 million.
- Initial mineral resources established at Joaquin
project in Argentina of 19.7 million indicated ounces of silver and 48.0
million inferred ounces of silver.
"Building on the
momentum from the fourth quarter of 2010 with our three new, long-life precious
metals mines, we are pleased to report another strong quarter and expect
consistent increases in production during the remainder of 2011," said
Dennis E. Wheeler, Chairman, President and Chief Executive Officer. "With
silver and gold prices expected to remain strong despite recent volatility, we
are anticipating 2011 to be the Company's best year ever by a wide margin with
record cash flows driven by 20 million ounces of silver production and 250,000
ounces of gold production."
"The expansion of
mine life at our long-time flagship Rochester silver and gold mine in Nevada is
on schedule to add new production ounces beginning in the fourth quarter.
Similarly, our three new mines will increase production levels throughout the
year, which is why we are comfortable maintaining our full-year production
guidance," Mr. Wheeler added.
"We are also
continuing with our expanded drilling programs on our large property holdings
surrounding our operating mines, and expect to develop new reserves and
resources for future production to further take advantage of the current price
environment."
"In Bolivia, we
are pleased that our rights have been again reconfirmed, even in light of the
prior misleading media reports, and that the government at the highest levels
has stated that the San Bartolomé mine will remain under Coeur ownership.
We continue to receive strong support from government mining agencies, our
unions and our partners in the socially empowered mining Cooperatives in
Potosi," Mr. Wheeler added.
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Financial Highlights
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US$
in millions
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|
1Q
2010
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2Q
2010
|
|
3Q
2010
|
|
4Q
2010
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|
1Q
2011
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Sales of Metal
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$88.3
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$101.0
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$118.6
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$207.6
|
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$199.6
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Production Costs
|
|
51.8
|
|
58.6
|
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60.4
|
|
86.8
|
|
92.5
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EBITDA4
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26.9
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31.8
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48.3
|
|
109.5
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88.6
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Adjusted
Earnings5
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1.7
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-8.9
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-4.5
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53.2
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37.5
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Operating
Cash Flow6
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27.7
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22.0
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34.7
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99.4
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90.1
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Capital Expenditures
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47.2
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45.5
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36.8
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26.6
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15.9
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Cash and Equivalents
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56.0
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41.2
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27.8
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66.1
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64.4
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Total
Debt7
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208.0
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180.1
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180.1
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154.1
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168.0
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Common Shares Issued
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86.1
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89.3
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89.3
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89.3
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89.5
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Avg. Realized Price
- Silver
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$16.84
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$18.56
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$18.87
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$26.83
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$31.27
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Avg. Realized Price
- Gold
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$1,104
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$1,176
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$1,229
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$1,357
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$1,374
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Note: Reflects results from continuing
operations.
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First quarter metal
sales totaled $199.6 million, up 126.1% compared to last year's first quarter
and down 4% compared to the prior quarter. The year-over-year jump in metal
sales was due to higher silver production at both San Bartolomé and
Palmarejo during the first quarter and significantly higher gold production
since Kensington was not yet in operation during last year's first quarter. The
decline in first quarter metal sales compared to the fourth quarter of 2010 was
due to expected and temporarily lower silver production at Palmarejo and San
Bartolomé and lower gold production at Kensington and Palmarejo.
The Company's average
realized silver and gold prices during the first quarter were $31.27 and $1,374
per ounce. During last year's first quarter, Coeur's average realized silver
price was $16.84 per ounce and average realized gold price was $1,104 per
ounce. Sales of silver contributed 56.4% of the Company's total metal sales
while the remainder was derived from the sale of gold ounces.
Capital expenditures
continued their downward trend by declining 40% compared to the prior quarter
to $15.9 million, leading to increased free cash flow. Quarterly operating cash
flow8 of $90.1 million represented a threefold increase compared to
last year's first quarter and was down slightly from $99.4 million in the prior
quarter.
Quarterly adjusted
earnings totaled $37.5 million compared to $1.7 million in the first quarter of
last year. Quarterly net income was $12.5 million during the first quarter
compared to ($12.9) million in the first quarter of last year.
As of March 31st,
cash and equivalents totaled $64.4 million. The Company's working capital at
March 31, 2011 increased by $75.9 million to approximately $71.4 million
compared to a deficit of $4.5 million at December 31, 2010.
Total shares issued as
of May 6th were 89.5 million.
Operational Highlights9
In the first quarter,
the Company produced 4.1 million ounces of silver and 53,130 ounces of gold
versus 4.8 million and 60,640 ounces of silver and gold, respectively, in the
prior quarter and 3.4 million and 25,782 ounces of silver and gold,
respectively, during last year's first quarter.
Palmarejo (Mexico)
- Palmarejo's silver and gold production increased
each month during the first quarter, a trend that continued in April with
an all-time record for both silver and gold production.
- Quarterly silver production of 1.7 million ounces
while gold production totaled 27,759 ounces.
- Average cash operating cost of $4.80 per silver
ounce.
- Quarterly metal sales of $88.2 million and
operating cash flow of $44.4 million.
San Bartolomé
(Bolivia)
- San Bartolomé produced nearly 700,000 more
silver ounces in the first quarter compared to last year's first quarter
and approximately 300,000 less silver ounces compared to the fourth
quarter mostly due to adverse weather conditions that hampered processing
activities.
- Quarterly silver production of 1.7 million
ounces.
- Average cash operating cost of $9.13 per ounce.
- Quarterly metal sales of $46.3 million and
operating cash flow of $32.2 million.
Kensington (Alaska)
- Kensington's gold production was slightly lower
in the first quarter compared to the fourth quarter due to lower gold
grades. Mining activities are now re-entering higher-grade ore zones, leading
to higher expected gold production during the remainder of the year.
- Quarterly gold production of 23,676 ounces.
- Cash costs per ounce of $988.75
- Quarterly metal sales of $48.1 million and
operating cash flow of $13.9 million.
Rochester (Nevada)
- Silver and gold production from residual leaching
at Rochester declined during the first quarter as planned. Construction of
the new leach pad is on-schedule and new silver and gold production is
anticipated in the fourth quarter.
- Produced 333,696 silver ounces and 1,451 gold
ounces.
- Quarterly metal sales of $14.3 million and
operating cash flow of $3.4 million.
- Cash operating costs were $10.28 per silver ounce
in the first quarter.
- Drilling on new areas of mineralization set to
commence during the second quarter.
Exploration Highlights
Joaquin (Argentina)
Through work done from
November 2006 to year-end 2010, and total exploration costs of $6.9 million,
the Company has established initial indicated mineral resources of 19.7 million
contained ounces of silver and 36,000 contained ounces of gold and inferred
mineral resources of 48.0 million silver and 42,000 ounces of gold at the
Joaquin project located in the Santa Cruz Province of Argentina approximately
seventy kilometers north of the Company's Martha mine via all weather-gravel
road. At the end of 2010, Coeur had met its obligations to have earned a
managing 51% interest in the Joaquin joint venture.
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Mineral Resources for the Joaquin
Project (100% Ownership Basis)
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Oxides
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Classification
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Tonnes (000s)
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Ave. Grade
(grams/tonne)
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Contained Ounces
(000s)
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Au
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Ag
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Au
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Ag
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Indicated
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6,785
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0.16
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77.7
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34
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16,952
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Inferred
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11,128
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0.09
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86.6
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32
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30,989
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Sulfides
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Indicated
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419
|
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0.16
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203.5
|
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2
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2,741
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Inferred
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2,667
|
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0.12
|
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197.8
|
|
10
|
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16,963
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Totals
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Indicated
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7,204
|
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0.16
|
|
85.0
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|
36
|
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19,693
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Inferred
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13,794
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0.10
|
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108.1
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42
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47,952
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Effective April 2010 metal prices used were US$20 /oz Ag and
US$1,300 oz/Au.
Oxide mineral resources estimated using a cut off grade of 33 g/t Ag Eq and
sulfide mineral resources with a cut off of 51.9 g/t Ag Eq. within
Whittle(R)-estimated, surface mine, scoping level parameters.
Ag Eq (silver equivalent) = AU grade in grams per tonne times 65+ Ag grade in
grams per tonne.
Mineral resources estimated by the consulting firm of NCL Ingeniería y
Construcción Ltda. in Santiago, Chile.
Mineral resources that are not mineral reserves have not demonstrated economic
viability.
Coeur is actively engaged in expanding the mineral resources at
Joaquin, explore for new mineralization and commence further technical work
that will result in the completion of a feasibility study, which will lift the
Company's managing joint venture interest from 51% to 61%.
Palmarejo (Mexico)
The Company completed over 9,900 meters (32,500 feet) of core
drilling in 28 new holes in the quarter to discover new silver and gold
mineralization and define new mineral reserves. This exploration work
concentrated primarily on drilling around the Palmarejo mine from both surface
and underground platforms with 21 new cores holes; the majority of which was
completed at the Tucson and Chapotillo zones in the current Palmarejo surface
mine area. Many assay results are pending, but positive results were received
from Tucson and a new target, La Virginia, immediately north of the surface
mine.
Kensington (Alaska)
Exploration at Kensington consisted of 1,430 meters (4,691 feet)
of core drilling to discover new mineralization and expand mineral reserves.
The main focus of this drilling was on the Raven structure, a prominent
gold-bearing quartz vein and vein splay system situated about 650 meters (2,100
feet) west of the current Kensington mining area. Several high-grade intercepts
were encountered in this drilling. At the end of the quarter, new drilling
commenced on a similar, quartz vein target, Comet, located south of Raven.
Conference Call Information
Coeur will hold a conference call to discuss the Company's first
quarter 2011 results at 1:00 p.m. Eastern time on May 9, 2011. To listen live
via telephone, call (877) 464-2820 (US and Canada) or (660) 422-4718
(International). The conference ID number is 62334995. The conference call and
presentation will also be webcast on the Company's web site at www.coeur.com.
A replay of the call will be available through May 16, 2011. The replay dial-in
numbers are (800) 642-1687 (US and Canada) and (706) 645-9291 (International)
and the access code is 62334995. In addition, the call will be archived for a
limited time on the Company's web site.
Cautionary Statement
This press release contains forward-looking statements within
the meaning of securities legislation in the United States and Canada, including
statements regarding anticipated operating results. Such statements are subject
to numerous assumptions and uncertainties, many of which are outside the
control of Coeur. Operating, exploration and financial data, and other
statements in this presentation are based on information that Coeur believes is
reasonable, but involve significant uncertainties affecting the business of
Coeur, including, but not limited to, future gold and silver prices, costs, ore
grades, estimation of gold and silver reserves, mining and processing
conditions, construction schedules, currency exchange rates, and the completion
and/or updating of mining feasibility studies, changes that could result from
future acquisitions of new mining properties or businesses, the risks and hazards
inherent in the mining business (including environmental hazards, industrial
accidents, weather or geologically related conditions), regulatory and
permitting matters, risks inherent in the ownership and operation of, or
investment in, mining properties or businesses in foreign countries, 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 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.
Donald J. Birak, Coeur's Senior Vice President of Exploration
and a qualified person under NI 43-101, supervised the preparation of the
scientific and technical information concerning Coeur's mineral projects in
this presentation. 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.
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 use certain terms in this
presentation, such as "measured," "indicated," and
"inferred 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 www.sec.gov/edgar.shtml.
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 cash operating
costs, operating cash flow, adjusted earnings, and EBITDA. 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 operating cash flow, adjusted earnings and EBITDA are
important measures in assessing the Company's overall financial performance.
About Coeur
Coeur d'Alene Mines Corporation is the largest U.S.-based
primary silver producer and a growing gold producer. The Company has three new,
large precious metals mines generating significantly higher production, sales
and cash flow in continued strong metals markets. In 2011, Coeur will realize
the first full year of production and cash flow from all three of its new,
100%-owned mines: the San Bartolomé silver mine in Bolivia, the
Palmarejo silver/gold mine in Mexico, and the Kensington gold mine in Alaska.
In addition, the Company is expecting new production from its long-time
flagship Rochester mine in Nevada in the fourth quarter of 2011. The Company
also owns a non-operating interest in a low-cost mine in Australia, and
conducts ongoing exploration activities near its operations in Argentina,
Mexico and Alaska
Photos of projects and other information can be accessed through
the Company's website at www.coeur.com.
1 Operating cash flow
is a non-U.S. GAAP measure defined as net income plus depreciation, depletion
and amortization and other non-cash items prior to changes in operating assets
and liabilities. On a U.S. GAAP basis, the Company generated $35.8 million of
cash flow from operations during the first quarter. See the reconciliation from
non-U.S. GAAP to U.S. GAAP at the end of this news release.
2 Adjusted earnings is
a non-U.S. GAAP measure defined as operating income plus interest and other
income less interest expense and current taxes. Adjusted earnings excludes
non-cash fair value adjustments, other non-cash adjustments, deferred taxes and
discontinued operations. The Company realized net income of $12.5 million in
the first quarter. See reconciliation between non-U.S. GAAP adjusted earnings
and U.S. GAAP at the end of this news release.
3 Cash operating costs
is a non-U.S. GAAP measure defined as cash costs less production taxes and
royalties if applicable. See reconciliation between non-U.S. GAAP adjusted
earnings and U.S. GAAP at the end of this news release.
4 EBITDA is a non-U.S.
GAAP measure defined as earnings before interest, taxes, depreciation and
amortization. A reconciliation of this measure to U.S. GAAP is provided at the
end of this news release.
5 Adjusted earnings is
a non-U.S. GAAP measure defined as operating income plus interest and other
income less interest expense and current taxes. Adjusted earnings excludes
non-cash fair value adjustments, other non-cash adjustments, deferred taxes and
discontinued operations. The Company realized net income of $12.5 million in
the first quarter. See reconciliation between non-U.S. GAAP adjusted earnings
and U.S. GAAP at the end of this news release.
6 Operating cash flow
is a non-U.S. GAAP measure defined as net income plus depreciation, depletion
and amortization and other non-cash items prior to changes in operating assets
and liabilities. On a U.S. GAAP basis, the Company generated $35.8 million of
cash flow from operations during the first quarter. See the reconciliation from
non-U.S. GAAP to U.S. GAAP at the end of this news release.
7 Includes short and
long-term indebtedness; excludes capital leases, royalty obligations and
Mitsubishi gold lease facility.
8 Operating cash flow
is a non-U.S. GAAP measure defined as net income plus depreciation, depletion
and amortization and other non-cash items prior to changes in operating assets
and liabilities. On a U.S. GAAP basis, the Company generated $35.8 million of
cash flow from operations during the first quarter. See the reconciliation from
non-U.S. GAAP to U.S. GAAP at the end of this news release.
9 For additional
operating statistics by mine, please refer to the tables located at the end of
this news release.
Excluding changes in operating assets and liabilities, the
Company's operating cash flow consisted of the following (in thousands):
OPERATING CASH FLOW
RECONCILIATION
|
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Q1
2010
|
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Q2 2010
|
|
Q3 2010
|
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Q4 2010
|
|
Q1 2011
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Cash provided by
(used in) operating activities
|
|
($9,230
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)
|
|
$32,457
|
|
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$12,939
|
|
|
$129,397
|
|
|
$35,787
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Receivables and
other current assets
|
|
11,287
|
|
|
(3,662
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)
|
|
4,511
|
|
|
(5,908
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)
|
|
4,860
|
Prepaid expenses and
other
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(5,871
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)
|
|
-
|
Inventories
|
|
2,657
|
|
|
2,251
|
|
|
22,980
|
|
|
19,999
|
|
|
12,493
|
Accounts payable and
accrued liabilities
|
|
23,000
|
|
|
(8,998
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)
|
|
(5,704
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)
|
|
(38,186
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)
|
|
36,977
|
OPERATING CASH FLOW
|
|
$27,714
|
|
|
$22,048
|
|
|
$34,726
|
|
|
$99,431
|
|
|
$90,117
|
Reconciliation of EBITDA to net income (loss) is shown below (in
thousands):
EBITDA
RECONCILIATION
|
|
Q1 2010
|
|
Q2 2010
|
|
Q3 2010
|
|
Q4 2010
|
|
Q1 2011
|
Net income (loss)
|
|
($12,858
|
)
|
|
($50,743
|
)
|
|
($22,628
|
)
|
|
($5,079
|
)
|
|
$12,464
|
|
Gain (loss) on sale
of net assets of discontinued operations, net of income taxes
|
|
-
|
|
|
2,978
|
|
|
(883
|
)
|
|
-
|
|
|
-
|
|
Income (loss) from
discontinued operations, net of income taxes
|
|
2,812
|
|
|
2,966
|
|
|
251
|
|
|
-
|
|
|
-
|
|
Income tax benefit
(provision)
|
|
(6,997
|
)
|
|
(9,372
|
)
|
|
3,233
|
|
|
3,655
|
|
|
12,939
|
|
Interest expense,
net of capitalized interest
|
|
5,806
|
|
|
5,645
|
|
|
9,951
|
|
|
9,540
|
|
|
9,304
|
|
Interest and other
income
|
|
(1,735
|
)
|
|
3,821
|
|
|
638
|
|
|
(3,495
|
)
|
|
(1,934
|
)
|
Fair value
adjustments, net
|
|
4,258
|
|
|
42,516
|
|
|
19,107
|
|
|
51,213
|
|
|
5,302
|
|
Gain (loss) on debt
extinguishments
|
|
7,858
|
|
|
4,050
|
|
|
806
|
|
|
7,586
|
|
|
467
|
|
Depreciation and
depletion
|
|
27,719
|
|
|
29,982
|
|
|
37,801
|
|
|
46,117
|
|
|
50,041
|
|
EBITDA
|
|
$26,863
|
|
|
$31,843
|
|
|
$48,276
|
|
|
$109,537
|
|
|
$88,583
|
|
Reconciliation of adjusted earnings to net income (loss) is
shown below (in thousands):
ADJUSTED EARNINGS
RECONCILIATION
|
|
Q1 2010
|
|
Q2 2010
|
|
Q3 2010
|
|
Q4 2010
|
|
Q1 2011
|
Net income (loss)
|
|
($12,858
|
)
|
|
($50,743
|
)
|
|
($22,628
|
)
|
|
($5,079
|
)
|
|
$12,464
|
Gain (loss) on sale
of net assets of discontinued operations, net of income taxes
|
|
-
|
|
|
2,978
|
|
|
(883
|
)
|
|
-
|
|
|
-
|
Share based
compensation
|
|
1,387
|
|
|
622
|
|
|
1,960
|
|
|
3,248
|
|
|
8,155
|
Income (loss) from
discontinued operations, net of income taxes
|
|
2,812
|
|
|
2,966
|
|
|
251
|
|
|
-
|
|
|
-
|
Deferred income tax
provision
|
|
(6,720
|
)
|
|
(15,935
|
)
|
|
(7,860
|
)
|
|
(8,386
|
)
|
|
5,870
|
Interest expense,
accretion of royalty obligation
|
|
4,992
|
|
|
4,637
|
|
|
4,778
|
|
|
4,611
|
|
|
5,267
|
Fair value
adjustments, net
|
|
4,258
|
|
|
42,516
|
|
|
19,107
|
|
|
51,213
|
|
|
5,302
|
Gain (loss) on debt
extinguishments
|
|
7,858
|
|
|
4,050
|
|
|
806
|
|
|
7,586
|
|
|
467
|
ADJUSTED EARNINGS
|
|
$1,729
|
|
|
($8,909
|
)
|
|
($4,469
|
)
|
|
$53,193
|
|
|
$37,525
|
The following table presents production information by mine and
consolidated sales information for the years ended December 31:
|
|
|
Three Months Ended
March 31,
|
|
|
|
2011
|
|
|
2010
|
Silver Operations:
|
|
|
|
|
|
|
Palmarejo
|
|
|
|
|
|
|
Tons milled
|
|
|
|
398,740
|
|
|
|
|
458,006
|
|
Ore grade/Ag oz
|
|
|
|
5.97
|
|
|
|
|
3.91
|
|
Ore grade/Au oz
|
|
|
|
0.08
|
|
|
|
|
0.05
|
|
Recovery/Ag oz
|
|
|
|
72.7
|
%
|
|
|
|
72.7
|
%
|
Recovery/Au oz
|
|
|
|
87.4
|
%
|
|
|
|
92.1
|
%
|
Silver production
ounces
|
|
|
|
1,729,766
|
|
|
|
|
1,300,593
|
|
Gold production
ounces
|
|
|
|
27,759
|
|
|
|
|
22,577
|
|
Cash operating
costs/oz
|
|
|
$
|
4.80
|
|
|
|
$
|
5.41
|
|
Cash cost/oz
|
|
|
$
|
4.80
|
|
|
|
$
|
5.41
|
|
Total production
cost/oz
|
|
|
$
|
24.40
|
|
|
|
$
|
21.39
|
|
San Bartolomé
|
|
|
|
|
|
|
Tons milled
|
|
|
|
387,668
|
|
|
|
|
293,106
|
|
Ore grade/Ag oz
|
|
|
|
5.60
|
|
|
|
|
3.74
|
|
Recovery/Ag oz
|
|
|
|
88.6
|
%
|
|
|
|
94.8
|
%
|
Silver production
ounces
|
|
|
|
1,710,948
|
|
|
|
|
1,039,926
|
|
Cash operating
costs/oz
|
|
|
$
|
9.13
|
|
|
|
$
|
9.98
|
|
Cash cost/oz
|
|
|
$
|
10.47
|
|
|
|
$
|
10.84
|
|
Total production
cost/oz
|
|
|
$
|
13.37
|
|
|
|
$
|
13.89
|
|
Martha
|
|
|
|
|
|
|
Tons milled
|
|
|
|
17,818
|
|
|
|
|
17,575
|
|
Ore grade/Ag oz
|
|
|
|
12.06
|
|
|
|
|
24.59
|
|
Ore grade/Au oz
|
|
|
|
0.02
|
|
|
|
|
0.03
|
|
Recovery/Ag oz
|
|
|
|
83.7
|
%
|
|
|
|
84.5
|
%
|
Recovery/Au oz
|
|
|
|
75.3
|
%
|
|
|
|
88.5
|
%
|
Silver production
ounces
|
|
|
|
179,985
|
|
|
|
|
365,226
|
|
Gold production
ounces
|
|
|
|
244
|
|
|
|
|
515
|
|
Cash operating
costs/oz
|
|
|
$
|
24.44
|
|
|
|
$
|
15.47
|
|
Cash cost/oz
|
|
|
$
|
25.46
|
|
|
|
$
|
15.95
|
|
Total production
cost/oz
|
|
|
$
|
29.28
|
|
|
|
$
|
22.31
|
|
Rochester(A)
|
|
|
|
|
|
|
Silver production
ounces
|
|
|
|
333,696
|
|
|
|
|
522,159
|
|
Gold production
ounces
|
|
|
|
1,451
|
|
|
|
|
2,690
|
|
Cash operating
costs/oz
|
|
|
$
|
10.28
|
|
|
|
$
|
1.68
|
|
Cash
cost/oz
|
|
|
$
|
11.86
|
|
|
|
$
|
2.35
|
|
Total production
cost/oz
|
|
|
$
|
13.53
|
|
|
|
$
|
3.37
|
|
Endeavor
|
|
|
|
|
|
|
Tons milled
|
|
|
|
167,287
|
|
|
|
|
129,872
|
|
Ore grade/Ag oz
|
|
|
|
2.00
|
|
|
|
|
3.27
|
|
Recovery/Ag oz
|
|
|
|
44.5
|
%
|
|
|
|
48.1
|
%
|
Silver production
ounces
|
|
|
|
149,182
|
|
|
|
|
204,253
|
|
Cash operating
costs/oz
|
|
|
$
|
17.15
|
|
|
|
$
|
7.40
|
|
Cash cost/oz
|
|
|
$
|
17.15
|
|
|
|
$
|
7.40
|
|
Total production
cost/oz
|
|
|
$
|
21.30
|
|
|
|
$
|
10.63
|
|
Gold Operation:
|
|
|
|
|
|
|
Kensington(B)
|
|
|
|
|
|
|
Tons milled
|
|
|
|
105,820
|
|
|
|
|
-
|
|
Ore grade/AU oz
|
|
|
|
0.24
|
|
|
|
|
-
|
|
Recovery/AU
oz
|
|
|
|
92.4
|
%
|
|
|
|
-
|
|
Gold production
ounces
|
|
|
|
23,676
|
|
|
|
|
-
|
|
Cash operating
costs/oz
|
|
|
$
|
988.41
|
|
|
|
$
|
-
|
|
Cash cost/oz
|
|
|
$
|
988.41
|
|
|
|
$
|
-
|
|
Total production
cost/oz
|
|
|
$
|
1,383.97
|
|
|
|
$
|
-
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2011
|
|
|
2010
|
CONSOLIDATED
PRODUCTION TOTALS(C)
|
|
|
|
|
|
|
Total Silver ounces
|
|
|
|
4,103,577
|
|
|
|
3,432,157
|
Total Gold ounces
|
|
|
|
53,130
|
|
|
|
25,782
|
Silver Operations:(D)
|
|
|
|
|
|
|
Cash operating costs
per oz/silver
|
|
|
$
|
8.36
|
|
|
$
|
7.41
|
Cash cost per
oz/silver
|
|
|
$
|
9.10
|
|
|
$
|
7.83
|
Total production
cost/oz
|
|
|
$
|
19.02
|
|
|
$
|
15.84
|
Gold Operation:(E)
|
|
|
|
|
|
|
Cash operating
costs/oz
|
|
|
$
|
988.75
|
|
|
$
|
-
|
Cash cost/oz
|
|
|
$
|
988.75
|
|
|
$
|
-
|
Total production
cost/oz
|
|
|
$
|
1,384.30
|
|
|
$
|
-
|
CONSOLIDATED SALES
TOTALS (F)
|
|
|
|
|
|
|
Silver ounces sold
|
|
|
|
3,659,154
|
|
|
|
3,633,695
|
Gold ounces sold
|
|
|
|
65,948
|
|
|
|
25,734
|
Realized price per
silver ounce
|
|
|
$
|
31.27
|
|
|
$
|
16.84
|
Realized price per
gold ounce
|
|
|
$
|
1,374.00
|
|
|
$
|
1,104
|
(A)
|
Palmarejo commenced
commercial production on April 20, 2009. Mine statistics do not represent
normal operating results
|
(B)
|
The leach cycle at
Rochester requires 5 to 10 years to recover gold and silver contained in the
ore. The Company estimates the metallurgical recovery to be approximately 61%
for silver and 92% for gold. Current recovery may vary significantly from
ultimate recovery. See Critical Accounting Policies and Estimates - Ore on
Leach Pad - in Form 10-Q.
|
(C)
|
Current production
ounces and recoveries reflect final metal settlements of previously reported
production ounces.
|
Reconciliation of Non-GAAP Cash Costs to GAAP
Production Costs
The following table presents a reconciliation between non-GAAP
cash operating costs per ounce and cash costs per ounce to production costs
applicable to sales including depreciation, depletion and amortization,
calculated in accordance with U.S. GAAP.
Total cash costs include all direct and indirect operating cash
costs related directly to the physical activities of producing metals,
including mining, processing and other plant costs, third-party refining and
marketing expense, on-site general and administrative costs, royalties and
mining production taxes, net of by-product revenues earned from all metals
other than the primary metal produced at each unit. Cash operating costs
include all cash costs except production taxes and royalties if applicable.
Total cash costs and cash operating costs are performance measures which we
believe provide management and investors with an indication of net cash flow,
after consideration of the realized price received for production sold.
Management also uses these measurements for the comparative monitoring of
performance of our mining operations period-to-period from a cash flow
perspective. "Cash operating costs per ounce" and "Total cash
costs per ounce" are measures developed by precious metals companies in an
effort to provide a comparable standard, however, there can be no assurance
that our reporting of these non-GAAP measures are similar to that reported by
other mining companies. Cash operating costs and total cash costs, as
alternative measures, have the limitation of excluding potentially large
amounts related to inventory adjustments, non-cash charges and byproduct
credits. Management compensates for this limitation by using both the GAAP
production costs and the non-GAAP cash costs metrics in its planning.
Production costs applicable to sales including depreciation,
depletion and amortization, is the most comparable financial measure calculated
in accordance with GAAP to total cash costs. The sum of the production costs
applicable to sales and depreciation, depletion and amortization for our mines
as set forth in the tables below is included in our Consolidated Statements of
Operations and Comprehensive Income.
Reconciliation of
Non-U.S. GAAP Cash Costs to U.S. GAAP Production Costs
|
|
|
|
|
|
|
|
|
|
|
Three
months ended March 31, 2011
(In thousands except ounces and per ounce costs)
|
|
Palmarejo
|
|
San Bartolomé
|
|
Kensington
|
|
Rochester
|
|
Martha
|
|
Endeavor
|
|
Total
|
Production of silver
(ounces)
|
|
|
1,729,766
|
|
|
|
1,710,948
|
|
|
|
-
|
|
|
|
333,696
|
|
|
179,985
|
|
|
|
149,182
|
|
|
|
4,103,577
|
|
Production of gold
(ounces)
|
|
|
|
|
|
|
23,676
|
|
|
|
|
|
|
|
|
|
23,676
|
|
Cash operating cost
per Ag ounce
|
|
$
|
4.80
|
|
|
$
|
9.13
|
|
|
|
|
$
|
10.28
|
|
$
|
24.44
|
|
|
$
|
17.15
|
|
|
$
|
8.36
|
|
Cash costs per Ag
ounce
|
|
$
|
4.80
|
|
|
$
|
10.47
|
|
|
|
|
$
|
11.86
|
|
$
|
25.46
|
|
|
$
|
17.15
|
|
|
$
|
9.10
|
|
Cash operating cost
per Au ounce
|
|
|
|
|
|
$
|
988.75
|
|
|
|
|
|
|
|
|
$
|
988.75
|
|
Cash cost per Au
ounce
|
|
|
|
|
|
$
|
988.75
|
|
|
|
|
|
|
|
|
$
|
988.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cash Operating
Cost (Non-U.S. GAAP)
|
|
$
|
8,311
|
|
|
$
|
15,615
|
|
|
$
|
23,410
|
|
|
$
|
3,429
|
|
$
|
4,399
|
|
|
$
|
2,558
|
|
|
$
|
57,722
|
|
Royalties
|
|
|
-
|
|
|
|
2,304
|
|
|
|
-
|
|
|
|
330
|
|
|
183
|
|
|
|
-
|
|
|
|
2,817
|
|
Production taxes
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
200
|
|
|
-
|
|
|
|
-
|
|
|
|
200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cash Costs
(Non-U.S. GAAP)
|
|
|
8,311
|
|
|
|
17,919
|
|
|
|
23,410
|
|
|
|
3,959
|
|
|
4,582
|
|
|
|
2,558
|
|
|
|
60,739
|
|
Add/Subtract:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third party smelting
costs
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,650
|
)
|
|
|
-
|
|
|
(1,373
|
)
|
|
|
(563
|
)
|
|
|
(4,586
|
)
|
By-product credit
|
|
|
38,468
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,015
|
|
|
339
|
|
|
|
-
|
|
|
|
40,822
|
|
Other adjustments
|
|
|
221
|
|
|
|
(189
|
)
|
|
|
-
|
|
|
|
42
|
|
|
96
|
|
|
|
-
|
|
|
|
170
|
|
Change in inventory
|
|
|
(9,631
|
)
|
|
|
(3,612
|
)
|
|
|
12,160
|
|
|
|
1,341
|
|
|
(4,034
|
)
|
|
|
(895
|
)
|
|
|
(4,671
|
)
|
Depreciation,
depletion and amortization
|
|
|
33,666
|
|
|
|
5,143
|
|
|
|
9,365
|
|
|
|
514
|
|
|
591
|
|
|
|
619
|
|
|
|
49,898
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production
costs applicable to sales, including depreciation, depletion and amortization
(U.S. GAAP)
|
|
$
|
71,035
|
|
|
$
|
19,261
|
|
|
$
|
42,285
|
|
|
$
|
7,871
|
|
$
|
201
|
|
|
$
|
1,719
|
|
|
$
|
142,372
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended March 31, 2010
(In thousands except ounces and per ounce costs)
|
|
Palmarejo
|
|
San Bartolomé
|
|
Kensington
|
|
Rochester
|
|
Martha
|
|
Endeavor
|
|
Total
|
Production of silver
(ounces)
|
|
|
1,300,593
|
|
|
|
1,039,926
|
|
|
|
-
|
|
|
522,159
|
|
|
365,226
|
|
|
|
204,253
|
|
|
|
3,432,157
|
|
Production of gold
(ounces)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
-
|
|
Cash operating cost
per Ag ounce
|
|
$
|
5.41
|
|
|
$
|
9.98
|
|
|
|
|
$
|
1.68
|
|
$
|
15.47
|
|
|
$
|
7.40
|
|
|
$
|
7.41
|
|
Cash costs per Ag
ounce
|
|
$
|
5.41
|
|
|
$
|
10.84
|
|
|
|
|
$
|
2.35
|
|
$
|
15.95
|
|
|
$
|
7.40
|
|
|
$
|
7.83
|
|
Cash operating cost
per Au ounce
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
$
|
-
|
|
Cash cost per Au
ounce
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Cost
(Non-U.S. GAAP)
|
|
$
|
7,030
|
|
|
$
|
10,379
|
|
|
$
|
-
|
|
$
|
878
|
|
$
|
5,648
|
|
|
$
|
1,511
|
|
|
$
|
25,446
|
|
Royalties
|
|
|
-
|
|
|
|
892
|
|
|
|
|
|
-
|
|
|
177
|
|
|
|
-
|
|
|
|
1,069
|
|
Production taxes
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
348
|
|
|
-
|
|
|
|
-
|
|
|
|
348
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cash Costs
(Non-U.S. GAAP)
|
|
|
7,030
|
|
|
|
11,271
|
|
|
|
-
|
|
|
1,226
|
|
|
5,825
|
|
|
|
1,511
|
|
|
|
26,863
|
|
Add/Subtract:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third party smelting
costs
|
|
|
(784
|
)
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
(693
|
)
|
|
|
(264
|
)
|
|
|
(1,741
|
)
|
By-product credit
|
|
|
25,045
|
|
|
|
-
|
|
|
|
-
|
|
|
2,988
|
|
|
571
|
|
|
|
-
|
|
|
|
28,604
|
|
Other adjustments
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
68
|
|
|
6
|
|
|
|
-
|
|
|
|
74
|
|
Change in inventory
|
|
|
(3,408
|
)
|
|
|
(1,868
|
)
|
|
|
-
|
|
|
1,507
|
|
|
1,617
|
|
|
|
(629
|
)
|
|
|
(2,781
|
)
|
Depreciation,
depletion and amortization
|
|
|
20,793
|
|
|
|
3,177
|
|
|
|
-
|
|
|
465
|
|
|
2,317
|
|
|
|
660
|
|
|
|
27,412
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production
costs applicable to sales, including depreciation, depletion and amortization
(U.S. GAAP)
|
|
$
|
48,676
|
|
|
$
|
12,580
|
|
|
$
|
-
|
|
$
|
6,254
|
|
$
|
9,643
|
|
|
$
|
1,278
|
|
|
$
|
78,431
|
|
The Palmarejo gold production royalty is currently reflected as
a minimum royalty obligation which commenced on July 1, 2009 and ends when
payments have been made on a total of 400,000 ounces of gold, at which time a
royalty expense will be recorded.
(1) Amounts reflect final metal settlement adjustments.
|
COEUR
D'ALENE MINES CORPORATION AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(In
thousands, except share data)
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
2011
|
|
2010
|
ASSETS
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
64,427
|
|
|
$
|
66,118
|
|
Receivables
|
|
|
68,875
|
|
|
|
58,880
|
|
Ore on leach pad
|
|
|
6,584
|
|
|
|
7,959
|
|
Metal and other
inventory
|
|
|
131,491
|
|
|
|
118,340
|
|
Prepaid expenses and
other
|
|
|
14,932
|
|
|
|
14,914
|
|
|
|
|
286,309
|
|
|
|
266,211
|
|
NON-CURRENT ASSETS
|
|
|
|
|
Property, plant and
equipment
|
|
|
659,731
|
|
|
|
668,101
|
|
Mining properties
|
|
|
2,093,586
|
|
|
|
2,122,216
|
|
Ore on leach pad,
non-current portion
|
|
|
10,722
|
|
|
|
10,005
|
|
Restricted assets
|
|
|
30,992
|
|
|
|
29,028
|
|
Receivables,
non-current portion
|
|
|
38,193
|
|
|
|
42,866
|
|
Debt issuance costs,
net
|
|
|
3,714
|
|
|
|
4,333
|
|
Deferred tax assets
|
|
|
680
|
|
|
|
804
|
|
Other
|
|
|
13,758
|
|
|
|
13,963
|
|
TOTAL ASSETS
|
|
$
|
3,137,685
|
|
|
$
|
3,157,527
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
Accounts payable
|
|
$
|
59,602
|
|
|
$
|
67,209
|
|
Accrued liabilities
and other
|
|
|
3,701
|
|
|
|
39,720
|
|
Accrued income taxes
|
|
|
19,068
|
|
|
|
28,397
|
|
Accrued payroll and
related benefits
|
|
|
19,169
|
|
|
|
17,953
|
|
Accrued interest
payable
|
|
|
184
|
|
|
|
834
|
|
Current portion of
capital leases and other debt obligations
|
|
|
59,099
|
|
|
|
63,317
|
|
Current portion of
royalty obligation
|
|
|
52,854
|
|
|
|
51,981
|
|
Current portion of
reclamation and mine closure
|
|
|
1,273
|
|
|
|
1,306
|
|
|
|
|
214,950
|
|
|
|
270,717
|
|
NON-CURRENT
LIABILITIES
|
|
|
|
|
Long-term debt and
capital leases
|
|
|
146,237
|
|
|
|
130,067
|
|
Non-current portion
of royalty obligation
|
|
|
186,454
|
|
|
|
190,334
|
|
Reclamation and mine
closure
|
|
|
28,227
|
|
|
|
27,779
|
|
Deferred income
taxes
|
|
|
479,625
|
|
|
|
474,264
|
|
Other long-term
liabilities
|
|
|
24,809
|
|
|
|
23,599
|
|
|
|
|
865,352
|
|
|
|
846,043
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
Common
stock, par value $0.01 per share; authorized 150,000,000 shares, 89,523,419
issued at March 31, 2011 and 89,315,767 issued at December 31, 2010
|
|
|
895
|
|
|
|
893
|
|
Additional paid-in
capital
|
|
|
2,582,356
|
|
|
|
2,578,206
|
|
Accumulated deficit
|
|
|
(525,868
|
)
|
|
|
(538,332
|
)
|
|
|
|
2,057,383
|
|
|
|
2,040,767
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
$
|
3,137,685
|
|
|
$
|
3,157,527
|
|
|
|
See
accompanying notes to consolidated financial statements in the Form 10-Q
|
|
|
COEUR
D'ALENE MINES CORPORATION AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited
- in thousands except per share data)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
Sales of metal
|
|
$
|
199,624
|
|
|
$
|
88,289
|
|
Production costs
applicable to sales
|
|
|
(92,474
|
)
|
|
|
(51,803
|
)
|
Depreciation,
depletion and amortization
|
|
|
(50,041
|
)
|
|
|
(27,719
|
)
|
Gross profit
|
|
|
57,109
|
|
|
|
8,767
|
|
COSTS AND EXPENSES
|
|
|
|
|
Administrative and
general
|
|
|
12,231
|
|
|
|
6,709
|
|
Exploration
|
|
|
2,762
|
|
|
|
2,520
|
|
Pre-development,
care, maintenance and other
|
|
|
3,574
|
|
|
|
394
|
|
Total cost and
expenses
|
|
|
18,567
|
|
|
|
9,623
|
|
OPERATING INCOME
(LOSS)
|
|
|
38,542
|
|
|
|
(856
|
)
|
OTHER INCOME AND
EXPENSE
|
|
|
|
|
Loss on debt
extinguishments
|
|
|
(467
|
)
|
|
|
(7,858
|
)
|
Fair value
adjustments, net
|
|
|
(5,302
|
)
|
|
|
(4,258
|
)
|
Interest and other
income
|
|
|
1,934
|
|
|
|
1,735
|
|
Interest expense,
net of capitalized interest
|
|
|
(9,304
|
)
|
|
|
(5,806
|
)
|
Total other income
and expense
|
|
|
(13,139
|
)
|
|
|
(16,187
|
)
|
Gain (loss) from
continuing operations before income taxes
|
|
|
25,403
|
|
|
|
(17,043
|
)
|
Income tax benefit
(provision)
|
|
|
(12,939
|
)
|
|
|
6,997
|
|
Gain (loss) from
continuing operations
|
|
|
12,464
|
|
|
|
(10,046
|
)
|
Loss from
discontinued operations, net of income taxes
|
|
|
-
|
|
|
|
(2,812
|
)
|
NET INCOME (LOSS)
|
|
|
12,464
|
|
|
|
(12,858
|
)
|
Other comprehensive
loss, net of income taxes
|
|
|
-
|
|
|
|
(5
|
)
|
COMPREHENSIVE INCOME
(LOSS)
|
|
$
|
12,464
|
|
|
$
|
(12,863
|
)
|
|
|
|
|
|
BASIC AND DILUTED
INCOME PER SHARE
|
|
|
|
|
Basic income per
share:
|
|
|
|
|
Income (loss) from
continuing operations
|
|
$
|
0.14
|
|
|
$
|
(0.12
|
)
|
Income (loss) from
discontinued operations
|
|
|
-
|
|
|
|
(0.04
|
)
|
Net income (loss)
|
|
$
|
0.14
|
|
|
$
|
(0.16
|
)
|
|
|
|
|
|
Diluted income per
share:
|
|
|
|
|
Income (loss) from
continuing operations
|
|
$
|
0.14
|
|
|
$
|
(0.12
|
)
|
Income (loss) from
discontinued operations
|
|
|
-
|
|
|
|
(0.04
|
)
|
Net income (loss)
|
|
$
|
0.14
|
|
|
$
|
(0.16
|
)
|
|
|
|
|
|
Weighted average
number of shares of common stock
|
|
|
|
|
Basic
|
|
|
89,288
|
|
|
|
81,753
|
|
Diluted
|
|
|
89,653
|
|
|
|
81,753
|
|
|
|
See
accompanying notes to consolidated financial statements in the Form 10-Q
|
|
|
COEUR
D'ALENE MINES CORPORATION AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In
thousands, except share data)
|
|
|
|
Three months ended
March 31,
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
Net income (loss)
|
|
$
|
12,464
|
|
|
$
|
(12,858
|
)
|
Add (deduct)
non-cash items
|
|
|
|
|
Depreciation,
depletion and amortization
|
|
|
50,041
|
|
|
|
28,773
|
|
Amortization of debt
discount
|
|
|
450
|
|
|
|
-
|
|
Accretion of royalty
obligation
|
|
|
5,267
|
|
|
|
4,992
|
|
Deferred income
taxes
|
|
|
5,870
|
|
|
|
(6,496
|
)
|
Loss on debt
extinguishment
|
|
|
467
|
|
|
|
7,858
|
|
Fair value
adjustments, net
|
|
|
6,661
|
|
|
|
3,672
|
|
Loss on foreign
currency transactions
|
|
|
109
|
|
|
|
350
|
|
Share-based
compensation
|
|
|
8,155
|
|
|
|
1,387
|
|
Other non-cash
charges
|
|
|
632
|
|
|
|
36
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Receivables and
other current assets
|
|
|
(4,860
|
)
|
|
|
(11,287
|
)
|
Inventories
|
|
|
(12,493
|
)
|
|
|
(2,657
|
)
|
Accounts payable and
accrued liabilities
|
|
|
(36,977
|
)
|
|
|
(23,000
|
)
|
CASH (USED IN)
PROVIDED BY OPERATING ACTIVITIES
|
|
|
35,786
|
|
|
|
(9,230
|
)
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
Purchase of
investments
|
|
|
(1,229
|
)
|
|
|
-
|
|
Proceeds from sales
of investments
|
|
|
586
|
|
|
|
-
|
|
Capital expenditures
|
|
|
(15,918
|
)
|
|
|
(47,189
|
)
|
Other
|
|
|
(51
|
)
|
|
|
(74
|
)
|
CASH USED IN
INVESTING ACTIVITIES
|
|
|
(16,612
|
)
|
|
|
(47,263
|
)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
Proceeds from
issuance of notes and bank borrowings
|
|
|
27,500
|
|
|
|
112,769
|
|
Payments on
long-term debt, capital leases, and associated costs
|
|
|
(18,531
|
)
|
|
|
(7,601
|
)
|
Payments on gold
production royalty
|
|
|
(14,618
|
)
|
|
|
(8,951
|
)
|
Proceeds from gold
lease facility
|
|
|
-
|
|
|
|
4,517
|
|
Payments on gold
lease facility
|
|
|
(13,800
|
)
|
|
|
(14,891
|
)
|
Proceeds from
sale-leaseback transactions
|
|
|
-
|
|
|
|
4,853
|
|
Additions
to restricted assets associated with the Kensington Term Facility
|
|
|
(1,325
|
)
|
|
|
(798
|
)
|
Other
|
|
|
(91
|
)
|
|
|
(225
|
)
|
CASH (USED IN)
PROVIDED BY FINANCING ACTIVITIES:
|
|
|
(20,865
|
)
|
|
|
89,673
|
|
|
|
|
|
|
INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS
|
|
|
(1,691
|
)
|
|
|
33,180
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
|
|
66,118
|
|
|
|
22,782
|
|
Cash and cash
equivalents at end of period
|
|
$
|
64,427
|
|
|
$
|
55,962
|
|
|
|
See
accompanying notes to consolidated financial statements in the Form 10-Q
|
|
PALMAREJO:
|
|
|
|
|
|
|
|
|
|
|
|
in
millions of US$
|
|
1Q
2010
|
|
2Q
2010
|
|
3Q
2010
|
|
4Q
2010
|
|
1Q
2011
|
Sales
of Metal
|
|
$44.8
|
|
$44.8
|
|
$61.5
|
|
$78.1
|
|
$88.2
|
Production
Costs
|
|
27.9
|
|
32.1
|
|
31.3
|
|
35.6
|
|
37.4
|
Operating
Income/(Loss)
|
|
-4.6
|
|
-8.9
|
|
6.4
|
|
13.0
|
|
16.5
|
Operating
Cash Flow1
|
|
24.5
|
|
0.1
|
|
28.9
|
|
40.1
|
|
44.4
|
Capital
Expenditures
|
|
16.5
|
|
10.8
|
|
15.8
|
|
11.1
|
|
5.1
|
|
|
|
|
|
|
|
|
|
|
|
1
Non-GAAP measure. Represents operating cash flow before changes in operating
assets and liabilities
|
|
Ounces
unless otherwise noted
|
|
1Q
2010
|
|
2Q
2010
|
|
3Q
2010
|
|
4Q
2010
|
|
1Q
2011
|
Underground
Operations:
|
|
|
|
|
|
|
|
|
|
|
Tons
Mined
|
|
177,649
|
|
166,381
|
|
146,682
|
|
151,032
|
|
143,800
|
Average
Silver Grade (oz/t)
|
|
5.0
|
|
5.1
|
|
5.6
|
|
6.3
|
|
8.3
|
Average
Gold Grade (oz/t)
|
|
0.07
|
|
0.09
|
|
0.10
|
|
0.1
|
|
0.1
|
Surface
Operations:
|
|
|
|
|
|
|
|
|
|
|
Tons
Mined
|
|
308,883
|
|
306,246
|
|
256,927
|
|
281,177
|
|
246,879
|
Average
Silver Grade (oz/t)
|
|
2.9
|
|
2.0
|
|
5.2
|
|
7.3
|
|
4.6
|
Average
Gold Grade (oz/t)
|
|
0.04
|
|
0.03
|
|
0.07
|
|
0.07
|
|
0.05
|
Processing:
|
|
|
|
|
|
|
|
|
|
|
Total
Tons Milled
|
|
458,006
|
|
457,268
|
|
405,742
|
|
514,391
|
|
398,740
|
Average
Recovery Rate - Ag
|
|
72.70%
|
|
72.50%
|
|
69.60%
|
|
66.72%
|
|
72.70%
|
Average
Recovery Rate - Au
|
|
92.10%
|
|
86.70%
|
|
94.30%
|
|
90.32%
|
|
87.40%
|
|
Silver
Production - oz
|
|
1,301
|
|
1,071
|
|
1,507
|
|
2,010
|
|
1,730
|
Gold
Production - oz
|
|
23
|
|
20
|
|
30
|
|
30
|
|
28
|
Cash
Operating Costs/Ag Oz
|
|
$5.41
|
|
$10.78
|
|
$0.15
|
|
$2.68
|
|
$4.80
|
|
|
|
|
|
|
|
|
|
|
|
SAN BARTOLOME:
in
millions of US$
|
|
1Q
2010
|
|
2Q
2010
|
|
3Q
2010
|
|
4Q
2010
|
|
1Q
2011
|
Sales of Metal
|
|
$14.6
|
|
$31.3
|
|
$30.0
|
|
$67.1
|
|
$46.3
|
Production Costs
|
|
9.4
|
|
15.3
|
|
12.9
|
|
22.4
|
|
14.1
|
Operating
Income/(Loss)
|
|
2.0
|
|
9.9
|
|
12.2
|
|
39.2
|
|
27.0
|
Operating Cash Flow1
|
|
4.5
|
|
11.8
|
|
10.3
|
|
34.0
|
|
32.2
|
Capital Expenditures
|
|
0.5
|
|
1.3
|
|
0.8
|
|
3.5
|
|
3.5
|
|
|
|
|
|
|
|
|
|
|
|
1
Non-GAAP measure. Represents operating cash flow before changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Ounces
unless otherwise noted
|
|
1Q
2010
|
|
2Q
2010
|
|
3Q
2010
|
|
4Q
2010
|
|
1Q
2011
|
Tons Milled
|
|
293,105
|
|
446,909
|
|
360,605
|
|
404,160
|
|
387,668
|
Average Silver Grade
(oz/t)
|
|
3.74
|
|
5.0
|
|
5.7
|
|
5.4
|
|
5.6
|
Average Recovery
Rate
|
|
94.80%
|
|
83.40%
|
|
87.20%
|
|
92.04%
|
|
88.60%
|
Silver Production
|
|
1,040
|
|
1,863
|
|
1,795
|
|
2,011
|
|
1,711
|
Gold Production
|
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
Cash Operating
Costs/Ag Oz
|
|
$9.98
|
|
$7.78
|
|
$7.05
|
|
$7.53
|
|
$9.13
|
|
|
|
|
|
|
|
|
|
|
|
KENSINGTON:
in
millions of US$
|
|
1Q
2010
|
|
2Q
2010
|
|
3Q
2010
|
|
4Q
2010
|
|
1Q
2011
|
Sales of Metal
|
|
nm
|
|
nm
|
|
$8.5
|
|
$15.1
|
|
$48.1
|
Production Costs
|
|
nm
|
|
nm
|
|
7.4
|
|
6.6
|
|
32.9
|
Operating
Income/(Loss)
|
|
nm
|
|
nm
|
|
(6.7)
|
|
(1.8)
|
|
5.8
|
Operating Cash Flow1
|
|
nm
|
|
nm
|
|
-0.5
|
|
7.8
|
|
13.9
|
Capital Expenditures
|
|
29.9
|
|
33.2
|
|
20.0
|
|
9.6
|
|
5.4
|
|
|
|
|
|
|
|
|
|
|
|
1 Non-GAAP measure. Represents operating cash flow before changes in
operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Ounces
unless otherwise noted
|
|
1Q
2010
|
|
2Q
2010
|
|
3Q
2010
|
|
4Q
2010
|
|
1Q
2011
|
Tons Milled
|
|
0
|
|
0
|
|
90,254
|
|
83,774
|
|
105,820
|
Average Gold Grade
(oz/t)
|
|
0
|
|
0
|
|
0.19
|
|
0.37
|
|
0.24
|
Average Recovery
Rate
|
|
0
|
|
0
|
|
87.70%
|
|
91.03%
|
|
92.40%
|
Gold Production
|
|
0
|
|
0
|
|
15
|
|
28
|
|
24
|
Cash Operating
Costs/Ag Oz
|
|
$0.00
|
|
$0.00
|
|
$1,199.20
|
|
$874.60
|
|
$988.75
|
|
|
|
|
|
|
|
|
|
|
|
ROCHESTER:
in millions
of US$
|
|
1Q 2010
|
|
2Q 2010
|
|
3Q 2010
|
|
4Q 2010
|
|
1Q 2011
|
Sales of Metal
|
|
$10.8
|
|
$12.4
|
|
$5.8
|
|
$25.3
|
|
$14.3
|
Production Costs
|
|
5.8
|
|
5.6
|
|
2.8
|
|
10.6
|
|
7.4
|
Operating
Income/(Loss)
|
|
4.3
|
|
5.7
|
|
2.3
|
|
15.2
|
|
2.9
|
Operating Cash Flow1
|
|
4.8
|
|
6.2
|
|
2.8
|
|
14.8
|
|
3.4
|
Capital Expenditures
|
|
0.0
|
|
0.1
|
|
0.1
|
|
2.1
|
|
1.7
|
|
|
|
|
|
|
|
|
|
|
|
1
Non-GAAP measure. Represents operating cash flow before changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Ounces unless
otherwise noted
|
|
1Q 2010
|
|
2Q 2010
|
|
3Q 2010
|
|
4Q 2010
|
|
1Q 2011
|
Silver Production
|
|
522
|
|
533
|
|
419
|
|
549
|
|
334
|
Gold Production
|
|
3
|
|
3
|
|
2
|
|
2
|
|
2
|
Cash Operating
Costs/Ag Oz
|
|
$1.68
|
|
$2.44
|
|
$5.10
|
|
$2.94
|
|
$10.28
|
|
|
|
|
|
|
|
|
|
|
|
MARTHA:
in millions
of US$
|
|
1Q 2010
|
|
2Q 2010
|
|
3Q 2010
|
|
4Q 2010
|
|
1Q 2011
|
Sales of Metal
|
|
$15.0
|
|
$9.2
|
|
$11.0
|
|
$18.6
|
|
($0.3)
|
Production Costs
|
|
7.3
|
|
4.1
|
|
5.3
|
|
10.3
|
|
-0.4
|
Operating
Income/(Loss)
|
|
4.0
|
|
1.2
|
|
2.1
|
|
5.2
|
|
-1.8
|
Operating Cash Flow1
|
|
5.7
|
|
-0.5
|
|
-0.2
|
|
3.5
|
|
-0.3
|
Capital Expenditures
|
|
0.0
|
|
0.0
|
|
0.0
|
|
0.1
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
1
Non-GAAP measure. Represents operating cash flow before changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Ounces unless
otherwise noted
|
|
1Q 2010
|
|
2Q 2010
|
|
3Q 2010
|
|
4Q 2010
|
|
1Q 2011
|
Total Tons Milled
|
|
17,574
|
|
12,421
|
|
12,790
|
|
13,616
|
|
17,818
|
Average Silver Grade
(oz/t)
|
|
24.59
|
|
50.24
|
|
42.42
|
|
14.53
|
|
12.06
|
Average Gold Grade
(oz/t)
|
|
0.03
|
|
0.06
|
|
0.05
|
|
0.02
|
|
0.02
|
Average Recovery
Rate - Ag
|
|
84.50%
|
|
88.10%
|
|
96.30%
|
|
75.85%
|
|
83.70%
|
Average Recovery
Rate - Au
|
|
88.50%
|
|
81.70%
|
|
93.60%
|
|
57.68%
|
|
75.30%
|
Silver Production
|
|
365
|
|
550
|
|
511
|
|
150
|
|
180
|
Gold Production
|
|
0
|
|
1
|
|
1
|
|
0
|
|
0
|
Cash Operating
Costs/Ag Oz
|
|
$15.47
|
|
$8.97
|
|
$9.86
|
|
$33.99
|
|
$24.44
|
|
|
|
|
|
|
|
|
|
|
|
ENDEAVOR:
in millions
of US$
|
|
1Q 2010
|
|
2Q 2010
|
|
3Q 2010
|
|
4Q 2010
|
|
1Q 2011
|
Sales of Metal
|
|
$2.3
|
|
$3.3
|
|
$1.7
|
|
$3.3
|
|
$3.1
|
Production Costs
|
|
0.6
|
|
1.4
|
|
0.7
|
|
1.4
|
|
1.1
|
Operating
Income/(Loss)
|
|
1.0
|
|
1.4
|
|
0.7
|
|
1.3
|
|
1.4
|
Operating Cash Flow1
|
|
1.7
|
|
1.9
|
|
1.0
|
|
1.9
|
|
2.0
|
Capital Expenditures
|
|
0.0
|
|
0.0
|
|
0.0
|
|
0.0
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
1
Non-GAAP measure. Represents operating cash flow before changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Ounces unless
otherwise noted
|
|
1Q 2010
|
|
2Q 2010
|
|
3Q 2010
|
|
4Q 2010
|
|
1Q 2011
|
Silver Production
|
|
204
|
|
139
|
|
102
|
|
120
|
|
149
|
Gold Production
|
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
Cash Operating
Costs/Ag Oz
|
|
$7.40
|
|
$8.98
|
|
$10.32
|
|
$16.03
|
|
$17.15
|
|
|
|
|
|
|
|
|
|
|
|
Segment Data:
Financial information relating to the Company's segments is as
follows (in thousands):
Three months ended
March 31, 2011
|
|
Palmarejo Mine
|
|
San Bartolomé
Mine
|
|
Kensington Mine
|
|
Rochester Mine
|
|
Martha Mine
|
|
Endeavor Mine
|
|
Other
|
|
Total
|
Sales of metals
|
|
$
|
88,165
|
|
|
$
|
46,321
|
|
|
$
|
48,110
|
|
|
$
|
14,262
|
|
|
$
|
(314
|
)
|
|
$
|
3,080
|
|
|
$
|
-
|
|
|
$
|
199,624
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Productions costs
applicable to sales
|
|
|
(37,369
|
)
|
|
|
(14,118
|
)
|
|
|
(32,920
|
)
|
|
|
(7,357
|
)
|
|
|
390
|
|
|
|
(1,100
|
)
|
|
|
-
|
|
|
|
(92,474
|
)
|
Depreciation and
depletion
|
|
|
(33,675
|
)
|
|
|
(5,143
|
)
|
|
|
(9,365
|
)
|
|
|
(514
|
)
|
|
|
(592
|
)
|
|
|
(619
|
)
|
|
|
(133
|
)
|
|
|
(50,041
|
)
|
Gross profit
|
|
|
17,121
|
|
|
|
27,060
|
|
|
|
5,825
|
|
|
|
6,391
|
|
|
|
(516
|
)
|
|
|
1,361
|
|
|
|
(133
|
)
|
|
|
57,109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration expense
|
|
|
636
|
|
|
|
4
|
|
|
|
46
|
|
|
|
21
|
|
|
|
1,296
|
|
|
|
-
|
|
|
|
759
|
|
|
|
2,762
|
|
Other operating
expenses
|
|
|
-
|
|
|
|
38
|
|
|
|
20
|
|
|
|
3,536
|
|
|
|
-
|
|
|
|
-
|
|
|
|
12,211
|
|
|
|
15,805
|
|
OPERATING
INCOME(LOSS)
|
|
|
16,485
|
|
|
|
27,018
|
|
|
|
5,759
|
|
|
|
2,834
|
|
|
|
(1,812
|
)
|
|
|
1,361
|
|
|
|
(13,103
|
)
|
|
|
38,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other
income
|
|
|
1,289
|
|
|
|
607
|
|
|
|
1
|
|
|
|
46
|
|
|
|
(311
|
)
|
|
|
-
|
|
|
|
302
|
|
|
|
1,934
|
|
Interest expense
|
|
|
(5,703
|
)
|
|
|
(34
|
)
|
|
|
(1,247
|
)
|
|
|
-
|
|
|
|
(345
|
)
|
|
|
-
|
|
|
|
(1,975
|
)
|
|
|
(9,304
|
)
|
Loss on debt
extinguishment
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(467
|
)
|
|
|
(467
|
)
|
Fair market
adjustments, net
|
|
|
(6,343
|
)
|
|
|
-
|
|
|
|
(698
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,739
|
|
|
|
(5,302
|
)
|
Income tax benefit
(expense)
|
|
|
(3,776
|
)
|
|
|
(10,037
|
)
|
|
|
(20
|
)
|
|
|
-
|
|
|
|
41
|
|
|
|
-
|
|
|
|
853
|
|
|
|
(12,939
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
1,952
|
|
|
$
|
17,554
|
|
|
$
|
3,795
|
|
|
$
|
2,880
|
|
|
$
|
(2,427
|
)
|
|
$
|
1,361
|
|
|
$
|
(12,651
|
)
|
|
$
|
12,464
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment assets (A)
|
|
$
|
2,106,197
|
|
|
$
|
269,158
|
|
|
$
|
503,321
|
|
|
$
|
27,049
|
|
|
$
|
17,571
|
|
|
$
|
39,093
|
|
|
$
|
23,506
|
|
|
$
|
2,985,895
|
|
Capital expenditures
(B)
|
|
$
|
5,081
|
|
|
$
|
3,536
|
|
|
$
|
5,369
|
|
|
$
|
1,668
|
|
|
$
|
251
|
|
|
$
|
-
|
|
|
$
|
13
|
|
|
$
|
15,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31, 2010
|
|
Palmarejo Mine
|
|
San Bartolomé
Mine
|
|
Kensington Mine
|
|
Rochester Mine
|
|
Martha Mine
|
|
Endeavor Mine
|
|
Other
|
|
Total
|
Sales of metals
|
|
$
|
45,614
|
|
|
$
|
14,592
|
|
|
$
|
-
|
|
|
$
|
10,751
|
|
|
$
|
15,020
|
|
|
$
|
2,312
|
|
|
$
|
-
|
|
|
$
|
88,289
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Productions costs
applicable to sales
|
|
|
(28,667
|
)
|
|
|
(9,403
|
)
|
|
|
-
|
|
|
|
(5,789
|
)
|
|
|
(7,326
|
)
|
|
|
(618
|
)
|
|
|
|
|
(51,803
|
)
|
Depreciation and
depletion
|
|
|
(20,793
|
)
|
|
|
(3,177
|
)
|
|
|
-
|
|
|
|
(465
|
)
|
|
|
(2,485
|
)
|
|
|
(660
|
)
|
|
|
(139
|
)
|
|
|
(27,719
|
)
|
Gross profit (loss)
|
|
|
(3,846
|
)
|
|
|
2,012
|
|
|
|
-
|
|
|
|
4,497
|
|
|
|
5,209
|
|
|
|
1,034
|
|
|
|
(139
|
)
|
|
|
8,767
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration expense
|
|
|
480
|
|
|
|
-
|
|
|
|
13
|
|
|
|
21
|
|
|
|
1,210
|
|
|
|
-
|
|
|
|
796
|
|
|
|
2,520
|
|
Other operating
expenses
|
|
|
314
|
|
|
|
-
|
|
|
|
-
|
|
|
|
172
|
|
|
|
-
|
|
|
|
-
|
|
|
|
6,617
|
|
|
|
7,103
|
|
OPERATING INCOME
(LOSS)
|
|
|
(4,640
|
)
|
|
|
2,012
|
|
|
|
(13
|
)
|
|
|
4,304
|
|
|
|
3,999
|
|
|
|
1,034
|
|
|
|
(7,552
|
)
|
|
|
(856
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other
income
|
|
|
2,164
|
|
|
|
(39
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(770
|
)
|
|
|
-
|
|
|
|
379
|
|
|
|
1,734
|
|
Interest expense
|
|
|
(5,467
|
)
|
|
|
(71
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(38
|
)
|
|
|
-
|
|
|
|
(229
|
)
|
|
|
(5,805
|
)
|
Loss on debt
extinguishment
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(7,858
|
)
|
|
|
(7,858
|
)
|
Fair value
adjustments, net
|
|
|
(3,546
|
)
|
|
|
-
|
|
|
|
(463
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(249
|
)
|
|
|
(4,258
|
)
|
Income tax benefit
(expense)
|
|
|
6,862
|
|
|
|
(592
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(13
|
)
|
|
|
-
|
|
|
|
740
|
|
|
|
6,997
|
|
Income (loss) from
continuing operations
|
|
|
(4,627
|
)
|
|
|
1,310
|
|
|
|
(476
|
)
|
|
|
4,304
|
|
|
|
3,178
|
|
|
|
1,034
|
|
|
|
(14,769
|
)
|
|
|
(10,046
|
)
|
Loss from
discontinued operations,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net of income taxes
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
(2,812
|
)
|
|
|
(2,812
|
)
|
Net income (loss)
|
|
$
|
(4,627
|
)
|
|
$
|
1,310
|
|
|
$
|
(476
|
)
|
|
$
|
4,304
|
|
|
$
|
3,178
|
|
|
$
|
1,034
|
|
|
$
|
(17,581
|
)
|
|
$
|
(12,858
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment assets (A)
|
|
$
|
2,137,098
|
|
|
$
|
277,768
|
|
|
$
|
433,468
|
|
|
$
|
29,720
|
|
|
$
|
33,627
|
|
|
$
|
40,755
|
|
|
$
|
45,185
|
|
|
$
|
2,997,621
|
|
Capital expenditures
(B)
|
|
$
|
16,507
|
|
|
$
|
546
|
|
|
$
|
29,901
|
|
|
$
|
1
|
|
|
$
|
(8
|
)
|
|
$
|
-
|
|
|
$
|
242
|
|
|
$
|
47,189
|
|
(A) Segment assets consist of receivables, prepaids,
inventories, property, plant and equipment, and mining properties
(B) Balance represents cash flow amounts
SOURCE: Coeur d'Alene Mines Corporation
Coeur d'Alene Mines Corporation
Mitchell Krebs, 208-769-8152
Chief Financial Officer
or
Tony Ebersole, 208-665-0777
Director of Corporate Communications
|
VanEck Vectors Global Alternative Energy ETF
|
|
PRODUCTEUR |
CODE : CDE |
ISIN : US1921085049 |
|
| |
ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Coeur Mining est une société de production minière d'argent et d'or basée aux Etats-Unis D'Amerique. Coeur Mining est productrice d'argent, d'or, de cuivre, de plomb et de zinc en USA, au Mexique, en Australie, en Argentine et en Bolivie, en développement de projets d'argent et d'or en Argentine et en Bolivie, et détient divers projets d'exploration au Mexique. Ses principaux projets en production sont ROCHESTER MINE - NEVADA PACKARD en USA, ENDEAVOR et BROKEN HILL en Australie, PALMAREJO au Mexique, MARTHA MINE en Argentine et SAN BARTOLOME en Bolivie, ses principaux projets en développement sont ROCHESTER et KENSINGTON en Bolivie et JOAQUIN en Argentine et ses principaux projets en exploration sont KENSINGTON/JUALIN en Argentine, LAKE VICTORIA GOLD BELT en Tanzanie et EL REALITO, GUADALUPE et LA PATRIA au Mexique. Coeur Mining est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 303,6 millions (277,4 millions €). La valeur de son action a atteint son plus haut niveau récent le 21 novembre 1997 à 99,38 , et son plus bas niveau récent le 22 janvier 2016 à 1,62 . Coeur Mining possède 47 442 200 actions en circulation. |
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