Delaware | 001-34025 | 26-1501877 | ||
(State or other jurisdiction of incorporation) | (Commission file number) | (IRS employer identification no.) |
Exhibit No. | Description | ||
99.1 | Press Release of Intrepid Potash, Inc. dated February 18, 2015. |
INTREPID POTASH, INC. | ||
Dated: February 18, 2015 | By: | /s/ Margaret E. McCandless |
Margaret E. McCandless | ||
Vice President, General Counsel and Secretary |
Exhibit No. | Description | |
99.1 | Press Release of Intrepid Potash, Inc. dated February 18, 2015 |
• | Achieved record annual potash sales volume of 915,000 tons, up 32% from 2013 |
• | Sold 182,000 tons of Trio® in 2014, up 48% from 2013 |
• | Both potash and Trio® prices were 3% higher per ton than the fourth quarter of 2013 and have increased sequentially for the past three quarters |
• | Fourth quarter net income was $5.8 million, or $0.08 per diluted share; full year was $9.8 million, or $0.13 per diluted share |
• | Adjusted net income1 for the fourth quarter was $5.1 million, or $0.07 per diluted share; full year was $8.4 million, or $0.11 per diluted share |
• | Adjusted EBITDA1 for the fourth quarter was $29.4 million; full year was $95.3 million |
• | In 2014, cash flow generated from operations totaled $127.5 million; cash used for capital expenditures was $61.8 million |
• | Cash, cash equivalents, and investments totaled $89.9 million at December 31 |
First-Half | Second-Half | Full-Year | ||||
2015 | 2015 | 2015 | ||||
Potash | ||||||
Production (tons) | 390,000 - 410,000 | 460,000 - 490,000 | 850,000 - 900,000 | |||
Sales (tons) | 405,000 - 425,000 | 425,000 - 445,000 | 830,000 - 870,000 | |||
Cash operating costs ($/ton) | $200 - $215 | $190 - $205 | $195 - $210 | |||
Total COGS ($/ton) | $285 - $300 | $275 - $290 | $280 - $295 | |||
Trio® | ||||||
Production (tons) | 75,000 - 90,000 | 80,000 - 95,000 | 155,000 - 185,000 | |||
Sales (tons) | 90,000 - 105,000 | 85,000 - 100,000 | 175,000 - 205,000 | |||
Cash operating costs ($/ton) | $165 - $180 | $170 - $185 | $170 - $185 | |||
Total COGS ($/ton) | $240 - $255 | $240 - $255 | $240 - $255 | |||
Other | ||||||
Interest expense | $3.0 - $3.5 million | $3.0 - $3.5 million | $6.0 - $7.0 million | |||
Depreciation, depletion, and accretion | $37.5 - $42.5 million | $37.5 - $42.5 million | $75.0 - $85.0 million | |||
Selling and administrative expense | $13.5 - $15.0 million | $13.5 - $15.0 million | $27.0 - $30.0 million | |||
Cash paid for capital investments | not provided | not provided | $40.0 - $50.0 million |
• | changes in the price, demand, or supply of potash or Trio®/langbeinite |
• | circumstances that disrupt or limit our production, including operational difficulties or operational variances due to geological or geotechnical variances |
• | interruptions in rail or truck transportation services, or fluctuations in the costs of these services |
• | increased labor costs or difficulties in hiring and retaining qualified employees and contractors, including workers with mining, mineral processing, or construction expertise |
• | the costs of, and our ability to successfully construct, commission, and execute, any of our strategic projects |
• | adverse weather events, including events affecting precipitation and evaporation rates at our solar solution mines |
• | changes in the prices of raw materials, including chemicals, natural gas, and power |
• | the impact of federal, state, or local governmental regulations, including environmental and mining regulations; the enforcement of those regulations; and governmental policy changes |
• | our ability to obtain any necessary governmental permits relating to the construction and operation of assets |
• | changes in our reserve estimates |
• | competition in the fertilizer industry |
• | declines or changes in U.S. or world agricultural production or fertilizer application rates |
• | declines in the use of potash products by oil and gas companies in their drilling operations |
• | changes in economic conditions |
• | our ability to comply with covenants in our debt-related agreements to avoid a default under those agreements, or the total amount available to us under our credit facility is reduced, in whole or in part, because of covenant limitations |
• | disruption in the credit markets |
• | our ability to secure additional federal and state potash leases to expand our existing mining operations |
• | the other risks, uncertainties, and assumptions described in our periodic filings with the Securities and Exchange Commission |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Sales | $ | 98,285 | $ | 73,806 | $ | 410,389 | $ | 336,312 | ||||||||
Less: | ||||||||||||||||
Freight costs | 10,607 | 8,281 | 43,223 | 28,856 | ||||||||||||
Warehousing and handling costs | 3,992 | 3,500 | 13,062 | 13,027 | ||||||||||||
Cost of goods sold | 68,164 | 57,308 | 303,914 | 212,864 | ||||||||||||
Lower-of-cost-or-market inventory adjustments | 76 | 1,558 | 8,186 | 3,650 | ||||||||||||
Gross Margin | 15,446 | 3,159 | 42,004 | 77,915 | ||||||||||||
Selling and administrative | 6,947 | 7,716 | 27,223 | 33,768 | ||||||||||||
Accretion of asset retirement obligation | 406 | 375 | 1,623 | 1,499 | ||||||||||||
Restructuring expense | — | — | 1,827 | — | ||||||||||||
Other (income) expense | (1,200 | ) | 54 | (4,449 | ) | 1,806 | ||||||||||
Operating (Loss) Income | 9,293 | (4,986 | ) | 15,780 | 40,842 | |||||||||||
Other (Expense) Income | ||||||||||||||||
Interest expense, net | (1,663 | ) | (851 | ) | (6,232 | ) | (1,531 | ) | ||||||||
Interest income | 76 | 144 | 186 | 524 | ||||||||||||
Other income (expense) | 274 | 5 | 1,077 | (1,742 | ) | |||||||||||
Income (Loss) Before Income Taxes | 7,980 | (5,688 | ) | 10,811 | 38,093 | |||||||||||
Income Tax Expense | (2,189 | ) | (299 | ) | (1,050 | ) | (15,818 | ) | ||||||||
Net Income (Loss) | $ | 5,791 | $ | (5,987 | ) | $ | 9,761 | $ | 22,275 | |||||||
Weighted Average Shares Outstanding: | ||||||||||||||||
Basic | 75,529,344 | 75,395,798 | 75,504,677 | 75,378,655 | ||||||||||||
Diluted | 75,644,478 | 75,395,798 | 75,630,323 | 75,406,727 | ||||||||||||
Earnings (Loss) Per Share: | ||||||||||||||||
Basic | $ | 0.08 | $ | (0.08 | ) | $ | 0.13 | $ | 0.30 | |||||||
Diluted | $ | 0.08 | $ | (0.08 | ) | $ | 0.13 | $ | 0.30 |
December 31, | ||||||||
2014 | 2013 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 67,589 | $ | 394 | ||||
Short-term investments | 10,434 | 15,214 | ||||||
Accounts receivable: | ||||||||
Trade, net | 28,561 | 20,837 | ||||||
Other receivables, net | 3,600 | 7,457 | ||||||
Refundable income taxes | 114 | 15,722 | ||||||
Inventory, net | 84,094 | 105,011 | ||||||
Prepaid expenses and other current assets | 4,739 | 5,653 | ||||||
Current deferred tax asset, net | 3,356 | 8,341 | ||||||
Total current assets | 202,487 | 178,629 | ||||||
Property, plant, equipment, and mineral properties, net | 785,250 | 826,569 | ||||||
Long-term parts inventory, net | 16,366 | 12,469 | ||||||
Long-term investments | 11,856 | 9,505 | ||||||
Other assets, net | 4,035 | 4,252 | ||||||
Non-current deferred tax asset, net | 146,725 | 143,849 | ||||||
Total Assets | $ | 1,166,719 | $ | 1,175,273 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Accounts payable: | ||||||||
Trade | $ | 19,953 | $ | 27,552 | ||||
Related parties | 55 | 50 | ||||||
Accrued liabilities | 12,483 | 29,845 | ||||||
Accrued employee compensation and benefits | 12,069 | 9,122 | ||||||
Other current liabilities | 2,075 | 2,059 | ||||||
Total current liabilities | 46,635 | 68,628 | ||||||
Long-term debt | 150,000 | 150,000 | ||||||
Asset retirement obligation | 20,389 | 19,959 | ||||||
Other non-current liabilities | 2,410 | 2,715 | ||||||
Total Liabilities | 219,434 | 241,302 | ||||||
Commitments and Contingencies | ||||||||
Common stock, $0.001 par value; 100,000,000 shares | ||||||||
authorized; and 75,536,741 and 75,405,410 shares | ||||||||
outstanding at December 31, 2014, and 2013, respectively | 76 | 75 | ||||||
Additional paid-in capital | 576,186 | 572,616 | ||||||
Accumulated other comprehensive loss | (28 | ) | (10 | ) | ||||
Retained earnings | 371,051 | 361,290 | ||||||
Total Stockholders' Equity | 947,285 | 933,971 | ||||||
Total Liabilities and Stockholders' Equity | $ | 1,166,719 | $ | 1,175,273 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||
Reconciliation of net income (loss) to net cash provided by operating activities: | ||||||||||||||||
Net income (Loss) | $ | 5,791 | $ | (5,987 | ) | $ | 9,761 | $ | 22,275 | |||||||
Deferred income taxes | 2,152 | 13,793 | 2,121 | 30,092 | ||||||||||||
Items not affecting cash: | ||||||||||||||||
Depreciation, depletion, and accretion | 20,930 | 17,263 | 80,560 | 61,303 | ||||||||||||
Stock-based compensation | 1,017 | 1,242 | 4,237 | 5,123 | ||||||||||||
Loss on settlement of pension liabilities | — | 1,872 | — | 1,872 | ||||||||||||
Lower-of-cost-or-market inventory adjustments | 76 | 1,558 | 8,186 | 3,650 | ||||||||||||
Other | 154 | 410 | 326 | 2,522 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Trade accounts receivable, net | 3,998 | 4,557 | (7,724 | ) | 10,671 | |||||||||||
Other receivables, net | 2,063 | 911 | 3,857 | 1,668 | ||||||||||||
Refundable income taxes | 413 | (11,218 | ) | 15,609 | (12,417 | ) | ||||||||||
Inventory, net | (6,612 | ) | (18,274 | ) | 8,834 | (57,647 | ) | |||||||||
Prepaid expenses and other assets | 717 | 1,123 | 714 | (150 | ) | |||||||||||
Accounts payable, accrued liabilities, and accrued employee compensation and benefits | (8,017 | ) | (4,005 | ) | 1,978 | (2,752 | ) | |||||||||
Other liabilities | (31 | ) | (474 | ) | (973 | ) | (1,312 | ) | ||||||||
Net cash provided by operating activities | 22,651 | 2,771 | 127,486 | 64,898 | ||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||
Additions to property, plant, and equipment and mineral properties | (6,445 | ) | (64,258 | ) | (61,770 | ) | (250,485 | ) | ||||||||
Proceeds from sale of property, plant, and equipment, and mineral properties | 17 | 5,980 | 17 | 6,088 | ||||||||||||
Purchases of investments | (20,190 | ) | — | (20,197 | ) | (80,235 | ) | |||||||||
Proceeds from investments | 779 | 45,530 | 22,326 | 78,193 | ||||||||||||
Net cash used in investing activities | (25,839 | ) | (12,748 | ) | (59,624 | ) | (246,439 | ) | ||||||||
Cash Flows from Financing Activities: | ||||||||||||||||
Proceeds from long-term debt | — | — | — | 150,000 | ||||||||||||
Debt issuance costs | — | — | — | (1,032 | ) | |||||||||||
Employee tax withholding paid for restricted stock upon vesting | (56 | ) | (75 | ) | (667 | ) | (652 | ) | ||||||||
Net cash (used in) provided by financing activities | (56 | ) | (75 | ) | (667 | ) | 148,316 | |||||||||
Net Change in Cash and Cash Equivalents | (3,244 | ) | (10,052 | ) | 67,195 | (33,225 | ) | |||||||||
Cash and Cash Equivalents, beginning of period | 70,833 | 10,446 | 394 | 33,619 | ||||||||||||
Cash and Cash Equivalents, end of period | $ | 67,589 | $ | 394 | $ | 67,589 | $ | 394 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Production volume (in thousands of tons): | ||||||||||||||||
Potash | 254 | 209 | 859 | 780 | ||||||||||||
Langbeinite | 51 | 41 | 160 | 177 | ||||||||||||
Sales volume (in thousands of tons): | ||||||||||||||||
Potash | 210 | 167 | 915 | 692 | ||||||||||||
Trio® | 41 | 27 | 182 | 123 | ||||||||||||
Gross sales (in thousands): | ||||||||||||||||
Potash | $ | 80,880 | $ | 62,689 | $ | 334,323 | $ | 284,831 | ||||||||
Trio® | 17,405 | 11,117 | 76,066 | 51,481 | ||||||||||||
Total | 98,285 | 73,806 | 410,389 | 336,312 | ||||||||||||
Freight costs (in thousands): | ||||||||||||||||
Potash | 7,612 | 6,480 | 30,615 | 20,796 | ||||||||||||
Trio® | 2,995 | 1,801 | 12,608 | 8,060 | ||||||||||||
Total | 10,607 | 8,281 | 43,223 | 28,856 | ||||||||||||
Net sales (in thousands)(1): | ||||||||||||||||
Potash | 73,268 | 56,209 | 303,708 | 264,035 | ||||||||||||
Trio® | 14,410 | 9,316 | 63,458 | 43,421 | ||||||||||||
Total | $ | 87,678 | $ | 65,525 | $ | 367,166 | $ | 307,456 | ||||||||
Potash statistics (per ton): | ||||||||||||||||
Average net realized sales price(1) | $ | 348 | $ | 338 | $ | 332 | $ | 382 | ||||||||
Cash operating costs(1)(2) | 192 | 224 | 198 | 195 | ||||||||||||
Depreciation and depletion | 73 | 58 | 69 | 52 | ||||||||||||
Royalties | 13 | 14 | 12 | 13 | ||||||||||||
Total potash cost of goods sold | $ | 278 | $ | 296 | $ | 279 | $ | 260 | ||||||||
Warehousing and handling costs | 16 | 19 | 12 | 16 | ||||||||||||
Average potash gross margin(1) | $ | 54 | $ | 23 | $ | 41 | $ | 106 | ||||||||
Trio® statistics (per ton): | ||||||||||||||||
Average net realized sales price(1) | $ | 354 | $ | 345 | $ | 349 | $ | 352 | ||||||||
Cash operating costs(1) | 167 | 225 | 194 | 201 | ||||||||||||
Depreciation and depletion | 54 | 59 | 59 | 55 | ||||||||||||
Royalties | 18 | 17 | 17 | 18 | ||||||||||||
Total Trio® cost of goods sold | $ | 239 | $ | 301 | $ | 270 | $ | 274 | ||||||||
Warehousing and handling costs | 16 | 15 | 11 | 15 | ||||||||||||
Average Trio® gross margin(1) | $ | 99 | $ | 29 | $ | 68 | $ | 63 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net Income (Loss) | $ | 5,791 | $ | (5,987 | ) | $ | 9,761 | $ | 22,275 | ||||||
Adjustments | |||||||||||||||
Allowance for New Mexico employment credits(1) | (1,168 | ) | — | (4,114 | ) | 2,811 | |||||||||
Restructuring expense | — | — | 1,827 | — | |||||||||||
Loss on settlement of pension obligation termination | — | — | — | 1,871 | |||||||||||
Compensating tax refund | — | — | — | (1,705 | ) | ||||||||||
Calculated income tax effect(2) | 467 | — | 915 | (1,191 | ) | ||||||||||
Change in blended state tax rate | |||||||||||||||
to value deferred income tax asset | — | (2,208 | ) | — | (948 | ) | |||||||||
Total adjustments | (701 | ) | (2,208 | ) | (1,372 | ) | 838 | ||||||||
Adjusted Net Income (Loss) | $ | 5,090 | $ | (8,195 | ) | $ | 8,389 | $ | 23,113 | ||||||
(1) In the third quarter of 2013, we received notification that our application for certain New Mexico employment-related high wage tax credits had been denied and established an additional pre-tax, non-cash allowance of approximately $2.8 million. In 2014, Intrepid received notification from the State of New Mexico that the vast majority of the credits will be allowed and therefore reversed $4.1 million of the allowance. | |||||||||||||||
(2) Assumes an annual effective tax rate of 40%. |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net Income (Loss) Per Diluted Share | $ | 0.08 | $ | (0.08 | ) | $ | 0.13 | $ | 0.30 | ||||||
Adjustments | |||||||||||||||
Allowance for New Mexico employment credits | (0.02 | ) | — | (0.05 | ) | 0.04 | |||||||||
Restructuring expense | — | — | 0.02 | — | |||||||||||
Loss on settlement of pension obligation termination | — | — | — | 0.02 | |||||||||||
Compensating tax refund | — | — | — | (0.02 | ) | ||||||||||
Calculated income tax effect | 0.01 | — | 0.01 | (0.02 | ) | ||||||||||
Change in blended state tax rate | |||||||||||||||
to value deferred income tax asset | — | (0.03 | ) | — | (0.01 | ) | |||||||||
Total adjustments | (0.01 | ) | (0.03 | ) | (0.02 | ) | 0.01 | ||||||||
Adjusted Net Income (Loss) Per Diluted Share | $ | 0.07 | $ | (0.11 | ) | $ | 0.11 | $ | 0.31 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net Income (Loss) | $ | 5,791 | $ | (5,987 | ) | $ | 9,761 | $ | 22,275 | ||||||
Allowance for New Mexico employment credits | (1,168 | ) | — | (4,114 | ) | 2,811 | |||||||||
Restructuring expense | — | — | 1,827 | — | |||||||||||
Interest expense | 1,663 | 851 | 6,232 | 1,531 | |||||||||||
Income tax expense | 2,189 | 299 | 1,050 | 15,818 | |||||||||||
Depreciation, depletion, and accretion | 20,930 | 17,263 | 80,560 | 61,303 | |||||||||||
Total adjustments | 23,614 | 18,413 | 85,555 | 81,463 | |||||||||||
Adjusted Earnings Before Interest, Taxes, Depreciation, | |||||||||||||||
and Amortization | $ | 29,405 | $ | 12,426 | $ | 95,316 | $ | 103,738 |
Three Months Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Potash | Trio® | Total | Potash | Trio® | Total | |||||||||||||||||||
Sales | $ | 80,880 | $ | 17,405 | $ | 98,285 | $ | 62,689 | $ | 11,117 | $ | 73,806 | ||||||||||||
Freight costs | 7,612 | 2,995 | 10,607 | 6,480 | 1,801 | 8,281 | ||||||||||||||||||
Net sales | $ | 73,268 | $ | 14,410 | $ | 87,678 | $ | 56,209 | $ | 9,316 | $ | 65,525 | ||||||||||||
Divided by: | ||||||||||||||||||||||||
Tons sold (in thousands) | 210 | 41 | 167 | 27 | ||||||||||||||||||||
Average net realized sales price per ton | $ | 348 | $ | 354 | $ | 338 | $ | 345 |
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Potash | Trio® | Total | Potash | Trio® | Total | |||||||||||||||||||
Sales | $ | 334,323 | $ | 76,066 | $ | 410,389 | $ | 284,831 | $ | 51,481 | $ | 336,312 | ||||||||||||
Freight costs | 30,615 | 12,608 | 43,223 | 20,796 | 8,060 | 28,856 | ||||||||||||||||||
Net sales | $ | 303,708 | $ | 63,458 | $ | 367,166 | $ | 264,035 | $ | 43,421 | $ | 307,456 | ||||||||||||
Divided by: | ||||||||||||||||||||||||
Tons sold (in thousands) | 915 | 182 | 692 | 123 | ||||||||||||||||||||
Average net realized sales price per ton | $ | 332 | $ | 349 | $ | 382 | $ | 352 |
Three Months Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Potash | Trio® | Total | Potash | Trio® | Total | |||||||||||||||||||
Cost of goods sold | $ | 58,463 | $ | 9,701 | $ | 68,164 | $ | 49,177 | $ | 8,131 | $ | 57,308 | ||||||||||||
Divided by sales volume (in thousands of tons) | 210 | 41 | 167 | 27 | ||||||||||||||||||||
Cost of goods sold per ton | $ | 278 | $ | 239 | $ | 296 | $ | 301 | ||||||||||||||||
Less per-ton adjustments | ||||||||||||||||||||||||
Depreciation and depletion | $ | 73 | $ | 54 | $ | 58 | $ | 59 | ||||||||||||||||
Royalties | 13 | 18 | 14 | 17 | ||||||||||||||||||||
Cash operating costs per ton | $ | 192 | $ | 167 | $ | 224 | $ | 225 |
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Potash | Trio® | Total | Potash | Trio® | Total | |||||||||||||||||||
Cost of goods sold | $ | 254,752 | $ | 49,162 | $ | 303,914 | $ | 179,207 | $ | 33,657 | $ | 212,864 | ||||||||||||
Divided by sales volume (in thousands of tons) | 915 | 182 | 692 | 123 | ||||||||||||||||||||
Cost of goods sold per ton | $ | 279 | $ | 270 | $ | 260 | $ | 274 | ||||||||||||||||
Less per-ton adjustments | ||||||||||||||||||||||||
Depreciation and depletion | $ | 69 | $ | 59 | $ | 52 | $ | 55 | ||||||||||||||||
Royalties | 12 | 17 | 13 | 18 | ||||||||||||||||||||
Cash operating costs per ton | $ | 198 | $ | 194 | $ | 195 | $ | 201 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Potash | ||||||||||||||||
Average potash net realized sales price | $ | 348 | $ | 338 | $ | 332 | $ | 382 | ||||||||
Less total potash cost of goods sold | 278 | 296 | 279 | 260 | ||||||||||||
Less potash warehousing and handling costs | 16 | 19 | 12 | 16 | ||||||||||||
Average potash gross margin per ton | $ | 54 | $ | 23 | $ | 41 | $ | 106 | ||||||||
Depreciation and depletion | 73 | 58 | 69 | 52 | ||||||||||||
Cash flow per ton | $ | 127 | $ | 81 | $ | 110 | $ | 158 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Trio® | ||||||||||||||||
Average Trio® net realized sales price | $ | 354 | $ | 345 | $ | 349 | $ | 352 | ||||||||
Less total Trio® cost of goods sold | 239 | 301 | 270 | 274 | ||||||||||||
Less Trio® warehousing and handling costs | 16 | 15 | 11 | 15 | ||||||||||||
Average Trio® gross margin per ton | $ | 99 | $ | 29 | $ | 68 | $ | 63 | ||||||||
Depreciation and depletion | 54 | 59 | 59 | 55 | ||||||||||||
Cash flow per ton | $ | 153 | $ | 88 | $ | 127 | $ | 118 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||
Net cash provided by operating activities | 22,651 | 2,771 | 127,486 | 64,898 | |||||||
Less cash paid for additions to property, plant, equipment and mineral properties | (6,445 | ) | (64,258 | ) | (61,770 | ) | (250,486 | ) | |||
Free cash flow | 16,206 | (61,487 | ) | 65,716 | (185,588 | ) |
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