Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Exhibit No. | Description | |
Exhibit 99.1 | Press release dated April 15, 2013 |
COEUR D'ALENE MINES CORPORATION | |
Date: April 15, 2013 | By:/s/ Frank L. Hanagarne, Jr. |
Name: Frank L. Hanagarne, Jr. Title: Senior Vice President, Chief Operating Officer and Chief Financial Officer |
• | Companywide silver production of 3.8 million ounces was 22% lower than the first quarter 2012 due to lower grade ore processed from both open pit and underground operations at the Company's Palmarejo mine. |
• | Companywide gold production of 56,913 ounces was 30% higher than the first quarter 2012 due to significantly higher production from the Company's Kensington and Rochester mines. |
• | Metal sales were $178.6 million, down 13% compared with the first quarter 2012. |
• | Average realized silver and gold prices were $30.61 per ounce and $1,630 per ounce, respectively, representing decreases of 6% and 4%, respectively, compared with the first quarter of 2012. |
• | Grades and mining rates rebounded at Palmarejo late in the first quarter compared to the third and fourth quarters of 2012. Palmarejo produced 1.6 million ounces of silver and 22,965 ounces of gold in the first quarter 2013. While lower than first quarter 2012 levels, silver and gold production was 6% and 15% higher, respectively, compared to the fourth quarter 2012. Production rates are expected to climb in the second half of 2013. |
• | San Bartolomé produced 1.4 million ounces of silver, which was 12% lower than the first quarter of 2012 due to lower silver grades, but the mine performed better than planned and this level should reflect anticipated production rates during the remainder of the year. |
• | Rochester's production was temporarily affected by extremely cold temperatures and heavier than normal snowfall during January and February, which impacted ore crushing. Rochester produced 0.6 million ounces of silver and 8,742 ounces of gold, which was lower than production in the fourth quarter 2012, but 47% and 65% higher than the first quarter 2012, respectively. |
• | Kensington's gold production more than tripled compared to the first quarter of 2012, reaching 25,206 ounces. Kensington's production is expected to increase in the second half of 2013 over the first half of 2013 due to anticipated improved grades and higher throughput rates. |
(silver ounces in thousands) | 1Q 2013 | 1Q 2012 | Quarter Variance | |||||||||
Silver | Gold | Silver | Gold | Silver | Gold | |||||||
Palmarejo | 1,646 | 22,965 | 2,483 | 31,081 | (34 | %) | (26 | %) | ||||
San Bartolomé | 1,391 | — | 1,591 | — | (13 | %) | n.a. | |||||
Rochester | 648 | 8,742 | 441 | 5,292 | 47 | % | 65 | % | ||||
Martha(1) | — | — | 123 | 84 | n.a. | n.a. | ||||||
Kensington | — | 25,206 | — | 7,444 | n.a. | 239 | % | |||||
Endeavor | 150 | — | 248 | — | (40 | %) | n.a. | |||||
Total | 3,835 | 56,913 | 4,886 | 43,901 | (22 | %) | 30 | % |
1. | The Martha mine in Argentina ceased production at the end of the third quarter 2012. |
(silver ounces in thousands) | Country | Silver | Gold |
Palmarejo | Mexico | 7,700-8,300 | 98,000-105,000 |
San Bartolomé | Bolivia | 5,300-5,700 | — |
Rochester | Nevada, USA | 4,500-4,900 | 44,000-46,000 |
Endeavor | Australia | 500-600 | — |
Kensington | Alaska, USA | — | 108,000-114,000 |
Total | 18,000-19,500 | 250,000-265,000 |
1. | Cash operating costs are non-GAAP measures. |
Three months ended March 31, | |||||
2013 | 2012 | ||||
Silver Operations: | |||||
Palmarejo | |||||
Tons milled | 573,170 | 528,543 | |||
Ore grade/Ag oz | 3.65 | 6.12 | |||
Ore grade/Au oz | 0.04 | 0.06 | |||
Recovery/Ag oz(1) | 78.8 | % | 76.8 | % | |
Recovery/Au oz(1) | 90.1 | % | 93.3 | % | |
Silver production ounces | 1,646,397 | 2,482,814 | |||
Gold production ounces | 22,965 | 31,081 | |||
San Bartolomé | |||||
Tons milled | 374,985 | 378,104 | |||
Ore grade/Ag oz | 4.09 | 4.62 | |||
Recovery/Ag oz(1) | 90.6 | % | 91.2 | % | |
Silver production ounces | 1,391,099 | 1,591,292 | |||
Martha(3) | |||||
Tons milled | — | 34,069 | |||
Ore grade/Ag oz | — | 4.43 | |||
Ore grade/Au oz | — | 0.004 | |||
Recovery/Ag oz(1) | — | % | 81.4 | % | |
Recovery/Au oz(1) | — | % | 64.6 | % | |
Silver production ounces | — | 122,793 | |||
Gold production ounces | — | 84 | |||
Rochester | |||||
Tons milled | 2,439,757 | 2,009,518 | |||
Ore grade/Ag oz | 0.52 | 0.55 | |||
Ore grade/Au oz | 0.003 | 0.004 | |||
Recovery/Ag oz(2) | 50.8 | % | 40.2 | % | |
Recovery/Au oz(2) | 108.6 | % | 62.1 | % | |
Silver production ounces | 647,589 | 441,337 | |||
Gold production ounces | 8,742 | 5,292 | |||
Endeavor | |||||
Tons milled | 194,519 | 195,846 | |||
Ore grade/Ag oz | 1.61 | 3.35 | |||
Recovery/Ag oz(1) | 47.8 | % | 37.8 | % | |
Silver production ounces | 149,594 | 247,958 | |||
Gold Operation: | |||||
Kensington | |||||
Tons milled | 129,057 | 43,936 | |||
Ore grade/Au oz | 0.20 | 0.18 | |||
Recovery/Au oz(1) | 96.2 | % | 93.4 | % | |
Gold production ounces | 25,206 | 7,444 | |||
CONSOLIDATED PRODUCTION TOTALS | |||||
Total silver ounces | 3,834,679 | 4,886,194 | |||
Total gold ounces | 56,913 | 43,901 |
1Q 2013 | 4Q 2012 | 3Q 2012 | 2Q 2012 | 1Q 2012 | |
Underground Operations: | |||||
Tons mined | 151,232 | 139,925 | 143,747 | 162,820 | 158,030 |
Average silver grade (oz/t) | 4.22 | 4.70 | 6.13 | 8.91 | 7.82 |
Average gold grade (oz/t) | 0.09 | 0.08 | 90 | 0.14 | 0.11 |
Surface Operations: | |||||
Tons mined | 388,651 | 465,498 | 424,380 | 321,758 | 347,609 |
Average silver grade (oz/t) | 3.45 | 2.62 | 2.79 | 4.14 | 5.32 |
Average gold grade (oz/t) | 0.03 | 0.02 | 0.03 | 0.04 | 0.04 |
Processing: | |||||
Total tons milled | 573,170 | 563,123 | 532,775 | 489,924 | 528,543 |
Average recovery rate – Ag | 78.8% | 84.2% | 90% | 84.2% | 76.8% |
Average recovery rate – Au | 90.1% | 91.4% | 102.5% | 92% | 93.3% |
Silver production - oz (000's) | 1,646 | 1,555 | 1,833 | 2,365 | 2,483 |
Gold production - oz | 22,965 | 19,998 | 23,702 | 31,258 | 31,081 |
1Q 2013 | 4Q 2012 | 3Q 2012 | 2Q 2012 | 1Q 2012 | |
Tons milled | 374,985 | 363,813 | 344,349 | 391,005 | 378,104 |
Average silver grade (oz/t) | 4.09 | 4.20 | 4.91 | 4.30 | 4.60 |
Average recovery rate | 90.6% | 88.0% | 90.3% | 88.3% | 91.2% |
Silver production (000's) | 1,391 | 1,343 | 1,526 | 1,470 | 1,591 |
1Q 2013 | 4Q 2012 | 3Q 2012 | 2Q 2012 | 1Q 2012 | |
Tons mined | 116,747 | 140,626 | 113,770 | 84,632 | 56,815 |
Tons milled | 129,057 | 129,622 | 123,428 | 97,794 | 43,936 |
Average gold grade (oz/t) | 0.20 | 0.23 | 0.21 | 0.23 | 0.18 |
Average recovery rate | 96.2% | 96.9% | 95.9% | 94.2% | 93.4% |
Gold production | 25,206 | 28,718 | 24,391 | 21,572 | 7,444 |
1Q 2013 | 4Q 2012 | 3Q 2012 | 2Q 2012 | 1Q 2012 | ||||
Tons mined | 2,924,472 | 3,031,428 | 3,170,129 | 2,585,914 | 2,923,324 | |||
Average silver grade (oz/t) | 0.52 | 0.51 | 0.52 | 0.63 | 0.55 | |||
Average gold grade (oz/t) | 0.003 | 0.005 | 0.004 | 0.005 | 0.004 | |||
Silver production (000's) | 647 | 828 | 819 | 713 | 441 | |||
Gold production | 8,742 | 12,055 | 10,599 | 10,120 | 5,292 |
1Q 2013 | 4Q 2012 | 3Q 2012 | 2Q 2012 | 1Q 2012 | |
Silver Production (000's) | 150 | 105 | 140 | 240 | 248 |
1Q 2013 | 4Q 2012 | 3Q 2012 | 2Q 2012 | 1Q 2012 | |
Total tons milled | — | — | 27,281 | 39,199,000 | 34,068 |
Average silver grade (oz/t) | — | — | 4.17 | 3,520 | 4.43 |
Average gold grade (oz/t) | — | — | 3.4 | — | — |
Average recovery rate – Ag | —% | —% | 81.5% | 78.2% | 81.4% |
Average recovery rate – Au | —% | —% | 82.6% | 72.4% | 64.6% |
Silver production (000's) | — | — | 93 | 108 | 123 |