Delaware (State or other jurisdiction of incorporation or organization) | 1-8641 (Commission File Number) | 82-0109423 (IRS Employer Identification No.) |
Exhibit No. | Description |
Exhibit 99.1 | Press Release dated February 20, 2014 |
COEUR MINING, INC. | |
Date: February 20, 2014 | By: /s/ Peter C. Mitchell |
Name: Peter C. Mitchell Title: Senior Vice President and Chief Financial Officer |
Exhibit No. | Description |
Exhibit 99.1 | Press Release dated February 20, 2014 |
• | Full-year 2013 silver production totaled 17.0 million ounces, a 6% decrease from 2012. Full-year gold production was a record 262,217 ounces, up 16% from 2012 |
• | Fourth quarter production totaled 4.3 million ounces of silver and 80,780 ounces of gold, increases of 3% and 27%, respectively, from the third quarter 2013 |
• | Full-year cash operating costs1 were $9.84 per silver ounce and $950 per gold ounce at Kensington |
• | Year-end silver proven and probable reserves increased 15.9% to 255.4 million ounces. Year-end gold proven and probable reserves increased 12.3% to 2.2 million ounces |
• | Acquired Orko Silver Corp., adding the La Preciosa silver-gold project in Mexico to the Company's growth profile |
• | Created Coeur Capital and acquired Global Royalty Corp. to add higher-margin cash flow from a growing portfolio of royalty and streaming interests |
• | Repurchased $27.6 million in common stock |
• | Implemented downside metal price protection program |
• | Expected production of 17.0 - 18.2 million silver ounces and 220,000 - 238,000 gold ounces |
• | Production costs applicable to sales are expected to total $500 - $530 million |
• | Capital expenditures are expected to total $65 - $80 million, with approximately 80% allocated to sustaining capital, 5% to development capital, and 15% to capitalized exploration |
• | Expensed exploration is expected to be $13 - $18 million, using a success-based approach to fund additional expensed or capitalized drilling based on positive results |
• | General and administrative expenses are expected to be $43 - $48 million |
• | Amortization expenses are expected to be approximately $150 million, which reflects a $773 million impairment charge recorded on the carrying values of Palmarejo and Kensington in the fourth quarter 2013 |
(All amounts in millions, except per share amounts, average realized prices and gold ounces sold) | 4Q 2013 | 3Q 2013 | Quarter Variance | 2013 | 2012 | Year Variance | ||||||||||||
Sales of Metal | $ | 168.8 | $ | 200.8 | (16 | %) | $ | 746.0 | $ | 895.5 | (17 | %) | ||||||
Production Costs | $ | 100.2 | $ | 131.7 | (24 | %) | $ | 463.7 | $ | 456.8 | 2 | % | ||||||
Adjusted Earnings (Loss) (1) | $ | (25.1 | ) | $ | (23.4 | ) | (7 | %) | $ | (76.2 | ) | $ | 122.1 | (163 | %) | |||
Adjusted Earnings (Loss) Per Share | $ | (0.25 | ) | $ | (0.23 | ) | (9 | %) | $ | (0.78 | ) | $ | 1.37 | (157 | %) | |||
Net Income (Loss) | $ | (581.5 | ) | $ | (46.3 | ) | (1,156 | %) | $ | (650.6 | ) | $ | 48.7 | (1,436 | %) | |||
Earnings Per Share | $ | (5.77 | ) | $ | (0.46 | ) | (1,154 | %) | $ | (6.65 | ) | $ | 0.54 | (1,331 | %) | |||
Cash Flow From Operating Activities | $ | 10.4 | $ | 26.8 | (61 | %) | $ | 113.5 | $ | 271.6 | (58 | %) | ||||||
Capital Expenditures | $ | 28.1 | $ | 32.7 | (14 | %) | $ | 100.8 | $ | 115.6 | (13 | %) | ||||||
Cash, Cash Equivalents & Short-Term Investments | $ | 206.7 | $ | 211.4 | (2 | %) | $ | 206.7 | $ | 126.4 | 64 | % | ||||||
Total Debt (net of debt discount)(1) | $ | 308.6 | $ | 310.2 | (1 | %) | $ | 308.6 | $ | 59.4 | 420 | % | ||||||
Weighted Average Shares | 100.7 | 100.8 | — | % | 97.9 | 89.4 | 10 | % | ||||||||||
Average Realized Price Per Ounce - Silver | $ | 20.54 | $ | 21.06 | (2 | %) | $ | 23.14 | $ | 30.92 | (25 | %) | ||||||
Average Realized Price Per Ounce - Gold | $ | 1,249 | $ | 1,329 | (6 | %) | $ | 1,387 | $ | 1,665 | (17 | %) | ||||||
Silver Ounces Sold | 4.0 | 4.9 | (18 | %) | 17.2 | 18.0 | (4 | %) | ||||||||||
Gold Ounces Sold | 72,712 | 76,466 | (5 | %) | 264,493 | 213,185 | 24 | % |
(silver ounces in thousands) | 4Q 2013 | 3Q 2013 | Quarter Variance | FY 2013 | FY 2012 | Year Variance | |||||||||||||||||||
Silver | Gold | Silver | Gold | Silver | Gold | Silver | Gold | Silver | Gold | Silver | Gold | ||||||||||||||
Palmarejo | 1,994 | 35,486 | 1,918 | 29,893 | 4 | % | 19 | % | 7,603 | 116,536 | 8,236 | 106,038 | (8 | )% | 10 | % | |||||||||
San Bartolomé | 1,498 | — | 1,528 | — | (2 | %) | n.a. | 5,941 | — | 5,930 | — | — | % | n.a. | |||||||||||
Rochester | 712 | 7,890 | 595 | 4,824 | 20 | % | 64 | % | 2,799 | 30,860 | 2,801 | 38,066 | — | % | (19 | )% | |||||||||
Martha | — | — | — | — | n.a. | n.a. | — | — | 323 | 257 | (100 | )% | (100 | )% | |||||||||||
Kensington | — | 37,404 | — | 29,049 | n.a. | 29 | % | — | 114,821 | — | 82,125 | n.a. | 40 | % | |||||||||||
Endeavor | 135 | — | 162 | — | (17 | %) | n.a. | 669 | — | 734 | — | (9 | )% | n.a. | |||||||||||
Total | 4,339 | 80,780 | 4,203 | 63,766 | 3 | % | 27 | % | 17,012 | 262,217 | 18,024 | 226,486 | (6 | )% | 16 | % |
4Q 2013 | 3Q 2013 | Quarter Variance | FY 2013 | FY 2012 | Year Variance | |||||||||||||||||
Palmarejo | $ | 0.65 | $ | 2.79 | (77 | %) | $ | 2.23 | $ | 1.33 | 68 | % | ||||||||||
San Bartolomé | 13.11 | 12.80 | 2 | % | 13.01 | 11.76 | 11 | % | ||||||||||||||
Rochester | 31.71 | 35.83 | (11 | %) | 23.27 | 9.62 | 142 | % | ||||||||||||||
Martha | — | — | n.a. | — | 49.77 | (100 | )% | |||||||||||||||
Endeavor | 11.54 | 9.72 | 19 | % | 12.08 | 17.27 | (30 | )% | ||||||||||||||
Total | $ | 10.39 | $ | 11.38 | (9 | %) | $ | 9.84 | $ | 7.57 | 30 | % | ||||||||||
Kensington | $ | 747 | $ | 988 | (24 | %) | $ | 950 | $ | 1,358 | (30 | )% |
(silver equivalent ounces in thousands) | FY 2013 | 4Q 2013 | 3Q 2013 | 2Q 2013 | 1Q2013 | |||||||||||||||
All-in sustaining costs1 | $ | 626,284 | $ | 141,668 | $ | 181,830 | $ | 182,558 | $ | 120,228 | ||||||||||
Silver equivalent ounces sold | 33,060 | 8,374 | 9,462 | 9,032 | 6,192 | |||||||||||||||
All-in sustaining costs1 per silver equivalent ounce | $ | 18.94 | $ | 16.92 | $ | 19.22 | $ | 20.21 | $ | 19.42 |
(in millions of US$) | FY 2013 | 4Q 2013 | 3Q 2013 | 2Q 2013 | 1Q 2013 |
Ore tons milled | 2,322,660 | 595,803 | 583,365 | 570,322 | 573,170 |
Silver ounces sold (000's) | 7,491 | 1,768 | 2,592 | 2,007 | 1,125 |
Gold ounces sold | 112,270 | 31,360 | 38,385 | 28,025 | 14,500 |
Sales of metal | $324.0 | $75.9 | $104.5 | $86.2 | $57.4 |
Production costs | $188.6 | $39.9 | $66.8 | $55.2 | $26.7 |
Exploration expense | $7.2 | $1.1 | $0.9 | $3.2 | $2.0 |
Cash operating cost / oz1 (by-product) | $2.23 | $0.65 | $2.79 | $3.25 | $2.20 |
Costs applicable to sales1 per silver equivalent ounce | $13.25 | $11.58 | $12.92 | $15.15 | $13.63 |
Cash flow from operating activities | $117.6 | $16.6 | $50.8 | $37.2 | $10.1 |
Sustaining capital expenditures | $19.7 | $4.6 | $7.1 | $5.4 | $2.6 |
Development capital expenditures | $14.0 | $4.3 | $3.2 | $3.8 | $2.7 |
Total capital expenditures | $33.7 | $8.9 | $10.3 | $9.2 | $5.3 |
Royalties paid to Franco Nevada | $57.0 | $13.5 | $12.6 | $15.5 | $15.4 |
Net cash flow | $21.9 | $(6.9) | $26.7 | $14.3 | $(12.2) |
• | Palmarejo produced 2.0 million ounces of silver and 35,487 ounces of gold at cash operating costs of $0.65 per silver ounce1 for the fourth quarter. For the full year, Palmarejo produced 7.6 million ounces of silver and 116,536 ounces of gold at cash operating costs1 of $2.23 per silver ounce. |
• | Silver and gold ore grades improved substantially for the underground operations in the fourth quarter and remained consistent with the third quarter 2013 in the open pit operations. |
• | Recovery rates decreased compared to the third quarter 2013; however, higher recoveries are expected in 2014 as a result of processing plant improvements expected to be completed in the first quarter. |
• | Coeur continues to evaluate potential production increases to offset production previously planned from the Guadalupe underground deposit in 2014. The Company believes potential exists to define additional near-term, higher-margin production adjacent to the existing underground and open pit operations. |
• | Cash flow from operating activities totaled $16.6 million in the fourth quarter, compared to $50.8 million in the third quarter 2013. The decrease was primarily due to fewer ounces sold as well as a $13.4 million increase in working capital. The third quarter cash flow from operating activities for Palmarejo benefited from a $11.2 million decrease in working capital. |
• | Capital expenditures of $8.9 million were incurred at Palmarejo in the fourth quarter 2013, primarily for underground mine development. |
(in millions of US$) | FY 2013 | 4Q 2013 | 3Q 2013 | 2Q 2013 | 1Q 2013 |
Ore tons milled | 1,679,839 | 451,660 | 428,884 | 424,310 | 374,985 |
Silver ounces sold (000's) | 6,079 | 1,485 | 1,334 | 2,151 | 1,109 |
Sales of metal | $141.7 | $30.6 | $28.8 | $49.2 | $33.1 |
Production costs | $86.8 | $20.6 | $17.7 | $32.8 | $15.7 |
Exploration expense | $0.1 | $— | $— | $— | $0.1 |
Cash operating cost / oz1 | $13.01 | $13.11 | $12.80 | $12.89 | $13.27 |
Costs applicable to sales1 per silver equivalent ounce | $14.28 | $13.91 | $13.25 | $15.26 | $14.14 |
Cash flow from operating activities | $43.9 | $8.9 | $7.6 | $32.8 | $(5.4) |
Sustaining capital expenditures | $6.2 | $1.8 | $3.0 | $1.4 | $— |
Development capital expenditures | $5.0 | $2.0 | $1.2 | $1.8 | $— |
Total capital expenditures | $11.2 | $3.7 | $4.2 | $3.2 | $— |
Net cash flow | $32.2 | $6.5 | $2.1 | $29.5 | $(5.9) |
• | San Bartolomé produced 1.5 million ounces of silver at cash operating costs1 of $13.11 per silver ounce for the fourth quarter, which was comparable to the third quarter 2013, with higher throughput offsetting a decline in silver grade. For the full year, San Bartolomé produced 5.9 million ounces of silver at cash operating costs1 of $13.01 per silver ounce. |
• | Performance during the fourth quarter and 2013 remained consistent, as does the 2014 outlook for tons mined, ounces produced, and silver grade. |
• | Cash flow from operating activities totaled $8.9 million in the fourth quarter, slightly higher than $7.6 million in the third quarter 2013. |
• | Capital expenditures were $3.7 million during the fourth quarter 2013 primarily related to the tailings and process plant expansion projects. |
(in millions of US$) | FY 2013 | 4Q 2013 | 3Q 2013 | 2Q 2013 | 1Q 2013 |
Ore tons milled | 553,717 | 149,246 | 147,427 | 127,987 | 129,057 |
Gold ounces sold | 117,500 | 35,029 | 31,542 | 24,439 | 26,490 |
Sales of metal | $148.8 | $39.7 | $38.9 | $30.9 | $39.3 |
Production costs | $104.5 | $23.2 | $27.5 | $30.2 | $23.6 |
Exploration expense | $4.3 | $1.5 | $1.5 | $0.6 | $0.7 |
Cash operating cost / oz1 | $950 | $747 | $988 | $1,115 | $1,055 |
Costs applicable to sales1 per gold ounce | $890 | $667 | $871 | $1,234 | $890 |
Cash flow from operating activities | $32.5 | $11.3 | $1.9 | $7.6 | $11.7 |
Sustaining capital expenditures | $21.3 | $5.7 | $4.9 | $7.4 | $3.3 |
Development capital expenditures | $— | $— | $— | $— | $— |
Total capital expenditures | $21.3 | $5.7 | $4.9 | $7.4 | $3.3 |
Net cash flow | $8.4 | $5.0 | $(3.7) | $(0.3) | $7.4 |
• | Kensington produced 37,404 ounces of gold, an increase of 29% from the third quarter 2013 due to 30% higher average head grade. Cash operating costs1 per gold ounce were $747, 24% below the third quarter 2013. |
• | Full-year 2013 production rose 40% from 2012 to a record 114,821 gold ounces. Full-year 2013 cash operating costs1 were $950 per ounce, a 30% decrease from 2012. |
• | Increased mill throughput is expected to offset declines in grade in 2014, and is expected to lead to another year of strong production and cash flow at Kensington. |
• | Cash flow from operating activities totaled $11.3 million in the fourth quarter, a significant increase compared |
• | Capital expenditures of $5.7 million in the fourth quarter were spent primarily on underground capital development and reserve drilling. |
(in millions of US$) | FY 2013 | 4Q 2013 | 3Q 2013 | 2Q 2013 | 1Q 2013 |
Ore tons placed | 12,311,918 | 4,569,588 | 2,678,906 | 2,457,423 | 2,606,001 |
Silver ounces sold (000's) | 2,929 | 621 | 741 | 851 | 715 |
Gold ounces sold | 34,723 | 6,323 | 6,539 | 10,925 | 10,936 |
Sales of metal | $119.3 | $20.6 | $24.3 | $34.9 | $39.5 |
Production costs | $77.9 | $15.4 | $17.9 | $23.1 | $21.5 |
Exploration expense | $2.6 | $1.0 | $0.6 | $0.5 | $0.5 |
Cash operating cost / oz1 (by-product) | $23.27 | $31.71 | $35.83 | $14.75 | $13.54 |
Costs applicable to sales1 per silver equivalent ounce | $15.54 | $15.44 | $15.76 | $15.30 | $15.68 |
Cash flow from operating activities | $(11.1) | $(9.7) | $(3.6) | $(3.4) | $5.6 |
Sustaining capital expenditures | $29.4 | $7.2 | $12.3 | $6.6 | $3.3 |
Development capital expenditures | $— | $— | $— | $— | $— |
Total capital expenditures | $29.4 | $7.2 | $12.3 | $6.6 | $3.3 |
Royalties paid (credited) | $(1.5) | $(2.5) | $— | $— | $1.0 |
Net cash flow | $(40.5) | $(16.9) | $(15.9) | $(10.0) | $2.3 |
• | Rochester produced 712,235 ounces of silver and 7,890 ounces of gold in the fourth quarter, an increase of 20% and 64%, respectively, compared to the third quarter 2013. |
• | Cash operating costs1 per silver ounce were $31.71 in the fourth quarter, 13% lower than the third quarter 2013 but remain above planned levels due to lower than expected production following the placement of substantial tons of fresh ore under leach on the recently expanded Stage III leach pad. For the full year, cash operating costs1 per silver ounce were $23.27. |
• | Major capital projects at Rochester are now complete and are expected to drive further production growth and lower per unit costs in 2014. |
• | Cash flow from operating activities of $(9.7) million in the fourth quarter 2013 is less than the $(3.6) million in the third quarter 2013 due to an increase in working capital of $13.0 million, including a $10.2 million increase in ore mined and placed under leach during the fourth quarter. |
• | Capital expenditures were $7.2 million during the fourth quarter 2013, primarily for completion of the leach pad expansion. |
• | Coeur is continuing work on a feasibility study and continues infill and development drilling. Upon completion of this work in mid-2014, the Company will evaluate the economics of the optimized project, assess the silver and gold market, and determine whether to proceed with construction. |
• | Feasibility work to date indicates expected improved economics compared to those reflected in the preliminary economic assessment with the goal of making La Preciosa a project with solid returns, despite lower prices and higher expected taxes based on new Mexican mining tax legislation that took effect on January 1, 2014. |
• | The Company spent $1.4 million during the fourth quarter 2013 and remains on budget to spend a total of $25 million for the feasibility work, including exploration activities, engineering and design, land purchases, and sustainability projects within the community. |
(silver ounces in thousands) | Country | Silver | Gold |
Palmarejo | Mexico | 6,700 - 7,200 | 87,000 - 95,000 |
San Bartolomé | Bolivia | 5,700 - 6,000 | — |
Rochester | Nevada, USA | 4,100 - 4,400 | 28,000 - 31,000 |
Kensington | Alaska, USA | — | 105,000 - 112,000 |
Endeavor | Australia | 500 - 600 | — |
Total | 17,000-18,200 | 220,000-238,000 |
2013 | 2012 | 2011 | |||||||||
PRIMARY SILVER OPERATIONS: | |||||||||||
Palmarejo | |||||||||||
Ore tons milled | 2,322,660 | 2,114,366 | 1,723,056 | ||||||||
Ore grade silver (oz./ton) | 4.21 | 4.70 | 6.87 | ||||||||
Ore grade gold (oz./ton) | 0.06 | 0.05 | 0.08 | ||||||||
Recovery/Ag oz. (%) | 77.7 | 83.0 | 76.4 | ||||||||
Recovery/Au oz. (%) | 84.2 | 94.4 | 92.2 | ||||||||
Silver produced (oz.) | 7,603,144 | 8,236,013 | 9,041,488 | ||||||||
Gold produced (oz.) | 116,536 | 106,038 | 125,071 | ||||||||
Cash operating costs/oz | $ | 2.23 | $ | 1.33 | $ | (0.97 | ) | ||||
Costs applicable to sales silver equivalent oz | $ | 13.25 | $ | 13.19 | $ | 11.21 | |||||
San Bartolomé | |||||||||||
Ore tons milled | 1,679,839 | 1,477,271 | 1,567,269 | ||||||||
Ore grade silver (oz./ton) | 3.93 | 4.49 | 5.38 | ||||||||
Recovery/Ag oz. (%) | 90.0 | 89.5 | 88.9 | ||||||||
Silver produced (oz.) | 5,940,538 | 5,930,394 | 7,501,367 | ||||||||
Cash operating costs/oz | $ | 13.01 | $ | 11.76 | $ | 9.10 | |||||
Costs applicable to sales silver equivalent oz | $ | 14.28 | $ | 12.40 | $ | 10.57 | |||||
Rochester | |||||||||||
Ore tons crushed | 10,693,654 | 11,710,795 | 2,028,889 | ||||||||
Ore grade silver (oz./ton) | 0.55 | 0.55 | 0.473 | ||||||||
Ore grade gold (oz./ton) | 0.0027 | 0.0047 | 0.0047 | ||||||||
Silver produced (oz.) | 2,798,937 | 2,801,405 | 1,392,433 | ||||||||
Gold produced (oz.) | 30,860 | 38,066 | 6,276 | ||||||||
Cash operating costs/oz | 23.27 | 9.62 | 22.97 | ||||||||
Costs applicable to sales silver equivalent oz | $ | 15.54 | $ | 16.13 | $ | 16.32 |
2013 | 2012 | 2011 | |||||||||
Martha | |||||||||||
Ore tons milled | — | 100,548 | 101,167 | ||||||||
Ore grade silver (oz./ton) | — | 4.01 | 6.29 | ||||||||
Ore grade gold (oz./ton) | — | 0.0035 | 0.0082 | ||||||||
Recovery/Ag oz. (%) | — | 80.3 | 83.2 | ||||||||
Recovery/Au oz. (%) | — | 72.2 | 74.0 | ||||||||
Silver produced (oz.) | — | 323,386 | 529,602 | ||||||||
Gold produced (oz.) | — | 257 | 615 | ||||||||
Cash operating costs/oz | $ | — | $ | 49.77 | $ | 32.79 | |||||
Costs applicable to sales silver equivalent oz | $ | — | $ | 33.60 | $ | 31.02 | |||||
Total production costs/oz. | $ | — | $ | 55.03 | $ | 36.19 | |||||
Endeavor | |||||||||||
Ore tons milled | 791,116 | 791,209 | 743,936 | ||||||||
Ore grade silver (oz./ton) | 1.85 | 2.26 | 1.83 | ||||||||
Recovery/Ag oz. (%) | 45.6 | 41.0 | 45.0 | ||||||||
Silver produced (oz.) | 668,574 | 734,008 | 613,361 | ||||||||
Cash operating costs/oz | $ | 12.08 | $ | 17.27 | $ | 18.87 | |||||
Costs applicable to sales silver equivalent oz | $ | 8.44 | $ | 12.21 | $ | 14.14 | |||||
GOLD OPERATIONS: | |||||||||||
Kensington | |||||||||||
Ore tons milled | 553,717 | 394,780 | 415,340 | ||||||||
Ore grade gold (oz./ton) | 0.21 | 0.22 | 0.23 | ||||||||
Recovery/Au oz. (%) | 96.6 | 95.6 | 92.7 | ||||||||
Gold produced (oz.) | 114,821 | 82,125 | 88,420 | ||||||||
Cash operating costs/oz | $ | 950 | $ | 1,358 | $ | 1,088 | |||||
Costs applicable to sales/oz | $ | 890 | $ | 1,214 | $ | 954 | |||||
CONSOLIDATED PRODUCTION TOTALS | |||||||||||
Silver ounces produced | 17,011,193 | 18,025,206 | 19,078,251 | ||||||||
Gold ounces produced | 262,217 | 226,486 | 220,382 | ||||||||
Cash operating costs/oz - silver | $ | 9.84 | $ | 7.57 | $ | 6.31 | |||||
Costs applicable to sales silver equivalent oz | $ | 13.81 | $ | 13.89 | $ | 11.78 | |||||
CONSOLIDATED SALES TOTALS | |||||||||||
Silver ounces sold | 17,188,539 | 17,965,383 | 19,057,503 | ||||||||
Gold ounces sold | 264,493 | 213,185 | 238,551 | ||||||||
Average realized price per silver ounce | $ | 23.14 | $ | 30.92 | $ | 35.15 | |||||
Average realized price per gold ounce | $ | 1,387 | $ | 1,665 | $ | 1,558 |
Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(In thousands, except share data) | |||||||||||
Sales of metal | $ | 745,994 | $ | 895,492 | $ | 1,021,200 | |||||
Production costs applicable to sales | (463,663 | ) | (454,562 | ) | (419,547 | ) | |||||
Amortization | (232,879 | ) | (218,857 | ) | (224,500 | ) | |||||
Gross profit | 49,452 | 222,073 | 377,153 | ||||||||
COSTS AND EXPENSES | |||||||||||
General and administrative | 55,343 | 32,977 | 31,379 | ||||||||
Exploration | 22,360 | 26,270 | 19,128 | ||||||||
Litigation settlement | 32,046 | — | — | ||||||||
Write-downs | 772,993 | 5,825 | — | ||||||||
Pre-development, care, maintenance and other | 11,869 | 1,261 | 19,441 | ||||||||
Total costs and expenses | 894,611 | 66,333 | 69,948 | ||||||||
OPERATING INCOME (LOSS) | (845,159 | ) | 155,740 | 307,205 | |||||||
OTHER INCOME (EXPENSE), NET | |||||||||||
Loss on debt extinguishments | — | (1,036 | ) | (5,526 | ) | ||||||
Fair value adjustments, net | 82,768 | (23,487 | ) | (52,050 | ) | ||||||
Impairment of marketable securities | (18,308 | ) | (605 | ) | — | ||||||
Interest income and other, net | 13,323 | 15,041 | (6,610 | ) | |||||||
Interest expense, net of capitalized interest | (41,303 | ) | (26,169 | ) | (34,774 | ) | |||||
Total other income (expense), net | 36,480 | (36,256 | ) | (98,960 | ) | ||||||
Income (loss) before income taxes | (808,679 | ) | 119,484 | 208,245 | |||||||
Income tax (provision) benefit | 158,116 | (70,807 | ) | (114,746 | ) | ||||||
NET INCOME (LOSS) | $ | (650,563 | ) | $ | 48,677 | $ | 93,499 | ||||
NET INCOME (LOSS) PER SHARE | |||||||||||
Basic | (6.65 | ) | 0.54 | 1.05 | |||||||
Diluted | $ | (6.65 | ) | $ | 0.54 | $ | 1.04 |
Years ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
(In thousands) | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | $ | (650,563 | ) | $ | 48,677 | $ | 93,499 | ||||
Add (deduct) non-cash items | |||||||||||
Amortization | 232,879 | 218,857 | 224,500 | ||||||||
Accretion of debt discount and other costs | 2,548 | 3,431 | 4,041 | ||||||||
Accretion of royalty obligations | 14,947 | 18,294 | 21,550 | ||||||||
Deferred income taxes | (177,178 | ) | 16,163 | 51,792 | |||||||
Loss on debt extinguishment | — | 1,036 | 5,526 | ||||||||
Fair value adjustments, net | (80,399 | ) | 18,421 | 46,450 | |||||||
(Gain) loss on foreign currency transactions | (880 | ) | (1,381 | ) | 380 | ||||||
Litigation settlement | 22,046 | — | — | ||||||||
Stock-based compensation | 4,812 | 8,010 | 8,122 | ||||||||
(Gain) loss on sale of assets | (9,801 | ) | 1,101 | (1,145 | ) | ||||||
Impairment of marketable securities | 18,308 | 605 | — | ||||||||
Write-downs | 772,993 | 5,825 | — | ||||||||
Other | 136 | (326 | ) | (335 | ) | ||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables and other current assets | 663 | 9,756 | (21,950 | ) | |||||||
Prepaid expenses and other | (15,165 | ) | 2,489 | (8,839 | ) | ||||||
Inventories | 4,031 | (48,305 | ) | (30,408 | ) | ||||||
Accounts payable and accrued liabilities | (25,911 | ) | (31,019 | ) | 22,990 | ||||||
CASH PROVIDED BY OPERATING ACTIVITIES | 113,466 | 271,634 | 416,173 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital expenditures | (100,813 | ) | (115,641 | ) | (119,988 | ) | |||||
Acquisitions | (116,898 | ) | (29,297 | ) | — | ||||||
Purchase of short-term investments and marketable securities | (8,052 | ) | (12,959 | ) | (49,501 | ) | |||||
Proceeds from sales of short-term investments and marketable securities | 34,796 | 21,695 | 6,246 | ||||||||
Other | 4,478 | 3,087 | 2,282 | ||||||||
CASH USED IN INVESTING ACTIVITIES | (186,489 | ) | (133,115 | ) | (160,961 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from issuance of notes and bank borrowings | 300,000 | — | 27,500 | ||||||||
Payments on long-term debt, capital leases, and associated costs | (60,628 | ) | (97,170 | ) | (85,519 | ) | |||||
Gold production royalty payments | (57,034 | ) | (74,734 | ) | (73,191 | ) | |||||
Gold lease facility payments | — | — | (13,800 | ) | |||||||
Changes in Kensington Term Facility restricted assets | — | 4,645 | (1,326 | ) | |||||||
Share repurchases | (27,552 | ) | (19,971 | ) | — | ||||||
Other | (514 | ) | (861 | ) | 18 | ||||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 154,272 | (188,091 | ) | (146,318 | ) | ||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 81,249 | (49,572 | ) | 108,894 | |||||||
Cash and cash equivalents at beginning of period | 125,440 | 175,012 | 66,118 | ||||||||
Cash and cash equivalents at end of period | $ | 206,689 | $ | 125,440 | $ | 175,012 |
December 31, 2013 | December 31, 2012 | ||||||
ASSETS | (In thousands, except share data) | ||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 206,690 | $ | 125,440 | |||
Investments | — | 999 | |||||
Receivables | 81,074 | 62,438 | |||||
Ore on leach pads | 50,495 | 22,991 | |||||
Metal and other inventory | 132,023 | 170,670 | |||||
Deferred tax assets | 35,008 | 2,458 | |||||
Restricted assets | — | — | |||||
Prepaid expenses and other | 25,940 | 21,186 | |||||
531,230 | 406,182 | ||||||
NON-CURRENT ASSETS | |||||||
Property, plant and equipment, net | 486,273 | 683,860 | |||||
Mining properties, net | 1,751,501 | 1,991,951 | |||||
Ore on leach pads | 31,528 | 21,356 | |||||
Restricted assets | 7,014 | 24,970 | |||||
Marketable securities | 14,521 | 27,065 | |||||
Receivables | 36,574 | 48,767 | |||||
Debt issuance costs, net | 10,812 | 3,713 | |||||
Deferred tax assets | 1,189 | 955 | |||||
Other | 15,336 | 12,582 | |||||
TOTAL ASSETS | $ | 2,885,978 | $ | 3,221,401 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Accounts payable | $ | 53,847 | $ | 57,482 | |||
Accrued liabilities and other | 6,843 | 10,002 | |||||
Accrued income taxes | 3,119 | 27,108 | |||||
Accrued payroll and related benefits | 18,329 | 21,306 | |||||
Accrued interest payable | 9,975 | 478 | |||||
Debt and capital leases | 2,505 | 55,983 | |||||
Royalty obligations | 48,019 | 65,104 | |||||
Reclamation and mine closure | 913 | 668 | |||||
Deferred tax liabilities | 1,011 | 121 | |||||
144,561 | 238,252 | ||||||
NON-CURRENT LIABILITIES | |||||||
Debt and capital leases | 306,130 | 3,460 | |||||
Royalty obligations | 65,142 | 141,879 | |||||
Reclamation and mine closure | 57,515 | 34,670 | |||||
Deferred tax liabilities | 556,246 | 577,488 | |||||
Other long-term liabilities | 25,815 | 27,372 | |||||
1,010,848 | 784,869 | ||||||
COMMITMENTS AND CONTINGENCIES | |||||||
STOCKHOLDERS' EQUITY | |||||||
Common stock, par value $0.01 per share; authorized 150,000,000 shares, issued and outstanding 102,843,003 at December 31, 2013 and 90,342,338 at December 31, 2012 | 1,028 | 903 | |||||
Additional paid-in capital | 2,781,164 | 2,601,254 | |||||
Accumulated deficit | (1,046,718 | ) | (396,156 | ) | |||
Accumulated other comprehensive loss | (4,905 | ) | (7,721 | ) | |||
1,730,569 | 2,198,280 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 2,885,978 | $ | 3,221,401 |
(in thousands) | 4Q 2013 | 3Q 2013 | Quarter Variance | FY 2013 | FY 2012 | Year Variance | ||||||||||
Net income (loss) | $ | (581,528 | ) | $ | (46,265 | ) | 1,157 | % | $ | (650,563 | ) | $ | 48,677 | (1,436 | )% | |
Share based compensation | 1,672 | 373 | 348 | % | 4,812 | 8,010 | (40 | )% | ||||||||
Deferred income tax provision | (194,857 | ) | (1,869 | ) | 10,326 | % | (177,178 | ) | 16,163 | (1,196 | )% | |||||
Accretion of royalty obligation | 4,248 | 2,889 | 47 | % | 14,947 | 18,294 | (18 | )% | ||||||||
Fair value adjustments, net | (18,863 | ) | 20,646 | (191 | )% | (82,768 | ) | 23,487 | (452 | )% | ||||||
Litigation settlement | — | — | n.a. | 32,046 | — | n.a. | ||||||||||
Other than temporary impairment of marketable securities | 211 | 870 | (76 | )% | 18,308 | 605 | n.a. | |||||||||
Loss on impairment | 772,788 | — | n.a. | 772,993 | 5,825 | 13,170 | % | |||||||||
Gain on sale of building | (1,200 | ) | — | n.a. | (1,200 | ) | — | n.a. | ||||||||
Gain on commutation of reclamation bonding arrangements | (7,609 | ) | — | n.a. | (7,609 | ) | — | n.a. | ||||||||
Loss on debt extinguishments | — | — | n.a. | — | 1,036 | (100 | )% | |||||||||
Adjusted Earnings | $ | (25,138 | ) | $ | (23,356 | ) | 8 | % | $ | (76,212 | ) | $ | 122,097 | (162 | )% |
FY 2013 | 4Q 2013 | 3Q 2013 | 2Q 2013 | 1Q 2013 | 4Q 2012 | |
Underground Operations: | ||||||
Tons mined | 791,792 | 237,384 | 219,909 | 183,267 | 151,232 | 139,925 |
Average silver grade (oz/t) | 4.98 | 6.00 | 4.73 | 4.59 | 4.22 | 4.70 |
Average gold grade (oz/t) | 0.11 | 0.14 | 0.11 | 0.11 | 0.09 | 0.08 |
Surface Operations: | ||||||
Tons mined | 1,499,281 | 361,493 | 385,379 | 363,758 | 388,651 | 465,498 |
Average silver grade (oz/t) | 3.83 | 3.49 | 3.49 | 4.95 | 3.45 | 2.62 |
Average gold grade (oz/t) | 0.03 | 0.03 | 0.03 | 0.04 | 0.03 | 0.02 |
Processing: | ||||||
Total tons milled | 2,322,660 | 595,803 | 583,365 | 570,322 | 573,170 | 563,123 |
Average recovery rate – Ag | 77.7% | 74.5% | 81.8% | 76.5% | 78.8% | 84.2% |
Average recovery rate – Au | 84.2% | 80.6% | 87.6% | 81.2% | 90.1% | 91.4% |
Silver production - oz (000's) | 7,603 | 1,994 | 1,918 | 2,045 | 1,646 | 1,554 |
Gold production - oz | 116,536 | 35,487 | 29,893 | 28,191 | 22,965 | 19,998 |
Cash operating costs/Ag Oz | $2.23 | $0.23 | $2.79 | $3.25 | $2.20 | $7.55 |
FY 2013 | 4Q 2013 | 3Q 2013 | 2Q 2013 | 1Q 2013 | 4Q 2012 | |
Tons milled | 1,679,839 | 451,660 | 428,884 | 424,310 | 374,985 | 363,813 |
Average silver grade (oz/t) | 3.93 | 3.79 | 3.89 | 3.98 | 4.09 | 4.20 |
Average recovery rate | 90.0% | 87.6% | 91.5% | 90.3% | 90.6% | 88% |
Silver production (000's) | 5,941 | 1,499 | 1,528 | 1,523 | 1,391 | 1,343 |
Cash operating costs/Ag Oz | $13.01 | $13.11 | $12.80 | $12.89 | $13.27 | $13.97 |
FY 2013 | 4Q 2013 | 3Q 2013 | 2Q 2013 | 1Q 2013 | 4Q 2012 | |
Tons milled | 553,717 | 149,246 | 147,427 | 127,987 | 129,057 | 129,622 |
Average gold grade (oz/t) | 0.21 | 0.26 | 0.20 | 0.18 | 0.20 | 0.23 |
Average recovery rate | 96.6% | 96.0% | 96.5% | 98.2% | 96.2% | 96.9% |
Gold production | 114,821 | 37,404 | 29,049 | 23,162 | 25,206 | 28,717 |
Cash operating costs/Au Oz | $950 | $746 | $988 | $1,115 | $1,055 | $1,065 |
FY 2013 | 4Q 2013 | 3Q 2013 | 2Q 2013 | 1Q 2013 | 4Q 2012 | |
Tons placed | 12,311,918 | 4,569,588 | 2,678,906 | 2,457,423 | 2,606,001 | 2,286,233 |
Average silver grade (oz/t) | 0.55 | 0.57 | 0.53 | 0.58 | 0.51 | 0.51 |
Average gold grade (oz/t) | 0.003 | 0.002 | 0.003 | 0.003 | 0.003 | 0.005 |
Silver production (000's) | 2,799 | 712 | 595 | 844 | 648 | 828 |
Gold production | 30,860 | 7,890 | 4,824 | 9,404 | 8,742 | 12,055 |
Cash operating costs/Ag Oz | $23.27 | $31.23 | $35.83 | $14.75 | $13.54 | $2.17 |
in millions of US$ | FY 2013 | 4Q 2013 | 3Q 2013 | 2Q 2013 | 1Q 2013 | 4Q 2012 |
Sales of metal | $12.9 | $5.1 | $4.3 | $3.5 | $3.0 | $2.8 |
Production costs | $5.8 | $2.2 | $1.9 | $1.7 | $1.3 | $1.6 |
Operating income | $(0.2) | $(2.3) | $1.5 | $0.6 | $0.8 | $0.8 |
Cash flow from operating activities | $5.3 | $1.3 | $1.2 | $1.2 | $1.6 | $1.6 |
Capital expenditures | $— | $— | $— | $— | $— | $— |
Gross profit | $3.3 | $1.2 | $1.5 | $0.6 | $0.8 | $0.8 |
Gross margin | 25.6% | 23.5% | 35.6% | 17.1% | 26.7% | 28.6% |
FY 2013 | 4Q 2013 | 3Q 2013 | 2Q 2013 | 1Q 2013 | 4Q 2012 | |
Silver Production (000's) | 669 | 136 | 162 | 221 | 150 | 106 |
Cash operating costs/Ag Oz | $12.08 | $11.54 | $9.72 | $10.62 | $17.30 | $19.92 |
(In thousands except ounces and per ounce costs) | Palmarejo | San Bartolomé | Kensington | Rochester | Martha | Endeavor | Total | |||||||||||||||||||||
Total cash operating cost (Non-U.S. GAAP) | $ | 1,300 | $ | 19,647 | $ | 27,947 | $ | 22,584 | $ | — | $ | 1,562 | $ | 73,040 | ||||||||||||||
Royalties | — | 1,127 | — | (2,986 | ) | — | — | (1,859 | ) | |||||||||||||||||||
Total cash costs (Non-U.S. GAAP) | $ | 1,300 | $ | 20,774 | $ | 27,947 | $ | 19,598 | $ | — | $ | 1,562 | $ | 71,181 | ||||||||||||||
Add/Subtract: | $ | — | ||||||||||||||||||||||||||
Third party smelting costs | — | — | (3,363 | ) | — | — | (608 | ) | (3,971 | ) | ||||||||||||||||||
By-product credit | 45,192 | — | — | 10,046 | — | — | 55,238 | |||||||||||||||||||||
Other adjustments | (130 | ) | 236 | — | — | — | — | 106 | ||||||||||||||||||||
Change in inventory | (6,566 | ) | (347 | ) | (1,212 | ) | (13,508 | ) | — | (14 | ) | (21,647 | ) | |||||||||||||||
Amortization | 36,064 | 4,960 | 18,379 | 3,206 | — | 801 | 63,410 | |||||||||||||||||||||
Production costs applicable to sales, including amortization (U.S. GAAP) | $ | 75,860 | $ | 25,623 | $ | 41,751 | $ | 19,342 | $ | — | $ | 1,741 | $ | 164,317 | ||||||||||||||
Production of silver (ounces) | 1,993,929 | 1,498,142 | — | 712,235 | — | 135,303 | 4,339,609 | |||||||||||||||||||||
Cash operating cost per silver ounce | $ | 0.65 | $ | 13.11 | $ | — | $ | 31.71 | $ | — | $ | 11.54 | $ | 10.39 | ||||||||||||||
Production of gold (ounces) | — | — | 37,404 | — | — | — | 37,404 | |||||||||||||||||||||
Cash operating cost per gold ounce | $ | — | $ | — | $ | 747 | $ | — | $ | — | $ | — | $ | 747 |
(In thousands except ounces and per ounce costs) | Palmarejo | San Bartolomé | Kensington | Rochester | Martha | Endeavor | Total | |||||||||||||||||||||
Total cash operating cost (Non-U.S. GAAP) | $ | 11,732 | $ | 18,765 | $ | 30,588 | $ | 1,795 | $ | (16 | ) | $ | 2,104 | $ | 64,968 | |||||||||||||
Royalties | — | 1,712 | — | 1,528 | — | — | 3,240 | |||||||||||||||||||||
Total cash costs (Non-U.S. GAAP) | $ | 11,732 | $ | 20,477 | $ | 30,588 | $ | 3,323 | $ | (16 | ) | $ | 2,104 | $ | 68,208 | |||||||||||||
Add/Subtract: | $ | — | ||||||||||||||||||||||||||
Third party smelting costs | — | — | (3,865 | ) | — | 16 | (805 | ) | (4,654 | ) | ||||||||||||||||||
By-product credit | 34,314 | — | — | 20,682 | — | — | 54,996 | |||||||||||||||||||||
Other adjustments | 317 | (387 | ) | — | (1,755 | ) | — | — | (1,825 | ) | ||||||||||||||||||
Change in inventory | (5,955 | ) | (4,980 | ) | 288 | (265 | ) | 407 | 253 | (10,252 | ) | |||||||||||||||||
Amortization | 32,058 | 4,258 | 13,809 | 2,302 | (702 | ) | 457 | 52,182 | ||||||||||||||||||||
Production costs applicable to sales, including amortization (U.S. GAAP) | $ | 72,466 | $ | 19,368 | $ | 40,820 | $ | 24,287 | $ | (295 | ) | $ | 2,009 | $ | 158,655 | |||||||||||||
Production of silver (ounces) | 1,554,606 | 1,343,035 | — | 828,013 | — | 105,615 | 3,831,269 | |||||||||||||||||||||
Cash operating cost per silver ounce | $ | 7.55 | $ | 13.97 | $ | — | $ | 2.17 | $ | — | $ | 19.92 | $ | 8.97 | ||||||||||||||
Production of gold (ounces) | — | — | 28,718 | — | — | — | 28,718 | |||||||||||||||||||||
Cash operating cost per gold ounce | $ | — | $ | — | $ | 1,065 | $ | — | $ | — | $ | — | $ | 1,065 |
(In thousands except ounces and per ounce costs) | Palmarejo | San Bartolomé | Kensington | Rochester | Endeavor | Total | ||||||||||||||||||
Total Cash Operating Costs (Non-U.S. GAAP) | $ | 16,919 | $ | 77,308 | $ | 109,055 | $ | 65,132 | $ | 8,077 | $ | 276,491 | ||||||||||||
Royalties | — | 5,314 | — | (1,459 | ) | — | 3,855 | |||||||||||||||||
Total Cash Costs (Non-U.S. GAAP) | $ | 16,919 | $ | 82,622 | $ | 109,055 | $ | 63,673 | $ | 8,077 | $ | 280,346 | ||||||||||||
Add/Subtract: | ||||||||||||||||||||||||
Third party smelting costs | — | — | (11,786 | ) | (2,637 | ) | (14,423 | ) | ||||||||||||||||
By-product credit | 162,046 | — | — | 44,131 | — | 206,177 | ||||||||||||||||||
Other adjustments | 1,084 | 1,172 | — | — | — | 2,256 | ||||||||||||||||||
Change in inventory | 8,524 | 3,035 | 7,306 | (29,934 | ) | 376 | (10,693 | ) | ||||||||||||||||
Amortization | 134,184 | 19,565 | 63,216 | 10,570 | 3,740 | 231,275 | ||||||||||||||||||
Production costs applicable to sales, including amortization (U.S. GAAP) | $ | 322,757 | $ | 106,394 | $ | 167,791 | $ | 88,440 | $ | 9,556 | $ | 694,938 | ||||||||||||
Silver ounces produced | 7,603,144 | 5,940,538 | — | 2,798,937 | 668,574 | 17,011,193 | ||||||||||||||||||
Cash operating cost per silver ounce | $ | 2.23 | $ | 13.01 | $ | — | $ | 23.27 | $ | 12.08 | $ | 9.84 | ||||||||||||
Gold ounces produced | — | — | 114,821 | — | — | 114,821 | ||||||||||||||||||
Cash operating cost per gold ounce | $ | — | $ | — | $ | 950 | $ | — | $ | — | $ | 950 |
(In thousands except ounces and per ounce costs) | Palmarejo | San Bartolomé | Kensington | Rochester | Martha | Endeavor | Total | |||||||||||||||||||||
Total Cash Operating Cost (Non-U.S. GAAP) | $ | 10,958 | $ | 69,771 | $ | 111,499 | $ | 26,959 | $ | 16,094 | $ | 12,675 | $ | 247,956 | ||||||||||||||
Royalties | — | 7,084 | — | 3,487 | 306 | — | 10,877 | |||||||||||||||||||||
Total Cash Costs (Non-U.S. GAAP) | $ | 10,958 | $ | 76,855 | $ | 111,499 | $ | 30,446 | $ | 16,400 | $ | 12,675 | $ | 258,833 | ||||||||||||||
Add/Subtract: | ||||||||||||||||||||||||||||
Third party smelting costs | — | — | (10,910 | ) | — | (3,943 | ) | (3,648 | ) | (18,501 | ) | |||||||||||||||||
By-product credit | 176,237 | — | — | 63,440 | 422 | — | 240,099 | |||||||||||||||||||||
Other adjustments | 1,108 | 256 | 17 | (1,355 | ) | 882 | — | 908 | ||||||||||||||||||||
Change in inventory | 9,175 | (5,683 | ) | (13,517 | ) | (20,470 | ) | 3,922 | (204 | ) | (26,777 | ) | ||||||||||||||||
Amortization | 146,557 | 16,707 | 41,645 | 8,065 | 515 | 4,591 | 218,080 | |||||||||||||||||||||
Production costs applicable to sales, including amortization (U.S. GAAP) | $ | 344,035 | $ | 88,135 | $ | 128,734 | $ | 80,126 | $ | 18,198 | $ | 13,414 | $ | 672,642 | ||||||||||||||
Silver ounces produced | 8,236,013 | 5,930,394 | — | 2,801,405 | 323,386 | 734,008 | 18,025,206 | |||||||||||||||||||||
Cash operating cost per silver ounce | $ | 1.33 | $ | 11.76 | $ | — | $ | 9.62 | $ | 49.77 | $ | 17.27 | $ | 7.57 | ||||||||||||||
Gold ounces produced | — | — | 82,125 | — | — | — | 82,125 | |||||||||||||||||||||
Cash operating cost per gold ounce | $ | — | $ | — | $ | 1,358 | $ | — | $ | — | $ | — | $ | 1,358 |
2013 | 2012 | |||||||||||||||
Palmarejo | Rochester | Palmarejo | Rochester | |||||||||||||
Total cash operating costs (in thousands) | $ | 178,965 | $ | 109,263 | $ | 187,195 | $ | 90,400 | ||||||||
Silver revenue | 53 | % | 58 | % | 59 | % | 59 | % | ||||||||
Gold revenue | 47 | % | 42 | % | 41 | % | 41 | % | ||||||||
Silver ounces produced | 7,603,144 | 2,798,937 | 8,236,013 | 2,801,405 | ||||||||||||
Gold ounces produced | 116,536 | 30,860 | 103,068 | 38,066 | ||||||||||||
Silver cash operating costs per ounce | $ | 12.38 | $ | 22.68 | $ | 13.45 | $ | 19.20 | ||||||||
Gold cash operating costs per ounce | $ | 728 | $ | 1,483 | $ | 742 | $ | 962 |
FY 2013 | 4Q 2013 | 3Q 2013 | 2Q 2013 | 1Q 2013 | ||||||||||||||||
Production costs applicable to sales, including amortization (U.S. GAAP) | $ | 696,542 | $ | 164,143 | $ | 192,602 | $ | 200,577 | $ | 139,220 | ||||||||||
Amortization | (232,879 | ) | (63,916 | ) | (60,874 | ) | (57,653 | ) | (50,436 | ) | ||||||||||
Production costs applicable to sales | $ | 463,663 | $ | 100,227 | $ | 131,728 | $ | 142,924 | $ | 88,784 | ||||||||||
Treatment and refining costs | 10,462 | 2,815 | 2,590 | 2,412 | 2,645 | |||||||||||||||
General & administrative | 55,344 | 13,851 | 16,240 | 15,026 | 10,227 | |||||||||||||||
Exploration | 22,360 | 5,440 | 3,305 | 6,774 | 6,841 | |||||||||||||||
Reclamation | 3,746 | 938 | 968 | 936 | 904 | |||||||||||||||
Project & pre-development | 11,869 | 2,456 | 3,955 | 973 | 4,485 | |||||||||||||||
Sustaining capital | 58,840 | 15,941 | 23,044 | 13,513 | 6,342 | |||||||||||||||
Total | 626,284 | 141,668 | 181,830 | 182,558 | 120,228 | |||||||||||||||
Silver equivalent ounces sold | 33,060 | 8,374 | 9,462 | 9,032 | 6,192 | |||||||||||||||
All-in sustaining costs1 per silver equivalent ounce (non-U.S. GAAP) | $ | 18.94 | $ | 16.92 | $ | 19.22 | $ | 20.21 | $ | 19.42 |
Silver | Gold | |||||||||||||||||||||||||||
Palmarejo | San Bartolomé | Rochester | Endeavor | Total | Kensington | Total | ||||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 322,814 | $ | 106,392 | $ | 88,440 | $ | 9,573 | $ | 527,219 | $ | 167,791 | $ | 695,010 | ||||||||||||||
Amortization | (134,240 | ) | (19,565 | ) | (10,571 | ) | (3,755 | ) | (168,131 | ) | (63,216 | ) | (231,347 | ) | ||||||||||||||
Production costs applicable to sales | $ | 188,574 | $ | 86,827 | $ | 77,869 | $ | 5,818 | $ | 359,088 | $ | 104,575 | $ | 463,663 | ||||||||||||||
Silver equivalent ounces sold | 14,227,657 | 6,079,156 | 5,012,198 | 689,112 | 26,008,123 | |||||||||||||||||||||||
Gold ounces sold | 117,500 | |||||||||||||||||||||||||||
Costs applicable to sales per silver equivalent ounce | $ | 13.25 | $ | 14.28 | $ | 15.54 | $ | 8.44 | $ | 13.81 | $ | 890 |
Silver | Gold | |||||||||||||||||||||||||||||||
Palmarejo | San Bartolomé | Rochester | Endeavor | Martha | Total | Kensington | Total | |||||||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 344,073 | $ | 88,137 | $ | 80,085 | $ | 13,456 | $ | 18,198 | $ | 543,949 | $ | 128,734 | $ | 672,683 | ||||||||||||||||
Amortization | (146,557 | ) | (16,707 | ) | (8,065 | ) | (4,632 | ) | (515 | ) | (176,476 | ) | (41,645 | ) | (218,121 | ) | ||||||||||||||||
Costs applicable to sales | $ | 197,516 | $ | 71,430 | $ | 72,020 | $ | 8,824 | $ | 17,683 | $ | 367,473 | $ | 87,089 | $ | 454,562 | ||||||||||||||||
Silver equivalent ounces sold | 14,979,058 | 5,760,840 | 4,465,060 | 722,611 | 526,320 | 26,453,889 | ||||||||||||||||||||||||||
Gold ounces sold | 71,709 | |||||||||||||||||||||||||||||||
Costs applicable to sales per silver equivalent ounce | $ | 13.19 | $ | 12.40 | $ | 16.13 | $ | 12.21 | $ | 33.60 | $ | 13.89 | $ | 1,214 |
Silver | Gold | |||||||||||||||||||||||||||||||
Palmarejo | San Bartolomé | Rochester | Endeavor | Martha | Total | Kensington | Total | |||||||||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 345,432 | $ | 102,087 | $ | 30,655 | $ | 11,782 | $ | 16,067 | $ | 506,023 | $ | 137,511 | $ | 643,534 | ||||||||||||||||
Amortization | (159,231 | ) | (22,408 | ) | (2,807 | ) | (3,148 | ) | (554 | ) | (188,148 | ) | (35,839 | ) | (223,987 | ) | ||||||||||||||||
Costs applicable to sales | $ | 186,201 | $ | 79,679 | $ | 27,848 | $ | 8,634 | $ | 15,513 | $ | 317,875 | $ | 101,672 | $ | 419,547 | ||||||||||||||||
Silver equivalent ounces sold | 16,616,772 | 7,541,259 | 1,706,566 | 610,765 | 500,162 | 26,975,524 | ||||||||||||||||||||||||||
Gold ounces sold | 106,583 | |||||||||||||||||||||||||||||||
Costs applicable to sales per silver equivalent ounce | $ | 11.21 | $ | 10.57 | $ | 16.32 | $ | 14.14 | $ | 31.02 | $ | 11.78 | $ | 954 |
FY 2013 | 4Q 2013 | 3Q 2013 | 2Q 2013 | 1Q 2013 | ||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 322,814 | $ | 78,358 | $ | 96,875 | $ | 91,431 | $ | 56,150 | ||||||||||
Amortization | (134,240 | ) | (36,079 | ) | (33,654 | ) | (35,557 | ) | (28,950 | ) | ||||||||||
Production costs applicable to sales | $ | 188,574 | $ | 42,279 | $ | 63,221 | $ | 55,874 | $ | 27,200 | ||||||||||
Silver equivalent ounces sold | 14,228 | 3,650 | 4,895 | 3,688 | 1,995 | |||||||||||||||
Costs applicable to sales per silver equivalent ounce | $ | 13.25 | $ | 11.58 | $ | 12.92 | $ | 15.15 | $ | 13.63 |
FY 2013 | 4Q 2013 | 3Q 2013 | 2Q 2013 | 1Q 2013 | ||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 106,392 | $ | 25,621 | $ | 22,582 | $ | 37,757 | $ | 20,432 | ||||||||||
Amortization | (19,565 | ) | (4,960 | ) | (4,909 | ) | (4,941 | ) | (4,755 | ) | ||||||||||
Production costs applicable to sales | $ | 86,827 | $ | 20,661 | $ | 17,673 | $ | 32,816 | $ | 15,677 | ||||||||||
Silver equivalent ounces sold | 6,079 | 1,485 | 1,334 | 2,151 | 1,109 | |||||||||||||||
Costs applicable to sales per silver equivalent ounce | $ | 14.28 | $ | 13.91 | $ | 13.25 | $ | 15.26 | $ | 14.14 |
FY 2013 | 4Q 2013 | 3Q 2013 | 2Q 2013 | 1Q 2013 | ||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 88,440 | $ | 18,657 | $ | 20,721 | $ | 25,379 | $ | 23,683 | ||||||||||
Amortization | (10,571 | ) | (3,206 | ) | (2,860 | ) | (2,324 | ) | (2,181 | ) | ||||||||||
Production costs applicable to sales | $ | 77,869 | $ | 15,451 | $ | 17,861 | $ | 23,055 | $ | 21,502 | ||||||||||
Silver equivalent ounces sold | 5,012 | 1,001 | 1,133 | 1,507 | 1,371 | |||||||||||||||
Costs applicable to sales per silver equivalent ounce | $ | 15.54 | $ | 15.44 | $ | 15.76 | $ | 15.30 | $ | 15.68 |
FY 2013 | 4Q 2013 | 3Q 2013 | 2Q 2013 | 1Q 2013 | ||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP) | $ | 167,791 | $ | 41,751 | $ | 45,675 | $ | 43,415 | $ | 36,950 | ||||||||||
Amortization | (63,216 | ) | (18,379 | ) | (18,190 | ) | (13,261 | ) | (13,386 | ) | ||||||||||
Production costs applicable to sales | $ | 104,575 | $ | 23,372 | $ | 27,485 | $ | 30,154 | $ | 23,564 | ||||||||||
Gold ounces sold | 117,500 | 35,029 | 31,542 | 24,439 | 26,490 | |||||||||||||||
Costs applicable to sales per gold ounce | $ | 890 | $ | 667 | $ | 871 | $ | 1,234 | $ | 890 |
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