MINING PROPERTIES

Mining properties consist of the following (in thousands):



December 31, 2014	Palmarejo			San Bartolomé			Kensington			Rochester			La Preciosa		Joaquin		Coeur Capital			Total
Mine development	$	137,821		$	49,305		$	217,138		$	153,535		$	—	$	—	$	—		$	557,799
Accumulated amortization	(121,906		)	(26,106		)	(106,865		)	(113,533		)	—		—		—			(368,410		)
	15,915			23,199			110,273			40,002			—		—		—			189,389
Mineral interests	521,349			17,560			—			—			49,059		10,000		81,461			679,429
Accumulated amortization	(332,032		)	(10,143		)	—			—			—		—		(25,451		)	(367,626		)
	189,317			7,417			—			—			49,059		10,000		56,010			311,803
Mining properties, net	$	205,232		$	30,616		$	110,273		$	40,002		$	49,059	$	10,000	$	56,010		$	501,192



December 31, 2013	Palmarejo			San Bartolomé			Kensington			Rochester			La Preciosa		Joaquin		Coeur Capital			Total
Mine development	$	151,845		$	70,761		$	268,351		$	150,348		$	—	$	—	$	—		$	641,305
Accumulated amortization	(110,143		)	(22,236		)	(80,032		)	(103,130		)	—		—		—			(315,541		)
	41,702			48,525			188,319			47,218			—		—		—			325,764
Mineral interests	1,146,572			26,643			—			—			408,352		93,429		78,133			1,753,129
Accumulated amortization	(300,187		)	(8,759		)	—			—			—		—		(18,446		)	(327,392		)
	846,385			17,884			—			—			408,352		93,429		59,687			1,425,737
Mining properties, net	$	888,087		$	66,409		$	188,319		$	47,218		$	408,352	$	93,429	$	59,687		$	1,751,501

The Palmarejo mine is an underground and open pit silver and gold mine located in the State of Chihuahua in northern Mexico, and the company controls a large portion of the properties surrounding the mine. The Palmarejo mine commenced production in April 2009.

The San Bartolomé mine is a silver mine located near the city of Potosi, Bolivia. The mineral rights for the San Bartolomé project are held through long-term joint venture/lease agreements with several local independent mining co-operatives and the Bolivian state owned mining organization, (“COMIBOL”). The Company commenced commercial production at San Bartolomé in June 2008.

The Kensington mine is an underground gold mine and consists of the Kensington and adjacent Jualin properties located north-northwest of Juneau, Alaska. The Company commenced commercial production in July 2010.

The Company has conducted operations at the Rochester silver and gold mine, located in northwestern Nevada, since September 1986. The mine utilizes the heap-leaching process to extract both silver and gold from ore mined using open pit methods.

The La Preciosa silver and gold project is located in the State of Durango in northern Mexico. The Company completed a feasibility study in 2014 and has deferred construction activities until expected returns improve.

The Joaquin silver and gold project is located in the Santa Cruz province of southern Argentina. The Company commenced exploration of the property located north of the Company's Martha silver mine in November 2007.

The Company's mineral interests held by Coeur Capital primarily consist of the Endeavor silver stream acquired by the Company in May 2005 and amended in March 2006, under which the Company owns all silver production and reserves up to a total of 20.0 million payable ounces at the Endeavor mine in Australia, which is owned and operated by Cobar Operations Pty. Limited, a wholly-owned subsidiary of CBH Resources Ltd. The Company has received 5.4 million payable ounces to-date and the current ore reserve contains 1.7 million payable ounces.

Coeur Capital also holds royalties on McEwen Mining Inc.’s El Gallo/Magistral mine in Mexico, currently paying a 3.5% NSR royalty, a 1.5% NSR royalty on Dynasty Metals & Mining, Inc.’s Zaruma mine in Ecuador, a 2.0% NSR royalty on Mandalay Resources Corp.’s Cerro Bayo mine in Chile, and royalties on other non-producing properties. Another Coeur subsidiary owns an 80% interest in a 2.5% royalty on Newmont Mining Corporation's Correnso mine in New Zealand. Royalty revenue is immaterial to the Company.