Quarterly Results

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Second Quarter 2015 Highlights

  • Silver production was 4.3 million ounces and gold production was 80,855 ounces, or 9.1 million silver equivalent1 ounces
  • Adjusted costs applicable to sales were $12.56 and adjusted all-in sustaining costs were $16.60 per silver equivalent ounce1
  • Completed the acquisition of Paramount Gold and Silver Corp. and announced an 89% increase in silver reserves and a 76% increase in gold reserves at Palmarejo at a 31% higher average silver grade
  • On June 24, Coeur announced a 39% increase in Wharf's gold reserves. The addition of Wharf represents a 35% increase in Coeur's total gold reserves
  • On June 25, Coeur closed a new $100 million, five-year, senior secured term loan and repaid a pre-existing $50 million bridge loan due in the first quarter of 2016
  • Cash, cash equivalents, and short-term investments were $205.9 million at June 30

From Coeur's President & Chief Executive Officer, Mitchell J. Krebs

“In the second quarter we achieved the strongest financial performance in two years despite the weakest realized silver and gold prices over this time frame. With nearly every mine outperforming initial cost and production targets, we are raising our production guidance and lowering our cost guidance for 2015. The notable exception is San Bartolomé, where July production was impacted by political disruptions in Bolivia, but is now fully operational.

“I am proud of the progress our employees are making to lower our costs and add high-quality silver and gold ounces to our production profile. However, we have our sights set on higher goals in the coming quarters. In June, we provided a three-year outlook reflecting further cost reductions, quality production growth, and rising EBITDA and free cash flow starting next year. With more than $200 million in liquidity at quarter end and long-dated debt maturities on our balance sheet, we are well-positioned to continue executing our strategy even at current metal prices.”

Financial Highlights (Unaudited)

(Amounts in millions, expect per share amounts, gold ounces produced & sold, and per-ounce metrics) 2Q 2015 1Q 2015
Revenue $ 166.3 $ 153.0
Costs Applicable to Sales $ 119.1 $ 115.1
Adjusted EBITDA1 $ 34.7 $ 23.7
Net Income (Loss) $ (16.7) $ (33.3)
Adjusted Net Income (Loss)1 $ (14.5) $ (22.7)
Cash Flow From Operating Activities $ 36.9 $ (4.0)
Silver Ounces Produced 4.3 3.8
Gold Ounces Produced 80,855 69,734
Silver Equivalent Ounces Sold1 9.1 8.0
Adjusted Costs Applicable to Sales per AgEq Oz1 $ 12.56 $ 13.71
Adj. Costs Applicable to Sales per Au Oz1 $ 816 $ 797
Adjusted All-in Sustaining Costs per AgEq Oz1 $ 16.60 $ 17.66
  1. Adjusted EBITDA, adjusted net income (loss), all-in sustaining costs, adjusted all-in sustaining costs, costs applicable to sales per silver equivalent ounce (or per gold equivalent ounce), and adjusted costs applicable to sales per silver equivalent ounce are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. For purposes of silver and gold equivalence, 60:1 silver to gold ratio.

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Coeur Mining, Inc.
104 S. Michigan Avenue, Suite 900 Chicago, Illinois, 60603 - (312) 489-5800