Quarterly Results

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Fourth Quarter 2014 Highlights

  • Silver production was 4.3 million ounces and gold production was 64,534 ounces, or 8.2 million silver equivalent1 ounces as previously announced on January 15, 2015
  • Adjusted all-in sustaining costs were $19.25 per silver equivalent ounce1
  • Adjusted costs applicable to sales per silver equivalent ounce1 were $14.43
  • Costs applicable to sales per gold ounce1 at Kensington were $845, the lowest level in a year
  • Announced acquisition of Paramount, which is expected to close in the second quarter
  • Non-cash impairment charge of $1.5 billion ($1.0 billion net of tax) was recorded to reflect the current pricing environment

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

"In 2014 we set out to achieve improved operating consistency, to reduce our costs, improve the long-term certainty and visibility of our existing mines, and thereby enhance the quality of the Company’s portfolio of assets. Despite the challenges confronted in 2014, we largely achieved these objectives. I believe Coeur is well-positioned to successfully execute our strategy to reposition our existing assets to achieve higher grades, better efficiencies, and lower costs, while maintaining a liquid balance sheet with a long-term capital structure. Our acquisition of the Wharf gold mine from Goldcorp is expected to close six weeks ahead of our original estimate, accelerating its contribution to our 2015 production and cash flow.

"In terms of our major assets, Kensington demonstrated strong fourth quarter production of 33,533 ounces of gold, up 32% from the first quarter, and costs applicable to sales of $845 per gold ounce1, a decline of 16% compared to the first quarter. Rochester established during 2014 that it is capable of being a significant producer of silver, gold, and cash flow for many years to come. At Palmarejo we developed and began mining from Guadalupe, we successfully renegotiated the Franco-Nevada agreement, and we announced in December the proposed acquisition of Paramount Gold and Silver that will allow us to combine Palmarejo with Paramount’s high-grade San Miguel property to unlock substantial value over many years to come."

Financial Highlights

(Amounts in millions, expect per share amounts, gold ounces produced & sold, and per-ounce metrics) 4Q 2014 3Q 2014
Revenue $ 140.6 $ 170.9
Costs Applicable to Sales $ 126.5 $ 125.9
Adjusted EBITDA1 $ 7.8 $ 25.7
Net Income (Loss) $ (1,079.1) $ 3.5
Adjusted Net Income (Loss)1 $ (37.5) $ (18.5)
Cash Flow From Operating Activities $ 0.7 $ 31.3
Silver Ounces Produced $ 4.3 $ 4.3
Gold Ounces Produced $ 64,534 $ 64,989
Silver Equivalent Ounces Produced $ 8.3 $ 8.2
Costs Applicable to Sales per Silver Equivalent Oz1 $ 14.43 $ 14.19
Costs Applicable to Sales per Gold Oz (Kensington) $ 845 $ 937
All-in Sustaining Costs per Silver Equivalent Oz1 $ 19.25 $ 18.27
  1. 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