þ
|
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
¨
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Delaware
|
|
82-0109423
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
104 S. Michigan Ave., Suite 900 Chicago, Illinois
|
|
60603
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
|
|
þ
|
Accelerated filer
|
|
¨
|
|
|
|
|
||
Non-accelerated filer
|
|
¨
|
Smaller reporting company
|
|
¨
|
|
|
Page
|
Part I.
|
|
|
|
|
|
|
Item 1.
Financial Statements
|
|
|
|
|
|
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
|
|
|
|
|
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
Condensed Consolidated Statements of Stockholders' Equity
|
|
|
|
|
|
Notes to Condensed Consolidated Financial Statements
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
Item 4.
Controls and Procedures
|
|
|
|
|
Part II.
|
|
|
|
|
|
|
Item 1.
Legal Proceedings
|
|
|
|
|
|
Item 1A.
Risk Factors
|
|
|
|
|
|
Item 4.
Mine Safety Disclosures
|
|
|
|
|
|
Item 6.
Exhibits
|
|
|
Three months ended March 31,
|
||||||
|
|
2014
|
|
2013
|
||||
|
Notes
|
(In thousands, except share data)
|
||||||
Revenue
|
3
|
$
|
159,633
|
|
|
$
|
171,797
|
|
COSTS AND EXPENSES
|
|
|
|
|
||||
Costs applicable to sales
(1)
|
3
|
106,896
|
|
|
88,059
|
|
||
Amortization
|
|
40,459
|
|
|
49,724
|
|
||
General and administrative
|
|
13,896
|
|
|
10,227
|
|
||
Exploration
|
|
4,217
|
|
|
6,841
|
|
||
Write-downs
|
|
—
|
|
|
119
|
|
||
Pre-development, reclamation, and other
|
|
6,984
|
|
|
5,197
|
|
||
Total costs and expenses
|
|
172,452
|
|
|
160,167
|
|
||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
||||
Fair value adjustments, net
|
9
|
(11,436
|
)
|
|
17,796
|
|
||
Impairment of marketable securities
|
11
|
(2,588
|
)
|
|
(35
|
)
|
||
Interest income and other, net
|
|
(1,983
|
)
|
|
3,856
|
|
||
Interest expense, net of capitalized interest
|
16
|
(13,054
|
)
|
|
(9,732
|
)
|
||
Total other income (expense), net
|
|
(29,061
|
)
|
|
11,885
|
|
||
Income (loss) before income and mining taxes
|
|
(41,880
|
)
|
|
23,515
|
|
||
Income and mining tax (expense) benefit
|
7
|
4,689
|
|
|
(11,245
|
)
|
||
NET INCOME (LOSS)
|
|
$
|
(37,191
|
)
|
|
$
|
12,270
|
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
||||
Unrealized gain (loss) on marketable securities, net of tax of $(234) in 2014
|
|
371
|
|
|
(3,566
|
)
|
||
Reclassification adjustments for impairment of marketable securities, net of tax of $(1,001) in 2014
|
|
1,587
|
|
|
35
|
|
||
Other comprehensive income (loss)
|
|
1,958
|
|
|
(3,531
|
)
|
||
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
(35,233
|
)
|
|
$
|
8,739
|
|
|
|
|
|
|
||||
NET INCOME (LOSS) PER SHARE
|
8
|
|
|
|
||||
Basic
|
|
$
|
(0.36
|
)
|
|
$
|
0.14
|
|
|
|
|
|
|
||||
Diluted
|
|
$
|
(0.36
|
)
|
|
$
|
0.14
|
|
|
|
Three months ended March 31,
|
||||||
|
|
2014
|
|
2013
|
||||
|
Notes
|
(In thousands)
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
(37,191
|
)
|
|
$
|
12,270
|
|
Adjustments:
|
|
|
|
|
||||
Amortization
|
|
40,459
|
|
|
49,724
|
|
||
Accretion
|
|
4,560
|
|
|
4,904
|
|
||
Deferred income taxes
|
|
(11,781
|
)
|
|
7,425
|
|
||
Loss on termination of revolving credit facility
|
|
3,035
|
|
|
—
|
|
||
Fair value adjustments, net
|
|
10,557
|
|
|
(16,042
|
)
|
||
Gain on foreign currency transactions
|
|
(209
|
)
|
|
(465
|
)
|
||
Stock-based compensation
|
5
|
2,565
|
|
|
1,096
|
|
||
(Gain) loss on sale of assets
|
|
271
|
|
|
(868
|
)
|
||
Impairment of marketable securities
|
11
|
2,588
|
|
|
35
|
|
||
Write-downs
|
|
—
|
|
|
119
|
|
||
Other
|
|
—
|
|
|
526
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Receivables
|
|
5,622
|
|
|
3,968
|
|
||
Prepaid expenses and other current assets
|
|
(8,109
|
)
|
|
(2,240
|
)
|
||
Inventory and ore on leach pads
|
13
|
(13,912
|
)
|
|
(20,493
|
)
|
||
Accounts payable and accrued liabilities
|
|
(8,082
|
)
|
|
(27,025
|
)
|
||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
|
(9,627
|
)
|
|
12,934
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
||||
Capital expenditures
|
|
(11,936
|
)
|
|
(12,827
|
)
|
||
Purchase of short-term investments and marketable securities
|
|
(46,220
|
)
|
|
(4,649
|
)
|
||
Sales and maturities of short-term investments
|
|
90
|
|
|
4,822
|
|
||
Other
|
|
(25
|
)
|
|
(10,610
|
)
|
||
CASH USED IN INVESTING ACTIVITIES
|
|
(58,091
|
)
|
|
(23,264
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
||||
Issuance of notes and bank borrowings
|
16
|
153,000
|
|
|
300,000
|
|
||
Payments on long-term debt, capital leases, and associated costs
|
|
(4,111
|
)
|
|
(55,340
|
)
|
||
Gold production royalty payments
|
|
(14,683
|
)
|
|
(15,448
|
)
|
||
Share repurchases
|
|
—
|
|
|
(12,557
|
)
|
||
Other
|
|
(246
|
)
|
|
(454
|
)
|
||
CASH PROVIDED BY FINANCING ACTIVITIES
|
|
133,960
|
|
|
216,201
|
|
||
INCREASE IN CASH AND CASH EQUIVALENTS
|
|
66,242
|
|
|
205,871
|
|
||
Cash and cash equivalents at beginning of period
|
|
206,690
|
|
|
125,440
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
272,932
|
|
|
$
|
331,311
|
|
|
|
|
March 31, 2014 (Unaudited)
|
|
December 31,
2013 |
||||
ASSETS
|
Notes
|
|
(In thousands, except share data)
|
||||||
CURRENT ASSETS
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
|
$
|
272,932
|
|
|
$
|
206,690
|
|
Investments
|
11
|
|
45,628
|
|
|
—
|
|
||
Receivables
|
12
|
|
75,806
|
|
|
81,074
|
|
||
Ore on leach pads
|
|
|
59,895
|
|
|
50,495
|
|
||
Inventory
|
13
|
|
133,578
|
|
|
132,023
|
|
||
Deferred tax assets
|
7
|
|
34,998
|
|
|
35,008
|
|
||
Prepaid expenses and other
|
|
|
30,835
|
|
|
25,940
|
|
||
|
|
|
653,672
|
|
|
531,230
|
|
||
NON-CURRENT ASSETS
|
|
|
|
|
|
||||
Property, plant and equipment, net
|
14
|
|
476,837
|
|
|
486,273
|
|
||
Mining properties, net
|
15
|
|
1,740,474
|
|
|
1,751,501
|
|
||
Ore on leach pads
|
|
|
34,485
|
|
|
31,528
|
|
||
Restricted assets
|
|
|
7,426
|
|
|
7,014
|
|
||
Marketable securities
|
11
|
|
15,646
|
|
|
14,521
|
|
||
Receivables
|
12
|
|
36,271
|
|
|
36,574
|
|
||
Debt issuance costs, net
|
|
|
11,356
|
|
|
10,812
|
|
||
Deferred tax assets
|
7
|
|
829
|
|
|
1,189
|
|
||
Other
|
|
|
9,989
|
|
|
15,336
|
|
||
TOTAL ASSETS
|
|
|
$
|
2,986,985
|
|
|
$
|
2,885,978
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||||
CURRENT LIABILITIES
|
|
|
|
|
|
||||
Accounts payable
|
|
|
$
|
49,958
|
|
|
$
|
53,847
|
|
Accrued liabilities and other
|
|
|
29,861
|
|
|
38,266
|
|
||
Debt
|
16
|
|
8,095
|
|
|
2,505
|
|
||
Royalty obligations
|
9,10
|
|
50,250
|
|
|
48,019
|
|
||
Reclamation
|
4
|
|
762
|
|
|
913
|
|
||
Deferred tax liabilities
|
7
|
|
1,858
|
|
|
1,011
|
|
||
|
|
|
140,784
|
|
|
144,561
|
|
||
NON-CURRENT LIABILITIES
|
|
|
|
|
|
||||
Debt
|
16
|
|
456,152
|
|
|
306,130
|
|
||
Royalty obligations
|
9,10
|
|
62,390
|
|
|
65,142
|
|
||
Reclamation
|
4
|
|
58,630
|
|
|
57,515
|
|
||
Deferred tax liabilities
|
7
|
|
544,096
|
|
|
556,246
|
|
||
Other long-term liabilities
|
|
|
27,236
|
|
|
25,817
|
|
||
|
|
|
1,148,504
|
|
|
1,010,850
|
|
||
STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||||
Common stock, par value $0.01 per share; authorized 150,000,000 shares, issued and outstanding 103,584,671 at March 31, 2014 and 102,843,003 at December 31, 2013
|
|
|
1,035
|
|
|
1,028
|
|
||
Additional paid-in capital
|
|
|
2,783,520
|
|
|
2,781,164
|
|
||
Accumulated other comprehensive loss
|
|
|
(2,948
|
)
|
|
(4,906
|
)
|
||
Accumulated deficit
|
|
|
(1,083,910
|
)
|
|
(1,046,719
|
)
|
||
|
|
|
1,697,697
|
|
|
1,730,567
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
$
|
2,986,985
|
|
|
$
|
2,885,978
|
|
(In thousands)
|
Common
Stock
Shares
|
|
Common
Stock Par
Value
|
|
Additional Paid-
In Capital
|
|
Accumulated
Deficit
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Total
|
|||||||||||
Balances at December 31, 2013
|
102,843
|
|
|
$
|
1,028
|
|
|
$
|
2,781,164
|
|
|
$
|
(1,046,719
|
)
|
|
$
|
(4,906
|
)
|
|
$
|
1,730,567
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(37,191
|
)
|
|
—
|
|
|
(37,191
|
)
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,958
|
|
|
1,958
|
|
|||||
Common stock issued under stock-based compensation plans, net
|
742
|
|
|
7
|
|
|
2,356
|
|
|
—
|
|
|
—
|
|
|
2,363
|
|
|||||
Balances at March 31, 2014 (Unaudited)
|
103,585
|
|
|
$
|
1,035
|
|
|
$
|
2,783,520
|
|
|
$
|
(1,083,910
|
)
|
|
$
|
(2,948
|
)
|
|
$
|
1,697,697
|
|
NOTE 1 -
|
BASIS OF PRESENTATION
|
Three months ended March 31, 2014
|
Palmarejo
Mine
|
|
San Bartolomé
Mine
|
|
Kensington
Mine
|
|
Rochester
Mine
|
|
La Preciosa
|
|
Coeur Capital
|
|
Other
|
|
Total
|
||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Metal sales
|
$
|
67,988
|
|
|
$
|
27,554
|
|
|
$
|
36,061
|
|
|
$
|
24,154
|
|
|
$
|
—
|
|
|
$
|
2,890
|
|
|
$
|
—
|
|
|
$
|
158,647
|
|
Royalties
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
986
|
|
|
—
|
|
|
986
|
|
||||||||
|
67,988
|
|
|
27,554
|
|
|
36,061
|
|
|
24,154
|
|
|
—
|
|
|
3,876
|
|
|
—
|
|
|
159,633
|
|
||||||||
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Costs applicable to sales
(1)
|
43,574
|
|
|
18,901
|
|
|
28,531
|
|
|
14,708
|
|
|
—
|
|
|
1,182
|
|
|
—
|
|
|
106,896
|
|
||||||||
Amortization
|
18,659
|
|
|
4,457
|
|
|
10,709
|
|
|
4,451
|
|
|
17
|
|
|
1,702
|
|
|
464
|
|
|
40,459
|
|
||||||||
Exploration
|
1,005
|
|
|
26
|
|
|
1,044
|
|
|
1,174
|
|
|
184
|
|
|
203
|
|
|
581
|
|
|
4,217
|
|
||||||||
Other operating expenses
|
297
|
|
|
140
|
|
|
191
|
|
|
1,345
|
|
|
4,971
|
|
|
241
|
|
|
13,695
|
|
|
20,880
|
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest income and other, net
|
(1,569
|
)
|
|
682
|
|
|
—
|
|
|
19
|
|
|
(16
|
)
|
|
(2,548
|
)
|
|
(1,139
|
)
|
|
(4,571
|
)
|
||||||||
Interest expense, net
|
(2,824
|
)
|
|
(20
|
)
|
|
(22
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(10,184
|
)
|
|
(13,054
|
)
|
||||||||
Fair value adjustments, net
|
(10,237
|
)
|
|
—
|
|
|
—
|
|
|
(673
|
)
|
|
—
|
|
|
—
|
|
|
(526
|
)
|
|
(11,436
|
)
|
||||||||
Income and mining tax (expense) benefit
|
3,828
|
|
|
(2,764
|
)
|
|
—
|
|
|
—
|
|
|
(107
|
)
|
|
(288
|
)
|
|
4,020
|
|
|
4,689
|
|
||||||||
Net income (loss)
|
$
|
(6,349
|
)
|
|
$
|
1,928
|
|
|
$
|
(4,436
|
)
|
|
$
|
1,818
|
|
|
$
|
(5,295
|
)
|
|
$
|
(2,288
|
)
|
|
$
|
(22,569
|
)
|
|
$
|
(37,191
|
)
|
Segment assets
(2)
|
$
|
1,152,913
|
|
|
$
|
285,072
|
|
|
$
|
332,563
|
|
|
$
|
192,409
|
|
|
$
|
410,998
|
|
|
$
|
67,173
|
|
|
$
|
110,768
|
|
|
$
|
2,551,896
|
|
Capital expenditures
|
$
|
3,742
|
|
|
$
|
1,441
|
|
|
$
|
4,711
|
|
|
$
|
959
|
|
|
$
|
138
|
|
|
$
|
—
|
|
|
$
|
945
|
|
|
$
|
11,936
|
|
Three months ended March 31, 2013
|
Palmarejo
Mine
|
|
San Bartolomé
Mine
|
|
Kensington
Mine
|
|
Rochester
Mine
|
|
La Preciosa
|
|
Coeur Capital
|
|
Other
|
|
Total
|
||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Metal sales
|
$
|
57,426
|
|
|
$
|
33,141
|
|
|
$
|
39,274
|
|
|
$
|
39,474
|
|
|
$
|
—
|
|
|
$
|
2,983
|
|
|
$
|
(501
|
)
|
|
$
|
171,797
|
|
Royalties
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
$
|
57,426
|
|
|
$
|
33,141
|
|
|
$
|
39,274
|
|
|
$
|
39,474
|
|
|
$
|
—
|
|
|
$
|
2,983
|
|
|
$
|
(501
|
)
|
|
$
|
171,797
|
|
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Costs applicable to sales
(1)
|
26,718
|
|
|
15,678
|
|
|
23,565
|
|
|
20,777
|
|
|
—
|
|
|
1,321
|
|
|
—
|
|
|
88,059
|
|
||||||||
Amortization
|
28,782
|
|
|
4,640
|
|
|
13,286
|
|
|
1,852
|
|
|
—
|
|
|
828
|
|
|
336
|
|
|
49,724
|
|
||||||||
Exploration
|
1,980
|
|
|
53
|
|
|
672
|
|
|
484
|
|
|
—
|
|
|
308
|
|
|
3,344
|
|
|
6,841
|
|
||||||||
Write-downs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
119
|
|
|
119
|
|
||||||||
Other operating expenses
|
168
|
|
|
3,837
|
|
|
176
|
|
|
473
|
|
|
—
|
|
|
(54
|
)
|
|
10,824
|
|
|
15,424
|
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest income and other, net
|
1,941
|
|
|
605
|
|
|
130
|
|
|
57
|
|
|
—
|
|
|
11
|
|
|
1,077
|
|
|
3,821
|
|
||||||||
Interest expense, net
|
(3,738
|
)
|
|
(32
|
)
|
|
(259
|
)
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
(5,698
|
)
|
|
(9,732
|
)
|
||||||||
Fair value adjustments, net
|
14,429
|
|
|
—
|
|
|
4,227
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(860
|
)
|
|
17,796
|
|
||||||||
Income and mining tax (expense) benefit
|
(3,534
|
)
|
|
(4,328
|
)
|
|
—
|
|
|
(725
|
)
|
|
—
|
|
|
(54
|
)
|
|
(2,604
|
)
|
|
(11,245
|
)
|
||||||||
Net income (loss)
|
$
|
8,876
|
|
|
$
|
5,178
|
|
|
$
|
5,673
|
|
|
$
|
15,215
|
|
|
$
|
—
|
|
|
$
|
537
|
|
|
$
|
(23,209
|
)
|
|
$
|
12,270
|
|
Segment assets
(2)
|
$
|
1,900,071
|
|
|
$
|
303,761
|
|
|
$
|
498,762
|
|
|
$
|
114,381
|
|
|
$
|
—
|
|
|
$
|
32,311
|
|
|
$
|
114,378
|
|
|
$
|
2,963,664
|
|
Capital expenditures
|
$
|
5,314
|
|
|
$
|
457
|
|
|
$
|
3,330
|
|
|
$
|
3,299
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
427
|
|
|
$
|
12,827
|
|
(in thousands)
|
March 31, 2014
|
|
December 31, 2013
|
||||
Assets
|
|
|
|
||||
Total assets for reportable segments
|
$
|
2,551,896
|
|
|
$
|
2,558,819
|
|
Cash and cash equivalents
|
272,932
|
|
|
206,690
|
|
||
Short term investments
|
45,628
|
|
|
—
|
|
||
Other assets
|
116,529
|
|
|
120,469
|
|
||
Total consolidated assets
|
$
|
2,986,985
|
|
|
$
|
2,885,978
|
|
(in thousands)
|
March 31, 2014
|
|
December 31, 2013
|
||||
Long Lived Assets
|
|
|
|
||||
United States
|
$
|
378,459
|
|
|
$
|
384,626
|
|
Australia
|
24,715
|
|
|
25,668
|
|
||
Argentina
|
94,558
|
|
|
94,705
|
|
||
Bolivia
|
231,336
|
|
|
235,085
|
|
||
Mexico
|
1,472,092
|
|
|
1,487,228
|
|
||
Other Foreign Countries
|
16,151
|
|
|
10,462
|
|
||
Total
|
$
|
2,217,311
|
|
|
$
|
2,237,774
|
|
|
Three months ended March 31,
|
||||||
(in thousands)
|
2014
|
|
2013
|
||||
Revenue
|
|
|
|
||||
United States
|
$
|
60,215
|
|
|
$
|
78,748
|
|
Mexico
|
68,511
|
|
|
57,426
|
|
||
Bolivia
|
27,554
|
|
|
33,141
|
|
||
Australia
|
2,889
|
|
|
2,983
|
|
||
Other
|
464
|
|
|
(501
|
)
|
||
Total
|
$
|
159,633
|
|
|
$
|
171,797
|
|
|
|
||||||
|
March 31, 2014
|
|
December 31, 2013
|
||||
Asset retirement obligation - Beginning
|
$
|
57,454
|
|
|
$
|
34,457
|
|
Accretion
|
1,317
|
|
|
3,442
|
|
||
Additions and changes in estimates
|
—
|
|
|
20,236
|
|
||
Settlements
|
(311
|
)
|
|
(681
|
)
|
||
Asset retirement obligation - Ending
|
$
|
58,460
|
|
|
$
|
57,454
|
|
Grant date
|
|
Restricted
stock
|
|
Grant date fair
value of
restricted stock
|
|
Stock options
|
|
Grant date
fair value of
stock
options
|
|
Performance
shares
|
|
Grant date fair
value of
performance
shares
|
|||||||||
January 17, 2014
|
|
243,351
|
|
|
$
|
11.12
|
|
|
32,417
|
|
|
$
|
4.39
|
|
|
345,833
|
|
|
$
|
12.65
|
|
March 26, 2014
|
|
435,208
|
|
|
$
|
9.31
|
|
|
382,755
|
|
|
$
|
3.74
|
|
|
—
|
|
|
$
|
—
|
|
Award Type
|
|
Number of
Exercised Units
|
|
Weighted Average
Exercised Price
|
|
Number of Exercisable Units
|
|
Weighted Average
Exercisable Price |
||||||
Options
|
|
—
|
|
|
$
|
—
|
|
|
233,473
|
|
|
$
|
30.01
|
|
Stock Appreciation Rights
|
|
—
|
|
|
$
|
—
|
|
|
50,209
|
|
|
$
|
14.15
|
|
|
Three months ended March 31,
|
||||||
(in thousands)
|
2014
|
|
2013
|
||||
United States
|
$
|
(146
|
)
|
|
$
|
(3,212
|
)
|
Argentina
|
4,432
|
|
|
73
|
|
||
Australia
|
(303
|
)
|
|
(105
|
)
|
||
Mexico
|
3,721
|
|
|
(3,673
|
)
|
||
Bolivia
|
(2,764
|
)
|
|
(4,328
|
)
|
||
Canada
|
(251
|
)
|
|
—
|
|
||
Income tax (expense) benefit
|
$
|
4,689
|
|
|
$
|
(11,245
|
)
|
|
Three months ended March 31,
|
||||||
In thousands except per share amounts
|
2014
|
|
2013
|
||||
Net income (loss) available to common stockholders
|
$
|
(37,191
|
)
|
|
$
|
12,270
|
|
Weighted average shares
|
|
|
|
||||
Basic
|
102,365
|
|
|
89,948
|
|
||
Effect of share based compensation plans
|
—
|
|
|
88
|
|
||
Diluted
|
102,365
|
|
|
90,036
|
|
||
Income (loss) per share:
|
|
|
|
||||
Basic
|
$
|
(0.36
|
)
|
|
$
|
0.14
|
|
Diluted
|
$
|
(0.36
|
)
|
|
$
|
0.14
|
|
|
|
Three months ended March 31,
|
||||||
|
|
2014
|
|
2013
|
||||
Palmarejo royalty obligation embedded derivative
|
|
$
|
(4,019
|
)
|
|
$
|
23,534
|
|
Palmarejo gold production royalty obligation
|
|
(6,218
|
)
|
|
(9,105
|
)
|
||
Rochester net smelter royalty obligation
|
|
(673
|
)
|
|
—
|
|
||
Gold and silver put options
|
|
(1,494
|
)
|
|
4,227
|
|
||
Foreign exchange contracts
|
|
968
|
|
|
(860
|
)
|
||
|
|
$
|
(11,436
|
)
|
|
$
|
17,796
|
|
Level 1
|
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
|
Level 2
|
Quoted market prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
|
Level 3
|
Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
|
|
Fair Value at March 31, 2014
|
||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Short-term investments
|
$
|
45,628
|
|
|
$
|
45,628
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Marketable equity securities
|
15,646
|
|
|
15,646
|
|
|
—
|
|
|
—
|
|
||||
Gold and silver put options
|
992
|
|
|
—
|
|
|
992
|
|
|
—
|
|
||||
Other derivative instruments, net
|
258
|
|
|
—
|
|
|
258
|
|
|
—
|
|
||||
|
$
|
62,524
|
|
|
$
|
61,274
|
|
|
$
|
1,250
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Palmarejo royalty obligation embedded derivative
|
$
|
44,357
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
44,357
|
|
Rochester net smelter royalty obligation
|
22,303
|
|
|
—
|
|
|
—
|
|
|
22,303
|
|
||||
Gold and silver put options
|
226
|
|
|
—
|
|
|
226
|
|
|
—
|
|
||||
|
$
|
66,886
|
|
|
$
|
—
|
|
|
$
|
226
|
|
|
$
|
66,660
|
|
|
Fair Value at December 31, 2013
|
||||||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Marketable equity securities
|
$
|
14,521
|
|
|
$
|
14,521
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Gold and silver put options
|
135
|
|
|
—
|
|
|
135
|
|
|
—
|
|
||||
|
$
|
14,656
|
|
|
$
|
14,521
|
|
|
$
|
135
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Palmarejo royalty obligation embedded derivative
|
$
|
40,338
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
40,338
|
|
Rochester net smelter royalty obligation
|
21,630
|
|
|
—
|
|
|
—
|
|
|
21,630
|
|
||||
Other derivative instruments, net
|
1,590
|
|
|
—
|
|
|
1,590
|
|
|
—
|
|
||||
|
$
|
63,558
|
|
|
$
|
—
|
|
|
$
|
1,590
|
|
|
$
|
61,968
|
|
|
Balance at the beginning of the period
|
|
Revaluation
|
|
Balance at the end of the period
|
||||||
Palmarejo royalty obligation embedded derivative
|
$
|
40,338
|
|
|
$
|
4,019
|
|
|
$
|
44,357
|
|
Rochester net smelter royalty obligation
|
21,630
|
|
|
673
|
|
|
22,303
|
|
|
March 31, 2014
|
||||||||||||||||||
|
Book Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
3.25% Convertible Senior Notes due 2028
|
$
|
5,334
|
|
|
$
|
5,281
|
|
|
$
|
—
|
|
|
$
|
5,281
|
|
|
$
|
—
|
|
7.875% Senior Notes due 2021
|
452,964
|
|
|
454,127
|
|
|
—
|
|
|
454,127
|
|
|
—
|
|
|||||
Palmarejo Gold Production Royalty Obligation
|
45,980
|
|
|
57,377
|
|
|
—
|
|
|
—
|
|
|
57,377
|
|
|
December 31, 2013
|
||||||||||||||||||
|
Book Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
3.25% Convertible Senior Notes due 2028
|
$
|
5,334
|
|
|
$
|
5,067
|
|
|
$
|
5,067
|
|
|
$
|
—
|
|
|
$
|
—
|
|
7.875% Senior Notes due 2021
|
300,000
|
|
|
307,314
|
|
|
307,314
|
|
|
—
|
|
|
—
|
|
|||||
Palmarejo Gold Production Royalty Obligation
|
51,193
|
|
|
65,212
|
|
|
—
|
|
|
—
|
|
|
65,212
|
|
|
2014
|
|
2015
|
|
2016
|
|
Thereafter
|
||||||||
Palmarejo gold production royalty
|
$
|
21,708
|
|
|
$
|
24,764
|
|
|
$
|
14,860
|
|
|
$
|
—
|
|
Average gold price in excess of minimum contractual deduction
|
$
|
498
|
|
|
$
|
494
|
|
|
$
|
490
|
|
|
$
|
—
|
|
Notional ounces
|
43,602
|
|
|
50,153
|
|
|
30,348
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Mexican peso put options purchased
|
$
|
35,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Average rate (MXN/$)
|
14.98
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Mexican peso notional amount
|
524,300
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Mexican peso call options sold
|
$
|
35,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Average rate (MXN/$)
|
12.56
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Mexican peso notional amount
|
439,600
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Silver concentrate sales agreements
|
$
|
3,041
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Average silver price
|
$
|
20.47
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Notional ounces
|
148,594
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Gold concentrate sales agreements
|
$
|
24,204
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Average gold price
|
$
|
1,310
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Notional ounces
|
18,471
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Gold put options purchased
|
$
|
60,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Average gold strike price
|
$
|
1,200
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Notional ounces
|
50,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Silver put options purchased
|
$
|
45,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Average silver strike price
|
$
|
18.00
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Notional ounces
|
2,500,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Gold put options sold
|
$
|
(52,500
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Average gold strike price
|
$
|
1,050
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Notional ounces
|
50,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Silver put options sold
|
$
|
(40,000
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Average silver strike price
|
$
|
16.00
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Notional ounces
|
2,500,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
March 31, 2014
|
||||||||||||||
|
Prepaid
expenses and
other
|
|
Accrued
liabilities and
other
|
|
Current
portion of
royalty
obligation
|
|
Non-current
portion of
royalty
obligation
|
||||||||
Foreign exchange contracts, peso
|
$
|
67
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Palmarejo gold production royalty
|
—
|
|
|
—
|
|
|
20,747
|
|
|
23,610
|
|
||||
Gold and silver put options
|
992
|
|
|
226
|
|
|
—
|
|
|
—
|
|
||||
Concentrate sales contracts
|
533
|
|
|
335
|
|
|
—
|
|
|
—
|
|
||||
|
$
|
1,592
|
|
|
$
|
568
|
|
|
$
|
20,747
|
|
|
$
|
23,610
|
|
|
December 31, 2013
|
||||||||||||||
|
Prepaid
expenses and
other
|
|
Accrued
liabilities and
other
|
|
Current
portion of
royalty
obligation
|
|
Non-current
portion of
royalty
obligation
|
||||||||
Foreign exchange contracts, peso
|
$
|
38
|
|
|
$
|
947
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Palmarejo gold production royalty
|
—
|
|
|
—
|
|
|
17,650
|
|
|
22,688
|
|
||||
Gold and silver put options, net
|
135
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Concentrate sales contracts
|
11
|
|
|
693
|
|
|
—
|
|
|
—
|
|
||||
|
$
|
184
|
|
|
$
|
1,640
|
|
|
$
|
17,650
|
|
|
$
|
22,688
|
|
|
|
|
Three months ended March 31,
|
||||||
Financial statement line
|
Derivative
|
|
2014
|
|
2013
|
||||
Sales of metal
|
Concentrate sales contracts
|
|
$
|
879
|
|
|
$
|
(1,755
|
)
|
Costs applicable to sales
|
Foreign exchange contracts
|
|
(924
|
)
|
|
627
|
|
||
Fair value adjustments, net
|
Foreign exchange contracts (MXN)
|
|
968
|
|
|
738
|
|
||
Fair value adjustments, net
|
Foreign exchange contracts (CDN)
|
|
—
|
|
|
(1,598
|
)
|
||
Fair value adjustments, net
|
Palmarejo gold royalty
|
|
(10,237
|
)
|
|
14,429
|
|
||
Fair value adjustments, net
|
Put and call options
|
|
(1,494
|
)
|
|
4,228
|
|
||
|
|
|
$
|
(10,808
|
)
|
|
$
|
16,669
|
|
|
At March 31, 2014
|
||||||||||||||
|
Cost
|
|
Gross
Unrealized
Losses
|
|
Gross
Unrealized
Gains
|
|
Estimated
Fair Value
|
||||||||
Short-term investments
|
$
|
45,724
|
|
|
$
|
(96
|
)
|
|
$
|
—
|
|
|
$
|
45,628
|
|
Marketable equity securities
|
15,484
|
|
|
(724
|
)
|
|
886
|
|
|
15,646
|
|
|
At December 31, 2013
|
||||||||||||||
|
Cost
|
|
Gross
Unrealized
Losses
|
|
Gross
Unrealized
Gains
|
|
Estimated
Fair Value
|
||||||||
Marketable equity securities
|
$
|
17,649
|
|
|
$
|
(3,300
|
)
|
|
$
|
172
|
|
|
$
|
14,521
|
|
|
Less than twelve months
|
|
Twelve months or more
|
|
Total
|
|||||||||||||||
|
Unrealized Losses
|
Fair Value
|
|
Unrealized Losses
|
Fair Value
|
|
Unrealized Losses
|
Fair Value
|
||||||||||||
Short-term investments
|
$
|
(96
|
)
|
$
|
45,628
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
(96
|
)
|
$
|
45,628
|
|
Marketable equity securities
|
$
|
—
|
|
$
|
—
|
|
|
$
|
(724
|
)
|
$
|
1,320
|
|
|
$
|
(724
|
)
|
$
|
1,320
|
|
|
March 31, 2014
|
|
December 31, 2013
|
||||
Receivables - current
|
|
|
|
||||
Trade receivables
|
$
|
10,679
|
|
|
$
|
17,303
|
|
Income tax receivable
|
7,856
|
|
|
6,240
|
|
||
Value added tax receivable
|
51,540
|
|
|
49,168
|
|
||
Other
|
5,731
|
|
|
8,363
|
|
||
|
$
|
75,806
|
|
|
$
|
81,074
|
|
Receivables - non-current
|
|
|
|
||||
Value added tax receivable
|
$
|
36,271
|
|
|
$
|
36,574
|
|
Inventory:
|
March 31, 2014
|
|
December 31, 2013
|
||||
Concentrate
|
$
|
12,788
|
|
|
$
|
14,855
|
|
Precious metals
|
54,622
|
|
|
52,250
|
|
||
Supplies
|
66,168
|
|
|
64,918
|
|
||
|
$
|
133,578
|
|
|
$
|
132,023
|
|
Ore on Leach Pads:
|
|
|
|
||||
Current
|
$
|
59,895
|
|
|
$
|
50,495
|
|
Non-Current
|
34,485
|
|
|
31,528
|
|
||
|
$
|
94,380
|
|
|
$
|
82,023
|
|
|
|
|
|
||||
Total Inventory and Ore on Leach Pads
|
$
|
227,958
|
|
|
$
|
214,046
|
|
|
March 31, 2014
|
|
December 31, 2013
|
||||
Land
|
$
|
1,764
|
|
|
$
|
1,764
|
|
Facilities and equipment
|
870,251
|
|
|
855,318
|
|
||
Capital leases
|
9,015
|
|
|
16,133
|
|
||
|
881,030
|
|
|
873,215
|
|
||
Accumulated amortization
|
(411,446
|
)
|
|
(395,520
|
)
|
||
|
469,584
|
|
|
477,695
|
|
||
Construction in progress
|
7,253
|
|
|
8,578
|
|
||
|
$
|
476,837
|
|
|
$
|
486,273
|
|
March 31, 2014
|
Palmarejo
|
|
San
Bartolomé
|
|
Kensington
|
|
Rochester
|
|
La Preciosa
|
|
Joaquin
|
|
Coeur Capital
|
|
Total
|
||||||||||||||||
Mine development
|
$
|
155,262
|
|
|
$
|
70,764
|
|
|
$
|
271,834
|
|
|
$
|
150,280
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
648,140
|
|
Accumulated amortization
|
(112,989
|
)
|
|
(23,114
|
)
|
|
(85,823
|
)
|
|
(105,767
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(327,693
|
)
|
||||||||
|
42,273
|
|
|
47,650
|
|
|
186,011
|
|
|
44,513
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
320,447
|
|
||||||||
Mineral interests
|
1,146,572
|
|
|
26,643
|
|
|
—
|
|
|
—
|
|
|
408,352
|
|
|
93,429
|
|
|
83,871
|
|
|
1,758,867
|
|
||||||||
Accumulated amortization
|
(309,615
|
)
|
|
(9,080
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20,145
|
)
|
|
(338,840
|
)
|
||||||||
|
836,957
|
|
|
17,563
|
|
|
—
|
|
|
—
|
|
|
408,352
|
|
|
93,429
|
|
|
63,726
|
|
|
1,420,027
|
|
||||||||
Mining properties, net
|
$
|
879,230
|
|
|
$
|
65,213
|
|
|
$
|
186,011
|
|
|
$
|
44,513
|
|
|
$
|
408,352
|
|
|
$
|
93,429
|
|
|
$
|
63,726
|
|
|
$
|
1,740,474
|
|
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
|
|
|
March 31, 2014
|
|
December 31, 2013
|
||||||||||||
|
Current
|
|
Non-Current
|
|
Current
|
|
Non-Current
|
||||||||
3.25% Convertible Senior Notes due 2028
|
$
|
5,334
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,334
|
|
7.875% Senior Notes due 2021
|
—
|
|
|
452,964
|
|
|
—
|
|
|
300,000
|
|
||||
Capital lease obligations
|
2,761
|
|
|
3,188
|
|
|
2,505
|
|
|
796
|
|
||||
|
$
|
8,095
|
|
|
$
|
456,152
|
|
|
$
|
2,505
|
|
|
$
|
306,130
|
|
|
Three months ended March 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(in thousands)
|
||||||
3.25% Convertible Senior Notes due 2028
|
$
|
43
|
|
|
$
|
337
|
|
7.875% Senior Notes due 2021
|
6,464
|
|
|
4,134
|
|
||
Revolving Credit Facility
|
179
|
|
|
125
|
|
||
Write off of revolver costs
|
3,035
|
|
|
—
|
|
||
Capital lease obligations
|
59
|
|
|
168
|
|
||
Other debt obligations
|
—
|
|
|
197
|
|
||
Accretion of Franco Nevada royalty obligation
|
3,196
|
|
|
4,062
|
|
||
Amortization of debt issuance costs
|
498
|
|
|
525
|
|
||
Accretion of debt (premium) discount
|
(36
|
)
|
|
577
|
|
||
Capitalized interest
|
(384
|
)
|
|
(393
|
)
|
||
Total interest expense, net of capitalized interest
|
$
|
13,054
|
|
|
$
|
9,732
|
|
|
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenue
|
|
$
|
—
|
|
|
$
|
60,500
|
|
|
$
|
99,133
|
|
|
$
|
—
|
|
|
$
|
159,633
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs applicable to sales
(1)
|
|
—
|
|
|
43,238
|
|
|
63,658
|
|
|
—
|
|
|
106,896
|
|
|||||
Amortization
|
|
377
|
|
|
15,296
|
|
|
24,786
|
|
|
—
|
|
|
40,459
|
|
|||||
General and administrative
|
|
13,052
|
|
|
166
|
|
|
678
|
|
|
—
|
|
|
13,896
|
|
|||||
Exploration
|
|
586
|
|
|
2,421
|
|
|
1,210
|
|
|
—
|
|
|
4,217
|
|
|||||
Pre-development, reclamation, and other
|
|
—
|
|
|
1,536
|
|
|
5,448
|
|
|
—
|
|
|
6,984
|
|
|||||
Total costs and expenses
|
|
14,015
|
|
|
62,657
|
|
|
95,780
|
|
|
—
|
|
|
172,452
|
|
|||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fair value adjustments, net
|
|
(526
|
)
|
|
(673
|
)
|
|
(10,237
|
)
|
|
—
|
|
|
(11,436
|
)
|
|||||
Impairment of marketable securities
|
|
—
|
|
|
(2,588
|
)
|
|
—
|
|
|
—
|
|
|
(2,588
|
)
|
|||||
Interest income and other, net
|
|
840
|
|
|
46
|
|
|
(2,211
|
)
|
|
(658
|
)
|
|
(1,983
|
)
|
|||||
Interest expense, net of capitalized interest
|
|
(10,183
|
)
|
|
(26
|
)
|
|
(3,503
|
)
|
|
658
|
|
|
(13,054
|
)
|
|||||
Total other income (expense), net
|
|
(9,869
|
)
|
|
(3,241
|
)
|
|
(15,951
|
)
|
|
—
|
|
|
(29,061
|
)
|
|||||
Loss before income and mining taxes
|
|
(23,884
|
)
|
|
(5,398
|
)
|
|
(12,598
|
)
|
|
—
|
|
|
(41,880
|
)
|
|||||
Income and mining tax (expense) benefit
|
|
(146
|
)
|
|
—
|
|
|
4,835
|
|
|
—
|
|
|
4,689
|
|
|||||
Total loss after income and mining taxes
|
|
(24,030
|
)
|
|
(5,398
|
)
|
|
(7,763
|
)
|
|
—
|
|
|
(37,191
|
)
|
|||||
Equity income (loss) in consolidated subsidiaries
|
|
(13,161
|
)
|
|
178
|
|
|
—
|
|
|
12,983
|
|
|
—
|
|
|||||
NET INCOME (LOSS)
|
|
$
|
(37,191
|
)
|
|
$
|
(5,220
|
)
|
|
$
|
(7,763
|
)
|
|
$
|
12,983
|
|
|
$
|
(37,191
|
)
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gain (loss) on marketable securities, net of tax
|
|
371
|
|
|
467
|
|
|
—
|
|
|
(467
|
)
|
|
371
|
|
|||||
Reclassification adjustments for impairment of marketable securities
|
|
1,587
|
|
|
1,587
|
|
|
|
|
|
(1,587
|
)
|
|
1,587
|
|
|||||
Other comprehensive income (loss)
|
|
1,958
|
|
|
2,054
|
|
|
—
|
|
|
(2,054
|
)
|
|
1,958
|
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
(35,233
|
)
|
|
$
|
(3,166
|
)
|
|
$
|
(7,763
|
)
|
|
$
|
10,929
|
|
|
$
|
(35,233
|
)
|
|
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenue
|
|
$
|
—
|
|
|
$
|
78,748
|
|
|
$
|
93,049
|
|
|
$
|
—
|
|
|
$
|
171,797
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs applicable to sales
(1)
|
|
—
|
|
|
44,342
|
|
|
43,717
|
|
|
—
|
|
|
88,059
|
|
|||||
Amortization
|
|
219
|
|
|
15,141
|
|
|
34,364
|
|
|
—
|
|
|
49,724
|
|
|||||
General and administrative
|
|
9,736
|
|
|
168
|
|
|
323
|
|
|
—
|
|
|
10,227
|
|
|||||
Exploration
|
|
349
|
|
|
1,464
|
|
|
5,028
|
|
|
—
|
|
|
6,841
|
|
|||||
Write-downs
|
|
—
|
|
|
—
|
|
|
119
|
|
|
—
|
|
|
119
|
|
|||||
Pre-development, reclamation, and other
|
|
—
|
|
|
429
|
|
|
4,768
|
|
|
—
|
|
|
5,197
|
|
|||||
Total costs and expenses
|
|
10,304
|
|
|
61,544
|
|
|
88,319
|
|
|
—
|
|
|
160,167
|
|
|||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fair value adjustments, net
|
|
(860
|
)
|
|
4,227
|
|
|
14,429
|
|
|
—
|
|
|
17,796
|
|
|||||
Impairment of marketable securities
|
|
(35
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35
|
)
|
|||||
Interest income and other, net
|
|
899
|
|
|
234
|
|
|
3,563
|
|
|
(840
|
)
|
|
3,856
|
|
|||||
Interest expense, net of capitalized interest
|
|
(5,698
|
)
|
|
(264
|
)
|
|
(4,610
|
)
|
|
840
|
|
|
(9,732
|
)
|
|||||
Total other income (expense), net
|
|
(5,694
|
)
|
|
4,197
|
|
|
13,382
|
|
|
—
|
|
|
11,885
|
|
|||||
Loss before income and mining taxes
|
|
(15,998
|
)
|
|
21,401
|
|
|
18,112
|
|
|
—
|
|
|
23,515
|
|
|||||
Income and mining tax (expense) benefit
|
|
(2,486
|
)
|
|
(780
|
)
|
|
(7,979
|
)
|
|
—
|
|
|
(11,245
|
)
|
|||||
Total loss after income and mining taxes
|
|
(18,484
|
)
|
|
20,621
|
|
|
10,133
|
|
|
—
|
|
|
12,270
|
|
|||||
Equity income (loss) in consolidated subsidiaries
|
|
30,754
|
|
|
—
|
|
|
—
|
|
|
(30,754
|
)
|
|
—
|
|
|||||
NET INCOME (LOSS)
|
|
$
|
12,270
|
|
|
$
|
20,621
|
|
|
$
|
10,133
|
|
|
$
|
(30,754
|
)
|
|
$
|
12,270
|
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gain (loss) on marketable securities, net of tax
|
|
(3,566
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,566
|
)
|
|||||
Reclassification adjustments for impairment of marketable securities
|
|
35
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|||||
Other comprehensive loss
|
|
(3,531
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,531
|
)
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
8,739
|
|
|
$
|
20,621
|
|
|
$
|
10,133
|
|
|
$
|
(30,754
|
)
|
|
$
|
8,739
|
|
|
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash provided by (used in) operating activities
|
|
$
|
(37,623
|
)
|
|
$
|
4,932
|
|
|
$
|
10,082
|
|
|
$
|
12,982
|
|
|
(9,627
|
)
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
|
(945
|
)
|
|
(5,670
|
)
|
|
(5,321
|
)
|
|
—
|
|
|
(11,936
|
)
|
|||||
Purchase of short term investments and marketable securities
|
|
(45,796
|
)
|
|
(424
|
)
|
|
—
|
|
|
—
|
|
|
(46,220
|
)
|
|||||
Sales and maturities of short term investments
|
|
90
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
90
|
|
|||||
Other
|
|
—
|
|
|
—
|
|
|
(25
|
)
|
|
—
|
|
|
(25
|
)
|
|||||
Investments in consolidated subsidiaries
|
|
13,160
|
|
|
(178
|
)
|
|
—
|
|
|
(12,982
|
)
|
|
—
|
|
|||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
|
(33,491
|
)
|
|
(6,272
|
)
|
|
(5,346
|
)
|
|
(12,982
|
)
|
|
(58,091
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Issuance of notes and bank borrowings
|
|
153,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
153,000
|
|
|||||
Payments on long-term debt, capital leases, and associated costs
|
|
(3,196
|
)
|
|
(412
|
)
|
|
(503
|
)
|
|
—
|
|
|
(4,111
|
)
|
|||||
Gold production royalty payments
|
|
—
|
|
|
—
|
|
|
(14,683
|
)
|
|
—
|
|
|
(14,683
|
)
|
|||||
Net intercompany borrowings (lending)
|
|
(11,475
|
)
|
|
1,515
|
|
|
9,960
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
|
(246
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(246
|
)
|
|||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
|
138,083
|
|
|
1,103
|
|
|
(5,226
|
)
|
|
—
|
|
|
133,960
|
|
|||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
|
66,969
|
|
|
(237
|
)
|
|
(490
|
)
|
|
—
|
|
|
66,242
|
|
|||||
Cash and cash equivalents at beginning of period
|
|
137,076
|
|
|
991
|
|
|
68,623
|
|
|
—
|
|
|
206,690
|
|
|||||
Cash and cash equivalents at end of period
|
|
$
|
204,045
|
|
|
$
|
754
|
|
|
$
|
68,133
|
|
|
$
|
—
|
|
|
$
|
272,932
|
|
|
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash provided by (used in) operating activities
|
|
$
|
22,976
|
|
|
$
|
16,889
|
|
|
$
|
3,823
|
|
|
$
|
(30,754
|
)
|
|
$
|
12,934
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
|
(428
|
)
|
|
(6,626
|
)
|
|
(5,773
|
)
|
|
—
|
|
|
(12,827
|
)
|
|||||
Purchase of short term investments and marketable securities
|
|
(1,598
|
)
|
|
(16
|
)
|
|
(3,035
|
)
|
|
—
|
|
|
(4,649
|
)
|
|||||
Sales and maturities of short term investments
|
|
1,375
|
|
|
14
|
|
|
3,433
|
|
|
—
|
|
|
4,822
|
|
|||||
Other
|
|
(11,553
|
)
|
|
238
|
|
|
705
|
|
|
—
|
|
|
(10,610
|
)
|
|||||
Investments in consolidated subsidiaries
|
|
(30,754
|
)
|
|
—
|
|
|
—
|
|
|
30,754
|
|
|
—
|
|
|||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
|
(42,958
|
)
|
|
(6,390
|
)
|
|
(4,670
|
)
|
|
30,754
|
|
|
(23,264
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Issuance of notes and bank borrowings
|
|
300,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
300,000
|
|
|||||
Payments on long-term debt, capital leases, and associated costs
|
|
(52,565
|
)
|
|
(1,240
|
)
|
|
(1,535
|
)
|
|
—
|
|
|
(55,340
|
)
|
|||||
Gold production royalty payments
|
|
—
|
|
|
—
|
|
|
(15,448
|
)
|
|
—
|
|
|
(15,448
|
)
|
|||||
Share repurchases
|
|
(12,557
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,557
|
)
|
|||||
Net intercompany borrowings (lending)
|
|
7,355
|
|
|
(9,377
|
)
|
|
2,022
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
|
(454
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(454
|
)
|
|||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
|
241,779
|
|
|
(10,617
|
)
|
|
(14,961
|
)
|
|
—
|
|
|
216,201
|
|
|||||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
|
221,797
|
|
|
(118
|
)
|
|
(15,808
|
)
|
|
—
|
|
|
205,871
|
|
|||||
Cash and cash equivalents at beginning of period
|
|
86,788
|
|
|
400
|
|
|
38,252
|
|
|
—
|
|
|
125,440
|
|
|||||
Cash and cash equivalents at end of period
|
|
$
|
308,585
|
|
|
$
|
282
|
|
|
$
|
22,444
|
|
|
$
|
—
|
|
|
$
|
331,311
|
|
•
|
Metal sales of
$158.6 million
and royalty revenue of
$1.0 million
|
•
|
Production of
7.6 million
silver equivalent ounces, consisting of
4.1 million
silver ounces and
58,836
gold ounces
|
•
|
Costs applicable to sales were
$13.25
per silver equivalent ounce and
$1,005
per gold ounce (see "Non-GAAP Financial Performance Measures")
|
•
|
All-in sustaining costs were
$19.12
per silver equivalent ounce (see "Non-GAAP Financial Performance Measures")
|
•
|
Adjusted net
loss
of
$19.5 million
or
$0.19
per share (see "Non-GAAP Financial Performance Measures")
|
•
|
$11.9
million in capital expenditures
|
•
|
Issued
$150 million
7.875% Senior Notes due 2021, increasing cash and short term investments to
$318.6 million
at
March 31, 2014
|
|
Three months ended March 31,
|
||||||
|
2014
|
|
2013
|
||||
Silver ounces produced
(2)
|
4,094,365
|
|
|
3,834,829
|
|
||
Gold ounces produced
(2)
|
58,836
|
|
|
56,913
|
|
||
Silver equivalent ounces produced
(1)
|
7,624,525
|
|
|
7,249,609
|
|
||
Silver ounces sold
(2)
|
3,861,398
|
|
|
3,058,254
|
|
||
Gold ounces sold
(2)
|
62,578
|
|
|
51,926
|
|
||
Silver equivalent ounces sold
(1)
|
7,616,078
|
|
|
6,173,814
|
|
||
Average realized price per silver ounce
|
$
|
20.29
|
|
|
$
|
30.30
|
|
Average realized price per gold ounce
|
$
|
1,298
|
|
|
$
|
1,630
|
|
Costs applicable to sales per silver equivalent ounce
(3)
(excluding Kensington)
|
$
|
13.25
|
|
|
$
|
14.07
|
|
Costs applicable to sales per gold ounce
(3)
(Kensington)
|
$
|
1,005
|
|
|
$
|
890
|
|
All-in sustaining costs per silver equivalent ounce
(3)
|
$
|
19.12
|
|
|
$
|
19.85
|
|
(1)
|
Silver equivalent ounces calculated using a 60:1 silver to gold ratio.
|
(2)
|
Payable basis. Production before smelter recoveries was 4,115,957 and 3,854,795 silver ounces and 59,489 and 56,929 gold ounces for the
three months ended
March 31, 2014
and
2013
, respectively. Sales before smelter recoveries were 3,895,559 and 3,076,534 silver ounces and 63,468 and 52,581 gold ounces for the
three months ended
March 31, 2014
and
2013
, respectively.
|
(3)
|
See "Non-GAAP Financial Performance Measures."
|
|
Three months ended March 31,
|
||||||
(in thousands)
|
2014
|
|
2013
|
||||
United States
|
$
|
(146
|
)
|
|
$
|
(3,212
|
)
|
Argentina
|
4,432
|
|
|
73
|
|
||
Australia
|
(303
|
)
|
|
(105
|
)
|
||
Mexico
|
3,721
|
|
|
(3,673
|
)
|
||
Bolivia
|
(2,764
|
)
|
|
(4,328
|
)
|
||
Canada
|
(251
|
)
|
|
—
|
|
||
Income tax (expense) benefit
|
$
|
4,689
|
|
|
$
|
(11,245
|
)
|
|
Three months ended March 31,
|
||||||
|
2014
|
|
2013
|
||||
Tons milled
|
571,345
|
|
|
573,170
|
|
||
Silver ounces produced
|
1,820,484
|
|
|
1,646,397
|
|
||
Gold ounces produced
|
25,216
|
|
|
22,965
|
|
||
Silver equivalent ounces produced
|
3,333,444
|
|
|
3,024,297
|
|
||
Costs applicable to sales/oz
(1)
|
$
|
13.36
|
|
|
$
|
13.39
|
|
|
Three months ended March 31,
|
||||||
|
2014
|
|
2013
|
||||
Tons milled
|
385,375
|
|
|
374,985
|
|
||
Silver ounces produced
|
1,355,420
|
|
|
1,391,099
|
|
||
Costs applicable to sales/oz
(1)
|
$
|
13.93
|
|
|
$
|
14.14
|
|
|
Three months ended March 31,
|
||||||
|
2014
|
|
2013
|
||||
Tons placed
|
3,640,861
|
|
|
2,439,757
|
|
||
Silver ounces produced
|
750,362
|
|
|
647,589
|
|
||
Gold ounces produced
|
8,192
|
|
|
8,742
|
|
||
Silver equivalent ounces produced
|
1,241,882
|
|
|
1,172,109
|
|
||
Costs applicable to sales/oz
(1)
|
$
|
12.67
|
|
|
$
|
15.15
|
|
|
Three months ended March 31,
|
||||||
|
2014
|
|
2013
|
||||
Tons milled
|
159,697
|
|
|
129,057
|
|
||
Gold ounces produced
|
25,428
|
|
|
25,206
|
|
||
Costs applicable to sales/oz
(1)
|
$
|
1,005
|
|
|
$
|
890
|
|
|
Three months ended March 31,
|
||||||
Endeavor Silver Stream
|
2014
|
|
2013
|
||||
Tons milled
|
193,219
|
|
|
194,519
|
|
||
Silver ounces produced
|
168,099
|
|
|
149,744
|
|
||
Costs applicable to sales/oz
(1)
|
$
|
8.90
|
|
|
$
|
12.13
|
|
|
Three months ended March 31,
|
||||||
(in thousands)
|
2014
|
|
2013
|
||||
Cash flow before changes in operating assets and liabilities
|
$
|
14,854
|
|
|
$
|
58,724
|
|
Changes in operating assets and liabilities:
|
|
|
|
||||
Receivables and other current assets
|
5,622
|
|
|
3,968
|
|
||
Prepaid expenses and other
|
(8,109
|
)
|
|
(2,240
|
)
|
||
Inventories
|
(13,912
|
)
|
|
(20,493
|
)
|
||
Accounts payable and accrued liabilities
|
(8,082
|
)
|
|
(27,025
|
)
|
||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
$
|
(9,627
|
)
|
|
$
|
12,934
|
|
|
Three months ended March 31,
|
||||||
|
2014
|
|
2013
|
||||
Net income (loss)
|
$
|
(37,191
|
)
|
|
$
|
12,270
|
|
Fair value adjustments, net
|
7,827
|
|
|
(13,467
|
)
|
||
Stock-based compensation
|
2,453
|
|
|
1,085
|
|
||
Impairment of marketable securities
|
2,588
|
|
|
35
|
|
||
Accretion of royalty obligation
|
1,821
|
|
|
2,569
|
|
||
Write-downs
|
—
|
|
|
119
|
|
||
Loss on revolver termination
|
3,035
|
|
|
—
|
|
||
Adjusted net income (loss)
|
$
|
(19,467
|
)
|
|
$
|
2,611
|
|
|
|
|
|
||||
Adjusted net income (loss) per share
|
$
|
(0.19
|
)
|
|
$
|
0.03
|
|
|
|
Silver
|
|
Gold
|
|
|
||||||||||||||||||||||
|
|
Palmarejo
|
|
San Bartolomé
|
|
Rochester
|
|
Endeavor
|
|
Total
|
|
Kensington
|
|
Total
|
||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
|
$
|
62,233
|
|
|
$
|
23,358
|
|
|
$
|
19,159
|
|
|
$
|
2,135
|
|
|
$
|
106,885
|
|
|
$
|
39,240
|
|
|
$
|
146,125
|
|
Amortization
|
|
18,659
|
|
|
4,457
|
|
|
4,451
|
|
|
953
|
|
|
28,520
|
|
|
10,709
|
|
|
39,229
|
|
|||||||
Costs applicable to sales
|
|
$
|
43,574
|
|
|
$
|
18,901
|
|
|
$
|
14,708
|
|
|
$
|
1,182
|
|
|
$
|
78,365
|
|
|
$
|
28,531
|
|
|
$
|
106,896
|
|
Silver equivalent ounces sold
|
|
3,261,982
|
|
|
1,357,307
|
|
|
1,160,829
|
|
|
132,800
|
|
|
5,912,918
|
|
|
|
|
|
|||||||||
Gold ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
28,386
|
|
|
|
|||||||||||||
Costs applicable to sales per ounce
|
|
$
|
13.36
|
|
|
$
|
13.93
|
|
|
$
|
12.67
|
|
|
$
|
8.90
|
|
|
$
|
13.25
|
|
|
$
|
1,005
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Treatment and refining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,672
|
|
|||||||||||||
Sustaining capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,936
|
|
|||||||||||||
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,896
|
|
|||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,217
|
|
|||||||||||||
Reclamation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,286
|
|
|||||||||||||
Project/pre-development costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,698
|
|
|||||||||||||
All-in sustaining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
145,601
|
|
|||||||||||
Silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,912,918
|
|
|||||||||||||
Kensington silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,703,160
|
|
|||||||||||||
Consolidated silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,616,078
|
|
|||||||||||||
All-in sustaining costs per silver equivalent ounce
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
19.12
|
|
|
|
Silver
|
|
Gold
|
|
|
||||||||||||||||||||||
|
|
Palmarejo
|
|
San Bartolomé
|
|
Rochester
|
|
Endeavor
|
|
Total
|
|
Kensington
|
|
Total
|
||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
|
$
|
55,500
|
|
|
$
|
20,318
|
|
|
$
|
22,629
|
|
|
$
|
2,149
|
|
|
$
|
100,596
|
|
|
$
|
36,851
|
|
|
$
|
137,447
|
|
Amortization
|
|
28,782
|
|
|
4,640
|
|
|
1,852
|
|
|
828
|
|
|
36,102
|
|
|
13,286
|
|
|
49,388
|
|
|||||||
Costs applicable to sales
|
|
$
|
26,718
|
|
|
$
|
15,678
|
|
|
$
|
20,777
|
|
|
$
|
1,321
|
|
|
$
|
64,494
|
|
|
$
|
23,565
|
|
|
$
|
88,059
|
|
Silver equivalent ounces sold
|
|
1,995,000
|
|
|
1,108,874
|
|
|
1,371,598
|
|
|
108,942
|
|
|
4,584,414
|
|
|
|
|
|
|||||||||
Gold ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
26,490
|
|
|
|
|||||||||||||
Costs applicable to sales per ounce
|
|
$
|
13.39
|
|
|
$
|
14.14
|
|
|
$
|
15.15
|
|
|
$
|
12.13
|
|
|
$
|
14.07
|
|
|
$
|
890
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Treatment and refining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,535
|
|
|||||||||||||
Sustaining capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,672
|
|
|||||||||||||
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,227
|
|
|||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,841
|
|
|||||||||||||
Reclamation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
712
|
|
|||||||||||||
Project/pre-development costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,485
|
|
|||||||||||||
All-in sustaining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
122,531
|
|
||||||||||||
Silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,584,414
|
|
|||||||||||||
Kensington silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,589,400
|
|
|||||||||||||
Consolidated silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,173,814
|
|
|||||||||||||
All-in sustaining costs per silver equivalent ounce
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
19.85
|
|
(a)
|
Disclosure Controls and Procedures
|
(b)
|
Management’s Report on Internal Control Over Financial Reporting
|
Item 1A.
|
Risk Factors
|
4.1
|
Second Supplemental Indenture, dated March 12, 2014, among the Registrant, as issuer, certain subsidiaries of the Registrant, as guarantors thereto, and The Bank of New York Mellon, as trustee (Incorporated herein by reference to Exhibit 4.3 to the Registrant’s Current Report on Form 8-K filed on March 12, 2014).
|
4.2
|
Registration Rights Agreement, dated March 12, 2014, among the Registrant, certain subsidiaries of the Registrant, Barclays Capital Inc. (Incorporated herein by reference to Exhibit 4.3 to the Registrant’s Current Report on Form 8-K filed on March 12, 2014).
|
10.1
|
Offer letter dated February 15, 2013 from the Registrant to Casey M. Nault (Filed herewith).*
|
10.2
|
Offer letter dated February 15, 2013 from the Registrant to Keagan J. Kerr (Filed herewith).*
|
10.3
|
Amendment No. 1 to Credit Agreement, dated January 16, 2014, by and among the Registrant, as the parent, Coeur Alaska, Inc. and Coeur Rochester, Inc., as the borrowers, the lenders party thereto and Wells Fargo Bank, N.A., as administrative agent (Incorporated herein by reference to Exhibit 10.1 to the Registrant’s Form S-3 (Reg. No. 333-193652) filed on January 30, 2014)
|
31.1
|
Certification of the CEO (Filed herewith).
|
31.2
|
Certification of the CFO (Filed herewith).
|
32.1
|
CEO Section 1350 Certification (Filed herewith).
|
32.2
|
CFO Section 1350 Certification (Filed herewith).
|
95.1
|
Mine Safety Disclosure (Filed herewith).
|
101.INS
|
XBRL Instance Document**
|
101.SCH
|
XBRL Taxonomy Extension Schema**
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase**
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase**
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase**
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase**
|
|
|
COEUR MINING, INC.
|
|
|
|
(Registrant)
|
|
|
|
|
|
Dated
|
May 7, 2014
|
/s/ Mitchell J. Krebs
|
|
|
|
MITCHELL J. KREBS
|
|
|
|
President and Chief Executive Officer (Principal Executive Officer)
|
|
|
|
|
|
Dated
|
May 7, 2014
|
/s/ Peter C. Mitchell
|
|
|
|
PETER C. MITCHELL
|
|
|
|
Senior Vice President and Chief Financial Officer (Principal Financial Officer)
|
|
|
|
|
|
Dated
|
May 7, 2014
|
/s/ Mark Spurbeck
|
|
|
|
MARK SPURBECK
|
|
|
|
Vice President, Finance (Principal Accounting Officer)
|
•
|
50% of the award will be granted in performance share units that vest after three years.
|
•
|
25% of the award will be granted in restricted stock that vests at 1/3 of the total each year over a three year period.
|
•
|
25% of the award will be granted in stock options that vest at 1/3 of the total each year over a three year period.
|
•
|
|
1.
|
A one-time LTIP grant, in the form of time-vested restricted stock at 100% of your base salary ($285,000 USD). This special grant, designed as part of the group relocation, will cliff vest at 100% three years from the award date. This will be awarded subject to approval by the Board of Directors no later than October 15, 2013.
|
2.
|
A one-time “move bonus” to show our appreciation for you joining the Company in Chicago. This 20% move bonus will be based on your new base salary ($285,000) and equates to $57,000 USD gross. Bonuses will be awarded no later than October 15, 2013.
|
3.
|
A cost of living adjustment (COLA) based on your family situation and current base salary of $250,000 USD. This payment will be made upon commencement of employment in the current location. Subsequent payments will be made the first day after the second and third anniversary of your commencement date. A final COLA adjustment will be calculated and presented at your time of relocation. The estimate you have received from Brookfield Global Relocation Services may not be the final amount presented. Further information regarding the percentages and structure of payments can be found in the Group Move Policy Document (currently being prepared).
|
4.
|
A one-time miscellaneous move allowance of $10,000 USD net. This payment will be made within 14 business days of you signing this offer of employment.
|
5.
|
All inclusive benefits listed under our group move policy and not mentioned specifically in this letter.
|
•
|
50% of the award will be granted in performance share units that vest after three years.
|
•
|
25% of the award will be granted in restricted stock that vests at 1/3 of the total each year over a three year period.
|
•
|
25% of the award will be granted in stock options that vest at 1/3 of the total each year over a three year period.
|
1.
|
A one-time LTIP grant, in the form of time-vested restricted stock at 100% of your base salary ($250,000 USD). This special grant, designed as part of the group relocation, will cliff vest at 100% three years from the award date. This will be awarded subject to approval by the Board of Directors no later than October 15, 2013.
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2.
|
A one-time “move bonus” to show our appreciation for you joining the Company in Chicago. This 20% move bonus will be based on your new base salary ($250,000) and equates to $50,000 USD gross. Bonuses will be awarded no later than October 15, 2013.
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3.
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A cost of living adjustment (COLA) based on your family situation and current base salary of $220,000 USD. This payment will be made upon commencement of employment in the current location. Subsequent payments will be made the first day after the second and third anniversary of your commencement date. A final COLA adjustment will be calculated and presented at your time of relocation. The estimate you have received from Brookfield Global Relocation Services may not be the final amount presented. Further information regarding the percentages and structure of payments can be found in the Group Move Policy Document (currently being prepared).
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4.
|
A one-time miscellaneous move allowance of $10,000 USD net. This payment will be made within 14 business days of you signing this offer of employment.
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5.
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All inclusive benefits listed under our group move policy and not mentioned specifically in this letter.
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1.
|
I have reviewed this Quarterly Report on Form 10-Q of Coeur Mining, Inc.;
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2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under the Company's supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report the Company's conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
|
The registrant's other certifying officer(s) and I have disclosed, based on the Company's most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
By:
|
/s/ Mitchell J. Krebs
|
|
Mitchell J. Krebs
Chief Executive Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Coeur Mining, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under the Company's supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report the Company's conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on the Company's most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
By:
|
/s/ Peter C. Mitchell
|
|
Peter C. Mitchell
Chief Financial Officer
|
/s/ Mitchell J. Krebs
|
Mitchell J. Krebs
|
May 7, 2014
|
/s/ Peter C. Mitchell
|
Peter C. Mitchell
|
May 7, 2014
|
Mine or Operating Name
|
Section 104 S&S Citations (#)
|
Section 104 (b) Orders (#)
|
Section 104 (d) Citations and Orders (#)
|
Section 110 (b) (2) Violations (#)
|
Section 107 (a) Orders (#)
|
Total Dollar Value of MSHA Assessments Proposed
($)
(1)
|
Total Number of Mining Related Fatalities (#)
|
Received Notice of Pattern of Violations Under Section 104(e) (Yes/No)
|
Received Notice of Potential to Have Pattern Under Section 104(e) (Yes/No)
|
Legal Actions Pending as of Last Day of Period (#)
|
Legal Actions Initiated During Period (#)
|
Legal Actions Resolved During Period (#)
|
Kensington
|
—
|
—
|
—
|
—
|
1
|
$1,974.00
|
—
|
NO
|
NO
|
2
(2)
|
—
|
9
|
Rochester
|
4
|
—
|
—
|
—
|
—
|
$10,295.00
|
—
|
NO
|
NO
|
—
|
—
|
7
|
Totals
|
4
|
—
|
—
|
—
|
1
|
$12,269.00
|
—
|
NO
|
NO
|
2
|
—
|
16
|
1.
|
The total dollar value of the Proposed Assessments includes all assessments received during the first quarter of 2014, which in some instances may pertain to citations received in the fourth quarter of 2013.
|
2.
|
Of the pending legal actions at Kensington, both are contests of proposed penalties.
|