(Mark One)
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x
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2016
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OR
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to
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Delaware
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82-0109423
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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104 S. Michigan Ave. Suite 900
Chicago, IL
(Address of principal executive offices)
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60603
(Zip Code)
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Title of each class
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Name of each exchange on which registered
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Common Stock, par value $0.01 per share
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New York Stock Exchange
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Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
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Smaller reporting company
o
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PART I
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PART II
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PART III
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Directors, Executive Office
rs and Corporate Governance
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Certain Relationships and Related Transactions
, and Director Independence
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PART IV
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Item 16.
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Form 10-K Summary
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Item 1.
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Business
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•
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Coeur owns 100% of Coeur Mexicana S.A. de C.V. ("Coeur Mexicana"), which has operated the underground and surface Palmarejo silver and gold mine (the “Palmarejo mine”) in Mexico since 2009. Coeur Mexicana controls a large land position around its existing operations, including the adjacent San Miguel project acquired from Paramount Gold and Silver Corp. ("Paramount") in April 2015. The combined property now consists of (1) the Palmarejo mine and mill; (2) the Guadalupe underground mine, located about 8 kilometers southeast of the Palmarejo mine; (3) the Independencia underground mine, located approximately 800 meters northeast of the Guadalupe underground mine, and (4) other nearby deposits and exploration targets (together, the “Palmarejo complex”). The Palmarejo complex produced
4.4 million
ounces of silver and
73,913
ounces of gold in 2016.
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•
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Coeur owns 100% of Coeur Rochester, Inc. ("Coeur Rochester"), which has operated the Rochester mine, a silver and gold surface mining operation located in northwestern Nevada, since 1986. The Rochester mine produced
4.6 million
ounces of silver and
50,751
ounces of gold in 2016. Coeur Rochester is obligated to pay a 3.4% net smelter returns ("NSR") royalty on up to 39.4 million silver equivalent ounces produced and sold from a portion of the Rochester mine.
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•
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Coeur owns 100% of Coeur Alaska, Inc. ("Coeur Alaska"), which has operated the Kensington mine, an underground gold mine located north of Juneau, Alaska since 2010. Kensington produced
124,331
ounces of gold in 2016.
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•
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Coeur owns 100% of Wharf Resources (U.S.A.) Inc. ("Wharf"), which operates the Wharf mine, an open-pit gold mine located near Lead, South Dakota. The Wharf mine is located in the Black Hills mining district of South Dakota and has been in production for over 30 years, during which it has produced over 2.1 million ounces of gold. Coeur acquired Wharf in February 2015 from Goldcorp Inc. for cash consideration of $99.4 million. The Wharf mine produced
109,175
ounces of gold in 2016.
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•
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Coeur owns 100% of Empresa Minera Manquiri S.A. ("Manquiri"), a Bolivian company that controls the mining rights for the San Bartolomé mine, which is a surface silver mine in Bolivia where Coeur commenced commercial production in 2008. The San Bartolomé mine produced
5.5 million
ounces of silver in 2016.
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•
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Coeur owns 100% of Coeur Capital, Inc. (“Coeur Capital”), which holds the Endeavor silver stream. The silver stream arrangement, entered into in 2005 allows Coeur to buy 100% of silver production up to 20.0 million ounces from the Endeavor mine, an underground zinc, lead, and silver mine which has been in production since 1983 operated by Cobar Operations Pty. Limited, for an operating cost contribution of $1.00 for each ounce of payable silver, indexed annually for inflation, plus a further increment when the silver price exceeds $7.00 per ounce. The Endeavor mine produced
0.2 million
ounces of silver in 2016. At December 31, 2016, the Company has received a total of 6.2 million ounces under the stream agreement. Coeur Capital also holds other non-producing royalties and strategic investments.
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•
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Coeur owns 100% of the La Preciosa silver-gold exploration project in the State of Durango, Mexico.
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•
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Coeur owns 100% of the Joaquin silver-gold exploration project located in the Santa Cruz province of southern Argentina. In January 2017, the Company entered into an agreement to sell the Joaquin silver-gold exploration project for total consideration of $25.0 million. The Company will also retain a 2.0% net smelter returns ("NSR") royalty on the Joaquin project. The transaction is expected to close in the first quarter of 2017, subject to customary closing conditions.
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Year Ended December 31,
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||||||||||||||
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2016
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2015
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2014
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||||||||||
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High
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Low
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High
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Low
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High
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Low
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||||
Silver
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$
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20.71
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$
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13.58
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$18.23
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$13.71
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$22.05
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$15.28
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Gold
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$
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1,366
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$
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1,077
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$1,296
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$1,049
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$1,385
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$1,142
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U.S. Corporate and Other
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65
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Wharf Mine
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214
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Rochester Mine
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302
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Kensington Mine
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330
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San Bartolomé Mine
(1)
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351
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Palmarejo Complex
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825
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Total
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2,087
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(1)
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The Company maintains a labor agreement in South America with Sindicato de Trabajadorés Mineras de la Empresa Manquiri S.A. at the San Bartolomé mine in Bolivia. The San Bartolomé mine labor agreement is in effect for 2017. At December 31, 2016, approximately
11%
of the Company’s global labor force was covered by collective bargaining agreements, consisting entirely of employees at San Bartolomé.
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Percentage of Total Revenues
For The Year Ended December 31,
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|||||||||||||
Mine/Location
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2016
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2015
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2014
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2013
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2012
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|||||
Palmarejo Complex, Mexico
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21
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%
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27
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%
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|
38
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%
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43
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%
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49
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%
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Kensington Mine, United States
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22
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23
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22
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20
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12
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Rochester Mine, United States
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21
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22
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20
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16
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15
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Wharf Mine, United States
(1)
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21
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13
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—
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|
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—
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|
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—
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San Bartolomé Mine, Bolivia
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14
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13
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19
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19
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20
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Coeur Capital
(2)
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1
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2
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1
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2
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2
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Martha Mine, Argentina
(3)
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—
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—
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—
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—
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2
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100
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%
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100
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%
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|
100
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%
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|
100
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%
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|
100
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%
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(1)
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Acquired February 2015.
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(2)
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Primarily the Endeavor silver stream (Australia).
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(3)
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Assets related to the Martha Mine sold May 2016.
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Item 1A.
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Risk Factors
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•
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a significant change in commodity or stock prices after the Company has committed to complete the transaction and established the purchase price or exchange ratio;
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•
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a material ore body may prove to be below expectations;
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•
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difficulties integrating and assimilating the operations and personnel of any acquired companies, realizing anticipated synergies and maximizing the financial and strategic position of the combined enterprise, and maintaining uniform standards, policies and controls across the organization; and
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•
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the acquired business or assets may have unknown liabilities which may be significant.
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•
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limit the Company’s ability to obtain additional financing, repurchase outstanding equity or issue debt securities;
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•
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require a portion of the Company’s cash flows to be dedicated to debt service payments instead of other purposes, thereby reducing the amount of cash flows available for working capital, capital expenditures, acquisitions and other general corporate purposes; and
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•
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place us at a disadvantage compared to other, less leveraged competitors.
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Palmarejo
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Rochester
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||||||||||||||||||||
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2016
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2015
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2014
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2016
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2015
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2014
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||||||||||||
Ore tons milled
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1,078,888
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1,616,668
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2,135,088
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19,555,998
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16,414,302
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13,154,429
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||||||
Ore grade silver (oz./ton)
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4.66
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3.78
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3.97
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0.57
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0.63
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0.57
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||||||
Ore grade gold (oz./ton)
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0.08
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0.05
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0.05
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0.003
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0.003
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|
|
0.004
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||||||
Recovery/Ag oz. (%)
|
88.4
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|
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84.3
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|
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77.5
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|
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41.0
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44.7
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|
|
50.0
|
|
||||||
Recovery/Au oz. (%)
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86.5
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|
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80.6
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|
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80.5
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85.9
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100.2
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85.7
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||||||
Silver produced (oz.)
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4,442,164
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5,148,612
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6,558,091
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4,564,138
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4,630,738
|
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4,189,071
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||||||
Gold produced (oz.)
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73,913
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|
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70,922
|
|
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86,673
|
|
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50,751
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|
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52,588
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|
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44,888
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||||||
Costs applicable to sales per silver equivalent oz.
(1)
|
$
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10.72
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$
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14.07
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|
|
$
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15.40
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|
|
$
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11.90
|
|
|
$
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12.41
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|
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$
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14.49
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Costs applicable to sales per average spot silver equivalent oz.
(1)
|
$
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9.73
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|
|
$
|
12.75
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|
|
$
|
14.69
|
|
|
$
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10.97
|
|
|
$
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11.32
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|
|
$
|
13.94
|
|
|
Kensington
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|
Wharf
|
||||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
|
2014
|
||||||||||||
Ore tons milled
|
620,209
|
|
|
660,464
|
|
|
635,960
|
|
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4,268,105
|
|
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3,600,279
|
|
|
—
|
|
||||||
Ore grade gold (oz./ton)
|
0.21
|
|
|
0.20
|
|
|
0.20
|
|
|
0.03
|
|
|
0.03
|
|
|
—
|
|
||||||
Recovery/Au oz. (%)
|
94.8
|
|
|
94.9
|
|
|
94.0
|
|
|
94.3
|
|
|
89.5
|
|
|
—
|
|
||||||
Gold produced (oz.)
|
124,331
|
|
|
126,266
|
|
|
117,823
|
|
|
109,175
|
|
|
78,132
|
|
|
—
|
|
||||||
Costs applicable to sales per gold equivalent oz.
(1)
|
$
|
795
|
|
|
$
|
803
|
|
|
$
|
951
|
|
|
$
|
606
|
|
|
$
|
706
|
|
|
$
|
—
|
|
|
San Bartolomé
|
|
Endeavor
|
||||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
|
2014
|
||||||||||||
Ore tons milled
|
1,666,787
|
|
|
1,713,079
|
|
|
1,749,423
|
|
|
219,430
|
|
|
767,314
|
|
|
792,694
|
|
||||||
Ore grade silver (oz./ton)
|
3.69
|
|
|
3.75
|
|
|
3.80
|
|
|
2.48
|
|
|
1.87
|
|
|
1.63
|
|
||||||
Recovery/Ag oz. (%)
|
88.8
|
|
|
84.6
|
|
|
88.1
|
|
|
45.6
|
|
|
43.8
|
|
|
45.6
|
|
||||||
Silver produced (oz.)
|
5,468,898
|
|
|
5,436,353
|
|
|
5,851,678
|
|
|
247,998
|
|
|
629,167
|
|
|
589,585
|
|
||||||
Costs applicable to sales per silver equivalent oz.
(1)
|
$
|
13.71
|
|
|
$
|
13.80
|
|
|
$
|
14.29
|
|
|
$
|
6.56
|
|
|
$
|
5.72
|
|
|
$
|
7.17
|
|
|
Silver Reserves at December 31, 2016
(1)(2)(3)
|
|||||||||||||||||||||||||||
|
Proven Reserves
|
|
Probable Reserves
|
|
Proven and Probable Reserves
|
|
|
|||||||||||||||||||||
|
Tons (000s)
|
|
Grade (oz./ton)
|
|
Ounces (000s)
|
|
Tons (000s)
|
|
Grade (oz./ton)
|
|
Ounces (000s)
|
|
Tons (000s)
|
|
Grade (oz./ton)
|
|
Ounces (000s)
|
|
Metallurgical Recovery
|
|||||||||
Palmarejo
(4)
|
1,569
|
|
|
4.44
|
|
|
6,971
|
|
|
7,174
|
|
|
4.72
|
|
|
33,847
|
|
|
8,743
|
|
|
4.67
|
|
|
40,818
|
|
|
88%
|
Rochester
(5)
|
143,686
|
|
|
0.48
|
|
|
68,369
|
|
|
101,118
|
|
|
0.43
|
|
|
43,676
|
|
|
244,804
|
|
|
0.46
|
|
|
112,045
|
|
|
61%
|
San Bartolomé
(6)
|
5,563
|
|
|
3.32
|
|
|
18,485
|
|
|
765
|
|
|
3.48
|
|
|
2,659
|
|
|
6,328
|
|
|
3.34
|
|
|
21,144
|
|
|
88%
|
Endeavor
(7)
|
476
|
|
|
2.48
|
|
|
1,181
|
|
|
753
|
|
|
1.92
|
|
|
1,449
|
|
|
1,229
|
|
|
2.14
|
|
|
2,630
|
|
|
50%
|
Total Silver
|
151,294
|
|
|
|
|
95,006
|
|
|
109,810
|
|
|
|
|
81,631
|
|
|
261,104
|
|
|
|
|
176,637
|
|
|
|
|
Gold Reserves at December 31, 2016
(1)(2)(3)
|
|||||||||||||||||||||||||||
|
Proven Reserves
|
|
Probable Reserves
|
|
Proven and Probable Reserves
|
|
|
|||||||||||||||||||||
|
Tons (000s)
|
|
Grade (oz./ton)
|
|
Ounces
|
|
Tons (000s)
|
|
Grade (oz./ton)
|
|
Ounces
|
|
Tons (000s)
|
|
Grade (oz./ton)
|
|
Ounces
|
|
Metallurgical Recovery
|
|||||||||
Kensington
(8)
|
1,133
|
|
|
0.194
|
|
|
220,000
|
|
|
1,483
|
|
|
0.187
|
|
|
277,000
|
|
|
2,616
|
|
|
0.190
|
|
|
497,000
|
|
|
95%
|
Palmarejo
(4)
|
1,569
|
|
|
0.080
|
|
|
126,000
|
|
|
7,174
|
|
|
0.065
|
|
|
466,000
|
|
|
8,743
|
|
|
0.068
|
|
|
592,000
|
|
|
89%
|
Rochester
(5)
|
143,686
|
|
|
0.004
|
|
|
503,000
|
|
|
101,118
|
|
|
0.003
|
|
|
300,000
|
|
|
244,804
|
|
|
0.003
|
|
|
803,000
|
|
|
92%
|
Wharf
(9)
|
9,453
|
|
|
0.031
|
|
|
294,000
|
|
|
15,581
|
|
|
0.022
|
|
|
345,000
|
|
|
25,034
|
|
|
0.026
|
|
|
639,000
|
|
|
95%
|
Total Gold
|
155,841
|
|
|
|
|
1,143,000
|
|
|
125,356
|
|
|
|
|
1,388,000
|
|
|
281,197
|
|
|
|
|
2,531,000
|
|
|
|
|
Silver Reserves at December 31, 2015
(1)(2)(3)
|
|||||||||||||||||||||||||||
|
Proven Reserves
|
|
Probable Reserves
|
|
Proven and Probable Reserves
|
|
|
|||||||||||||||||||||
|
Tons (000s)
|
|
Grade (oz./ton)
|
|
Ounces (000s)
|
|
Tons (000s)
|
|
Grade (oz./ton)
|
|
Ounces (000s)
|
|
Tons (000s)
|
|
Grade (oz./ton)
|
|
Ounces (000s)
|
|
Metallurgical Recovery
|
|||||||||
Palmarejo
(4)
|
802
|
|
|
6.29
|
|
|
5,048
|
|
|
8,297
|
|
|
4.81
|
|
|
39,871
|
|
|
9,099
|
|
|
4.94
|
|
|
44,919
|
|
|
85-87%
|
Rochester
(5)
|
96,520
|
|
|
0.53
|
|
|
51,007
|
|
|
54,171
|
|
|
0.52
|
|
|
28,336
|
|
|
150,691
|
|
|
0.53
|
|
|
79,343
|
|
|
61%
|
San Bartolomé
(6)
|
6,850
|
|
|
3.32
|
|
|
22,742
|
|
|
1,388
|
|
|
3.69
|
|
|
5,122
|
|
|
8,238
|
|
|
3.38
|
|
|
27,864
|
|
|
74-84%
|
Endeavor
(7)
|
904
|
|
|
2.18
|
|
|
1,969
|
|
|
849
|
|
|
2.12
|
|
|
1,800
|
|
|
1,753
|
|
|
2.15
|
|
|
3,769
|
|
|
50%
|
Total Silver
|
105,076
|
|
|
|
|
80,766
|
|
|
64,705
|
|
|
|
|
75,129
|
|
|
169,781
|
|
|
|
|
155,895
|
|
|
|
|
Gold Reserves at December 31, 2015
(1)(2)(3)
|
|||||||||||||||||||||||||||
|
Proven Reserves
|
|
Probable Reserves
|
|
Proven and Probable Reserves
|
|
|
|||||||||||||||||||||
|
Tons (000s)
|
|
Grade (oz./ton)
|
|
Ounces
|
|
Tons (000s)
|
|
Grade (oz./ton)
|
|
Ounces
|
|
Tons (000s)
|
|
Grade (oz./ton)
|
|
Ounces
|
|
Metallurgical Recovery
|
|||||||||
Kensington
(8)
|
338
|
|
|
0.198
|
|
|
67,008
|
|
|
2,487
|
|
|
0.198
|
|
|
493,293
|
|
|
2,825
|
|
|
0.198
|
|
|
560,301
|
|
|
95%
|
Palmarejo
(4)
|
802
|
|
|
0.077
|
|
|
62,100
|
|
|
8,297
|
|
|
0.076
|
|
|
628,000
|
|
|
9,099
|
|
|
0.076
|
|
|
690,100
|
|
|
87-90%
|
Rochester
(5)
|
96,520
|
|
|
0.003
|
|
|
316,000
|
|
|
54,171
|
|
|
0.003
|
|
|
161,000
|
|
|
150,691
|
|
|
0.003
|
|
|
477,000
|
|
|
92%
|
Wharf
(9)
|
11,791
|
|
|
0.032
|
|
|
374,135
|
|
|
14,984
|
|
|
0.023
|
|
|
337,955
|
|
|
26,775
|
|
|
0.027
|
|
|
712,090
|
|
|
80%
|
Total Gold
|
109,451
|
|
|
|
|
819,243
|
|
|
79,939
|
|
|
|
|
1,620,248
|
|
|
189,390
|
|
|
|
|
2,439,491
|
|
|
|
(1)
|
Certain definitions:
|
(2)
|
Effective at December 31, 2016, except Endeavor effective July 1, 2016. Assumed metal prices for proven and probable reserves were $17.50 per ounce of silver and $1,250 per ounce of gold, except Endeavor at $1,800 per metric ton of lead, $2,200 per metric ton of zinc, and $20.00 per ounce of silver. Assumed metal prices for estimated 2015 proven and probable reserves were $17.50 per ounce of silver and $1,250 per ounce of gold.
|
(3)
|
Mineral reserve estimates, with the exception of Endeavor, were prepared by the Company's technical staff. Endeavor mineral reserve estimates were prepared by the CBH Resources Ltd. staff and reviewed by the Company’s technical staff.
|
(4)
|
Calculated based on cutoff assuming the metal prices noted above. The cutoff grades for mineral reserves range from 0.52 to 0.58 g/tonne AuEq. AuEq factor based on [($Price Au) / ($Price Ag)] x [(%Recovery Au)/(%Recovery Ag)] x [(%Payable Au)/(%Payable Ag)].
|
(5)
|
The cutoff grade for mineral reserves is 2.6 to 3.2 oz/ton AgEq.
|
(6)
|
The cutoff grades for mineral reserves range from 81 to 107 g/tonne Ag based on material.
|
(7)
|
Effective at July 1, 2016, thus excluding additions or depletions through December 31, 2016. Mineral reserves were estimated with a cutoff grade of 7.0% combined lead and zinc.
|
(8)
|
The cutoff grade for mineral reserves is 0.13 oz/ton Au.
|
(9)
|
The cutoff grade for mineral reserves is 0.012 oz/ton Au.
|
|
Mineralized Material at December 31, 2016
(1)(2)(3)(4)
|
|||||||||
|
Tons (000s)
|
|
Silver Grade (oz./ton)
|
|
Gold Grade (oz./ton)
|
|||||
Palmarejo Mine, Mexico
(5)
|
4,900
|
|
—
|
|
3.52
|
|
—
|
|
0.048
|
|
San Bartolomé Mine, Bolivia
(6)
|
1,861
|
|
—
|
|
2.17
|
|
—
|
|
—
|
|
Kensington Mine, USA
(7)
|
3,125
|
|
—
|
|
—
|
|
—
|
|
0.279
|
|
Wharf Mine, USA
(8)
|
4,914
|
|
—
|
|
—
|
|
—
|
|
0.026
|
|
Rochester Mine, USA
(9)
|
69,461
|
|
—
|
|
0.56
|
|
—
|
|
0.003
|
|
Endeavor Mine, Australia
(10)
|
13,542
|
|
—
|
|
2.08
|
|
—
|
|
—
|
|
La Preciosa Project, Mexico
(11)
|
38,974
|
|
—
|
|
2.96
|
|
—
|
|
0.005
|
|
Joaquin Project, Argentina
(12)
|
10,252
|
|
—
|
|
5.02
|
|
—
|
|
0.004
|
|
Lejano Project, Argentina
(13)
|
631
|
|
—
|
|
3.09
|
|
—
|
|
0.011
|
|
Total Mineralized Material
|
147,660
|
|
|
|
|
|
|
Mineralized Material at December 31, 2015
(1)(2)(3)(4)
|
|||||||
|
Tons (000s)
|
|
Silver Grade (oz./ton)
|
|
Gold Grade (oz./ton)
|
|||
Palmarejo Mine, Mexico
(5)
|
5,922
|
|
|
4.27
|
|
|
0.056
|
|
San Bartolomé Mine, Bolivia
(6)
|
8,060
|
|
|
2.10
|
|
|
—
|
|
Kensington Mine, USA
(7)
|
1,832
|
|
|
—
|
|
|
0.283
|
|
Wharf Mine, USA
(8)
|
6,564
|
|
|
—
|
|
|
0.025
|
|
Rochester Mine, USA
(9)
|
140,951
|
|
|
0.48
|
|
|
0.003
|
|
Endeavor Mine, Australia
(10)
|
13,569
|
|
|
2.29
|
|
|
—
|
|
La Preciosa Project, Mexico
(11)
|
38,974
|
|
|
2.96
|
|
|
0.005
|
|
Joaquin Project, Argentina
(12)
|
10,252
|
|
|
5.02
|
|
|
0.004
|
|
Lejano Project, Argentina
(13)
|
631
|
|
|
3.09
|
|
|
0.011
|
|
Martha Property, Argentina
(14)
|
57
|
|
|
13.57
|
|
|
0.017
|
|
Total Mineralized Material
|
226,812
|
|
|
|
|
|
(1)
|
Assumed metal prices for estimated 2016 mineralized material were $19.00 per ounce of silver and $1,275 per ounce of gold, except (a) Endeavor at $2,200 per tonne zinc, $1,800 per tonne lead and $20.00 per ounce of silver. 2016 mineralized material effective December 31, 2016, except where otherwise noted. Assumed metal prices for estimated 2015 mineralized material were $19.00 per ounce of silver and $1,275 per ounce of gold.
|
(2)
|
Estimated with mining cost parameters and initial metallurgical test results.
|
(3)
|
Estimates were prepared by a number of different consulting groups and supervised by the Company's personnel.
|
(4)
|
Estimated using 3-dimensional geologic modeling and geostatistical evaluation of the exploration drill data. Mineralized material is reported exclusive of reserves. “Mineralized material” as used in this Annual Report on Form 10-K, although permissible under Guide 7, does not indicate “reserves” by SEC standards. There is no certainty that any part of the reported mineralized material will ever be confirmed or converted into Guide 7 compliant “reserves”.
|
(5)
|
Calculated based on cutoff assuming the metal prices noted above. The cutoff grades for mineralized material range from 2.6 to 3.2 g/tonne AuEq. AuEq factor based on [($Price Au) / ($Price Ag)] x [(%Recovery Au)/(%Recovery Ag)] x [(%Payable Au)/(%Payable Ag)]
|
(6)
|
Cutoff grades for mineralized material is 95 g/tonne.
|
(7)
|
The cutoff grade for mineralized material is 0.13 oz/ton Au.
|
(8)
|
The cutoff grade for mineralized material is 0.012 oz/ton Au.
|
(9)
|
The cutoff grade for mineralized material is 0.49 oz/ton AgEq.
|
(10)
|
Effective July 1, 2016. Prepared by CBH Resources Ltd. staff and reviewed by the Company’s technical staff.
|
(11)
|
No changes were made to cutoff grades in 2016 for the La Preciosa project.
|
(12)
|
No changes were made to cutoff grades in 2016 for the Joaquin project.
|
(13)
|
No changes were made to cutoff grades in 2016 for the Lejano project.
|
(14)
|
In May 2016, Coeur sold its Martha assets and related liabilities in Argentina.
|
Item 5.
|
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
|
2016
|
|
2015
|
||||||||||||
|
High
|
|
Low
|
|
High
|
|
Low
|
||||||||
First Quarter
|
$
|
5.80
|
|
|
$
|
1.73
|
|
|
$
|
7.27
|
|
|
$
|
4.44
|
|
Second Quarter
|
$
|
10.66
|
|
|
$
|
5.55
|
|
|
$
|
6.33
|
|
|
$
|
4.71
|
|
Third Quarter
|
$
|
15.98
|
|
|
$
|
11.26
|
|
|
$
|
5.81
|
|
|
$
|
2.70
|
|
Fourth Quarter
|
$
|
11.81
|
|
|
$
|
8.72
|
|
|
$
|
3.34
|
|
|
$
|
2.41
|
|
2016
|
|
|
|
|
|
|
|
||||||||
First Quarter through February 7, 2017
|
$
|
11.92
|
|
|
$
|
9.74
|
|
|
|
|
|
|
Dec.
2012
|
Dec.
2013
|
Dec.
2014
|
Dec.
2015
|
Dec.
2016
|
|||||
Coeur Mining
|
101.91
|
|
44.95
|
|
21.17
|
|
10.27
|
|
37.66
|
|
S&P 500 Index
|
116.00
|
|
153.57
|
|
174.60
|
|
177.01
|
|
198.18
|
|
New Peer Group
|
109.93
|
|
65.46
|
|
67.48
|
|
52.48
|
|
85.49
|
|
Old Peer Group
|
111.13
|
|
62.69
|
|
60.07
|
|
50.18
|
|
96.76
|
|
|
Jan-16
|
Feb-16
|
Mar-16
|
Apr-16
|
May-16
|
June-16
|
July-16
|
Aug-16
|
Sept-16
|
Oct-16
|
Nov-16
|
Dec-16
|
||||||||||||
Coeur Mining
|
89.11
|
|
155.65
|
|
226.61
|
|
326.61
|
|
303.63
|
|
429.84
|
|
617.74
|
|
513.71
|
|
477.02
|
|
450.81
|
|
389.11
|
|
366.53
|
|
S&P 500 Index
|
95.04
|
|
94.91
|
|
101.35
|
|
101.74
|
|
103.57
|
|
103.84
|
|
107.66
|
|
107.82
|
|
107.84
|
|
105.87
|
|
109.79
|
|
111.96
|
|
New Peer Group
|
98.39
|
|
126.11
|
|
138.23
|
|
179.79
|
|
160.14
|
|
200.91
|
|
221.19
|
|
184.02
|
|
194.12
|
|
181.86
|
|
161.53
|
|
162.91
|
|
Item 6.
|
Selected Financial Data
|
|
|
Year ended December 31,
|
||||||||||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
Revenue
|
|
$
|
665,777
|
|
|
$
|
646,086
|
|
|
$
|
635,742
|
|
|
$
|
745,994
|
|
|
$
|
895,492
|
|
Costs applicable to sales
|
|
409,541
|
|
|
479,654
|
|
|
477,945
|
|
|
463,663
|
|
|
454,562
|
|
|||||
Net income (loss)
|
|
$
|
55,352
|
|
|
$
|
(367,183
|
)
|
|
$
|
(1,186,874
|
)
|
|
$
|
(650,563
|
)
|
|
$
|
48,677
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic net income (loss) per share
|
|
$
|
0.35
|
|
|
$
|
(2.83
|
)
|
|
$
|
(11.59
|
)
|
|
$
|
(6.65
|
)
|
|
$
|
0.54
|
|
Diluted net income (loss) per share
|
|
$
|
0.34
|
|
|
$
|
(2.83
|
)
|
|
$
|
(11.59
|
)
|
|
$
|
(6.65
|
)
|
|
$
|
0.54
|
|
|
|
At December 31,
|
||||||||||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
Total assets
|
|
$
|
1,318,909
|
|
|
$
|
1,332,489
|
|
|
$
|
1,436,569
|
|
|
$
|
2,885,978
|
|
|
$
|
3,221,401
|
|
Reclamation and mine closure liabilities
|
|
$
|
99,326
|
|
|
$
|
85,268
|
|
|
$
|
70,814
|
|
|
$
|
58,428
|
|
|
$
|
35,338
|
|
Debt, including current portion
|
|
$
|
210,896
|
|
|
$
|
490,410
|
|
|
$
|
468,546
|
|
|
$
|
297,823
|
|
|
$
|
55,730
|
|
Stockholders’ equity
|
|
$
|
768,487
|
|
|
$
|
421,476
|
|
|
$
|
554,328
|
|
|
$
|
1,730,567
|
|
|
$
|
2,198,280
|
|
•
|
Net income of
$55.4 million
(
$0.34
per share) and adjusted net income of
$47.8 million
(
$0.29
per share) (see “Non-GAAP Financial Performance Measures”)
|
•
|
Production of
36.3 million
silver equivalent ounces, consisting of
14.8 million
silver ounces and
358,170
gold ounces
|
•
|
Costs applicable to sales were
$11.87
per silver equivalent ounce (
$11.12
per average spot silver equivalent ounce) and
$705
per gold equivalent ounce (see “Non-GAAP Financial Performance Measures”)
|
•
|
All-in sustaining costs were
$16.08
per silver equivalent ounce (
$14.27
per average spot silver equivalent ounce) (see “Non-GAAP Financial Performance Measures”)
|
•
|
Operating cash flow of
$125.8 million
and adjusted EBITDA of
$215.2 million
(see “Non-GAAP Financial Performance Measures”)
|
•
|
Reduced debt by
57%
, primarily through the $99.0 million voluntary repayment of the Term Loan due 2020 (“Term Loan”) and the repurchase of
$200.8 million
aggregate principal of the 7.875% Senior Notes due 2021 (“Senior Notes”)
|
•
|
Satisfied minimum obligation under the Palmarejo royalty agreement; now operating under gold stream agreement with more favorable terms ($800 per ounce purchase price rather than $416 per ounce cost contribution under former royalty agreement) that are expected to significantly increase free cash flow at Palmarejo
|
•
|
Sale of non-core royalty assets completed for total consideration of $23.8 million, including $1.7 million in contingent consideration
|
•
|
Capital expenditures of
$101.0 million
, primarily for the development of the Jualin deposit at Kensington and the Guadalupe and Independencia mines at Palmarejo
|
•
|
Completed two “at the market” stock offerings, selling a combined
26.9 million
shares of common stock for net proceeds of
$269.6 million
|
•
|
Cash and cash equivalents of
$162.2 million
at
December 31, 2016
|
|
Year ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Metal sales
|
$
|
662,497
|
|
|
639,236
|
|
|
632,526
|
|
||
Net income (loss)
|
$
|
55,352
|
|
|
(367,183
|
)
|
|
(1,186,874
|
)
|
||
Net income (loss) per share, diluted
|
$
|
0.34
|
|
|
(2.83
|
)
|
|
(11.59
|
)
|
||
Adjusted net income (loss)
(1)
|
$
|
47,783
|
|
|
(103,642
|
)
|
|
(175,442
|
)
|
||
Adjusted net income (loss) per share, diluted
(1)
|
$
|
0.29
|
|
|
(0.80
|
)
|
|
(1.71
|
)
|
||
EBITDA
(1)
|
$
|
161,194
|
|
|
(203,992
|
)
|
|
(1,405,146
|
)
|
||
Adjusted EBITDA
(1)
|
$
|
215,160
|
|
|
127,851
|
|
|
92,001
|
|
||
Silver ounces produced
|
14,828,342
|
|
|
15,900,614
|
|
|
17,188,425
|
|
|||
Gold ounces produced
|
358,170
|
|
|
327,908
|
|
|
249,384
|
|
|||
Silver equivalent ounces produced
|
36,318,542
|
|
|
35,575,094
|
|
|
32,151,465
|
|
|||
Silver ounces sold
|
14,344,806
|
|
|
16,506,819
|
|
|
17,423,662
|
|
|||
Gold ounces sold
|
338,131
|
|
|
335,882
|
|
|
242,655
|
|
|||
Silver equivalent ounces sold
|
34,632,666
|
|
|
36,659,759
|
|
|
31,982,962
|
|
|||
Average realized price per silver ounce
|
$
|
17.18
|
|
|
$
|
15.46
|
|
|
$
|
18.87
|
|
Average realized price per gold ounce
|
$
|
1,230
|
|
|
$
|
1,143
|
|
|
$
|
1,252
|
|
Costs applicable to sales per silver equivalent ounce
(1)
|
$
|
11.87
|
|
|
$
|
13.23
|
|
|
$
|
14.71
|
|
Costs applicable to sales per average spot silver equivalent ounce
(1)
|
$
|
11.12
|
|
|
$
|
12.31
|
|
|
$
|
14.24
|
|
Costs applicable to sales per gold equivalent ounce
(1)
|
$
|
705
|
|
|
$
|
768
|
|
|
$
|
951
|
|
All-in sustaining costs per silver equivalent ounce
(1)
|
$
|
16.08
|
|
|
$
|
16.50
|
|
|
$
|
19.72
|
|
All-in sustaining costs per average spot silver equivalent ounce
(1)
|
$
|
14.27
|
|
|
$
|
14.62
|
|
|
$
|
18.81
|
|
(1)
|
See
“
Non-GAAP Financial Performance Measures.
”
|
|
Year ended December 31,
|
||||||
In thousands
|
2016
|
|
2015
|
||||
Income and mining tax (expense) benefit at statutory rate
|
$
|
(390
|
)
|
|
$
|
137,706
|
|
State tax provision from continuing operations
|
336
|
|
|
(2,075
|
)
|
||
Change in valuation allowance
|
61,146
|
|
|
(101,027
|
)
|
||
Percentage depletion
|
983
|
|
|
—
|
|
||
Uncertain tax positions
|
(4,619
|
)
|
|
(1,947
|
)
|
||
U.S. and foreign non-deductible expenses
|
(5,764
|
)
|
|
1,365
|
|
||
Mineral interest related
|
—
|
|
|
(19,310
|
)
|
||
Foreign exchange rates
|
19,701
|
|
|
22,350
|
|
||
Foreign inflation and indexing
|
2,794
|
|
|
1,117
|
|
||
Foreign tax rate differences
|
413
|
|
|
(15,980
|
)
|
||
Foreign withholding and other taxes
|
(13,478
|
)
|
|
8,140
|
|
||
Foreign tax credits and other, net
|
102
|
|
|
(4,076
|
)
|
||
Legal entity reorganization
|
(6,985
|
)
|
|
—
|
|
||
Income and mining tax (expense) benefit
|
$
|
54,239
|
|
|
$
|
26,263
|
|
|
Year ended December 31, 2016
|
|
Year ended December 31, 2015
|
||||||||||
In thousands
|
Income (loss) before tax
|
Tax (expense) benefit
|
|
Income (loss) before tax
|
Tax (expense) benefit
|
||||||||
United States
|
$
|
(13,112
|
)
|
$
|
4,216
|
|
|
$
|
(43,924
|
)
|
$
|
(527
|
)
|
Argentina
|
3,099
|
|
124
|
|
|
(3,869
|
)
|
(482
|
)
|
||||
Mexico
|
(5,268
|
)
|
45,801
|
|
|
(250,054
|
)
|
26,713
|
|
||||
Bolivia
|
11,738
|
|
6,252
|
|
|
(76,739
|
)
|
(5,154
|
)
|
||||
Other jurisdictions
|
4,656
|
|
(2,154
|
)
|
|
(18,860
|
)
|
5,713
|
|
||||
|
$
|
1,113
|
|
$
|
54,239
|
|
|
$
|
(393,446
|
)
|
$
|
26,263
|
|
|
Year ended December 31,
|
||||||
In thousands
|
2015
|
|
2014
|
||||
Income and mining tax (expense) benefit at statutory rate
|
$
|
137,706
|
|
|
$
|
565,295
|
|
State tax provision from continuing operations
|
(2,075
|
)
|
|
20,253
|
|
||
Change in valuation allowance
|
(101,027
|
)
|
|
(151,191
|
)
|
||
Uncertain tax positions
|
(1,947
|
)
|
|
(4,425
|
)
|
||
U.S. and foreign non-deductible expenses
|
1,365
|
|
|
(4,892
|
)
|
||
Mineral interest related
|
(19,310
|
)
|
|
—
|
|
||
Foreign exchange rates
|
22,350
|
|
|
23,672
|
|
||
Foreign inflation and indexing
|
1,117
|
|
|
3,765
|
|
||
Foreign tax rate differences
|
(15,980
|
)
|
|
(63,930
|
)
|
||
Foreign withholding and other taxes
|
8,140
|
|
|
82,884
|
|
||
Foreign tax credits and other, net
|
(4,076
|
)
|
|
(43,177
|
)
|
||
Income and mining tax (expense) benefit
|
$
|
26,263
|
|
|
$
|
428,254
|
|
|
Year ended December 31, 2015
|
|
Year ended December 31, 2014
|
||||||||||
In thousands
|
Income (loss) before tax
|
Tax (expense) benefit
|
|
Income (loss) before tax
|
Tax (expense) benefit
|
||||||||
United States
|
$
|
(43,924
|
)
|
$
|
(527
|
)
|
|
$
|
(213,883
|
)
|
$
|
(482
|
)
|
Argentina
|
(3,869
|
)
|
(482
|
)
|
|
(82,093
|
)
|
24,408
|
|
||||
Mexico
|
(250,054
|
)
|
26,713
|
|
|
(1,204,983
|
)
|
384,099
|
|
||||
Bolivia
|
(76,739
|
)
|
(5,154
|
)
|
|
(107,547
|
)
|
18,114
|
|
||||
Other jurisdictions
|
(18,860
|
)
|
5,713
|
|
|
(6,622
|
)
|
2,115
|
|
||||
|
$
|
(393,446
|
)
|
$
|
26,263
|
|
|
$
|
(1,615,128
|
)
|
$
|
428,254
|
|
•
|
A 9% increase in silver equivalent
1
production driven by the continued ramp-up of Palmarejo underground operations
|
•
|
AISC between $15.75 - $16.25 per AgEqOz
1
consistent with 2016 result of
$16.08
per AgEqOz
1
|
•
|
Higher capital investment driven by carry-over from 2016 and ongoing projects at Palmarejo, Rochester and Kensington
|
•
|
Higher exploration primarily due to step-out drilling at Palmarejo and definition drilling at La Preciosa
|
(silver and silver equivalent ounces in thousands)
|
Silver
|
Gold
|
Silver Equivalent
1
|
Palmarejo
|
6,500 - 7,000
|
110,000 - 120,000
|
13,100 - 14,200
|
Rochester
|
4,200 - 4,700
|
47,000 - 52,000
|
7,020 - 7,820
|
San Bartolomé
|
5,400 - 5,900
|
—
|
5,400 - 5,900
|
Endeavor
|
300 - 400
|
—
|
300 - 400
|
Kensington
|
—
|
120,000 - 125,000
|
7,200 - 7,500
|
Wharf
|
—
|
85,000 - 90,000
|
5,100 - 5,400
|
Total
|
16,400 - 18,000
|
362,000 - 387,000
|
38,120 - 41,220
|
(dollars in millions, except per ounce amounts)
|
2017 Guidance
|
CAS per AgEqOz
1
–
Palmarejo
|
$10.00 - $10.50
|
CAS per AgEqOz
1
–
Rochester
|
$11.50 - $12.00
|
CAS per AgOz
1
–
San Bartolomé
|
$14.00 - $14.50
|
CAS per AuOz
1
–
Kensington
|
$800 - $850
|
CAS per AuEqOz
1
–
Wharf
|
$775 - $825
|
Capital Expenditures
|
$115 - $135
|
General and Administrative Expenses
|
$28 - $32
|
Exploration Expense
|
$23 - $25
|
AISC per AgEqOz
1
|
$15.75 - $16.25
|
(1)
|
See
“
Non-GAAP Financial Performance Measures.
”
|
|
Year ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Tons milled
|
1,078,888
|
|
|
1,616,668
|
|
|
2,135,088
|
|
|||
Silver ounces produced
|
4,442,164
|
|
|
5,148,612
|
|
|
6,558,091
|
|
|||
Gold ounces produced
|
73,913
|
|
|
70,922
|
|
|
86,673
|
|
|||
Silver equivalent ounces produced
|
8,876,944
|
|
|
9,403,932
|
|
|
11,758,471
|
|
|||
Costs applicable to sales per silver equivalent oz
(1)
|
$
|
10.72
|
|
|
$
|
14.07
|
|
|
$
|
15.40
|
|
Costs applicable to sales per average spot silver equivalent oz
(1)
|
$
|
9.73
|
|
|
$
|
12.75
|
|
|
$
|
14.69
|
|
(1)
|
See Non-GAAP Financial Performance Measures.
|
|
Year ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Tons placed
|
19,555,998
|
|
|
16,414,302
|
|
|
14,739,808
|
|
|||
Silver ounces produced
|
4,564,138
|
|
|
4,630,738
|
|
|
4,189,071
|
|
|||
Gold ounces produced
|
50,751
|
|
|
52,588
|
|
|
44,888
|
|
|||
Silver equivalent ounces produced
|
7,609,198
|
|
|
7,786,018
|
|
|
6,882,351
|
|
|||
Costs applicable to sales per silver equivalent oz
(1)
|
$
|
11.90
|
|
|
$
|
12.41
|
|
|
$
|
14.49
|
|
Costs applicable to sales per average spot silver equivalent oz
(1)
|
$
|
10.97
|
|
|
$
|
11.32
|
|
|
$
|
13.94
|
|
(1)
|
See Non-GAAP Financial Performance Measures.
|
|
Year ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Tons milled
|
620,209
|
|
|
660,464
|
|
|
635,960
|
|
|||
Gold ounces produced
|
124,331
|
|
|
126,266
|
|
|
117,823
|
|
|||
Costs applicable to sales/oz
(1)
|
$
|
795
|
|
|
$
|
803
|
|
|
$
|
951
|
|
(1)
|
See Non-GAAP Financial Performance Measures.
|
|
Year ended December 31,
|
||||||||||
|
2016
|
|
2015
(1)
|
|
2014
|
||||||
Tons placed
|
4,268,105
|
|
|
3,600,279
|
|
|
—
|
|
|||
Gold ounces produced
|
109,175
|
|
|
78,132
|
|
|
|
||||
Silver ounces produced
|
105,144
|
|
|
55,744
|
|
|
—
|
|
|||
Gold equivalent ounces produced
(2)
|
110,927
|
|
|
79,061
|
|
|
—
|
|
|||
Costs applicable to sales per gold equivalent oz
(2)
|
$
|
606
|
|
|
$
|
706
|
|
|
$
|
—
|
|
(1)
|
Amounts are post-acquisition (February 20, 2015).
|
(2)
|
See Non-GAAP Financial Performance Measures.
|
|
Year ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Tons milled
|
1,666,787
|
|
|
1,713,079
|
|
|
1,749,423
|
|
|||
Silver ounces produced
|
5,468,898
|
|
|
5,436,353
|
|
|
5,851,678
|
|
|||
Costs applicable to sales/oz
(1)
|
$
|
13.71
|
|
|
$
|
13.80
|
|
|
$
|
14.29
|
|
(1)
|
See Non-GAAP Financial Performance Measures.
|
|
Year ended December 31,
|
||||||||||
Endeavor Silver Stream
|
2016
|
|
2015
|
|
2014
|
||||||
Tons milled
|
219,430
|
|
|
767,314
|
|
|
792,694
|
|
|||
Silver ounces produced
|
247,998
|
|
|
629,167
|
|
|
589,585
|
|
|||
Costs applicable to sales/oz
(1)
|
$
|
6.56
|
|
|
$
|
5.72
|
|
|
$
|
7.17
|
|
(1)
|
See Non-GAAP Financial Performance Measures.
|
|
Year ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Consolidated silver equivalent ounces sold
|
34,632,666
|
|
|
36,659,759
|
|
|
31,982,962
|
|
|||
Average realized price per consolidated silver equivalent ounce
(1)
|
$
|
19.13
|
|
|
$
|
17.44
|
|
|
$
|
19.78
|
|
Costs applicable to sales per consolidated silver equivalent ounce
(1)
|
(11.83
|
)
|
|
(13.08
|
)
|
|
(14.94
|
)
|
|||
Operating margin per consolidated silver equivalent ounce
|
$
|
7.30
|
|
|
$
|
4.36
|
|
|
$
|
4.84
|
|
(1)
|
See Non-GAAP Financial Performance Measures.
|
|
Year ended December 31,
|
||||||||||
In thousands
|
2016
|
|
2015
|
|
2014
|
||||||
Cash flow before changes in operating assets and liabilities
|
$
|
164,154
|
|
|
$
|
70,019
|
|
|
$
|
31,046
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Receivables
|
9,011
|
|
|
17,560
|
|
|
(11,611
|
)
|
|||
Prepaid expenses and other
|
(826
|
)
|
|
(3,063
|
)
|
|
5,635
|
|
|||
Inventories
|
(35,591
|
)
|
|
19,573
|
|
|
12,971
|
|
|||
Accounts payable and accrued liabilities
|
(10,931
|
)
|
|
9,453
|
|
|
15,507
|
|
|||
CASH PROVIDED BY OPERATING ACTIVITIES
|
$
|
125,817
|
|
|
$
|
113,542
|
|
|
$
|
53,548
|
|
|
|
Payments Due by Period
|
||||||||||||||||||
Contractual Obligations
|
|
Total
|
|
Less Than
1 Year
|
|
1-3 Years
|
|
4-5 Years
|
|
More Than
5 Years
|
||||||||||
Long-term debt obligations:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Senior Notes, net
|
|
$
|
177,997
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
177,997
|
|
|
$
|
—
|
|
Interest on debt
|
|
63,078
|
|
|
14,017
|
|
|
28,035
|
|
|
21,026
|
|
|
—
|
|
|||||
|
|
241,075
|
|
|
14,017
|
|
|
28,035
|
|
|
199,023
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital lease obligations
(1)
|
|
37,346
|
|
|
13,292
|
|
|
17,449
|
|
|
6,561
|
|
|
44
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating lease obligations:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Hyak mining lease
|
|
4,591
|
|
|
287
|
|
|
574
|
|
|
574
|
|
|
3,156
|
|
|||||
Operating leases
|
|
35,638
|
|
|
13,422
|
|
|
10,244
|
|
|
6,412
|
|
|
5,560
|
|
|||||
|
|
40,229
|
|
|
13,709
|
|
|
10,818
|
|
|
6,986
|
|
|
8,716
|
|
|||||
Other long-term obligations:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reclamation and mine closure
(2)
|
|
300,077
|
|
|
3,522
|
|
|
6,325
|
|
|
17,702
|
|
|
272,528
|
|
|||||
Severance payments
(3)
|
|
8,653
|
|
|
3,049
|
|
|
—
|
|
|
—
|
|
|
5,604
|
|
|||||
Unrecognized tax benefits
(4)
|
|
23,410
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
332,140
|
|
|
6,571
|
|
|
6,325
|
|
|
17,702
|
|
|
278,132
|
|
|||||
Total
|
|
$
|
650,790
|
|
|
$
|
47,589
|
|
|
$
|
62,627
|
|
|
$
|
230,272
|
|
|
$
|
286,892
|
|
(1)
|
The Company has entered into various capital lease agreements for commitments primarily over the next two years.
|
(2)
|
Reclamation and mine closure amounts represent the Company’s estimate of the cash flows associated with its legal obligation to reclaim mining properties. This amount will decrease as reclamation work is completed. Amounts shown on the table are undiscounted.
|
(3)
|
Accrued government-mandated severance at the Palmarejo complex and San Bartolomé mine.
|
(4)
|
The Company is unable to reasonably estimate the timing of recognition of unrecognized tax benefits beyond 2016 due to uncertainties in the timing of the effective settlement of tax positions.
|
|
Year ended December 31,
|
||||||||||
In thousands except per share amounts
|
2016
|
|
2015
|
|
2014
|
||||||
Net income (loss)
|
$
|
55,352
|
|
|
$
|
(367,183
|
)
|
|
$
|
(1,186,874
|
)
|
Fair value adjustments
|
11,581
|
|
|
(5,202
|
)
|
|
(3,618
|
)
|
|||
Impairment of marketable securities
|
703
|
|
|
2,346
|
|
|
6,593
|
|
|||
Write-downs
|
4,446
|
|
|
313,337
|
|
|
1,472,721
|
|
|||
Inventory adjustment
|
3,689
|
|
|
—
|
|
|
—
|
|
|||
(Gain) loss on sale of assets and securities
|
(11,334
|
)
|
|
352
|
|
|
530
|
|
|||
(Gain) loss on debt extinguishments
|
21,365
|
|
|
(15,916
|
)
|
|
—
|
|
|||
Loss on Revolving Credit Facility termination
|
—
|
|
|
—
|
|
|
3,035
|
|
|||
Corporate reorganization costs
|
—
|
|
|
647
|
|
|
—
|
|
|||
Transaction costs
|
1,199
|
|
|
2,112
|
|
|
—
|
|
|||
Deferred tax on reorganization
|
(40,767
|
)
|
|
—
|
|
|
—
|
|
|||
Foreign exchange (gain) loss
|
(1,034
|
)
|
|
1,599
|
|
|
(16,159
|
)
|
|||
Tax effect of adjustments
(1)
|
2,583
|
|
|
(35,734
|
)
|
|
(451,670
|
)
|
|||
Adjusted net income (loss)
|
$
|
47,783
|
|
|
$
|
(103,642
|
)
|
|
$
|
(175,442
|
)
|
|
|
|
|
|
|
||||||
Adjusted net income (loss) per share - Basic
|
$
|
0.30
|
|
|
$
|
(0.80
|
)
|
|
$
|
(1.71
|
)
|
Adjusted net income (loss) per share - Diluted
|
$
|
0.29
|
|
|
$
|
(0.80
|
)
|
|
$
|
(1.71
|
)
|
(1)
|
For the year ended December 31, 2016, tax effect of adjustments of
$2.6 million
(8%) is primarily related to a taxable gain on the sale of assets and the tax valuation allowance impact from an asset write-down, partially offset by tax benefit from fair value adjustments.
|
|
Year ended December 31,
|
||||||||||
In thousands except per share amounts
|
2016
|
|
2015
|
|
2014
|
||||||
Net income (loss)
|
$
|
55,352
|
|
|
$
|
(367,183
|
)
|
|
$
|
(1,186,874
|
)
|
Interest expense, net of capitalized interest
|
36,920
|
|
|
45,703
|
|
|
47,546
|
|
|||
Income tax provision (benefit)
|
(54,239
|
)
|
|
(26,263
|
)
|
|
(428,254
|
)
|
|||
Amortization
|
123,161
|
|
|
143,751
|
|
|
162,436
|
|
|||
EBITDA
|
161,194
|
|
|
(203,992
|
)
|
|
(1,405,146
|
)
|
|||
Fair value adjustments, net
|
11,581
|
|
|
(5,202
|
)
|
|
(3,618
|
)
|
|||
Impairment of equity securities
|
703
|
|
|
2,346
|
|
|
6,593
|
|
|||
Foreign exchange losses
|
10,720
|
|
|
15,769
|
|
|
(470
|
)
|
|||
(Gain) loss on sale of assets and securities
|
(11,334
|
)
|
|
352
|
|
|
530
|
|
|||
(Gain) loss on debt extinguishment
|
21,365
|
|
|
(15,916
|
)
|
|
—
|
|
|||
Corporate reorganization costs
|
—
|
|
|
647
|
|
|
—
|
|
|||
Transaction costs
|
1,199
|
|
|
2,112
|
|
|
—
|
|
|||
Asset retirement obligation accretion
|
8,369
|
|
|
8,191
|
|
|
5,568
|
|
|||
Inventory adjustments and write-downs
|
6,917
|
|
|
10,207
|
|
|
15,823
|
|
|||
Write-downs
|
4,446
|
|
|
313,337
|
|
|
1,472,721
|
|
|||
Adjusted EBITDA
|
$
|
215,160
|
|
|
$
|
127,851
|
|
|
$
|
92,001
|
|
|
|
Silver
|
|
Gold
|
|
Total
|
||||||||||||||||||||||||||||||
In thousands except per ounce amounts
|
|
Palmarejo
|
|
Rochester
|
|
San Bartolomé
|
|
Endeavor
|
|
Total
|
|
Kensington
|
|
Wharf
|
|
Total
|
|
|||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
|
$
|
117,419
|
|
|
$
|
111,564
|
|
|
$
|
80,799
|
|
|
$
|
2,363
|
|
|
$
|
312,145
|
|
|
$
|
131,518
|
|
|
$
|
87,000
|
|
|
$
|
218,518
|
|
|
$
|
530,663
|
|
Amortization
|
|
36,599
|
|
|
21,838
|
|
|
6,633
|
|
|
644
|
|
|
65,714
|
|
|
34,787
|
|
|
20,621
|
|
|
55,408
|
|
|
121,122
|
|
|||||||||
Costs applicable to sales
|
|
$
|
80,820
|
|
|
$
|
89,726
|
|
|
$
|
74,166
|
|
|
$
|
1,719
|
|
|
$
|
246,431
|
|
|
$
|
96,731
|
|
|
$
|
66,379
|
|
|
$
|
163,110
|
|
|
$
|
409,541
|
|
Silver equivalent ounces sold
|
|
7,538,311
|
|
|
7,542,740
|
|
|
5,411,057
|
|
|
262,078
|
|
|
20,754,186
|
|
|
|
|
|
|
|
|
34,632,666
|
|
||||||||||||
Gold equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
121,688
|
|
|
109,620
|
|
|
231,308
|
|
|
|
|||||||||||||||
Costs applicable to sales per ounce
|
|
$
|
10.72
|
|
|
$
|
11.90
|
|
|
$
|
13.71
|
|
|
$
|
6.56
|
|
|
$
|
11.87
|
|
|
$
|
795
|
|
|
$
|
606
|
|
|
$
|
705
|
|
|
$
|
11.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Costs applicable to sales per average spot ounce
|
|
$
|
9.73
|
|
|
$
|
10.97
|
|
|
|
|
|
|
$
|
11.12
|
|
|
|
|
|
|
|
|
$
|
10.50
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Costs applicable to sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
409,541
|
|
||||||||||||||||
Treatment and refining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,307
|
|
|||||||||||||||||
Sustaining capital
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
77,841
|
|
|||||||||||||||||
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,376
|
|
|||||||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,930
|
|
|||||||||||||||||
Reclamation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,504
|
|
|||||||||||||||||
Project/pre-development costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,481
|
|
|||||||||||||||||
All-in sustaining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
556,980
|
|
||||||||||||||||
Silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,754,186
|
|
|||||||||||||||||
Kensington and Wharf silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,878,480
|
|
|||||||||||||||||||||
Consolidated silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,632,666
|
|
|||||||||||||||||||
All-in sustaining costs per silver equivalent ounce
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16.08
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
All-in sustaining costs per average spot silver equivalent ounce
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14.27
|
|
(1)
|
Excludes development capital for Jualin, Independencia, Guadalupe South Portal and Rochester expansion permitting.
|
|
|
Silver
|
|
Gold
|
|
|
||||||||||||||||||||||||||||||
In thousands except per ounce amounts
|
|
Palmarejo
|
|
Rochester
|
|
San Bartolomé
|
|
Endeavor
|
|
Total
|
|
Kensington
|
|
Wharf
|
|
Total
|
|
Total
|
||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
|
$
|
170,899
|
|
|
$
|
127,900
|
|
|
$
|
93,625
|
|
|
$
|
9,059
|
|
|
$
|
401,483
|
|
|
$
|
147,880
|
|
|
$
|
68,575
|
|
|
$
|
216,455
|
|
|
$
|
617,938
|
|
Amortization
|
|
32,423
|
|
|
23,906
|
|
|
17,798
|
|
|
5,539
|
|
|
79,666
|
|
|
42,240
|
|
|
16,378
|
|
|
58,618
|
|
|
138,284
|
|
|||||||||
Costs applicable to sales
|
|
$
|
138,476
|
|
|
$
|
103,994
|
|
|
$
|
75,827
|
|
|
$
|
3,520
|
|
|
$
|
321,817
|
|
|
$
|
105,640
|
|
|
$
|
52,197
|
|
|
$
|
157,837
|
|
|
$
|
479,654
|
|
Silver equivalent ounces sold
|
|
9,840,705
|
|
|
8,377,823
|
|
|
5,495,369
|
|
|
615,022
|
|
|
24,328,919
|
|
|
|
|
|
|
|
|
36,659,759
|
|
||||||||||||
Gold equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
131,553
|
|
|
73,961
|
|
|
205,514
|
|
|
|
|||||||||||||||
Costs applicable to sales per ounce
|
|
$
|
14.07
|
|
|
$
|
12.41
|
|
|
$
|
13.80
|
|
|
$
|
5.72
|
|
|
$
|
13.23
|
|
|
$
|
803
|
|
|
$
|
706
|
|
|
$
|
768
|
|
|
$
|
13.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Costs applicable to sales per average spot ounce
|
|
$
|
12.75
|
|
|
$
|
11.32
|
|
|
|
|
|
|
$
|
12.31
|
|
|
|
|
|
|
|
|
$
|
11.60
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Costs applicable to sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
479,654
|
|
||||||||||||||||
Treatment and refining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,801
|
|
|||||||||||||||||
Sustaining capital
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,362
|
|
|||||||||||||||||
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,834
|
|
|||||||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,647
|
|
|||||||||||||||||
Reclamation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,769
|
|
|||||||||||||||||
Project/pre-development costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,674
|
|
|||||||||||||||||
All-in sustaining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
604,741
|
|
||||||||||||||||
Silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,328,919
|
|
|||||||||||||||||
Kensington and Wharf silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,330,840
|
|
|||||||||||||||||||||
Consolidated silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,659,759
|
|
|||||||||||||||||||
All-in sustaining costs per silver equivalent ounce
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16.50
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
All-in sustaining costs per average spot silver equivalent ounce
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14.62
|
|
(1)
|
Excludes development capital for Jualin, Guadalupe, Independencia and Rochester crushing capacity expansion.
|
|
|
Silver
|
|
Gold
|
|
Total
|
||||||||||||||||||||||
In thousands except per ounce amounts
|
|
Palmarejo
|
|
Rochester
|
|
San Bartolomé
|
|
Endeavor
|
|
Total
|
|
Kensington
|
|
|||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
|
$
|
256,707
|
|
|
$
|
112,252
|
|
|
$
|
109,082
|
|
|
$
|
8,514
|
|
|
$
|
486,555
|
|
|
$
|
148,961
|
|
|
$
|
635,516
|
|
Amortization
|
|
69,431
|
|
|
20,790
|
|
|
19,423
|
|
|
4,308
|
|
|
113,952
|
|
|
43,619
|
|
|
157,571
|
|
|||||||
Costs applicable to sales
|
|
$
|
187,276
|
|
|
$
|
91,462
|
|
|
$
|
89,659
|
|
|
$
|
4,206
|
|
|
$
|
372,603
|
|
|
$
|
105,342
|
|
|
$
|
477,945
|
|
Silver equivalent ounces sold
|
|
12,161,719
|
|
|
6,309,912
|
|
|
6,275,769
|
|
|
586,242
|
|
|
25,333,642
|
|
|
|
|
31,982,962
|
|
||||||||
Gold equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
110,822
|
|
|
|
|||||||||||||
Costs applicable to sales per ounce
|
|
$
|
15.40
|
|
|
$
|
14.49
|
|
|
$
|
14.29
|
|
|
$
|
7.17
|
|
|
$
|
14.71
|
|
|
$
|
951
|
|
|
$
|
14.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Costs applicable to sales per average spot ounce
|
|
$
|
14.69
|
|
|
$
|
13.94
|
|
|
|
|
|
|
$
|
14.24
|
|
|
|
|
$
|
14.26
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Costs applicable to sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
477,945
|
|
||||||||||||
Treatment and refining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,943
|
|
|||||||||||||
Sustaining capital
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61,199
|
|
|||||||||||||
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,845
|
|
|||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,740
|
|
|||||||||||||
Reclamation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,468
|
|
|||||||||||||
Project/pre-development costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,588
|
|
|||||||||||||
All-in sustaining costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
630,728
|
|
||||||||||||
Silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,333,642
|
|
|||||||||||||
Kensington silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
6,649,320
|
|
|||||||||||||||||
Consolidated silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
|
|
|
31,982,962
|
|
|||||||||||||||
All-in sustaining costs per silver equivalent ounce
|
|
|
|
|
|
|
|
|
|
$
|
19.72
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
All-in sustaining costs per average spot silver equivalent ounce
|
|
|
|
|
|
|
|
|
|
$
|
18.81
|
|
(1)
|
Excludes development capital for Guadalupe, Independencia and Rochester crushing capacity expansion and miscellaneous land purchases.
|
|
Silver
|
Gold
|
|
||||||||||||||||||||||||
In thousands except per ounce amounts
|
Palmarejo
|
Rochester
|
San Bartolomé
|
Endeavor
|
Total Silver
|
Kensington
|
Wharf
|
Total Gold
|
Total Combined
|
||||||||||||||||||
Costs applicable to sales, including amortization (U.S. GAAP)
|
$
|
211,000
|
|
$
|
108,380
|
|
$
|
102,000
|
|
$
|
3,750
|
|
$
|
425,130
|
|
$
|
130,500
|
|
$
|
83,800
|
|
$
|
214,300
|
|
$
|
639,430
|
|
Amortization
|
69,200
|
|
19,860
|
|
18,500
|
|
—
|
|
107,560
|
|
29,100
|
|
11,500
|
|
40,600
|
|
148,160
|
|
|||||||||
Costs applicable to sales
|
$
|
141,800
|
|
$
|
88,520
|
|
$
|
83,500
|
|
$
|
3,750
|
|
$
|
317,570
|
|
$
|
101,400
|
|
$
|
72,300
|
|
$
|
173,700
|
|
$
|
491,270
|
|
Silver equivalent ounces sold
|
14,000,000
|
|
7,680,000
|
|
5,900,000
|
|
380,000
|
|
27,960,000
|
|
|
|
|
40,800,000
|
|
||||||||||||
Gold equivalent ounces sold
|
|
|
|
|
|
124,000
|
|
90,000
|
|
214,000
|
|
|
|||||||||||||||
Costs applicable to sales per ounce guidance
|
$10.00 - $10.50
|
$11.50 - $12.00
|
$14.00 - $14.50
|
|
|
$800 - $850
|
$775 - $825
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Costs applicable to sales
|
|
|
|
|
|
|
|
|
$
|
491,270
|
|
||||||||||||||||
Treatment and refining costs
|
|
|
|
|
|
|
|
|
4,300
|
|
|||||||||||||||||
Sustaining capital, including capital lease payments
|
|
|
|
|
|
|
88,000
|
|
|||||||||||||||||||
General and administrative
|
|
|
|
|
|
|
|
|
30,000
|
|
|||||||||||||||||
Exploration
|
|
|
|
|
|
|
|
|
24,000
|
|
|||||||||||||||||
Reclamation
|
|
|
|
|
|
|
|
|
14,000
|
|
|||||||||||||||||
Project/pre-development costs
|
|
|
|
|
|
|
|
|
5,700
|
|
|||||||||||||||||
All-in sustaining costs
|
|
|
|
|
|
|
|
|
$
|
657,270
|
|
||||||||||||||||
Silver equivalent ounces sold
|
|
|
|
|
|
|
|
|
27,960,000
|
|
|||||||||||||||||
Kensington and Wharf silver equivalent ounces sold
|
|
|
|
|
|
12,840,000
|
|
||||||||||||||||||||
Consolidated silver equivalent ounces sold
|
|
|
|
|
|
|
|
40,800,000
|
|
||||||||||||||||||
All-in sustaining costs per silver equivalent ounce guidance
|
|
|
|
|
|
$15.75 - $16.25
|
|
|
Year ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
Notes
|
In thousands, except share data
|
||||||||||
Revenue
|
3
|
$
|
665,777
|
|
|
$
|
646,086
|
|
|
$
|
635,742
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
||||||
Costs applicable to sales
(1)
|
3
|
409,541
|
|
|
479,654
|
|
|
477,945
|
|
|||
Amortization
|
|
123,161
|
|
|
143,751
|
|
|
162,436
|
|
|||
General and administrative
|
|
29,376
|
|
|
32,834
|
|
|
40,845
|
|
|||
Exploration
|
|
12,930
|
|
|
11,647
|
|
|
21,740
|
|
|||
Write-downs
|
|
4,446
|
|
|
313,337
|
|
|
1,472,721
|
|
|||
Pre-development, reclamation, and other
|
|
17,219
|
|
|
17,793
|
|
|
26,037
|
|
|||
Total costs and expenses
|
|
596,673
|
|
|
999,016
|
|
|
2,201,724
|
|
|||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
||||||
Gain (loss) on debt extinguishment
|
|
(21,365
|
)
|
|
15,916
|
|
|
—
|
|
|||
Fair value adjustments, net
|
11
|
(11,581
|
)
|
|
5,202
|
|
|
3,618
|
|
|||
Interest expense, net of capitalized interest
|
19
|
(36,920
|
)
|
|
(45,703
|
)
|
|
(47,546
|
)
|
|||
Other, net
|
8
|
1,875
|
|
|
(15,931
|
)
|
|
(5,218
|
)
|
|||
Total other income (expense), net
|
|
(67,991
|
)
|
|
(40,516
|
)
|
|
(49,146
|
)
|
|||
Income (loss) before income and mining taxes
|
|
1,113
|
|
|
(393,446
|
)
|
|
(1,615,128
|
)
|
|||
Income and mining tax (expense) benefit
|
9
|
54,239
|
|
|
26,263
|
|
|
428,254
|
|
|||
NET INCOME (LOSS)
|
|
$
|
55,352
|
|
|
$
|
(367,183
|
)
|
|
$
|
(1,186,874
|
)
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
||||||
Unrealized gain (loss) on equity securities, net of tax of $(767) and $1,446 for the years ended December 31, 2016, and 2014, respectively
|
|
3,222
|
|
|
(4,154
|
)
|
|
(2,290
|
)
|
|||
Reclassification adjustments for impairment of equity securities, net of tax of $(2,552) for the year ended December 31, 2014
|
|
703
|
|
|
2,346
|
|
|
4,042
|
|
|||
Reclassification adjustments for realized (gain) loss on sale of equity securities, net of tax of $(219) for the year ended December 31, 2014
|
|
(2,691
|
)
|
|
894
|
|
|
346
|
|
|||
Other comprehensive income (loss)
|
|
1,234
|
|
|
(914
|
)
|
|
2,098
|
|
|||
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
56,586
|
|
|
$
|
(368,097
|
)
|
|
$
|
(1,184,776
|
)
|
|
|
|
|
|
|
|
||||||
NET INCOME (LOSS) PER SHARE
|
10
|
|
|
|
|
|
||||||
Basic
|
|
$
|
0.35
|
|
|
$
|
(2.83
|
)
|
|
$
|
(11.59
|
)
|
|
|
|
|
|
|
|
||||||
Diluted
|
|
$
|
0.34
|
|
|
$
|
(2.83
|
)
|
|
$
|
(11.59
|
)
|
|
|
Year ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
Notes
|
In thousands
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
||||||
Net income (loss)
|
|
$
|
55,352
|
|
|
(367,183
|
)
|
|
(1,186,874
|
)
|
||
Adjustments:
|
|
|
|
|
|
|
||||||
Amortization
|
|
123,161
|
|
|
143,751
|
|
|
162,436
|
|
|||
Accretion
|
|
10,248
|
|
|
14,149
|
|
|
16,246
|
|
|||
Deferred income taxes
|
|
(71,350
|
)
|
|
(40,838
|
)
|
|
(448,905
|
)
|
|||
Loss on termination of revolving credit facility
|
|
—
|
|
|
—
|
|
|
3,035
|
|
|||
(Gain) Loss on extinguishment of debt
|
|
21,365
|
|
|
(15,916
|
)
|
|
—
|
|
|||
Fair value adjustments, net
|
11
|
11,581
|
|
|
(5,202
|
)
|
|
(3,618
|
)
|
|||
Stock-based compensation
|
6
|
9,715
|
|
|
9,272
|
|
|
9,288
|
|
|||
Impairment of equity securities
|
14
|
703
|
|
|
2,346
|
|
|
6,593
|
|
|||
Write-downs
|
4
|
4,446
|
|
|
313,337
|
|
|
1,472,721
|
|
|||
Other
|
|
(1,067
|
)
|
|
16,303
|
|
|
124
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
||||||
Receivables
|
|
9,011
|
|
|
17,560
|
|
|
(11,611
|
)
|
|||
Prepaid expenses and other current assets
|
|
(826
|
)
|
|
(3,063
|
)
|
|
5,635
|
|
|||
Inventory and ore on leach pads
|
|
(35,591
|
)
|
|
19,573
|
|
|
12,971
|
|
|||
Accounts payable and accrued liabilities
|
|
(10,931
|
)
|
|
9,453
|
|
|
15,507
|
|
|||
CASH PROVIDED BY OPERATING ACTIVITIES
|
|
125,817
|
|
|
113,542
|
|
|
53,548
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
||||||
Capital expenditures
|
|
(101,013
|
)
|
|
(95,193
|
)
|
|
(64,244
|
)
|
|||
Acquisitions, net
|
13
|
(1,417
|
)
|
|
(110,846
|
)
|
|
(21,329
|
)
|
|||
Proceeds from the sale of assets
|
|
16,296
|
|
|
607
|
|
|
329
|
|
|||
Purchase of investments
|
|
(178
|
)
|
|
(1,880
|
)
|
|
(50,513
|
)
|
|||
Sales and maturities of investments
|
|
7,077
|
|
|
605
|
|
|
54,344
|
|
|||
Other
|
|
(4,208
|
)
|
|
(4,586
|
)
|
|
(321
|
)
|
|||
CASH USED IN INVESTING ACTIVITIES
|
|
(83,443
|
)
|
|
(211,293
|
)
|
|
(81,734
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
||||||
Issuance of common stock
|
|
269,556
|
|
|
—
|
|
|
—
|
|
|||
Issuance of notes and bank borrowings
|
19
|
—
|
|
|
153,500
|
|
|
167,784
|
|
|||
Payments on debt, capital leases, and associated costs
|
|
(322,801
|
)
|
|
(84,715
|
)
|
|
(25,902
|
)
|
|||
Gold production royalty payments
|
|
(27,155
|
)
|
|
(39,235
|
)
|
|
(48,395
|
)
|
|||
Other
|
|
172
|
|
|
(542
|
)
|
|
(509
|
)
|
|||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
|
(80,228
|
)
|
|
29,008
|
|
|
92,978
|
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
|
(678
|
)
|
|
(1,404
|
)
|
|
(621
|
)
|
|||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
(38,532
|
)
|
|
(70,147
|
)
|
|
64,171
|
|
|||
Cash and cash equivalents at beginning of period
|
|
200,714
|
|
|
270,861
|
|
|
206,690
|
|
|||
Cash and cash equivalents at end of period
|
|
$
|
162,182
|
|
|
$
|
200,714
|
|
|
$
|
270,861
|
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||
ASSETS
|
Notes
|
In thousands, except share data
|
||||||
CURRENT ASSETS
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
162,182
|
|
|
$
|
200,714
|
|
Receivables
|
15
|
60,431
|
|
|
85,992
|
|
||
Inventory
|
16
|
106,026
|
|
|
81,711
|
|
||
Ore on leach pads
|
16
|
64,167
|
|
|
67,329
|
|
||
Prepaid expenses and other
|
|
17,981
|
|
|
10,942
|
|
||
|
|
410,787
|
|
|
446,688
|
|
||
NON-CURRENT ASSETS
|
|
|
|
|
||||
Property, plant and equipment, net
|
17
|
216,796
|
|
|
195,999
|
|
||
Mining properties, net
|
18
|
558,455
|
|
|
589,219
|
|
||
Ore on leach pads
|
16
|
67,231
|
|
|
44,582
|
|
||
Restricted assets
|
|
17,597
|
|
|
11,633
|
|
||
Equity securities
|
14
|
4,488
|
|
|
2,766
|
|
||
Receivables
|
15
|
30,951
|
|
|
24,768
|
|
||
Deferred tax assets
|
|
191
|
|
|
1,942
|
|
||
Other
|
|
12,413
|
|
|
14,892
|
|
||
TOTAL ASSETS
|
|
$
|
1,318,909
|
|
|
$
|
1,332,489
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
||||
CURRENT LIABILITIES
|
|
|
|
|
||||
Accounts payable
|
|
$
|
53,335
|
|
|
$
|
52,153
|
|
Accrued liabilities and other
|
|
42,743
|
|
|
50,532
|
|
||
Debt
|
19
|
12,039
|
|
|
10,431
|
|
||
Royalty obligations
|
11
|
4,995
|
|
|
24,893
|
|
||
Reclamation
|
5
|
3,522
|
|
|
2,071
|
|
||
|
|
116,634
|
|
|
140,080
|
|
||
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
Debt
|
19
|
198,857
|
|
|
479,979
|
|
||
Royalty obligations
|
11
|
4,292
|
|
|
4,864
|
|
||
Reclamation
|
5
|
95,804
|
|
|
83,197
|
|
||
Deferred tax liabilities
|
|
74,798
|
|
|
147,132
|
|
||
Other long-term liabilities
|
|
60,037
|
|
|
55,761
|
|
||
|
|
433,788
|
|
|
770,933
|
|
||
STOCKHOLDERS’ EQUITY
|
|
|
|
|
||||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 180,933,287 at December 31, 2016 and 151,339,136 at December 31, 2015
|
|
1,809
|
|
|
1,513
|
|
||
Additional paid-in capital
|
|
3,314,590
|
|
|
3,024,461
|
|
||
Accumulated other comprehensive income (loss)
|
|
(2,488
|
)
|
|
(3,722
|
)
|
||
Accumulated deficit
|
|
(2,545,424
|
)
|
|
(2,600,776
|
)
|
||
|
|
768,487
|
|
|
421,476
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
$
|
1,318,909
|
|
|
$
|
1,332,489
|
|
In thousands
|
Common
Stock
Shares
|
|
Common
Stock Par
Value
|
|
Additional
Paid-In Capital
|
|
Accumulated
Deficit
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Total
|
|||||||||||
Balances at December 31, 2013
|
102,843
|
|
|
$
|
1,028
|
|
|
$
|
2,781,164
|
|
|
$
|
(1,046,719
|
)
|
|
$
|
(4,906
|
)
|
|
$
|
1,730,567
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,186,874
|
)
|
|
—
|
|
|
(1,186,874
|
)
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,098
|
|
|
2,098
|
|
|||||
Common stock issued under long-term incentive plans, net
|
541
|
|
|
6
|
|
|
8,531
|
|
|
—
|
|
|
—
|
|
|
8,537
|
|
|||||
Balances at December 31, 2014
|
103,384
|
|
|
$
|
1,034
|
|
|
$
|
2,789,695
|
|
|
$
|
(2,233,593
|
)
|
|
$
|
(2,808
|
)
|
|
$
|
554,328
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(367,183
|
)
|
|
—
|
|
|
(367,183
|
)
|
|||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(914
|
)
|
|
(914
|
)
|
|||||
Common stock issued for the acquisition of Paramount Gold and Silver Corp.
|
32,667
|
|
|
327
|
|
|
188,490
|
|
|
—
|
|
|
—
|
|
|
188,817
|
|
|||||
Common stock issued for the extinguishment of Senior Notes
|
14,365
|
|
|
144
|
|
|
38,379
|
|
|
—
|
|
|
—
|
|
|
38,523
|
|
|||||
Common stock issued under stock-based compensation plans, net
|
923
|
|
|
8
|
|
|
7,897
|
|
|
—
|
|
|
—
|
|
|
7,905
|
|
|||||
Balances at December 31, 2015
|
151,339
|
|
|
$
|
1,513
|
|
|
$
|
3,024,461
|
|
|
$
|
(2,600,776
|
)
|
|
$
|
(3,722
|
)
|
|
$
|
421,476
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
55,352
|
|
|
—
|
|
|
55,352
|
|
|||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,234
|
|
|
1,234
|
|
|||||
Common stock issued for the extinguishment of Senior Notes
|
739
|
|
|
7
|
|
|
11,806
|
|
|
—
|
|
|
—
|
|
|
11,813
|
|
|||||
Issuance of common stock
|
26,944
|
|
|
270
|
|
|
269,286
|
|
|
—
|
|
|
—
|
|
|
269,556
|
|
|||||
Common stock issued under stock-based compensation plans, net
|
1,911
|
|
|
19
|
|
|
9,037
|
|
|
—
|
|
|
—
|
|
|
9,056
|
|
|||||
Balances at December 31, 2016
|
180,933
|
|
|
$
|
1,809
|
|
|
$
|
3,314,590
|
|
|
$
|
(2,545,424
|
)
|
|
$
|
(2,488
|
)
|
|
$
|
768,487
|
|
Year ended December 31, 2016
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
San Bartolomé
|
|
Coeur Capital
|
|
Other
|
|
Total
|
||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Metal sales
|
$
|
141,273
|
|
|
$
|
139,945
|
|
|
$
|
146,593
|
|
|
$
|
136,678
|
|
|
$
|
93,880
|
|
|
$
|
4,128
|
|
|
$
|
—
|
|
|
$
|
662,497
|
|
Royalties
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,280
|
|
|
—
|
|
|
3,280
|
|
||||||||
|
141,273
|
|
|
139,945
|
|
|
146,593
|
|
|
136,678
|
|
|
93,880
|
|
|
7,408
|
|
|
—
|
|
|
665,777
|
|
||||||||
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Costs applicable to sales
(1)
|
80,820
|
|
|
89,726
|
|
|
96,731
|
|
|
66,379
|
|
|
74,166
|
|
|
1,719
|
|
|
—
|
|
|
409,541
|
|
||||||||
Amortization
|
36,599
|
|
|
21,838
|
|
|
34,787
|
|
|
20,621
|
|
|
6,633
|
|
|
1,117
|
|
|
1,566
|
|
|
123,161
|
|
||||||||
Exploration
|
5,063
|
|
|
841
|
|
|
3,487
|
|
|
2
|
|
|
—
|
|
|
1,797
|
|
|
1,740
|
|
|
12,930
|
|
||||||||
Write-downs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,446
|
|
|
—
|
|
|
4,446
|
|
||||||||
Other operating expenses
|
1,213
|
|
|
2,801
|
|
|
1,038
|
|
|
2,238
|
|
|
2,909
|
|
|
226
|
|
|
36,170
|
|
|
46,595
|
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Gain (Loss) on debt extinguishments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,365
|
)
|
|
(21,365
|
)
|
||||||||
Fair value adjustments, net
|
(5,814
|
)
|
|
(4,133
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,634
|
)
|
|
(11,581
|
)
|
||||||||
Interest expense, net
|
(1,187
|
)
|
|
(664
|
)
|
|
(128
|
)
|
|
(69
|
)
|
|
(24
|
)
|
|
(34
|
)
|
|
(34,814
|
)
|
|
(36,920
|
)
|
||||||||
Other, net
|
(12,125
|
)
|
|
(3,859
|
)
|
|
(25
|
)
|
|
17
|
|
|
1,590
|
|
|
6,014
|
|
|
10,263
|
|
|
1,875
|
|
||||||||
Income and mining tax (expense) benefit
|
45,085
|
|
|
(2,785
|
)
|
|
—
|
|
|
(4,293
|
)
|
|
6,252
|
|
|
(2,504
|
)
|
|
12,484
|
|
|
54,239
|
|
||||||||
Net income (loss)
|
$
|
43,537
|
|
|
$
|
13,298
|
|
|
$
|
10,397
|
|
|
$
|
43,093
|
|
|
$
|
17,990
|
|
|
$
|
1,579
|
|
|
$
|
(74,542
|
)
|
|
$
|
55,352
|
|
Segment assets
(2)
|
$
|
436,642
|
|
|
$
|
219,009
|
|
|
$
|
199,232
|
|
|
$
|
105,901
|
|
|
$
|
76,317
|
|
|
$
|
9,285
|
|
|
$
|
75,652
|
|
|
$
|
1,122,038
|
|
Capital expenditures
|
$
|
35,810
|
|
|
$
|
16,446
|
|
|
$
|
36,826
|
|
|
$
|
4,812
|
|
|
$
|
6,631
|
|
|
$
|
—
|
|
|
$
|
488
|
|
|
$
|
101,013
|
|
Year ended December 31, 2015
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
San Bartolomé
|
|
Coeur Capital
|
|
Other
|
|
Total
|
||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Metal sales
|
$
|
169,133
|
|
|
$
|
143,930
|
|
|
$
|
148,710
|
|
|
$
|
84,052
|
|
|
$
|
84,679
|
|
|
$
|
8,732
|
|
|
$
|
—
|
|
|
$
|
639,236
|
|
Royalties
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,850
|
|
|
—
|
|
|
6,850
|
|
||||||||
|
169,133
|
|
|
143,930
|
|
|
148,710
|
|
|
84,052
|
|
|
84,679
|
|
|
15,582
|
|
|
—
|
|
|
646,086
|
|
||||||||
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Costs applicable to sales
(1)
|
138,476
|
|
|
103,994
|
|
|
105,640
|
|
|
52,197
|
|
|
75,827
|
|
|
3,520
|
|
|
—
|
|
|
479,654
|
|
||||||||
Amortization
|
32,423
|
|
|
23,906
|
|
|
42,240
|
|
|
16,378
|
|
|
17,798
|
|
|
9,010
|
|
|
1,996
|
|
|
143,751
|
|
||||||||
Exploration
|
4,533
|
|
|
1,324
|
|
|
2,596
|
|
|
134
|
|
|
126
|
|
|
(124
|
)
|
|
3,058
|
|
|
11,647
|
|
||||||||
Write-downs
|
224,507
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66,712
|
|
|
22,118
|
|
|
—
|
|
|
313,337
|
|
||||||||
Other operating expenses
|
1,293
|
|
|
2,948
|
|
|
1,301
|
|
|
1,717
|
|
|
1,787
|
|
|
33
|
|
|
41,548
|
|
|
50,627
|
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Gain (Loss) on debt extinguishments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,916
|
|
|
15,916
|
|
||||||||
Fair value adjustments, net
|
3,160
|
|
|
818
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,224
|
|
|
5,202
|
|
||||||||
Interest expense, net
|
(4,269
|
)
|
|
(748
|
)
|
|
(218
|
)
|
|
—
|
|
|
(725
|
)
|
|
—
|
|
|
(39,743
|
)
|
|
(45,703
|
)
|
||||||||
Other, net
|
(10,968
|
)
|
|
(13
|
)
|
|
7
|
|
|
143
|
|
|
1,557
|
|
|
(3,182
|
)
|
|
(3,475
|
)
|
|
(15,931
|
)
|
||||||||
Income and mining tax (expense) benefit
|
37,597
|
|
|
(1,497
|
)
|
|
—
|
|
|
(857
|
)
|
|
(5,154
|
)
|
|
5,542
|
|
|
(9,368
|
)
|
|
26,263
|
|
||||||||
Net income (loss)
|
$
|
(206,579
|
)
|
|
$
|
10,318
|
|
|
$
|
(3,278
|
)
|
|
$
|
12,912
|
|
|
$
|
(81,893
|
)
|
|
$
|
(16,615
|
)
|
|
$
|
(82,048
|
)
|
|
$
|
(367,183
|
)
|
Segment assets
(2)
|
$
|
406,648
|
|
|
$
|
190,714
|
|
|
$
|
197,873
|
|
|
$
|
113,305
|
|
|
$
|
91,141
|
|
|
$
|
27,892
|
|
|
$
|
75,737
|
|
|
$
|
1,103,310
|
|
Capital expenditures
|
$
|
35,991
|
|
|
$
|
25,330
|
|
|
$
|
23,834
|
|
|
$
|
3,211
|
|
|
$
|
6,220
|
|
|
$
|
—
|
|
|
$
|
607
|
|
|
$
|
95,193
|
|
Year ended December 31, 2014
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
San Bartolomé
|
|
Coeur Capital
|
|
Other
|
|
Total
|
||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Metal sales
|
$
|
244,003
|
|
|
$
|
123,768
|
|
|
$
|
136,960
|
|
|
$
|
117,749
|
|
|
$
|
10,046
|
|
|
$
|
—
|
|
|
$
|
632,526
|
|
Royalties
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,216
|
|
|
—
|
|
|
3,216
|
|
|||||||
|
244,003
|
|
|
123,768
|
|
|
136,960
|
|
|
117,749
|
|
|
13,262
|
|
|
—
|
|
|
635,742
|
|
|||||||
Costs and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Costs applicable to sales
(1)
|
187,276
|
|
|
91,462
|
|
|
105,342
|
|
|
89,659
|
|
|
4,206
|
|
|
—
|
|
|
477,945
|
|
|||||||
Amortization
|
69,431
|
|
|
20,790
|
|
|
43,619
|
|
|
19,423
|
|
|
7,015
|
|
|
2,158
|
|
|
162,436
|
|
|||||||
Exploration
|
6,671
|
|
|
2,636
|
|
|
8,005
|
|
|
120
|
|
|
515
|
|
|
3,793
|
|
|
21,740
|
|
|||||||
Write-downs
|
784,038
|
|
|
—
|
|
|
107,832
|
|
|
118,754
|
|
|
6,202
|
|
|
455,895
|
|
|
1,472,721
|
|
|||||||
Other operating expenses
|
620
|
|
|
2,813
|
|
|
796
|
|
|
(251
|
)
|
|
938
|
|
|
61,966
|
|
|
66,882
|
|
|||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fair value adjustments, net
|
(1,847
|
)
|
|
3,653
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,812
|
|
|
3,618
|
|
|||||||
Interest expense, net
|
(9,320
|
)
|
|
(679
|
)
|
|
(214
|
)
|
|
(52
|
)
|
|
(1
|
)
|
|
(37,280
|
)
|
|
(47,546
|
)
|
|||||||
Other, net
|
131
|
|
|
105
|
|
|
(22
|
)
|
|
2,461
|
|
|
(7,141
|
)
|
|
(752
|
)
|
|
(5,218
|
)
|
|||||||
Income and mining tax (expense) benefit
|
251,840
|
|
|
(2,224
|
)
|
|
—
|
|
|
18,114
|
|
|
2,067
|
|
|
158,457
|
|
|
428,254
|
|
|||||||
Net income (loss)
|
$
|
(563,229
|
)
|
|
$
|
6,922
|
|
|
$
|
(128,870
|
)
|
|
$
|
(89,433
|
)
|
|
$
|
(10,689
|
)
|
|
$
|
(401,575
|
)
|
|
$
|
(1,186,874
|
)
|
Segment assets
(2)
|
$
|
332,369
|
|
|
$
|
196,765
|
|
|
$
|
215,973
|
|
|
$
|
188,616
|
|
|
$
|
59,848
|
|
|
$
|
81,688
|
|
|
$
|
1,075,259
|
|
Capital expenditures
|
$
|
26,084
|
|
|
$
|
11,898
|
|
|
$
|
16,220
|
|
|
$
|
7,937
|
|
|
$
|
—
|
|
|
$
|
2,105
|
|
|
$
|
64,244
|
|
Assets
|
December 31, 2016
|
|
December 31, 2015
|
||||
Total assets for reportable segments
|
$
|
1,122,038
|
|
|
$
|
1,103,310
|
|
Cash and cash equivalents
|
162,182
|
|
|
200,714
|
|
||
Other assets
|
34,689
|
|
|
28,465
|
|
||
Total consolidated assets
|
$
|
1,318,909
|
|
|
$
|
1,332,489
|
|
Long-Lived Assets
|
December 31, 2016
|
|
December 31, 2015
|
||||
Mexico
|
$
|
397,697
|
|
|
$
|
390,694
|
|
United States
|
338,897
|
|
|
336,210
|
|
||
Bolivia
|
31,539
|
|
|
35,201
|
|
||
Australia
|
2,983
|
|
|
5,952
|
|
||
Argentina
|
10,228
|
|
|
10,871
|
|
||
Other
|
5,564
|
|
|
9,058
|
|
||
Total
|
$
|
786,908
|
|
|
$
|
787,986
|
|
|
|
Year ended December 31,
|
|
|
||||||||||
Customer
|
|
2016
|
|
2015
|
|
2014
|
|
Segments reporting revenue
|
||||||
China National Gold
|
|
$
|
126.6
|
|
|
$
|
126.2
|
|
|
$
|
86.8
|
|
|
Kensington
|
Ohio Precious Metals
|
|
98.4
|
|
|
37.3
|
|
|
8.3
|
|
|
Palmarejo, San Bartolomé,
|
|||
Republic Metal Corporation
|
|
93.3
|
|
|
47.7
|
|
|
4.0
|
|
|
Palmarejo, San Bartolomé, Wharf
|
|||
INTL Commodities
|
|
76.7
|
|
|
33.1
|
|
|
22.4
|
|
|
Palmarejo, San Bartolomé, Rochester, Wharf
|
|||
Asahi (formerly Johnson Matthey)
|
|
62.6
|
|
|
84.2
|
|
|
71.8
|
|
|
Wharf, Rochester, San Bartolomé
|
|||
Standard Bank
|
|
29.0
|
|
|
34.7
|
|
|
87.5
|
|
|
Palmarejo, Rochester
|
|||
TD Securities
|
|
15.5
|
|
|
81.3
|
|
|
106.7
|
|
|
Palmarejo, Rochester
|
|||
Mitsui & Co.
|
|
—
|
|
|
137.7
|
|
|
133.8
|
|
|
Palmarejo, Rochester
|
|
|
Year ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Mining properties
|
|
|
|
|
|
|
||||||
Palmarejo
|
|
$
|
—
|
|
|
$
|
205,803
|
|
|
$
|
668,803
|
|
San Bartolomé
|
|
—
|
|
|
16,690
|
|
|
32,328
|
|
|||
Kensington
|
|
—
|
|
|
—
|
|
|
67,671
|
|
|||
La Preciosa
|
|
—
|
|
|
—
|
|
|
371,411
|
|
|||
Joaquin
|
|
—
|
|
|
—
|
|
|
83,429
|
|
|||
Coeur Capital
|
|
4,446
|
|
|
22,118
|
|
|
6,202
|
|
|||
|
|
4,446
|
|
|
244,611
|
|
|
1,229,844
|
|
|||
|
|
|
|
|
|
|
||||||
Property, plant, and equipment
|
|
|
|
|
|
|
||||||
Palmarejo
|
|
$
|
—
|
|
|
$
|
18,704
|
|
|
$
|
115,235
|
|
San Bartolomé
|
|
—
|
|
|
50,022
|
|
|
86,426
|
|
|||
Kensington
|
|
—
|
|
|
—
|
|
|
40,161
|
|
|||
La Preciosa
|
|
—
|
|
|
—
|
|
|
1,055
|
|
|||
|
|
—
|
|
|
68,726
|
|
|
242,877
|
|
|||
|
|
|
|
|
|
|
||||||
Total
|
|
$
|
4,446
|
|
|
$
|
313,337
|
|
|
$
|
1,472,721
|
|
|
Year ended December 31,
|
||||||
In thousands
|
2016
|
|
2015
|
||||
Asset retirement obligation - Beginning
|
$
|
82,072
|
|
|
$
|
67,214
|
|
Accretion
|
8,136
|
|
|
7,738
|
|
||
Additions and changes in estimates
|
8,688
|
|
|
11,939
|
|
||
Settlements
|
(1,516
|
)
|
|
(4,819
|
)
|
||
Asset retirement obligation - Ending
|
$
|
97,380
|
|
|
$
|
82,072
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Weighted average fair value of stock options granted
|
$
|
1.06
|
|
|
$
|
2.65
|
|
|
$
|
3.79
|
|
Volatility
|
61.75
|
%
|
|
55.71
|
%
|
|
50.93
|
%
|
|||
Expected life in years
|
3.99
|
|
|
4.75
|
|
|
3.92
|
|
|||
Risk-free interest rate
|
1.50
|
%
|
|
1.51
|
%
|
|
1.25
|
%
|
|||
Dividend yield
|
—
|
|
|
—
|
|
|
—
|
|
|
Stock Options
|
|
SARs
|
||||||||||
|
Shares
|
|
Weighted
Average
Exercise
Price
|
|
Shares
|
|
Weighted
Average Exercise Price |
||||||
Outstanding at December 31, 2013
|
415,570
|
|
|
$
|
27.36
|
|
|
50,209
|
|
|
$
|
14.15
|
|
Granted
|
415,172
|
|
|
9.45
|
|
|
—
|
|
|
—
|
|
||
Canceled/forfeited
|
(232,396
|
)
|
|
23.94
|
|
|
(3,637
|
)
|
|
15.40
|
|
||
Outstanding at December 31, 2014
|
598,346
|
|
|
16.26
|
|
|
46,572
|
|
|
14.06
|
|
||
Granted
|
310,028
|
|
|
5.57
|
|
|
—
|
|
|
—
|
|
||
Canceled/forfeited
|
(238,365
|
)
|
|
12.69
|
|
|
—
|
|
|
—
|
|
||
Outstanding at December 31, 2015
|
670,009
|
|
|
12.58
|
|
|
46,572
|
|
|
14.06
|
|
||
Granted
|
183,251
|
|
|
2.19
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
(170,897
|
)
|
|
7.81
|
|
|
—
|
|
|
—
|
|
||
Canceled/forfeited
|
(25,752
|
)
|
|
16.76
|
|
|
(4,420
|
)
|
|
13.31
|
|
||
Outstanding at December 31, 2016
|
656,611
|
|
|
$
|
10.76
|
|
|
42,152
|
|
|
$
|
14.14
|
|
Range of
Exercise Price
|
Number
Outstanding
|
|
Weighted Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Life (Years)
|
|
Aggregate Intrinsic Value (in thousands)
|
|||||
$ 0.00-$10.00
|
455,578
|
|
|
$
|
5.32
|
|
|
8.19
|
|
|
||
$10.00-$20.00
|
52,616
|
|
|
13.33
|
|
|
6.64
|
|
|
|||
$20.00-$30.00
|
141,947
|
|
|
25.73
|
|
|
5.26
|
|
|
|||
$30.00-$40.00
|
3,134
|
|
|
39.90
|
|
|
0.22
|
|
|
|||
$40.00-$50.00
|
3,336
|
|
|
48.50
|
|
|
1.03
|
|
|
|||
Outstanding
|
656,611
|
|
|
$
|
10.76
|
|
|
7.36
|
|
$
|
1,753
|
|
Vested and expected to vest
|
618,870
|
|
|
$
|
11.20
|
|
|
7.27
|
|
$
|
1,555
|
|
Exercisable
|
292,524
|
|
|
$
|
18.31
|
|
|
5.97
|
|
$
|
118
|
|
|
Restricted Stock
|
|||||
|
Number of
Shares
|
|
Weighted
Average
Grant Date
Fair Value
|
|||
Outstanding at December 31, 2013
|
613,086
|
|
|
$
|
16.68
|
|
Granted
|
695,897
|
|
|
9.83
|
|
|
Vested
|
(234,103
|
)
|
|
17.16
|
|
|
Cancelled/Forfeited
|
(172,881
|
)
|
|
11.87
|
|
|
Outstanding at December 31, 2014
|
901,999
|
|
|
12.19
|
|
|
Granted
|
1,180,384
|
|
|
5.49
|
|
|
Vested
|
(317,122
|
)
|
|
13.38
|
|
|
Cancelled/Forfeited
|
(257,849
|
)
|
|
7.59
|
|
|
Outstanding at December 31, 2015
|
1,507,412
|
|
|
7.49
|
|
|
Granted
|
1,768,746
|
|
|
3.72
|
|
|
Vested
|
(681,829
|
)
|
|
8.51
|
|
|
Cancelled/Forfeited
|
(160,414
|
)
|
|
7.16
|
|
|
Outstanding at December 31, 2016
|
2,433,915
|
|
|
$
|
4.48
|
|
|
Performance Shares
|
|||||
|
Number of
Shares
|
|
Weighted
Average
Grant Date
Fair Value
|
|||
Outstanding at December 31, 2013
|
210,395
|
|
|
$
|
28.04
|
|
Granted
|
358,398
|
|
|
12.21
|
|
|
Vested
|
(34,611
|
)
|
|
27.18
|
|
|
Cancelled/Forfeited
|
(17,352
|
)
|
|
27.15
|
|
|
Outstanding at December 31, 2014
|
516,830
|
|
|
17.61
|
|
|
Granted
|
809,293
|
|
|
6.97
|
|
|
Cancelled/Forfeited
|
(190,988
|
)
|
|
15.62
|
|
|
Outstanding at December 31, 2015
|
1,135,135
|
|
|
10.35
|
|
|
Granted
|
1,437,077
|
|
|
1.79
|
|
|
Cancelled/Forfeited
|
(199,580
|
)
|
|
17.98
|
|
|
Outstanding at December 31, 2016
|
2,372,632
|
|
|
$
|
4.53
|
|
|
Year ended December 31,
|
||||||||||
In thousands
|
2016
|
|
2015
|
|
2014
|
||||||
Foreign exchange gain (loss)
|
$
|
(10,720
|
)
|
|
$
|
(15,769
|
)
|
|
$
|
470
|
|
Gain on sale of assets and investments
|
11,334
|
|
|
(352
|
)
|
|
(530
|
)
|
|||
Impairment of equity securities
|
(703
|
)
|
|
(2,346
|
)
|
|
(6,593
|
)
|
|||
Other
|
1,964
|
|
|
2,536
|
|
|
1,435
|
|
|||
Other, net
|
$
|
1,875
|
|
|
$
|
(15,931
|
)
|
|
$
|
(5,218
|
)
|
|
Year ended December 31,
|
||||||||||
In thousands
|
2016
|
|
2015
|
|
2014
|
||||||
United States
|
$
|
(13,112
|
)
|
|
$
|
(43,924
|
)
|
|
$
|
(213,883
|
)
|
Foreign
|
14,225
|
|
|
(349,522
|
)
|
|
(1,401,245
|
)
|
|||
Total
|
$
|
1,113
|
|
|
$
|
(393,446
|
)
|
|
$
|
(1,615,128
|
)
|
|
Year ended December 31,
|
||||||||||
In thousands
|
2016
|
|
2015
|
|
2014
|
||||||
Current:
|
|
|
|
|
|
|
|
|
|||
United States
|
$
|
—
|
|
|
$
|
49
|
|
|
$
|
904
|
|
United States — State mining taxes
|
(7,826
|
)
|
|
(4,305
|
)
|
|
(879
|
)
|
|||
United States — Foreign withholding tax
|
(4,263
|
)
|
|
—
|
|
|
(6,250
|
)
|
|||
Argentina
|
10
|
|
|
715
|
|
|
(71
|
)
|
|||
Australia
|
14
|
|
|
130
|
|
|
—
|
|
|||
Bolivia
|
6,252
|
|
|
(5,154
|
)
|
|
(4,008
|
)
|
|||
Canada
|
(1,841
|
)
|
|
(516
|
)
|
|
(145
|
)
|
|||
Mexico
|
(9,581
|
)
|
|
(476
|
)
|
|
(10,122
|
)
|
|||
Deferred:
|
|
|
|
|
|
||||||
United States
|
15,556
|
|
|
1,778
|
|
|
5,743
|
|
|||
United States — State mining taxes
|
748
|
|
|
1,952
|
|
|
—
|
|
|||
Argentina
|
115
|
|
|
(1,197
|
)
|
|
24,478
|
|
|||
Australia
|
(1,638
|
)
|
|
3,223
|
|
|
(401
|
)
|
|||
Bolivia
|
—
|
|
|
—
|
|
|
22,122
|
|
|||
Canada
|
1,338
|
|
|
2,875
|
|
|
2,662
|
|
|||
Mexico
|
55,383
|
|
|
27,189
|
|
|
394,221
|
|
|||
New Zealand
|
(28
|
)
|
|
—
|
|
|
—
|
|
|||
Income tax (expense) benefit
|
$
|
54,239
|
|
|
$
|
26,263
|
|
|
$
|
428,254
|
|
|
Year ended December 31,
|
||||||||||
In thousands
|
2016
|
|
2015
|
|
2014
|
||||||
Income and mining tax (expense) benefit at statutory rate
|
$
|
(390
|
)
|
|
$
|
137,706
|
|
|
$
|
565,295
|
|
State tax provision from continuing operations
|
336
|
|
|
(2,075
|
)
|
|
20,253
|
|
|||
Change in valuation allowance
|
61,146
|
|
|
(101,027
|
)
|
|
(151,191
|
)
|
|||
Percentage depletion
|
983
|
|
|
—
|
|
|
—
|
|
|||
Uncertain tax positions
|
(4,619
|
)
|
|
(1,947
|
)
|
|
(4,425
|
)
|
|||
U.S. and foreign non-deductible expenses
|
(5,764
|
)
|
|
1,365
|
|
|
(4,892
|
)
|
|||
Mineral interest related
|
—
|
|
|
(19,310
|
)
|
|
—
|
|
|||
Foreign exchange rates
|
19,701
|
|
|
22,350
|
|
|
23,672
|
|
|||
Foreign inflation and indexing
|
2,794
|
|
|
1,117
|
|
|
3,765
|
|
|||
Foreign tax rate differences
|
413
|
|
|
(15,980
|
)
|
|
(63,930
|
)
|
|||
Foreign withholding and other taxes
|
(13,478
|
)
|
|
8,140
|
|
|
82,884
|
|
|||
Foreign tax credits and other, net
|
102
|
|
|
(4,076
|
)
|
|
(43,177
|
)
|
|||
Legal entity reorganization
|
(6,985
|
)
|
|
—
|
|
|
—
|
|
|||
Income and mining tax (expense) benefit
|
$
|
54,239
|
|
|
$
|
26,263
|
|
|
$
|
428,254
|
|
|
Year ended December 31,
|
||||||
In thousands
|
2016
|
|
2015
|
||||
Deferred tax liabilities:
|
|
|
|
|
|
||
Mexican mining tax
|
$
|
—
|
|
|
$
|
15,451
|
|
Mineral properties
|
69,799
|
|
|
—
|
|
||
Foreign subsidiaries — unremitted earnings
|
1,302
|
|
|
12,999
|
|
||
Inventory
|
4,426
|
|
|
2,353
|
|
||
Royalty and other long-term debt
|
8,685
|
|
|
1,648
|
|
||
|
$
|
84,212
|
|
|
$
|
32,451
|
|
Deferred tax assets:
|
|
|
|
|
|
||
Net operating loss carryforwards
|
202,756
|
|
|
203,958
|
|
||
Mineral properties
|
—
|
|
|
34,966
|
|
||
Property, plant, and equipment
|
87,978
|
|
|
6,980
|
|
||
Mexico Mining Tax
|
6,359
|
|
|
—
|
|
||
Capital loss carryforwards
|
6,770
|
|
|
3,938
|
|
||
Asset retirement obligation
|
25,255
|
|
|
21,480
|
|
||
Unrealized foreign currency loss and other
|
7,413
|
|
|
8,424
|
|
||
Accrued expenses
|
17,713
|
|
|
17,905
|
|
||
Tax credit carryforwards
|
31,272
|
|
|
26,439
|
|
||
|
385,516
|
|
|
324,090
|
|
||
Valuation allowance
|
(375,911
|
)
|
|
(436,829
|
)
|
||
|
9,605
|
|
|
(112,739
|
)
|
||
Net deferred tax liabilities
|
$
|
74,607
|
|
|
$
|
145,190
|
|
In thousands
|
U.S.
|
|
Argentina
|
|
Bolivia
|
|
Canada
|
|
Mexico
|
|
New Zealand
|
|
Other
|
|
Total
|
||||||||||||||||
Regular net operating losses
|
$
|
330,469
|
|
|
$
|
11,621
|
|
|
$
|
63,005
|
|
|
$
|
2,301
|
|
|
$
|
91,383
|
|
|
$
|
85,258
|
|
|
$
|
63
|
|
|
$
|
584,100
|
|
Alternative minimum tax net operating losses
|
184,386
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
184,386
|
|
||||||||
Capital losses
|
19,315
|
|
|
—
|
|
|
—
|
|
|
79
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,394
|
|
||||||||
Alternative minimum tax credits
|
3,173
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,173
|
|
||||||||
Foreign tax credits
|
24,161
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,161
|
|
Unrecognized tax benefits at January 1, 2014
|
$
|
16,084
|
|
Gross increase to current period tax positions
|
1,030
|
|
|
Gross increase to prior period tax positions
|
810
|
|
|
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations
|
—
|
|
|
Unrecognized tax benefits at December 31, 2015
|
$
|
17,924
|
|
Gross increase to current period tax positions
|
1,336
|
|
|
Gross increase to prior period tax positions
|
4,854
|
|
|
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations
|
(704
|
)
|
|
Unrecognized tax benefits at December 31, 2016
|
$
|
23,410
|
|
|
Year ended December 31,
|
||||||||||
In thousands except per share amounts
|
2016
|
|
2015
|
|
2014
|
||||||
Net income (loss) available to common stockholders
|
$
|
55,352
|
|
|
$
|
(367,183
|
)
|
|
$
|
(1,186,874
|
)
|
Weighted average shares:
|
|
|
|
|
|
||||||
Basic
|
159,853
|
|
|
129,639
|
|
|
102,441
|
|
|||
Effect of stock-based compensation plans
|
3,606
|
|
|
—
|
|
|
—
|
|
|||
Diluted
|
163,459
|
|
|
129,639
|
|
|
102,441
|
|
|||
Income (loss) per share:
|
|
|
|
|
|
||||||
Basic
|
$
|
0.35
|
|
|
$
|
(2.83
|
)
|
|
$
|
(11.59
|
)
|
Diluted
|
$
|
0.34
|
|
|
$
|
(2.83
|
)
|
|
$
|
(11.59
|
)
|
|
Year ended December 31,
|
||||||||||
In thousands
|
2016
|
|
2015
|
|
2014
|
||||||
Palmarejo royalty obligation embedded derivative
|
$
|
(5,866
|
)
|
|
$
|
3,101
|
|
|
$
|
(2,001
|
)
|
Rochester net smelter returns (“NSR”) royalty obligation
|
(4,133
|
)
|
|
818
|
|
|
3,653
|
|
|||
Silver and gold options
|
(1,582
|
)
|
|
1,283
|
|
|
1,058
|
|
|||
Foreign exchange contracts
|
—
|
|
|
—
|
|
|
908
|
|
|||
Fair value adjustments, net
|
$
|
(11,581
|
)
|
|
$
|
5,202
|
|
|
$
|
3,618
|
|
|
Fair Value at December 31, 2016
|
||||||||||||||
In thousands
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
$
|
4,488
|
|
|
$
|
4,209
|
|
|
$
|
—
|
|
|
$
|
279
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Rochester NSR royalty obligation
|
9,287
|
|
|
—
|
|
|
—
|
|
|
9,287
|
|
||||
Other derivative instruments, net
|
762
|
|
|
—
|
|
|
762
|
|
|
—
|
|
||||
|
$
|
10,049
|
|
|
$
|
—
|
|
|
$
|
762
|
|
|
$
|
9,287
|
|
|
Fair Value at December 31, 2015
|
||||||||||||||
In thousands
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
$
|
2,766
|
|
|
$
|
2,756
|
|
|
$
|
—
|
|
|
$
|
10
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Palmarejo royalty obligation embedded derivative
|
$
|
4,957
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,957
|
|
Rochester NSR royalty obligation
|
9,593
|
|
|
—
|
|
|
—
|
|
|
9,593
|
|
||||
Other derivative instruments, net
|
508
|
|
|
—
|
|
|
508
|
|
|
—
|
|
||||
|
$
|
15,058
|
|
|
$
|
—
|
|
|
$
|
508
|
|
|
$
|
14,550
|
|
|
Year ended December 31, 2016
|
||||||||||||||
In thousands
|
Balance at the beginning of the period
|
|
Revaluation
|
|
Settlements
|
|
Balance at the
end of the
period
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
$
|
10
|
|
|
$
|
272
|
|
|
$
|
(3
|
)
|
|
$
|
279
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Palmarejo royalty obligation embedded derivative
|
$
|
4,957
|
|
|
$
|
5,866
|
|
|
$
|
(10,823
|
)
|
|
$
|
—
|
|
Rochester NSR royalty obligation
|
$
|
9,593
|
|
|
$
|
4,133
|
|
|
$
|
(4,439
|
)
|
|
$
|
9,287
|
|
|
Year ended December 31, 2015
|
||||||||||||||
In thousands
|
Balance at the beginning of the period
|
|
Revaluation
|
|
Settlements
|
|
Balance at the
end of the
period
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
$
|
1,379
|
|
|
$
|
(983
|
)
|
|
$
|
(386
|
)
|
|
$
|
10
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Palmarejo royalty obligation embedded derivative
|
$
|
21,912
|
|
|
$
|
(3,101
|
)
|
|
$
|
(13,854
|
)
|
|
$
|
4,957
|
|
Rochester NSR royalty obligation
|
$
|
15,370
|
|
|
$
|
(818
|
)
|
|
$
|
(4,959
|
)
|
|
$
|
9,593
|
|
Description
|
Valuation technique
|
Unobservable input
|
Range / Weighted Average
|
Property, plant, and equipment
and
Mining properties
|
Discounted cash flow
|
Discount rate
|
7.50% - 11.00%
|
|
|
Long-term silver price
|
$17.50
|
|
|
Long-term gold price
|
$1,200
|
Description
|
Valuation technique
|
Unobservable input
|
Range / Weighted Average
|
Property, plant, and equipment
and
Mining properties
|
Discounted cash flow
|
Discount rate
|
8.00% - 10.75%
|
|
|
Long-term silver price
|
$19.00
|
|
|
Long-term gold price
|
$1,275
|
|
December 31, 2016
|
||||||||||||||||||
In thousands
|
Book Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
7.875% Senior Notes due 2021
(1)
|
$
|
175,991
|
|
|
$
|
184,373
|
|
|
$
|
—
|
|
|
$
|
184,373
|
|
|
$
|
—
|
|
(1)
|
Net of unamortized debt issuance costs and premium received of
$2.0 million
.
|
|
December 31, 2015
|
||||||||||||||||||
In thousands
|
Book Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
3.25% Convertible Senior Notes due 2028
|
$
|
712
|
|
|
$
|
693
|
|
|
$
|
—
|
|
|
$
|
693
|
|
|
$
|
—
|
|
Senior Notes
(1)
|
373,433
|
|
|
227,487
|
|
|
—
|
|
|
227,487
|
|
|
—
|
|
|||||
Term Loan due 2020
(2)
|
94,489
|
|
|
99,500
|
|
|
—
|
|
|
99,500
|
|
|
—
|
|
|||||
San Bartolomé Lines of Credit
|
4,571
|
|
|
4,571
|
|
|
—
|
|
|
4,571
|
|
|
—
|
|
|||||
Palmarejo gold production royalty obligation
|
15,207
|
|
|
15,580
|
|
|
—
|
|
|
—
|
|
|
15,580
|
|
(1)
|
Net of unamortized debt issuance costs and premium received of
$5.3 million
.
|
(2)
|
Net of unamortized debt issuance costs of
$5.0 million
.
|
In thousands except average prices and notional ounces
|
2017
|
|
Thereafter
|
||||
|
|
|
|
||||
Provisional silver sales
|
$
|
5,801
|
|
|
$
|
—
|
|
Average silver price
|
$
|
16.35
|
|
|
$
|
—
|
|
Notional ounces
|
354,771
|
|
|
—
|
|
||
|
|
|
|
||||
Provisional gold sales
|
$
|
30,810
|
|
|
$
|
—
|
|
Average gold price
|
$
|
1,208
|
|
|
$
|
—
|
|
Notional ounces
|
25,505
|
|
|
—
|
|
||
|
|
|
|
|
December 31, 2016
|
||||||||||||||
In thousands
|
Prepaid expenses and other
|
|
Accrued liabilities and other
|
|
Current portion of royalty obligation
|
|
Non-current portion of royalty obligation
|
||||||||
Provisional silver and gold sales contracts
|
$
|
—
|
|
|
$
|
762
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
December 31, 2015
|
||||||||||||||
In thousands
|
Prepaid expenses and other
|
|
Accrued liabilities and other
|
|
Current portion of royalty obligation
|
|
Non-current portion of royalty obligation
|
||||||||
Palmarejo gold production royalty
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,957
|
|
|
$
|
—
|
|
Provisional silver and gold sales contracts
|
28
|
|
|
536
|
|
|
—
|
|
|
—
|
|
||||
|
$
|
28
|
|
|
$
|
536
|
|
|
$
|
4,957
|
|
|
$
|
—
|
|
|
|
Year ended December 31,
|
||||||||||
Financial statement line
|
Derivative
|
2016
|
|
2015
|
|
2014
|
||||||
Revenue
|
Provisional silver and gold sales contracts
|
$
|
(254
|
)
|
|
$
|
296
|
|
|
(123
|
)
|
|
Costs applicable to sales
|
Foreign exchange contracts
|
—
|
|
|
—
|
|
|
924
|
|
|||
Fair value adjustments, net
|
Foreign exchange contracts
|
—
|
|
|
—
|
|
|
(16
|
)
|
|||
Fair value adjustments, net
|
Palmarejo gold royalty
|
(5,866
|
)
|
|
3,101
|
|
|
(2,001
|
)
|
|||
Fair value adjustments, net
|
Silver and gold options
|
(1,582
|
)
|
|
1,283
|
|
|
1,058
|
|
|||
|
|
$
|
(7,702
|
)
|
|
$
|
4,680
|
|
|
$
|
(158
|
)
|
Common shares issued (32,667,327 at $5.78)
|
$
|
188,817
|
|
Cash
|
8,530
|
|
|
Transaction advisory fees and other acquisition costs
|
4,020
|
|
|
Total purchase price
|
201,367
|
|
|
|
|
||
Total assets acquired
|
307,193
|
|
|
Total liabilities assumed
|
105,826
|
|
|
Net assets acquired
|
$
|
201,367
|
|
Total assets acquired
|
133,269
|
|
|
Total liabilities assumed
|
33,873
|
|
|
Net assets acquired
|
$
|
99,396
|
|
|
|
|
|
|
|||||||
In thousands
|
2016
|
|
2015 (Pro Forma)
|
|
2014 (Pro Forma)
|
||||||
Revenue
|
$
|
665,777
|
|
|
$
|
664,086
|
|
|
$
|
729,742
|
|
Income (loss) before income and mining taxes
|
1,113
|
|
|
(393,498
|
)
|
|
(1,587,128
|
)
|
|||
Net income (loss)
|
55,352
|
|
|
(367,235
|
)
|
|
(1,158,874
|
)
|
|
At December 31, 2016
|
||||||||||||||
In thousands
|
Cost
|
|
Gross
Unrealized
Losses
|
|
Gross
Unrealized
Gains
|
|
Estimated
Fair Value
|
||||||||
Kootenay Silver, Inc.
|
$
|
2,645
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,645
|
|
Silver Bull Resources, Inc.
|
233
|
|
|
—
|
|
|
783
|
|
|
1,016
|
|
||||
Other
|
229
|
|
|
—
|
|
|
598
|
|
|
827
|
|
||||
Equity securities
|
$
|
3,107
|
|
|
$
|
—
|
|
|
$
|
1,381
|
|
|
$
|
4,488
|
|
|
At December 31, 2015
|
||||||||||||||
In thousands
|
Cost
|
|
Gross
Unrealized
Losses
|
|
Gross
Unrealized
Gains
|
|
Estimated
Fair Value
|
||||||||
Paramount Gold Nevada Corp.
|
$
|
1,470
|
|
|
$
|
(1,036
|
)
|
|
$
|
—
|
|
|
$
|
434
|
|
Northair Silver Corp.
|
725
|
|
|
—
|
|
|
9
|
|
|
734
|
|
||||
Agnico-Eagle Mines Ltd.
|
420
|
|
|
—
|
|
|
518
|
|
|
938
|
|
||||
Silver Bull Resources, Inc.
|
305
|
|
|
—
|
|
|
—
|
|
|
305
|
|
||||
Other
|
466
|
|
|
(143
|
)
|
|
32
|
|
|
355
|
|
||||
Equity securities
|
$
|
3,386
|
|
|
$
|
(1,179
|
)
|
|
$
|
559
|
|
|
$
|
2,766
|
|
In thousands
|
December 31, 2016
|
|
December 31, 2015
|
||||
Current receivables:
|
|
|
|
||||
Trade receivables
|
$
|
10,669
|
|
|
$
|
17,878
|
|
Income tax receivable
|
1,038
|
|
|
13,678
|
|
||
Value added tax receivable
|
46,083
|
|
|
50,669
|
|
||
Other
|
2,641
|
|
|
3,767
|
|
||
|
$
|
60,431
|
|
|
$
|
85,992
|
|
Non-current receivables:
|
|
|
|
||||
Value added tax receivable
|
$
|
19,293
|
|
|
$
|
24,768
|
|
Income tax receivable
|
11,658
|
|
|
—
|
|
||
|
30,951
|
|
|
24,768
|
|
||
Total receivables
|
$
|
91,382
|
|
|
$
|
110,760
|
|
In thousands
|
December 31, 2016
|
|
December 31, 2015
|
||||
Inventory:
|
|
|
|
||||
Concentrate
|
$
|
17,994
|
|
|
$
|
16,165
|
|
Precious metals
|
47,228
|
|
|
21,908
|
|
||
Supplies
|
40,804
|
|
|
43,638
|
|
||
|
$
|
106,026
|
|
|
$
|
81,711
|
|
Ore on leach pads:
|
|
|
|
||||
Current
|
$
|
64,167
|
|
|
$
|
67,329
|
|
Non-current
|
67,231
|
|
|
44,582
|
|
||
|
$
|
131,398
|
|
|
$
|
111,911
|
|
Total inventory and ore on leach pads
|
$
|
237,424
|
|
|
$
|
193,622
|
|
In thousands
|
December 31, 2016
|
|
December 31, 2015
|
||||
Land
|
$
|
7,878
|
|
|
$
|
8,287
|
|
Facilities and equipment
|
650,480
|
|
|
654,585
|
|
||
Assets under capital leases
|
54,968
|
|
|
30,648
|
|
||
|
713,326
|
|
|
693,520
|
|
||
Accumulated amortization
|
(524,806
|
)
|
|
(514,509
|
)
|
||
|
188,520
|
|
|
179,011
|
|
||
Construction in progress
|
28,276
|
|
|
16,988
|
|
||
Property, plant and equipment, net
|
$
|
216,796
|
|
|
$
|
195,999
|
|
December 31, 2016
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
San
Bartolomé
|
|
La Preciosa
|
|
Joaquin
|
|
Coeur Capital
|
|
Total
|
||||||||||||||||||
Mine development
|
$
|
174,890
|
|
|
$
|
165,230
|
|
|
$
|
271,175
|
|
|
$
|
37,485
|
|
|
$
|
39,184
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
687,964
|
|
Accumulated amortization
|
(134,995
|
)
|
|
(138,244
|
)
|
|
(154,744
|
)
|
|
(11,699
|
)
|
|
(32,192
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(471,874
|
)
|
|||||||||
|
39,895
|
|
|
26,986
|
|
|
116,431
|
|
|
25,786
|
|
|
6,992
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
216,090
|
|
|||||||||
Mineral interests
|
629,303
|
|
|
—
|
|
|
—
|
|
|
45,837
|
|
|
12,868
|
|
|
49,085
|
|
|
10,000
|
|
|
37,272
|
|
|
784,365
|
|
|||||||||
Accumulated amortization
|
(381,686
|
)
|
|
—
|
|
|
—
|
|
|
(19,249
|
)
|
|
(11,695
|
)
|
|
—
|
|
|
—
|
|
|
(29,370
|
)
|
|
(442,000
|
)
|
|||||||||
|
247,617
|
|
|
—
|
|
|
—
|
|
|
26,588
|
|
|
1,173
|
|
|
49,085
|
|
|
10,000
|
|
|
7,902
|
|
|
342,365
|
|
|||||||||
Mining properties, net
|
$
|
287,512
|
|
|
$
|
26,986
|
|
|
$
|
116,431
|
|
|
$
|
52,374
|
|
|
$
|
8,165
|
|
|
$
|
49,085
|
|
|
$
|
10,000
|
|
|
$
|
7,902
|
|
|
$
|
558,455
|
|
December 31, 2015
|
Palmarejo
|
|
Rochester
|
|
Kensington
|
|
Wharf
|
|
San
Bartolomé
|
|
La Preciosa
|
|
Joaquin
|
|
Coeur Capital
|
|
Total
|
||||||||||||||||||
Mine development
|
$
|
151,828
|
|
|
$
|
149,756
|
|
|
$
|
238,786
|
|
|
$
|
32,318
|
|
|
$
|
39,474
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
612,162
|
|
Accumulated amortization
|
(131,055
|
)
|
|
(126,242
|
)
|
|
(131,236
|
)
|
|
(5,784
|
)
|
|
(30,325
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(424,642
|
)
|
|||||||||
|
20,773
|
|
|
23,514
|
|
|
107,550
|
|
|
26,534
|
|
|
9,149
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
187,520
|
|
|||||||||
Mineral interests
|
629,303
|
|
|
—
|
|
|
—
|
|
|
45,837
|
|
|
12,868
|
|
|
49,085
|
|
|
10,000
|
|
|
59,343
|
|
|
806,436
|
|
|||||||||
Accumulated amortization
|
(348,268
|
)
|
|
—
|
|
|
—
|
|
|
(10,551
|
)
|
|
(11,400
|
)
|
|
—
|
|
|
—
|
|
|
(34,518
|
)
|
|
(404,737
|
)
|
|||||||||
|
281,035
|
|
|
—
|
|
|
—
|
|
|
35,286
|
|
|
1,468
|
|
|
49,085
|
|
|
10,000
|
|
|
24,825
|
|
|
401,699
|
|
|||||||||
Mining properties, net
|
$
|
301,808
|
|
|
$
|
23,514
|
|
|
$
|
107,550
|
|
|
$
|
61,820
|
|
|
$
|
10,617
|
|
|
$
|
49,085
|
|
|
$
|
10,000
|
|
|
$
|
24,825
|
|
|
$
|
589,219
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||
In thousands
|
Current
|
|
Non-Current
|
|
Current
|
|
Non-Current
|
||||||||
Senior Notes, net
(1)
|
$
|
—
|
|
|
$
|
175,991
|
|
|
$
|
—
|
|
|
$
|
373,433
|
|
3.25% Convertible Senior Notes due 2028
|
—
|
|
|
—
|
|
|
—
|
|
|
712
|
|
||||
Term Loan due 2020, net
(2)
|
—
|
|
|
—
|
|
|
1,000
|
|
|
93,489
|
|
||||
San Bartolomé Lines of Credit
|
—
|
|
|
—
|
|
|
—
|
|
|
4,571
|
|
||||
Capital lease obligations
|
12,039
|
|
|
22,866
|
|
|
9,431
|
|
|
7,774
|
|
||||
|
$
|
12,039
|
|
|
$
|
198,857
|
|
|
$
|
10,431
|
|
|
$
|
479,979
|
|
At December 31, (
In thousands)
|
|
|
||||
|
Operating leases
|
Capital leases
|
||||
2017
|
$
|
13,709
|
|
$
|
13,292
|
|
2018
|
5,514
|
|
10,968
|
|
||
2019
|
5,304
|
|
6,481
|
|
||
2020
|
3,891
|
|
3,675
|
|
||
2021
|
3,095
|
|
2,886
|
|
||
Thereafter
|
8,716
|
|
44
|
|
||
Total
|
$
|
40,229
|
|
$
|
37,346
|
|
Less: imputed interest
|
—
|
|
(2,441
|
)
|
||
Net lease obligation
|
$
|
40,229
|
|
$
|
34,905
|
|
|
Year ended December 31,
|
||||||||||
In thousands
|
2016
|
|
2015
|
|
2014
|
||||||
7.875% Senior Notes due 2021
|
$
|
28,871
|
|
|
$
|
33,437
|
|
|
$
|
32,741
|
|
3.25% Convertible Senior Notes due 2028
|
13
|
|
|
54
|
|
|
173
|
|
|||
Term Loan due 2020
|
4,939
|
|
|
4,719
|
|
|
—
|
|
|||
Short-term Loan
|
—
|
|
|
326
|
|
|
—
|
|
|||
San Bartolomé Lines of Credit
|
15
|
|
|
795
|
|
|
—
|
|
|||
Revolving Credit Facility
|
—
|
|
|
—
|
|
|
179
|
|
|||
Loss on Revolving Credit Facility
|
—
|
|
|
—
|
|
|
3,035
|
|
|||
Capital lease obligations
|
1,437
|
|
|
1,035
|
|
|
972
|
|
|||
Accretion of Palmarejo gold production royalty obligation
|
1,211
|
|
|
6,567
|
|
|
10,773
|
|
|||
Amortization of debt issuance costs
|
1,933
|
|
|
2,257
|
|
|
1,740
|
|
|||
Accretion of debt premium
|
(345
|
)
|
|
(409
|
)
|
|
(357
|
)
|
|||
Other debt obligations
|
72
|
|
|
20
|
|
|
—
|
|
|||
Capitalized interest
|
(1,226
|
)
|
|
(3,098
|
)
|
|
(1,710
|
)
|
|||
Total interest expense, net of capitalized interest
|
$
|
36,920
|
|
|
$
|
45,703
|
|
|
$
|
47,546
|
|
In thousands
|
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenue
|
|
$
|
—
|
|
|
$
|
423,488
|
|
|
$
|
242,289
|
|
|
$
|
—
|
|
|
$
|
665,777
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs applicable to sales
(1)
|
|
—
|
|
|
252,836
|
|
|
156,705
|
|
|
—
|
|
|
409,541
|
|
|||||
Amortization
|
|
1,558
|
|
|
77,392
|
|
|
44,211
|
|
|
—
|
|
|
123,161
|
|
|||||
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
General and administrative
|
|
28,704
|
|
|
250
|
|
|
422
|
|
|
—
|
|
|
29,376
|
|
|||||
Exploration
|
|
1,596
|
|
|
6,127
|
|
|
5,207
|
|
|
—
|
|
|
12,930
|
|
|||||
Write-downs
|
|
—
|
|
|
—
|
|
|
4,446
|
|
|
—
|
|
|
4,446
|
|
|||||
Pre-development, reclamation, and other
|
|
2,044
|
|
|
5,839
|
|
|
9,336
|
|
|
—
|
|
|
17,219
|
|
|||||
Total costs and expenses
|
|
33,902
|
|
|
342,444
|
|
|
220,327
|
|
|
—
|
|
|
596,673
|
|
|||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loss on debt extinguishments
|
|
(21,365
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,365
|
)
|
|||||
Fair value adjustments, net
|
|
(1,635
|
)
|
|
(4,133
|
)
|
|
(5,813
|
)
|
|
—
|
|
|
(11,581
|
)
|
|||||
Other, net
|
|
4,357
|
|
|
2,139
|
|
|
463
|
|
|
(5,084
|
)
|
|
1,875
|
|
|||||
Interest expense, net of capitalized interest
|
|
(35,158
|
)
|
|
(861
|
)
|
|
(5,985
|
)
|
|
5,084
|
|
|
(36,920
|
)
|
|||||
Total other income (expense), net
|
|
(53,801
|
)
|
|
(2,855
|
)
|
|
(11,335
|
)
|
|
—
|
|
|
(67,991
|
)
|
|||||
Loss before income and mining taxes
|
|
(87,703
|
)
|
|
78,189
|
|
|
10,627
|
|
|
—
|
|
|
1,113
|
|
|||||
Income and mining tax (expense) benefit
|
|
11,733
|
|
|
(7,517
|
)
|
|
50,023
|
|
|
—
|
|
|
54,239
|
|
|||||
Total loss after income and mining taxes
|
|
(75,970
|
)
|
|
70,672
|
|
|
60,650
|
|
|
—
|
|
|
55,352
|
|
|||||
Equity income (loss) in consolidated subsidiaries
|
|
131,322
|
|
|
(4,353
|
)
|
|
—
|
|
|
(126,969
|
)
|
|
—
|
|
|||||
NET INCOME (LOSS)
|
|
$
|
55,352
|
|
|
$
|
66,319
|
|
|
$
|
60,650
|
|
|
$
|
(126,969
|
)
|
|
$
|
55,352
|
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gain (loss) on marketable securities, net of tax
|
|
3,222
|
|
|
3,156
|
|
|
—
|
|
|
(3,156
|
)
|
|
3,222
|
|
|||||
Reclassification adjustments for impairment of equity securities, net of tax
|
|
703
|
|
|
703
|
|
|
—
|
|
|
(703
|
)
|
|
703
|
|
|||||
Reclassification adjustments for realized loss on sale of equity securities, net of tax
|
|
(2,691
|
)
|
|
(3,181
|
)
|
|
—
|
|
|
3,181
|
|
|
(2,691
|
)
|
|||||
Other comprehensive income (loss)
|
|
1,234
|
|
|
678
|
|
|
—
|
|
|
(678
|
)
|
|
1,234
|
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
56,586
|
|
|
$
|
66,997
|
|
|
$
|
60,650
|
|
|
$
|
(127,647
|
)
|
|
$
|
56,586
|
|
In thousands
|
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenue
|
|
$
|
—
|
|
|
$
|
378,278
|
|
|
$
|
267,808
|
|
|
$
|
—
|
|
|
$
|
646,086
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs applicable to sales
(1)
|
|
—
|
|
|
261,830
|
|
|
217,824
|
|
|
—
|
|
|
479,654
|
|
|||||
Amortization
|
|
1,991
|
|
|
83,325
|
|
|
58,435
|
|
|
—
|
|
|
143,751
|
|
|||||
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
General and administrative
|
|
32,405
|
|
|
35
|
|
|
394
|
|
|
—
|
|
|
32,834
|
|
|||||
Exploration
|
|
2,265
|
|
|
3,931
|
|
|
5,451
|
|
|
—
|
|
|
11,647
|
|
|||||
Write-downs
|
|
—
|
|
|
1,630
|
|
|
311,707
|
|
|
—
|
|
|
313,337
|
|
|||||
Pre-development, reclamation, and other
|
|
4,083
|
|
|
5,920
|
|
|
7,790
|
|
|
—
|
|
|
17,793
|
|
|||||
Total costs and expenses
|
|
40,744
|
|
|
356,671
|
|
|
601,601
|
|
|
—
|
|
|
999,016
|
|
|||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gain on debt extinguishments
|
|
15,916
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,916
|
|
|||||
Fair value adjustments, net
|
|
1,224
|
|
|
818
|
|
|
3,160
|
|
|
—
|
|
|
5,202
|
|
|||||
Other, net
|
|
4,336
|
|
|
(3,106
|
)
|
|
(13,385
|
)
|
|
(3,776
|
)
|
|
(15,931
|
)
|
|||||
Interest expense, net of capitalized interest
|
|
(39,867
|
)
|
|
(966
|
)
|
|
(8,646
|
)
|
|
3,776
|
|
|
(45,703
|
)
|
|||||
Total other income (expense), net
|
|
(18,391
|
)
|
|
(3,254
|
)
|
|
(18,871
|
)
|
|
—
|
|
|
(40,516
|
)
|
|||||
Income (Loss) before income and mining taxes
|
|
(59,135
|
)
|
|
18,353
|
|
|
(352,664
|
)
|
|
—
|
|
|
(393,446
|
)
|
|||||
Income and mining tax (expense) benefit
|
|
1,827
|
|
|
(2,354
|
)
|
|
26,790
|
|
|
—
|
|
|
26,263
|
|
|||||
Income (Loss) after income and mining taxes
|
|
(57,308
|
)
|
|
15,999
|
|
|
(325,874
|
)
|
|
—
|
|
|
(367,183
|
)
|
|||||
Equity income (loss) in consolidated subsidiaries
|
|
(309,875
|
)
|
|
(14,814
|
)
|
|
—
|
|
|
324,689
|
|
|
—
|
|
|||||
NET INCOME (LOSS)
|
|
$
|
(367,183
|
)
|
|
$
|
1,185
|
|
|
$
|
(325,874
|
)
|
|
$
|
324,689
|
|
|
$
|
(367,183
|
)
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gain (loss) on equity securities, net of tax
|
|
(4,154
|
)
|
|
(3,118
|
)
|
|
—
|
|
|
3,118
|
|
|
(4,154
|
)
|
|||||
Reclassification adjustments for impairment of equity securities, net of tax
|
|
2,346
|
|
|
2,346
|
|
|
—
|
|
|
(2,346
|
)
|
|
2,346
|
|
|||||
Reclassification adjustments for realized loss on sale of equity securities, net of tax
|
|
894
|
|
|
894
|
|
|
—
|
|
|
(894
|
)
|
|
894
|
|
|||||
Other comprehensive income (loss)
|
|
(914
|
)
|
|
122
|
|
|
—
|
|
|
(122
|
)
|
|
(914
|
)
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
(368,097
|
)
|
|
$
|
1,307
|
|
|
$
|
(325,874
|
)
|
|
$
|
324,567
|
|
|
$
|
(368,097
|
)
|
In thousands
|
|
Coeur Mining, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenue
|
|
$
|
—
|
|
|
$
|
261,963
|
|
|
$
|
373,779
|
|
|
$
|
—
|
|
|
$
|
635,742
|
|
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Costs applicable to sales
(1)
|
|
—
|
|
|
196,805
|
|
|
281,140
|
|
|
—
|
|
|
477,945
|
|
|||||
Amortization
|
|
1,805
|
|
|
65,100
|
|
|
95,531
|
|
|
—
|
|
|
162,436
|
|
|||||
COSTS AND EXPENSES
|
|
|
|
|
|
|
|
|
|
|
||||||||||
General and administrative
|
|
39,976
|
|
|
6
|
|
|
863
|
|
|
—
|
|
|
40,845
|
|
|||||
Exploration
|
|
3,560
|
|
|
11,157
|
|
|
7,023
|
|
|
—
|
|
|
21,740
|
|
|||||
Write-downs
|
|
—
|
|
|
107,832
|
|
|
1,364,889
|
|
|
—
|
|
|
1,472,721
|
|
|||||
Pre-development, reclamation, and other
|
|
8,813
|
|
|
3,889
|
|
|
13,335
|
|
|
—
|
|
|
26,037
|
|
|||||
Total costs and expenses
|
|
54,154
|
|
|
384,789
|
|
|
1,762,781
|
|
|
—
|
|
|
2,201,724
|
|
|||||
OTHER INCOME (EXPENSE), NET
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fair value adjustments, net
|
|
1,812
|
|
|
3,653
|
|
|
(1,847
|
)
|
|
—
|
|
|
3,618
|
|
|||||
Other, net
|
|
4,406
|
|
|
(7,023
|
)
|
|
227
|
|
|
(2,828
|
)
|
|
(5,218
|
)
|
|||||
Interest expense, net of capitalized interest
|
|
(38,389
|
)
|
|
(891
|
)
|
|
(11,094
|
)
|
|
2,828
|
|
|
(47,546
|
)
|
|||||
Total other income (expense), net
|
|
(32,171
|
)
|
|
(4,261
|
)
|
|
(12,714
|
)
|
|
—
|
|
|
(49,146
|
)
|
|||||
Income (Loss) before income and mining taxes
|
|
(86,325
|
)
|
|
(127,087
|
)
|
|
(1,401,716
|
)
|
|
—
|
|
|
(1,615,128
|
)
|
|||||
Income and mining tax (expense) benefit
|
|
1,742
|
|
|
(2,224
|
)
|
|
428,736
|
|
|
—
|
|
|
428,254
|
|
|||||
Income (Loss) after income and mining taxes
|
|
(84,583
|
)
|
|
(129,311
|
)
|
|
(972,980
|
)
|
|
—
|
|
|
(1,186,874
|
)
|
|||||
Equity income (loss) in consolidated subsidiaries
|
|
(1,102,291
|
)
|
|
(4,181
|
)
|
|
—
|
|
|
1,106,472
|
|
|
—
|
|
|||||
NET INCOME (LOSS)
|
|
$
|
(1,186,874
|
)
|
|
$
|
(133,492
|
)
|
|
$
|
(972,980
|
)
|
|
$
|
1,106,472
|
|
|
$
|
(1,186,874
|
)
|
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrealized gain (loss) on equity securities, net of tax
|
|
(2,290
|
)
|
|
(2,272
|
)
|
|
—
|
|
|
2,272
|
|
|
(2,290
|
)
|
|||||
Reclassification adjustments for impairment of equity securities, net of tax
|
|
4,042
|
|
|
4,042
|
|
|
—
|
|
|
(4,042
|
)
|
|
4,042
|
|
|||||
Reclassification adjustments for realized loss on sale of equity securities, net of tax
|
|
346
|
|
|
328
|
|
|
—
|
|
|
(328
|
)
|
|
346
|
|
|||||
Other comprehensive income (loss)
|
|
2,098
|
|
|
2,098
|
|
|
—
|
|
|
(2,098
|
)
|
|
2,098
|
|
|||||
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
(1,184,776
|
)
|
|
$
|
(131,394
|
)
|
|
$
|
(972,980
|
)
|
|
$
|
1,104,374
|
|
|
$
|
(1,184,776
|
)
|
|
Year ended December 31,
|
||||||||||
Non-cash financing and investing activities:
|
2016
|
|
2015
|
|
2014
|
||||||
Capital lease obligations
|
$
|
32,243
|
|
|
$
|
4,123
|
|
|
$
|
24,879
|
|
Non-cash extinguishment of senior notes
|
10,616
|
|
|
53,373
|
|
|
—
|
|
|||
Non-cash acquisitions and related deferred taxes
|
—
|
|
|
297,821
|
|
|
—
|
|
|||
Other cash flow information:
|
|
|
|
|
|
||||||
Interest paid
|
$
|
41,976
|
|
|
$
|
42,264
|
|
|
$
|
30,691
|
|
Income taxes paid
|
17,181
|
|
|
1,937
|
|
|
20,198
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
||||||||
2016
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenues
|
$
|
148,387
|
|
|
$
|
182,007
|
|
|
$
|
176,247
|
|
|
$
|
159,136
|
|
Costs applicable to sales
|
101,555
|
|
|
100,465
|
|
|
105,408
|
|
|
102,113
|
|
||||
Amortization
|
27,964
|
|
|
37,505
|
|
|
27,763
|
|
|
29,929
|
|
||||
Exploration
|
1,731
|
|
|
2,233
|
|
|
3,706
|
|
|
5,260
|
|
||||
Other operating expenses (General and administrative, Pre-development, reclamation, and other, and Write-downs)
|
16,926
|
|
|
11,764
|
|
|
11,604
|
|
|
10,747
|
|
||||
Net income (loss)
|
(20,396
|
)
|
|
14,497
|
|
|
69,557
|
|
|
(8,306
|
)
|
||||
Cash provided by (used in) operating activities
|
6,617
|
|
|
45,939
|
|
|
47,812
|
|
|
25,449
|
|
||||
Capital expenditures
|
22,172
|
|
|
23,288
|
|
|
25,627
|
|
|
29,926
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic net income (loss) per share
|
$
|
(0.14
|
)
|
|
$
|
0.09
|
|
|
$
|
0.43
|
|
|
$
|
(0.03
|
)
|
|
|
|
|
|
|
|
|
||||||||
Diluted net income (loss) per share
|
$
|
(0.14
|
)
|
|
$
|
0.09
|
|
|
$
|
0.42
|
|
|
$
|
(0.03
|
)
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
||||||||
2015
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenues
|
$
|
152,956
|
|
|
$
|
166,263
|
|
|
$
|
162,552
|
|
|
$
|
164,315
|
|
Costs applicable to sales
|
115,062
|
|
|
119,097
|
|
|
120,237
|
|
|
125,258
|
|
||||
Amortization
|
33,090
|
|
|
38,974
|
|
|
35,497
|
|
|
36,190
|
|
||||
Exploration
|
4,266
|
|
|
3,579
|
|
|
2,112
|
|
|
1,690
|
|
||||
Other operating expenses (General and administrative, Pre-development, reclamation, and other, and Write-downs)
(1)
|
15,597
|
|
|
10,718
|
|
|
11,632
|
|
|
326,017
|
|
||||
Net income (loss)
|
(33,287
|
)
|
|
(16,677
|
)
|
|
(14,219
|
)
|
|
(303,000
|
)
|
||||
Cash provided by (used in) operating activities
|
(3,449
|
)
|
|
37,004
|
|
|
36,770
|
|
|
43,217
|
|
||||
Capital expenditures
|
17,620
|
|
|
23,677
|
|
|
23,861
|
|
|
30,035
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic net income (loss) per share
|
$
|
(0.32
|
)
|
|
$
|
(0.12
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
(2.28
|
)
|
|
|
|
|
|
|
|
|
||||||||
Diluted net income (loss) per share
|
$
|
(0.32
|
)
|
|
$
|
(0.12
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
(2.28
|
)
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
Item 9A.
|
Controls and Procedures
|
(a)
|
Disclosure Controls and Procedures
|
(b)
|
Management’s Report on Internal Control Over Financial Reporting
|
•
|
Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
|
•
|
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and
|
•
|
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the consolidated financial statements.
|
(c)
|
Changes in Internal Control Over Financial Reporting
|
Item 9B.
|
Other Information
|
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
Item 11.
|
Executive Compensation
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
Plan category
|
|
Number of shares to be
issued upon exercise of outstanding options, warrants and rights |
|
Weighted-average exercise
price of outstanding options,
warrants and rights
|
|
Number of shares remaining
available for future issuance under equity compensation plans (excluding securities reflected in column (a) (1) |
||||
|
|
(a)
|
|
(b)
|
|
(c)
|
||||
Equity compensation plans approved by security holders
|
|
656,611
|
|
|
$
|
10.76
|
|
|
3,303,388
|
|
Equity compensation plans not approved by security holders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
656,611
|
|
|
$
|
10.76
|
|
|
3,303,388
|
|
(1)
|
Amounts include
2,372,632
performance shares that cliff vest three years after the date of grant if certain market and performance criteria are met, if the recipient remains an employee of the Company and subject to approval of the Compensation Committee of the Board of Directors.
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
Item 14
.
|
Principal Accountant Fees and Services
|
Item 15.
|
Exhibits, Financial Statement Schedules
|
2.1
|
Agreement and Plan of Merger, dated as of December 16, 2014, among the Registration, Hollywood Merger Sub, Inc., Paramount Gold and Silver Corp. and Paramount Nevada Gold Corp. (Incorporated herein by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed on December 18, 2014 (File No. 001-08641)).
|
2.2
|
Amendment to Agreement and Plan of Merger, dated as of March 3, 2015, among Coeur Mining, Inc., Hollywood Merger Sub, Inc., Paramount Gold and Silver Corp. and Paramount Nevada Gold Corp. (Incorporated herein by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed on March 6, 2015 (File No. 001-08641)).
|
2.3
|
Stock Purchase Agreement, dated as of January 12, 2015, among Coeur Mining, Inc. and Goldcorp America Holdings Inc. (Incorporated herein by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed on January 13, 2015 (File No. 001-08641)).
|
3.1
|
Delaware Certificate of Conversion of the Registrant, effective as of May 16, 2013 (Incorporated herein by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K12B filed on May 16, 2013 (File No. 001-08641)).
|
3.2
|
Delaware Certificate of Incorporation of the Registrant, effective as of May 16, 2013 (Incorporated herein by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K12B filed on May 16, 2013 (File No. 001-08641)).
|
3.3
|
Certificate of Amendment to Certificate of Incorporation, effective as of May 12, 2015 (Incorporated herein by reference to Exhibit 4.3 to the Registrant's Registration Statement on Form S-8 filed on May 13, 2015 (File No. 333-204142)).
|
3.4
|
Amended and Restated Bylaws of the Registrant, effective December 13, 2016 (Incorporated herein by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on December 16, 2016 (File No. 001-08641)).
|
4.1
|
Warrant Agreement dated as of April 16, 2013, by and among the Registrant, Computershare Trust Company, N.A. and Computershare, Inc., as Warrant Agent (Incorporated herein by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on April 16, 2013 (File No. 001-08641)).
|
4.2
|
Form of Common Stock Share Certificate of the Registrant. (Incorporated herein by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K12B filed on May 16, 2013 (File No. 001-08641)).
|
4.3
|
Form of Warrant Certificate of the Registrant (Incorporated herein by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K12B filed on May 16, 2013 (File No. 001-08641)).
|
4.6
|
Indenture, dated January 29, 2013, 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 4.4 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012 (File No. 001-08641)).
|
4.7
|
First Supplemental Indenture, dated December 16, 2013, among the Registrant, as issuer, certain subsidiaries of the Registrant, as guarantors thereto, and The Bank of New York Mellon, as trustee (Filed herewith).
|
4.8
|
Second Supplemental Indenture, dated as of March 12, 2014, among Coeur Mining, Inc., as issuer, certain subsidiaries of Coeur Mining, Inc., 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 (File No. 001-08641))
|
4.9
|
Third Supplemental Indenture, dated April 14, 2015, among Coeur Mining, Inc., as issuer, certain subsidiaries of Coeur Mining, Inc., as guarantors thereto, and The Bank of New York Mellon, as trustee (Incorporated herein by reference to Exhibit 4.1 to the Registrant’s Quarterly Report on Form 10-Q filed on May 4, 2015 (File No. 001-08641)).
|
10.1
|
401k Plan of the Registrant. (Incorporated by reference to Exhibit 10(pp) to the Registrant’s Annual Report on Form 10-K filed on March 29, 1995 (File No. 001-08641)).*
|
10.2
|
Amended and Restated 2005 Non-Employee Directors’ Equity Incentive Plan, as amended for the Registrant’s reverse stock split. (Incorporated herein by reference to Exhibit 10(b) to the Registrant’s Annual Report on Form 10-K filed on February 26, 2010 (File No. 001-08641)).*
|
10.3
|
Amended Mining Lease, effective as of August 5, 2005, between Hyak Mining Company, Inc. and Coeur Alaska, Inc. (Incorporated herein by reference to Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q filed on August 12, 2005 (File No. 001-08641)).
|
10.4
|
Amended and Restated Silver Sale and Purchase Agreement, dated March 28, 2006, between CDE Australia Pty Limited and Cobar Operations Pty Limited (Portions of this exhibit have been omitted pursuant to a request for confidential treatment.) (Incorporated herein by reference to Exhibit 10(b) to the Registrant’s Quarterly Report on Form 10-Q filed on May 9, 2006 (File No. 001-08641)).
|
10.5
|
Supplemental Agreement in respect of the Amended and Restated Silver Sale and Purchase Agreement, dated January 29, 2008, between CDE Australia Pty Limited and Cobar Operations Pty Limited (Incorporated herein by reference to Exhibit 10(cc) to the Registrant’s Annual Report on Form 10-K filed on February 29, 2008 (File No. 001-08641)).
|
10.9
|
Offer letter dated February 4, 2013 from the Registrant to Frank L. Hanagarne, Jr. (Incorporated herein by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on February 7, 2013 (File No. 001-08641)).*
|
10.10
|
Offer letter dated February 4, 2013 from the Registrant to Peter Mitchell (Incorporated herein by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on May 8, 2013 (File No. 001-08641)).*
|
10.11
|
Form of Indemnification Agreement (Incorporated herein by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on May 16, 2013 (File No. 001-08641)).
|
10.12
|
Amended and Restated Executive Severance Policy of the Registrant (Incorporated herein by reference to Exhibit 10.21 to the Registrant’s Amendment No. 1 to Form S-4 filed on September 23, 2013 (Reg. No. 333-191133)).*
|
10.13
|
Offer letter dated February 15, 2013 from the Registrant to Casey M. Nault. (Incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on May 7, 2014 (File No. 001-08641)).*
|
10.15
|
Supplemental Incentive Agreement dated July 30, 2014 between the Registrant and Mitchell J. Krebs. (Incorporated herein by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on August 1, 2014 (File No. 001-08641)).*
|
10.16
|
Amended and Restated Employment Agreement dated July 30, 2014 between the Registration and Mitchell J. Krebs. (Incorporated herein by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed on August 1, 2014 (File No. 001-08641)).*
|
10.18
|
Credit Agreement, dated March 31, 2015, by and between Coeur Mining, Inc. and The Bank of Nova Scotia (Incorporated herein by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on April 2, 2015 (File No. 001-08641)).
|
10.19
|
Credit Agreement, dated June 23, 2015, by and between Coeur Mining, Inc., certain subsidiaries of Coeur Mining, Inc., as guarantors, the lenders party thereto and Barclays Bank plc, as administrative agent. (Incorporated herein by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on June 25, 2015 (File No. 001-08641)).
|
10.20
|
Consent under Credit Agreement dated November 2, 2015 (Incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on November 2, 2015 (File No. 001-08641)).
|
10.21
|
Coeur Mining, Inc. 2015 Long-Term Incentive Plan (Incorporated herein by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on May 13, 2015 (File No. 001-08641)).*
|
10.22
|
Form of Restricted Stock Award Agreement (Incorporated herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q filed on August 4, 2015 (File No. 001-08641)).*
|
10.23
|
Form of Incentive Stock Option Award Agreement (Incorporated herein by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q filed on August 4, 2015 (File No. 001-08641)).*
|
10.24
|
Form of Nonqualified Stock Option Award Agreement (Incorporated herein by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q filed on August 4, 2015 (File No. 001-08641)).*
|
10.25
|
Form of Performance Share Agreement (Incorporated herein by reference to Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q filed on August 4, 2015 (File No. 001-08641)).*
|
10.26
|
Form of Cash-Settled Stock Appreciation Rights Award Agreement (Incorporated herein by reference to Exhibit 10.6 to the Registrant’s Quarterly Report on Form 10-Q filed on August 4, 2015 (File No. 001-08641)).*
|
10.27
|
Form of Performance Unit Agreement (Incorporated herein by reference to Exhibit 10.7 to the Registrant’s Quarterly Report on Form 10-Q filed on August 4, 2015 (File No. 001-08641)).*
|
10.28
|
Separation and Release of Claims Agreement dated January 21, 2016, between Coeur Mining, Inc. and Keagan J. Kerr (Incorporated herein by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on January 22, 2016 (File. No. 001-08641)).*
|
10.29
|
Professional Services Agreement effective February 1, 2016, between Coeur Mining, Inc. and Keagan J. Kerr (Incorporated herein by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed on January 22, 2016 (File. No. 001-08641)).*
|
10.30
|
Annual Incentive Plan Summary of the Registrant (Filed herewith).*
|
10.31
|
Officer Severance Policy of the Registrant (Filed herewith).*
|
10.32
|
Nonqualified Deferred Compensation Plan of the Registrant (Filed herewith).*
|
12
|
Computation of Ratio of Earnings to Fixed Charges. (Filed herewith).
|
21
|
List of subsidiaries of the Registrant. (Filed herewith).
|
23.1
|
Consent of Grant Thornton LLP, Independent Registered Public Accounting Firm (Filed herewith).
|
23.2
|
Consent of KPMG LLP, Independent Registered Public Accounting Firm (Filed herewith).
|
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**
|
Item 16.
|
Form 10-K Summary
|
Date:
|
February 8, 2017
|
By:
|
/s/ Mitchell J. Krebs
|
|
|
|
Mitchell J. Krebs
(Director, President, and Chief Executive Officer)
|
/s/ Mitchell J. Krebs
______________________
Mitchell J. Krebs
|
Director, President, and Chief Executive Officer
(Principal Executive Officer)
|
February 8, 2017
|
||
|
|
|
||
/s/ Peter C. Mitchell
______________________
Peter C. Mitchell
|
Senior Vice President and Chief Financial Officer (Principal Financial Officer)
|
February 8, 2017
|
||
|
|
|
||
/s/ Mark Spurbeck
_______________________
Mark Spurbeck
|
Vice President, Finance
(Principal Accounting Officer)
|
February 8, 2017
|
||
|
|
|
||
/s/ Linda L. Adamany
_____________________
Linda L. Adamany
|
Director
|
February 8, 2017
|
||
|
|
|
||
/s/ Kevin S. Crutchfield
___________________
Kevin S. Crutchfield |
Director
|
February 8, 2017
|
||
|
|
|
||
/s/ Sebastian Edwards
_____________________
Sebastian Edwards
|
Director
|
February 8, 2017
|
||
|
|
|
||
/s/ Randolph E. Gress
_____________________
Randolph E. Gress |
Director
|
February 8, 2017
|
||
|
|
|
||
/s/ Robert E. Mellor
______________________
Robert E. Mellor
|
Director
|
February 8, 2017
|
||
|
|
|
||
/s/ John H. Robinson
______________________
John H. Robinson
|
Director
|
February 8, 2017
|
||
|
|
|
||
/s/ J. Kenneth Thompson
___________________
J. Kenneth Thompson
|
Director
|
February 8, 2017
|
•
|
Silver and gold production
|
•
|
Cash operating cost per equivalent ounce
|
•
|
Operating cash flow
|
•
|
Safety and environmental performance
|
(c)
|
“Board” means the Board of Directors of the Company.
|
(e)
|
“Change in Control” means the first occurrence of:
|
(f)
|
“Code” means the Internal Revenue Code of 1986, as amended.
|
(g)
|
“Company” means Coeur Mining, Inc. and its subsidiaries.
|
(b)
|
Amendment or Termination
.
|
1.18
|
“Employer(s)”
shall be defined as follows:
|
|
Year ended December 31,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
Fixed Charges:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
$
|
34,987
|
|
|
$
|
43,446
|
|
|
$
|
45,806
|
|
|
$
|
39,152
|
|
|
$
|
26,060
|
|
Capitalized interest
|
1,226
|
|
|
3,098
|
|
|
1,710
|
|
|
2,694
|
|
|
2,663
|
|
|||||
Amortization of public offering costs
|
1,933
|
|
|
2,257
|
|
|
1,740
|
|
|
2,143
|
|
|
1,146
|
|
|||||
Portion of rent expense representative of interest
|
4,692
|
|
|
3,998
|
|
|
3,303
|
|
|
4,864
|
|
|
3,986
|
|
|||||
Total fixed charges
|
$
|
42,838
|
|
|
$
|
52,799
|
|
|
$
|
52,559
|
|
|
$
|
48,853
|
|
|
$
|
33,855
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings available for fixed charges:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) from continuing operations before income taxes
|
$
|
1,113
|
|
|
$
|
(393,446
|
)
|
|
$
|
(1,615,128
|
)
|
|
$
|
(808,679
|
)
|
|
$
|
119,484
|
|
Fixed charges above
|
42,838
|
|
|
52,799
|
|
|
52,559
|
|
|
48,853
|
|
|
33,855
|
|
|||||
Less interest capitalized
|
(1,226
|
)
|
|
(3,098
|
)
|
|
(1,710
|
)
|
|
(2,694
|
)
|
|
(2,663
|
)
|
|||||
Current period amortization of capitalized interest
|
2,022
|
|
|
3,492
|
|
|
4,895
|
|
|
6,899
|
|
|
5,725
|
|
|||||
Total earnings available for fixed charges
|
44,747
|
|
|
(340,253
|
)
|
|
(1,559,384
|
)
|
|
(755,621
|
)
|
|
156,401
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings sufficient (insufficient) to cover fixed charges
|
$
|
1,909
|
|
|
$
|
(393,052
|
)
|
|
$
|
(1,611,943
|
)
|
|
$
|
(804,474
|
)
|
|
$
|
122,546
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges
|
1.04
|
x
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
4.62x
|
|
Name
|
State/Country of Incorporation
|
Ownership Percentage
|
Callahan Mining Corporation
|
Arizona
|
100%
|
Coeur New Zealand, Inc.
|
Delaware
|
100%
|
Coeur Gold New Zealand, Ltd.
|
New Zealand
|
100%
|
Coeur Gold New Zealand II, LLC
|
Delaware
|
100%
|
Coeur Rochester, Inc.
|
Delaware
|
100%
|
Coeur Argentina, S.R.L.
|
Argentina
|
100%
|
Coeur Alaska, Inc.
|
Delaware
|
100%
|
Coeur Capital, Inc.
|
Delaware
|
100%
|
Coeur South America Corp.
|
Delaware
|
100%
|
Coeur Joaquin, S.R.L.
|
Argentina
|
100%
|
0986566 B.C. Unlimited Liability Company
|
Canada
|
100%
|
Global Royalty Corp.
|
Canada
|
100%
|
1570926 Alberta Ltd.
|
Canada
|
100%
|
CDE Australia Pty Ltd.
|
Australia
|
100%
|
Empresa Minera Manquiri, S.A.
|
Bolivia
|
100%
|
Coeur Explorations, Inc.
|
Idaho
|
100%
|
Coeur Sub One, Inc.
|
Delaware
|
100%
|
Coeur Sub Two, Inc.
|
Delaware
|
100%
|
Coeur d'Alene Mines Australia Pty Ltd.
|
Australia
|
100%
|
Bolnisi Gold Pty Ltd.
|
Australia
|
100%
|
Palmarejo Silver and Gold ULC
|
Canada
|
100%
|
Ocampo Resources, Inc.
|
Nevada
|
100%
|
Ocampo Services, Inc.
|
Nevada
|
100%
|
Coeur Mexicana, S.A. de C.V.
|
Mexico
|
100%
|
Mexco Holdings LLC
|
Nevada
|
100%
|
Mexco Resources LLC
|
Nevada
|
100%
|
Servicios Administrativos Palmarejo, SA de CV
|
Mexico
|
100%
|
Servicios Administrativos Palmarejo, SA de CV
|
Mexico
|
100%
|
Coeur La Preciosa Silver Corp.
|
Canada
|
100%
|
Proyectos Mineros La Preciosa S.A. de C.V.
|
Mexico
|
100%
|
Coeur San Miguel Corp.
|
Delaware
|
100%
|
Magnetic Resources Ltd.
|
Canada
|
100%
|
Wharf Resources (U.S.A.), Inc.
|
Colorado
|
100%
|
Wharf Resources Management Inc.
|
Delaware
|
100%
|
Wharf Reward Mines Inc.
|
Delaware
|
100%
|
Wharf Gold Mines Inc.
|
Delaware
|
100%
|
Golden Reward Mining Company Limited Partnership
|
Delaware
|
100%
|
1.
|
I have reviewed this Annual Report on Form 10-K 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/ Mitchell J. Krebs
|
|
Mitchell J. Krebs
Chief Executive Officer
|
1.
|
I have reviewed this Annual Report on Form 10-K 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
|
February 8, 2017
|
/s/ Peter C. Mitchell
|
Peter C. Mitchell
|
February 8, 2017
|
Mine or Operating Name
|
Section 104 S&S Citation (#)
|
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
|
22
|
—
|
—
|
—
|
—
|
$35,184
|
—
|
NO
|
NO
|
6
|
3
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rochester
|
13
|
—
|
1
|
—
|
—
|
$69,562
|
—
|
NO
|
NO
|
2
|
2
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wharf
|
9
|
—
|
—
|
—
|
—
|
$6,876
|
—
|
NO
|
NO
|
—
|
—
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals
|
44
|
—
|
1
|
—
|
—
|
$111,622
|
—
|
NO
|
NO
|
8
|
5
|
8
|