Coeur Posts Record Quarterly Sales and Operating Cash Flow as Its New Kensington Gold Mine Joins Company′s Two Other New, Long-Life Mines in Production
Palmarejo silver and gold production up significantly from last year′s second quarter
San Bartolom?b> silver production increased 79% while cash operating costs dropped 22% compared to the previous quarter; operations continue to perform according to plan1
Maintaining overall 2010 production outlook of 17.3 million ounces of silver and approximately 170,000 ounces of gold
1 Cash costs and cash operating costs are both non-GAAP financial measures. A reconciliation of these measures to production costs is provided at the end of this news release.
2 $4.1 million from loss on debt extinguishments and ($42.5) million in other fair value adjustments
3 $22.7 million from gain on debt extinguishments and ($4.1) million in other fair value adjustments
4 $11.9 million from loss on debt extinguishments and ($46.8) million in other fair value adjustments
5 $38.4 million from gain on debt extinguishments and ($13.6) million in other fair value adjustments
Cautionary Statement
This press release contains forward-looking statements within the meaning of securities legislation in the United States, Canada, and Australia, including statements regarding anticipated operating results. Such statements are subject to numerous assumptions and uncertainties, many of which are outside the control of Coeur. Operating, exploration and financial data, and other statements in this presentation are based on information that Coeur believes is reasonable, but involve significant uncertainties affecting the business of Coeur, including, but not limited to, future gold and silver prices, costs, ore grades, estimation of gold and silver reserves, mining and processing conditions, construction schedules, currency exchange rates, and the completion and/or updating of mining feasibility studies, changes that could result from future acquisitions of new mining properties or businesses, the risks and hazards inherent in the mining business (including environmental hazards, industrial accidents, weather or geologically related conditions), regulatory and permitting matters, risks inherent in the ownership and operation of, or investment in, mining properties or businesses in foreign countries, as well as other uncertainties and risk factors set out in filings made from time to time with the SEC, the Canadian securities regulators, and the Australian Securities Exchange, including, without limitation, Coeur′s reports on Form 10-K and Form 10-Q. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. Coeur disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Coeur undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Coeur, its financial or operating results or its securities.
Donald J. Birak, Coeur's Senior Vice President of Exploration, is the qualified person responsible for the preparation of the scientific and technical information concerning Coeur's mineral projects in this presentation. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources, as well as a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant factors, please see the Technical Reports for each of Coeur's properties as filed on SEDAR at
Cautionary Note to U.S. Investors ? The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this presentation, such as 'measured,? 'indicated,? and 'inferred? 'resources,? that are recognized by Canadian and Australian regulations, but that SEC guidelines generally prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 10-K which may be secured from us, or from the SEC′s website at .
Non-GAAP Measures
We supplement the reporting of our financial information determined under generally accepted accounting principles (GAAP) with certain non-GAAP financial measures, including cash operating costs. We believe that these adjusted measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to our core operating results, and provide a better baseline for analyzing trends in our underlying businesses. We also provide the amount of our operating cash flow to supplement our cash flow determined under GAAP. We define operating cash flow as net income plus depreciation, depletion and amortization and plus/minus any other non-cash items. We believe operating cash flow is an important measure in assessing the Company's overall financial performance.
About Coeur
Coeur d'Alene Mines Corporation is one of the world's leading silver companies and also a growing gold producer. Coeur is also a recognized leader in environmental stewardship and worker safety, with 13 national and international awards earned over the past year. The Company′s three new long-life mines include the San Bartolom?ilver mine in Bolivia which began operations in 2008, the Palmarejo silver/gold mine in Mexico, which began operations in 2009, and the Kensington gold mine in Alaska, which began production in June of this year. The Company also owns underground mines in Argentina and one surface mine in Nevada, and owns a non-operating interest in a low-cost mine in Australia. The Company conducts exploration activities in Alaska, Argentina and Mexico. Coeur common shares are traded on the New York Stock Exchange under the symbol CDE, and the Toronto Stock Exchange under the symbol CDM, and its CHESS Depositary Interests are traded on the Australian Securities Exchange under symbol CXC.
Photos of projects and other information can be accessed through company website at
Operating Statistics from Continuing Operations
The following table presents information by mine and consolidated sales information for the three and six month periods ended June 30, 2010 and 2009:
Three Months Ended June 30,
Six Months Ended June 30,
2010
2009
2010
2009
Palmarejo(A)
Tons milled
457,268
285,095
915,275
285,095
Ore grade/Ag oz
3.23
3.84
3.57
3.84
Ore grade/Au oz
0.05
0.04
0.05
0.04
Recovery/Ag oz
72.5
%
53.6
%
72.6
%
53.6
%
Recovery/Au oz
87.3
%
77.0
%
89.4
%
77.0
%
Silver production ounces
1,070,638
587,716
2,371,231
587,716
Gold production ounces
19,950
9,730
42,527
9,730
Cash operating costs/oz
$
10.78
$
19.44
$
7.83
$
19.44
Cash cost/oz
$
10.78
$
19.44
$
7.83
$
19.44
Total production cost/oz
$
29.73
$
40.50
$
25.16
$
40.50
San Bartolom?b>
Tons milled
446,909
352,938
740,014
716,717
Ore grade/Ag oz
5.00
6.10
4.50
6.46
Recovery/Ag oz
83.4
%
89.0
%
87.2
%
87.1
%
Silver production ounces
1,863,141
1,916,359
2,903,068
4,029,910
Cash operating costs/oz
$
7.78
$
7.37
$
8.57
$
7.04
Cash cost/oz
$
8.32
$
10.64
$
9.22
$
9.35
Total production cost/oz
$
11.56
$
13.13
$
12.39
$
11.82
Martha Mine
Tons milled
12,421
27,097
29,996
54,914
Ore grade/Ag oz
50.24
28.31
35.21
30.02
Ore grade/Au oz
0.06
0.04
0.04
0.04
Recovery/Ag oz
88.1
%
92.3
%
86.6
%
91.9
%
Recovery/Au oz
81.7
%
83.4
%
89.5
%
83.9
%
Silver production ounces
549,885
707,898
915,111
1,515,905
Gold production ounces
558
834
1,074
1,807
Cash operating costs/oz
$
8.97
$
7.89
$
11.57
$
6.74
Cash cost/oz
$
9.57
$
8.33
$
12.12
$
7.20
Total production cost/oz
$
14.10
$
10.03
$
17.38
$
8.74
Rochester(B)
Silver production ounces
533,093
543,543
1,055,253
1,013,404
Gold production ounces
2,616
3,231
5,306
6,049
Cash operating costs/oz
$
2.44
$
2.50
$
2.06
$
2.64
Cash cost/oz
$
2.93
$
2.96
$
2.64
$
3.14
Total production cost/oz
$
3.97
$
3.90
$
3.67
$
4.14
Endeavor
Tons milled
143,371
130,872
273,244
297,843
Ore grade/Ag oz
2.01
1.92
2.61
1.51
Recovery/Ag oz
48.4
%
48.7
%
48.2
%
58.8
%
Silver production ounces
139,447
122,705
343,700
264,519
Cash operating costs/oz
$
8.98
$
6.19
$
8.04
$
5.52
Cash cost/oz
$
8.98
$
6.19
$
8.04
$
5.52
Total production cost/oz
$
12.21
$
8.76
$
11.27
$
8.09
CONSOLIDATED PRODUCTION TOTALS(C)
Silver ounces
4,156,204
3,878,221
7,588,363
7,411,454
Gold ounces
23,124
13,795
48,907
17,586
Cash operating costs/oz
$
8.06
$
8.57
$
7.77
$
7.31
Cash cost per oz/silver
$
8.44
$
10.33
$
8.17
$
8.72
Total production cost/oz
$
15.62
$
15.28
$
15.72
$
12.28
CONSOLIDATED SALES TOTALS (D)
Silver ounces sold
4,051,838
4,318,092
7,685,594
7,489,069
Gold ounces sold
23,645
11,816
49,379
15,941
Realized price per silver ounce
$
18.56
$
13.71
$
17.74
$
13.22
Realized price per gold ounce
$
1,176.09
$
936.53
$
1,138.51
$
933.72
(A) Palmarejo achieved commercial production on April 20, 2009.
(B) The leach cycle at Rochester requires 5 to 10 years to recover gold and silver contained in the ore. The Company estimates the ultimate recovery to be approximately 61.5% for silver and 93% for gold. However, ultimate recoveries will not be known until leaching operations cease, which is currently estimated for 2014. Current recovery may vary significantly from ultimate recovery. See Critical Accounting Policies and Estimates ? Ore on Leach Pad.
(C) Current production ounces and recoveries reflect final metal settlements of previously reported production ounces.
(D) Units sold at realized metal prices will not match reported metal sales due primarily to the effects on revenues of mark-to-market adjustments on embedded derivatives in the Company′s provisionally priced sales contracts.
'Operating Costs per Ounce? and 'Cash Costs per Ounce? are calculated by dividing the operating cash costs and cash costs computed for each of the Company′s mining properties for a specified period by the amount of gold ounces of silver ounces produced by that property during that same period. Management uses cash operating costs and cash costs per ounce as key indicators of the profitability of each of its mining properties. Gold and silver are sold and priced in the world financial markets on a U.S. dollar per ounce basis.
'Cash Operating Costs? and 'Cash Costs? are costs directly related to the physical activities of producing silver and gold, and include mining, processing and other plant costs, third-party refining and smelting costs, marketing expenses, on-site general and administrative costs, royalties, in-mine drilling expenditures that are related to production and other direct costs. Sales of by-product metals are deducted from the above in computing cash costs. Cash costs exclude depreciation, depletion and amortization, accretion, corporate general and administrative expenses, exploration, interest, and pre-feasibility costs. Cash operating costs include all cash costs except production taxes and royalties, if applicable. Cash costs are calculated and presented using the 'Gold Institute Production Cost Standard? applied consistently for all periods presented.
Total operating costs and cash costs per ounce are non-U.S. GAAP measures and investors are cautioned not to place undue reliance on them it and are urged to read all U.S. GAAP accounting disclosures presented in the consolidated financial statements and accompanying footnotes. In addition, see the reconciliation of 'cash costs? to production costs under 'Reconciliation of Non-U.S. GAAP Cash Costs to U.S. GAAP Production Costs? set forth below.
The following tables present reconciliation between non-U.S. GAAP cash operating costs per ounce and cash costs per ounce to production costs applicable to sales including depreciation, depletion and amortization, which is calculated in accordance with U.S. GAAP:
Reconciliation of Non-U.S. GAAP Cash Costs to U.S. GAAP Production Costs
Three months ended June 30, 2010
(In thousands except ounces and per ounce costs)
Palmarejo
San Bartolom?b>
Martha
Rochester
Endeavor
Total
Production of silver (ounces)
1,070,638
1,863,142
549,885
533,094
139,447
4,156,206
Cash operating cost per ounce
$
10.78
$
7.78
$
8.97
$
2.44
$
8.98
$
8.06
Cash costs per ounce
$
10.78
$
8.32
$
9.57
$
2.93
$
8.98
$
8.44
Total Operating Cost (Non-U.S. GAAP)
$
11,542
$
14,490
$
4,937
$
1,298
$
1,252
$
33,519
Royalties
-
999
329
-
-
1,328
Production taxes
-
-
-
260
-
260
Total Cash Costs (Non-U.S. GAAP)
11,542
15,489
5,266
1,558
1,252
35,107
Add/Subtract:
Third party smelting costs
-
-
(1,133
)
-
(346
)
(1,479
)
By-product credit
23,846
-
666
3,131
-
27,643
Other adjustments
-
-
253
95
-
348
Change in inventory
(3,289
)
(148
)
(920
)
811
517
(3,029
)
Depreciation, depletion and amortization
20,289
6,032
2,236
458
450
29,465
Production costs applicable to sales, including depreciation, depletion and amortization (U.S. GAAP)
$
52,388
$
21,373
$
6,368
$
6,053
$
1,873
$
88,055
Six months ended June 30, 2010
(In thousands except ounces and per ounce costs)
Palmarejo
San Bartolom?b>
Martha
Rochester
Endeavor
Total
Production of silver (ounces)
2,371,231
2,903,068
915,111
1,055,253
343,700
7,588,363
Cash operating cost per ounce
$
7.83
$
8.57
$
11.57
$
2.06
$
8.04
$
7.77
Cash costs per ounce
$
7.83
$
9.22
$
12.12
$
2.64
$
8.04
$
8.17
Total Operating Cost (Non-U.S. GAAP)
$
18,572
$
24,869
$
10,585
$
2,175
$
2,764
$
58,965
Royalties
-
1,891
506
-
-
2,397
Production taxes
-
-
-
608
-
608
Total Cash Costs (Non-U.S. GAAP)
18,572
26,760
11,091
2,783
2,764
61,970
Add/Subtract:
Third party smelting costs
-
-
(1,826
)
-
(610
)
(2,436
)
By-product credit
48,891
-
1,237
6,119
-
56,247
Other adjustments
-
-
259
163
-
422
Change in inventory
(6,697
)
(2,016
)
697
2,318
(112
)
(5,810
)
Depreciation, depletion and amortization
41,083
9,209
4,553
923
1,110
56,878
Production costs applicable to sales, including depreciation, depletion and amortization (U.S. GAAP)
$
101,849
$
33,953
$
16,011
$
12,306
$
3,152
$
167,271
Three months ended June 30, 2009
(In thousands except ounces and per ounce costs)
Palmarejo
San Bartolom?b>
Martha
Rochester
Endeavor
Total
Production of silver (ounces)
587,716
1,916,359
707,898
543,543
122,705
3,878,221
Cash operating cost per ounce
$
19.44
$
7.37
$
7.89
$
2.50
$
6.19
$
8.57
Cash costs per ounce
$
19.44
$
10.64
$
8.33
$
2.96
$
6.19
$
10.33
Total Operating Cost (Non-U.S. GAAP)
$
11,423
$
14,119
$
5,587
$
1,358
$
760
$
33,247
Royalties
-
6,277
307
-
-
6,584
Production taxes
-
-
-
249
-
249
Total Cash Costs (Non-U.S. GAAP)
11,423
20,396
5,894
1,607
760
40,080
Add/Subtract:
Third party smelting costs
-
-
(1,379
)
-
(262
)
(1,641
)
By-product credit
9,101
-
772
2,974
-
12,847
Other adjustments
-
-
167
53
-
220
Change in inventory
(6,854
)
1,850
634
1,506
(25
)
(2,889
)
Depreciation, depletion and amortization
12,380
4,774
1,034
457
316
18,961
Production costs applicable to sales, including depreciation, depletion and amortization (U.S. GAAP)
$
26,050
$
27,020
$
7,122
$
6,597
$
789
$
67,578
Six months ended June 30, 2009
(In thousands except ounces and per ounce costs)
Palmarejo
San Bartolom?b>
Martha
Rochester
Endeavor
Total
Production of silver (ounces)
587,716
4,029,910
1,515,905
1,013,404
264,519
7,411,454
Cash operating cost per ounce
$
19.44
$
7.04
$
6.74
$
2.64
$
5.52
$
7.31
Cash costs per ounce
$
19.44
$
9.35
$
7.20
$
3.14
$
5.52
$
8.72
Total Operating Cost (Non-U.S. GAAP)
$
11,423
$
28,366
$
10,223
$
2,684
$
1,460
$
54,156
Royalties
-
9,302
691
-
-
9,993
Production taxes
-
-
-
503
-
503
Total Cash Costs (Non-U.S. GAAP)
11,423
37,668
10,914
3,187
1,460
64,652
Add/Subtract:
Third party smelting costs
-
-
(2,846
)
-
(534
)
(3,380
)
By-product credit
9,101
-
1,655
5,531
-
16,287
Other adjustments
-
7
167
88
-
262
Change in inventory
(6,853
)
(241
)
669
2,040
(97
)
(4,482
)
Depreciation, depletion and amortization
12,380
9,947
2,174
927
681
26,109
Production costs applicable to sales, including depreciation, depletion and amortization (U.S. GAAP)
$
26,051
$
47,381
$
12,733
$
11,773
$
1,510
$
99,448
COEUR D′ALENE MINES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30,
December 31,
2010
2009
ASSETS
(In thousands, except share data)
CURRENT ASSETS
Cash and cash equivalents
$
41,187
$
22,782
Receivables
72,094
53,436
Ore on leach pad
7,524
9,641
Metal and other inventory
72,212
64,359
Prepaid expenses and other
23,890
26,753
Assets of discontinued operations held for sale
30,042
35,797
246,949
212,768
NON-CURRENT ASSETS
Property, plant and equipment, net
553,247
531,500
Mining properties, net
2,260,675
2,222,182
Ore on leach pad, non-current portion
13,585
14,391
Restricted assets
28,168
26,546
Receivables, non current
34,663
37,534
Debt issuance costs, net
5,607
3,544
Deferred tax assets
907
1,034
Other
4,558
4,536
TOTAL ASSETS
$
3,148,359
$
3,054,035
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable
$
70,988
$
76,603
Accrued liabilities and other
24,709
33,514
Accrued income taxes
15,449
11,783
Accrued payroll and related benefits
12,291
9,636
Accrued interest payable
1,057
1,744
Current portion of capital leases and other debt obligations
61,773
15,403
Current portion of royalty obligation
42,228
34,672
Current portion of reclamation and mine closure
2,282
4,671
Liabilities of discontinued operations held for sale
13,150
14,030
243,927
202,056
NON-CURRENT LIABILITIES
Long-term debt
156,989
185,397
Non-current portion of royalty obligation
150,495
128,107
Reclamation and mine closure
25,571
22,160
Deferred income taxes
488,608
516,678
Other long-term liabilities
14,787
6,432
836,450
858,774
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Common Stock, par value $0.01 per share; authorized 150,000,000 shares, 89,293,332 issued at June 30, 2010 and 80,310,347 issued at December 31, 2009.
893
803
Additional paid-in capital
2,577,715
2,444,262
Accumulated deficit
(510,626
)
(451,865
)
Accumulated other comprehensive income
-
5
2,067,982
1,993,205
TOTAL LIABILITIES AND SHAREHOLDERS′ EQUITY
$
3,148,359
$
3,054,035
COEUR D′ALENE MINES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2010
2009
2010
2009
(In thousands, except per share data)
Sales of metal
$
101,018
$
67,857
$
189,307
$
111,226
Production costs applicable to sales
(58,590
)
(48,850
)
(110,393
)
(73,569
)
Depreciation, depletion and amortization
(29,983
)
(19,227
)
(57,702
)
(26,691
)
Gross profit (loss)
12,445
(220
)
21,212
10,966
COSTS AND EXPENSES
Administrative and general
6,859
5,409
13,794
13,152
Exploration
3,161
3,182
5,681
6,271
Pre-development
565
-
732
-
Total cost and expenses
10,585
8,591
20,207
19,423
OPERATING INCOME (LOSS)
1,860
(8,811
)
1,005
(8,457
)
OTHER INCOME AND EXPENSE
Gain (loss) on debt extinguishments
(4,050
)
22,675
(11,908
)
38,378
Fair value adjustments, net
(42,516
)
(4,149
)
(46,774
)
(13,551
)
Interest and other income
(3,821
)
1,482
(2,088
)
1,782
Interest expense, net of capitalized interest
(5,646
)
(5,193
)
(11,451
)
(5,958
)
Total other income and expense
(56,033
)
14,815
(72,221
)
20,651
Income (loss) from continuing operations before income taxes
(54,173
)
6,004
(71,216
)
12,194
Income tax benefit
9,372
3,893
21,210
3,639
Income (loss) from continuing operations
(44,801
)
9,897
(50,006
)
15,833
Income (loss) from discontinued operations, net of income taxes
(2,966
)
1,712
(5,778
)
1,834
Loss on sale of assets of discontinued operations
(2,977
)
-
(2,977
)
-
NET INCOME (LOSS)
(50,744
)
11,609
(58,761
)
17,667
Other comprehensive loss
-
-
(5
)
-
COMPREHENSIVE INCOME (LOSS)
$
(50,744
)
$
11,609
$
(58,766
)
$
17,667
BASIC AND DILUTED INCOME PER SHARE
Basic income per share:
Income (loss) from continuing operations
$
(0.50
)
$
0.14
$
(0.59
)
$
0.24
Income (loss) from discontinued operations
(0.07
)
0.03
(0.10
)
0.03
Net income (loss)
$
(0.57
)
$
0.17
$
(0.69
)
$
0.27
Diluted income per share:
Income (loss) from continuing operations
$
(0.50
)
$
0.14
$
(0.59
)
$
0.24
Income (loss) from discontinued operations
(0.07
)
0.03
(0.10
)
0.03
Net income (loss)
$
(0.57
)
$
0.17
$
(0.69
)
$
0.27
Weighted average number of shares of common stock
Basic
88,501
70,045
85,145
65,620
Diluted
88,501
70,227
85,145
65,718
COEUR D′ALENE MINES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS′ EQUITY
Six Months Ended June 30, 2010
(In thousands)
Unaudited
Common Stock Shares
Common Stock Par Value
Additional Paid-In Capital
Accumulated (Deficit)
Accumulated Other Comprehensive Income (Loss)
Total
Balances at December 31, 2009
80,310
$
803
$
2,444,262
$
(451,865
)
$
5
$
1,993,205
Net loss
-
-
-
(58,761
)
-
(58,761
)
Common stock issued for payment of principal, interest and financing fees on 6.5% Senior Secured Notes
1,357
13
19,994
-
-
20,007
Common stock issued to extinguish 3.25% and 1.25% debt
7,639
77
113,357
-
-
113,434
Common stock cancelled under long-term incentive plans, net
(13
)
-
102
-
-
102
Other
-
-
-
-
(5
)
(5
)
Balances at June 30, 2010
89,293
$
893
$
2,577,715
$
(510,626
)
$
-
$
2,067,982
COEUR D′ALENE MINES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2010
2009
2010
2009
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
$
(50,744
)
$
11,609
$
(58,761
)
$
17,667
Add (deduct) non-cash items
Depreciation, depletion and amortization
31,010
21,160
59,784
30,439
Amortiztation of debt discount
-
500
-
500
Accretion of royalty obligation
4,637
3,859
9,629
3,859
Deferred income taxes
(14,892
)
(4,207
)
(26,229
)
(5,721
)
Loss on sale of discontinued assets
2,977
-
2,977
-
Loss (gain) on debt extinguishment
4,050
(22,675
)
11,908
(38,378
)
Fair value adjustments, net
43,052
5,608
46,723
12,566
Loss (gain) on foreign currency transactions
1,471
(342
)
1,821
(408
)
Share-based compensation
622
954
2,009
2,657
Other non-cash charges
(136
)
75
(99
)
154
Changes in operating assets and liabilities:
Receiveables and other current assets
3,662
(11,653
)
(7,625
)
(9,000
)
Inventories
(2,251
)
(8,024
)
(4,908
)
(13,186
)
Accounts payable and accrued liabilities
8,998
18,175
(14,003
)
16,936
CASH PROVIDED BY OPERATING ACTIVITIES
32,456
15,039
23,226
18,085
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments
-
(1,221
)
-
(8,579
)
Proceeds from sales of investments
-
4,758
-
20,010
Capital expenditures
(45,467
)
(42,349
)
(92,656
)
(120,479
)
Other
150
1,966
76
1,824
CASH USED IN INVESTING ACTIVITIES
(45,317
)
(36,846
)
(92,580
)
(107,224
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of gold production royalty
-
-
-
75,000
Payments on gold production royalty
(9,582
)
(1,106
)
(18,533
)
(1,106
)
Proceeds from issuance of short-term and senior convertible notes
-
-
100,000
20,368
Proceeds from gold lease facility
-
2,874
4,517
2,874
Payments on gold lease facility
(2,210
)
-
(17,101
)
(1,627
)
Proceeds from bank borrowings
22,041
-
34,810
-
Payments on senior secured notes
(4,167
)
-
(4,167
)
-
Repayment of credit facility, long-term debt and capital leases
(7,186
)
(5,919
)
(12,896
)
(14,869
)
Payments of common stock and debt issuance costs
(24
)
(9
)
(2,180
)
(82
)
Proceeds from sale-leaseback transactions
-
12,511
4,853
12,511
Additions to restricted assets associated with the Kensington
