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Coeur Reports Solid First Quarter Results

Coeur d'Alene Mines
|
Monday, May 7th

COEUR D'ALENE, Idaho--(BUSINESS WIRE)--

Coeur d'Alene Mines Corporation (NYSE:CDE) (TSX:CDM.TO) produced 4.9 million ounces of silver and 43,901 ounces of gold in the first quarter of 2012, which resulted in $204.6 million in sales and $93.8 million in operating cash flow1 during the first quarter of 2012.

First Quarter Highlights:

  • Net metal sales totaled $204.6 million, 3% higher than the first quarter of 2011.
  • Silver production totaled 4.9 million ounces, 19% higher than last year's first quarter, and gold production totaled 43,901 ounces.
  • Cash operating costs1 decreased 25% to $6.29 per silver ounce.
  • Silver and gold sales totaled 4.3 million ounces and 38,884 ounces, respectively.
  • Operating cash flow1 increased 4% to $93.8 million.2
  • General and administrative expenses decreased 38%.
  • Adjusted earnings1 totaled $41.5 million, or $0.46 per share, an 11% increase over the first quarter of 2011.3
  • Average realized prices were $32.61 per ounce for silver and $1,702 per ounce for gold, 4% and 24% higher, respectively, than the first quarter of 2011.
  • Cash, cash equivalents, and short-term investments totaled $153.2 million4 as of March 31.

“The first quarter operating and financial results reflect a solid start to 2012. We are particularly pleased that full production has resumed two months ahead of schedule at Kensington,” said Mitchell J. Krebs, Coeur's President and Chief Executive Officer. “Despite cost pressures throughout our industry, we are proud to have reduced cash operating costs1 per ounce by 25% in the first quarter compared to the same period last year. In addition, we experienced a 38% reduction in our general and administrative costs. Our 2012 production guidance of 18.5 - 20.0 million ounces of silver and 210,000 - 230,000 ounces of gold remains unchanged. With silver and gold prices remaining resilient, we are on-track for a robust second quarter and full-year 2012 performance.”

Mr. Krebs continued, “Palmarejo remains our largest producer and cash flow contributor and posted a strong first quarter. San Bartolomé performed consistently in the first quarter and successfully operated above the 4,400 meter level during most of the quarter. The first quarter marked Rochester's initial three months of operation since resuming active mining in December. We expect production at Rochester to increase each quarter of 2012 as more material is added to the new leach pad. With Kensington now completing several critical projects, the focus will turn to achieving sustainable production levels and reducing costs. With Kensington and Rochester reaching operational consistency, all four of our major long-lived mines are expected to contribute to strong second quarter and full-year performance.”

1.
 
EBITDA, operating cash flow, adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations.
2.
Net cash provided by operating activities for the first quarter was $17.0 million compared with $35.8 million for the same time period in 2011. This decrease is primarily the result of a significant tax payment in Bolivia and an increase in inventory due to timing differences between ounces produced and ounces sold.
3.
The Company's U.S. GAAP earnings were negatively impacted by a $23.1 million fair value adjustment, which resulted in net income of $4.0 million, or $0.04 per share, for the first quarter of 2012 compared to net income of $12.5 million, or $0.14 per share, in the first quarter of 2011.
4.
Excludes marketable securities of $20.3 million.
 
Table 1: Financial Highlights (Unaudited)
 
US$ in millions (except price of silver and gold) 1Q 2012 1Q 2011 
Quarter
Variance
Sales of Metal $204.6 $199.6 3 %
Production Costs $92.6 $92.5 
 %
EBITDA (1)$96.8 $88.6 9 %
Adjusted Earnings (1)$41.5 $37.5 11 %
Adjusted Earnings Per Share(1)$0.46 $0.42 10 %
Net Income $4.0 $12.5 
(68
)
%
EPS $0.04 $0.14 
(71
)
%
Operating Cash Flow (1)$93.8 $90.1 4 %
Capital Expenditures $31.6 $15.9 99 %
Cash and Equivalents $151.9 $64.4 136 %
Total Debt (1)$122.0 $168.0 
(27
)
%
Weighted Average Shares Issued & Outstanding  
89.6
  
89.3
  %
Avg. Realized Price - Silver $32.61 $31.27 4 %
Avg. Realized Price - Gold $1,702 $1,374 24 %
 

Net metal sales were slightly higher in the first quarter of 2012 than in the first quarter of 2011. This is due largely to higher silver and gold realized prices and increased silver ounces sold, offset by fewer gold ounces sold due to the temporary curtailment of production at Kensington. Silver contributed 68% of the Company's total metal sales during the first quarter of 2012 compared to 56% during the first quarter of 2011.

First quarter production costs of $92.6 million were flat compared to last year's first quarter. General and administrative expenses decreased by $4.6 million, or 38%, from $12.2 million to $7.6 million as compared to the first quarter of 2011. The decrease was primarily caused by lower stock-based compensation expense.

Coeur reports a non-U.S. GAAP metric of adjusted earnings1 as a measure of operating income, which excludes non-cash fair value adjustments, other non-cash adjustments, deferred taxes and discontinued operations. First quarter 2012 adjusted earnings1 were $41.5 million, or $0.46 per share, which was 11% higher than adjusted earnings in the first quarter of 2011 of $37.5 million, or $0.42 per share. On a U.S. GAAP basis, the Company realized net income of $4.0 million, or $0.04 per share, in the first quarter compared with net income of $12.5 million, or $0.14 per share, in the first quarter of 2011. The first quarter net income was impacted by fair value adjustments that decreased net income by $23.1 million. These fair value adjustments are driven primarily by higher gold prices which increased the estimated future liabilities related to a gold royalty obligation at Palmarejo. Net income was also impacted by higher exploration expense and significantly higher income tax expense.

Prior to changes in working capital, Coeur generated operating cash flow1 of $93.8 million during the first quarter of 2012, slightly higher than a year ago. Changes in working capital consumed $76.8 million during the first quarter driven primarily by a significant tax payment in Bolivia and an increase in inventory due to timing differences between ounces produced and ounces sold. After working capital changes, the Company generated cash flow from operations of $17.0 million during the first quarter of 2012 compared to $35.8 million during the first quarter of 2011.

Capital expenditures totaled $31.6 million during the first quarter. Capital expenditures of $10.9 million were incurred at Kensington for the construction of the paste backfill plant, surface construction projects and underground development. San Bartolomé incurred $10.2 million of capital expenditures for tailings facility construction. Palmarejo incurred $7.2 million of capital expenditures most of which was for construction work at its tailings facility.

1.
 
EBITDA, operating cash flow, adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations.
 

Cash, cash equivalents, and short-term investments totaled $153.2 million at March 31, 2012 and stood at approximately $175.0 million as of April 30, 2012. Shares outstanding remained steady at 89.9 million.

Table 2: Operational Highlights: Production
 
(silver ounces in thousands) 1Q 2012  1Q 2011  
Quarter
Variance
  Silver  Gold  Silver  Gold  Silver  Gold
Palmarejo 2,483  31,081  1,730  27,759  44%  12%
San Bartolomé 1,591    1,711    (7
) %
  n.a.
Rochester 441  5,292  334  1,451  32%  265%
Martha 123  84  180  244  (32
) %
  (66
) %
Kensington   7,444    23,676  n.a.  (69
) %
Endeavor 248    149    66%  n.a.
Total 4,886  43,901  4,104  53,130  19%  (17
) %
Additional operating statistics are in the tables in the Appendix.
 
Table 3: Operational Highlights: Cash Operating Costs 1
 
  1Q 2012 1Q 2011 
Quarter
Variance
Palmarejo $(2.27) $4.80 (147
) %
San Bartolomé $10.21  $9.13 12%
Rochester $23.35  $10.28 127%
Martha $46.48  $24.44 90%
Endeavor $16.64  $17.15 (3
) %
Total $6.29  $8.36 (25
) %
Kensington
 $2,709  $989 174%
Additional operating statistics are in the tables in the Appendix.
 
            

During the first quarter of 2012, silver production was 4.9 million ounces while gold production was 43,901 ounces, 19% higher and 17% lower, respectively, than a year ago. Lower gold production was expected due to the temporary reduction in mining and processing activities at Kensington. Kensington's production is expected to increase throughout the remainder of 2012 while costs are expected to decline.

Consolidated cash operating costs1 were $6.29 per silver ounce in the first quarter, a significant decrease of 25% from a year ago due primarily to sharply lower costs at Palmarejo. Rochester's costs are expected to continue to decline as production increases throughout the remainder of 2012.

Palmarejo, Mexico - Lower Cash Operating Costs Led to Higher Cash Flow

  • First quarter silver production increased 44% to 2.5 million ounces compared to the first quarter of 2011. Over the same period, gold production increased 12% to 31,081 ounces.
  • Significantly higher tons milled and higher recovery rates, especially for silver, led to higher production levels and lower cash operating1 costs per ounce.
  • First quarter cash operating costs1 per silver ounce were sharply lower at $(2.27) compared to $4.80 a year ago.
  • Palmarejo is the Company's largest contributor of sales and operating cash flow1, reaching $123.7 million and $79.1 million respectively, in the first quarter. Capital expenditures were $7.2 million.
1.
 
EBITDA, operating cash flow, adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations.
 

San Bartolomé, Bolivia - Steady Performance

  • As anticipated, silver production decreased 7% to 1.6 million ounces due to mining lower grade ore, partially offset by a higher recovery rate, compared to a year ago.
  • Cash operating costs1 increased 12% compared to last year's first quarter to $10.21 per silver ounce.
  • San Bartolomé contributed $41.4 million in sales and $20.8 million in operating cash flow1 in the first quarter. Capital expenditures were $10.2 million.

Kensington, Alaska - Full Production Resumes Ahead of Schedule

  • The Company announced on April 26, 2012 that Kensington is resuming full production ahead of schedule after completing several critical projects, including an underground paste backfill plant, which is currently being commissioned, upgrading the mine's electrical infrastructure, and construction of several new surface facilities. Underground development and infill drilling are advancing ahead of schedule.
  • Due to the planned temporary reduction in production that began in December 2011, Kensington produced 7,444 ounces of gold at cash operating costs1 of $2,709 per ounce during the first quarter.
  • The Company's production guidance for 2012 remains unchanged at 82,600 - 86,500 ounces of gold. Approximately two-thirds of Kensington's gold production is expected in the second half of 2012.
  • The mine contributed $10.4 million in sales while operating cash flow1 was $(7.8) million in the first quarter of 2012. Capital expenditures were $10.9 million.

Rochester, Nevada - First Full Quarter of New Production

  • Silver production increased 32% in the first quarter to 0.4 million ounces and gold production increased 265% to 5,292 ounces due to initial production from the new leach pad that was constructed in 2011.
  • Cash operating costs1 were $23.35 per ounce during the first quarter and are expected to decrease steadily as production increases during the remainder of 2012.
  • The mine contributed $18.8 million in sales and $7.2 million in operating cash flow1 in the first quarter. Capital expenditures were $2.6 million.

Exploration Highlights

The Company plans to spend approximately $40.0 million in exploration during 2012 with approximately 84% of the budget focused on expanding reserves and resources around existing operations. During the first quarter, the Company completed 67,671 meters (222,016 feet) of core and reverse circulation drilling and trenching in its global exploration program.

Palmarejo, Mexico

The Company completed 37,186 meters (122,001 feet) of drilling in the Palmarejo District during the first quarter. Drilling was divided between targets around the Palmarejo mine using both surface and underground drill platforms, specifically the Rosario, Tucson and Chapotillo zones, and at Guadalupe and other targets including La Patria, Independencia and Guerra al Tirano. The bulk of the drilling will take place at Guadalupe and Palmarejo in the second quarter of this year.

Joaquin, Argentina

A total of 14,342 meters (47,021 feet) of drilling was completed in the Santa Cruz Province of southern Argentina in the first quarter. Over 92% of the drilling was completed at the Joaquin joint venture property, with a focus on expanding and increasing the confidence of mineralization at the La Morocha and La Negra deposits and to collect new samples for metallurgy tests. An updated mineral resource estimate is expected to be completed by the end of the second quarter. Upon completion of a feasibility study, the Company's managing and participating interest will increase from 51% to 61%. Subject to certain conditions, the Company has an option to increase its interest further. The Joaquin Project is located approximately 70 kilometers (43 miles) north of the Company's Martha Mine.

1.
 
EBITDA, operating cash flow, adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations.
 

Rochester, Nevada

Drilling at Rochester continued at the pace set in the second half of 2011. A total of 12,634 meters (41,450 feet) of reverse circulation drilling were completed on the property. In addition, drilling of surface stockpiles commenced in the quarter.

Kensington, Alaska

Exploration at Kensington consisted of 3,014 meters (9,887 feet) of core drilling in the first quarter. Nearly all of the drilling was devoted to the Raven vein zone which is located approximately 685 meters (2,250 feet) due west of the Kensington ore body. In addition, drilling recommenced on the new Kensington South target which is immediately south of and on trend with the Kensington ore body and has seen little historic exploration. In addition, up to 3 drills were employed to complete 6,211 meters (20,377 feet) of definition drilling to further define the lower part of Zone 10 at Kensington which is expected to form the bulk of mining for the next three years.

2012 Outlook

Production guidance and silver cash operating costs per ounce for 2012 remain unchanged from the Company's February 23, 2012 news release. Coeur expects to produce 18.5 - 20.0 million ounces of silver and 210,000 - 230,000 ounces of gold in 2012. Cash operating costs1 are expected to average $6.50 - $7.50 per ounce of silver (assuming $1,500 per ounce of gold for the by-product credit). Kensington's cash operating costs1 are expected to average approximately $1,150 - $1,250 per ounce of gold for the full year.

Table 4: 2012 Production Outlook
      
(silver ounces in thousands) Country Silver Gold
Palmarejo Mexico 8,500-9,000 98,000-108,000
San Bartolomé Bolivia 6,300-6,700 
Rochester Nevada, USA 2,600-2,900 30,000-35,000
Martha Argentina 700-900 400-500
Endeavor Australia 400-500 
Kensington Alaska, USA  82,600-86,500
Total   18,500-20,000 210,000-230,000
       

Conference Call Information

Coeur will hold a conference call to discuss the Company's first quarter of 2012 results at 1:00 p.m. Eastern time on May 7, 2012.

Dial-In Numbers: 
(877) 464-2820 (US and Canada)
  
(660) 422-4718 (International)
Conference ID: 
71540364

The conference call and presentation will also be webcast on the Company's website www.coeur.com. A replay of the call will be available through May 14, 2012.

Replay number: 
(855) 859-2056 (US and Canada)
International replay: 
(404) 537-3406 (International)
Conference ID: 
71540364
   
1.
 
EBITDA, operating cash flow, adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations.
 

Cautionary Statement

This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding anticipated operating results, production levels and operating costs. Such statements are subject to numerous assumptions and uncertainties, many of which are outside the control of Coeur. Anticipated operating, exploration and financial data, and other forward-looking statements in this release 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 delays and related disruptions in production, disputed mineral claims, currency exchange rates, costs of capital expenditures and the completion and/or updating of mining feasibility studies, changes that could result from future acquisitions of new mining properties or businesses, risks and hazards inherent in the mining business (including environmental hazards, industrial accidents, weather and geologically related conditions), permitting and regulatory matters (including penalties, fines, sanctions, and shutdowns), 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 United States Securities and Exchange Commission, and the Canadian securities regulators, including, without limitation, in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Coeur's reports on Form 10-K and Form 10-Q. Current mineralized material estimates were inclusive of disputed and undisputed claims at Rochester. While the Company believes it holds a superior position in the ongoing claim dispute, the Company believes an adverse legal outcome would cause it to modify mineralized material estimates. 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 and a qualified person under Canadian NI 43-101, supervised the preparation of the scientific and technical information concerning Coeur's mineral projects in this news release. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources, as well as data verification procedures and 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 www.sedar.com.

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 may use certain terms in public disclosures, such as "measured," "indicated," "inferred" and "resources," that are recognized by Canadian 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 http://www.sec.gov.

Non-U.S. GAAP Measures

We supplement the reporting of our financial information determined under United States generally accepted accounting principles (U.S. GAAP) with certain non-U.S. GAAP financial measures, including cash operating costs, operating cash flow, adjusted earnings, and EBITDA. 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 believe cash operating costs, operating cash flow, adjusted earnings and EBITDA are important measures in assessing the Company's overall financial performance.

1.
 
EBITDA, operating cash flow, adjusted earnings and cash operating costs are non-GAAP measures. Please see tables in the Appendix for reconciliation to U.S. GAAP. Total debt includes short and long-term indebtedness and excludes capital leases and royalty obligations.
 

About Coeur

Coeur d'Alene Mines Corporation is the largest U.S.-based primary silver producer and a growing gold producer. The Company built and commenced production from three wholly-owned, long-lived mines between 2008 and 2010: the San Bartolomé silver mine in Bolivia, the Palmarejo silver-gold mine in Mexico and the Kensington gold mine in Alaska. Further production has commenced from a new heap leach pad at Coeur's long-time Rochester silver-gold mine in Nevada. The Company also owns and operates the Martha silver-gold mine in Argentina and owns a non-operating interest in a silver-base metal mine in Australia. Coeur conducts ongoing exploration activities near and within its operating properties in Argentina, Mexico, Alaska, Nevada and Bolivia. In addition, Coeur owns strategic minority shareholdings in five silver development companies in North and South America.

Appendix:

Table 5: Operating Statistics from Continuing Operations:
    
  
Three months ended
March 31,
  2012 2011
Silver Operations:
Palmarejo    
Tons milled  528,543   398,740 
Ore grade/Ag oz  6.12   5.97 
Ore grade/Au oz  0.06   0.08 
Recovery/Ag oz  76.8%  72.7%
Recovery/Au oz  93.3%  87.4%
Silver production ounces  2,482,814   1,729,766 
Gold production ounces  31,081   27,759 
Cash operating cost/oz $(2.27) $4.80 
Cash cost/oz $(2.27) $4.80 
Total production cost/oz $13.04  $24.40 
San Bartolomé    
Tons milled  378,104   387,668 
Ore grade/Ag oz  4.62   5.60 
Recovery/Ag oz  91.2%  88.6%
Silver production ounces  1,591,292   1,710,948 
Cash operating cost/oz $10.21  $9.13 
Cash cost/oz $11.49  $10.47 
Total production cost/oz $14.02  $13.37 
Martha    
Tons milled  34,069   17,818 
Ore grade/Ag oz  4.43   12.06 
Ore grade/Au oz     0.02 
Recovery/Ag oz  81.4%  83.7%
Recovery/Au oz  64.6%  75.3%
Silver production ounces  122,793   179,985 
Gold production ounces  84   244 
Cash operating cost/oz $46.48  $24.44 
Cash cost/oz $47.15  $25.46 
Total production cost/oz $51.85  $29.28 
Rochester (A)    
Tons milled  2,009,518    
Ore grade/Ag oz  0.55    
Ore grade/Au oz  0.004    
Recovery/Ag oz  40.2%   
Recovery/Au oz  62.1%   
Silver production ounces  441,337   333,696 
Gold production ounces  5,292   1,451 
Cash operating cost/oz $23.35  $10.28 
Cash cost/oz $24.75  $11.86 
Total production cost/oz $28.67  $13.53 
     
     
  Three months ended
March 31,
  2012 2011
Endeavor    
Tons milled  195,846   167,287 
Ore grade/Ag oz  3.35   2.00 
Recovery/Ag oz  37.8%  44.5%
Silver production ounces  247,958   149,182 
Cash operating cost/oz $16.64  $17.15 
Cash cost/oz $16.64  $17.15 
Total production cost/oz $23.27  $21.30 
Gold Operation:
Kensington(B)    
Tons milled  43,936   105,820 
Ore grade/Au oz  0.18   0.24 
Recovery/Au oz  93.4%  92.4%
Gold production ounces  7,444   23,676 
Cash operating cost/oz $2,709  $989 
Cash cost/oz $2,709  $989 
Total production cost/oz $3,598  $1,384 
CONSOLIDATED PRODUCTION TOTALS (B)    
Total silver ounces  4,886,194   4,103,577 
Total gold ounces  43,901   53,130 
Silver Operations:(C)    
Cash operating cost per oz - silver $6.29  $8.36 
Cash cost per oz - silver $6.85  $9.10 
Total production cost oz - silver $16.26  $19.02 
Gold Operation:(D)    
Cash operating cost per oz - gold $2,709  $989 
Cash cost per oz - gold $2,709  $989 
Total production cost per oz - gold $3,598  $1,384 
CONSOLIDATED SALES TOTALS (E)    
Silver ounces sold  4,290,049   3,659,154 
Gold ounces sold  38,884   65,948 
Realized price per silver ounce $32.61  $31.27 
Realized price per gold ounce $1,702  $1,374 
(A) The Rochester mine recommenced production in the fourth quarter of 2011. The leach cycle at Rochester requires five to ten years to recover gold and silver contained in the ore. The Company estimates the ultimate recovery to be approximately 61% for silver and 92% for gold. However, ultimate recoveries will not be known until leaching operations cease, which is currently estimated for 2017. Current recovery may vary significantly from ultimate recovery. See Critical Accounting Policies and Estimates – Ore on Leach Pad in the Company’s Form 10-K for the year ended December 31, 2011.
(B) Current production ounces and recoveries reflect final metal settlements of previously reported production ounces.
(C) Amount includes by-product gold credits deducted in computing cash costs per ounce.
(D) Amounts reflect Kensington per ounce statistics only.
(E) 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.
   
   
Table 6:
COEUR D’ALENE MINES CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
     
  March 31,
2012
 December 31,
2011
ASSETS 
(In thousands, except share data)
CURRENT ASSETS    
Cash and cash equivalents $151,883  $175,012 
Short term investments 1,316  20,254 
Receivables 84,782  83,497 
Ore on leach pad 29,773  27,252 
Metal and other inventory 151,049  132,781 
Deferred tax assets 2,090  1,869 
Restricted assets 456  60 
Prepaid expenses and other 19,943  24,218 
  441,292  464,943 
NON-CURRENT ASSETS    
Property, plant and equipment, net 693,569  687,676 
Mining properties, net 1,975,364  2,001,027 
Ore on leach pad, non-current portion 10,613  6,679 
Restricted assets 29,247  28,911 
Marketable securities 20,268  19,844 
Receivables, non-current portion 41,641  40,314 
Debt issuance costs, net 1,633  1,889 
Deferred tax assets 202  263 
Other 12,664  12,895 
TOTAL ASSETS $3,226,493  $3,264,441 
LIABILITIES AND SHAREHOLDERS’ EQUITY    
CURRENT LIABILITIES    
Accounts payable $64,307  $78,590 
Accrued liabilities and other 8,875  13,126 
Accrued income taxes 13,577  47,803 
Accrued payroll and related benefits 13,244  16,240 
Accrued interest payable 1,122  559 
Current portion of capital leases and other debt obligations 80,857  32,602 
Current portion of royalty obligation 64,739  61,721 
Current portion of reclamation and mine closure 1,978  1,387 
Deferred tax liabilities 284  53 
  248,983  252,081 
NON-CURRENT LIABILITIES    
Long-term debt and capital leases 63,934  115,861 
Non-current portion of royalty obligation 176,119  169,788 
Reclamation and mine closure 32,488  32,371 
Deferred tax liabilities 535,180  527,573 
Other long-term liabilities 28,236  30,046 
  835,957  875,639 
SHAREHOLDERS’ EQUITY    
Common stock, par value $0.01 per share; authorized 150,000,000 shares,
89,882,510 issued at March 31, 2012 and 89,655,124 issued at December 31, 2011
 899  897 
Additional paid-in capital 2,586,063  2,585,632 
Accumulated deficit (440,858) (444,833)
Accumulated other comprehensive loss (4,551) (4,975)
  2,141,553  2,136,721 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $3,226,493  $3,264,441 
         
         
Table 7:
COEUR D’ALENE MINES CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
   
  Three months ended
March 31,
  2012 2011
  (In thousands, except share data)
Sales of metal $204,564  $199,624 
Production costs applicable to sales (92,554) (92,474)
Depreciation, depletion and amortization (52,592) (50,041)
Gross profit 59,418  57,109 
COSTS AND EXPENSES    
Administrative and general 7,596  12,231 
Exploration 6,567  2,762 
Pre-development, care, maintenance and other 1,068  3,574 
Total cost and expenses 15,231  18,567 
OPERATING INCOME 44,187  38,542 
OTHER INCOME AND EXPENSE    
Loss on debt extinguishments   (467)
Fair value adjustments, net (23,113) (5,302)
Interest income and other 5,007  1,934 
Interest expense, net of capitalized interest (6,670) (9,304)
Total other income and expense (24,776) (13,139)
Income before income taxes 19,411  25,403 
Income tax provision (15,436) (12,939)
NET INCOME 3,975  12,464 
BASIC AND DILUTED INCOME PER SHARE    
Basic income per share:    
Net income $0.04  $0.14 
Diluted income per share:    
Net income $0.04  $0.14 
Weighted average number of shares of common stock    
Basic 89,591  89,288 
Diluted 89,821  89,653 
       
       
Table 8:
COEUR D’ALENE MINES CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
   
  Three months ended
March 31,
  2012 2011
  (In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $3,975  $12,464 
Add (deduct) non-cash items    
Depreciation, depletion and amortization 52,592  50,041 
Accretion of discount on debt and other assets, net 541  450 
Accretion of royalty obligation 4,580  5,267 
Deferred income taxes 7,677  5,870 
Loss on debt extinguishment   467 
Fair value adjustments, net 21,778  6,661 
Loss on foreign currency transactions 299  109 
Share-based compensation 2,137  8,155 
Other non-cash charges 256  632 
Changes in operating assets and liabilities:    
Receivables and other current assets (2,956) (4,841)
Prepaid expenses and other 4,774  (19)
Inventories (24,722) (12,493)
Accounts payable and accrued liabilities (53,929) (36,977)
CASH PROVIDED BY OPERATING ACTIVITIES 17,002  35,786 
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of short term investments (1,035) (1,229)
Proceeds from sales and maturities of short term investments 20,018  586 
Capital expenditures (31,647) (15,918)
Other 185  (51)
CASH USED IN INVESTING ACTIVITIES (12,479) (16,612)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of notes and bank borrowings   27,500 
Payments on long-term debt, capital leases, and associated costs (5,166) (18,531)
Payments on gold production royalty (21,374) (14,618)
Payments on gold lease facility   (13,800)
Additions to restricted assets associated with the Kensington Term Facility   (1,325)
Other (1,112) (91)
CASH USED IN FINANCING ACTIVITIES (27,652) (20,865)
DECREASE IN CASH AND CASH EQUIVALENTS (23,129) (1,691)
Cash and cash equivalents at beginning of period 175,012  66,118 
Cash and cash equivalents at end of period $151,883  $64,427 
         
         
Table 9:
Operating Cash Flow Reconciliation
                
(in thousands) 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
                
Cash provided by operating activities $17,002  $87,412  $181,911  $111,065  $35,786
Changes in operating assets and liabilities:               
Receivables and other current assets  
2,956
   
(8,904
)  
10,513
   
8,138
   
4,841
Prepaid expenses and other  
(4,774
)  
8,839
   
8,697
   
(1,354
)  
19
Inventories  
24,722
   
17,574
   
(23,234
)  
23,575
   
12,493
Accounts payable and accrued liabilities  
53,929
   
(7,452
)  
(26,930
)  
(25,585
)  
36,977
Operating Cash Flow $93,835  $97,469  $150,957  $115,839  $90,116
                    
                    

Table 10:

EBITDA Reconciliation

                
(in thousands) 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Net income (loss) $3,975  $11,364  $31,060  $38,611  $12,464 
Income tax provision  
15,436
   
52,390
   
27,606
   
21,402
   
12,939
 
Interest expense, net of capitalized interest  
6,670
   
8,222
   
7,980
   
9,268
   
9,304
 
Interest and other income  
(5,007
)  
4,697
   
6,610
   
(2,763
)  
(1,934
)
Fair value adjustments, net  
23,113
   
(19,035
)  
53,351
   
12,432
   
5,302
 
Loss on debt extinguishments  
   
3,886
   
784
   
389
   
467
 
Depreciation and depletion  
52,592
   
58,166
   
58,652
   
57,641
   
50,041
 
EBITDA $96,779  $119,690  $186,043  $136,980  $88,583 
                     
                     
Table 11:
Adjusted Earnings Reconciliation
                
(in thousands) 
1Q 2012
 4Q 2011 3Q 2011 
2Q 2011
 1Q 2011
Net income (loss) $3,975  $11,364  $31,060  $38,611  $12,464
Share Based Compensation  
2,137
   
2,861
   
457
   
(3,351
)  
8,155
Deferred income tax provision  
7,677
   
38,614
   
3,110
   
4,198
   
5,870
Interest expense, accretion of royalty obligation  
4,580
   
5,523
   
4,990
   
5,770
   
5,267
Fair value adjustments, net  
23,113
   
(19,035
)  
53,351
   
12,432
   
5,302
Loss on debt extinguishments  
   
3,886
   
784
   
389
   
467
Adjusted Earnings (Loss) $41,482  $43,213  $93,752  $58,049  $37,525
                    
                    
Table 12:
Results of Operations by Mine - Palmarejo
           
in millions of US$ 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Sales of Metal $123.7 $134.3 $166.9 $123.7 $88.2
Production Costs $45.9 $47.0 $64.1 $37.7 $37.4
EBITDA $76.5 $83.7 $100.4 $84.6 $50.2
Operating Income $38.8 $38.7 $61.6 $43.0 $16.5
Operating Cash Flow $79.1 $77.4 $91.2 $81.8 $48.4
Capital Expenditures $7.2 $12.1 $9.5 $10.3 $5.1
Gross Profit $40.1 $44.7 $61.6 $44.2 $17.1
Gross Margin 32.4% 33.3% 36.9% 35.7% 19.4%
           
  1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Underground Operations:          
Tons Mined 158,030 191,966 143,010 144,614 143,831
Average Silver Grade (oz/t) 7.82 8.04 9.36 10.08 8.30
Average Gold Grade (oz/t) 0.11 0.11 0.13 0.14 0.14
Surface Operations:          
Tons Mined 347,609 321,881 260,618 276,699 246,879
Average Silver Grade (oz/t) 5.32 5.88 6.56 5.85 4.60
Average Gold Grade (oz/t) 0.04 0.05 0.05 0.06 0.05
Processing:          
Total Tons Milled 528,543 505,619 403,978 414,719 398,740
Average Recovery Rate – Ag 76.8% 77.9% 75.9% 78.3% 72.7%
Average Recovery Rate – Au 93.3% 92.4% 93.6% 95.2% 87.4%
Silver Production - oz (000's) 2,483 2,690 2,251 2,371 1,730
Gold Production - oz 31,081 34,108 29,815 33,389 27,759
Cash Operating Costs/Ag Oz $(2.27) $(2.13) $(1.16) $(3.68) $4.80
           
           
Table 13:
Reconciliation of EBITDA for Palmarejo
           
in millions of US$ 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Sales of metal $123.7  $134.3  $166.9  $123.7  $88.2 
Production costs applicable to sales (45.9) (47.0) (64.1) (37.8) (37.4)
Administrative and general          
Exploration (1.3) (2.8) (2.2) (1.3) (0.6)
Care and maintenance and other   (0.8) (0.2)    
Pre-development          
EBITDA $76.5  $83.7  $100.4  $84.6  $50.2 
                     
                     
Table 14:
Operating Cash Flow for Palmarejo
           
in millions of US$ 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Cash provided by operating activities $63.0  $70.9  $104.7  $62.9  $10.1 
Changes in operating assets and liabilities:          
Receivables and other current assets 5.4  5.7  (0.8) 8.9  (0.4)
Prepaid expenses and other (1.9) (3.2) 3.4  (0.4) 1.0 
Inventories 4.6  9.9  (16.2) 12.0  16.1 
Accounts payable and accrued liabilities 8.0  (5.9) 0.1  (1.6) 21.6 
Operating Cash Flow $79.1  $77.4  $91.2  $81.8  $48.4 
                     
                     
Table 15:
Results of Operations by Mine - San Bartolomé
           
in millions of US$ 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Sales of Metal $41.4 $62.8 $102.8 $55.6 $46.3
Production Costs $13.6 $21.4 $30.1 $14.1 $14.1
EBITDA $27.7 $41.2 $72.5 $41.4 $32.1
Operating Income $23.5 $34.9 $66.7 $36.2 $27.0
Operating Cash Flow $20.8 $28.7 $49.6 $25.7 $23.6
Capital Expenditures $10.2 $6.5 $4.4 $3.3 $3.5
Gross Profit $23.5 $35.3 $66.7 $36.3 $27.1
Gross Margin 56.8% 56.2% 64.9% 65.3% 58.5%
           
  1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Tons Milled 378,104 371,983 428,978 378,640 387,668
Average Silver Grade (oz/t) 4.6 5.4 5.4 5.2 5.6
Average Recovery Rate 91.2% 90.5% 88.6% 87.7% 88.6%
Silver Production (000's) 1,591 1,997 2,051 1,742 1,711
Cash Operating Costs/Ag Oz $10.21 $9.18 $9.32 $8.73 $9.13
           
           
Table 16:
Reconciliation of EBITDA for San Bartolomé
           
in millions of US$ 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Sales of metal $41.4  $62.8  $102.8  $55.6  $46.3 
Production costs applicable to sales (13.6) (21.4) (30.1) (14.1) (14.1)
Administrative and general          
Exploration (0.1)   (0.1) (0.1) (0.1)
Care and maintenance and other   (0.2) (0.1)    
Pre-development          
EBITDA $27.7  $41.2  $72.5  $41.4  $32.1 
                     
                     
Table 17:
Operating Cash Flow for San Bartolomé
           
in millions of US$ 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Cash provided by (used in) operating activities $(27.4) $22.3  $78.1  $38.2  $10.5 
Changes in operating assets and liabilities:          
Receivables and other current assets 2.2  0.2  5.0  1.5  1.7 
Prepaid expenses and other (2.8) 4.6  0.2  (0.6) (0.5)
Inventories 4.7  2.9  (7.2) 4.0  4.9 
Accounts payable and accrued liabilities 44.1  (1.3) (26.5) (17.4) 7.0 
Operating Cash Flow $20.8  $28.7  $49.6  $25.7  $23.6 
                     
                     
Table 18:
Results of Operations by Mine - Kensington
           
in millions of US$ 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Sales of Metal $10.4 $32.9 $44.2 $26.0 $48.1
Production Costs $17.1 $31.7 $24.3 $12.8 $32.9
EBITDA $(6.9) $0.5 $19.6 $12.8 $15.2
Operating Income/(Loss) $(13.6) $(6.6) $10.3 $2.8 $5.8
Operating Cash Flow $(7.8) $(4.1) $14.5 $11.7 $14.0
Capital Expenditures $10.9 $12.0 $9.2 $7.4 $5.4
Gross Profit/(Loss) $(13.3) $(5.7) $10.3 $3.3 $5.8
Gross Margin (127.9)% (17.3)% 23.3% 12.7% 12.1%
           
  1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Tons Milled 43,936 71,700 116,255 121,565 105,820
Average Gold Grade (oz/t) 0.18 0.19 0.24 0.23 0.24
Average Recovery Rate 93.4% 96.5% 91.7% 93% 92.4%
Gold Production 7,444 13,299 25,687 25,758 23,676
Cash Operating Costs/Ag Oz $2,709 $1,807 $973 $924 $989
           
           
Table 19:
Reconciliation of EBITDA for Kensington
           
in millions of US$ 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Sales of metal $10.4  $32.9  $44.2  $26.0  $48.1 
Production costs applicable to sales (17.1) (31.7) (24.3) (12.8) (32.9)
Administrative and general          
Exploration (0.2) (0.5) (0.3) (0.3)  
Care and maintenance and other   (0.2)   (0.1)  
Pre-development          
EBITDA $(6.9) $0.5  $19.6  $12.8  $15.2 
                     
                     
Table 20:
Operating Cash Flow for Kensington
           
in millions of US$ 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Cash provided by operating activities $1.1  $9.3  $8.6  $7.6  $17.0 
Changes in operating assets and liabilities:          
Receivables and other current assets (10.3) (5.1) 5.0  (1.0) 8.4 
Prepaid expenses and other (1.0) 0.5  1.3  0.2  (0.1)
Inventories 3.3  (10.1) (1.3) 8.0  (12.2)
Accounts payable and accrued liabilities (0.9) 1.3  0.9  (3.1) 0.9 
Operating Cash Flow $(7.8) $(4.1) $14.5  $11.7  $14.0 
                     
                     
Table 21:
Results of Operations by Mine - Rochester
           
in millions of US$ 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Sales of Metal $18.8 $11.1 $17.5 $14.4 $14.3
Production Costs $9.6 $4.2 $11.4 $5.3 $7.4
EBITDA $7.2 $3.2 $2.7 $(2.2) $3.4
Operating Income/(Loss) $5.5 $4.6 $2.1 $(2.9) $2.9
Operating Cash Flow $7.2 $3.4 $2.7 $(3.9) $0.9
Capital Expenditures $2.6 $7.7 $13.6 $4.2 $1.7
Gross Profit $7.6 $5.9 $5.5 $8.5 $6.4
Gross Margin 40.4% 53.2% 31.4% 59.0% 44.8%
           
  1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Silver Production (000's) 441 373 352 333 334
Gold Production 5,292 1,993 1,435 1,397 1,451
Cash Operating Costs/Ag Oz $23.35 $37.99 $36.71 $4.34 $10.28
           
           
Table 22:
Reconciliation of EBITDA for Rochester
           
in millions of US$ 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Sales of metal $18.8  $11.1  $17.5  $14.4  $14.3 
Production costs applicable to sales (9.6) (4.2) (11.4) (5.3) (7.4)
Administrative and general          
Exploration (0.7) (1.5) (0.2) (0.3)  
Care and maintenance and other (1.3) (2.2) (3.2) (11.0) (3.5)
Pre-development          
EBITDA $7.2  $3.2  $2.7  $(2.2) $3.4 
                     
                     
Table 23:
Operating Cash Flow for Rochester
           
in millions of US$ 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Cash provided by (used in) operating activities $(7.1) $(11.4) $0.9  $(2.1) $1.4 
Changes in operating assets and liabilities:          
Receivables and other current assets 0.3  (0.2) 0.2    (0.3)
Prepaid expenses and other 1.4  0.7  0.7  0.4  (0.1)
Inventories 11.2  14.2  5.9  0.6  1.0 
Accounts payable and accrued liabilities 1.4  0.1  (5.0) (2.8) (1.1)
Operating Cash Flow $7.2  $3.4  $2.7  $(3.9) $0.9 
                     
                     
Table 24:
Results of Operations by Mine - Martha
           
in millions of US$ 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Sales of Metal $3.6 $2.8 $6.0 $4.8 $(0.3)
Production Costs $3.7 $3.9 $8.1 $3.9 $(0.4)
EBITDA $(3.7) $(3.3) $(3.8) $(0.5) $(1.2)
Operating Loss $(4.3) $(3.0) $(4.0) $(0.4) $(1.8)
Operating Cash Flow $(5.1) $(5.0) $(1.7) $(0.9) $(0.1)
Capital Expenditures $0.7 $1.4 $1.1 $0.6 $0.3
Gross Profit/(Loss) $(0.7) $(1.7) $(2.3) $1.8 $(0.5)
Gross Margin (19.4)% (60.7)% (38.3)% 37.5% na
           
  1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Total Tons Milled 34,069 37,141 24,086 22,122 17,818
Average Silver Grade (oz/t) 4.43 4.65 5.33 5.44 12.06
Average Gold Grade (oz/t)  0.01 0.01 0.01 0.02
Average Recovery Rate – Ag 81.4% 75.2% 92.3% 84% 83.7%
Average Recovery Rate – Au 64.6% 74.2% 72.9% 72.4% 75.3%
Silver Production (000's) 123 130 119 101 180
Cash Operating Costs/Ag Oz $46.48 $33.75 $39.31 $38.79 $24.44
           
           
Table 25:
Reconciliation of EBITDA for Martha
           
in millions of US$ 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Sales of metal $3.6  $2.8  $6.0  $4.8  $(0.3)
Production costs applicable to sales (3.7) (3.9) (8.2) (3.8) 0.4 
Administrative and general          
Exploration (3.4) (2.1) (1.5) (1.5) (1.3)
Care and maintenance and other (0.2) (0.1) (0.1)    
Pre-development          
EBITDA $(3.7) $(3.3) $(3.8) $(0.5) $(1.2)
                     
                     
Table 26:
Operating Cash Flow for Martha
           
in millions of US$ 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Cash provided by (used in) operating activities $(7.1) $(3.2) $0.2  $(3.2) $(3.1)
Changes in operating assets and liabilities:          
Receivables and other current assets 3.5  (0.9) 2.3  0.2  (5.8)
Prepaid expenses and other (0.1) (0.3) 0.4  0.1   
Inventories 0.4  0.4  (3.3) 0.1  4.1 
Accounts payable and accrued liabilities (1.8) (1.0) (1.3) 1.9  4.7 
Operating Cash Flow $(5.1) $(5.0) $(1.7) $(0.9) $(0.1)
                     
                     
Table 27:
Results of Operations by Mine - Endeavor
           
in millions of US$ 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Sales of Metal $6.7 $2.8 $6.2 $6.6 $3.1
Production Costs $2.7 $1.0 $3.2 $3.3 $1.1
EBITDA $4.0 $1.8 $3.0 $3.3 $2.0
Operating Income $2.3 $1.1 $2.1 $2.4 $1.4
Operating Cash Flow $3.5 $2.1 $1.3 $3.6 $2.0
Capital Expenditures $— $— $— $— $—
Gross Profit $2.3 $1.1 $2.1 $2.4 $1.4
Gross Margin 34.3% 39.3% 33.9% 36.4% 45.2%
           
  1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Silver Production (000's) 248 111 138 215 149
Cash Operating Costs/Ag Oz $16.64 $14.74 $22.26 $20.04 $17.15
           
           
Table 28:
Reconciliation of EBITDA for Endeavor
           
in millions of US$ 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Sales of metal $6.7  $2.8  $6.2  $6.6  $3.1 
Production costs applicable to sales (2.7) (1.0) (3.2) (3.3) (1.1)
Administrative and general          
Exploration          
Care and maintenance and other          
Pre-development          
EBITDA $4.0  $1.8  $3.0  $3.3  $2.0 
                     
                     
Table 29:
Operating Cash Flow for Endeavor
           
in millions of US$ 1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Cash provided by operating activities $2.5  $2.1  $2.4  $2.5  $2.1 
Changes in operating assets and liabilities:          
Receivables and other current assets 1.7  (1.2) (1.4) 2.7  (1.0)
Prepaid expenses and other          
Inventories 0.6  0.1  (0.9)   0.9 
Accounts payable and accrued liabilities (1.3) 1.1  1.2  (1.6)  
Operating Cash Flow $3.5  $2.1  $1.3  $3.6  $2.0 
                     
                     
Table 30:
Reconciliation of Non-U.S. GAAP Cash Costs to U.S. GAAP Production Costs
Three months ended March 31, 2012
                      
(In thousands except ounces and per ounce costs) 
Palmarejo
 
San
Bartolomé
 
Kensington
 
Rochester
 
Martha
 
Endeavor
 
Total
Total cash operating cost (Non-U.S. GAAP) $(5,643) $16,253  $20,168  $10,303  $5,708  $4,127  $50,916 
Royalties  
   
2,036
   
   
609
   
82
   
   
2,727
 
Production taxes  
   
   
   
12
   
   
   
12
 
Total cash costs (Non-U.S. GAAP) $(5,643) $18,289  $20,168  
$
10,924  $5,790  $4,127  $53,655 
Add/Subtract:                     
Third party smelting costs  
   
   
(1,083
)  
   
(1,975
)  
(788
)  
(3,846
)
By-product credit  
52,526
   
   
   
8,957
   
141
   
   
61,624
 
Other adjustments  
244
   
(194
)  
7
   
87
   
57
   
   
201
 
Change in inventory  
(1,268
)  
(4,487
)  
(2,001
)  
(10,403
)  
(320
)  
(601
)  
(19,080
)
Depreciation, depletion and amortization  
37,761
   
4,219
   
6,604
   
1,642
   
520
   
1,644
   
52,390
 
Production costs applicable to sales, including depreciation, depletion and amortization (U.S. GAAP)
 $83,620  $17,827  $23,695  $11,207  $4,213  $4,382  $144,944 
Production of silver (ounces)  
2,482,814
   
1,591,292
   
   
441,337
   
122,793
   
247,958
   
4,886,194
 
Cash operating cost per silver ounce $(2.27) $10.21  $  $23.35  $46.48  $16.64  $6.29 
Cash costs per silver ounce $(2.27) $11.49  $  $24.75  
$
47.15  $16.64  $6.85 
Production of gold (ounces)  
   
   
7,444
   
   
   
   
7,444
 
Cash operating cost per gold ounce $  $  $2,709  $  $  $  
$
2,709
 
Cash cost per gold ounce $  $  $2,709  $  $  $  $2,709 
                             
                             
Table 31:
Reconciliation of Non-U.S. GAAP Cash Costs to U.S. GAAP Production Costs
Three months ended March 31, 2011
                      
(In thousands except ounces and per ounce costs) 
Palmarejo
 
San
Bartolomé
 
Kensington
 
Rochester
 
Martha
 
Endeavor
 
Total
Total cash operating cost (Non-U.S. GAAP) $8,311  $15,615  $23,410  $3,429  $4,399  $2,558  $57,722 
Royalties  
   
2,304
   
   
330
   
183
   
   
2,817
 
Production taxes  
   
   
   
200
   
   
   
200
 
Total cash costs (Non-U.S. GAAP) $8,311  $17,919  $23,410  $3,959  $4,582  $2,558  $60,739 
Add/Subtract:                     
Third party smelting costs  
   
   
(2,650
)  
   
(1,373
)  
(563
)  
(4,586
)
By-product credit  
38,468
   
   
   
2,015
   
339
   
   
40,822
 
Other adjustments  
221
   
(189
)  
   
42
   
96
   
   
170
 
Change in inventory  
(9,631
)  
(3,612
)  
12,160
   
1,341
   
(4,034
)  
(895
)  
(4,671
)
Depreciation, depletion and amortization  
33,666
   
5,143
   
9,365
   
514
   
591
   
619
   
49,898
 
Production costs applicable to sales, including depreciation, depletion and amortization (U.S. GAAP) $71,035  $19,261  $42,285  $7,871  $201  $1,719  $142,372 
Production of silver (ounces)  
1,729,766
   
1,710,948
   
   
333,696
   
179,985
   
149,182
   
4,103,577
 
Cash operating cost per silver ounce $4.80  $9.13  $  $10.28  $24.44  $17.15  $8.36 
Cash costs per silver ounce $4.80  $10.47  $  $11.86  $25.46  $17.15  $9.10 
Production of gold (ounces)  
   
   
23,676
   
   
   
   
23,676
 
Cash operating cost per gold ounce $  $  $989  $  $  $  $989 
Cash cost per gold ounce $  $  $989  $  $  $  $989 

 

 

Contact:

Coeur d'Alene Mines Corporation
Stefany Bales, 208-667-8263
Director of Corporate Communications
Tom Angelos, 208-665-0337
Senior Vice President & Chief Compliance Officer
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