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Coeur Mining Inc. (NYSE:CDE) released its results for Q4 2015, as well as the year as a whole, commenting that its 2015 revenue came in at $646.1 million.
Coeur Mining Inc. (NYSE:CDE) released its results for Q4 2015, as well as the year as a whole, commenting that its 2015 revenue came in at $646.1 million. Meanwhile, adjusted EBITDA was $101.2 million, and the company saw an adjusted net loss of $96.6 million; cash flow from operations was $113.5 million.
The company also announced its mineral reserves and resources as of the end of 2015. Contained proven and probable mineral reserves now stand at about 302.2 million silver equivalent ounces, down 88.5 million silver equivalent ounces from the end of 2014.
The press release also states:
The Company sold 335,882 ounces of gold and 16.5 million ounces of silver during 2015, a 38% increase and a 5% decrease compared to 2014, respectively. Adjusted all-in sustaining costs per realized silver equivalent ounce1 of $14.32 for 2015 declined 22% compared to 2014 levels (16% decline assuming a constant 60:1 ratio).
Fourth quarter revenue was $164.2 million, adjusted EBITDA1 was $13.9 million, adjusted net loss1 was $0.27 per share, and cash flow from operating activities was $44.4 million. The Company sold 92,032 ounces of gold and 4.4 million ounces of silver during the fourth quarter. Fourth quarter all-in sustaining costs per realized silver equivalent ounce1 of $13.55 dropped 25% compared to the same quarter last year (18% decline assuming a constant 60:1 ratio).
Mitchell J. Krebs, president and CEO of Coeur, commented:
Our fourth quarter capped a very solid year for the Company, driven by strong performance from our Palmarejo and Wharf mines. We met or exceeded all of the operating and financial guidance we provided for 2015. With all-in sustaining costs per silver equivalent ounce1 in the mid $13 level in the fourth quarter and expected to decline further, we can no longer be considered a high-cost producer. In fact, the rate at which we are reducing our costs and the extent of these reductions make us a clear industry leader. Despite further declines in silver and gold prices during the fourth quarter, our cash and equivalents remained consistent at over $200 million. We expect this exciting transition to lead to strong, sustainable free cash flow as we begin mining higher grade material at Palmarejo and Kensington and as we realize the benefit of larger scale, more efficient mining at Rochester due to the significant investments we have made over the past three years.
Click here to read more about the company’s results.
Click here to read more about Coeur’s reserves and resources.