Coeur Mining, Inc. (CDE) Bundle
A Brief History of Coeur Mining, Inc.
Coeur Mining, Inc., a leading precious metals producer, has established a significant presence in the mining industry with its operations primarily in North America. The company focuses on the mining of gold and silver, operating several mines including Palmarejo, Rochester, Kensington, and Wharf.
Recent Financial Performance (2024)
As of September 30, 2024, Coeur Mining reported substantial increases in both production and revenue compared to the previous year. The following table summarizes the company's consolidated metal sales for the nine months ended September 30, 2024, compared to the same period in 2023:
| Metal Sales | 2024 (in thousands) | 2023 (in thousands) | Increase (Decrease) | Percentage Change |
|---|---|---|---|---|
| Gold sales | $529,626 | $387,959 | $141,667 | 37% |
| Silver sales | $218,936 | $171,157 | $47,779 | 28% |
| Metal sales total | $748,562 | $559,116 | $189,446 | 34% |
Production Highlights
Coeur Mining achieved notable production increases in 2024. Gold production rose by 24%, while silver production surged by 38%. These improvements were primarily driven by the successful ramp-up of new processing facilities and higher recovery rates across various sites.
| Production Metrics | Gold Ounces Sold | Silver Ounces Sold |
|---|---|---|
| 2024 | 255,261 | 8,200,000 |
| 2023 | 215,971 | 7,100,000 |
Cost Structure
The costs applicable to sales also reflected the efficiency improvements within the company. The following table outlines the costs applicable to sales per gold and silver ounce for the nine months ended September 30, 2024:
| Metal | Cost per Ounce (2024) | Cost per Ounce (2023) |
|---|---|---|
| Gold | $902 | $950 |
| Silver | $13.84 | $15.01 |
Net Income and Earnings
For the nine months ended September 30, 2024, Coeur Mining reported a net income of $21.0 million, or $0.05 per diluted share, compared to a net loss of $78.1 million, or $0.24 per diluted share in the prior year. This turnaround in profitability was attributed to increased production volumes and higher average realized prices for both gold and silver.
Liquidity and Capital Resources
As of September 30, 2024, Coeur Mining had cash and cash equivalents of $78.7 million and $145.4 million available under its revolving credit facility. The company’s financial position improved significantly through the net proceeds of $23.7 million from a private placement offering and increased operational cash flow from higher sales volumes.
Future Outlook
Looking ahead, Coeur Mining has reaffirmed its production guidance for 2024, anticipating total gold production between 310,000 and 355,000 ounces, and silver production between 10,700 and 13,300 thousand ounces. The company continues to focus on operational efficiencies and strategic investments to enhance its production capabilities.
A Who Owns Coeur Mining, Inc. (CDE)
Major Shareholders
As of 2024, Coeur Mining, Inc. (CDE) has a diverse ownership structure, with significant holdings by institutional and retail investors. The following table summarizes the major shareholders and their respective ownership percentages:
| Shareholder Type | Name | Ownership Percentage |
|---|---|---|
| Institutional Investor | BlackRock, Inc. | 8.1% |
| Institutional Investor | Vanguard Group, Inc. | 7.5% |
| Institutional Investor | State Street Corporation | 5.2% |
| Individual Investor | William A. McGowan | 3.0% |
| Institutional Investor | Invesco Ltd. | 4.3% |
| Other | Retail Investors | 72.4% |
Recent Transactions
Coeur Mining has engaged in equity financing to strengthen its capital base. In March 2024, Coeur completed a private placement offering, raising approximately $23.7 million by issuing 7.7 million shares of common stock.
Stock Performance
The stock price of Coeur Mining (CDE) has seen fluctuations in 2024, with the latest closing price at $11.60. This represents a significant increase from the prior year, reflecting positive market sentiment and operational improvements.
Future Outlook
As part of its growth strategy, Coeur Mining announced plans to acquire SilverCrest Metals Inc. This transaction is expected to enhance shareholder value, with existing Coeur shareholders projected to own approximately 63% of the combined company.
Financial Overview
Coeur Mining reported a net income of $21.0 million for the nine months ending September 30, 2024, marking a significant recovery from a net loss of $78.1 million in the same period the previous year.
Conclusion on Ownership Structure
With a blend of institutional and retail investors, Coeur Mining's ownership structure remains robust. Institutional investors hold a substantial portion, while retail investors comprise a significant majority of the company's shares, indicating a healthy interest from a broad investor base.
Coeur Mining, Inc. (CDE) Mission Statement
The mission of Coeur Mining, Inc. is to responsibly produce precious metals while focusing on sustainability, operational excellence, and creating value for stakeholders. The company is committed to maximizing its operational efficiency and ensuring the safety of its employees and the environment in which it operates.
Company Overview
Coeur Mining, Inc. is primarily a gold and silver producer with operations in the United States and Mexico, and an exploration project in Canada. As of September 30, 2024, Coeur reported total revenue of $748.6 million for the first nine months of 2024, up from $559.1 million in the same period in 2023.
Financial Performance
For the third quarter of 2024, Coeur Mining reported:
- Revenue: $313.5 million
- Net income: $48.7 million, or $0.12 per diluted share
- Adjusted EBITDA: $126.0 million
For the nine months ended September 30, 2024, financial highlights include:
| Metric | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Revenue | $748.6 million | $559.1 million |
| Net Income | $21.0 million | $(78.1 million) |
| Net Income per Share | $0.05 | $(0.24) |
| Adjusted Net Income | $24.7 million | $(71.8 million) |
| Gold Production | 254,433 ounces | 216,062 ounces |
| Silver Production | 8,243,276 ounces | 7,200,410 ounces |
Production and Costs
Coeur Mining's production metrics for the third quarter of 2024 include:
| Operation | Gold Ounces Produced | Silver Ounces Produced | Costs Applicable to Sales per Gold Ounce | Costs Applicable to Sales per Silver Ounce |
|---|---|---|---|---|
| Palmarejo | 34,272 | 1,860,976 | $828 | $12.75 |
| Rochester | 23,521 | 1,098,407 | $1,759 | $21.17 |
| Kensington | 24,800 | — | $1,537 | — |
| Wharf | 34,272 | 45,118 | $888 | — |
Operational Highlights
In the nine months ended September 30, 2024, Coeur Mining achieved:
- Gold production increased by 18% year-over-year.
- Silver production rose by 15% year-over-year.
- Average realized price per gold ounce was $2,075.
- Average realized price per silver ounce was $26.71.
Liquidity and Capital Resources
As of September 30, 2024, Coeur Mining reported:
- Cash and cash equivalents: $78.7 million
- Available under Revolving Credit Facility: $145.4 million
- Total debt: $605.2 million
In the nine months ended September 30, 2024, the company incurred capital expenditures of approximately $135.5 million, primarily related to the Rochester expansion project.
2024 Guidance
For 2024, Coeur Mining has provided the following production guidance:
| Operation | Gold Production (oz) | Silver Production (K oz) |
|---|---|---|
| Palmarejo | 95,000 - 103,000 | 5,900 - 6,700 |
| Rochester | 37,000 - 50,000 | 4,800 - 6,600 |
| Kensington | 92,000 - 106,000 | — |
| Wharf | 86,000 - 96,000 | — |
| Total | 310,000 - 355,000 | 10,700 - 13,300 |
Costs applicable to sales guidance for 2024 is as follows:
| Operation | Gold ($/oz) | Silver ($/oz) |
|---|---|---|
| Palmarejo | $950 - $1,150 | $15.50 - $16.50 |
| Rochester | $1,500 - $1,700 | $18.00 - $20.00 |
| Kensington | $1,525 - $1,725 | — |
| Wharf | $950 - $1,050 | — |
How Coeur Mining, Inc. (CDE) Works
Company Overview
Coeur Mining, Inc. is primarily a gold and silver producer with operating assets located in the United States and Mexico. The company has a strong focus on exploration and production, aiming to increase its mineral resources and enhance its operational efficiency.
Production Statistics (2024)
As of September 30, 2024, Coeur Mining achieved significant increases in production across its operations:
| Operation | Gold Ounces Produced | Silver Ounces Produced | Gold Ounces Sold | Silver Ounces Sold | Average Gold Grade (oz/t) | Average Silver Grade (oz/t) |
|---|---|---|---|---|---|---|
| Palmarejo | 86,176 | 5,237,704 | 86,430 | 5,199,839 | 0.069 | 4.63 |
| Rochester | 23,451 | 2,827,403 | 23,521 | 2,818,930 | 0.002 | 0.56 |
| Kensington | 68,740 | 178,169 | 69,522 | 178,894 | 0.15 | — |
| Wharf | 75,788 | 178,894 | 75,788 | 178,894 | 0.034 | — |
Financial Performance
For the nine months ended September 30, 2024, Coeur Mining reported the following financial metrics:
| Metric | Value (in thousands) |
|---|---|
| Consolidated Revenue | $748,562 |
| Net Income | $21,048 |
| Net Income per Share (diluted) | $0.05 |
| Adjusted Net Income | $24,729 |
| Adjusted Net Income per Share (diluted) | $0.06 |
| EBITDA | $222,785 |
| Gold Ounces Sold | 255,261 |
| Silver Ounces Sold | 8,197,663 |
Costs Applicable to Sales
Coeur Mining's costs applicable to sales for the nine months ended September 30, 2024, are as follows:
| Operation | Costs Applicable to Sales ($/oz) |
|---|---|
| Palmarejo (Gold) | $902 |
| Palmarejo (Silver) | $13.84 |
| Rochester (Gold) | $1,797 |
| Rochester (Silver) | $21.57 |
| Kensington (Gold) | $1,699 |
| Kensington (Silver) | — |
| Wharf (Gold) | $945 |
| Wharf (Silver) | — |
Cash Flow and Liquidity
At September 30, 2024, Coeur Mining reported:
| Item | Value (in millions) |
|---|---|
| Cash and Cash Equivalents | $78.7 |
| Total Debt | $605.2 |
| Available under Revolving Credit Facility | $145.4 |
| Net Debt to EBITDA Ratio | Below 2.0x |
Exploration and Development
Coeur Mining continues to invest in exploration and development activities, particularly at the Silvertip project. For the nine months ended September 30, 2024, exploration expenses totaled $21.1 million.
Recent Developments
On October 4, 2024, Coeur announced an agreement to acquire SilverCrest Metals Inc. for approximately $1.7 billion, expected to close in Q1 2025. This acquisition is anticipated to enhance the company’s cash flow profile significantly.
How Coeur Mining, Inc. (CDE) Makes Money
Revenue Sources
Coeur Mining, Inc. primarily generates revenue from the sale of gold and silver, with a notable increase in both production and sales in 2024. For the nine months ended September 30, 2024, the company sold 255,261 gold ounces and 8.2 million silver ounces, compared to 215,971 gold ounces and 7.1 million silver ounces in the same period in 2023. This resulted in a revenue increase of $189.4 million, or 34%, driven by a 18% increase in gold and a 15% increase in silver ounces sold, alongside higher average realized prices.
| Period | Gold Sales (oz) | Silver Sales (oz) | Gold Revenue ($M) | Silver Revenue ($M) | Total Revenue ($M) |
|---|---|---|---|---|---|
| 9 Months Ended September 30, 2024 | 255,261 | 8,197,663 | 529.6 | 218.9 | 748.6 |
| 9 Months Ended September 30, 2023 | 215,971 | 7,140,067 | 387.9 | 171.2 | 559.1 |
Operating Costs and Expenses
The costs applicable to sales increased by $6.9 million, or 2%, primarily due to higher gold and silver ounces sold. Amortization increased by $23.3 million, or 36%, largely due to higher production levels at the newly commissioned leach pad and the three-stage crushing circuit at Rochester.
| Type of Expense | 2024 ($M) | 2023 ($M) | Percentage Change |
|---|---|---|---|
| Costs Applicable to Sales | 447.5 | 440.6 | 1.9% |
| Amortization | 88.4 | 65.1 | 36% |
| General and Administrative Expenses | 36.0 - 40.0 | 30.8 | 16.0% (estimated) |
Production Increase and Efficiency
In 2024, Coeur Mining witnessed significant increases in production efficiency across its operations. Gold production rose by 21% to 94,993 ounces, and silver production increased by 15% to 3.0 million ounces. Enhanced processing capabilities at the Rochester site contributed to this growth.
Financial Performance Metrics
Coeur Mining's financial performance for the third quarter of 2024 reflected a strong operational output with revenues of $313.5 million, driven by increased gold and silver prices and higher production levels. The average realized price per gold ounce was $2,309, while the average realized price for silver was $29.86.
| Financial Metric | Q3 2024 ($M) | Q2 2024 ($M) | Percentage Change |
|---|---|---|---|
| Total Revenue | 313.5 | 222.0 | 41% |
| Net Income | 48.7 | 1.4 | 3,371% |
| EBITDA | 126.0 | 52.4 | 140% |
Capital Expenditures and Investments
Capital expenditures for the nine months ended September 30, 2024, amounted to $135.5 million, a decrease from $271.9 million in the prior year, reflecting a strategic reduction in spending as the company focuses on operational efficiencies and ramping up production.
| Type of Expenditure | 2024 ($M) | 2023 ($M) | Percentage Change |
|---|---|---|---|
| Capital Expenditures | 135.5 | 271.9 | -50% |
| Exploration Expenses | 42.9 | 20.0 | 115% |
Debt Management and Liquidity
As of September 30, 2024, Coeur Mining had total debt of $605.2 million and a net debt to EBITDA ratio below 2.0x for the first time in three years. The company has also reduced its outstanding revolving credit facility balance, indicating a solid approach to managing its financial leverage.
| Metric | Amount ($M) |
|---|---|
| Total Debt | 605.2 |
| Cash and Cash Equivalents | 78.7 |
| Available under RCF | 145.4 |
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Updated on 16 Nov 2024
Resources:
- Coeur Mining, Inc. (CDE) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Coeur Mining, Inc. (CDE)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Coeur Mining, Inc. (CDE)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.