Coeur Mining, Inc. reports operating and financial developments for a U.S.-based precious metals producer with gold, silver and copper exposure in North America. The company’s wholly owned operations include New Afton, Rainy River, Las Chispas, Palmarejo, Rochester, Kensington and Wharf, along with the Silvertip polymetallic critical minerals exploration project in British Columbia.
Recurring updates cover quarterly results, production and cost guidance, mine expansion work, technical reports, reserves and resources, capital projects, acquisition integration, senior note and credit-related actions, and responsibility reporting tied to environmental, safety, workforce, community and governance priorities.
Coeur Mining announced the upsizing of its offering of senior notes to $375 million with a 5.125% interest rate, maturing in 2029. This was increased from a previously announced amount of $350 million. The funds will primarily be used to repurchase existing 2024 senior notes worth $230 million and cover associated costs. The offering is expected to close around March 1, 2021, pending customary conditions. The notes will not be registered under the Securities Act, implying restrictions on their transferability.
Coeur Mining, Inc. (NYSE: CDE) has initiated a cash tender offer to acquire any and all of its 5.875% Senior Notes due 2024, totaling $230 million. The Tender Offer, set to expire on February 26, 2021, offers $1,029.38 per $1,000 principal amount of Notes validly tendered. Holders will also receive accrued interest. The offer is contingent on the company securing sufficient financing. A notice of redemption will be issued for any outstanding Notes after the offer concludes. Goldman Sachs & Co. LLC is the dealer manager for this Tender Offer.
Coeur Mining announced its intention to offer $350 million of Senior Notes due 2029. The Notes will be fully guaranteed by subsidiaries and will be used primarily to repurchase up to $230 million of its 5.875% Senior Notes due 2024. This offering is subject to market conditions and will only be available to qualified institutional buyers in the U.S. under Rule 144A, and outside the U.S. under Regulation S. Coeur emphasizes that this announcement does not constitute an offer to sell securities.
Coeur Mining (CDE) reported strong Q4 and full-year 2020 results with revenues of $228.3 million and $785.5 million, respectively, reflecting year-over-year increases of 10%. The company achieved gold and silver production targets, producing 96,377 ounces of gold and 2.8 million ounces of silver in Q4. Coeur generated $49.4 million in free cash flow and maintained a healthy cash balance of $92.8 million. An expansion project at the Rochester mine is expected to solidify its position as a cornerstone asset, with an anticipated internal rate of return of 31%. Overall, operational performance was strong despite COVID-19 challenges.
Coeur Mining reported robust growth in its mineral reserves and resources for 2020, driven by successful exploration at its Rochester and Palmarejo properties. Year-over-year, gold reserves increased by 22%, while silver reserves surged 42%. Significant resource expansions were also noted at Silvertip, with silver, zinc, and lead resources up by approximately 50%. Drilling campaigns at the new C-Horst zone and ongoing programs in Kensington indicate potential for future growth. Proven and probable reserves include 3.1 million ounces of gold and 259.5 million ounces of silver, reflecting the company's strategic focus on resource expansion.
The Tahltan Nation and Coeur Silvertip Holdings Ltd. have signed a significant Impact-Benefit Agreement (IBA) for the Silvertip mine in northern British Columbia. This IBA aims to create a long-term partnership focused on socially and environmentally responsible mining, promoting employment and economic opportunities for the Tahltan people. Leaders from both sides express optimism about the collaboration, which includes commitments to environmental protection and shared benefits. The agreement is also viewed as a step towards resuming and expanding mining operations at Silvertip.
Coeur Mining, Inc. (NYSE: CDE) will report its fourth quarter and full-year 2020 operational and financial results on February 17, 2021, after market close. A conference call will follow on February 18, 2021, at 10:00 a.m. ET, featuring CEO Mitchell J. Krebs and CFO Thomas S. Whelan. Participants can access the call through designated numbers for the U.S., Canada, and internationally. The event will provide insights into the Company's precious metals operations across North America, including the recently completed quarters.
Coeur Mining announced the expansion of its Rochester silver-gold mine in Nevada, which promises significant reserve growth. The updated report shows an after-tax NAV5% of $634 million and an internal rate of return of 31%. The mine life is extended to 18 years, with average annual free cash flow of $104 million for the first decade post-expansion. Silver and gold reserves are projected to increase by 58% and 65%, respectively. Construction is underway, with major completion expected by late 2022.
Coeur Mining (NYSE: CDE) will host its 2020 Investor Day virtually on December 17, 2020, at 8:30 a.m. CT. The executive team will discuss the Company's strategy, performance, operations, and outlook. Interested participants can register for the event at this link. Presentation materials will be available before markets open on the same day, and a replay of the webcast will be accessible for one year. Coeur operates five mines across North America and has various exploration projects.
Coeur Mining, Inc. (CDE) executives will present at the RBC Capital Markets Global Mining and Materials Conference on November 16, 2020. CEO Mitchell J. Krebs will participate in a virtual fireside chat at 1:00 p.m. Central Time. This conference is invitation-only and focused on investment opportunities in the mining sector. Presentation materials will be available on Coeur's website. The company operates five mines across North America, producing precious metals, and maintains interests in various exploration projects.