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Title : The Coeur (CDE) 4q19 financial report highlights
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The Coeur (CDE) 4q19 financial report highlights

Another raging mess from Coeur.

Non-Cash Write Downs

Fourth quarter non-cash write downs of $277.7 million reflect (i) an impairment on the carrying value of Silvertip’s long-lived assets, (ii) an inventory adjustment related to concentrate at Silvertip, and (iii) an inventory adjustment related to ore stacked on a leach pad at Wharf. Full-year non-cash write downs of $320.0 million also include (i) inventory adjustments at Silvertip during the first three quarters of 2019 and (ii) an adjustment with respect to the partial settlement of a receivable associated with the bankruptcy filing of Republic Metals Corp., which occurred in 2018.
 

Silvertip Update

The Company has elected to temporarily suspend mining and processing activities at the Silvertip silver-zinc-lead mine in British Columbia, Canada, which represented approximately 6% of the Company’s revenue in 2019. Coeur has been focused on stabilizing mill performance, which has shown signs of improvement, and implementing cost optimization initiatives. Despite these efforts, prevailing market conditions for lead and zinc concentrates remain significant headwinds for the operation.

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