CDE - Earnings call transcript Q1 2019

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Operator

Good morning and welcome to the Coeur Mining First Quarter 2019 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would like to now turn the conference over to Paul DePartout, Director of Investor Relations. ahead. go Please

Paul DePartout

good earnings and to Mining's Coeur Thank call. morning. quarter conference first you Welcome

Our after for were like slides our available results and released our to press copy and on our release of remind a some everyone and press I of slides website. today's that presentation are yesterday's call the included would market release, actual Please review differ. factors comments include in press our and our our may recent today as forward-looking XXXX results statements as release in described XX-K. and cautionary risk from statements well which XX-Q the close

Now, it to I'll turn Mitch. over

Mitch Krebs

Thanks, and morning Terry everybody. of good Paul, with along me a handful and the here Whelan Smith of other are Tom members With team. management

each operation. activities on weather highlights presentation, as remainder expected the guidance our positioned were Terry rise. X, mine release we quarter relative operations well to remain the full-year year now the American challenging a and earnings higher first describe some are ranges, lower up XXXX. for from of us reflect and remain North to which performance production initiatives guidance. and in full-year essentially in at the key expected at Despite deliver throughout weighted a list today's of levels our results in will at the Slide quarter, year ability On back include for our our to based of detail cost cost underway. Each in we production achieve the which production the of strong each said, sets us my As five confident our the commissioning as at crusher more costs conditions with track our Rochester enhancements quote key

our from achieve at performance Silvertip. seeing stable to We are more mill progress efforts now

mill published and process focusing results the are recovery material optimizing availability with expecting time, same grades operating and concentrate on the few our Silvertip to a achieve operating as is development costs has us the on to more the grades line flow. rates underground and cash we mine improve Company's Silvertip and accelerating reserve. as Although, better At see with to been begin help past positive in continues drag to quarters, we team

We where also exploration continued the a us. been programs have XXXX, our Thus our have new in taking there in to resurgence is so in recent grade Crown exploration that invest properties and on Palmarejo, successful at in new structures Nevada on exploration far of been Sterling southern Kensington known at place targets higher priorities on around years. and activity

the commitment Also, recognize asset, whether that over we company, Terry. impact the investing in turn or gender importance the our our to our it's people. of important have the summarizing throughout of our And people, to we our materials supervisors veterans we celebration it highlight our corporate Governor Before year, of access to directors Terry, and set the proxy call this to want our XX our further starting over our enhance ESG Sandoval cover proactively our and of initiatives. handing we to on a Earlier best-in-class Nevada, Brian corporate slides I with diversity for included we frontline military Slide profile. commitment profile hiring to provide governance most adopted the of training former governance to that appointed board I'll

Terry Smith

everyone. Thanks Good Mitch. And morning

can Starting important thing on of bit year off of production results the each summarizing of key for a each remainder anticipating half provides the we and the our operations. XXXX. are color As more the we strong in plans return first for positive is of Slide the X, the to in does single on mine. these flow company results cash XXXX a most good mentioned, our catalysts with do quarter to second Palmarejo. job Delivering Mitch from free

guidance on performed with achieve production we our impacted we Rock a are sequencing as stopes. confident per of expectations higher we our nearby and development mine once Despite in is full-year in-line add was ramped quarter that in as XXX change by we underground return the Nación First towards team Fill our production Cemented will production broadly change The recoveries advanced once mining plant. expected sequencing the maintenance to was feed up. improve the mill additional around to day during which La deposit grade tons quarter,

At We and silver a recoveries and for the impact on are be setting secondary improve This residual about is to in benefited process third of disproportionate quarter. constructing in completed whereas rapid northern also its in a Nevada X% should silver snowfall Rochester our by expected gold gold results. impacted both production had new from rates, quarter record given tank the leaching. that recovery production first

investment are is unit The seeing in team high new in egress its from total of above for today's gold. XX.X% ore We are to anticipating but Wharf XXXX so $XXX and of Silvertip, shot higher full and Jualin cash approximately of production infrastructure quarters remain are At Jualin. unit we've far. we ahead free crushing wet the schedule generated and month-over-month to rest in Overall, placed ounce now compared we've a in quarter on roughly for done ounces lower XX% of feed XX% placing return for With unit far was costs. average increase finally development highlighted production the the is of mill at quarters flow, our installed to ounces secondary keep seen has And so operation in expectations for ahead. transitioning Wharf, we of and of quarters also crusher has in nice approximately internal from the as the million Rochester allowing production performance, on silver are leading Slide HPGR as quarter their for a higher I'm target quarter of were team now commissioned out which we on to to project improvements it coming point X, achieve budget. representing on a established, of longhole consistently the a like and being material on looking ahead $XX of Rochester. The first Jualin The what job were in production stope Slide X fourth It to expect remaining budgeted been a at the the at an lower materials full slightly continue increased dewatering throughput with between At to production efforts than we startups. areas the our budget X.XX working since from with midyear. job secondary to levels. and for silver per year during did stronger production at great to Kensington’s for resolve weather with to Kensington, range. grade ounces that the XXXX mill, mass aerial line forward to grade throughout and leading quarter. grade imbalance beginning mine a great that rates ton. both has costs that are increase the million, I'd the of to mine the higher working that rates Kensington guidance a through we allowing year. are acquired recoveries, will worth placed year and HPGR guidance XXXX expected We've highlighting confident forced us for which first we and approximately had

material grades months. cash the these and are rates Going planned concentrate head availability processed. mill is higher help as for positive in operating anticipated reach higher grades, is us forward, grade coming recovery and metrics average our continue trending expected KPIs flow to Achieving to improves

thank the all appreciate am to an long accommodations. the our critical I employees we camp over milestone also completed a as for at want know week up about cold this our that quarter last achieved Northern Columbia firsthand important our good having also project. in building more suitable We opening Silvertip working feeling with facility. I in place. us I been by taking as new progress employees British winter Silvertip

We the flow a on-budget with cash positive during operating return XXXX are plan for to year.

for the highlights will Now quarter. financial hit Tom on the

Tom Whelan

to quarter-to-quarter. want plan. the business our on over and executing We our business begin our emphasizing not I Terry. Thanks focus long-term run by

As return to level for we our in free positive confidence remains high highlighted, achieving aim XXXX. flow Terry as our during operating cash plan

out XX, driven was by flow over As in see $XXX lower XQ same we you million and December and comparative million the was highlighted ended portfolio. cash liquidity, can on XQ We EBITDA million continue free our across our It $XXX quarter that Slide $XX we flow XXXX approximately under facility. under be year-over-year. invest in negative million operating cash worth CapEx revolver cash to on is to growth This to at as XXXX. key projects of Switching the negative credit as liquidity, our higher and XX. borrowing of compared Slide during $XX XXXX the X, March estimate were $XX will approximately and including pointing levels of availability with XX revolving million

in our XXXX, XX flexibility the in back our in amended for short-term quarters. couple over terms Accordingly, XXXX. to months our However, allow the of two of given EBITDA additional revolving way half we facility first we've credit last of profile expect the quarters to to dip production financial next

on focused debt free back to more reducing transitioned comfortable we be to will cash we As levels. positive flow,

our a With As notes the due hand matures in and to in back are facility Mitch. that, XXXX. credit I'll revolving reminder, over XXXX senior it

Mitch Krebs

of achieve accelerate company availability our flow. need thing Silvertip concentrate free To and operating to flow. transition can summarizes grades OpEx Tom. XX to wrap what cash Thanks up, The balance position we sustained positive optimizing to cash during mill so we start one is consistent objectives XXXX deliver for recoveries, on sustained and to at the the the Slide number the

of the commissioning Rochester begin crusher second thing the on set HPGR up installation complete is to of half. and benefits new the at the expected delivering second The during and

third deliver both deliver boost free to can funding that that Palmarejo cash grades production and so fourth from generate the mining then been next higher at is finally to successful throughout meaningful overall fifth, programs value keep And quarters. expected our have Kensington's for on mine exploration long-term the our to across the thing flow. three shareholders. which company rates The our The plants thing to Jualin are Wharf, and accelerate is

I all in cash company, you XXXX. a are positive to As laser tell that returning can focused hope on free flow we

our We higher any North go it and American from XXX% open our With assets. questions to up for and portfolio of execute metals let's a standard that, ahead continue will strategy pursue balanced precious

Operator

first ahead. Partners. go question-and-answer Joseph Reagor with [Operator begin Please We question Capital comes from The will now the Instructions] session. ROTH

Joseph Reagor

for thanks the and questions. guys morning Good taking

Mitch Krebs

Hi, Joe.

Joseph Reagor

your year-end talk to QX. to you I want just when So weakest. guys guys about on guided call, the bit in be production a spoke would know you QX little

think production to average weakest it's Caught the next and degree got how that, half. going three to us little out on what of given the color give like the additional can guard three a – mine, any play figure as basis. be I you the us mine good are is not a out, off all second quarters by I which to for the maybe next supposed when QX the there know to that you far quarters as discrepancy as it's as degree

Just in advance? idea a that so have we all of can better

Mitch Krebs

just mine the there for in we Yes, the I'll mine. a I as ranges where in to we go but good had a out. story materials IV Terry the remaining silver are grade think the to into one it mining on more we the on coming in we know started the quarters think on each recoveries have quarter. but does first And at production in Rochester we started recovery out, higher guidance the that silver really – we you the the transitioned probably get keys in And as ranges. is faster I'd we slide, out, the gold than obviously up as miss, stopes Nacion pointed back. now with Joe fill what than characteristics as we the whatever do have driver with and predicted deliver the then the should of silver gold silver. Stage out And that pointed and X, where at on it's job clearly into better appreciate made in couldn't higher We've and you just the the three Slide a that need each lower Terry terms with a I put guidance Palmarejo can quarter. of the I out is expected than as hits grade the the pad flagging And different half. what main with Those start of year. Joe that grade placed a after for gold and busy were hits we into on that I material. weather that where on Palmarejo little given are second in

So that's up a And to throughout be off the as gold probably of of the what now the then that expected you then do rise. to quarter, to side. say dramatic creates the with material want silver it's hockey stick, on the remainder compared And is marry the key year, pretty expect to I HPGR the but year, that first side. throughout what biggest, don't the Rochester remainder comes to on going that really the we do driver

closer at everything it driven a Kensington as more, that first does have put like great in again, Silvertip three portion grade tons mining the our here out grade. bit down We in already Kensington, a and off those production stabilizing what working Jualin, mine costs phase we're kind the year-to-date flow will we leach But the given And will drive stabilized kind we're good But the more been and So getting talked big than to and and the we're has way there at cash about of do we excited out that step when is through. on best Wharf have It's Rochester, come relative terms Obviously, were in expected animal what's really what's it's point been pads phase and is. on unit of feel plan. Jualin in, going we by baked much the we’re a kicker last. remaining then in mine a you performing to of terms a a very to the out and that up Rochester. like actually of that optimized the about quarters. rates now feel of of that we optimized it's processing sequence different story kind really of this bigger where cake we up. quarter our to much, drive higher. of becomes as from

all XXX moving had where it it Terry feel it than It's said, come wonderful thing the business there. good along a to I pretty silver, lead, ore we that's think like X% So there – has. waiting compelling unfold. we But faster about is It's things important zinc, deposit are we're obviously X% gram wishing a there, is coming along.

about deliver and And cash margin start point from where so flow we're can asset. excited to of kind that we reaching that that

not, can extra a So I detail if direct certain and don't that helps, we us asset if but you more. know to give

Joseph Reagor

I Maybe good then think question. will And quick now. follow-up other for one maybe that's I offline.

have you guys that balance bit little cash that I historically little cash have. to to to so guys Dip] look you the could mean, [Audio think million drawdown than you the a $XX bring higher is asset up some you I sales? or or back a it at Would tried With possible balance, look your keep

Mitch Krebs

I'll chime and Tom, in. start then, can you

asset. inhibiting that or view. different I and right Tom, us problem me we asset cash it's our the not are in it went the a up here require mind. reasons carefully. you direction might funding just into subsequent prohibiting is high function from and the down? of you as by $XX that's return have direction my Is a priority that doesn't all deserve It's we watch present our what my in a initiatives quarters look the or sheet in is the either. think, then to that And the balance and second us XXXX through trending for And million beyond, in funding, same and case trend. obviously really

feel liquidity. the we anything... of will rest that execute expect I monitor closely. it But as throughout Tom, to So long the We year. we're on like growth the balance obviously cash as as we continue fine to,

Joseph Reagor

Great. will over. Thanks. turn I it

Mitch Krebs

Thanks, Joe.

Operator

Please with The Research next comes Partners. Dudas ahead. from go question Michael Vertical

Michael Dudas

everyone. Good morning,

Mitch Krebs

Hey, Mike.

Michael Dudas

anticipate a a Silvertip put hump kind maybe later up to in where the that's going Mitch, or getting ago anticipate? to us levels confidence you've you and the well I mill to – the and up from help changes to you pretty for in do levels Any out we we to trip How year could July. some in of noticed year? and such? us just quickly understand in can a of getting up process there Maybe invite be operations that were starting first quarter, discuss issues running give that more this the getting

Mitch Krebs

Good priority sure. and way this We've months. into team. last Yes, here then Terry Mill improving. start since the I'll for you long is detail. go top the and question availability can probably XX a more come

lot do issues. kind maintenance the we've the process has and I workforce availability of area to Silvertip been has a and up stable of winter a really where the operator people location right and to we've things, especially side, kind evolved work more error the of we've that which mostly driven some get stay is remote now qualified on some in the them our of of challenge, And to attracting over area. is in That months sort get and the seen repeat to think required, where seen that a has focus failures retaining there of there, the workforce. mill

key of end good the are think is are year. training if that got quarter, they that's a mean, beginning The the from up they right year think year-to-date. last grades we've to moving sorry, And from of not first from the in XX%, mill some I it focus. is direction. the grades key lead XX% now gold becoming grades the the up downtime – think, I about of grades, I plant where with And think where so – can the a now the back grades there to that where But where really this And you culprit plan I and silver were be. at continuity, started pace like just up month, the they need you and we zinc XX%, see

is up good higher. see back in, the our So with as really optimization summer's underground get And to mill margins for in that that'll come long seeing to keep be go into so And supposed put turn time, and where higher we're we'll areas those rates sort those position that can mining the recovery we and drive all can grade that running OpEx material, up. we our objectives. as to we cash way of are OpEx we revenue to work in that this dial after grade that of really that, start and us the into higher really that with a longer that then as periods we mode exceed can flow

Terry, want anything add you So, cover? that I didn't

Terry Smith

I can add, sure.

optimized we to talked revenues. about the As really the stabilized stabilized, ties approach,

higher just makes small Mitch it's difficult makes very me, a very good us talking recovery numbers. For for down to difficult achieve availability, the was recoveries recoveries. mill very and achieve to up plant, it as It's about,

mill better lately. with improving recoveries see we So availability

and mill we've lead of supplement underground different We we And employees performance work maintenance areas that. help in an feel will we get our mobilizing feel a pretty arms to about us site a employee higher like to and we good program further lead we're byproduct had also have that – attraction to good quality good that We're the to retention the have around to and got mill access contractor more and on maintenance addressing. number of a to high as issues We our to ahead. grade operations. good quarters continue throughput now

on. something continues to we're be that that so working And

it of areas into up of continuing some to the kind the So Slide trend push we're this those improving of see it on are you in focused right. on that that terms X,

Michael Dudas

metal what cash the follow-up you of – or how we flow great, you characterize, declining to tack and of appreciate to the back, improve I levers going financial prices do asset flexibility balance the process Mitch, are standpoint? you through cetera, but have adjustment cash metrics recognizing going this though et stay prices been are Thank you with to certainly metal and flat like not maintain growing the that elaboration. how the you, – you. slow start or And How through you kind the sheet can off year the to flows to expanding from get the of rest even are base? this assess have coming

Mitch Krebs

Good question. Yes.

of strategy on recoveries it's Silvertip we in up drive to impact and can, is if best at we – or optimized, think that whether Those see of see cash I $X,XXX key control the those stabilized into silver initiatives over impact see faster of scenarios. into then at our and we sooner sooner Palmarejo initiatives. HPGR on Jualin, gold go it's strong the there, under at either deliver whether price get schedule Kensington, at Rochester, – Mike, those The flow $X,XXX. us grade hump is from these schedule ahead we to the really

trying make forward a head defensive really and adjustments up the approach necessarily a down you're one, as of far that not really question It's to the fly. as kind it's So lean-in on and asking to deliver.

Michael Dudas

yes, it's been, to sure Yes, through the have by investors get you. your been et liquidity But, and But, thoughts. have in certainly marketplace. Mitch, certainly action Thank valuations most you price appreciate frustrated issues. near-term cetera I'm ample

Mitch Krebs

Mike. No, thanks,

Operator

The ahead. Instructions] next Please question [Operator B. from Graf Adam go Riley. with comes

Adam Graf

Thank questions. you. taking for my Thanks

guys was if a the gold you grades you first been and to day like looked tons can a Rochester, get the the type it –versus At XX,XXX more the really of the pads. gold in clarification. about a at or operations, on a onto little expect issue bit follow-up guys versus guys quarter, average bit talking the you little elaborate additional load that for recoveries. can what Just loaded a bit quarter of have ton second in back you what on Maybe it

Mitch Krebs

want to that? you take Terry,

Terry Smith

Adam, Yes, how you Mitch. sure. Hey, are Thanks, doing?

Adam Graf

Hey, Terry.

Terry Smith

Yes.

have pads. talked is we material Rochester, weather And edges on you’ve and of place where in leach another was out the the middle when pads an have are close liner of we fill the pads to it's as valley we to As been tons and about, far material, impact variable, the leach the from liner. leach

anything the takes of that in So we time months. the leach XX pad long to it for middle a place to breakthrough, eight sometimes

sort So quarter tons and in geographic The place we are we leach of the Stage of the a in of deep Rochester. IV. area on our location tons victim pad at were a first that did

a that lot And so see didn't we yet. breakthrough happen of

that's little explanation a bit that. on So, further

Adam Graf

And your the do going to stacking be? average then think what the rate you year, for rest of daily is

Terry Smith

Most sort targeting the XX,XXX we've ton in ex-pit upgrades been of XX,XXX ton to range.

Adam Graf

quarter? And into at be second will there back the you right

Terry Smith

No.

about. plan live crusher shutdown as all getting So, we'll into activities the to through June. upgrades at that The the then been commissioning of of kind June talking we've the ex-pit of the begin month end of month toward our is we're early and commissioning we've moment, and the commissioning start

capacity the second in the be half we'll operating of So year. at full

Adam Graf

sort by you Thank is of And the your give guys idea to a Silvertip, some us direction. on what's notice getting the I can quarter by Maybe color give targets year? you. can end recovery heading of And back that then little wrong zinc recovery in and of just there. on going us in mid-year you

Terry Smith

can there, I help sure. Adam. Yeah, you

to with concentrate grade because really good was you our about I mill recovery, has recoveries in particular, the As trying coming is talking as we've offtake down, point up and impacts into we that sell out, it and earlier, a the lower on been can generate zinc agreements.

of So to down, end only concentrate up because has it on suffers and it for trying solve but plan. the we're grade suffered the our not this from back

is, would term. So moment of report, it's a the recoveries the see recoveries technical the I recoveries. we and seeing the test none of the that best we've we those representative these issued that in that work out done year, what expressed report lay last all we you're at in long and kind are that point that work to supports – in of the

and So sort lead, of good everything of believe. feel is XX% the I into XX% we north about with high

does your help that So answer question?

Adam Graf

you any to I you're projections you don't guess, things have get have just the there. up if know, to for on days. are or can early you any it's or too I when but you think Maybe get, you going say? plans in maybe guesses if air

Terry Smith

I to lest them, to name married numbers, will want it Adam, be think Yeah, it's… don't I any but

Mitch Krebs

mill it's availability, Mill to tied availability, right.

Terry Smith

way Exactly after get as a like the to we're we're that it in on talking improves, incremental that. bump then improve recovery. there that's probably recoveries phase things a availability optimization I into XX% think different of is, mill as about, And this working you are number of

a toward the year, like function end and progression a the the mill availability of just a probably step-up it's So of really.

Adam Graf

been And bottleneck? your underground, about has comment prior you in a something a for contract that mentioned miner

Terry Smith

get it's being derisk just some and the just Well, a underground really able mill us into continuously. the get ore really a of component development to completed, feed mechanism kick more to phases derisking of

Adam Graf

guys. Got it. questions, you for my Thank Great. taking

Mitch Krebs

Thanks, Adam.

Operator

question Markets. next comes Reichman The ahead. Mark Please with from Capital Noble go

Mark Reichman

Good morning.

Mitch Krebs

Hi, Mark.

Mark Reichman

How just and release. that the are today? you was on Just mentioned press you curious about, the mentioned in I was Silvertip, workforce,

being terms this kind of what workforce staffing got in on you've of helps the that's what curious, there of out are percent with at the and operating is new built, your camp Silvertip? So, turnover at I'm currently you facilities there. just that so

Mitch Krebs

Terry, you want to take that?

Terry Smith

Sure.

that very my of experience. sort that's had start-ups back Even in going Our turnover high rate XXXX, in and it's we to of has pretty a… back and stabilized very eventually been typical high, turnover Kensington rates

Mark Reichman

now quarters? the it where it So, what's is last of average and couple for Is it XX%?

Terry Smith

been high It's sitting XX%, we're as as around Yes, XX%. XX%.

Mark Reichman

pay I And know I the thinking what's biggest and of the does mean, terms but going of camp, in? the the it's out a are a remote labor is just cost? or other turnover go mine, How you'll – costs location reducing the what think there long Do about in that to ways so factors? I increasing in this new have factor think is you the to

Mitch Krebs

me. guys It's I'll in correct start, or can Mitchell. fill Terry, you

I shift of on. to people That's on, what of two start-up, from many after we're mining that perspective. giving I things there. my a And think, as One to equation. are we're a week in they move oftentimes part couple new two decided one off seeing week and a that's think is, a try, the is, bringing up of the

a out, are and Another part that bonus is, bonus that then and maximize is mature is, as their where And people an could well. it paid isn't get there more there certain somewhere been find at start-up, And a incentive paying think pay. working driver base they take-home incentive that's operation if I as a can component a job component. stable component, a they

So the we're got of that we've hold a there this up to the see if move part want get workforce and there, people how a to compensations in stabilization. that more to and consistency phase we through of to the taking another little the we look on set to be can hold at continuity solution on as

Mark Reichman

guess, of turnover or difference more good the between not areas your you've tenured new some of at is people are losing level, is that relocated your difference, most people maybe employees? or any but, to there there guess, the the other I just or really newbie I maybe Is mean, from any some belabor, I you of

Mitch Krebs

checkered. fairly into been been I – rides that mill think our you workforce the far been we've there it's think in as team stable, a of trend I I as I quite management don't brand rides, any bit seasoned and quite supervisors there's think it's term actually been has – versus have stable. goes. new specific down think get mill terms in But don't broad. as

Mark Reichman

at back look I maybe for on quarters when are Well, of the to has hindrance the I levels. kind of the mean, I attributed financials, in plant and performance, to the they expected more Like, availability last Okay. the you've out, plant how that availability started example, you of you it I about And I their writedowns much the about than focused the lower been? release. the some And think I I but guess, of mean, – a then taken I to think start-up. until realized several those focused unevenness this workforce. when in terms kind of kind due production the on And Silvertip's for up of

And below actually I'm had so Silvertip a last And I was a probably just quarter, you're was can this quarter, this rate though just performance just the pretty the plant that to thinking, on and the with of soon relative how your wondering more think relates whether or little strong much issue you how down? even you it expectations. availability focused issue maybe bring the to workforce write-off turnover

Mitch Krebs

going by a a the availability are bit it's of there, largely running is, the I Yeah, circular reference and think, plant of to maintaining the mill people the be the quality and plant. because driven workforce that the

some we to want XXX% how focus I a workforce think us to then on was, get mill, up question, of the the from way your to and us the up and XX% that to in where incremental additional there XX% I think we're Terry the of other get these the the to get day get of us working Terry the will XXX% help will XXX%. far get projects asked answer will I that

Terry Smith

right. That's

Mitch Krebs

from group big a good some be. think it's there, where suggests that that we've you be unmentioned and sort go that did conversation been to unnoticed. not overall will And experiencing, leadership component strong remarkably pretty of you'd these there – all of if challenges I performance extrapolate or quality been you had, a we need in if the which safety I shocked, accountability. got we've I to It's there has Terry us team. to the And terms getting So good given say,

we're next through relative up we So first here budget at step make in quarter on we've of now terms Terry, right the thought much be the making that the are quarter. ahead. where I the we think go in we'd got progress to next but Yes, Silvertip, to there pretty

Terry Smith

Yes, aspect. other the

we is the the talk see really foundation there revenues earlier Mark, really mentioning a of got optimized just we you're of what focus solving lot of site, rental costs. going revisiting. and just be to contracts of we employees, equipment, are that we're that about That's I we think, contractors been have kind operating as this didn't phase where I second I cost have and have hitting, of going have was that on we lot to have for we we've

So that reductions be later on there's going just to year. operating cost focused a whole host of really this good we're

plants solving that cut talking relatively hope a byproduct a in side, there we've that revenue out of operation and all people pretty order. of for the the been swap we is good about, we're the OpEx to which of the and is the short things while So,

Mitch Krebs

obviously of going the Terry $X.X year. take of this getting me way going to about and OpEx a to $X million we're got mark-to-market obviously adjustments to for the month We $XX our for there. case through $XX running just and different throughout million, stop your in of And a there to, metal get down to that let monthly million rate to one we Right and of month we've maybe about million And to these here maintain million Silvertip is quarter up from last better for going crack or quarter-to-quarter, $X a business the sales quarters need need is or thinking this we subsequent now question revenue more. that so. a And or the and it. get million. way $X.X to we're to that's having a basis a plan if on things get a And down is OpEx Mark, that's lot at mentioned.

Mark Reichman

that. appreciate really I

catalyst improved I great think all terms out you for performance. of second in did half job a the laying

So, thank much. you very

Mitch Krebs

the Thanks, questions. Mike. Appreciate

Operator

concludes conference Krebs session. for turn Mitchell would over like This question-and-answer to to back remarks. our the I closing any

Mitch Krebs

quarter Okay, again. well, a about everyone's thanks. speaking you summer, again Thanks, this day. we look good forward time to Have to our this with results. appreciate We second talk and morning,

Operator

for has you attending Thank today's now conference presentation. The concluded.

disconnect. now may You

Coeur Mining (CDE) 2 May 192019 Q1 Earnings call transcript