Q2 2024 Coeur Mining Inc Earnings Call Transcript
Key Points
- Rochester's silver and gold production increased nearly 40% in the second quarter, indicating strong operational momentum.
- Palmarejo generated strong free cash flow, contributing positively to the company's financial performance.
- Coeur Mining Inc (CDE) reported a 136% increase in quarterly adjusted EBITDA, showcasing significant financial improvement.
- The company successfully closed the acquisition of key concessions from Fresnillo, enhancing its land package and future mining opportunities.
- Coeur Mining Inc (CDE) is on track to transition to positive free cash flow in the second half of the year, positioning it for aggressive debt reduction.
- Rochester's cost guidance was adjusted due to timing issues with ounces placement, indicating operational challenges.
- The company had to increase cost guidance at Rochester due to excess trucking capacity used for higher-cost material.
- There were delays in the placement of ounces at Rochester, affecting initial production plans.
- Increased capital expenditures were necessary at Rochester and Kensington, impacting short-term financial flexibility.
- The timeline for extracting ounces from newly acquired land near Palmarejo is projected to be around 2026, indicating a delay in realizing potential benefits.
Good day and welcome to the second quarter 2024 financial results for Coeur Mining Conference Call. All participants will be in a listen-only mode. (Operator Instructions) Please note, this event is being recorded.
I would like now to turn the conference over to Mr. Mitch Krebs, President and Chief Executive Officer of Coeur Mining. Please go ahead.
Hello everyone and thanks for joining our call. Before we start, I want to point out our cautionary language regarding forward-looking statements in today's slide deck and refer to our SEC filings on our website.
I'll kick off with some highlights on slide 3 before turning the call over to the team and then we'll open it up for questions.
The main focus during the second quarter was getting Rochester ramped up and positioning the company to make the transition to positive free cash flow in the second half of the year.
We were successful in that effort with Rochester now consistently crushing and
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