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Topic: Kensington tech report (Read 29 times) previous topic - next topic

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  • edmund 
  • [*][*][*]
Kensington tech report
Disappointed in Jualin reserve of 74,000ozs  and after two years a delay with water issues.At investor day no mention of vein 5  and gone from slides.In 2016  five of  six holes hit indicating similar grades and width
All that promise and development work and now they are scouring the district and have more than several drill ready targets from past producing areas.They were extending this from surface drilling and down dip.
Well they extended life two years and mine will make 30 million net a year for three years up from 1.4 million.
ROI return on investment -at palmarejo they put in an ADR plant  for 2.3 million removing precious metal from carbon that used to get sent out This will recoup its cost in a couple quarters saving 5-6 million a year-nice but what took you so long.This is what caused recoveries to drop last quarter as there was process inventory that will be credited to this quarter
Then  Coeur has increased tailing's paste capacity which recovers an extra 4,000 ozs gold a year and 330,000 ozs silver -wow and another what took you so long.

This coming quarter at Palmarejo has a huge tax obligation from 2017 that was to be paid in first quarter 17 million This would have used up Palmarejos 18 mill Free Cash Flow and Coeur earnings would have shown a loss  for quarter-so it was paid April2,2018.This massaging of books has led to a 30-35 million tax obligation this quarter and Coeur estimates negative free cash flow to flat this quarter at Palmarejo
Rochestor may take over the pole position this quarter due to heap leach cycle and Palmarejo's taxes
Wharf will continue to slog along with low grades till stripping is finished and is able to mine higher grade costs have jumped 150-200 an oz.
The tech report on HPGR was outstanding but 2020 is going to have a cap ex of 70 million and 2021 130 million without this HPGR they claim they have been testing for two years .The previous tech report was deemed a dud.
On acquisition front coeu has an option on La Morita mine/deposit a silver lead zinc deposit and has drilled 40 holes it is next to Fresnillos Bismark mine. It was focused on by Rasmussen investor day and can be viewed in investor presentation -this came out of left field its in mexico.
Then he also drew attention to a Tonapah deposit that he just did 5 holes in and was going to Reno to analyze this week..Skirted Kensington and Silvertip and he was last and under a time gun.
Coeur needs metals prices up while it completes  kensington and strips Wharf while bringing Silvertips production up.