Martha (Argentina)
The Martha mine is an underground silver and gold mine owned and operated by Coeur Argentina S.R.L., a wholly-owned subsidiary of the Company, which is located in the Santa Cruz Province of southern Argentina. Access to the mine is provided by all-weather gravel roads 30 miles northeast of the town of Gobernador Gregores.
Production at the Martha mine in 2009 was approximately 3.7 million ounces of silver and 4,709 ounces of gold compared to 2.7 million ounces of silver and 3,313 ounces of gold in 2008. The 36.8% increase in silver production was primarily due to an 90.0% increase in tons milled as a result of increased processing of ore stockpile in 2009. Cash operating costs per ounce for 2009 were $6.19 per ounce compared to $6.87 per ounce in 2008. Total cash costs per ounce of silver (which includes production taxes and royalties) were $6.68 in 2009 compared to $7.57 in 2008. The decrease in total cash costs per ounce was attributed to the increase in silver production as compared to 2008 due to a significant increase in tons milled in 2009. The Company expects active mining operations will cease in late 2010 unless additional mineralization is discovered during the year. In addition, the Company is pursuing strategic alternatives for Martha
In 2009, the Company’s exploration efforts consisted of mapping, sampling and 61,266 feet (18,674 meters) of core drilling for a total expenditure of $3.3 million, of which $0.8 million was capitalized as reserve development at Martha. At the Martha mine area, drilling amounted to over 35,400 feet (10,799 meters) of the total for Argentina.
| Stage | Production |
| Location | Southern Argentina |
| Type | Underground |
| Metals Produced | Silver |
| Product | Silver concentrate |
Historical Financial Data
| 2005 | 2006 | 2007 | 2008 | 2009 | |
| Net Revenues | $20,606,000 | $34,,733,000 | $38,077,000 | $31,445,000 | $44,820,000 |
| Production Costs | $9,016,000 | $12,538,000 | $17,231,000 | $17,599,000 | $17,896,000 |
| Gross Profit | $11,590,000 | $22,195,000 | $20,846,000 | $13,846,000 | $26,924,000 |
| Gross Margin | 56.2% | 63.90% | 54.75% | 44.03% | 60.07% |
| EBITDA | $7,924,000 | $19,274,000 | $16,390,000 | $8,403,000 | $23,805,000 |
| Capital Expenditures | $2,108,000 | $2,481,000 | $16,444,000 | $4,503,000 | $1,575,000 |
| Cash Costs/Oz of Ag | $4.60 | $4.88 | $6.27 | $7.57 | $6.68 |
