MINING PROPERTIES

Mining properties consist of the following (in thousands):



December 31, 2013	Palmarejo			San Bartolomé			Kensington			Rochester			La Preciosa		Joaquin		Coeur Capital			Total
Mining properties	$	151,845		$	70,761		$	268,351		$	150,348		$	—	$	—	$	—		$	641,305
Accumulated amortization	(110,143		)	(22,236		)	(80,032		)	(103,130		)	—		—		—			(315,541		)
	41,702			48,525			188,319			47,218			—		—		—			325,764
Mineral interests	1,146,572			26,643			—			—			408,352		93,429		78,133			1,753,129
Accumulated amortization	(300,187		)	(8,759		)	—			—			—		—		(18,446		)	(327,392		)
	846,385			17,884			—			—			408,352		93,429		59,687			1,425,737
Total mining properties	$	888,087		$	66,409		$	188,319		$	47,218		$	408,352	$	93,429	$	59,687		$	1,751,501



December 31, 2012	Palmarejo			San Bartolomé			Kensington			Rochester			Endeavor			Joaquin		Total
Mining properties	$	155,722		$	70,322		$	333,619		$	114,973		$	—		$	—	$	674,636
Accumulated amortization	(82,037		)	(18,439		)	(46,649		)	(100,437		)	—			—		(247,562		)
	73,685			51,883			286,970			14,536			—			—		427,074
Mineral interests	1,658,389			26,642			—			—			44,033			93,571		1,822,635
Accumulated amortization	(235,795		)	(7,338		)	—			—			(14,625		)	—		(257,758		)
	1,422,594			19,304			—			—			29,408			93,571		1,564,877
Total mining properties	$	1,496,279		$	71,187		$	286,970		$	14,536		$	29,408		$	93,571	$	1,991,951

Palmarejo is located in the State of Chihuahua in northern Mexico, and its principal silver and gold properties are collectively referred to as the “Palmarejo mine.” The Palmarejo mine commenced production in April 2009.

The San Bartolomé mine is a silver mine located near the city of Potosi, Bolivia. The mineral rights for the San Bartolomé project are held through long-term joint venture/lease agreements with several local independent mining co-operatives and the Bolivian state owned mining organization, (“COMIBOL”). The Company commenced commercial production at San Bartolomé in June 2008.

The Kensington mine is an underground gold mine and consists of the Kensington and adjacent Jualin properties located on the east side of the Lynn Canal about 45 miles north-northwest of Juneau, Alaska. The Company commenced commercial production in July of 2010.

The Company has conducted operations at the Rochester mine, located in Western Nevada, since September 1986. The mine utilizes the heap-leaching process to extract both silver and gold from ore mined using open pit methods. Rochester’s primary product is silver with gold produced as a by-product.

On April 16, 2013, the Company completed its acquisition of Orko Silver Corporation (“Orko”), which holds the La Preciosa silver-gold project in Durango, Mexico. Please see Note 10 -- Acquisitions for more information.

The Joaquin project is located in the Santa Cruz province of southern Argentina. The Company commenced exploration of this large property located north of the Company's Martha silver mine in November 2007. Since that time, the Company has defined silver and gold mineralization in two deposits at Joaquin, La Negra and La Morocha, collectively referred to as the "Joaquin Project," and has recently commenced work on detailed drilling and other technical, economic and environmental programs.

The Company's mineral interests held by Coeur Capital primarily consist of the Endeavor silver stream, the royalty interests obtained through the acquisition of Global Royalty Corp., and the Cerro Bayo royalty. In May 2005, CDE Australia Pty Ltd, (“CDE Australia”), a wholly-owned subsidiary of Coeur Capital, acquired the silver production and reserves, up to a maximum 17.7 million payable ounces, contained at the Endeavor mine in Australia, which is owned and operated by Cobar Operations Pty. Limited (“Cobar”), a wholly-owned subsidiary of CBH Resources Ltd. (“CBH”). In March 2006, CDE Australia entered into an amended agreement under which it owns all silver production and reserves up to a total of 20.0 million payable ounces. CDE Australia has received approximately 4.8 million payable ounces to-date and the current ore reserve contains approximately 3.7 million payable ounces based on current metallurgical recovery and current smelter contract terms.

Coeur Capital also holds a tiered royalty on McEwen Mining Inc.’s El Gallo/Magistral mine in Mexico, currently paying a 3.5% NSR, a 1.5% NSR on Dynasty Metals & Mining, Inc.’s Zaruma mine in Ecuador, and a 2.0% NSR on Mandalay Resources Corp.’s Cerro Bayo mine in Chile. Please see Note 10 -- Acquisitions for more information related to the Global Royalty acquisition.