MINING PROPERTIES

Mining properties consist of the following (in thousands):



December 31, 2015	Palmarejo			Rochester			Kensington			Wharf			San Bartolomé			La Preciosa		Joaquin		Coeur Capital			Total
Mine development	$	151,828		$	149,756		$	238,786		$	32,318		$	39,474		$	—	$	—	$	—		$	612,162
Accumulated amortization	(131,055		)	(126,242		)	(131,236		)	(5,784		)	(30,325		)	—		—					(424,642		)
	20,773			23,514			107,550			26,534			9,149			—		—		—			187,520
Mineral interests	629,303			—			—			45,837			12,868			49,085		10,000		59,343			806,436
Accumulated amortization	(348,268		)	—			—			(10,551		)	(11,400		)	—		—		(34,518		)	(404,737		)
	281,035			—			—			35,286			1,468			49,085		10,000		24,825			401,699
Mining properties, net	$	301,808		$	23,514		$	107,550		$	61,820		$	10,617		$	49,085	$	10,000	$	24,825		$	589,219



December 31, 2014	Palmarejo			Rochester			Kensington			San Bartolomé			La Preciosa		Joaquin		Coeur Capital			Total
Mine development	$	137,821		$	153,535		$	217,138		$	49,305		$	—	$	—	$	—		$	557,799
Accumulated amortization	(121,906		)	(113,533		)	(106,865		)	(26,106		)	—		—		—			(368,410		)
	15,915			40,002			110,273			23,199			—		—		—			189,389
Mineral interests	521,349			—			—			17,560			49,059		10,000		81,461			679,429
Accumulated amortization	(332,032		)	—			—			(10,143		)	—		—		(25,451		)	(367,626		)
	189,317			—			—			7,417			49,059		10,000		56,010			311,803
Mining properties, net	$	205,232		$	40,002		$	110,273		$	30,616		$	49,059	$	10,000	$	56,010		$	501,192

The Palmarejo complex is located in the State of Chihuahua in northern Mexico and consists of the Palmarejo mine and mill, the Guadalupe underground mine, the Independencia deposit, and other deposits and exploration targets. The Palmarejo mine commenced production in April 2009 and the Guadalupe mine commenced production in 2015.

The Company has conducted operations at the Rochester silver and gold mine, located in northwestern Nevada, since September 1986. The mine utilizes the heap-leaching process to extract both silver and gold from ore mined using open pit methods.

The Kensington mine is an underground gold mine and consists of the Kensington and adjacent Jualin properties located north-northwest of Juneau, Alaska. The Company commenced commercial production in July 2010.

The Wharf gold mine is an open pit gold mine located near the city of Lead, South Dakota. The Company acquired Wharf in February 2015.

The San Bartolomé mine is a silver mine located near the city of Potosi, Bolivia. The Company commenced commercial production at San Bartolomé in June 2008.

The La Preciosa silver-gold project is located in the State of Durango in northern Mexico. The Company completed a feasibility study in 2014 and has deferred construction activities until expected returns improve.

The Joaquin silver-gold project is located in the Santa Cruz province of southern Argentina. The Company commenced exploration of the property located north of the Company's Martha silver mine in November 2007.

The Company's mineral interests held by Coeur Capital primarily consist of the Endeavor silver stream, acquired by the Company in May 2005, under which the Company owns all silver production and reserves up to 20.0 million payable ounces at the Endeavor mine in Australia, owned and operated by Cobar Operations Pty. Limited. The Company has received 6.0 million payable ounces to-date and the current ore reserve contains 1.4 million payable ounces.

Coeur Capital also holds royalties on McEwen Mining Inc.’s El Gallo complex in Mexico, currently paying a 3.5% NSR royalty, a 1.5% NSR royalty on Dynasty Metals & Mining, Inc.’s Zaruma mine in Ecuador, a 2.0% NSR royalty on Mandalay Resources Corp.’s Cerro Bayo mine in Chile, and royalties on other non-producing properties. Coeur also owns an 80% interest in a 2.5% royalty on OceanaGold Corporation's Correnso mine in New Zealand and has entered into an agreement to acquire the remaining 20% interest in 2016. Royalty revenue is immaterial to the Company.