Subsequent Events (Notes)

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

The 2019 novel strain of coronavirus (“COVID-19”) was characterized as a global pandemic by the World Health Organization on March 11, 2020. In early April 2020, in accordance with a decree from the Federal government of Mexico issued in response to COVID-19, that restricted all non-essential business activities (including mining) in the country, Coeur began taking steps toward temporarily suspending active mining and processing activities at Palmarejo. The Company is taking all appropriate actions to be able to safely and expeditiously ramp production back up once the suspension has been lifted.

All of the Company’s other active mines continue to operate at full capacity and there have been no confirmed cases of COVID-19 across Coeur’s portfolio. Precious metals mining is considered essential to support critical infrastructure under guidelines of the U.S. Department of Homeland Security and every state where Coeur operates in the U.S. (Nevada, Alaska and South Dakota). In addition, Coeur Alaska, Inc. is requiring that all employees who travel to the Kensington mine are required to submit to a 14-day quarantine in Juneau, Alaska before traveling to the mine.

The Company has completed various scenario planning analyses to consider potential impacts of COVID-19 on its business, including volatility in commodity prices, temporary disruptions and/or curtailments of operating activities (voluntary or involuntary). To provide additional flexibility to respond to potential downside scenarios, Coeur drew an additional $100.0 million from its RCF shortly after the end of the first quarter as a precautionary measure. As of April 22, 2020, the Company had approximately $150.0 million drawn under its RCF. Additionally, as Coeur seeks to proactively maximize its financial flexibility during these unprecedented levels of volatility and uncertainty, the Company intends to take the prudent step of re-establishing an at-the-market equity facility.