Business Wire News

Natural Resource Partners L.P. Reports Second Quarter 2020 Results and Declares Second Quarter 2020 Distributions

HOUSTON--(BUSINESS WIRE)--Natural Resource Partners L.P. (NYSE:NRP) today reported second quarter 2020 results as follows:

 

 

For the Three Months Ended

 

Last Twelve
Months

 

 

June 30,

 

June 30,

(In thousands) (Unaudited)

 

2020

 

2019

 

2020

Net income (loss) from continuing operations

 

$

(125,501

)

 

$

19,106

 

 

$

(187,007

)

Asset impairments

 

132,283

 

 

 

 

280,497

 

Net income from continuing operations excluding asset impairments (1)

 

$

6,782

 

 

$

19,106

 

 

$

93,490

 

Adjusted EBITDA (1)

 

29,336

 

 

62,791

 

 

145,256

 

Cash flow provided by (used in) continuing operations:

 

 

 

 

 

 

Operating activities

 

19,935

 

 

53,359

 

 

111,218

 

Investing activities

 

365

 

 

698

 

 

7,463

 

Financing activities

 

(9,978

)

 

(97,989)

 

 

(93,628

)

Distributable cash flow (1)

 

21,300

 

 

54,013

 

 

119,442

 

Free cash flow (1)

 

19,793

 

 

53,810

 

 

112,177

 

Cash flow cushion (last twelve months) (1)

 

 

 

 

 

17,502

 

____________________
(1)

See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.

"NRP continues to operate under government guidelines and employ remote work protocols. Our people are safe and the company is conducting business as usual," said Craig Nunez, NRP's President and Chief Operating Officer. "While the COVID-19 pandemic continues to have a significant negative impact on demand for steel, electricity and glass, which translates to lower demand for coal and soda ash, we continue to believe that our ample liquidity, continued free cash flow generation and the fact that our parent company bonds do not mature until 2025 will provide us with the financial flexibility and margin of safety necessary to manage through the downturn.”

NRP's liquidity was $210.8 million at June 30, 2020, consisting of $110.8 million of cash and $100.0 million of borrowing capacity available under its revolving credit facility.

NRP announced today that the Board of Directors of its general partner declared a second quarter 2020 cash distribution of $0.45 per common unit of NRP to be paid on August 26, 2020 to unitholders of record on August 19, 2020. The Board also declared a second quarter 2020 cash distribution on NRP’s 12.0% Class A Convertible Preferred Units, totaling $7.5 million. Future distributions on NRP's common and preferred units will be determined on a quarterly basis by the Board of Directors. The Board of Directors considers numerous factors each quarter in determining cash distributions, including profitability, cash flow, debt service obligations, market conditions and outlook, and the level of cash reserves that the Board determines is necessary for future operating and capital needs.

Segment Performance

Coal Royalty and Other

Revenues and other income in the second quarter of 2020 were lower by $36.1 million and distributable cash flow and free cash flow were $23.2 million and $24.5 million lower, respectively, as compared to the prior year quarter. This decrease is primarily a result of a weakened market for metallurgical coal as compared to the prior year quarter due to a decline in global steel demand. As a result, both sales volumes and prices for metallurgical coal sold were lower in the second quarter of 2020 compared to the prior year quarter. Approximately 80% of coal royalty revenues and approximately 70% of coal royalty sales volumes were derived from metallurgical coal during the three months ended June 30, 2020. In addition, weaker domestic and export thermal coal markets compared to the prior year period resulted in lower revenue from our thermal coal properties. Domestic and export thermal coal markets remained challenged by lower utility demand, continued low natural gas prices and the secular shift to renewable energy. Furthermore, the COVID-19 pandemic has compounded already weak coal pricing and demand, and NRP's coal lessees are seeing significant negative impacts on their businesses.

NRP worked with its largest lessee, Foresight Energy, to help them to develop a plan that enabled Foresight to emerge from bankruptcy in the second quarter of 2020. NRP entered into lease amendments pursuant to which Foresight agreed to pay NRP fixed cash payments of $48.75 million in 2020 and $42.0 million in 2021 to satisfy all obligations arising out of the existing various coal mining leases and transportation infrastructure fee agreements between NRP and Foresight Energy for calendar years 2020 and 2021. Through the first six months of 2020, NRP received $21.2 million of the $48.75 million due in 2020. Beginning in January 2022, Foresight payment obligations will be calculated in accordance with the provisions of the original lease agreements, except with respect to the Macoupin mine. While the Macoupin mine is idled, Foresight will pay an annual fee of $2.0 million to NRP each year through 2023 to continue to lease NRP's coal reserves at Macoupin.

NRP also recorded $132.3 million in non-cash asset impairment expense in the second quarter of 2020 primarily related to weakened coal markets that was compounded by the COVID-19 pandemic and resulted in the termination of certain coal leases, changes to lessee mine plans resulting in permanent moves off of certain coal properties and decreased oil and gas drilling activity which negatively impacted the outlook for NRP's frac sand properties.

Soda Ash

Ciner Wyoming was negatively impacted by the COVID-19 pandemic as lower activity in the global auto, container and construction industries reduced demand for glass and soda ash. Revenues and other income in the second quarter of 2020 were lower by $14.4 million compared to the prior year quarter primarily due to a combination of lower pricing and volumes sold. Distributions received from Ciner Wyoming were $7.1 million in the second quarter of 2020 as compared to $9.3 million in the second quarter of 2019.

Global soda ash prices are down roughly 25% from a year ago, to levels that NRP believes are below the cost of production of the world’s synthetic soda ash producers and some of the natural soda ash producers. NRP expects the soda ash industry to face significant headwinds until the global economy gets back on track. While NRP believes Ciner Wyoming's facility is competitively positioned as one of the lowest cost producers of soda ash in the world, NRP expects soda ash markets to continue to be challenged over the next several quarters.

Ciner Wyoming continues to develop plans for a significant capacity expansion capital project. However, they have delayed the timing of significant costs related to this project until they have more clarity and visibility into the impact of the COVID-19 pandemic on its business. In addition, in order to achieve greater financial flexibility during the COVID-19 pandemic, Ciner Wyoming suspended its quarterly distribution for the second quarter which would have been paid to NRP in August 2020. Ciner Wyoming will continue to evaluate on a quarterly basis whether to reinstate the distribution, which will be dependent in part on its cash reserves, liquidity, total debt levels and anticipated capital expenditures.

Corporate and Financing

Corporate and financing costs were $32.0 million lower in the second quarter of 2020 compared to the prior year quarter primarily due to the loss on extinguishment of debt of $29.3 million related to the refinancing and extension of both NRP's 2022 Senior Notes and revolving credit facility in the second quarter of 2019, as well as lower interest expense as a result of less debt outstanding. Distributable cash flow and free cash flow were $7.3 million lower compared to the prior year quarter primarily due to the timing of interest payments on the parent company bonds that were refinanced in the second quarter of 2019. Interest payments are due in June and December on the new 9.125% Notes, compared to March and September on the previous 10.5% Notes. Additionally, NRP redeemed the $3.75 million of paid-in-kind preferred units in the second quarter of 2020.

Conference Call

A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link http://www.directeventreg.com/registration/event/5489831. After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full call we suggest registering at least 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com. To access the replay, please visit the Investor Relations section of NRP’s website.

Withholding Information for Foreign Investors

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of NRP's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, NRP's distributions to foreign investors are subject to federal income tax withholding at the highest applicable rate.

Company Profile

Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of mineral properties in the United States including interests in coal, industrial minerals and other natural resources. In addition, NRP owns an equity investment in Ciner Wyoming LLC, a trona ore mining and soda ash production business.

For additional information, please contact Tiffany Sammis at 713-751-7515 or This email address is being protected from spambots. You need JavaScript enabled to view it.. Further information about NRP is available on the Partnership’s website at http://www.nrplp.com.

Forward-Looking Statements

This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: the effects of the global COVID-19 pandemic; future distributions on the Partnership’s common and preferred units; the Partnership's business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership's lessees, including Foresight Energy; Ciner Wyoming LLC’s trona mining and soda ash refinery operations; distributions from the soda ash joint venture; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and U.S. economic conditions; and other factors detailed in Natural Resource Partners’ Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

"Adjusted EBITDA" is a non-GAAP financial measure that we define as net income (loss) from continuing operations less equity earnings from unconsolidated investment, net income attributable to non-controlling interest and gain on reserve swap; plus total distributions from unconsolidated investment, interest expense, net, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income (loss), the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. In addition, Adjusted EBITDA presented below is not calculated or presented on the same basis as Consolidated EBITDA as defined in our partnership agreement or Consolidated EBITDDA as defined in Opco's debt agreements. Adjusted EBITDA is a supplemental performance measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis.

“Distributable cash flow” or "DCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings, proceeds from asset sales and disposals, including sales of discontinued operations, and return of long-term contract receivable; less maintenance capital expenditures and distributions to non-controlling interest. DCF is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. DCF may not be calculated the same for us as for other companies. In addition, distributable cash flow is not calculated or presented on the same basis as distributable cash flow as defined in our partnership agreement, which is used as a metric to determine whether we are able to increase quarterly distributions to our common unitholders. Distributable cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

“Free cash flow” or "FCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less maintenance and expansion capital expenditures, cash flow used in acquisition costs classified as investing or financing activities and distributions to non-controlling interest. FCF is calculated before mandatory debt repayments. Free cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Free cash flow may not be calculated the same for us as for other companies. Free cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

"Cash flow cushion" is a non-GAAP financial measure that we define as free cash flow less one-time beneficial items, mandatory Opco debt repayments, preferred unit distributions and common unit distributions. Cash flow cushion is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Cash flow cushion is a supplemental liquidity measure used by our management to assess the Partnership's ability to make or raise cash distributions to our common and preferred unitholders and our general partner and repay debt or redeem preferred units.

"Return on capital employed" or "ROCE" is a non-GAAP financial measure that we define as net income (loss) from continuing operations plus financing costs (interest expense plus loss on extinguishment of debt) divided by the sum of equity excluding equity of discontinued operations, and debt. Return on capital employed should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. Return on capital employed is a supplemental performance measure used by our management team that measures our profitability and efficiency with which our capital is employed. The measure provides an indication of operating performance before the impact of leverage in the capital structure.

-Financial Tables and Reconciliation of Non-GAAP Measures Follow-

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Comprehensive Income (Loss)

 

 

For the Three Months Ended

 

For the Six Months Ended

 

June 30,

 

March 31,

 

June 30,

(In thousands, except per unit data)

2020

 

2019

 

2020

 

2020

 

2019

Revenues and other income

 

 

 

 

 

 

 

 

 

Coal royalty and other

$

31,666

 

 

 

$

64,616

 

 

 

$

31,433

 

 

 

$

63,099

 

 

 

$

114,118

 

 

Transportation and processing services

1,938

 

 

 

5,274

 

 

 

2,509

 

 

 

4,447

 

 

 

10,875

 

 

Equity in earnings (loss) of Ciner Wyoming

(3,058

)

 

 

11,333

 

 

 

6,272

 

 

 

3,214

 

 

 

23,015

 

 

Gain on asset sales and disposals

465

 

 

 

246

 

 

 

 

 

 

465

 

 

 

502

 

 

Total revenues and other income

$

31,011

 

 

 

$

81,469

 

 

 

$

40,214

 

 

 

$

71,225

 

 

 

$

148,510

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

Operating and maintenance expenses

$

8,217

 

 

 

$

12,459

 

 

 

$

5,202

 

 

 

$

13,419

 

 

 

$

20,819

 

 

Depreciation, depletion and amortization

2,062

 

 

 

3,970

 

 

 

2,012

 

 

 

4,074

 

 

 

8,362

 

 

General and administrative expenses

3,621

 

 

 

4,196

 

 

 

3,913

 

 

 

7,534

 

 

 

8,546

 

 

Asset impairments

132,283

 

 

 

 

 

 

 

 

 

132,283

 

 

 

 

 

Total operating expenses

$

146,183

 

 

 

$

20,625

 

 

 

$

11,127

 

 

 

$

157,310

 

 

 

$

37,727

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

$

(115,172

)

 

 

$

60,844

 

 

 

$

29,087

 

 

 

$

(86,085

)

 

 

$

110,783

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses, net

 

 

 

 

 

 

 

 

 

Interest expense, net

$

(10,329

)

 

 

$

(12,456

)

 

 

$

(10,308

)

 

 

$

(20,637

)

 

 

$

(26,630

)

 

Loss on extinguishment of debt

 

 

 

(29,282

)

 

 

 

 

 

 

 

 

(29,282

)

 

Total other expenses, net

$

(10,329

)

 

 

$

(41,738

)

 

 

$

(10,308

)

 

 

$

(20,637

)

 

 

$

(55,912

)

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

$

(125,501

)

 

 

$

19,106

 

 

 

$

18,779

 

 

 

$

(106,722

)

 

 

$

54,871

 

 

Income from discontinued operations

 

 

 

245

 

 

 

 

 

 

 

 

 

199

 

 

Net income (loss)

$

(125,501

)

 

 

$

19,351

 

 

 

$

18,779

 

 

 

$

(106,722

)

 

 

$

55,070

 

 

Less: income attributable to preferred unitholders

(7,613

)

 

 

(7,500

)

 

 

(7,500

)

 

 

(15,113

)

 

 

(15,000

)

 

Net income (loss) attributable to common unitholders and general partner

$

(133,114

)

 

 

$

11,851

 

 

 

$

11,279

 

 

 

$

(121,835

)

 

 

$

40,070

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common unitholders

$

(130,452

)

 

 

$

11,614

 

 

 

$

11,053

 

 

 

$

(119,398

)

 

 

$

39,269

 

 

Net income (loss) attributable to the general partner

(2,662

)

 

 

237

 

 

 

226

 

 

 

(2,437

)

 

 

801

 

 

Income (loss) from continuing operations per common unit

 

 

 

 

 

 

 

 

 

Basic

$

(10.64

)

 

 

$

0.93

 

 

 

$

0.90

 

 

 

$

(9.74

)

 

 

$

3.19

 

 

Diluted

(10.64

)

 

 

0.85

 

 

 

0.52

 

 

 

(9.74

)

 

 

2.58

 

 

Net income (loss) per common unit

 

 

 

 

 

 

 

 

 

Basic

$

(10.64

)

 

 

$

0.95

 

 

 

$

0.90

 

 

 

$

(9.74

)

 

 

$

3.20

 

 

Diluted

(10.64

)

 

 

0.87

 

 

 

0.52

 

 

 

(9.74

)

 

 

2.59

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

(125,501

)

 

 

$

19,351

 

 

 

$

18,779

 

 

 

$

(106,722

)

 

 

$

55,070

 

 

Comprehensive income (loss) from unconsolidated investment and other

1,359

 

 

 

(825

)

 

 

(1,023

)

 

 

336

 

 

 

180

 

 

Comprehensive income (loss)

$

(124,142

)

 

 

$

18,526

 

 

 

17,756

 

 

 

$

(106,386

)

 

 

$

55,250

 

 

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Cash Flows

 

 

 

 

 

For the Three Months Ended

 

For the Six Months Ended

 

June 30,

 

March 31,

 

June 30,

(In thousands)

2020

 

2019

 

2020

 

2020

 

2019

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

Net income (loss)

$

(125,501

)

 

 

$

19,351

 

 

 

$

18,779

 

 

 

$

(106,722

)

 

 

$

55,070

 

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities of continuing operations:

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

2,062

 

 

 

3,970

 

 

 

2,012

 

 

 

4,074

 

 

 

8,362

 

 

Distributions from unconsolidated investment

7,105

 

 

 

9,310

 

 

 

7,105

 

 

 

14,210

 

 

 

19,110

 

 

Equity earnings from unconsolidated investment

3,058

 

 

 

(11,333

)

 

 

(6,272

)

 

 

(3,214

)

 

 

(23,015

)

 

Gain on asset sales and disposals

(465

)

 

 

(246

)

 

 

 

 

 

(465

)

 

 

(502

)

 

Loss on extinguishment of debt

 

 

 

29,282

 

 

 

 

 

 

 

 

 

29,282

 

 

Income from discontinued operations

 

 

 

(245

)

 

 

 

 

 

 

 

 

(199

)

 

Asset impairments

132,283

 

 

 

 

 

 

 

 

 

132,283

 

 

 

 

 

Bad debt expense

3,847

 

 

 

6,681

 

 

 

(190

)

 

 

3,657

 

 

 

6,691

 

 

Unit-based compensation expense

924

 

 

 

475

 

 

 

729

 

 

 

1,653

 

 

 

1,376

 

 

Amortization of debt issuance costs and other

(1,534

)

 

 

355

 

 

 

448

 

 

 

(1,086

)

 

 

2,151

 

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

Accounts receivable

8,446

 

 

 

1,830

 

 

 

(5,073

)

 

 

3,373

 

 

 

(3,107

)

 

Accounts payable

(44

)

 

 

(561

)

 

 

93

 

 

 

49

 

 

 

(1,177

)

 

Accrued liabilities

(915

)

 

 

642

 

 

 

(2,861

)

 

 

(3,776

)

 

 

(5,522

)

 

Accrued interest

(7,351

)

 

 

2,889

 

 

 

7,060

 

 

 

(291

)

 

 

(7,144

)

 

Deferred revenue

2,202

 

 

 

(7,218

)

 

 

8,265

 

 

 

10,467

 

 

 

(2,684

)

 

Other items, net

(4,182

)

 

 

(1,823

)

 

 

60

 

 

 

(4,122

)

 

 

(2,501

)

 

Net cash provided by operating activities of continuing operations

$

19,935

 

 

 

$

53,359

 

 

 

$

30,155

 

 

 

$

50,090

 

 

 

$

76,191

 

 

Net cash provided by operating activities of discontinued operations

 

 

 

234

 

 

 

1,706

 

 

 

1,706

 

 

 

355

 

 

Net cash provided by operating activities

$

19,935

 

 

 

$

53,593

 

 

 

$

31,861

 

 

 

$

51,796

 

 

 

$

76,546

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

Proceeds from asset sales and disposals

$

507

 

 

 

$

247

 

 

 

$

 

 

 

$

507

 

 

 

$

503

 

 

Return of long-term contract receivable

858

 

 

 

451

 

 

 

272

 

 

 

1,130

 

 

 

892

 

 

Acquisition of non-controlling interest in BRP

(1,000

)

 

 

 

 

 

 

 

 

(1,000

)

 

 

 

 

Net cash provided by investing activities of continuing operations

$

365

 

 

 

$

698

 

 

 

$

272

 

 

 

$

637

 

 

 

$

1,395

 

 

Net cash used in investing activities of discontinued operations

 

 

 

(44

)

 

 

(66

)

 

 

(66

)

 

 

(434

)

 

Net cash provided by investing activities

$

365

 

 

 

$

654

 

 

 

$

206

 

 

 

$

571

 

 

 

$

961

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

Debt borrowings

$

 

 

 

$

300,000

 

 

 

$

 

 

 

$

 

 

 

$

300,000

 

 

Debt repayments

(2,365

)

 

 

(348,002

)

 

 

(16,696

)

 

 

(19,061

)

 

 

(434,470

)

 

Distributions to common unitholders and general partner

 

 

 

(16,265

)

 

 

(5,630

)

 

 

(5,630

)

 

 

(21,890

)

 

Distributions to preferred unitholders

(7,613

)

 

 

(7,500

)

 

 

(7,500

)

 

 

(15,113

)

 

 

(15,000

)

 

Contributions from (to) discontinued operations

 

 

 

190

 

 

 

1,640

 

 

 

1,640

 

 

 

(79

)

 

Debt issuance costs and other

 

 

 

(26,412

)

 

 

 

 

 

 

 

 

(26,402

)

 

Net cash used in financing activities of continuing operations

$

(9,978

)

 

 

$

(97,989

)

 

 

$

(28,186

)

 

 

$

(38,164

)

 

 

$

(197,841

)

 

Net cash provided by (used in) financing activities of discontinued operations

 

 

 

(190

)

 

 

(1,640

)

 

 

(1,640

)

 

 

79

 

 

Net cash used in financing activities

$

(9,978

)

 

 

$

(98,179

)

 

 

$

(29,826

)

 

 

$

(39,804

)

 

 

$

(197,762

)

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

$

10,322

 

 

 

$

(43,932

)

 

 

$

2,241

 

 

 

$

12,563

 

 

 

$

(120,255

)

 

Cash and cash equivalents at beginning of period

100,506

 

 

 

129,707

 

 

 

98,265

 

 

 

98,265

 

 

 

206,030

 

 

Cash and cash equivalents at end of period

$

110,828

 

 

 

$

85,775

 

 

 

$

100,506

 

 

 

$

110,828

 

 

 

$

85,775

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

 

Cash paid during the period for interest

$

17,183

 

 

 

$

9,623

 

 

 

$

3,039

 

 

 

$

20,222

 

 

 

$

33,045

 

 

Plant, equipment and mineral rights funded with accounts payable or accrued liabilities

$

924

 

 

 

$

 

 

 

$

 

 

 

$

924

 

 

 

$

 

 


Contacts

Tiffany Sammis, 713-751-7515
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