Intrinsic value of Pan American Silver - PAAS

Previous Close

$12.90

  Intrinsic Value

$2.47

stock screener

  Rating & Target

str. sell

-81%

Previous close

$12.90

 
Intrinsic value

$2.47

 
Up/down potential

-81%

 
Rating

str. sell

We calculate the intrinsic value of PAAS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.15
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
Revenue, $m
  861
  907
  955
  1,006
  1,059
  1,114
  1,172
  1,233
  1,297
  1,364
  1,434
  1,508
  1,585
  1,665
  1,750
  1,839
  1,932
  2,030
  2,133
  2,241
  2,354
  2,473
  2,597
  2,728
  2,866
  3,010
  3,161
  3,320
  3,486
  3,661
Variable operating expenses, $m
  654
  689
  726
  764
  805
  847
  891
  937
  986
  1,036
  1,089
  1,145
  1,204
  1,265
  1,330
  1,397
  1,468
  1,542
  1,620
  1,702
  1,788
  1,878
  1,973
  2,072
  2,177
  2,286
  2,401
  2,522
  2,648
  2,781
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  654
  689
  726
  764
  805
  847
  891
  937
  986
  1,036
  1,089
  1,145
  1,204
  1,265
  1,330
  1,397
  1,468
  1,542
  1,620
  1,702
  1,788
  1,878
  1,973
  2,072
  2,177
  2,286
  2,401
  2,522
  2,648
  2,781
Operating income, $m
  207
  218
  229
  241
  254
  268
  282
  296
  311
  328
  345
  362
  381
  400
  421
  442
  465
  488
  513
  539
  566
  594
  624
  656
  689
  723
  760
  798
  838
  880
EBITDA, $m
  337
  355
  374
  393
  414
  436
  459
  482
  507
  533
  561
  590
  620
  651
  685
  719
  756
  794
  834
  877
  921
  967
  1,016
  1,067
  1,121
  1,177
  1,236
  1,298
  1,364
  1,432
Interest expense (income), $m
  3
  3
  10
  17
  24
  32
  40
  48
  57
  66
  76
  86
  97
  108
  120
  132
  145
  159
  173
  188
  204
  220
  238
  256
  275
  295
  316
  338
  361
  385
  411
Earnings before tax, $m
  204
  208
  213
  218
  223
  228
  233
  239
  245
  251
  258
  265
  273
  280
  288
  297
  305
  315
  324
  335
  345
  357
  368
  381
  394
  408
  422
  437
  453
  469
Tax expense, $m
  55
  56
  57
  59
  60
  61
  63
  65
  66
  68
  70
  72
  74
  76
  78
  80
  82
  85
  88
  90
  93
  96
  99
  103
  106
  110
  114
  118
  122
  127
Net income, $m
  149
  152
  155
  159
  162
  166
  170
  174
  179
  183
  189
  194
  199
  205
  210
  217
  223
  230
  237
  244
  252
  260
  269
  278
  288
  297
  308
  319
  330
  343

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,045
  2,155
  2,269
  2,389
  2,515
  2,647
  2,785
  2,929
  3,081
  3,240
  3,406
  3,581
  3,764
  3,956
  4,157
  4,369
  4,590
  4,823
  5,067
  5,323
  5,592
  5,874
  6,170
  6,480
  6,806
  7,149
  7,508
  7,885
  8,281
  8,697
Adjusted assets (=assets-cash), $m
  2,045
  2,155
  2,269
  2,389
  2,515
  2,647
  2,785
  2,929
  3,081
  3,240
  3,406
  3,581
  3,764
  3,956
  4,157
  4,369
  4,590
  4,823
  5,067
  5,323
  5,592
  5,874
  6,170
  6,480
  6,806
  7,149
  7,508
  7,885
  8,281
  8,697
Revenue / Adjusted assets
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
Average production assets, $m
  1,350
  1,422
  1,498
  1,577
  1,660
  1,747
  1,838
  1,934
  2,034
  2,139
  2,249
  2,364
  2,485
  2,611
  2,744
  2,884
  3,030
  3,184
  3,345
  3,514
  3,691
  3,877
  4,073
  4,278
  4,493
  4,719
  4,956
  5,205
  5,467
  5,741
Working capital, $m
  202
  213
  225
  236
  249
  262
  276
  290
  305
  321
  337
  354
  372
  391
  411
  432
  454
  477
  501
  527
  553
  581
  610
  641
  673
  707
  743
  780
  819
  860
Total debt, $m
  36
  62
  90
  119
  149
  181
  214
  249
  285
  324
  364
  406
  450
  496
  545
  596
  649
  705
  764
  826
  890
  958
  1,030
  1,105
  1,183
  1,266
  1,352
  1,443
  1,539
  1,639
Total liabilities, $m
  493
  519
  547
  576
  606
  638
  671
  706
  742
  781
  821
  863
  907
  953
  1,002
  1,053
  1,106
  1,162
  1,221
  1,283
  1,348
  1,416
  1,487
  1,562
  1,640
  1,723
  1,809
  1,900
  1,996
  2,096
Total equity, $m
  1,552
  1,635
  1,722
  1,814
  1,909
  2,009
  2,114
  2,223
  2,338
  2,459
  2,585
  2,718
  2,857
  3,003
  3,155
  3,316
  3,484
  3,661
  3,846
  4,040
  4,244
  4,458
  4,683
  4,919
  5,166
  5,426
  5,699
  5,985
  6,285
  6,601
Total liabilities and equity, $m
  2,045
  2,154
  2,269
  2,390
  2,515
  2,647
  2,785
  2,929
  3,080
  3,240
  3,406
  3,581
  3,764
  3,956
  4,157
  4,369
  4,590
  4,823
  5,067
  5,323
  5,592
  5,874
  6,170
  6,481
  6,806
  7,149
  7,508
  7,885
  8,281
  8,697
Debt-to-equity ratio
  0.020
  0.040
  0.050
  0.070
  0.080
  0.090
  0.100
  0.110
  0.120
  0.130
  0.140
  0.150
  0.160
  0.170
  0.170
  0.180
  0.190
  0.190
  0.200
  0.200
  0.210
  0.210
  0.220
  0.220
  0.230
  0.230
  0.240
  0.240
  0.240
  0.250
Adjusted equity ratio
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759
  0.759

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  149
  152
  155
  159
  162
  166
  170
  174
  179
  183
  189
  194
  199
  205
  210
  217
  223
  230
  237
  244
  252
  260
  269
  278
  288
  297
  308
  319
  330
  343
Depreciation, amort., depletion, $m
  130
  137
  144
  152
  160
  168
  177
  186
  196
  206
  216
  227
  239
  251
  264
  277
  291
  306
  322
  338
  355
  373
  392
  411
  432
  454
  477
  501
  526
  552
Funds from operations, $m
  279
  289
  300
  311
  322
  335
  347
  361
  375
  389
  405
  421
  438
  456
  474
  494
  514
  536
  558
  582
  607
  633
  661
  689
  720
  751
  785
  819
  856
  895
Change in working capital, $m
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  36
  37
  39
  41
Cash from operations, $m
  269
  278
  288
  299
  310
  322
  334
  346
  360
  374
  388
  404
  420
  437
  454
  473
  492
  513
  534
  557
  580
  605
  631
  659
  687
  717
  749
  782
  817
  853
Maintenance CAPEX, $m
  -123
  -130
  -137
  -144
  -152
  -160
  -168
  -177
  -186
  -196
  -206
  -216
  -227
  -239
  -251
  -264
  -277
  -291
  -306
  -322
  -338
  -355
  -373
  -392
  -411
  -432
  -454
  -477
  -501
  -526
New CAPEX, $m
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -139
  -146
  -154
  -161
  -169
  -177
  -186
  -195
  -205
  -215
  -226
  -237
  -249
  -261
  -274
Cash from investing activities, $m
  -192
  -202
  -213
  -223
  -235
  -247
  -259
  -272
  -286
  -301
  -316
  -331
  -348
  -366
  -384
  -403
  -423
  -445
  -467
  -491
  -515
  -541
  -568
  -597
  -626
  -658
  -691
  -726
  -762
  -800
Free cash flow, $m
  77
  76
  76
  76
  75
  75
  75
  74
  74
  73
  73
  72
  72
  71
  70
  70
  69
  68
  67
  66
  65
  64
  63
  62
  61
  59
  58
  57
  55
  53
Issuance/(repayment) of debt, $m
  25
  26
  28
  29
  30
  32
  33
  35
  37
  38
  40
  42
  44
  46
  49
  51
  53
  56
  59
  62
  65
  68
  71
  75
  79
  82
  87
  91
  95
  100
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  25
  26
  28
  29
  30
  32
  33
  35
  37
  38
  40
  42
  44
  46
  49
  51
  53
  56
  59
  62
  65
  68
  71
  75
  79
  82
  87
  91
  95
  100
Total cash flow (excl. dividends), $m
  102
  102
  103
  105
  106
  107
  108
  109
  110
  112
  113
  114
  116
  117
  119
  121
  122
  124
  126
  128
  130
  132
  134
  137
  139
  142
  145
  147
  151
  154
Retained Cash Flow (-), $m
  -78
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -126
  -133
  -139
  -146
  -153
  -160
  -168
  -177
  -185
  -194
  -204
  -214
  -225
  -236
  -247
  -260
  -273
  -286
  -300
  -315
Prev. year cash balance distribution, $m
  43
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  66
  19
  16
  13
  10
  7
  3
  -1
  -5
  -9
  -14
  -18
  -23
  -28
  -34
  -40
  -46
  -52
  -59
  -66
  -74
  -82
  -90
  -99
  -108
  -118
  -128
  -139
  -150
  -162
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  64
  18
  14
  11
  8
  5
  2
  0
  -3
  -5
  -6
  -8
  -9
  -10
  -10
  -10
  -10
  -10
  -9
  -8
  -8
  -7
  -6
  -5
  -4
  -3
  -3
  -2
  -2
  -1
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Pan American Silver Corp. is a silver production company. The Company is principally engaged in the operation and development of, and exploration for, silver producing properties. The Company's segments include Peru, Mexico, Argentina and Bolivia. The Company also produces and sells gold, zinc, lead and copper. The Company's operating properties in Mexico include La Colorada Mine, Dolores and Alamo Dorado. The Company's operating properties in Peru include Huaron Mine and Morococha Mine. The Company's operating properties in Bolivia include San Vicente. The Company's operating properties in Argentina include Manantial Espejo. The Company's development properties include Navidad Property. The La Colorada underground silver mine is located in the Chalchihuites district in Zacatecas State, Mexico, approximately 99 kilometers south of Durango and 156 kilometers northwest of Zacatecas. The La Colorada consists of approximately 60 claims totaling approximately 8,400 hectares.

FINANCIAL RATIOS  of  Pan American Silver (PAAS)

Valuation Ratios
P/E Ratio 19.7
Price to Sales 2.5
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow 163.8
Growth Rates
Sales Growth Rate 14.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 38.1%
Cap. Spend. - 3 Yr. Gr. Rate 5%
Financial Strength
Quick Ratio 55
Current Ratio 0
LT Debt to Equity 2.8%
Total Debt to Equity 3.1%
Interest Coverage 60
Management Effectiveness
Return On Assets 5.6%
Ret/ On Assets - 3 Yr. Avg. -9.7%
Return On Total Capital 7.2%
Ret/ On T. Cap. - 3 Yr. Avg. -12.1%
Return On Equity 7.4%
Return On Equity - 3 Yr. Avg. -12.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 25.7%
Gross Margin - 3 Yr. Avg. 7.3%
EBITDA Margin 38.1%
EBITDA Margin - 3 Yr. Avg. -12.8%
Operating Margin 23.9%
Oper. Margin - 3 Yr. Avg. -31.4%
Pre-Tax Margin 22.7%
Pre-Tax Margin - 3 Yr. Avg. -32.3%
Net Profit Margin 12.9%
Net Profit Margin - 3 Yr. Avg. -31.1%
Effective Tax Rate 42%
Eff/ Tax Rate - 3 Yr. Avg. 19.4%
Payout Ratio 8%

PAAS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PAAS stock intrinsic value calculation we used $816.828 million for the last fiscal year's total revenue generated by Pan American Silver. The default revenue input number comes from 0001 income statement of Pan American Silver. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PAAS stock valuation model: a) initial revenue growth rate of 5.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for PAAS is calculated based on our internal credit rating of Pan American Silver, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Pan American Silver.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PAAS stock the variable cost ratio is equal to 76%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for PAAS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 26.7% for Pan American Silver.

Corporate tax rate of 27% is the nominal tax rate for Pan American Silver. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PAAS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PAAS are equal to 156.8%.

Life of production assets of 10.4 years is the average useful life of capital assets used in Pan American Silver operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PAAS is equal to 23.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1516.85 million for Pan American Silver - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 153.317 million for Pan American Silver is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Pan American Silver at the current share price and the inputted number of shares is $2.0 billion.

RELATED COMPANIES Price Int.Val. Rating
AG First Majestic 5.33 0.75  str.sell
EXK Endeavour Silv 1.98 0.80  str.sell
CDE Coeur Mining 4.39 1.09  str.sell
HL Hecla Mining 2.51 0.78  str.sell
FSM Fortuna Silver 3.43 10.38  str.buy

COMPANY NEWS

▶ Morning News Call - Canada, November 16   [Nov-16-18 07:50AM  Reuters]
▶ Pan American Silver Falls on Declining Revenues   [Nov-08-18 02:23PM  GuruFocus.com]
▶ Pan American Silver: 3Q Earnings Snapshot   [07:44PM  Associated Press]
▶ Top 3 Silver Stocks as of September 2018   [Sep-17-18 08:22AM  Investopedia]
▶ Silver Prices Have Collapsed and Now Miners May Be Next   [Aug-16-18 04:59PM  TheStreet.com]
▶ Pan American Silver: 2Q Earnings Snapshot   [Aug-08-18 06:42PM  Associated Press]
▶ 5 Ways to Play Tariff Worries   [Jul-06-18 08:18AM  InvestorPlace]
▶ Canadian mine latest business affected by Mexico violence   [May-28-18 05:17PM  Associated Press]
▶ 5 Shining Silver Stocks to Buy Today   [May-11-18 02:21PM  InvestorPlace]
▶ Pan American Silver: 1Q Earnings Snapshot   [05:09AM  Associated Press]
▶ Pan American Silver Upgraded to 'Buy' by Our Quant Ratings   [Feb-22-18 02:17PM  TheStreet.com]
▶ Pan American Silver Corp. to Host Earnings Call   [Feb-21-18 08:45AM  ACCESSWIRE]
▶ Pan American Silver misses 4Q profit forecasts   [05:02AM  Associated Press]
▶ February Growth Stocks To Look Out For   [11:02AM  Simply Wall St.]
▶ How Are Miners Correlations to Gold Trending?   [Jan-22-18 01:29PM  Market Realist]
▶ Pan American Silver Jumped 3% on Production Results   [Jan-14-18 11:55AM  GuruFocus.com]
▶ How Do Miners Technical Details Look?   [Jan-10-18 10:00AM  Market Realist]
▶ Reading the Recent Gold-Silver Spread   [Jan-05-18 09:03AM  Market Realist]
▶ Why 2017 Was a Year to Forget for Coeur Mining, Inc.   [Dec-28-17 10:30AM  Motley Fool]
▶ Metalla Provides Update on Joaquin Project   [Dec-22-17 10:36AM  GlobeNewswire]
▶ Why These 3 Underperformers May Rebound in 2018   [Dec-20-17 02:42PM  Zacks]
▶ Where Are Miners Correlations with Gold Headed?   [Dec-19-17 10:52AM  Market Realist]
▶ Miners and Their Moving Averages   [Dec-18-17 03:46PM  Market Realist]
▶ What Put Coeur Mining in 2nd Place?   [07:34AM  Market Realist]
▶ How Robots And AI Will Transform Mining   [Dec-13-17 07:30PM  Oilprice.com]

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