Item 1A -- Risk Factors of the 2021 10-K sets forth information relating to important risks and uncertainties that could materially adversely affect the Company’s business, financial condition or operating results.
−Removed: Those risk factors have been supplemented and updated in the Company’s Form 10-Q for the quarter ended March 31, 2022 (the “Q1 2022 10-Q”) and in this Form 10-Q.
−Removed: Except as supplemented and updated in the Q1 2022 10-Q and below, the risk factors set forth in the 2021 10-K remain current.
+Added: Those risk factors have been supplemented and updated in the Company’s Form 10-Q for the quarters ended March 31, 2022 (the “Q1 2022 10-Q”) and June 30, 2022 (the “Q2 2022 10-Q”) in this Form 10-Q.
+Added: Except as supplemented and updated in the Q1 2022 10-Q, and the Q2 2022 10-Q, the risk factors set forth in the 2021 10-K remain current.
Additional risks and uncertainties that the Company does not presently know or that it currently deems immaterial also may impair our business operations.
−Removed: We are required to obtain and renew governmental permits in order to conduct operations, a process which is often costly and time-consuming.
−Removed: Our ability to obtain necessary government permits to expand operations or begin new operations may be materially affected by third-party activists.
−Removed: In the normal course of our business, we are required to obtain and renew governmental permits for exploration, operations and expansion of existing operations and for the development of new projects, such as the permits recently obtained for POA 11 at Rochester, POA 1 at Kensington and the permitting effort currently underway at Palmarejo to allow the deposit of future tailings into the legacy open pit rather than expand the current tailings impoundment facility.
−Removed: Obtaining and renewing governmental permits is a complex and time-consuming process.
−Removed: The timeliness and success of permitting efforts are contingent upon many variables not within our control, including the interpretation of permit approval requirements administered by the applicable permitting authority and government and third-party sentiment towards the mining industry generally.
−Removed: We may not be able to obtain or renew permits that are necessary to our operations or the cost and time required to obtain or renew permits may exceed our expectations.
−Removed: Any unexpected delays or costs associated with the permitting process could delay the development or impede the operation of a mine, which in turn could materially adversely affect our revenues and future growth.
−Removed: For example, we are currently experiencing prolonged delays by the Mexican federal environmental authority, SEMARNAT, in approving the permit described above to deposit future tailings into the legacy open pit at Palmarejo.
−Removed: We believe we have complied with all applicable requirements for the issuance of the permit, and expected to receive it last year.
−Removed: As has been publicized in media coverage, we understand that other mining projects in Mexico are also experiencing permitting delays or, in certain circumstances, denials of permits.
−Removed: We are engaging in advocacy with government authorities to advance our permit application, which we believe has satisfied all criteria for approval, but there can be no assurance as to the timing of approval.
−Removed: Any further delay in obtaining the permit may require us to revise mine plans to curtail expected production at Palmarejo due to shortfalls in tailings storage capacity, which could materially adversely affect 2023 results of operations and cash flow.
−Removed: In addition, key permits and approvals may be revoked or suspended or may be changed in a manner that adversely affects our operations.
−Removed: Private parties such as environmental activists frequently attempt to intervene in the permitting process and to persuade regulators to deny necessary permits or seek to overturn permits that have been issued.
−Removed: Obtaining the necessary governmental permits is a complex and time-consuming process involving numerous jurisdictions and often involving public hearings and costly undertakings.
−Removed: These third-party actions can materially increase the costs and cause delays in the permitting process and could cause us to not proceed with the development or expansion of a mine.
−Removed: In addition, our ability to successfully obtain key permits and approvals to explore for, develop, operate and expand mines and to conduct our operations will likely depend on our ability to develop, operate, expand and close mines in a manner that is consistent with the creation of social and economic benefits in the surrounding communities, which may or may not be required by law.
−Removed: Our ability to obtain permits and approvals and to successfully operate in particular communities may be adversely impacted by real or perceived detrimental events associated with our activities or those of other mining companies affecting the environment, human health and safety of communities in which we operate.
Mine Safety Disclosures
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.