Here are some aspects of the 2012 results declared recently. The net income decreased by 48% from $93.49M in 2011 to $48.67M in 2012. Taking the clock back, the figure for 2010 was a net loss of $91.3M. The sales also decreased from $1.02B in 2011 to $895M in 2012 (a 12.3% decline). The 2010 figure for sales was $515M. The current decline was due to a combined effect of lower sales and lower prices of gold and silver. CDE sold 18.0 million oz. of silver and 213,185 oz. of gold in 2012 compared with 19.1M oz. and 238,551 oz. respectively in 2011. Average realization prices per oz were $30.92 for silver ($35.15 in 2011) and $1558 for gold ($1665 in 2011).The by-product revenue increased from $207.4 million in 2011 to $234.8 million in 2012. The production costs were up by 8.8% from $419.9M in 2011 to $456.7M in 2012. The cash operating cost /oz. of silver increased from $6.31 to $7.57 (20% rise). The exploration expenses increased from $19.1M to $26.2M (37% rise). Interest expense, net of capitalized interest, decreased from $34.7M to $26.2M (by ~25%), mainly due to a decrease in total outstanding debt and capital lease obligations. The net net cash provided by operations was $271.6M in 2012, compared with $416.2M in 2011 (a decrease of ~35%). The capex in 2012 was $115.6 million, which is a decline of 3.6% compared with the corresponding 2011 figure. Since 2011, CDE has made strategic minority investments in eight gold and silver development companies. These investments are likely to increase in value once these development companies start production. e.g. CDE investment in Pershing Gold (OTCBB:PGLC) was made at $0.32 recently (current market price $0.48). It is about to start production in 2014 so the value may increase further. Similarly, stakes in other companies could be increased to strengthen CDE's position.