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And on the subject of working capital, Coeur Mining (CDE) has just reported its 1q15

A few weeks ago, I had an interesting exchange with reader M who made his case for Coeur (CDE) being the absolute Number One worst run mining company in The Americas. To be honest CDE isn't a company I've ever followed very closely, mainly because it's always been unattractive as a potential investment and keeps coming out with some very weird deals (these are the people who bought Orko, after all). However M made the case that there was more than simple mediocrity running this show and it was in fact a staggeringly bad company. He made the case well, too.

So when CDE reported its 1q15 this evening I was more interested than before. First stop's always at the balance sheet round these parts and...

...WTF is that? Dear Coeur people, where has all your money gone?