the production challenges experienced in the third quarter of 2014 at el gallo 1 due to severe rainfall were compensated by the mining and processing of high grade ore in the fourth quarter of 2014. processing capacity in the fourth quarter of 2014 was also increased through the use of a portable crusher to process ore in stockpile . both the san josé and el gallo 1 mines met or were below 2014 cost guidance . total cash costs , all-in sustaining costs and all-in costs per gold equivalent ounce sold for the year ended december 31 , 2014 for all of our operations on a consolidated basis totaled $ 817 , $ 1,198 and $ 1,368 per ounce , respectively . total cash costs and all-in sustaining costs at the san josé mine for the year 2014 were $ 795 and $ 1,086 per gold equivalent ounce , respectively , which compare favorably to the 2014 cost guidance of $ 750- $ 850 and $ 1,100- $ 1,200 per gold equivalent ounce , respectively . total cash costs and all-in sustaining cash costs at our el gallo 1 mine totaled $ 875 and $ 1,194 per gold equivalent ounce , respectively . these also compare favorably to the updated 2014 guidance we published as part of our results for the third quarter of 2014 , of $ 950- $ 1,050 and $ 1,200- $ 1,300 per gold equivalent ounce , respectively . costs at the el gallo 1 mine were below guidance due to the higher than expected average grade of metal processed in the fourth quarter of 2014. the company expects consolidated production for 2015 to be of 96,500 ounces of gold and 3,120,000 ounces of silver . this is comprised of 46,500 ounces of gold and 3,100,000 ounces of silver from the san josé mine , and 50,000 ounces of gold and 20,000 ounces of silver from the el gallo 1 mine . using a silver to gold ratio of 75:1 for the year 2015 , this represents projected consolidated production of 138,100 gold equivalent ounces . the silver to gold ratio is reviewed annually based on prevailing spot prices at the beginning of the year . the silver to gold ratio for the year 2014 was of 60:1 , while the ratio for 2013 and prior was 52:1 . 2015 consolidated cost guidance is forecasted at $ 675- $ 775 per gold equivalent ounce for total cash costs and $ 1,075- $ 1,175 per gold equivalent ounce for all-in sustaining costs . total cash costs and all-in sustaining costs at the san josé mine are forecasted at $ 775-875 per gold equivalent ounce and $ 1,175-1,275 , respectively , while at el gallo 1 , forecasted costs are $ 500-600 per gold equivalent ounce and $ 700-800 per gold equivalent ounce , respectively . these are based on a based on a silver to gold ratio of 75:1. consolidated gold equivalent ounces sold in year ended december 31 , 2014 totaled 132,227 ounces . this includes 96,304 gold equivalent ounces attributable to us from our 49 % interest in the san josé mine , and 35,923 gold equivalent ounces from el gallo 1. the year-over-year increase in gold and silver ounces sold reflects the increase in production at both mines . however , the increase in sales volume was offset by lower average realized prices . the consolidated average realized prices for the year 2014 were $ 1,248 per ounce of gold sold , and $ 17.68 per ounce of silver sold . the decrease year-over-year reflects the downward trend of gold and silver prices during the year 2014. average realized prices are presented net of adjustments of provisionally priced sales of concentrates . 52 we reported a consolidated net loss of $ 311.9 million , or $ 1.05 per share for the year ended december 31 , 2014 , compared to $ 147.7 million , or $ 0.50 per share in 2013. the net loss for year 2014 includes impairment charges on our los azules project , nevada and argentina properties , of $ 228.3 million , $ 98.4 million and $ 27.0 million , respectively , along with a corresponding deferred income tax recovery of $ 41.8 million , $ 31.6 million and $ 3.2 million , respectively . these impairment charges reflect a significant reduction in our planned exploration program and land optimization initiative across most of our properties , as well as a decline in the observed market value of comparable transactions . with respect to our el gallo 1 mine , although we produced and sold higher quantities of gold and silver from our el gallo 1 mine in the year 2014 than in 2013 , there was a slight decrease in revenues due to lower average realized prices , which did not compensate for the increase in production costs applicable to sales . in addition , we also recorded an impairment of $ 21.2 million relating to our investment in msc , and incurred registration taxes of $ 6.8 million relating to intercompany financing agreements with certain of our subsidiaries . our adjusted net loss for the year ended december 31 , 2014 , was $ 33.0 million , or $ 0.11 per share . this compares to a loss of $ 31.0 million , or $ 0.10 per share , for 2013. adjusted net loss removes the impact of impairment charges and foreign currency gains or losses resulting from the devaluation of the argentine peso , mexican peso and canadian dollar relative to the u.s. dollar , as well as non recurring items such as registration taxes . our earning from mining operations for the year ended december 31 , 2014 was $ 25.5 million , compared to $ 37.6 million in 2013. the decrease compared to 2013 was due to lower average metal prices on sales realized in the year 2014. we ended the year with $ 15.9 story_separator_special_tag 2015 guidance we expect 2015 production at msc , on a 100 % basis , to be approximately 6,300,000 million ounces of silver and 95,000 ounces of gold , for a 49 % share attributable to us of approximately 87,800 gold equivalent ounces ( 3.1 million ounces of silver and 46,500 ounces of gold , using a silver to gold ratio of 75:1 ) . the decrease in forecasted production for 2015 compared to 2014 reflects a slight decrease in the number of tonnes processed of 550,000 and lower recovery rates of 87.1 % and 86.7 % for gold and silver , respectively . average grades are expected to be 6.15 g/t and 414 g/t , respectively . total cash costs and all-in sustaining costs per gold equivalent ounce are expected to be between $ 775- $ 875 per ounce and $ 1,175- $ 1,275 per ounce , respectively . exploration expenditures in 2015 are budgeted to be approximately $ 0.7 million . depending on the outcome of these activities , we may also focus on the colorado grande area , and on the los pinos and los pinitos veins , for a total of 3,000 m ( 9,840 ft ) of drilling , as well as the identification and mapping of new structures . 58 investment in msc ( 49 % ) our 49 % attributable share of operations from our investment in msc was a loss of $ 5.3 million for the year ended december 31 , 2014 , compared to income of $ 0.9 million in 2013. the loss of $ 5.3 million for the year ended december 31 , 2014 is net of the amortization of the fair value increments arising from the purchase price allocation , of $ 13.2 million , and related deferred income tax recovery of $ 10.5 million . included in the income tax recovery is the impact of fluctuations in the exchange rate between the argentine peso and the u.s. dollar on the peso-denominated deferred tax liability associated with the investment in msc recorded as part of the acquisition of minera andes . as a devaluation of the argentine peso relative to the u.s. dollar results in a recovery of deferred income taxes , the impact has been a decrease in the loss from our investment in msc for the year ended december 31 , 2014. a summary of the financial results from msc , including our 49 % attributable share of operations from our investment in msc , for the year ended december 31 , 2014 and 2013 , and for the period from january 25 , 2012 ( after the closing of the acquisition of minera andes ) to december 31 , 2012 , is as follows . replace_table_token_14_th in addition to our attributable loss on our investment in msc of $ 5.3 million , we recorded an impairment charge in the year ended december 31 , 2014 , primarily as a result of the significant decline in silver market prices during the year 2014 , as well as in the observed market value of comparable transactions in south america , indicating a potential significant decrease in the market price of the exploration properties owned by msc . as the decline in the estimated fair value of our investment in msc was considered other than temporary , we recorded an impairment charge of $ 21.2 million for the year ended december 31 , 2014. refer to note 7 , investment in minera santa cruz s.a. ( `` msc `` ) san josé mine , and note 17 , fair value accounting , of the accompanying financial statements for further details on the valuation and impairment of our investment in msc . during the year ended december 31 , 2014 , we received $ 9.5 million in dividends from msc , compared to $ 1.8 million in 2013 . 59 changes in our investment in msc for the year ended december 31 , 2014 and 2013 are as follows : replace_table_token_15_th as at december 31 , 2014 , msc had current assets of $ 113.3 million , total assets of $ 540.6 million , current liabilities of $ 67.0 million and total liabilities of $ 179.4 million . these balances include the increase in fair value and amortization of the fair value increments arising from the purchase price allocation and are net of the impairment charges recorded in 2014 and 2013. excluding the fair value increments from the purchase price allocation and impairment charges , msc had current assets of $ 111.5 million , total assets of $ 311.5 million , current liabilities of $ 67.0 million , and total liabilities of $ 102.7 million as at december 31 , 2014. results of operationsel gallo 1 overview the following table sets out production totals , sales totals , total cash costs , and all-in sustaining cash costs ( on a gold equivalent basis ) for el gallo 1 for the three months ended december 31 , 2014 and 2013 , and for the years ended december 31 , 2014 , 2013 and 2012. the mine achieved commercial production , for accounting purposes , after its initial gold pour in september 2012. for operational purposes , commercial production was declared as of january 1 , 2013. as production for operational 60 purposes was only achieved on january 1 , 2013 , certain measures such as total cash costs and all-in sustaining costs have no comparative figures for 2012. replace_table_token_16_th ( 1 ) silver production presented as a gold equivalent . gold equivalent ounces calculations are based on prevailing spot prices at the beginning of the year . the silver to gold ratio used for 2014 was 60:1 , while the ratio for 2013 and prior was 52:1. for 2015 , the silver to gold ratio has been set to 75:1 . ( 2 ) average realized prices , total cash costs , all-in sustaining costs , and all-in costs are non-gaap

liquidity and capital resources as of december 31 , 2014 , we had working capital of $ 15.6 million , comprised of current assets of $ 39.7 million and current liabilities of $ 24.1 million . this represents a decrease of approximately $ 20.0 million from the working capital balance of $ 35.6 million as of december 31 , 2013. during the year ended december 31 , 2014 , we received $ 9.5 million in dividends from msc , and collected $ 5.0 million in value added taxes ( `` vat '' ) receivable . offsetting these benefits to our working capital was the overall decrease in our cash balance due to our operating cash outflow , and an increase in accounts payable and accruals , which includes $ 6.7 million related to the registration taxes on intercompany financing agreements with certain of our subsidiaries , and $ 2.5 million for our long-term trust fund obligation for the closure of the tonkin mine in nevada . timing of payment of these obligations is yet to be determined and are accordingly recorded as current liabilities . we believe our working capital at december 31 , 2014 is sufficient to fund ongoing exploration and corporate activities over the next 12 months . our sources of working capital at december 31 , 2014 include cash on hand , other current assets and cash flows from el gallo 1. however , in order to fund the development of el gallo 2 , if we make a positive production decision , we would need to raise additional capital of approximately $ 150 million , given that the estimated capital cost significantly exceeds our available working capital . in such case , we would explore several financing methods to complete the development and construction of el gallo 2 , which may include incurring debt , issuing additional equity , equipment leasing and other forms of financing . our ability to build el gallo 2 is dependent on one or several of the alternatives being completed . net cash used in operations for the year ended december 31 , 2014 decreased to $ 14.9 million from $ 42.4 million in 2013.


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources as of december 31 , 2014 , we had working capital of $ 15.6 million , comprised of current assets of $ 39.7 million and current liabilities of $ 24.1 million . this represents a decrease of approximately $ 20.0 million from the working capital balance of $ 35.6 million as of december 31 , 2013. during the year ended december 31 , 2014 , we received $ 9.5 million in dividends from msc , and collected $ 5.0 million in value added taxes ( `` vat '' ) receivable . offsetting these benefits to our working capital was the overall decrease in our cash balance due to our operating cash outflow , and an increase in accounts payable and accruals , which includes $ 6.7 million related to the registration taxes on intercompany financing agreements with certain of our subsidiaries , and $ 2.5 million for our long-term trust fund obligation for the closure of the tonkin mine in nevada . timing of payment of these obligations is yet to be determined and are accordingly recorded as current liabilities . we believe our working capital at december 31 , 2014 is sufficient to fund ongoing exploration and corporate activities over the next 12 months . our sources of working capital at december 31 , 2014 include cash on hand , other current assets and cash flows from el gallo 1. however , in order to fund the development of el gallo 2 , if we make a positive production decision , we would need to raise additional capital of approximately $ 150 million , given that the estimated capital cost significantly exceeds our available working capital . in such case , we would explore several financing methods to complete the development and construction of el gallo 2 , which may include incurring debt , issuing additional equity , equipment leasing and other forms of financing . our ability to build el gallo 2 is dependent on one or several of the alternatives being completed . net cash used in operations for the year ended december 31 , 2014 decreased to $ 14.9 million from $ 42.4 million in 2013.
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 Suspicious Activity Report : the production challenges experienced in the third quarter of 2014 at el gallo 1 due to severe rainfall were compensated by the mining and processing of high grade ore in the fourth quarter of 2014. processing capacity in the fourth quarter of 2014 was also increased through the use of a portable crusher to process ore in stockpile . both the san josé and el gallo 1 mines met or were below 2014 cost guidance . total cash costs , all-in sustaining costs and all-in costs per gold equivalent ounce sold for the year ended december 31 , 2014 for all of our operations on a consolidated basis totaled $ 817 , $ 1,198 and $ 1,368 per ounce , respectively . total cash costs and all-in sustaining costs at the san josé mine for the year 2014 were $ 795 and $ 1,086 per gold equivalent ounce , respectively , which compare favorably to the 2014 cost guidance of $ 750- $ 850 and $ 1,100- $ 1,200 per gold equivalent ounce , respectively . total cash costs and all-in sustaining cash costs at our el gallo 1 mine totaled $ 875 and $ 1,194 per gold equivalent ounce , respectively . these also compare favorably to the updated 2014 guidance we published as part of our results for the third quarter of 2014 , of $ 950- $ 1,050 and $ 1,200- $ 1,300 per gold equivalent ounce , respectively . costs at the el gallo 1 mine were below guidance due to the higher than expected average grade of metal processed in the fourth quarter of 2014. the company expects consolidated production for 2015 to be of 96,500 ounces of gold and 3,120,000 ounces of silver . this is comprised of 46,500 ounces of gold and 3,100,000 ounces of silver from the san josé mine , and 50,000 ounces of gold and 20,000 ounces of silver from the el gallo 1 mine . using a silver to gold ratio of 75:1 for the year 2015 , this represents projected consolidated production of 138,100 gold equivalent ounces . the silver to gold ratio is reviewed annually based on prevailing spot prices at the beginning of the year . the silver to gold ratio for the year 2014 was of 60:1 , while the ratio for 2013 and prior was 52:1 . 2015 consolidated cost guidance is forecasted at $ 675- $ 775 per gold equivalent ounce for total cash costs and $ 1,075- $ 1,175 per gold equivalent ounce for all-in sustaining costs . total cash costs and all-in sustaining costs at the san josé mine are forecasted at $ 775-875 per gold equivalent ounce and $ 1,175-1,275 , respectively , while at el gallo 1 , forecasted costs are $ 500-600 per gold equivalent ounce and $ 700-800 per gold equivalent ounce , respectively . these are based on a based on a silver to gold ratio of 75:1. consolidated gold equivalent ounces sold in year ended december 31 , 2014 totaled 132,227 ounces . this includes 96,304 gold equivalent ounces attributable to us from our 49 % interest in the san josé mine , and 35,923 gold equivalent ounces from el gallo 1. the year-over-year increase in gold and silver ounces sold reflects the increase in production at both mines . however , the increase in sales volume was offset by lower average realized prices . the consolidated average realized prices for the year 2014 were $ 1,248 per ounce of gold sold , and $ 17.68 per ounce of silver sold . the decrease year-over-year reflects the downward trend of gold and silver prices during the year 2014. average realized prices are presented net of adjustments of provisionally priced sales of concentrates . 52 we reported a consolidated net loss of $ 311.9 million , or $ 1.05 per share for the year ended december 31 , 2014 , compared to $ 147.7 million , or $ 0.50 per share in 2013. the net loss for year 2014 includes impairment charges on our los azules project , nevada and argentina properties , of $ 228.3 million , $ 98.4 million and $ 27.0 million , respectively , along with a corresponding deferred income tax recovery of $ 41.8 million , $ 31.6 million and $ 3.2 million , respectively . these impairment charges reflect a significant reduction in our planned exploration program and land optimization initiative across most of our properties , as well as a decline in the observed market value of comparable transactions . with respect to our el gallo 1 mine , although we produced and sold higher quantities of gold and silver from our el gallo 1 mine in the year 2014 than in 2013 , there was a slight decrease in revenues due to lower average realized prices , which did not compensate for the increase in production costs applicable to sales . in addition , we also recorded an impairment of $ 21.2 million relating to our investment in msc , and incurred registration taxes of $ 6.8 million relating to intercompany financing agreements with certain of our subsidiaries . our adjusted net loss for the year ended december 31 , 2014 , was $ 33.0 million , or $ 0.11 per share . this compares to a loss of $ 31.0 million , or $ 0.10 per share , for 2013. adjusted net loss removes the impact of impairment charges and foreign currency gains or losses resulting from the devaluation of the argentine peso , mexican peso and canadian dollar relative to the u.s. dollar , as well as non recurring items such as registration taxes . our earning from mining operations for the year ended december 31 , 2014 was $ 25.5 million , compared to $ 37.6 million in 2013. the decrease compared to 2013 was due to lower average metal prices on sales realized in the year 2014. we ended the year with $ 15.9 story_separator_special_tag 2015 guidance we expect 2015 production at msc , on a 100 % basis , to be approximately 6,300,000 million ounces of silver and 95,000 ounces of gold , for a 49 % share attributable to us of approximately 87,800 gold equivalent ounces ( 3.1 million ounces of silver and 46,500 ounces of gold , using a silver to gold ratio of 75:1 ) . the decrease in forecasted production for 2015 compared to 2014 reflects a slight decrease in the number of tonnes processed of 550,000 and lower recovery rates of 87.1 % and 86.7 % for gold and silver , respectively . average grades are expected to be 6.15 g/t and 414 g/t , respectively . total cash costs and all-in sustaining costs per gold equivalent ounce are expected to be between $ 775- $ 875 per ounce and $ 1,175- $ 1,275 per ounce , respectively . exploration expenditures in 2015 are budgeted to be approximately $ 0.7 million . depending on the outcome of these activities , we may also focus on the colorado grande area , and on the los pinos and los pinitos veins , for a total of 3,000 m ( 9,840 ft ) of drilling , as well as the identification and mapping of new structures . 58 investment in msc ( 49 % ) our 49 % attributable share of operations from our investment in msc was a loss of $ 5.3 million for the year ended december 31 , 2014 , compared to income of $ 0.9 million in 2013. the loss of $ 5.3 million for the year ended december 31 , 2014 is net of the amortization of the fair value increments arising from the purchase price allocation , of $ 13.2 million , and related deferred income tax recovery of $ 10.5 million . included in the income tax recovery is the impact of fluctuations in the exchange rate between the argentine peso and the u.s. dollar on the peso-denominated deferred tax liability associated with the investment in msc recorded as part of the acquisition of minera andes . as a devaluation of the argentine peso relative to the u.s. dollar results in a recovery of deferred income taxes , the impact has been a decrease in the loss from our investment in msc for the year ended december 31 , 2014. a summary of the financial results from msc , including our 49 % attributable share of operations from our investment in msc , for the year ended december 31 , 2014 and 2013 , and for the period from january 25 , 2012 ( after the closing of the acquisition of minera andes ) to december 31 , 2012 , is as follows . replace_table_token_14_th in addition to our attributable loss on our investment in msc of $ 5.3 million , we recorded an impairment charge in the year ended december 31 , 2014 , primarily as a result of the significant decline in silver market prices during the year 2014 , as well as in the observed market value of comparable transactions in south america , indicating a potential significant decrease in the market price of the exploration properties owned by msc . as the decline in the estimated fair value of our investment in msc was considered other than temporary , we recorded an impairment charge of $ 21.2 million for the year ended december 31 , 2014. refer to note 7 , investment in minera santa cruz s.a. ( `` msc `` ) san josé mine , and note 17 , fair value accounting , of the accompanying financial statements for further details on the valuation and impairment of our investment in msc . during the year ended december 31 , 2014 , we received $ 9.5 million in dividends from msc , compared to $ 1.8 million in 2013 . 59 changes in our investment in msc for the year ended december 31 , 2014 and 2013 are as follows : replace_table_token_15_th as at december 31 , 2014 , msc had current assets of $ 113.3 million , total assets of $ 540.6 million , current liabilities of $ 67.0 million and total liabilities of $ 179.4 million . these balances include the increase in fair value and amortization of the fair value increments arising from the purchase price allocation and are net of the impairment charges recorded in 2014 and 2013. excluding the fair value increments from the purchase price allocation and impairment charges , msc had current assets of $ 111.5 million , total assets of $ 311.5 million , current liabilities of $ 67.0 million , and total liabilities of $ 102.7 million as at december 31 , 2014. results of operationsel gallo 1 overview the following table sets out production totals , sales totals , total cash costs , and all-in sustaining cash costs ( on a gold equivalent basis ) for el gallo 1 for the three months ended december 31 , 2014 and 2013 , and for the years ended december 31 , 2014 , 2013 and 2012. the mine achieved commercial production , for accounting purposes , after its initial gold pour in september 2012. for operational purposes , commercial production was declared as of january 1 , 2013. as production for operational 60 purposes was only achieved on january 1 , 2013 , certain measures such as total cash costs and all-in sustaining costs have no comparative figures for 2012. replace_table_token_16_th ( 1 ) silver production presented as a gold equivalent . gold equivalent ounces calculations are based on prevailing spot prices at the beginning of the year . the silver to gold ratio used for 2014 was 60:1 , while the ratio for 2013 and prior was 52:1. for 2015 , the silver to gold ratio has been set to 75:1 . ( 2 ) average realized prices , total cash costs , all-in sustaining costs , and all-in costs are non-gaap

