Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 24, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | COEUR MINING, INC. | |
Entity Central Index Key | 215,466 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CDE | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 181,449,038 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Statement of Comprehensive Income [Abstract] | |||
Revenues | $ 206,138 | $ 148,387 | |
COSTS AND EXPENSES | |||
Costs applicable to sales | [1] | 132,712 | 101,555 |
Amortization | 40,104 | 27,964 | |
General and administrative | 10,133 | 8,276 | |
Exploration | 5,252 | 1,731 | |
Write-downs | 0 | 4,446 | |
Pre-development, reclamation, and other | 4,581 | 4,204 | |
Total costs and expenses | 192,782 | 148,176 | |
OTHER INCOME (EXPENSE), NET | |||
Fair value adjustments, net | (1,200) | (8,695) | |
Interest expense, net of capitalized interest | (3,586) | (11,120) | |
Other, net | 21,139 | 1,314 | |
Total other income (expense), net | 16,353 | (18,501) | |
Income (loss) before income and mining taxes | 29,709 | (18,290) | |
Income and mining tax benefit (expense) | (11,046) | (2,106) | |
NET INCOME (LOSS) | 18,663 | (20,396) | |
OTHER COMPREHENSIVE INCOME (LOSS), Net of Tax: | |||
Unrealized gain (loss) on equity securities, net of tax of ($1,101) for the three months ended March 31, 2016 | (2,182) | 1,043 | |
Reclassification adjustments for impairment of equity securities | 121 | 0 | |
Reclassification adjustments for realized (gain) loss on sale of equity securities | 1,471 | 588 | |
Other comprehensive income (loss) | (590) | 1,631 | |
COMPREHENSIVE INCOME (LOSS) | $ 18,073 | $ (18,765) | |
NET INCOME (LOSS) PER SHARE | |||
Basic (in dollars per share) | $ 0.10 | $ (0.14) | |
Diluted (in dollars per share) | $ 0.10 | $ (0.14) | |
[1] | Excludes amortization. |
Consolidated Statements of Com3
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Other Comprehensive Income (Loss), Unrealized gain (loss) on equity securities, tax | $ (1,011) | $ 0 |
Other Comprehensive Income (Loss), Reclassification adjustments for impairment of equity securities, tax | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification adjustments for realized loss on sale of equity securities, tax | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 18,663 | $ (20,396) |
Adjustments: | ||
Amortization | 40,104 | 27,964 |
Accretion | 2,514 | 3,169 |
Deferred income taxes | 1,375 | (2,105) |
Fair value adjustments, net | 1,200 | 8,695 |
Stock-based compensation | 3,307 | 2,915 |
Gain on the sale of the Joaquin project | (21,138) | 0 |
Write-downs | 0 | 4,446 |
Foreign exchange and other | (2,198) | (1,435) |
Changes in operating assets and liabilities: | ||
Receivables | 13,106 | 3,481 |
Prepaid expenses and other current assets | (4,299) | 1,279 |
Inventories | 14,292 | (7,822) |
Accounts payable and accrued liabilities | (11,655) | (13,574) |
CASH PROVIDED BY OPERATING ACTIVITIES | 55,271 | 6,617 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (23,979) | (22,172) |
Proceeds from Sale of Property, Plant, and Equipment | 15,019 | 4,009 |
Purchase of short term investments and equity securities | (1,016) | (7) |
Sales and maturities of short-term investments | 10,020 | 997 |
Other | (1,546) | (1,473) |
CASH USED IN INVESTING ACTIVITIES | (1,502) | (18,646) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments on long-term debt, capital leases, and associated costs | (3,226) | (5,971) |
Gold production royalty payments | 0 | (9,131) |
Other | (3,247) | (280) |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (6,473) | (15,382) |
Effect of exchange rate changes on cash and cash equivalents | 555 | 86 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 47,851 | (27,325) |
Cash and cash equivalents at beginning of period | 162,182 | 200,714 |
Cash and cash equivalents at end of period | $ 210,033 | $ 173,389 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 210,033 | $ 162,182 |
Receivables | 67,064 | 60,431 |
Inventory | 73,760 | 106,026 |
Ore on leach pads | 66,585 | 64,167 |
Prepaid expenses and other | 22,450 | 17,981 |
Current assets | 439,892 | 410,787 |
NON-CURRENT ASSETS | ||
Property, plant and equipment, net | 222,617 | 216,796 |
Mining properties, net | 549,207 | 558,455 |
Ore on leach pads, noncurrent | 72,461 | 67,231 |
Restricted assets | 18,954 | 17,597 |
Equity securities | 3,796 | 4,488 |
Receivables | 15,558 | 30,951 |
Deferred tax assets | 0 | |
Other | 15,265 | 12,604 |
TOTAL ASSETS | 1,337,750 | 1,318,909 |
CURRENT LIABILITIES | ||
Accounts payable | 47,370 | 53,335 |
Accrued liabilities and other | 37,999 | 42,743 |
Debt | 13,451 | 12,039 |
Royalty obligations | 4,961 | 4,995 |
Reclamation | 3,604 | 3,522 |
Current liabilities | 107,385 | 116,634 |
NON-CURRENT LIABILITIES | ||
Debt | 205,625 | 198,857 |
Royalty obligations | 4,316 | 4,292 |
Reclamation | 97,595 | 95,804 |
Deferred tax liabilities | 76,363 | 74,798 |
Other long-term liabilities | 59,846 | 60,037 |
Non-current liabilities | 443,745 | 433,788 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 181,492,911 at March 31, 2017 and 180,933,287 at December 31, 2016 | 1,815 | 1,809 |
Additional paid-in capital | 3,314,644 | 3,314,590 |
Accumulated other comprehensive income (loss) | (3,078) | (2,488) |
Accumulated deficit | (2,526,761) | (2,545,424) |
Stockholders' equity | 786,620 | 768,487 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,337,750 | $ 1,318,909 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 181,492,911 | 180,933,287 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Changes in Stockholders' Equity - 3 months ended Mar. 31, 2017 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Balances at Dec. 31, 2016 | $ 768,487 | $ 1,809 | $ 3,314,590 | $ (2,545,424) | $ (2,488) |
Balances, in shares at Dec. 31, 2016 | 180,933 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 18,663 | 18,663 | |||
Other comprehensive income (loss) | (590) | (590) | |||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 560 | ||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 60 | $ 6 | 54 | ||
Balances at Mar. 31, 2017 | $ 786,620 | $ 1,815 | $ 3,314,644 | $ (2,526,761) | $ (3,078) |
Balances, in shares at Mar. 31, 2017 | 181,493 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The interim condensed consolidated financial statements of Coeur Mining, Inc. and its subsidiaries (collectively, “Coeur” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2017. The condensed consolidated December 31, 2016 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (the “2016 10-K”). |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Standards In January 2017, the FASB issued ASU 2017-01, “ Business Combinations (Topic 805) - Clarifying the Definition of a Business, ” which clarifies the definition of a business to assist entities in the evaluation of acquisitions and disposals of assets or businesses. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company is currently evaluating the potential impact of implementing these changes on the Company’s consolidated financial position, results of operations, and cash flows. In November 2016, the FASB issued ASU 2016-18, “ Statement of Cash Flows (Topic 230) - Restricted Cash, ” which will require entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company is currently evaluating the potential impact of implementing these changes on the Company’s consolidated financial position, results of operations, and cash flows. In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments, ” which provides guidance on presentation and classification of certain cash receipts and payments in the statement of cash flows. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company is currently evaluating this standard and does not expect this ASU to materially impact the Company’s consolidated net income, financial position or cash flows. In March 2016, the FASB issued ASU 2016-09, “ Improvements to Employee Share-Based Payment Accounting, ” which amends several aspects of the accounting for share-based payment transaction, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. These changes became effective for the Company’s fiscal year beginning January 1, 2017, and the Company’s adoption had no impact on the Company’s consolidated financial position, results of operations, and cash flows. In February 2016, the FASB issued ASU 2016-02, “ Leases, ” which will require lessees to recognize assets and liabilities for the rights and obligations created by most leases on the balance sheet. These changes become effective for the Company’s fiscal year beginning January 1, 2019. Modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, is required with an option to use certain transition relief. The Company is currently evaluating the potential impact of implementing these changes on the Company’s consolidated financial position, results of operations, and cash flows. In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers ” , which has subsequently been amended several times. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company has substantially completed its analysis of the new standard and reviewed potential impacts from timing of when control is transferred to customers, variable consideration on concentrate sales and classification of refining fees. The Company does not expect this ASU to materially impact the Company’s consolidated net income, financial position or cash flows. In July 2015, the FASB issued ASU 2015-11, “ Simplifying the Measurement of Inventory, ” which provides a revised, simpler measurement for inventory to be measured at the lower of cost and net realizable value. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company is currently evaluating the potential impact of implementing these changes on the Company’s consolidated financial position, results of operations, and cash flows. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING The Company’s operating segments include the Palmarejo complex, Rochester, Kensington, Wharf, and San Bartolomé mines. All operating segments are engaged in the discovery, mining, and production of gold and/or silver. Other includes the Endeavor silver stream, La Preciosa project, other royalties and mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts. The Company eliminated Coeur Capital as a standalone reportable segment in the first quarter of 2017 and has classified the operating performance, segment assets, and capital expenditures of the Endeavor silver stream and other remaining non-core assets in Other. All prior period amounts have been adjusted to conform to the current presentation. Financial information relating to the Company’s segments is as follows (in thousands): Three months ended March 31, 2017 Palmarejo Rochester Kensington Wharf San Bartolomé Other Total Revenue Metal sales $ 77,704 $ 38,979 $ 37,964 $ 30,251 $ 20,584 $ 656 $ 206,138 Costs and Expenses Costs applicable to sales (1) 43,001 26,439 28,443 16,320 18,222 287 132,712 Amortization 20,150 5,816 9,178 3,111 1,411 438 40,104 Exploration 1,631 144 839 — — 2,638 5,252 Other operating expenses 301 810 345 619 752 11,887 14,714 Other income (expense) Fair value adjustments, net — (1,200 ) — — — — (1,200 ) Interest expense, net (125 ) (117 ) (40 ) (19 ) (7 ) (3,278 ) (3,586 ) Other, net 1,794 (32 ) (808 ) 89 279 19,817 21,139 Income and mining tax (expense) benefit (12,245 ) (498 ) — (957 ) (31 ) 2,685 (11,046 ) Net income (loss) $ 2,045 $ 3,923 $ (1,689 ) $ 9,314 $ 440 $ 4,630 $ 18,663 Segment assets (2) $ 401,623 $ 227,526 $ 204,987 $ 104,673 $ 68,412 $ 84,402 $ 1,091,623 Capital expenditures $ 6,230 $ 10,568 $ 5,521 $ 887 $ 388 $ 385 $ 23,979 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Three months ended March 31, 2016 Palmarejo Rochester Kensington Wharf San Bartolomé Other Total Revenue Metal sales $ 29,813 $ 29,982 $ 35,743 $ 27,929 $ 21,278 $ 1,891 $ 146,636 Royalties — — — — — 1,751 1,751 29,813 29,982 35,743 27,929 21,278 3,642 148,387 Costs and Expenses Costs applicable to sales (1) 21,038 22,485 24,418 15,461 17,497 656 101,555 Amortization 7,289 5,313 8,349 4,051 1,754 1,208 27,964 Exploration 801 109 (47 ) — — 868 1,731 Write-downs — — — — — 4,446 4,446 Other operating expenses 315 681 252 493 291 10,448 12,480 Other income (expense) Fair value adjustments, net (4,864 ) (2,249 ) — — — (1,582 ) (8,695 ) Interest expense, net (734 ) (171 ) (43 ) — (3 ) (10,169 ) (11,120 ) Other, net (1,235 ) 3 (20 ) 10 315 2,241 1,314 Income and mining tax (expense) benefit 98 (423 ) — 116 (1,571 ) (326 ) (2,106 ) Net income (loss) $ (6,365 ) $ (1,446 ) $ 2,708 $ 8,050 $ 477 $ (23,820 ) $ (20,396 ) Segment assets (2) $ 422,086 $ 209,692 $ 192,805 $ 113,383 $ 87,750 $ 92,224 $ 1,117,940 Capital expenditures $ 8,815 $ 3,289 $ 8,090 $ 1,410 $ 521 $ 47 $ 22,172 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Assets March 31, 2017 December 31, 2016 Total assets for reportable segments $ 1,091,623 $ 1,122,038 Cash and cash equivalents 210,033 162,182 Other assets 36,094 34,689 Total consolidated assets $ 1,337,750 $ 1,318,909 Geographic Information Long-Lived Assets March 31, 2017 December 31, 2016 Mexico $ 376,890 $ 397,697 United States 355,736 338,897 Bolivia 32,422 31,539 Australia 2,871 2,983 Argentina 227 10,228 Other 5,601 5,564 Total $ 773,747 $ 786,908 Revenue Three months ended March 31, 2017 2016 United States $ 107,194 $ 93,654 Mexico 77,704 30,522 Bolivia 20,584 21,278 Australia 656 1,891 Other — 1,042 Total $ 206,138 $ 148,387 |
Reclamation
Reclamation | 3 Months Ended |
Mar. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
RECLAMATION | RECLAMATION Reclamation and mine closure costs are based principally on legal and regulatory requirements. Management estimates costs associated with reclamation of mining properties. On an ongoing basis, management evaluates its estimates and assumptions, and future expenditures could differ from current estimates. Changes to the Company’s asset retirement obligations for operating sites are as follows: Three months ended March 31, In thousands 2017 2016 Asset retirement obligation - Beginning $ 97,380 $ 82,072 Accretion 2,338 1,960 Additions and changes in estimates — 251 Settlements (478 ) (309 ) Asset retirement obligation - Ending $ 99,240 $ 83,974 The Company has accrued $2.0 million and $1.9 million at March 31, 2017 and December 31, 2016 , respectively, for reclamation liabilities related to former mining activities, which are included in Reclamation. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company has stock incentive plans for executives and eligible employees. Stock awards include performance shares, restricted stock and stock options. Stock-based compensation expense for the three months ended March 31, 2017 and 2016 was $3.3 million and $2.9 million , respectively. At March 31, 2017 , there was $12.2 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.8 years. The following table summarizes the grants awarded during the three months ended March 31, 2017 : Grant date Restricted stock Grant date fair value of restricted stock Stock options Grant date fair value of stock options Performance shares Grant date fair value of performance shares January 18, 2017 236,581 $ 11.47 — $ — 316,213 $ 11.58 March 7, 2017 539,858 $ 7.60 14,820 $ 3.91 — $ — The following options and stock appreciation rights were exercisable during the three months ended March 31, 2017 : Award Type Number of Exercised Units Weighted Average Exercised Price Number of Exercisable Units Weighted Average Stock options — $ — 425,850 $ 14.29 Stock appreciation rights — $ — 42,152 $ 14.14 |
Retirement Savings Plan
Retirement Savings Plan | 3 Months Ended |
Mar. 31, 2017 | |
Postemployment Benefits [Abstract] | |
RETIREMENT SAVINGS PLAN | RETIREMENT SAVINGS PLAN The Company has a 401(k) retirement savings plan that covers all eligible U.S. employees. Eligible employees may elect to contribute up to 75% of base salary, subject to ERISA limitations. The Company generally makes matching contributions equal to 100% of the employee’s contribution up to 4% of the employee’s salary. The Company may also provide an additional contribution based on an eligible employee’s salary. Total plan expenses recognized for the three months ended March 31, 2017 and 2016 were $2.1 million and $1.0 million , respectively, due to timing of Company contributions. In addition, the Company has a deferred compensation plan for employees whose benefits under the 401(k) plan are limited by federal regulations. |
Other, Net
Other, Net | 3 Months Ended |
Mar. 31, 2017 | |
Other Income and Expenses [Abstract] | |
OTHER, NET | OTHER, NET Other, net consists of the following: Three months ended March 31, In thousands 2017 2016 Foreign exchange gain (loss) $ 1,349 $ (164 ) Gain (loss) on sale of assets and investments (2,066 ) 1,085 Gain on sale of the Joaquin project 21,138 — Impairment of equity securities (121 ) — Other 839 393 Other, net $ 21,139 $ 1,314 |
Income and Mining Taxes
Income and Mining Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME AND MINING TAXES | INCOME AND MINING TAXES The following table summarizes the components of Income and mining tax (expense) benefit for the three months ended March 31, 2017 and 2016 by significant jurisdiction: Three months ended March 31, 2017 2016 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ 20,714 $ (1,964 ) $ (9,361 ) $ (532 ) Argentina (328 ) 1,124 (1,015 ) 1,543 Mexico 8,650 (9,923 ) (7,509 ) 17 Bolivia 471 (31 ) 2,047 (1,570 ) Other jurisdictions 202 (252 ) (2,452 ) (1,564 ) $ 29,709 $ (11,046 ) $ (18,290 ) $ (2,106 ) The Company’s effective tax rate is impacted by recurring and nonrecurring items. These items include foreign exchange rates on deferred tax balances, uncertain tax positions, and the full valuation allowance on the deferred tax assets relating to losses in the United States and certain foreign jurisdictions. During the first quarter of 2017, foreign exchange increased income and mining tax expense by $5.6 million , predominately due to the strength of the Mexican peso. Additionally, the Company recognized $1.8 million income and mining tax expense from the sale of the Joaquin project. Also during the first quarter, favorable operating results at Palmarejo contributed to higher income and mining tax expense. The Company’s consolidated effective income and mining tax rate is a function of the combined effective tax rates and foreign exchange rates in the jurisdictions in which it operates. Variations in the jurisdictional mix of income and loss and foreign exchange rates result in significant fluctuations in our consolidated effective tax rate. A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see the sections titled “Risk Factors” set forth in the 2016 10-K. The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The statute of limitations remains open from 2012 forward for the U.S. federal jurisdiction and from 2008 forward for certain other foreign jurisdictions. As a result of statutes of limitation that will begin to expire within the next 12 months in various jurisdictions and possible settlements of audit-related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, the Company believes that it is reasonably possible that the total amount of its net unrecognized income tax benefits will decrease between $2.5 million and $3.5 million in the next 12 months. At March 31, 2017 and December 31, 2016, the Company had $18.7 million and $19.6 million of total gross unrecognized tax benefits, respectively. If recognized, these unrecognized tax benefits would positively impact the Company’s effective income tax rate. The Company’s continuing practice is to recognize potential interest and/or penalties related to unrecognized tax benefits as part of its income tax expense. At March 31, 2017 and December 31, 2016, the amount of accrued income-tax-related interest and penalties was $8.7 million and $8.7 million , respectively. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER SHARE | NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three months ended March 31, 2017 and 2016 , 1,368,685 and 3,321,424 of common stock equivalents, respectively, related to equity-based awards were not included in the diluted per share calculation as the shares would be antidilutive. The 3.25% Convertible Senior Notes (“Convertible Notes”) were not included in the computation of diluted net income (loss) per share for the three months ended March 31, 2016 because there is no excess value upon conversion over the principal amount of the Convertible Notes. The outstanding Convertible Notes were redeemed in the third quarter of 2016. Three months ended March 31, In thousands except per share amounts 2017 2016 Net income (loss) available to common stockholders $ 18,663 $ (20,396 ) Weighted average shares: Basic 178,898 150,249 Effect of stock-based compensation plans 4,170 — Diluted 183,068 150,249 Income (loss) per share: Basic $ 0.10 $ (0.14 ) Diluted $ 0.10 $ (0.14 ) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Three months ended March 31, In thousands 2017 2016 Rochester net smelter returns (“NSR”) royalty obligation $ (1,200 ) $ (2,249 ) Palmarejo royalty obligation embedded derivative — (4,878 ) Silver and gold options — (1,568 ) Fair value adjustments, net $ (1,200 ) $ (8,695 ) Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3). The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: Fair Value at March 31, 2017 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 3,796 $ 3,517 $ — $ 279 Other derivative instruments, net 614 — 614 — $ 4,410 $ 3,517 $ 614 $ 279 Liabilities: Rochester NSR royalty obligation 9,277 — — 9,277 Other derivative instruments, net 4 — 4 — $ 9,281 $ — $ 4 $ 9,277 Fair Value at December 31, 2016 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 4,488 $ 4,209 $ — $ 279 Liabilities: Rochester NSR royalty obligation 9,287 — — 9,287 Other derivative instruments, net 762 — 762 — $ 10,049 $ — $ 762 $ 9,287 The Company’s investments in equity securities are recorded at fair market value in the financial statements based primarily on quoted market prices. Such instruments are classified within Level 1 of the fair value hierarchy. Quoted market prices are not available for certain equity securities; these securities are valued using pricing models, which require the use of observable and unobservable inputs, and are classified within Level 3 of the fair value hierarchy. The Company’s other derivative instruments, net, relate to concentrate and certain doré sales contracts valued using pricing models, which require inputs that are derived from observable market data, including contractual terms, forward market prices, yield curves, credit spreads, and other unobservable inputs. The model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. The fair value of the Rochester NSR royalty obligation was estimated based on observable market data including contractual terms, forward silver and gold prices, yield curves, and credit spreads, as well as the Company’s current mine plan which is considered a significant unobservable input. Therefore, the Company has classified this obligation as Level 3 financial liabilities. Based on current mine plans, 1.6 years was used to estimate the fair value of the Rochester NSR royalty obligation at March 31, 2017 . No assets or liabilities were transferred between fair value levels in the three months ended March 31, 2017 . The following tables present the changes in the fair value of the Company's Level 3 financial assets and liabilities for the three months ended March 31, 2017 : Three Months Ended March 31, 2017 In thousands Balance at the beginning of the period Revaluation Settlements Balance at the end of the period Assets: Equity securities $ 279 $ — $ — $ 279 Liabilities: Rochester NSR royalty obligation $ 9,287 $ 1,200 $ (1,210 ) $ 9,277 The fair value of financial assets and liabilities carried at book value in the financial statements at March 31, 2017 and December 31, 2016 is presented in the following table: March 31, 2017 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 7.875% Senior Notes due 2021 (1) $ 176,114 $ 184,279 $ — $ 184,279 $ — (1) Net of unamortized debt issuance costs and premium received of $1.9 million . December 31, 2016 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 7.875% Senior Notes due 2021 (1) $ 175,991 $ 184,373 — $ 184,373 — (1) Net of unamortized debt issuance costs and premium received of $2.0 million . The fair value of the 7.875% Senior Notes due 2021 (the “Senior Notes”) was estimated using quoted market prices. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Palmarejo Gold Production Royalty In January 2009, the Company's subsidiary, Coeur Mexicana, S.A. de C.V. (“Coeur Mexicana”), entered into a gold production royalty agreement with a subsidiary of Franco-Nevada Corporation that covered 50% of the life of mine production from the Palmarejo mine and legacy adjacent properties. The royalty transaction included a minimum obligation of 4,167 gold ounces per month and terminated upon delivery of 400,000 gold ounces, which occurred in July 2016. The price volatility associated with the minimum royalty obligation was considered an embedded derivative. The Company was required to recognize the change in fair value of the remaining minimum obligation due to changing gold prices. For the three months ended March 31, 2016, the mark-to-market adjustment associated with the change was a loss of $4.9 million . Payments on the royalty obligation decreased the carrying amount of the minimum obligation and the derivative liability. For the three months ended March 31, 2016, realized loss on settlement of the liability was $3.0 million . The mark-to-market adjustments and realized losses are included in Fair value adjustments, net . Provisional Silver and Gold Sales The Company enters into sales contracts with third-party smelters and refiners which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable recorded at the forward price at the time of sale. The embedded derivatives do not qualify for hedge accounting and are marked to market through earnings each period until final settlement. Changes in silver and gold prices resulted in provisional pricing mark-to-market gains of $1.4 million and $0.6 million in the three months ended March 31, 2017 and 2016 , respectively. At March 31, 2017 , the Company had the following provisionally priced sales that settle as follows: In thousands except average prices and notional ounces 2017 Thereafter Provisional silver sales contracts $ 1,403 $ — Average silver price $ 17.74 $ — Notional ounces 79,084 — Provisional gold sales contracts $ 35,849 $ — Average gold price $ 1,211 $ — Notional ounces 29,603 — Silver and Gold Options During three months ended March 31, 2016, the Company had realized losses of $1.6 million , from settled contracts. At March 31, 2017 , the Company had no outstanding gold and silver options contracts. The following summarizes the classification of the fair value of the derivative instruments: March 31, 2017 In thousands Prepaid expenses and other Accrued liabilities and other Current portion of royalty obligation Non-current portion of royalty obligation Provisional silver and gold sales contracts $ 614 $ 4 $ — $ — December 31, 2016 In thousands Prepaid expenses and other Accrued liabilities and other Current portion of royalty obligation Non-current portion of royalty obligation Provisional silver and gold sales contracts — 762 — — The following represent mark-to-market gains (losses) on derivative instruments for the three months ended March 31, 2017 and 2016 (in thousands): Three months ended March 31, Financial statement line Derivative 2017 2016 Revenue Provisional silver and gold sales contracts $ 1,372 $ 566 Fair value adjustments, net Palmarejo gold production royalty — (4,878 ) Fair value adjustments, net Silver and gold options — (1,568 ) $ 1,372 $ (5,880 ) Credit Risk The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2017 | |
Investment in Marketable Securities [Abstract] | |
INVESTMENTS | INVESTMENTS Equity Securities The Company makes strategic investments in equity securities of silver and gold exploration and development companies. These investments are classified as available-for-sale and are measured at fair value in the financial statements with unrealized gains and losses recorded in Other comprehensive income (loss) . At March 31, 2017 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Kootenay Silver, Inc. $ 2,167 $ — $ — $ 2,167 Rockhaven Resources Ltd 514 (64 ) — 450 Silver Bull Resources, Inc. 131 — 356 487 Other 193 — 499 692 Equity securities $ 3,005 $ (64 ) $ 855 $ 3,796 At December 31, 2016 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Kootenay Silver, Inc. $ 2,645 $ — $ — $ 2,645 Silver Bull Resources, Inc. 233 — 783 1,016 Other 229 — 598 827 Equity securities $ 3,107 $ — $ 1,381 $ 4,488 The Company performs a quarterly assessment on each of its equity securities with unrealized losses to determine if the security is other than temporarily impaired. The Company recorded a pre-tax other-than-temporary impairment loss of $0.1 million in the three months ended March 31, 2017 , and no impairment loss in the three months ended March 31, 2016 , in Other, net . The following table summarizes unrealized losses on equity securities for which other-than-temporary impairments have not been recognized and the fair values of those securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at March 31, 2017: Less than twelve months Twelve months or more Total In thousands Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Equity securities $ (64 ) $ 450 $ — $ — $ (64 ) $ 450 Restricted Assets The Company, under the terms of its self-insurance and bonding agreements with certain banks, lending institutions and regulatory agencies, is required to collateralize certain portions of its obligations. The Company has collateralized these obligations by assigning certificates of deposit that have maturity dates ranging from three months to a year to the applicable institutions or agencies. At March 31, 2017 and December 31, 2016, the Company held certificates of deposit and cash under these agreements of $ 19.0 million and $17.6 million , respectively. The ultimate timing of the release of the collateralized amounts is dependent on the timing and closure of each mine and repayment of the obligation. In order to release the collateral, the Company must seek approval from certain government agencies responsible for monitoring the mine closure status. Collateral could also be released to the extent the Company is able to secure alternative financial assurance satisfactory to the regulatory agencies. The Company believes there is a reasonable probability that the collateral will remain in place beyond a twelve-month period and has therefore classified these investments as long-term. |
Receivables
Receivables | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
RECEIVABLES | RECEIVABLES Receivables consist of the following: In thousands March 31, 2017 December 31, 2016 Current receivables: Trade receivables $ 8,772 $ 10,669 Income tax receivable 11,441 1,038 Value added tax receivable 44,085 46,083 Other 2,766 2,641 $ 67,064 $ 60,431 Non-current receivables: Value added tax receivable $ 15,558 $ 19,293 Income tax receivable — 11,658 15,558 30,951 Total receivables $ 82,622 $ 91,382 |
Inventory and Ore on Leach Pads
Inventory and Ore on Leach Pads | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
INVENTORY AND ORE ON LEACH PADS | INVENTORY AND ORE ON LEACH PADS Inventory consists of the following: In thousands March 31, 2017 December 31, 2016 Inventory: Concentrate $ 13,476 $ 17,994 Precious metals 20,938 47,228 Supplies 39,346 40,804 $ 73,760 $ 106,026 Ore on leach pads: Current $ 66,585 $ 64,167 Non-current 72,461 67,231 $ 139,046 $ 131,398 Total inventory and ore on leach pads $ 212,806 $ 237,424 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: In thousands March 31, 2017 December 31, 2016 Land $ 8,403 $ 7,878 Facilities and equipment 649,030 650,480 Assets under capital leases 63,775 54,968 721,208 713,326 Accumulated amortization (1) (531,480 ) (524,806 ) 189,728 188,520 Construction in progress 32,889 28,276 Property, plant and equipment, net $ 222,617 $ 216,796 (1) Includes $15.6 million of accumulated amortization related to assets under capital leases. |
Mining Properties
Mining Properties | 3 Months Ended |
Mar. 31, 2017 | |
Mining Properties [Abstract] | |
MINING PROPERTIES | MINING PROPERTIES Mining properties consist of the following (in thousands): March 31, 2017 Palmarejo Rochester Kensington Wharf San Bartolomé La Preciosa Other Total Mine development $ 179,562 $ 171,543 $ 279,095 $ 37,562 $ 39,338 $ — $ — $ 707,100 Accumulated amortization (137,215 ) (139,519 ) (159,485 ) (12,530 ) (32,625 ) — — (481,374 ) 42,347 32,024 119,610 25,032 6,713 — — 225,726 Mineral interests 629,303 — — 45,837 12,868 49,085 41,272 778,365 Accumulated amortization (393,532 ) — — (20,106 ) — (11,762 ) — (29,484 ) (454,884 ) 235,771 — — 25,731 1,106 49,085 11,788 323,481 Mining properties, net $ 278,118 $ 32,024 $ 119,610 $ 50,763 $ 7,819 $ 49,085 $ 11,788 $ 549,207 December 31, 2016 Palmarejo Rochester Kensington Wharf San Bartolomé La Preciosa Joaquin Other Total Mine development $ 174,890 $ 165,230 $ 271,175 $ 37,485 $ 39,184 $ — $ — $ — $ 687,964 Accumulated amortization (134,995 ) (138,244 ) (154,744 ) (11,699 ) (32,192 ) — — (471,874 ) 39,895 26,986 116,431 25,786 6,992 — — — 216,090 Mineral interests 629,303 — — 45,837 12,868 49,085 10,000 37,272 784,365 Accumulated amortization (381,686 ) — — (19,249 ) (11,695 ) — — (29,370 ) (442,000 ) 247,617 — — 26,588 1,173 49,085 10,000 7,902 342,365 Mining properties, net $ 287,512 $ 26,986 $ 116,431 $ 52,374 $ 8,165 $ 49,085 $ 10,000 $ 7,902 $ 558,455 In February 2017, the Company sold the Joaquin silver-gold exploration project for consideration of $27.4 million and a 2.0% NSR royalty on the Joaquin project, which is included in Other. The Company recognized a $21.1 million pre-tax gain on this sale. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT March 31, 2017 December 31, 2016 In thousands Current Non-Current Current Non-Current Senior Notes, net (1) $ — $ 176,114 $ — $ 175,991 Capital lease obligations 13,451 29,511 12,039 22,866 $ 13,451 $ 205,625 $ 12,039 $ 198,857 (1) Net of unamortized debt issuance costs and premium received of $1.9 million and $2.0 million at March 31, 2017 and December 31, 2016, respectively. 7.875% Senior Notes due 2021 On or after February 1, 2017, the Company may redeem some or all of the Senior Notes at the applicable redemption prices set forth in the Indenture for the Senior Notes, together with accrued and unpaid interest. Lines of Credit At March 31, 2017 , the Company’s subsidiary that holds the San Bartolomé mine had an available line of credit for $12.0 million that matures in June 30, 2018, bearing interest at 6.0% per annum, which is secured by machinery and equipment. There was no outstanding balance at March 31, 2017 . Capital Lease Obligations From time to time, the Company acquires mining equipment under capital lease agreements. In the three months ended March 31, 2017 , the Company entered into new lease financing arrangements primarily for diesel generators at Kensington and mining equipment at Rochester. All capital lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. Interest Expense Three months ended March 31, In thousands 2017 2016 Senior Notes $ 3,504 7,457 Term Loan due 2020 — 2,264 Capital lease obligations 306 265 Accretion of Palmarejo gold production royalty obligation — 765 Amortization of debt issuance costs 166 631 Accretion of debt premium (43 ) (91 ) Other debt obligations 16 32 Capitalized interest (363 ) (203 ) Total interest expense, net of capitalized interest $ 3,586 $ 11,120 |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 3 Months Ended |
Mar. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
SUPPLEMENTAL GUARANTOR INFORMATION | SUPPLEMENTAL GUARANTOR INFORMATION The following Consolidating Financial Statements are presented to satisfy disclosure requirements of Rule 3-10 of Regulation S-X resulting from the guarantees by Coeur Alaska, Inc., Coeur Explorations, Inc., Coeur Rochester, Inc., Coeur South America Corp., Wharf Resources (U.S.A.), Inc. and its subsidiaries, and Coeur Capital, Inc. (collectively, the “Subsidiary Guarantors”) of the Senior Notes. The following schedules present Consolidating Financial Statements of (a) Coeur, the parent company; (b) the Subsidiary Guarantors; and (c) certain wholly-owned domestic and foreign subsidiaries of the Company (collectively, the “Non-Guarantor Subsidiaries”). Each of the Subsidiary Guarantors is 100% owned by Coeur and the guarantees are full and unconditional and joint and several obligations. There are no restrictions on the ability of Coeur to obtain funds from the Subsidiary Guarantors by dividend or loan. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED MARCH 31, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 107,194 $ 98,944 $ — $ 206,138 COSTS AND EXPENSES Costs applicable to sales (1) — 71,202 61,510 — 132,712 Amortization 324 18,104 21,676 — 40,104 General and administrative 10,106 24 3 — 10,133 Exploration 336 1,727 3,189 — 5,252 Pre-development, reclamation, and other 175 1,781 2,625 — 4,581 Total costs and expenses 10,941 92,838 89,003 — 192,782 OTHER INCOME (EXPENSE), NET Fair value adjustments, net — (1,200 ) — — (1,200 ) Other, net 15,222 5,458 1,873 (1,414 ) 21,139 Interest expense, net of capitalized interest (3,279 ) (175 ) (1,546 ) 1,414 (3,586 ) Total other income (expense), net 11,943 4,083 327 — 16,353 Loss before income and mining taxes 1,002 18,439 10,268 — 29,709 Income and mining tax (expense) benefit 1,588 (2,434 ) (10,200 ) — (11,046 ) Total loss after income and mining taxes 2,590 16,005 68 — 18,663 Equity income (loss) in consolidated subsidiaries 16,073 70 (67 ) (16,076 ) — NET INCOME (LOSS) $ 18,663 $ 16,075 $ 1 $ (16,076 ) $ 18,663 OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on marketable securities, net of tax (2,182 ) (279 ) — 279 (2,182 ) Reclassification adjustments for impairment of equity securities, net of tax 121 121 — (121 ) 121 Reclassification adjustments for realized gain (loss) on sale of equity securities, net of tax 1,471 (369 ) — 369 1,471 Other comprehensive income (loss) (590 ) (527 ) — 527 (590 ) COMPREHENSIVE INCOME (LOSS) $ 18,073 $ 15,548 $ 1 $ (15,549 ) $ 18,073 (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED MARCH 31, 2016 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 93,954 $ 54,433 $ — $ 148,387 COSTS AND EXPENSES Costs applicable to sales (1) — 62,364 39,191 — 101,555 Amortization 423 17,859 9,682 — 27,964 General and administrative 8,080 18 178 — 8,276 Exploration 623 184 924 — 1,731 Write-downs — — 4,446 — 4,446 Pre-development, reclamation, and other 452 1,416 2,336 — 4,204 Total costs and expenses 9,578 81,841 56,757 — 148,176 OTHER INCOME (EXPENSE), NET Fair value adjustments, net (1,582 ) (2,249 ) (4,864 ) — (8,695 ) Other, net 338 2,254 (253 ) (1,025 ) 1,314 Interest expense, net of capitalized interest (10,255 ) (213 ) (1,677 ) 1,025 (11,120 ) Total other income (expense), net (11,499 ) (208 ) (6,794 ) — (18,501 ) Income (Loss) before income and mining taxes (21,077 ) 11,905 (9,118 ) — (18,290 ) Income and mining tax (expense) benefit (209 ) (307 ) (1,590 ) — (2,106 ) Income (Loss) after income and mining taxes (21,286 ) 11,598 (10,708 ) — (20,396 ) Equity income (loss) in consolidated subsidiaries 890 (4,479 ) — 3,589 — NET INCOME (LOSS) $ (20,396 ) $ 7,119 $ (10,708 ) $ 3,589 $ (20,396 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on equity securities, net of tax 1,043 976 — (976 ) 1,043 Reclassification adjustments for realized loss on sale of equity securities, net of tax 588 (381 ) — 381 588 Other comprehensive income (loss) 1,631 595 — (595 ) 1,631 COMPREHENSIVE INCOME (LOSS) $ (18,765 ) $ 7,714 $ (10,708 ) $ 2,994 $ (18,765 ) (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) operating activities $ (4,815 ) $ 17,183 $ 58,979 $ (16,076 ) 55,271 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (319 ) (16,975 ) (6,685 ) — (23,979 ) Proceeds from the sale of long-lived assets 8,916 6,151 (48 ) — 15,019 Purchase of investments (1,016 ) — — — (1,016 ) Sales and maturities of investments 9,157 863 — — 10,020 Other (1,486 ) — (60 ) — (1,546 ) Investments in consolidated subsidiaries (12,454 ) (70 ) 67 12,457 — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 2,798 (10,031 ) (6,726 ) 12,457 (1,502 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on debt, capital leases, and associated costs — (1,874 ) (1,352 ) — (3,226 ) Net intercompany financing activity 14,318 (9,325 ) (8,612 ) 3,619 — Other (3,247 ) — — — (3,247 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 11,071 (11,199 ) (9,964 ) 3,619 (6,473 ) Effect of exchange rate changes on cash and cash equivalents — — 555 — 555 NET CHANGE IN CASH AND CASH EQUIVALENTS 9,054 (4,047 ) 42,844 — 47,851 Cash and cash equivalents at beginning of period 58,048 50,023 54,111 — 162,182 Cash and cash equivalents at end of period $ 67,102 $ 45,976 $ 96,955 $ — $ 210,033 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2016 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) operating activities $ (28,642 ) $ 21,460 $ 10,210 $ 3,589 6,617 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (46 ) (12,790 ) (9,336 ) — (22,172 ) Proceeds from the sale of long-lived assets — 4,000 9 — 4,009 Purchase of investments (7 ) — — — (7 ) Sales and maturities of investments 501 496 — — 997 Other (1,539 ) 107 (41 ) — (1,473 ) Investments in consolidated subsidiaries 3,420 8,179 — (11,599 ) — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 2,329 (8 ) (9,368 ) (11,599 ) (18,646 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on debt, capital leases, and associated costs (250 ) (830 ) (4,891 ) — (5,971 ) Gold production royalty payments — — (9,131 ) — (9,131 ) Net intercompany financing activity (7,879 ) (24,965 ) 24,834 8,010 — Other (280 ) — — — (280 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (8,409 ) (25,795 ) 10,812 8,010 (15,382 ) Effect of exchange rate changes on cash and cash equivalents — 4 82 — 86 NET CHANGE IN CASH AND CASH EQUIVALENTS (34,722 ) (4,339 ) 11,736 — (27,325 ) Cash and cash equivalents at beginning of period 96,123 34,228 70,363 — 200,714 Cash and cash equivalents at end of period $ 61,401 $ 29,889 $ 82,099 $ — $ 173,389 CONDENSED CONSOLIDATING BALANCE SHEET MARCH 31, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 67,102 $ 45,976 $ 96,955 $ — $ 210,033 Receivables (12 ) 9,084 57,992 — 67,064 Ore on leach pads — 66,585 — — 66,585 Inventory — 38,295 35,465 — 73,760 Prepaid expenses and other 7,719 3,699 11,032 — 22,450 74,809 163,639 201,444 — 439,892 NON-CURRENT ASSETS Property, plant and equipment, net 3,217 146,122 73,278 — 222,617 Mining properties, net 4,000 202,397 342,810 — 549,207 Ore on leach pads — 72,461 — — 72,461 Restricted assets 11,701 226 7,027 — 18,954 Equity securities 450 3,346 — — 3,796 Receivables — — 15,558 — 15,558 Net investment in subsidiaries 274,724 11,720 (624 ) (285,820 ) — Other 216,386 10,009 5,256 (216,386 ) 15,265 TOTAL ASSETS $ 585,287 $ 609,920 $ 644,749 $ (502,206 ) $ 1,337,750 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 1,547 $ 21,364 $ 24,459 $ — $ 47,370 Other accrued liabilities 7,234 9,555 21,210 — 37,999 Debt — 7,852 5,599 — 13,451 Royalty obligations — 4,961 — — 4,961 Reclamation — 2,754 850 — 3,604 8,781 46,486 52,118 — 107,385 NON-CURRENT LIABILITIES Debt 176,114 23,288 222,609 (216,386 ) 205,625 Royalty obligations — 4,316 — — 4,316 Reclamation — 76,443 21,152 — 97,595 Deferred tax liabilities 9,072 6,354 60,937 — 76,363 Other long-term liabilities 2,407 4,756 52,683 — 59,846 Intercompany payable (receivable) (397,707 ) 326,814 70,893 — — (210,114 ) 441,971 428,274 (216,386 ) 443,745 STOCKHOLDERS’ EQUITY Common stock 1,815 250 191,613 (191,863 ) 1,815 Additional paid-in capital 3,314,644 181,683 1,809,557 (1,991,240 ) 3,314,644 Accumulated deficit (2,526,761 ) (57,455 ) (1,836,813 ) 1,894,268 (2,526,761 ) Accumulated other comprehensive income (loss) (3,078 ) (3,015 ) — 3,015 (3,078 ) 786,620 121,463 164,357 (285,820 ) 786,620 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 585,287 $ 609,920 $ 644,749 $ (502,206 ) $ 1,337,750 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2016 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 58,048 $ 50,023 $ 54,111 $ — $ 162,182 Receivables 12 6,865 53,554 — 60,431 Ore on leach pads — 64,167 — — 64,167 Inventory — 49,393 56,633 — 106,026 Prepaid expenses and other 3,803 1,459 12,719 — 17,981 61,863 171,907 177,017 — 410,787 NON-CURRENT ASSETS Property, plant and equipment, net 3,222 139,885 73,689 — 216,796 Mining properties, net — 195,791 362,664 — 558,455 Ore on leach pads — 67,231 — — 67,231 Restricted assets 10,170 226 7,201 — 17,597 Equity securities — 4,488 — — 4,488 Receivables — — 30,951 — 30,951 Deferred tax assets — — 191 (191 ) — Net investment in subsidiaries 273,056 11,650 — (284,706 ) — Other 221,381 9,263 3,153 (221,193 ) 12,604 TOTAL ASSETS $ 569,692 $ 600,441 $ 654,866 $ (506,090 ) $ 1,318,909 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 2,153 $ 24,921 $ 26,261 $ — $ 53,335 Other accrued liabilities 12,881 13,664 16,198 — 42,743 Debt — 6,516 5,523 — 12,039 Royalty obligations — 4,995 — — 4,995 Reclamation — 2,672 850 — 3,522 15,034 52,768 48,832 — 116,634 NON-CURRENT LIABILITIES Debt 175,991 15,214 229,036 (221,384 ) 198,857 Royalty obligations — 4,292 — — 4,292 Reclamation — 75,183 20,621 — 95,804 Deferred tax liabilities 13,810 6,179 54,809 — 74,798 Other long-term liabilities 1,993 4,750 53,294 — 60,037 Intercompany payable (receivable) (405,623 ) 336,813 68,810 — — (213,829 ) 442,431 426,570 (221,384 ) 433,788 STOCKHOLDERS’ EQUITY Common stock 1,809 250 197,913 (198,163 ) 1,809 Additional paid-in capital 3,314,590 181,009 1,864,261 (2,045,270 ) 3,314,590 Accumulated deficit (2,545,424 ) (73,529 ) (1,882,710 ) 1,956,239 (2,545,424 ) Accumulated other comprehensive income (loss) (2,488 ) (2,488 ) — 2,488 (2,488 ) 768,487 105,242 179,464 (284,706 ) 768,487 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 569,692 $ 600,441 $ 654,866 $ (506,090 ) $ 1,318,909 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Labor Union Contract The Company maintains a labor agreement with Sindicato de Trabajadores Mineros de la Empresa Manquiri S.A. at the San Bartolomé mine in Bolivia. The San Bartolomé mine labor agreement, which became effective January 28, 2010, is currently active and does not have a fixed term. At March 31, 2017 , approximately 10% of the Company’s global labor force was covered by this collective bargaining agreement. The Company cannot predict whether this agreement will be renewed on similar terms or at all, whether future labor disruptions will occur or, if disruptions do occur, how long they will last. Rochester Production Royalty Effective January 2014, Coeur Rochester is obligated to pay a 3.4% net smelter returns royalty on up to 39.4 million silver equivalent ounces produced and sold from a portion of the Rochester mine, payable on a quarterly basis. For each calendar quarter, the royalty is payable on the actual sales prices received, less refining and related costs, of gold and silver produced and sold from the applicable portions of the Rochester mine. Changes in silver and gold prices and the Company’s mine plan result in the recognition of mark-to-market gains or losses in Fair value adjustments, net . At March 31, 2017 , a total of 15.9 million silver equivalent ounces remain outstanding under the obligation. Palmarejo Gold Stream Effective August 2016, Coeur Mexicana sells 50% of Palmarejo gold production (excluding production from the recently acquired Paramount properties) to a subsidiary of Franco-Nevada Corporation under a gold stream agreement for the lesser of $800 or spot price per ounce. Previously, Coeur Mexicana received a $22.0 million deposit toward future deliveries under the gold stream agreement. Bolivian Temporary Restriction on Mining above 4,400 Meters In October 2009, the Bolivian state-owned mining organization, COMIBOL, announced by resolution that it was temporarily suspending mining activities above the elevation of 4,400 meters above sea level while stability studies of Cerro Rico mountain are undertaken. The Company holds rights to mine above this elevation under valid contracts with COMIBOL. The stability studies have been completed and officially submitted to the Bolivian mining technical authorities. Accordingly, the COMIBOL suspension has expired in accordance with the terms of the resolution. The Company is not currently mining above the 4,400 meter level. If COMIBOL decides to affirmatively adopt a new resolution to restrict access above the 4,400 meter level, the Company may need to further write down the carrying value of the asset. While a portion of the Company’s proven and probable reserves relate to material above the 4,400 meter level at San Bartolomé, so long as operations remain suspended, there is a risk that silver may not be produced from this material at expected levels or at all, particularly given the remaining anticipated mine life of this asset. It is also uncertain if any new mining or investment policies or shifts in political attitude may affect mining in Bolivia. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Recent Accounting Standards | Recent Accounting Standards In January 2017, the FASB issued ASU 2017-01, “ Business Combinations (Topic 805) - Clarifying the Definition of a Business, ” which clarifies the definition of a business to assist entities in the evaluation of acquisitions and disposals of assets or businesses. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company is currently evaluating the potential impact of implementing these changes on the Company’s consolidated financial position, results of operations, and cash flows. In November 2016, the FASB issued ASU 2016-18, “ Statement of Cash Flows (Topic 230) - Restricted Cash, ” which will require entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company is currently evaluating the potential impact of implementing these changes on the Company’s consolidated financial position, results of operations, and cash flows. In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments, ” which provides guidance on presentation and classification of certain cash receipts and payments in the statement of cash flows. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company is currently evaluating this standard and does not expect this ASU to materially impact the Company’s consolidated net income, financial position or cash flows. In March 2016, the FASB issued ASU 2016-09, “ Improvements to Employee Share-Based Payment Accounting, ” which amends several aspects of the accounting for share-based payment transaction, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. These changes became effective for the Company’s fiscal year beginning January 1, 2017, and the Company’s adoption had no impact on the Company’s consolidated financial position, results of operations, and cash flows. In February 2016, the FASB issued ASU 2016-02, “ Leases, ” which will require lessees to recognize assets and liabilities for the rights and obligations created by most leases on the balance sheet. These changes become effective for the Company’s fiscal year beginning January 1, 2019. Modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, is required with an option to use certain transition relief. The Company is currently evaluating the potential impact of implementing these changes on the Company’s consolidated financial position, results of operations, and cash flows. In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers ” , which has subsequently been amended several times. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company has substantially completed its analysis of the new standard and reviewed potential impacts from timing of when control is transferred to customers, variable consideration on concentrate sales and classification of refining fees. The Company does not expect this ASU to materially impact the Company’s consolidated net income, financial position or cash flows. In July 2015, the FASB issued ASU 2015-11, “ Simplifying the Measurement of Inventory, ” which provides a revised, simpler measurement for inventory to be measured at the lower of cost and net realizable value. These changes become effective for the Company’s fiscal year beginning January 1, 2018. The Company is currently evaluating the potential impact of implementing these changes on the Company’s consolidated financial position, results of operations, and cash flows. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Financial information relating to the reporting segments | Financial information relating to the Company’s segments is as follows (in thousands): Three months ended March 31, 2017 Palmarejo Rochester Kensington Wharf San Bartolomé Other Total Revenue Metal sales $ 77,704 $ 38,979 $ 37,964 $ 30,251 $ 20,584 $ 656 $ 206,138 Costs and Expenses Costs applicable to sales (1) 43,001 26,439 28,443 16,320 18,222 287 132,712 Amortization 20,150 5,816 9,178 3,111 1,411 438 40,104 Exploration 1,631 144 839 — — 2,638 5,252 Other operating expenses 301 810 345 619 752 11,887 14,714 Other income (expense) Fair value adjustments, net — (1,200 ) — — — — (1,200 ) Interest expense, net (125 ) (117 ) (40 ) (19 ) (7 ) (3,278 ) (3,586 ) Other, net 1,794 (32 ) (808 ) 89 279 19,817 21,139 Income and mining tax (expense) benefit (12,245 ) (498 ) — (957 ) (31 ) 2,685 (11,046 ) Net income (loss) $ 2,045 $ 3,923 $ (1,689 ) $ 9,314 $ 440 $ 4,630 $ 18,663 Segment assets (2) $ 401,623 $ 227,526 $ 204,987 $ 104,673 $ 68,412 $ 84,402 $ 1,091,623 Capital expenditures $ 6,230 $ 10,568 $ 5,521 $ 887 $ 388 $ 385 $ 23,979 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Three months ended March 31, 2016 Palmarejo Rochester Kensington Wharf San Bartolomé Other Total Revenue Metal sales $ 29,813 $ 29,982 $ 35,743 $ 27,929 $ 21,278 $ 1,891 $ 146,636 Royalties — — — — — 1,751 1,751 29,813 29,982 35,743 27,929 21,278 3,642 148,387 Costs and Expenses Costs applicable to sales (1) 21,038 22,485 24,418 15,461 17,497 656 101,555 Amortization 7,289 5,313 8,349 4,051 1,754 1,208 27,964 Exploration 801 109 (47 ) — — 868 1,731 Write-downs — — — — — 4,446 4,446 Other operating expenses 315 681 252 493 291 10,448 12,480 Other income (expense) Fair value adjustments, net (4,864 ) (2,249 ) — — — (1,582 ) (8,695 ) Interest expense, net (734 ) (171 ) (43 ) — (3 ) (10,169 ) (11,120 ) Other, net (1,235 ) 3 (20 ) 10 315 2,241 1,314 Income and mining tax (expense) benefit 98 (423 ) — 116 (1,571 ) (326 ) (2,106 ) Net income (loss) $ (6,365 ) $ (1,446 ) $ 2,708 $ 8,050 $ 477 $ (23,820 ) $ (20,396 ) Segment assets (2) $ 422,086 $ 209,692 $ 192,805 $ 113,383 $ 87,750 $ 92,224 $ 1,117,940 Capital expenditures $ 8,815 $ 3,289 $ 8,090 $ 1,410 $ 521 $ 47 $ 22,172 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Assets March 31, 2017 December 31, 2016 Total assets for reportable segments $ 1,091,623 $ 1,122,038 Cash and cash equivalents 210,033 162,182 Other assets 36,094 34,689 Total consolidated assets $ 1,337,750 $ 1,318,909 |
Consolidated Assets | Assets March 31, 2017 December 31, 2016 Total assets for reportable segments $ 1,091,623 $ 1,122,038 Cash and cash equivalents 210,033 162,182 Other assets 36,094 34,689 Total consolidated assets $ 1,337,750 $ 1,318,909 |
Long Lived Assets by Country | Geographic Information Long-Lived Assets March 31, 2017 December 31, 2016 Mexico $ 376,890 $ 397,697 United States 355,736 338,897 Bolivia 32,422 31,539 Australia 2,871 2,983 Argentina 227 10,228 Other 5,601 5,564 Total $ 773,747 $ 786,908 |
Revenue by Country | Revenue Three months ended March 31, 2017 2016 United States $ 107,194 $ 93,654 Mexico 77,704 30,522 Bolivia 20,584 21,278 Australia 656 1,891 Other — 1,042 Total $ 206,138 $ 148,387 |
Reclamation (Tables)
Reclamation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Changes to the Company’s asset retirement obligations for operating sites are as follows: Three months ended March 31, In thousands 2017 2016 Asset retirement obligation - Beginning $ 97,380 $ 82,072 Accretion 2,338 1,960 Additions and changes in estimates — 251 Settlements (478 ) (309 ) Asset retirement obligation - Ending $ 99,240 $ 83,974 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock-based Compensation, Stock Options and Stock Appreciation Rights Award Activity | The following table summarizes the grants awarded during the three months ended March 31, 2017 : Grant date Restricted stock Grant date fair value of restricted stock Stock options Grant date fair value of stock options Performance shares Grant date fair value of performance shares January 18, 2017 236,581 $ 11.47 — $ — 316,213 $ 11.58 March 7, 2017 539,858 $ 7.60 14,820 $ 3.91 — $ — The following options and stock appreciation rights were exercisable during the three months ended March 31, 2017 : Award Type Number of Exercised Units Weighted Average Exercised Price Number of Exercisable Units Weighted Average Stock options — $ — 425,850 $ 14.29 Stock appreciation rights — $ — 42,152 $ 14.14 |
Other, Net (Tables)
Other, Net (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Other, net consists of the following: Three months ended March 31, In thousands 2017 2016 Foreign exchange gain (loss) $ 1,349 $ (164 ) Gain (loss) on sale of assets and investments (2,066 ) 1,085 Gain on sale of the Joaquin project 21,138 — Impairment of equity securities (121 ) — Other 839 393 Other, net $ 21,139 $ 1,314 |
Income and Mining Taxes (Tables
Income and Mining Taxes (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The following table summarizes the components of Income and mining tax (expense) benefit for the three months ended March 31, 2017 and 2016 by significant jurisdiction: Three months ended March 31, 2017 2016 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ 20,714 $ (1,964 ) $ (9,361 ) $ (532 ) Argentina (328 ) 1,124 (1,015 ) 1,543 Mexico 8,650 (9,923 ) (7,509 ) 17 Bolivia 471 (31 ) 2,047 (1,570 ) Other jurisdictions 202 (252 ) (2,452 ) (1,564 ) $ 29,709 $ (11,046 ) $ (18,290 ) $ (2,106 ) |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three months ended March 31, In thousands except per share amounts 2017 2016 Net income (loss) available to common stockholders $ 18,663 $ (20,396 ) Weighted average shares: Basic 178,898 150,249 Effect of stock-based compensation plans 4,170 — Diluted 183,068 150,249 Income (loss) per share: Basic $ 0.10 $ (0.14 ) Diluted $ 0.10 $ (0.14 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Adjustments to Comprehensive income (Loss) | Three months ended March 31, In thousands 2017 2016 Rochester net smelter returns (“NSR”) royalty obligation $ (1,200 ) $ (2,249 ) Palmarejo royalty obligation embedded derivative — (4,878 ) Silver and gold options — (1,568 ) Fair value adjustments, net $ (1,200 ) $ (8,695 ) |
Financial assets and liabilities measured at fair value on recurring basis | The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: Fair Value at March 31, 2017 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 3,796 $ 3,517 $ — $ 279 Other derivative instruments, net 614 — 614 — $ 4,410 $ 3,517 $ 614 $ 279 Liabilities: Rochester NSR royalty obligation 9,277 — — 9,277 Other derivative instruments, net 4 — 4 — $ 9,281 $ — $ 4 $ 9,277 Fair Value at December 31, 2016 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 4,488 $ 4,209 $ — $ 279 Liabilities: Rochester NSR royalty obligation 9,287 — — 9,287 Other derivative instruments, net 762 — 762 — $ 10,049 $ — $ 762 $ 9,287 |
Changes in the fair value of the Company's Level 3 financial liabilities | The following tables present the changes in the fair value of the Company's Level 3 financial assets and liabilities for the three months ended March 31, 2017 : Three Months Ended March 31, 2017 In thousands Balance at the beginning of the period Revaluation Settlements Balance at the end of the period Assets: Equity securities $ 279 $ — $ — $ 279 Liabilities: Rochester NSR royalty obligation $ 9,287 $ 1,200 $ (1,210 ) $ 9,277 |
Financial Assets and Liabilities not Measured at Fair Value | The fair value of financial assets and liabilities carried at book value in the financial statements at March 31, 2017 and December 31, 2016 is presented in the following table: March 31, 2017 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 7.875% Senior Notes due 2021 (1) $ 176,114 $ 184,279 $ — $ 184,279 $ — (1) Net of unamortized debt issuance costs and premium received of $1.9 million . December 31, 2016 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 7.875% Senior Notes due 2021 (1) $ 175,991 $ 184,373 — $ 184,373 — (1) Net of unamortized debt issuance costs and premium received of $2.0 million . |
Derivative Financial Instrume35
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments, future settlement | At March 31, 2017 , the Company had the following provisionally priced sales that settle as follows: In thousands except average prices and notional ounces 2017 Thereafter Provisional silver sales contracts $ 1,403 $ — Average silver price $ 17.74 $ — Notional ounces 79,084 — Provisional gold sales contracts $ 35,849 $ — Average gold price $ 1,211 $ — Notional ounces 29,603 — |
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments: March 31, 2017 In thousands Prepaid expenses and other Accrued liabilities and other Current portion of royalty obligation Non-current portion of royalty obligation Provisional silver and gold sales contracts $ 614 $ 4 $ — $ — December 31, 2016 In thousands Prepaid expenses and other Accrued liabilities and other Current portion of royalty obligation Non-current portion of royalty obligation Provisional silver and gold sales contracts — 762 — — |
Gain losses on derivative instruments | The following represent mark-to-market gains (losses) on derivative instruments for the three months ended March 31, 2017 and 2016 (in thousands): Three months ended March 31, Financial statement line Derivative 2017 2016 Revenue Provisional silver and gold sales contracts $ 1,372 $ 566 Fair value adjustments, net Palmarejo gold production royalty — (4,878 ) Fair value adjustments, net Silver and gold options — (1,568 ) $ 1,372 $ (5,880 ) |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investment in Marketable Securities [Abstract] | |
Investments | At March 31, 2017 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Kootenay Silver, Inc. $ 2,167 $ — $ — $ 2,167 Rockhaven Resources Ltd 514 (64 ) — 450 Silver Bull Resources, Inc. 131 — 356 487 Other 193 — 499 692 Equity securities $ 3,005 $ (64 ) $ 855 $ 3,796 At December 31, 2016 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Kootenay Silver, Inc. $ 2,645 $ — $ — $ 2,645 Silver Bull Resources, Inc. 233 — 783 1,016 Other 229 — 598 827 Equity securities $ 3,107 $ — $ 1,381 $ 4,488 |
Schedule of Unrealized Loss on Investments [Table Text Block] | The following table summarizes unrealized losses on equity securities for which other-than-temporary impairments have not been recognized and the fair values of those securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at March 31, 2017: Less than twelve months Twelve months or more Total In thousands Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Equity securities $ (64 ) $ 450 $ — $ — $ (64 ) $ 450 |
Receivables (Tables)
Receivables (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Receivables | Receivables consist of the following: In thousands March 31, 2017 December 31, 2016 Current receivables: Trade receivables $ 8,772 $ 10,669 Income tax receivable 11,441 1,038 Value added tax receivable 44,085 46,083 Other 2,766 2,641 $ 67,064 $ 60,431 Non-current receivables: Value added tax receivable $ 15,558 $ 19,293 Income tax receivable — 11,658 15,558 30,951 Total receivables $ 82,622 $ 91,382 |
Inventory and Ore on Leach Pa38
Inventory and Ore on Leach Pads (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventory consists of the following: In thousands March 31, 2017 December 31, 2016 Inventory: Concentrate $ 13,476 $ 17,994 Precious metals 20,938 47,228 Supplies 39,346 40,804 $ 73,760 $ 106,026 Ore on leach pads: Current $ 66,585 $ 64,167 Non-current 72,461 67,231 $ 139,046 $ 131,398 Total inventory and ore on leach pads $ 212,806 $ 237,424 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment consist of the following: In thousands March 31, 2017 December 31, 2016 Land $ 8,403 $ 7,878 Facilities and equipment 649,030 650,480 Assets under capital leases 63,775 54,968 721,208 713,326 Accumulated amortization (1) (531,480 ) (524,806 ) 189,728 188,520 Construction in progress 32,889 28,276 Property, plant and equipment, net $ 222,617 $ 216,796 (1) Includes $15.6 million of accumulated amortization related to assets under capital leases. |
Mining Properties (Tables)
Mining Properties (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Mining Properties [Abstract] | |
Mining Properties | Mining properties consist of the following (in thousands): March 31, 2017 Palmarejo Rochester Kensington Wharf San Bartolomé La Preciosa Other Total Mine development $ 179,562 $ 171,543 $ 279,095 $ 37,562 $ 39,338 $ — $ — $ 707,100 Accumulated amortization (137,215 ) (139,519 ) (159,485 ) (12,530 ) (32,625 ) — — (481,374 ) 42,347 32,024 119,610 25,032 6,713 — — 225,726 Mineral interests 629,303 — — 45,837 12,868 49,085 41,272 778,365 Accumulated amortization (393,532 ) — — (20,106 ) — (11,762 ) — (29,484 ) (454,884 ) 235,771 — — 25,731 1,106 49,085 11,788 323,481 Mining properties, net $ 278,118 $ 32,024 $ 119,610 $ 50,763 $ 7,819 $ 49,085 $ 11,788 $ 549,207 December 31, 2016 Palmarejo Rochester Kensington Wharf San Bartolomé La Preciosa Joaquin Other Total Mine development $ 174,890 $ 165,230 $ 271,175 $ 37,485 $ 39,184 $ — $ — $ — $ 687,964 Accumulated amortization (134,995 ) (138,244 ) (154,744 ) (11,699 ) (32,192 ) — — (471,874 ) 39,895 26,986 116,431 25,786 6,992 — — — 216,090 Mineral interests 629,303 — — 45,837 12,868 49,085 10,000 37,272 784,365 Accumulated amortization (381,686 ) — — (19,249 ) (11,695 ) — — (29,370 ) (442,000 ) 247,617 — — 26,588 1,173 49,085 10,000 7,902 342,365 Mining properties, net $ 287,512 $ 26,986 $ 116,431 $ 52,374 $ 8,165 $ 49,085 $ 10,000 $ 7,902 $ 558,455 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long term debt and capital lease obligations | March 31, 2017 December 31, 2016 In thousands Current Non-Current Current Non-Current Senior Notes, net (1) $ — $ 176,114 $ — $ 175,991 Capital lease obligations 13,451 29,511 12,039 22,866 $ 13,451 $ 205,625 $ 12,039 $ 198,857 (1) Net of unamortized debt issuance costs and premium received of $1.9 million and $2.0 million at March 31, 2017 and December 31, 2016, respectively. |
Interest expenses incurred for various debt instruments | Interest Expense Three months ended March 31, In thousands 2017 2016 Senior Notes $ 3,504 7,457 Term Loan due 2020 — 2,264 Capital lease obligations 306 265 Accretion of Palmarejo gold production royalty obligation — 765 Amortization of debt issuance costs 166 631 Accretion of debt premium (43 ) (91 ) Other debt obligations 16 32 Capitalized interest (363 ) (203 ) Total interest expense, net of capitalized interest $ 3,586 $ 11,120 |
Supplemental Guarantor Inform42
Supplemental Guarantor Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED MARCH 31, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 107,194 $ 98,944 $ — $ 206,138 COSTS AND EXPENSES Costs applicable to sales (1) — 71,202 61,510 — 132,712 Amortization 324 18,104 21,676 — 40,104 General and administrative 10,106 24 3 — 10,133 Exploration 336 1,727 3,189 — 5,252 Pre-development, reclamation, and other 175 1,781 2,625 — 4,581 Total costs and expenses 10,941 92,838 89,003 — 192,782 OTHER INCOME (EXPENSE), NET Fair value adjustments, net — (1,200 ) — — (1,200 ) Other, net 15,222 5,458 1,873 (1,414 ) 21,139 Interest expense, net of capitalized interest (3,279 ) (175 ) (1,546 ) 1,414 (3,586 ) Total other income (expense), net 11,943 4,083 327 — 16,353 Loss before income and mining taxes 1,002 18,439 10,268 — 29,709 Income and mining tax (expense) benefit 1,588 (2,434 ) (10,200 ) — (11,046 ) Total loss after income and mining taxes 2,590 16,005 68 — 18,663 Equity income (loss) in consolidated subsidiaries 16,073 70 (67 ) (16,076 ) — NET INCOME (LOSS) $ 18,663 $ 16,075 $ 1 $ (16,076 ) $ 18,663 OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on marketable securities, net of tax (2,182 ) (279 ) — 279 (2,182 ) Reclassification adjustments for impairment of equity securities, net of tax 121 121 — (121 ) 121 Reclassification adjustments for realized gain (loss) on sale of equity securities, net of tax 1,471 (369 ) — 369 1,471 Other comprehensive income (loss) (590 ) (527 ) — 527 (590 ) COMPREHENSIVE INCOME (LOSS) $ 18,073 $ 15,548 $ 1 $ (15,549 ) $ 18,073 (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED MARCH 31, 2016 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 93,954 $ 54,433 $ — $ 148,387 COSTS AND EXPENSES Costs applicable to sales (1) — 62,364 39,191 — 101,555 Amortization 423 17,859 9,682 — 27,964 General and administrative 8,080 18 178 — 8,276 Exploration 623 184 924 — 1,731 Write-downs — — 4,446 — 4,446 Pre-development, reclamation, and other 452 1,416 2,336 — 4,204 Total costs and expenses 9,578 81,841 56,757 — 148,176 OTHER INCOME (EXPENSE), NET Fair value adjustments, net (1,582 ) (2,249 ) (4,864 ) — (8,695 ) Other, net 338 2,254 (253 ) (1,025 ) 1,314 Interest expense, net of capitalized interest (10,255 ) (213 ) (1,677 ) 1,025 (11,120 ) Total other income (expense), net (11,499 ) (208 ) (6,794 ) — (18,501 ) Income (Loss) before income and mining taxes (21,077 ) 11,905 (9,118 ) — (18,290 ) Income and mining tax (expense) benefit (209 ) (307 ) (1,590 ) — (2,106 ) Income (Loss) after income and mining taxes (21,286 ) 11,598 (10,708 ) — (20,396 ) Equity income (loss) in consolidated subsidiaries 890 (4,479 ) — 3,589 — NET INCOME (LOSS) $ (20,396 ) $ 7,119 $ (10,708 ) $ 3,589 $ (20,396 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on equity securities, net of tax 1,043 976 — (976 ) 1,043 Reclassification adjustments for realized loss on sale of equity securities, net of tax 588 (381 ) — 381 588 Other comprehensive income (loss) 1,631 595 — (595 ) 1,631 COMPREHENSIVE INCOME (LOSS) $ (18,765 ) $ 7,714 $ (10,708 ) $ 2,994 $ (18,765 ) (1) Excludes amortization. |
Condensed Cash Flow Statement | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) operating activities $ (4,815 ) $ 17,183 $ 58,979 $ (16,076 ) 55,271 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (319 ) (16,975 ) (6,685 ) — (23,979 ) Proceeds from the sale of long-lived assets 8,916 6,151 (48 ) — 15,019 Purchase of investments (1,016 ) — — — (1,016 ) Sales and maturities of investments 9,157 863 — — 10,020 Other (1,486 ) — (60 ) — (1,546 ) Investments in consolidated subsidiaries (12,454 ) (70 ) 67 12,457 — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 2,798 (10,031 ) (6,726 ) 12,457 (1,502 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on debt, capital leases, and associated costs — (1,874 ) (1,352 ) — (3,226 ) Net intercompany financing activity 14,318 (9,325 ) (8,612 ) 3,619 — Other (3,247 ) — — — (3,247 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 11,071 (11,199 ) (9,964 ) 3,619 (6,473 ) Effect of exchange rate changes on cash and cash equivalents — — 555 — 555 NET CHANGE IN CASH AND CASH EQUIVALENTS 9,054 (4,047 ) 42,844 — 47,851 Cash and cash equivalents at beginning of period 58,048 50,023 54,111 — 162,182 Cash and cash equivalents at end of period $ 67,102 $ 45,976 $ 96,955 $ — $ 210,033 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2016 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) operating activities $ (28,642 ) $ 21,460 $ 10,210 $ 3,589 6,617 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (46 ) (12,790 ) (9,336 ) — (22,172 ) Proceeds from the sale of long-lived assets — 4,000 9 — 4,009 Purchase of investments (7 ) — — — (7 ) Sales and maturities of investments 501 496 — — 997 Other (1,539 ) 107 (41 ) — (1,473 ) Investments in consolidated subsidiaries 3,420 8,179 — (11,599 ) — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 2,329 (8 ) (9,368 ) (11,599 ) (18,646 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on debt, capital leases, and associated costs (250 ) (830 ) (4,891 ) — (5,971 ) Gold production royalty payments — — (9,131 ) — (9,131 ) Net intercompany financing activity (7,879 ) (24,965 ) 24,834 8,010 — Other (280 ) — — — (280 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (8,409 ) (25,795 ) 10,812 8,010 (15,382 ) Effect of exchange rate changes on cash and cash equivalents — 4 82 — 86 NET CHANGE IN CASH AND CASH EQUIVALENTS (34,722 ) (4,339 ) 11,736 — (27,325 ) Cash and cash equivalents at beginning of period 96,123 34,228 70,363 — 200,714 Cash and cash equivalents at end of period $ 61,401 $ 29,889 $ 82,099 $ — $ 173,389 |
Condensed Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET MARCH 31, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 67,102 $ 45,976 $ 96,955 $ — $ 210,033 Receivables (12 ) 9,084 57,992 — 67,064 Ore on leach pads — 66,585 — — 66,585 Inventory — 38,295 35,465 — 73,760 Prepaid expenses and other 7,719 3,699 11,032 — 22,450 74,809 163,639 201,444 — 439,892 NON-CURRENT ASSETS Property, plant and equipment, net 3,217 146,122 73,278 — 222,617 Mining properties, net 4,000 202,397 342,810 — 549,207 Ore on leach pads — 72,461 — — 72,461 Restricted assets 11,701 226 7,027 — 18,954 Equity securities 450 3,346 — — 3,796 Receivables — — 15,558 — 15,558 Net investment in subsidiaries 274,724 11,720 (624 ) (285,820 ) — Other 216,386 10,009 5,256 (216,386 ) 15,265 TOTAL ASSETS $ 585,287 $ 609,920 $ 644,749 $ (502,206 ) $ 1,337,750 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 1,547 $ 21,364 $ 24,459 $ — $ 47,370 Other accrued liabilities 7,234 9,555 21,210 — 37,999 Debt — 7,852 5,599 — 13,451 Royalty obligations — 4,961 — — 4,961 Reclamation — 2,754 850 — 3,604 8,781 46,486 52,118 — 107,385 NON-CURRENT LIABILITIES Debt 176,114 23,288 222,609 (216,386 ) 205,625 Royalty obligations — 4,316 — — 4,316 Reclamation — 76,443 21,152 — 97,595 Deferred tax liabilities 9,072 6,354 60,937 — 76,363 Other long-term liabilities 2,407 4,756 52,683 — 59,846 Intercompany payable (receivable) (397,707 ) 326,814 70,893 — — (210,114 ) 441,971 428,274 (216,386 ) 443,745 STOCKHOLDERS’ EQUITY Common stock 1,815 250 191,613 (191,863 ) 1,815 Additional paid-in capital 3,314,644 181,683 1,809,557 (1,991,240 ) 3,314,644 Accumulated deficit (2,526,761 ) (57,455 ) (1,836,813 ) 1,894,268 (2,526,761 ) Accumulated other comprehensive income (loss) (3,078 ) (3,015 ) — 3,015 (3,078 ) 786,620 121,463 164,357 (285,820 ) 786,620 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 585,287 $ 609,920 $ 644,749 $ (502,206 ) $ 1,337,750 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2016 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 58,048 $ 50,023 $ 54,111 $ — $ 162,182 Receivables 12 6,865 53,554 — 60,431 Ore on leach pads — 64,167 — — 64,167 Inventory — 49,393 56,633 — 106,026 Prepaid expenses and other 3,803 1,459 12,719 — 17,981 61,863 171,907 177,017 — 410,787 NON-CURRENT ASSETS Property, plant and equipment, net 3,222 139,885 73,689 — 216,796 Mining properties, net — 195,791 362,664 — 558,455 Ore on leach pads — 67,231 — — 67,231 Restricted assets 10,170 226 7,201 — 17,597 Equity securities — 4,488 — — 4,488 Receivables — — 30,951 — 30,951 Deferred tax assets — — 191 (191 ) — Net investment in subsidiaries 273,056 11,650 — (284,706 ) — Other 221,381 9,263 3,153 (221,193 ) 12,604 TOTAL ASSETS $ 569,692 $ 600,441 $ 654,866 $ (506,090 ) $ 1,318,909 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 2,153 $ 24,921 $ 26,261 $ — $ 53,335 Other accrued liabilities 12,881 13,664 16,198 — 42,743 Debt — 6,516 5,523 — 12,039 Royalty obligations — 4,995 — — 4,995 Reclamation — 2,672 850 — 3,522 15,034 52,768 48,832 — 116,634 NON-CURRENT LIABILITIES Debt 175,991 15,214 229,036 (221,384 ) 198,857 Royalty obligations — 4,292 — — 4,292 Reclamation — 75,183 20,621 — 95,804 Deferred tax liabilities 13,810 6,179 54,809 — 74,798 Other long-term liabilities 1,993 4,750 53,294 — 60,037 Intercompany payable (receivable) (405,623 ) 336,813 68,810 — — (213,829 ) 442,431 426,570 (221,384 ) 433,788 STOCKHOLDERS’ EQUITY Common stock 1,809 250 197,913 (198,163 ) 1,809 Additional paid-in capital 3,314,590 181,009 1,864,261 (2,045,270 ) 3,314,590 Accumulated deficit (2,545,424 ) (73,529 ) (1,882,710 ) 1,956,239 (2,545,424 ) Accumulated other comprehensive income (loss) (2,488 ) (2,488 ) — 2,488 (2,488 ) 768,487 105,242 179,464 (284,706 ) 768,487 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 569,692 $ 600,441 $ 654,866 $ (506,090 ) $ 1,318,909 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | ||||
Financial information relating to reporting segments | ||||||
Revenue | $ 206,138 | $ 146,636 | ||||
Royalty Revenue | 1,751 | |||||
Revenues | 206,138 | 148,387 | ||||
Costs applicable to sales | [1] | 132,712 | 101,555 | |||
Amortization | 40,104 | 27,964 | ||||
Exploration | 5,252 | 1,731 | ||||
Write-downs | 0 | 4,446 | ||||
Other operating expenses | 14,714 | 12,480 | ||||
Fair value adjustments, net | (1,200) | (8,695) | ||||
Interest expense, net | (3,586) | (11,120) | ||||
Other, net | 21,139 | 1,314 | ||||
Income and mining tax benefit (expense) | (11,046) | (2,106) | ||||
Net income (loss) | 18,663 | (20,396) | ||||
Assets, Net | 1,091,623 | 1,117,940 | [2] | $ 1,122,038 | ||
Capital expenditures | 23,979 | 22,172 | ||||
Palmarejo [Member] | ||||||
Financial information relating to reporting segments | ||||||
Revenue | 77,704 | 29,813 | ||||
Royalty Revenue | 0 | |||||
Revenues | 29,813 | |||||
Costs applicable to sales | 43,001 | 21,038 | [3] | |||
Amortization | 20,150 | 7,289 | ||||
Exploration | 1,631 | 801 | ||||
Write-downs | 0 | |||||
Other operating expenses | 301 | 315 | ||||
Fair value adjustments, net | 0 | (4,864) | ||||
Interest expense, net | (125) | 734 | ||||
Other, net | 1,794 | (1,235) | ||||
Income and mining tax benefit (expense) | (12,245) | (98) | ||||
Net income (loss) | 2,045 | (6,365) | ||||
Assets, Net | 401,623 | [4] | 422,086 | [2] | ||
Capital expenditures | 6,230 | 8,815 | ||||
Rochester [Member] | ||||||
Financial information relating to reporting segments | ||||||
Revenue | 38,979 | 29,982 | ||||
Royalty Revenue | 0 | |||||
Revenues | 29,982 | |||||
Costs applicable to sales | 26,439 | 22,485 | [3] | |||
Amortization | 5,816 | 5,313 | ||||
Exploration | 144 | 109 | ||||
Write-downs | 0 | |||||
Other operating expenses | 810 | 681 | ||||
Fair value adjustments, net | (1,200) | (2,249) | ||||
Interest expense, net | (117) | 171 | ||||
Other, net | (32) | 3 | ||||
Income and mining tax benefit (expense) | (498) | 423 | ||||
Net income (loss) | 3,923 | (1,446) | ||||
Assets, Net | 227,526 | [4] | 209,692 | [2] | ||
Capital expenditures | 10,568 | 3,289 | ||||
Kensington [Member] | ||||||
Financial information relating to reporting segments | ||||||
Revenue | 37,964 | 35,743 | ||||
Royalty Revenue | 0 | |||||
Revenues | 35,743 | |||||
Costs applicable to sales | 28,443 | 24,418 | [3] | |||
Amortization | 9,178 | 8,349 | ||||
Exploration | 839 | (47) | ||||
Write-downs | 0 | |||||
Other operating expenses | 345 | 252 | ||||
Fair value adjustments, net | 0 | 0 | ||||
Interest expense, net | (40) | 43 | ||||
Other, net | (808) | (20) | ||||
Income and mining tax benefit (expense) | 0 | 0 | ||||
Net income (loss) | (1,689) | 2,708 | ||||
Assets, Net | 204,987 | [4] | 192,805 | [2] | ||
Capital expenditures | 5,521 | 8,090 | ||||
Wharf [Member] | ||||||
Financial information relating to reporting segments | ||||||
Revenue | 30,251 | 27,929 | ||||
Royalty Revenue | 0 | |||||
Revenues | 27,929 | |||||
Costs applicable to sales | 16,320 | 15,461 | [3] | |||
Amortization | 3,111 | 4,051 | ||||
Exploration | 0 | 0 | ||||
Write-downs | 0 | |||||
Other operating expenses | 619 | 493 | ||||
Fair value adjustments, net | 0 | 0 | ||||
Interest expense, net | (19) | 0 | ||||
Other, net | 89 | 10 | ||||
Income and mining tax benefit (expense) | (957) | (116) | ||||
Net income (loss) | 9,314 | 8,050 | ||||
Assets, Net | 104,673 | [4] | 113,383 | [2] | ||
Capital expenditures | 887 | 1,410 | ||||
San Bartolome [Member] | ||||||
Financial information relating to reporting segments | ||||||
Revenue | 20,584 | 21,278 | ||||
Royalty Revenue | 0 | |||||
Revenues | 21,278 | |||||
Costs applicable to sales | 18,222 | 17,497 | [3] | |||
Amortization | 1,411 | 1,754 | ||||
Exploration | 0 | 0 | ||||
Write-downs | 0 | |||||
Other operating expenses | 752 | 291 | ||||
Fair value adjustments, net | 0 | 0 | ||||
Interest expense, net | (7) | 3 | ||||
Other, net | 279 | 315 | ||||
Income and mining tax benefit (expense) | (31) | 1,571 | ||||
Net income (loss) | 440 | 477 | ||||
Assets, Net | 68,412 | [4] | 87,750 | [2] | ||
Capital expenditures | 388 | 521 | ||||
Other Mining Properties [Member] | ||||||
Financial information relating to reporting segments | ||||||
Revenue | 656 | 1,891 | ||||
Royalty Revenue | 1,751 | |||||
Revenues | 3,642 | |||||
Costs applicable to sales | 287 | 656 | [3] | |||
Amortization | 438 | 1,208 | ||||
Exploration | 2,638 | 868 | ||||
Write-downs | 4,446 | |||||
Other operating expenses | 11,887 | 10,448 | ||||
Fair value adjustments, net | 0 | (1,582) | ||||
Interest expense, net | (3,278) | 10,169 | ||||
Other, net | 19,817 | 2,241 | ||||
Income and mining tax benefit (expense) | 2,685 | 326 | ||||
Net income (loss) | 4,630 | (23,820) | ||||
Assets, Net | 84,402 | [4] | 92,224 | [2] | ||
Capital expenditures | $ 385 | $ 47 | ||||
[1] | Excludes amortization. | |||||
[2] | Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests | |||||
[3] | Excludes amortization | |||||
[4] | Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interest |
Segment Reporting (Details 1)
Segment Reporting (Details 1) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting [Abstract] | |||||
Assets, Net | $ 1,091,623 | $ 1,122,038 | $ 1,117,940 | [1] | |
Cash and cash equivalents | 210,033 | 162,182 | $ 173,389 | $ 200,714 | |
Other assets | 36,094 | 34,689 | |||
TOTAL ASSETS | $ 1,337,750 | $ 1,318,909 | |||
[1] | Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests |
Segment Reporting (Details 2)
Segment Reporting (Details 2) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | $ 773,747 | $ 786,908 | |
Revenues | |||
Revenue | 206,138 | $ 146,636 | |
Revenues | 206,138 | 148,387 | |
Mexico | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 376,890 | 397,697 | |
Revenues | |||
Revenue | 77,704 | 30,522 | |
UNITED STATES | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 355,736 | 338,897 | |
Revenues | |||
Revenue | 107,194 | 93,654 | |
BOLIVIA | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 32,422 | 31,539 | |
Revenues | |||
Revenue | 20,584 | 21,278 | |
AUSTRALIA | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 2,871 | 2,983 | |
Revenues | |||
Revenue | 656 | 1,891 | |
ARGENTINA | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 227 | 10,228 | |
Other Foreign Countries [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 5,601 | $ 5,564 | |
Revenues | |||
Revenue | $ 0 | $ 1,042 |
Reclamation (Details)
Reclamation (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Asset retirement obligation | |||
Asset retirement obligation - Beginning | $ 97,380 | $ 82,072 | |
Accretion | 2,338 | 1,960 | |
Additions and changes in estimates | 0 | 251 | |
Settlements | (478) | (309) | |
Asset retirement obligation - Ending | 99,240 | $ 83,974 | |
Reclamation and Mine Closure (Textual) [Abstract] | |||
Accrued reclamation liabilities | $ 2,000 | $ 1,900 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock-based compensation cost | $ 12.2 | |
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 9 months | |
Annual Incentive Plan and Long Term Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense for stock based compensation awards | $ 3.3 | $ 2.9 |
Stock-Based Compensation (Det48
Stock-Based Compensation (Details) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares | 0 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 425,850 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 14.29 |
Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares | 0 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 42,152 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 14.14 |
January 20, 2016 [Member] | Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 236,581 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 11.47 |
January 20, 2016 [Member] | Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 0 |
January 20, 2016 [Member] | Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | shares | 316,213 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ / shares | $ 11.58 |
March 21, 2016 [Member] | Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 539,858 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 7.60 |
March 21, 2016 [Member] | Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 14,820 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 3.91 |
March 21, 2016 [Member] | Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | shares | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ / shares | $ 0 |
Retirement Savings Plan (Detail
Retirement Savings Plan (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Postemployment Benefits [Abstract] | ||
Percentage of maximum limit for employees to contribute their cash compensation | 75.00% | |
Percentage of employee compensation plus matching contribution | 100.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | |
Total plan expenses | $ 2.1 | $ 1 |
Other, Net (Details)
Other, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Other Income and Expenses [Abstract] | ||
Foreign exchange gain (loss) | $ 1,349 | $ (164) |
Gain (Loss) on Disposition of Other Assets | (2,066) | 1,085 |
Gain on sale of the Joaquin project | 21,138 | 0 |
Impairment of equity securities | (121) | 0 |
Other | 839 | 393 |
Other, net | $ 21,139 | $ 1,314 |
Income and Mining Taxes (Detail
Income and Mining Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Examination [Line Items] | ||
Income (loss) before income and mining taxes | $ 29,709 | $ (18,290) |
Income tax provision from continuing operations | ||
Income and mining tax benefit (expense) | (11,046) | (2,106) |
UNITED STATES | ||
Income Tax Examination [Line Items] | ||
United States | 20,714 | (9,361) |
Income tax provision from continuing operations | ||
Income and mining tax benefit (expense) | 1,964 | 532 |
ARGENTINA | ||
Income Tax Examination [Line Items] | ||
Foreign | (328) | (1,015) |
Income tax provision from continuing operations | ||
Income and mining tax benefit (expense) | (1,124) | (1,543) |
Mexico | ||
Income Tax Examination [Line Items] | ||
Foreign | 8,650 | (7,509) |
Income tax provision from continuing operations | ||
Income and mining tax benefit (expense) | 9,923 | (17) |
BOLIVIA | ||
Income Tax Examination [Line Items] | ||
Foreign | 471 | 2,047 |
Income tax provision from continuing operations | ||
Income and mining tax benefit (expense) | 31 | 1,570 |
Other Countries | ||
Income Tax Examination [Line Items] | ||
Foreign | 202 | (2,452) |
Income tax provision from continuing operations | ||
Income and mining tax benefit (expense) | $ 252 | $ 1,564 |
Income and Mining Taxes (Deta52
Income and Mining Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | |||
Foreign Exchange Income Tax Expense (Benefit) | $ 5,600 | ||
Income Tax Expense (Benefit) | 11,046 | $ 2,106 | |
Unrecognized Tax Benefits | 18,700 | $ 19,600 | |
Income Tax Examination, Penalties and Interest Expense | 8,700 | $ 8,700 | |
Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 2,500 | ||
Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 3,500 | ||
Joaquin Project - Argentina [Member] | |||
Income Tax Contingency [Line Items] | |||
Income Tax Expense (Benefit) | $ 1,800 |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Basic EPS | ||
Net income (loss) | $ 18,663 | $ (20,396) |
Weighted average shares | ||
Basic (in shares) | 178,898,000 | 150,249,000 |
Effect of stock-based compensation plans (in shares) | 4,170,000 | 0 |
Diluted (in shares) | 183,068,000 | 150,249,000 |
Income (loss) per share | ||
Basic (in dollars per share) | $ 0.10 | $ (0.14) |
Diluted (in dollars per share) | $ 0.10 | $ (0.14) |
Convertible Senior Notes Due March 2028 [Member] | ||
Earnings Per Share (Textual) [Abstract] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |
Stock Options [Member] | ||
Earnings Per Share (Textual) [Abstract] | ||
Number of shares of common stock equivalents related to convertible debt | 1,368,685 | 3,321,424 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gain (loss) on derivative instruments | $ (1,200) | $ (8,695) |
Embedded Derivative Financial Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gain (loss) on derivative instruments | 0 | (4,878) |
Rochester Royalty Obligation [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gain (loss) on derivative instruments | (1,200) | (2,249) |
Silver and gold options [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gain (loss) on derivative instruments | $ (1,568) | |
Mark-to-market gains or losses on derivatives | $ 0 |
Fair Value Measurements (Deta55
Fair Value Measurements (Details 1) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Assets | $ 4,410 | |
Liabilities: | ||
Total liabilities | 9,281 | $ 10,049 |
Rochester Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 9,287 | |
Other Derivative Instrument [Member] | ||
Assets: | ||
Fair value of derivative asset | 614 | |
Liabilities: | ||
Derivative fair value of derivative liability | 4 | 762 |
Equity Securities [Member] | ||
Assets: | ||
Equity securities | 3,796 | 4,488 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Assets | 3,517 | |
Liabilities: | ||
Total liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Rochester Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Fair Value, Inputs, Level 1 [Member] | Other Derivative Instrument [Member] | ||
Assets: | ||
Fair value of derivative asset | 0 | |
Liabilities: | ||
Derivative fair value of derivative liability | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Assets: | ||
Equity securities | 3,517 | 4,209 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Assets | 614 | |
Liabilities: | ||
Total liabilities | 4 | 762 |
Fair Value, Inputs, Level 2 [Member] | Rochester Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Fair Value, Inputs, Level 2 [Member] | Other Derivative Instrument [Member] | ||
Assets: | ||
Fair value of derivative asset | 614 | |
Liabilities: | ||
Derivative fair value of derivative liability | 4 | 762 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Assets: | ||
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Assets | 279 | |
Liabilities: | ||
Total liabilities | 9,277 | 9,287 |
Fair Value, Inputs, Level 3 [Member] | Rochester Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 9,287 | |
Fair Value, Inputs, Level 3 [Member] | Other Derivative Instrument [Member] | ||
Assets: | ||
Fair value of derivative asset | 0 | |
Liabilities: | ||
Derivative fair value of derivative liability | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Assets: | ||
Equity securities | 279 | $ 279 |
Rochester Royalty Obligation [Member] | Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 9,277 | |
Rochester Royalty Obligation [Member] | Fair Value, Inputs, Level 1 [Member] | Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Rochester Royalty Obligation [Member] | Fair Value, Inputs, Level 2 [Member] | Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Rochester Royalty Obligation [Member] | Fair Value, Inputs, Level 3 [Member] | Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | $ 9,277 |
Fair Value Measurements (Deta56
Fair Value Measurements (Details 2) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Equity Securities [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at the beginning of the period | $ 279 |
Revaluation | 0 |
Settlements | 0 |
Balance at the end of the period | 279 |
Rochester Royalty Obligation [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at the beginning of the period | 9,287 |
Revaluation | 1,200 |
Settlements | (1,210) |
Balance at the end of the period | $ 9,277 |
Fair Value Measurements (Deta57
Fair Value Measurements (Details 3) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term Debt and Capital Lease Obligations | $ 205,625 | $ 198,857 | ||
Senior Notes due 2021 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term Debt and Capital Lease Obligations | 176,114 | [1] | 175,991 | [2] |
Senior Notes due 2021 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of long-term debt | 184,279 | [1] | 184,373 | [2] |
Senior Notes due 2021 [Member] | Fair Value, Inputs, Level 1 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of long-term debt | 0 | [1] | 0 | [2] |
Senior Notes due 2021 [Member] | Fair Value, Inputs, Level 2 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of long-term debt | 184,279 | [1] | 184,373 | [2] |
Senior Notes due 2021 [Member] | Fair Value, Inputs, Level 3 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of long-term debt | $ 0 | [1] | $ 0 | [2] |
[1] | (1)Net of unamortized debt issuance costs and premium received of $1.9 million. | |||
[2] | (1)Net of unamortized debt issuance costs and premium received of $2.0 million. |
Fair Value Measurements (Deta58
Fair Value Measurements (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Rochester [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Expected Royalty Duration | 1.6 | |
Senior Notes due Two Thousand Twenty One [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium), Net | $ 1.9 | $ 2 |
Derivative Financial Instrume59
Derivative Financial Instruments (Details) $ in Thousands | Mar. 31, 2017USD ($)oz$ / oz |
Silver concentrate sales agreements [Member] | 2016 [Member] | |
Derivative instruments Settlement | |
Derivative, notional amount | $ | $ 1,403 |
Derivative average price | $ / oz | 18 |
Outstanding Provisionally Priced Sales Consists of Silver | oz | 79,084 |
Silver concentrate sales agreements [Member] | Thereafter [Member] | |
Derivative instruments Settlement | |
Derivative, notional amount | $ | $ 0 |
Derivative average price | $ / oz | 0 |
Notional ounces | oz | 0 |
Gold concentrates sales agreements [Member] | 2016 [Member] | |
Derivative instruments Settlement | |
Derivative, notional amount | $ | $ 35,849 |
Derivative average price | $ / oz | 1,211 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 29,603 |
Gold concentrates sales agreements [Member] | Thereafter [Member] | |
Derivative instruments Settlement | |
Derivative, notional amount | $ | $ 0 |
Derivative average price | $ / oz | 0 |
Notional ounces | oz | 0 |
Derivative Financial Instrume60
Derivative Financial Instruments (Details 1) - Concentrate sales contracts [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Prepaid expenses and other [Member] | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | $ 614 | |
Accrued liabilities and other [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 4 | $ 762 |
Non-current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | $ 0 | $ 0 |
Derivative Financial Instrume61
Derivative Financial Instruments (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value adjustments, net | $ (1,200) | $ (8,695) |
Fair value adjustments, net | 1,372 | (5,880) |
Concentrate Sales Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized Gain (Loss) on Derivatives | 1,372 | 566 |
Embedded Derivative Financial Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value adjustments, net | 0 | (4,878) |
Silver and gold options [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value adjustments, net | (1,568) | |
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ (1,568) |
Derivative Financial Instrume62
Derivative Financial Instruments (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($)oz$ / oz | Mar. 31, 2016USD ($) | Jan. 21, 2009oz | |
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | |||
Gain (loss) on derivative instruments | $ (1,200) | $ (8,695) | |
Franco-Nevada warrant [Member] | |||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | |||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | 0 | 4,900 | |
Realized losses | 3,000 | ||
Palmarejo gold production royalty [Member] | |||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | |||
Production to be sold, percent | 50.00% | ||
Payment made for gold on the end of royalty obligation | oz | 4,167 | ||
Concentrate Sales Contracts [Member] | |||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | |||
Unrealized Gain (Loss) on Derivatives and Commodity Contracts | 1,400 | 600 | |
Silver and gold options [Member] | |||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | |||
Gain (loss) on derivative instruments | (1,568) | ||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ (1,568) | |
Maximum [Member] | Palmarejo gold production royalty [Member] | |||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | |||
Payable ounces under royalty obligation | oz | 400,000 | ||
Derivative Instruments Settle in Year One [Member] | Silver concentrate sales agreements [Member] | |||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | |||
Outstanding provisionally priced sales consists of silver | oz | 79,084 | ||
Derivative Average Price | $ / oz | 18 | ||
Derivative Instruments Settle in Year One [Member] | Gold concentrates sales agreements [Member] | |||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | |||
Outstanding provisionally priced sales consists of Gold | oz | 29,603 | ||
Derivative Average Price | $ / oz | 1,211 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Investment in Marketable Securities (Textual) [Abstract] | |||
Impairment of equity securities | $ 121 | $ 0 | |
Held-to-maturity Securities, Restricted | 19,000 | $ 17,600 | |
Equity Securities [Member] | |||
Available-for-sale Securities | |||
Cost | 3,005 | 3,107 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (64) | 0 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 855 | 1,381 | |
Available-for-sale Securities, Estimated Fair Value | 3,796 | 4,488 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (64) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 450 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 450 | ||
Kootenay Silver, Inc. [Member] | Equity Securities [Member] | |||
Available-for-sale Securities | |||
Cost | 2,167 | 2,645 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Available-for-sale Securities, Estimated Fair Value | 2,167 | 2,645 | |
Rockhaven Resources Ltd [Member] | Equity Securities [Member] | |||
Available-for-sale Securities | |||
Cost | 514 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (64) | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | ||
Available-for-sale Securities, Estimated Fair Value | 450 | ||
Silver Bull Resources, Inc. [Member] | Equity Securities [Member] | |||
Available-for-sale Securities | |||
Cost | 131 | 233 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 356 | 783 | |
Available-for-sale Securities, Estimated Fair Value | 487 | 1,016 | |
Other Investments [Member] | Equity Securities [Member] | |||
Available-for-sale Securities | |||
Cost | 193 | 229 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 499 | 598 | |
Available-for-sale Securities, Estimated Fair Value | $ 692 | $ 827 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Receivables - current portion | ||
Accounts receivable - trade | $ 8,772 | $ 10,669 |
Refundable income tax | 11,441 | 1,038 |
Refundable value added tax | 44,085 | 46,083 |
Accounts receivable - other | 2,766 | 2,641 |
Receivables, net current portion | 67,064 | 60,431 |
Receivables - non-current portion | ||
Refundable value added tax | 15,558 | 19,293 |
Income Taxes Receivable, Noncurrent | 0 | 11,658 |
Accounts Receivable, Net, Noncurrent | 15,558 | 30,951 |
Total receivables | $ 82,622 | $ 91,382 |
Inventory and Ore on Leach Pa65
Inventory and Ore on Leach Pads (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Inventory, Finished Goods, Net of Reserves | $ 13,476 | $ 17,994 |
Other Inventory, Net of Reserves | 20,938 | 47,228 |
Inventory, Supplies, Net of Reserves | 39,346 | 40,804 |
Inventory | 73,760 | 106,026 |
Ore on Leach Pad, Current | 66,585 | 64,167 |
Ore on leach pads, noncurrent | 72,461 | 67,231 |
Inventory, Ore Stockpiles on Leach Pads, Gross | 139,046 | 131,398 |
Inventory and Ore on Leach Pads | $ 212,806 | $ 237,424 |
Property, Plant and Equipment66
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Property, plant and equipment | ||
Land | $ 8,403 | $ 7,878 |
Building improvements | 649,030 | 650,480 |
Capitalized leases for machinery, equipment and buildings | 63,775 | 54,968 |
Property, plant and equipment, gross | 721,208 | 713,326 |
Accumulated depreciation and amortization | (531,480) | (524,806) |
Property Plant and Equipment Net before Construction in Progress | 189,728 | 188,520 |
Construction in Progress | 32,889 | 28,276 |
Property, plant and equipment, net | $ 222,617 | $ 216,796 |
Property, Plant and Equipment67
Property, Plant and Equipment (Details Textual) $ in Millions | Mar. 31, 2017USD ($) |
Property, Plant and Equipment [Abstract] | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 15.6 |
Mining Properties (Details)
Mining Properties (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Mining Properties | ||
Operational mining properties: | $ 707,100 | $ 687,964 |
Accumulated depletion | (481,374) | (471,874) |
Operational mining properties, net | 225,726 | 216,090 |
Mineral interest | 778,365 | 784,365 |
Accumulated depletion | (454,884) | (442,000) |
Mineral interest, net | 323,481 | 342,365 |
Total mining properties | 549,207 | 558,455 |
Palmarejo [Member] | ||
Mining Properties | ||
Operational mining properties: | 179,562 | 174,890 |
Accumulated depletion | (137,215) | (134,995) |
Operational mining properties, net | 42,347 | 39,895 |
Mineral interest | 629,303 | 629,303 |
Accumulated depletion | (393,532) | (381,686) |
Mineral interest, net | 235,771 | 247,617 |
Total mining properties | 278,118 | 287,512 |
Rochester [Member] | ||
Mining Properties | ||
Operational mining properties: | 171,543 | 165,230 |
Accumulated depletion | (139,519) | (138,244) |
Operational mining properties, net | 32,024 | 26,986 |
Mineral interest | 0 | 0 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 0 | 0 |
Total mining properties | 32,024 | 26,986 |
Kensington [Member] | ||
Mining Properties | ||
Operational mining properties: | 279,095 | 271,175 |
Accumulated depletion | (159,485) | (154,744) |
Operational mining properties, net | 119,610 | 116,431 |
Mineral interest | 0 | 0 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 0 | 0 |
Total mining properties | 119,610 | 116,431 |
Wharf [Member] | ||
Mining Properties | ||
Operational mining properties: | 37,562 | 37,485 |
Accumulated depletion | (12,530) | (11,699) |
Operational mining properties, net | 25,032 | 25,786 |
Mineral interest | 45,837 | 45,837 |
Accumulated depletion | (20,106) | (19,249) |
Mineral interest, net | 25,731 | 26,588 |
Total mining properties | 50,763 | 52,374 |
San Bartolome [Member] | ||
Mining Properties | ||
Operational mining properties: | 39,338 | 39,184 |
Accumulated depletion | (32,625) | (32,192) |
Operational mining properties, net | 6,713 | 6,992 |
Mineral interest | 12,868 | 12,868 |
Accumulated depletion | (11,762) | (11,695) |
Mineral interest, net | 1,106 | 1,173 |
Total mining properties | 7,819 | 8,165 |
La Preciosa [Member] | ||
Mining Properties | ||
Operational mining properties: | 0 | 0 |
Accumulated depletion | 0 | 0 |
Operational mining properties, net | 0 | 0 |
Mineral interest | 49,085 | 49,085 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 49,085 | 49,085 |
Total mining properties | 49,085 | 49,085 |
Joaquin Project - Argentina [Member] | ||
Mining Properties | ||
Operational mining properties: | 0 | |
Accumulated depletion | ||
Operational mining properties, net | 0 | |
Mineral interest | 10,000 | |
Accumulated depletion | 0 | |
Mineral interest, net | 10,000 | |
Total mining properties | 10,000 | |
Other Mining Properties [Member] | ||
Mining Properties | ||
Operational mining properties: | 0 | 0 |
Accumulated depletion | 0 | 0 |
Operational mining properties, net | 0 | 0 |
Mineral interest | 41,272 | 37,272 |
Accumulated depletion | (29,484) | (29,370) |
Mineral interest, net | 11,788 | 7,902 |
Total mining properties | $ 11,788 | $ 7,902 |
Mining Properties (Details Text
Mining Properties (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Feb. 28, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Gain (loss) on sale of assets and investments | $ 21,138 | $ 0 | |
Joaquin Project - Argentina [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Transfer of Financial Assets Accounted for as Sales, Cash Proceeds Received for Assets Derecognized, Amount | $ 27,400 | ||
Net Smelter Return Percentage Paid | 2.00% | ||
Gain (loss) on sale of assets and investments | $ 21,138 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |||
Long term debt and capital lease obligations | |||||
Current | $ 13,451 | $ 12,039 | |||
Debt | 205,625 | 198,857 | |||
Interest expenses incurred for various debt instruments | |||||
Interest Paid on Senior Notes due 2021 | 3,504 | $ 7,457 | |||
Interest paid on term loan due 2020 | 0 | 2,264 | |||
Interest Paid on Capital Leases | 306 | 265 | |||
Accretion of Franco Nevada royalty obligation | 0 | 765 | |||
Debt Issuance Cost | 166 | 631 | |||
Amortization of debt issuance costs | (43) | (91) | |||
Interest Expense, Debt | 16 | 32 | |||
Capitalized interest | (363) | (203) | |||
Total interest expense, net of capitalized interest | 3,586 | $ 11,120 | |||
Senior Notes due 2021 [Member] | |||||
Long term debt and capital lease obligations | |||||
Debt | $ 176,114 | [1] | 175,991 | [2] | |
Debt Instrument, Interest Rate, Stated Percentage | 7.875% | ||||
Capital Lease Obligations [Member] | |||||
Long term debt and capital lease obligations | |||||
Debt | $ 29,511 | 22,866 | |||
Senior Notes due 2021 [Member] | |||||
Long term debt and capital lease obligations | |||||
Current | 0 | 0 | |||
Capital Lease Obligations [Member] | |||||
Long term debt and capital lease obligations | |||||
Current | $ 13,451 | $ 12,039 | |||
[1] | (1)Net of unamortized debt issuance costs and premium received of $1.9 million. | ||||
[2] | (1)Net of unamortized debt issuance costs and premium received of $2.0 million. |
Debt (Details Textual)
Debt (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Banco Bisa Line of Credit [Member] | ||
Debt and capital lease obligations (Textual) [Abstract] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 12,000 | |
Line of Credit Facility, Interest Rate at Period End | 6.00% | |
Senior Notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium), Net | $ 1,900 | $ 2,000 |
San Bartolome Letter of Credit Facility [Member] | ||
Debt and capital lease obligations (Textual) [Abstract] | ||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 |
Supplemental Guarantor Inform72
Supplemental Guarantor Information Condensed Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | $ 206,138 | $ 148,387 | |
Costs applicable to sales | [1] | 132,712 | 101,555 |
Amortization | 40,104 | 27,964 | |
General and Administrative Expense | 10,133 | 8,276 | |
Exploration Expense, Mining | 5,252 | 1,731 | |
Write-downs | 0 | 4,446 | |
Pre-development, reclamation, and other | 4,581 | 4,204 | |
Total costs and expenses | 192,782 | 148,176 | |
Gain (loss) on derivative instruments | (1,200) | (8,695) | |
Other, net | 21,139 | 1,314 | |
Interest expense, net | (3,586) | (11,120) | |
Total other income (expense), net | 16,353 | (18,501) | |
Income (loss) before income and mining taxes | 29,709 | (18,290) | |
Income and mining tax benefit (expense) | (11,046) | (2,106) | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 18,663 | (20,396) | |
Income (Loss) from Equity Method Investments | 0 | 0 | |
NET INCOME (LOSS) | 18,663 | (20,396) | |
Unrealized gain (loss) on available for sale securities | (2,182) | 1,043 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 121 | 0 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 1,471 | 588 | |
Other comprehensive income (loss) | (590) | 1,631 | |
COMPREHENSIVE INCOME (LOSS) | 18,073 | (18,765) | |
Coeur Mining, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | 0 | 0 | |
Costs applicable to sales | 0 | 0 | |
Amortization | 324 | 423 | |
General and Administrative Expense | 10,106 | 8,080 | |
Exploration Expense, Mining | 336 | 623 | |
Write-downs | 0 | ||
Pre-development, reclamation, and other | 175 | 452 | |
Total costs and expenses | 10,941 | 9,578 | |
Gain (loss) on derivative instruments | 0 | (1,582) | |
Other, net | 15,222 | 338 | |
Interest expense, net | (3,279) | (10,255) | |
Total other income (expense), net | 11,943 | (11,499) | |
Income (loss) before income and mining taxes | 1,002 | (21,077) | |
Income and mining tax benefit (expense) | 1,588 | (209) | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 2,590 | (21,286) | |
Income (Loss) from Equity Method Investments | 16,073 | 890 | |
NET INCOME (LOSS) | 18,663 | (20,396) | |
Unrealized gain (loss) on available for sale securities | (2,182) | 1,043 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 121 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 1,471 | 588 | |
Other comprehensive income (loss) | (590) | 1,631 | |
COMPREHENSIVE INCOME (LOSS) | 18,073 | (18,765) | |
Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | 107,194 | 93,954 | |
Costs applicable to sales | 71,202 | 62,364 | |
Amortization | 18,104 | 17,859 | |
General and Administrative Expense | 24 | 18 | |
Exploration Expense, Mining | 1,727 | 184 | |
Write-downs | 0 | ||
Pre-development, reclamation, and other | 1,781 | 1,416 | |
Total costs and expenses | 92,838 | 81,841 | |
Gain (loss) on derivative instruments | (1,200) | (2,249) | |
Other, net | 5,458 | 2,254 | |
Interest expense, net | (175) | (213) | |
Total other income (expense), net | 4,083 | (208) | |
Income (loss) before income and mining taxes | 18,439 | 11,905 | |
Income and mining tax benefit (expense) | (2,434) | (307) | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 16,005 | 11,598 | |
Income (Loss) from Equity Method Investments | 70 | (4,479) | |
NET INCOME (LOSS) | 16,075 | 7,119 | |
Unrealized gain (loss) on available for sale securities | (279) | 976 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 121 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (369) | (381) | |
Other comprehensive income (loss) | (527) | 595 | |
COMPREHENSIVE INCOME (LOSS) | 15,548 | 7,714 | |
Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | 98,944 | 54,433 | |
Costs applicable to sales | 61,510 | 39,191 | |
Amortization | 21,676 | 9,682 | |
General and Administrative Expense | 3 | 178 | |
Exploration Expense, Mining | 3,189 | 924 | |
Write-downs | 4,446 | ||
Pre-development, reclamation, and other | 2,625 | 2,336 | |
Total costs and expenses | 89,003 | 56,757 | |
Gain (loss) on derivative instruments | 0 | (4,864) | |
Other, net | 1,873 | (253) | |
Interest expense, net | (1,546) | (1,677) | |
Total other income (expense), net | 327 | (6,794) | |
Income (loss) before income and mining taxes | 10,268 | (9,118) | |
Income and mining tax benefit (expense) | (10,200) | (1,590) | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 68 | (10,708) | |
Income (Loss) from Equity Method Investments | (67) | 0 | |
NET INCOME (LOSS) | 1 | (10,708) | |
Unrealized gain (loss) on available for sale securities | 0 | 0 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 0 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 0 | |
Other comprehensive income (loss) | 0 | 0 | |
COMPREHENSIVE INCOME (LOSS) | 1 | (10,708) | |
Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | 0 | 0 | |
Costs applicable to sales | 0 | 0 | |
Amortization | 0 | 0 | |
General and Administrative Expense | 0 | 0 | |
Exploration Expense, Mining | 0 | 0 | |
Write-downs | 0 | ||
Pre-development, reclamation, and other | 0 | 0 | |
Total costs and expenses | 0 | 0 | |
Gain (loss) on derivative instruments | 0 | 0 | |
Other, net | (1,414) | (1,025) | |
Interest expense, net | 1,414 | 1,025 | |
Total other income (expense), net | 0 | 0 | |
Income (loss) before income and mining taxes | 0 | 0 | |
Income and mining tax benefit (expense) | 0 | 0 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 0 | 0 | |
Income (Loss) from Equity Method Investments | (16,076) | 3,589 | |
NET INCOME (LOSS) | (16,076) | 3,589 | |
Unrealized gain (loss) on available for sale securities | 279 | (976) | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | (121) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 369 | 381 | |
Other comprehensive income (loss) | 527 | (595) | |
COMPREHENSIVE INCOME (LOSS) | $ (15,549) | $ 2,994 | |
[1] | Excludes amortization. |
Supplemental Guarantor Inform73
Supplemental Guarantor Information Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | $ 55,271 | $ 6,617 |
Capital expenditures | (23,979) | (22,172) |
Proceeds from Sale of Property, Plant, and Equipment | 15,019 | 4,009 |
Purchase of short term investments and equity securities | (1,016) | (7) |
Sales and maturities of short-term investments | 10,020 | 997 |
Payments for (Proceeds from) Other Investing Activities | (1,546) | (1,473) |
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | 0 |
CASH USED IN INVESTING ACTIVITIES | (1,502) | (18,646) |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (3,226) | (5,971) |
Cash payments on gold production royalty | 0 | (9,131) |
Proceeds From Repayment Intercompany Borrowings | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | (3,247) | (280) |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (6,473) | (15,382) |
Effect of exchange rate changes on cash and cash equivalents | 555 | 86 |
Cash and Cash Equivalents, Period Increase (Decrease) | 47,851 | (27,325) |
Cash and cash equivalents at beginning of period | 162,182 | 200,714 |
Cash and cash equivalents at end of period | 210,033 | 173,389 |
Coeur Mining, Inc. | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | (4,815) | (28,642) |
Capital expenditures | (319) | (46) |
Proceeds from Sale of Property, Plant, and Equipment | 8,916 | 0 |
Purchase of short term investments and equity securities | (1,016) | (7) |
Sales and maturities of short-term investments | 9,157 | 501 |
Payments for (Proceeds from) Other Investing Activities | (1,486) | (1,539) |
Payments to Acquire Interest in Subsidiaries and Affiliates | (12,454) | 3,420 |
CASH USED IN INVESTING ACTIVITIES | 2,798 | 2,329 |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 0 | (250) |
Cash payments on gold production royalty | 0 | |
Proceeds From Repayment Intercompany Borrowings | 14,318 | (7,879) |
Proceeds from (Payments for) Other Financing Activities | (3,247) | (280) |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 11,071 | (8,409) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | 9,054 | (34,722) |
Cash and cash equivalents at beginning of period | 58,048 | 96,123 |
Cash and cash equivalents at end of period | 67,102 | 61,401 |
Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | 17,183 | 21,460 |
Capital expenditures | (16,975) | (12,790) |
Proceeds from Sale of Property, Plant, and Equipment | 6,151 | 4,000 |
Purchase of short term investments and equity securities | 0 | 0 |
Sales and maturities of short-term investments | 863 | 496 |
Payments for (Proceeds from) Other Investing Activities | 0 | 107 |
Payments to Acquire Interest in Subsidiaries and Affiliates | (70) | 8,179 |
CASH USED IN INVESTING ACTIVITIES | (10,031) | (8) |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (1,874) | (830) |
Cash payments on gold production royalty | 0 | |
Proceeds From Repayment Intercompany Borrowings | (9,325) | (24,965) |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (11,199) | (25,795) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 4 |
Cash and Cash Equivalents, Period Increase (Decrease) | (4,047) | (4,339) |
Cash and cash equivalents at beginning of period | 50,023 | 34,228 |
Cash and cash equivalents at end of period | 45,976 | 29,889 |
Non-Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | 58,979 | 10,210 |
Capital expenditures | (6,685) | (9,336) |
Proceeds from Sale of Property, Plant, and Equipment | (48) | 9 |
Purchase of short term investments and equity securities | 0 | 0 |
Sales and maturities of short-term investments | 0 | 0 |
Payments for (Proceeds from) Other Investing Activities | (60) | (41) |
Payments to Acquire Interest in Subsidiaries and Affiliates | 67 | 0 |
CASH USED IN INVESTING ACTIVITIES | (6,726) | (9,368) |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (1,352) | (4,891) |
Cash payments on gold production royalty | (9,131) | |
Proceeds From Repayment Intercompany Borrowings | (8,612) | 24,834 |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (9,964) | 10,812 |
Effect of exchange rate changes on cash and cash equivalents | 555 | 82 |
Cash and Cash Equivalents, Period Increase (Decrease) | 42,844 | 11,736 |
Cash and cash equivalents at beginning of period | 54,111 | 70,363 |
Cash and cash equivalents at end of period | 96,955 | 82,099 |
Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | (16,076) | 3,589 |
Capital expenditures | 0 | 0 |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 |
Purchase of short term investments and equity securities | 0 | 0 |
Sales and maturities of short-term investments | 0 | 0 |
Payments for (Proceeds from) Other Investing Activities | 0 | 0 |
Payments to Acquire Interest in Subsidiaries and Affiliates | 12,457 | (11,599) |
CASH USED IN INVESTING ACTIVITIES | 12,457 | (11,599) |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 0 | 0 |
Cash payments on gold production royalty | 0 | |
Proceeds From Repayment Intercompany Borrowings | 3,619 | 8,010 |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 3,619 | 8,010 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $ 0 | $ 0 |
Supplemental Guarantor Inform74
Supplemental Guarantor Information Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | $ 210,033 | $ 162,182 |
Receivables | 67,064 | 60,431 |
Ore on leach pads | 66,585 | 64,167 |
Inventory, Net | 73,760 | 106,026 |
Prepaid expenses and other | 22,450 | 17,981 |
Current assets | 439,892 | 410,787 |
Property, plant and equipment, net | 222,617 | 216,796 |
Mining properties, net | 549,207 | 558,455 |
Ore on leach pads | 72,461 | 67,231 |
Restricted assets | 18,954 | 17,597 |
Equity securities | 3,796 | 4,488 |
Receivables | 15,558 | 30,951 |
Deferred tax assets | 0 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 |
Other Assets, Noncurrent | 15,265 | 12,604 |
TOTAL ASSETS | 1,337,750 | 1,318,909 |
Accounts payable | 47,370 | 53,335 |
Accrued liabilities and other | 37,999 | 42,743 |
Debt | 13,451 | 12,039 |
Royalty obligations | 4,961 | 4,995 |
Reclamation | 3,604 | 3,522 |
Liabilities, Current | 107,385 | 116,634 |
Debt | 205,625 | 198,857 |
Royalty obligations | 4,316 | 4,292 |
Reclamation | 97,595 | 95,804 |
Deferred tax liabilities | 76,363 | 74,798 |
Other long-term liabilities | 59,846 | 60,037 |
Intercompany Payable Receivable | 0 | 0 |
Non-current liabilities | 443,745 | 433,788 |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 181,492,911 at March 31, 2017 and 180,933,287 at December 31, 2016 | 1,815 | 1,809 |
Additional paid-in capital | 3,314,644 | 3,314,590 |
Accumulated deficit | (2,526,761) | (2,545,424) |
Accumulated other comprehensive income (loss) | (3,078) | (2,488) |
Stockholders' equity | 786,620 | 768,487 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,337,750 | 1,318,909 |
Coeur Mining, Inc. | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | 67,102 | 58,048 |
Receivables | (12) | 12 |
Ore on leach pads | 0 | 0 |
Inventory, Net | 0 | 0 |
Prepaid expenses and other | 7,719 | 3,803 |
Current assets | 74,809 | 61,863 |
Property, plant and equipment, net | 3,217 | 3,222 |
Mining properties, net | 4,000 | 0 |
Ore on leach pads | 0 | 0 |
Restricted assets | 11,701 | 10,170 |
Equity securities | 450 | 0 |
Receivables | 0 | 0 |
Deferred tax assets | 0 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 274,724 | 273,056 |
Other Assets, Noncurrent | 216,386 | 221,381 |
TOTAL ASSETS | 585,287 | 569,692 |
Accounts payable | 1,547 | 2,153 |
Accrued liabilities and other | 7,234 | 12,881 |
Debt | 0 | 0 |
Royalty obligations | 0 | 0 |
Reclamation | 0 | 0 |
Liabilities, Current | 8,781 | 15,034 |
Debt | 176,114 | 175,991 |
Royalty obligations | 0 | 0 |
Reclamation | 0 | 0 |
Deferred tax liabilities | 9,072 | 13,810 |
Other long-term liabilities | 2,407 | 1,993 |
Intercompany Payable Receivable | (397,707) | (405,623) |
Non-current liabilities | (210,114) | (213,829) |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 181,492,911 at March 31, 2017 and 180,933,287 at December 31, 2016 | 1,815 | 1,809 |
Additional paid-in capital | 3,314,644 | 3,314,590 |
Accumulated deficit | (2,526,761) | (2,545,424) |
Accumulated other comprehensive income (loss) | (3,078) | (2,488) |
Stockholders' equity | 786,620 | 768,487 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 585,287 | 569,692 |
Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | 45,976 | 50,023 |
Receivables | 9,084 | 6,865 |
Ore on leach pads | 66,585 | 64,167 |
Inventory, Net | 38,295 | 49,393 |
Prepaid expenses and other | 3,699 | 1,459 |
Current assets | 163,639 | 171,907 |
Property, plant and equipment, net | 146,122 | 139,885 |
Mining properties, net | 202,397 | 195,791 |
Ore on leach pads | 72,461 | 67,231 |
Restricted assets | 226 | 226 |
Equity securities | 3,346 | 4,488 |
Receivables | 0 | 0 |
Deferred tax assets | 0 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 11,720 | 11,650 |
Other Assets, Noncurrent | 10,009 | 9,263 |
TOTAL ASSETS | 609,920 | 600,441 |
Accounts payable | 21,364 | 24,921 |
Accrued liabilities and other | 9,555 | 13,664 |
Debt | 7,852 | 6,516 |
Royalty obligations | 4,961 | 4,995 |
Reclamation | 2,754 | 2,672 |
Liabilities, Current | 46,486 | 52,768 |
Debt | 23,288 | 15,214 |
Royalty obligations | 4,316 | 4,292 |
Reclamation | 76,443 | 75,183 |
Deferred tax liabilities | 6,354 | 6,179 |
Other long-term liabilities | 4,756 | 4,750 |
Intercompany Payable Receivable | 326,814 | 336,813 |
Non-current liabilities | 441,971 | 442,431 |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 181,492,911 at March 31, 2017 and 180,933,287 at December 31, 2016 | 250 | 250 |
Additional paid-in capital | 181,683 | 181,009 |
Accumulated deficit | (57,455) | (73,529) |
Accumulated other comprehensive income (loss) | (3,015) | (2,488) |
Stockholders' equity | 121,463 | 105,242 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 609,920 | 600,441 |
Non-Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | 96,955 | 54,111 |
Receivables | 57,992 | 53,554 |
Ore on leach pads | 0 | 0 |
Inventory, Net | 35,465 | 56,633 |
Prepaid expenses and other | 11,032 | 12,719 |
Current assets | 201,444 | 177,017 |
Property, plant and equipment, net | 73,278 | 73,689 |
Mining properties, net | 342,810 | 362,664 |
Ore on leach pads | 0 | 0 |
Restricted assets | 7,027 | 7,201 |
Equity securities | 0 | 0 |
Receivables | 15,558 | 30,951 |
Deferred tax assets | 191 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | (624) | 0 |
Other Assets, Noncurrent | 5,256 | 3,153 |
TOTAL ASSETS | 644,749 | 654,866 |
Accounts payable | 24,459 | 26,261 |
Accrued liabilities and other | 21,210 | 16,198 |
Debt | 5,599 | 5,523 |
Royalty obligations | 0 | 0 |
Reclamation | 850 | 850 |
Liabilities, Current | 52,118 | 48,832 |
Debt | 222,609 | 229,036 |
Royalty obligations | 0 | 0 |
Reclamation | 21,152 | 20,621 |
Deferred tax liabilities | 60,937 | 54,809 |
Other long-term liabilities | 52,683 | 53,294 |
Intercompany Payable Receivable | 70,893 | 68,810 |
Non-current liabilities | 428,274 | 426,570 |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 181,492,911 at March 31, 2017 and 180,933,287 at December 31, 2016 | 191,613 | 197,913 |
Additional paid-in capital | 1,809,557 | 1,864,261 |
Accumulated deficit | (1,836,813) | (1,882,710) |
Accumulated other comprehensive income (loss) | 0 | 0 |
Stockholders' equity | 164,357 | 179,464 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 644,749 | 654,866 |
Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Receivables | 0 | 0 |
Ore on leach pads | 0 | 0 |
Inventory, Net | 0 | 0 |
Prepaid expenses and other | 0 | 0 |
Current assets | 0 | 0 |
Property, plant and equipment, net | 0 | 0 |
Mining properties, net | 0 | 0 |
Ore on leach pads | 0 | 0 |
Restricted assets | 0 | 0 |
Equity securities | 0 | 0 |
Receivables | 0 | 0 |
Deferred tax assets | (191) | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | (285,820) | (284,706) |
Other Assets, Noncurrent | (216,386) | (221,193) |
TOTAL ASSETS | (502,206) | (506,090) |
Accounts payable | 0 | 0 |
Accrued liabilities and other | 0 | 0 |
Debt | 0 | 0 |
Royalty obligations | 0 | 0 |
Reclamation | 0 | 0 |
Liabilities, Current | 0 | 0 |
Debt | (216,386) | (221,384) |
Royalty obligations | 0 | 0 |
Reclamation | 0 | 0 |
Deferred tax liabilities | 0 | 0 |
Other long-term liabilities | 0 | 0 |
Intercompany Payable Receivable | 0 | 0 |
Non-current liabilities | (216,386) | (221,384) |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 181,492,911 at March 31, 2017 and 180,933,287 at December 31, 2016 | (191,863) | (198,163) |
Additional paid-in capital | (1,991,240) | (2,045,270) |
Accumulated deficit | 1,894,268 | 1,956,239 |
Accumulated other comprehensive income (loss) | 3,015 | 2,488 |
Stockholders' equity | (285,820) | (284,706) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ (502,206) | $ (506,090) |
Commitments and Contigencies (D
Commitments and Contigencies (Details Textual) oz in Millions | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Mar. 31, 2017oz | Oct. 02, 2014USD ($) | Oct. 14, 2009m | |
Business Acquisition [Line Items] | ||||
Percentage of labor force covered by collective bargaining agreements | 10.00% | |||
NSR royalty percentage | 3.40% | |||
NSR royalty maximum amount | $ 39,400,000 | |||
Maximum Height for Temporary Restriction on Mining | m | 4,400 | |||
Palmarejo gold production royalty [Member] | ||||
Business Acquisition [Line Items] | ||||
Production to be sold, percent | 50.00% | |||
Price per ounce under agreement | $ 800 | |||
Aggregate deposit to be received | $ 22,000,000 | |||
Rochester Royalty Obligation [Member] | ||||
Business Acquisition [Line Items] | ||||
Payable ounces under royalty obligation | oz | 15.9 |