Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 23, 2018 | |
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, 2018 | |
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 | 186,116,975 | |
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, 2018 | Mar. 31, 2017 | ||
Statement of Comprehensive Income [Abstract] | |||
Revenues | $ 163,267 | $ 185,554 | |
COSTS AND EXPENSES | |||
Costs applicable to sales | [1] | 99,340 | 114,490 |
Amortization | 30,777 | 38,693 | |
General and administrative | 8,804 | 10,125 | |
Exploration | 6,683 | 5,252 | |
Pre-development, reclamation, and other | 4,225 | 3,837 | |
Total costs and expenses | 149,829 | 172,397 | |
OTHER INCOME (EXPENSE), NET | |||
Fair value adjustments, net, pretax | 4,987 | (1,200) | |
Interest expense, net of capitalized interest | (5,965) | (3,579) | |
Other, net | 180 | 20,799 | |
Total other income (expense), net | (798) | 16,020 | |
Total | 12,640 | 29,177 | |
Income and mining tax benefit (expense) | (11,949) | (10,878) | |
Income (loss) from continuing operations | 691 | 18,299 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 550 | 364 | |
Net income (loss) | 1,241 | 18,663 | |
OTHER COMPREHENSIVE INCOME (LOSS), Net of Tax: | |||
Unrealized gain (loss) on debt and equity securities | (278) | (2,182) | |
Reclassification adjustments for impairment of equity securities | 0 | 121 | |
Reclassification adjustments for realized (gain) loss on sale of equity securities | 0 | 1,471 | |
Other comprehensive income (loss) | (278) | (590) | |
COMPREHENSIVE INCOME (LOSS) | $ 963 | $ 18,073 | |
Basic EPS | |||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.004 | $ 0.10 | |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0.003 | 0 | |
Earnings Per Share, Basic | 0.007 | 0.10 | |
Diluted EPS | |||
Income (Loss) from Continuing Operations, Per Diluted Share | 0.004 | 0.10 | |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0.003 | 0 | |
Earnings Per Share, Diluted | $ 0.007 | $ 0.10 | |
[1] | Excludes amortization. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Cash Flows [Abstract] | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 172,101 | $ 170,457 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | 1,241 | 18,663 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (550) | (364) |
Adjustments: | ||
Amortization | 30,777 | 38,693 |
Accretion | 3,318 | 2,240 |
Deferred income taxes | 454 | 2,584 |
Fair value adjustments, net | (4,987) | 1,200 |
Stock-based compensation | 2,786 | 3,307 |
Gain on sale of the Joaquin project | 0 | (21,138) |
Foreign exchange and other | 401 | (1,895) |
Changes in operating assets and liabilities: | ||
Receivables | (1,691) | 5,680 |
Prepaid expenses and other current assets | (5,635) | (4,906) |
Inventories | (8,708) | 15,171 |
Accounts payable and accrued liabilities | (1,865) | (15,299) |
CASH PROVIDED BY OPERATING ACTIVITIES | 15,541 | 43,936 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | (2,690) | 11,335 |
Net Cash Provided by (Used in) Operating Activities | 12,851 | 55,271 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (42,345) | (23,591) |
Proceeds from the sale of assets | 60 | 15,019 |
Purchase of short term investments and equity securities | (361) | (1,016) |
Sales and maturities of short-term investments | 1,619 | 10,020 |
Other | (65) | (14) |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (41,092) | 418 |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | (28,470) | (388) |
CASH USED IN INVESTING ACTIVITIES | (69,562) | 30 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from Issuance of Unsecured Debt | 15,000 | 0 |
Payments on long-term debt, capital leases, and associated costs | (18,449) | (3,206) |
Other | (4,606) | (3,247) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (8,055) | (6,453) |
Cash Provided by (Used in) Financing Activities, Discontinued Operations | (22) | (20) |
Net Cash Provided by (Used in) Financing Activities | (8,077) | (6,473) |
Effect of exchange rate changes on cash and cash equivalents | 557 | 555 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (64,231) | 49,383 |
Cash and cash equivalents at end of period | 159,643 | 160,636 |
Net Cash Provided by (Used in) Discontinued Operations | (32,930) | 5,527 |
CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingNetCashProvidedByUsedInDiscontinuedOperationsAssetsHeldForSale | (31,301) | 43,856 |
Net subsidiary payments to parent company | $ 1,748 | $ 5,400 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 159,643 | $ 192,032 |
Receivables | 35,864 | 19,069 |
Inventory | 61,723 | 58,230 |
Ore on leach pads | 75,584 | 73,752 |
Prepaid expenses and other | 18,203 | 15,053 |
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 91,421 |
Current assets | 351,017 | 449,557 |
NON-CURRENT ASSETS | ||
Property, plant and equipment, net | 266,157 | 254,737 |
Mining properties, net | 843,821 | 829,569 |
Ore on leach pads, noncurrent | 67,430 | 65,393 |
Restricted assets | 22,116 | 20,847 |
Equity and debt securities | 37,317 | 34,837 |
Receivables | 55,428 | 28,750 |
Other | 18,649 | 17,485 |
TOTAL ASSETS | 1,661,935 | 1,701,175 |
CURRENT LIABILITIES | ||
Accounts payable | 44,864 | 48,592 |
Accrued liabilities and other | 105,149 | 94,930 |
Debt | 17,040 | 30,753 |
Reclamation | 3,777 | 3,777 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | 50,677 |
Current liabilities | 170,830 | 228,729 |
NON-CURRENT LIABILITIES | ||
Debt | 396,984 | 380,569 |
Reclamation | 119,154 | 117,055 |
Deferred tax liabilities | 105,224 | 105,148 |
Other long-term liabilities | 55,432 | 54,697 |
Non-current liabilities | 676,794 | 657,469 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 186,176,237 issued and outstanding at March 31, 2018 and 185,637,724 at December 31, 2017 | 1,862 | 1,856 |
Additional paid-in capital | 3,355,710 | 3,357,345 |
Accumulated other comprehensive income (loss) | (363) | 2,519 |
Accumulated deficit | (2,542,898) | (2,546,743) |
Stockholders' equity | 814,311 | 814,977 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,661,935 | $ 1,701,175 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 186,176,237 | 185,637,724 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Changes in Stockholders' Equity - 3 months ended Mar. 31, 2018 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Balances at Dec. 31, 2017 | $ 814,977 | $ 1,856 | $ 3,357,345 | $ (2,546,743) | $ 2,519 |
Balances, in shares at Dec. 31, 2017 | 185,638 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 1,241 | 1,241 | |||
Other comprehensive income (loss) | (278) | (278) | |||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 538 | ||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | (1,629) | $ 6 | (1,635) | ||
Balances at Mar. 31, 2018 | 814,311 | $ 1,862 | $ 3,355,710 | (2,542,898) | (363) |
Balances, in shares at Mar. 31, 2018 | 186,176 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Reclassification of unrealized gain (loss) on equity securities for ASU 2016-01 | $ 0 | $ 2,604 | $ (2,604) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Basis of Presentation [Abstract] | |
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, 2018. The condensed consolidated December 31, 2017 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, 2017 (the “2017 10-K”). |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revenue Recognition On January 1, 2018, the Company adopted the updated revenue guidance applicable under ASC 606 - Revenue from Contracts with Customers. The new guidance creates a five-step framework to determine revenue recognition: 1. Identify the contract with the customer 2. Identify the performance obligations 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations 5. Recognize revenue when (or as) the entity satisfies a performance obligation The Company produces doré and concentrate that is shipped to third-party refiners and smelters, respectively, for processing. The Company enters into contracts to sell its metal to various third-party customers which may include the refiners and smelters that process the doré and concentrate. The Company’s performance obligation in these transactions is generally the transfer of metal to the customer. In the case of doré shipments, the company generally sells refined metal at market prices agreed upon by both parties. The Company also has the right, but not the obligation, to sell a portion of the anticipated refined metal in advance of being fully refined. When the Company sells refined metal or advanced metal, the performance obligation is satisfied when the metal is delivered to the customer. Revenue and Costs Applicable to Sales are recorded on a gross basis under these contracts at the time the performance obligation is satisfied. Under the Company’s concentrate sales contracts with third-party smelters, metal prices are set on a specified future quotational period, typically one to three months, after the shipment date based on market prices. When the Company sells gold concentrate to the third-party smelters, the performance obligation is satisfied when the concentrate is loaded onto the third-party shipping vessel. The contracts, in general, provide for provisional payment based upon provisional assays and historical metal prices. Final settlement is based on the applicable price for the specified future quotational period and generally occurs three to six months after shipment. The Company’s provisionally priced sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of concentrates measured at the forward price at the time of sale. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through revenue each period until the date of final metal settlement. The Company also sells concentrate under off-take agreements to third-party customers that are responsible for arranging the smelting of the concentrate. Prices are can either be fixed or based on a quotational period. The quotational period varies by contract, but is generally a one-month period following the shipment of the concentrate. The performance obligation is satisfied when the concentrate is loaded onto the third-party shipping vessel. The off-take agreement allows for the Company to sell concentrate in advance of shipment and results in the customer taking ownership of the concentrate prior to shipment. For doré and off-take sales, the Company may incur a finance charge related to advance sales that is not considered significant and, as such, is not considered a separate performance obligation. In addition, the Company has elected to treat freight costs as a fulfillment cost under ASC 606 and not as a separate performance obligation. The Company’s streaming agreement with a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) commenced in 2016 with a $20.0 million deposit paid by Franco-Nevada in exchange for the right and obligation to purchase 50% of a portion of Palmarejo gold production at the lesser of $800 or market price per ounce. Because there is no minimum obligation associated with this deposit, it is not considered financing, and each shipment is considered to be a separate performance obligation. The streaming agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. The following table presents a rollforward of the Franco-Nevada contract liability balance: Three months ended March 31, In thousands 2018 2017 Opening Balance $ 14,883 $ 19,281 Revenue Recognized (543 ) $ (1,629 ) Closing Balance $ 14,340 $ 17,652 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 became effective for the Company’s fiscal year beginning January 1, 2018 and did not materially impact the Company’s consolidated net income, financial position or 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 became effective for the Company’s fiscal year beginning January 1, 2018 and resulted in the inclusion of restricted cash equivalents on the Consolidated Statements of Cash Flows of $12.5 million at March 31, 2018 and $9.8 million at March 31, 2017. 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 became effective for the Company’s fiscal year beginning January 1, 2018 and did not materially impact the Company’s consolidated net income, financial position or 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 January 2016, the FASB issued ASU 2016-01, “ Recognition and Measurement of Financial Assets and Financial Liabilities, ” which requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income. This new guidance also updates certain disclosure requirements for these investments. These changes became effective for the Company’s fiscal year beginning January 1, 2018, and resulted in a reclassification of $2.6 million of unrealized holding gains and losses and deferred income taxes related to investments in equity securities from Accumulated other comprehensive income (loss) to Accumulated deficit in the Consolidated Balance Sheets on that date. Unrealized holding gains and losses related to investments in equity securities are now recognized in Fair value adjustments, net in the Consolidated Statements of Comprehensive Income (Loss). 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 became effective for the Company’s fiscal year beginning January 1, 2018 and did not materially impact the Company’s consolidated net income, financial position or cash flows. In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers ” , which has subsequently been amended several times, to update revenue guidance under the newly-created ASC 606. 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 became effective under the modified retrospective method of adoption for the Company’s fiscal year beginning January 1, 2018 and did not materially impact the Company’s consolidated net income, financial position or cash flows. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING The Company’s operating segments include the Palmarejo complex, and the Rochester, Kensington, Wharf and Silvertip mines. Except for the Silvertip mine, which was acquired in the fourth quarter of 2017, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. Silvertip is engaged in the discovery, mining, and production of silver, zinc and lead. Other includes the La Preciosa project, other mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts. The Company determined that the disposition of Empresa Minera Manquiri S.A., a Bolivian Sociedad anonima (“Manquiri”), which operates the San Bartolomé mine, represents a strategic shift to a North America-focused mining portfolio and has a significant effect on the entity's results and operations; therefore, the results of operations are presented as discontinued operations for all periods presented. Financial information relating to the Company’s segments is as follows (in thousands): Three months ended March 31, 2018 Palmarejo Rochester Silvertip Kensington Wharf Other Total Revenue Metal sales $ 70,037 $ 33,497 $ — $ 36,300 $ 23,433 $ — $ 163,267 Costs and Expenses Costs applicable to sales (1) 31,096 24,305 — 28,630 15,309 — 99,340 Amortization 16,325 4,831 — 6,717 2,657 247 30,777 Exploration 3,970 33 — 1,590 10 1,080 6,683 Other operating expenses 731 884 20 321 665 10,408 13,029 Other income (expense) Fair value adjustments, net — — — — — 4,987 4,987 Interest expense, net (119 ) (98 ) (410 ) (243 ) (12 ) (5,083 ) (5,965 ) Other, net (2,144 ) (40 ) 362 (37 ) (21 ) 2,060 180 Income and mining tax (expense) benefit (12,443 ) (371 ) 835 — (639 ) 669 (11,949 ) Income (loss) from continuing operations $ 3,209 $ 2,935 $ 767 $ (1,238 ) $ 4,120 $ (9,102 ) $ 691 Income (loss) from discontinued operations $ — $ — $ — $ — $ — $ 550 $ 550 Segment assets (2) $ 377,146 $ 245,881 $ 361,212 $ 215,244 $ 104,805 $ 119,922 $ 1,424,210 Capital expenditures $ 9,293 $ 2,633 $ 18,629 $ 11,364 $ 344 $ 82 $ 42,345 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Three months ended March 31, 2017 Palmarejo Rochester Kensington Wharf Other Total Revenue Metal sales $ 77,704 $ 38,979 $ 37,964 $ 30,251 $ 656 $ 185,554 Costs and Expenses Costs applicable to sales (1) 43,001 26,439 28,443 16,320 287 114,490 Amortization 20,150 5,816 9,178 3,111 438 38,693 Exploration 1,631 144 839 — 2,638 5,252 Other operating expenses 301 810 345 619 11,887 13,962 Other income (expense) Fair value adjustments, net — (1,200 ) — — — (1,200 ) Interest expense, net (125 ) (117 ) (40 ) (19 ) (3,278 ) (3,579 ) Other, net 1,794 (32 ) (808 ) 89 19,756 20,799 Income and mining tax (expense) benefit (12,245 ) (498 ) — (957 ) 2,822 (10,878 ) Income (loss) from continuing operations $ 2,045 $ 3,923 $ (1,689 ) $ 9,314 $ 4,706 $ 18,299 Income (loss) from discontinued operations $ — $ — $ — $ — $ 364 $ 364 Segment assets (2) $ 401,623 $ 227,526 $ 204,987 $ 104,673 $ 84,402 $ 1,023,211 Capital expenditures $ 6,230 $ 10,568 $ 5,521 $ 887 $ 385 $ 23,591 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Assets March 31, 2018 December 31, 2017 Total assets for reportable segments $ 1,424,210 $ 1,344,553 Cash and cash equivalents 159,643 192,032 Other assets 78,082 164,590 Total consolidated assets $ 1,661,935 $ 1,701,175 Geographic Information Long-Lived Assets March 31, 2018 December 31, 2017 Mexico $ 364,047 $ 370,188 United States 384,578 377,768 Canada 350,556 331,440 Other 10,797 4,910 Total $ 1,109,978 $ 1,084,306 Revenue Three months ended March 31, 2018 2017 United States $ 93,230 $ 107,194 Mexico 70,037 77,704 Australia — 656 Total $ 163,267 $ 185,554 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 and 2017 was $2.8 million and $3.3 million , respectively. At March 31, 2018 , there was $4.8 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.4 years. The following table summarizes the grants awarded during the three months ended March 31, 2018 : 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 March 5, 2018 31,887 $ 7.84 — $ — — $ — The following options and stock appreciation rights were exercisable during the three months ended March 31, 2018 : Award Type Number of Exercised Units Weighted Average Exercised Price Number of Exercisable Units Weighted Average Stock options 93,920 $ 1.81 397,651 $ 14.39 Stock appreciation rights — $ — 42,152 $ 14.14 |
Reclamation
Reclamation | 3 Months Ended |
Mar. 31, 2018 | |
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 2018 2017 Asset retirement obligation - Beginning $ 118,799 $ 86,754 Accretion 2,545 2,064 Settlements (496 ) (421 ) Asset retirement obligation - Ending $ 120,848 $ 88,397 The Company has accrued $2.1 million and $2.0 million at March 31, 2018 and December 31, 2017 , respectively, for reclamation liabilities related to former mining activities, which are included in Reclamation. |
Other, Net
Other, Net | 3 Months Ended |
Mar. 31, 2018 | |
Other Income and Expenses [Abstract] | |
OTHER, NET | OTHER, NET Other, net consists of the following: Three months ended March 31, In thousands 2018 2017 Foreign exchange gain (loss) $ (670 ) $ 1,206 Loss on sale of assets and investments (574 ) (2,066 ) Gain on sale of the Joaquin project — 21,138 Other 1,424 521 Other, net $ 180 $ 20,799 |
Retirement Savings Plan
Retirement Savings Plan | 3 Months Ended |
Mar. 31, 2018 | |
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 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, 2018 and 2017 were $1.2 million and $2.1 million . In addition, the Company has a deferred compensation plan for employees whose benefits under the 401(k) plan are limited by federal regulations. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 and 2017 , 496,064 and 1,368,685 common stock equivalents, respectively, related to equity-based awards were not included in the diluted earnings per share calculation as the shares would be antidilutive. Three months ended March 31, In thousands except per share amounts 2018 2017 Net income (loss) available to common stockholders: Income (loss) from continuing operations $ 691 $ 18,299 Income (loss) from discontinued operations 550 364 $ 1,241 $ 18,663 Weighted average shares: Basic 184,367 178,898 Effect of stock-based compensation plans 3,254 4,170 Diluted 187,621 183,068 Basic income (loss) per share: Income (loss) from continuing operations $ 0.00 $ 0.10 Income (loss) from discontinued operations 0.00 0.00 Basic (1) $ 0.01 $ 0.10 Diluted income (loss) per share: Income (loss) from continuing operations $ 0.00 $ 0.10 Income (loss) from discontinued operations 0.00 0.00 Diluted (1) $ 0.01 $ 0.10 (1) Due to rounding, the sum of net income per share from continuing operations and discontinued operations may not equal net income per share. |
Income and Mining Taxes
Income and Mining Taxes | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 and 2017 by significant jurisdiction: Three months ended March 31, 2018 2017 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ 1,187 $ 517 $ 20,653 $ (1,827 ) Argentina 254 10 (328 ) 1,124 Mexico 13,126 (13,222 ) 8,650 (9,923 ) Other jurisdictions (1,927 ) 746 202 (252 ) $ 12,640 $ (11,949 ) $ 29,177 $ (10,878 ) The Company’s 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 the consolidated effective tax rate, along with mining taxes, uncertain tax positions, and a full valuation allowance on deferred tax assets related to losses in the United States and certain foreign jurisdictions. Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $3.6 million and $5.6 million for the three months ended March 31, 2018 and 2017, respectively, predominately due to the strengthening of the Mexican Peso. Additionally, favorable operating results at Palmarejo contributed to higher income and mining tax expense in Mexico. 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 2017 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 2014 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 twelve 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 $1.5 million and $2.5 million in the next twelve months. At March 31, 2018 and December 31, 2017, the Company had $3.9 million and $4.3 million of total gross unrecognized tax benefits, respectively that, if recognized, 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, 2018 and December 31, 2017, the amount of accrued income-tax-related interest and penalties was $4.2 million and $4.8 million , respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Three months ended March 31, In thousands 2018 2017 Rochester royalty obligation $ — $ (1,200 ) Unrealized gain (loss) on equity securities 4,842 — Zinc options 145 — Fair value adjustments, net $ 4,987 $ (1,200 ) 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, 2018 In thousands Total Level 1 Level 2 Level 3 Assets: Equity and debt securities $ 37,317 $ 31,003 $ — $ 6,314 Other derivative instruments, net 552 — 552 — $ 37,869 $ 31,003 $ 552 $ 6,314 Liabilities: Silvertip contingent consideration $ 48,289 $ — $ — $ 48,289 Other derivative instruments, net 125 — 125 — $ 48,414 $ — $ 125 $ 48,289 Fair Value at December 31, 2017 In thousands Total Level 1 Level 2 Level 3 Assets: Equity and debt securities $ 34,837 $ 27,946 $ — $ 6,891 Other derivative instruments, net 251 — 251 — $ 35,088 $ 27,946 $ 251 $ 6,891 Liabilities: Silvertip contingent consideration $ 47,965 $ — $ — $ 47,965 Other derivative instruments, net 222 — 222 — $ 48,187 $ — $ 222 $ 47,965 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 debt 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, include concentrate and certain doré sales contracts, as well as zinc hedges, which are valued using pricing models with inputs 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. In July 2017, the Company sold the Endeavor Silver Stream and remaining non-core royalties to Metalla Royalty & Streaming Ltd. (“Metalla”) for total consideration of $13.0 million , including a $6.7 million convertible debenture. The convertible debenture matures June 30, 2027 , bears interest at a rate of 5% payable semi-annually, and is convertible into Metalla shares in connection with future equity financings or asset acquisitions by Metalla at the then-current price to maintain the Company’s approximate 19.9% ownership. The fair value of the convertible debenture is estimated based on observable market data including yield curves and credit spreads. Therefore, the Company classifies the convertible debenture in Level 3 of the fair value hierarchy. In October 2017, the Company acquired the Silvertip mine from shareholders of JDS Silver Holdings Ltd.The consideration for the Silvertip mine includes two $25.0 million contingent payments, which are payable in cash and common stock upon reaching a future permitting milestone in 2018 and resource declaration milestone in 2019, respectively. The fair value of the Silvertip contingent consideration is estimated based on an estimated discount rate of 2.5% for the contingent permitting payment and 2.9% for the contingent resource declaration payment and is classified within Level 3 of the fair value hierarchy. No assets or liabilities were transferred between fair value levels in the three months ended March 31, 2018. 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, 2018: Three Months Ended March 31, 2018 In thousands Balance at the beginning of the period Revaluation Settlements Accretion Balance at the end of the period Assets: Equity and debt securities $ 6,891 $ (278 ) $ (299 ) $ — $ 6,314 Liabilities: Silvertip contingent consideration $ 47,965 $ — $ — $ 324 $ 48,289 The fair value of financial assets and liabilities carried at book value in the financial statements at March 31, 2018 and December 31, 2017 is presented in the following table: March 31, 2018 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Assets: Manquiri Notes Receivable $ 39,887 $ 39,887 $ — $ — $ 39,887 Liabilities: 5.875% Senior Notes due 2024 (1) $ 245,280 $ 244,520 $ — $ 244,520 $ — Revolving Credit Facility (2) $ 115,000 $ 115,000 $ — $ 115,000 $ — (1) Net of unamortized debt issuance costs of $4.7 million . (2) Unamortized debt issuance costs of $1.8 million included in Other Non-Current Assets . December 31, 2017 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 5.875% Senior Notes due 2024 (1) $ 245,088 $ 243,913 $ — $ 243,913 $ — Revolving Credit Facility (2) $ 100,000 $ 100,000 $ — $ 100,000 $ — (1) Net of unamortized debt issuance costs of $4.9 million . (2) Unamortized debt issuance costs of $1.9 million included in Other Non-Current Assets . The fair value of the Manquiri Notes Receivable approximates book value due to no significant change in interest rates since the sale of Manquiri; see Note 21 -- Discontinued Operations for additional detail. The fair value of the 5.875% Senior Notes due 2024 (the “2024 Senior Notes”) was estimated using quoted market prices. The fair value of the Revolving Credit Facility approximates book value as the liability is secured, has a variable interest rate, and lacks significant credit concerns. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS 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 $0.3 million and $1.2 million in the three months ended March 31, 2018 and 2017 , respectively. Zinc Options At March 31, 2018 , the Company has outstanding Asian (or average value) put and call option contracts in net-zero-cost collar arrangements on a volume of 300 metric tons of zinc per month commencing in April 2018 and ending in December 2018. The weighted average strike prices on the put and call contracts are $3,000 and $4,050 per metric ton, respectively. The contracts are generally net cash settled and, if the price of zinc at the time of the expiration is between the put and call prices, would expire at no cost to the Company. At March 31, 2018 , the fair market value of the put and call zero cost collar contracts was a net asset of $0.1 million . During the three months ended March 31, 2018 , the Company had recorded unrealized gains of $0.1 million related to outstanding options which were included in Fair value adjustments, net . At March 31, 2017, the Company had no outstanding options contracts. At March 31, 2018 , the Company had the following derivative instruments that settle as follows: In thousands except average prices and notional ounces 2018 Thereafter Provisional silver sales contracts $ 831 $ — Average silver price per ounce $ 16.66 $ — Notional ounces 49,853 — Provisional gold sales contracts $ 59,332 $ — Average gold price per ounce $ 1,317 $ — Notional ounces 45,051 — Zinc put options purchased $ 8,100 $ — Average zinc strike price per metric ton $ 3,000 $ — Notional metric tons 2,700 — Zinc call options sold $ (10,935 ) $ — Average zinc strike price per metric ton $ 4,050 $ — Notional metric tons 2,700 — The following summarizes the classification of the fair value of the derivative instruments: March 31, 2018 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 $ 407 $ 125 $ — $ — Zinc options 145 — — — $ 552 $ 125 $ — $ — December 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 $ 251 $ 222 $ — $ — The following represent mark-to-market gains (losses) on derivative instruments for the three months ended March 31, 2018 and 2017 , respectively (in thousands): Three months ended March 31, Financial statement line Derivative 2018 2017 Revenue Provisional silver and gold sales contracts $ 253 $ 1,212 Fair value adjustments, net Zinc options 145 — $ 398 $ 1,212 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. |
Acquisitions (Notes)
Acquisitions (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS In October 2017, the Company completed the acquisition of JDS Silver Holdings Ltd. and its wholly-owned subsidiary JDS Silver Inc. (together, “JDS Silver”) which, following the closing of the acquisition, were amalgamated with a subsidiary of Coeur to form Coeur Silvertip Holdings Ltd., which owns the underground Silvertip silver-zinc-lead mine in northern British Columbia, Canada. JDS Silver was purchased for approximately $153.2 million in cash and $36.0 million in Coeur common stock. In addition, the Company recorded $47.7 million of contingent consideration payable in cash and common stock upon reaching future permitting and resource declaration milestones. The cash consideration was funded with $100.0 million of borrowing under the Facility (as defined in Note 18 -- Debt) and cash on hand. Upon closing, the Company issued approximately 4.2 million Coeur shares to former shareholders of JDS Silver Holdings Ltd. The acquisition aligns with the Company’s strategic shift to a North America-focused mining portfolio. The transaction was accounted for as a business combination, which requires that assets acquired and liabilities assumed be recognized at their respective fair values at the acquisition date. The acquisition is not significant to the Company’s results of operations, individually or in the aggregate, because the Silvertip mine is in pre-production. As there are no significant differences from the Company’s historical results of operations, no pro forma financial information is provided. The allocation of purchase price to the acquired assets and liabilities assumed is preliminary as of March 31, 2018 and subsequent adjustments may result in changes to mineral interest and other carrying amounts initially assigned based on the preliminary fair value analysis. The principal remaining items to be valued are property, plant and equipment and mining properties, which will be finalized as management continues to review the valuation methodologies used to estimate the fair value of these assets. The preliminary purchase price allocation is as follows (in thousands): Common shares issued (4,191,679 at $8.59) $ 36,007 Cash 153,194 Contingent consideration 47,705 Total purchase price (1) $ 236,906 Assets: Receivables and other assets $ 6,828 Property, plant, and equipment 29,943 Mining properties, net 288,464 325,235 Liabilities: Accounts payable and accrued liabilities 13,077 Asset retirement obligation 6,982 Debt and capital lease 20,149 Deferred income taxes 48,121 88,329 Net assets acquired $ 236,906 (1) Purchase price has been adjusted for restricted cash acquired due to the adoption of ASU 2016-01. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2018 | |
Investment in Marketable Securities [Abstract] | |
INVESTMENTS | INVESTMENTS Equity and Debt Securities The Company makes strategic investments in equity and debt securities of silver and gold exploration and development companies. At March 31, 2018 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity Securities Metalla Royalty & Streaming Ltd. $ 6,294 $ — $ 2,837 $ 9,131 Corvus Gold Inc. 3,582 — 6,844 10,426 Almaden Minerals, Ltd. 2,067 (727 ) — 1,340 Northern Empire Resources Corp. 4,489 — 2,999 7,488 Rockhaven Resources, Ltd. 2,064 (596 ) — 1,468 Other 1,190 (155 ) 115 1,150 Equity securities $ 19,686 $ (1,478 ) $ 12,795 $ 31,003 Debt Securities Metalla Royalty & Streaming Ltd. $ 6,677 $ (363 ) $ — $ 6,314 Equity and debt securities $ 26,363 $ (1,841 ) $ 12,795 $ 37,317 At December 31, 2017 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity Securities Metalla Royalty & Streaming Ltd. $ 6,294 $ — $ 1,354 $ 7,648 Corvus Gold Inc. 3,582 — 4,518 8,100 Almaden Minerals, Ltd. 3,125 (235 ) — 2,890 Northern Empire Resources Corp. 4,489 — 1,077 5,566 Rockhaven Resources, Ltd. 2,064 (193 ) — 1,871 Kootenay Silver, Inc. 738 — 1 739 Other 1,479 (453 ) 405 1,431 Equity securities $ 21,771 $ (881 ) $ 7,355 $ 28,245 Debt Securities Metalla Royalty & Streaming Ltd. $ 6,677 $ (85 ) $ — $ 6,592 Equity and debt securities $ 28,448 $ (966 ) $ 7,355 $ 34,837 The following table presents the disaggregated gain (loss) on equity securities recognized in Income (loss) from continuing operations on the Condensed Consolidated Statements of Comprehensive Income: Three months ended March 31, In thousands 2018 2017 Net gain (loss) $ 4,529 $ (1,471 ) Less: Realized (gain) loss 313 1,471 Unrealized gain (loss) $ 4,842 $ — The Company performs a quarterly assessment on its debt securities with unrealized losses to determine if the securities are other than temporarily impaired. The following table summarizes unrealized losses on debt 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, 2018 : Less than twelve months Twelve months or more Total In thousands Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Debt securities 363 6,314 — — 363 6,314 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 asset retirement 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, 2018 and December 31, 2017, the Company held certificates of deposit and cash equivalents under these agreements of $22.1 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 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, 2018 | |
Receivables [Abstract] | |
RECEIVABLES | RECEIVABLES Receivables consist of the following: In thousands March 31, 2018 December 31, 2017 Current receivables: Trade receivables $ 3,840 $ 5,883 Income tax receivable 48 7 Value added tax receivable 14,482 10,982 Manquiri note receivable 15,840 — Other 1,654 2,197 $ 35,864 $ 19,069 Non-current receivables: Value added tax receivable $ 31,381 $ 28,750 Manquiri note receivable 24,047 — 55,428 28,750 Total receivables $ 91,292 $ 47,819 The increase in receivables is due to the recognition of Manquiri notes receivable as consideration for the sale of San Bartolomé. See Note 21 -- Discontinued Operations for additional detail. |
Inventory and Ore on Leach Pads
Inventory and Ore on Leach Pads | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
INVENTORY AND ORE ON LEACH PADS | INVENTORY AND ORE ON LEACH PADS Inventory consists of the following: In thousands March 31, 2018 December 31, 2017 Inventory: Concentrate $ 11,062 $ 6,831 Precious metals 17,783 18,803 Supplies 32,878 32,596 61,723 58,230 Ore on leach pads: Current 75,584 73,752 Non-current 67,430 65,393 143,014 139,145 Total inventory and ore on leach pads $ 204,737 $ 197,375 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 December 31, 2017 Land $ 9,107 $ 9,408 Facilities and equipment 559,276 554,160 Assets under capital leases 88,720 82,753 657,103 646,321 Accumulated amortization (1) (456,374 ) (448,001 ) 200,729 198,320 Construction in progress 65,428 56,417 Property, plant and equipment, net $ 266,157 $ 254,737 (1) Includes $29.0 million and $28.2 million of accumulated amortization related to assets under capital leases at March 31, 2018 and December 31, 2017, respectively. |
Mining Properties
Mining Properties | 3 Months Ended |
Mar. 31, 2018 | |
Mining Properties [Abstract] | |
MINING PROPERTIES | MINING PROPERTIES Mining properties consist of the following (in thousands): March 31, 2018 Palmarejo Rochester Silvertip Kensington Wharf La Preciosa Other Total Mine development $ 220,141 $ 194,390 $ 70,626 $ 307,996 $ 40,688 $ — $ — $ 833,841 Accumulated amortization (151,102 ) (146,245 ) — (182,555 ) (16,456 ) — — (496,358 ) 69,039 48,145 70,626 125,441 24,232 — — 337,483 Mineral interests 629,303 — 245,116 — 45,837 49,085 7,102 976,443 Accumulated amortization (445,327 ) — — — (24,655 ) — — (123 ) (470,105 ) 183,976 — 245,116 — 21,182 49,085 6,979 506,338 Mining properties, net $ 253,015 $ 48,145 $ 315,742 $ 125,441 $ 45,414 $ 49,085 $ 6,979 $ 843,821 December 31, 2017 Palmarejo Rochester Silvertip Kensington Wharf La Preciosa Total Mine development $ 214,383 $ 193,881 $ 57,214 $ 298,749 $ 40,618 $ — $ 804,845 Accumulated amortization (146,598 ) (144,390 ) — (178,632 ) (15,748 ) — (485,368 ) 67,785 49,491 57,214 120,117 24,870 — 319,477 Mineral interests 629,303 — 245,116 — 45,837 49,085 969,341 Accumulated amortization (435,215 ) — — — (24,034 ) — — (459,249 ) 194,088 — 245,116 — 21,803 49,085 510,092 Mining properties, net $ 261,873 $ 49,491 $ 302,330 $ 120,117 $ 46,673 $ 49,085 $ 829,569 In February 2018, the Company completed the sale of Manquiri, which operates the San Bartolomé mine. Pursuant to the terms of the agreement, the Company received, among other things, a 2.0% net smelter returns royalty. Coeur estimates the value of this net smelter returns royalty to be approximately $7.1 million , which is included in Other. See Note 21 -- Discontinued Operations for additional detail. The Silvertip mine is expected to reach commercial production in the second quarter of 2018. The determination of commercial production (or ready for intended use) is based on many factors requiring the exercise of judgment. Factors that are considered when determining if intended use has been achieved include achievement of continuous production or other output, mineral recoveries at or near expected levels, the absence of routine take-downs of the plant to address commissioning issues and fix problems, and the release of the commissioning team. Prior to commercial production, costs related to mine development, construction of long-lived assets, and inventory are capitalized; all other costs are expensed in the period incurred. Amortization of mining properties will commence when the mine has been determined to be in commercial production. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT March 31, 2018 December 31, 2017 In thousands Current Non-Current Current Non-Current 2024 Senior Notes, net (1) $ — $ 245,280 $ — $ 245,088 Revolving Credit Facility (2) — 115,000 — 100,000 Capital lease obligations 17,040 36,704 16,559 35,481 Silvertip debt obligation — — 14,194 — $ 17,040 $ 396,984 $ 30,753 $ 380,569 (1) Net of unamortized debt issuance costs of $4.7 million and $4.9 million at March 31, 2018 and December 31, 2017 , respectively. (2) Unamortized debt issuance costs of $1.8 million and $1.9 million at March 31, 2018 and December 31, 2017 , respectively, included in Other Non-Current Assets . 5.875% Senior Notes due 2024 In May 2017, the Company completed an offering of $250.0 million in aggregate principal amount of 2024 Senior Notes in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, for net proceeds of approximately $245.0 million . The 2024 Senior Notes bear interest at a rate of 5.875% per year from the date of issuance. Interest on the 2024 Senior Notes is payable semi-annually in arrears on June 1 and December 1 of each year. The 2024 Senior Notes will mature on June 1, 2024 and are fully and unconditionally guaranteed by the Guarantors. Revolving Credit Facility In September 2017, the Company, as borrower, and certain subsidiaries of the Company, as guarantors, entered into a Credit Agreement (the “Credit Agreement”) with Bank of America, N.A, Royal Bank of Canada, Bank of Montreal, and the Bank of Nova Scotia. The Credit Agreement provides for a $200.0 million senior secured revolving credit facility (the “Facility”), which may be increased by up to $50.0 million in incremental loans and commitments subject to the terms of the Credit Agreement. The Facility has a term of four years. Loans under the Facility will bear interest at a rate equal to either a base rate plus a margin ranging from 1.00% to 1.75% or an adjusted LIBOR rate plus a margin ranging from 2.00% to 2.75% , as selected by the Company, in each case, with such margin determined in accordance with a pricing grid based upon the Company’s consolidated net leverage ratio as of the end of the applicable period. At March 31, 2018 , the Company had $73.0 million available under the Facility; $15.0 million was drawn to repay the third-party debt obligation at Silvertip, $100.0 million was drawn to partially fund the Silvertip acquisition in 2017, and $12.0 million currently supports outstanding letters of credit. At March 31, 2018 , the interest rate of the Facility was 4.1% . Silvertip Debt Obligation The Company assumed an existing third-party debt obligation as part of the Silvertip acquisition. In February 2018, the Company voluntarily terminated and repaid the remaining debt obligation of $ 12.6 million . Capital Lease Obligations From time to time, the Company acquires mining equipment under capital lease agreements. In the three months ended March 31, 2018 , the Company entered into new lease financing arrangements primarily for mining equipment at Rochester and Kensington. 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 2018 2017 2024 Senior Notes $ 3,673 $ — 2021 Senior Notes — 3,504 Revolving Credit Facility 1,152 — Capital lease obligations 524 306 Amortization of debt issuance costs 325 166 Accretion of debt premium — (43 ) Accretion of Silvertip contingent consideration 324 — Other debt obligations 107 9 Capitalized interest (140 ) (363 ) Total interest expense, net of capitalized interest $ 5,965 $ 3,579 |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 3 Months Ended |
Mar. 31, 2018 | |
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 2024 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, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 93,230 $ 70,037 $ — $ 163,267 COSTS AND EXPENSES Costs applicable to sales (1) — 68,245 31,095 — 99,340 Amortization 246 14,205 16,326 — 30,777 General and administrative 8,797 3 4 — 8,804 Exploration 459 2,245 3,979 — 6,683 Pre-development, reclamation, and other 406 1,947 1,872 — 4,225 Total costs and expenses 9,908 86,645 53,276 — 149,829 OTHER INCOME (EXPENSE), NET Fair value adjustments, net 5,279 (292 ) — — 4,987 Other, net 4,142 (137 ) (106 ) (3,719 ) 180 Interest expense, net of capitalized interest (5,083 ) (353 ) (4,248 ) 3,719 (5,965 ) Total other income (expense), net 4,338 (782 ) (4,354 ) — (798 ) Income (loss) from continuing operations before income and mining taxes (5,570 ) 5,803 12,407 — 12,640 Income and mining tax (expense) benefit 1,638 (1,120 ) (12,467 ) — (11,949 ) Income (loss) from continuing operations (3,932 ) 4,683 (60 ) — 691 Equity income (loss) in consolidated subsidiaries 4,164 (38 ) (170 ) (3,956 ) — Income (loss) from discontinued operations 1,009 (284 ) (175 ) — 550 NET INCOME (LOSS) $ 1,241 $ 4,361 $ (405 ) $ (3,956 ) $ 1,241 OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt securities, net of tax (278 ) — — — (278 ) COMPREHENSIVE INCOME (LOSS) $ 963 $ 4,361 $ (405 ) $ (3,956 ) $ 963 (1) Excludes amortization. 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 $ 78,360 $ — $ 185,554 COSTS AND EXPENSES Costs applicable to sales (1) — 71,202 43,288 — 114,490 Amortization 324 18,104 20,265 — 38,693 General and administrative 10,106 24 (5 ) — 10,125 Exploration 336 1,727 3,189 — 5,252 Pre-development, reclamation, and other 175 1,781 1,881 — 3,837 Total costs and expenses 10,941 92,838 68,618 — 172,397 OTHER INCOME (EXPENSE), NET Fair value adjustments, net — (1,200 ) — — (1,200 ) Other, net 15,222 5,458 1,533 (1,414 ) 20,799 Interest expense, net of capitalized interest (3,279 ) (175 ) (1,539 ) 1,414 (3,579 ) Total other income (expense), net 11,943 4,083 (6 ) — 16,020 Income (loss) from continuing operations before income and mining taxes 1,002 18,439 9,736 — 29,177 Income and mining tax (expense) benefit 1,588 (2,434 ) (10,032 ) — (10,878 ) Income (loss) from continuing operations 2,590 16,005 (296 ) — 18,299 Equity income (loss) in consolidated subsidiaries 16,073 70 (67 ) (16,076 ) — Income (loss) from discontinued operations — — 364 — 364 NET INCOME (LOSS) $ 18,663 $ 16,075 $ 1 $ (16,076 ) $ 18,663 OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt and equity 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 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 CASH FLOWS THREE MONTHS ENDED MARCH 31, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) activities of continuing operations $ (7,938 ) $ 5,395 $ 22,040 $ (3,956 ) 15,541 Cash provided by (used in) activities of discontinued operations — — (2,690 ) — (2,690 ) CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (7,938 ) 5,395 19,350 (3,956 ) 12,851 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (83 ) (14,341 ) (27,921 ) — (42,345 ) Proceeds from the sale of assets — 60 — — 60 Purchase of investments (361 ) — — — (361 ) Sales of investments 1,067 552 — — 1,619 Other — — (65 ) — (65 ) Investments in consolidated subsidiaries (4,162 ) 37 169 3,956 — Cash provided by (used in) activities of continuing operations (3,539 ) (13,692 ) (27,817 ) 3,956 (41,092 ) Cash provided by (used in) activities of discontinued operations — — (28,470 ) — (28,470 ) CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (3,539 ) (13,692 ) (56,287 ) 3,956 (69,562 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings, net of issuance costs 15,000 — 52,577 — — 15,000 Payments on debt, capital leases, and associated costs — (2,395 ) (16,054 ) — (18,449 ) Net intercompany financing activity (20,381 ) (10,946 ) 31,327 — — Other (4,606 ) — — — (4,606 ) Cash provided by (used in) activities of continuing operations (9,987 ) (13,341 ) 15,273 — (8,055 ) Cash provided by (used in) activities of discontinued operations — — (22 ) — (22 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (9,987 ) (13,341 ) 15,251 — (8,077 ) Effect of exchange rate changes on cash and cash equivalents — 2 555 — 557 Less net cash provided by (used in) discontinued operations — — (32,930 ) — (32,930 ) NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (21,464 ) (21,636 ) 11,799 — (31,301 ) Cash, cash equivalents and restricted cash at beginning of period 56,033 52,239 95,130 — 203,402 Cash, cash equivalents and restricted cash at end of period $ 34,569 $ 30,603 $ 106,929 $ — $ 172,101 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) activities of continuing operations $ (4,815 ) $ 17,183 $ 47,644 $ (16,076 ) 43,936 Cash provided by (used in) activities of discontinued operations — — 11,335 — 11,335 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 ) (6,297 ) — (23,591 ) Proceeds from the sale of assets 8,916 6,151 (48 ) — 15,019 Purchase of investments (1,016 ) — — — (1,016 ) Sales of investments 9,157 863 — — 10,020 Other 46 — (60 ) — (14 ) Investments in consolidated subsidiaries (12,454 ) (70 ) 67 12,457 — Cash provided by (used in) activities of continuing operations 4,330 (10,031 ) (6,338 ) 12,457 418 Cash provided by (used in) activities of discontinued operations — — (388 ) — (388 ) CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 4,330 (10,031 ) (6,726 ) 12,457 30 CASH FLOWS FROM FINANCING ACTIVITIES: Payments on debt, capital leases, and associated costs — (1,874 ) (1,332 ) — (3,206 ) Net intercompany financing activity 14,318 (9,325 ) (8,612 ) 3,619 — Other (3,247 ) — — — (3,247 ) Cash provided by (used in) activities of continuing operations 11,071 (11,199 ) (9,944 ) 3,619 (6,453 ) Cash provided by (used in) activities of discontinued operations — — (20 ) — (20 ) 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 Less net cash provided by (used in) discontinued operations — — 5,527 — 5,527 NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 10,586 (4,047 ) 37,317 — 43,856 Cash, cash equivalents and restricted cash at beginning of period 66,337 50,023 10,241 — 126,601 Cash, cash equivalents and restricted cash at end of period $ 76,923 $ 45,976 $ 47,558 $ — $ 170,457 CONDENSED CONSOLIDATING BALANCE SHEET MARCH 31, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 22,111 $ 30,603 $ 106,929 $ — $ 159,643 Receivables 15,895 5,084 14,885 — 35,864 Ore on leach pads — 75,584 — — 75,584 Inventory — 31,512 30,211 — 61,723 Prepaid expenses and other 8,892 3,193 6,118 — 18,203 46,898 145,976 158,143 — 351,017 NON-CURRENT ASSETS Property, plant and equipment, net 3,141 165,578 97,438 — 266,157 Mining properties, net 6,980 219,000 617,841 — 843,821 Ore on leach pads — 67,430 — — 67,430 Restricted assets 14,352 227 7,537 — 22,116 Equity and debt securities 36,772 545 — — 37,317 Receivables 24,047 — 31,381 — 55,428 Net investment in subsidiaries 423,448 332 694 (424,474 ) — Other 317,146 11,820 3,431 (313,748 ) 18,649 TOTAL ASSETS $ 872,784 $ 610,908 $ 916,465 $ (738,222 ) $ 1,661,935 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 3,419 $ 21,634 $ 19,811 $ — $ 44,864 Other accrued liabilities 16,643 12,059 76,447 — 105,149 Debt — 9,977 7,063 — 17,040 Reclamation — 2,313 1,464 — 3,777 20,062 45,983 104,785 — 170,830 NON-CURRENT LIABILITIES Debt 360,280 31,116 319,336 (313,748 ) 396,984 Reclamation — 83,392 35,762 — 119,154 Deferred tax liabilities 2,641 4,978 97,605 — 105,224 Other long-term liabilities 2,602 2,751 50,079 — 55,432 Intercompany payable (receivable) (327,111 ) 307,016 20,095 — — 38,412 429,253 522,877 (313,748 ) 676,794 STOCKHOLDERS’ EQUITY Common stock 1,862 19,630 195,020 (214,650 ) 1,862 Additional paid-in capital 3,355,710 145,024 1,882,610 (2,027,634 ) 3,355,710 Accumulated deficit (2,542,899 ) (28,982 ) (1,788,827 ) 1,817,810 (2,542,898 ) Accumulated other comprehensive income (loss) (363 ) — — — (363 ) 814,310 135,672 288,803 (424,474 ) 814,311 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 872,784 $ 610,908 $ 916,465 $ (738,222 ) $ 1,661,935 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 44,662 $ 52,239 $ 95,131 $ — $ 192,032 Receivables 137 7,922 11,010 — 19,069 Ore on leach pads — 73,752 — — 73,752 Inventory — 29,769 28,461 — 58,230 Prepaid expenses and other 7,824 2,816 4,413 — 15,053 Assets held for sale — — 91,421 — 91,421 52,623 166,498 230,436 — 449,557 NON-CURRENT ASSETS Property, plant and equipment, net 4,007 161,487 89,243 — 254,737 Mining properties, net — 216,281 613,288 — 829,569 Ore on leach pads — 65,393 — — 65,393 Restricted assets 13,251 227 7,369 — 20,847 Equity and debt securities 33,569 1,268 — — 34,837 Receivables — — 28,750 — 28,750 Net investment in subsidiaries 422,074 223 (18 ) (422,279 ) — Other 320,335 11,040 2,854 (316,744 ) 17,485 TOTAL ASSETS $ 845,859 $ 622,417 $ 971,922 $ (739,023 ) $ 1,701,175 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 3,607 $ 24,534 $ 20,451 $ — $ 48,592 Other accrued liabilities 13,205 19,262 62,463 — 94,930 Debt — 9,215 21,538 — 30,753 Reclamation — 2,313 1,464 — 3,777 Liabilities held for sale — — 50,677 — 50,677 16,812 55,324 156,593 — 228,729 NON-CURRENT LIABILITIES Debt 345,088 28,313 323,912 (316,744 ) 380,569 Reclamation — 82,021 35,034 — 117,055 Deferred tax liabilities 4,110 5,127 95,911 — 105,148 Other long-term liabilities 2,311 3,063 49,323 — 54,697 Intercompany payable (receivable) (337,439 ) 317,759 19,680 — — 14,070 436,283 523,860 (316,744 ) 657,469 STOCKHOLDERS’ EQUITY Common stock 1,856 19,630 195,020 (214,650 ) 1,856 Additional paid-in capital 3,357,345 149,194 1,885,046 (2,034,240 ) 3,357,345 Accumulated deficit (2,546,743 ) (34,551 ) (1,788,597 ) 1,823,148 (2,546,743 ) Accumulated other comprehensive income (loss) 2,519 (3,463 ) — 3,463 2,519 814,977 130,810 291,469 (422,279 ) 814,977 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 845,859 $ 622,417 $ 971,922 $ (739,023 ) $ 1,701,175 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Palmarejo Gold Stream Coeur Mexicana, S.A. de C.V. (“Coeur Mexicana”), a subsidiary of Coeur, sells 50% of Palmarejo gold production (excluding production from the Paramount properties acquired in 2015) to Franco-Nevada under a gold stream agreement for the lesser of $800 or spot price per ounce. In 2015, Coeur Mexicana received a $22.0 million deposit toward future deliveries under the gold stream agreement. In accordance with generally accepted accounting principles, although Coeur has satisfied its contractual obligation to repay the deposit to Franco-Nevada, the deposit is accounted for as deferred revenue and is recognized as revenue on a units of production basis as ounces are sold to Franco-Nevada. As of March 31, 2018, the remaining unamortized balance was $14.3 million . Silvertip Contingent Consideration A total of up to $50.0 million of contingent consideration, payable in cash and common stock, is payable in conjunction with the October 2017 Silvertip acquisition. The contingent consideration is based on the achievement of two milestones, which the Company has determined to be probable at March 31, 2018. The first milestone payment of $25.0 million is contingent upon receipt of a permit expansion for a sustained mining and milling rate of 1,000 tonnes per day. The permit application must be submitted to the British Columbia Ministry of Energy and Mining no later than June 2018. The second milestone payment of up to $25.0 million is contingent upon the amount of resource tonnes added as of December 31, 2019. The maximum payment of $25.0 million can be earned if the total resource reaches 3.7 million tonnes. The former JDS Silver Holdings Ltd. shareholders will receive $5.0 million for a total resource of at least 2.5 million tonnes and $5.0 million for every 0.3 million tonnes over 2.5 million tonnes up to 3.7 million tonnes. |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities Held For Sale | In December 2017, the Company and certain of its subsidiaries entered into a definitive agreement (as amended, the “Agreement”) to sell all of the outstanding capital stock of Manquiri, which is the operator of the San Bartolomé mine and processing facility (the “Manquiri Divestiture”). On February 28, 2018, the Manquiri Divestiture was completed, and, in accordance with the Agreement, Manquiri was sold to Ag-Mining Investments, AB, a privately-held Swedish company owned by a group of individuals with extensive mining experience in Latin America. Coeur and its subsidiaries received the following consideration: • 2.0% net smelter returns royalty (the “NSR”) payable to Coeur on all metals processed through the San Bartolomé Mine’s processing facility, commencing immediately upon the closing of the Transaction, valued at $7.1 million . • Pre-closing value added tax refunds valued at $12.7 million that will be collected or received by Manquiri in the future will be paid to Coeur (net of collection costs). • Eighteen-month promissory notes valued at $26.9 million payable to Coeur and certain of its subsidiaries representing Manquiri’s cash and cash equivalents on the date of closing of the Manquiri Divestiture, and providing for repayment beginning in October 2018. • The Company recognized a liability of approximately $5.7 million for certain post-closing covenants, guaranties and indemnification obligations on the part of the Company pursuant to the Agreement The sale of Manquiri resulted in a gain of $1.5 million , which is included in Income (loss) from discontinued operations . The sale of Manquiri and San Bartolomé is expected to have a major effect on the Company's results and operations. Accordingly, San Bartolomé’s operations for the three months ended March 31, 2018 and 2017 are classified on the consolidated statements of operations and comprehensive income (loss) as Income (loss) from discontinued operations . The major classes of line items constituting the pretax profit or loss for the three months ended March 31, 2018 and 2017 are as follows: Three months ended March 31, 2018 2017 Revenue $ 12,346 $ 20,584 COSTS AND EXPENSES Costs applicable to sales (1) 12,269 18,222 Amortization — 1,411 General and administrative 41 8 Pre-development, reclamation, and other 265 744 OTHER INCOME (EXPENSE), NET Interest expense, net of capitalized interest (3 ) (6 ) Other, net (260 ) 340 Pretax profit (loss) on discontinued operations related to major classes of pretax profit (loss) (492 ) 533 Pretax gain on the disposal of the discontinued operation 1,525 — Total pretax gain or loss on discontinued operations 1,033 533 Income and mining tax (expense) benefit (483 ) (169 ) Income (loss) from discontinued operations $ 550 $ 364 (1) Excludes amortization. Net cash used in operating activities from San Bartolomé was $2.7 million for the three months ended March 31, 2018 compared to net cash provided by operating activities of $11.3 million for the three months ended March 31, 2017, respectively. Net cash used in investing activities from San Bartolomé were $28.5 million and $0.4 million for the three months ended March 31, 2018 and 2017, respectively. |
Additional Balance Sheet Detail
Additional Balance Sheet Detail and Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | ADDITIONAL BALANCE SHEET DETAIL AND SUPPLEMENTAL CASH FLOW INFORMATION Accrued liabilities and other consist of the following: March 31, 2018 December 31, 2017 Accrued salaries and wages $ 15,552 $ 26,559 Income and mining taxes 36,642 25,788 Silvertip contingent consideration 24,543 24,393 Accrued operating costs 17,174 12,323 Taxes other than income and mining 5,644 4,354 Accrued interest payable 5,594 1,513 Accrued liabilities and other $ 105,149 $ 94,930 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows: March 31, 2018 March 31, 2017 Cash and cash equivalents $ 159,643 $ 160,636 Restricted cash equivalents 12,458 9,821 Total cash, cash equivalents and restricted cash shown in the statement of cash flows 172,101 170,457 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Revenue Recognition, Policy | Revenue Recognition On January 1, 2018, the Company adopted the updated revenue guidance applicable under ASC 606 - Revenue from Contracts with Customers. The new guidance creates a five-step framework to determine revenue recognition: 1. Identify the contract with the customer 2. Identify the performance obligations 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations 5. Recognize revenue when (or as) the entity satisfies a performance obligation The Company produces doré and concentrate that is shipped to third-party refiners and smelters, respectively, for processing. The Company enters into contracts to sell its metal to various third-party customers which may include the refiners and smelters that process the doré and concentrate. The Company’s performance obligation in these transactions is generally the transfer of metal to the customer. In the case of doré shipments, the company generally sells refined metal at market prices agreed upon by both parties. The Company also has the right, but not the obligation, to sell a portion of the anticipated refined metal in advance of being fully refined. When the Company sells refined metal or advanced metal, the performance obligation is satisfied when the metal is delivered to the customer. Revenue and Costs Applicable to Sales are recorded on a gross basis under these contracts at the time the performance obligation is satisfied. Under the Company’s concentrate sales contracts with third-party smelters, metal prices are set on a specified future quotational period, typically one to three months, after the shipment date based on market prices. When the Company sells gold concentrate to the third-party smelters, the performance obligation is satisfied when the concentrate is loaded onto the third-party shipping vessel. The contracts, in general, provide for provisional payment based upon provisional assays and historical metal prices. Final settlement is based on the applicable price for the specified future quotational period and generally occurs three to six months after shipment. The Company’s provisionally priced sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of concentrates measured at the forward price at the time of sale. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through revenue each period until the date of final metal settlement. The Company also sells concentrate under off-take agreements to third-party customers that are responsible for arranging the smelting of the concentrate. Prices are can either be fixed or based on a quotational period. The quotational period varies by contract, but is generally a one-month period following the shipment of the concentrate. The performance obligation is satisfied when the concentrate is loaded onto the third-party shipping vessel. The off-take agreement allows for the Company to sell concentrate in advance of shipment and results in the customer taking ownership of the concentrate prior to shipment. For doré and off-take sales, the Company may incur a finance charge related to advance sales that is not considered significant and, as such, is not considered a separate performance obligation. In addition, the Company has elected to treat freight costs as a fulfillment cost under ASC 606 and not as a separate performance obligation. |
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 became effective for the Company’s fiscal year beginning January 1, 2018 and did not materially impact the Company’s consolidated net income, financial position or 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 became effective for the Company’s fiscal year beginning January 1, 2018 and resulted in the inclusion of restricted cash equivalents on the Consolidated Statements of Cash Flows of $12.5 million at March 31, 2018 and $9.8 million at March 31, 2017. 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 became effective for the Company’s fiscal year beginning January 1, 2018 and did not materially impact the Company’s consolidated net income, financial position or 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 January 2016, the FASB issued ASU 2016-01, “ Recognition and Measurement of Financial Assets and Financial Liabilities, ” which requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income. This new guidance also updates certain disclosure requirements for these investments. These changes became effective for the Company’s fiscal year beginning January 1, 2018, and resulted in a reclassification of $2.6 million of unrealized holding gains and losses and deferred income taxes related to investments in equity securities from Accumulated other comprehensive income (loss) to Accumulated deficit in the Consolidated Balance Sheets on that date. Unrealized holding gains and losses related to investments in equity securities are now recognized in Fair value adjustments, net in the Consolidated Statements of Comprehensive Income (Loss). 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 became effective for the Company’s fiscal year beginning January 1, 2018 and did not materially impact the Company’s consolidated net income, financial position or cash flows. In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers ” , which has subsequently been amended several times, to update revenue guidance under the newly-created ASC 606. 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 became effective under the modified retrospective method of adoption for the Company’s fiscal year beginning January 1, 2018 and did not materially impact the Company’s consolidated net income, financial position or cash flows. |
Mining Properties Mining Proper
Mining Properties Mining Properties (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Capitalization of Internal Costs, Policy [Policy Text Block] | The determination of commercial production (or ready for intended use) is based on many factors requiring the exercise of judgment. Factors that are considered when determining if intended use has been achieved include achievement of continuous production or other output, mineral recoveries at or near expected levels, the absence of routine take-downs of the plant to address commissioning issues and fix problems, and the release of the commissioning team. Prior to commercial production, costs related to mine development, construction of long-lived assets, and inventory are capitalized; all other costs are expensed in the period incurred. Amortization of mining properties will commence when the mine has been determined to be in commercial production. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Contract Liability | The following table presents a rollforward of the Franco-Nevada contract liability balance: Three months ended March 31, In thousands 2018 2017 Opening Balance $ 14,883 $ 19,281 Revenue Recognized (543 ) $ (1,629 ) Closing Balance $ 14,340 $ 17,652 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 Palmarejo Rochester Silvertip Kensington Wharf Other Total Revenue Metal sales $ 70,037 $ 33,497 $ — $ 36,300 $ 23,433 $ — $ 163,267 Costs and Expenses Costs applicable to sales (1) 31,096 24,305 — 28,630 15,309 — 99,340 Amortization 16,325 4,831 — 6,717 2,657 247 30,777 Exploration 3,970 33 — 1,590 10 1,080 6,683 Other operating expenses 731 884 20 321 665 10,408 13,029 Other income (expense) Fair value adjustments, net — — — — — 4,987 4,987 Interest expense, net (119 ) (98 ) (410 ) (243 ) (12 ) (5,083 ) (5,965 ) Other, net (2,144 ) (40 ) 362 (37 ) (21 ) 2,060 180 Income and mining tax (expense) benefit (12,443 ) (371 ) 835 — (639 ) 669 (11,949 ) Income (loss) from continuing operations $ 3,209 $ 2,935 $ 767 $ (1,238 ) $ 4,120 $ (9,102 ) $ 691 Income (loss) from discontinued operations $ — $ — $ — $ — $ — $ 550 $ 550 Segment assets (2) $ 377,146 $ 245,881 $ 361,212 $ 215,244 $ 104,805 $ 119,922 $ 1,424,210 Capital expenditures $ 9,293 $ 2,633 $ 18,629 $ 11,364 $ 344 $ 82 $ 42,345 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Three months ended March 31, 2017 Palmarejo Rochester Kensington Wharf Other Total Revenue Metal sales $ 77,704 $ 38,979 $ 37,964 $ 30,251 $ 656 $ 185,554 Costs and Expenses Costs applicable to sales (1) 43,001 26,439 28,443 16,320 287 114,490 Amortization 20,150 5,816 9,178 3,111 438 38,693 Exploration 1,631 144 839 — 2,638 5,252 Other operating expenses 301 810 345 619 11,887 13,962 Other income (expense) Fair value adjustments, net — (1,200 ) — — — (1,200 ) Interest expense, net (125 ) (117 ) (40 ) (19 ) (3,278 ) (3,579 ) Other, net 1,794 (32 ) (808 ) 89 19,756 20,799 Income and mining tax (expense) benefit (12,245 ) (498 ) — (957 ) 2,822 (10,878 ) Income (loss) from continuing operations $ 2,045 $ 3,923 $ (1,689 ) $ 9,314 $ 4,706 $ 18,299 Income (loss) from discontinued operations $ — $ — $ — $ — $ 364 $ 364 Segment assets (2) $ 401,623 $ 227,526 $ 204,987 $ 104,673 $ 84,402 $ 1,023,211 Capital expenditures $ 6,230 $ 10,568 $ 5,521 $ 887 $ 385 $ 23,591 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Assets March 31, 2018 December 31, 2017 Total assets for reportable segments $ 1,424,210 $ 1,344,553 Cash and cash equivalents 159,643 192,032 Other assets 78,082 164,590 Total consolidated assets $ 1,661,935 $ 1,701,175 |
Consolidated Assets | Assets March 31, 2018 December 31, 2017 Total assets for reportable segments $ 1,424,210 $ 1,344,553 Cash and cash equivalents 159,643 192,032 Other assets 78,082 164,590 Total consolidated assets $ 1,661,935 $ 1,701,175 |
Long Lived Assets by Country | Geographic Information Long-Lived Assets March 31, 2018 December 31, 2017 Mexico $ 364,047 $ 370,188 United States 384,578 377,768 Canada 350,556 331,440 Other 10,797 4,910 Total $ 1,109,978 $ 1,084,306 |
Revenue by Country | Revenue Three months ended March 31, 2018 2017 United States $ 93,230 $ 107,194 Mexico 70,037 77,704 Australia — 656 Total $ 163,267 $ 185,554 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 : 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 March 5, 2018 31,887 $ 7.84 — $ — — $ — The following options and stock appreciation rights were exercisable during the three months ended March 31, 2018 : Award Type Number of Exercised Units Weighted Average Exercised Price Number of Exercisable Units Weighted Average Stock options 93,920 $ 1.81 397,651 $ 14.39 Stock appreciation rights — $ — 42,152 $ 14.14 |
Reclamation (Tables)
Reclamation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 2018 2017 Asset retirement obligation - Beginning $ 118,799 $ 86,754 Accretion 2,545 2,064 Settlements (496 ) (421 ) Asset retirement obligation - Ending $ 120,848 $ 88,397 |
Other, Net (Tables)
Other, Net (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Other, net consists of the following: Three months ended March 31, In thousands 2018 2017 Foreign exchange gain (loss) $ (670 ) $ 1,206 Loss on sale of assets and investments (574 ) (2,066 ) Gain on sale of the Joaquin project — 21,138 Other 1,424 521 Other, net $ 180 $ 20,799 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three months ended March 31, In thousands except per share amounts 2018 2017 Net income (loss) available to common stockholders: Income (loss) from continuing operations $ 691 $ 18,299 Income (loss) from discontinued operations 550 364 $ 1,241 $ 18,663 Weighted average shares: Basic 184,367 178,898 Effect of stock-based compensation plans 3,254 4,170 Diluted 187,621 183,068 Basic income (loss) per share: Income (loss) from continuing operations $ 0.00 $ 0.10 Income (loss) from discontinued operations 0.00 0.00 Basic (1) $ 0.01 $ 0.10 Diluted income (loss) per share: Income (loss) from continuing operations $ 0.00 $ 0.10 Income (loss) from discontinued operations 0.00 0.00 Diluted (1) $ 0.01 $ 0.10 |
Income and Mining Taxes (Tables
Income and Mining Taxes (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 and 2017 by significant jurisdiction: Three months ended March 31, 2018 2017 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ 1,187 $ 517 $ 20,653 $ (1,827 ) Argentina 254 10 (328 ) 1,124 Mexico 13,126 (13,222 ) 8,650 (9,923 ) Other jurisdictions (1,927 ) 746 202 (252 ) $ 12,640 $ (11,949 ) $ 29,177 $ (10,878 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Adjustments to Comprehensive income (Loss) | Three months ended March 31, In thousands 2018 2017 Rochester royalty obligation $ — $ (1,200 ) Unrealized gain (loss) on equity securities 4,842 — Zinc options 145 — Fair value adjustments, net $ 4,987 $ (1,200 ) |
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, 2018 In thousands Total Level 1 Level 2 Level 3 Assets: Equity and debt securities $ 37,317 $ 31,003 $ — $ 6,314 Other derivative instruments, net 552 — 552 — $ 37,869 $ 31,003 $ 552 $ 6,314 Liabilities: Silvertip contingent consideration $ 48,289 $ — $ — $ 48,289 Other derivative instruments, net 125 — 125 — $ 48,414 $ — $ 125 $ 48,289 Fair Value at December 31, 2017 In thousands Total Level 1 Level 2 Level 3 Assets: Equity and debt securities $ 34,837 $ 27,946 $ — $ 6,891 Other derivative instruments, net 251 — 251 — $ 35,088 $ 27,946 $ 251 $ 6,891 Liabilities: Silvertip contingent consideration $ 47,965 $ — $ — $ 47,965 Other derivative instruments, net 222 — 222 — $ 48,187 $ — $ 222 $ 47,965 |
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, 2018: Three Months Ended March 31, 2018 In thousands Balance at the beginning of the period Revaluation Settlements Accretion Balance at the end of the period Assets: Equity and debt securities $ 6,891 $ (278 ) $ (299 ) $ — $ 6,314 Liabilities: Silvertip contingent consideration $ 47,965 $ — $ — $ 324 $ 48,289 |
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, 2018 and December 31, 2017 is presented in the following table: March 31, 2018 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Assets: Manquiri Notes Receivable $ 39,887 $ 39,887 $ — $ — $ 39,887 Liabilities: 5.875% Senior Notes due 2024 (1) $ 245,280 $ 244,520 $ — $ 244,520 $ — Revolving Credit Facility (2) $ 115,000 $ 115,000 $ — $ 115,000 $ — (1) Net of unamortized debt issuance costs of $4.7 million . (2) Unamortized debt issuance costs of $1.8 million included in Other Non-Current Assets . December 31, 2017 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 5.875% Senior Notes due 2024 (1) $ 245,088 $ 243,913 $ — $ 243,913 $ — Revolving Credit Facility (2) $ 100,000 $ 100,000 $ — $ 100,000 $ — (1) Net of unamortized debt issuance costs of $4.9 million . (2) Unamortized debt issuance costs of $1.9 million included in Other Non-Current Assets . |
Derivative Financial Instrume39
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments, future settlement | At March 31, 2018 , the Company had the following derivative instruments that settle as follows: In thousands except average prices and notional ounces 2018 Thereafter Provisional silver sales contracts $ 831 $ — Average silver price per ounce $ 16.66 $ — Notional ounces 49,853 — Provisional gold sales contracts $ 59,332 $ — Average gold price per ounce $ 1,317 $ — Notional ounces 45,051 — Zinc put options purchased $ 8,100 $ — Average zinc strike price per metric ton $ 3,000 $ — Notional metric tons 2,700 — Zinc call options sold $ (10,935 ) $ — Average zinc strike price per metric ton $ 4,050 $ — Notional metric tons 2,700 — |
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments: March 31, 2018 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 $ 407 $ 125 $ — $ — Zinc options 145 — — — $ 552 $ 125 $ — $ — December 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 $ 251 $ 222 $ — $ — |
Gain losses on derivative instruments | The following represent mark-to-market gains (losses) on derivative instruments for the three months ended March 31, 2018 and 2017 , respectively (in thousands): Three months ended March 31, Financial statement line Derivative 2018 2017 Revenue Provisional silver and gold sales contracts $ 253 $ 1,212 Fair value adjustments, net Zinc options 145 — $ 398 $ 1,212 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price and Acquired Assets and Liabilities | The preliminary purchase price allocation is as follows (in thousands): Common shares issued (4,191,679 at $8.59) $ 36,007 Cash 153,194 Contingent consideration 47,705 Total purchase price (1) $ 236,906 Assets: Receivables and other assets $ 6,828 Property, plant, and equipment 29,943 Mining properties, net 288,464 325,235 Liabilities: Accounts payable and accrued liabilities 13,077 Asset retirement obligation 6,982 Debt and capital lease 20,149 Deferred income taxes 48,121 88,329 Net assets acquired $ 236,906 (1) Purchase price has been adjusted for restricted cash acquired due to the adoption of ASU 2016-01. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investment in Marketable Securities [Abstract] | |
Investments | At March 31, 2018 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity Securities Metalla Royalty & Streaming Ltd. $ 6,294 $ — $ 2,837 $ 9,131 Corvus Gold Inc. 3,582 — 6,844 10,426 Almaden Minerals, Ltd. 2,067 (727 ) — 1,340 Northern Empire Resources Corp. 4,489 — 2,999 7,488 Rockhaven Resources, Ltd. 2,064 (596 ) — 1,468 Other 1,190 (155 ) 115 1,150 Equity securities $ 19,686 $ (1,478 ) $ 12,795 $ 31,003 Debt Securities Metalla Royalty & Streaming Ltd. $ 6,677 $ (363 ) $ — $ 6,314 Equity and debt securities $ 26,363 $ (1,841 ) $ 12,795 $ 37,317 At December 31, 2017 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity Securities Metalla Royalty & Streaming Ltd. $ 6,294 $ — $ 1,354 $ 7,648 Corvus Gold Inc. 3,582 — 4,518 8,100 Almaden Minerals, Ltd. 3,125 (235 ) — 2,890 Northern Empire Resources Corp. 4,489 — 1,077 5,566 Rockhaven Resources, Ltd. 2,064 (193 ) — 1,871 Kootenay Silver, Inc. 738 — 1 739 Other 1,479 (453 ) 405 1,431 Equity securities $ 21,771 $ (881 ) $ 7,355 $ 28,245 Debt Securities Metalla Royalty & Streaming Ltd. $ 6,677 $ (85 ) $ — $ 6,592 Equity and debt securities $ 28,448 $ (966 ) $ 7,355 $ 34,837 |
Unrealized Gain (Loss) on Investments [Table Text Block] | The following table presents the disaggregated gain (loss) on equity securities recognized in Income (loss) from continuing operations on the Condensed Consolidated Statements of Comprehensive Income: Three months ended March 31, In thousands 2018 2017 Net gain (loss) $ 4,529 $ (1,471 ) Less: Realized (gain) loss 313 1,471 Unrealized gain (loss) $ 4,842 $ — |
Schedule of Unrealized Loss on Investments [Table Text Block] | The following table summarizes unrealized losses on debt 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, 2018 : Less than twelve months Twelve months or more Total In thousands Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Debt securities 363 6,314 — — 363 6,314 |
Receivables (Tables)
Receivables (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Receivables | Receivables consist of the following: In thousands March 31, 2018 December 31, 2017 Current receivables: Trade receivables $ 3,840 $ 5,883 Income tax receivable 48 7 Value added tax receivable 14,482 10,982 Manquiri note receivable 15,840 — Other 1,654 2,197 $ 35,864 $ 19,069 Non-current receivables: Value added tax receivable $ 31,381 $ 28,750 Manquiri note receivable 24,047 — 55,428 28,750 Total receivables $ 91,292 $ 47,819 |
Inventory and Ore on Leach Pa43
Inventory and Ore on Leach Pads (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventory consists of the following: In thousands March 31, 2018 December 31, 2017 Inventory: Concentrate $ 11,062 $ 6,831 Precious metals 17,783 18,803 Supplies 32,878 32,596 61,723 58,230 Ore on leach pads: Current 75,584 73,752 Non-current 67,430 65,393 143,014 139,145 Total inventory and ore on leach pads $ 204,737 $ 197,375 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment consist of the following: In thousands March 31, 2018 December 31, 2017 Land $ 9,107 $ 9,408 Facilities and equipment 559,276 554,160 Assets under capital leases 88,720 82,753 657,103 646,321 Accumulated amortization (1) (456,374 ) (448,001 ) 200,729 198,320 Construction in progress 65,428 56,417 Property, plant and equipment, net $ 266,157 $ 254,737 (1) Includes $29.0 million and $28.2 million of accumulated amortization related to assets under capital leases at March 31, 2018 and December 31, 2017, respectively. |
Mining Properties (Tables)
Mining Properties (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Mining Properties [Abstract] | |
Mining Properties | Mining properties consist of the following (in thousands): March 31, 2018 Palmarejo Rochester Silvertip Kensington Wharf La Preciosa Other Total Mine development $ 220,141 $ 194,390 $ 70,626 $ 307,996 $ 40,688 $ — $ — $ 833,841 Accumulated amortization (151,102 ) (146,245 ) — (182,555 ) (16,456 ) — — (496,358 ) 69,039 48,145 70,626 125,441 24,232 — — 337,483 Mineral interests 629,303 — 245,116 — 45,837 49,085 7,102 976,443 Accumulated amortization (445,327 ) — — — (24,655 ) — — (123 ) (470,105 ) 183,976 — 245,116 — 21,182 49,085 6,979 506,338 Mining properties, net $ 253,015 $ 48,145 $ 315,742 $ 125,441 $ 45,414 $ 49,085 $ 6,979 $ 843,821 December 31, 2017 Palmarejo Rochester Silvertip Kensington Wharf La Preciosa Total Mine development $ 214,383 $ 193,881 $ 57,214 $ 298,749 $ 40,618 $ — $ 804,845 Accumulated amortization (146,598 ) (144,390 ) — (178,632 ) (15,748 ) — (485,368 ) 67,785 49,491 57,214 120,117 24,870 — 319,477 Mineral interests 629,303 — 245,116 — 45,837 49,085 969,341 Accumulated amortization (435,215 ) — — — (24,034 ) — — (459,249 ) 194,088 — 245,116 — 21,803 49,085 510,092 Mining properties, net $ 261,873 $ 49,491 $ 302,330 $ 120,117 $ 46,673 $ 49,085 $ 829,569 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments for Operating and Capital Leases [Table Text Block] [Table Text Block] | |
Long term debt and capital lease obligations | March 31, 2018 December 31, 2017 In thousands Current Non-Current Current Non-Current 2024 Senior Notes, net (1) $ — $ 245,280 $ — $ 245,088 Revolving Credit Facility (2) — 115,000 — 100,000 Capital lease obligations 17,040 36,704 16,559 35,481 Silvertip debt obligation — — 14,194 — $ 17,040 $ 396,984 $ 30,753 $ 380,569 (1) Net of unamortized debt issuance costs of $4.7 million and $4.9 million at March 31, 2018 and December 31, 2017 , respectively. (2) Unamortized debt issuance costs of $1.8 million and $1.9 million at March 31, 2018 and December 31, 2017 , respectively, included in Other Non-Current Assets . |
Interest expenses incurred for various debt instruments | Interest Expense Three months ended March 31, In thousands 2018 2017 2024 Senior Notes $ 3,673 $ — 2021 Senior Notes — 3,504 Revolving Credit Facility 1,152 — Capital lease obligations 524 306 Amortization of debt issuance costs 325 166 Accretion of debt premium — (43 ) Accretion of Silvertip contingent consideration 324 — Other debt obligations 107 9 Capitalized interest (140 ) (363 ) Total interest expense, net of capitalized interest $ 5,965 $ 3,579 |
Supplemental Guarantor Inform47
Supplemental Guarantor Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 93,230 $ 70,037 $ — $ 163,267 COSTS AND EXPENSES Costs applicable to sales (1) — 68,245 31,095 — 99,340 Amortization 246 14,205 16,326 — 30,777 General and administrative 8,797 3 4 — 8,804 Exploration 459 2,245 3,979 — 6,683 Pre-development, reclamation, and other 406 1,947 1,872 — 4,225 Total costs and expenses 9,908 86,645 53,276 — 149,829 OTHER INCOME (EXPENSE), NET Fair value adjustments, net 5,279 (292 ) — — 4,987 Other, net 4,142 (137 ) (106 ) (3,719 ) 180 Interest expense, net of capitalized interest (5,083 ) (353 ) (4,248 ) 3,719 (5,965 ) Total other income (expense), net 4,338 (782 ) (4,354 ) — (798 ) Income (loss) from continuing operations before income and mining taxes (5,570 ) 5,803 12,407 — 12,640 Income and mining tax (expense) benefit 1,638 (1,120 ) (12,467 ) — (11,949 ) Income (loss) from continuing operations (3,932 ) 4,683 (60 ) — 691 Equity income (loss) in consolidated subsidiaries 4,164 (38 ) (170 ) (3,956 ) — Income (loss) from discontinued operations 1,009 (284 ) (175 ) — 550 NET INCOME (LOSS) $ 1,241 $ 4,361 $ (405 ) $ (3,956 ) $ 1,241 OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt securities, net of tax (278 ) — — — (278 ) COMPREHENSIVE INCOME (LOSS) $ 963 $ 4,361 $ (405 ) $ (3,956 ) $ 963 (1) Excludes amortization. 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 $ 78,360 $ — $ 185,554 COSTS AND EXPENSES Costs applicable to sales (1) — 71,202 43,288 — 114,490 Amortization 324 18,104 20,265 — 38,693 General and administrative 10,106 24 (5 ) — 10,125 Exploration 336 1,727 3,189 — 5,252 Pre-development, reclamation, and other 175 1,781 1,881 — 3,837 Total costs and expenses 10,941 92,838 68,618 — 172,397 OTHER INCOME (EXPENSE), NET Fair value adjustments, net — (1,200 ) — — (1,200 ) Other, net 15,222 5,458 1,533 (1,414 ) 20,799 Interest expense, net of capitalized interest (3,279 ) (175 ) (1,539 ) 1,414 (3,579 ) Total other income (expense), net 11,943 4,083 (6 ) — 16,020 Income (loss) from continuing operations before income and mining taxes 1,002 18,439 9,736 — 29,177 Income and mining tax (expense) benefit 1,588 (2,434 ) (10,032 ) — (10,878 ) Income (loss) from continuing operations 2,590 16,005 (296 ) — 18,299 Equity income (loss) in consolidated subsidiaries 16,073 70 (67 ) (16,076 ) — Income (loss) from discontinued operations — — 364 — 364 NET INCOME (LOSS) $ 18,663 $ 16,075 $ 1 $ (16,076 ) $ 18,663 OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt and equity 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 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 Cash Flow Statement | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) activities of continuing operations $ (7,938 ) $ 5,395 $ 22,040 $ (3,956 ) 15,541 Cash provided by (used in) activities of discontinued operations — — (2,690 ) — (2,690 ) CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (7,938 ) 5,395 19,350 (3,956 ) 12,851 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (83 ) (14,341 ) (27,921 ) — (42,345 ) Proceeds from the sale of assets — 60 — — 60 Purchase of investments (361 ) — — — (361 ) Sales of investments 1,067 552 — — 1,619 Other — — (65 ) — (65 ) Investments in consolidated subsidiaries (4,162 ) 37 169 3,956 — Cash provided by (used in) activities of continuing operations (3,539 ) (13,692 ) (27,817 ) 3,956 (41,092 ) Cash provided by (used in) activities of discontinued operations — — (28,470 ) — (28,470 ) CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (3,539 ) (13,692 ) (56,287 ) 3,956 (69,562 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings, net of issuance costs 15,000 — 52,577 — — 15,000 Payments on debt, capital leases, and associated costs — (2,395 ) (16,054 ) — (18,449 ) Net intercompany financing activity (20,381 ) (10,946 ) 31,327 — — Other (4,606 ) — — — (4,606 ) Cash provided by (used in) activities of continuing operations (9,987 ) (13,341 ) 15,273 — (8,055 ) Cash provided by (used in) activities of discontinued operations — — (22 ) — (22 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (9,987 ) (13,341 ) 15,251 — (8,077 ) Effect of exchange rate changes on cash and cash equivalents — 2 555 — 557 Less net cash provided by (used in) discontinued operations — — (32,930 ) — (32,930 ) NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (21,464 ) (21,636 ) 11,799 — (31,301 ) Cash, cash equivalents and restricted cash at beginning of period 56,033 52,239 95,130 — 203,402 Cash, cash equivalents and restricted cash at end of period $ 34,569 $ 30,603 $ 106,929 $ — $ 172,101 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) activities of continuing operations $ (4,815 ) $ 17,183 $ 47,644 $ (16,076 ) 43,936 Cash provided by (used in) activities of discontinued operations — — 11,335 — 11,335 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 ) (6,297 ) — (23,591 ) Proceeds from the sale of assets 8,916 6,151 (48 ) — 15,019 Purchase of investments (1,016 ) — — — (1,016 ) Sales of investments 9,157 863 — — 10,020 Other 46 — (60 ) — (14 ) Investments in consolidated subsidiaries (12,454 ) (70 ) 67 12,457 — Cash provided by (used in) activities of continuing operations 4,330 (10,031 ) (6,338 ) 12,457 418 Cash provided by (used in) activities of discontinued operations — — (388 ) — (388 ) CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 4,330 (10,031 ) (6,726 ) 12,457 30 CASH FLOWS FROM FINANCING ACTIVITIES: Payments on debt, capital leases, and associated costs — (1,874 ) (1,332 ) — (3,206 ) Net intercompany financing activity 14,318 (9,325 ) (8,612 ) 3,619 — Other (3,247 ) — — — (3,247 ) Cash provided by (used in) activities of continuing operations 11,071 (11,199 ) (9,944 ) 3,619 (6,453 ) Cash provided by (used in) activities of discontinued operations — — (20 ) — (20 ) 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 Less net cash provided by (used in) discontinued operations — — 5,527 — 5,527 NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 10,586 (4,047 ) 37,317 — 43,856 Cash, cash equivalents and restricted cash at beginning of period 66,337 50,023 10,241 — 126,601 Cash, cash equivalents and restricted cash at end of period $ 76,923 $ 45,976 $ 47,558 $ — $ 170,457 |
Condensed Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET MARCH 31, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 22,111 $ 30,603 $ 106,929 $ — $ 159,643 Receivables 15,895 5,084 14,885 — 35,864 Ore on leach pads — 75,584 — — 75,584 Inventory — 31,512 30,211 — 61,723 Prepaid expenses and other 8,892 3,193 6,118 — 18,203 46,898 145,976 158,143 — 351,017 NON-CURRENT ASSETS Property, plant and equipment, net 3,141 165,578 97,438 — 266,157 Mining properties, net 6,980 219,000 617,841 — 843,821 Ore on leach pads — 67,430 — — 67,430 Restricted assets 14,352 227 7,537 — 22,116 Equity and debt securities 36,772 545 — — 37,317 Receivables 24,047 — 31,381 — 55,428 Net investment in subsidiaries 423,448 332 694 (424,474 ) — Other 317,146 11,820 3,431 (313,748 ) 18,649 TOTAL ASSETS $ 872,784 $ 610,908 $ 916,465 $ (738,222 ) $ 1,661,935 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 3,419 $ 21,634 $ 19,811 $ — $ 44,864 Other accrued liabilities 16,643 12,059 76,447 — 105,149 Debt — 9,977 7,063 — 17,040 Reclamation — 2,313 1,464 — 3,777 20,062 45,983 104,785 — 170,830 NON-CURRENT LIABILITIES Debt 360,280 31,116 319,336 (313,748 ) 396,984 Reclamation — 83,392 35,762 — 119,154 Deferred tax liabilities 2,641 4,978 97,605 — 105,224 Other long-term liabilities 2,602 2,751 50,079 — 55,432 Intercompany payable (receivable) (327,111 ) 307,016 20,095 — — 38,412 429,253 522,877 (313,748 ) 676,794 STOCKHOLDERS’ EQUITY Common stock 1,862 19,630 195,020 (214,650 ) 1,862 Additional paid-in capital 3,355,710 145,024 1,882,610 (2,027,634 ) 3,355,710 Accumulated deficit (2,542,899 ) (28,982 ) (1,788,827 ) 1,817,810 (2,542,898 ) Accumulated other comprehensive income (loss) (363 ) — — — (363 ) 814,310 135,672 288,803 (424,474 ) 814,311 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 872,784 $ 610,908 $ 916,465 $ (738,222 ) $ 1,661,935 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 44,662 $ 52,239 $ 95,131 $ — $ 192,032 Receivables 137 7,922 11,010 — 19,069 Ore on leach pads — 73,752 — — 73,752 Inventory — 29,769 28,461 — 58,230 Prepaid expenses and other 7,824 2,816 4,413 — 15,053 Assets held for sale — — 91,421 — 91,421 52,623 166,498 230,436 — 449,557 NON-CURRENT ASSETS Property, plant and equipment, net 4,007 161,487 89,243 — 254,737 Mining properties, net — 216,281 613,288 — 829,569 Ore on leach pads — 65,393 — — 65,393 Restricted assets 13,251 227 7,369 — 20,847 Equity and debt securities 33,569 1,268 — — 34,837 Receivables — — 28,750 — 28,750 Net investment in subsidiaries 422,074 223 (18 ) (422,279 ) — Other 320,335 11,040 2,854 (316,744 ) 17,485 TOTAL ASSETS $ 845,859 $ 622,417 $ 971,922 $ (739,023 ) $ 1,701,175 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 3,607 $ 24,534 $ 20,451 $ — $ 48,592 Other accrued liabilities 13,205 19,262 62,463 — 94,930 Debt — 9,215 21,538 — 30,753 Reclamation — 2,313 1,464 — 3,777 Liabilities held for sale — — 50,677 — 50,677 16,812 55,324 156,593 — 228,729 NON-CURRENT LIABILITIES Debt 345,088 28,313 323,912 (316,744 ) 380,569 Reclamation — 82,021 35,034 — 117,055 Deferred tax liabilities 4,110 5,127 95,911 — 105,148 Other long-term liabilities 2,311 3,063 49,323 — 54,697 Intercompany payable (receivable) (337,439 ) 317,759 19,680 — — 14,070 436,283 523,860 (316,744 ) 657,469 STOCKHOLDERS’ EQUITY Common stock 1,856 19,630 195,020 (214,650 ) 1,856 Additional paid-in capital 3,357,345 149,194 1,885,046 (2,034,240 ) 3,357,345 Accumulated deficit (2,546,743 ) (34,551 ) (1,788,597 ) 1,823,148 (2,546,743 ) Accumulated other comprehensive income (loss) 2,519 (3,463 ) — 3,463 2,519 814,977 130,810 291,469 (422,279 ) 814,977 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 845,859 $ 622,417 $ 971,922 $ (739,023 ) $ 1,701,175 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Major Classes of Assets and Liabilities | The major classes of line items constituting the pretax profit or loss for the three months ended March 31, 2018 and 2017 are as follows: Three months ended March 31, 2018 2017 Revenue $ 12,346 $ 20,584 COSTS AND EXPENSES Costs applicable to sales (1) 12,269 18,222 Amortization — 1,411 General and administrative 41 8 Pre-development, reclamation, and other 265 744 OTHER INCOME (EXPENSE), NET Interest expense, net of capitalized interest (3 ) (6 ) Other, net (260 ) 340 Pretax profit (loss) on discontinued operations related to major classes of pretax profit (loss) (492 ) 533 Pretax gain on the disposal of the discontinued operation 1,525 — Total pretax gain or loss on discontinued operations 1,033 533 Income and mining tax (expense) benefit (483 ) (169 ) Income (loss) from discontinued operations $ 550 $ 364 (1) Excludes amortization. |
Additional Balance Sheet Deta49
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities and other consist of the following: March 31, 2018 December 31, 2017 Accrued salaries and wages $ 15,552 $ 26,559 Income and mining taxes 36,642 25,788 Silvertip contingent consideration 24,543 24,393 Accrued operating costs 17,174 12,323 Taxes other than income and mining 5,644 4,354 Accrued interest payable 5,594 1,513 Accrued liabilities and other $ 105,149 $ 94,930 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows: March 31, 2018 March 31, 2017 Cash and cash equivalents $ 159,643 $ 160,636 Restricted cash equivalents 12,458 9,821 Total cash, cash equivalents and restricted cash shown in the statement of cash flows 172,101 170,457 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies Summary of Unearned Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Contract Liabilities | ||
Opening Balance | $ 14,883 | $ 19,281 |
Revenue Recognized | (543) | (1,629) |
Closing Balance | $ 14,340 | $ 17,652 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | ||
Financial information relating to reporting segments | ||||
Revenue | $ 163,267 | $ 185,554 | ||
Revenues | 163,267 | 185,554 | ||
Costs applicable to sales | [1] | 99,340 | 114,490 | |
Amortization | 30,777 | 38,693 | ||
Exploration | 6,683 | 5,252 | ||
Other operating expenses | 13,029 | 13,962 | ||
Fair value adjustments, net, pretax | 4,987 | (1,200) | ||
Interest expense, net | (5,965) | (3,579) | ||
Other, net | 180 | 20,799 | ||
Income and mining tax benefit (expense) | (11,949) | (10,878) | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 691 | 18,299 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 550 | 364 | ||
Assets, Net | [2] | 1,424,210 | 1,023,211 | $ 1,344,553 |
Capital expenditures | 42,345 | 23,591 | ||
Palmarejo [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 70,037 | 77,704 | ||
Costs applicable to sales | [1] | 31,096 | 43,001 | |
Amortization | 16,325 | 20,150 | ||
Exploration | 3,970 | 1,631 | ||
Other operating expenses | 731 | 301 | ||
Fair value adjustments, net, pretax | 0 | 0 | ||
Interest expense, net | (119) | (125) | ||
Other, net | (2,144) | 1,794 | ||
Income and mining tax benefit (expense) | (12,443) | (12,245) | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 3,209 | 2,045 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | ||
Assets, Net | [2] | 377,146 | 401,623 | |
Capital expenditures | 9,293 | 6,230 | ||
Rochester [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 33,497 | 38,979 | ||
Costs applicable to sales | [1] | 24,305 | 26,439 | |
Amortization | 4,831 | 5,816 | ||
Exploration | 33 | 144 | ||
Other operating expenses | 884 | 810 | ||
Fair value adjustments, net, pretax | 0 | (1,200) | ||
Interest expense, net | (98) | (117) | ||
Other, net | (40) | (32) | ||
Income and mining tax benefit (expense) | (371) | (498) | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 2,935 | 3,923 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | ||
Assets, Net | [2] | 245,881 | 227,526 | |
Capital expenditures | 2,633 | 10,568 | ||
Silvertip [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 0 | |||
Costs applicable to sales | [1] | 0 | ||
Amortization | 0 | |||
Exploration | 0 | |||
Other operating expenses | 20 | |||
Fair value adjustments, net, pretax | 0 | |||
Interest expense, net | (410) | |||
Other, net | 362 | |||
Income and mining tax benefit (expense) | 835 | |||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 767 | |||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | |||
Assets, Net | [2] | 361,212 | ||
Capital expenditures | 18,629 | |||
Kensington [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 36,300 | 37,964 | ||
Costs applicable to sales | [1] | 28,630 | 28,443 | |
Amortization | 6,717 | 9,178 | ||
Exploration | 1,590 | 839 | ||
Other operating expenses | 321 | 345 | ||
Fair value adjustments, net, pretax | 0 | 0 | ||
Interest expense, net | (243) | (40) | ||
Other, net | (37) | (808) | ||
Income and mining tax benefit (expense) | 0 | 0 | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (1,238) | (1,689) | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | ||
Assets, Net | [2] | 215,244 | 204,987 | |
Capital expenditures | 11,364 | 5,521 | ||
Wharf [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 23,433 | 30,251 | ||
Costs applicable to sales | [1] | 15,309 | 16,320 | |
Amortization | 2,657 | 3,111 | ||
Exploration | 10 | 0 | ||
Other operating expenses | 665 | 619 | ||
Fair value adjustments, net, pretax | 0 | 0 | ||
Interest expense, net | (12) | (19) | ||
Other, net | (21) | 89 | ||
Income and mining tax benefit (expense) | (639) | (957) | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 4,120 | 9,314 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | ||
Assets, Net | [2] | 104,805 | 104,673 | |
Capital expenditures | 344 | 887 | ||
Other Mining Properties [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 0 | 656 | ||
Costs applicable to sales | [1] | 0 | 287 | |
Amortization | 247 | 438 | ||
Exploration | 1,080 | 2,638 | ||
Other operating expenses | 10,408 | 11,887 | ||
Fair value adjustments, net, pretax | 4,987 | 0 | ||
Interest expense, net | (5,083) | (3,278) | ||
Other, net | 2,060 | 19,756 | ||
Income and mining tax benefit (expense) | 669 | 2,822 | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (9,102) | 4,706 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 550 | 364 | ||
Assets, Net | [2] | 119,922 | 84,402 | |
Capital expenditures | $ 82 | $ 385 | ||
[1] | Excludes amortization. | |||
[2] | 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, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | |
Segment Reporting [Abstract] | ||||
Assets, Net | [1] | $ 1,424,210 | $ 1,344,553 | $ 1,023,211 |
Cash and cash equivalents | 159,643 | 192,032 | $ 160,636 | |
Other assets | 78,082 | 164,590 | ||
TOTAL ASSETS | $ 1,661,935 | $ 1,701,175 | ||
[1] | Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interest |
Segment Reporting (Details 2)
Segment Reporting (Details 2) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | $ 1,109,978 | $ 1,084,306 | |
Revenues | |||
Revenues | 163,267 | $ 185,554 | |
United States | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 384,578 | 377,768 | |
Revenues | |||
Revenues | 93,230 | 107,194 | |
Canada | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 350,556 | 331,440 | |
Mexico | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 364,047 | 370,188 | |
Revenues | |||
Revenues | 70,037 | 77,704 | |
Australia | |||
Revenues | |||
Revenues | 0 | $ 656 | |
Other Foreign Countries [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | $ 10,797 | $ 4,910 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock-based compensation cost | $ 4.8 | |
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 5 months | |
Annual Incentive Plan and Long Term Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense for stock based compensation awards | $ 2.8 | $ 3.3 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Grants Awarded (Details) - March 5, 2018 | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock granted (in shares) | shares | 31,887 |
Grant date fair value of restricted stock (in dollars per share) | $ / shares | $ 7.84 |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options granted (in shares) | shares | 0 |
Grant date fair value of stock options (in dollars per share) | $ / shares | $ 0 |
Performance shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance shares granted (in shares) | shares | 0 |
Grant date fair value of performance shares (in dollars per share) | $ / shares | $ 0 |
Stock-Based Compensation - Su56
Stock-Based Compensation - Summary of Exercisable Options and Appreciation Rights (Details) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Exercised Units | shares | 93,920 |
Weighted Average Exercised Price (in dollars per share) | $ / shares | $ 1.81 |
Number of Exercisable Units | shares | 397,651 |
Weighted Average Exercisable Price (in dollars per share) | $ / shares | $ 14.39 |
Stock appreciation rights | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Exercised Units | shares | 0 |
Weighted Average Exercised Price (in dollars per share) | $ / shares | $ 0 |
Number of Exercisable Units | shares | 42,152 |
Weighted Average Exercisable Price (in dollars per share) | $ / shares | $ 14.14 |
Reclamation (Details)
Reclamation (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Asset retirement obligation | ||||
Asset retirement obligation - Beginning | $ 118,799 | $ 86,754 | ||
Accretion | 2,545 | 2,064 | ||
Settlements | (496) | (421) | ||
Asset retirement obligation - Ending | $ 120,848 | $ 88,397 | ||
Property, Plant and Equipment [Line Items] | ||||
Accrued reclamation liabilities, former mines | $ 2,100 | $ 2,000 |
Retirement Savings Plan (Detail
Retirement Savings Plan (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Postemployment Benefits [Abstract] | ||
Percentage of maximum limit for employees to contribute their cash compensation | 75.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | |
Total plan expenses | $ 1.2 | $ 2.1 |
Other, Net (Details)
Other, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Other Income and Expenses [Abstract] | ||
Foreign exchange gain (loss) | $ (670) | $ 1,206 |
Loss on sale of assets and investments | (574) | (2,066) |
Gain on sale of the Joaquin project | 0 | 21,138 |
Other | 1,424 | 521 |
Other, net | $ 180 | $ 20,799 |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net Income (Loss) Attributable to Coeur Stockholders | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ 691 | $ 18,299 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 550 | 364 |
Net income (loss) | $ 1,241 | $ 18,663 |
Weighted Average Number of Shares Outstanding | ||
Weighted Average Number of Shares Outstanding, Basic | 184,367,000 | 178,898,000 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 3,254,000 | 4,170,000 |
Weighted Average Number of Shares Outstanding, Diluted | 187,621,000 | 183,068,000 |
Basic EPS | ||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.004 | $ 0.10 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0.003 | 0 |
Earnings Per Share, Basic | 0.007 | 0.10 |
Diluted EPS | ||
Income (Loss) from Continuing Operations, Per Diluted Share | 0.004 | 0.10 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0.003 | 0 |
Earnings Per Share, Diluted | $ 0.007 | $ 0.10 |
Stock Options [Member] | ||
Earnings Per Share (Textual) [Abstract] | ||
Number of antidilutive shares of common stock equivalents | 496,064 | 1,368,685 |
Income and Mining Taxes - Narra
Income and Mining Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||
Foreign Income Tax Expense (Benefit), Continuing Operations | $ 3.6 | $ 5.6 | |
Unrecognized Tax Benefits | 3.9 | $ 4.3 | |
Income tax penalties and interest expense | 4.2 | $ 4.8 | |
Minimum | |||
Income Tax Contingency [Line Items] | |||
Unrecognized income tax liability | 1.5 | ||
Maximum | |||
Income Tax Contingency [Line Items] | |||
Unrecognized income tax liability | $ 2.5 |
Income and Mining Taxes - Incom
Income and Mining Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Examination [Line Items] | ||
Tax (expense) benefit | $ 11,949 | $ 10,878 |
Total | 12,640 | 29,177 |
United States | ||
Income Tax Examination [Line Items] | ||
Income (loss) before tax, United States | 1,187 | 20,653 |
Tax (expense) benefit | 517 | (1,827) |
Argentina | ||
Income Tax Examination [Line Items] | ||
Tax (expense) benefit | 10 | 1,124 |
Income (loss) before tax, Foreign | 254 | (328) |
Mexico | ||
Income Tax Examination [Line Items] | ||
Tax (expense) benefit | (13,222) | (9,923) |
Income (loss) before tax, Foreign | 13,126 | 8,650 |
Other jurisdictions | ||
Income Tax Examination [Line Items] | ||
Tax (expense) benefit | 746 | (252) |
Income (loss) before tax, Foreign | $ (1,927) | $ 202 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Gain (Loss) Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gain (loss) on derivative instruments | $ 4,987 | $ (1,200) |
Marketable Securities, Unrealized Gain (Loss) | 4,842 | 0 |
Rochester Royalty Obligation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gain (loss) on derivative instruments | 0 | (1,200) |
Zinc options | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative gain (loss) | $ 100 | $ 0 |
Fair Value Measurements - Sum64
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Assets | $ 37,869 | $ 35,088 |
Liabilities: | ||
Total liabilities | 48,414 | 48,187 |
Other derivative instruments, net | ||
Assets: | ||
Fair value of other derivative instruments, net | 552 | 251 |
Liabilities: | ||
Fair value of derivative liability | 125 | 222 |
Silvertip Mine | ||
Liabilities: | ||
Fair value of derivative liability | 48,289 | 47,965 |
Equity and debt securities | ||
Assets: | ||
Fair value of equity and debt securities | 37,317 | 34,837 |
Equity and debt securities | ||
Assets: | ||
Fair value of equity and debt securities | 31,003 | 28,245 |
Level 1 | ||
Assets: | ||
Assets | 31,003 | 27,946 |
Liabilities: | ||
Total liabilities | 0 | 0 |
Level 1 | Other derivative instruments, net | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | 0 |
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 1 | Silvertip Mine | ||
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 1 | Equity and debt securities | ||
Assets: | ||
Fair value of equity and debt securities | 31,003 | 27,946 |
Level 2 | ||
Assets: | ||
Assets | 552 | 251 |
Liabilities: | ||
Total liabilities | 125 | 222 |
Level 2 | Other derivative instruments, net | ||
Assets: | ||
Fair value of other derivative instruments, net | 552 | 251 |
Liabilities: | ||
Fair value of derivative liability | 125 | 222 |
Level 2 | Silvertip Mine | ||
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 2 | Equity and debt securities | ||
Assets: | ||
Fair value of equity and debt securities | 0 | 0 |
Level 3 | ||
Assets: | ||
Assets | 6,314 | 6,891 |
Liabilities: | ||
Total liabilities | 48,289 | 47,965 |
Level 3 | Other derivative instruments, net | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | 0 |
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 3 | Equity and debt securities | ||
Assets: | ||
Fair value of equity and debt securities | 6,891 | |
Silvertip Mine | ||
Liabilities: | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 48,289 | $ 47,965 |
Available-for-sale Securities | Level 3 | Equity and debt securities | ||
Assets: | ||
Fair value of equity and debt securities | $ 6,314 |
Fair Value Measurements - Sum65
Fair Value Measurements - Summary of Level 3 Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Available-for-sale Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the start of the period | $ 6,891 | |
Revaluation | (278) | |
Settlements | 299 | |
Asset Sales | 0 | |
Silvertip Mine | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the start of the period | 47,965 | |
Revaluation | 0 | |
Settlements | 0 | |
Liability Sales | 324 | |
Balance at the end of the period | 48,289 | |
Equity and debt securities | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Available-for-sale Securities | $ 31,003 | $ 28,245 |
Fair Value Measurements - Sum66
Fair Value Measurements - Summary of Assets and Liabilities Carried at Book Value (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Book value | $ 396,984 | $ 380,569 | |
Senior Notes due 2024 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Book value | [1] | 245,280 | 245,088 |
Manquiri Note Receivable [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Nontrade Receivables | [1] | 39,887 | |
Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Book value | [1] | 115,000 | 100,000 |
Portion at Other than Fair Value Measurement | Senior Notes due 2024 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 244,520 | 243,913 | |
Portion at Other than Fair Value Measurement | Senior Notes due 2024 | Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 0 | 0 | |
Portion at Other than Fair Value Measurement | Senior Notes due 2024 | Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 244,520 | 243,913 | |
Portion at Other than Fair Value Measurement | Senior Notes due 2024 | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 0 | 0 | |
Portion at Other than Fair Value Measurement | Manquiri Note Receivable [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, Fair Value Disclosure | 39,887 | ||
Portion at Other than Fair Value Measurement | Manquiri Note Receivable [Member] | Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, Fair Value Disclosure | 0 | ||
Portion at Other than Fair Value Measurement | Manquiri Note Receivable [Member] | Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, Fair Value Disclosure | 0 | ||
Portion at Other than Fair Value Measurement | Manquiri Note Receivable [Member] | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, Fair Value Disclosure | 39,887 | ||
Portion at Other than Fair Value Measurement | Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 115,000 | 100,000 | |
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 0 | 0 | |
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 115,000 | 100,000 | |
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | $ 0 | $ 0 | |
[1] | Net of unamortized debt issuance costs of $4.7 million and $4.9 million at March 31, 2018 and December 31, 2017, respectively. |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||||
Oct. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jul. 31, 2017 | May 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Ownership in Metalla Royalty & Streaming Ltd. | 19.90% | |||||
Senior Notes due 2024 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Net unamortized debt issuance costs | $ 4.7 | $ 4.9 | ||||
Stated interest rate | 5.875% | |||||
Senior Notes due 2024 | Senior Notes | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Stated interest rate | 5.875% | |||||
Non-core three royalties and stream | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total consideration | $ 13 | |||||
Convertible debenture | $ 6.7 | |||||
Debt Securities | Metalla Royalty & Streaming Ltd. | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Stated interest rate | 5.00% | |||||
JDS Silver Holdings Ltd. | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Long-term Purchase Commitment, Milestones | 2 | |||||
Silvertip Mine | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Contingent consideration payment | $ 25 | |||||
Permitting payment, estimated discount rate (percentage) | 2.50% | |||||
Resource declaration payment, estimated discount rate (percentage) | 2.90% |
Derivative Financial Instrume68
Derivative Financial Instruments - Summary of Provisionally Priced Sales (Details) $ in Thousands | Mar. 31, 2018USD ($)oz$ / oz |
Silver concentrate sales agreements | 2018 | |
Derivative instruments Settlement | |
Derivative, notional amount | $ | $ (831) |
Derivative average price | 16.66 |
Outstanding Provisionally Priced Sales Consists of Silver | oz | 49,853 |
Silver concentrate sales agreements | Thereafter | |
Derivative instruments Settlement | |
Derivative, notional amount | $ | $ 0 |
Derivative average price | 0 |
Outstanding Provisionally Priced Sales Consists of Silver | oz | 0 |
Gold concentrates sales agreements | 2018 | |
Derivative instruments Settlement | |
Derivative, notional amount | $ | $ (59,332) |
Derivative average price | 1,317 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 45,051 |
Gold concentrates sales agreements | Thereafter | |
Derivative instruments Settlement | |
Derivative, notional amount | $ | $ 0 |
Derivative average price | 0 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 0 |
Zinc Put Options, Purchased [Member] | |
Derivative instruments Settlement | |
Derivative average price | 3,000 |
Zinc Put Options, Purchased [Member] | 2018 | |
Derivative instruments Settlement | |
Derivative, notional amount | $ | $ (8,100) |
Derivative, Nonmonetary Notional Amount | oz | 2,700 |
Derivative average price | 3,000 |
Zinc Put Options, Purchased [Member] | Thereafter | |
Derivative instruments Settlement | |
Derivative, notional amount | $ | $ 0 |
Derivative, Nonmonetary Notional Amount | oz | 0 |
Derivative average price | 0 |
Zinc Call Options, Sold [Member] | 2018 | |
Derivative instruments Settlement | |
Derivative, notional amount | $ | $ (10,935) |
Derivative, Nonmonetary Notional Amount | oz | 2,700 |
Derivative average price | 4,050 |
Zinc Call Options, Sold [Member] | Thereafter | |
Derivative instruments Settlement | |
Derivative, notional amount | $ | $ 0 |
Derivative, Nonmonetary Notional Amount | oz | 0 |
Derivative average price | 0 |
Derivative Financial Instrume69
Derivative Financial Instruments - Summary of Classification of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Prepaid expenses and other | ||
Fair value of the derivative instruments | ||
Other derivative instruments, net | $ 552 | |
Accrued liabilities and other | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | 125 | |
Non-current portion of royalty obligation | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | 0 | |
Silver and Gold Concentrate Sales Agreements | Prepaid expenses and other | ||
Fair value of the derivative instruments | ||
Other derivative instruments, net | 407 | $ 251 |
Silver and Gold Concentrate Sales Agreements | Accrued liabilities and other | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | 125 | 222 |
Silver and Gold Concentrate Sales Agreements | Non-current portion of royalty obligation | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | 0 | $ 0 |
Zinc Put and Call Options [Member] | Prepaid expenses and other | ||
Fair value of the derivative instruments | ||
Other derivative instruments, net | 145 | |
Zinc Put and Call Options [Member] | Non-current portion of royalty obligation | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | $ 0 |
Derivative Financial Instrume70
Derivative Financial Instruments - Summary of Mark-to-Market Gain (Losses) on Derivative Instruments (Details) | 3 Months Ended | |
Mar. 31, 2018USD ($)$ / oz | Mar. 31, 2017USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value adjustments, net, pretax | $ 4,987,000 | $ (1,200,000) |
Fair value adjustments, net | $ 398,000 | 1,212,000 |
Zinc Put Options, Purchased [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Weighted Average Strike Price of Put Options | $ / oz | 3,000 | |
Provisional silver and gold sales contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Provisional gain (loss) on derivatives and commodity contracts | $ 253,000 | 1,212,000 |
Zinc options | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net derivative gain (loss) | 100,000 | $ 0 |
Derivative Asset | $ 145,000 | |
Zinc Call Options, Sold [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Weighted Average Strike Price of Call Options | 4,050 |
Derivative Financial Instrume71
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Concentrate Sales Contracts | ||
Derivative [Line Items] | ||
Provisional gain (loss) on derivatives and commodity contracts | $ 253 | $ 1,212 |
Zinc options | ||
Derivative [Line Items] | ||
Net derivative gain (loss) | $ 100 | $ 0 |
Acquisitions - JDS Silver (Deta
Acquisitions - JDS Silver (Details) - JDS Silver Holdings Ltd. shares in Thousands | 1 Months Ended |
Oct. 31, 2017USD ($)shares | |
Business Acquisition [Line Items] | |
Shares issued | shares | 4,200 |
Cash | $ 153,194,000 |
Contingent consideration, liability | 47,705,000 |
Cash consideration | 100,000,000 |
Total purchase price | 236,906,000 |
Assets: | |
Receivables and other assets | 6,828,000 |
Property, plant, and equipment | 29,943,000 |
Mining properties, net | 288,464,000 |
Total assets acquired | 325,235,000 |
Liabilities: | |
Accounts payable and accrued liabilities | 13,077,000 |
Asset retirement obligation | 6,982,000 |
Debt and capital lease | 20,149,000 |
Deferred income taxes | 48,121,000 |
Total liabilities assumed | 88,329,000 |
Net assets acquired | 236,906,000 |
Common Stock | |
Business Acquisition [Line Items] | |
Common shares issued (value) | $ 36,007,000 |
Common shares issued (in shares) | shares | 4,191,679 |
Price per common share issued (UDS per share) | $ 8,590 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Available-for-sale Securities [Abstract] | |||
Gain (Loss) on Investments | $ 4,529 | $ (1,471) | |
Marketable Securities, Realized Gain (Loss) | 313 | 1,471 | |
Marketable Securities, Unrealized Gain (Loss) | 4,842 | $ 0 | |
Investment in Marketable Securities (Textual) [Abstract] | |||
Held-to-maturity Securities, Restricted | 22,100 | $ 17,600 | |
Equity securities | |||
Available-for-sale Securities | |||
Cost | 19,686 | 21,771 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (1,478) | (881) | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 12,795 | 7,355 | |
Available-for-sale Securities | 31,003 | 28,245 | |
Debt Securities | |||
Available-for-sale Securities | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (363) | ||
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 | 363 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 6,314 | ||
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 | 6,314 | ||
Equity and debt securities | |||
Available-for-sale Securities | |||
Cost | 26,363 | 28,448 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (1,841) | (966) | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 12,795 | 7,355 | |
Available-for-sale Securities | 37,317 | 34,837 | |
Metalla Royalty & Streaming Ltd. | Equity securities | |||
Available-for-sale Securities | |||
Cost | 6,294 | 6,294 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 2,837 | 1,354 | |
Available-for-sale Securities | 9,131 | 7,648 | |
Metalla Royalty & Streaming Ltd. | Debt Securities | |||
Available-for-sale Securities | |||
Cost | 6,677 | 6,677 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (363) | (85) | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Available-for-sale Securities | 6,592 | ||
Corvus Gold Inc. [Member] | Equity securities | |||
Available-for-sale Securities | |||
Cost | 3,582 | 3,582 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 6,844 | 4,518 | |
Available-for-sale Securities | 10,426 | 8,100 | |
Almaden Minerals, Ltd. [Member] | Equity securities | |||
Available-for-sale Securities | |||
Cost | 2,067 | 3,125 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (727) | (235) | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Available-for-sale Securities | 1,340 | 2,890 | |
Northern Empire Resources Corp. [Member] | Equity securities | |||
Available-for-sale Securities | |||
Cost | 4,489 | 4,489 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 2,999 | 1,077 | |
Available-for-sale Securities | 7,488 | 5,566 | |
Rockhaven Resources, Ltd. [Member] | Equity securities | |||
Available-for-sale Securities | |||
Cost | 2,064 | 2,064 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (596) | (193) | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Available-for-sale Securities | 1,468 | 1,871 | |
Other Investments [Member] | Equity securities | |||
Available-for-sale Securities | |||
Cost | 1,190 | 1,479 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (155) | (453) | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 115 | 405 | |
Available-for-sale Securities | 1,150 | 1,431 | |
Kootenay Silver, Inc. [Member] | Equity securities | |||
Available-for-sale Securities | |||
Cost | 738 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 1 | ||
Available-for-sale Securities | 739 | ||
Level 3 | Equity and debt securities | |||
Available-for-sale Securities | |||
Available-for-sale Securities | $ 6,891 | ||
Available-for-sale Securities | Level 3 | Equity and debt securities | |||
Available-for-sale Securities | |||
Available-for-sale Securities | $ 6,314 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Receivables - current portion | ||
Accounts receivable - trade | $ 3,840 | $ 5,883 |
Refundable income tax | 48 | 7 |
Refundable value added tax | 14,482 | 10,982 |
Notes, Loans and Financing Receivable, Net, Current | 15,840 | 0 |
Accounts receivable - other | 1,654 | 2,197 |
Receivables, net current portion | 35,864 | 19,069 |
Receivables - non-current portion | ||
Refundable value added tax | 31,381 | 28,750 |
Receivables, Net, Current | 24,047 | 0 |
Accounts Receivable, Net, Noncurrent | 55,428 | 28,750 |
Total receivables | $ 91,292 | $ 47,819 |
Receivables (Details Textual)
Receivables (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Value Added Tax Receivable, Noncurrent | $ 31,381 | $ 28,750 |
Inventory and Ore on Leach Pa76
Inventory and Ore on Leach Pads (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Inventory, Finished Goods, Net of Reserves | $ 11,062 | $ 6,831 |
Other Inventory, Net of Reserves | 17,783 | 18,803 |
Inventory, Supplies, Net of Reserves | 32,878 | 32,596 |
Inventory | 61,723 | 58,230 |
Ore on Leach Pad, Current | 75,584 | 73,752 |
Ore on leach pads, noncurrent | 67,430 | 65,393 |
Inventory, Ore Stockpiles on Leach Pads, Gross | 143,014 | 139,145 |
Inventory and Ore on Leach Pads | $ 204,737 | $ 197,375 |
Property, Plant and Equipment77
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Property, plant and equipment | |||
Land | $ 9,107 | $ 9,408 | |
Building improvements | 559,276 | 554,160 | |
Capitalized leases for machinery, equipment and buildings | 88,720 | 82,753 | |
Property, plant and equipment, gross | 657,103 | 646,321 | |
Accumulated depreciation and amortization | [1] | (456,374) | (448,001) |
Property Plant and Equipment Net before Construction in Progress | 200,729 | 198,320 | |
Construction in Progress | 65,428 | 56,417 | |
Property, plant and equipment, net | $ 266,157 | $ 254,737 | |
[1] | Includes $29.0 million and $28.2 million of accumulated amortization related to assets under capital leases at March 31, 2018 and December 31, 2017, respectively. |
Property, Plant and Equipment78
Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Abstract] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 29 | $ 28.2 |
Mining Properties (Details)
Mining Properties (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Mining Properties | ||
Operational mining properties: | $ 833,841 | $ 804,845 |
Accumulated depletion | (496,358) | (485,368) |
Operational mining properties, net | 337,483 | 319,477 |
Mineral interest | 976,443 | 969,341 |
Accumulated depletion | (470,105) | (459,249) |
Mineral interest, net | 506,338 | 510,092 |
Total mining properties | 843,821 | 829,569 |
Palmarejo [Member] | ||
Mining Properties | ||
Operational mining properties: | 220,141 | 214,383 |
Accumulated depletion | (151,102) | (146,598) |
Operational mining properties, net | 69,039 | 67,785 |
Mineral interest | 629,303 | 629,303 |
Accumulated depletion | (445,327) | (435,215) |
Mineral interest, net | 183,976 | 194,088 |
Total mining properties | 253,015 | 261,873 |
Rochester [Member] | ||
Mining Properties | ||
Operational mining properties: | 194,390 | 193,881 |
Accumulated depletion | (146,245) | (144,390) |
Operational mining properties, net | 48,145 | 49,491 |
Mineral interest | 0 | 0 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 0 | 0 |
Total mining properties | 48,145 | 49,491 |
Silvertip [Member] | ||
Mining Properties | ||
Operational mining properties: | 70,626 | 57,214 |
Accumulated depletion | 0 | 0 |
Operational mining properties, net | 70,626 | 57,214 |
Mineral interest | 245,116 | 245,116 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 245,116 | 245,116 |
Total mining properties | 315,742 | 302,330 |
Kensington [Member] | ||
Mining Properties | ||
Operational mining properties: | 307,996 | 298,749 |
Accumulated depletion | (182,555) | (178,632) |
Operational mining properties, net | 125,441 | 120,117 |
Mineral interest | 0 | 0 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 0 | 0 |
Total mining properties | 125,441 | 120,117 |
Wharf [Member] | ||
Mining Properties | ||
Operational mining properties: | 40,688 | 40,618 |
Accumulated depletion | (16,456) | (15,748) |
Operational mining properties, net | 24,232 | 24,870 |
Mineral interest | 45,837 | 45,837 |
Accumulated depletion | (24,655) | (24,034) |
Mineral interest, net | 21,182 | 21,803 |
Total mining properties | 45,414 | 46,673 |
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 |
Other Mining Properties [Member] | ||
Mining Properties | ||
Operational mining properties: | 0 | |
Accumulated depletion | 0 | |
Operational mining properties, net | 0 | |
Mineral interest | 7,102 | |
Accumulated depletion | (123) | |
Mineral interest, net | 6,979 | |
Total mining properties | $ 6,979 |
Mining Properties (Details Text
Mining Properties (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Gain (loss) on sale of assets and investments | $ 0 | $ 21,138 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | ||
Long term debt and capital lease obligations | ||||
Current | $ 17,040 | $ 30,753 | ||
Debt | 396,984 | 380,569 | ||
Interest paid on Revolving Credit Facility | 1,152 | $ 0 | ||
Interest expenses incurred for various debt instruments | ||||
Interest paid on Senior Notes due 2024 | 3,673 | 0 | ||
Interest Paid on Senior Notes due 2021 | 0 | 3,504 | ||
Interest Paid on Capital Leases | 524 | 306 | ||
Debt Issuance Cost (Deprecated 2016-01-31) | 325 | 166 | ||
Amortization of debt issuance costs | 0 | (43) | ||
Accretion | 324 | 0 | ||
Interest Expense, Debt | 107 | 9 | ||
Capitalized interest | (140) | (363) | ||
Total interest expense, net of capitalized interest | 5,965 | $ 3,579 | ||
Revolving Credit Facility | ||||
Long term debt and capital lease obligations | ||||
Debt | [1] | 115,000 | 100,000 | |
Silvertip Debt Obligation [Member] | ||||
Long term debt and capital lease obligations | ||||
Debt | 0 | 0 | ||
Senior Notes due 2024 | ||||
Long term debt and capital lease obligations | ||||
Debt | [1] | 245,280 | 245,088 | |
Capital Lease Obligations [Member] | ||||
Long term debt and capital lease obligations | ||||
Debt | 36,704 | 35,481 | ||
Revolving Credit Facility | ||||
Long term debt and capital lease obligations | ||||
Current | 0 | 0 | ||
Silvertip Debt Obligation [Member] | ||||
Long term debt and capital lease obligations | ||||
Current | 0 | 14,194 | ||
Senior Notes due 2024 | ||||
Long term debt and capital lease obligations | ||||
Current | [1] | 0 | 0 | |
Capital Lease Obligations [Member] | ||||
Long term debt and capital lease obligations | ||||
Current | $ 17,040 | $ 16,559 | ||
Revolving Credit Facility | ||||
Long term debt and capital lease obligations | ||||
Stated interest rate | 4.10% | |||
[1] | Net of unamortized debt issuance costs of $4.7 million and $4.9 million at March 31, 2018 and December 31, 2017, respectively. |
Debt (Details Textual)
Debt (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Sep. 30, 2017 | May 31, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | |
Senior Notes due 2024 | ||||
Debt Instrument [Line Items] | ||||
Net unamortized debt issuance costs | $ 4,700,000 | $ 4,900,000 | ||
Debt Instrument, Face Amount | $ 250,000,000 | |||
Proceeds from Debt | $ 245,000,000 | |||
Stated interest rate | 5.875% | |||
Silvertip Debt Obligation [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters of Credit Outstanding, Amount | 15,000,000 | |||
Repayments of Debt | 12,600,000 | |||
Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters of Credit Outstanding, Amount | 12,000,000 | |||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Net unamortized debt issuance costs | $ 1,800,000 | 1,900,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | |||
Line of Credit Facility, Additional Borrowing Capacity | $ 50,000,000 | |||
Debt Instrument, Term | 4 years | |||
Line of Credit Facility, Current Borrowing Capacity | 73,000,000 | |||
Stated interest rate | 4.10% | |||
Silvertip [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters of Credit Outstanding, Amount | $ 100,000,000 | |||
Base Rate [Member] | Minimum | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 1.00% | |||
Base Rate [Member] | Maximum | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 1.75% | |||
London Interbank Offered Rate (LIBOR) [Member] | Minimum | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 2.00% | |||
London Interbank Offered Rate (LIBOR) [Member] | Maximum | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 2.75% |
Supplemental Guarantor Inform83
Supplemental Guarantor Information Condensed Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | $ 163,267 | $ 185,554 | |
Costs applicable to sales | [1] | 99,340 | 114,490 |
Amortization | 30,777 | 38,693 | |
General and Administrative Expense | 8,804 | 10,125 | |
Exploration | 6,683 | 5,252 | |
Pre-development, reclamation, and other | 4,225 | 3,837 | |
Total costs and expenses | 149,829 | 172,397 | |
Gain (loss) on derivative instruments | 4,987 | (1,200) | |
Other, net | 180 | 20,799 | |
Interest expense, net | (5,965) | (3,579) | |
Total other income (expense), net | (798) | 16,020 | |
Total | 12,640 | 29,177 | |
Income and mining tax benefit (expense) | (11,949) | (10,878) | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 691 | 18,299 | |
Income (Loss) from Equity Method Investments | 0 | 0 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 550 | 364 | |
Net income (loss) | 1,241 | 18,663 | |
Unrealized gain (loss) on available for sale securities | (278) | (2,182) | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 0 | 121 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 1,471 | |
Other comprehensive income (loss) | (278) | (590) | |
COMPREHENSIVE INCOME (LOSS) | 963 | 18,073 | |
Revenue | 163,267 | 185,554 | |
Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | 93,230 | 107,194 | |
Costs applicable to sales | 68,245 | 71,202 | |
Amortization | 14,205 | 18,104 | |
General and Administrative Expense | 3 | 24 | |
Exploration | 2,245 | 1,727 | |
Pre-development, reclamation, and other | 1,947 | 1,781 | |
Total costs and expenses | 86,645 | 92,838 | |
Gain (loss) on derivative instruments | (292) | (1,200) | |
Other, net | (137) | 5,458 | |
Interest expense, net | (353) | (175) | |
Total other income (expense), net | (782) | 4,083 | |
Total | 5,803 | 18,439 | |
Income and mining tax benefit (expense) | (1,120) | (2,434) | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 4,683 | 16,005 | |
Income (Loss) from Equity Method Investments | (38) | 70 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (284) | 0 | |
Net income (loss) | 4,361 | 16,075 | |
Unrealized gain (loss) on available for sale securities | 0 | (279) | |
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) | ||
Other comprehensive income (loss) | (527) | ||
COMPREHENSIVE INCOME (LOSS) | 4,361 | 15,548 | |
Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | 70,037 | 78,360 | |
Costs applicable to sales | 31,095 | 43,288 | |
Amortization | 16,326 | 20,265 | |
General and Administrative Expense | 4 | (5) | |
Exploration | 3,979 | 3,189 | |
Pre-development, reclamation, and other | 1,872 | 1,881 | |
Total costs and expenses | 53,276 | 68,618 | |
Gain (loss) on derivative instruments | 0 | 0 | |
Other, net | (106) | 1,533 | |
Interest expense, net | (4,248) | (1,539) | |
Total other income (expense), net | (4,354) | (6) | |
Total | 12,407 | 9,736 | |
Income and mining tax benefit (expense) | (12,467) | (10,032) | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (60) | (296) | |
Income (Loss) from Equity Method Investments | (170) | (67) | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (175) | 364 | |
Net income (loss) | (405) | 1 | |
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 | ||
Other comprehensive income (loss) | 0 | ||
COMPREHENSIVE INCOME (LOSS) | (405) | 1 | |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | 0 | 0 | |
Costs applicable to sales | 0 | 0 | |
Amortization | 246 | 324 | |
General and Administrative Expense | 8,797 | 10,106 | |
Exploration | 459 | 336 | |
Pre-development, reclamation, and other | 406 | 175 | |
Total costs and expenses | 9,908 | 10,941 | |
Gain (loss) on derivative instruments | 5,279 | 0 | |
Other, net | 4,142 | 15,222 | |
Interest expense, net | (5,083) | (3,279) | |
Total other income (expense), net | 4,338 | 11,943 | |
Total | (5,570) | 1,002 | |
Income and mining tax benefit (expense) | 1,638 | 1,588 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (3,932) | 2,590 | |
Income (Loss) from Equity Method Investments | 4,164 | 16,073 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 1,009 | 0 | |
Net income (loss) | 1,241 | 18,663 | |
Unrealized gain (loss) on available for sale securities | (278) | (2,182) | |
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 | ||
Other comprehensive income (loss) | (590) | ||
COMPREHENSIVE INCOME (LOSS) | 963 | 18,073 | |
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 | 0 | 0 | |
Pre-development, reclamation, and other | 0 | 0 | |
Total costs and expenses | 0 | 0 | |
Gain (loss) on derivative instruments | 0 | 0 | |
Other, net | (3,719) | (1,414) | |
Interest expense, net | 3,719 | 1,414 | |
Total other income (expense), net | 0 | 0 | |
Total | 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 | (3,956) | (16,076) | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | |
Net income (loss) | (3,956) | (16,076) | |
Unrealized gain (loss) on available for sale securities | 0 | 279 | |
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 | ||
Other comprehensive income (loss) | 527 | ||
COMPREHENSIVE INCOME (LOSS) | $ (3,956) | $ (15,549) | |
[1] | Excludes amortization. |
Supplemental Guarantor Inform84
Supplemental Guarantor Information Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | $ 15,541 | $ 43,936 | ||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | (2,690) | 11,335 | ||
Cash provided by (used in) operating activities | 12,851 | 55,271 | ||
Capital expenditures | (42,345) | (23,591) | ||
Proceeds from the sale of assets | 60 | 15,019 | ||
Purchase of short term investments and equity securities | (361) | (1,016) | ||
Sales and maturities of short-term investments | 1,619 | 10,020 | ||
Payments for (Proceeds from) Other Investing Activities | (65) | (14) | ||
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (41,092) | 418 | ||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | (28,470) | (388) | ||
CASH USED IN INVESTING ACTIVITIES | (69,562) | 30 | ||
Proceeds from Issuance of Unsecured Debt | 15,000 | 0 | ||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (18,449) | (3,206) | ||
Proceeds From Repayment Intercompany Borrowings | 0 | 0 | ||
Proceeds from (Payments for) Other Financing Activities | (4,606) | (3,247) | ||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (8,055) | (6,453) | ||
Cash Provided by (Used in) Financing Activities, Discontinued Operations | (22) | (20) | ||
Net Cash Provided by (Used in) Financing Activities | (8,077) | (6,473) | ||
Effect of exchange rate changes on cash and cash equivalents | 557 | 555 | ||
Net Cash Provided by (Used in) Discontinued Operations | (32,930) | 5,527 | ||
CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingNetCashProvidedByUsedInDiscontinuedOperationsAssetsHeldForSale | (31,301) | 43,856 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 172,101 | 170,457 | $ 203,402 | $ 126,601 |
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (7,938) | (4,815) | ||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 | ||
Cash provided by (used in) operating activities | (7,938) | (4,815) | ||
Capital expenditures | (83) | (319) | ||
Proceeds from the sale of assets | 0 | 8,916 | ||
Purchase of short term investments and equity securities | (361) | (1,016) | ||
Sales and maturities of short-term investments | 1,067 | 9,157 | ||
Payments for (Proceeds from) Other Investing Activities | 0 | 46 | ||
Payments to Acquire Interest in Subsidiaries and Affiliates | (4,162) | (12,454) | ||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (3,539) | 4,330 | ||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | 0 | ||
CASH USED IN INVESTING ACTIVITIES | (3,539) | 4,330 | ||
Proceeds from Issuance of Unsecured Debt | 15,000 | |||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 0 | 0 | ||
Proceeds From Repayment Intercompany Borrowings | 20,381 | (14,318) | ||
Proceeds from (Payments for) Other Financing Activities | (4,606) | (3,247) | ||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (9,987) | 11,071 | ||
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | (9,987) | 11,071 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | ||
Net Cash Provided by (Used in) Discontinued Operations | 0 | 0 | ||
CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingNetCashProvidedByUsedInDiscontinuedOperationsAssetsHeldForSale | (21,464) | 10,586 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 34,569 | 76,923 | 56,033 | 66,337 |
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 5,395 | 17,183 | ||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 | ||
Cash provided by (used in) operating activities | 5,395 | 17,183 | ||
Capital expenditures | (14,341) | (16,975) | ||
Proceeds from the sale of assets | 60 | 6,151 | ||
Purchase of short term investments and equity securities | 0 | 0 | ||
Sales and maturities of short-term investments | 552 | 863 | ||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | ||
Payments to Acquire Interest in Subsidiaries and Affiliates | 37 | (70) | ||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (13,692) | (10,031) | ||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | 0 | ||
CASH USED IN INVESTING ACTIVITIES | (13,692) | (10,031) | ||
Proceeds from Issuance of Unsecured Debt | 0 | |||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (2,395) | (1,874) | ||
Proceeds From Repayment Intercompany Borrowings | 10,946 | 9,325 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (13,341) | (11,199) | ||
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | (13,341) | (11,199) | ||
Effect of exchange rate changes on cash and cash equivalents | 2 | 0 | ||
Net Cash Provided by (Used in) Discontinued Operations | 0 | 0 | ||
CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingNetCashProvidedByUsedInDiscontinuedOperationsAssetsHeldForSale | (21,636) | (4,047) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 30,603 | 45,976 | 52,239 | 50,023 |
Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 22,040 | 47,644 | ||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | (2,690) | 11,335 | ||
Cash provided by (used in) operating activities | 19,350 | 58,979 | ||
Capital expenditures | (27,921) | (6,297) | ||
Proceeds from the sale of assets | 0 | (48) | ||
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 | (65) | (60) | ||
Payments to Acquire Interest in Subsidiaries and Affiliates | 169 | 67 | ||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (27,817) | (6,338) | ||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | (28,470) | (388) | ||
CASH USED IN INVESTING ACTIVITIES | (56,287) | (6,726) | ||
Proceeds from Issuance of Unsecured Debt | 0 | |||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (16,054) | (1,332) | ||
Proceeds From Repayment Intercompany Borrowings | (31,327) | 8,612 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 15,273 | (9,944) | ||
Cash Provided by (Used in) Financing Activities, Discontinued Operations | (22) | (20) | ||
Net Cash Provided by (Used in) Financing Activities | 15,251 | (9,964) | ||
Effect of exchange rate changes on cash and cash equivalents | 555 | 555 | ||
Net Cash Provided by (Used in) Discontinued Operations | (32,930) | 5,527 | ||
CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingNetCashProvidedByUsedInDiscontinuedOperationsAssetsHeldForSale | 11,799 | 37,317 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 106,929 | 47,558 | 95,130 | 10,241 |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (3,956) | (16,076) | ||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 | ||
Cash provided by (used in) operating activities | (3,956) | (16,076) | ||
Capital expenditures | 0 | 0 | ||
Proceeds from the sale of assets | 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 | 3,956 | 12,457 | ||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 3,956 | 12,457 | ||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | 0 | ||
CASH USED IN INVESTING ACTIVITIES | 3,956 | 12,457 | ||
Proceeds from Issuance of Unsecured Debt | 0 | |||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 0 | 0 | ||
Proceeds From Repayment Intercompany Borrowings | 0 | 3,619 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 0 | 3,619 | ||
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 0 | 3,619 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | ||
Net Cash Provided by (Used in) Discontinued Operations | 0 | 0 | ||
CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingNetCashProvidedByUsedInDiscontinuedOperationsAssetsHeldForSale | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 0 | $ 0 | $ 0 | $ 0 |
Supplemental Guarantor Inform85
Supplemental Guarantor Information Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | $ 159,643 | $ 192,032 |
Receivables | 35,864 | 19,069 |
Ore on leach pads | 75,584 | 73,752 |
Inventory, Net | 61,723 | 58,230 |
Prepaid expenses and other | 18,203 | 15,053 |
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 91,421 |
Current assets | 351,017 | 449,557 |
Property, plant and equipment, net | 266,157 | 254,737 |
Mining properties, net | 843,821 | 829,569 |
Ore on leach pads | 67,430 | 65,393 |
Restricted assets | 22,116 | 20,847 |
Equity and debt securities | 37,317 | 34,837 |
Receivables | 55,428 | 28,750 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 |
Other Assets, Noncurrent | 18,649 | 17,485 |
TOTAL ASSETS | 1,661,935 | 1,701,175 |
Accounts payable | 44,864 | 48,592 |
Accrued liabilities and other | 105,149 | 94,930 |
Debt | 17,040 | 30,753 |
Reclamation | 3,777 | 3,777 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | 50,677 |
Liabilities, Current | 170,830 | 228,729 |
Debt | 396,984 | 380,569 |
Reclamation | 119,154 | 117,055 |
Deferred tax liabilities | 105,224 | 105,148 |
Other long-term liabilities | 55,432 | 54,697 |
Intercompany Payable Receivable | 0 | 0 |
Non-current liabilities | 676,794 | 657,469 |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 186,176,237 issued and outstanding at March 31, 2018 and 185,637,724 at December 31, 2017 | 1,862 | 1,856 |
Additional paid-in capital | 3,355,710 | 3,357,345 |
Accumulated deficit | (2,542,898) | (2,546,743) |
Accumulated other comprehensive income (loss) | (363) | 2,519 |
Stockholders' equity | 814,311 | 814,977 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,661,935 | 1,701,175 |
Accrued Income Taxes, Current | 36,642 | 25,788 |
Interest Payable, Current | 5,594 | 1,513 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | 22,111 | 44,662 |
Receivables | 15,895 | 137 |
Ore on leach pads | 0 | 0 |
Inventory, Net | 0 | 0 |
Prepaid expenses and other | 8,892 | 7,824 |
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | |
Current assets | 46,898 | 52,623 |
Property, plant and equipment, net | 3,141 | 4,007 |
Mining properties, net | 6,980 | 0 |
Ore on leach pads | 0 | 0 |
Restricted assets | 14,352 | 13,251 |
Equity and debt securities | 36,772 | 33,569 |
Receivables | 24,047 | 0 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 423,448 | 422,074 |
Other Assets, Noncurrent | 317,146 | 320,335 |
TOTAL ASSETS | 872,784 | 845,859 |
Accounts payable | 3,419 | 3,607 |
Accrued liabilities and other | 16,643 | 13,205 |
Debt | 0 | 0 |
Reclamation | 0 | 0 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | |
Liabilities, Current | 20,062 | 16,812 |
Debt | 360,280 | 345,088 |
Reclamation | 0 | 0 |
Deferred tax liabilities | 2,641 | 4,110 |
Other long-term liabilities | 2,602 | 2,311 |
Intercompany Payable Receivable | (327,111) | (337,439) |
Non-current liabilities | 38,412 | 14,070 |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 186,176,237 issued and outstanding at March 31, 2018 and 185,637,724 at December 31, 2017 | 1,862 | 1,856 |
Additional paid-in capital | 3,355,710 | 3,357,345 |
Accumulated deficit | (2,542,899) | (2,546,743) |
Accumulated other comprehensive income (loss) | (363) | 2,519 |
Stockholders' equity | 814,310 | 814,977 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 872,784 | 845,859 |
Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | 30,603 | 52,239 |
Receivables | 5,084 | 7,922 |
Ore on leach pads | 75,584 | 73,752 |
Inventory, Net | 31,512 | 29,769 |
Prepaid expenses and other | 3,193 | 2,816 |
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | |
Current assets | 145,976 | 166,498 |
Property, plant and equipment, net | 165,578 | 161,487 |
Mining properties, net | 219,000 | 216,281 |
Ore on leach pads | 67,430 | 65,393 |
Restricted assets | 227 | 227 |
Equity and debt securities | 545 | 1,268 |
Receivables | 0 | 0 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 332 | 223 |
Other Assets, Noncurrent | 11,820 | 11,040 |
TOTAL ASSETS | 610,908 | 622,417 |
Accounts payable | 21,634 | 24,534 |
Accrued liabilities and other | 12,059 | 19,262 |
Debt | 9,977 | 9,215 |
Reclamation | 2,313 | 2,313 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | |
Liabilities, Current | 45,983 | 55,324 |
Debt | 31,116 | 28,313 |
Reclamation | 83,392 | 82,021 |
Deferred tax liabilities | 4,978 | 5,127 |
Other long-term liabilities | 2,751 | 3,063 |
Intercompany Payable Receivable | 307,016 | 317,759 |
Non-current liabilities | 429,253 | 436,283 |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 186,176,237 issued and outstanding at March 31, 2018 and 185,637,724 at December 31, 2017 | 19,630 | 19,630 |
Additional paid-in capital | 145,024 | 149,194 |
Accumulated deficit | (28,982) | (34,551) |
Accumulated other comprehensive income (loss) | 0 | (3,463) |
Stockholders' equity | 135,672 | 130,810 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 610,908 | 622,417 |
Non-Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | 106,929 | 95,131 |
Receivables | 14,885 | 11,010 |
Ore on leach pads | 0 | 0 |
Inventory, Net | 30,211 | 28,461 |
Prepaid expenses and other | 6,118 | 4,413 |
Disposal Group, Including Discontinued Operation, Assets, Current | 91,421 | |
Current assets | 158,143 | 230,436 |
Property, plant and equipment, net | 97,438 | 89,243 |
Mining properties, net | 617,841 | 613,288 |
Ore on leach pads | 0 | 0 |
Restricted assets | 7,537 | 7,369 |
Equity and debt securities | 0 | 0 |
Receivables | 31,381 | 28,750 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 694 | (18) |
Other Assets, Noncurrent | 3,431 | 2,854 |
TOTAL ASSETS | 916,465 | 971,922 |
Accounts payable | 19,811 | 20,451 |
Accrued liabilities and other | 76,447 | 62,463 |
Debt | 7,063 | 21,538 |
Reclamation | 1,464 | 1,464 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 50,677 | |
Liabilities, Current | 104,785 | 156,593 |
Debt | 319,336 | 323,912 |
Reclamation | 35,762 | 35,034 |
Deferred tax liabilities | 97,605 | 95,911 |
Other long-term liabilities | 50,079 | 49,323 |
Intercompany Payable Receivable | 20,095 | 19,680 |
Non-current liabilities | 522,877 | 523,860 |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 186,176,237 issued and outstanding at March 31, 2018 and 185,637,724 at December 31, 2017 | 195,020 | 195,020 |
Additional paid-in capital | 1,882,610 | 1,885,046 |
Accumulated deficit | (1,788,827) | (1,788,597) |
Accumulated other comprehensive income (loss) | 0 | 0 |
Stockholders' equity | 288,803 | 291,469 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 916,465 | 971,922 |
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 |
Disposal Group, Including Discontinued Operation, Assets, Current | 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 and debt securities | 0 | 0 |
Receivables | 0 | 0 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | (424,474) | (422,279) |
Other Assets, Noncurrent | (313,748) | (316,744) |
TOTAL ASSETS | (738,222) | (739,023) |
Accounts payable | 0 | 0 |
Accrued liabilities and other | 0 | 0 |
Debt | 0 | 0 |
Reclamation | 0 | 0 |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | |
Liabilities, Current | 0 | 0 |
Debt | (313,748) | (316,744) |
Reclamation | 0 | 0 |
Deferred tax liabilities | 0 | 0 |
Other long-term liabilities | 0 | 0 |
Intercompany Payable Receivable | 0 | 0 |
Non-current liabilities | (313,748) | (316,744) |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 186,176,237 issued and outstanding at March 31, 2018 and 185,637,724 at December 31, 2017 | (214,650) | (214,650) |
Additional paid-in capital | (2,027,634) | (2,034,240) |
Accumulated deficit | 1,817,810 | 1,823,148 |
Accumulated other comprehensive income (loss) | 0 | 3,463 |
Stockholders' equity | (424,474) | (422,279) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ (738,222) | $ (739,023) |
Commitments and Contigencies (D
Commitments and Contigencies (Details Textual) | 3 Months Ended | ||
Mar. 31, 2018USD ($)t | Oct. 31, 2017USD ($) | Oct. 02, 2014USD ($) | |
Palmarejo gold production royalty | |||
Business Acquisition [Line Items] | |||
Production to be sold, percent | 50.00% | 50.00% | |
Price per ounce under agreement | $ 800 | $ 800 | |
Aggregate deposit to be received | 20,000,000 | $ 22,000,000 | |
Palmarejo Gold Stream Agreement, Deferred Revenue Unamortized Balance | $ 14,300,000 | ||
JDS Silver Holdings Ltd. | |||
Business Acquisition [Line Items] | |||
Silvertip acquisition contingent consideration | $ 50,000,000 | ||
Long-term Purchase Commitment, Milestones | 2 | ||
JDS Silver Holdings Ltd. | First Milestone | |||
Business Acquisition [Line Items] | |||
Silvertip acquisition contingent consideration | 25,000,000 | ||
Sustained minim and milling per day (in tones) | t | 1,000 | ||
JDS Silver Holdings Ltd. | Second Milestone | |||
Business Acquisition [Line Items] | |||
Silvertip acquisition contingent consideration | 25,000,000 | ||
Maximum payment | $ 25,000,000 | ||
Tonnes of Resource Added | t | 3,700,000 | ||
Amount of resource required (in tonnes) | t | 300,000 | ||
Commitment amount per resource amount reached | $ 5,000,000 | ||
Minimum Resource Tonnes Milestone | t | 2,500,000 |
Discontinued Operations - State
Discontinued Operations - Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||
Income (loss) from discontinued operations | $ 550 | $ 364 |
Cash provided by (used in) operating activities, discontinued operations | (2,690) | 11,335 |
Cash provided by (used in) investing activities, discontinued operations | (28,470) | (388) |
Held-for-sale | ||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||
Revenue | 12,346 | 20,584 |
Costs applicable to sales | 12,269 | 18,222 |
Amortization | 0 | 1,411 |
General and administrative | 41 | 8 |
Pre-development, reclamation, and other | 265 | 744 |
Interest expense, net of capitalized interest | (3) | (6) |
Disposal Group, Including Discontinued Operations, Other Income (Expense) | (260) | 340 |
Pretax profit (loss) on discontinued operations related to major classes of pretax profit (loss) | (492) | 533 |
Pretax gain on the disposal of the discontinued operation | 1,525 | 0 |
Total pretax gain or loss on discontinued operations | 1,033 | 533 |
Income and mining tax (expense) benefit | (483) | (169) |
Cash provided by (used in) operating activities, discontinued operations | (2,690) | 11,335 |
Cash provided by (used in) investing activities, discontinued operations | $ (28,470) | $ (388) |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands | Dec. 22, 2017 | Mar. 31, 2018 | Mar. 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash provided by (used in) operating activities, discontinued operations | $ (2,690) | $ 11,335 | |
Cash provided by (used in) investing activities, discontinued operations | (28,470) | (388) | |
Held-for-sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net smelter returns royalty (percentage) | 2.00% | ||
Net smelter returns royalty, estimated value | $ 7,100 | ||
Value added tax receivable, outstanding | 12,700 | ||
Promissory note receivable | 26,900 | ||
Expected post-closing obligations | $ 5,700 | ||
Cash provided by (used in) operating activities, discontinued operations | (2,690) | 11,335 | |
Cash provided by (used in) investing activities, discontinued operations | (28,470) | (388) | |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 1,525 | $ 0 |
Additional Balance Sheet Deta89
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Other Accrued Liabilities | $ 17,174 | $ 12,323 |
Accrued Income Taxes, Current | 36,642 | 25,788 |
Accrual for Taxes Other than Income Taxes, Current | 5,644 | 4,354 |
Interest Payable, Current | 5,594 | 1,513 |
Accrued Salaries, Current | 15,552 | 26,559 |
Business Combination, Contingent Consideration, Liability, Current | 24,543 | 24,393 |
Accrued liabilities and other | $ 105,149 | $ 94,930 |
Additional Balance Sheet Deta90
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details 1) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Supplemental Cash Flow Information [Abstract] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 159,643 | $ 192,032 | $ 160,636 | |
Restricted Cash Equivalents | 12,458 | 9,821 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 172,101 | $ 203,402 | $ 170,457 | $ 126,601 |