Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 05, 2019 | |
Cover page. | ||
Title of 12(b) Security | Common Stock (par value $.01 per share) | |
Entity Incorporation, State or Country Code | DE | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Entity Registrant Name | COEUR MINING, INC. | |
Entity Central Index Key | 0000215466 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Entity File Number | 001-08641 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CDE | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 222,163,463 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Tax Identification Number | 82-0109423 | |
Entity Address, Address Line One | 104 S. Michigan Ave. | |
Entity Address, Address Line Two | Suite 900 | |
Entity Address, City or Town | Chicago, | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60603 | |
City Area Code | 312 | |
Local Phone Number | 489-5800 | |
Security Exchange Name | NYSE |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Revenue | $ 162,123 | $ 169,987 | $ 316,993 | $ 333,254 | |||
COSTS AND EXPENSES | |||||||
Amortization | 43,204 | 29,459 | 85,080 | 60,236 | |||
General and administrative | 7,750 | 7,650 | 17,224 | 16,454 | |||
Pre-development, reclamation, and other | 4,334 | 3,620 | 8,768 | 7,845 | |||
Total costs and expenses | 192,955 | 155,404 | 384,103 | 305,233 | |||
OTHER INCOME (EXPENSE), NET | |||||||
Fair value adjustments, net, pretax | (5,296) | (2,462) | 3,824 | 2,192 | |||
Interest expense, net of capitalized interest | (6,825) | (6,018) | (13,279) | (11,983) | |||
Other, net | 643 | 544 | 703 | 1,057 | |||
Total other income (expense), net | (11,478) | (7,936) | (8,752) | (8,734) | |||
Total | (42,310) | 6,647 | (75,862) | 19,287 | |||
Income and mining tax (expense) benefit | 5,546 | (3,717) | 14,204 | (15,666) | |||
Income (loss) from continuing operations | (36,764) | 2,930 | (61,658) | 3,621 | |||
Income (loss) from discontinued operations | 0 | 0 | 5,693 | 550 | |||
NET INCOME (LOSS) | (36,764) | $ (19,201) | 2,930 | $ 1,241 | (55,965) | 4,171 | |
OTHER COMPREHENSIVE INCOME (LOSS), Net of Tax: | |||||||
Unrealized gain (loss) on debt and equity securities | 0 | (87) | 59 | (365) | |||
Other comprehensive income (loss) | 0 | $ 59 | (87) | $ (278) | 59 | (365) | |
COMPREHENSIVE INCOME (LOSS) | $ (36,764) | $ 2,843 | $ (55,906) | $ 3,806 | |||
Basic EPS | |||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.18) | $ 0.02 | $ (0.30) | $ 0.02 | |||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | 0.03 | 0 | |||
Earnings Per Share, Basic | [1] | (0.18) | 0.02 | (0.27) | 0.02 | ||
Diluted EPS | |||||||
Income (Loss) from Continuing Operations, Per Diluted Share | (0.18) | 0.02 | (0.30) | 0.02 | |||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0 | 0.03 | 0 | |||
Earnings Per Share, Diluted | [1] | $ (0.18) | $ 0.02 | $ (0.27) | $ 0.02 | ||
Product [Member] | |||||||
COSTS AND EXPENSES | |||||||
Costs applicable to sales | [2] | $ 131,948 | $ 108,246 | $ 263,598 | $ 207,586 | ||
Mineral, Exploration [Member] | |||||||
COSTS AND EXPENSES | |||||||
Costs applicable to sales | $ 5,719 | $ 6,429 | $ 9,433 | $ 13,112 | |||
[1] | Due to rounding, the sum of net income per share from continuing operations and discontinued operations may not equal net income per share. | ||||||
[2] | Excludes amortization. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
NET INCOME (LOSS) | $ (36,764) | $ 2,930 | $ (55,965) | $ 4,171 | ||
(Income) Loss from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | (5,693) | (550) | ||
Adjustments: | ||||||
Amortization | 43,204 | 29,459 | 85,080 | 60,236 | ||
Accretion | 3,007 | 3,886 | 5,950 | 7,204 | ||
Deferred income taxes | (9,158) | (1,265) | (17,417) | (811) | ||
Fair value adjustments, net | 5,296 | 2,462 | (3,824) | (2,192) | ||
Stock-based compensation | 1,987 | 1,850 | 4,210 | 4,636 | ||
Asset Impairment Charges | 0 | 0 | ||||
Inventory Write-down | 11,872 | 27,319 | ||||
Foreign exchange and other | 4,731 | 2,174 | 5,981 | 2,242 | ||
Changes in operating assets and liabilities: | ||||||
Receivables | (7,624) | (8,888) | (17,359) | (10,579) | ||
Prepaid expenses and other current assets | (834) | 8,126 | (3,518) | 2,491 | ||
Inventories | (14,391) | (2,766) | (33,212) | (11,474) | ||
Accounts payable and accrued liabilities | 25,109 | (39,262) | 19,037 | (41,127) | ||
CASH PROVIDED BY OPERATING ACTIVITIES | 26,435 | (1,294) | 10,589 | 14,247 | ||
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | (2,690) | ||
Net Cash Provided by (Used in) Operating Activities | 26,435 | (1,294) | 10,589 | 11,557 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
Capital expenditures | (20,749) | (41,165) | (48,187) | (83,510) | ||
Proceeds from the sale of assets | 57 | 96 | 904 | 156 | ||
Purchase of investments | 0 | (39) | 0 | (400) | ||
Sales and maturities of short-term investments | 1,102 | 11,141 | 1,102 | 12,760 | ||
Proceeds from Collection of Notes Receivable | 2,000 | 0 | 7,168 | 0 | ||
Other | 277 | (33) | 2,018 | (98) | ||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (17,313) | (30,000) | (36,995) | (71,092) | ||
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | (28,470) | ||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (17,313) | (30,000) | (36,995) | (99,562) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
Proceeds from Issuance of Common Stock | 48,887 | 0 | 48,887 | 0 | ||
Issuance of notes and bank borrowings, net of issuance costs | 0 | 0 | 15,000 | 15,000 | ||
Payments on long-term debt, capital leases, and associated costs | (90,812) | (4,373) | (113,273) | (22,822) | ||
Other | 0 | (233) | (3,259) | (4,839) | ||
Cash provided by (used in) activities of continuing operations | (41,925) | (4,606) | (52,645) | (12,661) | ||
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | (22) | ||
Cash provided by (used in) activities of discontinued operations | (41,925) | (4,606) | (52,645) | (12,683) | ||
Effect of exchange rate changes on cash and cash equivalents | 56 | (175) | 257 | 382 | ||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (32,747) | (36,075) | (78,794) | (100,306) | ||
Less net cash provided by (used in) discontinued operations | 0 | 0 | 0 | [1] | (32,930) | [1] |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (32,747) | (36,075) | (78,794) | (67,376) | ||
Cash, cash equivalents and restricted cash at beginning of period | 72,022 | 172,101 | 118,069 | 203,402 | ||
Cash, cash equivalents and restricted cash at end of period | $ 39,275 | $ 136,026 | 39,275 | $ 136,026 | ||
Net subsidiary payments to parent company | $ 1,748 | |||||
[1] | Less net cash used in discontinued operations includes the following cash transactions: net subsidiary payments to parent company of $1,748 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 37,907 | $ 115,081 |
Receivables | 38,495 | 29,744 |
Inventory | 59,048 | 66,279 |
Ore on leach pads | 72,310 | 75,122 |
Prepaid expenses and other | 12,066 | 11,393 |
Assets held for sale | 0 | |
Current assets | 219,826 | 297,619 |
NON-CURRENT ASSETS | ||
Property, plant and equipment, net | 298,926 | 298,451 |
Mining properties, net | 945,839 | 971,567 |
Ore on leach pads, noncurrent | 76,910 | 66,964 |
Restricted assets | 8,730 | 12,133 |
Equity and debt securities | 19,457 | 17,806 |
Receivables | 31,871 | 31,151 |
Other | 75,671 | 16,809 |
TOTAL ASSETS | 1,677,230 | 1,712,500 |
CURRENT LIABILITIES | ||
Accounts payable | 65,676 | 47,210 |
Accrued liabilities and other | 116,187 | 82,619 |
Debt | 21,772 | 24,937 |
Reclamation | 6,552 | 6,552 |
Current liabilities | 210,187 | 161,318 |
NON-CURRENT LIABILITIES | ||
Debt | 348,205 | 433,889 |
Reclamation | 133,127 | 128,994 |
Deferred tax liabilities | 61,653 | 79,070 |
Other long-term liabilities | 77,612 | 56,717 |
Non-current liabilities | 620,597 | 698,670 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 221,858,660 issued and outstanding at June 30, 2019 and 203,310,443 at December 31, 2018 | 2,219 | 2,033 |
Additional paid-in capital | 3,492,736 | 3,443,082 |
Accumulated other comprehensive income (loss) | 0 | (59) |
Accumulated deficit | (2,648,509) | (2,592,544) |
Stockholders' equity | 846,446 | 852,512 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,677,230 | $ 1,712,500 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 205,111,221 | 203,310,443 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ 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 | 185,638,000 | ||||
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 | 538,000 | ||||
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 | 186,176,000 | ||||
Balances at Dec. 31, 2017 | 814,977 | $ 1,856 | 3,357,345 | (2,546,743) | 2,519 |
Balances, in shares at Dec. 31, 2017 | 185,638,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
NET INCOME (LOSS) | 4,171 | ||||
Other comprehensive income (loss) | (365) | ||||
Balances at Jun. 30, 2018 | 818,771 | $ 1,871 | 3,357,318 | (2,539,968) | (450) |
Balances, in shares at Jun. 30, 2018 | 187,074,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Adoption of new accounting standard | 0 | 2,604 | (2,604) | ||
Balances at Mar. 31, 2018 | 814,311 | $ 1,862 | 3,355,710 | (2,542,898) | (363) |
Balances, in shares at Mar. 31, 2018 | 186,176,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
NET INCOME (LOSS) | 2,930 | 2,930 | |||
Other comprehensive income (loss) | (87) | (87) | |||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 898,000 | ||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 1,617 | $ 9 | 1,608 | ||
Balances at Jun. 30, 2018 | 818,771 | $ 1,871 | 3,357,318 | (2,539,968) | (450) |
Balances, in shares at Jun. 30, 2018 | 187,074,000 | ||||
Balances at Dec. 31, 2018 | 852,512 | $ 2,033 | 3,443,082 | (2,592,544) | (59) |
Balances, in shares at Dec. 31, 2018 | 203,310,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
NET INCOME (LOSS) | (19,201) | (19,201) | |||
Other comprehensive income (loss) | 59 | 59 | |||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 1,801,000 | ||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | (1,035) | $ 18 | (1,053) | ||
Balances at Mar. 31, 2019 | 832,335 | $ 2,051 | 3,442,029 | (2,611,745) | 0 |
Balances, in shares at Mar. 31, 2019 | 205,111,000 | ||||
Balances at Dec. 31, 2018 | 852,512 | $ 2,033 | 3,443,082 | (2,592,544) | (59) |
Balances, in shares at Dec. 31, 2018 | 203,310,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
NET INCOME (LOSS) | (55,965) | ||||
Other comprehensive income (loss) | 59 | ||||
Balances at Jun. 30, 2019 | 846,446 | $ 2,219 | 3,492,736 | (2,648,509) | 0 |
Balances, in shares at Jun. 30, 2019 | 221,859,000 | ||||
Balances at Mar. 31, 2019 | 832,335 | $ 2,051 | 3,442,029 | (2,611,745) | 0 |
Balances, in shares at Mar. 31, 2019 | 205,111,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
NET INCOME (LOSS) | (36,764) | ||||
Other comprehensive income (loss) | $ 0 | ||||
Stock Issued During Period, Shares, New Issues | 16,630,444 | 16,631,000 | |||
Stock Issued During Period, Value, New Issues | $ 48,887 | $ 166 | 48,721 | ||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 117,000 | ||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 1,988 | $ 2 | 1,986 | ||
Balances at Jun. 30, 2019 | $ 846,446 | $ 2,219 | $ 3,492,736 | $ (2,648,509) | $ 0 |
Balances, in shares at Jun. 30, 2019 | 221,859,000 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The interim condensed consolidated financial statements of Coeur Mining, Inc. and its subsidiaries (collectively, “Coeur” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2019. The condensed consolidated December 31, 2018 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, 2018 (the “2018 10-K”). |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies Please see Note 2 -- Summary of Significant Accounting Policies contained in the 2018 10-K. Leases On January 1, 2019, the Company adopted Accounting Standards Codification (“ASC”) 842, Leases. Changes to the Company’s accounting policy as a result of adoption are discussed below. From time to time, the Company enters into contractual agreements to lease mining equipment and facilities. Based upon the Company’s assessment of the terms of a specific lease agreement, the Company will classify a lease as either finance or operating. Right-of-use (“ROU”) assets and lease liabilities related to finance leases are presented in Property, plant and equipment, net and Debt on the Condensed Consolidated Balance Sheet. ROU assets and lease liabilities related to operating leases that are subject to the ASC 842 measurement requirements such as operating leases with lease terms greater than twelve months are presented in Other asset, non-current , Accrued liabilities and other , and Other long-term liabilities on the Condensed Consolidated Balance Sheet. Operating and finance lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. The discount rate used to determine the present value of the lease payments, is the rate implicit in the lease unless that rate cannot be readily determined, in that case, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. Operating lease ROU assets may also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may also include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. The Company has lease arrangements with lease and non-lease components which are accounted for separately. Non-lease components of the lease payments are expenses as incurred and are not included in determining the present value. Accounting Standards Recently Implemented In February 2016, the FASB issued ASU 2016-02, “ Leases, ” which requires lessees to recognize assets and liabilities for the rights and obligations created by most leases on the balance sheet. These changes became effective for the Company’s fiscal year beginning January 1, 2019 and the Company adopted it using the cumulative-effect adjustment transition method approved by the FASB in July 2018, which does not require the Company to recast the comparative periods presented when transitioning to the new guidance on January 1, 2019. The Company elected to utilize the transition related practical expedients permitted by the new standard. In addition to existing finance leases and other financing obligations, the adoption of the new standard resulted in the recognition of additional ROU assets and lease liabilities related to operating leases of approximately $65.0 million . There was no material impact to the Consolidated Statements of Comprehensive Income (Loss) or the Consolidated Statements of Cash Flows or an impact on the Company’s debt covenant calculations as a result of the adoption of ASU 2016-02. See Note 7 -- Leases for additional qualitative and quantitative disclosures related to leasing arrangements. Accounting Standards Recently Issued In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326),” measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. The guidance is effective for interim and annual periods for the Company on January 1, 2020, with early adoption permitted. The Company is currently evaluating the impact of the new standard, but it does not expect this update to have a material impact to the Company's consolidated net income, financial position or cash flows. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2019 | |
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, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip mine is engaged in the discovery, mining, and production of silver, zinc and lead. Other includes the Sterling/Crown Block and La Preciosa projects, other mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts. Financial information relating to the Company’s segments is as follows (in thousands): Three months ended June 30, 2019 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 33,916 $ 11,195 $ 45,161 $ 20,054 $ — $ — $ 110,326 Silver sales 25,406 14,257 — 189 5,111 — 44,963 Zinc sales — — — — 2,604 — 2,604 Lead sales — — — — 4,230 — 4,230 Metal sales 59,322 25,452 45,161 20,243 11,945 — 162,123 Costs and Expenses Costs applicable to sales (1) 36,496 24,693 29,133 15,466 26,160 — 131,948 Amortization 14,212 3,963 12,537 2,225 9,878 389 43,204 Exploration 1,140 96 2,024 — 670 1,789 5,719 Other operating expenses 1,769 1,346 410 753 386 7,420 12,084 Other income (expense) Fair value adjustments, net — — — — — (5,296 ) (5,296 ) Interest expense, net (112 ) (170 ) (310 ) (28 ) (390 ) (5,815 ) (6,825 ) Other, net (574 ) 43 (16 ) 239 (33 ) 984 643 Income and mining tax (expense) benefit (345 ) (814 ) — (304 ) 7,589 (580 ) 5,546 Income (loss) from continuing operations $ 4,674 $ (5,587 ) $ 731 $ 1,706 $ (17,983 ) $ (20,305 ) $ (36,764 ) Income (loss) from discontinued operations $ — $ — $ — $ — $ — $ — $ — Segment assets (2) $ 357,415 $ 274,406 $ 214,096 $ 104,070 $ 415,333 $ 170,145 $ 1,535,465 Capital expenditures $ 7,566 $ 2,772 $ 4,875 $ 171 $ 5,020 $ 345 $ 20,749 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Three months ended June 30, 2018 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 36,258 $ 15,599 $ 35,735 $ 29,621 $ — $ — $ 117,213 Silver sales 34,486 18,069 — 219 — — 52,774 Metal sales $ 70,744 $ 33,668 $ 35,735 $ 29,840 $ — $ — $ 169,987 Costs and Expenses Costs applicable to sales (1) 30,310 24,451 34,227 19,258 — — 108,246 Amortization 14,633 4,793 6,441 3,353 — 239 29,459 Exploration 3,198 212 1,395 — 106 1,518 6,429 Other operating expenses 750 903 327 688 5 8,597 11,270 Other income (expense) Fair value adjustments, net — — — — — (2,462 ) (2,462 ) Interest expense, net (147 ) (125 ) (231 ) (11 ) (246 ) (5,258 ) (6,018 ) Other, net 755 466 (33 ) 64 60 (768 ) 544 Income and mining tax (expense) benefit (3,646 ) (463 ) — (1,036 ) 943 485 (3,717 ) Income (loss) from continuing operations $ 18,815 $ 3,187 $ (6,919 ) $ 5,558 $ 646 $ (18,357 ) $ 2,930 Income (loss) from discontinued operations $ — $ — $ — $ — $ — $ — $ — Segment assets (2) $ 373,310 $ 253,638 $ 215,753 $ 99,878 390,155 $ 115,170 $ 1,447,904 Capital expenditures $ 9,479 $ 669 $ 10,708 $ 1,162 19,045 $ 102 $ 41,165 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Six months ended June 30, 2019 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 65,516 $ 22,248 $ 85,447 $ 43,879 $ — $ — $ 217,090 Silver sales 47,031 29,574 — 406 8,066 — 85,077 Zinc sales — — — — 8,238 — 8,238 Lead sales — — — — 6,588 — 6,588 Metal sales 112,547 51,822 85,447 44,285 22,892 — 316,993 Costs and Expenses Costs applicable to sales (1) 69,740 47,147 61,308 32,858 52,545 — 263,598 Amortization 28,740 8,000 24,264 4,906 18,304 866 85,080 Exploration 2,150 186 2,505 — 731 3,861 9,433 Other operating expenses 2,471 2,308 681 1,417 627 18,488 25,992 Other income (expense) Fair value adjustments, net — — — — — 3,824 3,824 Interest expense, net (248 ) (312 ) (539 ) (49 ) (587 ) (11,544 ) (13,279 ) Other, net (1,614 ) 16 (3 ) 325 (221 ) 2,200 703 Income and mining tax (expense) benefit 946 (670 ) — (477 ) 17,340 (2,935 ) 14,204 Income (loss) from continuing operations $ 8,530 $ (6,785 ) $ (3,853 ) $ 4,903 $ (32,783 ) $ (31,670 ) $ (61,658 ) Income (loss) from discontinued operations $ — $ — $ — $ — $ — $ 5,693 $ 5,693 Segment assets (2) $ 357,415 $ 274,406 $ 214,096 $ 104,070 $ 415,333 $ 170,145 $ 1,535,465 Capital expenditures $ 16,242 $ 7,417 $ 14,231 $ 602 $ 9,097 $ 598 $ 48,187 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Six months ended June 30, 2018 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 72,327 $ 30,455 $ 72,035 $ 52,870 — $ — $ 227,687 Silver sales 68,454 36,710 — 403 — — 105,567 Metal sales 140,781 67,165 72,035 53,273 — — 333,254 Costs and Expenses Costs applicable to sales (1) 61,406 48,756 62,857 34,567 — — 207,586 Amortization 30,958 9,624 13,158 6,010 — 486 60,236 Exploration 7,168 245 2,985 10 106 2,598 13,112 Other operating expenses 1,481 1,787 648 1,353 25 19,005 24,299 Other income (expense) Fair value adjustments, net — — — — — 2,192 2,192 Interest expense, net (266 ) (223 ) (474 ) (23 ) (656 ) (10,341 ) (11,983 ) Other, net (1,389 ) 426 (70 ) 43 422 1,625 1,057 Income and mining tax (expense) benefit (16,089 ) (834 ) — (1,675 ) 1,778 1,154 (15,666 ) Income (loss) from continuing operations $ 22,024 $ 6,122 $ (8,157 ) $ 9,678 $ 1,413 $ (27,459 ) $ 3,621 Income (loss) from discontinued operations $ — $ — $ — $ — — $ 550 $ 550 Segment assets (2) $ 373,310 $ 253,638 $ 215,753 $ 99,878 390,155 $ 115,170 $ 1,447,904 Capital expenditures $ 18,772 $ 3,302 $ 22,072 $ 1,506 37,674 $ 184 $ 83,510 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Assets June 30, 2019 December 31, 2018 Total assets for reportable segments $ 1,535,465 $ 1,550,671 Cash and cash equivalents 37,907 115,081 Other assets 103,858 46,748 Total consolidated assets $ 1,677,230 $ 1,712,500 Geographic Information Long-Lived Assets June 30, 2019 December 31, 2018 Mexico $ 332,113 $ 342,007 United States 506,981 515,649 Canada 397,825 404,185 Other 7,846 8,177 Total $ 1,244,765 $ 1,270,018 Revenue Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 United States $ 90,855 $ 99,243 $ 181,554 $ 192,473 Mexico 59,322 70,744 112,547 140,781 Canada 11,946 — 22,892 — Total $ 162,123 $ 169,987 $ 316,993 $ 333,254 |
Receivables
Receivables | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
RECEIVABLES | RECEIVABLES Receivables consist of the following: In thousands June 30, 2019 December 31, 2018 Current receivables: Trade receivables $ 8,754 $ 5,147 Value added tax receivable 18,831 18,609 Income tax receivable 10,484 6 Manquiri Notes Receivable — 5,487 Other 426 495 $ 38,495 $ 29,744 Non-current receivables: Value added tax (“VAT”) receivable (1) $ 27,537 $ 26,817 RMC Receivable (2) 4,334 4,334 31,871 31,151 Total receivables $ 70,366 $ 60,895 (1) Represents VAT that was paid to the Mexican Government associated with Coeur Mexicana’s prior royalty agreement with a subsidiary of Franco-Nevada Corporation. The Company continues to pursue recovery from the Mexican government (including through ongoing litigation). |
Inventory and Ore on Leach Pads
Inventory and Ore on Leach Pads | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORY AND ORE ON LEACH PADS | INVENTORY AND ORE ON LEACH PADS Inventory consists of the following: In thousands June 30, 2019 December 31, 2018 Inventory: Concentrate $ 8,478 $ 10,772 Precious metals 14,846 20,761 Supplies 35,724 34,746 59,048 66,279 Ore on leach pads: Current 72,310 75,122 Non-current 76,910 66,964 149,220 142,086 Total inventory and ore on leach pads $ 208,268 $ 208,365 In the first half of 2019, Silvertip recognized a $27.3 million write-down of metal inventory as a result of lower than expected production levels, grades and recovery rates as well as reduced process plant availability. It is possible that additional write-downs will be required as the Company works to optimize operations at Silvertip. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity Securities Metalla Royalty & Streaming Ltd. $ 10,985 $ — $ 6,528 $ 17,513 Rockhaven Resources, Ltd. 2,064 (502 ) — 1,562 Other 1,305 (923 ) — 382 Equity securities $ 14,354 $ (1,425 ) $ 6,528 $ 19,457 At December 31, 2018 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity Securities Metalla Royalty & Streaming Ltd. $ 10,695 $ — $ 2,852 $ 13,547 Rockhaven Resources, Ltd. 2,064 (452 ) — 1,612 Other 1,376 (946 ) — 430 Equity securities $ 14,135 $ (1,398 ) $ 2,852 $ 15,589 Debt Securities Metalla Royalty & Streaming Ltd. $ 2,271 $ (54 ) $ — $ 2,217 Equity and debt securities $ 16,406 $ (1,452 ) $ 2,852 $ 17,806 The Company performs a quarterly assessment on its debt securities with unrealized losses to determine if the securities are other than temporarily impaired. At June 30, 2019 , the Company had no remaining investments in debt securities. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
LEASES | LEASES ROU Assets and Liabilities The following table summarizes quantitative information pertaining to the Company’s finance and operating leases. Three Months Ended Six Months Ended In thousands June 30, 2019 June 30, 2019 Lease Cost ROU operating lease cost $ 2,666 $ 6,115 Short-term operating lease cost $ 3,734 $ 6,485 Finance Lease Cost: Amortization of ROU assets $ 4,418 $ 9,912 Interest on lease liabilities 1,142 2,249 Total finance lease cost $ 5,560 $ 12,161 Supplemental cash flow information related to leases was as follows: Three Months Ended Six Months Ended In thousands June 30, 2019 June 30, 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 6,400 $ 12,610 Operating cash flows from finance leases $ 1,142 $ 2,249 Financing cash flows from finance leases $ 8,812 $ 16,273 Supplemental balance sheet information related to leases was as follows: In thousands June 30, 2019 Operating Leases Other assets, non-current $ 60,139 Accrued liabilities and other $ 13,207 Other long-term liabilities 45,796 Total operating lease liabilities $ 59,003 Finance Leases Property and equipment, gross $ 111,462 Accumulated depreciation (31,005 ) Property and equipment, net $ 80,457 Debt, current $ 21,772 Debt, non-current 48,968 Total finance lease liabilities $ 70,740 Weighted Average Remaining Lease Term Weighted-average remaining lease term - finance leases 1.82 years Weighted-average remaining lease term - operating leases 5.19 years Weighted Average Discount Rate Weighted-average discount rate - finance leases 5.90 % Weighted-average discount rate - operating leases 5.19 % Minimum future lease payments under finance and operating leases with terms longer than one year are as follows: At June 30, (In thousands) Operating leases Finance leases 2019 $ 6,864 $ 12,474 2020 13,261 24,880 2021 13,048 23,675 2022 13,031 11,418 2023 12,553 5,389 Thereafter 8,605 1,061 Total $ 67,362 $ 78,897 Less: imputed interest (8,359 ) (8,157 ) Net lease obligation $ 59,003 $ 70,740 |
LEASES | LEASES ROU Assets and Liabilities The following table summarizes quantitative information pertaining to the Company’s finance and operating leases. Three Months Ended Six Months Ended In thousands June 30, 2019 June 30, 2019 Lease Cost ROU operating lease cost $ 2,666 $ 6,115 Short-term operating lease cost $ 3,734 $ 6,485 Finance Lease Cost: Amortization of ROU assets $ 4,418 $ 9,912 Interest on lease liabilities 1,142 2,249 Total finance lease cost $ 5,560 $ 12,161 Supplemental cash flow information related to leases was as follows: Three Months Ended Six Months Ended In thousands June 30, 2019 June 30, 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 6,400 $ 12,610 Operating cash flows from finance leases $ 1,142 $ 2,249 Financing cash flows from finance leases $ 8,812 $ 16,273 Supplemental balance sheet information related to leases was as follows: In thousands June 30, 2019 Operating Leases Other assets, non-current $ 60,139 Accrued liabilities and other $ 13,207 Other long-term liabilities 45,796 Total operating lease liabilities $ 59,003 Finance Leases Property and equipment, gross $ 111,462 Accumulated depreciation (31,005 ) Property and equipment, net $ 80,457 Debt, current $ 21,772 Debt, non-current 48,968 Total finance lease liabilities $ 70,740 Weighted Average Remaining Lease Term Weighted-average remaining lease term - finance leases 1.82 years Weighted-average remaining lease term - operating leases 5.19 years Weighted Average Discount Rate Weighted-average discount rate - finance leases 5.90 % Weighted-average discount rate - operating leases 5.19 % Minimum future lease payments under finance and operating leases with terms longer than one year are as follows: At June 30, (In thousands) Operating leases Finance leases 2019 $ 6,864 $ 12,474 2020 13,261 24,880 2021 13,048 23,675 2022 13,031 11,418 2023 12,553 5,389 Thereafter 8,605 1,061 Total $ 67,362 $ 78,897 Less: imputed interest (8,359 ) (8,157 ) Net lease obligation $ 59,003 $ 70,740 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT June 30, 2019 December 31, 2018 In thousands Current Non-Current Current Non-Current 2024 Senior Notes, net (1) $ — $ 246,237 $ — $ 245,854 Revolving Credit Facility (2) — 53,000 — 135,000 Finance lease obligations 21,772 48,968 24,937 53,035 $ 21,772 $ 348,205 $ 24,937 $ 433,889 (1) Net of unamortized debt issuance costs of $3.8 million and $4.1 million at June 30, 2019 and December 31, 2018 , respectively. (2) Unamortized debt issuance costs of $2.7 million and $2.2 million at June 30, 2019 and December 31, 2018 , respectively, included in Other Non-Current Assets . 2024 Senior Notes In May 2017, the Company completed an offering of $250.0 million in aggregate principal amount of 5.875% Senior Notes due 2024 (“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 , followed by an exchange offer for publicly-traded 2024 Senior Notes. For more details, please see Note 18 -- Debt contained in the 2018 10-K. Revolving Credit Facility At June 30, 2019 , the Company had $197.0 million available under its $250.0 million revolving credit facility (the “RCF”). At June 30, 2019 , the interest rate on the outstanding principal of the RCF was 5.9% . The Company has entered into interest rate swap derivative instruments that swap $75.0 million of variable rate debt to fixed rate debt (see Note 13 -- Derivative Financial Instruments). On April 30, 2019, the Company and Bank of America, N.A., as administrative agent for the RCF lenders, entered into the Second Amendment to Credit Agreement (the “Amendment”). Among other items, the Amendment (1) modifies the financial covenants to (A) provide greater flexibility under the consolidated net leverage ratio requirement through the September 30, 2019 test date, with the ratio returning to the original level as outlined in the RCF starting with the December 31, 2019 test date, and (B) include an additional financial covenant tied to senior secured leverage and (2) increases the interest rate on borrowings under the RCF by 0.75% during periods of elevated consolidated net leverage. On August 6, 2019, the Company entered into the Third Amendment to Credit Agreement (the “Third Amendment”). The Third Amendment, among other items, modifies the financial covenants to provide greater flexibility under the consolidated interest coverage ratio requirement as of the June 30, 2019 test date, with the ratio returning to the original level as outlined in the RCF starting with the September 30, 2019 test date. Finance Lease Obligations From time to time, the Company acquires mining equipment and facilities under finance lease agreements. In the six months ended June 30, 2019 the Company entered into new lease financing arrangements primarily for mining equipment at Silvertip and Wharf. All capital lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. See Note 7 -- Leases for additional qualitative and quantitative disclosures related to finance leasing arrangements. Interest Expense Three Months Ended June 30, Six Months Ended June 30, In thousands 2019 2018 2019 2018 2024 Senior Notes $ 3,671 $ 3,672 $ 7,344 $ 7,344 Revolving Credit Facility 1,953 1,369 3,806 2,521 Finance lease obligations 1,142 515 2,249 1,039 Amortization of debt issuance costs 390 324 732 649 Accretion of Silvertip contingent consideration 180 327 359 651 Other debt obligations 2 6 2 114 Capitalized interest (513 ) (195 ) (1,213 ) (335 ) Total interest expense, net of capitalized interest $ 6,825 $ 6,018 $ 13,279 $ 11,983 |
Reclamation
Reclamation | 6 Months Ended |
Jun. 30, 2019 | |
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 its operating sites are as follows: Three Months Ended June 30, Six Months Ended June 30, In thousands 2019 2018 2019 2018 Asset retirement obligation - Beginning $135,741 $120,848 $ 133,508 $ 118,799 Accretion 2,959 2,766 5,854 5,311 Settlements (1,155 ) (707 ) (1,817 ) (1,203 ) Asset retirement obligation - Ending $137,545 $122,907 $ 137,545 $ 122,907 The Company accrued $2.1 million and $2.0 million at June 30, 2019 and December 31, 2018, respectively, for reclamation liabilities related to former mining activities, which are included in |
Income and Mining Taxes
Income and Mining Taxes | 6 Months Ended |
Jun. 30, 2019 | |
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 and six months ended June 30, 2019 and 2018 by significant jurisdiction: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ (16,835 ) $ (1,399 ) $ (11,334 ) $ (2,309 ) $ (22,882 ) $ (3,561 ) $ (10,147 ) $ (1,792 ) Canada (27,568 ) 7,547 (2,155 ) 1,199 (54,093 ) 17,339 (3,909 ) 2,044 Mexico 2,292 (600 ) 20,542 (2,499 ) 1,521 424 33,669 (15,821 ) Other jurisdictions (199 ) (2 ) (406 ) (108 ) (408 ) 2 (326 ) (97 ) $ (42,310 ) $ 5,546 $ 6,647 $ (3,717 ) $ (75,862 ) $ 14,204 $ 19,287 $ (15,666 ) During the second quarter of 2019, the Company reported estimated income and mining tax benefit of approximately $5.6 million, resulting in an effective tax rate of 13.1%. This compares to income tax expense of $3.7 million for an effective tax rate of 55.9% during the second quarter of 2018. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) foreign exchange rates; (iv) mining taxes and (v) the non-recognition of tax assets. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period. 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 ultimately will 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 section titled “Risk Factors” in the 2018 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 2015 forward for the U.S. federal jurisdiction and from 2011 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 $2.5 million and $3.5 million in the next twelve months. At June 30, 2019 and December 31, 2018, the Company had $2.7 million and $3.8 million of total gross unrecognized tax benefits from continuing operations, 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 June 30, 2019 and December 31, 2018, the amount of accrued income-tax-related interest and penalties was $2.2 million and $3.7 million , respectively. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company has stock incentive plans for executives, directors and eligible employees. Stock awards include performance shares, restricted stock and stock options. Stock-based compensation expense for the three and six months ended June 30, 2019 was $2.0 million and $4.2 million , respectively, compared to $1.8 million and $4.6 million for the three and six months ended June 30, 2018 , respectively. At June 30, 2019 , there was $9.3 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.7 years. The following table summarizes the grants awarded during the six months ended June 30, 2019: Grant date Restricted stock Grant date fair value of restricted stock Performance shares Grant date fair value of performance shares February 5, 2019 435,173 $ 5.08 628,943 $ 5.54 February 19, 2019 854,058 $ 5.17 80,850 $ 5.54 May 1, 2019 87,775 $ 3.42 June 12, 2019 102,373 $ 3.21 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Three Months Ended June 30, Six Months Ended June 30, In thousands 2019 2018 2019 2018 Unrealized gain (loss) on equity securities $ (5,548 ) $ (8,028 ) $ 3,637 $ (3,185 ) Realized gain (loss) on equity securities 384 5,535 375 5,202 Zinc options — 219 — 363 Interest rate swap, net (132 ) (188 ) (188 ) (188 ) Fair value adjustments, net $ (5,296 ) $ (2,462 ) $ 3,824 $ 2,192 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 June 30, 2019 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 19,457 $ 19,457 $ — $ — Other derivative instruments, net 926 — 926 — $ 20,383 $ 19,457 $ 926 $ — Liabilities: Silvertip contingent consideration $ 49,635 $ — $ — $ 49,635 Other derivative instruments, net 2,660 — 2,660 — $ 52,295 $ — $ 2,660 $ 49,635 Fair Value at December 31, 2018 In thousands Total Level 1 Level 2 Level 3 Assets: Equity and debt securities $ 17,806 $ 15,589 $ — $ 2,217 Other derivative instruments, net 914 — 914 — $ 18,720 $ 15,589 $ 914 $ 2,217 Liabilities: Silvertip contingent consideration $ 49,276 $ — $ — $ 49,276 Other derivative instruments, net 644 — 644 — $ 49,920 $ — $ 644 $ 49,276 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, zinc hedges, and an interest rate swap 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 was due to mature in June 30, 2027 , however, through a combination of principal repayments and conversions into Metalla shares, the convertible debenture was extinguished in February 2019. In October 2017, the Company acquired the Silvertip mine from shareholders of JDS Silver Holdings Ltd (the “Silvertip Acquisition”). The consideration for the Silvertip Acquisition includes two $25.0 million contingent payments, which are payable in cash and common stock upon reaching a future permitting milestone and resource declaration milestone, 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 six months ended June 30, 2019. The following tables present the changes in the fair value of the Company's Level 3 financial assets and liabilities for the three and six months ended June 30, 2019: Three Months Ended June 30, 2019 In thousands Balance at the beginning of the period Revaluation Settlements Accretion Balance at the Liabilities: Silvertip contingent consideration $ 49,455 $ — $ — $ 180 $ 49,635 Six Months Ended June 30, 2019 In thousands Balance at the beginning of the period Revaluation Settlements Accretion Balance at the Assets: Equity and debt securities $ 2,217 $ 59 $ (2,276 ) $ — $ — Liabilities: Silvertip contingent consideration $ 49,276 $ — $ — $ 359 $ 49,635 The fair value of financial assets and liabilities carried at book value in the financial statements at June 30, 2019 and December 31, 2018 is presented in the following table: June 30, 2019 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2024 Senior Notes (1) $ 246,237 $ 240,184 $ — $ 240,184 $ — RCF (2) $ 53,000 $ 53,000 $ — $ 53,000 $ — (1) Net of unamortized debt issuance costs of $3.8 million . (2) Unamortized debt issuance costs of $2.7 million included in Other Non-Current Assets . December 31, 2018 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Assets: Manquiri Notes Receivable $ 5,487 $ 5,487 $ — $ — $ 5,487 Liabilities: 2024 Senior Notes (1) $ 245,854 $ 220,446 $ — $ 220,446 $ — RCF (2) $ 135,000 $ 135,000 $ — $ 135,000 $ — (1) Net of unamortized debt issuance costs of $4.1 million . (2) Unamortized debt issuance costs of $2.2 million included in Other Non-Current Assets . The fair value of the Manquiri Notes Receivable (as defined below) was determined using a discounted cash flow model using a 12% discount rate which takes into consideration the increased credit risk and short duration of the Manquiri Notes Receivable. The fair value is estimated based on observable and unobservable data including yield curves and credit spreads, therefore, the Company classifies the Manquiri Notes Receivable in Level 3 of the fair value hierarchy; see Note 18 -- Discontinued Operations for additional detail. The fair value of the 2024 Senior Notes was estimated using quoted market prices. The fair value of the RCF approximates book value as the liability is secured, has a variable interest rate, and lacks significant credit concerns. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Provisional Metal Sales The Company enters into sales contracts with third-party smelters, refiners and off-take customers 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. Interest Rate Swap The Company enters into interest rate swap contracts in which it receives variable-rate interest and pays fixed-rate interest. The Company uses these instruments to manage its exposure to changes in interest rates related to its RCF (see Note 8-- Debt) and does not designate the instruments as hedges from an accounting standpoint and does not apply hedge accounting. The notional amount is used to measure interest to be paid or received. During the second quarter, an interest rate swap derivative instrument, with a notional amount of $50.0 million , expired and was replaced with an instrument with a notional amount of $75.0 million , which became effective in June 2019 and covers a contractual term of six months and net settles monthly. At June 30, 2019 , the Company had the following derivative instruments that settle as follows: In thousands except average prices and notional ounces 2019 Thereafter Provisional silver sales contracts $ 10,423 $ — Average silver price per ounce $ 15.22 $ — Notional ounces 685,006 — Provisional gold sales contracts $ 9,663 $ — Average gold price per ounce $ 1,302 $ — Notional ounces 7,424 — Provisional zinc sales contracts $ 16,448 $ — Average zinc price per pound $ 1.14 $ — Notional pounds 14,401,624 — Provisional lead sales contracts $ 7,964 $ — Average lead price per pound $ 0.89 $ — Notional pounds 8,996,543 — Fixed interest rate swap payable $ 967 $ — Fixed Interest rate 2.51 % — Notional dollars $ 75,000 $ — Variable interest rate swap receivable $ 787 $ — Average variable interest rate 2.49 % $ — Notional dollars $ 75,000 $ — The following summarizes the classification of the fair value of the derivative instruments: June 30, 2019 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 926 $ 2,480 Interest rate swaps — 180 $ 926 $ 2,660 December 31, 2018 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 784 $ 644 Zinc options 113 — Interest rate swaps 17 — $ 914 $ 644 The following represent mark-to-market gains (losses) on derivative instruments for the three and six months ended June 30, 2019 and 2018 , respectively (in thousands): Three Months Ended June 30, Six Months Ended June 30, Financial statement line Derivative 2019 2018 2019 2018 Revenue Provisional metal sales contracts $ (1,944 ) $ (273 ) $ (1,694 ) $ (20 ) Fair value adjustments, net Zinc options — 219 — 363 Fair value adjustments, net Interest rate swaps (132 ) (188 ) (188 ) (188 ) $ (2,076 ) $ (242 ) $ (1,882 ) $ 155 Credit Risk |
Other, Net
Other, Net | 6 Months Ended |
Jun. 30, 2019 | |
Other Income and Expenses [Abstract] | |
OTHER, NET | OTHER, NET Other, net consists of the following: Three Months Ended June 30, Six Months Ended June 30, In thousands 2019 2018 2019 2018 Foreign exchange gain (loss) $ (468 ) $ (3,309 ) $ (1,133 ) $ (3,979 ) Mexico inflation adjustment — 1,939 — 1,939 Interest income on notes receivable 18 573 199 821 Gain (loss) on sale of assets and investments (72 ) 586 (20 ) 345 Other 1,165 755 1,657 1,931 Other, net $ 643 $ 544 $ 703 $ 1,057 |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2019 | |
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 and six months ended June 30, 2019 , 3,241,533 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. Similarly, 1,528,162 and 1,563,841 common stock equivalents were excluded in the diluted earnings per share calculation for the three and six months ended June 30, 2018, respectively. Three Months Ended June 30, Six Months Ended June 30, In thousands except per share amounts 2019 2018 2019 2018 Net income (loss) available to common stockholders: Income (loss) from continuing operations $ (36,764 ) $ 2,930 $ (61,658 ) $ 3,621 Income (loss) from discontinued operations — — 5,693 550 $ (36,764 ) $ 2,930 $ (55,965 ) $ 4,171 Weighted average shares: Basic 207,809 185,183 205,103 184,777 Effect of stock-based compensation plans — 2,305 — 2,780 Diluted 207,809 187,488 205,103 187,557 Basic income (loss) per share: Income (loss) from continuing operations $ (0.18 ) $ 0.02 $ (0.30 ) $ 0.02 Income (loss) from discontinued operations — — 0.03 — Basic (1) $ (0.18 ) $ 0.02 $ (0.27 ) $ 0.02 Diluted income (loss) per share: Income (loss) from continuing operations $ (0.18 ) $ 0.02 $ (0.30 ) $ 0.02 Income (loss) from discontinued operations — — 0.03 — Diluted (1) $ (0.18 ) $ 0.02 $ (0.27 ) $ 0.02 (1) Due to rounding, the sum of net income per share from continuing operations and discontinued operations may not equal net income per share. On June 4, 2019, the Company completed a $50.0 million “at the market” offering of its common stock, par value $0.01 per share (the “Offering”). The Offering was conducted pursuant to an Equity Distribution Agreement, entered into on May 20, 2019 between the Company and Citigroup Global Markets Inc. as the sales agent. The Company sold a total of 16,630,444 shares of its common stock at an average price of $3.00 per share, raising net proceeds (after sales commissions) of $48.9 million |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 6 Months Ended |
Jun. 30, 2019 | |
Condensed Financial Information 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, Coeur Capital, Inc., Coeur Sterling, Inc., Sterling Intermediate Holdco, Inc., and Coeur Sterling Holdings LLC (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 BALANCE SHEET JUNE 30, 2019 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 2,687 $ 9,334 $ 25,886 $ — $ 37,907 Receivables (55 ) 8,426 30,124 — 38,495 Ore on leach pads — 72,310 — — 72,310 Inventory — 26,853 32,195 — 59,048 Prepaid expenses and other 4,726 1,158 6,182 — 12,066 7,358 118,081 94,387 — 219,826 NON-CURRENT ASSETS Property, plant and equipment, net 2,424 175,694 120,808 — 298,926 Mining properties, net 4,753 230,515 710,571 — 945,839 Ore on leach pads — 76,910 — — 76,910 Restricted assets 1,462 206 7,062 — 8,730 Equity and debt securities 19,457 — — — 19,457 Receivables — 1,300 30,571 — 31,871 Net investment in subsidiaries 540,528 161 (187 ) (540,502 ) — Other 299,315 56,935 12,889 (293,468 ) 75,671 TOTAL ASSETS $ 875,297 $ 659,802 $ 976,101 $ (833,970 ) $ 1,677,230 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 2,692 $ 23,691 $ 39,293 $ — $ 65,676 Other accrued liabilities 4,846 43,692 67,649 — 116,187 Debt — 14,637 7,135 — 21,772 Reclamation — 1,911 4,641 — 6,552 7,538 83,931 118,718 — 210,187 NON-CURRENT LIABILITIES Debt 299,237 33,176 309,260 (293,468 ) 348,205 Reclamation — 86,112 47,015 — 133,127 Deferred tax liabilities 2,374 3,857 55,422 — 61,653 Other long-term liabilities 4,624 42,348 30,640 — 77,612 Intercompany payable (receivable) (284,921 ) 266,253 18,668 — — 21,314 431,746 461,005 (293,468 ) 620,597 STOCKHOLDERS’ EQUITY Common stock 2,219 20,309 214,400 (234,709 ) 2,219 Additional paid-in capital 3,492,736 165,108 2,063,251 (2,228,359 ) 3,492,736 Accumulated deficit (2,648,510 ) (41,292 ) (1,881,273 ) 1,922,566 (2,648,509 ) Accumulated other comprehensive income (loss) — — — — — 846,445 144,125 396,378 (540,502 ) 846,446 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 875,297 $ 659,802 $ 976,101 $ (833,970 ) $ 1,677,230 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 9,768 $ 25,518 $ 79,795 $ — $ 115,081 Receivables 5,333 5,505 18,906 — 29,744 Ore on leach pads — 75,122 — — 75,122 Inventory — 31,678 34,601 — 66,279 Prepaid expenses and other 4,378 1,846 5,169 — 11,393 Assets held for sale — — — — — 19,479 139,669 138,471 — 297,619 NON-CURRENT ASSETS Property, plant and equipment, net 2,755 179,152 116,544 — 298,451 Mining properties, net 4,753 235,638 731,176 — 971,567 Ore on leach pads — 66,964 — — 66,964 Restricted assets 4,872 207 7,054 — 12,133 Equity and debt securities 17,797 9 — — 17,806 Receivables — 1,301 29,850 — 31,151 Net investment in subsidiaries 594,584 57 284 (594,925 ) — Other 291,249 11,619 2,169 (288,228 ) 16,809 TOTAL ASSETS $ 935,489 $ 634,616 $ 1,025,548 $ (883,153 ) $ 1,712,500 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 2,181 $ 19,244 $ 25,785 — $ 47,210 Other accrued liabilities 22,274 14,124 46,221 — 82,619 Debt — 16,873 8,064 — 24,937 Reclamation — 1,911 4,641 — 6,552 24,455 52,152 84,711 — 161,318 NON-CURRENT LIABILITIES Debt 380,854 36,377 304,886 (288,228 ) 433,889 Reclamation — 84,092 44,902 — 128,994 Deferred tax liabilities 218 3,855 74,997 — 79,070 Other long-term liabilities 2,465 4,639 49,613 — 56,717 Intercompany payable (receivable) (325,014 ) 303,084 21,930 — — 58,523 432,047 496,328 (288,228 ) 698,670 STOCKHOLDERS’ EQUITY Common stock 2,033 19,630 214,400 (234,030 ) 2,033 Additional paid-in capital 3,443,082 164,506 2,043,869 (2,208,375 ) 3,443,082 Accumulated deficit (2,592,545 ) (33,719 ) (1,813,760 ) 1,847,480 (2,592,544 ) Accumulated other comprehensive income (loss) (59 ) — — — (59 ) 852,511 150,417 444,509 (594,925 ) 852,512 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 935,489 $ 634,616 $ 1,025,548 $ (883,153 ) $ 1,712,500 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED JUNE 30, 2019 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 90,854 $ 71,269 $ — $ 162,123 COSTS AND EXPENSES Costs applicable to sales (1) — 69,291 62,657 — 131,948 Amortization 219 18,726 24,259 — 43,204 General and administrative 5,982 570 1,198 — 7,750 Exploration 350 2,085 3,284 — 5,719 Pre-development, reclamation, and other 80 1,989 2,265 — 4,334 Total costs and expenses 6,631 92,661 93,663 — 192,955 OTHER INCOME (EXPENSE), NET Fair value adjustments, net (5,288 ) (8 ) — — (5,296 ) Other, net 5,093 273 (413 ) (4,310 ) 643 Interest expense, net of capitalized interest (5,815 ) (508 ) (4,812 ) 4,310 (6,825 ) Total other income (expense), net (6,010 ) (243 ) (5,225 ) — (11,478 ) Income (loss) from continuing operations before income and mining taxes (12,641 ) (2,050 ) (27,619 ) — (42,310 ) Income and mining tax (expense) benefit (311 ) (1,116 ) 6,973 — 5,546 Income (loss) from continuing operations (12,952 ) (3,166 ) (20,646 ) — (36,764 ) Equity income (loss) in consolidated subsidiaries (23,814 ) (212 ) (23 ) 24,049 — NET INCOME (LOSS) $ (36,766 ) $ (3,378 ) $ (20,669 ) $ 24,049 $ (36,764 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Other comprehensive income (loss) — — — — — COMPREHENSIVE INCOME (LOSS) $ (36,766 ) $ (3,378 ) $ (20,669 ) $ 24,049 $ (36,764 ) (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED JUNE 30, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 99,243 $ 70,744 $ — $ 169,987 COSTS AND EXPENSES Costs applicable to sales (1) — 77,935 30,311 — 108,246 Amortization 236 14,587 14,636 — 29,459 General and administrative 7,634 9 7 — 7,650 Exploration 326 2,799 3,304 — 6,429 Pre-development, reclamation, and other 204 1,988 1,428 — 3,620 Total costs and expenses 8,400 97,318 49,686 — 155,404 OTHER INCOME (EXPENSE), NET Fair value adjustments, net (2,356 ) (106 ) — — (2,462 ) Other, net 4,829 513 (902 ) (3,896 ) 544 Interest expense, net of capitalized interest (5,258 ) (367 ) (4,289 ) 3,896 (6,018 ) Total other income (expense), net (2,785 ) 40 (5,191 ) — (7,936 ) Income (loss) from continuing operations before income and mining taxes (11,185 ) 1,965 15,867 — 6,647 Income and mining tax (expense) benefit (922 ) (1,388 ) (1,407 ) — (3,717 ) Income (loss) from continuing operations (12,107 ) 577 14,460 — 2,930 Equity income (loss) in consolidated subsidiaries 15,036 (28 ) (246 ) (14,762 ) — NET INCOME (LOSS) $ 2,929 $ 549 $ 14,214 $ (14,762 ) $ 2,930 OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on marketable securities, net of tax (87 ) — — — (87 ) COMPREHENSIVE INCOME (LOSS) $ 2,842 $ 549 $ 14,214 $ (14,762 ) $ 2,843 (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED JUNE 30, 2019 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (43,768 ) $ 43,095 $ 3,059 $ 24,049 $ 26,435 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (72 ) (7,820 ) (12,857 ) — (20,749 ) Proceeds from the sale of assets — 57 — — 57 Sales of investments 1,102 — — — 1,102 Proceeds from notes receivable 2,000 — — — 2,000 Other 230 113 (66 ) — 277 Investments in consolidated subsidiaries 23,725 85 239 (24,049 ) — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 26,985 (7,565 ) (12,684 ) (24,049 ) (17,313 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of common stock 48,887 — — — 48,887 Payments on debt, capital leases, and associated costs (82,702 ) (5,753 ) (2,357 ) — (90,812 ) Net intercompany financing activity 41,479 (30,949 ) 1 (10,530 ) 1 — — CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 7,664 (36,702 ) (12,887 ) — (41,925 ) Effect of exchange rate changes on cash and cash equivalents — (1 ) 57 — 56 NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (9,119 ) (1,173 ) (22,455 ) — (32,747 ) Cash, cash equivalents and restricted cash at beginning of period 13,162 10,581 48,279 — 72,022 Cash, cash equivalents and restricted cash at end of period $ 4,043 $ 9,408 $ 25,824 $ — $ 39,275 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED JUNE 30, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 8,363 $ 20,720 $ (15,615 ) $ (14,762 ) $ (1,294 ) CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (101 ) (12,537 ) (28,527 ) — (41,165 ) Proceeds from the sale of assets 23 73 — — 96 Purchase of investments (39 ) — — — (39 ) Sales of investments 10,753 388 — — 11,141 Other (79 ) 109 (63 ) — (33 ) Investments in consolidated subsidiaries (15,037 ) 28 247 14,762 — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (4,480 ) (11,939 ) (28,343 ) 14,762 (30,000 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on debt, capital leases, and associated costs — (2,532 ) (1,841 ) — (4,373 ) Net intercompany financing activity (13,987 ) 3,354 10,633 — — Other (233 ) — — — (233 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (14,220 ) 822 8,792 — (4,606 ) Effect of exchange rate changes on cash and cash equivalents — (6 ) (169 ) — (175 ) NET CHANGE IN CASH AND CASH EQUIVALENTS (10,337 ) 9,597 (35,335 ) — (36,075 ) Cash and cash equivalents at beginning of period 34,569 30,603 106,929 — 172,101 Cash and cash equivalents at end of period $ 24,232 $ 40,200 $ 71,594 $ — $ 136,026 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) SIX MONTHS ENDED JUNE 30, 2019 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 181,553 $ 135,440 $ — $ 316,993 COSTS AND EXPENSES Costs applicable to sales (1) 141,313 122,285 — 263,598 Amortization 440 37,171 47,469 — 85,080 General and administrative 15,456 570 1,198 — 17,224 Exploration 686 3,209 5,538 — 9,433 Pre-development, reclamation, and other 240 3,932 4,596 — 8,768 Total costs and expenses 16,822 186,195 181,086 — 384,103 OTHER INCOME (EXPENSE), NET Fair value adjustments, net 3,832 (8 ) — — 3,824 Other, net 10,091 438 (1,213 ) (8,613 ) 703 Interest expense, net of capitalized interest (11,544 ) (900 ) (9,448 ) 8,613 (13,279 ) Total other income (expense), net 2,379 (470 ) (10,661 ) — (8,752 ) Income (loss) from continuing operations before income and mining taxes (14,443 ) (5,112 ) (56,307 ) — (75,862 ) Income and mining tax (expense) benefit (2,388 ) (1,148 ) 17,740 — 14,204 Income (loss) from continuing operations (16,831 ) (6,260 ) (38,567 ) — (61,658 ) Equity income (loss) in consolidated subsidiaries (44,829 ) (630 ) 260 45,199 — Income (loss) from discontinued operations 5,693 — — — 5,693 NET INCOME (LOSS) $ (55,967 ) $ (6,890 ) $ (38,307 ) $ 45,199 $ (55,965 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt securities, net of tax 59 — — — 59 COMPREHENSIVE INCOME (LOSS) $ (55,908 ) $ (6,890 ) $ (38,307 ) $ 45,199 $ (55,906 ) CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) SIX MONTHS ENDED JUNE 30, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 192,473 $ 140,781 $ — $ 333,254 COSTS AND EXPENSES Costs applicable to sales (1) — 146,180 61,406 — 207,586 Amortization 482 28,792 30,962 — 60,236 General and administrative 16,431 12 11 — 16,454 Exploration 785 5,044 7,283 — 13,112 Pre-development, reclamation, and other 610 3,935 3,300 — 7,845 Total costs and expenses 18,308 183,963 102,962 — 305,233 OTHER INCOME (EXPENSE), NET Fair value adjustments, net 2,590 (398 ) — — 2,192 Other, net 9,304 376 (1,008 ) (7,615 ) 1,057 Interest expense, net of capitalized interest (10,341 ) (720 ) (8,537 ) 7,615 (11,983 ) Total other income (expense), net 1,553 (742 ) (9,545 ) — (8,734 ) Income (loss) from continuing operations before income and mining taxes (16,755 ) 7,768 28,274 — 19,287 Income and mining tax (expense) benefit 716 (2,508 ) (13,874 ) — (15,666 ) Income (loss) from continuing operations (16,039 ) 5,260 14,400 — 3,621 Equity income (loss) in consolidated subsidiaries 19,200 (66 ) (416 ) (18,718 ) — Income (loss) from discontinued operations 1,010 (284 ) (176 ) — 550 NET INCOME (LOSS) $ 4,171 $ 4,910 $ 13,808 $ (18,718 ) $ 4,171 OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt securities, net of tax (365 ) — — — (365 ) COMPREHENSIVE INCOME (LOSS) $ 3,806 $ 4,910 $ 13,808 $ (18,718 ) $ 3,806 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2019 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (78,163 ) $ 51,563 $ (8,010 ) $ 45,199 $ 10,589 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (110 ) (22,251 ) (25,826 ) — (48,187 ) Proceeds from the sale of assets — 810 94 — 904 Sales of investments 1,102 — — — 1,102 Proceeds from notes receivable 7,168 — — — 7,168 Other 2,032 113 (127 ) — 2,018 Investments in consolidated subsidiaries 44,740 85 374 (45,199 ) — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 54,932 (21,243 ) (25,485 ) (45,199 ) (36,995 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of common stock 48,887 — — — 48,887 Issuance of notes and bank borrowings, net of issuance costs 15,000 — — — 15,000 Payments on debt, capital leases, and associated costs (97,807 ) (10,140 ) (5,326 ) — (113,273 ) Net intercompany financing activity 51,705 (36,306 ) (15,399 ) — — Other (3,259 ) — — — (3,259 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 14,526 (46,446 ) (20,725 ) — (52,645 ) Effect of exchange rate changes on cash and cash equivalents — 2 255 — 257 NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (8,705 ) (16,124 ) (53,965 ) — (78,794 ) Cash, cash equivalents and restricted cash at beginning of period 12,748 25,532 79,789 — 118,069 Cash, cash equivalents and restricted cash at end of period $ 4,043 $ 9,408 $ 25,824 $ — $ 39,275 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 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 $ 425 $ 26,115 $ 6,425 $ (18,718 ) 14,247 Cash provided by (used in) activities of discontinued operations — — (2,690 ) — (2,690 ) CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 425 26,115 3,735 (18,718 ) 11,557 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (184 ) (26,878 ) (56,448 ) — (83,510 ) Proceeds from the sale of assets 23 133 — — 156 Purchase of investments (400 ) — — — (400 ) Sales of investments 11,820 940 — — 12,760 Other (79 ) 109 (128 ) — (98 ) Investments in consolidated subsidiaries (19,199 ) 65 416 18,718 — Cash provided by (used in) activities of continuing operations (8,019 ) (25,631 ) (56,160 ) 18,718 (71,092 ) Cash provided by (used in) activities of discontinued operations — — (28,470 ) — (28,470 ) CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (8,019 ) (25,631 ) (84,630 ) 18,718 (99,562 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings, net of issuance costs 15,000 — — — 15,000 Payments on debt, capital leases, and associated costs — (4,927 ) (17,895 ) — (22,822 ) Net intercompany financing activity (34,368 ) (7,592 ) 41,960 — — Other (4,839 ) — — — (4,839 ) Cash provided by (used in) activities of continuing operations (24,207 ) (12,519 ) 24,065 — (12,661 ) Cash provided by (used in) activities of discontinued operations — — (22 ) — (22 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (24,207 ) (12,519 ) 24,043 — (12,683 ) Effect of exchange rate changes on cash and cash equivalents — (4 ) 386 — 382 Less net cash provided by (used in) discontinued operations — — (32,930 ) — (32,930 ) NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (31,801 ) (12,039 ) (23,536 ) — (67,376 ) 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 $ 24,232 $ 40,200 $ 71,594 $ — $ 136,026 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
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 certain properties acquired in 2015) to a subsidiary of Franco-Nevada Corporation (“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 Mexicana 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. At June 30, 2019 the remaining unamortized balance was $12.2 million , which is included in Accrued liabilities and other and Other long-term liabilities on the Condensed Consolidated Balance Sheet. Kensington Prepayment In June 2019, Coeur entered into a transaction with an existing metal sales counterparty whereby it amended its existing sales and purchase contract for gold concentrate from its Kensington mine (the “Amended Sales Contract”) to allow for a $25.0 million prepayment for deliveries of gold concentrate from the Kensington mine. The $25.0 million is recognized as a deferred revenue liability and is presented in Accrued liabilities and other on the Condensed Consolidated Balance Sheet. Under the terms of the prepayment, Coeur maintains its exposure to the price of gold and expects to recognize the full value of the accrued liability by the end of 2019. 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 Silvertip Acquisition. The contingent consideration is based on the achievement of two milestones, which the Company has determined to be probable at June 30, 2019 . 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 contingent consideration”). The permit application was required to be submitted to the British Columbia Ministry of Energy and Mining no later than June 2018 and was submitted on April 30, 2018. At June 30, 2019 , the Company included the $25.0 million Permit contingent consideration in Accrued liabilities and other on the Condensed Consolidated Balance Sheet. 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 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 (the “Resource contingent consideration”). The maximum payment of $25.0 million can be earned if the total resource (including reserves) reaches 3.7 million tonnes. The Silvertip mine’s total resource (including reserves) was approximately 3.3 million tonnes at December 31, 2018, of which 0.5 million tonnes are classified as inferred resources which are not included in the Company’s mineralized material total reported in the 2018 10-K. At June 30, 2019 , the Company included the $24.6 million Resource contingent consideration in Accrued liabilities and other |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities Held For Sale | DISCONTINUED OPERATIONS In December 2017, the Company and certain of its subsidiaries entered into a definitive agreement (as amended, the “Manquiri Agreement”) to sell all of the outstanding capital stock of Empresa Minera Manquiri S.A. (“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 Manquiri Agreement, the capital stock in Manquiri was sold to Ag-Mining Investments, AB, a privately-held Swedish company (the “Buyer”), in exchange for, among other items, (A) 2.0% net smelter returns royalty on all metals processed through the San Bartolomé mine’s processing facility (the “NSR”) and (B) promissory notes payable by the Buyer with an aggregate principal amount equal to $27.6 million (the “Manquiri Notes Receivable”). In September 2018, the Company entered into a letter agreement (“Letter Agreement”) with the Buyer pursuant to which the total aggregate principal amount of the Manquiri Notes Receivable (as described in the 2018 10-K) was reduced to $25.0 million, and the Buyer made a concurrent cash payment of $15.0 million to the Sellers in respect of the Manquiri Notes Receivable. In addition, the Company also agreed to suspend the quarterly payments in respect of the NSR until October 15, 2019 and to forgo any rights to any value added tax refunds collected or received by Manquiri. On February 28, 2019, the parties executed a letter agreement (the “February Letter Agreement”), which amended certain terms of the Manquiri Agreement. Pursuant to the February Letter Agreement, the Buyer agreed to accelerate repayment of the remaining aggregate $6.0 million owed under the Manquiri Notes Receivable, by making a concurrent cash payment of $2.0 million to the Company in respect of the Manquiri Notes Receivable and agreeing to pay the remaining $4.0 million outstanding principal amount in two equal installments on March 31, 2019 and April 30, 2019, both of which were received. As of the date of the entry into the February Letter Agreement, the remaining obligations under the Manquiri Agreement (including post-closing indemnification obligations) terminated. The Company recorded a $5.7 million gain on the sale Manquiri following the release of the indemnification liability (associated with termination of post-closing indemnification obligations) pursuant to the February Letter Agreement. In addition, pursuant to the February Letter Agreement, until October 31, 2019 (the “Option Period”) the Buyer has a non-exclusive option (the “Option”) to either purchase or terminate its obligations to pay the NSR, by making a payment to Coeur of $4.8 million (the “NSR Payment Amount”). During the Option Period, the Company’s rights in respect of receipt of the NSR are suspended. If the Buyer does not exercise the Option and pay the NSR Payment Amount to Coeur during the Option Period, or if Coeur transfers the NSR to a third party, Buyer’s obligations to pay the NSR will resume for the quarterly period beginning on July 1, 2019 and ending September 30, 2019, and such payment shall be payable by the expiration of the Option Period. The sale of Manquiri and the San Bartolomé mine had a significant effect on the Company's results and operations. Accordingly, San Bartolomé’s operations for the three and six months ended June 30, 2019 and 2018 are classified on the Condensed 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 and six months ended June 30, 2019 and 2018 are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenue $ — $ — $ — $ 12,346 COSTS AND EXPENSES Costs applicable to sales (1) — — — 12,269 General and administrative — — — 41 Pre-development, reclamation, and other — — — 265 OTHER INCOME (EXPENSE), NET Interest expense, net of capitalized interest — — — (3 ) Other, net — — — (260 ) Pretax profit (loss) on discontinued operations related to major classes of pretax profit (loss) — — — (492 ) Pretax gain on the disposal of the discontinued operation — — 5,693 1,525 Total pretax gain or loss on discontinued operations — — 5,693 1,033 Income and mining tax (expense) benefit — — — (483 ) Income (loss) from discontinued operations $ — $ — $ 5,693 $ 550 (1) Excludes amortization. Net cash used in operating activities from San Bartolomé were $2.7 million for the six months ended June 30, 2018. Net cash used in investing activities from San Bartolomé were $28.5 million for the six months ended June 30, 2018. |
Additional Balance Sheet Detail
Additional Balance Sheet Detail and Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2019 | |
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: In thousands June 30, 2019 December 31, 2018 Accrued salaries and wages $ 14,119 $ 22,229 Silvertip contingent consideration 49,635 25,000 Deferred revenue (1) 26,616 3,164 Income and mining taxes 585 16,474 Accrued operating costs 7,084 10,524 Taxes other than income and mining 3,617 3,639 Accrued interest payable 1,324 1,589 Operating lease liabilities 13,207 — Accrued liabilities and other $ 116,187 $ 82,619 (1) See Note 17 -- Commitments and Contingencies for additional details on deferred revenue liabilities 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 for the three and six months ended June 30, 2019 and 2018: In thousands June 30, 2019 June 30, 2018 Cash and cash equivalents $ 37,907 $ 123,539 Restricted cash equivalents 1,368 12,487 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 39,275 $ 136,026 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Recent Accounting Standards | Accounting Standards Recently Issued In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326),” measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. The guidance is effective for interim and annual periods for the Company on January 1, 2020, with early adoption permitted. The Company is currently evaluating the impact of the new standard, but it does not expect this update to have a material impact to the Company's consolidated net income, financial position or cash flows. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 33,916 $ 11,195 $ 45,161 $ 20,054 $ — $ — $ 110,326 Silver sales 25,406 14,257 — 189 5,111 — 44,963 Zinc sales — — — — 2,604 — 2,604 Lead sales — — — — 4,230 — 4,230 Metal sales 59,322 25,452 45,161 20,243 11,945 — 162,123 Costs and Expenses Costs applicable to sales (1) 36,496 24,693 29,133 15,466 26,160 — 131,948 Amortization 14,212 3,963 12,537 2,225 9,878 389 43,204 Exploration 1,140 96 2,024 — 670 1,789 5,719 Other operating expenses 1,769 1,346 410 753 386 7,420 12,084 Other income (expense) Fair value adjustments, net — — — — — (5,296 ) (5,296 ) Interest expense, net (112 ) (170 ) (310 ) (28 ) (390 ) (5,815 ) (6,825 ) Other, net (574 ) 43 (16 ) 239 (33 ) 984 643 Income and mining tax (expense) benefit (345 ) (814 ) — (304 ) 7,589 (580 ) 5,546 Income (loss) from continuing operations $ 4,674 $ (5,587 ) $ 731 $ 1,706 $ (17,983 ) $ (20,305 ) $ (36,764 ) Income (loss) from discontinued operations $ — $ — $ — $ — $ — $ — $ — Segment assets (2) $ 357,415 $ 274,406 $ 214,096 $ 104,070 $ 415,333 $ 170,145 $ 1,535,465 Capital expenditures $ 7,566 $ 2,772 $ 4,875 $ 171 $ 5,020 $ 345 $ 20,749 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Three months ended June 30, 2018 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 36,258 $ 15,599 $ 35,735 $ 29,621 $ — $ — $ 117,213 Silver sales 34,486 18,069 — 219 — — 52,774 Metal sales $ 70,744 $ 33,668 $ 35,735 $ 29,840 $ — $ — $ 169,987 Costs and Expenses Costs applicable to sales (1) 30,310 24,451 34,227 19,258 — — 108,246 Amortization 14,633 4,793 6,441 3,353 — 239 29,459 Exploration 3,198 212 1,395 — 106 1,518 6,429 Other operating expenses 750 903 327 688 5 8,597 11,270 Other income (expense) Fair value adjustments, net — — — — — (2,462 ) (2,462 ) Interest expense, net (147 ) (125 ) (231 ) (11 ) (246 ) (5,258 ) (6,018 ) Other, net 755 466 (33 ) 64 60 (768 ) 544 Income and mining tax (expense) benefit (3,646 ) (463 ) — (1,036 ) 943 485 (3,717 ) Income (loss) from continuing operations $ 18,815 $ 3,187 $ (6,919 ) $ 5,558 $ 646 $ (18,357 ) $ 2,930 Income (loss) from discontinued operations $ — $ — $ — $ — $ — $ — $ — Segment assets (2) $ 373,310 $ 253,638 $ 215,753 $ 99,878 390,155 $ 115,170 $ 1,447,904 Capital expenditures $ 9,479 $ 669 $ 10,708 $ 1,162 19,045 $ 102 $ 41,165 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Six months ended June 30, 2019 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 65,516 $ 22,248 $ 85,447 $ 43,879 $ — $ — $ 217,090 Silver sales 47,031 29,574 — 406 8,066 — 85,077 Zinc sales — — — — 8,238 — 8,238 Lead sales — — — — 6,588 — 6,588 Metal sales 112,547 51,822 85,447 44,285 22,892 — 316,993 Costs and Expenses Costs applicable to sales (1) 69,740 47,147 61,308 32,858 52,545 — 263,598 Amortization 28,740 8,000 24,264 4,906 18,304 866 85,080 Exploration 2,150 186 2,505 — 731 3,861 9,433 Other operating expenses 2,471 2,308 681 1,417 627 18,488 25,992 Other income (expense) Fair value adjustments, net — — — — — 3,824 3,824 Interest expense, net (248 ) (312 ) (539 ) (49 ) (587 ) (11,544 ) (13,279 ) Other, net (1,614 ) 16 (3 ) 325 (221 ) 2,200 703 Income and mining tax (expense) benefit 946 (670 ) — (477 ) 17,340 (2,935 ) 14,204 Income (loss) from continuing operations $ 8,530 $ (6,785 ) $ (3,853 ) $ 4,903 $ (32,783 ) $ (31,670 ) $ (61,658 ) Income (loss) from discontinued operations $ — $ — $ — $ — $ — $ 5,693 $ 5,693 Segment assets (2) $ 357,415 $ 274,406 $ 214,096 $ 104,070 $ 415,333 $ 170,145 $ 1,535,465 Capital expenditures $ 16,242 $ 7,417 $ 14,231 $ 602 $ 9,097 $ 598 $ 48,187 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Six months ended June 30, 2018 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 72,327 $ 30,455 $ 72,035 $ 52,870 — $ — $ 227,687 Silver sales 68,454 36,710 — 403 — — 105,567 Metal sales 140,781 67,165 72,035 53,273 — — 333,254 Costs and Expenses Costs applicable to sales (1) 61,406 48,756 62,857 34,567 — — 207,586 Amortization 30,958 9,624 13,158 6,010 — 486 60,236 Exploration 7,168 245 2,985 10 106 2,598 13,112 Other operating expenses 1,481 1,787 648 1,353 25 19,005 24,299 Other income (expense) Fair value adjustments, net — — — — — 2,192 2,192 Interest expense, net (266 ) (223 ) (474 ) (23 ) (656 ) (10,341 ) (11,983 ) Other, net (1,389 ) 426 (70 ) 43 422 1,625 1,057 Income and mining tax (expense) benefit (16,089 ) (834 ) — (1,675 ) 1,778 1,154 (15,666 ) Income (loss) from continuing operations $ 22,024 $ 6,122 $ (8,157 ) $ 9,678 $ 1,413 $ (27,459 ) $ 3,621 Income (loss) from discontinued operations $ — $ — $ — $ — — $ 550 $ 550 Segment assets (2) $ 373,310 $ 253,638 $ 215,753 $ 99,878 390,155 $ 115,170 $ 1,447,904 Capital expenditures $ 18,772 $ 3,302 $ 22,072 $ 1,506 37,674 $ 184 $ 83,510 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Assets June 30, 2019 December 31, 2018 Total assets for reportable segments $ 1,535,465 $ 1,550,671 Cash and cash equivalents 37,907 115,081 Other assets 103,858 46,748 Total consolidated assets $ 1,677,230 $ 1,712,500 |
Consolidated Assets | Assets June 30, 2019 December 31, 2018 Total assets for reportable segments $ 1,535,465 $ 1,550,671 Cash and cash equivalents 37,907 115,081 Other assets 103,858 46,748 Total consolidated assets $ 1,677,230 $ 1,712,500 |
Long Lived Assets by Country | Geographic Information Long-Lived Assets June 30, 2019 December 31, 2018 Mexico $ 332,113 $ 342,007 United States 506,981 515,649 Canada 397,825 404,185 Other 7,846 8,177 Total $ 1,244,765 $ 1,270,018 |
Revenue by Country | Revenue Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 United States $ 90,855 $ 99,243 $ 181,554 $ 192,473 Mexico 59,322 70,744 112,547 140,781 Canada 11,946 — 22,892 — Total $ 162,123 $ 169,987 $ 316,993 $ 333,254 |
Receivables (Tables)
Receivables (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Receivables | Receivables consist of the following: In thousands June 30, 2019 December 31, 2018 Current receivables: Trade receivables $ 8,754 $ 5,147 Value added tax receivable 18,831 18,609 Income tax receivable 10,484 6 Manquiri Notes Receivable — 5,487 Other 426 495 $ 38,495 $ 29,744 Non-current receivables: Value added tax (“VAT”) receivable (1) $ 27,537 $ 26,817 RMC Receivable (2) 4,334 4,334 31,871 31,151 Total receivables $ 70,366 $ 60,895 |
Inventory and Ore on Leach Pa_2
Inventory and Ore on Leach Pads (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventory consists of the following: In thousands June 30, 2019 December 31, 2018 Inventory: Concentrate $ 8,478 $ 10,772 Precious metals 14,846 20,761 Supplies 35,724 34,746 59,048 66,279 Ore on leach pads: Current 72,310 75,122 Non-current 76,910 66,964 149,220 142,086 Total inventory and ore on leach pads $ 208,268 $ 208,365 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investment in Marketable Securities [Abstract] | |
Investments | The Company makes strategic investments in equity and debt securities of silver and gold exploration and development companies. At June 30, 2019 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity Securities Metalla Royalty & Streaming Ltd. $ 10,985 $ — $ 6,528 $ 17,513 Rockhaven Resources, Ltd. 2,064 (502 ) — 1,562 Other 1,305 (923 ) — 382 Equity securities $ 14,354 $ (1,425 ) $ 6,528 $ 19,457 At December 31, 2018 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity Securities Metalla Royalty & Streaming Ltd. $ 10,695 $ — $ 2,852 $ 13,547 Rockhaven Resources, Ltd. 2,064 (452 ) — 1,612 Other 1,376 (946 ) — 430 Equity securities $ 14,135 $ (1,398 ) $ 2,852 $ 15,589 Debt Securities Metalla Royalty & Streaming Ltd. $ 2,271 $ (54 ) $ — $ 2,217 Equity and debt securities $ 16,406 $ (1,452 ) $ 2,852 $ 17,806 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Summary of Lease Cost and Cash Flow Information | The following table summarizes quantitative information pertaining to the Company’s finance and operating leases. Three Months Ended Six Months Ended In thousands June 30, 2019 June 30, 2019 Lease Cost ROU operating lease cost $ 2,666 $ 6,115 Short-term operating lease cost $ 3,734 $ 6,485 Finance Lease Cost: Amortization of ROU assets $ 4,418 $ 9,912 Interest on lease liabilities 1,142 2,249 Total finance lease cost $ 5,560 $ 12,161 Supplemental cash flow information related to leases was as follows: Three Months Ended Six Months Ended In thousands June 30, 2019 June 30, 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 6,400 $ 12,610 Operating cash flows from finance leases $ 1,142 $ 2,249 Financing cash flows from finance leases $ 8,812 $ 16,273 |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows: In thousands June 30, 2019 Operating Leases Other assets, non-current $ 60,139 Accrued liabilities and other $ 13,207 Other long-term liabilities 45,796 Total operating lease liabilities $ 59,003 Finance Leases Property and equipment, gross $ 111,462 Accumulated depreciation (31,005 ) Property and equipment, net $ 80,457 Debt, current $ 21,772 Debt, non-current 48,968 Total finance lease liabilities $ 70,740 Weighted Average Remaining Lease Term Weighted-average remaining lease term - finance leases 1.82 years Weighted-average remaining lease term - operating leases 5.19 years Weighted Average Discount Rate Weighted-average discount rate - finance leases 5.90 % Weighted-average discount rate - operating leases 5.19 % |
Operating Lease Minimum Future Lease Payments | Minimum future lease payments under finance and operating leases with terms longer than one year are as follows: At June 30, (In thousands) Operating leases Finance leases 2019 $ 6,864 $ 12,474 2020 13,261 24,880 2021 13,048 23,675 2022 13,031 11,418 2023 12,553 5,389 Thereafter 8,605 1,061 Total $ 67,362 $ 78,897 Less: imputed interest (8,359 ) (8,157 ) Net lease obligation $ 59,003 $ 70,740 |
Finance Lease Minimum Future Lease Payments | Minimum future lease payments under finance and operating leases with terms longer than one year are as follows: At June 30, (In thousands) Operating leases Finance leases 2019 $ 6,864 $ 12,474 2020 13,261 24,880 2021 13,048 23,675 2022 13,031 11,418 2023 12,553 5,389 Thereafter 8,605 1,061 Total $ 67,362 $ 78,897 Less: imputed interest (8,359 ) (8,157 ) Net lease obligation $ 59,003 $ 70,740 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long term debt and capital lease obligations | June 30, 2019 December 31, 2018 In thousands Current Non-Current Current Non-Current 2024 Senior Notes, net (1) $ — $ 246,237 $ — $ 245,854 Revolving Credit Facility (2) — 53,000 — 135,000 Finance lease obligations 21,772 48,968 24,937 53,035 $ 21,772 $ 348,205 $ 24,937 $ 433,889 (1) Net of unamortized debt issuance costs of $3.8 million and $4.1 million at June 30, 2019 and December 31, 2018 , respectively. (2) Unamortized debt issuance costs of $2.7 million and $2.2 million at June 30, 2019 and December 31, 2018 , respectively, included in Other Non-Current Assets . |
Interest expenses incurred for various debt instruments | Interest Expense Three Months Ended June 30, Six Months Ended June 30, In thousands 2019 2018 2019 2018 2024 Senior Notes $ 3,671 $ 3,672 $ 7,344 $ 7,344 Revolving Credit Facility 1,953 1,369 3,806 2,521 Finance lease obligations 1,142 515 2,249 1,039 Amortization of debt issuance costs 390 324 732 649 Accretion of Silvertip contingent consideration 180 327 359 651 Other debt obligations 2 6 2 114 Capitalized interest (513 ) (195 ) (1,213 ) (335 ) Total interest expense, net of capitalized interest $ 6,825 $ 6,018 $ 13,279 $ 11,983 |
Reclamation (Tables)
Reclamation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Changes to the Company’s asset retirement obligations for its operating sites are as follows: Three Months Ended June 30, Six Months Ended June 30, In thousands 2019 2018 2019 2018 Asset retirement obligation - Beginning $135,741 $120,848 $ 133,508 $ 118,799 Accretion 2,959 2,766 5,854 5,311 Settlements (1,155 ) (707 ) (1,817 ) (1,203 ) Asset retirement obligation - Ending $137,545 $122,907 $ 137,545 $ 122,907 |
Income and Mining Taxes (Tables
Income and Mining Taxes (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 and six months ended June 30, 2019 and 2018 by significant jurisdiction: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ (16,835 ) $ (1,399 ) $ (11,334 ) $ (2,309 ) $ (22,882 ) $ (3,561 ) $ (10,147 ) $ (1,792 ) Canada (27,568 ) 7,547 (2,155 ) 1,199 (54,093 ) 17,339 (3,909 ) 2,044 Mexico 2,292 (600 ) 20,542 (2,499 ) 1,521 424 33,669 (15,821 ) Other jurisdictions (199 ) (2 ) (406 ) (108 ) (408 ) 2 (326 ) (97 ) $ (42,310 ) $ 5,546 $ 6,647 $ (3,717 ) $ (75,862 ) $ 14,204 $ 19,287 $ (15,666 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Grants Awarded | The following table summarizes the grants awarded during the six months ended June 30, 2019: Grant date Restricted stock Grant date fair value of restricted stock Performance shares Grant date fair value of performance shares February 5, 2019 435,173 $ 5.08 628,943 $ 5.54 February 19, 2019 854,058 $ 5.17 80,850 $ 5.54 May 1, 2019 87,775 $ 3.42 June 12, 2019 102,373 $ 3.21 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Adjustments to Comprehensive income (Loss) | Three Months Ended June 30, Six Months Ended June 30, In thousands 2019 2018 2019 2018 Unrealized gain (loss) on equity securities $ (5,548 ) $ (8,028 ) $ 3,637 $ (3,185 ) Realized gain (loss) on equity securities 384 5,535 375 5,202 Zinc options — 219 — 363 Interest rate swap, net (132 ) (188 ) (188 ) (188 ) Fair value adjustments, net $ (5,296 ) $ (2,462 ) $ 3,824 $ 2,192 |
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 June 30, 2019 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 19,457 $ 19,457 $ — $ — Other derivative instruments, net 926 — 926 — $ 20,383 $ 19,457 $ 926 $ — Liabilities: Silvertip contingent consideration $ 49,635 $ — $ — $ 49,635 Other derivative instruments, net 2,660 — 2,660 — $ 52,295 $ — $ 2,660 $ 49,635 Fair Value at December 31, 2018 In thousands Total Level 1 Level 2 Level 3 Assets: Equity and debt securities $ 17,806 $ 15,589 $ — $ 2,217 Other derivative instruments, net 914 — 914 — $ 18,720 $ 15,589 $ 914 $ 2,217 Liabilities: Silvertip contingent consideration $ 49,276 $ — $ — $ 49,276 Other derivative instruments, net 644 — 644 — $ 49,920 $ — $ 644 $ 49,276 |
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 and six months ended June 30, 2019: Three Months Ended June 30, 2019 In thousands Balance at the beginning of the period Revaluation Settlements Accretion Balance at the Liabilities: Silvertip contingent consideration $ 49,455 $ — $ — $ 180 $ 49,635 Six Months Ended June 30, 2019 In thousands Balance at the beginning of the period Revaluation Settlements Accretion Balance at the Assets: Equity and debt securities $ 2,217 $ 59 $ (2,276 ) $ — $ — Liabilities: Silvertip contingent consideration $ 49,276 $ — $ — $ 359 $ 49,635 |
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 June 30, 2019 and December 31, 2018 is presented in the following table: June 30, 2019 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2024 Senior Notes (1) $ 246,237 $ 240,184 $ — $ 240,184 $ — RCF (2) $ 53,000 $ 53,000 $ — $ 53,000 $ — (1) Net of unamortized debt issuance costs of $3.8 million . (2) Unamortized debt issuance costs of $2.7 million included in Other Non-Current Assets . December 31, 2018 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Assets: Manquiri Notes Receivable $ 5,487 $ 5,487 $ — $ — $ 5,487 Liabilities: 2024 Senior Notes (1) $ 245,854 $ 220,446 $ — $ 220,446 $ — RCF (2) $ 135,000 $ 135,000 $ — $ 135,000 $ — (1) Net of unamortized debt issuance costs of $4.1 million . (2) Unamortized debt issuance costs of $2.2 million included in Other Non-Current Assets . |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments, future settlement | At June 30, 2019 , the Company had the following derivative instruments that settle as follows: In thousands except average prices and notional ounces 2019 Thereafter Provisional silver sales contracts $ 10,423 $ — Average silver price per ounce $ 15.22 $ — Notional ounces 685,006 — Provisional gold sales contracts $ 9,663 $ — Average gold price per ounce $ 1,302 $ — Notional ounces 7,424 — Provisional zinc sales contracts $ 16,448 $ — Average zinc price per pound $ 1.14 $ — Notional pounds 14,401,624 — Provisional lead sales contracts $ 7,964 $ — Average lead price per pound $ 0.89 $ — Notional pounds 8,996,543 — Fixed interest rate swap payable $ 967 $ — Fixed Interest rate 2.51 % — Notional dollars $ 75,000 $ — Variable interest rate swap receivable $ 787 $ — Average variable interest rate 2.49 % $ — Notional dollars $ 75,000 $ — |
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments: June 30, 2019 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 926 $ 2,480 Interest rate swaps — 180 $ 926 $ 2,660 December 31, 2018 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 784 $ 644 Zinc options 113 — Interest rate swaps 17 — $ 914 $ 644 |
Gain losses on derivative instruments | The following represent mark-to-market gains (losses) on derivative instruments for the three and six months ended June 30, 2019 and 2018 , respectively (in thousands): Three Months Ended June 30, Six Months Ended June 30, Financial statement line Derivative 2019 2018 2019 2018 Revenue Provisional metal sales contracts $ (1,944 ) $ (273 ) $ (1,694 ) $ (20 ) Fair value adjustments, net Zinc options — 219 — 363 Fair value adjustments, net Interest rate swaps (132 ) (188 ) (188 ) (188 ) $ (2,076 ) $ (242 ) $ (1,882 ) $ 155 |
Other, Net (Tables)
Other, Net (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Other, net consists of the following: Three Months Ended June 30, Six Months Ended June 30, In thousands 2019 2018 2019 2018 Foreign exchange gain (loss) $ (468 ) $ (3,309 ) $ (1,133 ) $ (3,979 ) Mexico inflation adjustment — 1,939 — 1,939 Interest income on notes receivable 18 573 199 821 Gain (loss) on sale of assets and investments (72 ) 586 (20 ) 345 Other 1,165 755 1,657 1,931 Other, net $ 643 $ 544 $ 703 $ 1,057 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended June 30, Six Months Ended June 30, In thousands except per share amounts 2019 2018 2019 2018 Net income (loss) available to common stockholders: Income (loss) from continuing operations $ (36,764 ) $ 2,930 $ (61,658 ) $ 3,621 Income (loss) from discontinued operations — — 5,693 550 $ (36,764 ) $ 2,930 $ (55,965 ) $ 4,171 Weighted average shares: Basic 207,809 185,183 205,103 184,777 Effect of stock-based compensation plans — 2,305 — 2,780 Diluted 207,809 187,488 205,103 187,557 Basic income (loss) per share: Income (loss) from continuing operations $ (0.18 ) $ 0.02 $ (0.30 ) $ 0.02 Income (loss) from discontinued operations — — 0.03 — Basic (1) $ (0.18 ) $ 0.02 $ (0.27 ) $ 0.02 Diluted income (loss) per share: Income (loss) from continuing operations $ (0.18 ) $ 0.02 $ (0.30 ) $ 0.02 Income (loss) from discontinued operations — — 0.03 — Diluted (1) $ (0.18 ) $ 0.02 $ (0.27 ) $ 0.02 (1) Due to rounding, the sum of net income per share from continuing operations and discontinued operations may not equal net income per share. |
Supplemental Guarantor Inform_2
Supplemental Guarantor Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET JUNE 30, 2019 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 2,687 $ 9,334 $ 25,886 $ — $ 37,907 Receivables (55 ) 8,426 30,124 — 38,495 Ore on leach pads — 72,310 — — 72,310 Inventory — 26,853 32,195 — 59,048 Prepaid expenses and other 4,726 1,158 6,182 — 12,066 7,358 118,081 94,387 — 219,826 NON-CURRENT ASSETS Property, plant and equipment, net 2,424 175,694 120,808 — 298,926 Mining properties, net 4,753 230,515 710,571 — 945,839 Ore on leach pads — 76,910 — — 76,910 Restricted assets 1,462 206 7,062 — 8,730 Equity and debt securities 19,457 — — — 19,457 Receivables — 1,300 30,571 — 31,871 Net investment in subsidiaries 540,528 161 (187 ) (540,502 ) — Other 299,315 56,935 12,889 (293,468 ) 75,671 TOTAL ASSETS $ 875,297 $ 659,802 $ 976,101 $ (833,970 ) $ 1,677,230 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 2,692 $ 23,691 $ 39,293 $ — $ 65,676 Other accrued liabilities 4,846 43,692 67,649 — 116,187 Debt — 14,637 7,135 — 21,772 Reclamation — 1,911 4,641 — 6,552 7,538 83,931 118,718 — 210,187 NON-CURRENT LIABILITIES Debt 299,237 33,176 309,260 (293,468 ) 348,205 Reclamation — 86,112 47,015 — 133,127 Deferred tax liabilities 2,374 3,857 55,422 — 61,653 Other long-term liabilities 4,624 42,348 30,640 — 77,612 Intercompany payable (receivable) (284,921 ) 266,253 18,668 — — 21,314 431,746 461,005 (293,468 ) 620,597 STOCKHOLDERS’ EQUITY Common stock 2,219 20,309 214,400 (234,709 ) 2,219 Additional paid-in capital 3,492,736 165,108 2,063,251 (2,228,359 ) 3,492,736 Accumulated deficit (2,648,510 ) (41,292 ) (1,881,273 ) 1,922,566 (2,648,509 ) Accumulated other comprehensive income (loss) — — — — — 846,445 144,125 396,378 (540,502 ) 846,446 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 875,297 $ 659,802 $ 976,101 $ (833,970 ) $ 1,677,230 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 9,768 $ 25,518 $ 79,795 $ — $ 115,081 Receivables 5,333 5,505 18,906 — 29,744 Ore on leach pads — 75,122 — — 75,122 Inventory — 31,678 34,601 — 66,279 Prepaid expenses and other 4,378 1,846 5,169 — 11,393 Assets held for sale — — — — — 19,479 139,669 138,471 — 297,619 NON-CURRENT ASSETS Property, plant and equipment, net 2,755 179,152 116,544 — 298,451 Mining properties, net 4,753 235,638 731,176 — 971,567 Ore on leach pads — 66,964 — — 66,964 Restricted assets 4,872 207 7,054 — 12,133 Equity and debt securities 17,797 9 — — 17,806 Receivables — 1,301 29,850 — 31,151 Net investment in subsidiaries 594,584 57 284 (594,925 ) — Other 291,249 11,619 2,169 (288,228 ) 16,809 TOTAL ASSETS $ 935,489 $ 634,616 $ 1,025,548 $ (883,153 ) $ 1,712,500 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 2,181 $ 19,244 $ 25,785 — $ 47,210 Other accrued liabilities 22,274 14,124 46,221 — 82,619 Debt — 16,873 8,064 — 24,937 Reclamation — 1,911 4,641 — 6,552 24,455 52,152 84,711 — 161,318 NON-CURRENT LIABILITIES Debt 380,854 36,377 304,886 (288,228 ) 433,889 Reclamation — 84,092 44,902 — 128,994 Deferred tax liabilities 218 3,855 74,997 — 79,070 Other long-term liabilities 2,465 4,639 49,613 — 56,717 Intercompany payable (receivable) (325,014 ) 303,084 21,930 — — 58,523 432,047 496,328 (288,228 ) 698,670 STOCKHOLDERS’ EQUITY Common stock 2,033 19,630 214,400 (234,030 ) 2,033 Additional paid-in capital 3,443,082 164,506 2,043,869 (2,208,375 ) 3,443,082 Accumulated deficit (2,592,545 ) (33,719 ) (1,813,760 ) 1,847,480 (2,592,544 ) Accumulated other comprehensive income (loss) (59 ) — — — (59 ) 852,511 150,417 444,509 (594,925 ) 852,512 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 935,489 $ 634,616 $ 1,025,548 $ (883,153 ) $ 1,712,500 |
Schedule of Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) SIX MONTHS ENDED JUNE 30, 2019 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 181,553 $ 135,440 $ — $ 316,993 COSTS AND EXPENSES Costs applicable to sales (1) 141,313 122,285 — 263,598 Amortization 440 37,171 47,469 — 85,080 General and administrative 15,456 570 1,198 — 17,224 Exploration 686 3,209 5,538 — 9,433 Pre-development, reclamation, and other 240 3,932 4,596 — 8,768 Total costs and expenses 16,822 186,195 181,086 — 384,103 OTHER INCOME (EXPENSE), NET Fair value adjustments, net 3,832 (8 ) — — 3,824 Other, net 10,091 438 (1,213 ) (8,613 ) 703 Interest expense, net of capitalized interest (11,544 ) (900 ) (9,448 ) 8,613 (13,279 ) Total other income (expense), net 2,379 (470 ) (10,661 ) — (8,752 ) Income (loss) from continuing operations before income and mining taxes (14,443 ) (5,112 ) (56,307 ) — (75,862 ) Income and mining tax (expense) benefit (2,388 ) (1,148 ) 17,740 — 14,204 Income (loss) from continuing operations (16,831 ) (6,260 ) (38,567 ) — (61,658 ) Equity income (loss) in consolidated subsidiaries (44,829 ) (630 ) 260 45,199 — Income (loss) from discontinued operations 5,693 — — — 5,693 NET INCOME (LOSS) $ (55,967 ) $ (6,890 ) $ (38,307 ) $ 45,199 $ (55,965 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt securities, net of tax 59 — — — 59 COMPREHENSIVE INCOME (LOSS) $ (55,908 ) $ (6,890 ) $ (38,307 ) $ 45,199 $ (55,906 ) CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) SIX MONTHS ENDED JUNE 30, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 192,473 $ 140,781 $ — $ 333,254 COSTS AND EXPENSES Costs applicable to sales (1) — 146,180 61,406 — 207,586 Amortization 482 28,792 30,962 — 60,236 General and administrative 16,431 12 11 — 16,454 Exploration 785 5,044 7,283 — 13,112 Pre-development, reclamation, and other 610 3,935 3,300 — 7,845 Total costs and expenses 18,308 183,963 102,962 — 305,233 OTHER INCOME (EXPENSE), NET Fair value adjustments, net 2,590 (398 ) — — 2,192 Other, net 9,304 376 (1,008 ) (7,615 ) 1,057 Interest expense, net of capitalized interest (10,341 ) (720 ) (8,537 ) 7,615 (11,983 ) Total other income (expense), net 1,553 (742 ) (9,545 ) — (8,734 ) Income (loss) from continuing operations before income and mining taxes (16,755 ) 7,768 28,274 — 19,287 Income and mining tax (expense) benefit 716 (2,508 ) (13,874 ) — (15,666 ) Income (loss) from continuing operations (16,039 ) 5,260 14,400 — 3,621 Equity income (loss) in consolidated subsidiaries 19,200 (66 ) (416 ) (18,718 ) — Income (loss) from discontinued operations 1,010 (284 ) (176 ) — 550 NET INCOME (LOSS) $ 4,171 $ 4,910 $ 13,808 $ (18,718 ) $ 4,171 OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt securities, net of tax (365 ) — — — (365 ) COMPREHENSIVE INCOME (LOSS) $ 3,806 $ 4,910 $ 13,808 $ (18,718 ) $ 3,806 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED JUNE 30, 2019 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 90,854 $ 71,269 $ — $ 162,123 COSTS AND EXPENSES Costs applicable to sales (1) — 69,291 62,657 — 131,948 Amortization 219 18,726 24,259 — 43,204 General and administrative 5,982 570 1,198 — 7,750 Exploration 350 2,085 3,284 — 5,719 Pre-development, reclamation, and other 80 1,989 2,265 — 4,334 Total costs and expenses 6,631 92,661 93,663 — 192,955 OTHER INCOME (EXPENSE), NET Fair value adjustments, net (5,288 ) (8 ) — — (5,296 ) Other, net 5,093 273 (413 ) (4,310 ) 643 Interest expense, net of capitalized interest (5,815 ) (508 ) (4,812 ) 4,310 (6,825 ) Total other income (expense), net (6,010 ) (243 ) (5,225 ) — (11,478 ) Income (loss) from continuing operations before income and mining taxes (12,641 ) (2,050 ) (27,619 ) — (42,310 ) Income and mining tax (expense) benefit (311 ) (1,116 ) 6,973 — 5,546 Income (loss) from continuing operations (12,952 ) (3,166 ) (20,646 ) — (36,764 ) Equity income (loss) in consolidated subsidiaries (23,814 ) (212 ) (23 ) 24,049 — NET INCOME (LOSS) $ (36,766 ) $ (3,378 ) $ (20,669 ) $ 24,049 $ (36,764 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Other comprehensive income (loss) — — — — — COMPREHENSIVE INCOME (LOSS) $ (36,766 ) $ (3,378 ) $ (20,669 ) $ 24,049 $ (36,764 ) (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED JUNE 30, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 99,243 $ 70,744 $ — $ 169,987 COSTS AND EXPENSES Costs applicable to sales (1) — 77,935 30,311 — 108,246 Amortization 236 14,587 14,636 — 29,459 General and administrative 7,634 9 7 — 7,650 Exploration 326 2,799 3,304 — 6,429 Pre-development, reclamation, and other 204 1,988 1,428 — 3,620 Total costs and expenses 8,400 97,318 49,686 — 155,404 OTHER INCOME (EXPENSE), NET Fair value adjustments, net (2,356 ) (106 ) — — (2,462 ) Other, net 4,829 513 (902 ) (3,896 ) 544 Interest expense, net of capitalized interest (5,258 ) (367 ) (4,289 ) 3,896 (6,018 ) Total other income (expense), net (2,785 ) 40 (5,191 ) — (7,936 ) Income (loss) from continuing operations before income and mining taxes (11,185 ) 1,965 15,867 — 6,647 Income and mining tax (expense) benefit (922 ) (1,388 ) (1,407 ) — (3,717 ) Income (loss) from continuing operations (12,107 ) 577 14,460 — 2,930 Equity income (loss) in consolidated subsidiaries 15,036 (28 ) (246 ) (14,762 ) — NET INCOME (LOSS) $ 2,929 $ 549 $ 14,214 $ (14,762 ) $ 2,930 OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on marketable securities, net of tax (87 ) — — — (87 ) COMPREHENSIVE INCOME (LOSS) $ 2,842 $ 549 $ 14,214 $ (14,762 ) $ 2,843 (1) Excludes amortization. |
Condensed Cash Flow Statement | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2019 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (78,163 ) $ 51,563 $ (8,010 ) $ 45,199 $ 10,589 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (110 ) (22,251 ) (25,826 ) — (48,187 ) Proceeds from the sale of assets — 810 94 — 904 Sales of investments 1,102 — — — 1,102 Proceeds from notes receivable 7,168 — — — 7,168 Other 2,032 113 (127 ) — 2,018 Investments in consolidated subsidiaries 44,740 85 374 (45,199 ) — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 54,932 (21,243 ) (25,485 ) (45,199 ) (36,995 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of common stock 48,887 — — — 48,887 Issuance of notes and bank borrowings, net of issuance costs 15,000 — — — 15,000 Payments on debt, capital leases, and associated costs (97,807 ) (10,140 ) (5,326 ) — (113,273 ) Net intercompany financing activity 51,705 (36,306 ) (15,399 ) — — Other (3,259 ) — — — (3,259 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 14,526 (46,446 ) (20,725 ) — (52,645 ) Effect of exchange rate changes on cash and cash equivalents — 2 255 — 257 NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (8,705 ) (16,124 ) (53,965 ) — (78,794 ) Cash, cash equivalents and restricted cash at beginning of period 12,748 25,532 79,789 — 118,069 Cash, cash equivalents and restricted cash at end of period $ 4,043 $ 9,408 $ 25,824 $ — $ 39,275 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 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 $ 425 $ 26,115 $ 6,425 $ (18,718 ) 14,247 Cash provided by (used in) activities of discontinued operations — — (2,690 ) — (2,690 ) CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 425 26,115 3,735 (18,718 ) 11,557 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (184 ) (26,878 ) (56,448 ) — (83,510 ) Proceeds from the sale of assets 23 133 — — 156 Purchase of investments (400 ) — — — (400 ) Sales of investments 11,820 940 — — 12,760 Other (79 ) 109 (128 ) — (98 ) Investments in consolidated subsidiaries (19,199 ) 65 416 18,718 — Cash provided by (used in) activities of continuing operations (8,019 ) (25,631 ) (56,160 ) 18,718 (71,092 ) Cash provided by (used in) activities of discontinued operations — — (28,470 ) — (28,470 ) CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (8,019 ) (25,631 ) (84,630 ) 18,718 (99,562 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings, net of issuance costs 15,000 — — — 15,000 Payments on debt, capital leases, and associated costs — (4,927 ) (17,895 ) — (22,822 ) Net intercompany financing activity (34,368 ) (7,592 ) 41,960 — — Other (4,839 ) — — — (4,839 ) Cash provided by (used in) activities of continuing operations (24,207 ) (12,519 ) 24,065 — (12,661 ) Cash provided by (used in) activities of discontinued operations — — (22 ) — (22 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (24,207 ) (12,519 ) 24,043 — (12,683 ) Effect of exchange rate changes on cash and cash equivalents — (4 ) 386 — 382 Less net cash provided by (used in) discontinued operations — — (32,930 ) — (32,930 ) NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (31,801 ) (12,039 ) (23,536 ) — (67,376 ) 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 $ 24,232 $ 40,200 $ 71,594 $ — $ 136,026 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED JUNE 30, 2019 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (43,768 ) $ 43,095 $ 3,059 $ 24,049 $ 26,435 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (72 ) (7,820 ) (12,857 ) — (20,749 ) Proceeds from the sale of assets — 57 — — 57 Sales of investments 1,102 — — — 1,102 Proceeds from notes receivable 2,000 — — — 2,000 Other 230 113 (66 ) — 277 Investments in consolidated subsidiaries 23,725 85 239 (24,049 ) — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 26,985 (7,565 ) (12,684 ) (24,049 ) (17,313 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of common stock 48,887 — — — 48,887 Payments on debt, capital leases, and associated costs (82,702 ) (5,753 ) (2,357 ) — (90,812 ) Net intercompany financing activity 41,479 (30,949 ) 1 (10,530 ) 1 — — CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 7,664 (36,702 ) (12,887 ) — (41,925 ) Effect of exchange rate changes on cash and cash equivalents — (1 ) 57 — 56 NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (9,119 ) (1,173 ) (22,455 ) — (32,747 ) Cash, cash equivalents and restricted cash at beginning of period 13,162 10,581 48,279 — 72,022 Cash, cash equivalents and restricted cash at end of period $ 4,043 $ 9,408 $ 25,824 $ — $ 39,275 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED JUNE 30, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 8,363 $ 20,720 $ (15,615 ) $ (14,762 ) $ (1,294 ) CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (101 ) (12,537 ) (28,527 ) — (41,165 ) Proceeds from the sale of assets 23 73 — — 96 Purchase of investments (39 ) — — — (39 ) Sales of investments 10,753 388 — — 11,141 Other (79 ) 109 (63 ) — (33 ) Investments in consolidated subsidiaries (15,037 ) 28 247 14,762 — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (4,480 ) (11,939 ) (28,343 ) 14,762 (30,000 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on debt, capital leases, and associated costs — (2,532 ) (1,841 ) — (4,373 ) Net intercompany financing activity (13,987 ) 3,354 10,633 — — Other (233 ) — — — (233 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (14,220 ) 822 8,792 — (4,606 ) Effect of exchange rate changes on cash and cash equivalents — (6 ) (169 ) — (175 ) NET CHANGE IN CASH AND CASH EQUIVALENTS (10,337 ) 9,597 (35,335 ) — (36,075 ) Cash and cash equivalents at beginning of period 34,569 30,603 106,929 — 172,101 Cash and cash equivalents at end of period $ 24,232 $ 40,200 $ 71,594 $ — $ 136,026 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Major Classes of Assets and Liabilities | Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenue $ — $ — $ — $ 12,346 COSTS AND EXPENSES Costs applicable to sales (1) — — — 12,269 General and administrative — — — 41 Pre-development, reclamation, and other — — — 265 OTHER INCOME (EXPENSE), NET Interest expense, net of capitalized interest — — — (3 ) Other, net — — — (260 ) Pretax profit (loss) on discontinued operations related to major classes of pretax profit (loss) — — — (492 ) Pretax gain on the disposal of the discontinued operation — — 5,693 1,525 Total pretax gain or loss on discontinued operations — — 5,693 1,033 Income and mining tax (expense) benefit — — — (483 ) Income (loss) from discontinued operations $ — $ — $ 5,693 $ 550 (1) Excludes amortization. |
Additional Balance Sheet Deta_2
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities and other consist of the following: In thousands June 30, 2019 December 31, 2018 Accrued salaries and wages $ 14,119 $ 22,229 Silvertip contingent consideration 49,635 25,000 Deferred revenue (1) 26,616 3,164 Income and mining taxes 585 16,474 Accrued operating costs 7,084 10,524 Taxes other than income and mining 3,617 3,639 Accrued interest payable 1,324 1,589 Operating lease liabilities 13,207 — Accrued liabilities and other $ 116,187 $ 82,619 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | he 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 for the three and six months ended June 30, 2019 and 2018: In thousands June 30, 2019 June 30, 2018 Cash and cash equivalents $ 37,907 $ 123,539 Restricted cash equivalents 1,368 12,487 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 39,275 $ 136,026 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||
Financial information relating to reporting segments | ||||||||
Revenue | $ 162,123 | $ 169,987 | $ 316,993 | $ 333,254 | ||||
Amortization | 43,204 | 29,459 | 85,080 | 60,236 | ||||
Other operating expenses | 12,084 | 11,270 | 25,992 | 24,299 | ||||
Fair value adjustments, net, pretax | (5,296) | (2,462) | 3,824 | 2,192 | ||||
Interest expense, net of capitalized interest | (6,825) | (6,018) | (13,279) | (11,983) | ||||
Other, net | 643 | 544 | 703 | 1,057 | ||||
Income and mining tax (expense) benefit | 5,546 | (3,717) | 14,204 | (15,666) | ||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (36,764) | 2,930 | (61,658) | 3,621 | ||||
NET INCOME (LOSS) | (36,764) | $ (19,201) | 2,930 | $ 1,241 | (55,965) | 4,171 | ||
Income (loss) from discontinued operations | 0 | 0 | 5,693 | 550 | ||||
Assets, Net | [1] | 1,535,465 | 1,447,904 | 1,535,465 | 1,447,904 | $ 1,550,671 | ||
Capital expenditures | 20,749 | 41,165 | 48,187 | 83,510 | ||||
Palmarejo [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Amortization | 14,212 | 14,633 | 28,740 | 30,958 | ||||
Other operating expenses | 1,769 | 750 | 2,471 | 1,481 | ||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | 0 | ||||
Interest expense, net of capitalized interest | (112) | (147) | (248) | (266) | ||||
Other, net | (574) | 755 | (1,614) | (1,389) | ||||
Income and mining tax (expense) benefit | (345) | (3,646) | 946 | (16,089) | ||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 4,674 | 18,815 | 8,530 | 22,024 | ||||
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 | ||||
Assets, Net | [1] | 357,415 | 373,310 | 357,415 | 373,310 | |||
Capital expenditures | 7,566 | 9,479 | 16,242 | 18,772 | ||||
Rochester [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Amortization | 3,963 | 4,793 | 8,000 | 9,624 | ||||
Other operating expenses | 1,346 | 903 | 2,308 | 1,787 | ||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | 0 | ||||
Interest expense, net of capitalized interest | (170) | (125) | (312) | (223) | ||||
Other, net | 43 | 466 | 16 | 426 | ||||
Income and mining tax (expense) benefit | (814) | (463) | (670) | (834) | ||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (5,587) | 3,187 | (6,785) | 6,122 | ||||
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 | ||||
Assets, Net | [1] | 274,406 | 253,638 | 274,406 | 253,638 | |||
Capital expenditures | 2,772 | 669 | 7,417 | 3,302 | ||||
Kensington [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Amortization | 12,537 | 6,441 | 24,264 | 13,158 | ||||
Other operating expenses | 410 | 327 | 681 | 648 | ||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | 0 | ||||
Interest expense, net of capitalized interest | (310) | (231) | (539) | (474) | ||||
Other, net | (16) | (33) | (3) | (70) | ||||
Income and mining tax (expense) benefit | 0 | 0 | 0 | 0 | ||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 731 | (6,919) | (3,853) | (8,157) | ||||
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 | ||||
Assets, Net | [1] | 214,096 | 215,753 | 214,096 | 215,753 | |||
Capital expenditures | 5,020 | 10,708 | 14,231 | 22,072 | ||||
Wharf [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Amortization | 2,225 | 3,353 | 4,906 | 6,010 | ||||
Other operating expenses | 753 | 688 | 1,417 | 1,353 | ||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | 0 | ||||
Interest expense, net of capitalized interest | (28) | (11) | (49) | (23) | ||||
Other, net | 239 | 64 | 325 | 43 | ||||
Income and mining tax (expense) benefit | (304) | (1,036) | (477) | (1,675) | ||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 1,706 | 5,558 | 4,903 | 9,678 | ||||
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 | ||||
Assets, Net | [1] | 104,070 | 99,878 | 104,070 | 99,878 | |||
Capital expenditures | 171 | 1,162 | 602 | 1,506 | ||||
Silvertip [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Amortization | 9,878 | 0 | 18,304 | 0 | ||||
Other operating expenses | 386 | 5 | 627 | 25 | ||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | 0 | ||||
Interest expense, net of capitalized interest | (390) | (246) | (587) | (656) | ||||
Other, net | (33) | 60 | (221) | 422 | ||||
Income and mining tax (expense) benefit | 7,589 | 943 | 17,340 | 1,778 | ||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (17,983) | 646 | (32,783) | 1,413 | ||||
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 | ||||
Assets, Net | [1] | 415,333 | 390,155 | 415,333 | 390,155 | |||
Capital expenditures | 4,875 | 19,045 | 9,097 | 37,674 | ||||
Other Mining Properties [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Amortization | 389 | 239 | 866 | 486 | ||||
Other operating expenses | 7,420 | 8,597 | 18,488 | 19,005 | ||||
Fair value adjustments, net, pretax | (5,296) | (2,462) | 3,824 | 2,192 | ||||
Interest expense, net of capitalized interest | (5,815) | (5,258) | (11,544) | (10,341) | ||||
Other, net | 984 | (768) | 2,200 | 1,625 | ||||
Income and mining tax (expense) benefit | (580) | 485 | (2,935) | 1,154 | ||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (20,305) | (18,357) | (31,670) | (27,459) | ||||
Income (loss) from discontinued operations | 0 | 0 | 5,693 | 550 | ||||
Assets, Net | [1] | 170,145 | 115,170 | 170,145 | 115,170 | |||
Capital expenditures | 345 | 102 | 598 | 184 | ||||
Gold [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 110,326 | 117,213 | 217,090 | 227,687 | ||||
Gold [Member] | Palmarejo [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 33,916 | 36,258 | 65,516 | 72,327 | ||||
Gold [Member] | Rochester [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 11,195 | 15,599 | 22,248 | 30,455 | ||||
Gold [Member] | Kensington [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 45,161 | 35,735 | 85,447 | 72,035 | ||||
Gold [Member] | Wharf [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 20,054 | 29,621 | 43,879 | 52,870 | ||||
Gold [Member] | Silvertip [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Gold [Member] | Other Mining Properties [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Product, Silver [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 44,963 | 52,774 | 85,077 | 105,567 | ||||
Product, Silver [Member] | Palmarejo [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 25,406 | 34,486 | 47,031 | 68,454 | ||||
Product, Silver [Member] | Rochester [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 14,257 | 18,069 | 29,574 | 36,710 | ||||
Product, Silver [Member] | Kensington [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Product, Silver [Member] | Wharf [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 189 | 219 | 406 | 403 | ||||
Product, Silver [Member] | Silvertip [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 5,111 | 0 | 8,066 | 0 | ||||
Product, Silver [Member] | Other Mining Properties [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Product, Zinc [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 2,604 | 8,238 | ||||||
Product, Zinc [Member] | Palmarejo [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 0 | 0 | ||||||
Product, Zinc [Member] | Rochester [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 0 | 0 | ||||||
Product, Zinc [Member] | Kensington [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 0 | 0 | ||||||
Product, Zinc [Member] | Wharf [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 0 | 0 | ||||||
Product, Zinc [Member] | Silvertip [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 2,604 | 8,238 | ||||||
Product, Zinc [Member] | Other Mining Properties [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 0 | 0 | ||||||
Product, Lead [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 4,230 | 6,588 | ||||||
Product, Lead [Member] | Palmarejo [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 0 | 0 | ||||||
Product, Lead [Member] | Rochester [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 0 | 0 | ||||||
Product, Lead [Member] | Kensington [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 0 | 0 | ||||||
Product, Lead [Member] | Wharf [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 0 | 0 | ||||||
Product, Lead [Member] | Silvertip [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 4,230 | 6,588 | ||||||
Product, Lead [Member] | Other Mining Properties [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 0 | 0 | ||||||
Product, Metal [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 162,123 | 169,987 | 316,993 | 333,254 | ||||
Product, Metal [Member] | Palmarejo [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 59,322 | 70,744 | 112,547 | 140,781 | ||||
Product, Metal [Member] | Rochester [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 25,452 | 33,668 | 51,822 | 67,165 | ||||
Product, Metal [Member] | Kensington [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 45,161 | 35,735 | 85,447 | 72,035 | ||||
Product, Metal [Member] | Wharf [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 20,243 | 29,840 | 44,285 | 53,273 | ||||
Product, Metal [Member] | Silvertip [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 11,945 | 0 | 22,892 | 0 | ||||
Product, Metal [Member] | Other Mining Properties [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Product [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | [2] | 131,948 | 108,246 | 263,598 | 207,586 | |||
Product [Member] | Palmarejo [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | [2] | 36,496 | 30,310 | 69,740 | 61,406 | |||
Product [Member] | Rochester [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | [2] | 24,693 | 24,451 | 47,147 | 48,756 | |||
Product [Member] | Kensington [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | [2] | 29,133 | 34,227 | 61,308 | 62,857 | |||
Product [Member] | Wharf [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | [2] | 15,466 | 19,258 | 32,858 | 34,567 | |||
Product [Member] | Silvertip [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | [2] | 26,160 | 0 | 52,545 | 0 | |||
Product [Member] | Other Mining Properties [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | [2] | 0 | 0 | 0 | 0 | |||
Mineral, Exploration [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | 5,719 | 6,429 | 9,433 | 13,112 | ||||
Mineral, Exploration [Member] | Palmarejo [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | 1,140 | 3,198 | 2,150 | 7,168 | ||||
Mineral, Exploration [Member] | Rochester [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | 96 | 212 | 186 | 245 | ||||
Mineral, Exploration [Member] | Kensington [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | 2,024 | 1,395 | 2,505 | 2,985 | ||||
Mineral, Exploration [Member] | Wharf [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | 0 | 0 | 0 | 10 | ||||
Mineral, Exploration [Member] | Silvertip [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | 670 | 106 | 731 | 106 | ||||
Mineral, Exploration [Member] | Other Mining Properties [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | $ 1,789 | $ 1,518 | $ 3,861 | $ 2,598 | ||||
[1] | Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interest | |||||||
[2] | Excludes amortization. |
Segment Reporting (Details 1)
Segment Reporting (Details 1) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Segment Reporting [Abstract] | ||||
Assets, Net | [1] | $ 1,535,465 | $ 1,550,671 | $ 1,447,904 |
Cash and cash equivalents | 37,907 | 115,081 | $ 123,539 | |
Other assets | 103,858 | 46,748 | ||
TOTAL ASSETS | $ 1,677,230 | $ 1,712,500 | ||
[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 | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | $ 1,244,765 | $ 1,244,765 | $ 1,270,018 | ||
Revenues | |||||
Revenue | 162,123 | $ 169,987 | 316,993 | $ 333,254 | |
United States | |||||
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | 506,981 | 506,981 | 515,649 | ||
Revenues | |||||
Revenue | 90,855 | 99,243 | |||
Revenue | 181,554 | 192,473 | |||
Canada | |||||
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | 397,825 | 397,825 | 404,185 | ||
Revenues | |||||
Revenue | 11,946 | 0 | |||
Revenue | 22,892 | 0 | |||
Mexico | |||||
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | 332,113 | 332,113 | 342,007 | ||
Revenues | |||||
Revenue | 59,322 | $ 70,744 | |||
Revenue | 112,547 | $ 140,781 | |||
Other Foreign Countries [Member] | |||||
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | $ 7,846 | $ 7,846 | $ 8,177 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Receivables - current portion | |||
Accounts receivable - trade | $ 8,754 | $ 5,147 | |
Refundable value added tax | 18,831 | 18,609 | |
Income Taxes Receivable | 10,484 | 6 | |
Notes, Loans and Financing Receivable, Net, Current | 0 | 5,487 | |
Accounts receivable - other | 426 | 495 | |
Receivables, net current portion | 38,495 | 29,744 | |
Receivables - non-current portion | |||
Refundable value added tax | [1] | 27,537 | 26,817 |
Nontrade Receivables, Noncurrent | [2] | 4,334 | 4,334 |
Accounts Receivable, Net, Noncurrent | 31,871 | 31,151 | |
Total receivables | $ 70,366 | $ 60,895 | |
[1] | Represents VAT that was paid to the Mexican Government associated with Coeur Mexicana’s prior royalty agreement with a subsidiary of Franco-Nevada Corporation. The Company continues to pursue recovery from the Mexican government (including through ongoing litigation).(2) In November 2018, Republic Metals Corp. (“RMC”), a U.S.-based precious metals refiner, filed Chapter 11 bankruptcy. Approximately 0.4 million ounces of Coeur’s silver and 6,500 ounces of Coeur’s gold was impacted by RMC’s bankruptcy filing. | ||
[2] | In November 2018, Republic Metals Corp. (“RMC”), a U.S.-based precious metals refiner, filed Chapter 11 bankruptcy. Approximately 0.4 million ounces of Coeur’s silver and 6,500 ounces of Coeur’s gold was impacted by RMC’s bankruptcy filing. |
Inventory and Ore on Leach Pa_3
Inventory and Ore on Leach Pads (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Inventory, Finished Goods, Net of Reserves | $ 8,478 | $ 10,772 |
Other Inventory, Net of Reserves | 14,846 | 20,761 |
Inventory, Supplies, Net of Reserves | 35,724 | 34,746 |
Inventory | 59,048 | 66,279 |
Ore on Leach Pad, Current | 72,310 | 75,122 |
Ore on leach pads, noncurrent | 76,910 | 66,964 |
Inventory, Ore Stockpiles on Leach Pads, Gross | 149,220 | 142,086 |
Inventory and Ore on Leach Pads | $ 208,268 | $ 208,365 |
Inventory and Ore on Leach Pa_4
Inventory and Ore on Leach Pads - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Inventory [Line Items] | ||
Inventory Write-down | $ 11,872 | $ 27,319 |
Silvertip [Member] | ||
Inventory [Line Items] | ||
Inventory Write-down | $ 27,300 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | $ 14,354 | $ 14,135 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (1,425) | (1,398) |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 6,528 | 2,852 |
Available-for-sale Securities | 19,457 | 15,589 |
Equity and debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 16,406 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (1,452) | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 2,852 | |
Available-for-sale Securities | 17,806 | |
Metalla Royalty & Streaming Ltd. | Equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 10,985 | 10,695 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 6,528 | 2,852 |
Available-for-sale Securities | 17,513 | 13,547 |
Metalla Royalty & Streaming Ltd. | Debt Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 2,271 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (54) | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | |
Available-for-sale Securities | 2,217 | |
Rockhaven Resources, Ltd. [Member] | Equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 2,064 | 2,064 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (502) | (452) |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Securities | 1,562 | 1,612 |
Other Investments [Member] | Equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 1,305 | 1,376 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (923) | (946) |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Securities | 382 | 430 |
Level 3 | Equity and debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities | $ 2,217 | |
Available-for-sale Securities | Level 3 | Equity and debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities | $ 0 |
Leases - Summary of Lease Cost
Leases - Summary of Lease Cost and Cash Flow Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Lease Cost | ||||
ROU operating lease cost | $ 2,666 | $ 6,115 | ||
Short-term Lease, Cost | 3,734 | 6,485 | ||
Finance Lease Cost: | ||||
Amortization of ROU assets | 4,418,000 | 9,912,000 | ||
Finance Lease, Interest Expense | 1,142,000 | $ 515,000 | 2,249,000 | $ 1,039,000 |
Total finance lease cost | 5,560,000 | 12,161,000 | ||
Cash paid for amounts included in the measurement of lease liabilities | ||||
Operating cash flows from operating leases | 6,400 | 12,610 | ||
Financing cash flows from finance leases | $ 8,812,000 | $ 16,273,000 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Operating Leases | ||
Other assets, non-current | $ 60,139 | |
Accrued liabilities and other | 13,207 | $ 0 |
Other long-term liabilities | 45,796 | |
Total operating lease liabilities | 59,003 | |
Finance Leases | ||
Property and equipment, gross | 111,462 | |
Accumulated depreciation | (31,005) | |
Property and equipment, net | 80,457 | |
Total finance lease liabilities | $ 70,740 | |
Weighted Average Remaining Lease Term | ||
Weighted-average remaining lease term - finance leases | 1 year 9 months 25 days | |
Weighted-average remaining lease term - operating leases | 5 years 2 months 8 days | |
Weighted Average Discount Rate | ||
Weighted-average discount rate - finance leases | 5.90% | |
Weighted-average discount rate - operating leases | 5.19% |
Leases - Summary of Minimum Fut
Leases - Summary of Minimum Future Lease Payments (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Operating leases | |
2019 | $ 6,864 |
2020 | 13,261 |
2021 | 13,048 |
2022 | 13,031 |
2023 | 12,553 |
Thereafter | 8,605 |
Total | 67,362 |
Less: imputed interest | (8,359) |
Net lease obligation | 59,003 |
Finance leases | |
2019 | 12,474 |
2020 | 24,880 |
2021 | 23,675 |
2022 | 11,418 |
2023 | 5,389 |
Thereafter | 1,061 |
Total | 78,897 |
Less: imputed interest | (8,157) |
Net lease obligation | $ 70,740 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||
Long term debt and capital lease obligations | ||||||
Current | $ 21,772 | $ 21,772 | $ 24,937 | |||
Debt | 348,205 | 348,205 | 433,889 | |||
Finance Lease, Interest Expense | 1,142 | $ 515 | 2,249 | $ 1,039 | ||
Interest expenses incurred for various debt instruments | ||||||
Interest paid on Senior Notes due 2024 | 3,671 | 3,672 | 7,344 | 7,344 | ||
Interest paid on Revolving Credit Facility | 1,953 | 1,369 | 3,806 | 2,521 | ||
Amortization of Debt Issuance Costs | 390 | 324 | 732 | 649 | ||
Accretion | 180 | 327 | 359 | 651 | ||
Interest Expense, Debt | 2 | 6 | 2 | 114 | ||
Capitalized interest | (513) | (195) | (1,213) | (335) | ||
Total interest expense, net of capitalized interest | 6,825 | $ 6,018 | 13,279 | $ 11,983 | ||
Revolving Credit Facility | ||||||
Long term debt and capital lease obligations | ||||||
Debt | [1] | 53,000 | 53,000 | 135,000 | ||
Senior Notes due 2024 | ||||||
Long term debt and capital lease obligations | ||||||
Debt | [2] | 246,237 | 246,237 | 245,854 | ||
Capital Lease Obligations [Member] | ||||||
Long term debt and capital lease obligations | ||||||
Debt | 53,035 | |||||
Debt, non-current | 48,968 | 48,968 | ||||
Revolving Credit Facility | ||||||
Long term debt and capital lease obligations | ||||||
Current | [1] | 0 | 0 | 0 | ||
Senior Notes due 2024 | ||||||
Long term debt and capital lease obligations | ||||||
Current | [2] | 0 | 0 | 0 | ||
Capital Lease Obligations [Member] | ||||||
Long term debt and capital lease obligations | ||||||
Current | $ 24,937 | |||||
Debt, current | $ 21,772 | $ 21,772 | ||||
Revolving Credit Facility | ||||||
Long term debt and capital lease obligations | ||||||
Stated interest rate | 5.90% | 5.90% | ||||
[1] | Unamortized debt issuance costs of $2.7 million and $2.2 million at June 30, 2019 and December 31, 2018 , respectively, included in Other Non-Current Assets . | |||||
[2] | Net of unamortized debt issuance costs of $3.8 million and $4.1 million at June 30, 2019 and December 31, 2018 , respectively. |
Debt (Details Textual)
Debt (Details Textual) - USD ($) $ in Millions | 1 Months Ended | ||
May 31, 2017 | Jun. 30, 2019 | Dec. 31, 2018 | |
Senior Notes due 2024 | |||
Debt Instrument [Line Items] | |||
Net unamortized debt issuance costs | $ 3.8 | $ 4.1 | |
Debt Instrument, Face Amount | $ 250 | ||
Proceeds from Debt | $ 245 | ||
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Net unamortized debt issuance costs | 2.7 | $ 2.2 | |
Line of credit facility maximum borrowing capacity | 250 | ||
Line of Credit Facility, Current Borrowing Capacity | $ 197 | ||
Stated interest rate | 5.90% | ||
Interest rate swap | |||
Debt Instrument [Line Items] | |||
Derivative, Notional Amount | $ 75 |
Reclamation (Details)
Reclamation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Asset retirement obligation | |||||
Asset retirement obligation - Beginning | $ 135,741 | $ 120,848 | $ 133,508 | $ 118,799 | |
Accretion | 2,959 | 2,766 | 5,854 | 5,311 | |
Settlements | (1,155) | (707) | (1,817) | (1,203) | |
Asset retirement obligation - Ending | 137,545 | $ 122,907 | 137,545 | $ 122,907 | |
Property, Plant and Equipment [Line Items] | |||||
Accrued reclamation liabilities, former mines | $ 2,100 | $ 2,100 | $ 2,000 |
Income and Mining Taxes - Incom
Income and Mining Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Examination [Line Items] | ||||
Tax (expense) benefit | $ (5,546) | $ 3,717 | $ (14,204) | $ 15,666 |
Total | (42,310) | 6,647 | (75,862) | 19,287 |
United States | ||||
Income Tax Examination [Line Items] | ||||
United States, Income (loss) before tax | (16,835) | (11,334) | (22,882) | (10,147) |
Tax (expense) benefit | (1,399) | (2,309) | (3,561) | (1,792) |
Canada | ||||
Income Tax Examination [Line Items] | ||||
Tax (expense) benefit | 7,547 | 1,199 | 17,339 | 2,044 |
Foreign, Income (loss) before tax | (27,568) | (2,155) | (54,093) | (3,909) |
Mexico | ||||
Income Tax Examination [Line Items] | ||||
Tax (expense) benefit | (600) | (2,499) | 424 | (15,821) |
Foreign, Income (loss) before tax | 2,292 | 20,542 | 1,521 | 33,669 |
Other jurisdictions | ||||
Income Tax Examination [Line Items] | ||||
Tax (expense) benefit | (2) | (108) | 2 | (97) |
Foreign, Income (loss) before tax | $ (199) | $ (406) | $ (408) | $ (326) |
Income and Mining Taxes - Narra
Income and Mining Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | |||||
Tax (expense) benefit | $ (5,546) | $ 3,717 | $ (14,204) | $ 15,666 | |
Unrecognized Tax Benefits | 2,700 | 2,700 | $ 3,800 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 2,200 | $ 2,200 | $ 3,700 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation cost | $ 9.3 | $ 9.3 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 8 months 12 days | |||
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 | $ 1.8 | $ 4.2 | $ 4.6 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Grants Awarded (Details) | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
February 5, 2019 | Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock | shares | 435,173 |
Grant date fair value of restricted stock | $ / shares | $ 5.08 |
February 5, 2019 | Performance shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance shares | shares | 628,943 |
Grant date fair value of performance shares | $ / shares | $ 5.54 |
February 19, 2019 | Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock | shares | 854,058 |
Grant date fair value of restricted stock | $ / shares | $ 5.17 |
February 19, 2019 | Performance shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance shares | shares | 80,850 |
Grant date fair value of performance shares | $ / shares | $ 5.54 |
May 1, 2019 | Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock | shares | 87,775 |
Grant date fair value of restricted stock | $ / shares | $ 3.42 |
June 12, 2019 | Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock | shares | 102,373 |
Grant date fair value of restricted stock | $ / shares | $ 3.21 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Gain (Loss) Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value adjustments, net | $ (5,296) | $ (2,462) | $ 3,824 | $ 2,192 |
Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized Gain (Loss) on Securities | (5,548) | (8,028) | 3,637 | (3,185) |
Realized gain (loss) on equity securities | 384 | 5,535 | 375 | 5,202 |
Zinc Options [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net derivative gain (loss) | 0 | 219 | 0 | |
Interest rate swap | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value adjustments, net | $ (132) | $ (188) | $ (188) | $ (188) |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets: | ||
Assets | $ 20,383 | $ 18,720 |
Liabilities: | ||
Total liabilities | 52,295 | 49,920 |
Other derivative instruments, net | ||
Assets: | ||
Fair value of other derivative instruments, net | 926 | 914 |
Liabilities: | ||
Fair value of derivative liability | 2,660 | 644 |
Silvertip Mine | ||
Liabilities: | ||
Fair value of derivative liability | 49,635 | 49,276 |
Equity and debt securities | ||
Assets: | ||
Fair value of equity and debt securities | 17,806 | |
Level 1 | ||
Assets: | ||
Assets | 19,457 | 15,589 |
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 | 19,457 | 15,589 |
Level 2 | ||
Assets: | ||
Assets | 926 | 914 |
Liabilities: | ||
Total liabilities | 2,660 | 644 |
Level 2 | Other derivative instruments, net | ||
Assets: | ||
Fair value of other derivative instruments, net | 926 | 914 |
Liabilities: | ||
Fair value of derivative liability | 2,660 | 644 |
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 | 0 | 2,217 |
Liabilities: | ||
Total liabilities | 49,635 | 49,276 |
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 | 2,217 | |
Silvertip Mine | Level 3 | ||
Liabilities: | ||
Fair value of derivative liability | 49,635 | $ 49,276 |
Available-for-sale Securities | Level 3 | Equity and debt securities | ||
Assets: | ||
Fair value of equity and debt securities | $ 0 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Level 3 Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Equity and debt securities | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the start of the period | $ 2,217 | |
Revaluation | 59 | |
Settlements | (2,276) | |
Accretion | 0 | |
Balance at the end of the period | $ 0 | 0 |
Silvertip Mine | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the start of the period | 49,455 | 49,276 |
Revaluation | 0 | 0 |
Settlements | 0 | 0 |
Accretion | 180 | 359 |
Balance at the end of the period | $ 49,635 | $ 49,635 |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary of Assets and Liabilities Carried at Book Value (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Book value | $ 348,205 | $ 433,889 | |
Senior Notes due 2024 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Book value | [1] | 246,237 | 245,854 |
Manquiri Note Receivable [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Nontrade Receivables | [1] | 5,487 | |
Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Book value | [2] | 53,000 | 135,000 |
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 | 240,184 | 220,446 | |
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 | 240,184 | 220,446 | |
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 | 5,487 | ||
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 | 5,487 | ||
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 | 53,000 | 135,000 | |
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 | 53,000 | 135,000 | |
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 | |
Senior Notes due 2024 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Net unamortized debt issuance costs | $ 3,800 | 4,100 | |
Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Stated interest rate | 5.90% | ||
Net unamortized debt issuance costs | $ 2,700 | $ 2,200 | |
[1] | Net of unamortized debt issuance costs of $3.8 million and $4.1 million at June 30, 2019 and December 31, 2018 , respectively. | ||
[2] | Unamortized debt issuance costs of $2.7 million and $2.2 million at June 30, 2019 and December 31, 2018 , respectively, included in Other Non-Current Assets . |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Millions | 1 Months Ended | 6 Months Ended | ||
Oct. 31, 2017USD ($) | Jun. 30, 2019USD ($)milestone | Dec. 31, 2018USD ($) | Jul. 31, 2017USD ($) | |
Senior Notes due 2024 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net unamortized debt issuance costs | $ 3.8 | $ 4.1 | ||
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 | |||
JDS Silver Holdings Ltd. | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term Purchase Commitment, Milestones | milestone | 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 Instrume_3
Derivative Financial Instruments - Summary of Provisionally Priced Sales (Details) $ in Thousands | Jun. 30, 2019USD ($)oz$ / oz |
Silver concentrate sales agreements | 2018 | |
Derivative instruments Settlement | |
Derivative, notional amount | $ (10,423) |
Derivative average price | $ / oz | 15.22 |
Outstanding Provisionally Priced Sales Consists of Silver | oz | 685,006 |
Silver concentrate sales agreements | Thereafter | |
Derivative instruments Settlement | |
Derivative, notional amount | $ 0 |
Derivative average price | $ / oz | 0 |
Outstanding Provisionally Priced Sales Consists of Silver | oz | 0 |
Gold concentrates sales agreements | 2018 | |
Derivative instruments Settlement | |
Derivative, notional amount | $ (9,663) |
Derivative average price | $ / oz | 1,302 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 7,424 |
Gold concentrates sales agreements | Thereafter | |
Derivative instruments Settlement | |
Derivative, notional amount | $ 0 |
Derivative average price | $ / oz | 0 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 0 |
Zinc concentrates sales agreements [Member] | 2018 | |
Derivative instruments Settlement | |
Derivative, notional amount | $ (16,448) |
Derivative average price | $ / oz | 1.14 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 14,401,624 |
Zinc concentrates sales agreements [Member] | Thereafter | |
Derivative instruments Settlement | |
Derivative, notional amount | $ 0 |
Derivative average price | $ / oz | 0 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 0 |
Lead concentrates sales agreements [Member] | 2018 | |
Derivative instruments Settlement | |
Derivative, notional amount | $ (7,964) |
Derivative average price | $ / oz | 0.89 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 8,996,543 |
Lead concentrates sales agreements [Member] | Thereafter | |
Derivative instruments Settlement | |
Derivative, notional amount | $ 0 |
Derivative average price | $ / oz | 0 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 0 |
Fixed Interest Rate Swap One | |
Derivative instruments Settlement | |
Derivative, notional amount | $ (50,000) |
Fixed Interest Rate Swap Two | |
Derivative instruments Settlement | |
Derivative, notional amount | (75,000) |
Fixed Interest Rate Swap Two | 2018 | |
Derivative instruments Settlement | |
Derivative, notional amount | (75,000) |
Fixed interest rate swap payable | $ 967 |
Fixed Interest rate | 2.51% |
Fixed Interest Rate Swap Two | Thereafter | |
Derivative instruments Settlement | |
Derivative, notional amount | $ 0 |
Fixed interest rate swap payable | $ 0 |
Fixed Interest rate | 0.00% |
Variable Interest Rate Swap Two | 2018 | |
Derivative instruments Settlement | |
Derivative, notional amount | $ (75,000) |
Variable interest rate swap receivable | $ 787 |
Average variable interest rate | 2.49% |
Variable Interest Rate Swap Two | Thereafter | |
Derivative instruments Settlement | |
Derivative, notional amount | $ 0 |
Variable interest rate swap receivable | $ 0 |
Average variable interest rate | 0.00% |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Classification of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Silver and Gold Concentrate Sales Agreements | Prepaid expenses and other | ||
Fair value of the derivative instruments | ||
Other derivative instruments, net | $ 926 | $ 784 |
Silver and Gold Concentrate Sales Agreements | Accrued liabilities and other | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | 2,480 | 644 |
Zinc Put and Call Options [Member] | Prepaid expenses and other | ||
Fair value of the derivative instruments | ||
Other derivative instruments, net | 113 | |
Interest rate swap | Prepaid expenses and other | ||
Fair value of the derivative instruments | ||
Other derivative instruments, net | $ 17 | |
Interest rate swap | Accrued liabilities and other | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | $ 180 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Mark-to-Market Gain (Losses) on Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Fair value adjustments, net, pretax | $ (5,296) | $ (2,462) | $ 3,824 | $ 2,192 |
Fair value adjustments, net | (2,076) | (242) | (1,882) | 155 |
Provisional metal sales contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Provisional gain (loss) on derivatives and commodity contracts | (1,944) | (273) | (1,694) | (20) |
Zinc options | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net derivative gain (loss) | 0 | 219 | 0 | 363 |
Interest rate swap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net derivative gain (loss) | $ (132) | $ (188) | $ (188) | $ (188) |
Derivative Financial Instrume_6
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Fixed Interest Rate Swap One | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 50,000 | $ 50,000 | ||
Concentrate Sales Contracts | ||||
Derivative [Line Items] | ||||
Provisional gain (loss) on derivatives and commodity contracts | (1,944) | $ (273) | (1,694) | $ (20) |
Zinc options | ||||
Derivative [Line Items] | ||||
Net derivative gain (loss) | 0 | 219 | 0 | 363 |
Interest rate swap | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 75,000 | 75,000 | ||
Net derivative gain (loss) | (132) | $ (188) | (188) | $ (188) |
Fixed Interest Rate Swap Two | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 75,000 | 75,000 | ||
Derivative Instruments Settle in Year One [Member] | Fixed Interest Rate Swap Two | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 75,000 | $ 75,000 |
Other, Net (Details)
Other, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other Income and Expenses [Abstract] | ||||
Foreign exchange gain (loss) | $ (468) | $ (3,309) | $ (1,133) | $ (3,979) |
Gain (loss) on sale of assets and investments | (72) | 586 | (20) | 345 |
Mexico Inflation Adjustment | 0 | 1,939 | 0 | 1,939 |
Interest Income, Other | 18 | 573 | 199 | 821 |
Other | 1,165 | 755 | 1,657 | 1,931 |
Other, net | $ 643 | $ 544 | $ 703 | $ 1,057 |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Net Income (Loss) Attributable to Coeur Stockholders | |||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ (36,764) | $ 2,930 | $ (61,658) | $ 3,621 | |||
Income (loss) from discontinued operations | 0 | 0 | 5,693 | 550 | |||
NET INCOME (LOSS) | $ (36,764) | $ (19,201) | $ 2,930 | $ 1,241 | $ (55,965) | $ 4,171 | |
Weighted Average Number of Shares Outstanding | |||||||
Weighted Average Number of Shares Outstanding, Basic | 207,809,000 | 185,183,000 | 205,103,000 | 184,777,000 | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 2,305,000 | 0 | 2,780,000 | |||
Weighted Average Number of Shares Outstanding, Diluted | 207,809,000 | 187,488,000 | 205,103,000 | 187,557,000 | |||
Basic EPS | |||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.18) | $ 0.02 | $ (0.30) | $ 0.02 | |||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | 0.03 | 0 | |||
Earnings Per Share, Basic | [1] | (0.18) | 0.02 | (0.27) | 0.02 | ||
Diluted EPS | |||||||
Income (Loss) from Continuing Operations, Per Diluted Share | (0.18) | 0.02 | (0.30) | 0.02 | |||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0 | 0.03 | 0 | |||
Earnings Per Share, Diluted | [1] | $ (0.18) | $ 0.02 | $ (0.27) | $ 0.02 | ||
Stock Options [Member] | |||||||
Earnings Per Share (Textual) [Abstract] | |||||||
Number of antidilutive shares of common stock equivalents | 1,528,162 | 3,241,533 | 1,563,841 | ||||
[1] | Due to rounding, the sum of net income per share from continuing operations and discontinued operations may not equal net income per share. |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Summary of Common Stock Issuance (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | |
Equity [Abstract] | |
Proceeds from Issuance of Common Stock, Gross | $ 50,000 |
Stock Issued During Period, Shares, New Issues | shares | 16,630,444 |
Shares Issued, Price Per Share | $ / shares | $ 3 |
Stock Issued During Period, Value, New Issues | $ 48,887 |
Supplemental Guarantor Inform_3
Supplemental Guarantor Information Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | $ 37,907 | $ 115,081 | ||||
Receivables | 38,495 | 29,744 | ||||
Ore on leach pads | 72,310 | 75,122 | ||||
Inventory | 59,048 | 66,279 | ||||
Prepaid expenses and other | 12,066 | 11,393 | ||||
Assets held for sale | 0 | |||||
Current assets | 219,826 | 297,619 | ||||
Property, plant and equipment, net | 298,926 | 298,451 | ||||
Mining properties, net | 945,839 | 971,567 | ||||
Ore on leach pads | 76,910 | 66,964 | ||||
Restricted assets | 8,730 | 12,133 | ||||
Equity and debt securities | 19,457 | 17,806 | ||||
Receivables | 31,871 | 31,151 | ||||
Net investment in subsidiaries | 0 | 0 | ||||
Other | 75,671 | 16,809 | ||||
TOTAL ASSETS | 1,677,230 | 1,712,500 | ||||
Accounts payable | 65,676 | 47,210 | ||||
Accrued liabilities and other | 116,187 | 82,619 | ||||
Debt | 21,772 | 24,937 | ||||
Reclamation | 6,552 | 6,552 | ||||
Current liabilities | 210,187 | 161,318 | ||||
Debt | 348,205 | 433,889 | ||||
Reclamation | 133,127 | 128,994 | ||||
Deferred tax liabilities | 61,653 | 79,070 | ||||
Other long-term liabilities | 77,612 | 56,717 | ||||
Intercompany payable (receivable) | 0 | 0 | ||||
Non-current liabilities | 620,597 | 698,670 | ||||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 221,858,660 issued and outstanding at June 30, 2019 and 203,310,443 at December 31, 2018 | 2,219 | 2,033 | ||||
Additional paid-in capital | 3,492,736 | 3,443,082 | ||||
Accumulated deficit | (2,648,509) | (2,592,544) | ||||
Accumulated other comprehensive income (loss) | 0 | (59) | ||||
Stockholders' equity | 846,446 | $ 832,335 | 852,512 | $ 818,771 | $ 814,311 | $ 814,977 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 1,677,230 | 1,712,500 | ||||
Eliminations | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Receivables | 0 | 0 | ||||
Ore on leach pads | 0 | 0 | ||||
Inventory | 0 | 0 | ||||
Prepaid expenses and other | 0 | 0 | ||||
Assets held for sale | 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 | ||||
Net investment in subsidiaries | (540,502) | (594,925) | ||||
Other | (293,468) | (288,228) | ||||
TOTAL ASSETS | (833,970) | (883,153) | ||||
Accounts payable | 0 | 0 | ||||
Accrued liabilities and other | 0 | 0 | ||||
Debt | 0 | 0 | ||||
Reclamation | 0 | 0 | ||||
Current liabilities | 0 | 0 | ||||
Debt | (293,468) | (288,228) | ||||
Reclamation | 0 | 0 | ||||
Deferred tax liabilities | 0 | 0 | ||||
Other long-term liabilities | 0 | 0 | ||||
Intercompany payable (receivable) | 0 | 0 | ||||
Non-current liabilities | (293,468) | (288,228) | ||||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 221,858,660 issued and outstanding at June 30, 2019 and 203,310,443 at December 31, 2018 | (234,709) | (234,030) | ||||
Additional paid-in capital | (2,228,359) | (2,208,375) | ||||
Accumulated deficit | 1,922,566 | 1,847,480 | ||||
Accumulated other comprehensive income (loss) | 0 | 0 | ||||
Stockholders' equity | (540,502) | (594,925) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | (833,970) | (883,153) | ||||
Coeur Mining, Inc. | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 2,687 | 9,768 | ||||
Receivables | (55) | 5,333 | ||||
Ore on leach pads | 0 | 0 | ||||
Inventory | 0 | 0 | ||||
Prepaid expenses and other | 4,726 | 4,378 | ||||
Assets held for sale | 0 | |||||
Current assets | 7,358 | 19,479 | ||||
Property, plant and equipment, net | 2,424 | 2,755 | ||||
Mining properties, net | 4,753 | 4,753 | ||||
Ore on leach pads | 0 | 0 | ||||
Restricted assets | 1,462 | 4,872 | ||||
Equity and debt securities | 19,457 | 17,797 | ||||
Receivables | 0 | 0 | ||||
Net investment in subsidiaries | 540,528 | 594,584 | ||||
Other | 299,315 | 291,249 | ||||
TOTAL ASSETS | 875,297 | 935,489 | ||||
Accounts payable | 2,692 | 2,181 | ||||
Accrued liabilities and other | 4,846 | 22,274 | ||||
Debt | 0 | 0 | ||||
Reclamation | 0 | 0 | ||||
Current liabilities | 7,538 | 24,455 | ||||
Debt | 299,237 | 380,854 | ||||
Reclamation | 0 | 0 | ||||
Deferred tax liabilities | 2,374 | 218 | ||||
Other long-term liabilities | 4,624 | 2,465 | ||||
Intercompany payable (receivable) | (284,921) | (325,014) | ||||
Non-current liabilities | 21,314 | 58,523 | ||||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 221,858,660 issued and outstanding at June 30, 2019 and 203,310,443 at December 31, 2018 | 2,219 | 2,033 | ||||
Additional paid-in capital | 3,492,736 | 3,443,082 | ||||
Accumulated deficit | (2,648,510) | (2,592,545) | ||||
Accumulated other comprehensive income (loss) | 0 | (59) | ||||
Stockholders' equity | 846,445 | 852,511 | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 875,297 | 935,489 | ||||
Guarantor Subsidiaries | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 9,334 | 25,518 | ||||
Receivables | 8,426 | 5,505 | ||||
Ore on leach pads | 72,310 | 75,122 | ||||
Inventory | 26,853 | 31,678 | ||||
Prepaid expenses and other | 1,158 | 1,846 | ||||
Assets held for sale | 0 | |||||
Current assets | 118,081 | 139,669 | ||||
Property, plant and equipment, net | 175,694 | 179,152 | ||||
Mining properties, net | 230,515 | 235,638 | ||||
Ore on leach pads | 76,910 | 66,964 | ||||
Restricted assets | 206 | 207 | ||||
Equity and debt securities | 0 | 9 | ||||
Receivables | 1,300 | 1,301 | ||||
Net investment in subsidiaries | 161 | 57 | ||||
Other | 56,935 | 11,619 | ||||
TOTAL ASSETS | 659,802 | 634,616 | ||||
Accounts payable | 23,691 | 19,244 | ||||
Accrued liabilities and other | 43,692 | 14,124 | ||||
Debt | 14,637 | 16,873 | ||||
Reclamation | 1,911 | 1,911 | ||||
Current liabilities | 83,931 | 52,152 | ||||
Debt | 33,176 | 36,377 | ||||
Reclamation | 86,112 | 84,092 | ||||
Deferred tax liabilities | 3,857 | 3,855 | ||||
Other long-term liabilities | 42,348 | 4,639 | ||||
Intercompany payable (receivable) | 266,253 | 303,084 | ||||
Non-current liabilities | 431,746 | 432,047 | ||||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 221,858,660 issued and outstanding at June 30, 2019 and 203,310,443 at December 31, 2018 | 20,309 | 19,630 | ||||
Additional paid-in capital | 165,108 | 164,506 | ||||
Accumulated deficit | (41,292) | (33,719) | ||||
Accumulated other comprehensive income (loss) | 0 | 0 | ||||
Stockholders' equity | 144,125 | 150,417 | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 659,802 | 634,616 | ||||
Non-Guarantor Subsidiaries | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash and cash equivalents | 25,886 | 79,795 | ||||
Receivables | 30,124 | 18,906 | ||||
Ore on leach pads | 0 | 0 | ||||
Inventory | 32,195 | 34,601 | ||||
Prepaid expenses and other | 6,182 | 5,169 | ||||
Assets held for sale | 0 | |||||
Current assets | 94,387 | 138,471 | ||||
Property, plant and equipment, net | 120,808 | 116,544 | ||||
Mining properties, net | 710,571 | 731,176 | ||||
Ore on leach pads | 0 | 0 | ||||
Restricted assets | 7,062 | 7,054 | ||||
Equity and debt securities | 0 | 0 | ||||
Receivables | 30,571 | 29,850 | ||||
Net investment in subsidiaries | (187) | 284 | ||||
Other | 12,889 | 2,169 | ||||
TOTAL ASSETS | 976,101 | 1,025,548 | ||||
Accounts payable | 39,293 | 25,785 | ||||
Accrued liabilities and other | 67,649 | 46,221 | ||||
Debt | 7,135 | 8,064 | ||||
Reclamation | 4,641 | 4,641 | ||||
Current liabilities | 118,718 | 84,711 | ||||
Debt | 309,260 | 304,886 | ||||
Reclamation | 47,015 | 44,902 | ||||
Deferred tax liabilities | 55,422 | 74,997 | ||||
Other long-term liabilities | 30,640 | 49,613 | ||||
Intercompany payable (receivable) | 18,668 | 21,930 | ||||
Non-current liabilities | 461,005 | 496,328 | ||||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 221,858,660 issued and outstanding at June 30, 2019 and 203,310,443 at December 31, 2018 | 214,400 | 214,400 | ||||
Additional paid-in capital | 2,063,251 | 2,043,869 | ||||
Accumulated deficit | (1,881,273) | (1,813,760) | ||||
Accumulated other comprehensive income (loss) | 0 | 0 | ||||
Stockholders' equity | 396,378 | 444,509 | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 976,101 | $ 1,025,548 |
Supplemental Guarantor Inform_4
Supplemental Guarantor Information Condensed Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenue | $ 162,123 | $ 169,987 | $ 316,993 | $ 333,254 | ||||
Pre-development, reclamation, and other | 4,334 | 3,620 | 8,768 | 7,845 | ||||
Amortization | 43,204 | 29,459 | 85,080 | 60,236 | ||||
General and administrative | 7,750 | 7,650 | 17,224 | 16,454 | ||||
Fair value adjustments, net | (5,296) | (2,462) | 3,824 | 2,192 | ||||
Other, net | 643 | 544 | 703 | 1,057 | ||||
Interest expense, net of capitalized interest | (6,825) | (6,018) | (13,279) | (11,983) | ||||
Total other income (expense), net | (11,478) | (7,936) | (8,752) | (8,734) | ||||
Total | (42,310) | 6,647 | (75,862) | 19,287 | ||||
Income and mining tax (expense) benefit | 5,546 | (3,717) | 14,204 | (15,666) | ||||
Income (loss) from continuing operations | (36,764) | 2,930 | (61,658) | 3,621 | ||||
Equity income (loss) in consolidated subsidiaries | 0 | 0 | 0 | 0 | ||||
Income (loss) from discontinued operations | 0 | 0 | 5,693 | 550 | ||||
NET INCOME (LOSS) | (36,764) | $ (19,201) | 2,930 | $ 1,241 | (55,965) | 4,171 | ||
Unrealized gain (loss) on debt securities, net of tax | 0 | (87) | 59 | (365) | ||||
Other comprehensive income (loss) | 0 | $ 59 | (87) | $ (278) | 59 | (365) | ||
COMPREHENSIVE INCOME (LOSS) | (36,764) | 2,843 | (55,906) | 3,806 | ||||
Operating Expenses | 192,955 | 155,404 | 384,103 | 305,233 | ||||
Eliminations | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Pre-development, reclamation, and other | 0 | 0 | 0 | 0 | ||||
Amortization | 0 | 0 | 0 | 0 | ||||
General and administrative | 0 | 0 | 0 | 0 | ||||
Fair value adjustments, net | 0 | 0 | 0 | 0 | ||||
Other, net | (4,310) | (3,896) | (8,613) | (7,615) | ||||
Interest expense, net of capitalized interest | 4,310 | 3,896 | 8,613 | 7,615 | ||||
Total other income (expense), net | 0 | 0 | 0 | 0 | ||||
Total | 0 | 0 | 0 | 0 | ||||
Income and mining tax (expense) benefit | 0 | 0 | 0 | 0 | ||||
Income (loss) from continuing operations | 0 | 0 | 0 | 0 | ||||
Equity income (loss) in consolidated subsidiaries | 24,049 | (14,762) | 45,199 | (18,718) | ||||
Income (loss) from discontinued operations | 0 | 0 | ||||||
NET INCOME (LOSS) | 24,049 | (14,762) | 45,199 | (18,718) | ||||
Unrealized gain (loss) on debt securities, net of tax | 0 | 0 | 0 | |||||
Other comprehensive income (loss) | 0 | |||||||
COMPREHENSIVE INCOME (LOSS) | 24,049 | (14,762) | 45,199 | (18,718) | ||||
Operating Expenses | 0 | 0 | 0 | 0 | ||||
Coeur Mining, Inc. | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Pre-development, reclamation, and other | 80 | 204 | 240 | 610 | ||||
Amortization | 219 | 236 | 440 | 482 | ||||
General and administrative | 5,982 | 7,634 | 15,456 | 16,431 | ||||
Fair value adjustments, net | (5,288) | (2,356) | 3,832 | 2,590 | ||||
Other, net | 5,093 | 4,829 | 10,091 | 9,304 | ||||
Interest expense, net of capitalized interest | (5,815) | (5,258) | (11,544) | (10,341) | ||||
Total other income (expense), net | (6,010) | (2,785) | 2,379 | 1,553 | ||||
Total | (12,641) | (11,185) | (14,443) | (16,755) | ||||
Income and mining tax (expense) benefit | (311) | (922) | (2,388) | 716 | ||||
Income (loss) from continuing operations | (12,952) | (12,107) | (16,831) | (16,039) | ||||
Equity income (loss) in consolidated subsidiaries | (23,814) | 15,036 | (44,829) | 19,200 | ||||
Income (loss) from discontinued operations | 5,693 | 1,010 | ||||||
NET INCOME (LOSS) | (36,766) | 2,929 | (55,967) | 4,171 | ||||
Unrealized gain (loss) on debt securities, net of tax | (87) | 59 | (365) | |||||
Other comprehensive income (loss) | 0 | |||||||
COMPREHENSIVE INCOME (LOSS) | (36,766) | 2,842 | (55,908) | 3,806 | ||||
Operating Expenses | 6,631 | 8,400 | 16,822 | 18,308 | ||||
Guarantor Subsidiaries | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenue | 90,854 | 99,243 | 181,553 | 192,473 | ||||
Pre-development, reclamation, and other | 1,989 | 1,988 | 3,932 | 3,935 | ||||
Amortization | 18,726 | 14,587 | 37,171 | 28,792 | ||||
General and administrative | 570 | 9 | 570 | 12 | ||||
Fair value adjustments, net | (8) | (106) | (8) | (398) | ||||
Other, net | 273 | 513 | 438 | 376 | ||||
Interest expense, net of capitalized interest | (508) | (367) | (900) | (720) | ||||
Total other income (expense), net | (243) | 40 | (470) | (742) | ||||
Total | (2,050) | 1,965 | (5,112) | 7,768 | ||||
Income and mining tax (expense) benefit | (1,116) | (1,388) | (1,148) | (2,508) | ||||
Income (loss) from continuing operations | (3,166) | 577 | (6,260) | 5,260 | ||||
Equity income (loss) in consolidated subsidiaries | (212) | (28) | (630) | (66) | ||||
Income (loss) from discontinued operations | 0 | (284) | ||||||
NET INCOME (LOSS) | (3,378) | 549 | (6,890) | 4,910 | ||||
Unrealized gain (loss) on debt securities, net of tax | 0 | 0 | 0 | |||||
Other comprehensive income (loss) | 0 | |||||||
COMPREHENSIVE INCOME (LOSS) | (3,378) | 549 | (6,890) | 4,910 | ||||
Operating Expenses | 92,661 | 97,318 | 186,195 | 183,963 | ||||
Non-Guarantor Subsidiaries | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenue | 71,269 | 70,744 | 135,440 | 140,781 | ||||
Pre-development, reclamation, and other | 2,265 | 1,428 | 4,596 | 3,300 | ||||
Amortization | 24,259 | 14,636 | 47,469 | 30,962 | ||||
General and administrative | 1,198 | 7 | 1,198 | 11 | ||||
Fair value adjustments, net | 0 | 0 | 0 | 0 | ||||
Other, net | (413) | (902) | (1,213) | (1,008) | ||||
Interest expense, net of capitalized interest | (4,812) | (4,289) | (9,448) | (8,537) | ||||
Total other income (expense), net | (5,225) | (5,191) | (10,661) | (9,545) | ||||
Total | (27,619) | 15,867 | (56,307) | 28,274 | ||||
Income and mining tax (expense) benefit | 6,973 | (1,407) | 17,740 | (13,874) | ||||
Income (loss) from continuing operations | (20,646) | 14,460 | (38,567) | 14,400 | ||||
Equity income (loss) in consolidated subsidiaries | (23) | (246) | 260 | (416) | ||||
Income (loss) from discontinued operations | 0 | (176) | ||||||
NET INCOME (LOSS) | (20,669) | 14,214 | (38,307) | 13,808 | ||||
Unrealized gain (loss) on debt securities, net of tax | 0 | 0 | 0 | |||||
Other comprehensive income (loss) | 0 | |||||||
COMPREHENSIVE INCOME (LOSS) | (20,669) | 14,214 | (38,307) | 13,808 | ||||
Operating Expenses | 93,663 | 49,686 | 181,086 | 102,962 | ||||
Product [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Costs applicable to sales | [1] | 131,948 | 108,246 | 263,598 | 207,586 | |||
Product [Member] | Eliminations | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Costs applicable to sales | 0 | 0 | 0 | 0 | [1] | |||
Product [Member] | Coeur Mining, Inc. | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Costs applicable to sales | 0 | 0 | 0 | |||||
Product [Member] | Guarantor Subsidiaries | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Costs applicable to sales | 69,291 | 77,935 | 141,313 | 146,180 | ||||
Product [Member] | Non-Guarantor Subsidiaries | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Costs applicable to sales | 62,657 | 30,311 | 122,285 | 61,406 | ||||
Mineral, Exploration [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Costs applicable to sales | 5,719 | 6,429 | 9,433 | 13,112 | ||||
Mineral, Exploration [Member] | Eliminations | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Costs applicable to sales | 0 | 0 | 0 | 0 | ||||
Mineral, Exploration [Member] | Coeur Mining, Inc. | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Costs applicable to sales | 350 | 326 | 686 | 785 | ||||
Mineral, Exploration [Member] | Guarantor Subsidiaries | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Costs applicable to sales | 2,085 | 2,799 | 3,209 | 5,044 | ||||
Mineral, Exploration [Member] | Non-Guarantor Subsidiaries | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Costs applicable to sales | $ 3,284 | $ 3,304 | $ 5,538 | $ 7,283 | ||||
[1] | Excludes amortization. |
Supplemental Guarantor Inform_5
Supplemental Guarantor Information Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash provided by (used in) activities of continuing operations | $ 26,435 | $ (1,294) | $ 10,589 | $ 14,247 | ||
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | (2,690) | ||
Cash provided by (used in) operating activities | 26,435 | (1,294) | 10,589 | 11,557 | ||
Capital expenditures | (20,749) | (41,165) | (48,187) | (83,510) | ||
Proceeds from the sale of assets | 57 | 96 | 904 | 156 | ||
Purchase of investments | 0 | (39) | 0 | (400) | ||
Sales of investments | 1,102 | 11,141 | 1,102 | 12,760 | ||
Proceeds from Collection of Notes Receivable | 2,000 | 0 | 7,168 | 0 | ||
Other | 277 | (33) | 2,018 | (98) | ||
Investments in consolidated subsidiaries | 0 | 0 | 0 | 0 | ||
Cash provided by (used in) activities of continuing operations | (17,313) | (30,000) | (36,995) | (71,092) | ||
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | (28,470) | ||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (17,313) | (30,000) | (36,995) | (99,562) | ||
Issuance of notes and bank borrowings, net of issuance costs | 0 | 0 | 15,000 | 15,000 | ||
Payments on debt, capital leases, and associated costs | (90,812) | (4,373) | (113,273) | (22,822) | ||
Net intercompany financing activity | 0 | 0 | 0 | 0 | ||
Proceeds from Issuance of Common Stock | 48,887 | 0 | 48,887 | 0 | ||
Other | 0 | (233) | (3,259) | (4,839) | ||
Cash provided by (used in) activities of continuing operations | (41,925) | (4,606) | (52,645) | (12,661) | ||
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | (22) | ||
Cash provided by (used in) activities of discontinued operations | (41,925) | (4,606) | (52,645) | (12,683) | ||
Effect of exchange rate changes on cash and cash equivalents | 56 | (175) | 257 | 382 | ||
Less net cash provided by (used in) discontinued operations | 0 | 0 | 0 | [1] | (32,930) | [1] |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (32,747) | (36,075) | (78,794) | (67,376) | ||
Cash, cash equivalents and restricted cash at beginning of period | 72,022 | 172,101 | 118,069 | 203,402 | ||
Cash, cash equivalents and restricted cash at end of period | 39,275 | 136,026 | 39,275 | 136,026 | ||
Eliminations | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash provided by (used in) activities of continuing operations | (18,718) | |||||
Cash provided by (used in) activities of discontinued operations | 0 | |||||
Cash provided by (used in) operating activities | 24,049 | (14,762) | 45,199 | (18,718) | ||
Capital expenditures | 0 | 0 | 0 | 0 | ||
Proceeds from the sale of assets | 0 | 0 | 0 | 0 | ||
Purchase of investments | 0 | 0 | ||||
Sales of investments | 0 | 0 | 0 | 0 | ||
Proceeds from Collection of Notes Receivable | 0 | 0 | ||||
Other | 0 | 0 | 0 | 0 | ||
Investments in consolidated subsidiaries | (24,049) | 14,762 | (45,199) | 18,718 | ||
Cash provided by (used in) activities of continuing operations | 18,718 | |||||
Cash provided by (used in) activities of discontinued operations | 0 | |||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (24,049) | 14,762 | (45,199) | 18,718 | ||
Issuance of notes and bank borrowings, net of issuance costs | 0 | 0 | ||||
Payments on debt, capital leases, and associated costs | 0 | 0 | 0 | 0 | ||
Net intercompany financing activity | 0 | 0 | 0 | 0 | ||
Proceeds from Issuance of Common Stock | 0 | 0 | ||||
Other | 0 | 0 | 0 | |||
Cash provided by (used in) activities of continuing operations | 0 | |||||
Cash provided by (used in) activities of discontinued operations | 0 | |||||
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | 0 | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Less net cash provided by (used in) discontinued operations | 0 | |||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 0 | 0 | 0 | 0 | ||
Cash, cash equivalents and restricted cash at beginning of period | 0 | 0 | 0 | 0 | ||
Cash, cash equivalents and restricted cash at end of period | 0 | 0 | 0 | 0 | ||
Coeur Mining, Inc. | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash provided by (used in) activities of continuing operations | 425 | |||||
Cash provided by (used in) activities of discontinued operations | 0 | |||||
Cash provided by (used in) operating activities | (43,768) | 8,363 | (78,163) | 425 | ||
Capital expenditures | (72) | (101) | (110) | (184) | ||
Proceeds from the sale of assets | 0 | 23 | 0 | 23 | ||
Purchase of investments | (39) | (400) | ||||
Sales of investments | 1,102 | 10,753 | 1,102 | 11,820 | ||
Proceeds from Collection of Notes Receivable | 2,000 | 7,168 | ||||
Other | 230 | (79) | 2,032 | (79) | ||
Investments in consolidated subsidiaries | 23,725 | (15,037) | 44,740 | (19,199) | ||
Cash provided by (used in) activities of continuing operations | (8,019) | |||||
Cash provided by (used in) activities of discontinued operations | 0 | |||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 26,985 | (4,480) | 54,932 | (8,019) | ||
Issuance of notes and bank borrowings, net of issuance costs | 15,000 | 15,000 | ||||
Payments on debt, capital leases, and associated costs | (82,702) | 0 | (97,807) | 0 | ||
Net intercompany financing activity | 41,479 | (13,987) | 51,705 | (34,368) | ||
Proceeds from Issuance of Common Stock | 48,887 | 48,887 | ||||
Other | (233) | (3,259) | (4,839) | |||
Cash provided by (used in) activities of continuing operations | (24,207) | |||||
Cash provided by (used in) activities of discontinued operations | 0 | |||||
Cash provided by (used in) activities of discontinued operations | 7,664 | (14,220) | 14,526 | (24,207) | ||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |||
Less net cash provided by (used in) discontinued operations | 0 | |||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (9,119) | (10,337) | (8,705) | (31,801) | ||
Cash, cash equivalents and restricted cash at beginning of period | 13,162 | 34,569 | 12,748 | 56,033 | ||
Cash, cash equivalents and restricted cash at end of period | 4,043 | 24,232 | 4,043 | 24,232 | ||
Guarantor Subsidiaries | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash provided by (used in) activities of continuing operations | 26,115 | |||||
Cash provided by (used in) activities of discontinued operations | 0 | |||||
Cash provided by (used in) operating activities | 43,095 | 20,720 | 51,563 | 26,115 | ||
Capital expenditures | (7,820) | (12,537) | (22,251) | (26,878) | ||
Proceeds from the sale of assets | 57 | 73 | 810 | 133 | ||
Purchase of investments | 0 | 0 | ||||
Sales of investments | 0 | 388 | 0 | 940 | ||
Proceeds from Collection of Notes Receivable | 0 | 0 | ||||
Other | 113 | 109 | 113 | 109 | ||
Investments in consolidated subsidiaries | 85 | 28 | 85 | 65 | ||
Cash provided by (used in) activities of continuing operations | (25,631) | |||||
Cash provided by (used in) activities of discontinued operations | 0 | |||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (7,565) | (11,939) | (21,243) | (25,631) | ||
Issuance of notes and bank borrowings, net of issuance costs | 0 | 0 | ||||
Payments on debt, capital leases, and associated costs | (5,753) | (2,532) | (10,140) | (4,927) | ||
Net intercompany financing activity | (30,949) | 3,354 | (36,306) | (7,592) | ||
Proceeds from Issuance of Common Stock | 0 | 0 | ||||
Other | 0 | 0 | 0 | |||
Cash provided by (used in) activities of continuing operations | (12,519) | |||||
Cash provided by (used in) activities of discontinued operations | 0 | |||||
Cash provided by (used in) activities of discontinued operations | (36,702) | 822 | (46,446) | (12,519) | ||
Effect of exchange rate changes on cash and cash equivalents | (1) | (6) | 2 | (4) | ||
Less net cash provided by (used in) discontinued operations | 0 | |||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (1,173) | 9,597 | (16,124) | (12,039) | ||
Cash, cash equivalents and restricted cash at beginning of period | 10,581 | 30,603 | 25,532 | 52,239 | ||
Cash, cash equivalents and restricted cash at end of period | 9,408 | 40,200 | 9,408 | 40,200 | ||
Non-Guarantor Subsidiaries | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash provided by (used in) activities of continuing operations | 6,425 | |||||
Cash provided by (used in) activities of discontinued operations | (2,690) | |||||
Cash provided by (used in) operating activities | 3,059 | (15,615) | (8,010) | 3,735 | ||
Capital expenditures | (12,857) | (28,527) | (25,826) | (56,448) | ||
Proceeds from the sale of assets | 0 | 0 | 94 | 0 | ||
Purchase of investments | 0 | 0 | ||||
Sales of investments | 0 | 0 | 0 | 0 | ||
Proceeds from Collection of Notes Receivable | 0 | 0 | ||||
Other | (66) | (63) | (127) | (128) | ||
Investments in consolidated subsidiaries | 239 | 247 | 374 | 416 | ||
Cash provided by (used in) activities of continuing operations | (56,160) | |||||
Cash provided by (used in) activities of discontinued operations | (28,470) | |||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (12,684) | (28,343) | (25,485) | (84,630) | ||
Issuance of notes and bank borrowings, net of issuance costs | 0 | 0 | ||||
Payments on debt, capital leases, and associated costs | (2,357) | (1,841) | (5,326) | (17,895) | ||
Net intercompany financing activity | (10,530) | 10,633 | (15,399) | 41,960 | ||
Proceeds from Issuance of Common Stock | 0 | 0 | ||||
Other | 0 | 0 | 0 | |||
Cash provided by (used in) activities of continuing operations | 24,065 | |||||
Cash provided by (used in) activities of discontinued operations | (22) | |||||
Cash provided by (used in) activities of discontinued operations | (12,887) | 8,792 | (20,725) | 24,043 | ||
Effect of exchange rate changes on cash and cash equivalents | 57 | (169) | 255 | 386 | ||
Less net cash provided by (used in) discontinued operations | (32,930) | |||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (22,455) | (35,335) | (53,965) | (23,536) | ||
Cash, cash equivalents and restricted cash at beginning of period | 48,279 | 106,929 | 79,789 | 95,130 | ||
Cash, cash equivalents and restricted cash at end of period | $ 25,824 | $ 71,594 | $ 25,824 | $ 71,594 | ||
[1] | Less net cash used in discontinued operations includes the following cash transactions: net subsidiary payments to parent company of $1,748 |
Commitments and Contigencies (D
Commitments and Contigencies (Details Textual) | 6 Months Ended | |||
Jun. 30, 2019USD ($)tmilestone | Dec. 31, 2018USD ($) | Oct. 31, 2017USD ($) | Oct. 02, 2014USD ($) | |
Business Acquisition [Line Items] | ||||
Palmarejo Gold Stream Agreement, Deferred Revenue Unamortized Balance | $ 12,200,000 | |||
Silvertip acquisition contingent consideration | $ 49,635,000 | $ 25,000,000 | ||
Palmarejo gold production royalty | ||||
Business Acquisition [Line Items] | ||||
Production to be sold, percent | 50.00% | |||
Price per ounce under agreement | $ 800 | |||
Aggregate deposit to be received | $ 22,000,000 | |||
JDS Silver Holdings Ltd. | ||||
Business Acquisition [Line Items] | ||||
Silvertip acquisition contingent consideration | $ 50,000,000 | |||
Long-term Purchase Commitment, Milestones | milestone | 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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Income (loss) from discontinued operations | $ 0 | $ 0 | $ 5,693 | $ 550 |
Cash provided by (used in) operating activities, discontinued operations | 0 | 0 | 0 | (2,690) |
Cash provided by (used in) investing activities, discontinued operations | 0 | 0 | 0 | (28,470) |
Held-for-sale | ||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Revenue | 0 | 0 | 0 | 12,346 |
Costs applicable to sales | 0 | 0 | 0 | 12,269 |
General and administrative | 0 | 0 | 0 | 41 |
Pre-development, reclamation, and other | 0 | 0 | 0 | 265 |
Interest expense, net of capitalized interest | 0 | 0 | 0 | (3) |
Disposal Group, Including Discontinued Operations, Other Income (Expense) | 0 | 0 | 0 | (260) |
Pretax profit (loss) on discontinued operations related to major classes of pretax profit (loss) | 0 | 0 | 0 | (492) |
Pretax gain on the disposal of the discontinued operation | 0 | 0 | 5,693 | 1,525 |
Total pretax gain or loss on discontinued operations | 0 | 0 | 5,693 | 1,033 |
Income and mining tax (expense) benefit | 0 | 0 | 0 | (483) |
Income (loss) from discontinued operations | $ 0 | $ 0 | $ 5,693 | 550 |
Cash provided by (used in) operating activities, discontinued operations | (2,700) | |||
Cash provided by (used in) investing activities, discontinued operations | $ (28,500) |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 0 | $ 0 | $ 5,693 | $ 550 |
Cash provided by (used in) operating activities, discontinued operations | 0 | 0 | 0 | (2,690) |
Cash provided by (used in) investing activities, discontinued operations | 0 | 0 | 0 | (28,470) |
Held-for-sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 5,693 | 550 |
Cash provided by (used in) operating activities, discontinued operations | (2,700) | |||
Cash provided by (used in) investing activities, discontinued operations | (28,500) | |||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 0 | $ 0 | $ 5,693 | $ 1,525 |
Additional Balance Sheet Deta_3
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Other Accrued Liabilities | $ 7,084 | $ 10,524 |
Accrued Income Taxes, Current | 585 | 16,474 |
Accrual for Taxes Other than Income Taxes, Current | 3,617 | 3,639 |
Interest Payable, Current | 1,324 | 1,589 |
Operating Lease, Liability, Current | 13,207 | 0 |
Accrued Salaries, Current | 14,119 | 22,229 |
Silvertip acquisition contingent consideration | 49,635 | 25,000 |
Deferred Revenue | 26,616 | 3,164 |
Accrued liabilities and other | $ 116,187 | $ 82,619 |
Additional Balance Sheet Deta_4
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details 1) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Supplemental Cash Flow Information [Abstract] | ||||||
Cash and Cash Equivalents, at Carrying Value | $ 37,907 | $ 115,081 | $ 123,539 | |||
Restricted Cash Equivalents | 1,368 | 12,487 | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 39,275 | $ 72,022 | $ 118,069 | $ 136,026 | $ 172,101 | $ 203,402 |