Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 15, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-8641 | ||
Entity Registrant Name | COEUR MINING, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
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 | ||
Title of 12(b) Security | Common Stock (par value $.01 per share) | ||
Trading Symbol | CDE | ||
Security Exchange Name | NYSE | ||
ICFR Auditor Attestation Flag | true | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Public Float | $ 1,219,854,888 | ||
Entity Common Stock, Shares Outstanding | 243,575,442 | ||
Documents Incorporated by Reference | Certain information called for by Part III of the Form 10-K is incorporated by reference from the registrant’s definitive proxy statement for the 2021 Annual Meeting of Stockholders which will be filed pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this report. | ||
Entity Central Index Key | 0000215466 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Revenue | $ 785,461,000 | $ 711,502,000 | $ 625,904,000 | |||
COSTS AND EXPENSES | ||||||
Amortization | 131,387,000 | 178,876,000 | 128,473,000 | |||
General and administrative | 33,722,000 | 34,493,000 | 31,345,000 | |||
Impairment of Long-Lived Assets Held-for-use | 0 | 250,814,000 | 0 | |||
Pre-development, reclamation, and other | 55,654,000 | 18,421,000 | 20,043,000 | |||
Total costs and expenses | 703,741,000 | 1,056,312,000 | 646,208,000 | |||
OTHER INCOME (EXPENSE), NET | ||||||
Loss on debt extinguishments | 0 | (1,281,000) | 0 | |||
Fair value adjustments, net, pretax | 7,601,000 | 16,030,000 | 3,638,000 | |||
Interest expense, net of capitalized interest | (20,708,000) | (24,771,000) | (24,364,000) | |||
Other, net | (5,941,000) | (3,193,000) | (24,705,000) | |||
Total other income (expense), net | (19,048,000) | (13,215,000) | (45,431,000) | |||
Total | 62,672,000 | (358,025,000) | (65,735,000) | |||
Income and mining tax (expense) benefit | (37,045,000) | 11,129,000 | 16,780,000 | |||
Income (loss) from continuing operations | 25,627,000 | (346,896,000) | (48,955,000) | |||
Income (loss) from discontinued operations | 0 | 5,693,000 | 550,000 | |||
NET INCOME (LOSS) | 25,627,000 | (341,203,000) | (48,405,000) | |||
Other comprehensive income (loss), derivatives qualifying as hedges, tax, portion attributable to parent | 0 | 365,000 | 0 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 1,434,000 | 0 | 0 | |||
OTHER COMPREHENSIVE INCOME (LOSS), Net of Tax: | ||||||
Unrealized gain (loss) on hedger, net of tax | (12,434,000) | (136,000) | 0 | |||
Unrealized gain (loss) on debt and equity securities | 0 | 59,000 | 26,000 | |||
Reclassification adjustments for impairment of equity securities | 1,434,000 | |||||
Other comprehensive income (loss) | (11,000,000) | (77,000) | 26,000 | |||
COMPREHENSIVE INCOME (LOSS) | $ 14,627,000 | $ (341,280,000) | $ (48,379,000) | |||
Basic EPS | ||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.11 | $ (1.59) | $ (0.26) | |||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0.03 | 0 | |||
Earnings Per Share, Basic | 0.11 | [1] | (1.56) | [1] | (0.26) | |
Diluted EPS | ||||||
Income (Loss) from Continuing Operations, Per Diluted Share | 0.11 | (1.59) | (0.26) | |||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0.03 | 0 | |||
Earnings Per Share, Diluted | $ 0.11 | [1] | $ (1.56) | [1] | $ (0.26) | |
Accumulated Deficit [Member] | ||||||
OTHER INCOME (EXPENSE), NET | ||||||
NET INCOME (LOSS) | $ 25,627,000 | $ (341,203,000) | $ (48,405,000) | |||
Product | ||||||
COSTS AND EXPENSES | ||||||
Costs applicable to sales | [2] | 440,335,000 | 551,181,000 | 440,950,000 | ||
Mineral, Exploration | ||||||
COSTS AND EXPENSES | ||||||
Costs applicable to sales | 42,643,000 | 22,527,000 | 25,397,000 | |||
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 250,814,000 | $ 0 | |||
[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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
NET INCOME (LOSS) | $ 25,627 | $ (341,203) | $ (48,405) |
(Income) Loss from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | (5,693) | (550) |
Adjustments: | |||
Amortization | 131,387 | 178,876 | 128,473 |
Accretion | 11,984 | 12,147 | 13,933 |
Deferred income taxes | (7,283) | (36,817) | (48,441) |
Loss on debt extinguishment | 0 | 1,281 | 0 |
Fair value adjustments, net | (7,634) | (16,030) | (3,638) |
Stock-based compensation | 8,548 | 9,189 | 8,328 |
Gain on Modification of Lease | (4,051) | 0 | 0 |
Impairment of Long-Lived Assets Held-for-use | 0 | 250,814 | 0 |
Inventory Write-down | 16,821 | 69,246 | 55,297 |
Revenue Recognized | (16,702) | (1,857) | 0 |
Foreign exchange and other | 3,737 | 14,281 | 7,353 |
Changes in operating assets and liabilities: | |||
Receivables | (9,463) | (2,739) | (9,260) |
Prepaid expenses and other current assets | (2,621) | 280 | 4,876 |
Inventories | (34,538) | (62,998) | (44,488) |
Accounts payable and accrued liabilities | 32,897 | 23,103 | (43,370) |
CASH PROVIDED BY OPERATING ACTIVITIES CONTINUING OPERATIONS | 148,709 | 91,880 | 20,108 |
Cash provided by (used in) activities of discontinued operations | 0 | 0 | (2,690) |
Cash provided by (used in) operating activities | 148,709 | 91,880 | 17,418 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (99,279) | (99,772) | (140,787) |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | (6,914) |
Proceeds from the sale of assets | 5,529 | 1,033 | 577 |
Purchase of investments | (2,500) | (5,023) | (426) |
Sale of investments | 30,831 | 2,109 | 12,713 |
Proceeds from notes receivable | 0 | 7,168 | 19,000 |
Other | (252) | 1,919 | 11 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (65,671) | (92,566) | (101,998) |
Cash provided by (used in) activities of discontinued operations | 0 | 0 | (28,470) |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (65,671) | (92,566) | (130,468) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from Issuance of Common Stock | 0 | 123,059 | 0 |
Issuance of notes and bank borrowings, net of issuance costs | 150,000 | 60,000 | 95,000 |
Payments on long-term debt, capital leases, and associated costs | (175,984) | (221,854) | (95,059) |
Gold production royalty payments | (18,750) | (18,697) | 0 |
Other | (1,801) | (3,404) | (5,160) |
Cash provided by (used in) activities of continuing operations | (46,535) | (60,896) | (5,219) |
Cash provided by (used in) activities of discontinued operations | 0 | 0 | (22) |
Cash provided by (used in) activities of discontinued operations | (46,535) | (60,896) | (5,241) |
Effect of exchange rate changes on cash and cash equivalents | 649 | 531 | 28 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 37,152 | (61,051) | (118,263) |
Less net cash provided by (used in) discontinued operations | 0 | 0 | (32,930) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 37,152 | (61,051) | (85,333) |
Cash, cash equivalents and restricted cash at beginning of period | 57,018 | 118,069 | 203,402 |
Cash, cash equivalents and restricted cash at end of period | $ 94,170 | $ 57,018 | 118,069 |
Net subsidiary payments to parent company | $ 1,748 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 92,794 | $ 55,645 |
Receivables | 23,484 | 18,666 |
Inventory | 51,210 | 55,886 |
Ore on leach pads | 74,866 | 66,192 |
Prepaid expenses and other | 27,254 | 14,047 |
Current assets | 269,608 | 210,436 |
NON-CURRENT ASSETS | ||
Property, plant and equipment, net | 230,139 | 248,789 |
Mining properties, net | 716,790 | 711,955 |
Ore on leach pads, noncurrent | 81,963 | 71,539 |
Restricted assets | 9,492 | 8,752 |
Equity securities | 12,943 | 35,646 |
Receivables | 26,447 | 28,709 |
Other | 56,595 | 62,810 |
TOTAL ASSETS | 1,403,977 | 1,378,636 |
CURRENT LIABILITIES | ||
Accounts payable | 90,577 | 69,176 |
Accrued liabilities and other | 119,158 | 95,616 |
Debt | 22,074 | 22,746 |
Reclamation | 2,299 | 3,114 |
Current liabilities | 234,108 | 190,652 |
NON-CURRENT LIABILITIES | ||
Debt | 253,427 | 272,751 |
Reclamation | 136,975 | 133,417 |
Deferred tax liabilities | 34,202 | 41,976 |
Other long-term liabilities | 51,786 | 72,836 |
Non-current liabilities | 476,390 | $ 520,980 |
Common Stock, Shares, Outstanding | 241,529,021 | |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 243,751,283 issued and outstanding at December 31, 2020 and 241,529,021 at December 31, 2019 | 2,438 | $ 2,415 |
Additional paid-in capital | 3,610,297 | 3,598,472 |
Accumulated other comprehensive income (loss) | (11,136) | (136) |
Accumulated deficit | (2,908,120) | (2,933,747) |
Stockholders' equity | 693,479 | 667,004 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,403,977 | $ 1,378,636 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 243,751,283 | 241,529,021 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 243,751,283 | 241,529,021 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjustment | JDS Silver [Member] | JDS Silver [Member]Common Stock | JDS Silver [Member]Additional Paid-In Capital |
Balances, in shares at Dec. 31, 2017 | 185,638 | ||||||||||
Balances at Dec. 31, 2017 | $ 814,977 | $ 0 | $ 1,856 | $ 3,357,345 | $ (2,546,743) | $ 2,604 | $ 2,519 | $ (2,604) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
NET INCOME (LOSS) | (48,405) | (48,405) | |||||||||
Other comprehensive income (loss) | 26 | 26 | |||||||||
Stock Issued During Period, Shares, Acquisitions | 16,390 | ||||||||||
Stock Issued During Period, Value, Acquisitions | 82,668 | $ 163 | 82,505 | ||||||||
Common stock issued under stock-based compensation plans, net (in shares) | 1,282 | ||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 3,246 | $ 14 | 3,232 | ||||||||
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 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
NET INCOME (LOSS) | (341,203) | (341,203) | |||||||||
Other comprehensive income (loss) | (77) | (77) | |||||||||
Stock Issued During Period, Shares, Acquisitions | 953 | ||||||||||
Stock Issued During Period, Value, Acquisitions | $ 5,973 | $ 8 | $ 5,965 | ||||||||
Common stock issued for the extinguishment of Senior Notes (in shares) | 4,453 | ||||||||||
Stock Issued During Period, Value, Extinguishment of Debt | 21,291 | $ 45 | 21,246 | ||||||||
Common stock issued under "at the market" stock offering (in shares) | 30,850 | ||||||||||
Stock Issued During Period, Value, New Issues | 122,832 | $ 309 | 122,523 | ||||||||
Common stock issued under stock-based compensation plans, net (in shares) | 1,963 | ||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 5,676 | $ 20 | 5,656 | ||||||||
Balances at Dec. 31, 2019 | 667,004 | $ 2,415 | 3,598,472 | (2,933,747) | (136) | ||||||
Balances, in shares at Dec. 31, 2019 | 241,529 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
NET INCOME (LOSS) | 25,627 | 25,627 | |||||||||
Other comprehensive income (loss) | (11,000) | (11,000) | |||||||||
Stock Issued During Period, Shares, Acquisitions | 878 | ||||||||||
Stock Issued During Period, Value, Acquisitions | $ 5,295 | $ 9 | $ 5,286 | ||||||||
Common stock issued under stock-based compensation plans, net (in shares) | 1,345 | ||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 6,553 | $ 14 | 6,539 | ||||||||
Balances at Dec. 31, 2020 | $ 693,479 | $ 2,438 | $ 3,610,297 | $ (2,908,120) | $ (11,136) | ||||||
Balances, in shares at Dec. 31, 2020 | 243,752 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Risks and uncertainties As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, zinc and lead. The prices of these metals are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. Further, the carrying value of the Company’s property, plant and equipment, net; mining properties, net; inventories and ore on leach pads are particularly sensitive to the outlook for commodity prices. A decline in the Company’s price outlook from current levels could result in material impairment charges related to these assets. Use of Estimates The Company's Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles. The preparation of the Company's Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements. Principles of Consolidation The Consolidated Financial Statements include the wholly-owned subsidiaries of the Company, the most significant of which are Coeur Mexicana S.A. de C.V., Coeur Rochester, Inc., Coeur Alaska, Inc., Wharf Resources (U.S.A.), Inc., and Coeur Silvertip Holdings Ltd. All intercompany balances and transactions have been eliminated. Cash and Cash Equivalents Cash and cash equivalents include all highly-liquid investments with an original maturity of three months or less. The Company minimizes its credit risk by investing its cash and cash equivalents with major U.S. and international banks and financial institutions located principally in the United States with a minimum credit rating of A1, as defined by Standard & Poor’s. The Company’s management believes that no concentration of credit risk exists with respect to the investment of its cash and cash equivalents. At certain times, amounts on deposit may exceed federal deposit insurance limits. Receivables Trade receivables and other receivable balances are reported at outstanding principal amounts, net of an allowance for doubtful accounts, if deemed necessary. Management evaluates the collectability of receivable account balances to determine the allowance, if any. Management considers the other party's credit risk and financial condition, as well as current and projected economic and market conditions, in determining the amount of the allowance. Receivable balances are written off when management determines that the balance is uncollectible. Ore on Leach Pads The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold concentrate at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or net realizable value, with cost being determined using a weighted average cost method. The historical cost of metal expected to be extracted within 12 months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond 12 months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process. The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than 20 years of leach pad operations at the Rochester mine and thirty years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. The ultimate recovery will not be known until leaching operations cease. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. In 2020, the Company revised its recovery rate assumptions in line with the updated technical report for Rochester filed in December 2020. This change resulted in an adjustment to the ending Ore on leach pads balance with the resulting charges allocated between Costs Applicable to Sales and Amortization in the amounts of $7.2 million and $1.2 million, respectively. Metal and Other Inventory Inventories include concentrate, doré, and operating materials and supplies. The classification of inventory is determined by the stage at which the ore is in the production process. All inventories are stated at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. Concentrate and doré inventory includes product at the mine site and product held by refineries. Metal inventory costs include direct labor, materials, depreciation, depletion and amortization as well as overhead costs relating to mining activities. Property, Plant, and Equipment Expenditures for new facilities, assets acquired pursuant to finance leases, new assets or expenditures that extend the useful lives of existing facilities are capitalized and depreciated using the straight-line method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities, lease term, or the useful life of the individual assets. Productive lives range from 7 to 30 years for buildings and improvements and 3 to 10 years for machinery and equipment. Certain mining equipment is depreciated using the units-of-production method based upon estimated total proven and probable reserves. Mining Properties and Mine Development Capitalization of mine development costs begins once all operating permits have been secured, mineralization is classified as proven and probable reserves and a final feasibility study has been completed. Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Costs incurred before mineralization are classified as proven and probable reserves and are capitalized if a project is in pre-production phase or expensed and classified as Exploration or Pre-development if the project is not yet in pre-production. Mine development costs are amortized using the units-of-production method over the estimated life of the ore body generally based on recoverable ounces to be mined from proven and probable reserves. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use. Drilling and related costs incurred at the Company’s operating mines are expensed as incurred in Exploration, unless the Company can conclude with a high degree of confidence, prior to the commencement of a drilling program, that the drilling costs will result in the conversion of a mineralized material into proven and probable reserves. The Company’s assessment is based on the following factors: results from previous drill programs; results from geological models; results from a mine scoping study confirming economic viability of the resource; and preliminary estimates of mine inventory, ore grade, cash flow and mine life. In addition, the Company must have all permitting and/or contractual requirements necessary to have the right to and/or control of the future benefit from the targeted ore body. The costs of a drilling program that meet these criteria are capitalized as mine development costs. Drilling and related costs of approximately $8.0 million and $7.5 million at December 31, 2020 and 2019, respectively, were capitalized. The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in Costs applicable to sales in the same period as the revenue from the sale of inventory. Mineral Interests Significant payments related to the acquisition of land and mineral rights are capitalized. Prior to acquiring such land or mineral rights, the Company generally makes a preliminary evaluation to determine that the property has significant potential to develop an economic ore body. The time between initial acquisition and full evaluation of a property’s potential is variable and is determined by many factors including: location relative to existing infrastructure, the property’s stage of development, geological controls and metal prices. If a mineable ore body is discovered, such costs are amortized when production begins using the units-of-production method based on recoverable ounces to be mined from proven and probable reserves. If no mineable ore body is discovered, such costs are expensed in the period in which it is determined the property has no future economic value. Impairment of Long-lived Assets We review and evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Asset impairment is considered to exist if the total estimated undiscounted pretax future cash flows are less than the carrying amount of the asset. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of future cash flows from other asset groups. An impairment loss is measured by discounted estimated future cash flows, and recorded by reducing the asset's carrying amount to fair value. Future cash flows are estimated based on estimated quantities of recoverable minerals, expected gold, silver, lead and zinc prices (considering current and historical prices, trends and related factors), production levels, operating costs, capital requirements and reclamation costs, all based on life-of-mine plans. Existing proven and probable reserves and value beyond proven and probable reserves, including mineralization other than proven and probable reserves are included when determining the fair value of mine site asset groups at acquisition and, subsequently, in determining whether the assets are impaired. The term “recoverable minerals” refers to the estimated amount of gold, silver, lead and zinc that will be obtained after taking into account losses during ore processing and treatment. Estimates of recoverable minerals from exploration stage mineral interests are risk adjusted based on management’s relative confidence in such materials. The ability to achieve the estimated quantities of recoverable minerals from exploration stage mineral interests involves further risks in addition to those risk factors applicable to mineral interests where proven and probable reserves have been identified, due to the lower level of confidence that the identified mineralized material could ultimately be mined economically. Assets classified as exploration potential have the highest level of risk that the carrying value of the asset can be ultimately realized, due to the still lower level of geological confidence and economic modeling. During the fourth quarter of 2019, the Company performed a comprehensive analysis of its Silvertip property and determined that indicators of impairment existed, primarily as a result of continued deterioration in zinc and lead market conditions as well as ongoing challenges related to the processing facility. As a result of the impairment indicators, a recoverability test was performed and the Company concluded that the long-lived assets for the Silvertip property was impaired. A non-cash impairment charge of $250.8 million was recorded during the fourth quarter of 2019. The write-down was allocated between Property, plant and equipment, net , Mining properties, net and Other non-current assets , in the amounts of $43.6 million, $201.5 million and $5.7 million, respectively. See Note 4 -- Impairment of Long-lived Assets and 16 -- Fair Value Measurements for additional detail of the impairment and assumptions used in the determination of the fair value of the long-lived assets tested for impairment. Properties Held for Sale In determining whether to classify a property as held for sale, the Company considers whether: (i) management has committed to a plan to sell the property; (ii) the investment is available for immediate sale, in its present condition; (iii) the Company has initiated a program to locate a buyer; (iv) the Company believes that the sale of the property is probable; (v) the Company has received a significant non-refundable deposit for the purchase of the property; (vi) the Company is actively marketing the property for sale at a price that is reasonable in relation to its estimated fair value; and (vii) actions required for the Company to complete the plan indicate that it is unlikely that any significant changes will be made to the plan. If all of the above criteria are met, the Company classifies the property as held for sale. Restricted Assets The Company, under the terms of its self-insurance and bonding agreements with certain banks, lending institutions and regulatory agencies, is required to collateralize certain portions of its obligations. The Company has collateralized these obligations by assigning certificates of deposit that have maturity dates ranging from three months to a year, to the respective institutions or agencies. At December 31, 2020 and 2019, the Company held certificates of deposit and cash under these agreements of $9.5 million and $8.8 million, respectively. The ultimate timing of the release of the collateralized amounts is dependent on the timing and closure of each mine and repayment of the facility. In order to release the collateral, the Company must seek approval from certain government agencies responsible for monitoring the mine closure status. Collateral could also be released to the extent the Company is able to secure alternative financial assurance satisfactory to the regulatory agencies. The Company believes there is a reasonable probability that the collateral will remain in place beyond a twelve-month period and has therefore classified these investments as long-term. Leases We determine if an arrangement is, or contains, a lease at the inception date. Operating leases are included in Other assets, non-current with the related liabilities included in Accrued liabilities and Other and Other long-term liabilities . Assets under finance leases, which primarily represent property and equipment, are included in Property, plant and equipment, net , with the related liabilities included in debt, current and debt, non-current on the Consolidated Balance Sheet. Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. We use our estimated incremental borrowing rate in determining the present value of lease payments. Variable components of the lease payments such as maintenance costs are expensed as incurred and not included in determining the present value. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components which are accounted for as a single lease component. Reclamation The Company recognizes obligations for the expected future retirement of tangible long-lived assets and other associated asset retirement costs. The fair value of a liability for an asset retirement obligation will be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset and this additional carrying amount is depreciated over the life of the asset. An accretion cost, representing the increase over time in the present value of the liability, is recorded each period in Pre-development, reclamation, and other . As reclamation work is performed or liabilities are otherwise settled, the recorded amount of the liability is reduced. Future remediation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the discounted costs expected to be incurred at the site. Such cost estimates include, where applicable, ongoing care and maintenance and monitoring costs. Changes in estimates are reflected prospectively in the period an estimate is revised. Foreign Currency The assets and liabilities of the Company’s foreign subsidiaries are measured using U.S. dollars as their functional currency. Revenues and expenses are remeasured at the average exchange rate for the period. Foreign currency gains and losses are included in the determination of net income or loss. Derivative Financial Instruments The Company is exposed to various market risks, including the effect of changes in metal prices, foreign exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company, from time to time, uses derivative contracts to protect the Company’s exposure to fluctuations in metal prices and foreign exchange rates. The Company has elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. Assuming normal market conditions, the change in the market value of such derivative contracts has historically been, and is expected to continue to be, highly effective at offsetting changes in price movements of the hedged item. The effective portions of cash flow hedges are recorded in accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of metal sales revenue are recognized as a component of Revenue in the same period as the related sale is recognized. Deferred gains and losses associated with cash flow hedges of foreign currency transactions are recognized as a component of Costs Applicable to Sales or Pre-development, Reclamation and Other in the same period the related expenses are incurred. For derivatives not designated as hedging instruments, the Company recognizes derivatives as either assets or liabilities on the balance sheet and measures those instruments at fair value. Changes in the value of derivative instruments not designated as hedging instruments are recorded each period in the Consolidated Statement of Comprehensive Income (Loss) in Fair value adjustments, net or Revenue . Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions regarding commodity prices, market volatilities, and foreign currency exchange rates. See Note 17 -- Derivative Financial Instruments and Hedging Activities for additional information. Stock-based Compensation The Company estimates the fair value of stock options using the Black-Scholes option pricing model and stock appreciation rights (“SARs”) awards using market comparison. Stock options granted are accounted for as equity-based awards and SARs are accounted for as liability-based awards. The value of the SARs is remeasured at each reporting date. The Company estimates forfeitures of stock-based awards based on historical data and periodically adjusts the forfeiture rate. The adjustment of the forfeiture rate is recorded as a cumulative adjustment in the period the forfeiture estimate is changed. Compensation costs related to stock based compensation are included in General and administrative expenses , Costs applicable to sales , and Property, plant, and equipment, net as deemed appropriate. The fair value of restricted stock is based on the Company's stock price on the date of grant. The fair value of performance leverage stock units with market conditions is determined using a Monte Carlo simulation model. Stock based compensation expense related to awards with a market or performance condition is generally recognized over the vesting period of the award utilizing the graded vesting method, while all other awards are recognized on a straight-line basis. The Company's estimates may be impacted by certain variables including, but not limited to, stock price volatility, employee stock option exercise behaviors, additional stock option grants, estimates of forfeitures, the Company's performance, and related tax impacts. Income and Mining Taxes The Company uses an asset and liability approach which results in the recognition of deferred tax liabilities and assets for the expected future tax consequences or benefits of temporary differences between the financial reporting basis and the tax basis of assets and liabilities, as well as operating loss and tax credit carryforwards, using enacted tax rates in effect in the years in which the differences are expected to reverse. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. A valuation allowance has been provided for the portion of the Company’s net deferred tax assets for which it is more likely than not that they will not be realized. Revenue Recognition The Company produces doré and concentrate that is shipped to third-party refiners and smelters, respectively, for processing. The Company enters into contracts to sell its metal to various third-party customers which may include the refiners and smelters that process the doré and concentrate. The Company’s performance obligation in these transactions is generally the transfer of metal to the customer. In the case of doré shipments, the Company generally sells refined metal at market prices agreed upon by both parties. The Company also has the right, but not the obligation, to sell a portion of the anticipated refined metal in advance of being fully refined. When the Company sells refined metal or advanced metal, the performance obligation is satisfied when the metal is delivered to the customer. Revenue and Costs Applicable to Sales are recorded on a gross basis under these contracts at the time the performance obligation is satisfied. Under the Company’s concentrate sales contracts with third-party smelters, metal prices are set on a specified future quotational period, typically one to three months, after the shipment date based on market prices. When the Company sells gold concentrate to the third-party smelters, the performance obligation is satisfied when risk of loss is transferred to the customer. The contracts, in general, provide for provisional payment based upon provisional assays and historical metal prices. Final settlement is based on the applicable price for the specified future quotational period and generally occurs three to six months after shipment. The Company’s provisionally priced sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of concentrates measured at the forward price at the time of sale. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through revenue each period until the date of final metal settlement. The Company also sells concentrate under off-take agreements to third-party customers that are responsible for arranging the smelting of the concentrate. Prices can be either be fixed or based on a quotational period. The quotational period varies by contract, but is generally a one-month period following the shipment of the concentrate. The performance obligation is satisfied when risk of loss is transferred to the customer. The Company recognizes revenue from concentrate sales, net of treatment and refining charges, when it satisfies the performance obligation of transferring control of the concentrate to the customer. For doré and off-take sales, the Company may incur a finance charge related to advance sales that is not considered significant and, as such, is not considered a separate performance obligation. In addition, the Company has elected to treat freight costs as a fulfillment cost under ASC 606 and not as a separate performance obligation. The Company’s gold stream agreement with a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) provided for a $22.0 million deposit paid by Franco-Nevada in exchange for the right and obligation, commencing in 2016, to purchase 50% of a portion of Palmarejo gold production at the lesser of $800 or market price per ounce. Because there is no minimum obligation associated with the deposit, it is not considered financing, and each shipment is considered to be a separate performance obligation. The streaming agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheet. See Note 21 -- Commitments and Contingencies for additional detail. The following table presents a rollforward of the Franco-Nevada contract liability balance: Year Ended December 31, In thousands 2020 2019 2018 Opening Balance $ 11,061 $ 12,918 $ 14,883 Revenue Recognized (1,685) (1,857) (1,965) Closing Balance $ 9,376 $ 11,061 $ 12,918 In June 2020, the Company received a $15.0 million prepayment (the “June 2020 Prepayment” as defined in Note 21) for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined in Note 21). In December 2020, the Company received a $15.0 million prepayment (the “December 2020 Prepayment” as defined in Note 21) for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined in Note 21). The Amended Sales Contract represents a contract liability under ASC 606, which requires the Company to recognize ratably a portion of the deposit as revenue for each gold ounce delivered to the customer. The remaining contract liability is included in Accrued liabilities and other on the Consolidated Balance Sheet. See Note 21 -- Commitments and Contingencies for additional detail. The following table presents a rollforward of the Amended Sales Contract liability balance: Year Ended December 31, In thousands 2020 2019 2018 Opening Balance $ 15,009 $ — $ — Additions 30,177 40,009 — Revenue Recognized (30,183) (25,000) — Closing Balance $ 15,003 $ 15,009 $ — Recently Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326)”. The new standard is effective for reporting periods beginning after December 15, 2019. The standard replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. The standard requires a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The adoption of the new credit loss standard in 2020 did not have a material effect on our financial position, results of operations or cash flows. Recently Issued Accounting Standards In December 2019, the FASB issued ASU 2019-12, “Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740)” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 will be effective for interim and annual periods beginning after December 15, 2020 (January 1, 2021 for the Company). Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2019-12 will have on its consolidated financial statements. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING The Company’s operating segments include the Palmarejo, 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, which temporarily suspended mining and processing activities in February 2020, is engaged in the discovery, mining, and production of silver, zinc and lead. Other includes the Sterling/Crown 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. The 2019 novel strain of coronavirus causing a contagious respiratory disease known as COVID-19, which was declared a pandemic by the World Health Organization on March 11, 2020, poses a material risk to Coeur’s business and operations. Early in the second quarter of 2020, the Company temporarily suspended active mining and processing activities at the Palmarejo complex in the State of Chihuahua, Mexico, in accordance with a government decree in response to COVID-19. After receiving guidance from the Mexican government in May that the suspension decree did not apply to precious metals mining, production began ramping back up in June, increasing steadily during the month and in the third quarter. In addition, as a result of several reported positive COVID-19 cases at our Kensington mine outside of Juneau, Alaska, during the third quarter of 2020 the Company experienced a minor short-term production impact associated with this situation, which adversely impacted production and cash flows. Coeur continues to require all employees who travel to the Kensington mine to submit to a quarantine and testing protocol in Juneau, Alaska before traveling to the mine. The Company believes this is an important step to protect the health and safety of all workers who stay at the Kensington camp as well as the Juneau community, although it has required changes to worker scheduling and has resulted and is expected to continue to result in higher labor costs due to additional overtime pay and pay during the quarantine period. Incremental costs associated with the Company’s COVID-19 health and safety protocols are recorded in Pre-development, reclamation, and other expenses in our Consolidated Statement of Comprehensive Income (Loss) and are included in Other operating expenses in the table below. Because of the highly uncertain and dynamic nature of events relating to the COVID-19 pandemic, it is not currently possible to estimate the impact of the pandemic on the Company’s operating segments. However, these effects could have a material impact on our operations, and Coeur will continue to monitor the COVID-19 situation closely. Financial information relating to the Company’s segments is as follows (in thousands): Year Ended December 31, 2020 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 154,056 $ 46,337 $ 216,497 $ 167,743 $ — $ — $ 584,633 Silver sales 132,525 63,916 — 2,504 1,230 — 200,175 Zinc sales — — — — (662) — (662) Lead sales — — — — 1,315 — 1,315 Metal sales 286,581 110,253 216,497 170,247 1,883 — 785,461 Costs and Expenses Costs applicable to sales (1) 125,204 86,112 121,727 89,635 17,657 — 440,335 Amortization 44,873 14,306 49,477 12,473 8,923 1,335 131,387 Exploration 6,955 3,303 8,568 905 12,228 10,684 42,643 Write-downs — — — — — — — Other operating expenses 7,927 5,144 12,012 838 23,123 40,332 89,376 Other income (expense) Loss on debt extinguishment — — — — — — — Fair value adjustments, net — — — — — 7,601 7,601 Interest expense, net (918) (1,142) (1,017) (182) (672) (16,777) (20,708) Other, net (5,273) (2,718) (18) (69) 1,793 344 (5,941) Income and mining tax (expense) benefit (28,029) (863) (1,244) (6,644) — (265) (37,045) Income (loss) from continuing operations $ 67,402 $ (3,335) $ 22,434 $ 59,501 $ (58,927) $ (61,448) $ 25,627 Income (loss) from discontinued operations $ — $ — $ — $ — $ — $ — $ — Segment assets (2) $ 305,291 $ 346,986 $ 169,414 $ 75,047 $ 157,529 $ 177,886 $ 1,232,153 Capital expenditures $ 25,511 $ 37,542 $ 19,825 $ 2,447 $ 13,144 $ 810 $ 99,279 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Year Ended December 31, 2019 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 141,669 $ 50,225 $ 181,111 $ 120,342 $ — $ — $ 493,347 Silver sales 111,032 61,799 — 1,072 17,575 $ — 191,478 Zinc sales — — — — 12,806 — 12,806 Lead sales — — — — 13,871 — 13,871 Metal sales 252,701 112,024 181,111 121,414 44,252 — 711,502 Costs and Expenses Costs applicable to sales (1) 141,927 100,205 119,602 80,689 108,758 — 551,181 Amortization 59,379 18,041 50,592 12,280 36,738 1,846 178,876 Exploration 5,658 657 5,588 272 2,469 7,883 22,527 Write-downs — — — — 250,814 — 250,814 Other operating expenses 4,591 4,572 1,248 2,832 1,216 38,455 52,914 Other income (expense) Loss on debt extinguishment — — — — — (1,281) (1,281) Fair value adjustments, net — — — — — 16,030 16,030 Interest expense, net (444) (1,015) (1,333) (100) (1,137) (20,742) (24,771) Other, net (4,798) (378) (704) 89 (557) 3,155 (3,193) Income and mining tax (expense) benefit (14,257) (709) — (3,041) 32,084 (2,948) 11,129 Income (loss) from continuing operations $ 21,647 $ (13,553) $ 2,044 $ 22,289 $ (325,353) $ (53,970) $ (346,896) Income (loss) from discontinued operations $ — $ — $ — $ — — $ 5,693 $ 5,693 Segment assets (2) $ 319,292 $ 284,878 $ 194,076 $ 84,765 164,125 $ 168,647 $ 1,215,783 Capital expenditures $ 32,658 $ 22,592 $ 23,513 $ 2,220 17,504 $ 1,285 $ 99,772 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Year Ended December 31, 2018 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 131,758 $ 66,556 $ 132,924 $ 95,770 $ — $ — $ 427,008 Silver sales 113,998 75,252 — 746 3,157 $ — 193,153 Zinc sales — — — — 3,612 — 3,612 Lead sales — — — — 2,131 — 2,131 Metal sales 245,756 141,808 132,924 96,516 8,900 — 625,904 Costs and Expenses Costs applicable to sales (1) 120,088 105,677 112,364 67,201 35,620 — 440,950 Amortization 60,744 20,909 29,508 11,072 5,235 1,005 128,473 Exploration 10,516 332 5,871 104 2,748 5,826 25,397 Write-downs — — — — — — — Other operating expenses 3,043 7,071 1,721 2,686 303 36,564 51,388 Other income (expense) Loss on debt extinguishment — — — — — — — Fair value adjustments, net — — — — — 3,638 3,638 Interest expense, net (2,137) (466) (973) (40) (766) (19,982) (24,364) Other, net (8,308) (1,211) 2,795 (834) (370) (16,777) (24,705) Income and mining tax (expense) benefit (15,724) (874) — (1,063) 16,057 18,384 16,780 Income (loss) from continuing operations $ 25,196 $ 5,268 $ (14,718) $ 13,516 $ (20,085) $ (58,132) $ (48,955) Income (loss) from discontinued operations $ — $ — $ — $ — — $ 550 $ 550 Segment assets (2) $ 363,024 $ 269,903 $ 224,460 $ 102,246 415,998 $ 175,040 $ 1,550,671 Capital expenditures $ 29,425 $ 9,919 $ 44,738 $ 3,382 52,932 $ 391 $ 140,787 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Assets December 31, 2020 December 31, 2019 Total assets for reportable segments $ 1,232,153 $ 1,215,783 Cash and cash equivalents 92,794 55,645 Other assets 79,030 107,208 Total consolidated assets $ 1,403,977 $ 1,378,636 Geographic Information Long-Lived Assets December 31, 2020 December 31, 2019 United States $ 503,818 $ 494,286 Mexico 293,436 312,168 Canada 149,018 146,804 Other 657 7,486 Total $ 946,929 $ 960,744 Revenue Year ended December 31, 2020 2019 2018 United States $ 496,997 $ 414,548 $ 371,248 Mexico 286,581 252,701 245,756 Canada 1,883 44,253 8,900 Total $ 785,461 $ 711,502 $ 625,904 The Company's doré, as well as the concentrate product produced by the Wharf mine, is refined into gold and silver bullion according to benchmark standards set by the LBMA, which regulates the acceptable requirements for bullion traded in the London precious metals markets. The Company then sells its gold and silver bullion to multi-national banks, bullion trading houses, and refiners across the globe. The Company had seven trading counterparties at December 31, 2020. The Company's sales of doré or concentrate product produced by the Palmarejo, Rochester, and Wharf mines amounted to approximately 72%, 68%, and 77%, of total metal sales for the years ended December 31, 2020, 2019, and 2018, respectively. In November 2018, one of the refiners of the Company’s doré, Republic Metals Corporation (“RMC”), a U.S.-based precious metals refiner, filed for protection under Chapter 11 of the United States Bankruptcy Code. See Note 5 -- Receivables for additional detail. The Company's gold concentrate product from the Kensington mine and the zinc and lead concentrates from the Silvertip mine are sold under a variety of agreements with smelters and traders, and the smelters and traders pay the Company for the metals recovered from the concentrates. The Company’s sales of concentrate produced by the Kensington and Silvertip mines amounted to approximately 28%, 32%, and 23% of total metal sales for the years ended December 31, 2020, 2019, and 2018, respectively. The Company believes that the loss of any one smelter, refiner, trader or third-party customer would not have a material adverse effect on the Company due to the liquidity of the markets and current availability of alternative trading counterparties. The following table indicates customers that represent 10% or more of total sales of metal for at least one of the years December 31, 2020, 2019, and 2018 (in millions): Year ended December 31, Customer 2020 2019 2018 Segments reporting revenue Asahi $ 272.1 $ 341.0 $ 213.0 Palmarejo, Wharf, Rochester, Kensington Ocean Partners 161.0 149.7 74.8 Silvertip, Kensington Toronto Dominion Bank 88.6 35.1 44.9 Rochester Techemet Metal Trading 81.8 9.4 83.3 Rochester, Wharf Argor-Heraeus 79.9 23.1 — Palmarejo RMC — — 71.7 Palmarejo, Rochester China National Gold — — 54.1 Kensington |
Write-Downs (Notes)
Write-Downs (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Asset Impairment Charges [Text Block] | IMPAIRMENT OF LONG-LIVED ASSETS In 2019, the Company performed a comprehensive analysis of its Silvertip property and determined that indicators of impairment existed, primarily as a result of further deterioration in zinc and lead market conditions as well as processing facility-related challenges. As a result, a non-cash impairment charge of $250.8 million was recorded during the in 2019. The write-down was allocated between Property, plant and equipment, net , Mining properties, net and Other non-current assets , $43.6 million, $201.5 million and $5.7 million, respectively. See Note 16 -- Fair Value Measurements for additional detail of the assumptions used in the determination of the fair value of the long-lived assets tested for impairment. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
RECEIVABLES | RECEIVABLES Receivables consist of the following: In thousands December 31, 2020 December 31, 2019 Current receivables: Trade receivables $ 3,293 $ 6,028 Value added tax (“VAT”) receivable 17,080 10,729 Income tax receivable 530 105 Other 2,581 1,804 $ 23,484 $ 18,666 Non-current receivables: VAT receivable (1) $ 26,447 $ 28,009 RMC receivable (2) — 700 26,447 28,709 Total receivables $ 49,931 $ 47,375 (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). See Note 21 -- Commitments and Contingencies for additional detail. The $1.5 million decrease in the year ended December 31, 2020 is attributable to a weaker Mexican Peso. |
Inventory and Ore on Leach Pads
Inventory and Ore on Leach Pads | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
INVENTORY AND ORE ON LEACH PADS | INVENTORY AND ORE ON LEACH PADS Inventory consists of the following: In thousands December 31, 2020 December 31, 2019 Inventory: Concentrate $ 2,909 $ 6,557 Precious metals 14,788 14,040 Supplies 33,513 35,289 51,210 55,886 Ore on Leach Pads: Current 74,866 66,192 Non-current 81,963 71,539 156,829 137,731 Long-term Stockpile (included in Other ) $ 5,664 $ — Total Inventory and Ore on Leach Pads $ 213,703 $ 193,617 Prior to the temporary suspension of mining activities at Silvertip, as a result of lower than expected production levels, grades and recovery rates as well as reduced process plant availability, Silvertip recognized inventory write-downs of $10.4 million, which are reflected in Costs applicable to sales for the year ended December 31, 2020. Subsequent to the suspension of mining activities, Silvertip has recognized additional supply inventory write-downs of $3.3 million, which are reflected in |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Investment in Marketable Securities [Abstract] | |
Investment Holdings | INVESTMENTS Equity Securities The Company makes strategic investments in equity and debt securities of silver and gold exploration, development and royalty and streaming companies. At December 31, 2020 In thousands Cost Gross Gross Estimated Equity Securities Metalla Royalty & Streaming Ltd. $ 166 $ — $ 875 $ 1,041 Integra Resources Corp. 7,500 — 4,401 11,901 Other 2 (1) — 1 Equity securities $ 7,668 $ (1) $ 5,276 $ 12,943 At December 31, 2019 In thousands Cost Gross Gross Estimated Equity Securities Metalla Royalty & Streaming Ltd. $ 10,463 $ — $ 17,725 $ 28,188 Integra Resources Corp. 5,000 — 355 5,355 Rockhaven Resources, Ltd. 2,064 (376) — 1,688 Other 1,304 (889) — 415 Equity securities $ 18,831 $ (1,265) $ 18,080 $ 35,646 On June 30, 2020, the Company completed the sale of 3,910,000 shares of common stock of Metalla Royalty & Streaming Ltd. (“Metalla”) (“Metalla Common Shares”) at a price of $5.30 per Metalla Common Share for gross proceeds of $20.7 million. After transaction related expenses of $1.3 million, the Company recorded a realized gain of $11.6 million on the sale of the Metalla Common Shares. In addition, on June 30, 2020, one of the Company’s subsidiaries completed the repurchase from Metalla of a 0.3875% royalty interest in the Company’s Wharf mine in exchange for 421,554 Metalla Common Shares. Based on the closing price of Metalla Common Shares on June 30, 2020, the Company recorded a realized gain of $1.4 million on the royalty repurchase transaction. In December 2020, the Company completed the sale of 826,200 shares of common stock of Metalla at an average price (net of commission) of $11.33 per Metalla Common Share for net proceeds of $9.4 million for a realized gain of $7.7 million. On September 14, 2020, the Company participated in an offering of shares of common stock of Integra Resources Corp. (“Integra”) (“Integra Common Shares”), exercising a previously-acquired participation right, and purchased an additional 735,294 Integra Common Shares at a price of $3.40 per Integra Common Share for a total of $2.5 million. Following completion of the transaction, Coeur owned approximately 5.6% of issued and outstanding Integra Common Shares. In November and December 2020, the Company completed the sale of 15,150,000 shares of common stock of Rockhaven Resources, Ltd. (“Rockhaven Common Shares”) at an average price (net of commission) of $0.08 per Rockhaven Common Share for net proceeds of $1.3 million for a realized loss of $0.8 million. The following table presents the disaggregated gain (loss) on equity securities recognized in Income (loss) from continuing operations on the Consolidated Statements of Comprehensive Income: Year ended December 31, In thousands 2020 2019 2018 Net gain (loss) $ 7,601 $ 16,208 $ 2,945 Less: Realized (gain) loss (19,140) (860) (7,964) Unrealized gain (loss) $ (11,539) $ 15,348 $ (5,019) |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: In thousands December 31, 2020 December 31, 2019 Land $ 10,584 $ 10,598 Facilities and equipment 659,676 650,769 Assets under finance leases $ 100,530 $ 103,903 770,790 765,270 Accumulated amortization (1) $ (579,644) $ (537,046) 191,146 228,224 Construction in progress $ 38,993 20,565 Property, plant and equipment, net 230,139 $ 248,789 (1) Includes $60.2 million and $42.2 million of accumulated amortization related to assets under finance leases at December 31, 2020 and December 31, 2019, respectively. |
Mining Properties
Mining Properties | 12 Months Ended |
Dec. 31, 2020 | |
Mining Properties [Abstract] | |
MINING PROPERTIES | MINING PROPERTIES Mining properties consist of the following (in thousands): December 31, 2020 Palmarejo Rochester Silvertip Kensington Wharf Sterling La Preciosa Other Total Mine development $ 280,184 $ 270,648 $ 48,589 $ 360,201 $ 33,578 $ 4,107 $ — $ — $ 997,307 Accumulated amortization (194,898) (157,526) (10,747) (264,014) (22,547) (1,099) — — (650,831) 85,286 113,122 37,842 96,187 11,031 3,008 — — 346,476 Mineral interests 629,303 18,541 105,736 — 48,062 95,499 49,085 — 946,226 Accumulated amortization (518,866) — (24,828) — (32,217) — — — (575,911) 110,437 18,541 80,908 — 15,845 95,499 49,085 — 370,315 Mining properties, net $ 195,723 $ 131,663 $ 118,750 $ 96,187 $ 26,876 $ 98,507 $ 49,085 $ — $ 716,790 December 31, 2019 Palmarejo Rochester Silvertip Kensington Wharf Sterling La Preciosa Other Total Mine development $ 260,838 $ 220,127 $ 50,146 $ 345,026 $ 34,165 $ 3,651 $ — $ — $ 913,953 Accumulated amortization (179,894) (155,079) (9,623) (230,869) (20,071) (678) — — (596,214) 80,944 65,048 40,523 114,157 14,094 2,973 — — 317,739 Mineral interests 629,303 18,541 105,736 — 45,837 95,499 49,085 5,171 949,172 Accumulated amortization (501,039) — (24,147) — (29,051) — — (719) (554,956) 128,264 18,541 81,589 — 16,786 95,499 49,085 4,452 394,216 Mining properties, net $ 209,208 $ 83,589 $ 122,112 $ 114,157 $ 30,880 $ 98,472 $ 49,085 $ 4,452 $ 711,955 |
Acquisitions (Notes)
Acquisitions (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS In November 2018, the Company and Coeur Rochester consummated the transactions contemplated by the Asset Purchase Agreement among the Company, Coeur Rochester and Alio Gold Inc. and one of its subsidiaries (“Alio Gold”) pursuant to which Coeur Rochester acquired all of Alio Gold’s rights, titles, and interests in and to certain real property assets and patented and unpatented mining claims located in Pershing County, Nevada (collectively, the “Lincoln Hill and related assets”). In consideration for the acquisition of Lincoln Hill and related assets, the Company paid Alio Gold consideration of $19.0 million in shares of Company common stock calculated using a five-day volume-weighted average price of Company common stock for a five-trading day period ending on the third trading day immediately preceding the closing. The transaction was accounted for as an asset acquisition as the Lincoln Hill and related assets do not currently have processes, including experienced personnel, in place to extract the minerals from the ground to produce outputs. As such, the total purchase price was allocated to the assets acquired and liabilities assumed based on their relative fair values. The purchase price and acquired assets and liabilities were as follows (in thousands except share data): Common shares issued (4,268,703 at $4.40) $ 18,782 Transaction advisory fees and other acquisition costs 246 Total purchase price $ 19,028 Total assets acquired $ 19,028 In October 2018, the Company completed its acquisition of Northern Empire Resources Corp. (“Northern Empire”), whose principal asset is the Sterling/Crown gold project. Upon completion of the acquisition, each share of Northern Empire common stock issued and outstanding immediately prior to the effective time of the Plan of Arrangement, excluding shares owned by the Company, was exchanged for shares of the Company’s common stock at a ratio of 0.1850 shares of Company common stock for each Northern Empire common share. Approximately 12.1 million Coeur shares were issued to Northern Empire shareholders (other than the Company) upon closing of the acquisition, representing aggregate value of approximately $73.6 million as of the closing date. Prior to the acquisition, the Company had an existing investment valued at $7.3 million in Northern Empire. The transaction was accounted for as an asset acquisition as Northern Empire did not have processes, including experienced personnel, in place to extract the minerals from the ground to produce outputs. As such, the total purchase price was allocated to the assets acquired and liabilities assumed based on their relative fair values. Total consideration and acquired assets and liabilities were as follows (in thousands except share data): Common shares issued (12,122,683 at $5.27) $ 63,887 Fair value of existing investment in Northern Empire 7,257 Transaction advisory fees and other acquisition costs 2,449 Total consideration 73,593 Total assets acquired 111,527 Total liabilities assumed 37,934 Net assets acquired $ 73,593 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | LEASES Right of Use Assets and Liabilities The following table summarizes quantitative information pertaining to the Company’s finance and operating leases. Year ended December 31, In thousands 2020 2019 Lease Cost Operating lease cost $ 12,036 $ 11,585 Short-term operating lease cost $ 8,055 $ 12,975 Finance Lease Cost: Amortization of leased assets $ 23,921 $ 21,293 Interest on lease liabilities 3,634 4,150 Total finance lease cost $ 27,555 $ 25,443 Supplemental cash flow information related to leases was as follows: Year ended December 31, In thousands 2020 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 21,348 $ 24,560 Operating cash flows from finance leases $ 3,634 $ 4,150 Financing cash flows from finance leases $ 25,984 $ 25,975 Supplemental balance sheet information related to leases was as follows: In thousands December 31, 2020 December 31, 2019 Operating Leases Other assets, non-current $ 40,511 $ 49,169 Accrued liabilities and other $ 12,410 $ 13,104 Other long-term liabilities 27,433 40,634 Total operating lease liabilities $ 39,843 $ 53,738 Finance Leases Property and equipment, gross $ 104,433 $ 103,903 Accumulated depreciation (60,272) (42,209) Property and equipment, net $ 44,161 $ 61,694 Debt, current $ 22,074 $ 22,746 Debt, non-current 25,837 45,866 Total finance lease liabilities $ 47,911 $ 68,612 Weighted Average Remaining Lease Term Weighted-average remaining lease term - finance leases 1.36 1.73 Weighted-average remaining lease term - operating leases 4.00 4.70 Weighted Average Discount Rate Weighted-average discount rate - finance leases 5.37 % 5.40 % Weighted-average discount rate - operating leases 5.18 % 5.20 % In the quarter ended June 30, 2020, the Company entered into an agreement to modify one of its operating leases, significantly reducing the lease amount and lease term, thereby decreasing the operating lease liability at remeasurement. The Company recognized a gain of $4.1 million in connection with this lease modification, which is recognized in Pre-development, reclamation, and other , together with the adjustment to the right of use asset and operating lease liability. Minimum future lease payments under finance and operating leases with terms longer than one year are as follows: As of December 31, 2020 (In thousands) Operating leases Finance leases 2021 $ 12,602 $ 23,958 2022 10,989 18,140 2023 10,407 8,440 2024 8,812 1,699 2025 213 101 Thereafter 1,167 — Total $ 44,190 $ 52,338 Less: imputed interest (4,347) (4,427) Net lease obligation $ 39,843 $ 47,911 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT December 31, 2020 December 31, 2019 In thousands Current Non-Current Current Non-Current 2024 Senior Notes, net (1) $ — $ 227,590 $ — $ 226,885 Revolving Credit Facility (2) — — — — Finance lease obligations 22,074 25,837 22,746 45,866 $ 22,074 $ 253,427 $ 22,746 $ 272,751 (1) Net of unamortized debt issuance costs of $2.4 million and $3.1 million at December 31, 2020 and December 31, 2019, respectively. (2) Unamortized debt issuance costs of $1.5 million and $2.3 million at December 31, 2020 and December 31, 2019, 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 (the “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. The 2024 Senior Notes are governed by an Indenture dated as of May 31, 2017 (the “Indenture”), among the Company, as issuer, certain of the Company's subsidiaries named therein, as guarantors thereto (the “Guarantors”), and the Bank of New York Mellon, as trustee. In connection with the sale of the 2024 Senior Notes, the Company entered into a Registration Rights Agreement. On August 4, 2017, the Company commenced an exchange offer of registered 2024 Senior Notes for privately-placed 2024 Senior Notes which was completed on September 12, 2017. The 2024 Senior Notes bear interest at a rate of 5.875% per year from the date of issuance. Interest on the 2024 Senior Notes is payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2017. The 2024 Senior Notes will mature on June 1, 2024 and are fully and unconditionally guaranteed by the Guarantors. The Company may redeem some or all of the 2024 Senior Notes on or after June 1, 2020, at redemption prices set forth in the Indenture (102.938% of the principal amount as of December 31, 2020), together with accrued and unpaid interest. The Indenture contains covenants that, among other things, limit the Company’s ability under certain circumstances to incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem capital stock, prepay, redeem or repurchase certain debt, make loans and investments, create liens, sell, transfer or otherwise dispose of assets, enter into transactions with affiliates, enter into agreements restricting the Company's subsidiaries' ability to pay dividends and impose conditions on the Company’s ability to engage in mergers, consolidations and sales of all or substantially all of its assets. The Indenture also contains certain “Events of Default” (as defined in the Indenture) customary for indentures of this type. In the third quarter of 2019, the Company entered into multiple privately-negotiated agreements to exchange $20 million in aggregate principal amount of its 2024 Senior Notes for approximately 4.5 million shares of common stock. Based on the closing price of the Company’s common stock on the date of each exchange, the exchanges resulted in an aggregate loss of $1.3 million. Revolving Credit Facility In September 2017, the Company, as borrower, and certain subsidiaries of the Company, as guarantors, entered into the RCF with an original term of four years. Loans under the RCF bear interest at a rate equal to either a base rate plus a margin ranging from 1.00% to 1.75% or an adjusted LIBOR rate plus a margin ranging from 2.00% to 2.75%, as selected by the Company, in each case, with such margin determined in accordance with a pricing grid based upon the Company’s consolidated net leverage ratio as of the end of the applicable period. In October 2018, the Company entered into an amendment to increase the RCF by $50.0 million from $200.0 million to $250.0 million and extend the term by approximately one year to October 2022. In April and August of 2019, the Company entered into amendments to the Credit Agreement to, among other items, modify the financial covenants to provide greater flexibility in 2019. On December 14, 2020, the Company entered into an amendment to increase the RCF from $250.0 million to $300.0 million and to include ING Capital LLC as an incremental lender on the RCF. The RCF is secured by substantially all of the assets of the Company and its domestic subsidiaries, including the land, mineral rights and infrastructure at the Kensington, Rochester and Wharf mines and the Sterling/Crown project as well as a pledge of the shares and other equity interests of certain of the Company’s subsidiaries. The RCF contains representations and warranties and affirmative and negative covenants that are usual and customary, including representations, warranties, and covenants that, among other things, restrict the ability of the Company and its subsidiaries to incur additional debt, incur or permit liens on assets, make investments and acquisitions, consolidate or merge with any other company, engage in asset sales and make dividends and distributions. The RCF requires the Company to meet certain financial covenants consisting of a consolidated net leverage ratio and a consolidated interest coverage ratio. Obligations under the RCF may be accelerated upon the occurrence of certain customary events of default. At December 31, 2020, the Company had no borrowings, and $35.0 million in letters of credit outstanding und er the RCF. At December 31, 2020, the interest rate on the principal of the RCF was 2.4%. Finance Lease Obligations From time-to-time, the Company acquires mining equipment and facilities under finance lease agreements. In the year ended December 31, 2020, the Company entered into new lease financing arrangements primarily for mining equipment at Palmarejo, Rochester, Silvertip and Kensington . All finance lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. See Note 11 -- Leases for additional qualitative and quantitative disclosures related to finance leasing arrangements. Interest Expense Year Ended December 31, In thousands 2020 2019 2018 2024 Senior Notes $ 13,513 $ 14,586 $ 14,688 Revolving Credit Facility 3,165 5,358 5,854 Finance lease obligations 3,634 4,150 2,270 Amortization of debt issuance costs 1,525 1,491 1,302 Accretion of Silvertip contingent consideration — 396 1,311 Other debt obligations 344 580 176 Capitalized interest (1,473) (1,790) (1,237) Total interest expense, net of capitalized interest $ 20,708 $ 24,771 $ 24,364 |
Reclamation
Reclamation | 12 Months Ended |
Dec. 31, 2020 | |
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: Year Ended December 31, In thousands 2020 2019 Asset retirement obligation - Beginning $ 134,398 $ 133,508 Accretion 11,574 11,968 Additions and changes in estimates (6,132) (7,538) Settlements (2,720) (3,540) Asset retirement obligation - Ending $ 137,120 $ 134,398 |
Income and Mining Taxes
Income and Mining Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME AND MINING TAXES | INCOME AND MINING TAXES The components of Income (loss) before income taxes are below: Year ended December 31, In thousands 2020 2019 2018 United States $ 40,890 $ (16,702) $ (50,522) Foreign 21,782 (341,323) (15,213) Total $ 62,672 $ (358,025) $ (65,735) The components of the consolidated Income and mining tax (expense) benefit from continuing operations are below: Year ended December 31, In thousands 2020 2019 2018 Current: United States $ 226 $ (334) $ 1,188 United States — State mining taxes (8,384) (4,001) (3,208) United States — Foreign withholding tax (800) (1,598) (5,617) Canada 232 119 378 Mexico (36,066) (19,619) (26,021) Other 33 (3) 67 Deferred: United States (49) 236 23,322 United States — State mining taxes (354) 251 1,134 Canada — 32,084 16,057 Mexico 8,117 3,994 9,929 Other — — (449) Income tax (expense) benefit $ (37,045) $ 11,129 $ 16,780 he Company’s Income and mining tax benefit (expense) differed from the amounts computed by applying the United States statutory corporate income tax rate for the following reasons: Year ended December 31, In thousands 2020 2019 2018 Income and mining tax (expense) benefit at statutory rate $ (13,161) $ 75,185 $ 14,052 State tax provision from continuing operations (152) 1,243 2,284 Change in valuation allowance (17,522) (77,220) 2,471 Percentage depletion 5,056 820 89 Uncertain tax positions 2,321 2,358 1,830 U.S. and foreign permanent differences 3,844 2,272 3,314 Foreign exchange rates 1,390 (7,066) (3,973) Foreign inflation and indexing 684 (2,933) (2,374) Foreign tax rate differences (3,971) 19,729 (24) Mining, foreign withholding, and other taxes (17,457) (2,746) (3,857) Other, net 1,923 (513) 2,968 Income and mining tax (expense) benefit $ (37,045) $ 11,129 $ 16,780 At December 31, 2020 and 2019, the significant components of the Company’s deferred tax assets and liabilities are below: Year ended December 31, In thousands 2020 2019 Deferred tax liabilities: Mineral properties $ — $ 25,691 Inventory 5 847 Royalty and other long-term debt 1,094 — Foreign subsidiaries - unremitted earnings 99 50 $ 1,198 $ 26,588 Deferred tax assets: Net operating loss carryforwards $ 241,985 $ 219,192 Mineral properties 1,907 — Property, plant, and equipment 10,841 20,212 Mining royalty tax 7,447 6,764 Capital loss carryforwards 17,341 21,956 Asset retirement obligation 38,761 34,134 Unrealized foreign currency loss and other 3,386 9,133 Royalty and other long-term debt — 6,235 Accrued expenses 16,849 8,899 Tax credit carryforwards 29,809 29,881 368,326 356,406 Valuation allowance (401,304) (371,277) (32,978) (14,871) Net deferred tax liabilities $ 34,176 $ 41,459 A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. Based upon this analysis, the Company has recorded valuation allowances as follows: Year ended December 31, In thousands 2020 2019 U.S. $ 215,396 $ 213,783 Canada 146,611 118,738 Mexico 15,885 15,884 New Zealand 22,740 21,863 Other 672 1,009 $ 401,304 $ 371,277 The Company has the following tax attribute carryforwards at December 31, 2020, by jurisdiction: In thousands U.S. Canada Mexico New Zealand Other Total Regular net operating losses $ 432,447 $ 304,237 $ 52,951 $ 86,486 $ 1,337 $ 877,458 Expiration years 2021-2038 2029-2039 2021-2030 Indefinite 2021-2022 Capital losses 63,024 — — — — 63,024 Foreign tax credits 24,939 — — — — 24,939 The majority of the U.S. capital losses will expire through 2022. Foreign tax credits expire if unused beginning in 2021. The utilization of U.S. net operating loss carryforwards, tax credit carryforwards, and recognized built-in losses may be subject to limitation under the rules regarding a change in stock ownership as determined by the Internal Revenue Code and state tax laws. Section 382 of the Internal Revenue Code of 1986, as amended, imposes annual limitations on the utilization of net operating loss carryforwards, tax credit carryforwards, and certain built-in losses upon an ownership change as defined under that Section. Generally, an ownership change may result from transactions that increase the aggregate ownership of certain shareholders in the Company’s stock by more than 50 percentage points over a three-year testing period. If the Company experiences an ownership change, an annual limitation would be imposed on certain of the Company’s tax attributes, including net operating losses and certain other losses, credits, deductions or tax basis. Management has determined that the Company experienced ownership changes during 2002, 2003, 2007, and 2015 for purposes of Section 382. Based on management’s calculations, the Company does not expect any of its U.S. tax attributes to expire unused as a result of the Section 382 annual limitations. However, the annual limitations may impact the timeframe over which the net operating loss carryforwards can be used, potentially impacting cash tax liabilities in a future period. The U.S. federal tax credits and state net operating losses may potentially be limited as well. We continue to maintain a full valuation allowance on our US net deferred tax assets since it is more likely than not that the related tax benefits will not be realized. The Company may also experience ownership changes in the future as a result of subsequent shifts in our stock ownership. As a result, if the Company earns U.S. federal taxable income, it may be limited in the ability to (1) recognize current deductions on built-in loss assets and (2) offset this income with our pre-change net operating loss carryforwards and other tax credit carryforwards, which may be subject to limitations, potentially resulting in increased future tax liability to us. Under the Tax Cuts and Jobs Act of 2017 (“TCJA”), federal net operating losses incurred in 2018 and in future years may be carried forward indefinitely, but the deductibility of such federal net operating losses is limited to 80% of future taxable income. The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act suspended the 80% limitation on losses incurred in 2018 and in future years, for tax years beginning before January 1, 2021. The Company does not expect this to impact its net operating loss usage. The Company intends to indefinitely reinvest earnings from Mexican operations. A reconciliation of the beginning and ending amount related to unrecognized tax benefits is below (in thousands): Unrecognized tax benefits at December 31, 2018 $ 3,776 Gross increase to current period tax positions — Gross increase to prior period tax positions 137 Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations (1,207) Unrecognized tax benefits at December 31, 2019 $ 2,706 Gross increase to current period tax positions — Gross increase to prior period tax positions (122) Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations (1,861) Unrecognized tax benefits at December 31, 2020 $ 723 At December 31, 2020, 2019, and 2018, $0.7 million, $2.7 million, and $3.8 million, respectively, of these gross unrecognized benefits would, if recognized, decrease the Company’s effective tax rate. The Company operates in numerous countries around the world and is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. The Company has historically filed, and continues to file, all required income tax returns and paid the taxes reasonably determined to be due. The tax rules and regulations in many countries are highly complex and subject to interpretation. From time to time, the Company is subject to a review of its historic income tax filings and, in connection with such reviews, disputes can arise with the taxing authorities over the interpretation or application of certain rules to the Company’s business conducted within the country involved. The Company files income tax returns in various U.S. federal and state jurisdictions, in all identified foreign jurisdictions, and various others. The statute of limitations remains open from 2017 for the US federal jurisdiction and from 2013 for certain other foreign jurisdictions. As a result of statutes of limitations that will begin to expire within the next 12 months in various jurisdictions and possible settlement of audit-related issues with taxing authorities in various jurisdictions with respect to which none of these issues are individually significant, the Company believes that it is reasonably possible that the total amount of its unrecognized income tax liability will decrease between $0.5 million and $1.5 million in the next 12 months. The Company classifies interest and penalties associated with uncertain tax positions as a component of income tax expense and recognized interest and penalties of $1.1 million, $2.3 million, and $3.5 million at December 31, 2020, 2019, and 2018, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company has stock incentive plans for executives and eligible employees. Stock awards include restricted stock, performance shares and stock options. Stock-based compensation expense for the years ended December 31, 2020, 2019, and 2018 was $8.5 million, $9.3 million and $8.3 million, respectively. At December 31, 2020, there was $8.7 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.6 years. Restricted Stock Restricted stock granted under the Company’s incentive plans are accounted for based on the market value of the underlying shares on the date of grant and generally vest in equal installments annually over three years. Restricted stock awards are accounted for as equity awards. Holders of restricted stock are entitled to vote the shares and to receive any dividends declared on the shares. The following table summarizes restricted stock activity for the years ended December 31, 2020, 2019, and 2018: Restricted Stock Number of Weighted Outstanding at December 31, 2017 2,155,845 $ 5.72 Granted 1,000,690 7.63 Vested (1,277,076) 5.30 Canceled/Forfeited (337,811) 6.51 Outstanding at December 31, 2018 1,541,648 $ 7.14 Granted 1,586,590 4.90 Vested (797,025) 6.36 Canceled/Forfeited (146,538) 5.70 Outstanding at December 31, 2019 2,184,675 $ 5.89 Granted 1,676,634 5.13 Vested (928,778) 6.46 Canceled/Forfeited (207,807) 5.36 Outstanding at December 31, 2020 2,724,724 $ 5.26 At December 31, 2020, there was $4.4 million of unrecognized compensation cost related to restricted stock awards to be recognized over a weighted-average period of 1.4 years. Performance Shares Performance shares granted under the Company’s incentive plans are accounted for as equity awards at fair value using a Monte Carlo simulation valuation model. Performance shares granted during and subsequent to 2018 will vest at the end of a three-year service period if internal performance metrics are met, with the number of shares vesting impacted by the inclusion of a modifier based upon a relative stockholder return metric. The relative stockholder return metric is included in the determination of the grant date fair value of the performance shares; however, the recognition of compensation cost for performance share awards is based on the results of the internal performance metrics. Outstanding performance shares granted prior to 2018 will vest at the end of a three-year service period if relative stockholder return and internal performance metrics are met. The existence of a market condition requires recognition of compensation cost for the performance share awards over the requisite period regardless of whether the relative stockholder return metric is met. The following table summarizes performance shares activity for the years ended December 31, 2020, 2019, and 2018: Performance Shares Number of Weighted Outstanding at December 31, 2017 2,368,281 $ 4.44 Granted (1) 869,421 7.41 Vested (1,086,058) 6.83 Canceled/Forfeited (613,329) 5.41 Outstanding at December 31, 2018 1,538,315 $ 4.05 Granted (2) 946,000 4.71 Vested (969,903) 1.77 Canceled/Forfeited (2) (300,267) 1.84 Outstanding at December 31, 2019 1,214,145 $ 6.93 Granted (3) 1,343,953 3.95 Vested (54,132) 11.47 Canceled/Forfeited (3) (168,864) 10.71 Outstanding at December 31, 2020 2,335,102 $ 4.83 (1) Includes 461,242 additional shares granted in connection with the vesting of the 2015 award in 2018 due to above-target performance in accordance with the terms of the awards. (2) Includes 207,264 additional shares granted and 300,267 shares cancelled in connection with the vesting of the 2016 award in 2019 due to above-target and below target performance, respectively, in accordance with the terms of the award. (3) Includes 6,226 additional shares granted and 143,808 shares cancelled in connection with the vesting of the 2017 award in 2020 due to above-target and below target performance, respectively, in accordance with the terms of the award. At December 31, 2020, there was $4.3 million of unrecognized compensation cost related to performance shares to be recognized over a weighted average period of 1.9 years. Stock Options and Stock Appreciation Rights Stock options and stock appreciation rights (SARs) granted under the Company’s incentive plans generally vest over three years and are exercisable over a period not to exceed ten years from the grant date. The exercise price of stock options is equal to the fair market value of the shares on the date of the grant. The value of each stock option award is estimated using the Black-Scholes option pricing model. Stock options are accounted for as equity awards and SARs are accounted for as liability awards and remeasured at each reporting date. SARs, when vested, provide the participant the right to receive cash equal to the excess of the market price of the shares over the exercise price when exercised. The following table sets forth the weighted average fair value of stock options and the assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model: 2020 2019 2018 Weighted average fair value of stock options granted $ — $ — $ 4.09 Volatility — — 66.86 % Expected life in years 0 0 4.00 Risk-free interest rate — — 2.07 % Dividend yield — — — The following table summarizes stock option and SAR activity for the years ended December 31, 2020, 2019, and 2018: Stock Options SARs Shares Weighted Shares Weighted Outstanding at December 31, 2017 617,446 $ 10.53 42,152 $ 14.14 Granted 14,310 7.91 — — Exercised (159,069) 3.35 — — Canceled/forfeited (153,601) 11.48 — — Outstanding at December 31, 2018 319,086 $ 13.53 42,152 $ 14.14 Exercised (11,055) 5.57 — — Canceled/forfeited (11,519) 9.31 — — Expired (4,733) 10.00 (9,870) 10.00 Outstanding at December 31, 2019 291,779 $ 14.05 32,282 $ 15.40 Exercised (30,401) 5.57 — — Canceled/forfeited (39,105) 12.77 — — Expired — — (32,282) 15.40 Outstanding at December 31, 2020 222,273 $ 15.44 — — The following table summarizes outstanding stock options as of December 31, 2020. Range of Number Weighted Average Weighted Aggregate Intrinsic Value (in thousands) $ 0.00-$10.00 119,093 $ 7.72 4.6 — $10.00-$20.00 14,634 $ 16.28 1.9 — $20.00-$30.00 88,546 $ 25.68 1.4 — Outstanding 222,273 $ 15.44 3.1 $ 313,474 Vested and expected to vest 222,210 $ 15.44 3.1 $ 313,319 Exercisable 217,503 $ 15.60 3 $ 301,835 The total intrinsic value of options exercised for the year ended December 31, 2020 was $0.1 million. Cash received from options exercised for the year ended December 31, 2020 was $0.2 million for which there was no related tax benefit. The grant date fair value for stock options vested during the years ended December 31, 2020, 2019, and 2018 was nil, nil and $0.2 million, respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Year Ended December 31, In thousands 2020 2019 2018 Unrealized gain (loss) on equity securities $ (11,539) $ 15,348 $ (5,019) Realized gain (loss) on equity securities 19,140 860 7,964 Zinc options — — 753 Interest rate swap, net — (178) (60) Fair value adjustments, net $ 7,601 $ 16,030 $ 3,638 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 December 31, 2020 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 12,943 $ 12,943 $ — $ — Foreign currency forward exchange contracts 13,747 — 13,747 — Provisional metal sales contracts 481 — 481 — $ 27,171 $ 12,943 $ 14,228 $ — Liabilities: Gold zero cost collars $ 24,883 $ — $ 24,883 $ — Provisional metal sales contracts 67 — 67 — $ 24,950 $ — $ 24,950 $ — Fair Value at December 31, 2019 In thousands Total Level 1 Level 2 Level 3 Assets: Equity and debt securities $ 35,646 $ 35,646 $ — $ — Provisional metal sales contracts 753 — 753 — $ 36,399 $ 35,646 $ 753 $ — Liabilities: Silvertip contingent consideration $ 25,000 $ — $ — $ 25,000 Provisional metal sales contracts 275 — 275 — Gold zero cost collars 136 — 136 — $ 25,411 $ — $ 411 $ 25,000 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. The Company’s foreign currency forward exchange contracts are valued using pricing models with inputs derived from observable market data, including forward market prices and other unobservable inputs. The Company’s gold zero cost collars are valued using pricing models with inputs derived from observable market data, including forward market prices, yield curves, credit spreads. The Company’s provisional metal sales contracts include concentrate and certain doré sales contracts that are valued using pricing models with inputs derived from observable market data, including forward market prices. 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 October 2017, the Company acquired the Silvertip mine from shareholders of JDS Silver Holdings Ltd (the “Silvertip Acquisition”). The consideration for the Silvertip Acquisition included two $25.0 million contingent payments, which were 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 was 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 was classified within Level 3 of the fair value hierarchy. During 2019, the Company paid the $25.0 million due for the permitting milestone in the form of cash and common stock, and in the first quarter of 2020, the Company paid the remaining $25.0 million due for the resource declaration milestone in the form of cash and common stock. No assets or liabilities were transferred between fair value levels in the year ended December 31, 2020. The following tables present the changes in the fair value of the Company's Level 3 financial assets and liabilities in the year ended December 31, 2020 and 2019: December 31, 2020 In thousands Balance at the beginning of the period Revaluation Settlements Accretion Balance at the Liabilities: Silvertip contingent consideration $ 25,000 $ — $ (25,000) $ — $ — December 31, 2019 In thousands Balance at the beginning of the period Revaluation Settlements Accretion Balance at the Liabilities: Silvertip contingent consideration $ 49,276 $ — $ (25,000) $ 724 $ 25,000 The fair value of financial assets and liabilities carried at book value in the financial statements at December 31, 2020 and December 31, 2019 is presented in the following table: December 31, 2020 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2024 Senior Notes (1) $ 227,590 $ 229,874 $ — $ 229,874 $ — Revolving Credit Facility (2) $ — $ — $ — $ — $ — (1) Net of unamortized debt issuance costs of $2.4 million. (2) Unamortized debt issuance costs of $1.5 million included in Other Non-Current Assets . December 31, 2019 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2024 Senior Notes (1) $ 226,885 $ 228,585 $ — $ 228,585 $ — Revolving Credit Facility (2) $ — $ — $ — $ — $ — (1) Net of unamortized debt issuance costs of $3.1 million. (2) Unamortized debt issuance costs of $2.3 million included in Other Non-Current Assets . 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 | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIES The Company is exposed to various market risks, including the effect of changes in metal prices, foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. The Company does not hold or issue derivatives for trading or speculative purposes. The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships. Derivatives Not Designated as Hedging 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. At December 31, 2020, the Company had the following derivative instruments that settle as follows: In thousands except average prices and notional ounces 2021 2022 and Thereafter Provisional gold sales contracts $ 28,243 $ — Average gold price per ounce $ 1,852 $ — Notional ounces 15,248 — The following summarizes the classification of the fair value of the derivative instruments: December 31, 2020 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 481 $ 67 December 31, 2019 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 753 $ 275 The following represent mark-to-market gains (losses) on derivative instruments in the year ended December 31, 2020 and 2019, respectively (in thousands): Year Ended December 31, Financial statement line Derivative 2020 2019 2018 Revenue Provisional metal sales contracts $ 959 $ 337 $ 111 Fair value adjustments, net Zinc options — — 753 Fair value adjustments, net Interest rate swaps — (178) (60) $ 959 $ 159 $ 804 Derivatives Designated as Cash Flow Hedging Strategies To protect the Company’s exposure to fluctuations in metal prices the Company entered into Asian (or average value) put and call option contracts in net-zero-cost collar arrangements. The contracts are net cash settled monthly and, if the price of gold at the time of expiration is between the put and call prices, would expire at no cost to the Company. If the price of gold at the time of expiration is lower than the put prices or higher than the call prices, it would result in a realized gain or loss, respectively. The Company has elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. To protect the Company’s exposure to fluctuations in foreign currency exchange rates for subsidiaries whose functional currency is U.S dollar and are exposed to forecasted transaction denominated in the Mexican Peso and the Canadian Dollar, in March 2020, the Company entered into foreign currency forward exchange contracts to manage this risk and designated these instruments as cash flow hedges of forecasted foreign denominated transactions. The Company has elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. At December 31, 2020, the Company had the following derivative cash flow hedge instruments that settle as follows: In thousands except average prices and notional ounces 2021 2022 and Thereafter Gold put options Average gold strike price per ounce $ 1,600 $ 1,626 Notional ounces 158,700 126,000 Gold call options Average gold strike price per ounce $ 1,875 $ 2,030 Notional ounces 158,700 126,000 Foreign currency forward exchange contracts - Mexican Peso Average Mexican Peso exchange rate $ 24.99 $ — Notional US dollar 60,000 — The effective portions of cash flow hedges are recorded in accumulated other comprehensive income (loss) (“AOCI”) until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of metal sales revenue are recognized as a component of Revenue in the same period as the related sale is recognized. Deferred gains and losses associated with cash flow hedges of foreign currency transactions are recognized as a component of Costs Applicable to Sales or Pre-development, Reclamation and Other in the same period the related expenses are incurred. At inception, the Company performed an assessment of the forecasted transactions and the hedging instruments and determined that the hedging relationships are considered perfectly effective. Future assessments are performed to verify that critical terms of the hedging instruments and the forecasted transactions continue to match, and the forecasted transactions remain probable, as well as an assessment of any adverse developments regarding the risk of the counterparties defaulting on their commitments. There have been no such changes in critical terms or adverse developments. As of December 31, 2020, the Company had $11.1 million of net after-tax loss in AOCI related to losses from cash flow hedge transactions, of which $1.2 million of net after-tax losses is expected to be recognized in its Consolidated Statement of Comprehensive Income (Loss) during the next 12 months. Actual amounts ultimately reclassified to net income are dependent on the price of gold for metal contracts and the Canadian and Mexican exchange rates for foreign currency contracts. The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges: December 31, 2020 In thousands Prepaid expenses and other Accrued liabilities and other Gold zero cost collars $ — $ 24,883 Foreign currency forward exchange contracts 13,747 — $ 13,747 $ 24,883 December 31, 2019 In thousands Prepaid expenses and other Accrued liabilities and other Gold zero cost collars $ — $ 136 The following table sets forth the pre-tax gains (losses) on derivatives designated as cash flow hedges that have been included in Accumulated Other Comprehensive Income (“AOCI”) and the Consolidated Statement of Comprehensive Income (Loss) for the year ended December 31, 2020 and 2019, respectively (in thousands). Year Ended December 31, 2020 2019 2018 Amount of Gain (Loss) Recognized in AOCI Gold zero cost collars $ (32,345) $ (136) $ — Foreign currency forward exchange contracts 19,911 — — $ (12,434) $ (136) $ — Amount of (Gain) Loss Reclassified From AOCI to Earnings Gold zero cost collars $ 7,598 $ — $ — Foreign currency forward exchange contracts (6,164) — — $ 1,434 $ — $ — On August 10, 2020, in order to obtain more working capital flexibility, the Company novated certain of its gold zero cost collar option contracts to a different counterparty and modified the related credit support requirements. The novation did not result in any changes to the critical terms of the applicable option contracts, nor was there a change in creditworthiness in relation to the new counterparty. To execute the novation, the Company was required to make an upfront payment of $3.8 million, as a funding cost for more favorable credit and margin requirements. Credit Risk |
Other, Net
Other, Net | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
OTHER, NET | ADDITIONAL COMPREHENSIVE INCOME (LOSS) DETAIL Pre-development, reclamation, and other consists of the following: Year Ended December 31, In thousands 2020 2019 2018 COVID-19 $ 15,414 $ — $ — Silvertip ongoing carrying costs 17,082 — — Silvertip temporary suspension costs 10,501 — — Gain on modification of right of use lease (4,051) — — Asset retirement accretion 11,754 12,154 11,116 Other 4,954 6,267 8,927 Pre-development, reclamation and other $ 55,654 $ 18,421 $ 20,043 Other, net consists of the following: Year Ended December 31, In thousands 2020 2019 2018 Foreign exchange gain (loss) $ (2,245) $ (4,346) $ (9,069) Gain (loss) on sale of assets (2,849) (714) 19 Gold zero cost collars novation fee (3,819) — — Gain (loss) on sale of Manquiri NSR consideration (1) 365 133 (18,599) RMC receivable write-down — (1,040) (6,536) Mexico inflation adjustment — — 1,939 Gain (loss) on Silvertip contingent consideration 955 — — Interest income on notes receivable — 198 1,776 Other 1,652 2,576 5,765 Other, net $ (5,941) $ (3,193) $ (24,705) (1) As defined in Note 22 -- Discontinued Operations. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings 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 the Company’s common stock 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 years ended December 31, 2020, 2019 and 2018, there were 389,629, 1,137,726 and 1,312,737 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. Year ended December 31, In thousands except per share amounts 2020 2019 2018 Net income (loss) available to common stockholders: Income (loss) from continuing operations $ 25,627 $ (346,896) $ (48,955) Income (loss) from discontinued operations — 5,693 550 $ 25,627 $ (341,203) $ (48,405) Weighted average shares: Basic 240,803 218,812 188,606 Effect of stock-based compensation plans 1,746 — — Diluted 242,549 218,812 188,606 Basic income (loss) per share: Income (loss) from continuing operations $ 0.11 $ (1.59) $ (0.26) Income (loss) from discontinued operations — 0.03 — Basic (1) $ 0.11 $ (1.56) $ (0.26) Diluted income (loss) per share: Income (loss) from continuing operations $ 0.11 $ (1.59) $ (0.26) Income (loss) from discontinued operations — 0.03 — Diluted (1) $ 0.11 $ (1.56) $ (0.26) (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 April 23, 2020 the Company entered into an ATM Equity Offering Sales Agreement (the “Sales Agreement”) with BofA Securities, Inc. and RBC Capital Markets, LLC as sales agents (the “Sales Agents”) and filed a prospectus supplement for the sale of its common stock, par value $0.01 per share, by way of an “at the market” offering having an aggregate offering price of up to $100,000,000 (the “ATM Program”). Sales under the ATM Program, if any, will be made pursuant to the terms of the Sales Agreement. At December 31, 2020, the Company had not sold any shares of its common stock under the ATM Program. |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
SUPPLEMENTAL GUARANTOR INFORMATION | SUPPLEMENTAL GUARANTOR INFORMATIONThe 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. CONSOLIDATING BALANCE SHEET DECEMBER 31, 2020 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 12,727 $ 28,515 $ 51,552 $ — $ 92,794 Receivables 381 3,631 19,472 — 23,484 Ore on leach pads — 74,866 — — 74,866 Inventory — 27,223 23,987 — 51,210 Prepaid expenses and other 20,872 1,375 5,007 — 27,254 33,980 135,610 100,018 — 269,608 NON-CURRENT ASSETS Property, plant and equipment, net 1,946 148,640 79,553 — 230,139 Mining properties, net — 353,818 362,972 — 716,790 Ore on leach pads — 81,963 — — 81,963 Restricted assets 1,482 206 7,804 — 9,492 Equity and debt securities 12,943 — — — 12,943 Receivables — — 26,447 — 26,447 Net investment in subsidiaries 514,705 72,785 (72,190) (515,300) — Other 198,587 51,528 1,957 (195,477) 56,595 TOTAL ASSETS $ 763,643 $ 844,550 $ 506,561 $ (710,777) $ 1,403,977 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 1,978 $ 52,177 $ 36,422 $ — $ 90,577 Other accrued liabilities 36,183 46,023 36,952 — 119,158 Debt — 14,506 7,568 — 22,074 Reclamation — 1,584 715 — 2,299 38,161 114,290 81,657 — 234,108 NON-CURRENT LIABILITIES Debt 227,592 33,321 187,991 (195,477) 253,427 Reclamation — 93,349 43,626 — 136,975 Deferred tax liabilities 100 8,457 25,645 — 34,202 Other long-term liabilities 3,629 29,916 18,241 — 51,786 Intercompany payable (receivable) (199,318) 176,914 22,404 — — 32,003 341,957 297,907 (195,477) 476,390 STOCKHOLDERS’ EQUITY Common stock 2,438 20,401 214,816 (235,217) 2,438 Additional paid-in capital 3,610,297 340,700 2,073,745 (2,414,445) 3,610,297 Accumulated deficit (2,908,120) 27,202 (2,161,564) 2,134,362 (2,908,120) Accumulated other comprehensive income (loss) (11,136) — — — (11,136) 693,479 388,303 126,997 (515,300) 693,479 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 763,643 $ 844,550 $ 506,561 $ (710,777) $ 1,403,977 CONSOLIDATING BALANCE SHEET DECEMBER 31, 2019 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 2,985 $ 27,217 $ 25,443 $ — $ 55,645 Receivables (65) 5,978 12,753 — 18,666 Ore on leach pads — 66,192 — — 66,192 Inventory — 24,763 31,123 — 55,886 Prepaid expenses and other 6,202 1,192 6,653 — 14,047 9,122 125,342 75,972 — 210,436 NON-CURRENT ASSETS Property, plant and equipment, net 2,370 167,159 79,260 — 248,789 Mining properties, net 4,452 327,685 379,818 — 711,955 Ore on leach pads — 71,539 — — 71,539 Restricted assets 1,470 206 7,076 — 8,752 Equity and debt securities 35,646 — — — 35,646 Receivables — — 28,709 — 28,709 Net investment in subsidiaries 325,723 85,755 (85,740) (325,738) — Other 267,281 52,040 20,937 (277,448) 62,810 TOTAL ASSETS $ 646,064 $ 829,726 $ 506,032 $ (603,186) $ 1,378,636 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 1,277 $ 26,211 $ 41,688 $ — $ 69,176 Other accrued liabilities 9,036 35,547 51,033 — 95,616 Debt — 15,347 7,399 — 22,746 Reclamation — 1,628 1,486 — 3,114 10,313 78,733 101,606 — 190,652 NON-CURRENT LIABILITIES Debt 226,885 32,989 290,325 (277,448) 272,751 Reclamation — 91,524 41,893 — 133,417 Deferred tax liabilities 50 8,104 33,822 — 41,976 Other long-term liabilities 4,225 40,012 28,599 — 72,836 Intercompany payable (receivable) (262,413) 246,186 16,227 — — (31,253) 418,815 410,866 (277,448) 520,980 STOCKHOLDERS’ EQUITY Common stock 2,415 20,309 215,792 (236,101) 2,415 Additional paid-in capital 3,598,472 337,975 1,960,187 (2,298,162) 3,598,472 Accumulated deficit (2,933,747) (26,106) (2,182,419) 2,208,525 (2,933,747) Accumulated other comprehensive income (loss) (136) — — — (136) 667,004 332,178 (6,440) (325,738) 667,004 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 646,064 $ 829,726 $ 506,032 $ (603,186) $ 1,378,636 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2020 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 496,996 $ 288,465 $ — $ 785,461 COSTS AND EXPENSES Costs applicable to sales (1) — 297,473 142,862 — 440,335 Amortization 742 76,830 53,815 — 131,387 General and administrative 33,699 3 20 — 33,722 Exploration 1,344 22,113 19,186 — 42,643 Pre-development, reclamation, and other 2,001 19,442 34,211 — 55,654 Total costs and expenses 37,786 415,861 250,094 — 703,741 OTHER INCOME (EXPENSE), NET Fair value adjustments, net 7,601 — — — 7,601 Other, net 12,341 (2,860) (1,069) (14,353) (5,941) Interest expense, net of capitalized interest (16,796) (3,150) (15,115) 14,353 (20,708) Total other income (expense), net 3,146 (6,010) (16,184) — (19,048) Income (loss) from continuing operations before income and mining taxes (34,640) 75,125 22,187 — 62,672 Income and mining tax (expense) benefit (624) (8,738) (27,683) — (37,045) Income (loss) from continuing operations (35,264) 66,387 (5,496) — 25,627 Equity income (loss) in consolidated subsidiaries 60,891 (12,956) 12,378 (60,313) — Income (loss) from discontinued operations — — — — — NET INCOME (LOSS) $ 25,627 $ 53,431 $ 6,882 $ (60,313) $ 25,627 OTHER COMPREHENSIVE INCOME (LOSS): Change in fair value of derivative contracts designated as cash flow hedges, net of tax (12,434) — — — (12,434) Reclassification adjustments for realized (gain) loss on cash flow hedges 1,434 — — — 1,434 Other comprehensive income (loss) (11,000) — — — (11,000) COMPREHENSIVE INCOME (LOSS) $ 14,627 $ 53,431 $ 6,882 $ (60,313) $ 14,627 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2019 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 414,548 $ 296,954 $ — $ 711,502 COSTS AND EXPENSES Costs applicable to sales (1) — 300,496 250,685 — 551,181 Amortization 876 81,759 96,241 — 178,876 General and administrative 31,913 808 1,772 — 34,493 Exploration 1,492 12,220 8,815 — 22,527 Impairment of long-lived assets — — 250,814 — 250,814 Pre-development, reclamation, and other 346 11,204 6,871 — 18,421 Total costs and expenses 34,627 406,487 615,198 — 1,056,312 OTHER INCOME (EXPENSE), NET Loss on debt extinguishment (1,281) — — — (1,281) Fair value adjustments, net 16,039 (9) — — 16,030 Other, net 18,993 (1,106) (3,941) (17,139) (3,193) Interest expense, net of capitalized interest (20,774) (2,591) (18,545) 17,139 (24,771) Total other income (expense), net 12,977 (3,706) (22,486) — (13,215) Income (loss) from continuing operations before income and mining taxes (21,650) 4,355 (340,730) — (358,025) Income and mining tax (expense) benefit (1,518) (3,750) 16,397 — 11,129 Income (loss) from continuing operations (23,168) 605 (324,333) — (346,896) Equity income (loss) in consolidated subsidiaries (323,728) (10,100) 9,760 324,068 — Income (loss) from discontinued operations 5,693 — — — 5,693 NET INCOME (LOSS) $ (341,203) $ (9,495) $ (314,573) $ 324,068 $ (341,203) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt and equity securities 59 — — — 59 Change in fair value of derivative contracts designated as cash flow hedges, net of tax (136) — — — (136) Other comprehensive income (loss) (77) — — — (77) COMPREHENSIVE INCOME (LOSS) $ (341,280) $ (9,495) $ (314,573) $ 324,068 $ (341,280) CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 371,248 $ 254,656 $ — $ 625,904 COSTS AND EXPENSES Costs applicable to sales (1) — 285,242 155,708 — 440,950 Amortization 940 61,489 66,044 — 128,473 General and administrative 30,868 398 79 — 31,345 Exploration 1,496 9,294 14,607 — 25,397 Pre-development, reclamation, and other 1,246 11,351 7,446 — 20,043 Total costs and expenses 34,550 367,774 243,884 — 646,208 OTHER INCOME (EXPENSE), NET Fair value adjustments, net 4,056 (418) — 3,638 Other, net (403) 617 (9,462) (15,457) (24,705) Interest expense, net of capitalized interest (21,563) (1,479) (16,779) 15,457 (24,364) Total other income (expense), net (17,910) (1,280) (26,241) — (45,431) Income (loss) from continuing operations before income and mining taxes (52,460) 2,194 (15,469) — (65,735) Income and mining tax (expense) benefit (548) (1,926) 19,254 — 16,780 Income (loss) from continuing operations (53,008) 268 3,785 — (48,955) Equity income (loss) in consolidated subsidiaries 3,593 (608) (74) (2,911) — Income (loss) from discontinued operations 1,010 (284) (176) — 550 NET INCOME (LOSS) $ (48,405) $ (624) $ 3,535 $ (2,911) $ (48,405) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt securities, net of tax 26 — — — 26 Other comprehensive income (loss) 26 — — — 26 COMPREHENSIVE INCOME (LOSS) $ (48,379) $ (624) $ 3,535 $ (2,911) $ (48,379) CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2020 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) activities of operations $ 16,926 $ 135,576 $ 56,520 $ (60,313) $ 148,709 Cash provided by (used in) activities of discontinued operations — — — — CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 16,926 $ 135,576 $ 56,520 $ (60,313) $ 148,709 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (317) (60,306) (38,656) — (99,279) Proceeds from the sale of assets 4,500 792 237 — 5,529 Purchase of investments (2,500) — — — (2,500) Sales of investments 30,831 — — — 30,831 Other — — (252) — (252) Investments in consolidated subsidiaries (60,888) (38) 613 60,313 — Cash provided by (used in) activities of continuing operations (28,374) (59,552) (38,058) 60,313 (65,671) Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (28,374) (59,552) (38,058) 60,313 (65,671) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings, net of issuance costs 150,000 — — — 150,000 Payments on debt, finance leases, and associated costs (150,000) (15,621) (10,363) — (175,984) Silvertip contingent consideration — — (18,750) — (18,750) Net intercompany financing activity 22,988 (59,103) 36,115 — — Other (1,801) — — — (1,801) Cash provided by (used in) activities of operations 21,187 (74,724) 7,002 — (46,535) Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 21,187 (74,724) 7,002 — (46,535) Effect of exchange rate changes on cash and cash equivalents 8 2 639 — 649 Less net cash provided by (used in) discontinued operations — — — — — NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 9,747 1,302 26,103 — 37,152 Cash, cash equivalents and restricted cash at beginning of period 4,356 27,231 25,431 — 57,018 Cash, cash equivalents and restricted cash at end of period $ 14,103 $ 28,533 $ 51,534 $ — $ 94,170 CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2019 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 $ (377,159) $ 125,325 $ 19,646 $ 324,068 $ 91,880 Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (377,159) $ 125,325 $ 19,646 $ 324,068 $ 91,880 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (491) (48,324) (50,957) — (99,772) Proceeds from the sale of assets — 913 120 — 1,033 Purchase of investments (5,019) (1) (3) — (5,023) Sales of investments 2,109 — — — 2,109 Proceeds from notes receivable 7,168 — — — 7,168 Other 2,051 32 (164) — 1,919 Investments in consolidated subsidiaries 323,561 180 327 (324,068) — Cash provided by (used in) activities of continuing operations 329,379 (47,200) (50,677) (324,068) (92,566) Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 329,379 (47,200) (50,677) (324,068) (92,566) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of common stock 123,059 — — — 123,059 Issuance of notes and bank borrowings, net of issuance costs 60,000 — — — 60,000 Payments on debt, finance leases, and associated costs (195,878) (17,364) (8,612) — (221,854) Silvertip contingent consideration — — (18,697) — (18,697) Net intercompany financing activity 55,611 (59,068) 3,457 — — Other (3,404) — — — (3,404) Cash provided by (used in) activities of continuing operations 39,388 (76,432) (23,852) — (60,896) Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 39,388 (76,432) (23,852) — (60,896) Effect of exchange rate changes on cash and cash equivalents — (2) 533 — 531 Less net cash provided by (used in) discontinued operations — — — — — NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (8,392) 1,691 (54,350) — (61,051) Cash, cash equivalents and restricted cash at beginning of period 12,748 25,540 79,781 — 118,069 Cash, cash equivalents and restricted cash at end of period $ 4,356 $ 27,231 $ 25,431 $ — $ 57,018 CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) activities of continuing operations $ (45,313) $ 55,656 $ 12,676 $ (2,911) 20,108 Cash provided by (used in) activities of discontinued operations — — (2,690) — (2,690) CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (45,313) 55,656 9,986 (2,911) 17,418 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (390) (58,040) (82,357) — (140,787) Proceeds from the sale of assets 23 446 108 — 577 Purchase of investments (431) — 5 — (426) Sales of investments 11,694 1,019 — — 12,713 Acquisitions, net of cash acquired — — 6,914 — 6,914 Proceeds from notes receivable 19,000 — — — 19,000 Other 46 217 (252) — 11 Investments in consolidated subsidiaries (6,288) 159 3,218 2,911 — Cash provided by (used in) activities of continuing operations 23,654 (56,199) (72,364) 2,911 (101,998) Cash provided by (used in) activities of discontinued operations — — (28,470) — (28,470) CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 23,654 (56,199) (100,834) 2,911 (130,468) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings, net of issuance costs 95,000 — — — 95,000 Payments on debt, finance leases, and associated costs (60,826) (12,239) (21,994) — (95,059) Net intercompany financing activity (50,640) (13,906) 64,546 — — Other (5,160) — — — (5,160) Cash provided by (used in) activities of continuing operations (21,626) (26,145) 42,552 — (5,219) Cash provided by (used in) activities of discontinued operations — — (22) — (22) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (21,626) (26,145) 42,530 — (5,241) Effect of exchange rate changes on cash and cash equivalents — (11) 39 — 28 Less net cash provided by (used in) discontinued operations — — (32,930) — (32,930) NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (43,285) (26,699) (15,349) — (85,333) 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 $ 12,748 $ 25,540 $ 79,781 $ — $ 118,069 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Mexico VAT Litigation Included in non-current receivables as of December 31, 2020 are $26.4 million due from the Mexican government associated with VAT that was paid under Coeur Mexicana’s prior royalty agreement with a subsidiary of Franco-Nevada Corporation, which was terminated in 2016. Under the royalty agreement, Coeur applied for and initially received VAT refunds associated with the royalty payments in the normal course; however, in 2011 the Mexican tax authorities began denying the Company’s VAT refunds based on the argument that VAT was not legally due on the royalty payments. Accordingly, Coeur began to request refunds of the VAT as undue payments, which the Mexican tax authorities also denied. The Company has since been engaged in ongoing efforts to recover the VAT from the Mexican government (including through litigation and potential arbitration). Despite a favorable ruling from Mexican tax courts in this matter in 2018, litigation continues, some of which was determined unfavorably to the Company in 2019 and 2020 based on interpretations of applicable law and prior court decisions which the Company and its counsel believe are erroneous and which are now under appeal. While the Company believes that it remains legally entitled to be refunded the full amount of the VAT receivable, the Company may continue to experience delays or obstacles in the recovery of VAT and it is possible that some or all of the VAT receivable may not ultimately be recovered as outcomes in Mexican tax courts and the process for recovering funds even if there is a successful outcome in litigation can be unpredictable. The continued failure to recover the VAT receivable may result in the Company recording a reserve against some or all of this amount, which, if material, may have a material adverse impact on the Company’s financial statements. 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 2016, 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 December 31, 2020 the remaining unamortized balance was $9.4 million, which is included in Accrued liabilities and other and Other long-term liabilities on the 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, for which deliveries were made to the counterparty in 2019. The Amended Sales Contract also included an option for an additional $15.0 million prepayment for deliveries of gold concentrate, which Coeur exercised in December 2019. In the first half of 2020, the Kensington mine delivered $15.0 million of gold concentrate to the counterparty in satisfaction of this prepayment obligation. The Amended Sales Contract was further amended in June 2020 to include options for Coeur to receive up to two additional prepayments of up to $15.0 million each for deliveries of gold concentrate from the Kensington mine, and Coeur exercised the option to receive the first $15.0 million prepayment in June 2020 (the “June 2020 Prepayment”). In the second half of 2020, the Kensington mine delivered $15.0 million of gold concentrate to the counterparty in satisfaction of the June 2020 Prepayment obligation. In December 2020, Coeur exercised the option to receive the second $15.0 million prepayment (the “December 2020 Prepayment”), which is recognized as a deferred revenue liability and is presented in Accrued liabilities and other on the Consolidated Balance Sheet. Under the relevant terms of the Amended Sales Contract, Coeur maintains its exposure to the price of gold and expects to recognize the remaining value of the accrued liability by June 30, 2021. Silvertip Contingent Consideration A total of up to $50.0 million of contingent consideration, payable in cash and common stock, was payable in conjunction with the Silvertip Acquisition based upon the achievement of two milestones, one of which was achieved and paid during 2019 and the other of which was achieved and paid during the first quarter of 2020. The first milestone payment of $25.0 million was 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 submitted to the British Columbia Ministry of Energy and Mining on April 30, 2018 and following its approval in November 2019, the Company made a payment of $25.0 million in the form of $18.7 million in cash and 1.0 million shares of common stock to satisfy the Permit contingent consideration obligation. At December 31, 2019, based on the Silvertip mine’s total mineralized material (including reserves) (the “Resource contingent consideration”), the former JDS Silver Holdings Ltd. shareholders were entitled to the full second contingent payment of $25.0 million. In the first quarter of 2020, the Company made a payment of $25.0 million in the form of $18.8 million in cash and 0.9 million shares of common stock to satisfy the Resource contingent consideration obligation. |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
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 the Letter Agreement with the Buyer pursuant to which the total aggregate principal amount of the Manquiri Notes Receivable 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 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, which was 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 January 2020, the Buyer purchased the NSR from Coeur by making a payment to Coeur of $4.5 million. Coeur recorded a gain of $0.4 million following the payment. |
Additional Balance Sheet Detail
Additional Balance Sheet Detail and Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2020 | |
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 December 31, 2020 December 31, 2019 Accrued salaries and wages $ 30,457 $ 20,047 Silvertip contingent consideration — 25,000 Deferred revenue (1) 16,425 16,672 Income and mining taxes 26,118 11,243 Accrued operating costs 3,327 3,752 Unrealized losses on derivatives 24,950 411 Taxes other than income and mining 3,616 3,554 Accrued interest payable 1,855 1,833 Operating lease liabilities 12,410 13,104 Accrued liabilities and other $ 119,158 $ 95,616 (1) See Note 21 -- 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 total the same such amounts shown in the statement of cash flows in the year ended December 31, 2020 and 2019: In thousands December 31, 2020 December 31, 2019 Cash and cash equivalents $ 92,794 $ 55,645 Restricted cash equivalents 1,376 1,373 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 94,170 $ 57,018 The following table presents non-cash financing and investing activities and other cash flow information: Year ended December 31, Non-cash financing and investing activities: 2020 2019 2018 Finance lease obligations $ 5,283 $ 16,615 $ 45,813 Capital expenditures, not yet paid $ 30,682 $ 8,188 $ 6,428 Non-cash extinguishment of senior notes $ — $ 20,009 $ — Non-cash acquisitions and related deferred taxes $ — $ — $ 110,273 Non-cash Silvertip contingent consideration $ 5,295 $ 5,973 $ — Other cash flow information: Interest paid $ 20,634 $ 24,428 $ 22,916 Income taxes paid $ 35,600 $ 33,700 $ 50,400 |
Summary of Quarterly Financial
Summary of Quarterly Financial Data (Unaudited) (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Consolidated Quarterly Financial Information | SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED) The following table sets forth a summary of the unaudited quarterly results of operations for the years ended December 31, 2020 and 2019 (in thousands, except per share data): Q1 Q2 Q3 Q4 2020 Revenues $ 173,167 $ 154,249 $ 229,728 $ 228,317 Costs applicable to sales 118,917 90,015 112,772 118,631 Amortization 36,162 27,876 32,216 35,133 Gross Profit 18,088 36,358 84,740 74,553 Exploration 6,386 11,855 12,818 11,584 Other operating expenses (General and administrative, Pre-development, reclamation, and other, and Impairment of long-lived assets) 15,475 27,291 22,788 23,822 Income (loss) from continuing operations (11,900) (1,209) 26,856 11,880 Income (loss) from discontinued operations — — — — Net income (loss) (11,900) (1,209) 26,856 11,880 Cash provided by (used in) operating activities (7,991) 9,947 79,464 67,289 Capital expenditures 22,208 16,682 22,996 37,393 Basic income (loss) per share: Net income (loss) from continuing operations $ (0.05) $ (0.01) $ 0.11 $ 0.05 Net income (loss) from discontinued operations 0.00 0.00 0.00 0.00 Basic $ (0.05) $ (0.01) $ 0.11 $ 0.05 Diluted income (loss) per share: Net income (loss) from continuing operations $ (0.05) $ (0.01) $ 0.11 $ 0.05 Net income (loss) from discontinued operations 0.00 0.00 0.00 0.00 Diluted $ (0.05) $ (0.01) $ 0.11 $ 0.05 Q1 Q2 Q3 Q4 2019 Revenues $ 154,870 $ 162,123 $ 199,469 $ 195,040 Costs applicable to sales $ 131,650 $ 131,948 $ 140,952 146,631 Amortization $ 41,876 $ 43,204 $ 45,678 48,118 Gross Profit $ (18,656) $ (13,029) $ 12,839 291 Exploration $ 3,714 $ 5,719 $ 5,893 7,201 Other operating expenses (General and administrative, Pre-development, reclamation, and other, and Impairment of long-lived assets) $ 13,908 $ 12,084 $ 14,486 263,250 Income (loss) from continuing operations $ (24,894) $ (36,764) $ (14,277) (270,961) Income (loss) from discontinued operations $ 5,693 $ — $ — — Net income (loss) $ (19,201) $ (36,764) $ (14,277) (270,961) Cash provided by (used in) operating activities $ (15,846) $ 26,435 $ 41,996 39,295 Capital expenditures $ 27,438 $ 20,749 $ 30,678 20,907 Basic income (loss) per share: Net income (loss) from continuing operations $ (0.12) $ (0.18) $ (0.06) $ (1.13) Net income (loss) from discontinued operations 0.03 0.00 0.00 0.00 Basic $ (0.09) $ (0.18) $ (0.06) $ (1.13) Diluted income (loss) per share: Net income (loss) from continuing operations $ (0.12) $ (0.18) $ (0.06) $ (1.13) Net income (loss) from discontinued operations 0.03 0.00 0.00 0.00 Diluted $ (0.09) $ (0.18) $ (0.06) $ (1.13) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The Company's Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles. The preparation of the Company's Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The Consolidated Financial Statements include the wholly-owned subsidiaries of the Company, the most significant of which are Coeur Mexicana S.A. de C.V., Coeur Rochester, Inc., Coeur Alaska, Inc., Wharf Resources (U.S.A.), Inc., and Coeur Silvertip Holdings Ltd. All intercompany balances and transactions have been eliminated. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include all highly-liquid investments with an original maturity of three months or less. The Company minimizes its credit risk by investing its cash and cash equivalents with major U.S. and international banks and financial institutions located principally in the United States with a minimum credit rating of A1, as defined by Standard & Poor’s. The Company’s management believes that no concentration of credit risk exists with respect to the investment of its cash and cash equivalents. At certain times, amounts on deposit may exceed federal deposit insurance limits. |
Receivables, Policy [Policy Text Block] | Receivables Trade receivables and other receivable balances are reported at outstanding principal amounts, net of an allowance for doubtful accounts, if deemed necessary. Management evaluates the collectability of receivable account balances to determine the allowance, if any. Management considers the other party's credit risk and financial condition, as well as current and projected economic and market conditions, in determining the amount of the allowance. Receivable balances are written off when management determines that the balance is uncollectible. |
Ore on Leach Pad [Policy Text Block] | Ore on Leach Pads The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold concentrate at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or net realizable value, with cost being determined using a weighted average cost method. The historical cost of metal expected to be extracted within 12 months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond 12 months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process. |
Metal and Other Inventory [Policy Text Block] | Metal and Other Inventory Inventories include concentrate, doré, and operating materials and supplies. The classification of inventory is determined by the stage at which the ore is in the production process. All inventories are stated at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. Concentrate and doré inventory includes product at the mine site and product held by refineries. Metal inventory costs include direct labor, materials, depreciation, depletion and amortization as well as overhead costs relating to mining activities. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant, and Equipment Expenditures for new facilities, assets acquired pursuant to finance leases, new assets or expenditures that extend the useful lives of existing facilities are capitalized and depreciated using the straight-line method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities, lease term, or the useful life of the individual assets. Productive lives range from 7 to 30 years for buildings and improvements and 3 to 10 years for machinery and equipment. Certain mining equipment is depreciated using the units-of-production method based upon estimated total proven and probable reserves. |
Operational Mining Properties and Mine [Policy Text Block] | Mining Properties and Mine Development Capitalization of mine development costs begins once all operating permits have been secured, mineralization is classified as proven and probable reserves and a final feasibility study has been completed. Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Costs incurred before mineralization are classified as proven and probable reserves and are capitalized if a project is in pre-production phase or expensed and classified as Exploration or Pre-development if the project is not yet in pre-production. Mine development costs are amortized using the units-of-production method over the estimated life of the ore body generally based on recoverable ounces to be mined from proven and probable reserves. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use. Drilling and related costs incurred at the Company’s operating mines are expensed as incurred in Exploration, unless the Company can conclude with a high degree of confidence, prior to the commencement of a drilling program, that the drilling costs will result in the conversion of a mineralized material into proven and probable reserves. The Company’s assessment is based on the following factors: results from previous drill programs; results from geological models; results from a mine scoping study confirming economic viability of the resource; and preliminary estimates of mine inventory, ore grade, cash flow and mine life. In addition, the Company must have all permitting and/or contractual requirements necessary to have the right to and/or control of the future benefit from the targeted ore body. The costs of a drilling program that meet these criteria are capitalized as mine development costs. Drilling and related costs of approximately $8.0 million and $7.5 million at December 31, 2020 and 2019, respectively, were capitalized. The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in Costs applicable to sales in the same period as the revenue from the sale of inventory. |
Mineral Interests [Policy Text Block] | Mineral Interests Significant payments related to the acquisition of land and mineral rights are capitalized. Prior to acquiring such land or mineral rights, the Company generally makes a preliminary evaluation to determine that the property has significant potential to develop an economic ore body. The time between initial acquisition and full evaluation of a property’s potential is variable and is determined by many factors including: location relative to existing infrastructure, the property’s stage of development, geological controls and metal prices. If a mineable ore body is discovered, such costs are amortized when production begins using the units-of-production method based on recoverable ounces to be mined from proven and probable reserves. If no mineable ore body is discovered, such costs are expensed in the period in which it is determined the property has no future economic value. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-lived Assets We review and evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Asset impairment is considered to exist if the total estimated undiscounted pretax future cash flows are less than the carrying amount of the asset. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of future cash flows from other asset groups. An impairment loss is measured by discounted estimated future cash flows, and recorded by reducing the asset's carrying amount to fair value. Future cash flows are estimated based on estimated quantities of recoverable minerals, expected gold, silver, lead and zinc prices (considering current and historical prices, trends and related factors), production levels, operating costs, capital requirements and reclamation costs, all based on life-of-mine plans. Existing proven and probable reserves and value beyond proven and probable reserves, including mineralization other than proven and probable reserves are included when determining the fair value of mine site asset groups at acquisition and, subsequently, in determining whether the assets are impaired. The term “recoverable minerals” refers to the estimated amount of gold, silver, lead and zinc that will be obtained after taking into account losses during ore processing and treatment. Estimates of recoverable minerals from exploration stage mineral interests are risk adjusted based on management’s relative confidence in such materials. The ability to achieve the estimated quantities of recoverable minerals from exploration stage mineral interests involves further risks in addition to those risk factors applicable to mineral interests where proven and probable reserves have been identified, due to the lower level of confidence that the identified mineralized material could ultimately be mined economically. Assets classified as exploration potential have the highest level of risk that the carrying value of the asset can be ultimately realized, due to the still lower level of geological confidence and economic modeling. During the fourth quarter of 2019, the Company performed a comprehensive analysis of its Silvertip property and determined that indicators of impairment existed, primarily as a result of continued deterioration in zinc and lead market conditions as well as ongoing challenges related to the processing facility. As a result of the impairment indicators, a recoverability test was performed and the Company concluded that the long-lived assets for the Silvertip property was impaired. A non-cash impairment charge of $250.8 million was recorded during the fourth quarter of 2019. The write-down was allocated between Property, plant and equipment, net , Mining properties, net and Other non-current assets , in the amounts of $43.6 million, $201.5 million and $5.7 million, respectively. See Note 4 -- Impairment of Long-lived Assets and 16 -- Fair Value Measurements for additional detail of the impairment and assumptions used in the determination of the fair value of the long-lived assets tested for impairment. |
Mining Properties Held for Sale [Policy Text Block] | Properties Held for SaleIn determining whether to classify a property as held for sale, the Company considers whether: (i) management has committed to a plan to sell the property; (ii) the investment is available for immediate sale, in its present condition; (iii) the Company has initiated a program to locate a buyer; (iv) the Company believes that the sale of the property is probable; (v) the Company has received a significant non-refundable deposit for the purchase of the property; (vi) the Company is actively marketing the property for sale at a price that is reasonable in relation to its estimated fair value; and (vii) actions required for the Company to complete the plan indicate that it is unlikely that any significant changes will be made to the plan. If all of the above criteria are met, the Company classifies the property as held for sale. |
Restricted Assets Policy [Policy Text Block] | Restricted Assets The Company, under the terms of its self-insurance and bonding agreements with certain banks, lending institutions and regulatory agencies, is required to collateralize certain portions of its obligations. The Company has collateralized these obligations by assigning certificates of deposit that have maturity dates ranging from three months to a year, to the respective institutions or agencies. At December 31, 2020 and 2019, the Company held certificates of deposit and cash under these agreements of $9.5 million and $8.8 million, respectively. The ultimate timing of the release of the collateralized amounts is dependent on the timing and closure of each mine and repayment of the facility. In order to release the collateral, the Company must seek approval from certain government agencies responsible for monitoring the mine closure status. Collateral could also be released to the extent the Company is able to secure alternative financial assurance satisfactory to the regulatory agencies. The Company believes there is a reasonable probability that the collateral will remain in place beyond a twelve-month period and has therefore classified these investments as long-term. |
Lessee, Leases [Policy Text Block] | Leases We determine if an arrangement is, or contains, a lease at the inception date. Operating leases are included in Other assets, non-current with the related liabilities included in Accrued liabilities and Other and Other long-term liabilities . Assets under finance leases, which primarily represent property and equipment, are included in Property, plant and equipment, net , with the related liabilities included in debt, current and debt, non-current on the Consolidated Balance Sheet. Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. We use our estimated incremental borrowing rate in determining the present value of lease payments. Variable components of the lease payments such as maintenance costs are expensed as incurred and not included in determining the present value. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components which are accounted for as a single lease component. |
Asset Retirement Obligation [Policy Text Block] | Reclamation The Company recognizes obligations for the expected future retirement of tangible long-lived assets and other associated asset retirement costs. The fair value of a liability for an asset retirement obligation will be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset and this additional carrying amount is depreciated over the life of the asset. An accretion cost, representing the increase over time in the present value of the liability, is recorded each period in Pre-development, reclamation, and other . As reclamation work is performed or liabilities are otherwise settled, the recorded amount of the liability is reduced. Future remediation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the discounted costs expected to be incurred at the site. Such cost estimates include, where applicable, ongoing care and maintenance and monitoring costs. Changes in estimates are reflected prospectively in the period an estimate is revised. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency The assets and liabilities of the Company’s foreign subsidiaries are measured using U.S. dollars as their functional currency. Revenues and expenses are remeasured at the average exchange rate for the period. Foreign currency gains and losses are included in the determination of net income or loss. |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments The Company is exposed to various market risks, including the effect of changes in metal prices, foreign exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company, from time to time, uses derivative contracts to protect the Company’s exposure to fluctuations in metal prices and foreign exchange rates. The Company has elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. Assuming normal market conditions, the change in the market value of such derivative contracts has historically been, and is expected to continue to be, highly effective at offsetting changes in price movements of the hedged item. The effective portions of cash flow hedges are recorded in accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of metal sales revenue are recognized as a component of Revenue in the same period as the related sale is recognized. Deferred gains and losses associated with cash flow hedges of foreign currency transactions are recognized as a component of Costs Applicable to Sales or Pre-development, Reclamation and Other in the same period the related expenses are incurred. For derivatives not designated as hedging instruments, the Company recognizes derivatives as either assets or liabilities on the balance sheet and measures those instruments at fair value. Changes in the value of derivative instruments not designated as hedging instruments are recorded each period in the Consolidated Statement of Comprehensive Income (Loss) in Fair value adjustments, net or Revenue . Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions regarding commodity prices, market volatilities, and foreign currency exchange rates. See Note 17 -- Derivative Financial Instruments and Hedging Activities for additional information. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based Compensation The Company estimates the fair value of stock options using the Black-Scholes option pricing model and stock appreciation rights (“SARs”) awards using market comparison. Stock options granted are accounted for as equity-based awards and SARs are accounted for as liability-based awards. The value of the SARs is remeasured at each reporting date. The Company estimates forfeitures of stock-based awards based on historical data and periodically adjusts the forfeiture rate. The adjustment of the forfeiture rate is recorded as a cumulative adjustment in the period the forfeiture estimate is changed. Compensation costs related to stock based compensation are included in General and administrative expenses , Costs applicable to sales , and Property, plant, and equipment, net as deemed appropriate. The fair value of restricted stock is based on the Company's stock price on the date of grant. The fair value of performance leverage stock units with market conditions is determined using a Monte Carlo simulation model. Stock based compensation expense related to awards with a market or performance condition is generally recognized over the vesting period of the award utilizing the graded vesting method, while all other awards are recognized on a straight-line basis. The Company's estimates may be impacted by certain variables including, but not limited to, stock price volatility, employee stock option exercise behaviors, additional stock option grants, estimates of forfeitures, the Company's performance, and related tax impacts. |
Income Tax, Policy [Policy Text Block] | Income and Mining Taxes The Company uses an asset and liability approach which results in the recognition of deferred tax liabilities and assets for the expected future tax consequences or benefits of temporary differences between the financial reporting basis and the tax basis of assets and liabilities, as well as operating loss and tax credit carryforwards, using enacted tax rates in effect in the years in which the differences are expected to reverse. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. A valuation allowance has been provided for the portion of the Company’s net deferred tax assets for which it is more likely than not that they will not be realized. |
Revenue Recognition, Policy | Revenue Recognition The Company produces doré and concentrate that is shipped to third-party refiners and smelters, respectively, for processing. The Company enters into contracts to sell its metal to various third-party customers which may include the refiners and smelters that process the doré and concentrate. The Company’s performance obligation in these transactions is generally the transfer of metal to the customer. In the case of doré shipments, the Company generally sells refined metal at market prices agreed upon by both parties. The Company also has the right, but not the obligation, to sell a portion of the anticipated refined metal in advance of being fully refined. When the Company sells refined metal or advanced metal, the performance obligation is satisfied when the metal is delivered to the customer. Revenue and Costs Applicable to Sales are recorded on a gross basis under these contracts at the time the performance obligation is satisfied. Under the Company’s concentrate sales contracts with third-party smelters, metal prices are set on a specified future quotational period, typically one to three months, after the shipment date based on market prices. When the Company sells gold concentrate to the third-party smelters, the performance obligation is satisfied when risk of loss is transferred to the customer. The contracts, in general, provide for provisional payment based upon provisional assays and historical metal prices. Final settlement is based on the applicable price for the specified future quotational period and generally occurs three to six months after shipment. The Company’s provisionally priced sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of concentrates measured at the forward price at the time of sale. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through revenue each period until the date of final metal settlement. The Company also sells concentrate under off-take agreements to third-party customers that are responsible for arranging the smelting of the concentrate. Prices can be either be fixed or based on a quotational period. The quotational period varies by contract, but is generally a one-month period following the shipment of the concentrate. The performance obligation is satisfied when risk of loss is transferred to the customer. The Company recognizes revenue from concentrate sales, net of treatment and refining charges, when it satisfies the performance obligation of transferring control of the concentrate to the customer. For doré and off-take sales, the Company may incur a finance charge related to advance sales that is not considered significant and, as such, is not considered a separate performance obligation. In addition, the Company has elected to treat freight costs as a fulfillment cost under ASC 606 and not as a separate performance obligation. The Company’s gold stream agreement with a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) provided for a $22.0 million deposit paid by Franco-Nevada in exchange for the right and obligation, commencing in 2016, to purchase 50% of a portion of Palmarejo gold production at the lesser of $800 or market price per ounce. Because there is no minimum obligation associated with the deposit, it is not considered financing, and each shipment is considered to be a separate performance obligation. The streaming agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheet. See Note 21 -- Commitments and Contingencies for additional detail. The following table presents a rollforward of the Franco-Nevada contract liability balance: Year Ended December 31, In thousands 2020 2019 2018 Opening Balance $ 11,061 $ 12,918 $ 14,883 Revenue Recognized (1,685) (1,857) (1,965) Closing Balance $ 9,376 $ 11,061 $ 12,918 In June 2020, the Company received a $15.0 million prepayment (the “June 2020 Prepayment” as defined in Note 21) for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined in Note 21). In December 2020, the Company received a $15.0 million prepayment (the “December 2020 Prepayment” as defined in Note 21) for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined in Note 21). The Amended Sales Contract represents a contract liability under ASC 606, which requires the Company to recognize ratably a portion of the deposit as revenue for each gold ounce delivered to the customer. The remaining contract liability is included in Accrued liabilities and other on the Consolidated Balance Sheet. See Note 21 -- Commitments and Contingencies for additional detail. The following table presents a rollforward of the Amended Sales Contract liability balance: Year Ended December 31, In thousands 2020 2019 2018 Opening Balance $ 15,009 $ — $ — Additions 30,177 40,009 — Revenue Recognized (30,183) (25,000) — Closing Balance $ 15,003 $ 15,009 $ — |
Recent Accounting Standards | Recently Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326)”. The new standard is effective for reporting periods beginning after December 15, 2019. The standard replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. The standard requires a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The adoption of the new credit loss standard in 2020 did not have a material effect on our financial position, results of operations or cash flows. Recently Issued Accounting Standards In December 2019, the FASB issued ASU 2019-12, “Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740)” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 will be effective for interim and annual periods beginning after December 15, 2020 (January 1, 2021 for the Company). Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2019-12 will have on its consolidated financial statements. |
Risk and Uncertainties | Risks and uncertaintiesAs a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, zinc and lead. The prices of these metals are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. Further, the carrying value of the Company’s property, plant and equipment, net; mining properties, net; inventories and ore on leach pads are particularly sensitive to the outlook for commodity prices. A decline in the Company’s price outlook from current levels could result in material impairment charges related to these assets. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Contract Liability | The Company’s gold stream agreement with a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) provided for a $22.0 million deposit paid by Franco-Nevada in exchange for the right and obligation, commencing in 2016, to purchase 50% of a portion of Palmarejo gold production at the lesser of $800 or market price per ounce. Because there is no minimum obligation associated with the deposit, it is not considered financing, and each shipment is considered to be a separate performance obligation. The streaming agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. The remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheet. See Note 21 -- Commitments and Contingencies for additional detail. The following table presents a rollforward of the Franco-Nevada contract liability balance: Year Ended December 31, In thousands 2020 2019 2018 Opening Balance $ 11,061 $ 12,918 $ 14,883 Revenue Recognized (1,685) (1,857) (1,965) Closing Balance $ 9,376 $ 11,061 $ 12,918 In June 2020, the Company received a $15.0 million prepayment (the “June 2020 Prepayment” as defined in Note 21) for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined in Note 21). In December 2020, the Company received a $15.0 million prepayment (the “December 2020 Prepayment” as defined in Note 21) for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined in Note 21). The Amended Sales Contract represents a contract liability under ASC 606, which requires the Company to recognize ratably a portion of the deposit as revenue for each gold ounce delivered to the customer. The remaining contract liability is included in Accrued liabilities and other on the Consolidated Balance Sheet. See Note 21 -- Commitments and Contingencies for additional detail. The following table presents a rollforward of the Amended Sales Contract liability balance: Year Ended December 31, In thousands 2020 2019 2018 Opening Balance $ 15,009 $ — $ — Additions 30,177 40,009 — Revenue Recognized (30,183) (25,000) — Closing Balance $ 15,003 $ 15,009 $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Financial information relating to the reporting segments | Financial information relating to the Company’s segments is as follows (in thousands): Year Ended December 31, 2020 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 154,056 $ 46,337 $ 216,497 $ 167,743 $ — $ — $ 584,633 Silver sales 132,525 63,916 — 2,504 1,230 — 200,175 Zinc sales — — — — (662) — (662) Lead sales — — — — 1,315 — 1,315 Metal sales 286,581 110,253 216,497 170,247 1,883 — 785,461 Costs and Expenses Costs applicable to sales (1) 125,204 86,112 121,727 89,635 17,657 — 440,335 Amortization 44,873 14,306 49,477 12,473 8,923 1,335 131,387 Exploration 6,955 3,303 8,568 905 12,228 10,684 42,643 Write-downs — — — — — — — Other operating expenses 7,927 5,144 12,012 838 23,123 40,332 89,376 Other income (expense) Loss on debt extinguishment — — — — — — — Fair value adjustments, net — — — — — 7,601 7,601 Interest expense, net (918) (1,142) (1,017) (182) (672) (16,777) (20,708) Other, net (5,273) (2,718) (18) (69) 1,793 344 (5,941) Income and mining tax (expense) benefit (28,029) (863) (1,244) (6,644) — (265) (37,045) Income (loss) from continuing operations $ 67,402 $ (3,335) $ 22,434 $ 59,501 $ (58,927) $ (61,448) $ 25,627 Income (loss) from discontinued operations $ — $ — $ — $ — $ — $ — $ — Segment assets (2) $ 305,291 $ 346,986 $ 169,414 $ 75,047 $ 157,529 $ 177,886 $ 1,232,153 Capital expenditures $ 25,511 $ 37,542 $ 19,825 $ 2,447 $ 13,144 $ 810 $ 99,279 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Year Ended December 31, 2019 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 141,669 $ 50,225 $ 181,111 $ 120,342 $ — $ — $ 493,347 Silver sales 111,032 61,799 — 1,072 17,575 $ — 191,478 Zinc sales — — — — 12,806 — 12,806 Lead sales — — — — 13,871 — 13,871 Metal sales 252,701 112,024 181,111 121,414 44,252 — 711,502 Costs and Expenses Costs applicable to sales (1) 141,927 100,205 119,602 80,689 108,758 — 551,181 Amortization 59,379 18,041 50,592 12,280 36,738 1,846 178,876 Exploration 5,658 657 5,588 272 2,469 7,883 22,527 Write-downs — — — — 250,814 — 250,814 Other operating expenses 4,591 4,572 1,248 2,832 1,216 38,455 52,914 Other income (expense) Loss on debt extinguishment — — — — — (1,281) (1,281) Fair value adjustments, net — — — — — 16,030 16,030 Interest expense, net (444) (1,015) (1,333) (100) (1,137) (20,742) (24,771) Other, net (4,798) (378) (704) 89 (557) 3,155 (3,193) Income and mining tax (expense) benefit (14,257) (709) — (3,041) 32,084 (2,948) 11,129 Income (loss) from continuing operations $ 21,647 $ (13,553) $ 2,044 $ 22,289 $ (325,353) $ (53,970) $ (346,896) Income (loss) from discontinued operations $ — $ — $ — $ — — $ 5,693 $ 5,693 Segment assets (2) $ 319,292 $ 284,878 $ 194,076 $ 84,765 164,125 $ 168,647 $ 1,215,783 Capital expenditures $ 32,658 $ 22,592 $ 23,513 $ 2,220 17,504 $ 1,285 $ 99,772 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Year Ended December 31, 2018 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 131,758 $ 66,556 $ 132,924 $ 95,770 $ — $ — $ 427,008 Silver sales 113,998 75,252 — 746 3,157 $ — 193,153 Zinc sales — — — — 3,612 — 3,612 Lead sales — — — — 2,131 — 2,131 Metal sales 245,756 141,808 132,924 96,516 8,900 — 625,904 Costs and Expenses Costs applicable to sales (1) 120,088 105,677 112,364 67,201 35,620 — 440,950 Amortization 60,744 20,909 29,508 11,072 5,235 1,005 128,473 Exploration 10,516 332 5,871 104 2,748 5,826 25,397 Write-downs — — — — — — — Other operating expenses 3,043 7,071 1,721 2,686 303 36,564 51,388 Other income (expense) Loss on debt extinguishment — — — — — — — Fair value adjustments, net — — — — — 3,638 3,638 Interest expense, net (2,137) (466) (973) (40) (766) (19,982) (24,364) Other, net (8,308) (1,211) 2,795 (834) (370) (16,777) (24,705) Income and mining tax (expense) benefit (15,724) (874) — (1,063) 16,057 18,384 16,780 Income (loss) from continuing operations $ 25,196 $ 5,268 $ (14,718) $ 13,516 $ (20,085) $ (58,132) $ (48,955) Income (loss) from discontinued operations $ — $ — $ — $ — — $ 550 $ 550 Segment assets (2) $ 363,024 $ 269,903 $ 224,460 $ 102,246 415,998 $ 175,040 $ 1,550,671 Capital expenditures $ 29,425 $ 9,919 $ 44,738 $ 3,382 52,932 $ 391 $ 140,787 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests |
Consolidated Assets | Assets December 31, 2020 December 31, 2019 Total assets for reportable segments $ 1,232,153 $ 1,215,783 Cash and cash equivalents 92,794 55,645 Other assets 79,030 107,208 Total consolidated assets $ 1,403,977 $ 1,378,636 |
Long Lived Assets by Country | Geographic Information Long-Lived Assets December 31, 2020 December 31, 2019 United States $ 503,818 $ 494,286 Mexico 293,436 312,168 Canada 149,018 146,804 Other 657 7,486 Total $ 946,929 $ 960,744 |
Revenue by Country | Revenue Year ended December 31, 2020 2019 2018 United States $ 496,997 $ 414,548 $ 371,248 Mexico 286,581 252,701 245,756 Canada 1,883 44,253 8,900 Total $ 785,461 $ 711,502 $ 625,904 |
Major Customers by Reporting Segments | The following table indicates customers that represent 10% or more of total sales of metal for at least one of the years December 31, 2020, 2019, and 2018 (in millions): Year ended December 31, Customer 2020 2019 2018 Segments reporting revenue Asahi $ 272.1 $ 341.0 $ 213.0 Palmarejo, Wharf, Rochester, Kensington Ocean Partners 161.0 149.7 74.8 Silvertip, Kensington Toronto Dominion Bank 88.6 35.1 44.9 Rochester Techemet Metal Trading 81.8 9.4 83.3 Rochester, Wharf Argor-Heraeus 79.9 23.1 — Palmarejo RMC — — 71.7 Palmarejo, Rochester China National Gold — — 54.1 Kensington |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Receivables | Receivables consist of the following: In thousands December 31, 2020 December 31, 2019 Current receivables: Trade receivables $ 3,293 $ 6,028 Value added tax (“VAT”) receivable 17,080 10,729 Income tax receivable 530 105 Other 2,581 1,804 $ 23,484 $ 18,666 Non-current receivables: VAT receivable (1) $ 26,447 $ 28,009 RMC receivable (2) — 700 26,447 28,709 Total receivables $ 49,931 $ 47,375 (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). See Note 21 -- Commitments and Contingencies for additional detail. The $1.5 million decrease in the year ended December 31, 2020 is attributable to a weaker Mexican Peso. |
Inventory and Ore on Leach Pa_2
Inventory and Ore on Leach Pads (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventory consists of the following: In thousands December 31, 2020 December 31, 2019 Inventory: Concentrate $ 2,909 $ 6,557 Precious metals 14,788 14,040 Supplies 33,513 35,289 51,210 55,886 Ore on Leach Pads: Current 74,866 66,192 Non-current 81,963 71,539 156,829 137,731 Long-term Stockpile (included in Other ) $ 5,664 $ — Total Inventory and Ore on Leach Pads $ 213,703 $ 193,617 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investment in Marketable Securities [Abstract] | |
Investments | The Company makes strategic investments in equity and debt securities of silver and gold exploration, development and royalty and streaming companies. At December 31, 2020 In thousands Cost Gross Gross Estimated Equity Securities Metalla Royalty & Streaming Ltd. $ 166 $ — $ 875 $ 1,041 Integra Resources Corp. 7,500 — 4,401 11,901 Other 2 (1) — 1 Equity securities $ 7,668 $ (1) $ 5,276 $ 12,943 At December 31, 2019 In thousands Cost Gross Gross Estimated Equity Securities Metalla Royalty & Streaming Ltd. $ 10,463 $ — $ 17,725 $ 28,188 Integra Resources Corp. 5,000 — 355 5,355 Rockhaven Resources, Ltd. 2,064 (376) — 1,688 Other 1,304 (889) — 415 Equity securities $ 18,831 $ (1,265) $ 18,080 $ 35,646 |
Unrealized Gain (Loss) on Investments | The following table presents the disaggregated gain (loss) on equity securities recognized in Income (loss) from continuing operations on the Consolidated Statements of Comprehensive Income: Year ended December 31, In thousands 2020 2019 2018 Net gain (loss) $ 7,601 $ 16,208 $ 2,945 Less: Realized (gain) loss (19,140) (860) (7,964) Unrealized gain (loss) $ (11,539) $ 15,348 $ (5,019) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment consist of the following: In thousands December 31, 2020 December 31, 2019 Land $ 10,584 $ 10,598 Facilities and equipment 659,676 650,769 Assets under finance leases $ 100,530 $ 103,903 770,790 765,270 Accumulated amortization (1) $ (579,644) $ (537,046) 191,146 228,224 Construction in progress $ 38,993 20,565 Property, plant and equipment, net 230,139 $ 248,789 (1) Includes $60.2 million and $42.2 million of accumulated amortization related to assets under finance leases at December 31, 2020 and December 31, 2019, respectively. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price and Acquired Assets and Liabilities | The purchase price and acquired assets and liabilities were as follows (in thousands except share data): Common shares issued (4,268,703 at $4.40) $ 18,782 Transaction advisory fees and other acquisition costs 246 Total purchase price $ 19,028 Total assets acquired $ 19,028 Common shares issued (12,122,683 at $5.27) $ 63,887 Fair value of existing investment in Northern Empire 7,257 Transaction advisory fees and other acquisition costs 2,449 Total consideration 73,593 Total assets acquired 111,527 Total liabilities assumed 37,934 Net assets acquired $ 73,593 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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. Year ended December 31, In thousands 2020 2019 Lease Cost Operating lease cost $ 12,036 $ 11,585 Short-term operating lease cost $ 8,055 $ 12,975 Finance Lease Cost: Amortization of leased assets $ 23,921 $ 21,293 Interest on lease liabilities 3,634 4,150 Total finance lease cost $ 27,555 $ 25,443 Supplemental cash flow information related to leases was as follows: Year ended December 31, In thousands 2020 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 21,348 $ 24,560 Operating cash flows from finance leases $ 3,634 $ 4,150 Financing cash flows from finance leases $ 25,984 $ 25,975 |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows: In thousands December 31, 2020 December 31, 2019 Operating Leases Other assets, non-current $ 40,511 $ 49,169 Accrued liabilities and other $ 12,410 $ 13,104 Other long-term liabilities 27,433 40,634 Total operating lease liabilities $ 39,843 $ 53,738 Finance Leases Property and equipment, gross $ 104,433 $ 103,903 Accumulated depreciation (60,272) (42,209) Property and equipment, net $ 44,161 $ 61,694 Debt, current $ 22,074 $ 22,746 Debt, non-current 25,837 45,866 Total finance lease liabilities $ 47,911 $ 68,612 Weighted Average Remaining Lease Term Weighted-average remaining lease term - finance leases 1.36 1.73 Weighted-average remaining lease term - operating leases 4.00 4.70 Weighted Average Discount Rate Weighted-average discount rate - finance leases 5.37 % 5.40 % Weighted-average discount rate - operating leases 5.18 % 5.20 % |
Operating Lease Minimum Future Lease Payments | Minimum future lease payments under finance and operating leases with terms longer than one year are as follows: As of December 31, 2020 (In thousands) Operating leases Finance leases 2021 $ 12,602 $ 23,958 2022 10,989 18,140 2023 10,407 8,440 2024 8,812 1,699 2025 213 101 Thereafter 1,167 — Total $ 44,190 $ 52,338 Less: imputed interest (4,347) (4,427) Net lease obligation $ 39,843 $ 47,911 |
Finance Lease Minimum Future Lease Payments | Minimum future lease payments under finance and operating leases with terms longer than one year are as follows: As of December 31, 2020 (In thousands) Operating leases Finance leases 2021 $ 12,602 $ 23,958 2022 10,989 18,140 2023 10,407 8,440 2024 8,812 1,699 2025 213 101 Thereafter 1,167 — Total $ 44,190 $ 52,338 Less: imputed interest (4,347) (4,427) Net lease obligation $ 39,843 $ 47,911 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long term debt and capital lease obligations | December 31, 2020 December 31, 2019 In thousands Current Non-Current Current Non-Current 2024 Senior Notes, net (1) $ — $ 227,590 $ — $ 226,885 Revolving Credit Facility (2) — — — — Finance lease obligations 22,074 25,837 22,746 45,866 $ 22,074 $ 253,427 $ 22,746 $ 272,751 (1) Net of unamortized debt issuance costs of $2.4 million and $3.1 million at December 31, 2020 and December 31, 2019, respectively. (2) Unamortized debt issuance costs of $1.5 million and $2.3 million at December 31, 2020 and December 31, 2019, respectively, included in Other Non-Current Assets . |
Interest expenses incurred for various debt instruments | Interest Expense Year Ended December 31, In thousands 2020 2019 2018 2024 Senior Notes $ 13,513 $ 14,586 $ 14,688 Revolving Credit Facility 3,165 5,358 5,854 Finance lease obligations 3,634 4,150 2,270 Amortization of debt issuance costs 1,525 1,491 1,302 Accretion of Silvertip contingent consideration — 396 1,311 Other debt obligations 344 580 176 Capitalized interest (1,473) (1,790) (1,237) Total interest expense, net of capitalized interest $ 20,708 $ 24,771 $ 24,364 |
Reclamation (Tables)
Reclamation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Changes to the Company’s asset retirement obligations for its operating sites are as follows: Year Ended December 31, In thousands 2020 2019 Asset retirement obligation - Beginning $ 134,398 $ 133,508 Accretion 11,574 11,968 Additions and changes in estimates (6,132) (7,538) Settlements (2,720) (3,540) Asset retirement obligation - Ending $ 137,120 $ 134,398 |
Income and Mining Taxes (Tables
Income and Mining Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of Income (loss) before income taxes are below: Year ended December 31, In thousands 2020 2019 2018 United States $ 40,890 $ (16,702) $ (50,522) Foreign 21,782 (341,323) (15,213) Total $ 62,672 $ (358,025) $ (65,735) The components of the consolidated Income and mining tax (expense) benefit from continuing operations are below: Year ended December 31, In thousands 2020 2019 2018 Current: United States $ 226 $ (334) $ 1,188 United States — State mining taxes (8,384) (4,001) (3,208) United States — Foreign withholding tax (800) (1,598) (5,617) Canada 232 119 378 Mexico (36,066) (19,619) (26,021) Other 33 (3) 67 Deferred: United States (49) 236 23,322 United States — State mining taxes (354) 251 1,134 Canada — 32,084 16,057 Mexico 8,117 3,994 9,929 Other — — (449) Income tax (expense) benefit $ (37,045) $ 11,129 $ 16,780 |
Schedule of Effective Income Tax Rate Reconciliation | he Company’s Income and mining tax benefit (expense) differed from the amounts computed by applying the United States statutory corporate income tax rate for the following reasons: Year ended December 31, In thousands 2020 2019 2018 Income and mining tax (expense) benefit at statutory rate $ (13,161) $ 75,185 $ 14,052 State tax provision from continuing operations (152) 1,243 2,284 Change in valuation allowance (17,522) (77,220) 2,471 Percentage depletion 5,056 820 89 Uncertain tax positions 2,321 2,358 1,830 U.S. and foreign permanent differences 3,844 2,272 3,314 Foreign exchange rates 1,390 (7,066) (3,973) Foreign inflation and indexing 684 (2,933) (2,374) Foreign tax rate differences (3,971) 19,729 (24) Mining, foreign withholding, and other taxes (17,457) (2,746) (3,857) Other, net 1,923 (513) 2,968 Income and mining tax (expense) benefit $ (37,045) $ 11,129 $ 16,780 |
Schedule of Deferred Tax Assets and Liabilities | At December 31, 2020 and 2019, the significant components of the Company’s deferred tax assets and liabilities are below: Year ended December 31, In thousands 2020 2019 Deferred tax liabilities: Mineral properties $ — $ 25,691 Inventory 5 847 Royalty and other long-term debt 1,094 — Foreign subsidiaries - unremitted earnings 99 50 $ 1,198 $ 26,588 Deferred tax assets: Net operating loss carryforwards $ 241,985 $ 219,192 Mineral properties 1,907 — Property, plant, and equipment 10,841 20,212 Mining royalty tax 7,447 6,764 Capital loss carryforwards 17,341 21,956 Asset retirement obligation 38,761 34,134 Unrealized foreign currency loss and other 3,386 9,133 Royalty and other long-term debt — 6,235 Accrued expenses 16,849 8,899 Tax credit carryforwards 29,809 29,881 368,326 356,406 Valuation allowance (401,304) (371,277) (32,978) (14,871) Net deferred tax liabilities $ 34,176 $ 41,459 |
Summary of Valuation Allowance | Based upon this analysis, the Company has recorded valuation allowances as follows: Year ended December 31, In thousands 2020 2019 U.S. $ 215,396 $ 213,783 Canada 146,611 118,738 Mexico 15,885 15,884 New Zealand 22,740 21,863 Other 672 1,009 $ 401,304 $ 371,277 |
Summary of Tax Credit Carryforwards | The Company has the following tax attribute carryforwards at December 31, 2020, by jurisdiction: In thousands U.S. Canada Mexico New Zealand Other Total Regular net operating losses $ 432,447 $ 304,237 $ 52,951 $ 86,486 $ 1,337 $ 877,458 Expiration years 2021-2038 2029-2039 2021-2030 Indefinite 2021-2022 Capital losses 63,024 — — — — 63,024 Foreign tax credits 24,939 — — — — 24,939 |
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount related to unrecognized tax benefits is below (in thousands): Unrecognized tax benefits at December 31, 2018 $ 3,776 Gross increase to current period tax positions — Gross increase to prior period tax positions 137 Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations (1,207) Unrecognized tax benefits at December 31, 2019 $ 2,706 Gross increase to current period tax positions — Gross increase to prior period tax positions (122) Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations (1,861) Unrecognized tax benefits at December 31, 2020 $ 723 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The following table summarizes restricted stock activity for the years ended December 31, 2020, 2019, and 2018: Restricted Stock Number of Weighted Outstanding at December 31, 2017 2,155,845 $ 5.72 Granted 1,000,690 7.63 Vested (1,277,076) 5.30 Canceled/Forfeited (337,811) 6.51 Outstanding at December 31, 2018 1,541,648 $ 7.14 Granted 1,586,590 4.90 Vested (797,025) 6.36 Canceled/Forfeited (146,538) 5.70 Outstanding at December 31, 2019 2,184,675 $ 5.89 Granted 1,676,634 5.13 Vested (928,778) 6.46 Canceled/Forfeited (207,807) 5.36 Outstanding at December 31, 2020 2,724,724 $ 5.26 |
Share-based Payment Arrangement, Performance Shares, Outstanding Activity | The following table summarizes performance shares activity for the years ended December 31, 2020, 2019, and 2018: Performance Shares Number of Weighted Outstanding at December 31, 2017 2,368,281 $ 4.44 Granted (1) 869,421 7.41 Vested (1,086,058) 6.83 Canceled/Forfeited (613,329) 5.41 Outstanding at December 31, 2018 1,538,315 $ 4.05 Granted (2) 946,000 4.71 Vested (969,903) 1.77 Canceled/Forfeited (2) (300,267) 1.84 Outstanding at December 31, 2019 1,214,145 $ 6.93 Granted (3) 1,343,953 3.95 Vested (54,132) 11.47 Canceled/Forfeited (3) (168,864) 10.71 Outstanding at December 31, 2020 2,335,102 $ 4.83 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table sets forth the weighted average fair value of stock options and the assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model: 2020 2019 2018 Weighted average fair value of stock options granted $ — $ — $ 4.09 Volatility — — 66.86 % Expected life in years 0 0 4.00 Risk-free interest rate — — 2.07 % Dividend yield — — — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Adjustments to Comprehensive income (Loss) | Year Ended December 31, In thousands 2020 2019 2018 Unrealized gain (loss) on equity securities $ (11,539) $ 15,348 $ (5,019) Realized gain (loss) on equity securities 19,140 860 7,964 Zinc options — — 753 Interest rate swap, net — (178) (60) Fair value adjustments, net $ 7,601 $ 16,030 $ 3,638 |
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 December 31, 2020 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 12,943 $ 12,943 $ — $ — Foreign currency forward exchange contracts 13,747 — 13,747 — Provisional metal sales contracts 481 — 481 — $ 27,171 $ 12,943 $ 14,228 $ — Liabilities: Gold zero cost collars $ 24,883 $ — $ 24,883 $ — Provisional metal sales contracts 67 — 67 — $ 24,950 $ — $ 24,950 $ — Fair Value at December 31, 2019 In thousands Total Level 1 Level 2 Level 3 Assets: Equity and debt securities $ 35,646 $ 35,646 $ — $ — Provisional metal sales contracts 753 — 753 — $ 36,399 $ 35,646 $ 753 $ — Liabilities: Silvertip contingent consideration $ 25,000 $ — $ — $ 25,000 Provisional metal sales contracts 275 — 275 — Gold zero cost collars 136 — 136 — $ 25,411 $ — $ 411 $ 25,000 |
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 in the year ended December 31, 2020 and 2019: December 31, 2020 In thousands Balance at the beginning of the period Revaluation Settlements Accretion Balance at the Liabilities: Silvertip contingent consideration $ 25,000 $ — $ (25,000) $ — $ — |
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 December 31, 2020 and December 31, 2019 is presented in the following table: December 31, 2020 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2024 Senior Notes (1) $ 227,590 $ 229,874 $ — $ 229,874 $ — Revolving Credit Facility (2) $ — $ — $ — $ — $ — (1) Net of unamortized debt issuance costs of $2.4 million. (2) Unamortized debt issuance costs of $1.5 million included in Other Non-Current Assets . December 31, 2019 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2024 Senior Notes (1) $ 226,885 $ 228,585 $ — $ 228,585 $ — Revolving Credit Facility (2) $ — $ — $ — $ — $ — (1) Net of unamortized debt issuance costs of $3.1 million. (2) Unamortized debt issuance costs of $2.3 million included in Other Non-Current Assets . |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments, future settlement | At December 31, 2020, the Company had the following derivative instruments that settle as follows: In thousands except average prices and notional ounces 2021 2022 and Thereafter Provisional gold sales contracts $ 28,243 $ — Average gold price per ounce $ 1,852 $ — Notional ounces 15,248 — At December 31, 2020, the Company had the following derivative cash flow hedge instruments that settle as follows: In thousands except average prices and notional ounces 2021 2022 and Thereafter Gold put options Average gold strike price per ounce $ 1,600 $ 1,626 Notional ounces 158,700 126,000 Gold call options Average gold strike price per ounce $ 1,875 $ 2,030 Notional ounces 158,700 126,000 Foreign currency forward exchange contracts - Mexican Peso Average Mexican Peso exchange rate $ 24.99 $ — Notional US dollar 60,000 — |
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments: December 31, 2020 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 481 $ 67 December 31, 2019 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 753 $ 275 The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges: December 31, 2020 In thousands Prepaid expenses and other Accrued liabilities and other Gold zero cost collars $ — $ 24,883 Foreign currency forward exchange contracts 13,747 — $ 13,747 $ 24,883 December 31, 2019 In thousands Prepaid expenses and other Accrued liabilities and other Gold zero cost collars $ — $ 136 The following table sets forth the pre-tax gains (losses) on derivatives designated as cash flow hedges that have been included in Accumulated Other Comprehensive Income (“AOCI”) and the Consolidated Statement of Comprehensive Income (Loss) for the year ended December 31, 2020 and 2019, respectively (in thousands). Year Ended December 31, 2020 2019 2018 Amount of Gain (Loss) Recognized in AOCI Gold zero cost collars $ (32,345) $ (136) $ — Foreign currency forward exchange contracts 19,911 — — $ (12,434) $ (136) $ — Amount of (Gain) Loss Reclassified From AOCI to Earnings Gold zero cost collars $ 7,598 $ — $ — Foreign currency forward exchange contracts (6,164) — — $ 1,434 $ — $ — |
Gain losses on derivative instruments | The following represent mark-to-market gains (losses) on derivative instruments in the year ended December 31, 2020 and 2019, respectively (in thousands): Year Ended December 31, Financial statement line Derivative 2020 2019 2018 Revenue Provisional metal sales contracts $ 959 $ 337 $ 111 Fair value adjustments, net Zinc options — — 753 Fair value adjustments, net Interest rate swaps — (178) (60) $ 959 $ 159 $ 804 |
Other, Net (Tables)
Other, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Pre-development, reclamation, and other consists of the following: Year Ended December 31, In thousands 2020 2019 2018 COVID-19 $ 15,414 $ — $ — Silvertip ongoing carrying costs 17,082 — — Silvertip temporary suspension costs 10,501 — — Gain on modification of right of use lease (4,051) — — Asset retirement accretion 11,754 12,154 11,116 Other 4,954 6,267 8,927 Pre-development, reclamation and other $ 55,654 $ 18,421 $ 20,043 |
Schedule of Other Nonoperating Income (Expense) | Other, net consists of the following: Year Ended December 31, In thousands 2020 2019 2018 Foreign exchange gain (loss) $ (2,245) $ (4,346) $ (9,069) Gain (loss) on sale of assets (2,849) (714) 19 Gold zero cost collars novation fee (3,819) — — Gain (loss) on sale of Manquiri NSR consideration (1) 365 133 (18,599) RMC receivable write-down — (1,040) (6,536) Mexico inflation adjustment — — 1,939 Gain (loss) on Silvertip contingent consideration 955 — — Interest income on notes receivable — 198 1,776 Other 1,652 2,576 5,765 Other, net $ (5,941) $ (3,193) $ (24,705) |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Year ended December 31, In thousands except per share amounts 2020 2019 2018 Net income (loss) available to common stockholders: Income (loss) from continuing operations $ 25,627 $ (346,896) $ (48,955) Income (loss) from discontinued operations — 5,693 550 $ 25,627 $ (341,203) $ (48,405) Weighted average shares: Basic 240,803 218,812 188,606 Effect of stock-based compensation plans 1,746 — — Diluted 242,549 218,812 188,606 Basic income (loss) per share: Income (loss) from continuing operations $ 0.11 $ (1.59) $ (0.26) Income (loss) from discontinued operations — 0.03 — Basic (1) $ 0.11 $ (1.56) $ (0.26) Diluted income (loss) per share: Income (loss) from continuing operations $ 0.11 $ (1.59) $ (0.26) Income (loss) from discontinued operations — 0.03 — Diluted (1) $ 0.11 $ (1.56) $ (0.26) (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) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | CONSOLIDATING BALANCE SHEET DECEMBER 31, 2020 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 12,727 $ 28,515 $ 51,552 $ — $ 92,794 Receivables 381 3,631 19,472 — 23,484 Ore on leach pads — 74,866 — — 74,866 Inventory — 27,223 23,987 — 51,210 Prepaid expenses and other 20,872 1,375 5,007 — 27,254 33,980 135,610 100,018 — 269,608 NON-CURRENT ASSETS Property, plant and equipment, net 1,946 148,640 79,553 — 230,139 Mining properties, net — 353,818 362,972 — 716,790 Ore on leach pads — 81,963 — — 81,963 Restricted assets 1,482 206 7,804 — 9,492 Equity and debt securities 12,943 — — — 12,943 Receivables — — 26,447 — 26,447 Net investment in subsidiaries 514,705 72,785 (72,190) (515,300) — Other 198,587 51,528 1,957 (195,477) 56,595 TOTAL ASSETS $ 763,643 $ 844,550 $ 506,561 $ (710,777) $ 1,403,977 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 1,978 $ 52,177 $ 36,422 $ — $ 90,577 Other accrued liabilities 36,183 46,023 36,952 — 119,158 Debt — 14,506 7,568 — 22,074 Reclamation — 1,584 715 — 2,299 38,161 114,290 81,657 — 234,108 NON-CURRENT LIABILITIES Debt 227,592 33,321 187,991 (195,477) 253,427 Reclamation — 93,349 43,626 — 136,975 Deferred tax liabilities 100 8,457 25,645 — 34,202 Other long-term liabilities 3,629 29,916 18,241 — 51,786 Intercompany payable (receivable) (199,318) 176,914 22,404 — — 32,003 341,957 297,907 (195,477) 476,390 STOCKHOLDERS’ EQUITY Common stock 2,438 20,401 214,816 (235,217) 2,438 Additional paid-in capital 3,610,297 340,700 2,073,745 (2,414,445) 3,610,297 Accumulated deficit (2,908,120) 27,202 (2,161,564) 2,134,362 (2,908,120) Accumulated other comprehensive income (loss) (11,136) — — — (11,136) 693,479 388,303 126,997 (515,300) 693,479 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 763,643 $ 844,550 $ 506,561 $ (710,777) $ 1,403,977 CONSOLIDATING BALANCE SHEET DECEMBER 31, 2019 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 2,985 $ 27,217 $ 25,443 $ — $ 55,645 Receivables (65) 5,978 12,753 — 18,666 Ore on leach pads — 66,192 — — 66,192 Inventory — 24,763 31,123 — 55,886 Prepaid expenses and other 6,202 1,192 6,653 — 14,047 9,122 125,342 75,972 — 210,436 NON-CURRENT ASSETS Property, plant and equipment, net 2,370 167,159 79,260 — 248,789 Mining properties, net 4,452 327,685 379,818 — 711,955 Ore on leach pads — 71,539 — — 71,539 Restricted assets 1,470 206 7,076 — 8,752 Equity and debt securities 35,646 — — — 35,646 Receivables — — 28,709 — 28,709 Net investment in subsidiaries 325,723 85,755 (85,740) (325,738) — Other 267,281 52,040 20,937 (277,448) 62,810 TOTAL ASSETS $ 646,064 $ 829,726 $ 506,032 $ (603,186) $ 1,378,636 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 1,277 $ 26,211 $ 41,688 $ — $ 69,176 Other accrued liabilities 9,036 35,547 51,033 — 95,616 Debt — 15,347 7,399 — 22,746 Reclamation — 1,628 1,486 — 3,114 10,313 78,733 101,606 — 190,652 NON-CURRENT LIABILITIES Debt 226,885 32,989 290,325 (277,448) 272,751 Reclamation — 91,524 41,893 — 133,417 Deferred tax liabilities 50 8,104 33,822 — 41,976 Other long-term liabilities 4,225 40,012 28,599 — 72,836 Intercompany payable (receivable) (262,413) 246,186 16,227 — — (31,253) 418,815 410,866 (277,448) 520,980 STOCKHOLDERS’ EQUITY Common stock 2,415 20,309 215,792 (236,101) 2,415 Additional paid-in capital 3,598,472 337,975 1,960,187 (2,298,162) 3,598,472 Accumulated deficit (2,933,747) (26,106) (2,182,419) 2,208,525 (2,933,747) Accumulated other comprehensive income (loss) (136) — — — (136) 667,004 332,178 (6,440) (325,738) 667,004 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 646,064 $ 829,726 $ 506,032 $ (603,186) $ 1,378,636 |
Schedule of Comprehensive Income (Loss) | CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2020 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 496,996 $ 288,465 $ — $ 785,461 COSTS AND EXPENSES Costs applicable to sales (1) — 297,473 142,862 — 440,335 Amortization 742 76,830 53,815 — 131,387 General and administrative 33,699 3 20 — 33,722 Exploration 1,344 22,113 19,186 — 42,643 Pre-development, reclamation, and other 2,001 19,442 34,211 — 55,654 Total costs and expenses 37,786 415,861 250,094 — 703,741 OTHER INCOME (EXPENSE), NET Fair value adjustments, net 7,601 — — — 7,601 Other, net 12,341 (2,860) (1,069) (14,353) (5,941) Interest expense, net of capitalized interest (16,796) (3,150) (15,115) 14,353 (20,708) Total other income (expense), net 3,146 (6,010) (16,184) — (19,048) Income (loss) from continuing operations before income and mining taxes (34,640) 75,125 22,187 — 62,672 Income and mining tax (expense) benefit (624) (8,738) (27,683) — (37,045) Income (loss) from continuing operations (35,264) 66,387 (5,496) — 25,627 Equity income (loss) in consolidated subsidiaries 60,891 (12,956) 12,378 (60,313) — Income (loss) from discontinued operations — — — — — NET INCOME (LOSS) $ 25,627 $ 53,431 $ 6,882 $ (60,313) $ 25,627 OTHER COMPREHENSIVE INCOME (LOSS): Change in fair value of derivative contracts designated as cash flow hedges, net of tax (12,434) — — — (12,434) Reclassification adjustments for realized (gain) loss on cash flow hedges 1,434 — — — 1,434 Other comprehensive income (loss) (11,000) — — — (11,000) COMPREHENSIVE INCOME (LOSS) $ 14,627 $ 53,431 $ 6,882 $ (60,313) $ 14,627 CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2019 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 414,548 $ 296,954 $ — $ 711,502 COSTS AND EXPENSES Costs applicable to sales (1) — 300,496 250,685 — 551,181 Amortization 876 81,759 96,241 — 178,876 General and administrative 31,913 808 1,772 — 34,493 Exploration 1,492 12,220 8,815 — 22,527 Impairment of long-lived assets — — 250,814 — 250,814 Pre-development, reclamation, and other 346 11,204 6,871 — 18,421 Total costs and expenses 34,627 406,487 615,198 — 1,056,312 OTHER INCOME (EXPENSE), NET Loss on debt extinguishment (1,281) — — — (1,281) Fair value adjustments, net 16,039 (9) — — 16,030 Other, net 18,993 (1,106) (3,941) (17,139) (3,193) Interest expense, net of capitalized interest (20,774) (2,591) (18,545) 17,139 (24,771) Total other income (expense), net 12,977 (3,706) (22,486) — (13,215) Income (loss) from continuing operations before income and mining taxes (21,650) 4,355 (340,730) — (358,025) Income and mining tax (expense) benefit (1,518) (3,750) 16,397 — 11,129 Income (loss) from continuing operations (23,168) 605 (324,333) — (346,896) Equity income (loss) in consolidated subsidiaries (323,728) (10,100) 9,760 324,068 — Income (loss) from discontinued operations 5,693 — — — 5,693 NET INCOME (LOSS) $ (341,203) $ (9,495) $ (314,573) $ 324,068 $ (341,203) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt and equity securities 59 — — — 59 Change in fair value of derivative contracts designated as cash flow hedges, net of tax (136) — — — (136) Other comprehensive income (loss) (77) — — — (77) COMPREHENSIVE INCOME (LOSS) $ (341,280) $ (9,495) $ (314,573) $ 324,068 $ (341,280) CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 371,248 $ 254,656 $ — $ 625,904 COSTS AND EXPENSES Costs applicable to sales (1) — 285,242 155,708 — 440,950 Amortization 940 61,489 66,044 — 128,473 General and administrative 30,868 398 79 — 31,345 Exploration 1,496 9,294 14,607 — 25,397 Pre-development, reclamation, and other 1,246 11,351 7,446 — 20,043 Total costs and expenses 34,550 367,774 243,884 — 646,208 OTHER INCOME (EXPENSE), NET Fair value adjustments, net 4,056 (418) — 3,638 Other, net (403) 617 (9,462) (15,457) (24,705) Interest expense, net of capitalized interest (21,563) (1,479) (16,779) 15,457 (24,364) Total other income (expense), net (17,910) (1,280) (26,241) — (45,431) Income (loss) from continuing operations before income and mining taxes (52,460) 2,194 (15,469) — (65,735) Income and mining tax (expense) benefit (548) (1,926) 19,254 — 16,780 Income (loss) from continuing operations (53,008) 268 3,785 — (48,955) Equity income (loss) in consolidated subsidiaries 3,593 (608) (74) (2,911) — Income (loss) from discontinued operations 1,010 (284) (176) — 550 NET INCOME (LOSS) $ (48,405) $ (624) $ 3,535 $ (2,911) $ (48,405) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt securities, net of tax 26 — — — 26 Other comprehensive income (loss) 26 — — — 26 COMPREHENSIVE INCOME (LOSS) $ (48,379) $ (624) $ 3,535 $ (2,911) $ (48,379) |
Condensed Cash Flow Statement | CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2020 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) activities of operations $ 16,926 $ 135,576 $ 56,520 $ (60,313) $ 148,709 Cash provided by (used in) activities of discontinued operations — — — — CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 16,926 $ 135,576 $ 56,520 $ (60,313) $ 148,709 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (317) (60,306) (38,656) — (99,279) Proceeds from the sale of assets 4,500 792 237 — 5,529 Purchase of investments (2,500) — — — (2,500) Sales of investments 30,831 — — — 30,831 Other — — (252) — (252) Investments in consolidated subsidiaries (60,888) (38) 613 60,313 — Cash provided by (used in) activities of continuing operations (28,374) (59,552) (38,058) 60,313 (65,671) Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (28,374) (59,552) (38,058) 60,313 (65,671) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings, net of issuance costs 150,000 — — — 150,000 Payments on debt, finance leases, and associated costs (150,000) (15,621) (10,363) — (175,984) Silvertip contingent consideration — — (18,750) — (18,750) Net intercompany financing activity 22,988 (59,103) 36,115 — — Other (1,801) — — — (1,801) Cash provided by (used in) activities of operations 21,187 (74,724) 7,002 — (46,535) Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 21,187 (74,724) 7,002 — (46,535) Effect of exchange rate changes on cash and cash equivalents 8 2 639 — 649 Less net cash provided by (used in) discontinued operations — — — — — NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 9,747 1,302 26,103 — 37,152 Cash, cash equivalents and restricted cash at beginning of period 4,356 27,231 25,431 — 57,018 Cash, cash equivalents and restricted cash at end of period $ 14,103 $ 28,533 $ 51,534 $ — $ 94,170 CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2019 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 $ (377,159) $ 125,325 $ 19,646 $ 324,068 $ 91,880 Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (377,159) $ 125,325 $ 19,646 $ 324,068 $ 91,880 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (491) (48,324) (50,957) — (99,772) Proceeds from the sale of assets — 913 120 — 1,033 Purchase of investments (5,019) (1) (3) — (5,023) Sales of investments 2,109 — — — 2,109 Proceeds from notes receivable 7,168 — — — 7,168 Other 2,051 32 (164) — 1,919 Investments in consolidated subsidiaries 323,561 180 327 (324,068) — Cash provided by (used in) activities of continuing operations 329,379 (47,200) (50,677) (324,068) (92,566) Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 329,379 (47,200) (50,677) (324,068) (92,566) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of common stock 123,059 — — — 123,059 Issuance of notes and bank borrowings, net of issuance costs 60,000 — — — 60,000 Payments on debt, finance leases, and associated costs (195,878) (17,364) (8,612) — (221,854) Silvertip contingent consideration — — (18,697) — (18,697) Net intercompany financing activity 55,611 (59,068) 3,457 — — Other (3,404) — — — (3,404) Cash provided by (used in) activities of continuing operations 39,388 (76,432) (23,852) — (60,896) Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 39,388 (76,432) (23,852) — (60,896) Effect of exchange rate changes on cash and cash equivalents — (2) 533 — 531 Less net cash provided by (used in) discontinued operations — — — — — NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (8,392) 1,691 (54,350) — (61,051) Cash, cash equivalents and restricted cash at beginning of period 12,748 25,540 79,781 — 118,069 Cash, cash equivalents and restricted cash at end of period $ 4,356 $ 27,231 $ 25,431 $ — $ 57,018 CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) activities of continuing operations $ (45,313) $ 55,656 $ 12,676 $ (2,911) 20,108 Cash provided by (used in) activities of discontinued operations — — (2,690) — (2,690) CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (45,313) 55,656 9,986 (2,911) 17,418 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (390) (58,040) (82,357) — (140,787) Proceeds from the sale of assets 23 446 108 — 577 Purchase of investments (431) — 5 — (426) Sales of investments 11,694 1,019 — — 12,713 Acquisitions, net of cash acquired — — 6,914 — 6,914 Proceeds from notes receivable 19,000 — — — 19,000 Other 46 217 (252) — 11 Investments in consolidated subsidiaries (6,288) 159 3,218 2,911 — Cash provided by (used in) activities of continuing operations 23,654 (56,199) (72,364) 2,911 (101,998) Cash provided by (used in) activities of discontinued operations — — (28,470) — (28,470) CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 23,654 (56,199) (100,834) 2,911 (130,468) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings, net of issuance costs 95,000 — — — 95,000 Payments on debt, finance leases, and associated costs (60,826) (12,239) (21,994) — (95,059) Net intercompany financing activity (50,640) (13,906) 64,546 — — Other (5,160) — — — (5,160) Cash provided by (used in) activities of continuing operations (21,626) (26,145) 42,552 — (5,219) Cash provided by (used in) activities of discontinued operations — — (22) — (22) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (21,626) (26,145) 42,530 — (5,241) Effect of exchange rate changes on cash and cash equivalents — (11) 39 — 28 Less net cash provided by (used in) discontinued operations — — (32,930) — (32,930) NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (43,285) (26,699) (15,349) — (85,333) 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 $ 12,748 $ 25,540 $ 79,781 $ — $ 118,069 |
Additional Balance Sheet Deta_2
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities and other consist of the following: In thousands December 31, 2020 December 31, 2019 Accrued salaries and wages $ 30,457 $ 20,047 Silvertip contingent consideration — 25,000 Deferred revenue (1) 16,425 16,672 Income and mining taxes 26,118 11,243 Accrued operating costs 3,327 3,752 Unrealized losses on derivatives 24,950 411 Taxes other than income and mining 3,616 3,554 Accrued interest payable 1,855 1,833 Operating lease liabilities 12,410 13,104 Accrued liabilities and other $ 119,158 $ 95,616 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that total the same such amounts shown in the statement of cash flows in the year ended December 31, 2020 and 2019: In thousands December 31, 2020 December 31, 2019 Cash and cash equivalents $ 92,794 $ 55,645 Restricted cash equivalents 1,376 1,373 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 94,170 $ 57,018 The following table presents non-cash financing and investing activities and other cash flow information: Year ended December 31, Non-cash financing and investing activities: 2020 2019 2018 Finance lease obligations $ 5,283 $ 16,615 $ 45,813 Capital expenditures, not yet paid $ 30,682 $ 8,188 $ 6,428 Non-cash extinguishment of senior notes $ — $ 20,009 $ — Non-cash acquisitions and related deferred taxes $ — $ — $ 110,273 Non-cash Silvertip contingent consideration $ 5,295 $ 5,973 $ — Other cash flow information: Interest paid $ 20,634 $ 24,428 $ 22,916 Income taxes paid $ 35,600 $ 33,700 $ 50,400 |
Summary of Quarterly Financia_2
Summary of Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | The following table sets forth a summary of the unaudited quarterly results of operations for the years ended December 31, 2020 and 2019 (in thousands, except per share data): Q1 Q2 Q3 Q4 2020 Revenues $ 173,167 $ 154,249 $ 229,728 $ 228,317 Costs applicable to sales 118,917 90,015 112,772 118,631 Amortization 36,162 27,876 32,216 35,133 Gross Profit 18,088 36,358 84,740 74,553 Exploration 6,386 11,855 12,818 11,584 Other operating expenses (General and administrative, Pre-development, reclamation, and other, and Impairment of long-lived assets) 15,475 27,291 22,788 23,822 Income (loss) from continuing operations (11,900) (1,209) 26,856 11,880 Income (loss) from discontinued operations — — — — Net income (loss) (11,900) (1,209) 26,856 11,880 Cash provided by (used in) operating activities (7,991) 9,947 79,464 67,289 Capital expenditures 22,208 16,682 22,996 37,393 Basic income (loss) per share: Net income (loss) from continuing operations $ (0.05) $ (0.01) $ 0.11 $ 0.05 Net income (loss) from discontinued operations 0.00 0.00 0.00 0.00 Basic $ (0.05) $ (0.01) $ 0.11 $ 0.05 Diluted income (loss) per share: Net income (loss) from continuing operations $ (0.05) $ (0.01) $ 0.11 $ 0.05 Net income (loss) from discontinued operations 0.00 0.00 0.00 0.00 Diluted $ (0.05) $ (0.01) $ 0.11 $ 0.05 Q1 Q2 Q3 Q4 2019 Revenues $ 154,870 $ 162,123 $ 199,469 $ 195,040 Costs applicable to sales $ 131,650 $ 131,948 $ 140,952 146,631 Amortization $ 41,876 $ 43,204 $ 45,678 48,118 Gross Profit $ (18,656) $ (13,029) $ 12,839 291 Exploration $ 3,714 $ 5,719 $ 5,893 7,201 Other operating expenses (General and administrative, Pre-development, reclamation, and other, and Impairment of long-lived assets) $ 13,908 $ 12,084 $ 14,486 263,250 Income (loss) from continuing operations $ (24,894) $ (36,764) $ (14,277) (270,961) Income (loss) from discontinued operations $ 5,693 $ — $ — — Net income (loss) $ (19,201) $ (36,764) $ (14,277) (270,961) Cash provided by (used in) operating activities $ (15,846) $ 26,435 $ 41,996 39,295 Capital expenditures $ 27,438 $ 20,749 $ 30,678 20,907 Basic income (loss) per share: Net income (loss) from continuing operations $ (0.12) $ (0.18) $ (0.06) $ (1.13) Net income (loss) from discontinued operations 0.03 0.00 0.00 0.00 Basic $ (0.09) $ (0.18) $ (0.06) $ (1.13) Diluted income (loss) per share: Net income (loss) from continuing operations $ (0.12) $ (0.18) $ (0.06) $ (1.13) Net income (loss) from discontinued operations 0.03 0.00 0.00 0.00 Diluted $ (0.09) $ (0.18) $ (0.06) $ (1.13) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2017 | Oct. 02, 2014 | |
Business Acquisition [Line Items] | |||||||
Impairment of long-lived assets | $ 0 | $ 250,814,000 | $ 0 | ||||
Certificates of Deposit, at Carrying Value | 9,500,000 | 8,800,000 | |||||
Capitalized Exploratory Well Costs that Have Been Capitalized for Period of One Year or Less | 8,000,000 | 7,500,000 | |||||
Palmarejo gold production royalty | |||||||
Business Acquisition [Line Items] | |||||||
Aggregate deposit to be received | $ 22,000,000 | ||||||
Production to be sold, percent | 50.00% | ||||||
Price per ounce under agreement | $ 800 | ||||||
Kensington | |||||||
Business Acquisition [Line Items] | |||||||
Revenue liability | $ 15,003,000 | $ 15,009,000 | $ 0 | $ 15,000,000 | $ 25,000,000 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Summary of Unearned Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Contract Liabilities | |||||
Revenue Recognized | $ (16,702) | $ (1,857) | $ 0 | ||
Franco-Nevada | |||||
Contract Liabilities | |||||
Opening Balance | $ 11,061 | 11,061 | 12,918 | 14,883 | |
Revenue Recognized | 1,685 | 1,857 | 1,965 | ||
Closing Balance | $ 9,376 | 9,376 | 11,061 | 12,918 | |
Kensington | |||||
Contract Liabilities | |||||
Opening Balance | 15,000 | 15,009 | 15,009 | 0 | 0 |
Revenue Recognized | (15,000) | $ (15,000) | (30,183) | (25,000) | 0 |
Closing Balance | 15,003 | 15,003 | 15,009 | 0 | |
Deferred Revenue, Additions | 30,177 | $ 40,009 | $ 0 | ||
Kensington | June 2020 Prepayment [Member] | |||||
Contract Liabilities | |||||
Opening Balance | 15,000 | ||||
Kensington | December 2020 Prepayment [Member] | |||||
Contract Liabilities | |||||
Opening Balance | 15,000 | ||||
Closing Balance | $ 15,000 | $ 15,000 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | $ 228,317 | $ 229,728 | $ 154,249 | $ 173,167 | $ 195,040 | $ 199,469 | $ 162,123 | $ 154,870 | $ 785,461 | $ 711,502 | $ 625,904 | ||||
Amortization | 35,133 | 32,216 | 27,876 | 36,162 | 48,118 | 45,678 | 43,204 | 41,876 | 131,387 | 178,876 | 128,473 | ||||
Other operating expenses | 89,376 | 52,914 | 51,388 | ||||||||||||
Loss on debt extinguishments | 0 | (1,281) | 0 | ||||||||||||
Fair value adjustments, net, pretax | 7,601 | 16,030 | 3,638 | ||||||||||||
Interest expense, net of capitalized interest | (20,708) | (24,771) | (24,364) | ||||||||||||
Other, net | (5,941) | (3,193) | (24,705) | ||||||||||||
Income and mining tax (expense) benefit | (37,045) | 11,129 | 16,780 | ||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 11,880 | 26,856 | (1,209) | (11,900) | (270,961) | (14,277) | (36,764) | (24,894) | 25,627 | (346,896) | (48,955) | ||||
NET INCOME (LOSS) | 25,627 | (341,203) | (48,405) | ||||||||||||
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5,693 | 0 | 5,693 | 550 | ||||
Assets, Net | [1] | 1,232,153 | 1,215,783 | 1,232,153 | 1,215,783 | 1,550,671 | |||||||||
Capital expenditures | 37,393 | 22,996 | 16,682 | 22,208 | 20,907 | 30,678 | 20,749 | 27,438 | 99,279 | 99,772 | 140,787 | ||||
Impairment of Long-Lived Assets Held-for-use | 0 | 250,814 | 0 | ||||||||||||
Palmarejo [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Amortization | 44,873 | 59,379 | 60,744 | ||||||||||||
Other operating expenses | 7,927 | 4,591 | 3,043 | ||||||||||||
Loss on debt extinguishments | 0 | 0 | 0 | ||||||||||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | ||||||||||||
Interest expense, net of capitalized interest | (918) | (444) | (2,137) | ||||||||||||
Other, net | (5,273) | (4,798) | (8,308) | ||||||||||||
Income and mining tax (expense) benefit | (28,029) | (14,257) | (15,724) | ||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 67,402 | 21,647 | 25,196 | ||||||||||||
Income (loss) from discontinued operations | 0 | 0 | 0 | ||||||||||||
Assets, Net | [1] | 305,291 | 319,292 | 305,291 | 319,292 | 363,024 | |||||||||
Capital expenditures | 25,511 | 32,658 | 29,425 | ||||||||||||
Rochester [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Amortization | 14,306 | 18,041 | 20,909 | ||||||||||||
Other operating expenses | 5,144 | 4,572 | 7,071 | ||||||||||||
Loss on debt extinguishments | 0 | 0 | 0 | ||||||||||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | ||||||||||||
Interest expense, net of capitalized interest | (1,142) | (1,015) | (466) | ||||||||||||
Other, net | (2,718) | (378) | (1,211) | ||||||||||||
Income and mining tax (expense) benefit | (863) | (709) | (874) | ||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (3,335) | (13,553) | 5,268 | ||||||||||||
Income (loss) from discontinued operations | 0 | 0 | 0 | ||||||||||||
Assets, Net | [1] | 346,986 | 284,878 | 346,986 | 284,878 | 269,903 | |||||||||
Capital expenditures | 37,542 | 22,592 | 9,919 | ||||||||||||
Kensington | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Amortization | 49,477 | 50,592 | 29,508 | ||||||||||||
Other operating expenses | 12,012 | 1,248 | 1,721 | ||||||||||||
Loss on debt extinguishments | 0 | 0 | 0 | ||||||||||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | ||||||||||||
Interest expense, net of capitalized interest | (1,017) | (1,333) | (973) | ||||||||||||
Other, net | (18) | (704) | 2,795 | ||||||||||||
Income and mining tax (expense) benefit | (1,244) | 0 | 0 | ||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 22,434 | 2,044 | (14,718) | ||||||||||||
Income (loss) from discontinued operations | 0 | 0 | 0 | ||||||||||||
Assets, Net | [1] | 169,414 | 194,076 | 169,414 | 194,076 | 224,460 | |||||||||
Capital expenditures | 19,825 | 23,513 | 44,738 | ||||||||||||
Wharf [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Amortization | 12,473 | 12,280 | 11,072 | ||||||||||||
Other operating expenses | 838 | 2,832 | 2,686 | ||||||||||||
Loss on debt extinguishments | 0 | 0 | 0 | ||||||||||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | ||||||||||||
Interest expense, net of capitalized interest | (182) | (100) | (40) | ||||||||||||
Other, net | (69) | 89 | (834) | ||||||||||||
Income and mining tax (expense) benefit | (6,644) | (3,041) | (1,063) | ||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 59,501 | 22,289 | 13,516 | ||||||||||||
Income (loss) from discontinued operations | 0 | 0 | 0 | ||||||||||||
Assets, Net | [1] | 75,047 | 84,765 | 75,047 | 84,765 | 102,246 | |||||||||
Capital expenditures | 2,447 | 2,220 | 3,382 | ||||||||||||
Silvertip [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Amortization | 8,923 | 36,738 | 5,235 | ||||||||||||
Other operating expenses | 23,123 | 1,216 | 303 | ||||||||||||
Loss on debt extinguishments | 0 | 0 | 0 | ||||||||||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | ||||||||||||
Interest expense, net of capitalized interest | (672) | (1,137) | (766) | ||||||||||||
Other, net | 1,793 | (557) | (370) | ||||||||||||
Income and mining tax (expense) benefit | 0 | 32,084 | 16,057 | ||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (58,927) | (325,353) | (20,085) | ||||||||||||
Income (loss) from discontinued operations | 0 | 0 | 0 | ||||||||||||
Assets, Net | [1] | 157,529 | 164,125 | 157,529 | 164,125 | 415,998 | |||||||||
Capital expenditures | 13,144 | 17,504 | 52,932 | ||||||||||||
Other Mining Properties [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Amortization | 1,335 | 1,846 | 1,005 | ||||||||||||
Other operating expenses | 40,332 | 38,455 | 36,564 | ||||||||||||
Loss on debt extinguishments | 0 | (1,281) | 0 | ||||||||||||
Fair value adjustments, net, pretax | 7,601 | 16,030 | 3,638 | ||||||||||||
Interest expense, net of capitalized interest | (16,777) | (20,742) | (19,982) | ||||||||||||
Other, net | 344 | 3,155 | (16,777) | ||||||||||||
Income and mining tax (expense) benefit | (265) | (2,948) | 18,384 | ||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (61,448) | (53,970) | (58,132) | ||||||||||||
Income (loss) from discontinued operations | 0 | 5,693 | 550 | ||||||||||||
Assets, Net | [1] | 177,886 | 168,647 | 177,886 | 168,647 | 175,040 | |||||||||
Capital expenditures | 810 | 1,285 | 391 | ||||||||||||
Gold [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 584,633 | 493,347 | 427,008 | ||||||||||||
Gold [Member] | Palmarejo [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 154,056 | 141,669 | 131,758 | ||||||||||||
Gold [Member] | Rochester [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 46,337 | 50,225 | 66,556 | ||||||||||||
Gold [Member] | Kensington | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 216,497 | 181,111 | 132,924 | ||||||||||||
Gold [Member] | Wharf [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 167,743 | 120,342 | 95,770 | ||||||||||||
Gold [Member] | Silvertip [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 0 | 0 | 0 | ||||||||||||
Gold [Member] | Other Mining Properties [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 0 | 0 | 0 | ||||||||||||
Product, Silver | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 200,175 | 191,478 | 193,153 | ||||||||||||
Product, Silver | Palmarejo [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 132,525 | 111,032 | 113,998 | ||||||||||||
Product, Silver | Rochester [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 63,916 | 61,799 | 75,252 | ||||||||||||
Product, Silver | Kensington | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 0 | 0 | 0 | ||||||||||||
Product, Silver | Wharf [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 2,504 | 1,072 | 746 | ||||||||||||
Product, Silver | Silvertip [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 1,230 | 17,575 | 3,157 | ||||||||||||
Product, Silver | Other Mining Properties [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 0 | 0 | 0 | ||||||||||||
Product, Zinc | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | (662) | 12,806 | 3,612 | ||||||||||||
Product, Zinc | Palmarejo [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 0 | 0 | 0 | ||||||||||||
Product, Zinc | Rochester [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 0 | 0 | 0 | ||||||||||||
Product, Zinc | Kensington | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 0 | 0 | 0 | ||||||||||||
Product, Zinc | Wharf [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 0 | 0 | 0 | ||||||||||||
Product, Zinc | Silvertip [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | (662) | 12,806 | 3,612 | ||||||||||||
Product, Zinc | Other Mining Properties [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 0 | 0 | 0 | ||||||||||||
Product, Lead | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 1,315 | 13,871 | 2,131 | ||||||||||||
Product, Lead | Palmarejo [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 0 | 0 | 0 | ||||||||||||
Product, Lead | Rochester [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 0 | 0 | 0 | ||||||||||||
Product, Lead | Kensington | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 0 | 0 | 0 | ||||||||||||
Product, Lead | Wharf [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 0 | 0 | 0 | ||||||||||||
Product, Lead | Silvertip [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 1,315 | 13,871 | 2,131 | ||||||||||||
Product, Lead | Other Mining Properties [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 0 | 0 | 0 | ||||||||||||
Product, Metal [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 785,461 | 711,502 | 625,904 | ||||||||||||
Product, Metal [Member] | Palmarejo [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 286,581 | 252,701 | 245,756 | ||||||||||||
Product, Metal [Member] | Rochester [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 110,253 | 112,024 | 141,808 | ||||||||||||
Product, Metal [Member] | Kensington | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 216,497 | 181,111 | 132,924 | ||||||||||||
Product, Metal [Member] | Wharf [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 170,247 | 121,414 | 96,516 | ||||||||||||
Product, Metal [Member] | Silvertip [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 1,883 | 44,252 | 8,900 | ||||||||||||
Product, Metal [Member] | Other Mining Properties [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Revenue | 0 | 0 | 0 | ||||||||||||
Product | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Costs applicable to sales | 118,631 | 112,772 | 90,015 | 118,917 | 146,631 | 140,952 | 131,948 | 131,650 | 440,335 | [2] | 551,181 | [2] | 440,950 | [2] | |
Product | Palmarejo [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Costs applicable to sales | [2] | 125,204 | 141,927 | 120,088 | |||||||||||
Product | Rochester [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Costs applicable to sales | [2] | 86,112 | 100,205 | 105,677 | |||||||||||
Product | Kensington | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Costs applicable to sales | [2] | 121,727 | 119,602 | 112,364 | |||||||||||
Product | Wharf [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Costs applicable to sales | [2] | 89,635 | 80,689 | 67,201 | |||||||||||
Product | Silvertip [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Costs applicable to sales | [2] | 17,657 | 108,758 | 35,620 | |||||||||||
Product | Other Mining Properties [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Costs applicable to sales | [2] | 0 | 0 | 0 | |||||||||||
Mineral, Exploration | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Costs applicable to sales | $ 11,584 | $ 12,818 | $ 11,855 | $ 6,386 | $ 7,201 | $ 5,893 | $ 5,719 | $ 3,714 | 42,643 | 22,527 | 25,397 | ||||
Impairment of Long-Lived Assets Held-for-use | 0 | 250,814 | 0 | ||||||||||||
Mineral, Exploration | Palmarejo [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Costs applicable to sales | 6,955 | 5,658 | 10,516 | ||||||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 0 | ||||||||||||
Mineral, Exploration | Rochester [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Costs applicable to sales | 3,303 | 657 | 332 | ||||||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 0 | ||||||||||||
Mineral, Exploration | Kensington | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Costs applicable to sales | 8,568 | 5,588 | 5,871 | ||||||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 0 | ||||||||||||
Mineral, Exploration | Wharf [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Costs applicable to sales | 905 | 272 | 104 | ||||||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 0 | ||||||||||||
Mineral, Exploration | Silvertip [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Costs applicable to sales | 12,228 | 2,469 | 2,748 | ||||||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 250,814 | 0 | ||||||||||||
Mineral, Exploration | Other Mining Properties [Member] | |||||||||||||||
Financial information relating to reporting segments | |||||||||||||||
Costs applicable to sales | 10,684 | 7,883 | 5,826 | ||||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 0 | $ 0 | ||||||||||||
[1] | Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests | ||||||||||||||
[2] | Excludes amortization. |
Segment Reporting (Details 1)
Segment Reporting (Details 1) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting [Abstract] | ||||
Assets, Net | [1] | $ 1,232,153 | $ 1,215,783 | $ 1,550,671 |
Cash and cash equivalents | 92,794 | 55,645 | ||
Other assets | 79,030 | 107,208 | ||
TOTAL ASSETS | $ 1,403,977 | $ 1,378,636 | ||
[1] | Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests |
Segment Reporting (Details 2)
Segment Reporting (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Long Lived Assets | |||||||||||
Long Lived Assets in Entity's Country of Domicile | $ 946,929 | $ 960,744 | $ 946,929 | $ 960,744 | |||||||
Revenues | |||||||||||
Revenue | 228,317 | $ 229,728 | $ 154,249 | $ 173,167 | 195,040 | $ 199,469 | $ 162,123 | $ 154,870 | 785,461 | 711,502 | $ 625,904 |
United States | |||||||||||
Long Lived Assets | |||||||||||
Long Lived Assets in Entity's Country of Domicile | 503,818 | 494,286 | 503,818 | 494,286 | |||||||
Revenues | |||||||||||
Revenue | 496,997 | 414,548 | 371,248 | ||||||||
Canada | |||||||||||
Long Lived Assets | |||||||||||
Long Lived Assets in Entity's Country of Domicile | 149,018 | 146,804 | 149,018 | 146,804 | |||||||
Revenues | |||||||||||
Revenue | 1,883 | 44,253 | 8,900 | ||||||||
Mexico | |||||||||||
Long Lived Assets | |||||||||||
Long Lived Assets in Entity's Country of Domicile | 293,436 | 312,168 | 293,436 | 312,168 | |||||||
Revenues | |||||||||||
Revenue | 286,581 | 252,701 | $ 245,756 | ||||||||
Other Foreign Countries [Member] | |||||||||||
Long Lived Assets | |||||||||||
Long Lived Assets in Entity's Country of Domicile | $ 657 | $ 7,486 | $ 657 | $ 7,486 |
Segment Reporting - Summary of
Segment Reporting - Summary of Concentration Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Concentration Risk [Line Items] | |||||||||||
Revenue | $ 228,317 | $ 229,728 | $ 154,249 | $ 173,167 | $ 195,040 | $ 199,469 | $ 162,123 | $ 154,870 | $ 785,461 | $ 711,502 | $ 625,904 |
Customer Concentration Risk [Member] | Asahi Formerly Johnson Matthey [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | 272,100 | 341,000 | 213,000 | ||||||||
Customer Concentration Risk [Member] | Techemet Metal Trading [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | 81,800 | 9,400 | 83,300 | ||||||||
Customer Concentration Risk [Member] | Ocean Partners [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | 161,000 | 149,700 | 74,800 | ||||||||
Customer Concentration Risk [Member] | RMC [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | 0 | 0 | 71,700 | ||||||||
Customer Concentration Risk [Member] | China National Gold [Domain] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | 0 | 0 | 54,100 | ||||||||
Customer Concentration Risk [Member] | Toronto Dominion Bank | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | 88,600 | 35,100 | 44,900 | ||||||||
Customer Concentration Risk [Member] | Argor-Heraeus | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenue | $ 79,900 | $ 23,100 | $ 0 | ||||||||
Dore [Member] | Product Concentration Risk [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration Risk, Percentage | 72.00% | 68.00% | 77.00% | ||||||||
Concentrate [Member] | Product Concentration Risk [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Concentration Risk, Percentage | 28.00% | 32.00% | 23.00% |
Write-Downs (Details)
Write-Downs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 250,814 | $ 0 |
Write-Downs (Details Textual)
Write-Downs (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 250,814 | $ 0 |
Property, Plant and Equipment [Member] | Silvertip [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | 43,600 | ||
Mine Development [Member] | Silvertip [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | 201,500 | ||
Other Noncurrent Assets [Member] | Silvertip [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | $ 5,700 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables - current portion | |||
Accounts receivable - trade | $ 3,293 | $ 6,028 | |
Refundable value added tax | 17,080 | 10,729 | |
Income Taxes Receivable | 530 | 105 | |
Accounts receivable - other | 2,581 | 1,804 | |
Receivables, net current portion | 23,484 | 18,666 | |
Receivables - non-current portion | |||
Refundable value added tax | [1] | 26,447 | 28,009 |
Nontrade Receivables, Noncurrent | [2] | 0 | 700 |
Accounts Receivable, Net, Noncurrent | 26,447 | 28,709 | |
Total receivables | $ 49,931 | $ 47,375 | |
[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). See Note 21 -- Commitments and Contingencies for additional detail. The $1.5 million decrease in the year ended December 31, 2020 is attributable to a weaker Mexican Peso. | ||
[2] | Represents receivable due from the successor to RMC, whose bankruptcy filing in November 2018 impacted approximately 0.4 million ounces of Coeur’s silver and 6,500 ounces of Coeur’s gold. In June 2020, the Company received a $0.7 million payment in respect of certain of its claims in the bankruptcy proceedings. |
Inventory and Ore on Leach Pa_3
Inventory and Ore on Leach Pads (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Inventory, Finished Goods, Net of Reserves | $ 2,909 | $ 6,557 |
Other Inventory, Net of Reserves | 14,788 | 14,040 |
Inventory, Supplies, Net of Reserves | 33,513 | 35,289 |
Inventory | 51,210 | 55,886 |
Ore on Leach Pad, Current | 74,866 | 66,192 |
Ore on leach pads, noncurrent | 81,963 | 71,539 |
Inventory, Ore Stockpiles on Leach Pads, Gross | 156,829 | 137,731 |
Inventory and Ore on Leach Pads | 213,703 | 193,617 |
Long-Term Inventory Stockpile | $ 5,664 | $ 0 |
Inventory and Ore on Leach Pa_4
Inventory and Ore on Leach Pads - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventory [Line Items] | |||||
Inventory Write-down | $ 16,821 | $ 69,246 | $ 55,297 | ||
Silvertip [Member] | |||||
Inventory [Line Items] | |||||
Inventory Write-down | $ 10,400 | $ 3,300 |
Investments (Details)
Investments (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 14, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities | $ 12,943 | |||
Equity securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Cost | 7,668 | $ 18,831 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (1) | (1,265) | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 5,276 | 18,080 | ||
Available-for-sale Securities | 12,943 | 35,646 | ||
Debt Securities, Available-for-sale [Abstract] | ||||
Marketable Securities, Realized Gain (Loss) | (19,140) | (860) | $ (7,964) | |
Equity and debt securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities | 35,646 | |||
Metalla Royalty & Streaming Ltd. | ||||
Investment in Marketable Securities (Textual) [Abstract] | ||||
Proceeds from sale of equity method investments | 20,700 | |||
Equity method investment, realized gain on disposal | 11,600 | |||
Investment income, investment expense | $ 1,300 | |||
Equity method investment, amount sold (in shares) | 3,910,000 | |||
Par value, common stock (in dollars per share) | $ 5.30 | |||
Royalty interest, percent | 0.3875% | |||
Payments to acquire royalty interests in mining properties (in shares) | 421,554 | |||
Equity method investment, realized gain on disposal | $ 1,400 | |||
Metalla Royalty & Streaming Ltd. | Equity securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Cost | 166 | 10,463 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 875 | 17,725 | ||
Available-for-sale Securities | 1,041 | 28,188 | ||
Integra Resources Corp. [Member] | ||||
Investment in Marketable Securities (Textual) [Abstract] | ||||
Proceeds from sale of equity method investments | $ 2,500 | |||
Equity method investment, amount sold (in shares) | 735,294 | |||
Par value, common stock (in dollars per share) | $ 3.40 | |||
Equity Method Investment, Ownership Percentage | 5.60% | |||
Integra Resources Corp. [Member] | Equity securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Cost | 7,500 | 5,000 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 4,401 | 355 | ||
Available-for-sale Securities | 11,901 | 5,355 | ||
Rockhaven Resources, Ltd. [Member] | ||||
Investment in Marketable Securities (Textual) [Abstract] | ||||
Proceeds from sale of equity method investments | 1,300 | |||
Equity method investment, realized gain on disposal | $ 800 | |||
Equity method investment, amount sold (in shares) | 15,150,000 | |||
Par value, common stock (in dollars per share) | $ 0.08 | |||
Rockhaven Resources, Ltd. [Member] | Equity securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Cost | 2,064 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (376) | |||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | |||
Available-for-sale Securities | 1,688 | |||
Other Investments [Member] | Equity securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Cost | $ 2 | 1,304 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (1) | (889) | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | ||
Available-for-sale Securities | 1 | 415 | ||
Level 3 | Equity securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities | $ 0 | |||
Level 3 | Equity and debt securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities | $ 0 |
Investments - Disaggregated Gai
Investments - Disaggregated Gain (Loss) on Equity Method Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | |||
Fair value adjustments, net, pretax | $ 7,601 | $ 16,030 | $ 3,638 |
Equity Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair value adjustments, net, pretax | 7,601 | 16,208 | 2,945 |
Less: Realized (gain) loss | (19,140) | (860) | (7,964) |
Unrealized gain (loss) | $ (11,539) | $ 15,348 | $ (5,019) |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, plant and equipment | ||
Land | $ 10,584 | $ 10,598 |
Building improvements | 659,676 | 650,769 |
Capitalized leases for machinery, equipment and buildings | 100,530 | 103,903 |
Property, plant and equipment, gross | 770,790 | 765,270 |
Accumulated depreciation and amortization | (579,644) | (537,046) |
Property Plant and Equipment Net before Construction in Progress | 191,146 | 228,224 |
Construction in Progress, Gross | 38,993 | 20,565 |
Property, plant and equipment, net | $ 230,139 | $ 248,789 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Abstract] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 60.2 | $ 42.2 |
Mining Properties (Details)
Mining Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Mining Properties | ||
Operational mining properties: | $ 997,307 | $ 913,953 |
Accumulated depletion | (650,831) | (596,214) |
Operational mining properties, net | 346,476 | 317,739 |
Mineral interest | 946,226 | 949,172 |
Accumulated depletion | (575,911) | (554,956) |
Mineral interest, net | 370,315 | 394,216 |
Mineral Properties, Net | 716,790 | 711,955 |
Palmarejo [Member] | ||
Mining Properties | ||
Operational mining properties: | 280,184 | 260,838 |
Accumulated depletion | (194,898) | (179,894) |
Operational mining properties, net | 85,286 | 80,944 |
Mineral interest | 629,303 | 629,303 |
Accumulated depletion | (518,866) | (501,039) |
Mineral interest, net | 110,437 | 128,264 |
Mineral Properties, Net | 195,723 | 209,208 |
Rochester [Member] | ||
Mining Properties | ||
Operational mining properties: | 270,648 | 220,127 |
Accumulated depletion | (157,526) | (155,079) |
Operational mining properties, net | 113,122 | 65,048 |
Mineral interest | 18,541 | 18,541 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 18,541 | 18,541 |
Mineral Properties, Net | 131,663 | 83,589 |
Silvertip [Member] | ||
Mining Properties | ||
Operational mining properties: | 48,589 | 50,146 |
Accumulated depletion | (10,747) | (9,623) |
Operational mining properties, net | 37,842 | 40,523 |
Mineral interest | 105,736 | 105,736 |
Accumulated depletion | (24,828) | (24,147) |
Mineral interest, net | 80,908 | 81,589 |
Mineral Properties, Net | 118,750 | 122,112 |
Kensington | ||
Mining Properties | ||
Operational mining properties: | 360,201 | 345,026 |
Accumulated depletion | (264,014) | (230,869) |
Operational mining properties, net | 96,187 | 114,157 |
Mineral interest | 0 | 0 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 0 | 0 |
Mineral Properties, Net | 96,187 | 114,157 |
Wharf [Member] | ||
Mining Properties | ||
Operational mining properties: | 33,578 | 34,165 |
Accumulated depletion | (22,547) | (20,071) |
Operational mining properties, net | 11,031 | 14,094 |
Mineral interest | 48,062 | 45,837 |
Accumulated depletion | (32,217) | (29,051) |
Mineral interest, net | 15,845 | 16,786 |
Mineral Properties, Net | 26,876 | 30,880 |
Sterling [Member] | ||
Mining Properties | ||
Operational mining properties: | 4,107 | 3,651 |
Accumulated depletion | (1,099) | (678) |
Operational mining properties, net | 3,008 | 2,973 |
Mineral interest | 95,499 | 95,499 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 95,499 | 95,499 |
Mineral Properties, Net | 98,507 | 98,472 |
La Preciosa [Member] | ||
Mining Properties | ||
Operational mining properties: | 0 | 0 |
Accumulated depletion | 0 | 0 |
Operational mining properties, net | 0 | 0 |
Mineral interest | 49,085 | 49,085 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 49,085 | 49,085 |
Mineral Properties, Net | 49,085 | 49,085 |
Other Mining Properties [Member] | ||
Mining Properties | ||
Operational mining properties: | 0 | 0 |
Accumulated depletion | 0 | 0 |
Operational mining properties, net | 0 | 0 |
Mineral interest | 0 | 5,171 |
Accumulated depletion | 0 | (719) |
Mineral interest, net | 0 | 4,452 |
Mineral Properties, Net | $ 0 | $ 4,452 |
Acquisitions - Lincoln Hill (De
Acquisitions - Lincoln Hill (Details) - Lincoln Hill $ in Thousands | 1 Months Ended |
Nov. 30, 2018USD ($) | |
Business Acquisition [Line Items] | |
Purchase price | $ 19,028 |
Common shares issued (value) | 18,782 |
Transaction advisory fees and other acquisition costs | 246 |
Total assets acquired | $ 19,028 |
Acquisitions - Northern Empire
Acquisitions - Northern Empire (Details) - Northern Empire Resources Corp. $ in Thousands, shares in Millions | 1 Months Ended |
Oct. 31, 2018USD ($)shares | |
Business Acquisition [Line Items] | |
Purchase price | $ 73,593 |
Fair value of existing investment in Northern Empire | 7,257 |
Assets: | |
Common shares issued (value) | 63,887 |
Transaction advisory fees and other acquisition costs | 2,449 |
Total assets acquired | 111,527 |
Liabilities: | |
Total liabilities assumed | 37,934 |
Total assets acquired | $ 73,593 |
Common Stock | |
Business Acquisition [Line Items] | |
Common stock conversion ratio | 0.1850 |
Common shares issued (in shares) | shares | 12.1 |
Leases - Summary of Lease Cost
Leases - Summary of Lease Cost and Cash Flow Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lease Cost | |||
Operating lease cost | $ 12,036 | $ 11,585 | |
Short-term Lease, Cost | 8,055 | 12,975 | |
Finance Lease Cost: | |||
Amortization of leased assets | 23,921,000 | 21,293,000 | |
Finance Lease, Interest Expense | 3,634,000 | 4,150,000 | $ 2,270,000 |
Total finance lease cost | 27,555,000 | 25,443,000 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | 21,348 | 24,560 | |
Financing cash flows from finance leases | $ 25,984,000 | $ 25,975,000 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Weighted Average Discount Rate | ||
Weighted-average discount rate - finance leases | 5.37% | 5.40% |
Weighted-average discount rate - operating leases | 5.18% | 5.20% |
Operating Leases | ||
Other assets, non-current | $ 40,511 | $ 49,169 |
Finance Leases | ||
Property and equipment, gross | 104,433 | 103,903 |
Accumulated depreciation | (60,272) | (42,209) |
Property and equipment, net | 44,161 | 61,694 |
Total finance lease liabilities | $ 47,911 | $ 68,612 |
Weighted Average Remaining Lease Term | ||
Weighted-average remaining lease term - finance leases | 1 year 4 months 9 days | 1 year 8 months 23 days |
Weighted-average remaining lease term - operating leases | 4 years | 4 years 8 months 12 days |
Other Current Liabilities | ||
Operating Leases | ||
Accrued liabilities and other | $ 12,410 | $ 13,104 |
Other Noncurrent Liabilities | ||
Operating Leases | ||
Other long-term liabilities | 27,433 | 40,634 |
Other Liabilities | ||
Operating Leases | ||
Total operating lease liabilities | 39,843 | 53,738 |
Capital Lease Obligations | ||
Finance Leases | ||
Debt, current | $ 22,074 | $ 22,746 |
Leases - Summary of Minimum Fut
Leases - Summary of Minimum Future Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating leases | ||
2021 | $ 12,602 | |
2022 | 10,989 | |
2023 | 10,407 | |
2024 | 8,812 | |
2025 | 213 | |
Thereafter | 1,167 | |
Total | 44,190 | |
Less: imputed interest | (4,347) | |
Finance leases | ||
2021 | 23,958 | |
2022 | 18,140 | |
2023 | 8,440 | |
2024 | 1,699 | |
2025 | 101 | |
Thereafter | 0 | |
Total | 52,338 | |
Less: imputed interest | (4,427) | |
Net lease obligation | $ 47,911 | $ 68,612 |
Leases - Leases - Narrative (De
Leases - Leases - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Gain on Modification of Lease | $ 4,051 | $ 0 | $ 0 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Long term debt and capital lease obligations | ||||
Current | $ 22,074 | $ 22,746 | ||
Debt | 253,427 | 272,751 | ||
Finance Lease, Interest Expense | 3,634 | 4,150 | $ 2,270 | |
Interest paid on Senior Notes due 2024 | 13,513 | 14,586 | 14,688 | |
Interest paid on Revolving Credit Facility | 3,165 | 5,358 | 5,854 | |
Amortization of Debt Issuance Costs | 1,525 | 1,491 | 1,302 | |
Accretion | 0 | 396 | 1,311 | |
Interest Expense, Other | 344 | 580 | 176 | |
Interest Costs Capitalized Adjustment | 1,473 | 1,790 | 1,237 | |
Interest Costs Incurred | 20,708 | 24,771 | 24,364 | |
Interest expenses incurred for various debt instruments | ||||
Interest paid on Senior Notes due 2024 | 13,513 | 14,586 | 14,688 | |
Interest paid on Revolving Credit Facility | 3,165 | 5,358 | 5,854 | |
Amortization of Debt Issuance Costs | 1,525 | 1,491 | 1,302 | |
Accretion | 0 | 396 | 1,311 | |
Interest Expense, Other | 344 | 580 | 176 | |
Capitalized interest | (1,473) | (1,790) | (1,237) | |
Total interest expense, net of capitalized interest | 20,708 | 24,771 | $ 24,364 | |
Revolving Credit Facility | ||||
Long term debt and capital lease obligations | ||||
Debt | [1] | 0 | 0 | |
Senior Notes due 2024 | ||||
Long term debt and capital lease obligations | ||||
Debt | [2] | 227,590 | 226,885 | |
Capital Lease Obligations | ||||
Long term debt and capital lease obligations | ||||
Debt | 45,866 | |||
Debt, non-current | 25,837 | 45,866 | ||
Revolving Credit Facility | ||||
Long term debt and capital lease obligations | ||||
Current | [1] | 0 | 0 | |
Senior Notes due 2024 | ||||
Long term debt and capital lease obligations | ||||
Current | [2] | 0 | 0 | |
Capital Lease Obligations | ||||
Long term debt and capital lease obligations | ||||
Current | $ 22,074 | $ 22,746 | ||
Revolving Credit Facility | ||||
Long term debt and capital lease obligations | ||||
Stated interest rate | 2.40% | |||
[1] | Unamortized debt issuance costs of $1.5 million and $2.3 million at December 31, 2020 and December 31, 2019, respectively, included in Other Non-Current Assets . | |||
[2] | Net of unamortized debt issuance costs of $2.4 million and $3.1 million at December 31, 2020 and December 31, 2019, respectively. |
Debt (Details Textual)
Debt (Details Textual) - USD ($) shares in Thousands, $ in Thousands | Jun. 01, 2020 | Oct. 31, 2018 | May 31, 2017 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 14, 2020 | Dec. 13, 2020 | Sep. 30, 2018 |
Debt Instrument [Line Items] | ||||||||||
Extinguishment of Debt | $ 0 | $ 20,009 | $ 0 | |||||||
Loss on debt extinguishments | 0 | (1,281) | $ 0 | |||||||
Book value | 253,427 | 272,751 | ||||||||
Common Stock | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 4,500 | |||||||||
Senior Notes due 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Net unamortized debt issuance costs | 2,400 | 3,100 | ||||||||
Debt Instrument, Face Amount | $ 250,000 | |||||||||
Proceeds from Debt | $ 245,000 | |||||||||
Loss on debt extinguishments | $ 1,300 | |||||||||
Stated interest rate | 5.875% | |||||||||
Debt instrument, redemption price, percentage | 102.938% | |||||||||
Debt Conversion, Converted Instrument, Amount | $ 20,000 | |||||||||
Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Net unamortized debt issuance costs | $ 1,500 | $ 2,300 | ||||||||
Stated interest rate | 2.40% | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | $ 300,000 | $ 250,000 | $ 200,000 | ||||||
Letters of Credit Outstanding, Amount | $ 35,000 | |||||||||
Line of Credit Facility, Increase (Decrease), Net | $ 50,000 | |||||||||
Base Rate [Member] | Minimum | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||
Base Rate [Member] | Maximum | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% |
Reclamation (Details)
Reclamation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Asset retirement obligation | ||
Asset retirement obligation - Beginning | $ 134,398 | $ 133,508 |
Accretion | 11,574 | 11,968 |
Additions and changes in estimates | (6,132) | (7,538) |
Settlements | (2,720) | (3,540) |
Asset retirement obligation - Ending | 137,120 | 134,398 |
Property, Plant and Equipment [Line Items] | ||
Additions and changes in estimates | (6,132) | (7,538) |
Accrued reclamation liabilities, former mines | $ 2,200 | $ 1,900 |
Income and Mining Taxes - Incom
Income and Mining Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Examination [Line Items] | |||
United States, Income (loss) before tax | $ 40,890 | $ (16,702) | $ (50,522) |
Foreign, Income (loss) before tax | 21,782 | (341,323) | (15,213) |
Total | 62,672 | (358,025) | (65,735) |
Tax (expense) benefit | $ 37,045 | $ (11,129) | $ (16,780) |
Income and Mining Taxes - Inc_2
Income and Mining Taxes - Income and Mining Tax (Expense) Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Examination [Line Items] | |||
Current Other Tax Expense (Benefit) | $ 33 | $ (3) | $ 67 |
Deferred Other Tax Expense (Benefit) | 0 | 0 | (449) |
Income tax (expense) benefit | (37,045) | 11,129 | 16,780 |
United States | |||
Income Tax Examination [Line Items] | |||
Current federal tax expense (benefit) | (226) | 334 | (1,188) |
Deferred federal income tax expense (benefit) | 49 | (236) | (23,322) |
United States — State mining taxes | |||
Income Tax Examination [Line Items] | |||
Current federal tax expense (benefit) | 8,384 | 4,001 | 3,208 |
Deferred federal income tax expense (benefit) | 354 | (251) | (1,134) |
United States — Foreign withholding tax | |||
Income Tax Examination [Line Items] | |||
Current federal tax expense (benefit) | 800 | 1,598 | 5,617 |
Canada | |||
Income Tax Examination [Line Items] | |||
Current foreign tax expense (benefit) | (232) | (119) | (378) |
Deferred foreign income tax expense (benefit) | 0 | (32,084) | (16,057) |
Mexico | |||
Income Tax Examination [Line Items] | |||
Current foreign tax expense (benefit) | 36,066 | 19,619 | 26,021 |
Deferred foreign income tax expense (benefit) | $ (8,117) | $ (3,994) | $ (9,929) |
Income and Mining Taxes - Recon
Income and Mining Taxes - Reconciliation of Effective Income Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Income and mining tax (expense) benefit at statutory rate | $ (13,161) | $ 75,185 | $ 14,052 |
State tax provision from continuing operations | (152) | 1,243 | 2,284 |
Change in valuation allowance | (17,522) | (77,220) | 2,471 |
Percentage depletion | 5,056 | 820 | 89 |
Uncertain tax positions | 2,321 | 2,358 | 1,830 |
U.S. and foreign permanent differences | 3,844 | 2,272 | 3,314 |
Foreign exchange rates | 1,390 | (7,066) | (3,973) |
Foreign inflation and indexing | 684 | (2,933) | (2,374) |
Foreign tax rate differences | (3,971) | 19,729 | (24) |
Mining, foreign withholding, and other taxes | (17,457) | (2,746) | (3,857) |
Other, net | 1,923 | (513) | 2,968 |
Income and mining tax benefit (expense) | $ 37,045 | $ (11,129) | $ (16,780) |
Income and Mining Taxes - Defer
Income and Mining Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax liabilities: | ||
Mineral properties | $ 0 | $ 25,691 |
Inventory | 5 | 847 |
Royalty and other long-term debt | 1,094 | 0 |
Foreign subsidiaries - unremitted earnings | 99 | 50 |
Gross deferred tax liabilities | 1,198 | 26,588 |
Deferred tax assets: | ||
Net operating loss carryforwards | 241,985 | 219,192 |
Deferred Tax Assets, Mineral Properties | 1,907 | 0 |
Property, plant, and equipment | 10,841 | 20,212 |
Mining Royalty Tax | 7,447 | 6,764 |
Capital loss carryforwards | 17,341 | 21,956 |
Asset retirement obligation | 38,761 | 34,134 |
Unrealized foreign currency loss and other | 3,386 | 9,133 |
Royalty and other long-term debt | 0 | 6,235 |
Accrued expenses | 16,849 | 8,899 |
Tax credit carryforwards | 29,809 | 29,881 |
Gross deferred tax assets | 368,326 | 356,406 |
Valuation allowance | (401,304) | (371,277) |
Deferred tax assets, net of valuation allowance | (32,978) | (14,871) |
Net deferred tax liabilities | $ 34,176 | $ 41,459 |
Income and Mining Taxes - Valua
Income and Mining Taxes - Valuation Allowance (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Examination [Line Items] | ||
Valuation allowance | $ 401,304 | $ 371,277 |
United States | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | 215,396 | 213,783 |
Canada | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | 146,611 | 118,738 |
Mexico | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | 15,885 | 15,884 |
New Zealand | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | 22,740 | 21,863 |
Other jurisdictions | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | $ 672 | $ 1,009 |
Income and Mining Taxes - Summa
Income and Mining Taxes - Summary of Tax Credit Carryforwards (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Tax Credit Carryforward [Line Items] | |
Regular net operating losses | $ 877,458 |
Capital losses | 63,024 |
Foreign tax credits | 24,939 |
United States | |
Tax Credit Carryforward [Line Items] | |
Regular net operating losses | 432,447 |
Capital losses | 63,024 |
Foreign tax credits | 24,939 |
Canada | |
Tax Credit Carryforward [Line Items] | |
Regular net operating losses | 304,237 |
Mexico | |
Tax Credit Carryforward [Line Items] | |
Regular net operating losses | 52,951 |
New Zealand | |
Tax Credit Carryforward [Line Items] | |
Regular net operating losses | 86,486 |
Other jurisdictions | |
Tax Credit Carryforward [Line Items] | |
Regular net operating losses | $ 1,337 |
Income and Mining Taxes - Rec_2
Income and Mining Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning unrecognized tax benefits | $ 2,706 | $ 3,776 |
Gross increase to current period tax positions | 0 | 0 |
Gross increase to prior period tax positions | 137 | |
Gross decrease to prior period tax positions | (122) | |
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations | (1,861) | (1,207) |
Ending unrecognized tax benefits | $ 723 | $ 2,706 |
Income and Mining Taxes - Narra
Income and Mining Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | |||
Tax (expense) benefit | $ 37,045 | $ (11,129) | $ (16,780) |
Unrecognized Tax Benefits | 700 | 2,700 | 3,800 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1,100 | $ 2,300 | $ 3,500 |
Minimum | |||
Income Tax Contingency [Line Items] | |||
Unrecognized income tax liability | 500 | ||
Maximum | |||
Income Tax Contingency [Line Items] | |||
Unrecognized income tax liability | $ 1,500 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation cost | $ 8.7 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 7 months 6 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 | $ 8.5 | $ 9.3 | $ 8.3 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restriced Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Unrecognized stock-based compensation cost | $ 8.7 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 7 months 6 days | ||
Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock award vesting period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Shares outstanding, beginning balance (in shares) | 2,184,675 | 1,541,648 | 2,155,845 |
Granted (in shares) | 1,676,634 | 1,586,590 | 1,000,690 |
Vested (in shares) | (928,778) | (797,025) | (1,277,076) |
Canceled/Forfeited (in shares) | (207,807) | (146,538) | (337,811) |
Shares outstanding ending balance (in shares) | 2,724,724 | 2,184,675 | 1,541,648 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Shares outstanding, Weighted Average Grant Date Fair Value, beginning balance (in dollars per share) | $ 5.89 | $ 7.14 | $ 5.72 |
Canceled/Forfeited (in dollars per share) | 5.36 | 5.70 | 6.51 |
Grant date fair value of restricted stock | 5.13 | 4.90 | 7.63 |
Vested (in dollars per share) | 6.46 | 6.36 | 5.30 |
Shares outstanding, Weighted Average Grant Date Fair Value, ending balance (in dollars per share) | $ 5.26 | $ 5.89 | $ 7.14 |
Unrecognized stock-based compensation cost | $ 4.4 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 4 months 24 days |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance Shares Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Unrecognized stock-based compensation cost | $ 8.7 | |||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 7 months 6 days | |||
Performance shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||
Shares outstanding (in shares) | 2,335,102 | 1,214,145 | 1,538,315 | 2,368,281 |
Granted (in shares) | 1,343,953 | 946,000 | 869,421 | |
Vested (in shares) | (54,132) | (969,903) | (1,086,058) | |
Canceled/Forfeited (in shares) | (168,864) | (300,267) | (613,329) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Shares outstanding, Weighted Average Grant Date Fair Value, beginning balance (in dollars per share) | $ 6.93 | $ 4.05 | $ 4.44 | |
Grant date fair value of restricted stock | 3.95 | 4.71 | 7.41 | |
Vested (in dollars per share) | 11.47 | 1.77 | 6.83 | |
Canceled/Forfeited (in dollars per share) | 10.71 | 1.84 | 5.41 | |
Shares outstanding, Weighted Average Grant Date Fair Value, ending balance (in dollars per share) | $ 4.83 | $ 6.93 | $ 4.05 | |
Unrecognized stock-based compensation cost | $ 4.3 | |||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 10 months 24 days | |||
Performance shares | 2015 Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||
Granted (in shares) | 461,242 | |||
Performance shares | 2016 Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||
Granted (in shares) | 207,264 | |||
Canceled/Forfeited (in shares) | (300,267) | |||
Performance shares | 2017 Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||
Granted (in shares) | 6,226 | |||
Canceled/Forfeited (in shares) | (143,808) |
Stock-Based Compensation - Valu
Stock-Based Compensation - Valuation Assumptions (Details) - Stock Options - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value of stock options granted | $ 0 | $ 0 | $ 4.09 |
Volatility | 0.00% | 0.00% | 66.86% |
Expected life in years | 0 years | 0 years | 4 years |
Risk-free interest rate | 0.00% | 0.00% | 2.07% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Stock-Based Compensation - Shar
Stock-Based Compensation - Share Appreciation Rights (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement [Abstract] | ||||
Stock options outstanding (in shares) | 222,273 | 291,779 | 319,086 | 617,446 |
Stock options outstanding (in dollars per share) | $ 15.44 | $ 14.05 | $ 13.53 | $ 10.53 |
SARS outstanding (in shares) | 0 | 32,282 | 42,152 | 42,152 |
SARs outstanding (in dollars per share) | $ 0 | $ 15.40 | $ 14.14 | $ 14.14 |
Stock options granted (in shares) | (30,401) | (11,055) | (14,310) | |
Stock options granted (in dollars per share) | $ 5.57 | $ 5.57 | $ 7.91 | |
SARs granted (in shares) | 0 | 0 | 0 | |
SARs granted (in dollars per share) | $ 0 | $ 0 | $ 0 | |
Stock options exercised (in shares) | (39,105) | (11,519) | (159,069) | |
Stock options exercised (in dollars per share) | $ 12.77 | $ 9.31 | $ 3.35 | |
SARs exercised (in shares) | 0 | 0 | 0 | |
SARs exercised (in dollars per share) | $ 0 | $ 0 | $ 0 | |
Stock options canceled/forfeited (in shares) | (4,733) | (153,601) | ||
Stock options canceled/forfeited (in dollars per share) | $ 10 | $ 11.48 | ||
SARs canceled/forfeited (in shares) | (9,870) | 0 | ||
SARs canceled/forfeited (in dollars per share) | $ 10 | $ 0 | ||
Stock options expired (in shares) | 0 | |||
Stock options expired (in dollars per share) | $ 0 | |||
SARs expired (in shares) | (32,282) | |||
SARS expired (in dollars per share) | $ 15.40 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Grants Awarded (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock | 1,676,634 | 1,586,590 | 1,000,690 |
Grant date fair value of restricted stock | $ 5.13 | $ 4.90 | $ 7.63 |
Performance shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock | 1,343,953 | 946,000 | 869,421 |
Grant date fair value of restricted stock | $ 3.95 | $ 4.71 | $ 7.41 |
Stock-Based Compensation - Outs
Stock-Based Compensation - Outstanding Stock Options (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Outstanding, shares | 222,273 | ||
Outstanding (in dollars per share) | $ 15.44 | ||
Outstanding, remaining term | 3 years 1 month 6 days | ||
Outstanding, intrinsic value | $ 313,474,000 | ||
Vested and expected to vest, shares | 222,210 | ||
Vested and expected to vest (in dollars per share) | $ 15.44 | ||
Vested and expected to vest, remaining term | 3 years 1 month 6 days | ||
Vested and expected to vest, intrinsic value | $ 313,319,000 | ||
Exercisable, shares | 217,503 | ||
Exercisable (in dollars per share) | $ 15.60 | ||
Exercisable, remaining term | 3 years | ||
Exercisable, intrinsic value | $ 301,835,000 | ||
Options exercises in period, intrinsic value | 100,000 | ||
Proceeds from stock options exercised | 200,000 | ||
Options, vested in period, fair value | $ 0 | $ 0 | $ 200,000 |
Zero to Ten Dollars | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Outstanding, shares | 119,093 | ||
Outstanding (in dollars per share) | $ 7.72 | ||
Outstanding, remaining term | 4 years 7 months 6 days | ||
Outstanding, intrinsic value | $ 0 | ||
Ten Dollars to Twenty Dollars | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Outstanding, shares | 14,634 | ||
Outstanding (in dollars per share) | $ 16.28 | ||
Outstanding, remaining term | 1 year 10 months 24 days | ||
Outstanding, intrinsic value | $ 0 | ||
Twenty Dollars to Thirty Dollars | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Outstanding, shares | 88,546 | ||
Outstanding (in dollars per share) | $ 25.68 | ||
Outstanding, remaining term | 1 year 4 months 24 days | ||
Outstanding, intrinsic value | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Gain (Loss) Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value adjustments, net | $ 7,601 | $ 16,030 | $ 3,638 |
Equity Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized Gain (Loss) on Securities | (11,539) | 15,348 | (5,019) |
Fair value adjustments, net | 7,601 | 16,208 | 2,945 |
Realized gain (loss) on equity securities | 19,140 | 860 | 7,964 |
Zinc Options | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net derivative gain (loss) | 0 | 0 | 753 |
Interest rate swap | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value adjustments, net | $ 0 | $ (178) | $ (60) |
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 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Fair value of equity and debt securities | $ 12,943 | |
Assets | 27,171 | $ 36,399 |
Liabilities: | ||
Total liabilities | 24,950 | 25,411 |
Prepaid expenses and other | Designated as Hedging Instrument | ||
Assets: | ||
Fair value of other derivative instruments, net | 13,747 | |
Provisional metal sales contracts | ||
Assets: | ||
Fair value of other derivative instruments, net | 481 | 753 |
Liabilities: | ||
Fair value of derivative liability | 67 | 275 |
Silvertip Mine | ||
Liabilities: | ||
Fair value of derivative liability | 25,000 | |
Gold zero cost collars | Prepaid expenses and other | Designated as Hedging Instrument | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | 0 |
Gold zero cost collars | Accrued liabilities and other | Designated as Hedging Instrument | ||
Liabilities: | ||
Fair value of derivative liability | 24,883 | 136 |
Equity Securities | ||
Assets: | ||
Fair value of equity and debt securities | 12,943 | 35,646 |
Equity and debt securities | ||
Assets: | ||
Fair value of equity and debt securities | 35,646 | |
Level 1 | ||
Assets: | ||
Assets | 12,943 | 35,646 |
Liabilities: | ||
Total liabilities | 0 | 0 |
Level 1 | Prepaid expenses and other | Designated as Hedging Instrument | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | |
Level 1 | Provisional metal sales contracts | ||
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 | |
Level 1 | Gold zero cost collars | Accrued liabilities and other | Designated as Hedging Instrument | ||
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 1 | Equity Securities | ||
Assets: | ||
Fair value of equity and debt securities | 12,943 | |
Level 1 | Equity and debt securities | ||
Assets: | ||
Fair value of equity and debt securities | 35,646 | |
Level 2 | ||
Assets: | ||
Assets | 14,228 | 753 |
Liabilities: | ||
Total liabilities | 24,950 | 411 |
Level 2 | Prepaid expenses and other | Designated as Hedging Instrument | ||
Assets: | ||
Fair value of other derivative instruments, net | 13,747 | |
Level 2 | Provisional metal sales contracts | ||
Assets: | ||
Fair value of other derivative instruments, net | 481 | 753 |
Liabilities: | ||
Fair value of derivative liability | 67 | 275 |
Level 2 | Silvertip Mine | ||
Liabilities: | ||
Fair value of derivative liability | 0 | |
Level 2 | Gold zero cost collars | Accrued liabilities and other | Designated as Hedging Instrument | ||
Liabilities: | ||
Fair value of derivative liability | 24,883 | 136 |
Level 2 | Equity Securities | ||
Assets: | ||
Fair value of equity and debt securities | 0 | |
Level 2 | Equity and debt securities | ||
Assets: | ||
Fair value of equity and debt securities | 0 | |
Level 3 | ||
Assets: | ||
Assets | 0 | 0 |
Liabilities: | ||
Total liabilities | 0 | 25,000 |
Level 3 | Prepaid expenses and other | Designated as Hedging Instrument | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | |
Level 3 | Provisional metal sales contracts | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | 0 |
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 3 | Gold zero cost collars | Accrued liabilities and other | Designated as Hedging Instrument | ||
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 3 | Equity Securities | ||
Assets: | ||
Fair value of equity and debt securities | $ 0 | |
Level 3 | Equity and debt securities | ||
Assets: | ||
Fair value of equity and debt securities | 0 | |
Silvertip Mine | Level 3 | ||
Liabilities: | ||
Fair value of derivative liability | $ 25,000 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Level 3 Financial Assets and Liabilities (Details) - Silvertip Mine - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the start of the period | $ 25,000 | $ 49,276 |
Revaluation | 0 | 0 |
Settlements | (25,000) | (25,000) |
Accretion | 0 | 724 |
Balance at the end of the period | $ 0 | $ 25,000 |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary of Assets and Liabilities Carried at Book Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | May 31, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Book value | $ 253,427 | $ 272,751 | ||
Senior Notes due 2024 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Book value | [1] | 227,590 | 226,885 | |
Revolving Credit Facility | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Book value | [2] | 0 | 0 | |
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 | 229,874 | 228,585 | ||
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 | 229,874 | 228,585 | ||
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 | Revolving Credit Facility | ||||
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 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 | 0 | 0 | ||
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] | ||||
Stated interest rate | 5.875% | |||
Net unamortized debt issuance costs | $ 2,400 | 3,100 | ||
Revolving Credit Facility | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Stated interest rate | 2.40% | |||
Net unamortized debt issuance costs | $ 1,500 | $ 2,300 | ||
[1] | Net of unamortized debt issuance costs of $2.4 million and $3.1 million at December 31, 2020 and December 31, 2019, respectively. | |||
[2] | Unamortized debt issuance costs of $1.5 million and $2.3 million at December 31, 2020 and December 31, 2019, respectively, included in Other Non-Current Assets . |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Oct. 31, 2017USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)milestone | Dec. 31, 2019USD ($) | May 31, 2017 | |
Senior Notes due 2024 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Net unamortized debt issuance costs | $ 2.4 | $ 3.1 | |||
Stated interest rate | 5.875% | ||||
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% | ||||
Payment of contingent consideration, permitting milestone reached | $ 25 | $ 25 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Provisionally Priced Sales (Details) - Gold concentrates sales agreements $ in Thousands | Dec. 31, 2020USD ($)oz$ / oz |
2018 | |
Derivative instruments Settlement | |
Derivative average price | $ / oz | 1,852 |
Notional Amount Derivative | $ | $ 28,243 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 15,248 |
2022 and Thereafter | |
Derivative instruments Settlement | |
Derivative average price | $ / oz | 0 |
Notional Amount Derivative | $ | $ 0 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Classification of Fair Value of Derivative Instruments (Details) - Silver and Gold Concentrate Sales Agreements - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Prepaid expenses and other | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | $ 481 | $ 753 |
Accrued liabilities and other | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | $ 67 | $ 275 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Mark-to-Market Gain (Losses) on Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fair value adjustments, net, pretax | $ 7,601 | $ 16,030 | $ 3,638 |
Fair value adjustments, net | 959 | 159 | 804 |
Provisional metal sales contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Provisional gain (loss) on derivatives and commodity contracts | 959 | 337 | 111 |
Interest rate swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net derivative gain (loss) | 0 | (178) | (60) |
Zinc Options | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net derivative gain (loss) | $ 0 | $ 0 | $ 753 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 1,200 | ||
Concentrate Sales Contracts | |||
Derivative [Line Items] | |||
Provisional gain (loss) on derivatives and commodity contracts | 959 | $ 337 | $ 111 |
Interest rate swap | |||
Derivative [Line Items] | |||
Net derivative gain (loss) | 0 | $ (178) | $ (60) |
Designated as Hedging Instrument | Gold zero cost collars | |||
Derivative [Line Items] | |||
After tax gains in AOCI | 11,100 | ||
Payments of novation funding costs | $ 3,800 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Summary of Classification of Fair Value on Derivatives Designated as Cash Flow Hedges (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Prepaid expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | $ 13,747 | |
Gold zero cost collars | Prepaid expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 0 | $ 0 |
Gold zero cost collars | Accrued liabilities and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | 24,883 | $ 136 |
Foreign Exchange Forward | Prepaid expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 13,747 | |
Foreign Exchange Forward | Accrued liabilities and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | $ 0 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Summary of Derivative Cash Flow Hedges (Details) - Designated as Hedging Instrument $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)oz$ / ozRate | |
Gold Put Options - 2020 | |
Derivative [Line Items] | |
Average gold strike price per ounce | $ / oz | 1,600 |
Notional ounces | oz | 158,700 |
Gold Call Options - 2020 | |
Derivative [Line Items] | |
Average gold strike price per ounce | $ / oz | 1,875 |
Notional ounces | oz | 158,700 |
Gold Put Options - 2021 | |
Derivative [Line Items] | |
Average gold strike price per ounce | $ / oz | 1,626 |
Notional ounces | oz | 126,000 |
Gold Call Options - 2021 | |
Derivative [Line Items] | |
Average gold strike price per ounce | $ / oz | 2,030 |
Notional ounces | oz | 126,000 |
Mexican peso forward exchange contracts 2020 | |
Derivative [Line Items] | |
Derivative, forward exchange rate | Rate | 2499.00% |
Derivative, notional amount | $ | $ 60 |
Mexican peso forward exchange contracts 2021 | |
Derivative [Line Items] | |
Derivative, forward exchange rate | Rate | 0.00% |
Derivative, notional amount | $ | $ 0 |
Derivative Financial Instrume_9
Derivative Financial Instruments - Summary of Pre-tax Gains (Losses) On Derivatives Designated as Cash Flow Hedges (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gains (losses) recognized in OCI - effective portion: | $ (12,434) | $ (136) | $ 0 |
Gains (losses) reclassified from AOCI into net income - effective portion: | 1,434 | 0 | 0 |
Gold zero cost collars | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gains (losses) recognized in OCI - effective portion: | (32,345) | (136) | 0 |
Gains (losses) reclassified from AOCI into net income - effective portion: | 7,598 | 0 | 0 |
Foreign Exchange Forward | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gains (losses) recognized in OCI - effective portion: | 19,911 | 0 | 0 |
Gains (losses) reclassified from AOCI into net income - effective portion: | $ (6,164) | $ 0 | $ 0 |
Other, Net - Summary of Other N
Other, Net - Summary of Other Non-Operating (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Other Income and Expenses [Abstract] | |||||
Foreign exchange gain (loss) | $ (2,245) | $ (4,346) | $ (9,069) | ||
Gain (loss) on sale of assets and investments | (2,849) | (714) | 19 | ||
Gold zero cost collars novation fee | (3,819) | 0 | 0 | ||
Gain (loss) on sale of Manquiri consideration | 365 | [1] | 133 | [1] | (18,599) |
Mexico Inflation Adjustment | 0 | 0 | 1,939 | ||
Gain (loss) on Silvertip consideration | 955 | 0 | 0 | ||
Interest Income, Other | 0 | 198 | 1,776 | ||
Other | 1,652 | 2,576 | 5,765 | ||
Other, net | (5,941) | (3,193) | (24,705) | ||
Write-Down of RMC Receivable | $ 0 | $ (1,040) | $ (6,536) | ||
[1] | As defined in Note 22 -- Discontinued Operations. |
Other, Net - Summary of Pre-dev
Other, Net - Summary of Pre-development, reclamation and other (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |||
Accretion Expense, Including Asset Retirement Obligations | $ 11,754 | $ 12,154 | $ 11,116 |
Other Operating Income (Expense), Net | 4,954 | 6,267 | 8,927 |
Gain (Loss) on Termination of Lease | (4,051) | 0 | 0 |
Covid-19 Related Costs | 15,414 | 0 | 0 |
Care and maintenance costs | 17,082 | 0 | 0 |
Temporary Suspension Costs | 10,501 | 0 | 0 |
Pre-development, reclamation, and other | $ 55,654 | $ 18,421 | $ 20,043 |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Earnings Per Share (Textual) [Abstract] | |||||||||||||
Number of antidilutive shares of common stock equivalents | 389,629 | 1,137,726 | 1,312,737 | ||||||||||
Net Income (Loss) Attributable to Coeur Stockholders | |||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ 11,880 | $ 26,856 | $ (1,209) | $ (11,900) | $ (270,961) | $ (14,277) | $ (36,764) | $ (24,894) | $ 25,627 | $ (346,896) | $ (48,955) | ||
Income (loss) from discontinued operations | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 5,693 | 0 | 5,693 | 550 | ||
NET INCOME (LOSS) | $ 25,627 | $ (341,203) | $ (48,405) | ||||||||||
Weighted Average Number of Shares Outstanding | |||||||||||||
Weighted Average Number of Shares Outstanding, Basic | 240,803,000 | 218,812,000 | 188,606,000 | ||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 1,746,000 | 0 | 0 | ||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 242,549,000 | 218,812,000 | 188,606,000 | ||||||||||
Basic EPS | |||||||||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.05 | $ 0.11 | $ (0.01) | $ (0.05) | $ (1.13) | $ (0.06) | $ (0.18) | $ (0.12) | $ 0.11 | $ (1.59) | $ (0.26) | ||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.03 | 0 | 0.03 | 0 | ||
Earnings Per Share, Basic | 0.05 | 0.11 | (0.01) | (0.05) | (1.13) | (0.06) | (0.18) | (0.09) | 0.11 | [1] | (1.56) | [1] | (0.26) |
Diluted EPS | |||||||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | 0.05 | 0.11 | (0.01) | (0.05) | (1.13) | (0.06) | (0.18) | (0.12) | 0.11 | (1.59) | (0.26) | ||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.03 | 0 | 0.03 | 0 | ||
Earnings Per Share, Diluted | $ 0.05 | $ 0.11 | $ (0.01) | $ (0.05) | $ (1.13) | $ (0.06) | $ (0.18) | $ (0.09) | $ 0.11 | [1] | $ (1.56) | [1] | $ (0.26) |
[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) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Subsidiary, Sale of Stock [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Net proceeds | $ 0 | $ 123,059,000 | $ 0 |
Stock Issued During Period, Value, New Issues | $ 122,832,000 | ||
Aggregate Value of ATM Program | $ 100,000,000 |
Supplemental Guarantor Inform_3
Supplemental Guarantor Information Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 92,794 | $ 55,645 | ||
Receivables | 23,484 | 18,666 | ||
Ore on leach pads | 74,866 | 66,192 | ||
Inventory | 51,210 | 55,886 | ||
Prepaid expenses and other | 27,254 | 14,047 | ||
Current assets | 269,608 | 210,436 | ||
Property, plant and equipment, net | 230,139 | 248,789 | ||
Mining properties, net | 716,790 | 711,955 | ||
Ore on leach pads | 81,963 | 71,539 | ||
Restricted assets | 9,492 | 8,752 | ||
Equity securities | 12,943 | 35,646 | ||
Receivables | 26,447 | 28,709 | ||
Net investment in subsidiaries | 0 | 0 | ||
Other | 56,595 | 62,810 | ||
TOTAL ASSETS | 1,403,977 | 1,378,636 | ||
Accounts payable | 90,577 | 69,176 | ||
Accrued liabilities and other | 119,158 | 95,616 | ||
Debt | 22,074 | 22,746 | ||
Reclamation | 2,299 | 3,114 | ||
Current liabilities | 234,108 | 190,652 | ||
Debt | 253,427 | 272,751 | ||
Reclamation | 136,975 | 133,417 | ||
Deferred tax liabilities | 34,202 | 41,976 | ||
Other long-term liabilities | 51,786 | 72,836 | ||
Intercompany payable (receivable) | 0 | 0 | ||
Non-current liabilities | 476,390 | 520,980 | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 243,751,283 issued and outstanding at December 31, 2020 and 241,529,021 at December 31, 2019 | 2,438 | 2,415 | ||
Additional paid-in capital | 3,610,297 | 3,598,472 | ||
Accumulated deficit | (2,908,120) | (2,933,747) | ||
Accumulated other comprehensive income (loss) | (11,136) | (136) | ||
Stockholders' equity | 693,479 | 667,004 | $ 852,512 | $ 814,977 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 1,403,977 | 1,378,636 | ||
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 | ||
Current assets | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Mining properties, net | 0 | 0 | ||
Ore on leach pads | 0 | 0 | ||
Restricted assets | 0 | 0 | ||
Equity securities | 0 | 0 | ||
Receivables | 0 | 0 | ||
Net investment in subsidiaries | (515,300) | (325,738) | ||
Other | (195,477) | (277,448) | ||
TOTAL ASSETS | (710,777) | (603,186) | ||
Accounts payable | 0 | 0 | ||
Accrued liabilities and other | 0 | 0 | ||
Debt | 0 | 0 | ||
Reclamation | 0 | 0 | ||
Current liabilities | 0 | 0 | ||
Debt | (195,477) | (277,448) | ||
Reclamation | 0 | 0 | ||
Deferred tax liabilities | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Intercompany payable (receivable) | 0 | 0 | ||
Non-current liabilities | (195,477) | (277,448) | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 243,751,283 issued and outstanding at December 31, 2020 and 241,529,021 at December 31, 2019 | (235,217) | (236,101) | ||
Additional paid-in capital | (2,414,445) | (2,298,162) | ||
Accumulated deficit | 2,134,362 | 2,208,525 | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Stockholders' equity | (515,300) | (325,738) | ||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | (710,777) | (603,186) | ||
Coeur Mining, Inc. | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 12,727 | 2,985 | ||
Receivables | 381 | (65) | ||
Ore on leach pads | 0 | 0 | ||
Inventory | 0 | 0 | ||
Prepaid expenses and other | 20,872 | 6,202 | ||
Current assets | 33,980 | 9,122 | ||
Property, plant and equipment, net | 1,946 | 2,370 | ||
Mining properties, net | 0 | 4,452 | ||
Ore on leach pads | 0 | 0 | ||
Restricted assets | 1,482 | 1,470 | ||
Equity securities | 12,943 | 35,646 | ||
Receivables | 0 | 0 | ||
Net investment in subsidiaries | 514,705 | 325,723 | ||
Other | 198,587 | 267,281 | ||
TOTAL ASSETS | 763,643 | 646,064 | ||
Accounts payable | 1,978 | 1,277 | ||
Accrued liabilities and other | 36,183 | 9,036 | ||
Debt | 0 | 0 | ||
Reclamation | 0 | 0 | ||
Current liabilities | 38,161 | 10,313 | ||
Debt | 227,592 | 226,885 | ||
Reclamation | 0 | 0 | ||
Deferred tax liabilities | 100 | 50 | ||
Other long-term liabilities | 3,629 | 4,225 | ||
Intercompany payable (receivable) | (199,318) | (262,413) | ||
Non-current liabilities | 32,003 | (31,253) | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 243,751,283 issued and outstanding at December 31, 2020 and 241,529,021 at December 31, 2019 | 2,438 | 2,415 | ||
Additional paid-in capital | 3,610,297 | 3,598,472 | ||
Accumulated deficit | (2,908,120) | (2,933,747) | ||
Accumulated other comprehensive income (loss) | (11,136) | (136) | ||
Stockholders' equity | 693,479 | 667,004 | ||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 763,643 | 646,064 | ||
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 28,515 | 27,217 | ||
Receivables | 3,631 | 5,978 | ||
Ore on leach pads | 74,866 | 66,192 | ||
Inventory | 27,223 | 24,763 | ||
Prepaid expenses and other | 1,375 | 1,192 | ||
Current assets | 135,610 | 125,342 | ||
Property, plant and equipment, net | 148,640 | 167,159 | ||
Mining properties, net | 353,818 | 327,685 | ||
Ore on leach pads | 81,963 | 71,539 | ||
Restricted assets | 206 | 206 | ||
Equity securities | 0 | 0 | ||
Receivables | 0 | 0 | ||
Net investment in subsidiaries | 72,785 | 85,755 | ||
Other | 51,528 | 52,040 | ||
TOTAL ASSETS | 844,550 | 829,726 | ||
Accounts payable | 52,177 | 26,211 | ||
Accrued liabilities and other | 46,023 | 35,547 | ||
Debt | 14,506 | 15,347 | ||
Reclamation | 1,584 | 1,628 | ||
Current liabilities | 114,290 | 78,733 | ||
Debt | 33,321 | 32,989 | ||
Reclamation | 93,349 | 91,524 | ||
Deferred tax liabilities | 8,457 | 8,104 | ||
Other long-term liabilities | 29,916 | 40,012 | ||
Intercompany payable (receivable) | 176,914 | 246,186 | ||
Non-current liabilities | 341,957 | 418,815 | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 243,751,283 issued and outstanding at December 31, 2020 and 241,529,021 at December 31, 2019 | 20,401 | 20,309 | ||
Additional paid-in capital | 340,700 | 337,975 | ||
Accumulated deficit | 27,202 | (26,106) | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Stockholders' equity | 388,303 | 332,178 | ||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 844,550 | 829,726 | ||
Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 51,552 | 25,443 | ||
Receivables | 19,472 | 12,753 | ||
Ore on leach pads | 0 | 0 | ||
Inventory | 23,987 | 31,123 | ||
Prepaid expenses and other | 5,007 | 6,653 | ||
Current assets | 100,018 | 75,972 | ||
Property, plant and equipment, net | 79,553 | 79,260 | ||
Mining properties, net | 362,972 | 379,818 | ||
Ore on leach pads | 0 | 0 | ||
Restricted assets | 7,804 | 7,076 | ||
Equity securities | 0 | 0 | ||
Receivables | 26,447 | 28,709 | ||
Net investment in subsidiaries | (72,190) | (85,740) | ||
Other | 1,957 | 20,937 | ||
TOTAL ASSETS | 506,561 | 506,032 | ||
Accounts payable | 36,422 | 41,688 | ||
Accrued liabilities and other | 36,952 | 51,033 | ||
Debt | 7,568 | 7,399 | ||
Reclamation | 715 | 1,486 | ||
Current liabilities | 81,657 | 101,606 | ||
Debt | 187,991 | 290,325 | ||
Reclamation | 43,626 | 41,893 | ||
Deferred tax liabilities | 25,645 | 33,822 | ||
Other long-term liabilities | 18,241 | 28,599 | ||
Intercompany payable (receivable) | 22,404 | 16,227 | ||
Non-current liabilities | 297,907 | 410,866 | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 243,751,283 issued and outstanding at December 31, 2020 and 241,529,021 at December 31, 2019 | 214,816 | 215,792 | ||
Additional paid-in capital | 2,073,745 | 1,960,187 | ||
Accumulated deficit | (2,161,564) | (2,182,419) | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Stockholders' equity | 126,997 | (6,440) | ||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 506,561 | $ 506,032 |
Supplemental Guarantor Inform_4
Supplemental Guarantor Information Condensed Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenue | $ 228,317 | $ 229,728 | $ 154,249 | $ 173,167 | $ 195,040 | $ 199,469 | $ 162,123 | $ 154,870 | $ 785,461 | $ 711,502 | $ 625,904 | |||
Impairment of Long-Lived Assets Held-for-use | 0 | 250,814 | 0 | |||||||||||
Pre-development, reclamation, and other | 55,654 | 18,421 | 20,043 | |||||||||||
Amortization | 35,133 | 32,216 | 27,876 | 36,162 | 48,118 | 45,678 | 43,204 | 41,876 | 131,387 | 178,876 | 128,473 | |||
General and administrative | 33,722 | 34,493 | 31,345 | |||||||||||
Operating Expenses | 703,741 | 1,056,312 | 646,208 | |||||||||||
Loss on debt extinguishments | 0 | (1,281) | 0 | |||||||||||
Fair value adjustments, net | 7,601 | 16,030 | 3,638 | |||||||||||
Other, net | (5,941) | (3,193) | (24,705) | |||||||||||
Interest expense, net of capitalized interest | (20,708) | (24,771) | (24,364) | |||||||||||
Total other income (expense), net | (19,048) | (13,215) | (45,431) | |||||||||||
Total | 62,672 | (358,025) | (65,735) | |||||||||||
Income and mining tax (expense) benefit | (37,045) | 11,129 | 16,780 | |||||||||||
Income (loss) from continuing operations | 25,627 | (346,896) | (48,955) | |||||||||||
Equity income (loss) in consolidated subsidiaries | 0 | 0 | 0 | |||||||||||
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5,693 | 0 | 5,693 | 550 | |||
NET INCOME (LOSS) | 25,627 | (341,203) | (48,405) | |||||||||||
Unrealized gain (loss) on debt and equity securities | 0 | 59 | 26 | |||||||||||
Reclassification adjustments for impairment of equity securities, net of tax | (12,434) | (136) | 0 | |||||||||||
Reclassification adjustments for impairment of equity securities | 1,434 | |||||||||||||
Other comprehensive income (loss) | (11,000) | (77) | 26 | |||||||||||
COMPREHENSIVE INCOME (LOSS) | 14,627 | (341,280) | (48,379) | |||||||||||
Eliminations | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenue | 0 | 0 | 0 | |||||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | |||||||||||||
Pre-development, reclamation, and other | 0 | 0 | 0 | |||||||||||
Amortization | 0 | 0 | 0 | |||||||||||
General and administrative | 0 | 0 | 0 | |||||||||||
Operating Expenses | 0 | 0 | 0 | |||||||||||
Loss on debt extinguishments | 0 | |||||||||||||
Fair value adjustments, net | 0 | 0 | 0 | |||||||||||
Other, net | (14,353) | (17,139) | (15,457) | |||||||||||
Interest expense, net of capitalized interest | 14,353 | 17,139 | 15,457 | |||||||||||
Total other income (expense), net | 0 | 0 | 0 | |||||||||||
Total | 0 | 0 | 0 | |||||||||||
Income and mining tax (expense) benefit | 0 | 0 | 0 | |||||||||||
Income (loss) from continuing operations | 0 | 0 | 0 | |||||||||||
Equity income (loss) in consolidated subsidiaries | (60,313) | 324,068 | (2,911) | |||||||||||
Income (loss) from discontinued operations | 0 | 0 | 0 | |||||||||||
NET INCOME (LOSS) | (60,313) | 324,068 | (2,911) | |||||||||||
Unrealized gain (loss) on debt and equity securities | 0 | 0 | ||||||||||||
Reclassification adjustments for impairment of equity securities, net of tax | 0 | 0 | ||||||||||||
Reclassification adjustments for impairment of equity securities | 0 | |||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | |||||||||||
COMPREHENSIVE INCOME (LOSS) | (60,313) | 324,068 | (2,911) | |||||||||||
Coeur Mining, Inc. | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenue | 0 | 0 | 0 | |||||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | |||||||||||||
Pre-development, reclamation, and other | 2,001 | 346 | 1,246 | |||||||||||
Amortization | 742 | 876 | 940 | |||||||||||
General and administrative | 33,699 | 31,913 | 30,868 | |||||||||||
Operating Expenses | 37,786 | 34,627 | 34,550 | |||||||||||
Loss on debt extinguishments | (1,281) | |||||||||||||
Fair value adjustments, net | 7,601 | 16,039 | 4,056 | |||||||||||
Other, net | 12,341 | 18,993 | (403) | |||||||||||
Interest expense, net of capitalized interest | (16,796) | (20,774) | (21,563) | |||||||||||
Total other income (expense), net | 3,146 | 12,977 | (17,910) | |||||||||||
Total | (34,640) | (21,650) | (52,460) | |||||||||||
Income and mining tax (expense) benefit | (624) | (1,518) | (548) | |||||||||||
Income (loss) from continuing operations | (35,264) | (23,168) | (53,008) | |||||||||||
Equity income (loss) in consolidated subsidiaries | 60,891 | (323,728) | 3,593 | |||||||||||
Income (loss) from discontinued operations | 0 | 5,693 | 1,010 | |||||||||||
NET INCOME (LOSS) | 25,627 | (341,203) | (48,405) | |||||||||||
Unrealized gain (loss) on debt and equity securities | 59 | 26 | ||||||||||||
Reclassification adjustments for impairment of equity securities, net of tax | (12,434) | (136) | ||||||||||||
Reclassification adjustments for impairment of equity securities | 1,434 | |||||||||||||
Other comprehensive income (loss) | (11,000) | (77) | 26 | |||||||||||
COMPREHENSIVE INCOME (LOSS) | 14,627 | (341,280) | (48,379) | |||||||||||
Guarantor Subsidiaries | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenue | 496,996 | 414,548 | 371,248 | |||||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | |||||||||||||
Pre-development, reclamation, and other | 19,442 | 11,204 | 11,351 | |||||||||||
Amortization | 76,830 | 81,759 | 61,489 | |||||||||||
General and administrative | 3 | 808 | 398 | |||||||||||
Operating Expenses | 415,861 | 406,487 | 367,774 | |||||||||||
Loss on debt extinguishments | 0 | |||||||||||||
Fair value adjustments, net | 0 | (9) | (418) | |||||||||||
Other, net | (2,860) | (1,106) | 617 | |||||||||||
Interest expense, net of capitalized interest | (3,150) | (2,591) | (1,479) | |||||||||||
Total other income (expense), net | (6,010) | (3,706) | (1,280) | |||||||||||
Total | 75,125 | 4,355 | 2,194 | |||||||||||
Income and mining tax (expense) benefit | (8,738) | (3,750) | (1,926) | |||||||||||
Income (loss) from continuing operations | 66,387 | 605 | 268 | |||||||||||
Equity income (loss) in consolidated subsidiaries | (12,956) | (10,100) | (608) | |||||||||||
Income (loss) from discontinued operations | 0 | 0 | (284) | |||||||||||
NET INCOME (LOSS) | 53,431 | (9,495) | (624) | |||||||||||
Unrealized gain (loss) on debt and equity securities | 0 | 0 | ||||||||||||
Reclassification adjustments for impairment of equity securities, net of tax | 0 | 0 | ||||||||||||
Reclassification adjustments for impairment of equity securities | 0 | |||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | |||||||||||
COMPREHENSIVE INCOME (LOSS) | 53,431 | (9,495) | (624) | |||||||||||
Non-Guarantor Subsidiaries | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Revenue | 288,465 | 296,954 | 254,656 | |||||||||||
Impairment of Long-Lived Assets Held-for-use | 250,814 | |||||||||||||
Pre-development, reclamation, and other | 34,211 | 6,871 | 7,446 | |||||||||||
Amortization | 53,815 | 96,241 | 66,044 | |||||||||||
General and administrative | 20 | 1,772 | 79 | |||||||||||
Operating Expenses | 250,094 | 615,198 | 243,884 | |||||||||||
Loss on debt extinguishments | 0 | |||||||||||||
Fair value adjustments, net | 0 | 0 | ||||||||||||
Other, net | (1,069) | (3,941) | (9,462) | |||||||||||
Interest expense, net of capitalized interest | (15,115) | (18,545) | (16,779) | |||||||||||
Total other income (expense), net | (16,184) | (22,486) | (26,241) | |||||||||||
Total | 22,187 | (340,730) | (15,469) | |||||||||||
Income and mining tax (expense) benefit | (27,683) | 16,397 | 19,254 | |||||||||||
Income (loss) from continuing operations | (5,496) | (324,333) | 3,785 | |||||||||||
Equity income (loss) in consolidated subsidiaries | 12,378 | 9,760 | (74) | |||||||||||
Income (loss) from discontinued operations | 0 | 0 | (176) | |||||||||||
NET INCOME (LOSS) | 6,882 | (314,573) | 3,535 | |||||||||||
Unrealized gain (loss) on debt and equity securities | 0 | 0 | ||||||||||||
Reclassification adjustments for impairment of equity securities, net of tax | 0 | 0 | ||||||||||||
Reclassification adjustments for impairment of equity securities | 0 | |||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | |||||||||||
COMPREHENSIVE INCOME (LOSS) | 6,882 | (314,573) | 3,535 | |||||||||||
Product | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Costs applicable to sales | 118,631 | 112,772 | 90,015 | 118,917 | 146,631 | 140,952 | 131,948 | 131,650 | 440,335 | [1] | 551,181 | [1] | 440,950 | [1] |
Product | Eliminations | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Costs applicable to sales | 0 | 0 | 0 | |||||||||||
Product | Coeur Mining, Inc. | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Costs applicable to sales | 0 | 0 | 0 | |||||||||||
Product | Guarantor Subsidiaries | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Costs applicable to sales | 297,473 | 300,496 | 285,242 | |||||||||||
Product | Non-Guarantor Subsidiaries | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Costs applicable to sales | 142,862 | 250,685 | 155,708 | |||||||||||
Mineral, Exploration | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Costs applicable to sales | $ 11,584 | $ 12,818 | $ 11,855 | $ 6,386 | $ 7,201 | $ 5,893 | $ 5,719 | $ 3,714 | 42,643 | 22,527 | 25,397 | |||
Impairment of Long-Lived Assets Held-for-use | 0 | 250,814 | 0 | |||||||||||
Mineral, Exploration | Eliminations | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Costs applicable to sales | 0 | 0 | 0 | |||||||||||
Mineral, Exploration | Coeur Mining, Inc. | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Costs applicable to sales | 1,344 | 1,492 | 1,496 | |||||||||||
Mineral, Exploration | Guarantor Subsidiaries | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Costs applicable to sales | 22,113 | 12,220 | 9,294 | |||||||||||
Mineral, Exploration | Non-Guarantor Subsidiaries | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Costs applicable to sales | $ 19,186 | $ 8,815 | $ 14,607 | |||||||||||
[1] | Excludes amortization. |
Supplemental Guarantor Inform_5
Supplemental Guarantor Information Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Cash provided by (used in) activities of continuing operations | $ 148,709 | $ 91,880 | $ 20,108 | ||||||||
Cash provided by (used in) activities of discontinued operations | 0 | 0 | (2,690) | ||||||||
Cash provided by (used in) operating activities | $ 67,289 | $ 79,464 | $ 9,947 | $ (7,991) | $ 39,295 | $ 41,996 | $ 26,435 | $ (15,846) | 148,709 | 91,880 | 17,418 |
Capital expenditures | (37,393) | $ (22,996) | $ (16,682) | (22,208) | (20,907) | $ (30,678) | $ (20,749) | (27,438) | (99,279) | (99,772) | (140,787) |
Proceeds from the sale of assets | 5,529 | 1,033 | 577 | ||||||||
Purchase of investments | (2,500) | (5,023) | (426) | ||||||||
Sale of investments | 30,831 | 2,109 | 12,713 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | (6,914) | ||||||||
Proceeds from notes receivable | 0 | 7,168 | 19,000 | ||||||||
Other | (252) | 1,919 | 11 | ||||||||
Investments in consolidated subsidiaries | 0 | 0 | 0 | ||||||||
Cash provided by (used in) activities of continuing operations | (65,671) | (92,566) | (101,998) | ||||||||
Cash provided by (used in) activities of discontinued operations | 0 | 0 | (28,470) | ||||||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (65,671) | (92,566) | (130,468) | ||||||||
Proceeds from Issuance of Common Stock | 0 | 123,059 | 0 | ||||||||
Issuance of notes and bank borrowings, net of issuance costs | 150,000 | 60,000 | 95,000 | ||||||||
Payments on debt, capital leases, and associated costs | (175,984) | (221,854) | (95,059) | ||||||||
Payment for Contingent Consideration Liability, Financing Activities | (18,750) | (18,697) | 0 | ||||||||
Net intercompany financing activity | 0 | 0 | 0 | ||||||||
Other | (1,801) | (3,404) | (5,160) | ||||||||
Cash provided by (used in) activities of continuing operations | (46,535) | (60,896) | (5,219) | ||||||||
Cash provided by (used in) activities of discontinued operations | 0 | 0 | (22) | ||||||||
Cash provided by (used in) activities of discontinued operations | (46,535) | (60,896) | (5,241) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 649 | 531 | 28 | ||||||||
Less net cash provided by (used in) discontinued operations | 0 | 0 | (32,930) | ||||||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 37,152 | (61,051) | (85,333) | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | 57,018 | 118,069 | 57,018 | 118,069 | 203,402 | ||||||
Cash, cash equivalents and restricted cash at end of period | 94,170 | 57,018 | 94,170 | 57,018 | 118,069 | ||||||
Eliminations | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Cash provided by (used in) activities of continuing operations | 324,068 | (2,911) | |||||||||
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | ||||||||
Cash provided by (used in) operating activities | (60,313) | 324,068 | (2,911) | ||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Proceeds from the sale of assets | 0 | 0 | 0 | ||||||||
Purchase of investments | 0 | 0 | 0 | ||||||||
Sale of investments | 0 | 0 | 0 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | ||||||||||
Proceeds from notes receivable | 0 | 0 | |||||||||
Other | 0 | 0 | 0 | ||||||||
Investments in consolidated subsidiaries | 60,313 | (324,068) | 2,911 | ||||||||
Cash provided by (used in) activities of continuing operations | 2,911 | ||||||||||
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | ||||||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 60,313 | (324,068) | 2,911 | ||||||||
Proceeds from Issuance of Common Stock | 0 | ||||||||||
Issuance of notes and bank borrowings, net of issuance costs | 0 | 0 | 0 | ||||||||
Payments on debt, capital leases, and associated costs | 0 | 0 | 0 | ||||||||
Payment for Contingent Consideration Liability, Financing Activities | 0 | 0 | |||||||||
Net intercompany financing activity | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Cash provided by (used in) activities of continuing operations | 0 | 0 | 0 | ||||||||
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | ||||||||
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||||||
Less net cash provided by (used in) discontinued operations | 0 | 0 | 0 | ||||||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 0 | 0 | 0 | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | 0 | 0 | 0 | 0 | 0 | ||||||
Cash, cash equivalents and restricted cash at end of period | 0 | 0 | 0 | 0 | 0 | ||||||
Coeur Mining, Inc. | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Cash provided by (used in) activities of continuing operations | (377,159) | (45,313) | |||||||||
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | ||||||||
Cash provided by (used in) operating activities | 16,926 | (377,159) | (45,313) | ||||||||
Capital expenditures | (317) | (491) | (390) | ||||||||
Proceeds from the sale of assets | 4,500 | 0 | 23 | ||||||||
Purchase of investments | (2,500) | (5,019) | (431) | ||||||||
Sale of investments | 30,831 | 2,109 | 11,694 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | ||||||||||
Proceeds from notes receivable | 7,168 | 19,000 | |||||||||
Other | 0 | 2,051 | 46 | ||||||||
Investments in consolidated subsidiaries | (60,888) | 323,561 | (6,288) | ||||||||
Cash provided by (used in) activities of continuing operations | 23,654 | ||||||||||
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | ||||||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (28,374) | 329,379 | 23,654 | ||||||||
Proceeds from Issuance of Common Stock | 123,059 | ||||||||||
Issuance of notes and bank borrowings, net of issuance costs | 150,000 | 60,000 | 95,000 | ||||||||
Payments on debt, capital leases, and associated costs | (150,000) | (195,878) | (60,826) | ||||||||
Payment for Contingent Consideration Liability, Financing Activities | 0 | 0 | |||||||||
Net intercompany financing activity | 22,988 | 55,611 | (50,640) | ||||||||
Other | (1,801) | (3,404) | (5,160) | ||||||||
Cash provided by (used in) activities of continuing operations | 21,187 | 39,388 | (21,626) | ||||||||
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | ||||||||
Cash provided by (used in) activities of discontinued operations | 21,187 | 39,388 | (21,626) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 8 | 0 | 0 | ||||||||
Less net cash provided by (used in) discontinued operations | 0 | 0 | 0 | ||||||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 9,747 | (8,392) | (43,285) | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | 4,356 | 12,748 | 4,356 | 12,748 | 56,033 | ||||||
Cash, cash equivalents and restricted cash at end of period | 14,103 | 4,356 | 14,103 | 4,356 | 12,748 | ||||||
Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Cash provided by (used in) activities of continuing operations | 125,325 | 55,656 | |||||||||
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | ||||||||
Cash provided by (used in) operating activities | 135,576 | 125,325 | 55,656 | ||||||||
Capital expenditures | (60,306) | (48,324) | (58,040) | ||||||||
Proceeds from the sale of assets | 792 | 913 | 446 | ||||||||
Purchase of investments | 0 | (1) | 0 | ||||||||
Sale of investments | 0 | 0 | 1,019 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | ||||||||||
Proceeds from notes receivable | 0 | 0 | |||||||||
Other | 0 | 32 | 217 | ||||||||
Investments in consolidated subsidiaries | (38) | 180 | 159 | ||||||||
Cash provided by (used in) activities of continuing operations | (56,199) | ||||||||||
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | ||||||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (59,552) | (47,200) | (56,199) | ||||||||
Proceeds from Issuance of Common Stock | 0 | ||||||||||
Issuance of notes and bank borrowings, net of issuance costs | 0 | 0 | 0 | ||||||||
Payments on debt, capital leases, and associated costs | (15,621) | (17,364) | (12,239) | ||||||||
Payment for Contingent Consideration Liability, Financing Activities | 0 | 0 | |||||||||
Net intercompany financing activity | (59,103) | (59,068) | (13,906) | ||||||||
Other | 0 | 0 | 0 | ||||||||
Cash provided by (used in) activities of continuing operations | (74,724) | (76,432) | (26,145) | ||||||||
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | ||||||||
Cash provided by (used in) activities of discontinued operations | (74,724) | (76,432) | (26,145) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 2 | (2) | (11) | ||||||||
Less net cash provided by (used in) discontinued operations | 0 | 0 | 0 | ||||||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 1,302 | 1,691 | (26,699) | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | 27,231 | 25,540 | 27,231 | 25,540 | 52,239 | ||||||
Cash, cash equivalents and restricted cash at end of period | 28,533 | 27,231 | 28,533 | 27,231 | 25,540 | ||||||
Non-Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Cash provided by (used in) activities of continuing operations | 19,646 | 12,676 | |||||||||
Cash provided by (used in) activities of discontinued operations | 0 | (2,690) | |||||||||
Cash provided by (used in) operating activities | 56,520 | 19,646 | 9,986 | ||||||||
Capital expenditures | (38,656) | (50,957) | (82,357) | ||||||||
Proceeds from the sale of assets | 237 | 120 | 108 | ||||||||
Purchase of investments | 0 | (3) | 5 | ||||||||
Sale of investments | 0 | 0 | 0 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | (6,914) | ||||||||||
Proceeds from notes receivable | 0 | 0 | |||||||||
Other | (252) | (164) | (252) | ||||||||
Investments in consolidated subsidiaries | 613 | 327 | 3,218 | ||||||||
Cash provided by (used in) activities of continuing operations | (72,364) | ||||||||||
Cash provided by (used in) activities of discontinued operations | 0 | 0 | (28,470) | ||||||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (38,058) | (50,677) | (100,834) | ||||||||
Proceeds from Issuance of Common Stock | 0 | ||||||||||
Issuance of notes and bank borrowings, net of issuance costs | 0 | 0 | 0 | ||||||||
Payments on debt, capital leases, and associated costs | (10,363) | (8,612) | (21,994) | ||||||||
Payment for Contingent Consideration Liability, Financing Activities | (18,750) | (18,697) | |||||||||
Net intercompany financing activity | 36,115 | 3,457 | 64,546 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Cash provided by (used in) activities of continuing operations | 7,002 | (23,852) | 42,552 | ||||||||
Cash provided by (used in) activities of discontinued operations | 0 | 0 | (22) | ||||||||
Cash provided by (used in) activities of discontinued operations | 7,002 | (23,852) | 42,530 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 639 | 533 | 39 | ||||||||
Less net cash provided by (used in) discontinued operations | 0 | 0 | (32,930) | ||||||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 26,103 | (54,350) | (15,349) | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | $ 25,431 | $ 79,781 | 25,431 | 79,781 | 95,130 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ 51,534 | $ 25,431 | $ 51,534 | $ 25,431 | $ 79,781 |
Commitments and Contigencies (D
Commitments and Contigencies (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jan. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)tmilestone | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2017USD ($) | Oct. 31, 2017USD ($) | Oct. 02, 2014USD ($) | ||
Business Acquisition [Line Items] | ||||||||||||
Palmarejo Gold Stream Agreement, Deferred Revenue Unamortized Balance | $ 9,400,000 | $ 9,400,000 | ||||||||||
Deferred Revenue Recognized | 16,702,000 | $ 1,857,000 | $ 0 | |||||||||
Silvertip acquisition contingent consideration | 0 | 0 | 25,000,000 | |||||||||
Payment for Contingent Consideration Liability, Financing Activities | 18,750,000 | 18,697,000 | 0 | |||||||||
Stock Issued During Period, Value, New Issues | 122,832,000 | |||||||||||
Value Added Tax Receivable, Noncurrent | [1] | 26,447,000 | 26,447,000 | 28,009,000 | ||||||||
Surety Bonds Outstanding | 311,900,000 | $ 311,900,000 | 215,600,000 | |||||||||
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. | Permit Contingent Consideration | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Silvertip acquisition contingent consideration | $ 25,000,000 | |||||||||||
Sustained minim and milling per day (in tones) | t | 1,000 | |||||||||||
Silvertip [Member] | Permit Contingent Consideration | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Contingent consideration, liability | 25,000,000 | $ 25,000,000 | ||||||||||
Payment for Contingent Consideration Liability, Financing Activities | 18,700,000 | |||||||||||
Stock Issued During Period, Value, New Issues | 1,000,000 | |||||||||||
Silvertip [Member] | Resource Contingent Consideration | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Contingent consideration, liability | 25,000,000 | 25,000,000 | ||||||||||
Payment for Contingent Consideration Liability, Financing Activities | $ 18,800,000 | |||||||||||
Stock Issued During Period, Value, New Issues | $ 900,000 | |||||||||||
Kensington | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Deferred Revenue Recognized | 15,000,000 | $ 15,000,000 | 30,183,000 | 25,000,000 | 0 | |||||||
Revenue liability | 15,003,000 | 15,003,000 | $ 15,009,000 | $ 0 | $ 15,000,000 | $ 25,000,000 | $ 0 | |||||
Kensington | June 2020 Prepayment [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Revenue liability | 15,000,000 | |||||||||||
Kensington | December 2020 Prepayment [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Revenue liability | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 | |||||||||
[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). See Note 21 -- Commitments and Contingencies for additional detail. The $1.5 million decrease in the year ended December 31, 2020 is attributable to a weaker Mexican Peso. |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from the sale of assets | $ 5,529 | $ 1,033 | $ 577 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 5,693 | 0 | 5,693 | 550 |
Cash provided by (used in) operating activities, discontinued operations | 0 | 0 | (2,690) | ||||||||
Cash provided by (used in) investing activities, discontinued operations | 0 | 0 | $ (28,470) | ||||||||
Held-for-sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from the sale of assets | 4,500 | ||||||||||
Gain (loss) on the sale of Manquiri royalty | $ 400 | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 5,700 |
Additional Balance Sheet Deta_3
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |||
Other Accrued Liabilities | $ 3,327 | $ 3,752 | |
Unrealized Gain (Loss) on Derivatives | 24,950 | 411 | |
Accrued Income Taxes, Current | 26,118 | 11,243 | |
Accrual for Taxes Other than Income Taxes, Current | 3,616 | 3,554 | |
Interest Payable, Current | 1,855 | 1,833 | |
Accrued Salaries, Current | 30,457 | 20,047 | |
Silvertip acquisition contingent consideration | 0 | 25,000 | |
Deferred Revenue | [1] | 16,425 | 16,672 |
Accrued liabilities and other | $ 119,158 | $ 95,616 | |
[1] | (1) See Note 21 -- Commitments and Contingencies for additional details on deferred revenue liabilities |
Additional Balance Sheet Deta_4
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details 1) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Supplemental Cash Flow Information [Abstract] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 92,794 | $ 55,645 | ||
Restricted Cash Equivalents | 1,376 | 1,373 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 94,170 | $ 57,018 | $ 118,069 | $ 203,402 |
Additional Balance Sheet Deta_5
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |||
Finance Lease Obligations | $ 5,283 | $ 16,615 | $ 45,813 |
Capital Expenditures Incurred but Not yet Paid | 30,682 | 8,188 | 6,428 |
Extinguishment of Debt | 0 | 20,009 | 0 |
Non-cash acquisitions and related deferred taxes | 0 | 0 | 110,273 |
Non-cash Permit contingent consideration | 5,295 | 5,973 | 0 |
Interest Paid | 20,634 | 24,428 | 22,916 |
Income Taxes Paid | $ 35,600 | $ 33,700 | $ 50,400 |
Summary of Quarterly Financia_3
Summary of Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Revenue | $ 228,317 | $ 229,728 | $ 154,249 | $ 173,167 | $ 195,040 | $ 199,469 | $ 162,123 | $ 154,870 | $ 785,461 | $ 711,502 | $ 625,904 | |||
Pre-development, reclamation, and other | 55,654 | 18,421 | 20,043 | |||||||||||
Amortization | 35,133 | 32,216 | 27,876 | 36,162 | 48,118 | 45,678 | 43,204 | 41,876 | 131,387 | 178,876 | 128,473 | |||
Gross Profit | 74,553 | 84,740 | 36,358 | 18,088 | 291 | 12,839 | (13,029) | (18,656) | ||||||
Other Cost and Expense, Operating | 23,822 | 22,788 | 27,291 | 15,475 | 263,250 | 14,486 | 12,084 | 13,908 | ||||||
Income (loss) from continuing operations | 11,880 | 26,856 | (1,209) | (11,900) | (270,961) | (14,277) | (36,764) | (24,894) | 25,627 | (346,896) | (48,955) | |||
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5,693 | 0 | 5,693 | 550 | |||
NET INCOME (LOSS) | 25,627 | (341,203) | (48,405) | |||||||||||
Cash provided by (used in) operating activities | 67,289 | 79,464 | 9,947 | (7,991) | 39,295 | 41,996 | 26,435 | (15,846) | 148,709 | 91,880 | 17,418 | |||
Capital expenditures | $ 37,393 | $ 22,996 | $ 16,682 | $ 22,208 | $ 20,907 | $ 30,678 | $ 20,749 | $ 27,438 | $ 99,279 | $ 99,772 | $ 140,787 | |||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.05 | $ 0.11 | $ (0.01) | $ (0.05) | $ (1.13) | $ (0.06) | $ (0.18) | $ (0.12) | $ 0.11 | $ (1.59) | $ (0.26) | |||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.03 | 0 | 0.03 | 0 | |||
Earnings Per Share, Basic | 0.05 | 0.11 | (0.01) | (0.05) | (1.13) | (0.06) | (0.18) | (0.09) | 0.11 | [1] | (1.56) | [1] | (0.26) | |
Income (Loss) from Continuing Operations, Per Diluted Share | 0.05 | 0.11 | (0.01) | (0.05) | (1.13) | (0.06) | (0.18) | (0.12) | 0.11 | (1.59) | (0.26) | |||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.03 | 0 | 0.03 | 0 | |||
Earnings Per Share, Diluted | $ 0.05 | $ 0.11 | $ (0.01) | $ (0.05) | $ (1.13) | $ (0.06) | $ (0.18) | $ (0.09) | $ 0.11 | [1] | $ (1.56) | [1] | $ (0.26) | |
Accumulated Deficit [Member] | ||||||||||||||
NET INCOME (LOSS) | $ 11,880 | $ 26,856 | $ (1,209) | $ (11,900) | $ (270,961) | $ (14,277) | $ (36,764) | $ (19,201) | $ 25,627 | $ (341,203) | $ (48,405) | |||
Product | ||||||||||||||
Costs applicable to sales | 118,631 | 112,772 | 90,015 | 118,917 | 146,631 | 140,952 | 131,948 | 131,650 | 440,335 | [2] | 551,181 | [2] | 440,950 | [2] |
Mineral, Exploration | ||||||||||||||
Costs applicable to sales | $ 11,584 | $ 12,818 | $ 11,855 | $ 6,386 | $ 7,201 | $ 5,893 | $ 5,719 | $ 3,714 | $ 42,643 | $ 22,527 | $ 25,397 | |||
[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. |