Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 14, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
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 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 256,818,363 | ||
Entity Central Index Key | 0000215466 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
ICFR Auditor Attestation Flag | true | ||
Entity Public Float | $ 1,911,210,337 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | Grant Thornton LLP |
Auditor Location | Chicago, Illinois |
Auditor Firm ID | 248 |
Cover
Cover | 12 Months Ended |
Dec. 31, 2021 | |
Cover [Abstract] | |
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 2022 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. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 56,664 | $ 92,794 |
Receivables | 32,417 | 23,484 |
Inventory | 51,281 | 51,210 |
Ore on leach pads | 81,128 | 74,866 |
Prepaid expenses and other | 13,847 | 27,254 |
Assets held for sale | 54,240 | 0 |
Current assets | 289,577 | 269,608 |
NON-CURRENT ASSETS | ||
Property, plant and equipment, net | 319,967 | 230,139 |
Mining properties, net | 852,799 | 716,790 |
Ore on leach pads, noncurrent | 73,495 | 81,963 |
Restricted assets | 9,138 | 9,492 |
Equity securities | 132,197 | 12,943 |
Receivables | 0 | 26,447 |
Other assets | 57,249 | 56,595 |
TOTAL ASSETS | 1,734,422 | 1,403,977 |
CURRENT LIABILITIES | ||
Accounts payable | 103,901 | 90,577 |
Accrued liabilities and other | 87,946 | 119,158 |
Debt | 29,821 | 22,074 |
Reclamation | 2,931 | 2,299 |
Liabilities held for sale | 11,269 | 0 |
Current liabilities | 235,868 | 234,108 |
NON-CURRENT LIABILITIES | ||
Debt | 457,680 | 253,427 |
Reclamation | 178,957 | 136,975 |
Deferred tax liabilities | 21,969 | 34,202 |
Other long-term liabilities | 39,686 | 51,786 |
Non-current liabilities | $ 698,292 | $ 476,390 |
Common Stock, Shares, Outstanding | 256,919,803 | 243,751,283 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 256,919,803 issued and outstanding at December 31, 2021 and 243,751,283 at December 31, 2020 | $ 2,569 | $ 2,438 |
Additional paid-in capital | 3,738,347 | 3,610,297 |
Accumulated other comprehensive income (loss) | (1,212) | (11,136) |
Accumulated deficit | (2,939,442) | (2,908,120) |
Stockholders' equity | 800,262 | 693,479 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,734,422 | $ 1,403,977 |
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) | 256,919,803 | 243,751,283 |
Receivables | $ 32,417 | $ 23,484 |
Ore on leach pads | 81,128 | 74,866 |
Inventory | 51,281 | 51,210 |
Prepaid expenses and other | 13,847 | 27,254 |
Assets, Current | 289,577 | 269,608 |
Property, plant and equipment, net | 319,967 | 230,139 |
Other | 57,249 | 56,595 |
Assets | 1,734,422 | 1,403,977 |
Accounts payable | 103,901 | 90,577 |
Accrued liabilities and other | 87,946 | 119,158 |
Debt | 29,821 | 22,074 |
Reclamation | 2,931 | 2,299 |
Liabilities, Current | 235,868 | 234,108 |
Book value | 457,680 | 253,427 |
Reclamation | 178,957 | 136,975 |
Deferred tax liabilities | 21,969 | 34,202 |
Other long-term liabilities | 39,686 | 51,786 |
Liabilities, Noncurrent | 698,292 | 476,390 |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 256,919,803 issued and outstanding at December 31, 2021 and 243,751,283 at December 31, 2020 | 2,569 | 2,438 |
Additional paid-in capital | 3,738,347 | 3,610,297 |
Accumulated deficit | (2,939,442) | (2,908,120) |
Accumulated other comprehensive income (loss) | (1,212) | (11,136) |
Stockholders' Equity Attributable to Parent | 800,262 | 693,479 |
Liabilities and Equity | 1,734,422 | 1,403,977 |
Coeur Mining, Inc. | ||
CURRENT ASSETS | ||
Cash and cash equivalents | 2,499 | 12,727 |
Receivables | (14) | 381 |
Inventory | 0 | 0 |
Ore on leach pads | 0 | 0 |
Prepaid expenses and other | 8,660 | 20,872 |
Current assets | 11,145 | 33,980 |
NON-CURRENT ASSETS | ||
Property, plant and equipment, net | 1,476 | 1,946 |
Restricted assets | 1,496 | |
Equity securities | 132,197 | |
Other assets | 47,317 | 198,587 |
TOTAL ASSETS | 987,885 | 763,643 |
CURRENT LIABILITIES | ||
Accounts payable | 1,624 | 1,978 |
Accrued liabilities and other | 16,729 | 36,183 |
Debt | 0 | 0 |
Reclamation | 0 | 0 |
Current liabilities | 18,353 | 38,161 |
NON-CURRENT LIABILITIES | ||
Debt | 463,318 | 227,592 |
Reclamation | 0 | 0 |
Deferred tax liabilities | 751 | 100 |
Other long-term liabilities | 3,266 | 3,629 |
Non-current liabilities | 169,270 | 32,003 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 256,919,803 issued and outstanding at December 31, 2021 and 243,751,283 at December 31, 2020 | 2,569 | 2,438 |
Additional paid-in capital | 3,738,347 | 3,610,297 |
Accumulated other comprehensive income (loss) | (1,212) | (11,136) |
Accumulated deficit | (2,939,442) | (2,908,120) |
Stockholders' equity | 800,262 | 693,479 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 987,885 | 763,643 |
Receivables | (14) | 381 |
Ore on leach pads | 0 | 0 |
Inventory | 0 | 0 |
Prepaid expenses and other | 8,660 | 20,872 |
Assets, Current | 11,145 | 33,980 |
Property, plant and equipment, net | 1,476 | 1,946 |
Mining properties, net | 0 | 0 |
Ore on leach pads | 0 | 0 |
Restricted assets | 1,482 | |
Net investment in subsidiaries | 794,254 | 514,705 |
Other | 47,317 | 198,587 |
Assets | 987,885 | 763,643 |
Accounts payable | 1,624 | 1,978 |
Accrued liabilities and other | 16,729 | 36,183 |
Debt | 0 | 0 |
Reclamation | 0 | 0 |
Liabilities, Current | 18,353 | 38,161 |
Book value | 463,318 | 227,592 |
Reclamation | 0 | 0 |
Deferred tax liabilities | 751 | 100 |
Other long-term liabilities | 3,266 | 3,629 |
Intercompany payable (receivable) | (298,065) | (199,318) |
Liabilities, Noncurrent | 169,270 | 32,003 |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 256,919,803 issued and outstanding at December 31, 2021 and 243,751,283 at December 31, 2020 | 2,569 | 2,438 |
Additional paid-in capital | 3,738,347 | 3,610,297 |
Accumulated deficit | (2,939,442) | (2,908,120) |
Accumulated other comprehensive income (loss) | (1,212) | (11,136) |
Stockholders' Equity Attributable to Parent | 800,262 | 693,479 |
Liabilities and Equity | 987,885 | 763,643 |
Guarantor Subsidiaries | ||
CURRENT ASSETS | ||
Cash and cash equivalents | 16,126 | 28,515 |
Receivables | 5,607 | 3,631 |
Inventory | 24,954 | 27,223 |
Ore on leach pads | 81,128 | 74,866 |
Prepaid expenses and other | 813 | 1,375 |
Current assets | 128,628 | 135,610 |
NON-CURRENT ASSETS | ||
Property, plant and equipment, net | 188,721 | 148,640 |
Restricted assets | 206 | |
Equity securities | 0 | |
Other assets | 53,511 | 51,528 |
TOTAL ASSETS | 1,015,581 | 844,550 |
CURRENT LIABILITIES | ||
Accounts payable | 59,463 | 52,177 |
Accrued liabilities and other | 45,676 | 46,023 |
Debt | 23,608 | 14,506 |
Reclamation | 1,561 | 1,584 |
Current liabilities | 130,308 | 114,290 |
NON-CURRENT LIABILITIES | ||
Debt | 53,166 | 33,321 |
Reclamation | 125,695 | 93,349 |
Deferred tax liabilities | 7,422 | 8,457 |
Other long-term liabilities | 20,826 | 29,916 |
Non-current liabilities | 493,764 | 341,957 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 256,919,803 issued and outstanding at December 31, 2021 and 243,751,283 at December 31, 2020 | 19,356 | 20,401 |
Additional paid-in capital | 340,701 | 340,700 |
Accumulated other comprehensive income (loss) | 0 | 0 |
Accumulated deficit | 31,452 | 27,202 |
Stockholders' equity | 391,509 | 388,303 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 1,015,581 | 844,550 |
Receivables | 5,607 | 3,631 |
Ore on leach pads | 81,128 | 74,866 |
Inventory | 24,954 | 27,223 |
Prepaid expenses and other | 813 | 1,375 |
Assets, Current | 128,628 | 135,610 |
Property, plant and equipment, net | 188,721 | 148,640 |
Mining properties, net | 514,397 | 353,818 |
Ore on leach pads | 73,495 | 81,963 |
Restricted assets | 206 | |
Net investment in subsidiaries | 56,623 | 72,785 |
Other | 53,511 | 51,528 |
Assets | 1,015,581 | 844,550 |
Accounts payable | 59,463 | 52,177 |
Accrued liabilities and other | 45,676 | 46,023 |
Debt | 23,608 | 14,506 |
Reclamation | 1,561 | 1,584 |
Liabilities, Current | 130,308 | 114,290 |
Book value | 53,166 | 33,321 |
Reclamation | 125,695 | 93,349 |
Deferred tax liabilities | 7,422 | 8,457 |
Other long-term liabilities | 20,826 | 29,916 |
Intercompany payable (receivable) | 286,655 | 176,914 |
Liabilities, Noncurrent | 493,764 | 341,957 |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 256,919,803 issued and outstanding at December 31, 2021 and 243,751,283 at December 31, 2020 | 19,356 | 20,401 |
Additional paid-in capital | 340,701 | 340,700 |
Accumulated deficit | 31,452 | 27,202 |
Accumulated other comprehensive income (loss) | 0 | 0 |
Stockholders' Equity Attributable to Parent | 391,509 | 388,303 |
Liabilities and Equity | $ 1,015,581 | $ 844,550 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
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) | 256,919,803 | 243,751,283 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Revenue | $ 832,828 | $ 785,461 | $ 711,502 | |
COSTS AND EXPENSES | ||||
Write-downs | 0 | 0 | 250,814 | |
Amortization | 128,315 | 131,387 | 178,876 | |
General and administrative | 40,399 | 33,722 | 34,493 | |
Pre-development, reclamation, and other | 48,678 | 55,654 | 18,421 | |
Total costs and expenses | 780,100 | 703,741 | 1,056,312 | |
OTHER INCOME (EXPENSE), NET | ||||
Loss on debt extinguishments | (9,173) | 0 | (1,281) | |
Fair value adjustments, net, pretax | (543) | 7,601 | 16,030 | |
Interest expense, net of capitalized interest | (16,451) | (20,708) | (24,771) | |
Other, net | (22,925) | (5,941) | (3,193) | |
Total other income (expense), net | (49,092) | (19,048) | (13,215) | |
Income (loss) before income and mining taxes | 3,636 | 62,672 | (358,025) | |
Income and mining tax (expense) benefit | (34,958) | (37,045) | 11,129 | |
Income (loss) from continuing operations | (31,322) | 25,627 | (346,896) | |
NET INCOME (LOSS) | (31,322) | 25,627 | (341,203) | |
OTHER COMPREHENSIVE INCOME (LOSS), Net of Tax: | ||||
Unrealized gain (loss) on hedger, net of tax | 22,783 | (12,434) | (136) | |
Reclassification adjustments for realized (gain) loss on cash flow hedges | 12,859 | (1,434) | 0 | |
Unrealized gain (loss) on debt and equity securities | 0 | 0 | 59 | |
Other comprehensive income (loss) | 9,924 | (11,000) | (77) | |
COMPREHENSIVE INCOME (LOSS) | $ (21,398) | $ 14,627 | $ (341,280) | |
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.13) | $ 0.11 | $ (1.59) | |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | 0.03 | |
Basic EPS | ||||
Earnings Per Share, Basic | (0.13) | 0.11 | (1.56) | |
Income (Loss) from Continuing Operations, Per Diluted Share | (0.13) | 0.11 | (1.59) | |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0 | 0.03 | |
Diluted EPS | ||||
Earnings Per Share, Diluted | $ (0.13) | $ 0.11 | $ (1.56) | |
Income (loss) from discontinued operations | $ 0 | $ 0 | $ 5,693 | |
Accumulated Deficit [Member] | ||||
OTHER INCOME (EXPENSE), NET | ||||
NET INCOME (LOSS) | (31,322) | 25,627 | (341,203) | |
Product | ||||
COSTS AND EXPENSES | ||||
Costs applicable to sales | [1] | 511,539 | 440,335 | 551,181 |
Mineral, Exploration | ||||
COSTS AND EXPENSES | ||||
Costs applicable to sales | $ 51,169 | $ 42,643 | 22,527 | |
Write-downs | $ 250,814 | |||
[1] | Excludes amortization. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ (31,322) | $ 25,627 | $ (341,203) |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | (5,693) |
Adjustments: | |||
Amortization | 128,315 | 131,387 | 178,876 |
Accretion | 12,897 | 11,984 | 12,147 |
Deferred income taxes | (10,932) | (7,283) | (36,817) |
Loss on debt extinguishment | 9,173 | 0 | 1,281 |
Fair value adjustments, net | 543 | (7,634) | (16,030) |
Stock-based compensation | 13,660 | 8,548 | 9,189 |
Gain on Modification of Lease | 0 | (4,051) | 0 |
Write-downs | 0 | 0 | 250,814 |
Inventory Write-down | 38,596 | 16,821 | 69,246 |
Revenue Recognized | (16,226) | (16,702) | (1,857) |
Foreign exchange and other | 911 | 3,737 | 14,281 |
Changes in operating assets and liabilities: | |||
Receivables | (983) | (9,463) | (2,739) |
Prepaid expenses and other current assets | 489 | (2,621) | 280 |
Inventories | (27,628) | (34,538) | (62,998) |
Accounts payable and accrued liabilities | (7,011) | 32,897 | 23,103 |
Cash provided by (used in) operating activities | 110,482 | 148,709 | 91,880 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (309,781) | (99,279) | (99,772) |
Proceeds from the sale of assets | 6,824 | 5,529 | 1,033 |
Purchase of investments | (1,955) | (2,500) | (5,023) |
Sale of investments | 935 | 30,831 | 2,109 |
Proceeds from notes receivable | 0 | 0 | 7,168 |
Other | (99) | (252) | 1,919 |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (304,076) | (65,671) | (92,566) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from Issuance of Common Stock | 0 | 0 | 123,059 |
Issuance of notes and bank borrowings, net of issuance costs | 592,493 | 150,000 | 60,000 |
Payments on long-term debt, capital leases, and associated costs | (430,101) | (175,984) | (221,854) |
Payment for Contingent Consideration Liability, Financing Activities | 0 | (18,750) | (18,697) |
Other | (4,256) | (1,801) | (3,404) |
CASH PROVIDED (USED IN) BY FINANCING ACTIVITIES | 158,136 | (46,535) | (60,896) |
Effect of exchange rate changes on cash and cash equivalents | (423) | 649 | 531 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (35,881) | 37,152 | (61,051) |
Cash, cash equivalents and restricted cash at beginning of period | 94,170 | 57,018 | 118,069 |
Cash, cash equivalents and restricted cash at end of period | $ 58,289 | $ 94,170 | $ 57,018 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | JDS Silver | Common Stock | Common StockJDS Silver | Additional Paid-In Capital | Additional Paid-In CapitalJDS Silver | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Balances, in shares at Dec. 31, 2018 | 203,310 | |||||||
Balances at Dec. 31, 2018 | $ 852,512 | $ 2,033 | $ 3,443,082 | $ (2,592,544) | $ (59) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (341,203) | (341,203) | ||||||
Other comprehensive income (loss) | (77) | (77) | ||||||
Common stock issued for the extinguishment of Senior Notes (in shares) | 4,453 | |||||||
Common stock issued for the extinguishment of Senior Notes | 21,291 | $ 45 | 21,246 | |||||
Common stock issued for investment (in shares) | 30,850 | |||||||
Stock issued during period, value, new issues | 122,832 | $ 309 | 122,523 | |||||
Common stock issued for Silvertip contingent consideration payment (in shares) | 953 | |||||||
Common stock issued for Silvertip contingent consideration payment | $ 5,973 | $ 8 | $ 5,965 | |||||
Common stock issued under stock-based compensation plans, net (in shares) | 1,963 | |||||||
Common stock issued/canceled under long-term incentive plans and director fees and options, net | 5,676 | $ 20 | 5,656 | |||||
Balances, in shares at Dec. 31, 2019 | 241,529 | |||||||
Balances at Dec. 31, 2019 | 667,004 | $ 2,415 | 3,598,472 | (2,933,747) | (136) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 25,627 | 25,627 | ||||||
Other comprehensive income (loss) | (11,000) | (11,000) | ||||||
Common stock issued for Silvertip contingent consideration payment (in shares) | 878 | |||||||
Common stock issued for Silvertip contingent consideration payment | $ 5,295 | $ 9 | $ 5,286 | |||||
Common stock issued under stock-based compensation plans, net (in shares) | 1,345 | |||||||
Common stock issued/canceled under long-term incentive plans and director fees and options, net | 6,553 | $ 14 | 6,539 | |||||
Balances, in shares at Dec. 31, 2020 | 243,752 | |||||||
Balances at Dec. 31, 2020 | 693,479 | $ 2,438 | 3,610,297 | (2,908,120) | (11,136) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (31,322) | (31,322) | ||||||
Other comprehensive income (loss) | 9,924 | 9,924 | ||||||
Common stock issued for investment (in shares) | 12,786 | |||||||
Stock issued during period, value, new issues | 118,777 | $ 128 | 118,649 | |||||
Common stock issued under stock-based compensation plans, net (in shares) | 381 | |||||||
Common stock issued/canceled under long-term incentive plans and director fees and options, net | 9,404 | $ 3 | 9,401 | |||||
Balances, in shares at Dec. 31, 2021 | 256,919 | |||||||
Balances at Dec. 31, 2021 | $ 800,262 | $ 2,569 | $ 3,738,347 | $ (2,939,442) | $ (1,212) |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | THE COMPANYCoeur Mining, Inc. (“Coeur” or the “Company”) is primarily a gold and silver producer with assets in the United States, Mexico and Canada. Coeur was incorporated as an Idaho corporation in 1928 under the name Coeur d’Alene Mines Corporation and on May 16, 2013, changed its state of incorporation from the State of Idaho to the State of Delaware and changed its name to Coeur Mining, Inc. Coeur’s corporate headquarters are in Chicago, Illinois. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
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 30 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. As of December 31, 2021, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 43,699 and 4.9 million, respectively. 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. In June 2021, the Company updated the recovery rate assumption on the Stage IV leach pad at Rochester, based on the historical performance of the leach pad since the third quarter of 2019. This change resulted in an adjustment to the ending ore on leach pads balance with the resulting non-cash charges allocated between Costs Applicable to Sales and Amortization in the amounts of $8.6 million and $2.2 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 mineral resource into mineral reserve. 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 $19.9 million and $8.0 million at December 31, 2021 and 2020, 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 mineral resources 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. At September 30, 2021, the La Preciosa project met the held for sale criteria. However, considering that the La Preciosa project was not an operating mine and does not represent a strategic shift, the Company determined that the expected disposal of the La Preciosa project does not represent a strategic shift that had a major effect on the entity's results and operations, therefore, the applicable assets, liabilities for the current period presented are classified on the Consolidated Balance Sheets as held for sale. However, the applicable assets, liabilities for the prior period and the operating results for all periods presented are not presented separately 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, 2021 and 2020, the Company held certificates of deposit and cash under these agreements of $9.1 million and $9.5 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. See Note 10 -- Leases for additional information related to the Company’s operating and finance leases. 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. See Note 12 -- Reclamation for additional information. 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 16 -- 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. See Note 14 -- Stock-Based Compensation for additional information. 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 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 20 -- 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 2021 2020 2019 Opening Balance $ 9,376 $ 11,061 $ 12,918 Revenue Recognized (1,226) (1,685) (1,857) Closing Balance $ 8,150 $ 9,376 $ 11,061 In December 2020, the Company received a $15.0 million prepayment (the “December 2020 Prepayment”) for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined in Note 21). In the first half of 2021, 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 effective June 2021, 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 2021 (the “June 2021 Prepayment”), of which $15.0 million in gold ounces were delivered in the second half 2021. In December 2021, the Company exercised the option to receive the second $15.0 million prepayment (the “December 2021 Prepayment). 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 20 -- 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 2021 2020 2019 Opening Balance $ 15,003 $ 15,009 $ — Additions 30,013 30,177 40,009 Revenue Recognized (30,000) (30,183) (25,000) Closing Balance $ 1 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
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 development property, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip development property, which suspended mining and processing activities in February 2020, is engaged in the discovery 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. Financial information relating to the Company’s segments is as follows (in thousands): Year Ended December 31, 2021 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 150,098 $ 49,659 $ 214,635 $ 164,519 $ — $ — $ 578,911 Silver sales 170,176 81,163 370 2,208 — — 253,917 Metal sales 320,274 130,822 215,005 166,727 — — 832,828 Costs and Expenses Costs applicable to sales (1) 153,655 131,240 133,065 93,579 — — 511,539 Amortization 36,062 20,187 54,933 11,038 4,797 1,298 128,315 Exploration 8,561 6,016 6,656 143 15,287 14,506 51,169 Other operating expenses 4,443 5,886 6,299 1,786 25,031 45,632 89,077 Other income (expense) Loss on debt extinguishment — — — — — (9,173) (9,173) Fair value adjustments, net — — — — — (543) (543) Interest expense, net (592) (1,034) (704) (145) 1,276 (15,252) (16,451) Other, net (3) (28,197) (357) (150) 1,650 (1,465) 5,594 (22,925) Income and mining tax (expense) benefit (29,730) 559 (414) (4,799) 1,478 (2,052) (34,958) Net Income (loss) $ 59,034 $ (33,339) $ 12,784 $ 56,887 $ (43,826) $ (82,862) $ (31,322) Segment assets (2) $ 294,893 $ 559,283 $ 142,926 $ 87,579 $ 230,617 $ 109,636 $ 1,424,934 Capital expenditures $ 36,539 $ 166,548 $ 27,522 $ 8,072 $ 70,069 $ 1,031 $ 309,781 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 18 -- Additional Comprehensive Income (Loss) Detail for additional detail 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 Other operating expenses 7,927 5,144 12,012 838 23,123 40,332 89,376 Other income (expense) 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) Net Income (loss) $ 67,402 $ (3,335) $ 22,434 $ 59,501 $ (58,927) $ (61,448) $ 25,627 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 Assets December 31, 2021 December 31, 2020 Total assets for reportable segments $ 1,424,934 $ 1,232,153 Cash and cash equivalents 56,664 92,794 Other assets 252,824 79,030 Total consolidated assets $ 1,734,422 $ 1,403,977 Geographic Information Long-Lived Assets December 31, 2021 December 31, 2020 United States $ 704,007 $ 503,818 Mexico 244,758 293,436 Canada 223,876 149,018 Other 125 657 Total $ 1,172,766 $ 946,929 Revenue Year ended December 31, 2021 2020 2019 United States $ 512,554 $ 496,997 $ 414,549 Mexico 320,274 286,581 252,701 Canada — 1,883 44,252 Total $ 832,828 $ 785,461 $ 711,502 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 London Bullion Market Association, 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, 2021. The Company's sales of doré or concentrate product produced by the Palmarejo, Rochester, and Wharf mines amounted to approximately 74%, 72%, and 68%, of total metal sales for the years ended December 31, 2021, 2020, and 2019, respectively. The Company's gold concentrate product from the Kensington mine and the zinc and lead concentrates from the Silvertip development property 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 development property amounted to approximately 26%, 28%, and 32% of total metal sales for the years ended December 31, 2021, 2020, and 2019, 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, 2021, 2020, and 2019 (in millions): Year ended December 31, Customer 2021 2020 2019 Segments reporting revenue Asahi $ 323.8 $ 272.1 $ 341.0 Palmarejo, Kensington, Rochester, Wharf Ocean Partners 176.4 161.0 149.7 Palmarejo, Kensington, Silvertip Toronto Dominion Bank 61.9 88.6 35.1 Rochester Techemet Metal Trading 62.2 81.8 9.4 Rochester, Wharf Argor-Heraeus 23.3 79.9 23.1 Palmarejo |
Write-Downs
Write-Downs | 12 Months Ended |
Dec. 31, 2021 | |
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 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 15 -- 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, 2021 | |
Receivables [Abstract] | |
RECEIVABLES | RECEIVABLES Receivables consist of the following: In thousands December 31, 2021 December 31, 2020 Current receivables: Trade receivables $ 4,879 $ 3,293 VAT receivable 18,415 17,080 Income tax receivable 8,418 530 Other 705 2,581 $ 32,417 $ 23,484 Non-current receivables: VAT receivable (1) $ — $ 26,447 Other — — — 26,447 Total receivables $ 32,417 $ 49,931 (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. While the Company continues to pursue recovery from the Mexican government (including through ongoing litigation and potential international arbitration), the Company wrote down the carrying value of the receivable at September 30, 2021. See Note 20 -- Commitments and Contingencies for additional detail. |
Inventory and Ore on Leach Pads
Inventory and Ore on Leach Pads | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORY AND ORE ON LEACH PADS | INVENTORY AND ORE ON LEACH PADS Inventory consists of the following: In thousands December 31, 2021 December 31, 2020 Inventory: Concentrate $ 1,643 $ 2,909 Precious metals 11,353 14,788 Supplies 38,285 33,513 $ 51,281 $ 51,210 Ore on Leach Pads: Current $ 81,128 $ 74,866 Non-current 73,495 81,963 $ 154,623 $ 156,829 Long-term Stockpile (included in Other ) $ 18,027 $ 5,664 Total Inventory and Ore on Leach Pads $ 223,931 $ 213,703 Coeur reports the carrying value of metal and leach pad inventory at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. At the end of the fourth quarter of 2021, the cost of metal and leach pad inventory at Rochester exceeded its net realizable value which resulted in a non-cash write down of $8.4 million (approximately $7.3 million was recognized in Costs Applicable to Sales and $1.1 million in Amortization). |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investment in Marketable Securities [Abstract] | |
Investment Holdings | INVESTMENTS Equity Securities The Company makes strategic investments in equity securities of silver and gold exploration, development and royalty and streaming companies. At December 31, 2021 In thousands Cost Gross Gross Estimated Equity Securities Victoria Gold Corp. $ 128,710 $ (4,499) $ — $ 124,211 Integra Resources Corp. 9,455 (1,469) — 7,986 Equity securities $ 138,165 $ (5,968) $ — $ 132,197 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 Changes in the fair value of the Company’s investment in equity securities are recognized each period in the Consolidated Statement of Comprehensive Income (Loss) in Fair value adjustments, net . See Note 15 -- Fair Value Measurements for additional details. On January 4, 2021, the Company completed the sale of 83,556 shares of common stock of Metalla Royalty & Streaming Ltd. (“Metalla”) (“Metalla Common Shares”) at an average price (net of commission) of $11.19 per Metalla Common Share for net proceeds of $0.9 million, resulting in a realized gain of $0.8 million. On May 10, 2021, the Company entered into a Share Exchange Agreement (the “Exchange Agreement”) with Orion Co-VI Ltd. (“Orion”). Pursuant to the Exchange Agreement, Orion sold 11,067,714 common shares of Victoria Gold Corp., a British Columbia company (“Victoria”) (representing approximately 17.8% of Victoria’s outstanding common shares) to the Company. As consideration for the purchase of Victoria shares, Coeur issued 12,785,485 shares of its common stock (approximately 4.9% of issued and outstanding shares) to Orion. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 December 31, 2020 Land $ 8,480 $ 10,584 Facilities and equipment 668,089 659,676 Assets under finance leases 115,652 100,530 $ 792,221 $ 770,790 Accumulated amortization (1) (620,303) (579,644) $ 171,918 $ 191,146 Construction in progress 148,049 38,993 Property, plant and equipment, net $ 319,967 $ 230,139 (1) Includes $63.9 million and $60.3 million of accumulated amortization related to assets under finance leases at December 31, 2021 and December 31, 2020, respectively. |
Mining Properties
Mining Properties | 12 Months Ended |
Dec. 31, 2021 | |
Mining Properties [Abstract] | |
MINING PROPERTIES | MINING PROPERTIES Mining properties consist of the following (in thousands): December 31, 2021 Palmarejo Rochester Kensington Wharf Silvertip Sterling Other Total Mine development $ 307,698 $ 437,833 $ 382,492 $ 49,045 $ 67,805 $ 3,861 $ — $ 1,248,734 Accumulated amortization (211,187) (158,805) (302,582) (24,358) (11,685) (1,515) — (710,132) 96,511 279,028 79,910 24,687 56,120 2,346 — 538,602 Mineral interests 629,303 19,098 — 48,062 114,036 95,499 — 905,998 Accumulated amortization (532,155) — — (34,818) (24,828) — — (591,801) 97,148 19,098 — 13,244 89,208 95,499 — 314,197 Mining properties, net $ 193,659 $ 298,126 $ 79,910 $ 37,931 $ 145,328 $ 97,845 $ — $ 852,799 In June 2021, Silvertip repurchased from Silvertip Resources Investment Cayman Ltd. a net smelter returns royalty of 1.429% on the first 1,434,000 metric tonnes of mineral resources mined, and 1.00% thereafter for consideration of $7.0 million. December 31, 2020 Palmarejo Rochester Kensington Wharf Silvertip Sterling La Preciosa Other Total Mine development $ 280,184 $ 270,648 $ 360,201 $ 33,578 $ 48,589 $ 4,107 $ — $ — $ 997,307 Accumulated amortization (194,898) (157,526) (264,014) (22,547) (10,747) (1,099) — — (650,831) 85,286 113,122 96,187 11,031 37,842 3,008 — — 346,476 Mineral interests 629,303 18,541 — 48,062 105,736 95,499 49,085 946,226 Accumulated amortization (518,866) — — (32,217) (24,828) — — (575,911) 110,437 18,541 — 15,845 80,908 95,499 49,085 — 370,315 Mining properties, net $ 195,723 $ 131,663 $ 96,187 $ 26,876 $ 118,750 $ 98,507 $ 49,085 $ — $ 716,790 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 2020 2019 Lease Cost Operating lease cost $ 12,585 $ 12,036 $ 11,585 Short-term operating lease cost $ 11,219 $ 8,055 $ 12,975 Finance Lease Cost: Amortization of leased assets $ 21,685 $ 23,921 $ 21,293 Interest on lease liabilities 4,632 3,634 4,150 Total finance lease cost $ 26,317 $ 27,555 $ 25,443 Supplemental cash flow information related to leases was as follows: Year ended December 31, In thousands 2021 2020 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 24,009 $ 21,348 $ 24,560 Operating cash flows from finance leases $ 4,632 $ 3,634 $ 4,150 Financing cash flows from finance leases $ 31,544 $ 25,984 $ 25,975 Supplemental balance sheet information related to leases was as follows: In thousands December 31, 2021 December 31, 2020 Operating Leases Other assets, non-current $ 30,987 $ 40,511 Accrued liabilities and other 11,301 12,410 Other long-term liabilities 18,660 27,433 Total operating lease liabilities $ 29,961 $ 39,843 Finance Leases Property and equipment, gross $ 115,597 $ 104,433 Accumulated depreciation (63,879) (60,272) Property and equipment, net $ 51,718 $ 44,161 Debt, current $ 29,821 $ 22,074 Debt, non-current 24,407 25,837 Total finance lease liabilities $ 54,228 $ 47,911 Weighted Average Remaining Lease Term Weighted-average remaining lease term - finance leases 1.62 1.36 Weighted-average remaining lease term - operating leases 3.17 4.00 Weighted Average Discount Rate Weighted-average discount rate - finance leases 5.08 % 5.37 % Weighted-average discount rate - operating leases 5.20 % 5.18 % Minimum future lease payments under finance and operating leases with terms longer than one year are as follows: As of December 31, 2021 (In thousands) Operating leases Finance leases 2022 $ 11,574 $ 25,657 2023 10,868 15,836 2024 8,812 8,404 2025 213 6,839 2026 220 3,309 Thereafter 946 — Total $ 32,632 $ 60,045 Less: imputed interest (2,671) (5,817) Net lease obligation $ 29,961 $ 54,228 |
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 2021 2020 2019 Lease Cost Operating lease cost $ 12,585 $ 12,036 $ 11,585 Short-term operating lease cost $ 11,219 $ 8,055 $ 12,975 Finance Lease Cost: Amortization of leased assets $ 21,685 $ 23,921 $ 21,293 Interest on lease liabilities 4,632 3,634 4,150 Total finance lease cost $ 26,317 $ 27,555 $ 25,443 Supplemental cash flow information related to leases was as follows: Year ended December 31, In thousands 2021 2020 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 24,009 $ 21,348 $ 24,560 Operating cash flows from finance leases $ 4,632 $ 3,634 $ 4,150 Financing cash flows from finance leases $ 31,544 $ 25,984 $ 25,975 Supplemental balance sheet information related to leases was as follows: In thousands December 31, 2021 December 31, 2020 Operating Leases Other assets, non-current $ 30,987 $ 40,511 Accrued liabilities and other 11,301 12,410 Other long-term liabilities 18,660 27,433 Total operating lease liabilities $ 29,961 $ 39,843 Finance Leases Property and equipment, gross $ 115,597 $ 104,433 Accumulated depreciation (63,879) (60,272) Property and equipment, net $ 51,718 $ 44,161 Debt, current $ 29,821 $ 22,074 Debt, non-current 24,407 25,837 Total finance lease liabilities $ 54,228 $ 47,911 Weighted Average Remaining Lease Term Weighted-average remaining lease term - finance leases 1.62 1.36 Weighted-average remaining lease term - operating leases 3.17 4.00 Weighted Average Discount Rate Weighted-average discount rate - finance leases 5.08 % 5.37 % Weighted-average discount rate - operating leases 5.20 % 5.18 % Minimum future lease payments under finance and operating leases with terms longer than one year are as follows: As of December 31, 2021 (In thousands) Operating leases Finance leases 2022 $ 11,574 $ 25,657 2023 10,868 15,836 2024 8,812 8,404 2025 213 6,839 2026 220 3,309 Thereafter 946 — Total $ 32,632 $ 60,045 Less: imputed interest (2,671) (5,817) Net lease obligation $ 29,961 $ 54,228 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | DEBT December 31, 2021 December 31, 2020 In thousands Current Non-Current Current Non-Current 2029 Senior Notes, net (1) $ — $ 368,273 $ — $ — 2024 Senior Notes, net (2) — — — 227,590 Revolving Credit Facility (3) — 65,000 — — Finance lease obligations 29,821 24,407 22,074 25,837 $ 29,821 $ 457,680 $ 22,074 $ 253,427 (1) Net of unamortized debt issuance costs of $6.7 million and $0.0 million at December 31, 2021 and December 31, 2020, respectively. (2) Net of unamortized debt issuance costs of $0.0 million and $2.4 million at December 31, 2021 and December 31, 2020, respectively. (3) Unamortized debt issuance costs of $2.4 million and $1.5 million at December 31, 2021 and December 31, 2020, respectively, included in Other Non-Current Assets . 2029 Senior Notes In March 2021, the Company completed an offering of $375.0 million in aggregate principal amount of 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 $367.5 million (the “2029 Senior Notes”). The 2029 Senior Notes are governed by an Indenture dated as of March 1, 2021 (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 (the “Trustee”). The 2029 Senior Notes bear interest at a rate of 5.125% per year from the date of issuance. Interest on the 2029 Senior Notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2021. The 2029 Senior Notes will mature on February 15, 2029 and are fully and unconditionally guaranteed by the Guarantors. At any time prior to February 15, 2024, the Company may redeem all or part of the 2029 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In addition, the Company may redeem some or all of the 2029 Senior Notes on or after February 15, 2024, at redemption prices set forth in the Indenture, together with accrued and unpaid interest. At any time prior to February 15, 2024, the Company may use the proceeds of certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2029 Senior Notes, including any permitted additional 2029 Senior Notes, at a redemption price equal to 105.125% of the principal amount. 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. If an Event of Default has occurred and is continuing, the Trustee or the holders of not less than 25% in aggregate principal amount of the 2029 Senior Notes then outstanding may, and the Trustee at the request of the holders of not less than 25% in aggregate principal amount of the 2029 Senior Notes then outstanding shall, declare all unpaid principal of, premium, if any, and accrued interest on all the 2029 Senior Notes to be due and payable. 2024 Senior Notes Concurrent with the offering of the 2029 Senior Notes, the Company commenced a cash tender offer (the “Tender Offer”) to purchase the outstanding $230.0 million in aggregate principal amount of its 5.875% Senior Notes due 2024 (the “2024 Senior Notes”). The Tender Offer was made on the terms and subject to the conditions set forth in the Offer to Purchase dated February 22, 2021. The Tender Offer expired at 5:00 p.m., New York City time, on February 26, 2021 (the “Expiration Time”). Holders of the 2024 Senior Notes who tendered (and did not validly withdraw) their notes at or prior to the Expiration Time were entitled to receive in cash $1,029.38 per $1,000 principal amount of 2024 Senior Notes validly tendered (and not validly withdrawn) and accepted for purchase by the Company in the Tender Offer, plus accrued and unpaid interest on such 2024 Senior Notes. $102.8 million aggregate principal amount of the 2024 Senior Notes were validly tendered and purchased by the Company on March 1, 2021. In accordance with the terms of the indenture governing the 2024 Senior Notes, the remaining $127.2 million aggregate principal amount of the 2024 Senior Notes were redeemed on March 31, 2021 at the redemption price specified in the indenture governing the 2024 Senior Notes ($1,029.38 per $1,000 principal amount redeemed, plus accrued and unpaid interest). The Company recorded a loss of $9.2 million as a result of the extinguishment of the 2024 Senior Notes. Revolving Credit Facility In September 2017, the Company, as borrower, and certain subsidiaries of the Company, as guarantors, entered into a $200.0 million senior secured revolving credit facility (“RCF”) pursuant to a credit agreement, dated as of September 29, 2017 (as subsequently amended, the “Credit Agreement”), by and among the Company, as borrower, certain subsidiaries of the Company, as guarantors, Bank of America, N.A., as administrative agent and Bank of America, N.A., Royal Bank of Canada, Bank of Montreal, Chicago Branch, the Bank of Nova Scotia and ING Capital LLC, as lenders (the “Credit Agreement”) 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 the Credit Agreement 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 the Credit Agreement 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. On March 1, 2021, the Company entered into a fifth amendment to the Credit Agreement to, among other things, (i) extend the maturity date of the RCF to March 2025 and (ii) permit the Company to obtain one or more increases of the RCF, which is currently in the amount of $300.0 million, in an aggregate amount of up to $100.0 million in incremental loans and commitments, subject to certain conditions, including obtaining commitments from relevant lenders to provide such increase. The RCF is secured by substantially all of the assets of the Company and its U.S. 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 Credit Agreement 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 Credit Agreement 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, 2021, the Company had $65.0 million drawn at an interest rate of 2.4% and $35.0 million in outstanding letters of credit und er the RCF. Finance Lease Obligations From time-to-time, the Company acquires mining equipment and facilities under finance lease agreements. In the year ended December 31, 2021, the Company entered into new lease financing arrangements primarily for mining equipment at Rochester and Kensington . Coeur secured a finance lease package for nearly $60 million during the year, a portion of which has been funded as of December 31, 2021. The package is earmarked for planned equipment purchases for POA 11 in 2021 and 2022, and has an interest rate of 5.22%. All finance lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. See Note 10 -- Leases for additional qualitative and quantitative disclosures related to finance leasing arrangements. Interest Expense Year Ended December 31, In thousands 2021 2020 2019 2024 Senior Notes $ 2,591 $ 13,513 $ 14,586 2029 Senior Notes 16,016 — — Revolving Credit Facility 2,296 3,165 5,358 Finance lease obligations 4,632 3,634 4,150 Amortization of debt issuance costs 1,726 1,525 1,491 Accretion of Silvertip contingent consideration — — 396 Other debt obligations 303 344 580 Capitalized interest (11,113) (1,473) (1,790) Total interest expense, net of capitalized interest $ 16,451 $ 20,708 $ 24,771 |
Reclamation
Reclamation | 12 Months Ended |
Dec. 31, 2021 | |
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. The estimated reclamation and mine closure costs were discounted using credit adjusted, risk-free interest rates ranging from 6.9% to 10.1%. The asset retirement obligation increased in 2021 due to overall inflationary impacts, increased reclamation and mine closure costs at Rochester associated with work completed to date for POA 11 and additional costs at Wharf and Rochester associated with the existing open pit and leach pad operations. Changes to the Company’s asset retirement obligations for its operating sites are as follows: Year Ended December 31, In thousands 2021 2020 Asset retirement obligation - Beginning $ 137,120 $ 134,398 Accretion 11,815 11,574 Additions and changes in estimates 34,016 (6,132) Settlements (3,845) (2,720) Asset retirement obligation - Ending $ 179,106 $ 137,120 |
Income and Mining Taxes
Income and Mining Taxes | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 2020 2019 United States $ (34,196) $ 40,890 $ (16,702) Foreign 37,832 21,782 (341,323) Total $ 3,636 $ 62,672 $ (358,025) The components of the consolidated Income and mining tax (expense) benefit from continuing operations are below: Year Ended December 31, In thousands 2021 2020 2019 Current: United States $ 25 $ 226 $ (334) United States — State mining taxes (5,691) (8,384) (4,001) United States — Foreign withholding tax (862) (800) (1,598) Canada — 232 119 Mexico (31,175) (36,066) (19,619) Other — 33 (3) Deferred: United States (651) (49) 236 United States — State mining taxes 1,037 (354) 251 Canada 1,224 — 32,084 Mexico 1,135 8,117 3,994 Other — — — Income tax (expense) benefit $ (34,958) $ (37,045) $ 11,129 The 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 2021 2020 2019 Income and mining tax (expense) benefit at statutory rate $ (764) $ (13,161) $ 75,185 State tax provision from continuing operations 2,009 (152) 1,243 Change in valuation allowance (28,615) (17,522) (77,220) Percentage depletion 4,968 5,056 820 Uncertain tax positions 920 2,321 2,358 U.S. and foreign permanent differences 4,105 3,844 2,272 Foreign exchange rates (384) 1,390 (7,066) Foreign inflation and indexing (1,087) 684 (2,933) Foreign tax rate differences (4,901) (3,971) 19,729 Mining, foreign withholding, and other taxes (12,599) (17,457) (2,746) Other, net 1,390 1,923 (513) Income and mining tax (expense) benefit $ (34,958) $ (37,045) $ 11,129 At December 31, 2021 and 2020, the significant components of the Company’s deferred tax assets and liabilities are below: Year Ended December 31, In thousands 2021 2020 Deferred tax liabilities: Inventory — 5 Royalty and other long-term debt 1,495 1,094 Foreign subsidiaries - unremitted earnings — 99 $ 1,495 $ 1,198 Deferred tax assets: Net operating loss carryforwards $ 267,944 $ 241,985 Mineral properties 6,525 1,907 Property, plant, and equipment 13,161 10,841 Mining royalty tax 8,147 7,447 Capital loss carryforwards 15,404 17,341 Asset retirement obligation 39,262 38,761 Unrealized foreign currency loss and other 1,013 3,386 Accrued expenses 20,589 16,849 Tax credit carryforwards 26,594 29,809 398,639 368,326 Valuation allowance (430,053) (401,304) (31,414) (32,978) Net deferred tax liabilities $ 32,909 $ 34,176 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 2021 2020 U.S. $ 228,942 $ 215,396 Canada 165,561 146,611 Mexico 13,277 15,885 New Zealand 21,822 22,740 Other 451 672 $ 430,053 $ 401,304 The Company has the following tax attribute carryforwards at December 31, 2021, by jurisdiction: In thousands U.S. Canada Mexico New Zealand Other Total Regular net operating losses $ 466,708 $ 392,061 $ 44,257 $ 77,764 $ 919 $ 981,709 Expiration years 2022-2038 2028-2041 2022-2031 Indefinite 2022-2026 Capital losses 56,534 — — — — 56,534 Foreign tax credits 21,614 — — — — 21,614 The majority of the U.S. capital losses will expire in 2022. Foreign tax credits expire if unused beginning in 2022. 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, 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 Gross increase to current period tax positions — Gross increase to prior period tax positions — Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations (428) Unrecognized tax benefits at December 31, 2021 $ 295 At December 31, 2021, 2020, and 2019, $0.3 million, $0.7 million, and $2.7 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 $1.0 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 $0.4 million, $1.1 million, and $2.3 million at December 31, 2021, 2020, and 2019, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, 2020, and 2019 was $13.7 million, $8.5 million and $9.3 million, respectively. At December 31, 2021, there was $9.4 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.5 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, 2021, 2020, and 2019: Restricted Stock Number of Weighted 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 Granted 932,442 8.88 Vested (1,179,857) 5.53 Canceled/Forfeited (332,505) 5.83 Outstanding at December 31, 2021 2,144,804 $ 6.60 At December 31, 2021, there was $4.4 million of unrecognized compensation cost related to restricted stock awards to be recognized over a weighted-average period of 1.3 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. Performance shares granted prior to 2018 vested at the end of the three-year service period if relative stockholder return and internal performance metrics were met. The existence of a market condition required recognition of compensation cost for the performance share awards over the requisite period regardless of whether the relative stockholder return metric was met. The following table summarizes performance shares activity for the years ended December 31, 2021, 2020, and 2019: Performance Shares Number of Weighted Outstanding at December 31, 2018 1,538,315 $ 4.05 Granted (1) 946,000 4.71 Vested (969,903) 1.77 Canceled/Forfeited (1) (300,267) 1.84 Outstanding at December 31, 2019 1,214,145 $ 6.93 Granted (2) 1,343,953 3.95 Vested (54,132) 11.47 Canceled/Forfeited (2) (168,864) 10.71 Outstanding at December 31, 2020 2,335,102 $ 4.83 Granted (3) 602,933 10.13 Vested (143,312) 7.39 Canceled/Forfeited (3) (404,710) 6.12 Outstanding at December 31, 2021 2,390,013 $ 5.80 (1) 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. (2) 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. (3) Includes 1,421 additional shares granted and 141,894 shares cancelled in connection with the vesting of the 2018 award in 2021 due to above-target and below target performance, respectively, in accordance with the terms of the award. At December 31, 2021, there was $5.0 million of unrecognized compensation cost related to performance shares to be recognized over a weighted average period of 1.7 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 summarizes stock option and SAR activity for the years ended December 31, 2021, 2020, and 2019: Stock Options SARs Shares Weighted Shares Weighted 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 — — Exercised (57,721) 7.74 — — Canceled/forfeited (16,455) 18.45 — — Expired (16,844) 27.45 — — Outstanding at December 31, 2021 131,253 $ 16.91 — — The following table summarizes outstanding stock options as of December 31, 2021. Range of Number Weighted Average Weighted Aggregate Intrinsic Value (in thousands) $ 0.00-$10.00 54,330 $ 7.49 4.4 NA $10.00-$20.00 14,634 $ 16.28 0.9 NA $20.00-$30.00 62,289 $ 25.27 0.7 NA Outstanding 131,253 $ 16.91 2.3 $ — Vested and expected to vest 131,253 $ 16.91 2.3 $ — Exercisable 131,253 $ 16.91 2.3 $ — The total intrinsic value of options exercised for the year ended December 31, 2021 was $0.1 million. Cash received from options exercised for the year ended December 31, 2021 was $0.4 million for which there was no related tax benefit. The grant date fair value for stock options vested during the years ended December 31, 2021, 2020, and 2019 was nil. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Year Ended December 31, In thousands 2021 2020 2019 Unrealized gain (loss) on equity securities $ (11,244) $ (11,539) $ 15,348 Realized gain (loss) on equity securities 768 19,140 860 Interest rate swap, net — — (178) Exchange agreement embedded derivative 9,933 — — Fair value adjustments, net $ (543) $ 7,601 $ 16,030 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, 2021 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 132,197 $ 132,197 $ — $ — Provisional metal sales contracts 86 — 86 — $ 132,283 $ 132,197 $ 86 $ — Liabilities: Gold zero cost collars $ 1,212 $ — $ 1,212 $ — Provisional metal sales contracts 162 — 162 — $ 1,374 $ — $ 1,374 $ — Fair Value at December 31, 2020 In thousands Total Level 1 Level 2 Level 3 Assets: Equity and debt 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 $ — 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. As described in Note 7 - Investments , the Exchange Agreement provided that Orion may be entitled to additional Coeur shares in the event Coeur acquires Victoria in the future for a higher per share consideration, subject to the terms and conditions of the Exchange Agreement. The Company determined that the potential for additional share consideration in the Exchange Agreement represents an embedded derivative that requires bifurcation. The obligation to deliver additional Coeur shares pursuant to the Exchange Agreement expired on October 31, 2021. The accounting treatment of derivative financial instruments required that the Company record the fair value of the embedded derivative as of the inception date of the Exchange Agreement and adjust the fair value as of each subsequent balance sheet date. The fair value of the outstanding embedded derivative was determined using a pricing model with inputs derived from observable market data, including stock prices, stock price volatility and risk-free rates and other unobservable inputs such as Monte Carlo simulations and probabilities of Coeur being contractually obligated to make a payment. 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, 2021. 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, 2021 and 2020. December 31, 2021 In thousands Balance at the beginning of the period Initial valuation Revaluation Settlements Balance at the Liabilities: Exchange agreement embedded derivative $ — $ 9,933 $ (9,933) $ — $ — December 31, 2020 In thousands Balance at the beginning of the period Initial valuation Revaluation Settlements Balance at the Liabilities: Silvertip contingent consideration $ 25,000 $ — $ — $ (25,000) $ — The fair value of financial assets and liabilities carried at book value in the financial statements at December 31, 2021 and December 31, 2020 is presented in the following table: December 31, 2021 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2029 Senior Notes (1) $ 368,273 $ 337,384 $ — $ 337,384 $ — Revolving Credit Facility (2) $ 65,000 $ 65,000 $ — $ 65,000 $ — (1) Net of unamortized debt issuance costs of $6.7 million (2) Unamortized debt issuance costs of $2.4 million included in Other Non-Current Assets . 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 . |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
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 Exchange Agreement Embedded Derivative The Exchange Agreement provided that Orion may be entitled to additional Coeur shares in the event Coeur acquires Victoria in the future for a higher per share consideration, subject to the terms and conditions of the Exchange Agreement. The Company determined that the potential for additional share consideration in the Exchange Agreement represents an embedded derivative that requires bifurcation. The obligation to deliver additional Coeur shares pursuant to the Exchange Agreement expired on October 31, 2021. The accounting treatment of derivative financial instruments required that the Company record the fair value of the embedded derivative as of the inception date of the Exchange Agreement and adjust the fair value as of each subsequent balance sheet date. The obligation to deliver additional Coeur shares pursuant to the Exchange Agreement expired on October 31, 2021. 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, 2021, the Company had the following derivative instruments that settle as follows: In thousands except average prices and notional ounces 2022 2023 and Thereafter Provisional gold sales contracts $ 29,481 $ — Average gold price per ounce $ 1,798 $ — Notional ounces 16,393 — The following summarizes the classification of the fair value of the derivative instruments: December 31, 2021 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 86 $ 162 December 31, 2020 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 481 $ 67 The following represent mark-to-market gains (losses) on derivative instruments in the year ended December 31, 2021, 2020, and 2019, respectively (in thousands): Year Ended December 31, Financial statement line Derivative 2021 2020 2019 Revenue Provisional metal sales contracts $ (490) $ 959 $ 337 Fair value adjustments, net Exchange agreement embedded derivative 9,933 — — Fair value adjustments, net Interest rate swaps — — (178) $ 9,443 $ 959 $ 159 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. As of December 31, 2021, there were no outstanding foreign currency forward exchange contracts. At December 31, 2021, the Company had the following derivative cash flow hedge instruments that settle as follows: In thousands except average prices and notional ounces 2022 2023 and Thereafter Gold put options Average gold strike price per ounce $ 1,630 $ — Notional ounces 132,000 — Gold call options Average gold strike price per ounce $ 2,038 $ — Notional ounces 132,000 — 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, 2021, the Company had $1.2 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. The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges: December 31, 2021 In thousands Prepaid expenses and other Accrued liabilities and other Gold zero cost collars $ — $ 1,212 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 The following table sets forth the pre-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Consolidated Statement of Comprehensive Income (Loss) for the year ended December 31, 2021, 2020, and 2019, respectively (in thousands). Year Ended December 31, 2021 2020 2019 Amount of Gain (Loss) Recognized in AOCI Gold zero cost collars $ 22,733 $ (32,345) $ (136) Foreign currency forward exchange contracts 50 19,911 — $ 22,783 $ (12,434) $ (136) Amount of (Gain) Loss Reclassified From AOCI to Earnings Gold zero cost collars $ 938 $ 7,598 $ — Foreign currency forward exchange contracts (13,797) (6,164) — $ (12,859) $ 1,434 $ — Credit Risk |
Other, Net
Other, Net | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 2020 2019 COVID-19 $ 6,618 $ 15,555 $ — Silvertip ongoing carrying costs 24,928 16,384 — Silvertip suspension costs — 11,199 — Gain on modification of right of use lease — (4,051) — Asset retirement accretion 11,988 11,754 12,154 Other 5,144 4,813 6,267 Pre-development, reclamation and other $ 48,678 $ 55,654 $ 18,421 Other, net consists of the following: Year Ended December 31, In thousands 2021 2020 2019 Foreign exchange gain (loss) $ (2,779) $ (2,245) $ (4,346) Gain (loss) on sale of assets 4,111 (2,849) (714) VAT write-down (25,982) — — Gold zero cost collars novation fee — (3,819) — Gain (loss) on sale of Manquiri NSR consideration — 365 133 RMC receivable write-down — — (1,040) Gain (loss) on Silvertip contingent consideration — 955 — Interest income on notes receivable — — 198 Other 1,725 1,652 2,576 Other, net $ (22,925) $ (5,941) $ (3,193) |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, 2020 and 2019, there were 634,419, 389,629 and 1,137,726 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 2021 2020 2019 Net income (loss) available to common stockholders Income (loss) from continuing operations $ (31,322) $ 25,627 $ (346,896) Income (loss) from discontinued operations — — 5,693 $ (31,322) $ 25,627 $ (341,203) Weighted average shares: Basic 250,044 240,803 218,812 Effect of stock-based compensation plans — 1,746 — Diluted 250,044 242,549 218,812 Income (loss) per share: Income (loss) from continuing operations $ (0.13) $ 0.11 $ (1.59) Income (loss) from discontinued operations — — 0.03 Basic $ (0.13) $ 0.11 $ (1.56) Diluted income (loss) per share: Income (loss) from continuing operations $ (0.13) $ 0.11 $ (1.59) Income (loss) from discontinued operations — — 0.03 Diluted $ (0.13) $ 0.11 $ (1.56) 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, 2021, 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, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
SUPPLEMENTAL GUARANTOR INFORMATION | SUPPLEMENTAL GUARANTOR INFORMATIONThe following summarized financial information is presented to satisfy disclosure requirements of Rule 13-01 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 2029 Senior Notes. The following schedules present summarized financial information of (a) Coeur, the parent company and (b) the Subsidiary Guarantors (collectively the “Obligor Group”). The summarized financial information of the Obligor Group is presented on a combined basis with intercompany balances and transactions between entities in the Obligor Group eliminated. The Obligor Group’s amounts due from, amounts due to and transactions with certain wholly-owned domestic and foreign subsidiaries of the Company have been presented in separate line items, if they are material. 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. SUMMARIZED BALANCE SHEET DECEMBER 31, 2021 In thousands Coeur Mining, Inc. Guarantor Subsidiaries ASSETS CURRENT ASSETS Cash and cash equivalents $ 2,499 $ 16,126 Receivables (14) 5,607 Ore on leach pads — 81,128 Inventory — 24,954 Prepaid expenses and other 8,660 813 11,145 128,628 NON-CURRENT ASSETS Property, plant and equipment, net 1,476 188,721 Mining properties, net — 514,397 Ore on leach pads — 73,495 Restricted assets 1,496 206 Equity and debt securities 132,197 — Net investment in subsidiaries 794,254 56,623 Other 47,317 53,511 TOTAL ASSETS $ 987,885 $ 1,015,581 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 1,624 $ 59,463 Other accrued liabilities 16,729 45,676 Debt — 23,608 Reclamation — 1,561 18,353 130,308 NON-CURRENT LIABILITIES Debt 463,318 53,166 Reclamation — 125,695 Deferred tax liabilities 751 7,422 Other long-term liabilities 3,266 20,826 Intercompany payable (receivable) (298,065) 286,655 169,270 493,764 STOCKHOLDERS’ EQUITY Common stock 2,569 19,356 Additional paid-in capital 3,738,347 340,701 Accumulated deficit (2,939,442) 31,452 Accumulated other comprehensive income (loss) (1,212) — 800,262 391,509 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 987,885 $ 1,015,581 SUMMARIZED BALANCE SHEET DECEMBER 31, 2020 In thousands Coeur Mining, Inc. Guarantor Subsidiaries ASSETS CURRENT ASSETS Cash and cash equivalents $ 12,727 $ 28,515 Receivables 381 3,631 Ore on leach pads — 74,866 Inventory — 27,223 Prepaid expenses and other 20,872 1,375 33,980 135,610 NON-CURRENT ASSETS Property, plant and equipment, net 1,946 148,640 Mining properties, net — 353,818 Ore on leach pads — 81,963 Restricted assets 1,482 206 Equity and debt securities 12,943 — Net investment in subsidiaries 514,705 72,785 Other 198,587 51,528 TOTAL ASSETS $ 763,643 $ 844,550 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 1,978 $ 52,177 Other accrued liabilities 36,183 46,023 Debt — 14,506 Reclamation — 1,584 38,161 114,290 NON-CURRENT LIABILITIES Debt 227,592 33,321 Reclamation — 93,349 Deferred tax liabilities 100 8,457 Other long-term liabilities 3,629 29,916 Intercompany payable (receivable) (199,318) 176,914 32,003 341,957 STOCKHOLDERS’ EQUITY Common stock 2,438 20,401 Additional paid-in capital 3,610,297 340,700 Accumulated deficit (2,908,120) 27,202 Accumulated other comprehensive income (loss) (11,136) — 693,479 388,303 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 763,643 $ 844,550 SUMMARIZED STATEMENTS OF INCOME YEAR ENDED DECEMBER 31, 2021 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Revenue $ — $ 512,553 Gross profit (loss) $ (714) $ 67,941 Income (loss) from continuing operations $ (31,324) $ 3,204 Net income (loss) $ (31,324) $ 3,204 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Mexico Litigation Matters As of December 31, 2021, $26.0 million is due from the Mexican government associated with VAT that was paid under Coeur Mexicana, S.A. de C.V.’s (“Coeur Mexicana’s”) prior royalty agreement with a subsidiary of Franco-Nevada Corporation, which was terminated in 2016. Coeur Mexicana 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 Coeur Mexicana’s VAT refunds based on the argument that VAT was not legally due on the royalty payments. Accordingly, Coeur Mexicana 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 as well as refiling VAT refund requests). Despite a favorable ruling from Mexican tax courts in this matter in 2018, litigation has continued at the administrative, appeals court and supreme court levels, most of which has been determined unfavorably to Coeur (including during 2021) based on interpretations of applicable law and prior court decisions which the Company and its counsel believe are contrary to legal precedent, conflicting and erroneous. While the Company believes that it remains legally entitled to be refunded the full amount of the VAT receivable and intends to rigorously continue its VAT recovery efforts, based on the continued failure to recover the VAT receivable and recent unfavorable Mexican court decisions, the Company determined to write down the carrying value of the VAT receivable at September 30, 2021. Coeur Mexicana may still elect to initiate an arbitration proceeding under Chapter 11 of the North American Free Trade Agreement, or NAFTA. Outcomes in NAFTA arbitration and the process for recovering funds even if there is a successful outcome in NAFTA arbitration can be lengthy and unpredictable. In addition, ongoing litigation with the Mexican government associated with enforcement of water rights in Mexico, if unsuccessful, may impact Coeur Mexicana’s ability to access new sources of water to provide sufficient supply for its operations at Palmarejo and, if material, may have a material adverse impact on the Company’s operations and financial results. Palmarejo Gold Stream Coeur Mexicana 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, 2021 the remaining unamortized balance was $8.2 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”). From time to time, the Amended Sales Contract has been further amended to allow for additional prepayments, the latest occurring in July 2021, with an effective date as of June 28, 2021, to include options for Coeur to receive up to two additional prepayments of up to $15.0 million. In December 2020, Coeur exercised an option to receive the $15.0 million December 2020 Prepayment. In the first half of 2021, the Kensington mine delivered $15.0 million in satisfaction of the December 2020 Prepayment. In June 2021, Coeur exercised an option to receive the $15.0 million June 2021 Prepayment, and delivered $15.0 million against that $15.0 million in the second half of 2021. In December 2021, the Company exercised the option to receive the $15.0 million December 2021 Prepayment. The remaining deliveries of $15.0 million under the December 2021 Prepayment are recognized as a deferred revenue liability and are 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 December 31, 2022. POA 11 Expansion Project In the second half of 2021 the Company began seeing inflationary pressures on bids for remaining unawarded contracts on the POA 11 expansion project at Rochester during the second half of 2021, most notably on two structural, mechanical, piping, electrical and instrumentation (“SMPEI”) construction contracts for the Merrill-Crowe process plant and crushing circuit, respectively. Coeur recently selected the general SMPEI contractor for construction of the Merrill-Crowe process plant and crusher corridor based on a revised commercial approach from the previous lump-sum commercial model to a single contract. SMPEI work under the initial contract is beginning to advance. Coeur has also advanced work related to implementation of pre-screens as part of the POA 11 expansion project and has elected to proceed with this scope change enhancement. As previously disclosed, the Company plans to integrate pre-screens into the current crushing system at Rochester, which is expected to drive improved performance while providing valuable operating experience and knowledge that can be applied to the new crushing circuit as part of the POA 11 expansion. Coeur has commenced detailed engineering for pre-screens and intends to align construction of the pre-screens with the completion of the crusher corridor. Installation of pre-screens on the existing crusher system is scheduled for the first half of 2022 with commissioning expected to begin around mid-year. In connection with the items discussed above, the Company has conducted a comprehensive re-baselining of the overall schedule and costs associated with the original scope of POA 11. Coeur now estimates the total construction capital for POA 11 to be approximately $597 million, which includes the 10-15% previously announced potential cost escalation as well as $70 - $80 million related to pre-screen implementation and additional porject contingency to reflect ongoing COVID and schedule risk. As of December 31, 2021, the Company has incurred approximately $236 million in the expansion and 61% of the capital is now committed (excluding the recently-awarded SMPEI contract, which is expected to be formalized in the first quarter). Excluding capital leases, Coeur forecasts capital expenditures related to POA 11 to be approximately $217 - $257 million and $131 - $171 million in 2022 and 2023, respectively. Additional details on expected production and capital expenditures for Rochester can be found in the Technical Report Summary filed by the Company with the U.S. Securities and Exchange Commission on February 16, 2022. Other Commitments and Contingencies |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 | |
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, 2021 December 31, 2020 Accrued salaries and wages $ 28,408 $ 30,457 Deferred revenue (1) 16,093 16,425 Income and mining taxes 13,856 26,118 Accrued operating costs 5,592 3,327 Unrealized losses on derivatives 1,374 24,950 Taxes other than income and mining 3,284 3,616 Accrued interest payable 8,038 1,855 Operating lease liabilities 11,301 12,410 Accrued liabilities and other $ 87,946 $ 119,158 (1) See Note 20 -- 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, 2021 and 2020: In thousands December 31, 2021 December 31, 2020 Cash and cash equivalents $ 56,664 $ 92,794 Restricted cash equivalents 1,625 1,376 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 58,289 $ 94,170 Year ended December 31, Non-cash financing and investing activities: 2021 2020 2019 Finance lease obligations $ 37,860 $ 5,283 $ 16,615 Capital expenditures, not yet paid $ 40,904 $ 30,682 $ 8,188 Non-cash extinguishment of senior notes $ — $ — $ 20,009 Non-cash Silvertip contingent consideration $ — $ 5,295 $ 5,973 Non-cash acquisition of Victoria Gold Corp common stock $ 118,777 $ — $ — Other cash flow information: Interest paid $ 19,655 $ 20,634 $ 24,428 Income and mining taxes paid $ 57,200 $ 35,600 $ 33,700 |
Asset And Liabilities Held For
Asset And Liabilities Held For Sale | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Asset And Liabilities Held For Sale | ASSET AND LIABILITIES HELD FOR SALE On October 27, 2021, the Company entered into a definitive agreement (the “Agreement”) to sell its La Preciosa project located in the State of Durango, Mexico to Avino Silver & Gold Mines Ltd. (“Avino”). The transaction is subject to customary closing conditions, including required regulatory approvals and expected to close in the first quarter of 2022. Under the Agreement, Avino will acquire the La Preciosa project from Coeur for the following consideration: • $15.0 million upon closing of the transaction, • $5.0 million promissory note that matures prior to the first anniversary of the transaction closing, • Equity consideration of 14.0 million units, payable on closing, each consisting of one share of Avino common stock and one half of one common share purchase warrant of Avino common stock, priced at a 25% premium to the 20-day volume weighted average price prior to announcement, • Deferred cash consideration of approximately $8.8 million to be paid no later than the first anniversary of initial production from any portion of the La Preciosa project, • Contingent payments of $0.25 per silver equivalent ounce (subject to an inflationary adjustment) on any new mineral reserves discovered and declared outside of the current resource area at the La Preciosa project, up to a maximum payment of $50.0 million, and • Two royalties covering the La Preciosa land package, including (i) a 1.25% net smelter returns royalty on properties covering the Gloria and Abundancia areas of the La Preciosa project and (ii) a 2.00% gross value royalty on all areas of the La Preciosa project other than the Gloria and Abundancia areas, offset by the amount of any new mineral reserve contingent payments made to Coeur. The Company classified the La Preciosa project as held for sale as of December 31, 2021 and the associated assets and liabilities are classified separately on the consolidated balance sheets. The major classes of assets and liabilities associated with the La Preciosa project as of December 31, 2021 are as follows: In thousands December 31, 2021 Cash and cash equivalents $ 234 Receivables 1,211 Prepaid expenses and other 1,338 Property, plant and equipment, net 1,626 Mining properties, net 49,085 Other 746 TOTAL ASSETS $ 54,240 Accounts payable $ 311 Deferred tax liabilities 10,958 TOTAL LIABILITIES $ 11,269 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Risks and Uncertainties [Policy Text Block] | 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. |
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. 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 30 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. As of December 31, 2021, the Company’s estimated recoverable ounces of gold and silver on the leach pads were 43,699 and 4.9 million, respectively. 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. In June 2021, the Company updated the recovery rate assumption on the Stage IV leach pad at Rochester, based on the historical performance of the leach pad since the third quarter of 2019. This change resulted in an adjustment to the ending ore on leach pads balance with the resulting non-cash charges allocated between Costs Applicable to Sales and Amortization in the amounts of $8.6 million and $2.2 million, respectively. |
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 mineral resource into mineral reserve. 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 $19.9 million and $8.0 million at December 31, 2021 and 2020, 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 mineral resources 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 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. At September 30, 2021, the La Preciosa project met the held for sale criteria. However, considering that the La Preciosa project was not an operating mine and does not represent a strategic shift, the Company determined that the expected disposal of the La Preciosa project does not represent a strategic shift that had a major effect on the entity's results and operations, therefore, the applicable assets, liabilities for the current period presented are classified on the Consolidated Balance Sheets as held for sale. However, the applicable assets, liabilities for the prior period and the operating results for all periods presented are not presented separately 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, 2021 and 2020, the Company held certificates of deposit and cash under these agreements of $9.1 million and $9.5 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. See Note 10 -- Leases for additional information related to the Company’s operating and finance leases. |
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. See Note 12 -- Reclamation for additional information. |
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 16 -- 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. See Note 14 -- Stock-Based Compensation for additional information. |
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 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 20 -- 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 2021 2020 2019 Opening Balance $ 9,376 $ 11,061 $ 12,918 Revenue Recognized (1,226) (1,685) (1,857) Closing Balance $ 8,150 $ 9,376 $ 11,061 In December 2020, the Company received a $15.0 million prepayment (the “December 2020 Prepayment”) for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined in Note 21). In the first half of 2021, 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 effective June 2021, 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 2021 (the “June 2021 Prepayment”), of which $15.0 million in gold ounces were delivered in the second half 2021. In December 2021, the Company exercised the option to receive the second $15.0 million prepayment (the “December 2021 Prepayment). 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 20 -- 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 2021 2020 2019 Opening Balance $ 15,003 $ 15,009 $ — Additions 30,013 30,177 40,009 Revenue Recognized (30,000) (30,183) (25,000) Closing Balance $ 15,016 $ 15,003 $ 15,009 |
Recent Accounting Standards | Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2019-12 (“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 adoption of the new standard did not have a material impact on the Company’s consolidated net income, financial position or cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 20 -- 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 2021 2020 2019 Opening Balance $ 9,376 $ 11,061 $ 12,918 Revenue Recognized (1,226) (1,685) (1,857) Closing Balance $ 8,150 $ 9,376 $ 11,061 In December 2020, the Company received a $15.0 million prepayment (the “December 2020 Prepayment”) for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined in Note 21). In the first half of 2021, 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 effective June 2021, 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 2021 (the “June 2021 Prepayment”), of which $15.0 million in gold ounces were delivered in the second half 2021. In December 2021, the Company exercised the option to receive the second $15.0 million prepayment (the “December 2021 Prepayment). 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 20 -- 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 2021 2020 2019 Opening Balance $ 15,003 $ 15,009 $ — Additions 30,013 30,177 40,009 Revenue Recognized (30,000) (30,183) (25,000) Closing Balance $ 15,016 $ 15,003 $ 15,009 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 150,098 $ 49,659 $ 214,635 $ 164,519 $ — $ — $ 578,911 Silver sales 170,176 81,163 370 2,208 — — 253,917 Metal sales 320,274 130,822 215,005 166,727 — — 832,828 Costs and Expenses Costs applicable to sales (1) 153,655 131,240 133,065 93,579 — — 511,539 Amortization 36,062 20,187 54,933 11,038 4,797 1,298 128,315 Exploration 8,561 6,016 6,656 143 15,287 14,506 51,169 Other operating expenses 4,443 5,886 6,299 1,786 25,031 45,632 89,077 Other income (expense) Loss on debt extinguishment — — — — — (9,173) (9,173) Fair value adjustments, net — — — — — (543) (543) Interest expense, net (592) (1,034) (704) (145) 1,276 (15,252) (16,451) Other, net (3) (28,197) (357) (150) 1,650 (1,465) 5,594 (22,925) Income and mining tax (expense) benefit (29,730) 559 (414) (4,799) 1,478 (2,052) (34,958) Net Income (loss) $ 59,034 $ (33,339) $ 12,784 $ 56,887 $ (43,826) $ (82,862) $ (31,322) Segment assets (2) $ 294,893 $ 559,283 $ 142,926 $ 87,579 $ 230,617 $ 109,636 $ 1,424,934 Capital expenditures $ 36,539 $ 166,548 $ 27,522 $ 8,072 $ 70,069 $ 1,031 $ 309,781 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 18 -- Additional Comprehensive Income (Loss) Detail for additional detail 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 Other operating expenses 7,927 5,144 12,012 838 23,123 40,332 89,376 Other income (expense) 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) Net Income (loss) $ 67,402 $ (3,335) $ 22,434 $ 59,501 $ (58,927) $ (61,448) $ 25,627 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 |
Consolidated Assets | Assets December 31, 2021 December 31, 2020 Total assets for reportable segments $ 1,424,934 $ 1,232,153 Cash and cash equivalents 56,664 92,794 Other assets 252,824 79,030 Total consolidated assets $ 1,734,422 $ 1,403,977 |
Long Lived Assets by Country | Geographic Information Long-Lived Assets December 31, 2021 December 31, 2020 United States $ 704,007 $ 503,818 Mexico 244,758 293,436 Canada 223,876 149,018 Other 125 657 Total $ 1,172,766 $ 946,929 |
Revenue by Country | Revenue Year ended December 31, 2021 2020 2019 United States $ 512,554 $ 496,997 $ 414,549 Mexico 320,274 286,581 252,701 Canada — 1,883 44,252 Total $ 832,828 $ 785,461 $ 711,502 |
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, 2021, 2020, and 2019 (in millions): Year ended December 31, Customer 2021 2020 2019 Segments reporting revenue Asahi $ 323.8 $ 272.1 $ 341.0 Palmarejo, Kensington, Rochester, Wharf Ocean Partners 176.4 161.0 149.7 Palmarejo, Kensington, Silvertip Toronto Dominion Bank 61.9 88.6 35.1 Rochester Techemet Metal Trading 62.2 81.8 9.4 Rochester, Wharf Argor-Heraeus 23.3 79.9 23.1 Palmarejo |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Receivables | Receivables consist of the following: In thousands December 31, 2021 December 31, 2020 Current receivables: Trade receivables $ 4,879 $ 3,293 VAT receivable 18,415 17,080 Income tax receivable 8,418 530 Other 705 2,581 $ 32,417 $ 23,484 Non-current receivables: VAT receivable (1) $ — $ 26,447 Other — — — 26,447 Total receivables $ 32,417 $ 49,931 (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. While the Company continues to pursue recovery from the Mexican government (including through ongoing litigation and potential international arbitration), the Company wrote down the carrying value of the receivable at September 30, 2021. See Note 20 -- Commitments and Contingencies for additional detail. |
Inventory and Ore on Leach Pa_2
Inventory and Ore on Leach Pads (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventory consists of the following: In thousands December 31, 2021 December 31, 2020 Inventory: Concentrate $ 1,643 $ 2,909 Precious metals 11,353 14,788 Supplies 38,285 33,513 $ 51,281 $ 51,210 Ore on Leach Pads: Current $ 81,128 $ 74,866 Non-current 73,495 81,963 $ 154,623 $ 156,829 Long-term Stockpile (included in Other ) $ 18,027 $ 5,664 Total Inventory and Ore on Leach Pads $ 223,931 $ 213,703 Coeur reports the carrying value of metal and leach pad inventory at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. At the end of the fourth quarter of 2021, the cost of metal and leach pad inventory at Rochester exceeded its net realizable value which resulted in a non-cash write down of $8.4 million (approximately $7.3 million was recognized in Costs Applicable to Sales and $1.1 million in Amortization). |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investment in Marketable Securities [Abstract] | |
Investments | The Company makes strategic investments in equity securities of silver and gold exploration, development and royalty and streaming companies. At December 31, 2021 In thousands Cost Gross Gross Estimated Equity Securities Victoria Gold Corp. $ 128,710 $ (4,499) $ — $ 124,211 Integra Resources Corp. 9,455 (1,469) — 7,986 Equity securities $ 138,165 $ (5,968) $ — $ 132,197 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 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment consist of the following: In thousands December 31, 2021 December 31, 2020 Land $ 8,480 $ 10,584 Facilities and equipment 668,089 659,676 Assets under finance leases 115,652 100,530 $ 792,221 $ 770,790 Accumulated amortization (1) (620,303) (579,644) $ 171,918 $ 191,146 Construction in progress 148,049 38,993 Property, plant and equipment, net $ 319,967 $ 230,139 (1) Includes $63.9 million and $60.3 million of accumulated amortization related to assets under finance leases at December 31, 2021 and December 31, 2020, respectively. |
Mining Properties (Tables)
Mining Properties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Mining Properties [Abstract] | |
Mining Properties | Mining properties consist of the following (in thousands): December 31, 2021 Palmarejo Rochester Kensington Wharf Silvertip Sterling Other Total Mine development $ 307,698 $ 437,833 $ 382,492 $ 49,045 $ 67,805 $ 3,861 $ — $ 1,248,734 Accumulated amortization (211,187) (158,805) (302,582) (24,358) (11,685) (1,515) — (710,132) 96,511 279,028 79,910 24,687 56,120 2,346 — 538,602 Mineral interests 629,303 19,098 — 48,062 114,036 95,499 — 905,998 Accumulated amortization (532,155) — — (34,818) (24,828) — — (591,801) 97,148 19,098 — 13,244 89,208 95,499 — 314,197 Mining properties, net $ 193,659 $ 298,126 $ 79,910 $ 37,931 $ 145,328 $ 97,845 $ — $ 852,799 In June 2021, Silvertip repurchased from Silvertip Resources Investment Cayman Ltd. a net smelter returns royalty of 1.429% on the first 1,434,000 metric tonnes of mineral resources mined, and 1.00% thereafter for consideration of $7.0 million. December 31, 2020 Palmarejo Rochester Kensington Wharf Silvertip Sterling La Preciosa Other Total Mine development $ 280,184 $ 270,648 $ 360,201 $ 33,578 $ 48,589 $ 4,107 $ — $ — $ 997,307 Accumulated amortization (194,898) (157,526) (264,014) (22,547) (10,747) (1,099) — — (650,831) 85,286 113,122 96,187 11,031 37,842 3,008 — — 346,476 Mineral interests 629,303 18,541 — 48,062 105,736 95,499 49,085 946,226 Accumulated amortization (518,866) — — (32,217) (24,828) — — (575,911) 110,437 18,541 — 15,845 80,908 95,499 49,085 — 370,315 Mining properties, net $ 195,723 $ 131,663 $ 96,187 $ 26,876 $ 118,750 $ 98,507 $ 49,085 $ — $ 716,790 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 2020 2019 Lease Cost Operating lease cost $ 12,585 $ 12,036 $ 11,585 Short-term operating lease cost $ 11,219 $ 8,055 $ 12,975 Finance Lease Cost: Amortization of leased assets $ 21,685 $ 23,921 $ 21,293 Interest on lease liabilities 4,632 3,634 4,150 Total finance lease cost $ 26,317 $ 27,555 $ 25,443 Supplemental cash flow information related to leases was as follows: Year ended December 31, In thousands 2021 2020 2019 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 24,009 $ 21,348 $ 24,560 Operating cash flows from finance leases $ 4,632 $ 3,634 $ 4,150 Financing cash flows from finance leases $ 31,544 $ 25,984 $ 25,975 |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows: In thousands December 31, 2021 December 31, 2020 Operating Leases Other assets, non-current $ 30,987 $ 40,511 Accrued liabilities and other 11,301 12,410 Other long-term liabilities 18,660 27,433 Total operating lease liabilities $ 29,961 $ 39,843 Finance Leases Property and equipment, gross $ 115,597 $ 104,433 Accumulated depreciation (63,879) (60,272) Property and equipment, net $ 51,718 $ 44,161 Debt, current $ 29,821 $ 22,074 Debt, non-current 24,407 25,837 Total finance lease liabilities $ 54,228 $ 47,911 Weighted Average Remaining Lease Term Weighted-average remaining lease term - finance leases 1.62 1.36 Weighted-average remaining lease term - operating leases 3.17 4.00 Weighted Average Discount Rate Weighted-average discount rate - finance leases 5.08 % 5.37 % Weighted-average discount rate - operating leases 5.20 % 5.18 % |
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, 2021 (In thousands) Operating leases Finance leases 2022 $ 11,574 $ 25,657 2023 10,868 15,836 2024 8,812 8,404 2025 213 6,839 2026 220 3,309 Thereafter 946 — Total $ 32,632 $ 60,045 Less: imputed interest (2,671) (5,817) Net lease obligation $ 29,961 $ 54,228 |
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, 2021 (In thousands) Operating leases Finance leases 2022 $ 11,574 $ 25,657 2023 10,868 15,836 2024 8,812 8,404 2025 213 6,839 2026 220 3,309 Thereafter 946 — Total $ 32,632 $ 60,045 Less: imputed interest (2,671) (5,817) Net lease obligation $ 29,961 $ 54,228 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long term debt and capital lease obligations | December 31, 2021 December 31, 2020 In thousands Current Non-Current Current Non-Current 2029 Senior Notes, net (1) $ — $ 368,273 $ — $ — 2024 Senior Notes, net (2) — — — 227,590 Revolving Credit Facility (3) — 65,000 — — Finance lease obligations 29,821 24,407 22,074 25,837 $ 29,821 $ 457,680 $ 22,074 $ 253,427 (1) Net of unamortized debt issuance costs of $6.7 million and $0.0 million at December 31, 2021 and December 31, 2020, respectively. (2) Net of unamortized debt issuance costs of $0.0 million and $2.4 million at December 31, 2021 and December 31, 2020, respectively. (3) Unamortized debt issuance costs of $2.4 million and $1.5 million at December 31, 2021 and December 31, 2020, respectively, included in Other Non-Current Assets . |
Interest Expenses Incurred for Various Debt Instruments [Table Text Block] | Interest Expense Year Ended December 31, In thousands 2021 2020 2019 2024 Senior Notes $ 2,591 $ 13,513 $ 14,586 2029 Senior Notes 16,016 — — Revolving Credit Facility 2,296 3,165 5,358 Finance lease obligations 4,632 3,634 4,150 Amortization of debt issuance costs 1,726 1,525 1,491 Accretion of Silvertip contingent consideration — — 396 Other debt obligations 303 344 580 Capitalized interest (11,113) (1,473) (1,790) Total interest expense, net of capitalized interest $ 16,451 $ 20,708 $ 24,771 |
Reclamation (Tables)
Reclamation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 2020 Asset retirement obligation - Beginning $ 137,120 $ 134,398 Accretion 11,815 11,574 Additions and changes in estimates 34,016 (6,132) Settlements (3,845) (2,720) Asset retirement obligation - Ending $ 179,106 $ 137,120 |
Income and Mining Taxes (Tables
Income and Mining Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 2020 2019 United States $ (34,196) $ 40,890 $ (16,702) Foreign 37,832 21,782 (341,323) Total $ 3,636 $ 62,672 $ (358,025) The components of the consolidated Income and mining tax (expense) benefit from continuing operations are below: Year Ended December 31, In thousands 2021 2020 2019 Current: United States $ 25 $ 226 $ (334) United States — State mining taxes (5,691) (8,384) (4,001) United States — Foreign withholding tax (862) (800) (1,598) Canada — 232 119 Mexico (31,175) (36,066) (19,619) Other — 33 (3) Deferred: United States (651) (49) 236 United States — State mining taxes 1,037 (354) 251 Canada 1,224 — 32,084 Mexico 1,135 8,117 3,994 Other — — — Income tax (expense) benefit $ (34,958) $ (37,045) $ 11,129 |
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 2021 2020 2019 Income and mining tax (expense) benefit at statutory rate $ (764) $ (13,161) $ 75,185 State tax provision from continuing operations 2,009 (152) 1,243 Change in valuation allowance (28,615) (17,522) (77,220) Percentage depletion 4,968 5,056 820 Uncertain tax positions 920 2,321 2,358 U.S. and foreign permanent differences 4,105 3,844 2,272 Foreign exchange rates (384) 1,390 (7,066) Foreign inflation and indexing (1,087) 684 (2,933) Foreign tax rate differences (4,901) (3,971) 19,729 Mining, foreign withholding, and other taxes (12,599) (17,457) (2,746) Other, net 1,390 1,923 (513) Income and mining tax (expense) benefit $ (34,958) $ (37,045) $ 11,129 |
Schedule of Deferred Tax Assets and Liabilities | At December 31, 2021 and 2020, the significant components of the Company’s deferred tax assets and liabilities are below: Year Ended December 31, In thousands 2021 2020 Deferred tax liabilities: Inventory — 5 Royalty and other long-term debt 1,495 1,094 Foreign subsidiaries - unremitted earnings — 99 $ 1,495 $ 1,198 Deferred tax assets: Net operating loss carryforwards $ 267,944 $ 241,985 Mineral properties 6,525 1,907 Property, plant, and equipment 13,161 10,841 Mining royalty tax 8,147 7,447 Capital loss carryforwards 15,404 17,341 Asset retirement obligation 39,262 38,761 Unrealized foreign currency loss and other 1,013 3,386 Accrued expenses 20,589 16,849 Tax credit carryforwards 26,594 29,809 398,639 368,326 Valuation allowance (430,053) (401,304) (31,414) (32,978) Net deferred tax liabilities $ 32,909 $ 34,176 |
Summary of Valuation Allowance | Year Ended December 31, In thousands 2021 2020 U.S. $ 228,942 $ 215,396 Canada 165,561 146,611 Mexico 13,277 15,885 New Zealand 21,822 22,740 Other 451 672 $ 430,053 $ 401,304 |
Summary of Tax Credit Carryforwards | The Company has the following tax attribute carryforwards at December 31, 2021, by jurisdiction: In thousands U.S. Canada Mexico New Zealand Other Total Regular net operating losses $ 466,708 $ 392,061 $ 44,257 $ 77,764 $ 919 $ 981,709 Expiration years 2022-2038 2028-2041 2022-2031 Indefinite 2022-2026 Capital losses 56,534 — — — — 56,534 Foreign tax credits 21,614 — — — — 21,614 |
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, 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 Gross increase to current period tax positions — Gross increase to prior period tax positions — Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations (428) Unrecognized tax benefits at December 31, 2021 $ 295 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, 2020, and 2019: Restricted Stock Number of Weighted 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 Granted 932,442 8.88 Vested (1,179,857) 5.53 Canceled/Forfeited (332,505) 5.83 Outstanding at December 31, 2021 2,144,804 $ 6.60 |
Share-based Payment Arrangement, Performance Shares, Outstanding Activity | The following table summarizes performance shares activity for the years ended December 31, 2021, 2020, and 2019: Performance Shares Number of Weighted Outstanding at December 31, 2018 1,538,315 $ 4.05 Granted (1) 946,000 4.71 Vested (969,903) 1.77 Canceled/Forfeited (1) (300,267) 1.84 Outstanding at December 31, 2019 1,214,145 $ 6.93 Granted (2) 1,343,953 3.95 Vested (54,132) 11.47 Canceled/Forfeited (2) (168,864) 10.71 Outstanding at December 31, 2020 2,335,102 $ 4.83 Granted (3) 602,933 10.13 Vested (143,312) 7.39 Canceled/Forfeited (3) (404,710) 6.12 Outstanding at December 31, 2021 2,390,013 $ 5.80 |
Schedule of Stock Options Roll Forward | The following table summarizes stock option and SAR activity for the years ended December 31, 2021, 2020, and 2019: Stock Options SARs Shares Weighted Shares Weighted 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 — — Exercised (57,721) 7.74 — — Canceled/forfeited (16,455) 18.45 — — Expired (16,844) 27.45 — — Outstanding at December 31, 2021 131,253 $ 16.91 — — The following table summarizes outstanding stock options as of December 31, 2021. Range of Number Weighted Average Weighted Aggregate Intrinsic Value (in thousands) $ 0.00-$10.00 54,330 $ 7.49 4.4 NA $10.00-$20.00 14,634 $ 16.28 0.9 NA $20.00-$30.00 62,289 $ 25.27 0.7 NA Outstanding 131,253 $ 16.91 2.3 $ — Vested and expected to vest 131,253 $ 16.91 2.3 $ — Exercisable 131,253 $ 16.91 2.3 $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Adjustments to Comprehensive income (Loss) | Year Ended December 31, In thousands 2021 2020 2019 Unrealized gain (loss) on equity securities $ (11,244) $ (11,539) $ 15,348 Realized gain (loss) on equity securities 768 19,140 860 Interest rate swap, net — — (178) Exchange agreement embedded derivative 9,933 — — Fair value adjustments, net $ (543) $ 7,601 $ 16,030 |
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, 2021 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 132,197 $ 132,197 $ — $ — Provisional metal sales contracts 86 — 86 — $ 132,283 $ 132,197 $ 86 $ — Liabilities: Gold zero cost collars $ 1,212 $ — $ 1,212 $ — Provisional metal sales contracts 162 — 162 — $ 1,374 $ — $ 1,374 $ — Fair Value at December 31, 2020 In thousands Total Level 1 Level 2 Level 3 Assets: Equity and debt 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 $ — |
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, 2021 and 2020. December 31, 2021 In thousands Balance at the beginning of the period Initial valuation Revaluation Settlements Balance at the Liabilities: Exchange agreement embedded derivative $ — $ 9,933 $ (9,933) $ — $ — December 31, 2020 In thousands Balance at the beginning of the period Initial valuation Revaluation Settlements 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, 2021 and December 31, 2020 is presented in the following table: December 31, 2021 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2029 Senior Notes (1) $ 368,273 $ 337,384 $ — $ 337,384 $ — Revolving Credit Facility (2) $ 65,000 $ 65,000 $ — $ 65,000 $ — (1) Net of unamortized debt issuance costs of $6.7 million (2) Unamortized debt issuance costs of $2.4 million included in Other Non-Current Assets . 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 . |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments, future settlement | At December 31, 2021, the Company had the following derivative instruments that settle as follows: In thousands except average prices and notional ounces 2022 2023 and Thereafter Provisional gold sales contracts $ 29,481 $ — Average gold price per ounce $ 1,798 $ — Notional ounces 16,393 — At December 31, 2021, the Company had the following derivative cash flow hedge instruments that settle as follows: In thousands except average prices and notional ounces 2022 2023 and Thereafter Gold put options Average gold strike price per ounce $ 1,630 $ — Notional ounces 132,000 — Gold call options Average gold strike price per ounce $ 2,038 $ — Notional ounces 132,000 — |
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments: December 31, 2021 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 86 $ 162 December 31, 2020 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 481 $ 67 The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges: December 31, 2021 In thousands Prepaid expenses and other Accrued liabilities and other Gold zero cost collars $ — $ 1,212 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 The following table sets forth the pre-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Consolidated Statement of Comprehensive Income (Loss) for the year ended December 31, 2021, 2020, and 2019, respectively (in thousands). Year Ended December 31, 2021 2020 2019 Amount of Gain (Loss) Recognized in AOCI Gold zero cost collars $ 22,733 $ (32,345) $ (136) Foreign currency forward exchange contracts 50 19,911 — $ 22,783 $ (12,434) $ (136) Amount of (Gain) Loss Reclassified From AOCI to Earnings Gold zero cost collars $ 938 $ 7,598 $ — Foreign currency forward exchange contracts (13,797) (6,164) — $ (12,859) $ 1,434 $ — |
Gain losses on derivative instruments | The following represent mark-to-market gains (losses) on derivative instruments in the year ended December 31, 2021, 2020, and 2019, respectively (in thousands): Year Ended December 31, Financial statement line Derivative 2021 2020 2019 Revenue Provisional metal sales contracts $ (490) $ 959 $ 337 Fair value adjustments, net Exchange agreement embedded derivative 9,933 — — Fair value adjustments, net Interest rate swaps — — (178) $ 9,443 $ 959 $ 159 |
Other, Net (Tables)
Other, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 2020 2019 COVID-19 $ 6,618 $ 15,555 $ — Silvertip ongoing carrying costs 24,928 16,384 — Silvertip suspension costs — 11,199 — Gain on modification of right of use lease — (4,051) — Asset retirement accretion 11,988 11,754 12,154 Other 5,144 4,813 6,267 Pre-development, reclamation and other $ 48,678 $ 55,654 $ 18,421 |
Schedule of Other Nonoperating Income (Expense) | Other, net consists of the following: Year Ended December 31, In thousands 2021 2020 2019 Foreign exchange gain (loss) $ (2,779) $ (2,245) $ (4,346) Gain (loss) on sale of assets 4,111 (2,849) (714) VAT write-down (25,982) — — Gold zero cost collars novation fee — (3,819) — Gain (loss) on sale of Manquiri NSR consideration — 365 133 RMC receivable write-down — — (1,040) Gain (loss) on Silvertip contingent consideration — 955 — Interest income on notes receivable — — 198 Other 1,725 1,652 2,576 Other, net $ (22,925) $ (5,941) $ (3,193) |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Year ended December 31, In thousands except per share amounts 2021 2020 2019 Net income (loss) available to common stockholders Income (loss) from continuing operations $ (31,322) $ 25,627 $ (346,896) Income (loss) from discontinued operations — — 5,693 $ (31,322) $ 25,627 $ (341,203) Weighted average shares: Basic 250,044 240,803 218,812 Effect of stock-based compensation plans — 1,746 — Diluted 250,044 242,549 218,812 Income (loss) per share: Income (loss) from continuing operations $ (0.13) $ 0.11 $ (1.59) Income (loss) from discontinued operations — — 0.03 Basic $ (0.13) $ 0.11 $ (1.56) Diluted income (loss) per share: Income (loss) from continuing operations $ (0.13) $ 0.11 $ (1.59) Income (loss) from discontinued operations — — 0.03 Diluted $ (0.13) $ 0.11 $ (1.56) |
Supplemental Guarantor Inform_2
Supplemental Guarantor Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | SUMMARIZED BALANCE SHEET DECEMBER 31, 2021 In thousands Coeur Mining, Inc. Guarantor Subsidiaries ASSETS CURRENT ASSETS Cash and cash equivalents $ 2,499 $ 16,126 Receivables (14) 5,607 Ore on leach pads — 81,128 Inventory — 24,954 Prepaid expenses and other 8,660 813 11,145 128,628 NON-CURRENT ASSETS Property, plant and equipment, net 1,476 188,721 Mining properties, net — 514,397 Ore on leach pads — 73,495 Restricted assets 1,496 206 Equity and debt securities 132,197 — Net investment in subsidiaries 794,254 56,623 Other 47,317 53,511 TOTAL ASSETS $ 987,885 $ 1,015,581 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 1,624 $ 59,463 Other accrued liabilities 16,729 45,676 Debt — 23,608 Reclamation — 1,561 18,353 130,308 NON-CURRENT LIABILITIES Debt 463,318 53,166 Reclamation — 125,695 Deferred tax liabilities 751 7,422 Other long-term liabilities 3,266 20,826 Intercompany payable (receivable) (298,065) 286,655 169,270 493,764 STOCKHOLDERS’ EQUITY Common stock 2,569 19,356 Additional paid-in capital 3,738,347 340,701 Accumulated deficit (2,939,442) 31,452 Accumulated other comprehensive income (loss) (1,212) — 800,262 391,509 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 987,885 $ 1,015,581 SUMMARIZED BALANCE SHEET DECEMBER 31, 2020 In thousands Coeur Mining, Inc. Guarantor Subsidiaries ASSETS CURRENT ASSETS Cash and cash equivalents $ 12,727 $ 28,515 Receivables 381 3,631 Ore on leach pads — 74,866 Inventory — 27,223 Prepaid expenses and other 20,872 1,375 33,980 135,610 NON-CURRENT ASSETS Property, plant and equipment, net 1,946 148,640 Mining properties, net — 353,818 Ore on leach pads — 81,963 Restricted assets 1,482 206 Equity and debt securities 12,943 — Net investment in subsidiaries 514,705 72,785 Other 198,587 51,528 TOTAL ASSETS $ 763,643 $ 844,550 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 1,978 $ 52,177 Other accrued liabilities 36,183 46,023 Debt — 14,506 Reclamation — 1,584 38,161 114,290 NON-CURRENT LIABILITIES Debt 227,592 33,321 Reclamation — 93,349 Deferred tax liabilities 100 8,457 Other long-term liabilities 3,629 29,916 Intercompany payable (receivable) (199,318) 176,914 32,003 341,957 STOCKHOLDERS’ EQUITY Common stock 2,438 20,401 Additional paid-in capital 3,610,297 340,700 Accumulated deficit (2,908,120) 27,202 Accumulated other comprehensive income (loss) (11,136) — 693,479 388,303 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 763,643 $ 844,550 |
Schedule of Comprehensive Income (Loss) | SUMMARIZED STATEMENTS OF INCOME YEAR ENDED DECEMBER 31, 2021 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Revenue $ — $ 512,553 Gross profit (loss) $ (714) $ 67,941 Income (loss) from continuing operations $ (31,324) $ 3,204 Net income (loss) $ (31,324) $ 3,204 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Major Classes of Assets and Liabilities | The major classes of assets and liabilities associated with the La Preciosa project as of December 31, 2021 are as follows: In thousands December 31, 2021 Cash and cash equivalents $ 234 Receivables 1,211 Prepaid expenses and other 1,338 Property, plant and equipment, net 1,626 Mining properties, net 49,085 Other 746 TOTAL ASSETS $ 54,240 Accounts payable $ 311 Deferred tax liabilities 10,958 TOTAL LIABILITIES $ 11,269 |
Additional Balance Sheet Deta_2
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities and other consist of the following: In thousands December 31, 2021 December 31, 2020 Accrued salaries and wages $ 28,408 $ 30,457 Deferred revenue (1) 16,093 16,425 Income and mining taxes 13,856 26,118 Accrued operating costs 5,592 3,327 Unrealized losses on derivatives 1,374 24,950 Taxes other than income and mining 3,284 3,616 Accrued interest payable 8,038 1,855 Operating lease liabilities 11,301 12,410 Accrued liabilities and other $ 87,946 $ 119,158 |
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, 2021 and 2020: In thousands December 31, 2021 December 31, 2020 Cash and cash equivalents $ 56,664 $ 92,794 Restricted cash equivalents 1,625 1,376 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 58,289 $ 94,170 Year ended December 31, Non-cash financing and investing activities: 2021 2020 2019 Finance lease obligations $ 37,860 $ 5,283 $ 16,615 Capital expenditures, not yet paid $ 40,904 $ 30,682 $ 8,188 Non-cash extinguishment of senior notes $ — $ — $ 20,009 Non-cash Silvertip contingent consideration $ — $ 5,295 $ 5,973 Non-cash acquisition of Victoria Gold Corp common stock $ 118,777 $ — $ — Other cash flow information: Interest paid $ 19,655 $ 20,634 $ 24,428 Income and mining taxes paid $ 57,200 $ 35,600 $ 33,700 |
Asset And Liabilities Held Fo_2
Asset And Liabilities Held For Sale (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Schedule of Major Classes of Assets and Liabilities | The major classes of assets and liabilities associated with the La Preciosa project as of December 31, 2021 are as follows: In thousands December 31, 2021 Cash and cash equivalents $ 234 Receivables 1,211 Prepaid expenses and other 1,338 Property, plant and equipment, net 1,626 Mining properties, net 49,085 Other 746 TOTAL ASSETS $ 54,240 Accounts payable $ 311 Deferred tax liabilities 10,958 TOTAL LIABILITIES $ 11,269 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2021 | Dec. 31, 2018 | Oct. 02, 2014 | |
Business Acquisition [Line Items] | ||||||
Drilling and Related Costs Capitalized | $ 19,900,000 | $ 8,000,000 | ||||
Impairment of long-lived assets | 0 | 0 | $ 250,814,000 | |||
Certificates of Deposit, at Carrying Value | 9,100,000 | 9,500,000 | ||||
Inventory Write-down | 38,596,000 | 16,821,000 | 69,246,000 | |||
Certificates of Deposit, at Carrying Value | 9,100,000 | 9,500,000 | ||||
June 2021 Recovery Rate | ||||||
Business Acquisition [Line Items] | ||||||
Recovery Rate Adjustment, Cost Applicable to Sales | 7,200,000 | |||||
Recovery Rate Adjustment, Amortization | 1,200,000 | |||||
December 2021 Recovery Rate | ||||||
Business Acquisition [Line Items] | ||||||
Recovery Rate Adjustment, Cost Applicable to Sales | 8,600,000 | |||||
Recovery Rate Adjustment, Amortization | 2,200,000 | |||||
Rochester [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Inventory Write-down | 8,400,000 | |||||
Rochester [Member] | Cost of Sales | ||||||
Business Acquisition [Line Items] | ||||||
Inventory Write-down | $ 7,300,000 | |||||
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 | |||||
Building and Building Improvements | Minimum | ||||||
Business Acquisition [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 7 years | |||||
Building and Building Improvements | Maximum | ||||||
Business Acquisition [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 30 years | |||||
Machinery and Equipment | Minimum | ||||||
Business Acquisition [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||
Machinery and Equipment | Maximum | ||||||
Business Acquisition [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 10 years | |||||
Property, Plant and Equipment [Member] | Silvertip [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Impairment of long-lived assets | 43,600,000 | |||||
Mine Development [Member] | Silvertip [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Impairment of long-lived assets | 201,500,000 | |||||
Other Noncurrent Assets [Member] | Silvertip [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Impairment of long-lived assets | 5,700,000 | |||||
Kensington | ||||||
Business Acquisition [Line Items] | ||||||
Revenue liability | $ 15,016,000 | 15,003,000 | $ 15,009,000 | $ 0 | ||
Kensington | December 2021 Prepayment | ||||||
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 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Summary of Unearned Income (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 02, 2014 | |
Contract Liabilities | ||||
Deferred Revenue Recognized | $ 16,226,000 | $ 16,702,000 | $ 1,857,000 | |
Palmarejo gold production royalty | ||||
Contract Liabilities | ||||
Aggregate deposit to be received | $ 22,000,000 | |||
Price per ounce under agreement | $ 800 | |||
Production to be sold, percent | 50.00% | |||
Franco-Nevada | ||||
Contract Liabilities | ||||
Opening Balance | 9,376,000 | 11,061,000 | 12,918,000 | |
Deferred Revenue Recognized | (1,226,000) | (1,685,000) | (1,857,000) | |
Closing Balance | 8,150,000 | 9,376,000 | 11,061,000 | |
Kensington | ||||
Contract Liabilities | ||||
Opening Balance | 15,003,000 | 15,009,000 | 0 | |
Deferred Revenue, Additions | 30,013,000 | 30,177,000 | 40,009,000 | |
Deferred Revenue Recognized | (30,000,000) | (30,183,000) | (25,000,000) | |
Closing Balance | 15,016,000 | 15,003,000 | $ 15,009,000 | |
Kensington | December 2020 Prepayment [Member] | ||||
Contract Liabilities | ||||
Opening Balance | 15,000,000 | |||
Deferred Revenue Recognized | $ 15,000,000 | |||
Closing Balance | $ 15,000,000 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Financial information relating to reporting segments | |||||
Revenue | $ 832,828 | $ 785,461 | $ 711,502 | ||
Amortization | 128,315 | 131,387 | 178,876 | ||
Write-downs | 0 | 0 | 250,814 | ||
Other operating expenses | 89,077 | 89,376 | 52,914 | ||
Loss on debt extinguishments | (9,173) | 0 | (1,281) | ||
Fair value adjustments, net, pretax | (543) | 7,601 | 16,030 | ||
Interest expense, net of capitalized interest | (16,451) | (20,708) | (24,771) | ||
Other, net | (22,925) | (5,941) | (3,193) | ||
Income and mining tax (expense) benefit | (34,958) | (37,045) | 11,129 | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (31,322) | 25,627 | (346,896) | ||
Net income (loss) | (31,322) | 25,627 | (341,203) | ||
Income (loss) from discontinued operations | 0 | 0 | 5,693 | ||
Assets, Net | 1,424,934 | 1,232,153 | 1,215,783 | ||
Capital expenditures | 309,781 | 99,279 | 99,772 | ||
Palmarejo [Member] | |||||
Financial information relating to reporting segments | |||||
Amortization | 36,062 | 44,873 | 59,379 | ||
Other operating expenses | 4,443 | 7,927 | 4,591 | ||
Loss on debt extinguishments | 0 | 0 | |||
Fair value adjustments, net, pretax | 0 | 0 | 0 | ||
Interest expense, net of capitalized interest | (592) | (918) | (444) | ||
Other, net | (28,197) | (5,273) | (4,798) | ||
Income and mining tax (expense) benefit | (29,730) | (28,029) | (14,257) | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 59,034 | 67,402 | 21,647 | ||
Income (loss) from discontinued operations | 0 | ||||
Assets, Net | 294,893 | 305,291 | 319,292 | ||
Capital expenditures | 36,539 | 25,511 | 32,658 | ||
Rochester [Member] | |||||
Financial information relating to reporting segments | |||||
Amortization | 20,187 | 14,306 | 18,041 | ||
Other operating expenses | 5,886 | 5,144 | 4,572 | ||
Loss on debt extinguishments | 0 | 0 | |||
Fair value adjustments, net, pretax | 0 | 0 | 0 | ||
Interest expense, net of capitalized interest | (1,034) | (1,142) | (1,015) | ||
Other, net | (357) | (2,718) | (378) | ||
Income and mining tax (expense) benefit | 559 | (863) | (709) | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (33,339) | (3,335) | (13,553) | ||
Income (loss) from discontinued operations | 0 | ||||
Assets, Net | 559,283 | 346,986 | 284,878 | ||
Capital expenditures | 166,548 | 37,542 | 22,592 | ||
Kensington | |||||
Financial information relating to reporting segments | |||||
Amortization | 54,933 | 49,477 | 50,592 | ||
Other operating expenses | 6,299 | 12,012 | 1,248 | ||
Loss on debt extinguishments | 0 | 0 | |||
Fair value adjustments, net, pretax | 0 | 0 | 0 | ||
Interest expense, net of capitalized interest | (704) | (1,017) | (1,333) | ||
Other, net | (150) | (18) | (704) | ||
Income and mining tax (expense) benefit | (414) | (1,244) | 0 | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 12,784 | 22,434 | 2,044 | ||
Income (loss) from discontinued operations | 0 | ||||
Assets, Net | 142,926 | 169,414 | 194,076 | ||
Capital expenditures | 27,522 | 19,825 | 23,513 | ||
Wharf [Member] | |||||
Financial information relating to reporting segments | |||||
Amortization | 11,038 | 12,473 | 12,280 | ||
Other operating expenses | 1,786 | 838 | 2,832 | ||
Loss on debt extinguishments | 0 | 0 | |||
Fair value adjustments, net, pretax | 0 | 0 | 0 | ||
Interest expense, net of capitalized interest | (145) | (182) | (100) | ||
Other, net | 1,650 | (69) | 89 | ||
Income and mining tax (expense) benefit | (4,799) | (6,644) | (3,041) | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 56,887 | 59,501 | 22,289 | ||
Income (loss) from discontinued operations | 0 | ||||
Assets, Net | 87,579 | 75,047 | 84,765 | ||
Capital expenditures | 8,072 | 2,447 | 2,220 | ||
Silvertip [Member] | |||||
Financial information relating to reporting segments | |||||
Amortization | 4,797 | 8,923 | 36,738 | ||
Other operating expenses | 25,031 | 23,123 | 1,216 | ||
Loss on debt extinguishments | 0 | 0 | |||
Fair value adjustments, net, pretax | 0 | 0 | 0 | ||
Interest expense, net of capitalized interest | 1,276 | (672) | (1,137) | ||
Other, net | (1,465) | 1,793 | (557) | ||
Income and mining tax (expense) benefit | 1,478 | 0 | 32,084 | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (43,826) | (58,927) | (325,353) | ||
Income (loss) from discontinued operations | 0 | ||||
Assets, Net | 230,617 | 157,529 | 164,125 | ||
Capital expenditures | 70,069 | 13,144 | 17,504 | ||
Other Mining Properties [Member] | |||||
Financial information relating to reporting segments | |||||
Amortization | 1,298 | 1,335 | 1,846 | ||
Other operating expenses | 45,632 | 40,332 | 38,455 | ||
Loss on debt extinguishments | (9,173) | (1,281) | |||
Fair value adjustments, net, pretax | (543) | 7,601 | 16,030 | ||
Interest expense, net of capitalized interest | (15,252) | (16,777) | (20,742) | ||
Other, net | 5,594 | 344 | 3,155 | ||
Income and mining tax (expense) benefit | (2,052) | (265) | (2,948) | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (82,862) | (61,448) | (53,970) | ||
Income (loss) from discontinued operations | 5,693 | ||||
Assets, Net | 109,636 | 177,886 | 168,647 | ||
Capital expenditures | 1,031 | 810 | 1,285 | ||
Gold [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 578,911 | 584,633 | 493,347 | ||
Gold [Member] | Palmarejo [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 150,098 | 154,056 | 141,669 | ||
Gold [Member] | Rochester [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 49,659 | 46,337 | 50,225 | ||
Gold [Member] | Kensington | |||||
Financial information relating to reporting segments | |||||
Revenue | 214,635 | 216,497 | 181,111 | ||
Gold [Member] | Wharf [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 164,519 | 167,743 | 120,342 | ||
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 | 253,917 | 200,175 | 191,478 | ||
Product, Silver | Palmarejo [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 170,176 | 132,525 | 111,032 | ||
Product, Silver | Rochester [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 81,163 | 63,916 | 61,799 | ||
Product, Silver | Kensington | |||||
Financial information relating to reporting segments | |||||
Revenue | 370 | 0 | 0 | ||
Product, Silver | Wharf [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 2,208 | 2,504 | 1,072 | ||
Product, Silver | Silvertip [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 0 | 1,230 | 17,575 | ||
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 | |||
Product, Zinc | Palmarejo [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 0 | 0 | |||
Product, Zinc | Rochester [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 0 | 0 | |||
Product, Zinc | Kensington | |||||
Financial information relating to reporting segments | |||||
Revenue | 0 | 0 | |||
Product, Zinc | Wharf [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 0 | 0 | |||
Product, Zinc | Silvertip [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | (662) | 12,806 | |||
Product, Zinc | Other Mining Properties [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 0 | 0 | |||
Product, Lead | |||||
Financial information relating to reporting segments | |||||
Revenue | 1,315 | 13,871 | |||
Product, Lead | Palmarejo [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 0 | 0 | |||
Product, Lead | Rochester [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 0 | 0 | |||
Product, Lead | Kensington | |||||
Financial information relating to reporting segments | |||||
Revenue | 0 | 0 | |||
Product, Lead | Wharf [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 0 | 0 | |||
Product, Lead | Silvertip [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 1,315 | 13,871 | |||
Product, Lead | Other Mining Properties [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 0 | 0 | |||
Product, Metal [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 832,828 | 785,461 | 711,502 | ||
Product, Metal [Member] | Palmarejo [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 320,274 | 286,581 | 252,701 | ||
Product, Metal [Member] | Rochester [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 130,822 | 110,253 | 112,024 | ||
Product, Metal [Member] | Kensington | |||||
Financial information relating to reporting segments | |||||
Revenue | 215,005 | 216,497 | 181,111 | ||
Product, Metal [Member] | Wharf [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 166,727 | 170,247 | 121,414 | ||
Product, Metal [Member] | Silvertip [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 0 | 1,883 | 44,252 | ||
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 | [1] | 511,539 | 440,335 | 551,181 | |
Product | Palmarejo [Member] | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | 153,655 | [1] | 125,204 | 141,927 | |
Product | Rochester [Member] | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | 131,240 | [1] | 86,112 | 100,205 | |
Product | Kensington | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | 133,065 | [1] | 121,727 | 119,602 | |
Product | Wharf [Member] | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | 93,579 | [1] | 89,635 | 80,689 | |
Product | Silvertip [Member] | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | 0 | [1] | 17,657 | 108,758 | |
Product | Other Mining Properties [Member] | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | 0 | [1] | 0 | 0 | |
Mineral, Exploration | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | 51,169 | 42,643 | 22,527 | ||
Write-downs | 250,814 | ||||
Mineral, Exploration | Palmarejo [Member] | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | 8,561 | 6,955 | 5,658 | ||
Write-downs | 0 | ||||
Mineral, Exploration | Rochester [Member] | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | 6,016 | 3,303 | 657 | ||
Write-downs | 0 | ||||
Mineral, Exploration | Kensington | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | 6,656 | 8,568 | 5,588 | ||
Write-downs | 0 | ||||
Mineral, Exploration | Wharf [Member] | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | 143 | 905 | 272 | ||
Write-downs | 0 | ||||
Mineral, Exploration | Silvertip [Member] | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | 15,287 | 12,228 | 2,469 | ||
Write-downs | 250,814 | ||||
Mineral, Exploration | Other Mining Properties [Member] | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | $ 14,506 | $ 10,684 | 7,883 | ||
Write-downs | $ 0 | ||||
[1] | Excludes amortization. |
Segment Reporting (Details 1)
Segment Reporting (Details 1) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting [Abstract] | |||
Assets, Net | $ 1,424,934 | $ 1,232,153 | $ 1,215,783 |
Cash and cash equivalents | 56,664 | 92,794 | |
Other assets | 252,824 | 79,030 | |
TOTAL ASSETS | $ 1,734,422 | $ 1,403,977 |
Segment Reporting (Details 2)
Segment Reporting (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | $ 1,172,766 | $ 946,929 | |
Revenues | |||
Revenue | 832,828 | 785,461 | $ 711,502 |
United States | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 704,007 | 503,818 | |
Revenues | |||
Revenue | 512,554 | 496,997 | 414,549 |
Canada | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 223,876 | 149,018 | |
Revenues | |||
Revenue | 0 | 1,883 | 44,252 |
Mexico | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 244,758 | 293,436 | |
Revenues | |||
Revenue | 320,274 | 286,581 | $ 252,701 |
Other Foreign Countries [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | $ 125 | $ 657 |
Segment Reporting - Summary of
Segment Reporting - Summary of Concentration Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Concentration Risk [Line Items] | |||
Revenue | $ 832,828 | $ 785,461 | $ 711,502 |
Customer Concentration Risk [Member] | Asahi Formerly Johnson Matthey [Member] | |||
Concentration Risk [Line Items] | |||
Revenue | 323,800 | 272,100 | 341,000 |
Customer Concentration Risk [Member] | Techemet Metal Trading [Member] | |||
Concentration Risk [Line Items] | |||
Revenue | 62,200 | 81,800 | 9,400 |
Customer Concentration Risk [Member] | Ocean Partners [Member] | |||
Concentration Risk [Line Items] | |||
Revenue | 176,400 | 161,000 | 149,700 |
Customer Concentration Risk [Member] | Toronto Dominion Bank | |||
Concentration Risk [Line Items] | |||
Revenue | 61,900 | 88,600 | 35,100 |
Customer Concentration Risk [Member] | Argor-Heraeus | |||
Concentration Risk [Line Items] | |||
Revenue | $ 23,300 | $ 79,900 | $ 23,100 |
Product Concentration Risk [Member] | Dore [Member] | Revenue, Product and Service Benchmark | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 74.00% | 72.00% | 68.00% |
Product Concentration Risk [Member] | Concentrate [Member] | Revenue, Product and Service Benchmark | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 26.00% | 28.00% | 32.00% |
Write-Downs (Details Textual)
Write-Downs (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | $ 0 | $ 0 | $ 250,814 |
Property, Plant and Equipment [Member] | Silvertip [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 43,600 | ||
Mine Development [Member] | Silvertip [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 201,500 | ||
Other Noncurrent Assets [Member] | Silvertip [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | $ 5,700 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Receivables - current portion | |||
Accounts receivable - trade | $ 4,879 | $ 3,293 | |
Refundable value added tax | 18,415 | 17,080 | |
Income Taxes Receivable | 8,418 | 530 | |
Accounts receivable - other | 705 | 2,581 | |
Receivables, net current portion | 32,417 | 23,484 | |
Receivables - non-current portion | |||
Refundable value added tax | [1] | 0 | 26,447 |
Accounts Receivable, Net, Noncurrent | 0 | 26,447 | |
Total receivables | $ 32,417 | $ 49,931 | |
[1] | (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. While the Company continues to pursue recovery from the Mexican government (including through ongoing litigation and potential international arbitration), the Company wrote down the carrying value of the receivable at September 30, 2021. See Note 20 -- Commitments and Contingencies for additional detail. |
Inventory and Ore on Leach Pa_3
Inventory and Ore on Leach Pads (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Inventory, Finished Goods, Net of Reserves | $ 1,643 | $ 2,909 |
Other Inventory, Net of Reserves | 11,353 | 14,788 |
Inventory, Supplies, Net of Reserves | 38,285 | 33,513 |
Inventory | 51,281 | 51,210 |
Ore on Leach Pad, Current | 81,128 | 74,866 |
Ore on leach pads, noncurrent | 73,495 | 81,963 |
Inventory, Ore Stockpiles on Leach Pads, Gross | 154,623 | 156,829 |
Inventory and Ore on Leach Pads | 223,931 | 213,703 |
Long-Term Inventory Stockpile | $ 18,027 | $ 5,664 |
Inventory and Ore on Leach Pa_4
Inventory and Ore on Leach Pads - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Inventory [Line Items] | |||
Inventory Write-down | $ 38,596 | $ 16,821 | $ 69,246 |
Rochester [Member] | |||
Inventory [Line Items] | |||
Inventory Write-down | 8,400 | ||
Rochester [Member] | Amortization | |||
Inventory [Line Items] | |||
Inventory Write-down | 1,100 | ||
Rochester [Member] | Cost of Sales | |||
Inventory [Line Items] | |||
Inventory Write-down | $ 7,300 |
Investments (Details)
Investments (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 16, 2021 | Jun. 09, 2021 | May 10, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Investment in Marketable Securities (Textual) [Abstract] | |||||||
Shares purchased during period, shares | 423,213 | 265,312 | |||||
Shares purchased during period, price per share (in dollars per share) | $ 2.55 | $ 3.30 | |||||
Shares purchased during period, value | $ 1,100 | $ 900 | |||||
Investment owned, percent of assets | 5.90% | ||||||
Equity securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Cost | $ 138,165 | $ 7,668 | |||||
Debt Securities, Available-for-sale [Abstract] | |||||||
Marketable Securities, Realized Gain (Loss) | (768) | (19,140) | $ (860) | ||||
Unrealized gain (loss) on equity securities | (11,244) | (11,539) | $ 15,348 | ||||
Investment in Marketable Securities (Textual) [Abstract] | |||||||
Marketable Securities, Noncurrent | 132,197 | 12,943 | |||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ 5,276 | 0 | |||||
Equity Securities, FV-NI, Unrealized Gain | 1 | 5,968 | |||||
Equity and debt securities | |||||||
Investment in Marketable Securities (Textual) [Abstract] | |||||||
Marketable Securities, Noncurrent | 12,943 | ||||||
Metalla Royalty & Streaming Ltd. | |||||||
Investment in Marketable Securities (Textual) [Abstract] | |||||||
Proceeds from sale of equity method investments | 900 | ||||||
Equity method investment, realized gain on disposal | $ 800 | ||||||
Equity method investment, amount sold (in shares) | 83,556 | ||||||
Metalla Royalty & Streaming Ltd. | Equity securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Cost | 166 | ||||||
Investment in Marketable Securities (Textual) [Abstract] | |||||||
Marketable Securities, Noncurrent | 1,041 | ||||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 875 | ||||||
Equity Securities, FV-NI, Unrealized Gain | 0 | ||||||
Integra Resources Corp. [Member] | Equity securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Cost | $ 9,455 | 7,500 | |||||
Investment in Marketable Securities (Textual) [Abstract] | |||||||
Marketable Securities, Noncurrent | 7,986 | 11,901 | |||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 4,401 | 0 | |||||
Equity Securities, FV-NI, Unrealized Gain | 0 | 1,469 | |||||
Other Investments [Member] | Equity securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Cost | 2 | ||||||
Investment in Marketable Securities (Textual) [Abstract] | |||||||
Marketable Securities, Noncurrent | 1 | ||||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 0 | ||||||
Equity Securities, FV-NI, Unrealized Gain | $ 1 | ||||||
Victoria Gold Corp | |||||||
Investment in Marketable Securities (Textual) [Abstract] | |||||||
Asset acquisition, percentage of shares acquired | 17.80% | ||||||
Asset acquisition, number of common stock shares acquired | 11,067,714 | ||||||
Asset acquisition, entity shares issued in exchange agreement (in shares) | 12,785,485 | ||||||
Asset acquisition, percentage equity issued for exchange | 4.90% | ||||||
Victoria Gold Corp | Equity securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Cost | 128,710 | ||||||
Investment in Marketable Securities (Textual) [Abstract] | |||||||
Marketable Securities, Noncurrent | 124,211 | ||||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 0 | ||||||
Equity Securities, FV-NI, Unrealized Gain | 4,499 | ||||||
Level 3 | Equity securities | |||||||
Investment in Marketable Securities (Textual) [Abstract] | |||||||
Marketable Securities, Noncurrent | $ 0 | ||||||
Level 3 | Equity and debt securities | |||||||
Investment in Marketable Securities (Textual) [Abstract] | |||||||
Marketable Securities, Noncurrent | $ 0 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, plant and equipment | ||
Land | $ 8,480 | $ 10,584 |
Building improvements | 668,089 | 659,676 |
Capitalized leases for machinery, equipment and buildings | 115,652 | 100,530 |
Property, plant and equipment, gross | 792,221 | 770,790 |
Accumulated depreciation and amortization | (620,303) | (579,644) |
Property Plant and Equipment Net before Construction in Progress | 171,918 | 191,146 |
Construction in Progress, Gross | 148,049 | 38,993 |
Property, plant and equipment, net | 319,967 | 230,139 |
Accumulated depreciation | $ (63,879) | $ (60,272) |
Mining Properties (Details)
Mining Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Mining Properties | ||
Operational mining properties: | $ 1,248,734 | $ 997,307 |
Accumulated depletion | (710,132) | (650,831) |
Operational mining properties, net | 538,602 | 346,476 |
Mineral interest | 905,998 | 946,226 |
Accumulated depletion | (591,801) | (575,911) |
Mineral interest, net | 314,197 | 370,315 |
Mineral Properties, Net | 852,799 | 716,790 |
Palmarejo [Member] | ||
Mining Properties | ||
Operational mining properties: | 307,698 | 280,184 |
Accumulated depletion | (211,187) | (194,898) |
Operational mining properties, net | 96,511 | 85,286 |
Mineral interest | 629,303 | 629,303 |
Accumulated depletion | (532,155) | (518,866) |
Mineral interest, net | 97,148 | 110,437 |
Mineral Properties, Net | 193,659 | 195,723 |
Rochester [Member] | ||
Mining Properties | ||
Operational mining properties: | 437,833 | 270,648 |
Accumulated depletion | (158,805) | (157,526) |
Operational mining properties, net | 279,028 | 113,122 |
Mineral interest | 19,098 | 18,541 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 19,098 | 18,541 |
Mineral Properties, Net | 298,126 | 131,663 |
Kensington | ||
Mining Properties | ||
Operational mining properties: | 382,492 | 360,201 |
Accumulated depletion | (302,582) | (264,014) |
Operational mining properties, net | 79,910 | 96,187 |
Mineral interest | 0 | 0 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 0 | 0 |
Mineral Properties, Net | 79,910 | 96,187 |
Wharf [Member] | ||
Mining Properties | ||
Operational mining properties: | 49,045 | 33,578 |
Accumulated depletion | (24,358) | (22,547) |
Operational mining properties, net | 24,687 | 11,031 |
Mineral interest | 48,062 | 48,062 |
Accumulated depletion | (34,818) | (32,217) |
Mineral interest, net | 13,244 | 15,845 |
Mineral Properties, Net | 37,931 | 26,876 |
Silvertip [Member] | ||
Mining Properties | ||
Operational mining properties: | 67,805 | 48,589 |
Accumulated depletion | (11,685) | (10,747) |
Operational mining properties, net | 56,120 | 37,842 |
Mineral interest | 114,036 | 105,736 |
Accumulated depletion | (24,828) | (24,828) |
Mineral interest, net | 89,208 | 80,908 |
Mineral Properties, Net | 145,328 | 118,750 |
Sterling [Member] | ||
Mining Properties | ||
Operational mining properties: | 3,861 | 4,107 |
Accumulated depletion | (1,515) | (1,099) |
Operational mining properties, net | 2,346 | 3,008 |
Mineral interest | 95,499 | 95,499 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 95,499 | 95,499 |
Mineral Properties, Net | 97,845 | 98,507 |
La Preciosa [Member] | ||
Mining Properties | ||
Operational mining properties: | 0 | |
Accumulated depletion | 0 | |
Operational mining properties, net | 0 | |
Mineral interest | 49,085 | |
Accumulated depletion | 0 | |
Mineral interest, net | 49,085 | |
Mineral Properties, Net | 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 | |
Accumulated depletion | 0 | |
Mineral interest, net | 0 | 0 |
Mineral Properties, Net | $ 0 | $ 0 |
Leases - Summary of Lease Cost
Leases - Summary of Lease Cost and Cash Flow Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease Cost | |||
Operating lease cost | $ 12,585 | $ 12,036 | $ 11,585 |
Short-term Lease, Cost | 11,219 | 8,055 | 12,975 |
Finance Lease Cost: | |||
Amortization of leased assets | 21,685,000 | 23,921,000 | 21,293,000 |
Finance Lease, Interest Expense | 4,632,000 | 3,634,000 | 4,150,000 |
Total finance lease cost | 26,317,000 | 27,555,000 | 25,443,000 |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | 24,009 | 21,348 | 24,560 |
Financing cash flows from finance leases | $ 31,544,000 | $ 25,984,000 | $ 25,975,000 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Weighted Average Discount Rate | ||
Weighted-average discount rate - finance leases | 5.08% | 5.37% |
Weighted-average discount rate - operating leases | 5.20% | 5.18% |
Operating Leases | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities and other | Accrued liabilities and other |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other long-term liabilities | Other long-term liabilities |
Finance Leases | ||
Property and equipment, gross | $ 115,597 | $ 104,433 |
Accumulated depreciation | (63,879) | (60,272) |
Property and equipment, net | $ 51,718 | $ 44,161 |
Weighted Average Remaining Lease Term | ||
Weighted-average remaining lease term - finance leases | 1 year 7 months 13 days | 1 year 4 months 9 days |
Weighted-average remaining lease term - operating leases | 3 years 2 months 1 day | 4 years |
Capital Lease Obligations | ||
Finance Leases | ||
Debt, non-current | $ 24,407 | $ 25,837 |
Other Current Liabilities | ||
Operating Leases | ||
Accrued liabilities and other | 11,301 | 12,410 |
Other Noncurrent Liabilities | ||
Operating Leases | ||
Other long-term liabilities | 18,660 | 27,433 |
Finance Leases | ||
Total finance lease liabilities | 54,228 | 47,911 |
Other Liabilities | ||
Operating Leases | ||
Total operating lease liabilities | 29,961 | 39,843 |
Other Noncurrent Assets [Member] | ||
Operating Leases | ||
Other assets, non-current | 30,987 | 40,511 |
Capital Lease Obligations | ||
Finance Leases | ||
Debt, current | $ 29,821 | $ 22,074 |
Leases - Summary of Minimum Fut
Leases - Summary of Minimum Future Lease Payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Operating leases | |
2022 | $ 11,574 |
2023 | 10,868 |
2024 | 8,812 |
2025 | 213 |
2026 | 220 |
Thereafter | 946 |
Total | 32,632 |
Less: imputed interest | (2,671) |
Finance leases | |
2022 | 25,657 |
2023 | 15,836 |
2024 | 8,404 |
2025 | 6,839 |
2026 | 3,309 |
Thereafter | 0 |
Total | 60,045 |
Less: imputed interest | $ (5,817) |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Long term debt and capital lease obligations | |||
Current | $ 29,821 | $ 22,074 | |
Debt | 457,680 | 253,427 | |
Senior Notes due 2029 | |||
Long term debt and capital lease obligations | |||
Net unamortized debt issuance costs | 6,700 | 0 | |
Senior Notes due 2024 | |||
Long term debt and capital lease obligations | |||
Net unamortized debt issuance costs | 0 | 2,400 | |
Senior Notes due 2029 | |||
Long term debt and capital lease obligations | |||
Debt | [1] | 368,273 | 0 |
Senior Notes due 2024 | |||
Long term debt and capital lease obligations | |||
Debt | [2] | 0 | 227,590 |
Revolving Credit Facility | |||
Long term debt and capital lease obligations | |||
Debt | [3] | 65,000 | 0 |
Capital Lease Obligations | |||
Long term debt and capital lease obligations | |||
Debt | 24,407 | 25,837 | |
Senior Notes due 2029 | |||
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 |
Revolving Credit Facility | |||
Long term debt and capital lease obligations | |||
Current | [3] | 0 | 0 |
Capital Lease Obligations | |||
Long term debt and capital lease obligations | |||
Current | 29,821 | 22,074 | |
Revolving Credit Facility | |||
Long term debt and capital lease obligations | |||
Net unamortized debt issuance costs | $ 2,400 | $ 1,500 | |
[1] | Net of unamortized debt issuance costs of $6.7 million and $0.0 million at December 31, 2021 and December 31, 2020, respectively. | ||
[2] | Net of unamortized debt issuance costs of $0.0 million and $2.4 million at December 31, 2021 and December 31, 2020, respectively. | ||
[3] | Unamortized debt issuance costs of $2.4 million and $1.5 million at December 31, 2021 and December 31, 2020, respectively, included in Other Non-Current Assets |
Debt (Details Textual)
Debt (Details Textual) - USD ($) | Mar. 31, 2021 | Mar. 01, 2021 | Jun. 01, 2020 | Mar. 31, 2021 | Oct. 31, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 14, 2020 | Dec. 13, 2020 | Sep. 30, 2019 | Sep. 30, 2017 | May 31, 2017 |
Debt Instrument [Line Items] | |||||||||||||
Loss on debt extinguishments | $ (9,173,000) | $ 0 | $ (1,281,000) | ||||||||||
Senior Notes due 2024 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | $ 375,000,000 | ||||||||||||
Proceeds from Debt | $ 367,500,000 | ||||||||||||
Loss on debt extinguishments | $ 9,200,000 | ||||||||||||
Stated interest rate | 5.125% | 5.875% | |||||||||||
Letters of Credit Outstanding, Amount | $ 230,000,000 | ||||||||||||
Debt instrument, redemption price, percentage | 105.125% | ||||||||||||
Repayments of Senior Debt | $ 127,200,000 | $ 102,800,000 | |||||||||||
Debt Instrument, Redemption Price, Per $1000 Of Principal | $ 1,029.38 | ||||||||||||
Rochester Finance Lease | Line of Credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | $ 60,000,000 | ||||||||||||
Stated interest rate | 5.22% | ||||||||||||
Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 300,000,000 | $ 250,000,000 | $ 300,000,000 | $ 250,000,000 | $ 200,000,000 | $ 200,000,000 | |||||||
Letters of Credit Outstanding, Amount | $ 35,000,000 | ||||||||||||
Line of Credit Facility, Increase (Decrease), Net | $ 100,000,000 | $ 50,000,000 | |||||||||||
Revolving Credit Facility | Line of Credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate | 2.40% | ||||||||||||
Long-term debt | $ 65,000,000 | ||||||||||||
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% |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |||
Interest paid on Senior Notes due 2024 | $ 2,591 | $ 13,513 | $ 14,586 |
Interest paid on Senior Notes due 2029 | 16,016 | 0 | 0 |
Interest paid on Revolving Credit Facility | 2,296 | 3,165 | 5,358 |
Finance Lease, Interest Expense | 4,632 | 3,634 | 4,150 |
Amortization of Debt Issuance Costs | 1,726 | 1,525 | 1,491 |
Accretion of Silvertip contingent consideration | 0 | 0 | 396 |
Interest Expense, Other | 303 | 344 | 580 |
Interest Costs Capitalized Adjustment | (11,113) | (1,473) | (1,790) |
Interest Costs Incurred | $ 16,451 | $ 20,708 | $ 24,771 |
Reclamation (Details)
Reclamation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Asset retirement obligation | ||
Asset retirement obligation - Beginning | $ 137,120 | $ 134,398 |
Accretion | 11,815 | 11,574 |
Additions and changes in estimates | 34,016 | (6,132) |
Settlements | (3,845) | (2,720) |
Asset retirement obligation - Ending | 179,106 | 137,120 |
Property, Plant and Equipment [Line Items] | ||
Additions and changes in estimates | 34,016 | (6,132) |
Accrued reclamation liabilities, former mines | $ 2,800 | $ 2,200 |
Income and Mining Taxes - Incom
Income and Mining Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Examination [Line Items] | |||
United States, Income (loss) before tax | $ (34,196) | $ 40,890 | $ (16,702) |
Foreign, Income (loss) before tax | 37,832 | 21,782 | (341,323) |
Income (loss) before income and mining taxes | 3,636 | 62,672 | (358,025) |
Tax (expense) benefit | $ 34,958 | $ 37,045 | $ (11,129) |
Income and Mining Taxes - Narra
Income and Mining Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | |||
Tax (expense) benefit | $ 34,958 | $ 37,045 | $ (11,129) |
Unrecognized Tax Benefits | 300 | 700 | 2,700 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 400 | $ 1,100 | $ 2,300 |
Minimum | |||
Income Tax Contingency [Line Items] | |||
Unrecognized income tax liability | 500 | ||
Maximum | |||
Income Tax Contingency [Line Items] | |||
Unrecognized income tax liability | $ 1,000 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Examination [Line Items] | |||
Current Other Tax Expense (Benefit) | $ 0 | $ 33 | $ (3) |
Deferred Other Tax Expense (Benefit) | 0 | 0 | 0 |
Income tax (expense) benefit | (34,958) | (37,045) | 11,129 |
United States | |||
Income Tax Examination [Line Items] | |||
Current federal tax expense (benefit) | (25) | (226) | 334 |
Deferred federal income tax expense (benefit) | 651 | 49 | (236) |
United States — State mining taxes | |||
Income Tax Examination [Line Items] | |||
Current federal tax expense (benefit) | 5,691 | 8,384 | 4,001 |
Deferred federal income tax expense (benefit) | (1,037) | 354 | (251) |
United States — Foreign withholding tax | |||
Income Tax Examination [Line Items] | |||
Current federal tax expense (benefit) | 862 | 800 | 1,598 |
Canada | |||
Income Tax Examination [Line Items] | |||
Current foreign tax expense (benefit) | 0 | (232) | (119) |
Deferred foreign income tax expense (benefit) | (1,224) | 0 | (32,084) |
Mexico | |||
Income Tax Examination [Line Items] | |||
Current foreign tax expense (benefit) | 31,175 | 36,066 | 19,619 |
Deferred foreign income tax expense (benefit) | $ (1,135) | $ (8,117) | $ (3,994) |
Income and Mining Taxes - Recon
Income and Mining Taxes - Reconciliation of Effective Income Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income and mining tax (expense) benefit at statutory rate | $ (764) | $ (13,161) | $ 75,185 |
State tax provision from continuing operations | 2,009 | (152) | 1,243 |
Change in valuation allowance | (28,615) | (17,522) | (77,220) |
Percentage depletion | 4,968 | 5,056 | 820 |
Uncertain tax positions | 920 | 2,321 | 2,358 |
U.S. and foreign permanent differences | 4,105 | 3,844 | 2,272 |
Foreign exchange rates | (384) | 1,390 | (7,066) |
Foreign inflation and indexing | (1,087) | 684 | (2,933) |
Foreign tax rate differences | (4,901) | (3,971) | 19,729 |
Mining, foreign withholding, and other taxes | (12,599) | (17,457) | (2,746) |
Other, net | 1,390 | 1,923 | (513) |
Income and mining tax benefit (expense) | $ 34,958 | $ 37,045 | $ (11,129) |
Income and Mining Taxes - Defer
Income and Mining Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax liabilities: | ||
Inventory | $ 0 | $ 5 |
Royalty and other long-term debt | 1,495 | 1,094 |
Foreign subsidiaries - unremitted earnings | 0 | 99 |
Gross deferred tax liabilities | 1,495 | 1,198 |
Deferred tax assets: | ||
Net operating loss carryforwards | 267,944 | 241,985 |
Deferred Tax Assets, Mineral Properties | 6,525 | 1,907 |
Property, plant, and equipment | 13,161 | 10,841 |
Mining Royalty Tax | 8,147 | 7,447 |
Capital loss carryforwards | 15,404 | 17,341 |
Asset retirement obligation | 39,262 | 38,761 |
Unrealized foreign currency loss and other | 1,013 | 3,386 |
Accrued expenses | 20,589 | 16,849 |
Tax credit carryforwards | 26,594 | 29,809 |
Gross deferred tax assets | 398,639 | 368,326 |
Valuation allowance | (430,053) | (401,304) |
Deferred tax assets, net of valuation allowance | (31,414) | (32,978) |
Net deferred tax liabilities | $ 32,909 | $ 34,176 |
Income and Mining Taxes - Valua
Income and Mining Taxes - Valuation Allowance (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Examination [Line Items] | ||
Valuation allowance | $ 430,053 | $ 401,304 |
United States | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | 228,942 | 215,396 |
Canada | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | 165,561 | 146,611 |
Mexico | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | 13,277 | 15,885 |
New Zealand | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | 21,822 | 22,740 |
Other jurisdictions | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | $ 451 | $ 672 |
Income and Mining Taxes - Summa
Income and Mining Taxes - Summary of Tax Credit Carryforwards (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Tax Credit Carryforward [Line Items] | |
Regular net operating losses | $ 981,709 |
Capital losses | 56,534 |
Foreign tax credits | 21,614 |
United States | |
Tax Credit Carryforward [Line Items] | |
Regular net operating losses | 466,708 |
Capital losses | 56,534 |
Foreign tax credits | 21,614 |
Canada | |
Tax Credit Carryforward [Line Items] | |
Regular net operating losses | 392,061 |
Mexico | |
Tax Credit Carryforward [Line Items] | |
Regular net operating losses | 44,257 |
New Zealand | |
Tax Credit Carryforward [Line Items] | |
Regular net operating losses | 77,764 |
Other jurisdictions | |
Tax Credit Carryforward [Line Items] | |
Regular net operating losses | $ 919 |
Income and Mining Taxes - Rec_2
Income and Mining Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning unrecognized tax benefits | $ 723 | $ 2,706 |
Gross increase to current period tax positions | 0 | 0 |
Gross increase to prior period tax positions | 0 | (122) |
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations | (428) | (1,861) |
Ending unrecognized tax benefits | $ 295 | $ 723 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation cost | $ 9.4 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 6 months | ||
Annual Incentive Plan and Long Term Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense for stock based compensation awards | $ 13.7 | $ 8.5 | $ 9.3 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restriced Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | $ 9.4 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 6 months | ||
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) | 2,724,724 | 2,184,675 | 1,541,648 |
Granted (in shares) | 932,442 | 1,676,634 | 1,586,590 |
Vested (in shares) | (1,179,857) | (928,778) | (797,025) |
Canceled/Forfeited (in shares) | (332,505) | (207,807) | (146,538) |
Shares outstanding ending balance (in shares) | 2,144,804 | 2,724,724 | 2,184,675 |
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) | $ 5.26 | $ 5.89 | $ 7.14 |
Canceled/Forfeited (in dollars per share) | 5.83 | 5.36 | 5.70 |
Grant date fair value of restricted stock | 8.88 | 5.13 | 4.90 |
Vested (in dollars per share) | 5.53 | 6.46 | 6.36 |
Shares outstanding, Weighted Average Grant Date Fair Value, ending balance (in dollars per share) | $ 6.60 | $ 5.26 | $ 5.89 |
Unrecognized stock-based compensation cost | $ 4.4 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 3 months 18 days |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance Shares Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | 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 | $ 9.4 | |||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 6 months | |||
Performance shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||
Shares outstanding (in shares) | 2,390,013 | 2,335,102 | 1,214,145 | 1,538,315 |
Granted (in shares) | 602,933 | 1,343,953 | 946,000 | |
Vested (in shares) | (143,312) | (54,132) | (969,903) | |
Canceled/Forfeited (in shares) | (404,710) | (168,864) | (300,267) | |
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) | $ 4.83 | $ 6.93 | $ 4.05 | |
Grant date fair value of restricted stock | 10.13 | 3.95 | 4.71 | |
Vested (in dollars per share) | 7.39 | 11.47 | 1.77 | |
Canceled/Forfeited (in dollars per share) | 6.12 | 10.71 | 1.84 | |
Shares outstanding, Weighted Average Grant Date Fair Value, ending balance (in dollars per share) | $ 5.80 | $ 4.83 | $ 6.93 | |
Unrecognized stock-based compensation cost | $ 5 | |||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 8 months 12 days | |||
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) | |||
Performance shares | 2018 Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||
Granted (in shares) | 1,421 | |||
Canceled/Forfeited (in shares) | (141,894) |
Stock-Based Compensation - Shar
Stock-Based Compensation - Share Appreciation Rights (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | ||||
Stock options outstanding (in shares) | 131,253 | 222,273 | 291,779 | 319,086 |
Stock options outstanding (in dollars per share) | $ 16.91 | $ 15.44 | $ 14.05 | $ 13.53 |
SARS outstanding (in shares) | 0 | 0 | 32,282 | 42,152 |
SARs outstanding (in dollars per share) | $ 0 | $ 0 | $ 15.40 | $ 14.14 |
Stock options granted (in shares) | (57,721) | (30,401) | (11,055) | |
Stock options granted (in dollars per share) | $ 7.74 | $ 5.57 | $ 5.57 | |
SARs granted (in shares) | 0 | 0 | 0 | |
SARs granted (in dollars per share) | $ 0 | $ 0 | $ 0 | |
Stock options exercised (in shares) | (16,455) | (39,105) | (11,519) | |
Stock options exercised (in dollars per share) | $ 18.45 | $ 12.77 | $ 9.31 | |
SARs exercised (in shares) | 0 | 0 | 0 | |
SARs exercised (in dollars per share) | $ 0 | $ 0 | $ 0 | |
Stock options canceled/forfeited (in shares) | (4,733) | |||
Stock options canceled/forfeited (in dollars per share) | $ 10 | |||
SARs canceled/forfeited (in shares) | (9,870) | |||
SARs canceled/forfeited (in dollars per share) | $ 10 | |||
Stock options expired (in shares) | (16,844) | 0 | ||
Stock options expired (in dollars per share) | $ 27.45 | $ 0 | ||
SARs expired (in shares) | 0 | (32,282) | ||
SARS expired (in dollars per share) | $ 0 | $ 15.40 |
Stock-Based Compensation - Outs
Stock-Based Compensation - Outstanding Stock Options (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Outstanding, shares | 131,253 | ||
Outstanding (in dollars per share) | $ 16.91 | ||
Outstanding, remaining term | 2 years 3 months 18 days | ||
Outstanding, intrinsic value | $ 0 | ||
Vested and expected to vest, shares | 131,253 | ||
Vested and expected to vest (in dollars per share) | $ 16.91 | ||
Vested and expected to vest, remaining term | 2 years 3 months 18 days | ||
Vested and expected to vest, intrinsic value | $ 0 | ||
Exercisable, shares | 131,253 | ||
Exercisable (in dollars per share) | $ 16.91 | ||
Exercisable, remaining term | 2 years 3 months 18 days | ||
Exercisable, intrinsic value | $ 0 | ||
Options exercises in period, intrinsic value | 100,000 | ||
Proceeds from stock options exercised | 400,000 | ||
Options, vested in period, fair value | $ 0 | $ 0 | $ 0 |
Zero to Ten Dollars | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Outstanding, shares | 54,330 | ||
Outstanding (in dollars per share) | $ 7.49 | ||
Outstanding, remaining term | 4 years 4 months 24 days | ||
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 | 10 months 24 days | ||
Twenty Dollars to Thirty Dollars | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Outstanding, shares | 62,289 | ||
Outstanding (in dollars per share) | $ 25.27 | ||
Outstanding, remaining term | 8 months 12 days |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Gain (Loss) Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value adjustments, net | $ (543) | $ 7,601 | $ 16,030 |
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | 9,933 | 0 | 0 |
Net derivative gain (loss) | 0 | 0 | (178) |
Interest rate swap | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net derivative gain (loss) | 0 | 0 | (178) |
Equity Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized gain (loss) on equity securities | (11,244) | (11,539) | 15,348 |
Realized gain (loss) on equity securities | 768 | 19,140 | 860 |
Exchange agreement embedded derivative | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $ 9,933 | $ 0 | $ 0 |
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, 2021 | Dec. 31, 2020 |
Assets: | ||
Fair value of other derivative instruments, net | $ 13,747 | |
Assets | $ 132,283 | 27,171 |
Liabilities: | ||
Total liabilities | 1,374 | 24,950 |
Provisional metal sales contracts | ||
Assets: | ||
Fair value of other derivative instruments, net | 86 | 481 |
Liabilities: | ||
Fair value of derivative liability | 162 | 67 |
Gold zero cost collars | ||
Liabilities: | ||
Fair value of derivative liability | 1,212 | 24,883 |
Equity Securities | ||
Liabilities: | ||
Marketable Securities, Noncurrent | 132,197 | 12,943 |
Equity and debt securities | ||
Liabilities: | ||
Marketable Securities, Noncurrent | 12,943 | |
Level 1 | ||
Assets: | ||
Assets | 132,197 | 12,943 |
Liabilities: | ||
Total liabilities | 0 | 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 | Gold zero cost collars | ||
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 1 | Foreign Exchange Forward | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | |
Level 1 | Equity Securities | ||
Liabilities: | ||
Marketable Securities, Noncurrent | 132,197 | |
Level 1 | Equity and debt securities | ||
Liabilities: | ||
Marketable Securities, Noncurrent | 12,943 | |
Level 2 | ||
Assets: | ||
Assets | 86 | 14,228 |
Liabilities: | ||
Total liabilities | 1,374 | 24,950 |
Level 2 | Provisional metal sales contracts | ||
Assets: | ||
Fair value of other derivative instruments, net | 86 | 481 |
Liabilities: | ||
Fair value of derivative liability | 162 | 67 |
Level 2 | Gold zero cost collars | ||
Liabilities: | ||
Fair value of derivative liability | 1,212 | 24,883 |
Level 2 | Foreign Exchange Forward | ||
Assets: | ||
Fair value of other derivative instruments, net | 13,747 | |
Level 2 | Equity Securities | ||
Liabilities: | ||
Marketable Securities, Noncurrent | 0 | |
Level 2 | Equity and debt securities | ||
Liabilities: | ||
Marketable Securities, Noncurrent | 0 | |
Level 3 | ||
Assets: | ||
Assets | 0 | 0 |
Liabilities: | ||
Total liabilities | 0 | 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 | ||
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 3 | Foreign Exchange Forward | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | |
Level 3 | Equity Securities | ||
Liabilities: | ||
Marketable Securities, Noncurrent | $ 0 | |
Level 3 | Equity and debt securities | ||
Liabilities: | ||
Marketable Securities, Noncurrent | $ 0 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Level 3 Financial Assets and Liabilities (Details) - Exchange agreement embedded derivative - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2021 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the start of the period | $ 0 | $ 25,000 |
Initial valuation | 9,933 | 0 |
Revaluation | (9,933) | 0 |
Settlements | 0 | (25,000) |
Balance at the end of the period | $ 0 | $ 0 |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary of Assets and Liabilities Carried at Book Value (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | May 31, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Book value | $ 457,680 | $ 253,427 | ||
Senior Notes due 2024 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Book value | [1] | 0 | 227,590 | |
Revolving Credit Facility | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Book value | [2] | 65,000 | 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 | 337,384 | 229,874 | ||
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 | 337,384 | 229,874 | ||
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 | 65,000 | 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 | 65,000 | 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 | 5.125% | 5.875% | ||
Net unamortized debt issuance costs | $ 0 | 2,400 | ||
Revolving Credit Facility | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Net unamortized debt issuance costs | $ 2,400 | $ 1,500 | ||
[1] | Net of unamortized debt issuance costs of $0.0 million and $2.4 million at December 31, 2021 and December 31, 2020, respectively. | |||
[2] | Unamortized debt issuance costs of $2.4 million and $1.5 million at December 31, 2021 and December 31, 2020, 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, 2021USD ($)milestone | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | 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 | $ 0 | $ 2.4 | ||||
Stated interest rate | 5.125% | 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, 2021USD ($)oz$ / oz |
2018 | |
Derivative instruments Settlement | |
Derivative average price | $ / oz | 1,798 |
Notional Amount Derivative | $ | $ 29,481 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 16,393 |
2023 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) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair value of the derivative instruments | ||
Fair value of derivative asset | $ 13,747 | |
Silver and Gold Concentrate Sales Agreements | Prepaid expenses and other | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | $ 86 | 481 |
Silver and Gold Concentrate Sales Agreements | Accrued liabilities and other | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | $ 162 | $ 67 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Provisional gain (loss) on derivatives and commodity contracts | $ (490) | $ 959 | $ 337 |
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | 9,933 | 0 | 0 |
Net derivative gain (loss) | 0 | 0 | (178) |
Fair value adjustments, net, pretax | (543) | 7,601 | 16,030 |
Fair value adjustments, net | $ 9,443 | $ 959 | $ 159 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Provisional gain (loss) on derivatives and commodity contracts | $ (490) | $ 959 | $ 337 |
Net derivative gain (loss) | 0 | 0 | (178) |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 1,200 | ||
Interest rate swap | |||
Derivative [Line Items] | |||
Net derivative gain (loss) | 0 | $ 0 | $ (178) |
Designated as Hedging Instrument | Gold zero cost collars | |||
Derivative [Line Items] | |||
After tax gains in AOCI | $ 1,200 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Summary of Classification of Fair Value on Derivatives Designated as Cash Flow Hedges (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | $ 13,747 | |
Designated as Hedging Instrument | Prepaid expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 13,747 | |
Designated as Hedging Instrument | Accrued liabilities and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | 24,883 | |
Gold zero cost collars | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | $ 1,212 | 24,883 |
Gold zero cost collars | Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | 1,212 | 24,883 |
Gold zero cost collars | Designated as Hedging Instrument | Prepaid expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 0 | 0 |
Gold zero cost collars | Designated as Hedging Instrument | Accrued liabilities and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | $ 1,212 | 24,883 |
Foreign Exchange Forward | Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 13,747 | |
Foreign Exchange Forward | Designated as Hedging Instrument | Prepaid expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 13,747 | |
Foreign Exchange Forward | Designated as Hedging Instrument | 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 | 12 Months Ended |
Dec. 31, 2021oz$ / oz | |
Gold Put Options - 2020 | |
Derivative [Line Items] | |
Average gold strike price per ounce | $ / oz | 1,630 |
Notional ounces | oz | 132,000 |
Gold Call Options - 2020 | |
Derivative [Line Items] | |
Average gold strike price per ounce | $ / oz | 2,038 |
Notional ounces | oz | 132,000 |
Gold Put Options - 2021 | |
Derivative [Line Items] | |
Average gold strike price per ounce | $ / oz | 0 |
Notional ounces | oz | 0 |
Gold Call Options - 2021 | |
Derivative [Line Items] | |
Average gold strike price per ounce | $ / oz | 0 |
Notional ounces | oz | 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gains (losses) recognized in OCI - effective portion: | $ 22,783 | $ (12,434) | $ (136) |
Gains (losses) reclassified from AOCI into net income - effective portion: | (12,859) | 1,434 | 0 |
Gold zero cost collars | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gains (losses) recognized in OCI - effective portion: | 22,733 | (32,345) | (136) |
Gains (losses) reclassified from AOCI into net income - effective portion: | 938 | 7,598 | 0 |
Foreign Exchange Forward | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gains (losses) recognized in OCI - effective portion: | 50 | 19,911 | 0 |
Gains (losses) reclassified from AOCI into net income - effective portion: | $ (13,797) | $ (6,164) | $ 0 |
Other, Net - Summary of Other N
Other, Net - Summary of Other Non-Operating (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |||
Foreign exchange gain (loss) | $ (2,779) | $ (2,245) | $ (4,346) |
Gain (loss) on sale of assets and investments | 4,111 | (2,849) | (714) |
Valued added tax write-down | (25,982) | 0 | 0 |
Gold zero cost collars novation fee | (3,819) | ||
Gain (loss) on sale of Manquiri consideration | 0 | 365 | 133 |
RMC receivable write-down | 0 | 0 | (1,040) |
Gain (loss) on Silvertip consideration | 0 | 955 | 0 |
Interest Income, Other | 0 | 0 | 198 |
Other | 1,725 | 1,652 | 2,576 |
Other, net | $ (22,925) | $ (5,941) | $ (3,193) |
Other, Net - Summary of Pre-dev
Other, Net - Summary of Pre-development, reclamation and other (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |||
Accretion Expense, Including Asset Retirement Obligations | $ 11,988 | $ 11,754 | $ 12,154 |
Other Operating Income (Expense), Net | 5,144 | 4,813 | 6,267 |
Gain (Loss) on Termination of Lease | 0 | (4,051) | 0 |
Covid-19 Related Costs | 6,618 | 15,555 | 0 |
Care and maintenance costs | 24,928 | 16,384 | 0 |
Temporary Suspension Costs | 0 | 11,199 | 0 |
Pre-development, reclamation, and other | $ 48,678 | $ 55,654 | $ 18,421 |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share (Textual) [Abstract] | |||
Number of antidilutive shares of common stock equivalents | 634,419 | 389,629 | 1,137,726 |
Net Income (Loss) Attributable to Coeur Stockholders | |||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ (31,322) | $ 25,627 | $ (346,896) |
Income (loss) from discontinued operations | 0 | 0 | 5,693 |
NET INCOME (LOSS) | $ (31,322) | $ 25,627 | $ (341,203) |
Weighted Average Number of Shares Outstanding | |||
Weighted Average Number of Shares Outstanding, Basic | 250,044,000 | 240,803,000 | 218,812,000 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 1,746,000 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | 250,044,000 | 242,549,000 | 218,812,000 |
Basic EPS | |||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.13) | $ 0.11 | $ (1.59) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | 0.03 |
Earnings Per Share, Basic | (0.13) | 0.11 | (1.56) |
Diluted EPS | |||
Income (Loss) from Continuing Operations, Per Diluted Share | (0.13) | 0.11 | (1.59) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0 | 0.03 |
Earnings Per Share, Diluted | $ (0.13) | $ 0.11 | $ (1.56) |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Summary of Common Stock Issuance (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Subsidiary, Sale of Stock [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Net proceeds | $ 0 | $ 0 | $ 123,059,000 |
Stock issued during period, value, new issues | 118,777,000 | $ 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 56,664 | $ 92,794 | ||
Receivables | 32,417 | 23,484 | ||
Ore on leach pads | 81,128 | 74,866 | ||
Inventory | 51,281 | 51,210 | ||
Prepaid expenses and other | 13,847 | 27,254 | ||
Current assets | 289,577 | 269,608 | ||
Property, plant and equipment, net | 319,967 | 230,139 | ||
Restricted assets | 9,138 | 9,492 | ||
Equity securities | 132,197 | 12,943 | ||
Other | 57,249 | 56,595 | ||
TOTAL ASSETS | 1,734,422 | 1,403,977 | ||
Accounts payable | 103,901 | 90,577 | ||
Accrued liabilities and other | 87,946 | 119,158 | ||
Debt | 29,821 | 22,074 | ||
Reclamation | 2,931 | 2,299 | ||
Current liabilities | 235,868 | 234,108 | ||
Debt | 457,680 | 253,427 | ||
Reclamation | 178,957 | 136,975 | ||
Deferred tax liabilities | 21,969 | 34,202 | ||
Other long-term liabilities | 39,686 | 51,786 | ||
Non-current liabilities | 698,292 | 476,390 | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 256,919,803 issued and outstanding at December 31, 2021 and 243,751,283 at December 31, 2020 | 2,569 | 2,438 | ||
Additional paid-in capital | 3,738,347 | 3,610,297 | ||
Accumulated deficit | (2,939,442) | (2,908,120) | ||
Accumulated other comprehensive income (loss) | (1,212) | (11,136) | ||
Stockholders' equity | 800,262 | 693,479 | $ 667,004 | $ 852,512 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 1,734,422 | 1,403,977 | ||
Coeur Mining, Inc. | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 2,499 | 12,727 | ||
Receivables | (14) | 381 | ||
Ore on leach pads | 0 | 0 | ||
Inventory | 0 | 0 | ||
Prepaid expenses and other | 8,660 | 20,872 | ||
Current assets | 11,145 | 33,980 | ||
Property, plant and equipment, net | 1,476 | 1,946 | ||
Mining properties, net | 0 | 0 | ||
Ore on leach pads | 0 | 0 | ||
Restricted assets | 1,496 | |||
Equity securities | 132,197 | |||
Marketable Securities, Noncurrent | 12,943 | |||
Net investment in subsidiaries | 794,254 | 514,705 | ||
Other | 47,317 | 198,587 | ||
TOTAL ASSETS | 987,885 | 763,643 | ||
Accounts payable | 1,624 | 1,978 | ||
Accrued liabilities and other | 16,729 | 36,183 | ||
Debt | 0 | 0 | ||
Reclamation | 0 | 0 | ||
Current liabilities | 18,353 | 38,161 | ||
Debt | 463,318 | 227,592 | ||
Reclamation | 0 | 0 | ||
Deferred tax liabilities | 751 | 100 | ||
Other long-term liabilities | 3,266 | 3,629 | ||
Intercompany payable (receivable) | (298,065) | (199,318) | ||
Non-current liabilities | 169,270 | 32,003 | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 256,919,803 issued and outstanding at December 31, 2021 and 243,751,283 at December 31, 2020 | 2,569 | 2,438 | ||
Additional paid-in capital | 3,738,347 | 3,610,297 | ||
Accumulated deficit | (2,939,442) | (2,908,120) | ||
Accumulated other comprehensive income (loss) | (1,212) | (11,136) | ||
Stockholders' equity | 800,262 | 693,479 | ||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 987,885 | 763,643 | ||
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 16,126 | 28,515 | ||
Receivables | 5,607 | 3,631 | ||
Ore on leach pads | 81,128 | 74,866 | ||
Inventory | 24,954 | 27,223 | ||
Prepaid expenses and other | 813 | 1,375 | ||
Current assets | 128,628 | 135,610 | ||
Property, plant and equipment, net | 188,721 | 148,640 | ||
Mining properties, net | 514,397 | 353,818 | ||
Ore on leach pads | 73,495 | 81,963 | ||
Restricted assets | 206 | |||
Equity securities | 0 | |||
Marketable Securities, Noncurrent | 0 | |||
Net investment in subsidiaries | 56,623 | 72,785 | ||
Other | 53,511 | 51,528 | ||
TOTAL ASSETS | 1,015,581 | 844,550 | ||
Accounts payable | 59,463 | 52,177 | ||
Accrued liabilities and other | 45,676 | 46,023 | ||
Debt | 23,608 | 14,506 | ||
Reclamation | 1,561 | 1,584 | ||
Current liabilities | 130,308 | 114,290 | ||
Debt | 53,166 | 33,321 | ||
Reclamation | 125,695 | 93,349 | ||
Deferred tax liabilities | 7,422 | 8,457 | ||
Other long-term liabilities | 20,826 | 29,916 | ||
Intercompany payable (receivable) | 286,655 | 176,914 | ||
Non-current liabilities | 493,764 | 341,957 | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 256,919,803 issued and outstanding at December 31, 2021 and 243,751,283 at December 31, 2020 | 19,356 | 20,401 | ||
Additional paid-in capital | 340,701 | 340,700 | ||
Accumulated deficit | 31,452 | 27,202 | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Stockholders' equity | 391,509 | 388,303 | ||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,015,581 | $ 844,550 |
Supplemental Guarantor Inform_4
Supplemental Guarantor Information Condensed Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | |||
Write-downs | $ 0 | $ 0 | $ 250,814 |
Loss on debt extinguishments | (9,173) | 0 | (1,281) |
Revenue | 832,828 | 785,461 | 711,502 |
Net income (loss) | (31,322) | 25,627 | (341,203) |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (31,322) | $ 25,627 | $ (346,896) |
Coeur Mining, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | 0 | ||
Gross Profit | (714) | ||
Net income (loss) | (31,324) | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (31,324) | ||
Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | 512,553 | ||
Gross Profit | 67,941 | ||
Net income (loss) | 3,204 | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ 3,204 |
Commitments and Contigencies (D
Commitments and Contigencies (Details Textual) | 12 Months Ended | ||||||||
Dec. 31, 2023USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2021USD ($)milestone | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2018USD ($) | Oct. 02, 2014USD ($) | ||
Business Acquisition [Line Items] | |||||||||
Palmarejo Gold Stream Agreement, Deferred Revenue Unamortized Balance | $ 8,200,000 | ||||||||
Deferred Revenue Recognized | 16,226,000 | $ 16,702,000 | $ 1,857,000 | ||||||
Payment for Contingent Consideration Liability, Financing Activities | 0 | 18,750,000 | 18,697,000 | ||||||
Stock issued during period, value, new issues | 118,777,000 | 122,832,000 | |||||||
Commitment amount per resource amount reached | 597,000,000 | ||||||||
Value Added Tax Receivable, Noncurrent | [1] | 0 | 26,447,000 | ||||||
Surety Bonds Outstanding | 315,100,000 | 311,900,000 | |||||||
Valued added tax write-down | 25,982,000 | 0 | 0 | ||||||
Capital Expenditures Incurred but Not yet Paid | $ 236,000,000 | 30,682,000 | 8,188,000 | ||||||
Long-Term Purchase Commitment, Committed Capital, Percent | 61.00% | ||||||||
Valued-added Tax Outstanding | $ 26,000,000 | ||||||||
Minimum | |||||||||
Business Acquisition [Line Items] | |||||||||
Long-Term Purchase Commitment, Contingent Amount | $ 70,000,000 | ||||||||
Capital Expenditure, Cost Escalation, Percent | 1000.00% | ||||||||
Minimum | Forecast | |||||||||
Business Acquisition [Line Items] | |||||||||
Capital Expenditures Incurred but Not yet Paid | $ 131,000,000 | $ 217,000,000 | |||||||
Maximum | |||||||||
Business Acquisition [Line Items] | |||||||||
Long-Term Purchase Commitment, Contingent Amount | $ 80,000,000 | ||||||||
Capital Expenditure, Cost Escalation, Percent | 15.00% | ||||||||
Maximum | Forecast | |||||||||
Business Acquisition [Line Items] | |||||||||
Capital Expenditures Incurred but Not yet Paid | $ 171,000,000 | $ 257,000,000 | |||||||
Palmarejo gold production royalty | |||||||||
Business Acquisition [Line Items] | |||||||||
Production to be sold, percent | 50.00% | ||||||||
Price per ounce under agreement | $ 800 | ||||||||
Aggregate deposit to be received | $ 22,000,000 | ||||||||
JDS Silver Holdings Ltd. | |||||||||
Business Acquisition [Line Items] | |||||||||
Long-term Purchase Commitment, Milestones | milestone | 2 | ||||||||
POA 11 Expansion | |||||||||
Business Acquisition [Line Items] | |||||||||
Capital Expenditures Incurred but Not yet Paid | $ 40,904,000 | ||||||||
Kensington | |||||||||
Business Acquisition [Line Items] | |||||||||
Deferred Revenue Recognized | (30,000,000) | (30,183,000) | (25,000,000) | ||||||
Revenue liability | 15,016,000 | 15,003,000 | $ 15,009,000 | $ 0 | |||||
Kensington | December 2020 Prepayment [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Deferred Revenue Recognized | 15,000,000 | ||||||||
Revenue liability | $ 15,000,000 | $ 15,000,000 | |||||||
Kensington | June 2021 Prepayment | |||||||||
Business Acquisition [Line Items] | |||||||||
Deferred Revenue Recognized | 15,000,000 | ||||||||
Revenue liability | $ 15,000,000 | $ 15,000,000 | |||||||
[1] | (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. While the Company continues to pursue recovery from the Mexican government (including through ongoing litigation and potential international arbitration), the Company wrote down the carrying value of the receivable at September 30, 2021. See Note 20 -- Commitments and Contingencies for additional detail. |
Discontinued Operations - State
Discontinued Operations - Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Income (loss) from discontinued operations | $ 0 | $ 0 | $ 5,693 |
Held-for-sale | |||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Income (loss) from discontinued operations | $ 5,700 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2019 | Sep. 30, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from the sale of assets | $ 6,824 | $ 5,529 | $ 1,033 | |||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | $ 0 | 5,693 | |||
Promissory note receivable | $ 25,000 | $ 27,600 | ||||
Disposal Group, Including Discontinued Operation, Agreement, Note Receivable Payment | $ 6,000 | $ 15,000 | ||||
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, 2021 | Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |||
Other Accrued Liabilities | $ 5,592 | $ 3,327 | |
Unrealized Gain (Loss) on Derivatives | 1,374 | 24,950 | |
Accrued Income Taxes, Current | 13,856 | 26,118 | |
Accrual for Taxes Other than Income Taxes, Current | 3,284 | 3,616 | |
Interest Payable, Current | 8,038 | 1,855 | |
Accrued Salaries, Current | 28,408 | 30,457 | |
Deferred Revenue | [1] | 16,093 | 16,425 |
Accrued liabilities and other | $ 87,946 | $ 119,158 | |
[1] | See Note 20 -- 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Supplemental Cash Flow Information [Abstract] | ||||
Cash and cash equivalents | $ 56,664 | $ 92,794 | ||
Restricted Cash Equivalents | 1,625 | 1,376 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 58,289 | $ 94,170 | $ 57,018 | $ 118,069 |
Additional Balance Sheet Deta_5
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |||
Finance Lease Obligations | $ 37,860 | $ 5,283 | $ 16,615 |
Capital Expenditures Incurred but Not yet Paid | 236,000 | 30,682 | 8,188 |
Extinguishment of Debt | 0 | 0 | 20,009 |
Non-cash acquisitions and related deferred taxes | 0 | 5,295 | 5,973 |
Non-cash Permit contingent consideration | 118,777 | 0 | 0 |
Interest Paid | 19,655 | 20,634 | 24,428 |
Income Taxes Paid | $ 57,200 | $ 35,600 | $ 33,700 |
Asset And Liabilities Held Fo_3
Asset And Liabilities Held For Sale (Details) $ in Thousands, shares in Millions | Oct. 27, 2021USD ($)$ / ozshares | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Subsequent Event [Line Items] | ||||
Debt | $ 29,821 | $ 22,074 | ||
Discontinued Operations, Disposed of by Sale | La Preciosa [Member] | ||||
Subsequent Event [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 15,000 | |||
Disposal Group, Including Discontinued Operation, Consideration, Note Receivable | $ 5,000 | |||
Disposal Group, Including Discontinued Operation, Equity Consideration | shares | 14 | |||
Disposal Group, Including Discontinued Operation, Consideration, Equity Consideration Premium | 25.00% | |||
Disposal Group, Including Discontinued Operation, Deferred Cash Consideration | $ 8,800 | |||
Disposal Group, Including Discontinued Operation, Contingent Consideration, Payments Per Silver Equivalent | $ / oz | 0.25 | |||
Disposal Group, Including Discontinued Operation, Contingent Consideration, Maximum | $ 50,000 | |||
Gloria And Abundancia | Discontinued Operations, Disposed of by Sale | La Preciosa [Member] | ||||
Subsequent Event [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Consideration, Royalties On Properties | 1.25% | |||
Areas Other Than Gloria And Abundancia | Discontinued Operations, Disposed of by Sale | La Preciosa [Member] | ||||
Subsequent Event [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Consideration, Royalties On Properties | 2.00% | |||
Revolving Credit Facility | ||||
Subsequent Event [Line Items] | ||||
Debt | [1] | $ 0 | $ 0 | |
[1] | Unamortized debt issuance costs of $2.4 million and $1.5 million at December 31, 2021 and December 31, 2020, respectively, included in Other Non-Current Assets |
Asset And Liabilities Held Fo_4
Asset And Liabilities Held For Sale - Major Assets and Liabilities (Details) - La Preciosa [Member] - Discontinued Operations, Disposed of by Sale $ in Thousands | Dec. 31, 2021USD ($) |
Subsequent Event [Line Items] | |
Cash and cash equivalents | $ 234 |
Receivables | 1,211 |
Prepaid expenses and other | 1,338 |
Property, plant and equipment, net | 1,626 |
Mining properties, net | 49,085 |
Other | 746 |
TOTAL ASSETS | 54,240 |
Accounts payable | 311 |
Deferred tax liabilities | 10,958 |
Disposal Group, Including Discontinued Operation, Liabilities | $ 11,269 |