Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 01, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Entity File Number | 001-08641 | |
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 $.01 per share) | |
Trading Symbol | CDE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 280,867,432 | |
Entity Central Index Key | 0000215466 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Period End Date | Jun. 30, 2022 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 74,159 | $ 56,664 |
Receivables | 32,453 | 32,417 |
Inventory | 54,845 | 51,281 |
Ore on leach pads | 96,589 | 81,128 |
Equity Securities, FV-NI, Current | 87,539 | 0 |
Prepaid expenses and other | 34,045 | 13,847 |
Assets held for sale | 0 | 54,240 |
Current assets | 379,630 | 289,577 |
NON-CURRENT ASSETS | ||
Property, plant and equipment, net | 357,444 | 319,967 |
Mining properties, net | 971,047 | 852,799 |
Ore on leach pads, noncurrent | 63,496 | 73,495 |
Restricted assets | 8,484 | 9,138 |
Equity securities | 11,545 | 132,197 |
Receivables, Net, Current | 8,608 | 0 |
Other assets | 60,078 | 57,249 |
TOTAL ASSETS | 1,860,332 | 1,734,422 |
CURRENT LIABILITIES | ||
Accounts payable | 121,238 | 103,901 |
Accrued liabilities and other | 88,334 | 87,946 |
Debt | 28,670 | 29,821 |
Reclamation | 2,853 | 2,931 |
Liabilities held for sale | 0 | 11,269 |
Current liabilities | 241,095 | 235,868 |
NON-CURRENT LIABILITIES | ||
Debt | 518,830 | 457,680 |
Reclamation | 183,549 | 178,957 |
Deferred tax liabilities | 25,350 | 21,969 |
Other long-term liabilities | 34,327 | 39,686 |
Non-current liabilities | $ 762,056 | $ 698,292 |
Common Stock, Shares, Outstanding | 280,805,378 | 256,919,803 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $0.01 per share; authorized 600,000,000 shares, 280,805,378 issued and outstanding at June 30, 2022 and 256,919,803 at December 31, 2021 | $ 2,808 | $ 2,569 |
Additional paid-in capital | 3,837,023 | 3,738,347 |
Accumulated other comprehensive income (loss) | 26,544 | (1,212) |
Accumulated deficit | (3,009,194) | (2,939,442) |
Stockholders' equity | 857,181 | 800,262 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,860,332 | $ 1,734,422 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 280,805,378 | 256,919,803 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 280,805,378 | 256,919,803 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Revenue | $ 204,123 | $ 214,858 | $ 392,527 | $ 416,975 | |
COSTS AND EXPENSES | |||||
Amortization | 27,965 | 31,973 | 54,398 | 61,910 | |
General and administrative | 9,287 | 10,467 | 19,559 | 22,021 | |
Pre-development, reclamation, and other | 9,178 | 12,738 | 20,590 | 26,450 | |
Total costs and expenses | 202,388 | 200,219 | 389,190 | 373,235 | |
OTHER INCOME (EXPENSE), NET | |||||
Loss on debt extinguishments | 0 | 0 | 0 | (9,173) | |
Fair value adjustments, net, pretax | (62,810) | 37,239 | (52,205) | 33,440 | |
Interest expense, net of capitalized interest | (5,170) | (5,093) | (9,738) | (10,003) | |
Other, net | 313 | 701 | 2,050 | 4,328 | |
Total other income (expense), net | (67,667) | 32,847 | (59,893) | 18,592 | |
Income (loss) before income and mining taxes | (65,932) | 47,486 | (56,556) | 62,332 | |
Income and mining tax (expense) benefit | (11,502) | (15,340) | (13,196) | (28,126) | |
NET INCOME (LOSS) | (77,434) | 32,146 | (69,752) | 34,206 | |
OTHER COMPREHENSIVE INCOME (LOSS), Net of Tax: | |||||
Unrealized gain (loss) on hedger, net of tax | 34,245 | (2,982) | 29,027 | 24,376 | |
Reclassification adjustments for realized (gain) loss on cash flow hedges | 1,731 | 3,061 | 1,271 | 5,783 | |
Other comprehensive income (loss) | 32,514 | (6,043) | 27,756 | 18,593 | |
COMPREHENSIVE INCOME (LOSS) | $ (44,920) | $ 26,103 | $ (41,996) | $ 52,799 | |
Basic EPS | |||||
Earnings Per Share, Basic | $ (0.28) | $ 0.13 | $ (0.26) | $ 0.14 | |
Diluted EPS | |||||
Earnings Per Share, Diluted | $ (0.28) | $ 0.13 | $ (0.26) | $ 0.14 | |
Accumulated Deficit [Member] | |||||
OTHER INCOME (EXPENSE), NET | |||||
NET INCOME (LOSS) | $ (77,434) | $ 32,146 | |||
Product | |||||
COSTS AND EXPENSES | |||||
Costs applicable to sales | [1] | 150,679 | 132,595 | $ 283,946 | $ 240,742 |
Mineral, Exploration | |||||
COSTS AND EXPENSES | |||||
Costs applicable to sales | $ 5,279 | $ 12,446 | $ 10,697 | $ 22,112 | |
[1]Excludes amortization. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income (loss) | $ (77,434) | $ 32,146 | $ (69,752) | $ 34,206 |
Adjustments: | ||||
Amortization | 27,965 | 31,973 | 54,398 | 61,910 |
Accretion | 3,529 | 2,965 | 6,992 | 5,870 |
Deferred income taxes | 704 | 5,100 | (7,558) | 5,224 |
Loss on debt extinguishment | 0 | 0 | 0 | 9,173 |
Fair value adjustments, net | 62,810 | (37,239) | 49,066 | (33,440) |
Stock-based compensation | 2,347 | 3,256 | 4,614 | 7,512 |
Inventory Write-down | 9,219 | 0 | 16,814 | 0 |
Revenue Recognized | (241) | (7,255) | (556) | (15,601) |
Foreign exchange and other | 874 | 496 | (466) | (1,832) |
Changes in operating assets and liabilities: | ||||
Receivables | (4,882) | 961 | 4,218 | 1,960 |
Prepaid expenses and other current assets | 3,523 | 1,328 | 3,014 | 673 |
Inventories | (11,263) | 3,259 | (28,935) | (14,227) |
Accounts payable and accrued liabilities | 5,493 | 21,069 | (15,632) | (7,728) |
Cash provided by (used in) operating activities | 22,644 | 58,059 | 16,217 | 53,700 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Capital expenditures | (73,156) | (78,223) | (142,658) | (137,647) |
Proceeds from the sale of assets | 630 | 968 | 16,001 | 5,556 |
Payments to Acquire Investments | 0 | (876) | 0 | (876) |
Sale of investments | 0 | 0 | 0 | 935 |
Other | (10) | (13) | (21) | (30) |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (72,536) | (78,144) | (126,678) | (132,062) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from Issuance of Common Stock | (62) | 0 | 98,335 | 0 |
Issuance of notes and bank borrowings, net of issuance costs | 70,000 | 0 | 155,000 | 367,493 |
Payments on long-term debt, capital leases, and associated costs | (19,037) | (9,611) | (122,304) | (253,578) |
Other | (160) | (233) | (3,563) | (4,158) |
CASH PROVIDED (USED IN) BY FINANCING ACTIVITIES | 50,741 | (9,844) | 127,468 | 109,757 |
Effect of exchange rate changes on cash and cash equivalents | (13) | (56) | 259 | (107) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 836 | (29,985) | 17,266 | 31,288 |
Cash, cash equivalents and restricted cash at beginning of period | 74,719 | 155,443 | 58,289 | 94,170 |
Cash, cash equivalents and restricted cash at end of period | $ 75,555 | $ 125,458 | $ 75,555 | $ 125,458 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Balances, in shares at Dec. 31, 2020 | 243,752,000 | ||||
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) | 2,060 | 2,060 | |||
Other comprehensive income (loss) | 24,636 | 24,636 | |||
Common stock issued under stock-based compensation plans, net (in shares) | (282,000) | ||||
Common stock issued/canceled under long-term incentive plans and director fees and options, net | 331 | $ (3) | 334 | ||
Balances, in shares at Mar. 31, 2021 | 243,470,000 | ||||
Balances at Mar. 31, 2021 | 720,506 | $ 2,435 | 3,610,631 | (2,906,060) | 13,500 |
Balances, in shares at Dec. 31, 2020 | 243,752,000 | ||||
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) | 34,206 | ||||
Other comprehensive income (loss) | 18,593 | ||||
Balances, in shares at Jun. 30, 2021 | 257,048,000 | ||||
Balances at Jun. 30, 2021 | 868,409 | $ 2,570 | 3,732,296 | (2,873,914) | 7,457 |
Balances, in shares at Mar. 31, 2021 | 243,470,000 | ||||
Balances at Mar. 31, 2021 | 720,506 | $ 2,435 | 3,610,631 | (2,906,060) | 13,500 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 32,146 | 32,146 | |||
Other comprehensive income (loss) | (6,043) | (6,043) | |||
Common stock issued for investment (in shares) | 12,786,000 | ||||
Common stock issued under "at the market" stock offering | 118,777 | $ 128 | 118,649 | ||
Common stock issued under stock-based compensation plans, net (in shares) | 792,000 | ||||
Common stock issued/canceled under long-term incentive plans and director fees and options, net | 3,023 | $ 7 | 3,016 | ||
Balances, in shares at Jun. 30, 2021 | 257,048,000 | ||||
Balances at Jun. 30, 2021 | 868,409 | $ 2,570 | 3,732,296 | (2,873,914) | 7,457 |
Balances, in shares at Dec. 31, 2021 | 256,919,000 | ||||
Balances at Dec. 31, 2021 | 800,262 | $ 2,569 | 3,738,347 | (2,939,442) | (1,212) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 7,682 | 7,682 | |||
Other comprehensive income (loss) | (4,758) | (4,758) | |||
Common stock issued for investment (in shares) | 22,053,000 | ||||
Common stock issued under "at the market" stock offering | 98,499 | $ 220 | 98,279 | ||
Common stock issued under stock-based compensation plans, net (in shares) | 1,862,000 | ||||
Common stock issued/canceled under long-term incentive plans and director fees and options, net | (1,711) | $ 19 | (1,730) | ||
Balances, in shares at Mar. 31, 2022 | 280,834,000 | ||||
Balances at Mar. 31, 2022 | 899,974 | $ 2,808 | 3,834,896 | (2,931,760) | (5,970) |
Balances, in shares at Dec. 31, 2021 | 256,919,000 | ||||
Balances at Dec. 31, 2021 | 800,262 | $ 2,569 | 3,738,347 | (2,939,442) | (1,212) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (69,752) | ||||
Other comprehensive income (loss) | $ 27,756 | ||||
Common stock issued for investment (in shares) | 22,053,275 | ||||
Balances, in shares at Jun. 30, 2022 | 280,805,000 | ||||
Balances at Jun. 30, 2022 | $ 857,181 | $ 2,808 | 3,837,023 | (3,009,194) | 26,544 |
Balances, in shares at Mar. 31, 2022 | 280,834,000 | ||||
Balances at Mar. 31, 2022 | 899,974 | $ 2,808 | 3,834,896 | (2,931,760) | (5,970) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (77,434) | (77,434) | |||
Other comprehensive income (loss) | 32,514 | 32,514 | |||
Common stock issued under stock-based compensation plans, net (in shares) | (29,000) | ||||
Common stock issued/canceled under long-term incentive plans and director fees and options, net | 2,127 | $ 0 | 2,127 | ||
Balances, in shares at Jun. 30, 2022 | 280,805,000 | ||||
Balances at Jun. 30, 2022 | $ 857,181 | $ 2,808 | $ 3,837,023 | $ (3,009,194) | $ 26,544 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Basis of Presentation [Abstract] | |
Basis of Accounting | BASIS OF PRESENTATIONThe interim condensed consolidated financial statements of Coeur Mining, Inc. and its subsidiaries (collectively, “Coeur” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2022. The condensed consolidated December 31, 2021 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 10-K”). |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies Please see Note 2 — Summary of Significant Accounting Policies contained in the 2021 10-K. Use of Estimates The Company's Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). 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. Revenue Recognition 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 17 -- Commitments and Contingencies for additional detail. The following table presents a roll forward of the Franco-Nevada contract liability balance: Three Months Ended June 30, Six Months Ended June 30, In thousands 2022 2021 2022 2021 Opening Balance $ 7,835 $ 9,030 $ 8,150 $ 9,376 Revenue Recognized (93) (255) (408) (601) Closing Balance $ 7,742 $ 8,775 $ 7,742 $ 8,775 In December 2021, the Company received a $15.0 million prepayment (the “December 2021 Prepayment”) for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined in Note 17). In March 2022, the Company exercised an option to receive a $10.0 million prepayment (the “March 2022 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 17 -- Commitments and Contingencies for additional detail. The following table presents a roll forward of the Amended Sales Contract liability balance: Three Months Ended June 30, Six Months Ended June 30, In thousands 2022 2021 2022 2021 Opening Balance $ 25,155 $ 7,104 $ 15,016 $ 15,003 Additions 311 14,900 — 10,450 15,001 Revenue Recognized (454) (7,000) (454) (15,000) Closing Balance $ 25,012 $ 15,004 $ 25,012 $ 15,004 Recently Issued Accounting Standards In March 2022, the FASB issued ASU 2022-01, “ Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method ” which is intended to make amendments to the fair value hedge accounting previously issued in ASU 2017-12 “ Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities ”. The new standard is effective for reporting periods beginning after December 15, 2022. The standard introduced the portfolio layer method allowing multiple hedged layers of a single closed portfolio when applying fair value hedge accounting. The Company plans to adopt the new derivatives and hedging standards effective January 1, 2023 and does not expect the new derivatives and hedging standard to have a material effect on our financial position, results of operations or cash flows. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING The Company’s operating segments include the Palmarejo, Rochester, Kensington and Wharf mines and Silvertip development property. 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 development properties, other mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts. Financial information relating to the Company’s segments is as follows (in thousands): Three Months Ended June 30, 2022 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 44,127 $ 15,199 $ 50,030 $ 37,269 $ — $ — $ 146,625 Silver sales 41,837 15,304 233 124 — — 57,498 Metal sales 85,964 30,503 50,263 37,393 — — 204,123 Costs and Expenses Costs applicable to sales (1) 49,063 37,953 39,311 24,352 — — 150,679 Amortization 9,737 4,961 9,369 2,248 1,259 391 27,965 Exploration 1,686 1,466 1,218 — (262) 1,171 5,279 Other operating expenses 752 1,830 308 527 5,090 9,958 18,465 Other income (expense) Fair value adjustments, net — — — — — (62,810) (62,810) Interest expense, net (11) (203) (421) (14) (50) (4,471) (5,170) Other, net (3) 832 (43) (25) 634 (230) (855) 313 Income and mining tax (expense) benefit (10,445) 1,000 127 (972) — (1,212) (11,502) Net Income (loss) $ 15,102 $ (14,953) $ (262) $ 9,914 $ (6,367) $ (80,868) $ (77,434) Segment assets (2) $ 292,246 $ 689,215 $ 149,365 $ 90,645 $ 239,348 $ 163,190 $ 1,624,009 Capital expenditures $ 10,060 $ 46,956 $ 8,828 $ 475 $ 5,703 $ 1,134 $ 73,156 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail Three Months Ended June 30, 2021 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 41,232 $ 14,026 $ 48,807 $ 42,093 $ — $ — $ 146,158 Silver sales 43,802 24,059 — 839 — — 68,700 Metal sales 85,034 38,085 48,807 42,932 — — 214,858 Costs and Expenses Costs applicable to sales (1) 41,918 38,031 29,203 23,443 — — 132,595 Amortization 8,271 6,506 12,710 2,994 1,185 307 31,973 Exploration 1,834 936 1,305 76 3,595 4,700 12,446 Other operating expenses 1,453 1,444 2,273 525 5,964 11,546 23,205 Other income (expense) Fair value adjustments, net — — — — — 37,239 37,239 Interest expense, net (149) (480) (142) (46) 181 (4,457) (5,093) Other, net (3) (371) (92) (42) 628 (237) 815 701 Income and mining tax (expense) benefit (7,559) (33) (707) (1,294) — (5,747) (15,340) Net Income (loss) $ 23,479 $ (9,437) $ 2,425 $ 15,182 $ (10,800) $ 11,297 $ 32,146 Segment assets (2) $ 307,287 $ 435,257 $ 158,456 $ 77,436 $ 189,489 $ 171,517 $ 1,339,442 Capital expenditures $ 9,795 $ 42,272 $ 6,045 $ 1,402 $ 18,525 $ 184 $ 78,223 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail Six Months Ended June 30, 2022 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 84,201 $ 26,251 $ 94,089 $ 71,535 $ — $ — $ 276,076 Silver sales 84,836 30,621 478 516 — — 116,451 Metal sales 169,037 56,872 94,567 72,051 — — 392,527 Costs and Expenses Costs applicable to sales (1) 92,288 70,228 76,221 45,209 — — 283,946 Amortization 19,123 9,671 17,991 4,309 2,518 786 54,398 Exploration 3,296 3,408 1,620 — (262) 2,635 10,697 Other operating expenses 1,673 3,661 923 1,039 11,584 21,269 40,149 Other income (expense) Fair value adjustments, net — — — — — (52,205) (52,205) Interest expense, net (126) (381) (669) (27) (118) (8,417) (9,738) Other, net (3) 493 (91) 81 673 (235) 1,129 2,050 Income and mining tax (expense) benefit (22,520) 965 127 (1,965) — 10,197 (13,196) Net Income (loss) $ 30,504 $ (29,603) $ (2,649) $ 20,175 $ (14,193) $ (73,986) $ (69,752) Segment assets (2) $ 292,246 $ 689,215 $ 149,365 $ 90,645 $ 239,348 $ 163,190 $ 1,624,009 Capital expenditures $ 23,671 $ 80,006 $ 16,752 $ 1,836 $ 17,562 $ 2,831 $ 142,658 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail Six Months Ended June 30, 2021 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 78,799 $ 26,466 $ 103,273 $ 75,942 $ — $ — $ 284,480 Silver sales 86,580 44,376 — 1,539 — — 132,495 Metal sales 165,379 70,842 103,273 77,481 — — 416,975 Costs and Expenses Costs applicable to sales (1) 75,906 62,064 60,597 42,175 — — 240,742 Amortization 17,330 10,083 26,155 5,469 2,271 602 61,910 Exploration 3,527 1,408 2,414 143 6,527 8,093 22,112 Other operating expenses 2,723 2,892 5,268 710 12,519 24,359 48,471 Other income (expense) Loss on debt extinguishment — — — — — (9,173) (9,173) Fair value adjustments, net — — — — — 33,440 33,440 Interest expense, net (336) (702) (374) (83) 226 (8,734) (10,003) Other, net (3) (1,036) (153) (42) 652 (339) 5,246 4,328 Income and mining tax (expense) benefit (18,899) (171) (1,041) (2,423) — (5,592) (28,126) Net Income (loss) $ 45,622 $ (6,631) $ 7,382 $ 27,130 $ (21,430) $ (17,867) $ 34,206 Segment assets (2) $ 307,287 $ 435,257 $ 158,456 $ 77,436 $ 189,489 $ 171,517 $ 1,339,442 Capital expenditures $ 19,778 $ 72,449 $ 13,247 $ 2,883 $ 28,912 $ 378 $ 137,647 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail Assets June 30, 2022 December 31, 2021 Total assets for reportable segments $ 1,624,009 $ 1,424,934 Cash and cash equivalents 74,159 56,664 Other assets 162,164 252,824 Total consolidated assets $ 1,860,332 $ 1,734,422 Geographic Information Long-Lived Assets June 30, 2022 December 31, 2021 United States $ 844,952 $ 704,007 Mexico 250,244 244,758 Canada 233,171 223,876 Other 124 125 Total $ 1,328,491 $ 1,172,766 Revenue Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 United States $ 118,159 $ 129,824 $ 223,490 $ 251,596 Mexico 85,964 85,034 169,037 165,379 Total 204,123 $ 214,858 $ 392,527 $ 416,975 |
Receivables
Receivables | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
RECEIVABLES | RECEIVABLES Receivables consist of the following: In thousands June 30, 2022 December 31, 2021 Current receivables: Trade receivables $ 6,291 $ 4,879 VAT receivable 11,837 18,415 Income tax receivable 9,151 8,418 Avino note receivable 4,780 — Other 394 705 $ 32,453 $ 32,417 Non-current receivables: Deferred cash consideration $ 7,458 $ — Contingent consideration 1,150 — $ 8,608 $ — Total receivables $ 41,061 $ 32,417 |
Inventory and Ore on Leach Pads
Inventory and Ore on Leach Pads | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORY AND ORE ON LEACH PADS | INVENTORY AND ORE ON LEACH PADS Inventory consists of the following: In thousands June 30, 2022 December 31, 2021 Inventory: Concentrate $ 2,614 $ 1,643 Precious metals 10,937 11,353 Supplies 41,294 38,285 $ 54,845 $ 51,281 Ore on Leach Pads: Current $ 96,589 $ 81,128 Non-current 63,496 73,495 $ 160,085 $ 154,623 Long-term Stockpile (included in Other ) $ 19,833 $ 18,027 Total Inventory and Ore on Leach Pads $ 234,763 $ 223,931 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 In thousands Cost Gross Gross Estimated Equity Securities Victoria Gold Corp. $ 128,710 $ (41,171) $ — $ 87,539 Integra Resources Corp. 9,455 (5,691) — 3,764 Avino Silver & Gold Mines Ltd 13,720 (6,145) — 7,575 Other 2,233 (2,027) — 206 Equity securities $ 154,118 $ (55,034) $ — $ 99,084 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 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 12 -- Fair Value Measurements for additional details. On June 28, 2022, the Company entered into an agreement to sell 5,000,000 shares of common stock of Victoria Gold (“Victoria Gold Common Shares”) at a price of $8.34 per Victoria Gold Common Share, which settled on July 5, 2022 for net proceeds of $40.5 million. On March 21, 2022, the Company closed the sale of its La Preciosa silver project. In connection with the closing of the transaction, the Company received 14,000,000 common shares of Avino Silver & Gold Mines Ltd. (“Avino”) (representing approximately 12.0% of Avino’s outstanding common shares). See Note 19 -- Dispositions for additional details on the sale. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
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. Three months ended June 30, Six months ended June 30, In thousands 2022 2021 2022 2021 Lease Cost Operating lease cost $ 3,016 $ 3,180 $ 5,895 $ 6,331 Short-term operating lease cost $ 2,706 $ 2,054 $ 5,451 $ 5,099 Finance Lease Cost: Amortization of leased assets $ 5,161 $ 5,039 $ 10,368 $ 10,927 Interest on lease liabilities $ 1,354 1,018 2,576 1,607 Total finance lease cost $ 6,515 $ 6,057 $ 12,944 $ 12,534 Supplemental cash flow information related to leases was as follows: Three months ended June 30, Six months ended June 30, In thousands 2022 2021 2022 2021 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,722 $ 5,234 $ 11,346 $ 11,635 Operating cash flows from finance leases $ 1,354 $ 1,018 2,576 $ 1,607 Financing cash flows from finance leases $ 7,669 $ 9,365 $ 15,908 $ 15,028 Supplemental balance sheet information related to leases was as follows: In thousands June 30, 2022 December 31, 2021 Operating Leases Other assets, non-current $ 25,903 $ 30,987 Accrued liabilities and other 11,076 11,301 Other long-term liabilities 13,843 18,660 Total operating lease liabilities $ 24,919 $ 29,961 Finance Leases Property and equipment, gross $ 125,984 $ 115,597 Accumulated depreciation (69,719) (63,879) Property and equipment, net $ 56,265 $ 51,718 Debt, current $ 28,670 $ 29,821 Debt, non-current 35,088 24,407 Total finance lease liabilities $ 63,758 $ 54,228 Weighted Average Remaining Lease Term Weighted-average remaining lease term - finance leases 1.85 1.62 Weighted-average remaining lease term - operating leases 2.75 3.17 Weighted Average Discount Rate Weighted-average discount rate - finance leases 4.97 % 5.08 % Weighted-average discount rate - operating leases 5.20 % 5.20 % Minimum future lease payments under finance and operating leases with terms longer than one year are as follows: As of June 30, 2022 (In thousands) Operating leases Finance leases 2022 $ 5,715 $ 14,092 2023 10,878 21,096 2024 8,812 13,977 2025 213 12,428 2026 220 6,517 Thereafter 946 1,239 Total $ 26,784 $ 69,349 Less: imputed interest (1,865) (5,591) Net lease obligation $ 24,919 $ 63,758 |
Leases | LEASES Right of Use Assets and Liabilities The following table summarizes quantitative information pertaining to the Company’s finance and operating leases. Three months ended June 30, Six months ended June 30, In thousands 2022 2021 2022 2021 Lease Cost Operating lease cost $ 3,016 $ 3,180 $ 5,895 $ 6,331 Short-term operating lease cost $ 2,706 $ 2,054 $ 5,451 $ 5,099 Finance Lease Cost: Amortization of leased assets $ 5,161 $ 5,039 $ 10,368 $ 10,927 Interest on lease liabilities $ 1,354 1,018 2,576 1,607 Total finance lease cost $ 6,515 $ 6,057 $ 12,944 $ 12,534 Supplemental cash flow information related to leases was as follows: Three months ended June 30, Six months ended June 30, In thousands 2022 2021 2022 2021 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,722 $ 5,234 $ 11,346 $ 11,635 Operating cash flows from finance leases $ 1,354 $ 1,018 2,576 $ 1,607 Financing cash flows from finance leases $ 7,669 $ 9,365 $ 15,908 $ 15,028 Supplemental balance sheet information related to leases was as follows: In thousands June 30, 2022 December 31, 2021 Operating Leases Other assets, non-current $ 25,903 $ 30,987 Accrued liabilities and other 11,076 11,301 Other long-term liabilities 13,843 18,660 Total operating lease liabilities $ 24,919 $ 29,961 Finance Leases Property and equipment, gross $ 125,984 $ 115,597 Accumulated depreciation (69,719) (63,879) Property and equipment, net $ 56,265 $ 51,718 Debt, current $ 28,670 $ 29,821 Debt, non-current 35,088 24,407 Total finance lease liabilities $ 63,758 $ 54,228 Weighted Average Remaining Lease Term Weighted-average remaining lease term - finance leases 1.85 1.62 Weighted-average remaining lease term - operating leases 2.75 3.17 Weighted Average Discount Rate Weighted-average discount rate - finance leases 4.97 % 5.08 % Weighted-average discount rate - operating leases 5.20 % 5.20 % Minimum future lease payments under finance and operating leases with terms longer than one year are as follows: As of June 30, 2022 (In thousands) Operating leases Finance leases 2022 $ 5,715 $ 14,092 2023 10,878 21,096 2024 8,812 13,977 2025 213 12,428 2026 220 6,517 Thereafter 946 1,239 Total $ 26,784 $ 69,349 Less: imputed interest (1,865) (5,591) Net lease obligation $ 24,919 $ 63,758 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | DEBT June 30, 2022 December 31, 2021 In thousands Current Non-Current Current Non-Current 2029 Senior Notes, net (1) $ — $ 368,742 $ — $ 368,273 Revolving Credit Facility (2) — 115,000 — 65,000 Finance lease obligations 28,670 35,088 29,821 24,407 $ 28,670 $ 518,830 $ 29,821 $ 457,680 (1) Net of unamortized debt issuance costs of $6.3 million and $6.7 million at June 30, 2022 and December 31, 2021, respectively. (2) Unamortized debt issuance costs of $3.3 million and $2.4 million at June 30, 2022 and December 31, 2021, 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”). For more details, please see Note 8 -- Debt contained in the 2021 10-K. Revolving Credit Facility On May 2, 2022, the Company entered into an amendment (the “Amendment”) to the revolving credit facility (the “RCF”), dated as of September 29, 2017 (as 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 (the “Agent”), and Bank of America, N.A., Royal Bank of Canada, Bank of Montreal, Chicago Branch, the Bank of Nova Scotia, ING Capital LLC and Goldman Sachs Bank USA (the “RCF Lenders”). The Amendment, among other things, increased the maximum principal amount of the RCF by $90.0 million in incremental loans and commitments to an aggregate amount of $390.0 million. At June 30, 2022, the Company had $115.0 million drawn at an interest rate of 3.8% and $30.5 million in outstanding letters of credit under the RCF. Finance Lease Obligations From time-to-time, the Company acquires mining equipment and facilities under finance lease agreements. In the six months ended June 30, 2022, the Company entered into new lease financing arrangements primarily for mining equipment at Rochester and Kensington. Coeur secured a finance lease package for nearly $60.0 million in 2021, a portion of which has been funded as of June 30, 2022. The package is earmarked for planned equipment purchases for Rochester’s Plan of Operation Amendment 11 (“POA 11”) in 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 7 -- Leases for additional qualitative and quantitative disclosures related to finance leasing arrangements. Interest Expense Three Months Ended June 30, Six Months Ended June 30, In thousands 2022 2021 2022 2021 2024 Senior Notes $ — $ — $ — $ 2,591 2029 Senior Notes 4,804 4,804 9,609 6,406 Revolving Credit Facility 1,370 450 2,557 930 Finance lease obligations 1,354 1,018 2,576 1,607 Amortization of debt issuance costs 496 487 913 891 Other debt obligations 31 118 132 175 Capitalized interest (2,885) (1,784) (6,049) (2,597) Total interest expense, net of capitalized interest $ 5,170 $ 5,093 $ 9,738 $ 10,003 |
Reclamation
Reclamation | 6 Months Ended |
Jun. 30, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
RECLAMATION | RECLAMATION Reclamation and mine closure costs are based principally on legal and regulatory requirements. Management estimates costs associated with reclamation of mining properties. On an ongoing basis, management evaluates its estimates and assumptions, and future expenditures could differ from current estimates. Changes to the Company’s asset retirement obligations are as follows: Three Months Ended June 30, Six Months Ended June 30, In thousands 2022 2021 2022 2021 Asset retirement obligation - Beginning $ 184,322 $ 141,412 $ 181,888 $ 139,274 Accretion 3,529 2,962 6,992 5,870 Settlements (1,449) (1,145) (2,478) (1,915) Asset retirement obligation - Ending $ 186,402 $ 143,229 $ 186,402 $ 143,229 |
Income and Mining Taxes
Income and Mining Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME AND MINING TAXES | INCOME AND MINING TAXES The following table summarizes the components of Income and mining tax (expense) benefit for the three and six months ended June 30, 2022 and 2021 by significant jurisdiction: Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ (85,122) $ (998) $ 29,647 $ (7,228) $ (95,252) $ (2,197) $ 21,116 $ (8,853) Canada (6,374) (21) (12,979) — (13,899) (21) (25,763) — Mexico 25,636 (10,483) 30,827 (8,112) 52,669 (10,978) 63,741 (19,273) Other jurisdictions (72) — (9) — (74) — 3,238 — $ (65,932) $ (11,502) $ 47,486 $ (15,340) $ (56,556) $ (13,196) $ 62,332 $ (28,126) During the second quarter of 2022, the Company reported estimated income and mining tax expense of approximately $11.5 million, resulting in an effective tax rate of 17.4%. This compares to income tax expense of $15.3 million for an effective tax rate of 32.3% during the second quarter of 2021. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) the sale of non-core assets; (ii) the non-recognition of tax assets; (iii) variations in our income before income taxes; (iv) geographic distribution of that income; (v) mining taxes; (vi) foreign exchange rates; (vii) the impact of uncertain tax positions; and (viii) percentage depletion. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period. A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. The Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company ultimately will be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see the section titled “Risk Factors” in the 2021 10-K. The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The statute of limitations remains open from 2018 forward for the U.S. federal jurisdiction and from 2016 forward for certain other foreign jurisdictions. As a result of statutes of limitation that will begin to expire within the next twelve months in various jurisdictions and possible settlements of audit-related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, the Company believes that it is reasonably possible that the total amount of its net unrecognized income tax benefits will decrease by less than $0.1 million in the next twelve months. At June 30, 2022 and December 31, 2021, the Company had $0.0 million and $0.3 million of total gross unrecognized tax benefits, respectively, that, if recognized, would positively impact the Company’s effective income tax rate. The Company’s continuing practice is to recognize potential interest and/or penalties related to unrecognized tax benefits as part of its income tax expense. At June 30, 2022 and December 31, 2021, the amount of accrued income-tax-related interest and penalties was $0.0 million and $0.4 million, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company has stock incentive plans for executives, directors and eligible employees. Stock awards include performance shares, restricted stock and stock options. Stock-based compensation expense in the three and six months ended June 30, 2022 was $2.3 million and $4.6 million, respectively, compared to $3.3 million and $7.5 million in the three and six months ended June 30, 2021. At June 30, 2022, there was $11.8 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.7 years. The following table summarizes the grants awarded during the six months ended June 30, 2022: Grant date Restricted Grant date fair Performance Grant date fair February 22, 2022 1,700,619 $ 4.21 1,067,118 $ 4.38 May 16, 2022 157,349 $ 3.39 59,010 $ 4.38 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Three Months Ended June 30, Six Months Ended June 30, In thousands 2022 2021 2022 2021 Unrealized gain (loss) on equity securities $ (62,810) $ 36,575 $ (49,066) $ 32,007 Realized gain (loss) on equity securities — — — 769 Exchange agreement embedded derivative — 664 — 664 Termination of gold zero cost collars — — (3,139) — Fair value adjustments, net $ (62,810) $ 37,239 $ (52,205) $ 33,440 Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3). The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: Fair Value at June 30, 2022 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities including warrants $ 99,084 $ 98,878 $ 206 $ — Provisional metal sales contracts 7 — 7 — Gold forwards 29,302 — 29,302 — $ 128,393 $ 98,878 $ 29,515 $ — Liabilities: Provisional metal sales contracts $ 77 $ — $ 77 $ — 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 $ — 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 common share purchase warrants received as consideration in the La Preciosa project sale are valued using the pricing model with inputs derived from observable market data, including quoted market prices and quoted interest curve rates. The model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. The Company’s gold forward contracts 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. As further discussed in Note 19 — Dispositions, the consideration for the sale of La Preciosa project included two royalties, a 1.25% net smelter returns royalty on properties covering the Gloria and Abundancia areas of the La Preciosa project and a 2.00% gross value royalty on all areas of the La Preciosa project other than the Gloria and Abundancia areas, and contingent consideration of $0.25 per silver equivalent ounce (adjusted for inflation) on any new mineral reserves discovered and declared outside of the current resources area at the La Preciosa project, up to a maximum payment of $50.0 million. The fair value of the royalties and the contingent consideration assets were $11.2 million and $1.2 million, respectively, valued as of the date of closing of the transaction and are measured at fair value on a non-recurring basis. The fair value of the royalties and the contingent consideration were valued using Monte Carlo simulation models. The model inputs include significant unobservable inputs and involve significant management judgment. The significant unobservable inputs included assumptions related to metal prices which assumed silver prices ranging from $22 to $25 per ounce and gold prices ranging from $1,700 to $1,930 per ounce as well as volatility assumptions for silver and gold prices (33.5% and 19.0%, respectively), and an assumed weighted average cost of capital of 15.5%. Such instruments are classified within Level 3 of the fair value hierarchy. No assets or liabilities were transferred between fair value levels in the six months ended June 30, 2022. The following tables present the changes in the fair value of the Company's Level 3 financial assets and liabilities in the three and six months ended June 30, 2022. Three Months Ended June 30, 2022 In thousands Balance at Beginning of the period Initial valuation Revaluation Balance at the end of the period Assets: Royalties $ 11,200 $ — $ — $ 11,200 Contingent consideration $ 1,150 $ — $ — $ 1,150 $ 12,350 $ — $ — $ 12,350 Six Months Ended June 30, 2022 In thousands Balance at Beginning of the period Initial valuation Revaluation Balance at the end of the period Assets: Royalties $ — $ 11,200 $ — $ 11,200 Contingent consideration $ — $ 1,150 $ — $ 1,150 $ — $ 12,350 $ — $ 12,350 The fair value of financial assets and liabilities carried at book value in the financial statements at June 30, 2022 and December 31, 2021 is presented in the following table: June 30, 2022 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Assets: Promissory note $ 4,780 $ 4,654 $ — $ 4,654 $ — Deferred cash consideration $ 7,458 $ 7,223 $ — $ 7,223 $ — Liabilities: 2029 Senior Notes (1) $ 368,742 $ 243,710 $ — $ 243,710 $ — Revolving Credit Facility (2) $ 115,000 $ 115,000 $ — $ 115,000 $ — (1) Net of unamortized debt issuance costs of $6.3 million (2) Unamortized debt issuance costs of $3.3 million included in Other Non-Current Assets . 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 . The fair value of the 2029 Senior Notes was estimated using quoted market prices. The fair value of the RCF approximates book value as the liability is secured, has a variable interest rate, and lacks significant credit concerns. Also included in the consideration for the sale of La Preciosa project was a promissory note payable to the Company that matures in March 2023 and deferred cash consideration payable on the first anniversary of initial production from any portion of the La Preciosa project. These assets were valued using the pricing model with inputs derived from observable market data, including synthetic credit rating and quoted discount rate. 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. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIES The Company is exposed to various market risks, including the effect of changes in metal prices, foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. The Company does not hold or issue derivatives for trading or speculative purposes. The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships. Derivatives Not Designated as Hedging Instruments Provisional Metal Sales The Company enters into sales contracts with third-party smelters, refiners and off-take customers which, in some cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable recorded at the forward price at the time of sale. The embedded derivatives do not qualify for hedge accounting and are marked to market through earnings each period until final settlement. Zero Cost Collars 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 were 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 was lower than the put prices or higher than the call prices, it would result in a realized gain or loss, respectively. The Company elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. In the first quarter of 2022, the Company voluntarily de-designated hedge accounting for the zero cost collars and subsequently terminated the arrangements. The cost to terminate the zero cost collars was $7.7 million, of which $3.1 million was recognized in earnings and the remaining $4.6 million, which represents the fair value of the zero cost collars on the date of de-designation, was retained in accumulated other comprehensive income (loss) (“AOCI”) and will be recognized in earnings as the forecasted transactions occur. As of June 30, 2022, there was $2.8 million remaining to be recognized in earnings over the next six months. At June 30, 2022, 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 $ 20,019 $ — Average gold price per ounce $ 1,846 $ — Notional ounces 10,842 — The following summarizes the classification of the fair value of the derivative instruments: June 30, 2022 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 7 $ 77 December 31, 2021 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 86 $ 162 The following represent mark-to-market gains (losses) on derivative instruments in the three and six months ended June 30, 2022 and 2021, respectively (in thousands): Three Months Ended June 30, Six Months Ended June 30, Financial statement line Derivative 2022 2021 2022 2021 Revenue Provisional metal sales contracts $ (486) $ (137) $ 6 $ (697) Fair value adjustments, net Exchange agreement embedded derivative — 664 — 664 Fair value adjustments, net Terminated zero cost collars — — (3,139) — $ (486) $ 527 $ (3,133) $ (33) Derivatives Designated as Cash Flow Hedging Strategies To protect the Company’s exposure to fluctuations in metal prices the Company enters into forward contracts. The contracts are net settled monthly and if the actual price of gold at the time of expiration is lower than the fixed price or higher than the fixed 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. At June 30, 2022, 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 forwards Average gold fixed price per ounce $ 1,965 $ 1,982 Notional ounces 108,500 112,500 The effective portions of cash flow hedges are recorded in 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. 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 June 30, 2022, the Company had $29.3 million of net after-tax gain in AOCI related to gains from cash flow hedge transactions, of which $23.8 million of net after-tax gains 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: June 30, 2022 In thousands Prepaid expenses and other Other assets Accrued liabilities and other Gold forwards $ 23,820 $ 5,482 $ — December 31, 2021 In thousands Prepaid expenses and other Other assets Accrued liabilities and other Gold zero cost collars $ — $ — $ 1,212 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 three and six months ended June 30, 2022 and 2021, respectively (in thousands). Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Amount of Gain (Loss) Recognized in AOCI Gold forwards $ 34,245 $ — $ 32,413 $ — Gold zero cost collars — (4,571) $ (3,386) $ 23,976 Foreign currency forward exchange contracts — 1,589 — 400 $ 34,245 $ (2,982) $ 29,027 $ 24,376 Amount of (Gain) Loss Reclassified From AOCI to Earnings Gold forwards $ (3,110) $ — $ (3,110) $ — Gold zero cost collars 1,379 437 $ 1,839 $ 828 Foreign currency forward exchange contracts — (3,498) — (6,611) $ (1,731) $ (3,061) $ (1,271) $ (5,783) Credit Risk |
Other, Net
Other, Net | 6 Months Ended |
Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | |
OTHER, NET | ADDITIONAL COMPREHENSIVE INCOME (LOSS) DETAIL Pre-development, reclamation, and other consists of the following: Three Months Ended June 30, Six Months Ended June 30, In thousands 2022 2021 2022 2021 COVID-19 $ 318 $ 972 $ 1,290 $ 5,319 Silvertip ongoing carrying costs 4,754 6,447 10,913 13,368 Asset retirement accretion 3,529 2,962 6,992 5,870 Other 577 2,357 1,395 1,893 Pre-development, reclamation and other $ 9,178 $ 12,738 $ 20,590 $ 26,450 Other, net consists of the following: Three Months Ended June 30, Six Months Ended June 30, In thousands 2022 2021 2022 2021 Foreign exchange gain (loss) $ (506) $ (499) $ (1,065) $ (1,272) Gain (loss) on sale of assets 621 622 2,452 4,675 Other 198 578 663 925 Other, net $ 313 $ 701 $ 2,050 $ 4,328 |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2022 | |
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 three and six months ended June 30, 2022, there were 1,991,864 and 992,382 common stock equivalents, respectively, related to equity-based awards that were not included in the diluted earnings per share calculation as the shares would be antidilutive. Similarly, 1,553,030 and 1,558,030 common stock equivalents were excluded in the diluted earnings per share calculation for the three and six months ended June 30, 2021, respectively. Three months ended June 30, Six months ended June 30, In thousands except per share amounts 2022 2021 2022 2021 Net income (loss) available to common stockholders $ (77,434) $ 32,146 $ (69,752) $ 34,206 Weighted average shares: Basic 278,040 249,066 268,884 245,253 Effect of stock-based compensation plans — 3,066 — 3,240 Diluted 278,040 252,132 268,884 248,493 Income (loss) per share: Basic $ (0.28) $ 0.13 $ (0.26) $ 0.14 Diluted $ (0.28) $ 0.13 $ (0.26) $ 0.14 On March 18, 2022, the Company completed a $100.0 million “at the market” offering of its common stock, par value $0.01 per share (the “Equity Offering”). The Equity Offering was conducted pursuant to an ATM Equity Offering Sales Agreement (the “Sales Agreement”), entered into on April 23, 2020 between the Company and BofA Securities, Inc. and RBC Capital Markets, LLC as sales agents. The Company sold a total of 22,053,275 shares of its common stock in the Equity Offering at an average price of $4.53 per share, raising net proceeds (after sales commissions) of $98.0 million. Proceeds from the Equity Offering were used to repay outstanding amounts under the RCF. |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 6 Months Ended |
Jun. 30, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
SUPPLEMENTAL GUARANTOR INFORMATION | SUPPLEMENTAL GUARANTOR INFORMATION The 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 Coeur Mining, Inc. Guarantor Subsidiaries In thousands June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Current assets $ 124,853 $ 11,143 $ 151,915 $ 128,630 Non-current assets (1) $ 361,197 $ 473,145 $ 947,241 $ 830,330 Non-guarantor intercompany assets $ 8,155 $ 19,803 $ — $ — Current liabilities $ 13,223 $ 18,353 $ 167,702 $ 130,307 Non-current liabilities $ 87,171 $ 139,223 $ 574,484 $ 461,904 Non-guarantor intercompany liabilities $ 34,397 $ 30,045 $ 1,715 $ 1,650 (1) Coeur Mining, Inc.’s non-current assets includes its investment in Guarantor Subsidiaries. SUMMARIZED STATEMENTS OF INCOME SIX MONTHS ENDED JUNE 30, 2022 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Revenue $ — $ 223,492 Gross profit (loss) $ (415) $ (504) Net income (loss) $ (69,753) $ (12,422) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Mexico Litigation Matters As of June 30, 2022, $26.0 million in principal amount 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 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. In March 2022, Coeur Mexicana filed an updated notice of intent to initiate an arbitration proceeding under Chapter 11 of the North American Free Trade Agreement, or NAFTA, in connection with this dispute and may elect to formally proceed with arbitration under 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 June 30, 2022 the remaining unamortized balance was $7.7 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 amended its existing sales and purchase contract with a metal sales counterparty for gold concentrate from its Kensington mine (the “Amended Sales Contract”). From time to time thereafter, the Amended Sales Contract has been further amended to allow for additional prepayments, including in June 2021, to provide options for Coeur to receive up to two additional prepayments of up to $15.0 million each. In June 2021 and December 2021, the Company exercised these options and received the $15.0 million June 2021 Prepayment and the $15.0 million December 2021 Prepayment. The June 2021 Prepayment was paid back in full before the December 2021 Prepayment was received. In March 2022, the Amended Sales Contract was further amended to allow for an additional $10.0 million prepayment. The additional $10.0 million prepayment was made in March 2022 (the “March 2022 Prepayment”). The Amended Sales Contract was further amended in June 2022 to consolidate the remaining deliveries of $15.0 million and $10.0 million under the December 2021 Prepayment and March 2022 Prepayment (the “June 2022 Consolidated Prepayment”), to extend the repayment period for the June 2022 Consolidated Prepayment, and to provide for future prepayments of up to $25.0 million on a semi-annual basis through the end of 2024, provided all prior outstanding prepayment amounts are paid before such future prepayments are made. The remaining deliveries of the June 2022 Consolidated 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 2022. POA 11 Expansion Project As of June 30, 2022, the total estimated project capital cost remained approximately $600 million. With the commencement of structural, mechanical, piping, electrical and instrumentation construction work, completion of final major high-voltage electrical contracts and initial commitments for the pre-screen addition to the expanded crusher circuit, the Company has committed approximately $523 million and incurred $350 million of the total estimated project cost through June 30, 2022. The expansion consists of three major components: (i) a new 300-million-ton leach pad, for which civil work is essentially complete and piping work is near completion; (ii) a Merrill-Crowe process plant with construction completion scheduled for the first half of 2023; and (iii) a new three-stage crushing circuit with construction completion scheduled for mid-2023. These scheduled construction completion dates for the project remain unchanged. Construction of the Merrill-Crowe process plant ramped up during the second quarter, including completion of concrete work, continuation of equipment setting, and the commencement of building and process plant steel pipe rack erection, as well as piping and cable tray installation. Work on the crusher corridor included (i) continued civil construction in the primary crusher area, (ii) the completion of concrete work, start of steel construction, and setting of conveyor and equipment in the secondary crusher area, (iii) continued advancement of concrete work and start of steel erection in the secondary stock pile reclaim area, (iv) completion of concrete in the tertiary crusher area, and (v) continuation of concrete in the tertiary reclaim and final product load-out areas. Deliveries of equipment and materials for the project continue to support the overall construction schedule. The Company also recently advanced detailed engineering on the pre-screens. Equipment procurement and construction contract development is well underway as Coeur continues working to align construction of the pre-screens with the completion of the new crusher. Final cost estimates related to pre-screens are expected in the third quarter. The Company began installation of pre-screens on the existing crusher corridor on June 23 and commenced commissioning on July 22. Ramp-up of the pilot system as well as optimization of the product size placed under leach is scheduled to take place during the month of August. The experience and knowledge gained from utilizing pre-screens is expected to facilitate the integration of pre-screen technology into the new crusher system flowsheet for POA 11. Other Commitments and Contingencies |
Additional Balance Sheet Detail
Additional Balance Sheet Detail and Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | ADDITIONAL BALANCE SHEET DETAIL AND SUPPLEMENTAL CASH FLOW INFORMATIONAccrued liabilities and other consist of the following: In thousands June 30, 2022 December 31, 2021 Accrued salaries and wages $ 21,844 $ 28,408 Deferred revenue (1) 26,081 16,093 Income and mining taxes 10,214 13,856 Accrued operating costs 8,158 5,592 Unrealized losses on derivatives 77 1,374 Taxes other than income and mining 2,812 3,284 Accrued interest payable 8,072 8,038 Operating lease liabilities 11,076 11,301 Accrued liabilities and other $ 88,334 $ 87,946 (1) See Note 17 -- Commitments and Contingencies for additional details on deferred revenue liabilities The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that total the same such amounts shown in the statement of cash flows in the three and six months ended June 30, 2022 and 2021: In thousands June 30, 2022 June 30, 2021 Cash and cash equivalents $ 74,159 $ 124,075 Restricted cash equivalents 1,396 1,383 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 75,555 $ 125,458 |
Disposals
Disposals | 6 Months Ended |
Jun. 30, 2022 | |
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures | DISPOSITIONS On October 27, 2021 the Company entered into a definitive agreement (the “Agreement”) to sell its La Preciosa projected located in the State of Durango, Mexico to Avino (the “La Preciosa Sale”). On March 21, 2022, the La Preciosa Sale was completed. Coeur and its subsidiaries received the following consideration at closing: • $15.3 million cash, • $5.0 million promissory note that matures prior to the first anniversary of the transaction closing, valued at $4.7 million, • Equity consideration of 14.0 million units, consisting of one share of Avino common stock and one half of one common share purchase warrant of Avino common stock, valued at $13.7 million and $2.2 million, respectively. Common share purchase warrants are exercisable at $1.09 per share and expire September 2023. • In addition, under the Agreement, Coeur is entitled to the following additional consideration: • $8.8 million deferred cash consideration to be paid no later than the first anniversary of initial production from any portion of the La Preciosa project, valued at $7.4 million, • 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, valued at $1.2 million, and • Two royalties, valued at $11.2 million, 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 La Preciosa sale resulted in a gain on the sale of $1.5 million, which was recognized in Other, Net |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Risks and Uncertainties [Policy Text Block] | Please see Note 2 — Summary of Significant Accounting Policies contained in the 2021 10-K. |
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 (“U.S. GAAP”). 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. |
Revenue Recognition, Policy | Revenue Recognition 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 17 -- Commitments and Contingencies for additional detail. The following table presents a roll forward of the Franco-Nevada contract liability balance: Three Months Ended June 30, Six Months Ended June 30, In thousands 2022 2021 2022 2021 Opening Balance $ 7,835 $ 9,030 $ 8,150 $ 9,376 Revenue Recognized (93) (255) (408) (601) Closing Balance $ 7,742 $ 8,775 $ 7,742 $ 8,775 In December 2021, the Company received a $15.0 million prepayment (the “December 2021 Prepayment”) for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined in Note 17). In March 2022, the Company exercised an option to receive a $10.0 million prepayment (the “March 2022 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 17 -- Commitments and Contingencies for additional detail. The following table presents a roll forward of the Amended Sales Contract liability balance: Three Months Ended June 30, Six Months Ended June 30, In thousands 2022 2021 2022 2021 Opening Balance $ 25,155 $ 7,104 $ 15,016 $ 15,003 Additions 311 14,900 — 10,450 15,001 Revenue Recognized (454) (7,000) (454) (15,000) Closing Balance $ 25,012 $ 15,004 $ 25,012 $ 15,004 |
Recent Accounting Standards | Recently Issued Accounting Standards In March 2022, the FASB issued ASU 2022-01, “ Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method ” which is intended to make amendments to the fair value hedge accounting previously issued in ASU 2017-12 “ Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities ”. The new standard is effective for reporting periods beginning after December 15, 2022. The standard introduced the portfolio layer method allowing multiple hedged layers of a single closed portfolio when applying fair value hedge accounting. The Company plans to adopt the new derivatives and hedging standards effective January 1, 2023 and does not expect the new derivatives and hedging standard to have a material effect on our financial position, results of operations or cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 17 -- Commitments and Contingencies for additional detail. The following table presents a roll forward of the Franco-Nevada contract liability balance: Three Months Ended June 30, Six Months Ended June 30, In thousands 2022 2021 2022 2021 Opening Balance $ 7,835 $ 9,030 $ 8,150 $ 9,376 Revenue Recognized (93) (255) (408) (601) Closing Balance $ 7,742 $ 8,775 $ 7,742 $ 8,775 In December 2021, the Company received a $15.0 million prepayment (the “December 2021 Prepayment”) for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined in Note 17). In March 2022, the Company exercised an option to receive a $10.0 million prepayment (the “March 2022 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 17 -- Commitments and Contingencies for additional detail. The following table presents a roll forward of the Amended Sales Contract liability balance: Three Months Ended June 30, Six Months Ended June 30, In thousands 2022 2021 2022 2021 Opening Balance $ 25,155 $ 7,104 $ 15,016 $ 15,003 Additions 311 14,900 — 10,450 15,001 Revenue Recognized (454) (7,000) (454) (15,000) Closing Balance $ 25,012 $ 15,004 $ 25,012 $ 15,004 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Financial information relating to the reporting segments | Financial information relating to the Company’s segments is as follows (in thousands): Three Months Ended June 30, 2022 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 44,127 $ 15,199 $ 50,030 $ 37,269 $ — $ — $ 146,625 Silver sales 41,837 15,304 233 124 — — 57,498 Metal sales 85,964 30,503 50,263 37,393 — — 204,123 Costs and Expenses Costs applicable to sales (1) 49,063 37,953 39,311 24,352 — — 150,679 Amortization 9,737 4,961 9,369 2,248 1,259 391 27,965 Exploration 1,686 1,466 1,218 — (262) 1,171 5,279 Other operating expenses 752 1,830 308 527 5,090 9,958 18,465 Other income (expense) Fair value adjustments, net — — — — — (62,810) (62,810) Interest expense, net (11) (203) (421) (14) (50) (4,471) (5,170) Other, net (3) 832 (43) (25) 634 (230) (855) 313 Income and mining tax (expense) benefit (10,445) 1,000 127 (972) — (1,212) (11,502) Net Income (loss) $ 15,102 $ (14,953) $ (262) $ 9,914 $ (6,367) $ (80,868) $ (77,434) Segment assets (2) $ 292,246 $ 689,215 $ 149,365 $ 90,645 $ 239,348 $ 163,190 $ 1,624,009 Capital expenditures $ 10,060 $ 46,956 $ 8,828 $ 475 $ 5,703 $ 1,134 $ 73,156 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail Three Months Ended June 30, 2021 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 41,232 $ 14,026 $ 48,807 $ 42,093 $ — $ — $ 146,158 Silver sales 43,802 24,059 — 839 — — 68,700 Metal sales 85,034 38,085 48,807 42,932 — — 214,858 Costs and Expenses Costs applicable to sales (1) 41,918 38,031 29,203 23,443 — — 132,595 Amortization 8,271 6,506 12,710 2,994 1,185 307 31,973 Exploration 1,834 936 1,305 76 3,595 4,700 12,446 Other operating expenses 1,453 1,444 2,273 525 5,964 11,546 23,205 Other income (expense) Fair value adjustments, net — — — — — 37,239 37,239 Interest expense, net (149) (480) (142) (46) 181 (4,457) (5,093) Other, net (3) (371) (92) (42) 628 (237) 815 701 Income and mining tax (expense) benefit (7,559) (33) (707) (1,294) — (5,747) (15,340) Net Income (loss) $ 23,479 $ (9,437) $ 2,425 $ 15,182 $ (10,800) $ 11,297 $ 32,146 Segment assets (2) $ 307,287 $ 435,257 $ 158,456 $ 77,436 $ 189,489 $ 171,517 $ 1,339,442 Capital expenditures $ 9,795 $ 42,272 $ 6,045 $ 1,402 $ 18,525 $ 184 $ 78,223 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail Six Months Ended June 30, 2022 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 84,201 $ 26,251 $ 94,089 $ 71,535 $ — $ — $ 276,076 Silver sales 84,836 30,621 478 516 — — 116,451 Metal sales 169,037 56,872 94,567 72,051 — — 392,527 Costs and Expenses Costs applicable to sales (1) 92,288 70,228 76,221 45,209 — — 283,946 Amortization 19,123 9,671 17,991 4,309 2,518 786 54,398 Exploration 3,296 3,408 1,620 — (262) 2,635 10,697 Other operating expenses 1,673 3,661 923 1,039 11,584 21,269 40,149 Other income (expense) Fair value adjustments, net — — — — — (52,205) (52,205) Interest expense, net (126) (381) (669) (27) (118) (8,417) (9,738) Other, net (3) 493 (91) 81 673 (235) 1,129 2,050 Income and mining tax (expense) benefit (22,520) 965 127 (1,965) — 10,197 (13,196) Net Income (loss) $ 30,504 $ (29,603) $ (2,649) $ 20,175 $ (14,193) $ (73,986) $ (69,752) Segment assets (2) $ 292,246 $ 689,215 $ 149,365 $ 90,645 $ 239,348 $ 163,190 $ 1,624,009 Capital expenditures $ 23,671 $ 80,006 $ 16,752 $ 1,836 $ 17,562 $ 2,831 $ 142,658 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail Six Months Ended June 30, 2021 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 78,799 $ 26,466 $ 103,273 $ 75,942 $ — $ — $ 284,480 Silver sales 86,580 44,376 — 1,539 — — 132,495 Metal sales 165,379 70,842 103,273 77,481 — — 416,975 Costs and Expenses Costs applicable to sales (1) 75,906 62,064 60,597 42,175 — — 240,742 Amortization 17,330 10,083 26,155 5,469 2,271 602 61,910 Exploration 3,527 1,408 2,414 143 6,527 8,093 22,112 Other operating expenses 2,723 2,892 5,268 710 12,519 24,359 48,471 Other income (expense) Loss on debt extinguishment — — — — — (9,173) (9,173) Fair value adjustments, net — — — — — 33,440 33,440 Interest expense, net (336) (702) (374) (83) 226 (8,734) (10,003) Other, net (3) (1,036) (153) (42) 652 (339) 5,246 4,328 Income and mining tax (expense) benefit (18,899) (171) (1,041) (2,423) — (5,592) (28,126) Net Income (loss) $ 45,622 $ (6,631) $ 7,382 $ 27,130 $ (21,430) $ (17,867) $ 34,206 Segment assets (2) $ 307,287 $ 435,257 $ 158,456 $ 77,436 $ 189,489 $ 171,517 $ 1,339,442 Capital expenditures $ 19,778 $ 72,449 $ 13,247 $ 2,883 $ 28,912 $ 378 $ 137,647 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail |
Consolidated Assets | Assets June 30, 2022 December 31, 2021 Total assets for reportable segments $ 1,624,009 $ 1,424,934 Cash and cash equivalents 74,159 56,664 Other assets 162,164 252,824 Total consolidated assets $ 1,860,332 $ 1,734,422 |
Long Lived Assets by Country | Geographic Information Long-Lived Assets June 30, 2022 December 31, 2021 United States $ 844,952 $ 704,007 Mexico 250,244 244,758 Canada 233,171 223,876 Other 124 125 Total $ 1,328,491 $ 1,172,766 |
Revenue by Country | Revenue Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 United States $ 118,159 $ 129,824 $ 223,490 $ 251,596 Mexico 85,964 85,034 169,037 165,379 Total 204,123 $ 214,858 $ 392,527 $ 416,975 |
Receivables (Tables)
Receivables (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Receivables | Receivables consist of the following: In thousands June 30, 2022 December 31, 2021 Current receivables: Trade receivables $ 6,291 $ 4,879 VAT receivable 11,837 18,415 Income tax receivable 9,151 8,418 Avino note receivable 4,780 — Other 394 705 $ 32,453 $ 32,417 Non-current receivables: Deferred cash consideration $ 7,458 $ — Contingent consideration 1,150 — $ 8,608 $ — Total receivables $ 41,061 $ 32,417 |
Inventory and Ore on Leach Pa_2
Inventory and Ore on Leach Pads (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventory consists of the following: In thousands June 30, 2022 December 31, 2021 Inventory: Concentrate $ 2,614 $ 1,643 Precious metals 10,937 11,353 Supplies 41,294 38,285 $ 54,845 $ 51,281 Ore on Leach Pads: Current $ 96,589 $ 81,128 Non-current 63,496 73,495 $ 160,085 $ 154,623 Long-term Stockpile (included in Other ) $ 19,833 $ 18,027 Total Inventory and Ore on Leach Pads $ 234,763 $ 223,931 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 In thousands Cost Gross Gross Estimated Equity Securities Victoria Gold Corp. $ 128,710 $ (41,171) $ — $ 87,539 Integra Resources Corp. 9,455 (5,691) — 3,764 Avino Silver & Gold Mines Ltd 13,720 (6,145) — 7,575 Other 2,233 (2,027) — 206 Equity securities $ 154,118 $ (55,034) $ — $ 99,084 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 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Summary of Lease Cost and Cash Flow Information | The following table summarizes quantitative information pertaining to the Company’s finance and operating leases. Three months ended June 30, Six months ended June 30, In thousands 2022 2021 2022 2021 Lease Cost Operating lease cost $ 3,016 $ 3,180 $ 5,895 $ 6,331 Short-term operating lease cost $ 2,706 $ 2,054 $ 5,451 $ 5,099 Finance Lease Cost: Amortization of leased assets $ 5,161 $ 5,039 $ 10,368 $ 10,927 Interest on lease liabilities $ 1,354 1,018 2,576 1,607 Total finance lease cost $ 6,515 $ 6,057 $ 12,944 $ 12,534 Supplemental cash flow information related to leases was as follows: Three months ended June 30, Six months ended June 30, In thousands 2022 2021 2022 2021 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,722 $ 5,234 $ 11,346 $ 11,635 Operating cash flows from finance leases $ 1,354 $ 1,018 2,576 $ 1,607 Financing cash flows from finance leases $ 7,669 $ 9,365 $ 15,908 $ 15,028 |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows: In thousands June 30, 2022 December 31, 2021 Operating Leases Other assets, non-current $ 25,903 $ 30,987 Accrued liabilities and other 11,076 11,301 Other long-term liabilities 13,843 18,660 Total operating lease liabilities $ 24,919 $ 29,961 Finance Leases Property and equipment, gross $ 125,984 $ 115,597 Accumulated depreciation (69,719) (63,879) Property and equipment, net $ 56,265 $ 51,718 Debt, current $ 28,670 $ 29,821 Debt, non-current 35,088 24,407 Total finance lease liabilities $ 63,758 $ 54,228 Weighted Average Remaining Lease Term Weighted-average remaining lease term - finance leases 1.85 1.62 Weighted-average remaining lease term - operating leases 2.75 3.17 Weighted Average Discount Rate Weighted-average discount rate - finance leases 4.97 % 5.08 % Weighted-average discount rate - operating leases 5.20 % 5.20 % |
Operating Lease Minimum Future Lease Payments | Minimum future lease payments under finance and operating leases with terms longer than one year are as follows: As of June 30, 2022 (In thousands) Operating leases Finance leases 2022 $ 5,715 $ 14,092 2023 10,878 21,096 2024 8,812 13,977 2025 213 12,428 2026 220 6,517 Thereafter 946 1,239 Total $ 26,784 $ 69,349 Less: imputed interest (1,865) (5,591) Net lease obligation $ 24,919 $ 63,758 |
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 June 30, 2022 (In thousands) Operating leases Finance leases 2022 $ 5,715 $ 14,092 2023 10,878 21,096 2024 8,812 13,977 2025 213 12,428 2026 220 6,517 Thereafter 946 1,239 Total $ 26,784 $ 69,349 Less: imputed interest (1,865) (5,591) Net lease obligation $ 24,919 $ 63,758 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long term debt and capital lease obligations | June 30, 2022 December 31, 2021 In thousands Current Non-Current Current Non-Current 2029 Senior Notes, net (1) $ — $ 368,742 $ — $ 368,273 Revolving Credit Facility (2) — 115,000 — 65,000 Finance lease obligations 28,670 35,088 29,821 24,407 $ 28,670 $ 518,830 $ 29,821 $ 457,680 (1) Net of unamortized debt issuance costs of $6.3 million and $6.7 million at June 30, 2022 and December 31, 2021, respectively. (2) Unamortized debt issuance costs of $3.3 million and $2.4 million at June 30, 2022 and December 31, 2021, respectively, included in Other Non-Current Assets . |
Interest Expenses Incurred for Various Debt Instruments [Table Text Block] | Interest Expense Three Months Ended June 30, Six Months Ended June 30, In thousands 2022 2021 2022 2021 2024 Senior Notes $ — $ — $ — $ 2,591 2029 Senior Notes 4,804 4,804 9,609 6,406 Revolving Credit Facility 1,370 450 2,557 930 Finance lease obligations 1,354 1,018 2,576 1,607 Amortization of debt issuance costs 496 487 913 891 Other debt obligations 31 118 132 175 Capitalized interest (2,885) (1,784) (6,049) (2,597) Total interest expense, net of capitalized interest $ 5,170 $ 5,093 $ 9,738 $ 10,003 |
Reclamation (Tables)
Reclamation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Changes to the Company’s asset retirement obligations are as follows: Three Months Ended June 30, Six Months Ended June 30, In thousands 2022 2021 2022 2021 Asset retirement obligation - Beginning $ 184,322 $ 141,412 $ 181,888 $ 139,274 Accretion 3,529 2,962 6,992 5,870 Settlements (1,449) (1,145) (2,478) (1,915) Asset retirement obligation - Ending $ 186,402 $ 143,229 $ 186,402 $ 143,229 |
Income and Mining Taxes (Tables
Income and Mining Taxes (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The following table summarizes the components of Income and mining tax (expense) benefit for the three and six months ended June 30, 2022 and 2021 by significant jurisdiction: Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ (85,122) $ (998) $ 29,647 $ (7,228) $ (95,252) $ (2,197) $ 21,116 $ (8,853) Canada (6,374) (21) (12,979) — (13,899) (21) (25,763) — Mexico 25,636 (10,483) 30,827 (8,112) 52,669 (10,978) 63,741 (19,273) Other jurisdictions (72) — (9) — (74) — 3,238 — $ (65,932) $ (11,502) $ 47,486 $ (15,340) $ (56,556) $ (13,196) $ 62,332 $ (28,126) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Grants Awarded | The following table summarizes the grants awarded during the six months ended June 30, 2022: Grant date Restricted Grant date fair Performance Grant date fair February 22, 2022 1,700,619 $ 4.21 1,067,118 $ 4.38 May 16, 2022 157,349 $ 3.39 59,010 $ 4.38 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Adjustments to Comprehensive income (Loss) | Three Months Ended June 30, Six Months Ended June 30, In thousands 2022 2021 2022 2021 Unrealized gain (loss) on equity securities $ (62,810) $ 36,575 $ (49,066) $ 32,007 Realized gain (loss) on equity securities — — — 769 Exchange agreement embedded derivative — 664 — 664 Termination of gold zero cost collars — — (3,139) — Fair value adjustments, net $ (62,810) $ 37,239 $ (52,205) $ 33,440 |
Financial assets and liabilities measured at fair value on recurring basis | The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: Fair Value at June 30, 2022 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities including warrants $ 99,084 $ 98,878 $ 206 $ — Provisional metal sales contracts 7 — 7 — Gold forwards 29,302 — 29,302 — $ 128,393 $ 98,878 $ 29,515 $ — Liabilities: Provisional metal sales contracts $ 77 $ — $ 77 $ — 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 $ — |
Changes in the fair value of the Company's Level 3 financial liabilities | Three Months Ended June 30, 2022 In thousands Balance at Beginning of the period Initial valuation Revaluation Balance at the end of the period Assets: Royalties $ 11,200 $ — $ — $ 11,200 Contingent consideration $ 1,150 $ — $ — $ 1,150 $ 12,350 $ — $ — $ 12,350 Six Months Ended June 30, 2022 In thousands Balance at Beginning of the period Initial valuation Revaluation Balance at the end of the period Assets: Royalties $ — $ 11,200 $ — $ 11,200 Contingent consideration $ — $ 1,150 $ — $ 1,150 $ — $ 12,350 $ — $ 12,350 |
Financial Assets and Liabilities not Measured at Fair Value | The fair value of financial assets and liabilities carried at book value in the financial statements at June 30, 2022 and December 31, 2021 is presented in the following table: June 30, 2022 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Assets: Promissory note $ 4,780 $ 4,654 $ — $ 4,654 $ — Deferred cash consideration $ 7,458 $ 7,223 $ — $ 7,223 $ — Liabilities: 2029 Senior Notes (1) $ 368,742 $ 243,710 $ — $ 243,710 $ — Revolving Credit Facility (2) $ 115,000 $ 115,000 $ — $ 115,000 $ — (1) Net of unamortized debt issuance costs of $6.3 million (2) Unamortized debt issuance costs of $3.3 million included in Other Non-Current Assets . 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 . |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments, future settlement | At June 30, 2022, 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 $ 20,019 $ — Average gold price per ounce $ 1,846 $ — Notional ounces 10,842 — At June 30, 2022, 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 forwards Average gold fixed price per ounce $ 1,965 $ 1,982 Notional ounces 108,500 112,500 |
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments: June 30, 2022 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 7 $ 77 December 31, 2021 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 86 $ 162 The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges: June 30, 2022 In thousands Prepaid expenses and other Other assets Accrued liabilities and other Gold forwards $ 23,820 $ 5,482 $ — December 31, 2021 In thousands Prepaid expenses and other Other assets Accrued liabilities and other Gold zero cost collars $ — $ — $ 1,212 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 three and six months ended June 30, 2022 and 2021, respectively (in thousands). Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Amount of Gain (Loss) Recognized in AOCI Gold forwards $ 34,245 $ — $ 32,413 $ — Gold zero cost collars — (4,571) $ (3,386) $ 23,976 Foreign currency forward exchange contracts — 1,589 — 400 $ 34,245 $ (2,982) $ 29,027 $ 24,376 Amount of (Gain) Loss Reclassified From AOCI to Earnings Gold forwards $ (3,110) $ — $ (3,110) $ — Gold zero cost collars 1,379 437 $ 1,839 $ 828 Foreign currency forward exchange contracts — (3,498) — (6,611) $ (1,731) $ (3,061) $ (1,271) $ (5,783) |
Gain losses on derivative instruments | The following represent mark-to-market gains (losses) on derivative instruments in the three and six months ended June 30, 2022 and 2021, respectively (in thousands): Three Months Ended June 30, Six Months Ended June 30, Financial statement line Derivative 2022 2021 2022 2021 Revenue Provisional metal sales contracts $ (486) $ (137) $ 6 $ (697) Fair value adjustments, net Exchange agreement embedded derivative — 664 — 664 Fair value adjustments, net Terminated zero cost collars — — (3,139) — $ (486) $ 527 $ (3,133) $ (33) |
Other, Net (Tables)
Other, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Pre-development, reclamation, and other consists of the following: Three Months Ended June 30, Six Months Ended June 30, In thousands 2022 2021 2022 2021 COVID-19 $ 318 $ 972 $ 1,290 $ 5,319 Silvertip ongoing carrying costs 4,754 6,447 10,913 13,368 Asset retirement accretion 3,529 2,962 6,992 5,870 Other 577 2,357 1,395 1,893 Pre-development, reclamation and other $ 9,178 $ 12,738 $ 20,590 $ 26,450 |
Schedule of Other Nonoperating Income (Expense) | Other, net consists of the following: Three Months Ended June 30, Six Months Ended June 30, In thousands 2022 2021 2022 2021 Foreign exchange gain (loss) $ (506) $ (499) $ (1,065) $ (1,272) Gain (loss) on sale of assets 621 622 2,452 4,675 Other 198 578 663 925 Other, net $ 313 $ 701 $ 2,050 $ 4,328 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three months ended June 30, Six months ended June 30, In thousands except per share amounts 2022 2021 2022 2021 Net income (loss) available to common stockholders $ (77,434) $ 32,146 $ (69,752) $ 34,206 Weighted average shares: Basic 278,040 249,066 268,884 245,253 Effect of stock-based compensation plans — 3,066 — 3,240 Diluted 278,040 252,132 268,884 248,493 Income (loss) per share: Basic $ (0.28) $ 0.13 $ (0.26) $ 0.14 Diluted $ (0.28) $ 0.13 $ (0.26) $ 0.14 |
Supplemental Guarantor Inform_2
Supplemental Guarantor Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | SUMMARIZED BALANCE SHEET Coeur Mining, Inc. Guarantor Subsidiaries In thousands June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 Current assets $ 124,853 $ 11,143 $ 151,915 $ 128,630 Non-current assets (1) $ 361,197 $ 473,145 $ 947,241 $ 830,330 Non-guarantor intercompany assets $ 8,155 $ 19,803 $ — $ — Current liabilities $ 13,223 $ 18,353 $ 167,702 $ 130,307 Non-current liabilities $ 87,171 $ 139,223 $ 574,484 $ 461,904 Non-guarantor intercompany liabilities $ 34,397 $ 30,045 $ 1,715 $ 1,650 (1) Coeur Mining, Inc.’s non-current assets includes its investment in Guarantor Subsidiaries. |
Schedule of Comprehensive Income (Loss) | SUMMARIZED STATEMENTS OF INCOME SIX MONTHS ENDED JUNE 30, 2022 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Revenue $ — $ 223,492 Gross profit (loss) $ (415) $ (504) Net income (loss) $ (69,753) $ (12,422) |
Additional Balance Sheet Deta_2
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities and other consist of the following: In thousands June 30, 2022 December 31, 2021 Accrued salaries and wages $ 21,844 $ 28,408 Deferred revenue (1) 26,081 16,093 Income and mining taxes 10,214 13,856 Accrued operating costs 8,158 5,592 Unrealized losses on derivatives 77 1,374 Taxes other than income and mining 2,812 3,284 Accrued interest payable 8,072 8,038 Operating lease liabilities 11,076 11,301 Accrued liabilities and other $ 88,334 $ 87,946 |
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 three and six months ended June 30, 2022 and 2021: In thousands June 30, 2022 June 30, 2021 Cash and cash equivalents $ 74,159 $ 124,075 Restricted cash equivalents 1,396 1,383 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 75,555 $ 125,458 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Oct. 02, 2014 | |
Business Acquisition [Line Items] | |||||||||
Inventory Write-down | $ 9,219,000 | $ 0 | $ 16,814,000 | $ 0 | |||||
Rochester [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Inventory Write-down | 10,400,000 | 19,000,000 | |||||||
Rochester [Member] | Cost of Sales | |||||||||
Business Acquisition [Line Items] | |||||||||
Inventory Write-down | 9,200,000 | 16,800,000 | |||||||
Palmarejo gold production royalty | |||||||||
Business Acquisition [Line Items] | |||||||||
Aggregate deposit to be received | $ 22,000,000 | ||||||||
Production to be sold, percent | 50% | ||||||||
Price per ounce under agreement | $ 800 | ||||||||
Kensington | |||||||||
Business Acquisition [Line Items] | |||||||||
Revenue liability | $ 25,012,000 | $ 15,004,000 | $ 25,012,000 | $ 15,004,000 | $ 25,155,000 | $ 15,016,000 | $ 7,104,000 | $ 15,003,000 | |
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 ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Oct. 02, 2014 | |
Contract Liabilities | |||||
Deferred Revenue Recognized | $ 241,000 | $ 7,255,000 | $ 556,000 | $ 15,601,000 | |
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% | ||||
Franco-Nevada | |||||
Contract Liabilities | |||||
Opening Balance | 7,835,000 | 9,030,000 | 8,150,000 | 9,376,000 | |
Deferred Revenue Recognized | (93,000) | (255,000) | (408,000) | (601,000) | |
Closing Balance | 7,742,000 | 8,775,000 | 7,742,000 | 8,775,000 | |
Kensington | |||||
Contract Liabilities | |||||
Opening Balance | 25,155,000 | 7,104,000 | 15,016,000 | 15,003,000 | |
Deferred Revenue, Additions | 311,000 | 14,900,000 | 10,450,000 | 15,001,000 | |
Deferred Revenue Recognized | (454,000) | (7,000,000) | (454,000) | (15,000,000) | |
Closing Balance | 25,012,000 | $ 15,004,000 | 25,012,000 | $ 15,004,000 | |
Kensington | December 2020 Prepayment [Member] | |||||
Contract Liabilities | |||||
Opening Balance | $ 15,000,000 | $ 15,000,000 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | ||
Financial information relating to reporting segments | ||||||||
Revenue | $ 204,123 | $ 214,858 | $ 392,527 | $ 416,975 | ||||
Amortization | 27,965 | 31,973 | 54,398 | 61,910 | ||||
Other operating expenses | 18,465 | 23,205 | 40,149 | 48,471 | ||||
Loss on debt extinguishments | 0 | 0 | 0 | (9,173) | ||||
Fair value adjustments, net, pretax | (62,810) | 37,239 | (52,205) | 33,440 | ||||
Interest expense, net of capitalized interest | (5,170) | (5,093) | (9,738) | (10,003) | ||||
Other, net | 313 | 701 | 2,050 | 4,328 | ||||
Income and mining tax (expense) benefit | (11,502) | (15,340) | (13,196) | (28,126) | ||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (77,434) | 32,146 | (69,752) | 34,206 | ||||
Net income (loss) | (77,434) | $ 7,682 | 32,146 | $ 2,060 | (69,752) | 34,206 | ||
Assets, Net | 1,624,009 | 1,339,442 | 1,624,009 | 1,339,442 | $ 1,424,934 | |||
Capital expenditures | 73,156 | 78,223 | 142,658 | 137,647 | ||||
Palmarejo [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Amortization | 9,737 | 8,271 | 19,123 | 17,330 | ||||
Other operating expenses | 752 | 1,453 | 1,673 | 2,723 | ||||
Loss on debt extinguishments | 0 | |||||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | 0 | ||||
Interest expense, net of capitalized interest | (11) | (149) | (126) | (336) | ||||
Other, net | 832 | (371) | 493 | (1,036) | ||||
Income and mining tax (expense) benefit | (10,445) | (7,559) | (22,520) | (18,899) | ||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 15,102 | 23,479 | 30,504 | 45,622 | ||||
Assets, Net | 292,246 | 307,287 | 292,246 | 307,287 | ||||
Capital expenditures | 10,060 | 9,795 | 23,671 | 19,778 | ||||
Rochester [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Amortization | 4,961 | 6,506 | 9,671 | 10,083 | ||||
Other operating expenses | 1,830 | 1,444 | 3,661 | 2,892 | ||||
Loss on debt extinguishments | 0 | |||||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | 0 | ||||
Interest expense, net of capitalized interest | (203) | (480) | (381) | (702) | ||||
Other, net | (43) | (92) | (91) | (153) | ||||
Income and mining tax (expense) benefit | 1,000 | (33) | 965 | (171) | ||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (14,953) | (9,437) | (29,603) | (6,631) | ||||
Assets, Net | 689,215 | 435,257 | 689,215 | 435,257 | ||||
Capital expenditures | 46,956 | 42,272 | 80,006 | 72,449 | ||||
Kensington | ||||||||
Financial information relating to reporting segments | ||||||||
Amortization | 9,369 | 12,710 | 17,991 | 26,155 | ||||
Other operating expenses | 308 | 2,273 | 923 | 5,268 | ||||
Loss on debt extinguishments | 0 | |||||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | 0 | ||||
Interest expense, net of capitalized interest | (421) | (142) | (669) | (374) | ||||
Other, net | (25) | (42) | 81 | (42) | ||||
Income and mining tax (expense) benefit | 127 | (707) | 127 | (1,041) | ||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (262) | 2,425 | (2,649) | 7,382 | ||||
Assets, Net | 149,365 | 158,456 | 149,365 | 158,456 | ||||
Capital expenditures | 8,828 | 6,045 | 16,752 | 13,247 | ||||
Wharf [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Amortization | 2,248 | 2,994 | 4,309 | 5,469 | ||||
Other operating expenses | 527 | 525 | 1,039 | 710 | ||||
Loss on debt extinguishments | 0 | |||||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | 0 | ||||
Interest expense, net of capitalized interest | (14) | (46) | (27) | (83) | ||||
Other, net | 634 | 628 | 673 | 652 | ||||
Income and mining tax (expense) benefit | (972) | (1,294) | (1,965) | (2,423) | ||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 9,914 | 15,182 | 20,175 | 27,130 | ||||
Assets, Net | 90,645 | 77,436 | 90,645 | 77,436 | ||||
Capital expenditures | 475 | 1,402 | 1,836 | 2,883 | ||||
Silvertip [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Amortization | 1,259 | 1,185 | 2,518 | 2,271 | ||||
Other operating expenses | 5,090 | 5,964 | 11,584 | 12,519 | ||||
Loss on debt extinguishments | 0 | |||||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | 0 | ||||
Interest expense, net of capitalized interest | (50) | 181 | (118) | 226 | ||||
Other, net | (230) | (237) | (235) | (339) | ||||
Income and mining tax (expense) benefit | 0 | 0 | 0 | 0 | ||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (6,367) | (10,800) | (14,193) | (21,430) | ||||
Assets, Net | 239,348 | 189,489 | 239,348 | 189,489 | ||||
Capital expenditures | 5,703 | 18,525 | 17,562 | 28,912 | ||||
Other Mining Properties [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Amortization | 391 | 307 | 786 | 602 | ||||
Other operating expenses | 9,958 | 11,546 | 21,269 | 24,359 | ||||
Loss on debt extinguishments | (9,173) | |||||||
Fair value adjustments, net, pretax | (62,810) | 37,239 | (52,205) | 33,440 | ||||
Interest expense, net of capitalized interest | (4,471) | (4,457) | (8,417) | (8,734) | ||||
Other, net | (855) | 815 | 1,129 | 5,246 | ||||
Income and mining tax (expense) benefit | (1,212) | (5,747) | 10,197 | (5,592) | ||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (80,868) | 11,297 | (73,986) | (17,867) | ||||
Assets, Net | 163,190 | 171,517 | 163,190 | 171,517 | ||||
Capital expenditures | 1,134 | 184 | 2,831 | 378 | ||||
Gold [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 146,625 | 146,158 | 276,076 | 284,480 | ||||
Gold [Member] | Palmarejo [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 44,127 | 41,232 | 84,201 | 78,799 | ||||
Gold [Member] | Rochester [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 15,199 | 14,026 | 26,251 | 26,466 | ||||
Gold [Member] | Kensington | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 50,030 | 48,807 | 94,089 | 103,273 | ||||
Gold [Member] | Wharf [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 37,269 | 42,093 | 71,535 | 75,942 | ||||
Gold [Member] | Silvertip [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Gold [Member] | Other Mining Properties [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Product, Silver | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 57,498 | 68,700 | 116,451 | 132,495 | ||||
Product, Silver | Palmarejo [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 41,837 | 43,802 | 84,836 | 86,580 | ||||
Product, Silver | Rochester [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 15,304 | 24,059 | 30,621 | 44,376 | ||||
Product, Silver | Kensington | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 233 | 0 | 478 | 0 | ||||
Product, Silver | Wharf [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 124 | 839 | 516 | 1,539 | ||||
Product, Silver | Silvertip [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Product, Silver | Other Mining Properties [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Product, Metal [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 204,123 | 214,858 | 392,527 | 416,975 | ||||
Product, Metal [Member] | Palmarejo [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 85,964 | 85,034 | 169,037 | 165,379 | ||||
Product, Metal [Member] | Rochester [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 30,503 | 38,085 | 56,872 | 70,842 | ||||
Product, Metal [Member] | Kensington | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 50,263 | 48,807 | 94,567 | 103,273 | ||||
Product, Metal [Member] | Wharf [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 37,393 | 42,932 | 72,051 | 77,481 | ||||
Product, Metal [Member] | Silvertip [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Product, Metal [Member] | Other Mining Properties [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Revenue | 0 | 0 | 0 | 0 | ||||
Product | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | [1] | 150,679 | 132,595 | 283,946 | 240,742 | |||
Product | Palmarejo [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | [1] | 49,063 | 41,918 | 92,288 | 75,906 | |||
Product | Rochester [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | [1] | 37,953 | 38,031 | 70,228 | 62,064 | |||
Product | Kensington | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | [1] | 39,311 | 29,203 | 76,221 | 60,597 | |||
Product | Wharf [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | [1] | 24,352 | 23,443 | 45,209 | 42,175 | |||
Product | Silvertip [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | [1] | 0 | 0 | 0 | 0 | |||
Product | Other Mining Properties [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | [1] | 0 | 0 | 0 | 0 | |||
Mineral, Exploration | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | 5,279 | 12,446 | 10,697 | 22,112 | ||||
Mineral, Exploration | Palmarejo [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | 1,686 | 1,834 | 3,296 | 3,527 | ||||
Mineral, Exploration | Rochester [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | 1,466 | 936 | 3,408 | 1,408 | ||||
Mineral, Exploration | Kensington | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | 1,218 | 1,305 | 1,620 | 2,414 | ||||
Mineral, Exploration | Wharf [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | 0 | 76 | 0 | 143 | ||||
Mineral, Exploration | Silvertip [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | (262) | 3,595 | (262) | 6,527 | ||||
Mineral, Exploration | Other Mining Properties [Member] | ||||||||
Financial information relating to reporting segments | ||||||||
Costs applicable to sales | $ 1,171 | $ 4,700 | $ 2,635 | $ 8,093 | ||||
[1]Excludes amortization. |
Segment Reporting (Details 1)
Segment Reporting (Details 1) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Segment Reporting [Abstract] | |||
Assets, Net | $ 1,624,009 | $ 1,424,934 | $ 1,339,442 |
Cash and cash equivalents | 74,159 | 56,664 | $ 124,075 |
Other assets | 162,164 | 252,824 | |
TOTAL ASSETS | $ 1,860,332 | $ 1,734,422 |
Segment Reporting (Details 2)
Segment Reporting (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | $ 1,328,491 | $ 1,328,491 | $ 1,172,766 | ||
Revenues | |||||
Revenue | 204,123 | $ 214,858 | 392,527 | $ 416,975 | |
United States | |||||
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | 844,952 | 844,952 | 704,007 | ||
Revenues | |||||
Revenue | 118,159 | 129,824 | 223,490 | 251,596 | |
Canada | |||||
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | 233,171 | 233,171 | 223,876 | ||
Mexico | |||||
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | 250,244 | 250,244 | 244,758 | ||
Revenues | |||||
Revenue | 85,964 | $ 85,034 | 169,037 | $ 165,379 | |
Other Foreign Countries [Member] | |||||
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | $ 124 | $ 124 | $ 125 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Receivables - current portion | ||
Accounts receivable - trade | $ 6,291 | $ 4,879 |
Refundable value added tax | 11,837 | 18,415 |
Income Taxes Receivable | 9,151 | 8,418 |
Accounts and Financing Receivable, after Allowance for Credit Loss | 4,780 | 0 |
Accounts receivable - other | 394 | 705 |
Receivables, net current portion | 32,453 | 32,417 |
Contingent consideration | 1,150 | 0 |
Deferred cash consideration | 7,458 | 0 |
Receivables - non-current portion | ||
Receivables, Net, Current | 8,608 | 0 |
Total receivables | $ 41,061 | $ 32,417 |
Inventory and Ore on Leach Pa_3
Inventory and Ore on Leach Pads (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Inventory, Finished Goods, Net of Reserves | $ 2,614 | $ 1,643 |
Other Inventory, Net of Reserves | 10,937 | 11,353 |
Inventory, Supplies, Net of Reserves | 41,294 | 38,285 |
Inventory | 54,845 | 51,281 |
Ore on Leach Pad, Current | 96,589 | 81,128 |
Ore on leach pads, noncurrent | 63,496 | 73,495 |
Inventory, Ore Stockpiles on Leach Pads, Gross | 160,085 | 154,623 |
Inventory and Ore on Leach Pads | 234,763 | 223,931 |
Long-Term Inventory Stockpile | $ 19,833 | $ 18,027 |
Inventory and Ore on Leach Pa_4
Inventory and Ore on Leach Pads - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Inventory [Line Items] | ||||
Inventory Write-down | $ 9,219 | $ 0 | $ 16,814 | $ 0 |
Rochester [Member] | ||||
Inventory [Line Items] | ||||
Inventory Write-down | 10,400 | 19,000 | ||
Rochester [Member] | Amortization | ||||
Inventory [Line Items] | ||||
Inventory Write-down | 1,200 | 2,200 | ||
Rochester [Member] | Cost of Sales | ||||
Inventory [Line Items] | ||||
Inventory Write-down | $ 9,200 | $ 16,800 |
Investments (Details)
Investments (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 28, 2022 | Mar. 21, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Abstract] | ||||||||
Marketable Securities, Realized Gain (Loss) | $ 0 | $ 0 | $ 0 | $ (769) | ||||
Unrealized gain (loss) on equity securities | (62,810) | $ 36,575 | (49,066) | $ 32,007 | ||||
Equity securities | ||||||||
Investment in Marketable Securities (Textual) [Abstract] | ||||||||
Cost | 154,118 | 154,118 | $ 138,165 | |||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ 0 | 0 | ||||||
Equity Securities, FV-NI, Unrealized Gain | 5,968 | 55,034 | ||||||
Current liabilities | 99,084 | 99,084 | 132,197 | |||||
Victoria Gold Corp | Equity securities | ||||||||
Investment in Marketable Securities (Textual) [Abstract] | ||||||||
Cost | 128,710 | 128,710 | 128,710 | |||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 0 | 0 | ||||||
Equity Securities, FV-NI, Unrealized Gain | 4,499 | 41,171 | ||||||
Current liabilities | 87,539 | 87,539 | 124,211 | |||||
Proceeds from sale of equity method investments | $ 40,500 | |||||||
Equity method investment, amount sold (in shares) | 5,000,000 | |||||||
Equity Method Investments, Sale of Stock, Price Per Share | $ 8.34 | |||||||
Integra Resources Corp. [Member] | Equity securities | ||||||||
Investment in Marketable Securities (Textual) [Abstract] | ||||||||
Cost | 9,455 | 9,455 | 9,455 | |||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 0 | 0 | ||||||
Equity Securities, FV-NI, Unrealized Gain | $ 1,469 | 5,691 | ||||||
Current liabilities | 3,764 | 3,764 | $ 7,986 | |||||
Avino Silver & Gold Mines Ltd | Equity securities | ||||||||
Investment in Marketable Securities (Textual) [Abstract] | ||||||||
Shares purchased during period, shares | 14,000,000 | |||||||
Investment owned, percent of assets | 12% | |||||||
Cost | 13,720 | 13,720 | ||||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 0 | |||||||
Equity Securities, FV-NI, Unrealized Gain | 6,145 | |||||||
Current liabilities | 7,575 | 7,575 | ||||||
Other Investments [Member] | Equity securities | ||||||||
Investment in Marketable Securities (Textual) [Abstract] | ||||||||
Cost | 2,233 | 2,233 | ||||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 0 | |||||||
Equity Securities, FV-NI, Unrealized Gain | 2,027 | |||||||
Current liabilities | $ 206 | $ 206 |
Leases - Summary of Lease Cost
Leases - Summary of Lease Cost and Cash Flow Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Lease Cost | ||||
Operating lease cost | $ 3,016,000 | $ 3,180,000 | $ 5,895,000 | $ 6,331,000 |
Short-term Lease, Cost | 2,706,000 | 2,054,000 | 5,451,000 | 5,099,000 |
Finance Lease Cost: | ||||
Amortization of leased assets | 5,161,000 | 5,039,000 | 10,368,000 | 10,927,000 |
Total finance lease cost | 6,515,000 | 6,057,000 | 12,944,000 | 12,534,000 |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | 5,722 | 5,234 | 11,346 | 11,635 |
Financing cash flows from finance leases | 7,669,000 | 9,365,000 | 15,908,000 | 15,028,000 |
Finance Lease, Interest Expense | $ 1,354,000 | $ 1,018,000 | $ 2,576,000 | $ 1,607,000 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Weighted Average Discount Rate | ||
Weighted-average discount rate - finance leases | 4.97% | 5.08% |
Weighted-average discount rate - operating leases | 5.20% | 5.20% |
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 |
Total operating lease liabilities | $ 24,919 | |
Finance Leases | ||
Property and equipment, gross | 125,984 | $ 115,597 |
Accumulated depreciation | (69,719) | (63,879) |
Property and equipment, net | 56,265 | 51,718 |
Debt, current | 28,670 | 29,821 |
Debt, non-current | 35,088 | $ 24,407 |
Total finance lease liabilities | $ 63,758 | |
Weighted Average Remaining Lease Term | ||
Weighted-average remaining lease term - finance leases | 1 year 10 months 6 days | 1 year 7 months 13 days |
Weighted-average remaining lease term - operating leases | 2 years 9 months | 3 years 2 months 1 day |
Capital Lease Obligations | ||
Finance Leases | ||
Debt, non-current | $ 35,088 | $ 24,407 |
Other Current Liabilities | ||
Operating Leases | ||
Accrued liabilities and other | 11,076 | 11,301 |
Other Noncurrent Liabilities | ||
Operating Leases | ||
Other long-term liabilities | 13,843 | 18,660 |
Finance Leases | ||
Total finance lease liabilities | 54,228 | |
Other Liabilities | ||
Operating Leases | ||
Total operating lease liabilities | 29,961 | |
Other Noncurrent Assets [Member] | ||
Operating Leases | ||
Other assets, non-current | $ 25,903 | $ 30,987 |
Leases - Summary of Minimum Fut
Leases - Summary of Minimum Future Lease Payments (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Operating leases | |
2022 | $ 5,715 |
2023 | 10,878 |
2024 | 8,812 |
2025 | 213 |
2026 | 220 |
Thereafter | 946 |
Total | 26,784 |
Less: imputed interest | (1,865) |
Net lease obligation | 24,919 |
Finance leases | |
2022 | 14,092 |
2023 | 21,096 |
2024 | 13,977 |
2025 | 12,428 |
2026 | 6,517 |
Thereafter | 1,239 |
Total | 69,349 |
Less: imputed interest | (5,591) |
Net lease obligation | $ 63,758 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | |
Long term debt and capital lease obligations | ||||
Current | $ 28,670 | $ 29,821 | ||
Debt | 518,830 | 457,680 | ||
Senior Notes due 2029 | ||||
Long term debt and capital lease obligations | ||||
Net unamortized debt issuance costs | 6,300 | $ 6,700 | ||
Senior Notes due 2029 | ||||
Long term debt and capital lease obligations | ||||
Debt | [1] | 368,742 | ||
Senior Notes due 2024 | ||||
Long term debt and capital lease obligations | ||||
Debt | 368,273 | |||
Revolving Credit Facility | ||||
Long term debt and capital lease obligations | ||||
Debt | [2] | 115,000 | 65,000 | |
Senior Notes due 2029 | ||||
Long term debt and capital lease obligations | ||||
Current | [1] | 0 | 0 | |
Revolving Credit Facility | ||||
Long term debt and capital lease obligations | ||||
Current | [2] | 0 | 0 | |
Revolving Credit Facility | ||||
Long term debt and capital lease obligations | ||||
Net unamortized debt issuance costs | $ 3,300 | $ 2,400 | ||
[1]Net of unamortized debt issuance costs of $6.3 million and $6.7 million at June 30, 2022 and December 31, 2021, respectively.[2] Unamortized debt issuance costs of $3.3 million and $2.4 million at June 30, 2022 and December 31, 2021, respectively, included in Other Non-Current Assets |
Debt (Details Textual)
Debt (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
May 02, 2022 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||||||
Loss on debt extinguishments | $ 0 | $ 0 | $ 0 | $ (9,173) | |||
Senior Notes due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | 375,000 | 375,000 | |||||
Proceeds from debt | $ 367,500 | ||||||
Rochester Finance Lease | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 60,000 | ||||||
Stated interest rate | 5.22% | ||||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Letters of credit outstanding, amount | 30,500 | 30,500 | |||||
Revolving Credit Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 115,000 | $ 115,000 | |||||
Stated interest rate | 3.80% | 3.80% | |||||
Revolving Credit Facility | Credit Agreement | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility | $ 90,000 | ||||||
Maximum borrowing capacity | $ 390,000 |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Debt Disclosure [Abstract] | ||||
Interest paid on Senior Notes due 2024 | $ 0 | $ 0 | $ 0 | $ 2,591 |
Interest paid on Senior Notes due 2029 | 4,804 | 4,804 | 9,609 | 6,406 |
Interest paid on Revolving Credit Facility | 1,370 | 450 | 2,557 | 930 |
Finance Lease, Interest Expense | 1,354 | 1,018 | 2,576 | 1,607 |
Amortization of Debt Issuance Costs | 496 | 487 | 913 | 891 |
Interest Expense, Other | 31 | 118 | 132 | 175 |
Interest Costs Capitalized Adjustment | (2,885) | (1,784) | (6,049) | (2,597) |
Interest Costs Incurred | $ 5,170 | $ 5,093 | $ 9,738 | $ 10,003 |
Reclamation (Details)
Reclamation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Asset retirement obligation | ||||
Asset retirement obligation - Beginning | $ 184,322 | $ 141,412 | $ 181,888 | $ 139,274 |
Accretion | 3,529 | 2,962 | 6,992 | 5,870 |
Settlements | (1,449) | (1,145) | (2,478) | (1,915) |
Asset retirement obligation - Ending | $ 186,402 | $ 143,229 | $ 186,402 | $ 143,229 |
Income and Mining Taxes - Incom
Income and Mining Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Examination [Line Items] | ||||
Income (loss) before income and mining taxes | $ (65,932) | $ 47,486 | $ (56,556) | $ 62,332 |
Tax (expense) benefit | 11,502 | 15,340 | 13,196 | 28,126 |
United States | ||||
Income Tax Examination [Line Items] | ||||
United States, Income (loss) before tax | (85,122) | 29,647 | (95,252) | 21,116 |
Tax (expense) benefit | (998) | (7,228) | (2,197) | (8,853) |
Canada | ||||
Income Tax Examination [Line Items] | ||||
Foreign, Income (loss) before tax | 6,374 | 12,979 | 13,899 | 25,763 |
Tax (expense) benefit | (21) | 0 | (21) | 0 |
Mexico | ||||
Income Tax Examination [Line Items] | ||||
Foreign, Income (loss) before tax | (25,636) | (30,827) | (52,669) | (63,741) |
Tax (expense) benefit | (10,483) | (8,112) | (10,978) | (19,273) |
Other jurisdictions | ||||
Income Tax Examination [Line Items] | ||||
Foreign, Income (loss) before tax | 72 | 9 | 74 | (3,238) |
Tax (expense) benefit | $ 0 | $ 0 | $ 0 | $ 0 |
Income and Mining Taxes - Narra
Income and Mining Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||||
Tax (expense) benefit | $ 11,502 | $ 15,340 | $ 13,196 | $ 28,126 | |
Effective income tax rate | (17.40%) | ||||
Unrecognized income tax liability | $ 100 | 100 | |||
Unrecognized tax benefits | 0 | 0 | $ 300 | ||
Income-tax related interest and penalties | $ 0 | $ 0 | $ 400 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation cost | $ 11.8 | $ 11.8 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 8 months 12 days | |||
Annual Incentive Plan and Long Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense for stock based compensation awards | $ 2.3 | $ 3.3 | $ 4.6 | $ 7.5 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Grants Awarded (Details) | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
February 22, 2022 | Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock | shares | 1,700,619 |
Grant date fair value of restricted stock | $ / shares | $ 4.21 |
February 22, 2022 | Performance shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance shares | shares | 1,067,118 |
Grant date fair value of performance shares | $ / shares | $ 4.38 |
May 12, 2021 | Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock | shares | 157,349 |
Grant date fair value of restricted stock | $ / shares | $ 3.39 |
May 12, 2021 | Performance shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance shares | shares | 59,010 |
Grant date fair value of performance shares | $ / shares | $ 4.38 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Gain (Loss) Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value adjustments, net | $ (62,810) | $ 37,239 | $ (52,205) | $ 33,440 |
Unrealized gain (loss) on equity securities | (62,810) | 36,575 | (49,066) | 32,007 |
Realized gain (loss) on equity securities | 0 | 0 | 0 | 769 |
Termination of gold zero cost collars | 0 | 0 | (3,139) | 0 |
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $ 0 | $ 664 | $ 0 | $ 664 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Equity securities | $ 11,545 | $ 132,197 |
Fair Value, Recurring | ||
Assets: | ||
Assets | 128,393 | 132,283 |
Liabilities: | ||
Total liabilities | 1,374 | |
Provisional metal sales contracts | Fair Value, Recurring | ||
Assets: | ||
Fair value of other derivative instruments, net | 7 | 86 |
Liabilities: | ||
Fair value of derivative liability | 77 | 162 |
Gold zero cost collars | Fair Value, Recurring | ||
Liabilities: | ||
Fair value of derivative liability | 1,212 | |
Gold Forwards | Fair Value, Recurring | ||
Assets: | ||
Fair value of other derivative instruments, net | 29,302 | |
Equity Securities | Fair Value, Recurring | ||
Assets: | ||
Equity securities | 132,197 | |
Liabilities: | ||
Marketable securities including warrants | 99,084 | |
Level 1 | Fair Value, Recurring | ||
Assets: | ||
Assets | 98,878 | 132,197 |
Liabilities: | ||
Total liabilities | 0 | |
Level 1 | Provisional metal sales contracts | Fair Value, Recurring | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | 0 |
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 1 | Gold zero cost collars | Fair Value, Recurring | ||
Liabilities: | ||
Fair value of derivative liability | 0 | |
Level 1 | Gold Forwards | Fair Value, Recurring | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | |
Level 1 | Equity Securities | Fair Value, Recurring | ||
Assets: | ||
Equity securities | 132,197 | |
Liabilities: | ||
Marketable securities including warrants | 98,878 | |
Level 2 | Fair Value, Recurring | ||
Assets: | ||
Assets | 29,515 | 86 |
Liabilities: | ||
Total liabilities | 1,374 | |
Level 2 | Provisional metal sales contracts | Fair Value, Recurring | ||
Assets: | ||
Fair value of other derivative instruments, net | 7 | 86 |
Liabilities: | ||
Fair value of derivative liability | 77 | 162 |
Level 2 | Gold zero cost collars | Fair Value, Recurring | ||
Liabilities: | ||
Fair value of derivative liability | 1,212 | |
Level 2 | Gold Forwards | Fair Value, Recurring | ||
Assets: | ||
Fair value of other derivative instruments, net | 29,302 | |
Level 2 | Equity Securities | Fair Value, Recurring | ||
Assets: | ||
Equity securities | 0 | |
Liabilities: | ||
Marketable securities including warrants | 206 | |
Level 3 | Fair Value, Recurring | ||
Assets: | ||
Assets | 0 | 0 |
Liabilities: | ||
Total liabilities | 0 | |
Level 3 | Provisional metal sales contracts | Fair Value, Recurring | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | 0 |
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 3 | Gold zero cost collars | Fair Value, Recurring | ||
Liabilities: | ||
Fair value of derivative liability | 0 | |
Level 3 | Gold Forwards | Fair Value, Recurring | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | |
Level 3 | Equity Securities | Fair Value, Recurring | ||
Assets: | ||
Equity securities | $ 0 | |
Liabilities: | ||
Marketable securities including warrants | $ 0 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Level 3 Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the start of the period | $ 12,350 | $ 0 |
Revaluation | 0 | 0 |
Balance at the end of the period | 12,350 | 12,350 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Initial valuation | 0 | 12,350 |
Royalties | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the start of the period | 11,200 | 0 |
Revaluation | 0 | 0 |
Balance at the end of the period | 11,200 | 11,200 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Initial valuation | 0 | 11,200 |
Contingent consideration | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the start of the period | 1,150 | 0 |
Revaluation | 0 | 0 |
Balance at the end of the period | 1,150 | 1,150 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Initial valuation | $ 0 | $ 1,150 |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary of Assets and Liabilities Carried at Book Value (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Book value | $ 518,830 | $ 457,680 | |
Senior Notes due 2024 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Book value | 368,273 | ||
Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Book value | [1] | 115,000 | 65,000 |
Senior Notes due 2029 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Book value | [2] | 368,742 | |
Reported Value Measurement | Promissory note | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, fair value disclosure | 4,780 | ||
Reported Value Measurement | Deferred cash consideration | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, fair value disclosure | 7,458 | ||
Estimate of Fair Value Measurement | Promissory note | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, fair value disclosure | 4,654 | ||
Estimate of Fair Value Measurement | Deferred cash consideration | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, fair value disclosure | 7,223 | ||
Estimate of Fair Value Measurement | Level 1 | Promissory note | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, fair value disclosure | 0 | ||
Estimate of Fair Value Measurement | Level 1 | Deferred cash consideration | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, fair value disclosure | 0 | ||
Estimate of Fair Value Measurement | Level 2 | Promissory note | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, fair value disclosure | 4,654 | ||
Estimate of Fair Value Measurement | Level 2 | Deferred cash consideration | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, fair value disclosure | 7,223 | ||
Estimate of Fair Value Measurement | Level 3 | Promissory note | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, fair value disclosure | 0 | ||
Estimate of Fair Value Measurement | Level 3 | Deferred cash consideration | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, fair value disclosure | 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 | ||
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 | ||
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 | ||
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 | ||
Portion at Other than Fair Value Measurement | Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 115,000 | 65,000 | |
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 0 | 0 | |
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 115,000 | 65,000 | |
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 0 | 0 | |
Portion at Other than Fair Value Measurement | Senior Notes due 2029 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 243,710 | ||
Portion at Other than Fair Value Measurement | Senior Notes due 2029 | Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 0 | ||
Portion at Other than Fair Value Measurement | Senior Notes due 2029 | Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 243,710 | ||
Portion at Other than Fair Value Measurement | Senior Notes due 2029 | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | 0 | ||
Revolving Credit Facility | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Net unamortized debt issuance costs | $ 3,300 | $ 2,400 | |
[1] Unamortized debt issuance costs of $3.3 million and $2.4 million at June 30, 2022 and December 31, 2021, respectively, included in Other Non-Current Assets |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Millions | Oct. 27, 2021 USD ($) royalty $ / oz | Jun. 30, 2022 $ / oz |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration asset fair value disclosure | $ | $ 1.2 | |
Measurement Input, Silver Price Volatility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Disposal group, consideration, measurement input | 0.335 | |
Measurement Input, Gold Price Volatility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Disposal group, consideration, measurement input | 0.190 | |
Measurement Input, Weighted Average Cost of Capital | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Disposal group, consideration, measurement input | 0.155 | |
Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assumed silver price (US Dollars per ounce) | 22 | |
Assumed gold price (US Dollars per ounce) | 1,700 | |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assumed silver price (US Dollars per ounce) | 25 | |
Assumed gold price (US Dollars per ounce) | 1,930 | |
Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Royalties receivable fair value disclosure | $ | $ 11.2 | |
Disposal Group, Including Discontinued Operation, Number Of Royalties Disposed Of | royalty | 2 | |
Discontinued Operations, Disposed of by Sale | La Preciosa [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Disposal group, including discontinued operation, contingent consideration, payments per silver equivalent | 0.25 | |
Disposal Group, Including Discontinued Operation, Number Of Royalties Disposed Of | royalty | 2 | |
Gloria And Abundancia | Discontinued Operations, Disposed of by Sale | La Preciosa [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discontinued operation, consideration, royalties on properties | 1.25% | |
Areas Other Than Gloria And Abundancia | Discontinued Operations, Disposed of by Sale | La Preciosa [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discontinued operation, consideration, royalties on properties | 2% |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in the Fair Value of the Company's Level 3 Financial Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the start of the period | $ 12,350 | $ 0 |
Initial valuation | 0 | 12,350 |
Revaluation | 0 | 0 |
Balance at the end of the period | 12,350 | 12,350 |
Royalties | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the start of the period | 11,200 | 0 |
Initial valuation | 0 | 11,200 |
Revaluation | 0 | 0 |
Balance at the end of the period | 11,200 | 11,200 |
Contingent consideration | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the start of the period | 1,150 | 0 |
Initial valuation | 0 | 1,150 |
Revaluation | 0 | 0 |
Balance at the end of the period | $ 1,150 | $ 1,150 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Provisionally Priced Sales (Details) - Gold concentrates sales agreements $ in Thousands | Jun. 30, 2022 USD ($) oz $ / oz |
2018 | |
Derivative instruments Settlement | |
Derivative average price | $ / oz | 1,846 |
Notional Amount Derivative | $ | $ 20,019 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 10,842 |
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) - Silver and Gold Concentrate Sales Agreements - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Prepaid expenses and other | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | $ 7 | $ 86 |
Accrued liabilities and other | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | $ 77 | $ 162 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Mark-to-Market Gain (Losses) on Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Provisional gain (loss) on derivatives and commodity contracts | $ (486) | $ (137) | $ 6 | $ (697) |
Fair value adjustments, net, pretax | (62,810) | 37,239 | (52,205) | 33,440 |
Fair value adjustments, net | (486) | 527 | (3,133) | (33) |
Termination of gold zero cost collars | 0 | 0 | (3,139) | 0 |
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $ 0 | $ 664 | $ 0 | $ 664 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | |
Derivative [Line Items] | |||||
Provisional gain (loss) on derivatives and commodity contracts | $ (486) | $ (137) | $ 6 | $ (697) | |
Unrealized gain (loss) on hedger, net of tax | 34,245 | (2,982) | 29,027 | 24,376 | |
Termination of gold zero cost collars | 0 | 0 | 3,139 | 0 | |
Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Gains (losses) reclassified from AOCI into net income - effective portion: | (1,731) | (3,061) | (1,271) | (5,783) | |
Gains (losses) recognized in OCI - effective portion: | 34,245 | (2,982) | 29,027 | 24,376 | |
Designated as Hedging Instrument | Gold zero cost collars | |||||
Derivative [Line Items] | |||||
After tax gains in AOCI | 29,300 | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 23,800 | ||||
Gains (losses) reclassified from AOCI into net income - effective portion: | 1,379 | 437 | 1,839 | 828 | |
Gains (losses) recognized in OCI - effective portion: | $ 0 | $ (4,571) | (3,386) | $ 23,976 | |
Unrealized gain (loss) on hedger, net of tax | 7,700 | ||||
Termination of gold zero cost collars | 3,100 | ||||
Termination of zero gold cost collars recorded to other comprehensive income (loss) | $ 4,600 | ||||
Designated as Hedging Instrument | Gold zero cost collars | Forecast | |||||
Derivative [Line Items] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ 2,800 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Summary of Classification of Fair Value on Derivatives Designated as Cash Flow Hedges (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Gold zero cost collars | Prepaid expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | $ 0 | |
Gold zero cost collars | Accrued liabilities and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | 1,212 | |
Gold zero cost collars | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 0 | |
Gold Forwards | Prepaid expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | $ 23,820 | |
Gold Forwards | Accrued liabilities and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | $ 0 | |
Gold Forwards | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | $ 5,482 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Summary of Derivative Cash Flow Hedges (Details) - Designated as Hedging Instrument | 6 Months Ended |
Jun. 30, 2022 oz $ / oz | |
Gold Forwards - 2022 | |
Derivative [Line Items] | |
Average gold fixed price per ounce | $ / oz | 1,965 |
Notional ounces | oz | 108,500 |
Gold Forwards - 2023 and Thereafter | |
Derivative [Line Items] | |
Average gold fixed price per ounce | $ / oz | 1,982 |
Notional ounces | oz | 112,500 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gains (losses) recognized in OCI - effective portion: | $ 34,245 | $ (2,982) | $ 29,027 | $ 24,376 |
Gains (losses) reclassified from AOCI into net income - effective portion: | (1,731) | (3,061) | (1,271) | (5,783) |
Gold zero cost collars | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gains (losses) recognized in OCI - effective portion: | 0 | (4,571) | (3,386) | 23,976 |
Gains (losses) reclassified from AOCI into net income - effective portion: | 1,379 | 437 | 1,839 | 828 |
Foreign Exchange Forward | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gains (losses) recognized in OCI - effective portion: | 0 | 1,589 | 0 | 400 |
Gains (losses) reclassified from AOCI into net income - effective portion: | 0 | (3,498) | 0 | (6,611) |
Gold Forwards | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gains (losses) recognized in OCI - effective portion: | 34,245 | 0 | 32,413 | 0 |
Gains (losses) reclassified from AOCI into net income - effective portion: | $ (3,110) | $ 0 | $ (3,110) | $ 0 |
Other, Net - Summary of Other N
Other, Net - Summary of Other Non-Operating (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other Income and Expenses [Abstract] | ||||
Foreign exchange gain (loss) | $ (506) | $ (499) | $ (1,065) | $ (1,272) |
Gain (loss) on sale of assets and investments | 621 | 622 | 2,452 | 4,675 |
Other | 198 | 578 | 663 | 925 |
Other, net | $ 313 | $ 701 | $ 2,050 | $ 4,328 |
Other, Net - Summary of Pre-dev
Other, Net - Summary of Pre-development, reclamation and other (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other Income and Expenses [Abstract] | ||||
Covid-19 Related Costs | $ 318 | $ 972 | $ 1,290 | $ 5,319 |
Care and maintenance costs | 4,754 | 6,447 | 10,913 | 13,368 |
Pre-development, reclamation, and other | 9,178 | 12,738 | 20,590 | 26,450 |
Other Operating Income (Expense), Net | $ 577 | $ 2,357 | $ 1,395 | $ 1,893 |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share (Textual) [Abstract] | ||||||
Number of antidilutive shares of common stock equivalents | 1,991,864 | 1,553,030 | 992,382 | 1,558,030 | ||
Common stock issued for investment (in shares) | 22,053,275 | |||||
Net Income (Loss) Attributable to Coeur Stockholders | ||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ (77,434) | $ 32,146 | $ (69,752) | $ 34,206 | ||
NET INCOME (LOSS) | $ (77,434) | $ 7,682 | $ 32,146 | $ 2,060 | $ (69,752) | $ 34,206 |
Weighted Average Number of Shares Outstanding | ||||||
Weighted Average Number of Shares Outstanding, Basic | 278,040,000 | 249,066,000 | 268,884,000 | 245,253,000 | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 3,066,000 | 0 | 3,240,000 | ||
Weighted Average Number of Shares Outstanding, Diluted | 278,040,000 | 252,132,000 | 268,884,000 | 248,493,000 | ||
Basic EPS | ||||||
Earnings Per Share, Basic | $ (0.28) | $ 0.13 | $ (0.26) | $ 0.14 | ||
Diluted EPS | ||||||
Earnings Per Share, Diluted | $ (0.28) | $ 0.13 | $ (0.26) | $ 0.14 |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Summary of Common Stock Issuance (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Subsidiary, Sale of Stock [Line Items] | ||||||
Aggregate net proceeds from stock offering | $ 98,000 | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||
Price per share | $ 4.53 | $ 4.53 | ||||
Net proceeds | $ (62) | $ 0 | $ 98,335 | $ 0 | ||
Common stock issued under "at the market" stock offering | $ 98,499 | $ 118,777 | ||||
Aggregate Value of ATM Program | $ 100,000 | $ 100,000 |
Supplemental Guarantor Inform_3
Supplemental Guarantor Information Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Condensed Financial Statements, Captions [Line Items] | |||
Current assets | $ 379,630 | $ 289,577 | |
Current liabilities | 241,095 | 235,868 | |
Non-current liabilities | 762,056 | 698,292 | |
Coeur Mining, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Current assets | 124,853 | 11,143 | |
Non-current assets(1) | [1] | 361,197 | 473,145 |
Non-guarantor intercompany assets | 8,155 | 19,803 | |
Current liabilities | 13,223 | 18,353 | |
Non-current liabilities | 87,171 | 139,223 | |
Non-guarantor intercompany liabilities | 34,397 | 30,045 | |
Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Current assets | 151,915 | 128,630 | |
Non-current assets(1) | [1] | 947,241 | 830,330 |
Non-guarantor intercompany assets | 0 | 0 | |
Current liabilities | 167,702 | 130,307 | |
Non-current liabilities | 574,484 | 461,904 | |
Non-guarantor intercompany liabilities | $ 1,715 | $ 1,650 | |
[1]Coeur Mining, Inc.’s non-current assets includes its investment in Guarantor Subsidiaries. |
Supplemental Guarantor Inform_4
Supplemental Guarantor Information Condensed Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Condensed Financial Statements, Captions [Line Items] | ||||||
Loss on debt extinguishments | $ 0 | $ 0 | $ 0 | $ (9,173) | ||
Revenue | 204,123 | 214,858 | 392,527 | 416,975 | ||
Net income (loss) | $ (77,434) | $ 7,682 | $ 32,146 | $ 2,060 | (69,752) | $ 34,206 |
Coeur Mining, Inc. | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenue | 0 | |||||
Gross Profit | (415) | |||||
Net income (loss) | (69,753) | |||||
Guarantor Subsidiaries | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenue | 223,492 | |||||
Gross Profit | (504) | |||||
Net income (loss) | $ (12,422) |
Commitments and Contigencies (D
Commitments and Contigencies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Oct. 02, 2014 | |
Business Acquisition [Line Items] | |||||||||
Palmarejo Gold Stream Agreement, Deferred Revenue Unamortized Balance | $ 7,700,000 | $ 7,700,000 | |||||||
Deferred Revenue Recognized | 241,000 | $ 7,255,000 | 556,000 | $ 15,601,000 | |||||
Common stock issued under "at the market" stock offering | $ 98,499,000 | 118,777,000 | |||||||
Total estimated project capital cost | 600,000,000 | ||||||||
Surety Bonds Outstanding | 315,000,000 | 315,000,000 | $ 315,100,000 | ||||||
Capital Expenditures Incurred but Not yet Paid | 350,000,000 | ||||||||
Valued-added Tax Outstanding | 26,000,000 | 26,000,000 | |||||||
Long-term Purchase Commitment, Capital Commitment Since Inception | 523,000,000 | ||||||||
Contract With Customer, Liability, Additional Prepayment | 10,000,000 | 10,000,000 | |||||||
Palmarejo gold production royalty | |||||||||
Business Acquisition [Line Items] | |||||||||
Production to be sold, percent | 50% | ||||||||
Price per ounce under agreement | $ 800 | ||||||||
Aggregate deposit to be received | $ 22,000,000 | ||||||||
Kensington | |||||||||
Business Acquisition [Line Items] | |||||||||
Deferred Revenue Recognized | (454,000) | (7,000,000) | (454,000) | (15,000,000) | |||||
Revenue liability | 25,012,000 | 25,155,000 | $ 15,004,000 | 25,012,000 | $ 15,004,000 | 15,016,000 | $ 7,104,000 | $ 15,003,000 | |
Kensington | December 2020 Prepayment [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Revenue liability | $ 15,000,000 | 15,000,000 | |||||||
Kensington | June 2021 Prepayment | |||||||||
Business Acquisition [Line Items] | |||||||||
Revenue liability | $ 10,000,000 | $ 10,000,000 | 15,000,000 | ||||||
Contract With Customer, Liability, Future Prepayments | $ 25,000,000 |
Additional Balance Sheet Deta_3
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |||
Other Accrued Liabilities | $ 8,158 | $ 5,592 | |
Unrealized Gain (Loss) on Derivatives | 77 | 1,374 | |
Accrued Income Taxes, Current | 10,214 | 13,856 | |
Accrual for Taxes Other than Income Taxes, Current | 2,812 | 3,284 | |
Interest Payable, Current | 8,072 | 8,038 | |
Accrued Salaries, Current | 21,844 | 28,408 | |
Deferred Revenue | [1] | 26,081 | 16,093 |
Accrued liabilities and other | $ 88,334 | $ 87,946 | |
[1]See Note 17 -- 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 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Supplemental Cash Flow Information [Abstract] | ||||||
Cash and Cash Equivalents | $ 74,159 | $ 56,664 | $ 124,075 | |||
Restricted Cash Equivalents | 1,396 | 1,383 | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 75,555 | $ 74,719 | $ 58,289 | $ 125,458 | $ 155,443 | $ 94,170 |
Additional Balance Sheet Deta_5
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details 2) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Supplemental Cash Flow Information [Abstract] | |
Capital Expenditures Incurred but Not yet Paid | $ 350 |
Disposals (Details)
Disposals (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Oct. 27, 2021 USD ($) royalty $ / shares $ / oz shares | Jun. 30, 2022 USD ($) | |
Fair Value, Nonrecurring | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Royalties receivable fair value disclosure | $ 11,200 | |
Disposal Group, Including Discontinued Operation, Number Of Royalties Disposed Of | royalty | 2 | |
Discontinued Operations, Disposed of by Sale | La Preciosa [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash consideration | $ 15,300 | |
Disposal Group, Including Discontinued Operation, Consideration, Note Receivable | $ 5,000 | |
Disposal Group, Including Discontinued Operation, Equity Consideration | shares | 14,000,000 | |
Disposal group, including discontinued operation, contingent consideration, payments per silver equivalent | $ / oz | 0.25 | |
Disposal Group, Including Discontinued Operation, Contingent Consideration, Maximum | $ 50,000 | |
Disposal Group, Including Discontinued Operation, Deferred Cash Consideration | 8,800 | |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 1,500 | |
Disposal Group, Including Discontinued Operation, Consideration, Not Receivable, Carrying Amount | 4,700 | |
Disposal Group, Including Discontinued Operation, Deferred Cash Consideration, Carrying Value | 7,400 | |
Disposal Group, Including Discontinued Operation, Contingent Consideration, Maximum, Carrying Value | $ 1,200 | |
Disposal Group, Including Discontinued Operation, Number Of Royalties Disposed Of | royalty | 2 | |
Discontinued Operations, Disposed of by Sale | La Preciosa [Member] | Common Stock | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal Group, Including Discontinued Operation, Equity Consideration | shares | 13,700,000 | |
Disposal Group, Including Discontinued Operation, Equity Consideration, Shares | shares | 1 | |
Discontinued Operations, Disposed of by Sale | La Preciosa [Member] | Common Share Purchase Warrant | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal Group, Including Discontinued Operation, Equity Consideration | shares | 2,200,000 | |
Disposal Group, Including Discontinued Operation, Equity Consideration, Shares | shares | 0.5 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.09 | |
Gloria And Abundancia | Discontinued Operations, Disposed of by Sale | La Preciosa [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Discontinued operation, consideration, royalties on properties | 1.25% | |
Areas Other Than Gloria And Abundancia | Discontinued Operations, Disposed of by Sale | La Preciosa [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Discontinued operation, consideration, royalties on properties | 2% |