Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-35455 | |
Entity Registrant Name | SSR MINING INC. | |
Entity Incorporation, State or Country Code | A1 | |
Entity Tax Identification Number | 98-0211014 | |
Entity Address, Address Line Two | Suite 1300 | |
Entity Address, Address Line One | 6900 E. Layton Ave | |
Entity Address, City or Town | Denver | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80237 | |
City Area Code | 303 | |
Local Phone Number | 292-1299 | |
Title of 12(b) Security | Common shares without par value | |
Trading Symbol | SSRM | |
Security Exchange Name | NASDAQ | |
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 | 203,870,671 | |
Entity Central Index Key | 0000921638 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Income Statement [Abstract] | |||||
Revenue | $ 301,026 | $ 319,583 | $ 615,640 | $ 675,029 | |
Operating costs and expenses: | |||||
Cost of sales | [1] | 170,640 | 164,928 | 369,937 | 318,448 |
Depreciation, depletion, and amortization | 44,641 | 53,848 | 91,736 | 112,590 | |
General and administrative expense | 16,291 | 19,468 | 34,832 | 35,707 | |
Exploration, evaluation, and reclamation costs | 16,148 | 11,244 | 28,846 | 21,102 | |
Other operating expenses, net | 377 | 0 | 375 | 1,217 | |
Operating income (loss) | 52,929 | 70,095 | 89,914 | 185,965 | |
Other income (expense): | |||||
Interest expense | (4,959) | (4,273) | (10,019) | (8,568) | |
Other income (expense) | 12,369 | (2,395) | 25,421 | (2,762) | |
Foreign exchange gain (loss) | (21,176) | (4,869) | (34,361) | (8,156) | |
Total other income (expense) | (13,766) | (11,537) | (18,959) | (19,486) | |
Income (loss) before income and mining taxes | 39,163 | 58,558 | 70,955 | 166,479 | |
Income and mining tax benefit (expense) | 83,388 | 8,979 | 80,600 | (22,583) | |
Equity income (loss) of affiliates | (175) | (18) | (175) | (271) | |
Net income (loss) | 122,376 | 67,519 | 151,380 | 143,625 | |
Net loss (income) attributable to non-controlling interest | (47,510) | (9,031) | (46,701) | (17,574) | |
Net income (loss) attributable to SSR Mining shareholders | $ 74,866 | $ 58,488 | $ 104,679 | $ 126,051 | |
Net income (loss) per share attributable to SSR Mining shareholders | |||||
Basic (in dollars per share) | $ 0.37 | $ 0.28 | $ 0.51 | $ 0.59 | |
Diluted (in dollars per share) | $ 0.35 | $ 0.27 | $ 0.49 | $ 0.57 | |
[1]Excludes depreciation, depletion, and amortization. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Operating activities | |||
Net income (loss) | $ 151,380 | $ 143,625 | |
Adjustments for: | |||
Depreciation, depletion, and amortization | 91,736 | 112,590 | |
Amortization of debt discount | 490 | 475 | |
Reclamation accretion expense | 4,346 | 2,622 | |
Deferred income taxes | (90,599) | (41,899) | |
Stock-based compensation | 3,521 | 6,158 | |
Equity (income) loss of affiliates | 175 | 271 | |
Unrealized loss (gain) on derivative instruments | 360 | (116) | |
Change in fair value of marketable securities | (1,120) | 3,799 | |
Non-cash fair value adjustment on acquired inventories | 10,736 | 7,503 | |
Loss (gain) on sale of mineral properties, plant and equipment | 1,050 | 1,341 | |
Change in fair value of deferred consideration | 2,025 | 0 | |
Loss (gain) on foreign exchange | 21,034 | 0 | |
Net change in operating assets and liabilities | (111,824) | (141,344) | |
#REF! | 83,310 | 95,025 | |
Investing activities | |||
Acquisitions, net | [1] | (119,925) | (24,838) |
Additions to mineral properties, plant and equipment | (117,177) | (51,492) | |
Purchases of marketable securities | (2,484) | (2,603) | |
Net proceeds from sale of marketable securities | 7,845 | 12,830 | |
Proceeds from repayment of note receivable | 0 | 8,358 | |
Net cash used in investing activities | (231,741) | (57,745) | |
Financing activities | |||
Repayment of debt, principal | (35,336) | (35,568) | |
Repurchase of common shares | (45,305) | (14,667) | |
Proceeds from exercise of stock options | 208 | 2,628 | |
Principal payments on finance leases | (1,913) | (8,203) | |
Non-controlling interest dividend | 0 | (30,773) | |
Dividends paid | (28,788) | (30,100) | |
Net cash used in financing activities | (111,134) | (116,683) | |
Effect of foreign exchange rate changes on cash and cash equivalents | (16,738) | 524 | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (276,303) | (78,879) | |
Cash, cash equivalents, and restricted cash beginning of period | 689,106 | 1,052,865 | |
Cash, cash equivalents, and restricted cash end of period | 412,803 | 973,986 | |
Reconciliation of cash, cash equivalents, and restricted cash: | |||
Cash and cash equivalents | 379,243 | 938,599 | |
Restricted cash | 33,560 | 35,387 | |
Total cash, cash equivalents, and restricted cash | $ 412,803 | $ 973,986 | |
[1]Acquisitions, net for the six months ended June 30, 2023 is comprised of $120.0 million cash paid in the acquisition of Hod Maden Project, net of cash and cash equivalents acquired. Acquisitions, net for the six months ended June 30, 2022 is comprised of $24.8 million cash paid in the acquisition of Taiga Gold Corp., net of $4.7 million of cash and cash equivalents acquired. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Taiga Gold Corporation | |
Asset acquisition, consideration transferred | $ 24,800 |
Asset acquisition, cash and equivalents | $ 4,700 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 379,243 | $ 655,453 |
Marketable securities | 32,866 | 40,280 |
Trade and other receivables | 125,207 | 117,675 |
Inventories | 561,495 | 501,607 |
Restricted cash | 33,560 | 33,653 |
Prepaids and other current assets | 23,009 | 27,767 |
Total current assets | 1,155,380 | 1,376,435 |
Mineral properties, plant and equipment, net | 4,249,441 | 3,549,446 |
Inventories | 215,640 | 218,999 |
Goodwill | 49,786 | 49,786 |
Deferred income tax assets | 0 | 1,915 |
Other non-current assets | 69,232 | 58,076 |
Total assets | 5,739,479 | 5,254,657 |
LIABILITIES | ||
Accounts payable | 56,268 | 78,929 |
Accrued liabilities and other | 107,957 | 124,654 |
Finance lease liabilities | 3,944 | 3,872 |
Current portion of debt | 35,508 | 71,797 |
Total current liabilities | 203,677 | 279,252 |
Debt | 227,000 | 226,510 |
Finance lease liabilities | 100,401 | 102,434 |
Reclamation liabilities | 161,513 | 153,972 |
Deferred income tax liabilities | 385,826 | 342,401 |
Other non-current liabilities | 49,334 | 23,889 |
Total liabilities | 1,127,751 | 1,128,458 |
EQUITY | ||
Common shares – unlimited authorized common shares with no par value; 203,871 and 206,653 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 3,016,844 | 3,057,920 |
Retained earnings (deficit) | 596,843 | 521,817 |
SSR Mining’s shareholders’ equity | 3,613,687 | 3,579,737 |
Non-controlling interest | 998,041 | 546,462 |
Total equity | 4,611,728 | 4,126,199 |
Total liabilities and equity | $ 5,739,479 | $ 5,254,657 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common shares, issued (in shares) | 203,871 | 206,653 |
Common shares, outstanding (in shares) | 203,871 | 206,653 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Changes in Equity - USD ($) shares in Thousands, $ in Thousands | Total | Total equity attributable to equity holders of SSR Mining | Common shares | Retained earnings (accumulated deficit) | Non-controlling interest |
Beginning balance (in shares) at Dec. 31, 2021 | 211,879 | ||||
Beginning balance at Dec. 31, 2021 | $ 4,052,517 | $ 3,537,856 | $ 3,140,189 | $ 397,667 | $ 514,661 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of stock options (in shares) | 166 | ||||
Exercise of stock options | 2,433 | 2,433 | $ 2,433 | ||
Settlement of RSUs and PSUs (in shares) | 512 | ||||
Equity-settled stock-based compensation | 823 | 823 | $ 823 | ||
Dividends paid to equity holders of SSR Mining | (15,015) | (15,015) | (15,015) | ||
Dividends paid to non-controlling interest | (30,773) | (30,773) | |||
Net income (loss) | 76,106 | 67,563 | 67,563 | 8,543 | |
Ending balance (in shares) at Mar. 31, 2022 | 212,557 | ||||
Ending balance at Mar. 31, 2022 | 4,086,091 | 3,593,660 | $ 3,143,445 | 450,215 | 492,431 |
Beginning balance (in shares) at Dec. 31, 2021 | 211,879 | ||||
Beginning balance at Dec. 31, 2021 | 4,052,517 | 3,537,856 | $ 3,140,189 | 397,667 | 514,661 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 143,625 | ||||
Ending balance (in shares) at Jun. 30, 2022 | 211,842 | ||||
Ending balance at Jun. 30, 2022 | 4,125,133 | 3,623,671 | $ 3,133,009 | 490,662 | 501,462 |
Beginning balance (in shares) at Mar. 31, 2022 | 212,557 | ||||
Beginning balance at Mar. 31, 2022 | 4,086,091 | 3,593,660 | $ 3,143,445 | 450,215 | 492,431 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Repurchase of common shares (in shares) | (798) | ||||
Repurchase of common shares | (14,667) | (14,667) | $ (11,711) | (2,956) | |
Exercise of stock options (in shares) | 14 | ||||
Exercise of stock options | 242 | 242 | $ 242 | ||
Settlement of RSUs and PSUs (in shares) | 69 | ||||
Equity-settled stock-based compensation | 1,033 | 1,033 | $ 1,033 | ||
Dividends paid to equity holders of SSR Mining | (15,085) | (15,085) | (15,085) | ||
Net income (loss) | 67,519 | 58,488 | 58,488 | 9,031 | |
Ending balance (in shares) at Jun. 30, 2022 | 211,842 | ||||
Ending balance at Jun. 30, 2022 | $ 4,125,133 | 3,623,671 | $ 3,133,009 | 490,662 | 501,462 |
Beginning balance (in shares) at Dec. 31, 2022 | 206,653 | 206,653 | |||
Beginning balance at Dec. 31, 2022 | $ 4,126,199 | 3,579,737 | $ 3,057,920 | 521,817 | 546,462 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Repurchase of common shares (in shares) | (348) | ||||
Repurchase of common shares | (5,197) | (5,197) | $ (5,111) | (86) | |
Exercise of stock options (in shares) | 17 | ||||
Exercise of stock options | 216 | 216 | $ 216 | ||
Settlement of RSUs and PSUs (in shares) | 198 | ||||
Equity-settled stock-based compensation | 2,037 | 2,037 | $ 2,037 | ||
Dividends paid to equity holders of SSR Mining | (14,448) | (14,448) | (14,448) | ||
Net income (loss) | 29,004 | 29,813 | 29,813 | (809) | |
Ending balance (in shares) at Mar. 31, 2023 | 206,520 | ||||
Ending balance at Mar. 31, 2023 | $ 4,137,811 | 3,592,158 | $ 3,055,062 | 537,096 | 545,653 |
Beginning balance (in shares) at Dec. 31, 2022 | 206,653 | 206,653 | |||
Beginning balance at Dec. 31, 2022 | $ 4,126,199 | 3,579,737 | $ 3,057,920 | 521,817 | 546,462 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | $ 151,380 | ||||
Ending balance (in shares) at Jun. 30, 2023 | 203,871 | 203,871 | |||
Ending balance at Jun. 30, 2023 | $ 4,611,728 | 3,613,687 | $ 3,016,844 | 596,843 | 998,041 |
Beginning balance (in shares) at Mar. 31, 2023 | 206,520 | ||||
Beginning balance at Mar. 31, 2023 | 4,137,811 | 3,592,158 | $ 3,055,062 | 537,096 | 545,653 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Repurchase of common shares (in shares) | (2,679) | ||||
Repurchase of common shares | (40,108) | (40,108) | $ (39,329) | (779) | |
Settlement of RSUs and PSUs (in shares) | 30 | ||||
Equity-settled stock-based compensation | 1,111 | 1,111 | $ 1,111 | ||
Dividends paid to equity holders of SSR Mining | (14,340) | (14,340) | (14,340) | ||
Acquisition of non-controlling interest | 404,878 | 404,878 | |||
Net income (loss) | $ 122,376 | 74,866 | 74,866 | 47,510 | |
Ending balance (in shares) at Jun. 30, 2023 | 203,871 | 203,871 | |||
Ending balance at Jun. 30, 2023 | $ 4,611,728 | $ 3,613,687 | $ 3,016,844 | $ 596,843 | $ 998,041 |
THE COMPANY
THE COMPANY | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
THE COMPANY | THE COMPANYSSR Mining Inc. and its subsidiaries (collectively, "SSR Mining," or the "Company”) is a precious metals mining company with four producing assets located in the United States, Türkiye, Canada and Argentina. The Company is principally engaged in the operation, acquisition, exploration and development of precious metal resource properties located in Türkiye and the Americas. The Company produces gold doré as well as copper, silver, lead and zinc concentrates. The Company’s diversified asset portfolio is comprised of high-margin, long-life assets located in some of the world's most prolific metal districts. The Company’s focus is on safe, profitable production from its Çöpler Gold Mine ("Çöpler") in Erzincan, Türkiye, Marigold mine ("Marigold") in Nevada, USA, Seabee Gold Operation ("Seabee") in Saskatchewan, Canada, and Puna Operations ("Puna") in Jujuy, Argentina, and to advance, as market and project conditions permit, its principal development projects.SSR Mining is incorporated under the laws of the Province of British Columbia, Canada. The Company's common shares are listed on the Toronto Stock Exchange (“TSX”) in Canada and the Nasdaq Global Select Market (“Nasdaq”) in the U.S. under the symbol "SSRM" and the Australian Securities Exchange (“ASX”) in Australia under the symbol "SSR." |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Risks and Uncertainties As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, lead and zinc. The prices of these metals are volatile and affected by many factors beyond the Company’s control, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Mineral properties, plant and equipment ; Inventories ; Deferred income tax assets ; and Goodwill are sensitive to the outlook for commodity prices. A decline in the Company’s price outlook could result in material impairment charges related to these assets. In addition, the Company maintains cash balances at banking institutions in various jurisdictions which may or may not have deposit insurance. The Company mitigates potential cash risk by maintaining bank accounts with credit-worthy financial institutions. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows. Basis of Presentation The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States. Therefore, this information should be read in conjunction with SSR Mining Inc.’s Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed on February 22, 2023, as amended on Form 10-K/A filed on March 17, 2023, solely to correct a typographical error related to the date of the audit opinion (together, “Form 10-K”). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. The results for the six month period ended June 30, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. Reclassifications Certain amounts and disclosures in prior years have been reclassified to conform to the current year presentation. Changes to operating segments During the first quarter of 2023 the Company changed the way management internally reviews and evaluates operating performance and manages the business. The Company determined it has four reportable segments: Çöpler, Marigold, Seabee and Puna. The Company’s previous exploration, evaluation and development properties are now managed by the nearest or adjacent reportable segment except for greenfield standalone prospects, which are included in Corporate and other. Prior period segment information has been recast to conform with current period presentation. Recently Issued Accounting Pronouncements As of June 30, 2023, there were no recently issued accounting pronouncements that are expected to have a material effect on the Company’s Condensed Consolidated Financial Statements. |
ACQUISITIONS AND DIVESTITURES
ACQUISITIONS AND DIVESTITURES | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS AND DIVESTITURES | ACQUISITIONS AND DIVESTITURES Acquisitions Acquisition of an up to 40% ownership and operatorship in the Hod Maden Project On May 8, 2023, the Company, through its wholly owned subsidiary Alacer Gold Corporation, reached an agreement to acquire from Lidya Madencilik Sanayi ve Ticaret A.Ş (“Lidya Mines”) an up to 40% interest in, and operational control of, the Hod Maden gold-copper development project, located in northeastern Turkiye (the "Transaction"). Hod Maden is owned by Artmin Madencilik Sanayi Ve Ticaret A.Ş (“Artmin”), a joint venture owned 70% by Lidya Mines and 30% by Horizon Copper Corp. (“Horizon”) prior to the closing of the Transaction. Upon closing of the Transaction, the Company made a $120.0 million cash payment to Lidya Mines to acquire a 10% interest in Artmin. The Company has the option to acquire an additional 30% interest in Artmin from Lidya Mines for $120.0 million in structured payments tied to the completion of project construction spending milestones. Additionally, the Company will make contingent payments to Lidya Mines including $30.0 million in milestone payments payable in accordance with an agreed upon schedule beginning at the start of construction and ending on the first anniversary of commercial production and $84.0 million payable upon the delineation of an additional 500,000 gold equivalent ounces of mineral reserves at the Hod Maden project in excess of the project’s current mineral reserves and mineral resources. The acquisition date fair value of the consideration paid is as follows (in thousands): Cash paid to Lidya Mines for 10% interest $ 120,000 Contingent consideration tied to completion of operational milestones (1) 24,300 Contingent consideration tied to delineation of new reserves (1) 4,300 Total consideration $ 148,600 (1) The fair value of the two elements of contingent consideration are based on a discounted cash flow model. The contingent consideration is considered a Level 3 fair value measurement due to certain assumptions that are not based on observable market data (refer to Note 9 for more information). The significant assumptions include estimates of timing of completion of project milestones, probability of delineation of additional reserves, and discount rates. The contingent consideration is included within Other non-current liabilities on the Condensed Consolidated Balance Sheets. The Company determined that Artmin is a variable interest entity (“VIE”) for which it is the primary beneficiary and is consolidated under ASC 810 as the Company has the power to direct the significant activities and the right to receive benefits and obligation to absorb losses of Artmin. The assets of Artmin can only be used to settle the obligations of Artmin and not the obligations of the Company. The creditors of Artmin do not have recourse to the assets or general credit of the Company to satisfy its liabilities. The Company concluded that Artmin was not a business based on its assessment under ASC 805 and accounted for the acquisition as an initial consolidation of a VIE that is not a business under ASC 810. There was no gain or loss recognized upon initial consolidation of the VIE as the sum of the fair value of the consideration paid and non-controlling interest equaled the fair value of the net assets on the acquisition date. The Company incurred transaction costs of approximately $0.4 million in connection with the Transaction included in Other operating expenses, net in the Consolidated Statements of Operations. The Company retained a third-party appraiser to determine the fair value of the consideration paid, assets acquired, liabilities assumed, and non-controlling interest as of the acquisition date. The fair value estimates were based on income and market valuation methods. The following table summarizes the fair value of the assets acquired and liabilities assumed on the acquisition date (in thousands): ASSETS Cash and cash equivalents $ 11 Trade and other receivables 36 Inventories 3 Prepaids and other current assets 24 Mineral properties, plant and equipment, net (1) 688,611 Other non-current assets 1,690 Total assets acquired $ 690,375 LIABILITIES Accounts payable $ 315 Accrued liabilities and other 643 Deferred income tax liabilities (2) 135,939 Total liabilities assumed 136,897 Net assets acquired and liabilities assumed 553,478 Non-controlling interest (404,878) $ 148,600 (1) The fair value of mineral properties, plant and equipment is based on applying the income and market valuation methods. The significant assumptions include future metal prices, estimated quantities of mineral reserves and mineral resources, future capital and operating expenditures, and discount rates. (2) Deferred income tax liabilities represent the future tax expense associated with the differences between the fair value allocated to assets and liabilities and the historical carryover tax basis of these assets and liabilities. The assets acquired are included in the Corporate and other operating segment. The non-controlling interest is representative of Lidya Mines and Horizon’s combined 90% interest and is inclusive of the 30% redeemable interest. As the redemption features are solely within the control of the Company, the redeemable non-controlling interest in Artmin is classified within permanent equity under ASC 480. Acquisition of Taiga Gold Corp. |
OPERATING_SEGMENTS
OPERATING SEGMENTS | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENTS | OPERATING SEGMENTSThe Company currently has four producing mines which represent the Company’s reportable and operating segments. The results of operating segments are reviewed by management to make decisions about resources to be allocated to the segments and to assess their performance. The following tables provide a summary of financial information related to the Company's segments (in thousands): Three Months Ended June 30, 2023 Çöpler Marigold Seabee Puna Corporate and other (1) Total Revenue $ 97,856 $ 117,806 $ 30,058 $ 55,306 $ — $ 301,026 Cost of sales (2) $ 54,949 $ 63,965 $ 18,272 $ 33,454 $ — $ 170,640 Depletion, depreciation, and amortization $ 20,099 $ 9,982 $ 8,360 $ 6,200 $ — $ 44,641 Exploration, evaluation, and reclamation costs $ 1,738 $ 3,807 $ 5,565 $ 3,064 $ 1,974 $ 16,148 Operating income (loss) $ 19,744 $ 40,053 $ (2,139) $ 12,552 $ (17,281) $ 52,929 Capital expenditures $ 13,719 $ 33,677 $ 12,027 $ 1,901 $ — $ 61,324 Total assets as of June 30, 2023 $ 3,261,738 $ 730,579 $ 521,586 $ 314,706 $ 910,870 $ 5,739,479 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. (2) Excludes depreciation, depletion, and amortization. Three Months Ended June 30, 2022 Çöpler Marigold Seabee Puna Corporate and other (1) Total Revenue $ 108,743 $ 85,425 $ 79,110 $ 46,305 $ — $ 319,583 Cost of sales (2) $ 63,095 $ 50,422 $ 19,015 $ 32,396 $ — $ 164,928 Depletion, depreciation, and amortization $ 27,081 $ 8,395 $ 14,370 $ 4,002 $ — $ 53,848 Exploration, evaluation, and reclamation costs $ 749 $ 4,046 $ 2,972 $ 2,131 $ 1,346 $ 11,244 Operating income (loss) $ 17,087 $ 22,562 $ 42,745 $ 7,764 $ (20,063) $ 70,095 Capital expenditures $ 3,915 $ 15,331 $ 8,852 $ 2,262 $ — $ 30,360 Total assets as of June 30, 2022 $ 2,951,865 $ 635,283 $ 583,523 $ 302,530 $ 694,750 $ 5,167,951 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. During the first quarter of 2023, the Company determined it has four reportable segments: Çöpler, Marigold, Seabee and Puna. The exploration, evaluation and development properties are no longer considered a reportable segment and the portfolio of prospective exploration tenures, near or adjacent to the existing operations (near-mine) are included in the respective reportable segment and the greenfield standalone prospects are included in Corporate and other. (2) Excludes depreciation, depletion, and amortization. Six Months Ended June 30, 2023 Çöpler Marigold Seabee Puna Corporate and other (1) Total Revenue $ 208,369 $ 215,974 $ 62,151 $ 129,146 $ — $ 615,640 Cost of sales (2) $ 129,595 $ 118,506 $ 41,537 $ 80,299 $ — $ 369,937 Depletion, depreciation, and amortization $ 42,750 $ 18,556 $ 17,347 $ 13,083 $ — $ 91,736 Exploration, evaluation, and reclamation costs $ 2,722 $ 7,575 $ 9,724 $ 4,901 $ 3,924 $ 28,846 Operating income (loss) $ 31,240 $ 71,337 $ (6,457) $ 30,775 $ (36,981) $ 89,914 Capital expenditures $ 23,788 $ 63,269 $ 20,472 $ 4,478 $ — $ 112,007 Total assets as of June 30, 2023 $ 3,261,738 $ 730,579 $ 521,586 $ 314,706 $ 910,870 $ 5,739,479 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. (2) Excludes depreciation, depletion, and amortization. Six Months Ended June 30, 2022 Çöpler Marigold Seabee Puna Corporate and other (1) Total Revenue $ 246,150 $ 154,318 $ 169,967 $ 104,594 $ — $ 675,029 Cost of sales (2) $ 125,679 $ 89,157 $ 35,425 $ 68,187 $ — $ 318,448 Depletion, depreciation, and amortization $ 57,594 $ 15,283 $ 29,749 $ 9,964 $ — $ 112,590 Exploration, evaluation, and reclamation costs $ 1,837 $ 7,887 $ 5,346 $ 2,612 $ 3,420 $ 21,102 Operating income (loss) $ 59,585 $ 41,990 $ 99,436 $ 23,670 $ (38,716) $ 185,965 Capital expenditures $ 10,786 $ 33,566 $ 21,766 $ 4,475 $ — $ 70,593 Total assets as of June 30, 2022 $ 2,951,865 $ 635,283 $ 583,523 $ 302,530 $ 694,750 $ 5,167,951 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. During the first quarter of 2023, the Company determined it has four reportable segments: Çöpler, Marigold, Seabee and Puna. The exploration, evaluation and development properties are no longer considered a reportable segment and the portfolio of prospective exploration tenures, near or adjacent to the existing operations (near-mine) are included in the respective reportable segment and the greenfield standalone prospects are included in Corporate and other. (2) Excludes depreciation, depletion, and amortization. Geographic Area The following are non-current assets, excluding Goodwill, Restricted cash and Deferred income taxes , by location as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Türkiye $ 3,725,669 $ 3,064,482 Canada 324,684 311,937 United States 363,428 321,423 Argentina 119,556 127,661 Mexico 495 536 Peru 481 482 Total $ 4,534,313 $ 3,826,521 The following is revenue information by geographic area based on the location for the three and six months ended June 30 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Türkiye $ 97,856 $ 108,743 $ 208,369 $ 246,150 Canada 30,058 79,110 62,151 169,967 United States 117,806 85,425 215,974 154,318 Argentina 55,306 46,305 129,146 104,594 Total $ 301,026 $ 319,583 $ 615,640 $ 675,029 |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE The following table represents revenues by product (in thousands): Three Months Ended June 30, 2023 2022 Gold doré sales Çöpler $ 97,356 $ 107,999 Marigold 117,769 85,403 Seabee 30,043 79,069 Concentrate sales Puna 51,211 47,055 Other (1) Çöpler 500 744 Marigold 37 22 Seabee 15 41 Puna 4,095 (750) Total $ 301,026 $ 319,583 (1) Other revenue includes changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré. Six Months Ended June 30, 2023 2022 Gold doré sales Çöpler $ 207,002 $ 243,943 Marigold 215,900 154,255 Seabee 62,127 169,890 Concentrate sales Puna 117,559 101,186 Other (1) Çöpler 1,367 2,207 Marigold 74 63 Seabee 24 77 Puna 11,587 3,408 Total $ 615,640 $ 675,029 (1) Other revenue includes changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré. Revenue by metal Revenue by metal type for the three and six months ended June 30 are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Gold $ 245,168 $ 272,471 $ 485,029 $ 568,088 Silver 40,932 38,739 90,047 72,703 Lead 9,255 6,170 22,031 20,028 Zinc 1,024 2,146 5,481 8,455 Other (1) 4,647 57 13,052 5,755 Total $ 301,026 $ 319,583 $ 615,640 $ 675,029 (1) Other revenue includes changes in the fair value of concentrate trade receivables due to fluctuations in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré. Provisional metal sales For the three months ended June 30, 2023 and 2022, the change in the fair value of the Company's embedded derivatives relating to provisional concentrate metal sales was an increase (decrease) of $4.1 million and $(3.0) million, respectively, and for the six months ended June 30, 2023 and 2022, was an increase of $11.6 million and $1.3 million, respectively. The changes in fair value have been recorded in Revenue . At June 30, 2023, the Company had silver sales of 3.48 million ounces at an average pric e of $24.04 per ounce, lead sales of 18.92 million pounds at an average price of $0.95 per pound, and zinc sales of 3.15 million pounds at |
INCOME AND MINING TAXES
INCOME AND MINING TAXES | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME AND MINING TAXES | INCOME AND MINING TAXES The Company’s consolidated effective income tax rate was (113.6)% for the first six months of 2023 compared to 13.6% for the first six months of 2022. The primary drivers of the change in the effective rate were due to foreign currency fluctuations, particularly with the devaluation of the Turkish Lira relative to the USD, as well as a decline in year-to-date operating income compared to 2022. The Company’s statutory tax rate for the period is 27.0%. The effective rate differs from the statutory rate primarily due to foreign currency fluctuations, particularly with the devaluation of the Turkish Lira relative to the USD, as well as the release of uncertain tax positions. Unrecognized Tax Benefits The Company records uncertain tax positions on the basis of a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions meeting the “more-likely-than-not” recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, inclusive of interest and penalties, is as follows (in thousands): Six Months Ended June 30, 2023 2022 Balance as of January 1 $ 8,574 $ — Increase associated with tax positions taken during the current year — — Increase (decrease) associated with tax positions taken during a prior year (1) (6,594) — Settlements — — Decrease associated with lapses in statutes of limitation — — Balance as of June 30 (1) $ 1,980 $ — (1) Of the gross unrecognized tax benefits, $2.0 million were recognized as current liabilities in Condensed Consolidated Balance Sheet as of June, 30, 2023. As of June 30, 2023 and December 31, 2022, $2.0 million and $8.6 million, respectively, represent the amount of unrecognized tax benefits, inclusive of interest and penalties that, if recognized, would impact the Company’s effective income tax rate. As of June 30, 2023 and December 31, 2022, the total amount of accrued income-tax-related interest and penalties included in the Condensed Consolidated Balance Sheets were nil and $5.2 million. The Company believes it is reasonably possible that total amount of the unrecognized tax benefit of $2.0 million will be settled in the next 12 months. During the six months ended June 30, 2023, the Company released $6.6 million of tax, interest, and penalties in Income and mining tax benefit (expense) |
OTHER INCOME (EXPENSE)
OTHER INCOME (EXPENSE) | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME (EXPENSE) | OTHER INCOME (EXPENSE) The following table includes the components of Other income (expense) : Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest income $ 7,271 $ 2,234 $ 14,917 $ 3,799 Gain (loss) on investments and marketable securities sales 6,550 3,929 11,402 5,586 Change in fair value of marketable securities (746) (2,876) 1,120 (3,799) Gain (loss) on sale of mineral properties, plant, and equipment (810) (757) (1,050) (1,341) Other 104 (4,925) (968) (7,007) Total $ 12,369 $ (2,395) $ 25,421 $ (2,762) |
INCOME (LOSS) PER SHARE
INCOME (LOSS) PER SHARE | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
INCOME (LOSS) PER SHARE | INCOME (LOSS) PER SHARE The Company calculates basic net income (loss) per share using, as the denominator, the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share uses, as its denominator, the weighted average number of common shares outstanding during the period plus the effect of potential dilutive shares during the period. Potential dilutive common shares include stock options, Restricted Share Units (“RSUs”), and convertible notes for periods in which the Company has reported net income (loss). The calculations of basic and diluted net income (loss) per share attributable to shareholders of the Company for the three and six months ended June 30, 2023 and 2022 are based on the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net income (loss) $ 122,376 $ 67,519 $ 151,380 $ 143,625 Net (income) loss attributable to non-controlling interest (47,510) (9,031) (46,701) (17,574) Net income (loss) attributable to SSR Mining shareholders 74,866 58,488 104,679 126,051 Interest saving on 2019 Notes, net of tax 1,236 1,230 2,456 2,446 Net income (loss) used in the calculation of diluted net income per share $ 76,102 $ 59,718 $ 107,135 $ 128,497 Weighted average number of common shares outstanding 204,680 212,600 205,723 212,512 Adjustments for dilutive instruments: Stock options — 7 — 6 Restricted share units 16 110 13 91 2019 Notes 12,624 12,367 12,611 12,353 Diluted weighted average number of shares outstanding $ 217,320 $ 225,084 $ 218,347 $ 224,962 Net income (loss) per share attributable to SSR Mining shareholders Basic $ 0.37 $ 0.28 $ 0.51 $ 0.59 Diluted $ 0.35 $ 0.27 $ 0.49 $ 0.57 |
FAIR VALUE MEASUREMENTS AND FIN
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS | FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS Fair value accounting establishes 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 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 - Quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, quoted prices or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability and model-based valuation techniques (e.g. the Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy (in thousands): Fair value at June 30, 2023 Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Cash $ 379,243 $ — $ — $ 379,243 Restricted cash 33,560 — — 33,560 Marketable securities 38,765 — — 38,765 Trade receivables from provisional sales, net — 53,766 — 53,766 Deferred consideration — — 22,344 22,344 $ 451,568 $ 53,766 $ 22,344 $ 527,678 Liabilities: Derivative liabilities — 356 — 356 Contingent consideration (4) — — 28,600 28,600 $ — $ 356 $ 28,600 $ 28,956 Fair value at December 31, 2022 Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Cash $ 655,453 $ — $ — $ 655,453 Restricted cash 33,653 — — 33,653 Marketable securities 44,841 — — 44,841 Trade receivables from provisional sales, net — 49,897 — 49,897 Deferred consideration — — 24,369 24,369 $ 733,947 $ 49,897 $ 24,369 $ 808,213 (1) Marketable securities of publicly quoted companies, consisting of investments, are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges. (2) At times, the Company manages a portion of its exposure to fluctuation in diesel prices and foreign currency exchange rates through hedges. In periods when the Company has open hedge positions, the derivative asset and liabilities are valued using pricing models with inputs derived from observable market data, including quoted prices in active markets. The Company’s provisional metal sales contracts, included in Trade and other receivables in the Consolidated Balance Sheets, are valued using inputs derived from observable market data, including quoted commodity forward prices. The inputs do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. (3) Certain items of deferred consideration are included in Level 3, as certain assumptions used in the calculation of the fair value are not based on observable market data. (4) The contingent consideration related to the Transaction are included in Level 3, as certain assumptions used in the calculation of the fair value are not based on observable market data. The fair value of the contingent consideration tied to completion of operational milestones was determined using a discounted cash flow model. The significant assumptions include estimates of timing of completion of milestones and a discount rate of 6.0%. The fair value of the contingent consideration tied to delineation of new reserves was determined using a probability-weighted discounted cash flow model. The significant assumptions include estimates of timing of delineation of new reserves, a 10.0% probability of delineation of new reserves and a discount rate of 6.0%. The following table reconciles the beginning and ending balances for financial instruments that are recognized at fair value using significant unobservable inputs (Level 3) in the consolidated financial statements (in thousands): Six Months Ended June 30, 2023 2022 Deferred consideration assets: Balance as of January 1 $ 24,369 $ 22,610 Revaluations (1,551) 853 Receipt of deferred consideration (474) — Balance as of June 30 $ 22,344 $ 23,463 Six Months Ended June 30, 2023 2022 Deferred consideration liabilities: Balance as of January 1 $ — $ — Assumption of deferred consideration 28,600 — Balance as of June 30 $ 28,600 $ — Fair values of financial assets and liabilities not already measured at fair value The fair value of the 2019 Notes and Term Loan as compared to the carrying amounts were as follows (in thousands): June 30, 2023 December 31, 2022 Level Carrying amount Fair value Carrying amount Fair value 2019 Notes (1) 1 $ 227,000 $ 245,824 $ 226,510 $ 257,025 Term Loan (2) 2 35,000 35,412 70,000 71,419 Total borrowings $ 262,000 $ 281,236 $ 296,510 $ 328,444 (1) The fair value disclosed for the Company's 2019 Notes is included in Level 1 as the basis of valuation uses a quoted price in an active market. (2) The fair value disclosed for the Company's Term Loan is included in Level 2 as the fair value is determined by an independent third-party pricing source. |
TRADE AND OTHER RECEIVABLES
TRADE AND OTHER RECEIVABLES | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
TRADE AND OTHER RECEIVABLES | TRADE AND OTHER RECEIVABLES Trade and other receivables was composed of the following (in thousands): June 30, 2023 December 31, 2022 Trade receivables $ 64,398 $ 62,563 Value added tax receivables 35,429 30,893 Income tax receivable 17,082 14,316 Other taxes receivable 4,998 6,750 Other 3,300 3,153 Total $ 125,207 $ 117,675 No provision for credit loss was recognized as of June 30, 2023 or December 31, 2022. All trade receivables are expected to be settled within twelve months. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES The components of Inventories for the periods ended June 30, 2023 and December 31, 2022 are as follows (in thousands): June 30, 2023 December 31, 2022 Materials and supplies $ 123,421 $ 103,380 Stockpiled ore 63,639 54,504 Leach pad inventory 333,883 300,715 Work-in-process 9,067 7,549 Finished goods 31,485 35,459 Total current inventories 561,495 501,607 Stockpiled ore 213,455 217,154 Materials and supplies 2,185 1,845 Total non-current inventories $ 215,640 $ 218,999 No write-down of inventory was recognized during the three months ended June 30, 2023. During the six months ended June 30, 2023. the Company recognized write-downs of leach pad inventory at Çöpler of $2.0 million, with $1.3 million classified as a component of Cost of sales and $0.7 million classified as a component of Depreciation, depletion and amortization . No write-down of inventory was recognized during the year ended December 31, 2022 |
MINERAL PROPERTIES, PLANT AND E
MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET | MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET The components of Mineral properties, plant and equipment, net are as follows (in thousands): June 30, 2023 December 31, 2022 Plant and equipment (1) $ 1,845,326 $ 1,793,914 Construction in process 95,394 58,704 Mineral properties subject to depletion 1,467,028 1,452,850 Mineral properties not yet subject to depletion 1,536,367 848,281 Exploration and evaluation assets 517,993 515,070 Total mineral properties, plant, and equipment 5,462,108 4,668,819 Accumulated depreciation, plant and equipment (664,452) (621,323) Accumulated depletion, mineral properties (548,215) (498,050) Mineral properties, plant, and equipment, net $ 4,249,441 $ 3,549,446 (1) As of June 30, 2023 and December 31, 2022, plant and equipment includes finance lease right-of-use assets with a carrying amount of $99.0 million and $101.7 million, respectively. No impairment was recognized for the three and six months ended June 30, 2023 and 2022. |
ACCRUED LIABILITIES AND OTHER
ACCRUED LIABILITIES AND OTHER | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILITIES AND OTHER | ACCRUED LIABILITIES AND OTHER Accrued liabilities and other are comprised of the following items (in thousands): June 30, 2023 December 31, 2022 Accrued liabilities $ 64,907 $ 68,254 Royalties payable 13,529 16,012 Stock-based compensation liabilities 10,606 10,493 Income taxes payable 8,931 16,374 Lease liabilities 2,329 1,976 Reclamation liabilities 5,829 10,075 Other 1,826 1,470 Total accrued liabilities and other $ 107,957 $ 124,654 |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The following tables summarize the Company’s debt balances (in thousands): June 30, 2023 December 31, 2022 2019 Notes (1) $ 227,000 $ 226,510 Term Loan 35,000 70,000 Other 508 1,797 Total carrying amount $ 262,508 $ 298,307 Current Portion $ 35,508 $ 71,797 Non-Current Portion $ 227,000 $ 226,510 (1) Amount is net of discount and debt issuance costs of $3.0 million and $3.5 million, respectively. Convertible Debt 2019 Notes On March 19, 2019, the Company issued $230.0 million of 2.50% convertible senior notes due in 2039 (the “2019 Notes”) for net proceeds of $222.9 million after payment of commissions and expenses related to the offering of $7.1 million. The 2019 Notes mature on April 1, 2039 and bear an interest rate of 2.50% per annum, payable semi-annually in arrears on April 1 and October 1 of each yea r. The 2019 Notes are convertible into the Company's common shares at a fixed conversion rate, subject to certain anti-dilution adjustments. In addition, if certain fundamental changes occur, holders of the 2019 Notes may be entitled to an increased conversion rate. As a result of ongoing dividends and in accordance with the 2019 Notes Agreement, during the fourth quarter of 2022 the conversion rate was adjusted to 55.6750 common shares per $ 1,000 principal amount of the 2019 Notes converted. Prior to April 1, 2026, the Company may redeem all or part of the 2019 Notes for cash, but only if the last reported sales price of its common shares for 20 or more trading days in a period of 30 consecutive trading days exceeds 130% of the conversion price in effect on each such trading day. On or after April 1, 2026, the Company may redeem the 2019 Notes in full or in part, for cash. Holders of the 2019 Notes have the right to require the Company to repurchase all or part of their 2019 Notes on April 1 of each of 2026, 2029 and 2034, or upon certain fundamental corporate changes. The repurchase price will be equal to par plus accrued and unpaid interest. The Company does not have any financial covenants in relation to the 2019 Notes. Term Loan On September 16, 2020, in connection with the acquisition of the Çöpler mine , the Company assumed a term loan (the "Term Loan"), with a fair value of $245.0 million as of the date of acquisition, with a syndicate of lenders (BNP Paribas (Suisse) SA, ING Bank NV, Societe Generale Corporate & Investment Banking and UniCredit S.P.A.). The Term Loan bears interest at the London Inter-bank Offered Rate ("LIBOR") plus a fixed interest rate margin in the range of 3.50% to 3.70% depending on the tranche. The Term Loan has no mandatory hedging or cash sweep requirements, no prepayment penalties, and final repayment is scheduled in the fourth quarter of 2023. Restricted cash accounts must be maintained while the Term Loan is outstanding. As of June 30, 2023 and December 31, 2022, $33.6 million and $33.7 million of restricted cash relates to the Term Loan, respectively. Restricted cash is classified as a current asset in the Condensed Consolidated Balance Sheets. The Company is in compliance with all financial covenants in relation to the Term Loan. Amended Credit Agreement On June 7, 2021, the Company amended its existing Credit Agreement to extend the maturity to June 8, 2025 and increase the Credit Agreement to $200.0 million with a $100.0 million accordion feature (the "Amended Credit Agreement"). Amounts drawn under the Amended Credit Agreement are subject to variable interest rates at LIBOR plus an applicable margin ranging from 2% to 3%, based on the Company's net leverage ratio. As of June 30, 2023, the Company was in compliance with its covenants. As of June 30, 2023, no borrowings were outstanding on the Amended Credit Agreement, $199.1 million of borrowing capacity was available and outstanding letters of credit totaled $0.9 million. The Company is in compliance with all financial covenants in relation to the Amended Credit Agreement. |
EQUITY
EQUITY | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
EQUITY | EQUITY Repurchase of common shares On June 16, 2023, the Company received approval of its Normal Course Issuer Bid ("2023 NCIB") to purchase for cancellation up to 10.2 million of its common shares through the facilities of the TSX, Nasdaq or other Canadian and U.S. marketplaces over a twelve month period beginning June 20, 2023 and ending June 19, 2024. On June 19, 2023, the Normal Course Issuer Bid established as of June 20, 2022 (the “2022 NCIB”), expired. Under the 2022 NCIB, the Company was authorized to purchase for cancellation up to 10.6 million of its common shares through the facilities of the TSX, Nasdaq or other Canadian and U.S. marketplaces over a twelve month period. During the three and six months ended June 30, 2023, the Company purchased 2,678,822 and 3,026,993 of its outstanding common shares at an average share price of $14.97 and $14.97 per share, respectively, for total consideration of $40.1 million and $45.3 million. All shares were cancelled upon purchase. During the three and six months ended, the difference of $0.8 million and $0.9 million between the total amount paid and the amount deducted from common shares of $39.3 million and $44.4 million was recorded as a direct charge to retained earnings. The amount deducted from common shares was determined based on the average paid in capital per common share outstanding prior to the repurchase date. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 6 Months Ended |
Jun. 30, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Net change in operating assets and liabilities during the six months ended June 30, 2023 and 2022 were as follows (in thousands): Six Months Ended June 30, 2023 2022 Decrease (increase) in operating assets: Trade and other receivables $ (9,532) $ (5,515) Inventories (56,371) (56,843) Other operating assets (911) 7,193 Increase (decrease) in operating liabilities: Accounts payable (22,700) 7,101 Accrued liabilities (17,488) (66,056) Reclamation liabilities (791) 62 Other operating liabilities (4,031) (27,286) $ (111,824) $ (141,344) Other cash information during the six months ended June 30, 2023 and 2022 were as follows (in thousands): Six Months Ended June 30, 2023 2022 Interest paid $ (9,260) $ (5,897) Interest received $ 9,475 $ 3,799 Income taxes paid $ (21,643) $ (110,423) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES General Estimated losses from loss contingencies are accrued by a charge to income when information is available prior to the issuance of the financial statements that indicates it is probable that a liability could be incurred, and the amount of the loss can by reasonably estimated. Legal expenses associated with the loss contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred. Environmental matters The Company uses surety bonds to support certain environmental bonding obligations. As of June 30, 2023 and December 31, 2022, the Company had surety bonds totaling $117.5 million and $117.4 million outstanding, respectively. Other Commitments and Contingencies |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Term Loan amendment On July 26, 2023, the Company entered into an amendment to the Term Loan. The amendment amends the Term Loan to replace LIBOR-based benchmark rates with secured overnight financing rate ("SOFR")-based benchmark rates. After giving effect to this amendment, borrowings under the Term Loan will generally bear interest at adjusted term SOFR plus an applicable interest rate margin ranging from 3.5% to 3.7% depending on the tranche. Adjusted term SOFR for the Term Loan is the SOFR benchmark plus a credit spread adjustment ranging from approximately 0.0064% to 0.71513% depending on the applicable interest period selected. Türkiye income tax rate change |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 74,866 | $ 58,488 | $ 104,679 | $ 126,051 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Risks and Uncertainties | Risks and Uncertainties As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, lead and zinc. The prices of these metals are volatile and affected by many factors beyond the Company’s control, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Mineral properties, plant and equipment ; Inventories ; Deferred income tax assets ; and Goodwill |
Basis of Presentation | Basis of Presentation The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States. Therefore, this information should be read in conjunction with SSR Mining Inc.’s Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed on February 22, 2023, as amended on Form 10-K/A filed on March 17, 2023, solely to correct a typographical error related to the date of the audit opinion (together, “Form 10-K”). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. The results for the six month period ended June 30, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. |
Reclassifications | Reclassifications Certain amounts and disclosures in prior years have been reclassified to conform to the current year presentation. Changes to operating segments During the first quarter of 2023 the Company changed the way management internally reviews and evaluates operating performance and manages the business. The Company determined it has four reportable segments: Çöpler, Marigold, Seabee and Puna. The Company’s previous exploration, evaluation and development properties are now managed by the nearest or adjacent reportable segment except for greenfield standalone prospects, which are included in Corporate and other. Prior period segment information has been recast to conform with current period presentation. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements As of June 30, 2023, there were no recently issued accounting pronouncements that are expected to have a material effect on the Company’s Condensed Consolidated Financial Statements. |
ACQUISITIONS AND DIVESTITURES (
ACQUISITIONS AND DIVESTITURES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The acquisition date fair value of the consideration paid is as follows (in thousands): Cash paid to Lidya Mines for 10% interest $ 120,000 Contingent consideration tied to completion of operational milestones (1) 24,300 Contingent consideration tied to delineation of new reserves (1) 4,300 Total consideration $ 148,600 (1) The fair value of the two elements of contingent consideration are based on a discounted cash flow model. The contingent consideration is considered a Level 3 fair value measurement due to certain assumptions that are not based on observable market data (refer to Note 9 for more information). The significant assumptions include estimates of timing of completion of project milestones, probability of delineation of additional reserves, and discount rates. The contingent consideration is included within Other non-current liabilities on the Condensed Consolidated Balance Sheets. |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of the assets acquired and liabilities assumed on the acquisition date (in thousands): ASSETS Cash and cash equivalents $ 11 Trade and other receivables 36 Inventories 3 Prepaids and other current assets 24 Mineral properties, plant and equipment, net (1) 688,611 Other non-current assets 1,690 Total assets acquired $ 690,375 LIABILITIES Accounts payable $ 315 Accrued liabilities and other 643 Deferred income tax liabilities (2) 135,939 Total liabilities assumed 136,897 Net assets acquired and liabilities assumed 553,478 Non-controlling interest (404,878) $ 148,600 (1) The fair value of mineral properties, plant and equipment is based on applying the income and market valuation methods. The significant assumptions include future metal prices, estimated quantities of mineral reserves and mineral resources, future capital and operating expenditures, and discount rates. (2) Deferred income tax liabilities represent the future tax expense associated with the differences between the fair value allocated to assets and liabilities and the historical carryover tax basis of these assets and liabilities. |
OPERATING_SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables provide a summary of financial information related to the Company's segments (in thousands): Three Months Ended June 30, 2023 Çöpler Marigold Seabee Puna Corporate and other (1) Total Revenue $ 97,856 $ 117,806 $ 30,058 $ 55,306 $ — $ 301,026 Cost of sales (2) $ 54,949 $ 63,965 $ 18,272 $ 33,454 $ — $ 170,640 Depletion, depreciation, and amortization $ 20,099 $ 9,982 $ 8,360 $ 6,200 $ — $ 44,641 Exploration, evaluation, and reclamation costs $ 1,738 $ 3,807 $ 5,565 $ 3,064 $ 1,974 $ 16,148 Operating income (loss) $ 19,744 $ 40,053 $ (2,139) $ 12,552 $ (17,281) $ 52,929 Capital expenditures $ 13,719 $ 33,677 $ 12,027 $ 1,901 $ — $ 61,324 Total assets as of June 30, 2023 $ 3,261,738 $ 730,579 $ 521,586 $ 314,706 $ 910,870 $ 5,739,479 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. (2) Excludes depreciation, depletion, and amortization. Three Months Ended June 30, 2022 Çöpler Marigold Seabee Puna Corporate and other (1) Total Revenue $ 108,743 $ 85,425 $ 79,110 $ 46,305 $ — $ 319,583 Cost of sales (2) $ 63,095 $ 50,422 $ 19,015 $ 32,396 $ — $ 164,928 Depletion, depreciation, and amortization $ 27,081 $ 8,395 $ 14,370 $ 4,002 $ — $ 53,848 Exploration, evaluation, and reclamation costs $ 749 $ 4,046 $ 2,972 $ 2,131 $ 1,346 $ 11,244 Operating income (loss) $ 17,087 $ 22,562 $ 42,745 $ 7,764 $ (20,063) $ 70,095 Capital expenditures $ 3,915 $ 15,331 $ 8,852 $ 2,262 $ — $ 30,360 Total assets as of June 30, 2022 $ 2,951,865 $ 635,283 $ 583,523 $ 302,530 $ 694,750 $ 5,167,951 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. During the first quarter of 2023, the Company determined it has four reportable segments: Çöpler, Marigold, Seabee and Puna. The exploration, evaluation and development properties are no longer considered a reportable segment and the portfolio of prospective exploration tenures, near or adjacent to the existing operations (near-mine) are included in the respective reportable segment and the greenfield standalone prospects are included in Corporate and other. (2) Excludes depreciation, depletion, and amortization. Six Months Ended June 30, 2023 Çöpler Marigold Seabee Puna Corporate and other (1) Total Revenue $ 208,369 $ 215,974 $ 62,151 $ 129,146 $ — $ 615,640 Cost of sales (2) $ 129,595 $ 118,506 $ 41,537 $ 80,299 $ — $ 369,937 Depletion, depreciation, and amortization $ 42,750 $ 18,556 $ 17,347 $ 13,083 $ — $ 91,736 Exploration, evaluation, and reclamation costs $ 2,722 $ 7,575 $ 9,724 $ 4,901 $ 3,924 $ 28,846 Operating income (loss) $ 31,240 $ 71,337 $ (6,457) $ 30,775 $ (36,981) $ 89,914 Capital expenditures $ 23,788 $ 63,269 $ 20,472 $ 4,478 $ — $ 112,007 Total assets as of June 30, 2023 $ 3,261,738 $ 730,579 $ 521,586 $ 314,706 $ 910,870 $ 5,739,479 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. (2) Excludes depreciation, depletion, and amortization. Six Months Ended June 30, 2022 Çöpler Marigold Seabee Puna Corporate and other (1) Total Revenue $ 246,150 $ 154,318 $ 169,967 $ 104,594 $ — $ 675,029 Cost of sales (2) $ 125,679 $ 89,157 $ 35,425 $ 68,187 $ — $ 318,448 Depletion, depreciation, and amortization $ 57,594 $ 15,283 $ 29,749 $ 9,964 $ — $ 112,590 Exploration, evaluation, and reclamation costs $ 1,837 $ 7,887 $ 5,346 $ 2,612 $ 3,420 $ 21,102 Operating income (loss) $ 59,585 $ 41,990 $ 99,436 $ 23,670 $ (38,716) $ 185,965 Capital expenditures $ 10,786 $ 33,566 $ 21,766 $ 4,475 $ — $ 70,593 Total assets as of June 30, 2022 $ 2,951,865 $ 635,283 $ 583,523 $ 302,530 $ 694,750 $ 5,167,951 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. During the first quarter of 2023, the Company determined it has four reportable segments: Çöpler, Marigold, Seabee and Puna. The exploration, evaluation and development properties are no longer considered a reportable segment and the portfolio of prospective exploration tenures, near or adjacent to the existing operations (near-mine) are included in the respective reportable segment and the greenfield standalone prospects are included in Corporate and other. (2) Excludes depreciation, depletion, and amortization. |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | The following are non-current assets, excluding Goodwill, Restricted cash and Deferred income taxes , by location as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Türkiye $ 3,725,669 $ 3,064,482 Canada 324,684 311,937 United States 363,428 321,423 Argentina 119,556 127,661 Mexico 495 536 Peru 481 482 Total $ 4,534,313 $ 3,826,521 |
Schedule of Revenue from External Customers by Geographic Areas | The following is revenue information by geographic area based on the location for the three and six months ended June 30 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Türkiye $ 97,856 $ 108,743 $ 208,369 $ 246,150 Canada 30,058 79,110 62,151 169,967 United States 117,806 85,425 215,974 154,318 Argentina 55,306 46,305 129,146 104,594 Total $ 301,026 $ 319,583 $ 615,640 $ 675,029 |
REVENUE (Tables)
REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table represents revenues by product (in thousands): Three Months Ended June 30, 2023 2022 Gold doré sales Çöpler $ 97,356 $ 107,999 Marigold 117,769 85,403 Seabee 30,043 79,069 Concentrate sales Puna 51,211 47,055 Other (1) Çöpler 500 744 Marigold 37 22 Seabee 15 41 Puna 4,095 (750) Total $ 301,026 $ 319,583 (1) Other revenue includes changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré. Six Months Ended June 30, 2023 2022 Gold doré sales Çöpler $ 207,002 $ 243,943 Marigold 215,900 154,255 Seabee 62,127 169,890 Concentrate sales Puna 117,559 101,186 Other (1) Çöpler 1,367 2,207 Marigold 74 63 Seabee 24 77 Puna 11,587 3,408 Total $ 615,640 $ 675,029 (1) Other revenue includes changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré. Revenue by metal type for the three and six months ended June 30 are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Gold $ 245,168 $ 272,471 $ 485,029 $ 568,088 Silver 40,932 38,739 90,047 72,703 Lead 9,255 6,170 22,031 20,028 Zinc 1,024 2,146 5,481 8,455 Other (1) 4,647 57 13,052 5,755 Total $ 301,026 $ 319,583 $ 615,640 $ 675,029 (1) Other revenue includes changes in the fair value of concentrate trade receivables due to fluctuations in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré. |
INCOME AND MINING TAXES (Tables
INCOME AND MINING TAXES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, inclusive of interest and penalties, is as follows (in thousands): Six Months Ended June 30, 2023 2022 Balance as of January 1 $ 8,574 $ — Increase associated with tax positions taken during the current year — — Increase (decrease) associated with tax positions taken during a prior year (1) (6,594) — Settlements — — Decrease associated with lapses in statutes of limitation — — Balance as of June 30 (1) $ 1,980 $ — (1) Of the gross unrecognized tax benefits, $2.0 million were recognized as current liabilities in Condensed Consolidated Balance Sheet as of June, 30, 2023. |
OTHER INCOME (EXPENSE) (Tables)
OTHER INCOME (EXPENSE) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income (Expense) | The following table includes the components of Other income (expense) : Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest income $ 7,271 $ 2,234 $ 14,917 $ 3,799 Gain (loss) on investments and marketable securities sales 6,550 3,929 11,402 5,586 Change in fair value of marketable securities (746) (2,876) 1,120 (3,799) Gain (loss) on sale of mineral properties, plant, and equipment (810) (757) (1,050) (1,341) Other 104 (4,925) (968) (7,007) Total $ 12,369 $ (2,395) $ 25,421 $ (2,762) |
INCOME (LOSS) PER SHARE (Tables
INCOME (LOSS) PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The calculations of basic and diluted net income (loss) per share attributable to shareholders of the Company for the three and six months ended June 30, 2023 and 2022 are based on the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net income (loss) $ 122,376 $ 67,519 $ 151,380 $ 143,625 Net (income) loss attributable to non-controlling interest (47,510) (9,031) (46,701) (17,574) Net income (loss) attributable to SSR Mining shareholders 74,866 58,488 104,679 126,051 Interest saving on 2019 Notes, net of tax 1,236 1,230 2,456 2,446 Net income (loss) used in the calculation of diluted net income per share $ 76,102 $ 59,718 $ 107,135 $ 128,497 Weighted average number of common shares outstanding 204,680 212,600 205,723 212,512 Adjustments for dilutive instruments: Stock options — 7 — 6 Restricted share units 16 110 13 91 2019 Notes 12,624 12,367 12,611 12,353 Diluted weighted average number of shares outstanding $ 217,320 $ 225,084 $ 218,347 $ 224,962 Net income (loss) per share attributable to SSR Mining shareholders Basic $ 0.37 $ 0.28 $ 0.51 $ 0.59 Diluted $ 0.35 $ 0.27 $ 0.49 $ 0.57 |
FAIR VALUE MEASUREMENTS AND F_2
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, by Balance Sheet Grouping | The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy (in thousands): Fair value at June 30, 2023 Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Cash $ 379,243 $ — $ — $ 379,243 Restricted cash 33,560 — — 33,560 Marketable securities 38,765 — — 38,765 Trade receivables from provisional sales, net — 53,766 — 53,766 Deferred consideration — — 22,344 22,344 $ 451,568 $ 53,766 $ 22,344 $ 527,678 Liabilities: Derivative liabilities — 356 — 356 Contingent consideration (4) — — 28,600 28,600 $ — $ 356 $ 28,600 $ 28,956 Fair value at December 31, 2022 Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Cash $ 655,453 $ — $ — $ 655,453 Restricted cash 33,653 — — 33,653 Marketable securities 44,841 — — 44,841 Trade receivables from provisional sales, net — 49,897 — 49,897 Deferred consideration — — 24,369 24,369 $ 733,947 $ 49,897 $ 24,369 $ 808,213 (1) Marketable securities of publicly quoted companies, consisting of investments, are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges. (2) At times, the Company manages a portion of its exposure to fluctuation in diesel prices and foreign currency exchange rates through hedges. In periods when the Company has open hedge positions, the derivative asset and liabilities are valued using pricing models with inputs derived from observable market data, including quoted prices in active markets. The Company’s provisional metal sales contracts, included in Trade and other receivables in the Consolidated Balance Sheets, are valued using inputs derived from observable market data, including quoted commodity forward prices. The inputs do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. (3) Certain items of deferred consideration are included in Level 3, as certain assumptions used in the calculation of the fair value are not based on observable market data. |
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table reconciles the beginning and ending balances for financial instruments that are recognized at fair value using significant unobservable inputs (Level 3) in the consolidated financial statements (in thousands): Six Months Ended June 30, 2023 2022 Deferred consideration assets: Balance as of January 1 $ 24,369 $ 22,610 Revaluations (1,551) 853 Receipt of deferred consideration (474) — Balance as of June 30 $ 22,344 $ 23,463 Six Months Ended June 30, 2023 2022 Deferred consideration liabilities: Balance as of January 1 $ — $ — Assumption of deferred consideration 28,600 — Balance as of June 30 $ 28,600 $ — |
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table reconciles the beginning and ending balances for financial instruments that are recognized at fair value using significant unobservable inputs (Level 3) in the consolidated financial statements (in thousands): Six Months Ended June 30, 2023 2022 Deferred consideration assets: Balance as of January 1 $ 24,369 $ 22,610 Revaluations (1,551) 853 Receipt of deferred consideration (474) — Balance as of June 30 $ 22,344 $ 23,463 Six Months Ended June 30, 2023 2022 Deferred consideration liabilities: Balance as of January 1 $ — $ — Assumption of deferred consideration 28,600 — Balance as of June 30 $ 28,600 $ — |
Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value | The fair value of the 2019 Notes and Term Loan as compared to the carrying amounts were as follows (in thousands): June 30, 2023 December 31, 2022 Level Carrying amount Fair value Carrying amount Fair value 2019 Notes (1) 1 $ 227,000 $ 245,824 $ 226,510 $ 257,025 Term Loan (2) 2 35,000 35,412 70,000 71,419 Total borrowings $ 262,000 $ 281,236 $ 296,510 $ 328,444 (1) The fair value disclosed for the Company's 2019 Notes is included in Level 1 as the basis of valuation uses a quoted price in an active market. (2) The fair value disclosed for the Company's Term Loan is included in Level 2 as the fair value is determined by an independent third-party pricing source. |
TRADE AND OTHER RECEIVABLES (Ta
TRADE AND OTHER RECEIVABLES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Trade and other receivables was composed of the following (in thousands): June 30, 2023 December 31, 2022 Trade receivables $ 64,398 $ 62,563 Value added tax receivables 35,429 30,893 Income tax receivable 17,082 14,316 Other taxes receivable 4,998 6,750 Other 3,300 3,153 Total $ 125,207 $ 117,675 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | The components of Inventories for the periods ended June 30, 2023 and December 31, 2022 are as follows (in thousands): June 30, 2023 December 31, 2022 Materials and supplies $ 123,421 $ 103,380 Stockpiled ore 63,639 54,504 Leach pad inventory 333,883 300,715 Work-in-process 9,067 7,549 Finished goods 31,485 35,459 Total current inventories 561,495 501,607 Stockpiled ore 213,455 217,154 Materials and supplies 2,185 1,845 Total non-current inventories $ 215,640 $ 218,999 |
Schedule of Inventory, Noncurrent | The components of Inventories for the periods ended June 30, 2023 and December 31, 2022 are as follows (in thousands): June 30, 2023 December 31, 2022 Materials and supplies $ 123,421 $ 103,380 Stockpiled ore 63,639 54,504 Leach pad inventory 333,883 300,715 Work-in-process 9,067 7,549 Finished goods 31,485 35,459 Total current inventories 561,495 501,607 Stockpiled ore 213,455 217,154 Materials and supplies 2,185 1,845 Total non-current inventories $ 215,640 $ 218,999 |
MINERAL PROPERTIES, PLANT AND_2
MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Mineral Properties, Plant and Equipment | The components of Mineral properties, plant and equipment, net are as follows (in thousands): June 30, 2023 December 31, 2022 Plant and equipment (1) $ 1,845,326 $ 1,793,914 Construction in process 95,394 58,704 Mineral properties subject to depletion 1,467,028 1,452,850 Mineral properties not yet subject to depletion 1,536,367 848,281 Exploration and evaluation assets 517,993 515,070 Total mineral properties, plant, and equipment 5,462,108 4,668,819 Accumulated depreciation, plant and equipment (664,452) (621,323) Accumulated depletion, mineral properties (548,215) (498,050) Mineral properties, plant, and equipment, net $ 4,249,441 $ 3,549,446 (1) As of June 30, 2023 and December 31, 2022, plant and equipment includes finance lease right-of-use assets with a carrying amount of $99.0 million and $101.7 million, respectively. |
ACCRUED LIABILITIES AND OTHER (
ACCRUED LIABILITIES AND OTHER (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Liabilities and Other | Accrued liabilities and other are comprised of the following items (in thousands): June 30, 2023 December 31, 2022 Accrued liabilities $ 64,907 $ 68,254 Royalties payable 13,529 16,012 Stock-based compensation liabilities 10,606 10,493 Income taxes payable 8,931 16,374 Lease liabilities 2,329 1,976 Reclamation liabilities 5,829 10,075 Other 1,826 1,470 Total accrued liabilities and other $ 107,957 $ 124,654 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following tables summarize the Company’s debt balances (in thousands): June 30, 2023 December 31, 2022 2019 Notes (1) $ 227,000 $ 226,510 Term Loan 35,000 70,000 Other 508 1,797 Total carrying amount $ 262,508 $ 298,307 Current Portion $ 35,508 $ 71,797 Non-Current Portion $ 227,000 $ 226,510 (1) Amount is net of discount and debt issuance costs of $3.0 million and $3.5 million, respectively. |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Net change in operating assets and liabilities during the six months ended June 30, 2023 and 2022 were as follows (in thousands): Six Months Ended June 30, 2023 2022 Decrease (increase) in operating assets: Trade and other receivables $ (9,532) $ (5,515) Inventories (56,371) (56,843) Other operating assets (911) 7,193 Increase (decrease) in operating liabilities: Accounts payable (22,700) 7,101 Accrued liabilities (17,488) (66,056) Reclamation liabilities (791) 62 Other operating liabilities (4,031) (27,286) $ (111,824) $ (141,344) Other cash information during the six months ended June 30, 2023 and 2022 were as follows (in thousands): Six Months Ended June 30, 2023 2022 Interest paid $ (9,260) $ (5,897) Interest received $ 9,475 $ 3,799 Income taxes paid $ (21,643) $ (110,423) |
THE COMPANY (Details)
THE COMPANY (Details) | Jun. 30, 2023 mine |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of producing mines | 4 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - segment | 3 Months Ended | 6 Months Ended |
Mar. 31, 2023 | Jun. 30, 2023 | |
Accounting Policies [Abstract] | ||
Number of reportable segments | 4 | 4 |
ACQUISITIONS AND DIVESTITURES -
ACQUISITIONS AND DIVESTITURES - Hod Maden (Details) $ in Thousands | 6 Months Ended | |
May 08, 2023 USD ($) goldEquivalentOunce | Jun. 30, 2023 USD ($) | |
Business Acquisition [Line Items] | ||
Contingent consideration | $ 28,600 | |
Lydia Mines | Hod Maden | ||
Business Acquisition [Line Items] | ||
Parent percentage | 70% | |
Horizon | Hod Maden | ||
Business Acquisition [Line Items] | ||
Noncontrolling percentage | 30% | |
Hod Maden | ||
Business Acquisition [Line Items] | ||
Payments to acquire business | $ 120,000 | $ 120,000 |
Option, voting interest acquired | 30% | |
Transaction costs | $ 400 | |
Redeemable noncontrolling interest, percentage | 30% | |
Hod Maden | Completion of Operational Milestones | ||
Business Acquisition [Line Items] | ||
Contingent consideration | $ 30,000 | |
Hod Maden | Delineation of New Reserves | ||
Business Acquisition [Line Items] | ||
Contingent consideration | $ 84,000 | |
Contingent consideration, additional mineral reserves required in gold equivalent ounces | goldEquivalentOunce | 500,000 | |
Hod Maden | Lydia Mines | ||
Business Acquisition [Line Items] | ||
Voting interest acquired | 10% | |
Hod Maden | Lidya Mines and Horizon | ||
Business Acquisition [Line Items] | ||
Ownership percentage | 90% | |
Hod Maden | Maximum | ||
Business Acquisition [Line Items] | ||
Voting interest acquired | 40% |
ACQUISITIONS AND DIVESTITURES_2
ACQUISITIONS AND DIVESTITURES - Purchase Price Allocation (Details) - Hod Maden - USD ($) $ in Thousands | 6 Months Ended | |
May 08, 2023 | Jun. 30, 2023 | |
Business Acquisition [Line Items] | ||
Payments to acquire business | $ 120,000 | $ 120,000 |
Total consideration amount | $ 148,600 | |
Lydia Mines | ||
Business Acquisition [Line Items] | ||
Voting interest acquired | 10% | |
Completion of Operational Milestones | ||
Business Acquisition [Line Items] | ||
Contingent consideration | $ 24,300 | |
Delineation of New Reserves | ||
Business Acquisition [Line Items] | ||
Contingent consideration | $ 4,300 |
ACQUISITIONS AND DIVESTITURES_3
ACQUISITIONS AND DIVESTITURES - Assets Acquired and Liabilities Assumed (Details) - Hod Maden $ in Thousands | May 08, 2023 USD ($) |
ASSETS | |
Cash and cash equivalents | $ 11 |
Trade and other receivables | 36 |
Inventories | 3 |
Prepaids and other current assets | 24 |
Mineral properties, plant and equipment, net | 688,611 |
Other non-current assets | 1,690 |
Total assets acquired | 690,375 |
LIABILITIES | |
Accounts payable | 315 |
Accrued liabilities and other | 643 |
Deferred income tax liabilities | 135,939 |
Total liabilities assumed | 136,897 |
Net assets acquired and liabilities assumed | 553,478 |
Non-controlling interest | (404,878) |
Net assets acquired and liabilities assumed, less noncontrolling interest | $ 148,600 |
ACQUISITIONS AND DIVESTITURES_4
ACQUISITIONS AND DIVESTITURES - Taiga Gold Corp (Details) - USD ($) $ in Millions | 6 Months Ended | |
Apr. 14, 2022 | Jun. 30, 2022 | |
Asset Acquisition [Line Items] | ||
Asset acquisition, cash and cash equivalents | $ 24.8 | |
Taiga Gold Corporation | ||
Asset Acquisition [Line Items] | ||
Asset acquisition, consideration transferred | 24.8 | $ 24.8 |
Asset acquisition, exploration and evaluation assets | 27.8 | |
Asset acquisition, deferred tax liability | $ 7.5 |
OPERATING_SEGMENTS - Narrative
OPERATING SEGMENTS - Narrative (Details) | Jun. 30, 2023 mine |
Segment Reporting [Abstract] | |
Number of producing mines | 4 |
OPERATING_SEGMENTS - Disaggrega
OPERATING SEGMENTS - Disaggregation of Segments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 USD ($) | Mar. 31, 2023 segment | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) segment | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | ||
Segment Reporting Information [Line Items] | |||||||
Revenue | $ 301,026 | $ 319,583 | $ 615,640 | $ 675,029 | |||
Cost of sales | [1] | 170,640 | 164,928 | 369,937 | 318,448 | ||
Depletion, depreciation, and amortization | 44,641 | 53,848 | 91,736 | 112,590 | |||
Exploration, evaluation, and reclamation costs | 16,148 | 11,244 | 28,846 | 21,102 | |||
Operating income (loss) | 52,929 | 70,095 | 89,914 | 185,965 | |||
Capital expenditures | 61,324 | 30,360 | 112,007 | 70,593 | |||
Assets | 5,739,479 | 5,167,951 | $ 5,739,479 | 5,167,951 | $ 5,254,657 | ||
Number of reportable segments | segment | 4 | 4 | |||||
Operating segments | Çöpler | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | 97,856 | 108,743 | $ 208,369 | 246,150 | |||
Cost of sales | 54,949 | 63,095 | 129,595 | 125,679 | |||
Depletion, depreciation, and amortization | 20,099 | 27,081 | 42,750 | 57,594 | |||
Exploration, evaluation, and reclamation costs | 1,738 | 749 | 2,722 | 1,837 | |||
Operating income (loss) | 19,744 | 17,087 | 31,240 | 59,585 | |||
Capital expenditures | 13,719 | 3,915 | 23,788 | 10,786 | |||
Assets | 3,261,738 | 2,951,865 | 3,261,738 | 2,951,865 | |||
Operating segments | Marigold | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | 117,806 | 85,425 | 215,974 | 154,318 | |||
Cost of sales | 63,965 | 50,422 | 118,506 | 89,157 | |||
Depletion, depreciation, and amortization | 9,982 | 8,395 | 18,556 | 15,283 | |||
Exploration, evaluation, and reclamation costs | 3,807 | 4,046 | 7,575 | 7,887 | |||
Operating income (loss) | 40,053 | 22,562 | 71,337 | 41,990 | |||
Capital expenditures | 33,677 | 15,331 | 63,269 | 33,566 | |||
Assets | 730,579 | 635,283 | 730,579 | 635,283 | |||
Operating segments | Seabee | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | 30,058 | 79,110 | 62,151 | 169,967 | |||
Cost of sales | 18,272 | 19,015 | 41,537 | 35,425 | |||
Depletion, depreciation, and amortization | 8,360 | 14,370 | 17,347 | 29,749 | |||
Exploration, evaluation, and reclamation costs | 5,565 | 2,972 | 9,724 | 5,346 | |||
Operating income (loss) | (2,139) | 42,745 | (6,457) | 99,436 | |||
Capital expenditures | 12,027 | 8,852 | 20,472 | 21,766 | |||
Assets | 521,586 | 583,523 | 521,586 | 583,523 | |||
Operating segments | Puna | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | 55,306 | 46,305 | 129,146 | 104,594 | |||
Cost of sales | 33,454 | 32,396 | 80,299 | 68,187 | |||
Depletion, depreciation, and amortization | 6,200 | 4,002 | 13,083 | 9,964 | |||
Exploration, evaluation, and reclamation costs | 3,064 | 2,131 | 4,901 | 2,612 | |||
Operating income (loss) | 12,552 | 7,764 | 30,775 | 23,670 | |||
Capital expenditures | 1,901 | 2,262 | 4,478 | 4,475 | |||
Assets | 314,706 | 302,530 | 314,706 | 302,530 | |||
Corporate and other | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenue | 0 | 0 | 0 | 0 | |||
Cost of sales | 0 | 0 | 0 | 0 | |||
Depletion, depreciation, and amortization | 0 | 0 | 0 | 0 | |||
Exploration, evaluation, and reclamation costs | 1,974 | 1,346 | 3,924 | 3,420 | |||
Operating income (loss) | (17,281) | (20,063) | (36,981) | (38,716) | |||
Capital expenditures | 0 | 0 | 0 | 0 | |||
Assets | $ 910,870 | $ 694,750 | $ 910,870 | $ 694,750 | |||
[1]Excludes depreciation, depletion, and amortization. |
OPERATING_SEGMENTS - Non-curren
OPERATING SEGMENTS - Non-current Assets by Geographical Area (Details) - Operating segments - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | $ 4,534,313 | $ 3,826,521 |
Türkiye | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 3,725,669 | 3,064,482 |
Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 324,684 | 311,937 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 363,428 | 321,423 |
Argentina | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 119,556 | 127,661 |
Mexico | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 495 | 536 |
Peru | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | $ 481 | $ 482 |
OPERATING_SEGMENTS - Revenue by
OPERATING SEGMENTS - Revenue by Geographical Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 301,026 | $ 319,583 | $ 615,640 | $ 675,029 |
Türkiye | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 97,856 | 108,743 | 208,369 | 246,150 |
Canada | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 30,058 | 79,110 | 62,151 | 169,967 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 117,806 | 85,425 | 215,974 | 154,318 |
Argentina | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 55,306 | $ 46,305 | $ 129,146 | $ 104,594 |
REVENUE - Revenue by Product (D
REVENUE - Revenue by Product (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 301,026 | $ 319,583 | $ 615,640 | $ 675,029 |
Gold doré sales | Çöpler | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 97,356 | 107,999 | 207,002 | 243,943 |
Gold doré sales | Marigold | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 117,769 | 85,403 | 215,900 | 154,255 |
Gold doré sales | Seabee | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 30,043 | 79,069 | 62,127 | 169,890 |
Concentrate sales | Puna | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 51,211 | 47,055 | 117,559 | 101,186 |
Other | Çöpler | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 500 | 744 | 1,367 | 2,207 |
Other | Marigold | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 37 | 22 | 74 | 63 |
Other | Seabee | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 15 | 41 | 24 | 77 |
Other | Puna | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 4,095 | $ (750) | $ 11,587 | $ 3,408 |
REVENUE - Revenue by Metal (Det
REVENUE - Revenue by Metal (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 301,026 | $ 319,583 | $ 615,640 | $ 675,029 |
Gold | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 245,168 | 272,471 | 485,029 | 568,088 |
Silver | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 40,932 | 38,739 | 90,047 | 72,703 |
Lead | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 9,255 | 6,170 | 22,031 | 20,028 |
Zinc | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,024 | 2,146 | 5,481 | 8,455 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 4,647 | $ 57 | $ 13,052 | $ 5,755 |
REVENUE - Narrative (Details)
REVENUE - Narrative (Details) - Concentrate Metal Sales Agreement oz in Thousands, lb in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 oz lb $ / pound $ / Ounce | Jun. 30, 2023 USD ($) $ / pound $ / Ounce | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) $ / pound $ / Ounce | Jun. 30, 2022 USD ($) | |
Disaggregation of Revenue [Line Items] | |||||
Embedded derivative, increase (decrease) of value | $ | $ 4.1 | $ (3) | $ 11.6 | $ 1.3 | |
Silver | |||||
Disaggregation of Revenue [Line Items] | |||||
Notional ounce/pound | oz | 3,480 | ||||
Average price per ounce/pound | $ / Ounce | 24.04 | 24.04 | 24.04 | ||
Zinc | |||||
Disaggregation of Revenue [Line Items] | |||||
Notional ounce/pound | lb | 3,150 | ||||
Average price per ounce/pound | $ / pound | 1.09 | 1.09 | 1.09 | ||
Lead | |||||
Disaggregation of Revenue [Line Items] | |||||
Notional ounce/pound | lb | 18,920 | ||||
Average price per ounce/pound | $ / pound | 0.95 | 0.95 | 0.95 |
INCOME AND MINING TAXES - Narra
INCOME AND MINING TAXES - Narrative (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate reconciliation, rate | (113.60%) | 13.60% | ||
Effective income tax rate reconciliation, statutory rate | 27% | |||
Unrecognized tax benefits that would impact effective tax rate | $ 2,000,000 | $ 8,600,000 | ||
Unrecognized tax benefits, income tax penalties and interest accrued | 0 | 5,200,000 | ||
Unrecognized tax benefits | 1,980,000 | $ 0 | $ 8,574,000 | $ 0 |
Unrecognized tax benefits, release of income tax penalties and interest expense | $ (6,600,000) |
INCOME AND MINING TAXES - Unrec
INCOME AND MINING TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 8,574 | $ 0 |
Increase associated with tax positions taken during the current year | 0 | 0 |
Increase (decrease) associated with tax positions taken during a prior year | (6,594) | 0 |
Settlements | 0 | 0 |
Decrease associated with lapses in statutes of limitation | 0 | 0 |
Ending balance | $ 1,980 | $ 0 |
OTHER INCOME (EXPENSE) (Details
OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other Income and Expenses [Abstract] | ||||
Interest income | $ 7,271 | $ 2,234 | $ 14,917 | $ 3,799 |
Gain (loss) on investments and marketable securities sales | 6,550 | 3,929 | 11,402 | 5,586 |
Change in fair value of marketable securities | (746) | (2,876) | 1,120 | (3,799) |
Gain (loss) on sale of mineral properties, plant, and equipment | (810) | (757) | (1,050) | (1,341) |
Other | 104 | (4,925) | (968) | (7,007) |
Total | $ 12,369 | $ (2,395) | $ 25,421 | $ (2,762) |
INCOME (LOSS) PER SHARE - Calcu
INCOME (LOSS) PER SHARE - Calculation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||||
Net income (loss) | $ 122,376 | $ 29,004 | $ 67,519 | $ 76,106 | $ 151,380 | $ 143,625 |
Net (income) loss attributable to non-controlling interest | (47,510) | (9,031) | (46,701) | (17,574) | ||
Net income (loss) attributable to SSR Mining shareholders | 74,866 | 58,488 | 104,679 | 126,051 | ||
Interest saving on 2019 Notes, net of tax | 1,236 | 1,230 | 2,456 | 2,446 | ||
Net income (loss) used in the calculation of diluted net income per share | $ 76,102 | $ 59,718 | $ 107,135 | $ 128,497 | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||
Weighted average number of common shares outstanding (in shares) | 204,680 | 212,600 | 205,723 | 212,512 | ||
Adjustments for dilutive instruments, 2019 Notes (in shares) | 12,624 | 12,367 | 12,611 | 12,353 | ||
Diluted weighted average number of shares outstanding (in shares) | 217,320 | 225,084 | 218,347 | 224,962 | ||
Net income (loss) per share attributable to SSR Mining shareholders | ||||||
Basic (in dollars per share) | $ 0.37 | $ 0.28 | $ 0.51 | $ 0.59 | ||
Diluted (in dollars per share) | $ 0.35 | $ 0.27 | $ 0.49 | $ 0.57 | ||
Stock options | ||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||
Adjustments for dilutive instruments (in shares) | 0 | 7 | 0 | 6 | ||
Restricted share units | ||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||
Adjustments for dilutive instruments (in shares) | 16 | 110 | 13 | 91 |
FAIR VALUE MEASUREMENTS AND F_3
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Assets and Liabilities (Details) $ in Thousands | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Assets: | ||
Cash | $ 379,243 | $ 655,453 |
Restricted cash | 33,560 | 33,653 |
Marketable securities | 38,765 | 44,841 |
Trade receivables from provisional sales, net | 53,766 | 49,897 |
Deferred consideration | 22,344 | 24,369 |
Total assets | 527,678 | 808,213 |
Liabilities: | ||
Derivative liabilities | 356 | |
Contingent consideration | 28,600 | |
Total liabilities | $ 28,956 | |
Discount Rate | ||
Liabilities: | ||
Contingent consideration, measurement input | 0.060 | |
Probability of Delineation of New Reserves | ||
Liabilities: | ||
Contingent consideration, measurement input | 0.100 | |
Level 1 | ||
Assets: | ||
Cash | $ 379,243 | 655,453 |
Restricted cash | 33,560 | 33,653 |
Marketable securities | 38,765 | 44,841 |
Trade receivables from provisional sales, net | 0 | 0 |
Deferred consideration | 0 | 0 |
Total assets | 451,568 | 733,947 |
Liabilities: | ||
Derivative liabilities | 0 | |
Contingent consideration | 0 | |
Total liabilities | 0 | |
Level 2 | ||
Assets: | ||
Cash | 0 | 0 |
Restricted cash | 0 | 0 |
Marketable securities | 0 | 0 |
Trade receivables from provisional sales, net | 53,766 | 49,897 |
Deferred consideration | 0 | 0 |
Total assets | 53,766 | 49,897 |
Liabilities: | ||
Derivative liabilities | 356 | |
Contingent consideration | 0 | |
Total liabilities | 356 | |
Level 3 | ||
Assets: | ||
Cash | 0 | 0 |
Restricted cash | 0 | 0 |
Marketable securities | 0 | 0 |
Trade receivables from provisional sales, net | 0 | 0 |
Deferred consideration | 22,344 | 24,369 |
Total assets | 22,344 | $ 24,369 |
Liabilities: | ||
Derivative liabilities | 0 | |
Contingent consideration | 28,600 | |
Total liabilities | $ 28,600 |
FAIR VALUE MEASUREMENTS AND F_4
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Fair Value of Significant Unobservable Inputs (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Balance as of January 1 | $ 24,369,000 | $ 22,610 |
Revaluations | (1,551,000) | 853 |
Receipt of deferred consideration | (474) | 0 |
Balance as of June 30 | 22,344 | 23,463 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance as of January 1 | 0 | 0 |
Assumption of deferred consideration | 28,600 | 0 |
Balance as of June 30 | $ 28,600 | $ 0 |
FAIR VALUE MEASUREMENTS AND F_5
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Carrying amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 262,000 | $ 296,510 |
Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 281,236 | 328,444 |
Level 1 | Convertible Senior Notes | 2019 Notes | Carrying amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 227,000 | 226,510 |
Level 1 | Convertible Senior Notes | 2019 Notes | Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 245,824 | 257,025 |
Level 2 | Term Loan | Carrying amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 35,000 | 70,000 |
Level 2 | Term Loan | Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 35,412 | $ 71,419 |
TRADE AND OTHER RECEIVABLES (De
TRADE AND OTHER RECEIVABLES (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Trade receivables | $ 64,398,000 | $ 62,563,000 |
Value added tax receivables | 35,429,000 | 30,893,000 |
Income tax receivable | 17,082,000 | 14,316,000 |
Other taxes receivable | 4,998,000 | 6,750,000 |
Other | 3,300,000 | 3,153,000 |
Total | 125,207,000 | 117,675,000 |
Provision for credit loss | $ 0 | $ 0 |
INVENTORIES - Components of Inv
INVENTORIES - Components of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory [Line Items] | ||
Work-in-process | $ 9,067 | $ 7,549 |
Finished goods | 31,485 | 35,459 |
Total current inventories | 561,495 | 501,607 |
Total non-current inventories | 215,640 | 218,999 |
Materials and supplies | ||
Inventory [Line Items] | ||
Raw materials | 123,421 | 103,380 |
Total non-current inventories | 2,185 | 1,845 |
Stockpiled ore | ||
Inventory [Line Items] | ||
Raw materials | 63,639 | 54,504 |
Total non-current inventories | 213,455 | 217,154 |
Leach pad inventory | ||
Inventory [Line Items] | ||
Raw materials | $ 333,883 | $ 300,715 |
INVENTORIES - Narrative (Detail
INVENTORIES - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Inventory [Line Items] | |||
Inventory write-down value | $ 0 | $ 2,000,000 | $ 0 |
Cost of Sales | |||
Inventory [Line Items] | |||
Inventory write-down value | 1,300,000 | ||
Depreciation, Depletion and Amortization | |||
Inventory [Line Items] | |||
Inventory write-down value | $ 700,000 |
MINERAL PROPERTIES, PLANT AND_3
MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total mineral properties, plant, and equipment | $ 5,462,108 | $ 4,668,819 |
Accumulated depreciation, plant and equipment | (664,452) | (621,323) |
Accumulated depletion, mineral properties | (548,215) | (498,050) |
Mineral properties, plant, and equipment, net | 4,249,441 | 3,549,446 |
Finance lease, right-of-use asset, before accumulated amortization | 99,000 | 101,700 |
Plant and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total mineral properties, plant, and equipment | 1,845,326 | 1,793,914 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Total mineral properties, plant, and equipment | 95,394 | 58,704 |
Mineral properties subject to depletion | ||
Property, Plant and Equipment [Line Items] | ||
Total mineral properties, plant, and equipment | 1,467,028 | 1,452,850 |
Mineral properties not yet subject to depletion | ||
Property, Plant and Equipment [Line Items] | ||
Total mineral properties, plant, and equipment | 1,536,367 | 848,281 |
Exploration and evaluation assets | ||
Property, Plant and Equipment [Line Items] | ||
Total mineral properties, plant, and equipment | $ 517,993 | $ 515,070 |
MINERAL PROPERTIES, PLANT AND_4
MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Impairment | $ 0 | $ 0 | $ 0 | $ 0 |
ACCRUED LIABILITIES AND OTHER_2
ACCRUED LIABILITIES AND OTHER (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued liabilities | $ 64,907 | $ 68,254 |
Royalties payable | 13,529 | 16,012 |
Stock-based compensation liabilities | 10,606 | 10,493 |
Income taxes payable | 8,931 | 16,374 |
Lease liabilities | $ 2,329 | $ 1,976 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total accrued liabilities and other | Total accrued liabilities and other |
Reclamation liabilities | $ 5,829 | $ 10,075 |
Other | 1,826 | 1,470 |
Total accrued liabilities and other | $ 107,957 | $ 124,654 |
DEBT - Components of Debt (Deta
DEBT - Components of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total carrying amount | $ 262,508 | $ 298,307 |
Current Portion | 35,508 | 71,797 |
Non-Current Portion | 227,000 | 226,510 |
2019 Notes | Convertible Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 227,000 | 226,510 |
Discount and debt issuance costs | 3,000 | 3,500 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 35,000 | 70,000 |
Other | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 508 | $ 1,797 |
DEBT - Convertible Debt (Detail
DEBT - Convertible Debt (Details) - 2019 Notes - Convertible Senior Notes | 3 Months Ended | |
Mar. 19, 2019 USD ($) day | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Face amount | $ 230,000,000 | |
Interest rate, stated percentage | 2.50% | |
Proceeds from issuance of debt | $ 222,900,000 | |
Commissions and expenses related to offering of debt | $ 7,100,000 | |
Convertible, conversion ratio | 0.055675 | |
Convertible, threshold trading days | day | 20 | |
Convertible, threshold consecutive trading days | day | 30 | |
Convertible, threshold percentage of stock price trigger | 130% |
DEBT - Term Loan (Details)
DEBT - Term Loan (Details) - USD ($) $ in Thousands | Sep. 16, 2020 | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | |||
Restricted cash | $ 33,560 | $ 33,653 | |
Term Loan | Alacer | |||
Debt Instrument [Line Items] | |||
Face amount | $ 245,000 | ||
Restricted cash | $ 33,600 | $ 33,700 | |
Term Loan | Alacer | London Interbank Offered Rate (LIBOR) | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.50% | ||
Term Loan | Alacer | London Interbank Offered Rate (LIBOR) | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.70% |
DEBT - Credit Agreement (Detail
DEBT - Credit Agreement (Details) - USD ($) | Jun. 07, 2021 | Jun. 30, 2023 |
Debt Instrument [Line Items] | ||
Line of credit | $ 0 | |
Remaining borrowing capacity | 199,100,000 | |
Letters of credit outstanding, amount | $ 900,000 | |
Revolving Credit Agreement | Line of Credit | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | |
Line of credit facility, accordion feature | $ 100,000,000 | |
Revolving Credit Agreement | Line of Credit | Minimum | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2% | |
Revolving Credit Agreement | Line of Credit | Maximum | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3% |
EQUITY (Details)
EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 16, 2023 | Jun. 20, 2022 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchase program, stock repurchased during period | $ 40,108 | $ 5,197 | $ 14,667 | |||
Common shares | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchase program, repurchase of common shares (in shares) | 2,679,000 | 348,000 | 798,000 | |||
Stock repurchase program, stock repurchased during period | $ 39,329 | $ 5,111 | $ 11,711 | |||
Retained earnings (accumulated deficit) | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchase program, stock repurchased during period | $ 779 | $ 86 | $ 2,956 | |||
Normal Course Issuer Bid | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchase program, common shares authorized to be repurchased (in shares) | 10,200,000 | 10,600,000 | ||||
Stock repurchase program, period in force | 12 months | 12 months | ||||
Stock repurchase program, repurchase of common shares (in shares) | 2,678,822 | 3,026,993 | ||||
Stock repurchased and retired during period, cost per share (in dollars per share) | $ 14.97 | $ 14.97 | ||||
Stock repurchase program, stock repurchased during period | $ 40,100 | $ 45,300 | ||||
Normal Course Issuer Bid | Common shares | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchase program, stock repurchased during period | 800 | 900 | ||||
Normal Course Issuer Bid | Retained earnings (accumulated deficit) | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchase program, stock repurchased during period | $ 39,300 | $ 44,400 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION - Operating Assets and Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Decrease (increase) in operating assets: | ||
Trade and other receivables | $ (9,532) | $ (5,515) |
Inventories | (56,371) | (56,843) |
Other operating assets | (911) | 7,193 |
Increase (decrease) in operating liabilities: | ||
Accounts payable | (22,700) | 7,101 |
Accrued liabilities | (17,488) | (66,056) |
Reclamation liabilities | (791) | 62 |
Other operating liabilities | (4,031) | (27,286) |
Net change in operating assets and liabilities | $ (111,824) | $ (141,344) |
SUPPLEMENTAL CASH FLOW INFORM_4
SUPPLEMENTAL CASH FLOW INFORMATION - Other Cash Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | ||
Interest paid | $ (9,260) | $ (5,897) |
Interest received | 9,475 | 3,799 |
Income taxes paid | $ (21,643) | $ (110,423) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Surety Bond | ||
Loss Contingencies [Line Items] | ||
Environmental bonding obligation, outstanding | $ 117.5 | $ 117.4 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Term Loan - Subsequent Event - SOFR | Jul. 26, 2023 |
Tranche | Minimum | |
Subsequent Event [Line Items] | |
Basis spread on variable rate | 3.50% |
Tranche | Maximum | |
Subsequent Event [Line Items] | |
Basis spread on variable rate | 3.70% |
Interest period selected | Minimum | |
Subsequent Event [Line Items] | |
Basis spread on variable rate | 0.0064% |
Interest period selected | Maximum | |
Subsequent Event [Line Items] | |
Basis spread on variable rate | 0.71513% |