Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 06, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'Golden Minerals Co | ' |
Entity Central Index Key | '0001011509 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 53,022,833 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents (Note 3) | $14,955 | $19,146 |
Trade receivables | ' | 25 |
Inventories (Note 5) | 662 | 449 |
Value added tax receivable, net (Note 6) | 1,394 | 1,765 |
Prepaid expenses and other assets (Note 4) | 614 | 1,091 |
Total current assets | 17,625 | 22,476 |
Property, plant and equipment, net (Note 7) | 30,006 | 32,375 |
Prepaid expenses and other assets, non- current (Note 4) | ' | 30 |
Total assets | 47,631 | 54,881 |
Current liabilities | ' | ' |
Accounts payable and other accrued liabilities (Note 8) | 1,875 | 1,365 |
Other current liabilities (Note 10) | 2,755 | 4,405 |
Total current liabilities | 4,630 | 5,770 |
Asset retirement obligation (Note 9) | 2,635 | 2,602 |
Other long term liabilities | 74 | 53 |
Total liabilities | 7,339 | 8,425 |
Commitments and contingencies (Note 16) | ' | ' |
Equity (Note 13) | ' | ' |
Common stock, $.01 par value, 100,000,000 shares authorized, 53,022,833 and 43,530,833 shares issued and outstanding for the respectivel periods | 530 | 435 |
Additional paid in capital | 502,701 | 494,647 |
Accumulated deficit | -462,939 | -448,626 |
Shareholder's equity | 40,292 | 46,456 |
Total liabilities and equity | $47,631 | $54,881 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) | Sep. 30, 2014 | Dec. 31, 2013 |
CONSOLIDATED BALANCE SHEETS | ' | ' |
Common stock, shares outstanding | 43,530,833 | 43,530,833 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Revenue: | ' | ' | ' | ' | ||||
Sale of metals (Note 14) | ' | $500 | ' | $10,797 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Costs applicable to sale of metals (exclusive of depreciation shown below) (Note 14) | ' | -517 | ' | -17,534 | ||||
Exploration expense | -1,009 | -1,024 | -4,262 | -3,788 | ||||
El Quevar project expense | -489 | -486 | -1,244 | -2,159 | ||||
Velardena project expense | -2,034 | -85 | -2,034 | -3,006 | ||||
Velardena shutdown and care & maintenance costs | ' | -2,218 | -2,457 | -4,547 | ||||
Administrative expense | -782 | -1,078 | -3,587 | -4,608 | ||||
Stock based compensation | -181 | -305 | -768 | -1,284 | ||||
Reclamation and accretion expense | -50 | -47 | -148 | -135 | ||||
Impairment of long lived assets | ' | ' | ' | -237,838 | ||||
Impairment of goodwill | ' | ' | ' | -11,180 | ||||
Other operating income, net | 687 | -31 | 691 | 3,615 | ||||
Depreciation, depletion and amortization | -751 | -1,083 | -2,375 | -6,180 | ||||
Total costs and expenses | -4,609 | -6,874 | -16,184 | -288,644 | ||||
Loss from operations | -4,609 | -6,374 | -16,184 | -277,847 | ||||
Other income and (expense): | ' | ' | ' | ' | ||||
Interest and other income, net | 882 | 186 | 1,763 | 509 | ||||
Gain (loss) on foreign currency | 115 | -127 | 108 | -537 | ||||
Total other income (expense) | 997 | 59 | 1,871 | -28 | ||||
Loss from operations before income taxes | -3,612 | -6,315 | -14,313 | -277,875 | ||||
Income tax benefit | ' | 104 | 0 | 47,599 | ||||
Net loss | -3,612 | -6,211 | -14,313 | -230,276 | ||||
Comprehensive loss, net of tax: | ' | ' | ' | ' | ||||
Unrealized gain on securities | ' | ' | ' | 90 | ||||
Comprehensive loss | ($3,612) | ($6,211) | ($14,313) | ($230,186) | ||||
Net loss per common share - basic | ' | ' | ' | ' | ||||
Loss (in dollars per share) | ($0.08) | ($0.14) | ($0.33) | ($5.38) | ||||
Weighted average common stock outstanding - basic (in shares) | 45,029,388 | [1] | 42,857,347 | [1] | 43,621,634 | [1] | 42,827,891 | [1] |
[1] | Potentially dilutive shares have not been included because to do so would be anti-dilutive. |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net cash used in operating activities (Note 15) | ($12,147) | ($23,435) |
Cash flows from investing activities: | ' | ' |
Sale of available for sale investments | ' | 198 |
Proceeds from sale of assets | 973 | 4,125 |
Capitalized costs and acquisitions of property, plant and equipment | -427 | -1,471 |
Net cash provided by investing activities | 546 | 2,852 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of common stock, net of issue costs | 7,410 | ' |
Net cash provided by financing activities | 7,410 | ' |
Net decrease in cash and cash equivalents | -4,191 | -20,583 |
Cash and cash equivalents - beginning of period | 19,146 | 44,406 |
Cash and cash equivalents - end of period | $14,955 | $23,823 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at Dec. 31, 2012 | $433 | $493,175 | ($208,246) | ($90) | $285,272 |
Balance (in shares) at Dec. 31, 2012 | 43,265,833 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' |
Stock compensation accrued | 2 | 1,472 | ' | ' | 1,474 |
Stock compensation accrued (in shares) | 265,000 | ' | ' | ' | ' |
Realized gain on marketable equity securities, net of tax | ' | ' | ' | 90 | 90 |
Net loss | ' | ' | -240,380 | ' | -240,380 |
Balance at Dec. 31, 2013 | 435 | 494,647 | -448,626 | ' | 46,456 |
Balance (in shares) at Dec. 31, 2013 | 43,530,833 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' |
Stock compensation accrued | ' | 768 | ' | ' | 768 |
KELTIP mark-to-market | ' | -29 | ' | ' | -29 |
Registered offering stock units, net | 37 | 2,702 | ' | ' | 2,739 |
Registered offering stock units, net (in shares) | 3,692,000 | ' | ' | ' | ' |
Private placements stock units, net | 58 | 4,613 | ' | ' | 4,671 |
Private placements stock units, net (in shares) | 5,800,000 | ' | ' | ' | ' |
Net loss | ' | ' | -14,313 | ' | -14,313 |
Balance at Sep. 30, 2014 | $530 | $502,701 | ($462,939) | ' | $40,292 |
Balance (in shares) at Sep. 30, 2014 | 53,022,833 | ' | ' | ' | ' |
Basis_of_Preparation_of_Financ
Basis of Preparation of Financial Statements and Nature of Operations | 9 Months Ended |
Sep. 30, 2014 | |
Basis of Preparation of Financial Statements and Nature of Operations | ' |
Basis of Preparation of Financial Statements and Nature of Operations | ' |
1.Basis of Preparation of Financial Statements and Nature of Operations | |
Golden Minerals Company (the “Company”), a Delaware corporation, has prepared these unaudited interim condensed consolidated financial statements in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Such rules and regulations allow the omission of certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), so long as such omissions do not render the financial statements misleading. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures normally required by GAAP. | |
In the opinion of management, these financial statements reflect all adjustments that are necessary for a fair presentation of the financial results for the periods presented. These interim financial statements should be read in conjunction with the annual financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, and filed with the SEC on February 28, 2014. | |
In June 2013 the Company suspended mining and processing at its Velardeña and Chicago precious metals mining properties (the “Velardeña Properties”) in Mexico in order to conserve the asset until the Company was able to create new mining and processing plans that, at then current prices for silver and gold, indicated a sustainable cash margin. On July 14, 2014 the Company announced that it had restarted mining at its Velardeña Properties on July 1, 2014, and on November 3, 2014 the Company began processing material from the mine. The Company is primarily focused on the mining and the restart of processing at the Velardeña Properties and continued exploration of properties in Mexico. The Company also continues to review strategic opportunities, focusing primarily on development or operating properties in North America, including Mexico. | |
The Company is considered an exploration stage company under the criteria set forth by the SEC as the Company has not yet demonstrated the existence of proven or probable reserves, as defined by the SEC Industry Guide 7, at any of the Company’s properties. As a result, and in accordance with GAAP for exploration stage companies, all expenditures for exploration and evaluation of the Company’s properties are expensed as incurred. As such the Company’s financial statements may not be comparable to the financial statements of mining companies that do have proven and probable reserves. | |
The financial statements have been prepared on a going concern basis under which an entity is considered to be able to realize its assets and satisfy its liabilities in the normal course of business. However, the continuing operations of the Company are dependent upon its ability to secure sufficient funding and to generate future profitable operations. The underlying value and recoverability of the amounts shown as mineral properties in Note 7 are dependent on the ability of the Company to generate positive cash flows from operations and to continue to fund exploration and development activities that would lead to profitable mining activities or to generate proceeds from the disposition of the mineral properties. There can be no assurance that the Company will be successful in generating future profitable operations or securing additional funding in the future on terms acceptable to the Company or at all. | |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | ' |
2.New Accounting Pronouncements | |
On August 27, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU No. 2014-15”). ASU No. 2014-15 will require management to evaluate whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the financial statements are issued on both an interim and annual basis. Management will be required to provide certain footnote disclosures if it concludes that substantial doubt exists or when its plans alleviate substantial doubt about the Company’s ability to continue as a going concern. ASU No. 2014-15 becomes effective for annual periods beginning in 2016 and for interim reporting periods starting in the first quarter of 2017. The Company does not expect the adoption of this amendment to have a material impact on its consolidated financial position or results of operations. | |
On May 28, 2014, FASB and the International Accounting Standards Board issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. In addition, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing and uncertainty of revenue that is recognized and the related cash flows. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2016; early application is not permitted. The Company is evaluating the financial statement implications of adopting ASU 2014-09 but does not believe adoption of ASU 2014-09 will have a material impact on its consolidated financial position or results of operations. | |
In April 2014 the FASB issued Accounting Standards Update No. 2014-08 “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08)”. ASU 2014-08 changes the criteria for reporting discontinued operations while enhancing disclosures in this area. Under ASU 2014-08, only disposals representing a strategic shift in operations will be presented as discontinued operations. Additionally, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. ASU 2014-08 will become effective for the Company January 1, 2015. The Company does not believe the adoption of ASU 2014-08 will have a material impact on the Company’s consolidated financial position or results of operations. | |
In July 2013 the FASB issued Accounting Standards Update No. 2013-11 “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU 2013-11”), which requires an unrecognized tax benefit to be presented as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward that the entity intends to use and is available for settlement at the reporting date. ASU 2013-11 became effective for the Company January 1, 2014. The adoption of ASU 2013-11 has not had a material impact on the Company’s consolidated financial position or results of operations. | |
Cash_and_Cash_Equivalents_and_
Cash and Cash Equivalents and Short-Term Investments | 9 Months Ended |
Sep. 30, 2014 | |
Cash and Cash Equivalents and Short-Term Investments | ' |
Cash and Cash Equivalents and Short-Term Investments | ' |
3.Cash and Cash Equivalents and Short-Term Investments | |
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Short-term investments include investments with maturities greater than three months, but not exceeding 12 months, or highly liquid investments with maturities greater than 12 months that the Company intends to liquidate during the next 12 months for working capital needs. | |
The Company determines the appropriate classification of its investments in equity securities at the time of purchase and re-evaluates those classifications at each balance sheet date. Available for sale investments are marked to market at each reporting period with changes in fair value recorded as a component of other comprehensive income (loss). If declines in fair value are deemed other than temporary, a charge is made to net income (loss) for the period. | |
The Company had no short-term investments or investments in equity securities as of September 30, 2014 or December 31, 2013. | |
Prepaid_Expenses_and_Other_Ass
Prepaid Expenses and Other Assets | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Prepaid Expenses and Other Assets | ' | |||||||
Prepaid expenses and other assets | ' | |||||||
4.Prepaid Expenses and Other Assets | ||||||||
Prepaid expenses and other current assets consist of the following: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Prepaid insurance | $ | 250 | $ | 687 | ||||
Prepaid contractor fees and vendor advances | 104 | 193 | ||||||
Taxes receivable | 70 | 96 | ||||||
Recoupable deposits and other | 190 | 115 | ||||||
$ | 614 | $ | 1,091 | |||||
The prepaid contractor fees and vendor advances consist of advance payments made to equipment manufacturers, contractors and suppliers primarily at the Company’s Velardeña Properties in Mexico. | ||||||||
In addition, included in non-current assets at December 31, 2013 is approximately $30,000 of prepaid insurance, which was fully amortized at September 30, 2014. | ||||||||
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventories | ' | |||||||
Inventories | ' | |||||||
5.Inventories | ||||||||
Inventories at the Velardeña Properties at September 30, 2014 and December 31, 2013 consist of the following: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Material and supplies | $ | 662 | $ | 449 | ||||
$ | 662 | $ | 449 | |||||
The Company had no metals or in process inventories at either period as the result of the suspension of mining and processing at the Velardeña Properties in June 2013. | ||||||||
Value_Added_Tax_Receivable_Net
Value Added Tax Receivable, Net | 9 Months Ended |
Sep. 30, 2014 | |
Value Added Tax Receivable, Net | ' |
Value Added Tax Receivable, Net | ' |
6.Value Added Tax Receivable, Net | |
The Company has recorded value added tax (“VAT”) paid in Mexico and related to the Velardeña Properties as a recoverable asset. Mexican tax law allows for certain VAT payments to be recovered through ongoing applications for refunds. The Company expects that the current amounts will be recovered within a one year period. | |
The Company has also paid VAT related to exploration activities in Mexico and other countries which has been charged to expense as incurred because of the uncertainty of recovery. | |
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment, Net | ' | |||||||
Property, Plant and Equipment, Net | ' | |||||||
7.Property, Plant and Equipment, Net | ||||||||
The components of property, plant and equipment are as follows: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Mineral properties | $ | 22,397 | $ | 22,397 | ||||
Exploration properties | 2,743 | 2,993 | ||||||
Royalty properties | 200 | 200 | ||||||
Buildings | 2,357 | 2,349 | ||||||
Mining equipment and machinery | 19,683 | 19,441 | ||||||
Other furniture and equipment | 841 | 1,054 | ||||||
Asset retirement cost | 2,002 | 2,087 | ||||||
50,223 | 50,521 | |||||||
Less: Accumulated depreciation and amortization | (20,217 | ) | (18,146 | ) | ||||
30,006 | 32,375 | |||||||
During the quarter ended September 30, 2014 the Company sold 45 mining concessions totaling 770 hectares located in the Zacatecas District, Zacatecas State, Mexico, to Capstone Mining Group for $700,000 and recorded a $0.5 million gain on the sale. Also in the quarter, the Company entered into an option agreement with a private party to sell its 1,100 hectare Otuzco property in Peru for $450,000. At September 30, 2014 the Company had received $150,000 under the option agreement, with the remainder payable in 2015 if the option is maintained and exercised. In addition, the Company sold miscellaneous surplus equipment located in Argentina during the quarter for $130,000 and recorded a nominal gain. The net gains for the above sales are reflected in other operating income, net on the accompanying Condensed Consolidated Statement of Operations. | ||||||||
The asset retirement cost (“ARC”) is all related to the Company’s Velardeña Properties. The decrease in the ARC during the period is related to an adjustment to the asset retirement obligation (“ARO”) (see Note 9). | ||||||||
Accounts_Payable_and_Other_Acc
Accounts Payable and Other Accrued Liabilities | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Accounts Payable and Other Accrued Liabilities | ' | |||||||
Accounts Payable and Other Accrued Liabilities | ' | |||||||
8.Accounts Payable and Other Accrued Liabilities | ||||||||
The Company’s accounts payable and other accrued liabilities consist of the following: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Accounts payable and accruals | $ | 1,159 | $ | 717 | ||||
Accrued employee compensation and benefits | 716 | 648 | ||||||
$ | 1,875 | $ | 1,365 | |||||
September 30, 2014 | ||||||||
Accounts payable and accruals at September 30, 2014 are primarily related to amounts due to contractors and suppliers in the amounts of approximately $0.7 million and $0.5 million related to the Company’s Velardeña Properties and corporate administrative activities, respectively. | ||||||||
Accrued employee compensation and benefits at September 30, 2014 consist of $0.2 million of accrued vacation and $0.5 million related to withholding taxes and benefits payable, of which $0.2 million is related to the Velardeña Properties. | ||||||||
December 31, 2013 | ||||||||
Accounts payable and accruals at December 31, 2013 are primarily related to amounts due to contractors and suppliers in the amounts of $0.4 million, $0.2 million and $0.1 million related to the Company’s Velardeña Properties, corporate administrative activities and exploration, respectively. | ||||||||
Accrued employee compensation and benefits at December 31, 2013 consist of $0.1 million of accrued vacation payable and $0.5 million related to withholding taxes and benefits payable, of which $0.3 million is related to activities at the Velardeña Properties. | ||||||||
Key Employee Long-Term Incentive Plan | ||||||||
On December 13, 2013, the board of directors of the Company approved and the Company adopted the 2013 Key Employee Long-Term Incentive Plan (the “KELTIP”), which became effective immediately. The KELTIP provides for the grant of units (“KELTIP Units”) to certain officers and key employees of the Company, which units will, once vested, entitle such officers and employees to receive an amount, in cash or in Company common stock issued pursuant to the Company’s Amended and Restated 2009 Equity Incentive Plan, measured generally by the price of the Company’s common stock on the settlement date. KELTIP Units are not an actual equity interest in the Company and are solely unfunded and unsecured obligations of the Company that are not transferable and do not provide the holder with any stockholder rights. Payment of the settlement amount of vested KELTIP Units is deferred generally until the earlier of a change of control of the Company or the date the grantee ceases to serve as an officer or employee of the Company. | ||||||||
The KELTIP Units are marked to market at each reporting period. At September 30, 2014 and December 31, 2013 the Company had recorded liabilities of $110,000 and $81,000, respectively related to KELTIP Unit grants which are included in accrued employee compensation and benefits in the table above. | ||||||||
Asset_Retirement_Obligations
Asset Retirement Obligations | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Asset Retirement Obligations | ' | |||||||
Asset Retirement Obligations | ' | |||||||
9.Asset Retirement Obligations | ||||||||
The Company retained the services of a mining engineering firm to prepare a detailed closure plan for the Velardeña Properties. The plan was completed during the second quarter 2012 and indicated that the Company had an ARO and offsetting ARC of approximately $1.9 million. The estimated $3.5 million ARO and ARC that was recorded at the time of the acquisition of the Velardeña Properties was adjusted accordingly. | ||||||||
The Company will continue to accrue additional estimated ARO amounts based on an asset retirement plan as activities requiring future reclamation and remediation occur. During the first nine months of 2014 the Company recognized approximately $0.2 million of accretion expense and approximately $0.2 million of amortization expense related to the ARC. | ||||||||
The following table summarizes activity in the Velardeña Properties ARO: | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Beginning balance | $ | 2,467 | $ | 2,080 | ||||
Changes in estimates, and other | (85 | ) | 203 | |||||
Accretion expense | 149 | 135 | ||||||
Ending balance | $ | 2,531 | $ | 2,418 | ||||
The decrease in the ARO recorded during the nine months ended September 30, 2014 is the result of changes in assumptions related to inflation factors and discount rates used in the determination of future cash flows. | ||||||||
The increase in ARO recorded during the nine months ended September 30, 2013 relates to a change in assumption related to inflation factors used in the determination of future cash flows. The corresponding increase in ARO was discounted using the Company’s current credit-adjusted risk-free interest rate. | ||||||||
The ARO set forth on the accompanying Condensed Consolidated Balance Sheets at September 30, 2014 and December 31, 2013 include approximately $0.1 million of reclamation liabilities related to activities at the El Quevar project in Argentina. | ||||||||
Other_Current_Liabilities
Other Current Liabilities | 9 Months Ended |
Sep. 30, 2014 | |
Other Current Liabilities | ' |
Other Current Liabilities | ' |
10.Other Current Liabilities | |
The Company recorded other current liabilities of approximately $2.8 million and $4.4 million at September 30, 2014 and December 31, 2013, respectively. The amounts are primarily related to a loss contingency on foreign withholding taxes that the government could assert are owed by the Company, acting as withholding agent, on certain interest payments made to a third party. The amounts include estimated interest, penalties and other adjustments. | |
The September 30, 2014 amount also includes a net liability of approximately $0.2 million related to the Argentina tax on equity due for years 2009 through 2012 stemming from a tax audit of those years. The amount includes interest and penalties and is net of certain VAT credits due the Company. The tax authorities have agreed in principle to offset a portion of the $0.9 million in tax, interest and penalties with approximately $0.7 million of VAT credits due the Company. Should the Argentina tax authorities ultimately not allow a portion or all of the VAT credits as an offset the liability could increase by as much as $0.7 million (see Note 16). | |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
11.Fair Value Measurements | ||||||||||||||
The Company follows the guidance of Accounting Standards Codification (“ASC”) Topic 820 “Fair Value Measurements and Disclosures” (“ASC 820”) for financial assets and liabilities and nonfinancial assets and liabilities which are measured at fair value on a recurring basis. ASC 820 establishes a framework for measuring fair value in the form of a fair value hierarchy which prioritizes the inputs into valuation techniques used to measure fair value into three broad levels. This hierarchy gives the highest priority to quoted prices (unadjusted) in active markets and the lowest priority to unobservable inputs. Further, financial assets and liabilities should be classified by level in their entirety based upon the lowest level of input that was significant to the fair value measurement. The three levels of the fair value hierarchy per ASC 820 are as follows: | ||||||||||||||
Level 1: Unadjusted quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date. | ||||||||||||||
Level 2: Quoted prices in inactive markets for identical assets or liabilities, quoted prices for similar assets or liabilities in active markets, or other observable inputs either directly related to the asset or liability or derived principally from corroborated observable market data. | ||||||||||||||
Level 3: Unobservable inputs due to the fact that there is little or no market activity. This entails using assumptions in models which estimate what market participants would use in pricing the asset or liability. | ||||||||||||||
The following table summarizes the Company’s financial assets and liabilities at fair value at September 30, 2014 and December 31, 2013, by respective level of the fair value hierarchy: | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
(in thousands) | ||||||||||||||
At September 30, 2014 | ||||||||||||||
Assets: | ||||||||||||||
Cash equivalents | $ | 14,955 | $ | — | $ | — | $ | 14,955 | ||||||
Liabilities: | ||||||||||||||
KELTIP payable | 110 | — | 110 | |||||||||||
$ | 14,845 | $ | — | $ | — | $ | 14,845 | |||||||
At December 31, 2013 | ||||||||||||||
Assets: | ||||||||||||||
Cash equivalents | $ | 19,146 | $ | — | $ | — | $ | 19,146 | ||||||
Trade Accounts Receivable | 25 | — | — | 25 | ||||||||||
Liabilities: | ||||||||||||||
KELTIP payable | 81 | — | 81 | |||||||||||
$ | 19,090 | $ | — | $ | — | $ | 19,090 | |||||||
The Company’s cash equivalents, comprised principally of U.S. treasury securities, are classified within Level 1 of the fair value hierarchy. | ||||||||||||||
The KELTIP payable is related to employee and officer compensation as discussed in Note 8 and are marked to market at the end of each period based on the closing price of the Company’s common stock resulting in a classification of Level 1 within the fair value hierarchy. | ||||||||||||||
During the nine months ended September 30, 2014 and for the year ended December 31, 2013 there were no amounts transferred between levels and there were no changes in fair value measurement techniques. The Company did not have any Level 2 or Level 3 financial assets or liabilities at September 30, 2014 or December 31, 2013. | ||||||||||||||
Credit Risk | ||||||||||||||
Credit risk is the risk that a third party might fail to fulfill its performance obligations under the terms of a financial instrument. For cash and cash equivalents and investments, the Company’s maximum exposure to credit risk represents the carrying amount on the balance sheet. The Company attempts to mitigate credit risk for cash and cash equivalents by placing its funds with high credit-quality financial institutions, limiting the amount of exposure to each financial institution, monitoring the financial condition of the financial institutions and investing only in government and corporate securities rated “investment grade” or better. The Company invests with financial institutions that maintain a net worth of not less than $1.0 billion and are members in good standing of the Securities Investor Protection Corporation. | ||||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Taxes | ' |
Income Taxes | ' |
12.Income Taxes | |
The Company accounts for income taxes in accordance with the provisions of ASC 740, “Income Taxes” (“ASC 740”), on a tax jurisdictional basis. For the nine months ended September 30, 2014, the Company had no income tax benefit or expense. The Company operates in jurisdictions that have generated ordinary losses on a year-to-date basis and no benefit can be recognized on those losses, thus an estimated effective tax rate is not used to report the year-to-date results. For the nine months ended September 30, 2013, the Company recorded a $47.6 million income tax benefit related primarily to the impairment of long lived assets of the Velardeña Properties and Mexico net operating losses, resulting in an elimination of the net deferred tax liability in existence at that time. | |
In accordance with ASC 740, the Company presents deferred tax assets net of its deferred tax liabilities on a tax jurisdictional basis on its Consolidated Balance Sheets. As of September 30, 2014 and as of December 31, 2013, the Company had no net deferred tax assets or net deferred tax liabilities reported on its balance sheet. | |
The Company, a Delaware corporation, and its subsidiaries file tax returns in the United States and in various foreign jurisdictions. The tax rules and regulations in these countries are highly complex and subject to interpretation. The Company’s income tax returns are subject to examination by the relevant taxing authorities and in connection with such examinations, disputes can arise with the taxing authorities over the interpretation or application of certain tax rules within the country involved. In accordance with ASC 740, the Company identifies and evaluates uncertain tax positions, and recognizes the impact of uncertain tax positions for which there is less than a more-likely-than-not probability of the position being upheld upon review by the relevant taxing authority. Such positions are deemed to be “unrecognized tax benefits” which require additional disclosure and recognition of a liability within the financial statements. The Company had no unrecognized tax benefits as of September 30, 2014 and as of December 31, 2013. | |
Equity
Equity | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Equity | ' | ||||||
Equity | ' | ||||||
13.Equity | |||||||
Registered offering | |||||||
On September 10, 2014, the Company completed a registered public offering (the “Offering”) of 3,692,000 shares (the “Shares”) of the Company’s common stock, par value $0.01 per share, and warrants (the “Warrants”) to purchase 1,846,000 shares of the Company’s common stock. The Shares and Warrants were sold in units (“Units”) at a price of $0.86 per Unit, before discount to the underwriters, with each Unit consisting of one Share of the Company’s common stock and a Warrant to purchase 0.50 of a share of the Company’s common stock. The Warrants become exercisable on March 11, 2015 at an exercise price of $1.21 per share and will expire on September 10, 2019, five years from the date of issuance. The Shares and the Warrants are immediately separable and were issued separately. The Company received net proceeds from the Offering of approximately $2.7 million after the underwriter commissions and expenses of approximately $0.5 million. In arriving at the relative value of the Shares and Warrants the Company used the Black-Scholes option pricing model with a risk-free interest rate of 1.79%; a stock price of $1.01, the closing price of the Company’s common stock the day prior to the announcement of the offering; volatility of 83%; and terms equal to the terms of the Warrants. The fair value of the Shares was approximately $2.1 million and the fair value of the Warrants was approximately $0.6 million both of which were recorded to additional paid in capital net of the $0.01 par value of the Shares. | |||||||
Private placement | |||||||
On September 10, 2014 the Company also completed a private placement (the “Private Placement”) with The Sentient Group (“Sentient”), the Company’s largest stockholder, pursuant to which Sentient purchased, pursuant to Regulation S under the U.S. Securities Act of 1933, a total of 5,800,000 Units, with each Unit consisting of one share of the Company’s common stock and a warrant to purchase 0.50 of a share of the Company’s common stock. The warrants become exercisable on March 11, 2015 at an exercise price of $1.21 per share and will expire on September 10, 2019, five years from the date of issuance. Each Unit was priced at $0.817 the same discounted price paid by the underwriters in the Offering. The Company received net proceeds from the Private Placement of approximately $4.7 million after the discount and expenses of approximately $0.3 million. In arriving at the relative value of the Shares and Warrants the Company used the Black-Scholes option pricing model with a risk-free interest rate of 1.79%; a stock price of $1.01, the closing price of the Company’s common stock the day prior to the announcement of the offering; volatility of 83%; and terms equal to the terms of the Warrants. The fair value of the Shares was approximately $3.6 million and the fair value of the Warrants was approximately $1.1 million both of which were recorded to additional paid in capital net of the $0.01 par value of the Shares. Following the completion of the Private Placement and the Offering, Sentient holds approximately 27.2% of the Company’s outstanding common stock (excluding restricted common stock held by the Company’s employees). | |||||||
Equity Incentive Plans | |||||||
In May 2014, the Company’s stockholders approved amendments to the Company’s 2009 Equity Incentive Plan, adopting the Amended and Restated 2009 Equity Incentive Plan (the “Equity Plan”), pursuant to which awards of the Company’s common stock may be made to officers, directors, employees, consultants and agents of the Company and its subsidiaries. The Company recognizes stock-based compensation costs using a graded vesting attribution method whereby costs are recognized over the requisite service period for each separately vesting portion of the award. | |||||||
The following table summarizes the status of the Company’s restricted stock grants issued under the Equity Plan at September 30, 2014 and changes during the nine months then ended: | |||||||
Restricted Stock Grants | Number of | Weighted Average | |||||
Shares | Grant Date Fair | ||||||
Value Per Share | |||||||
Outstanding at December 31, 2013 | 915,971 | $ | 2.47 | ||||
Granted during the period | — | — | |||||
Restrictions lifted during the period | (165,634 | ) | 4.72 | ||||
Forfeited during the period | — | — | |||||
Outstanding at September 30, 2014 | 750,337 | $ | 1.97 | ||||
Restrictions were lifted on 155,134 shares during the period on the anniversaries of grants made to officers and employees in prior years. The restrictions were lifted on an additional 10,500 shares in connection with to the termination of employment of two employees. | |||||||
For the nine months ended September 30, 2014 the Company recognized approximately $0.4 million of compensation expense related to outstanding restricted stock grants. The Company expects to recognize additional compensation expense related to these awards of approximately $0.3 million over the next 21 months. | |||||||
The following table summarizes the status of the Company’s stock option grants issued under the Equity Plan at September 30, 2014 and changes during the nine months then ended: | |||||||
Equity Plan Options | Number of | Weighted | |||||
Shares | Average | ||||||
Exercise | |||||||
Price Per | |||||||
Share | |||||||
Outstanding at December 31, 2013 | 110,810 | $ | 8.02 | ||||
Granted during period | — | — | |||||
Forfeited or expired during period | (15,000 | ) | 8.02 | ||||
Exercised during period | — | — | |||||
Outstanding at September 30, 2014 | 95,810 | 8.02 | |||||
Exercisable at end of period | 95,810 | 8.02 | |||||
Granted and vested | 95,810 | 8.02 | |||||
At September 30, 2014, in addition to the Equity Plan options outstanding, the Company had outstanding 126,000 options to purchase shares of the Company’s common stock at an exercise price of $16.00. The options were related to the merger with ECU Silver Mining Inc. (“ECU”) on September 2, 2011 and were issued to former ECU stock option holders to replace options previously issued to them by ECU. The options expired on October 22, 2014. | |||||||
Also, pursuant to the Equity Plan, the Company’s board of directors adopted the Non-Employee Director’s Deferred Compensation and Equity Award Plan (the “Deferred Compensation Plan”). Pursuant to the Deferred Compensation Plan the non-employee directors receive a portion of their compensation in the form of Restricted Stock Units (“RSUs”) issued under the Equity Plan. The RSUs vest on the first anniversary of the grant date and each vested RSU entitles the director to receive one unrestricted share of common stock upon the termination of the director’s board service. | |||||||
The following table summarizes the status of the RSU grants issued under the Deferred Compensation Plan at September 30, 2014 and changes during the nine months then ended: | |||||||
Restricted Stock Units | Number of | Weighted Average | |||||
Shares | Grant Date Fair | ||||||
Value Per Share | |||||||
Outstanding at December 31, 2013 | 585,285 | $ | 2.97 | ||||
Granted during the period | 350,000 | 0.58 | |||||
Restrictions lifted during the period | — | — | |||||
Forfeited during the period | — | — | |||||
Outstanding at September 30, 2014 | 935,285 | $ | 2.08 | ||||
For the nine months ended September 30, 2014 the Company recognized approximately $0.3 million of compensation expense related to the RSU grants. The Company expects to recognize additional compensation expense related to these awards of approximately $0.1 million over the next nine months. | |||||||
Pursuant to the KELTIP (see Note 8) KELTIP Units may be granted to certain officers and key employees of the Company, which units will, once vested, entitle such officers and employees to receive an amount in cash or in Company common stock measured generally by the price of the Company’s common stock on the settlement date. The KELTIP Units are recorded as a liability as discussed in detail in Note 8. | |||||||
Common stock warrants | |||||||
The following table summarizes the status of the Company’s common stock warrants at September 30, 2014 and changes during the nine months then ended: | |||||||
Common Stock Warrants | Number of | Weighted Average | |||||
Underlying | Exercise Price Per | ||||||
Shares | Share | ||||||
Outstanding at December 31, 2013 | 5,263,578 | $ | 12.1 | ||||
Granted during period | 4,746,000 | 1.21 | |||||
Dilution adjustment | 599,760 | 7.17 | |||||
Expired during period | (1,831,929 | ) | 19 | ||||
Exercised during period | — | — | |||||
Outstanding at September 30, 2014 | 8,777,409 | $ | 3.95 | ||||
The warrants granted during the period are related to the Offering and Private Placement of the Company’s securities completed on September 10, 2014 as discussed above. | |||||||
In September 2012, the Company closed on a registered offering and concurrent private placement with Sentient in which it sold units, consisting of one share of common stock and a five-year warrant to acquire one half of a share of common stock at an exercise price of $8.42 per share (the “September 2012 Warrants”). Pursuant to certain dilution adjustment provisions in the warrant agreement governing the September 2012 Warrants, the number of shares of common stock issuable upon exercise of the September 2012 Warrants was increased from 3,431,649 shares to 4,031,409 shares (599,760 share increase) and the exercise price was reduced from $8.42 per share to $7.17 per share pursuant to a weighted average dilution calculation based on the pricing of the Offering and the Private Placement. | |||||||
The warrants that expired were warrants related to the merger with ECU on September 2, 2011 and were issued to former ECU warrant holders to replace warrants previously issued to them by ECU. The warrants expired on February 20, 2014. | |||||||
Sale_of_Metals_and_Related_Cos
Sale of Metals and Related Costs | 9 Months Ended |
Sep. 30, 2014 | |
Sale of Metals and Related Costs | ' |
Sale of Metals and Related Costs | ' |
14.Sale of Metals and Related Costs | |
Prior to the suspension of mining and processing in June 2013 (see Note 1) the Company sold marketable products including concentrates and precipitates at its Velardeña Properties. During the nine months ended September 30, 2014 the Company did not sell any product or incur any related costs as the result of the suspension of mining and processing. | |
During the nine months ended September 30, 2013 the Company sold marketable products to five customers. Under the terms of the Company’s agreements with one precipitate customer, title did not pass to the purchaser until the product was received by the refinery, at which point revenue was recognized. For the Company’s other customers, title generally passed when a provisional payment was made, which occurred after the product was shipped and customary sales documents were completed. Costs related to the sale of metals products include direct and indirect costs incurred to mine, process and market the products. At September 30, 2013 the Company had written down its metals inventory to net realizable value including a charge to the cost of metals sold of approximately $2.0 million and a charge to depreciation expense of approximately $0.6 million. Also included in cost of metals sold at September 30, 2013 was a $0.6 million charge related to workforce reduction severance costs. | |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Supplemental Cash Flow Information | ' | |||||||
Supplemental Cash Flow Information | ' | |||||||
15.Supplemental Cash Flow Information | ||||||||
The following table reconciles net loss for the period to cash used in operations: | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (14,313 | ) | $ | (230,276 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Amortization and depreciation | 2,375 | 6,180 | ||||||
Accretion of asset retirement obligation | 149 | 135 | ||||||
Foreign currency gain on loss contingency | (74 | ) | (383 | ) | ||||
Foreign currency loss on deferred tax liability | — | 527 | ||||||
Impairment of goodwill | — | 11,180 | ||||||
Impairment of long lived assets | — | 237,838 | ||||||
Asset write off | 129 | (66 | ) | |||||
Write off of loss contingencies | (1,719 | ) | (522 | ) | ||||
Realized loss on marketable securities | — | 133 | ||||||
Gain on sale of assets, net | (681 | ) | (3,519 | ) | ||||
Income tax provision | — | (47,599 | ) | |||||
Stock compensation | 768 | 1,284 | ||||||
Changes in operating assets and liabilities: | ||||||||
Decrease in trade accounts receivable | 25 | 1,047 | ||||||
Decrease in prepaid expenses and other assets | 507 | 328 | ||||||
(Increase) decrease in inventories | (213 | ) | 2,074 | |||||
Decrease in value added tax recoverable, net | 371 | 2,684 | ||||||
Decrease in reclamation liability | (115 | ) | (27 | ) | ||||
Increase (decrease) in accounts payable and accrued liabilities | 623 | (4,337 | ) | |||||
Increase (decrease) in deferred leasehold payments | 21 | (116 | ) | |||||
Net cash used in operating activities | $ | (12,147 | ) | $ | (23,435 | ) | ||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies | ' |
Commitments and Contingencies | ' |
16.Commitments and Contingencies | |
The Company has recorded loss contingencies of approximately $2.6 million and $4.2 million at September 30, 2014 and December 31, 2013, respectively as discussed in Note 10. In addition to the amounts recorded, the Company could be liable for up to an additional $0.7 million stemming from a tax audit of the Argentina equity tax for years 2009 through 2012 subject to the Argentina tax authorities’ acceptance of VAT credits to partially offset the tax liability (see Note 10). | |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||
17.Segment Information | |||||||||||||||||||||||
The Company’s sole activity is the mining, construction and exploration of mineral properties containing precious metals. The Company’s reportable segments are based upon the Company’s revenue producing activities and cash consuming activities. The Company reports two segments, one for its Velardeña Properties in Mexico and the other comprised of non-revenue producing activities including exploration, construction and general and administrative activities. Intercompany revenue and expense amounts have been eliminated within each segment in order to report on the basis that management uses internally for evaluating segment performance. | |||||||||||||||||||||||
The financial information relating to the Company’s segments is as follows: | |||||||||||||||||||||||
Three Months Ended September | Revenue | Costs | Depreciation, | Exploration, El | Pre-Tax loss | Total Assets | Capital | ||||||||||||||||
30, 2014 | Applicable to | Depletion and | Quevar, Velardeña | Expenditures | |||||||||||||||||||
Sales | Amortization | and Administrative | |||||||||||||||||||||
Expense | |||||||||||||||||||||||
Velardeña Properties | $ | — | $ | — | $ | 573 | $ | 2,034 | $ | 1,660 | $ | 420 | |||||||||||
Corporate, Exploration & Other | — | — | 178 | 2,280 | 1,952 | — | |||||||||||||||||
$ | — | $ | — | $ | 751 | $ | 4,314 | $ | 3,612 | $ | 420 | ||||||||||||
Nine Months Ended September | |||||||||||||||||||||||
30, 2014 | |||||||||||||||||||||||
Velardeña Properties | $ | — | $ | — | $ | 1,775 | $ | 4,491 | $ | 4,984 | $ | 27,488 | $ | 420 | |||||||||
Corporate, Exploration & Other | — | — | 600 | 9,093 | 9,329 | 20,143 | 7 | ||||||||||||||||
$ | — | $ | — | $ | 2,375 | $ | 13,584 | $ | 14,313 | $ | 47,631 | $ | 427 | ||||||||||
Three Months Ended September | |||||||||||||||||||||||
30, 2013 | |||||||||||||||||||||||
Velardeña Properties | $ | 500 | $ | 517 | $ | 866 | $ | 4,635 | $ | 3,232 | $ | 102 | |||||||||||
Corporate, Exploration & Other | — | — | 217 | 2,586 | 3,083 | 1 | |||||||||||||||||
$ | 500 | $ | 517 | $ | 1,083 | $ | 7,221 | $ | 6,315 | $ | 103 | ||||||||||||
Nine Months Ended September | |||||||||||||||||||||||
30, 2013 | |||||||||||||||||||||||
Velardeña Properties | $ | 10,797 | $ | 17,534 | $ | 5,425 | $ | 7,900 | $ | 269,106 | $ | 36,607 | $ | 1,441 | |||||||||
Corporate, Exploration & Other | — | — | 755 | 10,208 | 8,769 | 30,474 | 30 | ||||||||||||||||
$ | 10,797 | $ | 17,534 | $ | 6,180 | $ | 18,108 | $ | 277,875 | $ | 67,081 | $ | 1,471 | ||||||||||
Prepaid_Expenses_and_Other_Ass1
Prepaid Expenses and Other Assets (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Prepaid Expenses and Other Assets | ' | |||||||
Schedule of prepaid expenses and other assets | ' | |||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Prepaid insurance | $ | 250 | $ | 687 | ||||
Prepaid contractor fees and vendor advances | 104 | 193 | ||||||
Taxes receivable | 70 | 96 | ||||||
Recoupable deposits and other | 190 | 115 | ||||||
$ | 614 | $ | 1,091 | |||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventories | ' | |||||||
Schedule of inventories at the Velardena Properties | ' | |||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Material and supplies | $ | 662 | $ | 449 | ||||
$ | 662 | $ | 449 | |||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment, Net | ' | |||||||
Schedule of components of property, plant and equipment | ' | |||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Mineral properties | $ | 22,397 | $ | 22,397 | ||||
Exploration properties | 2,743 | 2,993 | ||||||
Royalty properties | 200 | 200 | ||||||
Buildings | 2,357 | 2,349 | ||||||
Mining equipment and machinery | 19,683 | 19,441 | ||||||
Other furniture and equipment | 841 | 1,054 | ||||||
Asset retirement cost | 2,002 | 2,087 | ||||||
50,223 | 50,521 | |||||||
Less: Accumulated depreciation and amortization | (20,217 | ) | (18,146 | ) | ||||
30,006 | 32,375 | |||||||
Accounts_Payable_and_Other_Acc1
Accounts Payable and Other Accrued Liabilities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Accounts Payable and Other Accrued Liabilities | ' | |||||||
Schedule of accounts payable and other accrued liabilities | ' | |||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Accounts payable and accruals | $ | 1,159 | $ | 717 | ||||
Accrued employee compensation and benefits | 716 | 648 | ||||||
$ | 1,875 | $ | 1,365 | |||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Asset Retirement Obligations | ' | |||||||
Summary of activity in the Velardena Properties ARO | ' | |||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Beginning balance | $ | 2,467 | $ | 2,080 | ||||
Changes in estimates, and other | (85 | ) | 203 | |||||
Accretion expense | 149 | 135 | ||||||
Ending balance | $ | 2,531 | $ | 2,418 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Schedule of financial assets and liabilities at fair value | ' | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
(in thousands) | ||||||||||||||
At September 30, 2014 | ||||||||||||||
Assets: | ||||||||||||||
Cash equivalents | $ | 14,955 | $ | — | $ | — | $ | 14,955 | ||||||
Liabilities: | ||||||||||||||
KELTIP payable | 110 | — | 110 | |||||||||||
$ | 14,845 | $ | — | $ | — | $ | 14,845 | |||||||
At December 31, 2013 | ||||||||||||||
Assets: | ||||||||||||||
Cash equivalents | $ | 19,146 | $ | — | $ | — | $ | 19,146 | ||||||
Trade Accounts Receivable | 25 | — | — | 25 | ||||||||||
Liabilities: | ||||||||||||||
KELTIP payable | 81 | — | 81 | |||||||||||
$ | 19,090 | $ | — | $ | — | $ | 19,090 | |||||||
Equity_Tables
Equity (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Summary of the status of the Company's common stock warrants | ' | ||||||
Common Stock Warrants | Number of | Weighted Average | |||||
Underlying | Exercise Price Per | ||||||
Shares | Share | ||||||
Outstanding at December 31, 2013 | 5,263,578 | $ | 12.1 | ||||
Granted during period | 4,746,000 | 1.21 | |||||
Dilution adjustment | 599,760 | 7.17 | |||||
Expired during period | (1,831,929 | ) | 19 | ||||
Exercised during period | — | — | |||||
Outstanding at September 30, 2014 | 8,777,409 | $ | 3.95 | ||||
Equity Incentive Plan [Member] | ' | ||||||
Schedule of status of the restricted stock grants issued under the Equity Plan | ' | ||||||
Restricted Stock Grants | Number of | Weighted Average | |||||
Shares | Grant Date Fair | ||||||
Value Per Share | |||||||
Outstanding at December 31, 2013 | 915,971 | $ | 2.47 | ||||
Granted during the period | — | — | |||||
Restrictions lifted during the period | (165,634 | ) | 4.72 | ||||
Forfeited during the period | — | — | |||||
Outstanding at September 30, 2014 | 750,337 | $ | 1.97 | ||||
Schedule of status of the stock option grants issued under the Equity Plan | ' | ||||||
Equity Plan Options | Number of | Weighted | |||||
Shares | Average | ||||||
Exercise | |||||||
Price Per | |||||||
Share | |||||||
Outstanding at December 31, 2013 | 110,810 | $ | 8.02 | ||||
Granted during period | — | — | |||||
Forfeited or expired during period | (15,000 | ) | 8.02 | ||||
Exercised during period | — | — | |||||
Outstanding at September 30, 2014 | 95,810 | 8.02 | |||||
Exercisable at end of period | 95,810 | 8.02 | |||||
Granted and vested | 95,810 | 8.02 | |||||
Non Employee Directors Deferred Compensation and Equity Award Plan [Member] | ' | ||||||
Schedule of status of the RSU grants issued under the Deferred Compensation Plan | ' | ||||||
Restricted Stock Units | Number of | Weighted Average | |||||
Shares | Grant Date Fair | ||||||
Value Per Share | |||||||
Outstanding at December 31, 2013 | 585,285 | $ | 2.97 | ||||
Granted during the period | 350,000 | 0.58 | |||||
Restrictions lifted during the period | — | — | |||||
Forfeited during the period | — | — | |||||
Outstanding at September 30, 2014 | 935,285 | $ | 2.08 | ||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Supplemental Cash Flow Information | ' | |||||||
Schedule of reconciles net loss for the period to cash from operations | ' | |||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (14,313 | ) | $ | (230,276 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Amortization and depreciation | 2,375 | 6,180 | ||||||
Accretion of asset retirement obligation | 149 | 135 | ||||||
Foreign currency gain on loss contingency | (74 | ) | (383 | ) | ||||
Foreign currency loss on deferred tax liability | — | 527 | ||||||
Impairment of goodwill | — | 11,180 | ||||||
Impairment of long lived assets | — | 237,838 | ||||||
Asset write off | 129 | (66 | ) | |||||
Write off of loss contingencies | (1,719 | ) | (522 | ) | ||||
Realized loss on marketable securities | — | 133 | ||||||
Gain on sale of assets, net | (681 | ) | (3,519 | ) | ||||
Income tax provision | — | (47,599 | ) | |||||
Stock compensation | 768 | 1,284 | ||||||
Changes in operating assets and liabilities: | ||||||||
Decrease in trade accounts receivable | 25 | 1,047 | ||||||
Decrease in prepaid expenses and other assets | 507 | 328 | ||||||
(Increase) decrease in inventories | (213 | ) | 2,074 | |||||
Decrease in value added tax recoverable, net | 371 | 2,684 | ||||||
Decrease in reclamation liability | (115 | ) | (27 | ) | ||||
Increase (decrease) in accounts payable and accrued liabilities | 623 | (4,337 | ) | |||||
Increase (decrease) in deferred leasehold payments | 21 | (116 | ) | |||||
Net cash used in operating activities | $ | (12,147 | ) | $ | (23,435 | ) | ||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||
Schedule of financial information relating to segments | ' | ||||||||||||||||||||||
Three Months Ended September | Revenue | Costs | Depreciation, | Exploration, El | Pre-Tax loss | Total Assets | Capital | ||||||||||||||||
30, 2014 | Applicable to | Depletion and | Quevar, Velardeña | Expenditures | |||||||||||||||||||
Sales | Amortization | and Administrative | |||||||||||||||||||||
Expense | |||||||||||||||||||||||
Velardeña Properties | $ | — | $ | — | $ | 573 | $ | 2,034 | $ | 1,660 | $ | 420 | |||||||||||
Corporate, Exploration & Other | — | — | 178 | 2,280 | 1,952 | — | |||||||||||||||||
$ | — | $ | — | $ | 751 | $ | 4,314 | $ | 3,612 | $ | 420 | ||||||||||||
Nine Months Ended September | |||||||||||||||||||||||
30, 2014 | |||||||||||||||||||||||
Velardeña Properties | $ | — | $ | — | $ | 1,775 | $ | 4,491 | $ | 4,984 | $ | 27,488 | $ | 420 | |||||||||
Corporate, Exploration & Other | — | — | 600 | 9,093 | 9,329 | 20,143 | 7 | ||||||||||||||||
$ | — | $ | — | $ | 2,375 | $ | 13,584 | $ | 14,313 | $ | 47,631 | $ | 427 | ||||||||||
Three Months Ended September | |||||||||||||||||||||||
30, 2013 | |||||||||||||||||||||||
Velardeña Properties | $ | 500 | $ | 517 | $ | 866 | $ | 4,635 | $ | 3,232 | $ | 102 | |||||||||||
Corporate, Exploration & Other | — | — | 217 | 2,586 | 3,083 | 1 | |||||||||||||||||
$ | 500 | $ | 517 | $ | 1,083 | $ | 7,221 | $ | 6,315 | $ | 103 | ||||||||||||
Nine Months Ended September | |||||||||||||||||||||||
30, 2013 | |||||||||||||||||||||||
Velardeña Properties | $ | 10,797 | $ | 17,534 | $ | 5,425 | $ | 7,900 | $ | 269,106 | $ | 36,607 | $ | 1,441 | |||||||||
Corporate, Exploration & Other | — | — | 755 | 10,208 | 8,769 | 30,474 | 30 | ||||||||||||||||
$ | 10,797 | $ | 17,534 | $ | 6,180 | $ | 18,108 | $ | 277,875 | $ | 67,081 | $ | 1,471 | ||||||||||
Cash_and_Cash_Equivalents_and_1
Cash and Cash Equivalents and Short-Term Investments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash and Cash Equivalents and Short-Term Investments | ' | ' |
Short Term Investments | $0 | $0 |
Prepaid_Expenses_and_Other_Ass2
Prepaid Expenses and Other Assets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Prepaid Expenses and Other Assets | ' | ' |
Prepaid insurance | $250,000 | $687,000 |
Prepaid contractor fees and vendor advances | 104,000 | 193,000 |
Taxes receivable | 70,000 | 96,000 |
Recoupable deposits and other | 190,000 | 115,000 |
Prepaid expenses and other assets | 614,000 | 1,091,000 |
Prepaid insurance included in non-current assets | ' | $30,000 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories | ' | ' |
Material and supplies | $662 | $449 |
Inventories | 662 | 449 |
Metals inventory | 0 | 0 |
Process inventories | $0 | $0 |
Value_Added_Tax_Receivable_Net1
Value Added Tax Receivable, Net (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Value Added Tax Receivable, Net | ' |
Expected period within which current amount of VAT will be recovered | '1 year |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
Zacatecas District [Member] | Peruvian Exploration Properties [Member] | Peruvian Exploration Properties [Member] | Mining Properties and Mineral Rights [Member] | Mining Properties and Mineral Rights [Member] | Exploration Properties [Member] | Exploration Properties [Member] | Royalty Properties [Member] | Royalty Properties [Member] | Building [Member] | Building [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | Other furniture and equipment | Other furniture and equipment | Asset Retirement Obligation Costs [Member] | Asset Retirement Obligation Costs [Member] | ||||
ha | ha | Argentina Member | |||||||||||||||||||
item | |||||||||||||||||||||
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | $50,223,000 | ' | $50,521,000 | ' | ' | ' | $22,397,000 | $22,397,000 | $2,743,000 | $2,993,000 | $200,000 | $200,000 | $2,357,000 | $2,349,000 | $19,683,000 | $19,441,000 | ' | $841,000 | $1,054,000 | $2,002,000 | $2,087,000 |
Less: Accumulated depreciation and amortization | -20,217,000 | ' | -18,146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | 30,006,000 | ' | 32,375,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of mining concessions sold | ' | ' | ' | 45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area (in hectares) | ' | ' | ' | 770 | 1,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of Agreement to Sell Property | ' | ' | ' | ' | 450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of assets | 973,000 | 4,125,000 | ' | 700,000 | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130,000 | ' | ' | ' | ' |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | ' | ' | ' | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts_Payable_and_Other_Acc2
Accounts Payable and Other Accrued Liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Accounts Payable and Other Accrued Liabilities | ' | ' |
Accounts payable and accruals | $1,159,000 | $717,000 |
Accrued employee compensation and benefits | 716,000 | 648,000 |
Accounts payable and other accrued liabilities | 1,875,000 | 1,365,000 |
Accrued vacation | 200,000 | 100,000 |
Withholding taxes and benefits payable | 500,000 | 500,000 |
Liabilities Pertaining to Corporate Administrative Activities [Member] | ' | ' |
Accounts Payable and Other Accrued Liabilities | ' | ' |
Accounts payable and accruals | 500,000 | 200,000 |
Liabilities Pertaining to Exploration Activities [Member] | ' | ' |
Accounts Payable and Other Accrued Liabilities | ' | ' |
Accounts payable and accruals | ' | 100,000 |
Velardena Properties [Member] | ' | ' |
Accounts Payable and Other Accrued Liabilities | ' | ' |
Accounts payable and accruals | 700,000 | 400,000 |
Accrued employee compensation and benefits | $200,000 | $300,000 |
Accounts_Payable_and_Other_Acc3
Accounts Payable and Other Accrued Liabilities (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Accounts payable and other accrued liabilities | ' | ' |
Accrued employee compensation and benefits | $716,000 | $648,000 |
Key Employee Long Term Incentive Plan [Member] | Units [Member] | ' | ' |
Accounts payable and other accrued liabilities | ' | ' |
Accrued employee compensation and benefits | $110,000 | $81,000 |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | |
Velardena Properties [Member] | Velardena Properties [Member] | Velardena Properties [Member] | El Quevar Project [Member] | El Quevar Project [Member] | |||
Asset Retirement and Reclamation Liabilities | ' | ' | ' | ' | ' | ' | ' |
Third party estimated closure plan | ' | ' | ' | ' | $1,900,000 | ' | ' |
Estimated ARO and ARC recorded at the time of the acquisition | ' | ' | 3,500,000 | ' | ' | ' | ' |
Amortization expense related to the ARC | ' | ' | 200,000 | ' | ' | ' | ' |
Summary of activity in the Velardena Operations ARO | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 2,602,000 | ' | 2,467,000 | 2,080,000 | ' | 100,000 | 100,000 |
Changes in estimates, and other | ' | ' | -85,000 | 203,000 | ' | ' | ' |
Accretion expense | 149,000 | 135,000 | 149,000 | 135,000 | ' | ' | ' |
Ending balance | $2,635,000 | ' | $2,531,000 | $2,418,000 | ' | $100,000 | $100,000 |
Other_Current_Liabilities_Deta
Other Current Liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
Argentina Equity Tax 2009 Through 2012 [Member] | |||
Other current liabilities | $2,755,000 | $4,405,000 | $200,000 |
Interest and penalties | ' | ' | 900,000 |
VAT tax credit | ' | ' | 700,000 |
Increase in tax liability | ' | ' | $700,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Fair value measurements | ' | ' |
Minimum net worth of financial institutions required for investment | $1,000,000,000 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair value measurements | ' | ' |
Cash equivalents | 14,955,000 | 19,146,000 |
Trade accounts receivable | ' | 25,000 |
Fair value of assets and liabilities | 14,845,000 | 19,090,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Key Employee Long Term Incentive Plan [Member] | ' | ' |
Fair value measurements | ' | ' |
Liabilities | 110,000 | 81,000 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Fair value measurements | ' | ' |
Cash equivalents | 14,955,000 | 19,146,000 |
Trade accounts receivable | ' | 25,000 |
Fair value of assets and liabilities | 14,845,000 | 19,090,000 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Key Employee Long Term Incentive Plan [Member] | ' | ' |
Fair value measurements | ' | ' |
Liabilities | $110,000 | $81,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Components of the deferred tax assets and deferred tax liabilities | ' | ' | ' | ' |
Income tax benefit | $104,000 | $0 | $47,599,000 | ' |
Net deferred tax assets | ' | 0 | ' | 0 |
Deferred tax liability | ' | 0 | ' | 0 |
Unrecognized tax benefits | ' | 0 | ' | 0 |
Mexico | ' | ' | ' | ' |
Components of the deferred tax assets and deferred tax liabilities | ' | ' | ' | ' |
Income tax benefit | ' | ' | $47,600,000 | ' |
Equity_Details
Equity (Details) (USD $) | 9 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | ||
Sep. 30, 2014 | Sep. 10, 2014 | Sep. 10, 2014 | Sep. 10, 2014 | Sep. 30, 2012 | Sep. 10, 2014 | |
Registered Offering [Member] | Registered Offering [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | ||
The Sentient Group [Member] | The Sentient Group [Member] | The Sentient Group [Member] | ||||
Registered offering stock units (in shares) | ' | 3,692,000 | ' | ' | ' | ' |
Units issued (in shares) | ' | ' | ' | 5,800,000 | ' | ' |
Common stock, par value (in dollars per share) | ' | ' | $0.01 | ' | ' | $0.01 |
Number of common shares that can be purchased upon exercise of warrant | ' | ' | 1,846,000 | ' | ' | ' |
Sale price (in dollars per shares) | ' | $0.86 | ' | $0.82 | ' | ' |
Number of shares of common stock per capital unit (in shares) | ' | 1 | ' | 1 | 1 | ' |
Number of common shares which can be purchased with each warrant | ' | ' | 0.5 | ' | 0.5 | 0.5 |
Exercise price of warrants (in dollars per share) | ' | ' | 1.21 | ' | 8.42 | 1.21 |
Term of warrants | ' | '5 years | ' | '5 years | '5 years | ' |
Net proceeds from offering | $7,410,000 | $2,700,000 | ' | $4,700,000 | ' | ' |
Amount of underwriting commissions and expenses | ' | 500,000 | ' | 300,000 | ' | ' |
Risk-free rate (as a percent) | ' | 1.79% | ' | 1.79% | ' | ' |
Share price | ' | ' | $1.01 | ' | ' | $1.01 |
Volatility rate | ' | 83.00% | ' | 83.00% | ' | ' |
Value of shares | 2,739,000 | 2,100,000 | ' | 3,600,000 | ' | ' |
Fair value of warrants | ' | ' | $600,000 | ' | ' | $1,100,000 |
Par value of shares | ' | ' | $0.01 | ' | ' | $0.01 |
Ownership interest in outstanding Common Stock (as a percent) | ' | ' | ' | ' | ' | 27.20% |
Equity_Details_2
Equity (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Additional information | ' | ' | ' | ' |
Compensation expense | $181,000 | $305,000 | $768,000 | $1,284,000 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Additional information | ' | ' | ' | ' |
Compensation expense | ' | ' | 300,000 | ' |
Additional compensation expense expected to be recognized | 100,000 | ' | 100,000 | ' |
Period for recognition of additional compensation expense | ' | ' | '9 months | ' |
Number of unrestricted common shares that the Director is entitled to receive for each vested RSU, upon termination from board service | ' | ' | 1 | ' |
Equity Incentive Plan [Member] | ECU Silver Mining Inc [Member] | ' | ' | ' | ' |
Number of Shares | ' | ' | ' | ' |
Outstanding at end of year (in shares) | 126,000 | ' | 126,000 | ' |
Weighted Average Exercise Price Per Share | ' | ' | ' | ' |
Exercise price (in dollars per share) | ' | ' | $16 | ' |
Equity Incentive Plan [Member] | Restricted Stock [Member] | ' | ' | ' | ' |
Number of Shares | ' | ' | ' | ' |
Outstanding at beginning of year (in shares) | ' | ' | 915,971 | ' |
Restrictions lifted during the year (in shares) | ' | ' | 165,634 | ' |
Outstanding at end of year (in shares) | 750,337 | ' | 750,337 | ' |
Weighted Average Grant Date Fair Value Per Share | ' | ' | ' | ' |
Outstanding at beginning of year (in dollars per share) | ' | ' | $2.47 | ' |
Restrictions lifted during the year (in dollars per share) | ' | ' | $4.72 | ' |
Outstanding at end of year (in dollars per share) | $1.97 | ' | $1.97 | ' |
Additional information | ' | ' | ' | ' |
Compensation expense | ' | ' | 400,000 | ' |
Additional compensation expense expected to be recognized | $300,000 | ' | $300,000 | ' |
Period for recognition of additional compensation expense | ' | ' | '21 months | ' |
Equity Incentive Plan [Member] | Restricted Stock [Member] | Officers and Employees [Member] | ' | ' | ' | ' |
Number of Shares | ' | ' | ' | ' |
Restrictions lifted during the year (in shares) | ' | ' | 155,134 | ' |
Equity Incentive Plan [Member] | Restricted Stock [Member] | Terminated Employees Member | ' | ' | ' | ' |
Number of Shares | ' | ' | ' | ' |
Restrictions lifted during the year (in shares) | ' | ' | 10,500 | ' |
Additional information | ' | ' | ' | ' |
Number of Employees Terminated | ' | ' | 2 | ' |
Equity Incentive Plan [Member] | Employee and Directors Stock Options [Member] | ' | ' | ' | ' |
Number of Shares | ' | ' | ' | ' |
Outstanding at beginning of period (in shares) | ' | ' | 110,810 | ' |
Forfeited or expired during period (in shares) | ' | ' | -15,000 | ' |
Outstanding at end of year (in shares) | 95,810 | ' | 95,810 | ' |
Exercisable at end of period (in shares) | 95,810 | ' | 95,810 | ' |
Granted and vested (in shares) | 95,810 | ' | 95,810 | ' |
Weighted Average Exercise Price Per Share | ' | ' | ' | ' |
Outstanding at beginning of year (in dollars per share) | ' | ' | $8.02 | ' |
Forfeited or expired during year (in dollars per shares) | ' | ' | $8.02 | ' |
Outstanding at end of year (in dollars per share) | $8.02 | ' | $8.02 | ' |
Exercisable at end of period (in dollars per share) | $8.02 | ' | $8.02 | ' |
Granted and vested (in dollars per share) | $8.02 | ' | $8.02 | ' |
Non Employee Directors Deferred Compensation and Equity Award Plan [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Number of Shares | ' | ' | ' | ' |
Outstanding at beginning of year (in shares) | ' | ' | 585,285 | ' |
Granted during the period (in shares) | ' | ' | 350,000 | ' |
Outstanding at end of year (in shares) | 935,285 | ' | 935,285 | ' |
Weighted Average Grant Date Fair Value Per Share | ' | ' | ' | ' |
Outstanding at beginning of year (in dollars per share) | ' | ' | $2.97 | ' |
Granted during the year (in dollars per share) | ' | ' | $0.58 | ' |
Outstanding at end of year (in dollars per share) | $2.08 | ' | $2.08 | ' |
Equity_Details_3
Equity (Details 3) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | ||
Sep. 10, 2014 | Sep. 30, 2012 | Sep. 10, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | |
The Sentient Group [Member] | The Sentient Group [Member] | The Sentient Group [Member] | Warrant [Member] | Warrant [Member] | |
Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | |||
Number of Underlying Shares | ' | ' | ' | ' | ' |
Outstanding at the beginning of period (in shares) | ' | ' | ' | 5,263,578 | 3,431,649 |
Granted during the period | ' | ' | ' | 4,746,000 | ' |
Dilution adjustment | ' | ' | ' | 599,760 | ' |
Expired during period | ' | ' | ' | -1,831,929 | ' |
Outstanding at the end of period (in shares) | ' | ' | ' | 8,777,409 | 3,431,649 |
Outstanding warrants after dilution adjustment | ' | ' | ' | 4,031,409 | ' |
Weighted Average Exercise Price Per Share | ' | ' | ' | ' | ' |
Outstanding at the beginning of period (in dollars per share) | 1.21 | ' | ' | 12.1 | ' |
Granted during the period | ' | ' | ' | $1.21 | ' |
Dilution adjustment | ' | ' | ' | $7.17 | ' |
Expired during period | ' | ' | ' | 19 | ' |
Outstanding at the end of period (in dollars per share) | ' | 8.42 | ' | 3.95 | ' |
Number of shares of common stock per capital unit (in shares) | 1 | 1 | ' | ' | ' |
Term of warrants | '5 years | '5 years | ' | ' | ' |
Number of common shares which can be purchased with each warrant | ' | 0.5 | 0.5 | ' | ' |
Exercise price of warrants (in dollars per share) | ' | 8.42 | ' | 3.95 | ' |
Sale_of_Metals_and_Related_Cos1
Sale of Metals and Related Costs (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
item | |
Sale of Metals and Related Costs | ' |
Number of customers to whom marketable products were sold | 5 |
Number of dore and precipitate customers with whom the entity entered into an agreement for passing the title to purchasers after the product is received by the refinery | 1 |
Inventory write down charged to cost of metals sold | $2 |
Inventory write down charged to depreciation expense | 0.6 |
Workforce reduction severance costs | $0.60 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Cash flows from operating activities: | ' | ' | ' | ' | ' |
Net loss | ($3,612) | ($6,211) | ($14,313) | ($230,276) | ($240,380) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' | ' | ' |
Amortization and depreciation | 751 | 1,083 | 2,375 | 6,180 | ' |
Accretion of asset retirement obligation | ' | ' | 149 | 135 | ' |
Foreign currency gain on loss contingency | ' | ' | -74 | -383 | ' |
Foreign currency loss on deferred tax liability | ' | ' | ' | 527 | ' |
Impairment of goodwill | ' | ' | ' | 11,180 | ' |
Impairment of long lived assets | ' | ' | ' | 237,838 | ' |
Asset write off | ' | ' | 129 | -66 | ' |
Write off of loss contingency | ' | ' | -1,719 | -522 | ' |
Realized loss on marketable securities | ' | ' | ' | 133 | ' |
Gain on sale of assets, net | ' | ' | -681 | -3,519 | ' |
Income tax provision | ' | -104 | 0 | -47,599 | ' |
Stock compensation | ' | ' | 768 | 1,284 | ' |
Changes in operating assets and liabilities: | ' | ' | ' | ' | ' |
Decrease in trade accounts receivable | ' | ' | 25 | 1,047 | ' |
Decrease in prepaid expenses and other assets | ' | ' | 507 | 328 | ' |
(Increase) decrease in inventories | ' | ' | -213 | 2,074 | ' |
Decrease in value added tax recoverable, net | ' | ' | 371 | 2,684 | ' |
Decrease in reclamation liability | ' | ' | -115 | -27 | ' |
Decrease in value added tax recoverable, net | ' | ' | 623 | -4,337 | ' |
Increase (decrease) in deferred leasehold payments | ' | ' | 21 | -116 | ' |
Net cash used in operating activities | ' | ' | ($12,147) | ($23,435) | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
In Millions, unless otherwise specified | Argentina Equity Tax 2009 Through 2012 [Member] | ||
Loss Contingency [Abstract] | ' | ' | ' |
Loss contingency | $2.60 | $4.20 | ' |
Commitments and Contingencies | ' | ' | ' |
Increase in tax liability | ' | ' | $0.70 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
item | |||||
Segment Information | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 2 | ' | ' |
Revenue | ' | $500 | ' | $10,797 | ' |
Costs Applicable to Sales | ' | 517 | ' | 17,534 | ' |
Depreciation, Depletion and Amortization | 751 | 1,083 | 2,375 | 6,180 | ' |
Exploration, El Quevar, Velardena and Administrative Expense | 4,314 | 7,221 | 13,584 | 18,108 | ' |
Pre-Tax loss | 3,612 | 6,315 | 14,313 | 277,875 | ' |
Total Assets | 47,631 | 67,081 | 47,631 | 67,081 | 54,881 |
Capital Expenditures | 420 | 103 | 427 | 1,471 | ' |
Impairment of goodwill | ' | ' | ' | 11,180 | ' |
Velardena Properties [Member] | ' | ' | ' | ' | ' |
Segment Information | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 1 | ' | ' |
Revenue | ' | 500 | ' | 10,797 | ' |
Costs Applicable to Sales | ' | 517 | ' | 17,534 | ' |
Depreciation, Depletion and Amortization | 573 | 866 | 1,775 | 5,425 | ' |
Exploration, El Quevar, Velardena and Administrative Expense | 2,034 | 4,635 | 4,491 | 7,900 | ' |
Pre-Tax loss | 1,660 | 3,232 | 4,984 | 269,106 | ' |
Total Assets | 27,488 | 36,607 | 27,488 | 36,607 | ' |
Capital Expenditures | 420 | 102 | 420 | 1,441 | ' |
Corporate and Other [Member] | ' | ' | ' | ' | ' |
Segment Information | ' | ' | ' | ' | ' |
Depreciation, Depletion and Amortization | 178 | 217 | 600 | 755 | ' |
Exploration, El Quevar, Velardena and Administrative Expense | 2,280 | 2,586 | 9,093 | 10,208 | ' |
Pre-Tax loss | 1,952 | 3,083 | 9,329 | 8,769 | ' |
Total Assets | 20,143 | 30,474 | 20,143 | 30,474 | ' |
Capital Expenditures | ' | $1 | $7 | $30 | ' |