Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 05, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'GOLD RESOURCE CORP | ' |
Entity Central Index Key | '0001160791 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 54,179,369 |
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 | $24,800 | $14,973 |
Gold and silver bullion | 3,615 | 3,801 |
Accounts receivable | 5,920 | 2,307 |
Inventories | 9,013 | 7,468 |
Income taxes receivable | ' | 6,488 |
Deferred tax assets | 3,973 | 3,973 |
Prepaid expenses and other assets | 4,421 | 5,808 |
Total current assets | 51,742 | 44,818 |
Land and mineral rights | 227 | 227 |
Property, equipment and mine development- net | 26,772 | 18,127 |
Inventories | 903 | 903 |
Deferred tax assets | 27,663 | 27,663 |
Investments (including $3,287 and nil, respectively, measured at fair value) | 3,518 | 231 |
Total assets | 110,825 | 91,969 |
Current liabilities: | ' | ' |
Accounts payable | 5,298 | 2,873 |
Accrued expenses | 5,324 | 5,613 |
Capital lease obligations | 1,491 | 1,469 |
IVA taxes payable | 1,147 | 925 |
Income taxes payable | 5,710 | ' |
Dividends payable | 542 | 538 |
Total current liabilities | 19,512 | 11,418 |
Capital lease obligations | 1,266 | 2,387 |
Reclamation and remediation liabilities | 2,804 | 2,887 |
Total liabilities | 23,582 | 16,692 |
Shareholders' equity: | ' | ' |
Preferred stock - $0.001 par value, 5,000,000 shares authorized: no shares issued and outstanding | ' | ' |
Common stock - $0.001 par value, 100,000,000 shares authorized: 54,515,767 and 54,115,767 shares issued and outstanding, respectively | 55 | 54 |
Additional paid-in capital | 91,987 | 88,044 |
Retained earnings/Accumulated (deficit) | 2,256 | -5,766 |
Treasury stock at cost, 336,398 shares | -5,884 | -5,884 |
Accumulated other comprehensive (loss) | -1,171 | -1,171 |
Total shareholders' equity | 87,243 | 75,277 |
Total liabilities and shareholders' equity | $110,825 | $91,969 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | |
In Thousands, except Share data, unless otherwise specified | |||
Fair Value | $3,518 | $231 | |
Preferred stock, par value | $0.00 | $0.00 | |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Common stock, par value | $0.00 | $0.00 | |
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, shares issued | 54,515,767 | 54,115,767 | |
Common stock, shares outstanding | 54,515,767 | 54,115,767 | |
Treasury stock, shares | 336,398 | 336,398 | |
Canamex Resources Corporation - common shares [Member] | ' | ' | |
Fair Value | $3,287 | [1] | $0 |
[1] | On February 26, 2014, the Company announced the purchase of 22,222,222 shares in Canamex Resource Corp., a publically traded company in Canada. The Companybs shares represented approximately 18.4% of the outstanding shares of Canamex at the time of purchase. Pursuant to the terms of the subscription agreement, the Company appointed Jason Reid as its representative to the Board of Directors of Canamex on April 14, 2014. The investment is measured at fair value in the condensed consolidated financial statements. |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (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 |
Income Statement [Abstract] | ' | ' | ' | ' |
Sales of metals concentrate, net | $21,052 | $29,405 | $85,873 | $98,375 |
Mine cost of sales: | ' | ' | ' | ' |
Production costs | 13,025 | 17,284 | 43,107 | 47,926 |
Depreciation, depletion and amortization | 1,180 | 717 | 2,969 | 1,810 |
Reclamation and remediation | ' | 27 | ' | 84 |
Total mine cost of sales | 14,205 | 18,028 | 46,076 | 49,820 |
Mine gross profit | 6,847 | 11,377 | 39,797 | 48,555 |
Costs and expenses: | ' | ' | ' | ' |
General and administrative expenses | 4,361 | 5,478 | 9,623 | 13,319 |
Exploration expenses | 2,901 | 2,062 | 5,786 | 8,167 |
Facilities and mine construction | ' | 5,721 | ' | 17,375 |
Total costs and expenses | 7,262 | 13,261 | 15,409 | 38,861 |
Operating (loss) income | -415 | -1,884 | 24,388 | 9,694 |
Other income (expense) | 69 | -660 | 766 | -2,558 |
(Loss) Income before income taxes | -346 | -2,544 | 25,154 | 7,136 |
Provision (benefit) for income taxes | 1,109 | -714 | 12,264 | 2,953 |
Net (loss) income | -1,455 | -1,830 | 12,890 | 4,183 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Currency translation gain | ' | -22 | ' | -33 |
Comprehensive (loss) income | ($1,455) | ($1,852) | $12,890 | $4,150 |
Net (loss) income per common share: | ' | ' | ' | ' |
Basic | ($0.03) | ($0.03) | $0.24 | $0.08 |
Diluted | ' | ' | $0.24 | $0.08 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 54,179,369 | 53,320,673 | 54,098,783 | 53,093,288 |
Diluted | ' | ' | 54,698,748 | 55,364,417 |
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 income | $12,890 | $4,183 | |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' | |
Depreciation, depletion and amortization | 3,107 | 1,891 | |
Reclamation and remediation | ' | 84 | |
Stock-based compensation | 3,847 | 5,996 | |
Unrealized foreign currency exchange loss | 545 | 711 | |
Impairment loss on gold and silver bullion | 162 | 1,743 | |
Unrealized gain due to changes in fair value of investments | -1,504 | [1] | ' |
Deferred tax assets | ' | -275 | |
Changes in operating assets and liabilities: | ' | ' | |
Accounts receivable | -3,699 | 1,267 | |
Inventories | -1,582 | -1,506 | |
Prepaid expenses and other assets | 1,354 | -3,727 | |
Accounts payable | 2,059 | 46 | |
Accrued expenses | -3,007 | 3,970 | |
IVA taxes payable/receivable | 217 | -2,263 | |
Income taxes payable/receivable | 11,907 | -8,456 | |
Net cash provided by operating activities | 26,296 | 3,664 | |
Cash flows from investing activities: | ' | ' | |
Capital expenditures | -10,524 | -5,891 | |
Proceeds from sale of building | 1,737 | ' | |
Purchases of gold and silver bullion | ' | -1,002 | |
Proceeds from conversion of gold and silver bullion | 23 | 1,247 | |
Investments | -1,805 | -231 | |
Net cash used in investing activities | -10,569 | -5,877 | |
Cash flows from financing activities: | ' | ' | |
Proceeds from exercise of stock options | 100 | 545 | |
Dividends paid | -4,868 | -20,674 | |
Proceeds from capital leases | ' | 4,219 | |
Repayments of capital leases | -1,099 | ' | |
Net cash (used in) financing activities | -5,867 | -15,910 | |
Effect of exchange rates on cash and equivalents | -33 | -23 | |
Net increase (decrease) in cash and equivalents | 9,827 | -18,146 | |
Cash and equivalents at beginning of period | 14,973 | 35,780 | |
Cash and equivalents at end of period | 24,800 | 17,634 | |
Supplemental Cash Flow Information | ' | ' | |
Interest paid | 139 | 48 | |
Income taxes paid | ' | $11,166 | |
[1] | (1) Our unrealized gain due to changes in fair values of certain investments include gains associated with changes in fair values that are non-cash in nature until such time that these gains are realized through cash transactions. For additional information regarding our investments and fair value measurements, see notes 2 and 4 to our condensed consolidated financial statements. |
Nature_Of_Operations_And_Basis
Nature Of Operations And Basis Of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Nature Of Operations And Basis Of Presentation [Abstract] | ' |
Nature Of Operations And Basis Of Presentation | ' |
1. Nature of Operations and Basis of Presentation | |
Nature of Operations | |
Gold Resource Corporation (the “Company”) was organized under the laws of the State of Colorado on August 24, 1998. The Company is a producer of metal concentrates that contain gold, silver, copper, lead and zinc at its El Aguila Project in the southern state of Oaxaca, Mexico. The El Aguila Project includes the El Aguila open pit mine, which ceased operations in February 2011, and the La Arista underground mine, which is currently in operation. The Company is also performing exploration and evaluation work on its portfolio of precious and base metal exploration properties in Mexico and Nevada and is evaluating other properties for possible acquisition. | |
On April 30, 2014, the Company announced the completion of its reserve study and issued a report dated December 31, 2013 confirming the existence of proven and probable reserves as defined in Industry (“Guide 7”) promulgated by the U.S. Securities and Exchange Commission (“SEC”). As a result of the completion of the reserve study, the Company has transitioned from an Exploration Stage Enterprise to a Production Stage Enterprise in accordance with Guide 7. The Company no longer considers itself to be a Development Stage Entity as defined in Accounting Standards Codification 915 – Development Stage Entities (“ASC 915”). Accordingly, cumulative and other disclosures required by ASC 915 are no longer included in the Company’s financial statements. | |
Basis of Presentation | |
Basis of Presentation: The unaudited interim condensed consolidated financial statements included herein are expressed in United States dollars and were prepared in conformance with United States generally accepted accounting principles (“U.S. GAAP”) and applicable rules of the SEC regarding interim financial reporting. The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly owned U.S. subsidiary GRC Nevada Inc. (“GRC Nevada”) and Mexican subsidiary Don David Gold Mexico S.A. de C.V. (“Don David Gold Mexico”). Significant intercompany accounts and transactions have been eliminated. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to SEC rules and regulations, although the Company believes that the disclosures included herein are adequate to make the information presented not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Form 10-K for the year ended December 31, 2013. Except as noted below, there have been no material changes to the footnotes from those accompanying the audited financial statements contained in the Company’s Form 10-K. | |
In management’s opinion, the unaudited condensed consolidated financial statements contained herein reflect all material normal and recurring adjustments that are necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows on a basis consistent with that of its audited consolidated financial statements for the year ended December 31, 2013. However, the results of operations for the interim period ended September 30, 2014 may not be indicative of results of operations to be expected for the full fiscal year. | |
Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management routinely makes judgments and estimates about the effects of matters that are inherently uncertain and bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances. Actual results could differ from these estimates. | |
Revenue Recognition: Sales of concentrates are recorded net of treatment and refining charges, plus final settlement and mark-to-market price adjustments. Treatment and refining charges represent payments or price adjustments that are fixed and applied on a per tonne, pound or ounce basis, and in some cases provide for an increase in charges based on increases in metal prices above a base price. Treatment and refining charges are estimated upon shipment of concentrates based on contractual terms, with adjustments made at final settlement. Adjustments at final settlement typically do not vary materially from estimates made upon shipment; however, mark-to-market price adjustments could vary materially based on the precious metals market. In addition, because a portion of the metals contained in concentrates are unrecoverable as a result of the smelting process, the Company’s revenues from sales of concentrates are also recorded net of allowances based on the quantity and value of these estimated unrecoverable metals. These allowances are negotiated with the buyer of the Company’s concentrates. | |
Production Costs: Production costs include labor and benefits, royalties, concentrate shipping costs, mining subcontractors, fuel and lubricants, legal and professional fees related to mine operations, stock-based compensation attributable to mine employees, materials and supplies, repairs and maintenance, explosives, housing and food, insurance, reagents, travel, medical services, security equipment, office rent, tools and other costs that support our mining operations. | |
Mine Development: The Company expenses general prospecting costs and the costs of acquiring and exploring unevaluated mineral properties. When a mineral property has determined to have proven and probable reserves, subsequent development costs are capitalized to mineral properties. When mineral properties are developed and operations commence, capitalized costs are charged to operations using the units-of-production method over proven and probable reserves. Upon abandonment or sale of a mineral property, all capitalized costs relating to the specific property are written off in the period abandoned or sold and a gain or loss is recognized. | |
Reclassifications: Certain amounts presented in prior periods have been reclassified to conform to current period presentation. | |
Revision of Prior Period Financial Statements: During the third quarter of 2014, management identified a misapplication of a $1.5 million receivable credit from our personnel contract service provider that was applied to our labor costs in the second quarter of 2014. Management determined that the effect of the misstatement was not material to the financial statements for the prior interim period. In order to correct the error, in accordance with the SEC’s Staff Accounting Bulletin No. 108 (“SAB 108”), we recorded the following immaterial corrections to the interim financial statements for the three and six months ended June 30, 2014, which are reflected in our results for the nine months ended September 30, 2014: (a) an increase to inventory of $0.4 million and an increase to current liabilities of $1.0 million; and (b) an increase to cost of sales of $1.1 million, a decrease to provision for income tax of $0.5 million and a corresponding decrease to net income. | |
Exploration Stage Company: As of January 1, 2014, the condensed consolidated financial statements are no longer presented in accordance with Accounting Standards Codification 915 and the provisions of SEC Industry Guide 7 relating to exploration stage entities. On April 30, 2014, the Company issued a report on the reserve estimate for the La Arista underground mine at the El Aguila Project with an effective date of December 31, 2013. The report confirms the existence of proven and probable reserves, allowing the Company to transition from an Exploration Stage Company as defined in ASC 915 and an Exploration Stage Enterprise to a Production Stage Enterprise as defined in Guide 7. Consistent with the Company’s transition from an Exploration Stage Entity to a Production Stage Entity as defined in Guide 7, certain underground mine development costs associated with the Company's El Aguila Project were capitalized beginning January 1, 2014. These costs include the cost of building access ways, lateral development, drift development, ramps and infrastructure development. All such costs are amortized using the units-of-production method over the estimated life of the ore body based on estimated recoverable ounces to be produced from proven and probable reserves. | |
Investments: We make elections, on an investment-by-investment basis, as to whether we measure our investments at fair value. Such elections are generally irrevocable. We have elected the fair value method for most of our investments as we believe this method generally provides the most meaningful information to our investors. However, for investments over which we have significant influence, we consider the significance of transactions between our company and our equity affiliates and other factors in determining whether the fair value method should be applied. In general, we elect the fair value option for those equity method investments with which the Company or its consolidated subsidiaries have significant related-party transactions. | |
Under the fair value method, investments are recorded at fair value and any changes in fair value are reported in realized and unrealized gains or losses due to changes in fair values of certain investments and debt, net, in our consolidated statement of income. All costs directly associated with the acquisition of an investment to be accounted for using the fair value method are expensed as incurred. For additional information regarding our fair value method investments, see notes 2 and 4. | |
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Fair Value Measurement [Abstract] | ' | ||||||||||
Fair Value Measurement | ' | ||||||||||
2. Fair Value Measurement | |||||||||||
The Company’s financial instruments consist of accounts receivable (which include provisionally priced sales) and investments in equity securities. The Company’s Level 1 assets as of September 30, 2014 included investments in equity securities determined using a market approach based upon unadjusted quoted prices for identical assets in an active market. The Level 2 carrying values for accounts receivable approximated their fair values at September 30, 2014 and December 31, 2013 due to their short maturities. | |||||||||||
When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: | |||||||||||
· | Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. | ||||||||||
· | Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. | ||||||||||
· | Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. | ||||||||||
The following tables summarize the Company’s financial instruments required to be measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013: | |||||||||||
Fair Value as of September 30, 2014 | |||||||||||
Level 1 | Level 2 | Level 3 | Total | Balance Sheet Classification | |||||||
(in thousands) | |||||||||||
Cash equivalents | $ | 7,843 | $ | - | $ | - | $ | 7,843 | Cash and cash equivalents | ||
Receivables related to unsettled invoices (1) | $ | - | $ | 5,920 | $ | - | $ | 5,920 | Accounts receivable | ||
Investments in equity securities | $ | 3,287 | $ | - | $ | - | $ | 3,287 | Investments | ||
Fair Value as of December 31, 2013 | |||||||||||
Level 1 | Level 2 | Level 3 | Total | Balance Sheet Classification | |||||||
(in thousands) | |||||||||||
Cash equivalents | $ | 4,160 | $ | - | $ | - | $ | 4,160 | Cash and cash equivalents | ||
Receivables related to unsettled invoices (1) | $ | - | $ | 2,307 | $ | - | $ | 2,307 | Accounts receivable | ||
(1) Certain concentrate sales contracts provide for provisional pricing as specified in such contracts. These sales contain an embedded derivative related to the provisional pricing mechanism which is bifurcated and accounted for as a derivative. At the end of each reporting period, the Company records an adjustment to sales to reflect the mark-to-market of outstanding provisional invoices. Because these provisionally priced sales have not yet settled, the mark-to-market adjustment related to these invoices is included in accounts receivable as of each reporting date. The receivable is the sales contract with no quoted market price, whereas the underlying metal values (inputs) are directly observable for the full amount of the receivable (Level 2). | |||||||||||
Gains and losses related to changes in the fair value of these financial instruments were included in the Company’s condensed consolidated statement of income for the three and nine months ended September 30, 2014. | |||||||||||
Gold_And_Silver_Bullion
Gold And Silver Bullion | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Gold And Silver Bullion [Abstract] | ' | ||||||||
Gold And Silver Bullion | ' | ||||||||
3. Gold and Silver Bullion | |||||||||
The Company periodically purchases gold and silver bullion on the open market for investment purposes and to use in its dividend exchange program whereby shareholders may exchange their cash dividend for gold and/or silver bullion. The Company’s investment in gold and silver bullion is carried at cost and evaluated for impairment at relevant financial reporting dates. | |||||||||
During the nine months ended September 30, 2014, the Company made no purchases of gold or silver. During the nine months ended September 30, 2013, the Company purchased approximately 608 ounces of gold at market prices for a total cost of $1.0 million. During the nine months ended September 30, 2014, approximately eight ounces of gold and 731 ounces of silver were converted into gold and silver bullion and distributed under the Company’s gold and silver bullion dividend exchange program, resulting in a realized gain of $3,500 in that period. During the nine months ended September 30, 2013, approximately 670 ounces of gold and 2,847 ounces of silver were converted into gold and silver bullion and distributed under this dividend program, resulting in a realized loss of $0.1 million in that period. | |||||||||
The table below shows the balance of the Company’s holdings of bullion as of September 30, 2014 and December 31, 2013: | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Gold | Silver | Gold | Silver | ||||||
(in thousands, except ounces and per ounce ) | (in thousands, except ounces and per ounce ) | ||||||||
Ounces | 1,685 | 92,494 | 1,693 | 93,225 | |||||
Carrying value per ounce | $ | 1,206.30 | $ | 17.11 | $ | 1,206.23 | $ | 18.86 | |
Total carrying value | $ | 2,033 | $ | 1,582 | $ | 2,042 | $ | 1,759 | |
The Company recorded $0.2 million impairment on its silver bullion for the three and nine months ended September 30, 2014. | |||||||||
Investments
Investments | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Investments [Abstract] | ' | ||||||
Investments | ' | ||||||
4. Investments | |||||||
Investments in equity securities at September 30, 2014 and December 31, 2013 consisted of the following: | |||||||
Fair Value as of September 30, 2014 | |||||||
Cost | Accumulated unrealized gain | Fair Value | |||||
(in thousands) | |||||||
Investments in equity securities | |||||||
Canamex Resources Corporation - common shares (1) | $ | 1,805 | $ | 1,482 | $ | 3,287 | |
Laguna Gold Pty Ltd - common shares | 231 | - | 231 | ||||
Total Investments | $ | 2,036 | $ | 1,482 | $ | 3,518 | |
(1) On February 26, 2014, the Company announced the purchase of 22,222,222 shares in Canamex Resource Corp., a publically traded company in Canada. The Company’s shares represented approximately 18.4% of the outstanding shares of Canamex at the time of purchase. Pursuant to the terms of the subscription agreement, the Company appointed Jason Reid as its representative to the Board of Directors of Canamex on April 14, 2014. The investment is measured at fair value in the condensed consolidated financial statements. | |||||||
Fair Value as of December 31, 2013 | |||||||
Cost | Accumulated unrealized gain | Fair Value | |||||
(in thousands) | |||||||
Investments in equity securities | |||||||
Laguna Gold Pty Ltd - common shares | $ | 231 | $ | - | $ | 231 | |
Total Investments | $ | 231 | $ | - | $ | 231 | |
Inventories
Inventories | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Inventories [Abstract] | ' | ||||
Inventories | ' | ||||
5. Inventories | |||||
Inventories at September 30, 2014 and December 31, 2013 consisted of the following: | |||||
September 30, | December 31, | ||||
2014 | 2013 | ||||
(in thousands) | |||||
Ore stockpiles - underground mine | $ | 337 | $ | 1,586 | |
Concentrates | 3,400 | 480 | |||
Materials and supplies | 5,276 | 5,402 | |||
Inventories - current | 9,013 | 7,468 | |||
Ore stockpiles - open pit mine | 903 | 903 | |||
Inventories - non-current | 903 | 903 | |||
Total inventories | $ | 9,916 | $ | 8,371 | |
Property_And_Equipment
Property And Equipment | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Property And Equipment [Abstract] | ' | ||||
Property And Equipment | ' | ||||
6. Property, equipment and mine development - net | |||||
Property, equipment and mine development at September 30, 2014 and December 31, 2013 consisted of the following: | |||||
September 30, | December 31, | ||||
2014 | 2013 | ||||
(in thousands) | |||||
Mine development | $ | 8,954 | $ | - | |
Trucks and autos | 1,973 | 1,875 | |||
Building (1) | 4 | 1,737 | |||
Office furniture and equipment | 2,739 | 2,698 | |||
Construction in progress | 3,670 | - | |||
Mill Facilities | 63 | - | |||
Machinery and equipment | 17,941 | 17,510 | |||
Subtotal | 35,344 | 23,820 | |||
Accumulated depreciation, depletion and amortization | -8,572 | -5,693 | |||
Total property, equipment and mine development - net | $ | 26,772 | $ | 18,127 | |
(1) In July 2014, the Company sold its office building located in Colorado Springs to a related party and is leasing a portion of the building back. The Company received $1.7 million cash proceeds from the sale, which reflects the value in an arm’s length transaction. The transaction resulted in a gain of $0.3 million which is being amortized to income over the lease term. | |||||
In May and June 2013, the Company entered into financing transactions with certain equipment financing companies whereby the Company sold to them mining equipment that was purchased by the Company from February 2013 through June 2013. The equipment was subsequently leased back to the Company for a three-year period with a bargain purchase option at the end of the lease term, which the Company intends to exercise. The Company will retain full use and all benefits attributable to the leased equipment. | |||||
The equipment leases qualify as capital leases and have been recorded at the present value of the future minimum lease payments, including the bargain purchase option and transaction fees, which approximates the net carrying value of the equipment. The equipment leases bear interest of 4.5% to 5.5% per annum, with monthly principal and interest payments of approximately $0.1 million over the three-year lease term. The Company has an option to purchase the equipment at the end of the lease term for less than $0.1 million. The present value of the future minimum lease payments, including the bargain purchase options and up-front transaction fees, totaled $4.8 million. Depreciation on the leased assets is recorded over their estimated useful lives. | |||||
As of September 30, 2014, the Company’s obligations under capital leases are as follows: | |||||
September 30, | |||||
2014 | |||||
(in thousands) | |||||
2014 | $ | 401 | |||
2015 | 1,578 | ||||
2016 | 901 | ||||
Total payments due | 2,880 | ||||
Less amounts representing interest | -123 | ||||
Subtotal | 2,757 | ||||
Less current portion | -1,491 | ||||
Non-current portion | $ | 1,266 | |||
Reclamation_and_Remediation
Reclamation and Remediation | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Reclamation and Remediation [Abstract] | ' | ||||
Reclamation and Remediation | ' | ||||
7. Reclamation and Remediation | |||||
The Company’s reclamation and remediation obligations relate to its El Aguila Project. The following table presents the changes in reclamation and remediation obligations for the nine months ended September 30, 2014 and the year ended December 31, 2013: | |||||
September 30, | December 31, | ||||
2014 | 2013 | ||||
(in thousands) | |||||
Reclamation and remediation liabilities – opening balance | $ | 2,887 | $ | 2,790 | |
Additions and changes in estimates | - | 112 | |||
Foreign currency exchange loss | -83 | -15 | |||
Reclamation and remediation liabilities – ending balance | $ | 2,804 | $ | 2,887 | |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2014 | |
Shareholders' Equity [Abstract] | ' |
Shareholders' Equity | ' |
8. Shareholders’ Equity | |
The Company declared dividends of $1.6 million and $4.8 million and paid gross cash dividends of $1.6 million and $4.8 million during the three months ended September 30, 2014 and 2013, respectively. The Company declared dividends of $4.9 million and $19.1 million and paid gross cash dividends of $4.9 million and $20.7 million during the nine months ended September 30, 2014 and 2013, respectively. Under our dividend exchange program, shareholders who participated during the three months ended September 30, 2014 exchanged gross cash dividends of $9,000 for approximately three ounces of gold and 224 ounces of silver and during the three months ended September 30, 2013 exchanged gross cash dividends of $0.2 million for approximately 108 ounces of gold and 605 ounces of silver, respectively. Under our same program, shareholders who participated during the nine months ended September 30, 2014 exchanged gross cash dividends of $127,000 for approximately eight ounces of gold and 731 ounces of silver and during the nine months ended September 30, 2013 exchanged gross cash dividends of $1.1 million for approximately 670 ounces of gold and 2,847 ounces of silver, respectively. | |
The Board of Directors has authorized the Company’s dividends to be charged to paid-in capital until such time as the Company has retained earnings, at which time dividends will be charged to retained earnings to the extent that the Company has retained earnings. For the nine months ended September 30, 2014 and 2013, $4.9 million and nil of declared dividends were charged to retained earnings, and nil and $19.1 million was charged to paid-in capital, respectively. | |
Concentrate_Sale_Settlements
Concentrate Sale Settlements | 9 Months Ended |
Sep. 30, 2014 | |
Concentrate Sale Settlements [Abstract] | ' |
Concentrate Sale Settlements | ' |
9. Concentrate Sale Settlements | |
The Company records adjustments to sales of metals concentrate that result from final settlement of provisional invoices in the period that the final invoice settlement occurs. The Company also reviews assays taken at the mine site on its concentrate shipments, upon which the Company’s provisional invoices are based, with assays obtained from samples taken at the buyer’s warehouse prior to final settlement, upon which the final invoices are in part based, to assess whether an adjustment to sales is required prior to final invoice settlement. These adjustments resulted in an increase of $0.1 million and a decrease of $2.4 million to sales during the three and nine months ended September 30, 2014, respectively, and a decreases to sales of $3.5 million and $3.8 million for the three and nine months ended September 30, 2013, respectively. | |
In addition to the final settlement adjustments on provisional invoices, the Company records a sales adjustment to mark-to-market outstanding provisional invoices at the end of each reporting period. These adjustments resulted in a decrease to sales of $1.4 million for the three and nine months ended September 30, 2014, respectively, and a decrease to sales of $0.9 million for the three and nine months ended September 30, 2013, respectively. | |
Sales of metals concentrate are recorded net of smelter refining fees, treatment charges and penalties. Total charges for these items totaled $3.5 million and $9.6 million for the three and nine months ended September 30, 2014, respectively, and $3.5 million and $11.0 million for the three and nine months ended September 30, 2013, respectively. | |
Stock_Options
Stock Options | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Stock Options [Abstract] | ' | |||||||||
Stock Options | ' | |||||||||
10. Stock Options | ||||||||||
The Company has a non-qualified stock option and stock grant plan under which equity awards may be granted to key employees, directors and others (the “Plan”). A summary of activity under the Plan for the nine months ended September 30, 2014 is presented below: | ||||||||||
Stock Options | Weighted Average Exercise Price (per share) | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | |||||||
Outstanding as of January 1, 2014 | 5,615,000 | $ | 9.66 | 6.7 | $ | 3,364 | ||||
Granted | 10,000 | 5.81 | ||||||||
Forfeited | -270,000 | 16.49 | ||||||||
Exercised | -400,000 | 0.25 | ||||||||
Outstanding as of September 30, 2014 | 4,955,000 | $ | 10.04 | 6.3 | $ | 2,773 | ||||
Vested and exercisable as of September 30, 2014 | 3,975,003 | $ | 8.85 | 5.8 | $ | 2,773 | ||||
The fair value of options granted during the three and nine months ended September 30, 2014 was nil and $23,000, respectively. The options vest over a three year period and have an exercise term of 10 years. The total fair value of stock options vested during the three and nine months ended September 30, 2014 was nil and $0.7 million, respectively. | ||||||||||
The following table summarizes information about stock options outstanding at September 30, 2014: | ||||||||||
Outstanding | Exercisable | |||||||||
Range of Exercise Prices | Number of Options | Weighted Average Remaining Contractual Term (in years) | Weighted Average Exercise Price (per share) | Number of Options | Weighted Average Exercise Price (per share) | |||||
$3.40 - $3.95 | 1,900,000 | 4.0 | $ | 3.66 | 1,900,000 | $ | 3.66 | |||
$5.81 - $14.36 | 1,735,000 | 7.7 | 10.74 | 1,271,669 | 10.73 | |||||
$17.10 - $20.51 | 1,320,000 | 7.9 | 18.31 | 803,334 | 18.16 | |||||
4,955,000 | 6.3 | $ | 10.04 | 3,975,003 | $ | 8.85 | ||||
The fair value of stock option grants is amortized over the respective vesting period. Total stock-based compensation expense related to stock options for the three and nine months ended September 30, 2014 was $1.9 million and $3.9 million, respectively, and for the three and nine months ended September 30, 2013 was $2.3 million and $6.0 million, respectively. | ||||||||||
Stock-based compensation expense has been allocated between production costs and general and administrative expense for the three and nine months ended September 30, 2014 and 2013 as follows: | ||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||
(in thousands) | (in thousands) | |||||||||
Production costs | $ | 759 | $ | 679 | $ | 1,723 | $ | 1,871 | ||
General and administrative expenses | 1,133 | 1,628 | 2,124 | 4,125 | ||||||
Total stock-based compensation | $ | 1,892 | $ | 2,307 | $ | 3,847 | $ | 5,996 | ||
The estimated unrecognized stock-based compensation expense from unvested options as of September 30, 2014 was approximately $4.5 million, and is expected to be recognized over the remaining vesting periods of up to 3.0 years. | ||||||||||
The assumptions used to determine the value of stock-based awards under the Black-Scholes method are summarized below: | ||||||||||
Nine months ended September 30, | ||||||||||
2014 | 2013 | |||||||||
Risk-free interest rate | 1.53% | 0.68% - 1.62% | ||||||||
Dividend yield | 1.63% | 2.87% - 3.40% | ||||||||
Expected volatility | 55.35% | 62.74% - 63.21% | ||||||||
Expected life in years | 5 | 5 | ||||||||
Other_Income_expense
Other Income (expense) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Other Income (Expense) [Abstract] | ' | ||||||||
Other Income (Expense) | ' | ||||||||
11. Other Income (Expense) | |||||||||
Other income (expense) for the three and nine months ended September 30, 2014 and 2013 consisted of the following: | |||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
(in thousands) | (in thousands) | ||||||||
Unrealized foreign currency exchange loss | $ | -488 | $ | -494 | $ | -512 | $ | -711 | |
Realized foreign currency exchange gain (loss) | 75 | -59 | -21 | 95 | |||||
Impairment loss on gold and silver bullion | -162 | - | -162 | -1,743 | |||||
Realized gain (loss) from gold and silver bullion converted | 2 | 20 | 4 | -69 | |||||
Unrealized gain due to changes in fair value of investments (1) | 702 | - | 1,504 | - | |||||
Interest income | 41 | 28 | 123 | 93 | |||||
Interest expense | -43 | -48 | -139 | -48 | |||||
Other expense | -58 | -107 | -31 | -175 | |||||
Total other income (expense) | $ | 69 | $ | -660 | $ | 766 | $ | -2,558 | |
(1) Our unrealized gain due to changes in fair values of certain investments include gains associated with changes in fair values that are non-cash in nature until such time that these gains are realized through cash transactions. For additional information regarding our investments and fair value measurements, see notes 2 and 4 to our condensed consolidated financial statements. | |||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
12. Income Taxes | |
The Company recorded income tax (benefit) expense of $1.1 million and $12.3 million for the three and nine months ending September 30, 2014, respectively. During the three and nine months ending September 30, 2013, the Company recorded income tax (benefit) expense of $(0.7) million and $3.0 million, respectively. | |
During the three and nine months ending September 30, 2014, the Company received advances of $6.0 million and $18.0 million, respectively, from its Mexican operations. The Company has asserted permanent reinvestment of all Mexico undistributed earnings as of December 31, 2013. The impact of the planned annual dividends for 2014, net of foreign tax credits, is reflected in the estimated annual effective tax rate. | |
During the nine months ended September 30, 2014, the Company experienced an increase in its annualized effective tax rate principally due to the newly enacted Mexico mining tax. | |
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carry forward periods), projected future taxable income and tax-planning strategies in making this assessment. As of September 30, 2014, the Company believes it has sufficient positive evidence to conclude that realization of its federal and foreign deferred tax assets of Gold Resource Corporation are more likely than not to be realized. However, the Company has determined that the realization of its state deferred tax assets is not more likely that not to be realized and has a valuation allowance offsetting the state deferred tax assets. | |
As of September 30, 2014, the Company believes that it has no liability for uncertain tax positions. If the Company were to determine there was an uncertain tax position, the Company would recognize the liability and related interest and penalties within income tax expense. | |
The Company files income tax returns in U.S. federal and state jurisdictions, Mexico and Turkey. The Company is currently not undergoing any income tax examinations in any jurisdiction, however to the extent that net operating losses have been utilized in either the current or preceding years, such losses may be subject to future income tax examination. | |
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Net Income (Loss) Per Share [Abstract] | ' | ||||||||
Net Income (Loss) Per Share | ' | ||||||||
13. Net Income (Loss) per Share | |||||||||
Basic earnings (loss) per share is calculated based on the weighted average number of common shares outstanding for the period. Diluted earnings per share is calculated based on the assumption that stock options outstanding, which have an exercise price less than the average market price of the Company’s common shares during the period, have been exercised on the later of the beginning of the period or the date granted and that the funds obtained from the exercise were used to purchase common shares at the average market price during the period. | |||||||||
The effect of potentially dilutive stock options on the weighted average number of shares outstanding for the three and nine months ended September 30, 2014 and 2013 is as follows: | |||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
(in thousands, except share data) | (in thousands, except share data) | ||||||||
Net (loss) income | $ | -1,455 | $ | -1,830 | $ | 12,890 | $ | 4,183 | |
Basic weighted average common shares outstanding | 54,179,369 | 53,320,673 | 54,098,783 | 53,093,288 | |||||
Dilutive effect of stock options | - | - | 599,965 | 2,271,129 | |||||
Diluted weighted average common shares outstanding | - | - | 54,698,748 | 55,364,417 | |||||
Net (loss) income per basic share | $ | -0.03 | $ | -0.03 | $ | 0.24 | $ | 0.08 | |
Net (loss) income per diluted share | $ | - | $ | - | $ | 0.24 | $ | 0.08 | |
Stock options totaling 3.1 million for the three and nine months ending September 30, 2014 were excluded from the computation of diluted weighted average shares outstanding, since the exercise price of those stock options exceeded the average market price of the Company’s common shares of $5.51 and $5.05 during the three and nine months ended September 30, 2014. Stock options totaling 2.8 million and 2.7 million for the three and nine months ending September 30, 2013 were excluded from the computation of diluted weighted average shares outstanding, since the exercise price of those stock options exceeded the average market price of the Company’s common shares of $7.92 and $10.40 during the three and nine months ended September 30, 2013. | |||||||||
Legal_Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2014 | |
Legal Proceedings [Abstract] | ' |
Legal Proceedings | ' |
14. Legal Proceedings | |
A securities class action lawsuit subsequently captioned In re Gold Resource Corp. Securities Litigation, No.1:12-cv-02832 was filed on October 25, 2012 in the U.S. District Court for the District of Colorado naming the Company and certain of its current and former officers and directors as defendants. The complaint alleged violations of federal securities laws by the Company and certain of its officers and directors. On July 15, 2013, the federal district court granted the Company’s motion to dismiss the lawsuit with prejudice. The plaintiff has appealed the District Court’s decision to the United States Court of Appeals for the Tenth Circuit. | |
On February 8, 2013, a shareholder’s derivative lawsuit entitled City of Bristol Pension Fund v. Reid et al., No. 1:13-CV-00348 was filed in the U.S. District Court for the District of Colorado naming the Company as a nominal defendant, and naming seven of its current and former officers and directors as defendants. The lawsuit alleges breach of fiduciary duty, gross mismanagement and unjust enrichment and seeks to recover, for the Company’s benefit, unspecified damages purportedly sustained by the Company in connection with the alleged misconduct identified in the class action lawsuit discussed above and an award of attorney’s fees and costs. The action was stayed pending resolution of the motion to dismiss in the securities class action lawsuit and the stay has been extended pending the appeal. There has been no discovery as the case is in its initial stages and accordingly, the Company is not in a position to assess the likelihood or estimate the potential range of loss associated with this matter; however, pursuant to the Company’s articles of incorporation and contractual agreements with the individuals, it is obligated to indemnify its officers and directors with respect to this litigation and the Company will bear the cost associated with defense of these claims. | |
Nature_Of_Operations_And_Summa
Nature Of Operations And Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2014 | |
Nature Of Operations And Basis Of Presentation [Abstract] | ' |
Nature of Operations | ' |
Nature of Operations | |
Gold Resource Corporation (the “Company”) was organized under the laws of the State of Colorado on August 24, 1998. The Company is a producer of metal concentrates that contain gold, silver, copper, lead and zinc at its El Aguila Project in the southern state of Oaxaca, Mexico. The El Aguila Project includes the El Aguila open pit mine, which ceased operations in February 2011, and the La Arista underground mine, which is currently in operation. The Company is also performing exploration and evaluation work on its portfolio of precious and base metal exploration properties in Mexico and Nevada and is evaluating other properties for possible acquisition. | |
On April 30, 2014, the Company announced the completion of its reserve study and issued a report dated December 31, 2013 confirming the existence of proven and probable reserves as defined in Industry (“Guide 7”) promulgated by the U.S. Securities and Exchange Commission (“SEC”). As a result of the completion of the reserve study, the Company has transitioned from an Exploration Stage Enterprise to a Production Stage Enterprise in accordance with Guide 7. The Company no longer considers itself to be a Development Stage Entity as defined in Accounting Standards Codification 915 – Development Stage Entities (“ASC 915”). Accordingly, cumulative and other disclosures required by ASC 915 are no longer included in the Company’s financial statements. | |
Basis Of Presentation | ' |
Basis of Presentation | |
Basis of Presentation: The unaudited interim condensed consolidated financial statements included herein are expressed in United States dollars and were prepared in conformance with United States generally accepted accounting principles (“U.S. GAAP”) and applicable rules of the SEC regarding interim financial reporting. The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly owned U.S. subsidiary GRC Nevada Inc. (“GRC Nevada”) and Mexican subsidiary Don David Gold Mexico S.A. de C.V. (“Don David Gold Mexico”). Significant intercompany accounts and transactions have been eliminated. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to SEC rules and regulations, although the Company believes that the disclosures included herein are adequate to make the information presented not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Form 10-K for the year ended December 31, 2013. Except as noted below, there have been no material changes to the footnotes from those accompanying the audited financial statements contained in the Company’s Form 10-K. | |
In management’s opinion, the unaudited condensed consolidated financial statements contained herein reflect all material normal and recurring adjustments that are necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows on a basis consistent with that of its audited consolidated financial statements for the year ended December 31, 2013. However, the results of operations for the interim period ended September 30, 2014 may not be indicative of results of operations to be expected for the full fiscal year. | |
Use Of Estimates | ' |
Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management routinely makes judgments and estimates about the effects of matters that are inherently uncertain and bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances. Actual results could differ from these estimates. | |
Revenue Recognition | ' |
Revenue Recognition: Sales of concentrates are recorded net of treatment and refining charges, plus final settlement and mark-to-market price adjustments. Treatment and refining charges represent payments or price adjustments that are fixed and applied on a per tonne, pound or ounce basis, and in some cases provide for an increase in charges based on increases in metal prices above a base price. Treatment and refining charges are estimated upon shipment of concentrates based on contractual terms, with adjustments made at final settlement. Adjustments at final settlement typically do not vary materially from estimates made upon shipment; however, mark-to-market price adjustments could vary materially based on the precious metals market. In addition, because a portion of the metals contained in concentrates are unrecoverable as a result of the smelting process, the Company’s revenues from sales of concentrates are also recorded net of allowances based on the quantity and value of these estimated unrecoverable metals. These allowances are negotiated with the buyer of the Company’s concentrates. | |
Production Costs | ' |
Production Costs: Production costs include labor and benefits, royalties, concentrate shipping costs, mining subcontractors, fuel and lubricants, legal and professional fees related to mine operations, stock-based compensation attributable to mine employees, materials and supplies, repairs and maintenance, explosives, housing and food, insurance, reagents, travel, medical services, security equipment, office rent, tools and other costs that support our mining operations. | |
Mine Development | ' |
Mine Development: The Company expenses general prospecting costs and the costs of acquiring and exploring unevaluated mineral properties. When a mineral property has determined to have proven and probable reserves, subsequent development costs are capitalized to mineral properties. When mineral properties are developed and operations commence, capitalized costs are charged to operations using the units-of-production method over proven and probable reserves. Upon abandonment or sale of a mineral property, all capitalized costs relating to the specific property are written off in the period abandoned or sold and a gain or loss is recognized. | |
Reclassifications | ' |
Reclassifications: Certain amounts presented in prior periods have been reclassified to conform to current period presentation. | |
Revision Of Prior Period Financial Statements | ' |
Revision of Prior Period Financial Statements: During the third quarter of 2014, management identified a misapplication of a $1.5 million receivable credit from our personnel contract service provider that was applied to our labor costs in the second quarter of 2014. Management determined that the effect of the misstatement was not material to the financial statements for the prior interim period. In order to correct the error, in accordance with the SEC’s Staff Accounting Bulletin No. 108 (“SAB 108”), we recorded the following immaterial corrections to the interim financial statements for the three and six months ended June 30, 2014, which are reflected in our results for the nine months ended September 30, 2014: (a) an increase to inventory of $0.4 million and an increase to current liabilities of $1.0 million; and (b) an increase to cost of sales of $1.1 million, a decrease to provision for income tax of $0.5 million and a corresponding decrease to net income. | |
Exploration Stage Company | ' |
Exploration Stage Company: As of January 1, 2014, the condensed consolidated financial statements are no longer presented in accordance with Accounting Standards Codification 915 and the provisions of SEC Industry Guide 7 relating to exploration stage entities. On April 30, 2014, the Company issued a report on the reserve estimate for the La Arista underground mine at the El Aguila Project with an effective date of December 31, 2013. The report confirms the existence of proven and probable reserves, allowing the Company to transition from an Exploration Stage Company as defined in ASC 915 and an Exploration Stage Enterprise to a Production Stage Enterprise as defined in Guide 7. Consistent with the Company’s transition from an Exploration Stage Entity to a Production Stage Entity as defined in Guide 7, certain underground mine development costs associated with the Company's El Aguila Project were capitalized beginning January 1, 2014. These costs include the cost of building access ways, lateral development, drift development, ramps and infrastructure development. All such costs are amortized using the units-of-production method over the estimated life of the ore body based on estimated recoverable ounces to be produced from proven and probable reserves. | |
Investments | ' |
Investments: We make elections, on an investment-by-investment basis, as to whether we measure our investments at fair value. Such elections are generally irrevocable. We have elected the fair value method for most of our investments as we believe this method generally provides the most meaningful information to our investors. However, for investments over which we have significant influence, we consider the significance of transactions between our company and our equity affiliates and other factors in determining whether the fair value method should be applied. In general, we elect the fair value option for those equity method investments with which the Company or its consolidated subsidiaries have significant related-party transactions. | |
Under the fair value method, investments are recorded at fair value and any changes in fair value are reported in realized and unrealized gains or losses due to changes in fair values of certain investments and debt, net, in our consolidated statement of income. All costs directly associated with the acquisition of an investment to be accounted for using the fair value method are expensed as incurred. For additional information regarding our fair value method investments, see notes 2 and 4. | |
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Fair Value Measurement [Abstract] | ' | ||||||||||
Fair Value, by Balance Sheet Reclassification | ' | ||||||||||
Fair Value as of September 30, 2014 | |||||||||||
Level 1 | Level 2 | Level 3 | Total | Balance Sheet Classification | |||||||
(in thousands) | |||||||||||
Cash equivalents | $ | 7,843 | $ | - | $ | - | $ | 7,843 | Cash and cash equivalents | ||
Receivables related to unsettled invoices (1) | $ | - | $ | 5,920 | $ | - | $ | 5,920 | Accounts receivable | ||
Investments in equity securities | $ | 3,287 | $ | - | $ | - | $ | 3,287 | Investments | ||
Fair Value as of December 31, 2013 | |||||||||||
Level 1 | Level 2 | Level 3 | Total | Balance Sheet Classification | |||||||
(in thousands) | |||||||||||
Cash equivalents | $ | 4,160 | $ | - | $ | - | $ | 4,160 | Cash and cash equivalents | ||
Receivables related to unsettled invoices (1) | $ | - | $ | 2,307 | $ | - | $ | 2,307 | Accounts receivable | ||
(1) Certain concentrate sales contracts provide for provisional pricing as specified in such contracts. These sales contain an embedded derivative related to the provisional pricing mechanism which is bifurcated and accounted for as a derivative. At the end of each reporting period, the Company records an adjustment to sales to reflect the mark-to-market of outstanding provisional invoices. Because these provisionally priced sales have not yet settled, the mark-to-market adjustment related to these invoices is included in accounts receivable as of each reporting date. The receivable is the sales contract with no quoted market price, whereas the underlying metal values (inputs) are directly observable for the full amount of the receivable (Level 2). | |||||||||||
Gold_And_Silver_Bullion_Tables
Gold And Silver Bullion (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Gold And Silver Bullion [Abstract] | ' | ||||||||
Schedule Of Company's Holdings | ' | ||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Gold | Silver | Gold | Silver | ||||||
(in thousands, except ounces and per ounce ) | (in thousands, except ounces and per ounce ) | ||||||||
Ounces | 1,685 | 92,494 | 1,693 | 93,225 | |||||
Carrying value per ounce | $ | 1,206.30 | $ | 17.11 | $ | 1,206.23 | $ | 18.86 | |
Total carrying value | $ | 2,033 | $ | 1,582 | $ | 2,042 | $ | 1,759 | |
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Investments [Abstract] | ' | ||||||
Investments | ' | ||||||
Fair Value as of September 30, 2014 | |||||||
Cost | Accumulated unrealized gain | Fair Value | |||||
(in thousands) | |||||||
Investments in equity securities | |||||||
Canamex Resources Corporation - common shares (1) | $ | 1,805 | $ | 1,482 | $ | 3,287 | |
Laguna Gold Pty Ltd - common shares | 231 | - | 231 | ||||
Total Investments | $ | 2,036 | $ | 1,482 | $ | 3,518 | |
(1) On February 26, 2014, the Company announced the purchase of 22,222,222 shares in Canamex Resource Corp., a publically traded company in Canada. The Company’s shares represented approximately 18.4% of the outstanding shares of Canamex at the time of purchase. Pursuant to the terms of the subscription agreement, the Company appointed Jason Reid as its representative to the Board of Directors of Canamex on April 14, 2014. The investment is measured at fair value in the condensed consolidated financial statements. | |||||||
Fair Value as of December 31, 2013 | |||||||
Cost | Accumulated unrealized gain | Fair Value | |||||
(in thousands) | |||||||
Investments in equity securities | |||||||
Laguna Gold Pty Ltd - common shares | $ | 231 | $ | - | $ | 231 | |
Total Investments | $ | 231 | $ | - | $ | 231 | |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Inventories [Abstract] | ' | ||||
Summary Of Inventories | ' | ||||
September 30, | December 31, | ||||
2014 | 2013 | ||||
(in thousands) | |||||
Ore stockpiles - underground mine | $ | 337 | $ | 1,586 | |
Concentrates | 3,400 | 480 | |||
Materials and supplies | 5,276 | 5,402 | |||
Inventories - current | 9,013 | 7,468 | |||
Ore stockpiles - open pit mine | 903 | 903 | |||
Inventories - non-current | 903 | 903 | |||
Total inventories | $ | 9,916 | $ | 8,371 | |
Property_And_Equipment_Tables
Property And Equipment (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Property And Equipment [Abstract] | ' | ||||
Schedule Of Property And Equipment | ' | ||||
September 30, | December 31, | ||||
2014 | 2013 | ||||
(in thousands) | |||||
Mine development | $ | 8,954 | $ | - | |
Trucks and autos | 1,973 | 1,875 | |||
Building (1) | 4 | 1,737 | |||
Office furniture and equipment | 2,739 | 2,698 | |||
Construction in progress | 3,670 | - | |||
Mill Facilities | 63 | - | |||
Machinery and equipment | 17,941 | 17,510 | |||
Subtotal | 35,344 | 23,820 | |||
Accumulated depreciation, depletion and amortization | -8,572 | -5,693 | |||
Total property, equipment and mine development - net | $ | 26,772 | $ | 18,127 | |
Schedule Of Capital Lease Obligations | ' | ||||
September 30, | |||||
2014 | |||||
(in thousands) | |||||
2014 | $ | 401 | |||
2015 | 1,578 | ||||
2016 | 901 | ||||
Total payments due | 2,880 | ||||
Less amounts representing interest | -123 | ||||
Subtotal | 2,757 | ||||
Less current portion | -1,491 | ||||
Non-current portion | $ | 1,266 | |||
Reclamation_and_Remediation_Ta
Reclamation and Remediation (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Reclamation and Remediation [Abstract] | ' | ||||
Changes in Reclamation and Remediation | ' | ||||
September 30, | December 31, | ||||
2014 | 2013 | ||||
(in thousands) | |||||
Reclamation and remediation liabilities – opening balance | $ | 2,887 | $ | 2,790 | |
Additions and changes in estimates | - | 112 | |||
Foreign currency exchange loss | -83 | -15 | |||
Reclamation and remediation liabilities – ending balance | $ | 2,804 | $ | 2,887 | |
Stock_Options_Tables
Stock Options (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Stock Options [Abstract] | ' | |||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||
Stock Options | Weighted Average Exercise Price (per share) | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | |||||||
Outstanding as of January 1, 2014 | 5,615,000 | $ | 9.66 | 6.7 | $ | 3,364 | ||||
Granted | 10,000 | 5.81 | ||||||||
Forfeited | -270,000 | 16.49 | ||||||||
Exercised | -400,000 | 0.25 | ||||||||
Outstanding as of September 30, 2014 | 4,955,000 | $ | 10.04 | 6.3 | $ | 2,773 | ||||
Vested and exercisable as of September 30, 2014 | 3,975,003 | $ | 8.85 | 5.8 | $ | 2,773 | ||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | ' | |||||||||
Outstanding | Exercisable | |||||||||
Range of Exercise Prices | Number of Options | Weighted Average Remaining Contractual Term (in years) | Weighted Average Exercise Price (per share) | Number of Options | Weighted Average Exercise Price (per share) | |||||
$3.40 - $3.95 | 1,900,000 | 4.0 | $ | 3.66 | 1,900,000 | $ | 3.66 | |||
$5.81 - $14.36 | 1,735,000 | 7.7 | 10.74 | 1,271,669 | 10.73 | |||||
$17.10 - $20.51 | 1,320,000 | 7.9 | 18.31 | 803,334 | 18.16 | |||||
4,955,000 | 6.3 | $ | 10.04 | 3,975,003 | $ | 8.85 | ||||
Schedule of Stock-Based Compensation Expense Allocated Between Production And General And Administrative Expense | ' | |||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||
(in thousands) | (in thousands) | |||||||||
Production costs | $ | 759 | $ | 679 | $ | 1,723 | $ | 1,871 | ||
General and administrative expenses | 1,133 | 1,628 | 2,124 | 4,125 | ||||||
Total stock-based compensation | $ | 1,892 | $ | 2,307 | $ | 3,847 | $ | 5,996 | ||
Schedule of Assumptions Used to Determine the Value of our Stock-based Awards | ' | |||||||||
Nine months ended September 30, | ||||||||||
2014 | 2013 | |||||||||
Risk-free interest rate | 1.53% | 0.68% - 1.62% | ||||||||
Dividend yield | 1.63% | 2.87% - 3.40% | ||||||||
Expected volatility | 55.35% | 62.74% - 63.21% | ||||||||
Expected life in years | 5 | 5 | ||||||||
Other_Income_expense_Tables
Other Income (expense) (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Other Income (Expense) [Abstract] | ' | ||||||||
Schedule Of Other Income (Expense) | ' | ||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
(in thousands) | (in thousands) | ||||||||
Unrealized foreign currency exchange loss | $ | -488 | $ | -494 | $ | -512 | $ | -711 | |
Realized foreign currency exchange gain (loss) | 75 | -59 | -21 | 95 | |||||
Impairment loss on gold and silver bullion | -162 | - | -162 | -1,743 | |||||
Realized gain (loss) from gold and silver bullion converted | 2 | 20 | 4 | -69 | |||||
Unrealized gain due to changes in fair value of investments (1) | 702 | - | 1,504 | - | |||||
Interest income | 41 | 28 | 123 | 93 | |||||
Interest expense | -43 | -48 | -139 | -48 | |||||
Other expense | -58 | -107 | -31 | -175 | |||||
Total other income (expense) | $ | 69 | $ | -660 | $ | 766 | $ | -2,558 | |
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Net Income (Loss) Per Share [Abstract] | ' | ||||||||
Net Income (Loss) Per Share | ' | ||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
(in thousands, except share data) | (in thousands, except share data) | ||||||||
Net (loss) income | $ | -1,455 | $ | -1,830 | $ | 12,890 | $ | 4,183 | |
Basic weighted average common shares outstanding | 54,179,369 | 53,320,673 | 54,098,783 | 53,093,288 | |||||
Dilutive effect of stock options | - | - | 599,965 | 2,271,129 | |||||
Diluted weighted average common shares outstanding | - | - | 54,698,748 | 55,364,417 | |||||
Net (loss) income per basic share | $ | -0.03 | $ | -0.03 | $ | 0.24 | $ | 0.08 | |
Net (loss) income per diluted share | $ | - | $ | - | $ | 0.24 | $ | 0.08 | |
Nature_Of_Operations_And_Basis1
Nature Of Operations And Basis Of Presentation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | |
As Reported [Member] | Adjustments [Member] | ||||||
Labor costs | ' | ' | ' | ' | ' | $1,500,000 | ' |
Inventories | 903,000 | ' | 903,000 | ' | 903,000 | ' | 400,000 |
Current liabilities | 19,512,000 | ' | 19,512,000 | ' | 11,418,000 | ' | 1,000,000 |
Cost of sales | 14,205,000 | 18,028,000 | 46,076,000 | 49,820,000 | ' | ' | 1,100,000 |
Income tax (benefit) expense | $1,109,000 | ($714,000) | $12,264,000 | $2,953,000 | ' | ' | ($500,000) |
Fair_Value_Measurement_Balance
Fair Value Measurement (Balance Sheet Classification) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash equivalents | $7,843 | $4,160 | ||
Receivables related to unsettled invoices | 5,920 | [1] | 2,307 | [1] |
Investments in equity securities | 3,287 | ' | ||
Fair Value Inputs Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash equivalents | 7,843 | 4,160 | ||
Investments in equity securities | 3,287 | ' | ||
Fair Value Inputs Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Receivables related to unsettled invoices | $5,920 | [1] | $2,307 | [1] |
[1] | Certain concentrate sales contracts provide for provisional pricing as specified in such contracts. These sales contain an embedded derivative related to the provisional pricing mechanism which is bifurcated and accounted for as a derivative. At the end of each reporting period, the Company records an adjustment to sales to reflect the mark-to-market of outstanding provisional invoices. Because these provisionally priced sales have not yet settled, the mark-to-market adjustment related to these invoices is included in accounts receivable as of each reporting date. The receivable is the sales contract with no quoted market price, whereas the underlying metal values (inputs) are directly observable for the full amount of the receivable (Level 2). |
Gold_And_Silver_Bullion_Narrat
Gold And Silver Bullion (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Shareholders' Equity [Line Items] | ' | ' | ' | ' |
Realized gain (loss) on gold/silver coin | $2,000 | $20,000 | $3,500 | ($69,000) |
Impairment loss on gold and silver bullion | 162,000 | ' | 162,000 | 1,743,000 |
Gold And Silver [Member] | ' | ' | ' | ' |
Shareholders' Equity [Line Items] | ' | ' | ' | ' |
Total cost of gold and silver | ' | ' | ' | $1,000,000 |
Gold [Member] | ' | ' | ' | ' |
Shareholders' Equity [Line Items] | ' | ' | ' | ' |
Ounces of gold purchased | ' | ' | ' | 608 |
Converted ounces | 3 | 108 | 8 | 670 |
Silver [Member] | ' | ' | ' | ' |
Shareholders' Equity [Line Items] | ' | ' | ' | ' |
Converted ounces | 224 | 605 | 731 | 2,847 |
Gold_And_Silver_Bullion_Schedu
Gold And Silver Bullion (Schedule Of Company's Holdings) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Total carrying value | $3,615 | $3,801 |
Gold [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Ounces | 1,685 | 1,693 |
Carrying value per ounce | 1,206.30 | 1,206.23 |
Total carrying value | 2,033 | 2,042 |
Silver [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Ounces | 92,494 | 93,225 |
Carrying value per ounce | 17.11 | 18.86 |
Total carrying value | $1,582 | $1,759 |
Investments_Details
Investments (Details) (USD $) | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Feb. 26, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | |
Cost | $2,036 | ' | $231 | |
Accumulated unrealized gain | 1,482 | ' | ' | |
Fair Value | 3,518 | ' | 231 | |
Shares purchased available for sale securities | ' | 22,222,222 | ' | |
Ownership percentage | ' | 18.40% | ' | |
Canamex Resources Corporation - common shares [Member] | ' | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | |
Cost | 1,805 | [1] | ' | ' |
Accumulated unrealized gain | 1,482 | [1] | ' | ' |
Fair Value | 3,287 | [1] | ' | 0 |
Laguna Gold Pty Ltd - common shares [Member] | ' | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | |
Cost | 231 | ' | 231 | |
Fair Value | $231 | ' | $231 | |
[1] | On February 26, 2014, the Company announced the purchase of 22,222,222 shares in Canamex Resource Corp., a publically traded company in Canada. The Companybs shares represented approximately 18.4% of the outstanding shares of Canamex at the time of purchase. Pursuant to the terms of the subscription agreement, the Company appointed Jason Reid as its representative to the Board of Directors of Canamex on April 14, 2014. The investment is measured at fair value in the condensed consolidated financial statements. |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Ore stockpiles - underground mine | $337 | $1,586 |
Concentrates | 3,400 | 480 |
Materials and supplies | 5,276 | 5,402 |
Inventories - current | 9,013 | 7,468 |
Ore stockpiles - open pit mine | 903 | 903 |
Inventories - non-current | 903 | 903 |
Total inventories | $9,916 | $8,371 |
Property_And_Equipment_Narrati
Property And Equipment (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Capital lease term | '3 years |
Monthly lease payment amount | $0.10 |
Purchase price option amount after end of lease term | 0.1 |
Present Value of Future Minimum Lease Payments | $4.80 |
Maximum [Member] | ' |
Lease interest rate | 5.50% |
Minimum [Member] | ' |
Lease interest rate | 4.50% |
Property_And_Equipment_Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) (USD $) | 1 Months Ended | 9 Months Ended | |
Jul. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Property, equipment and mine development [Line Items] | ' | ' | ' |
Property, equipment and mine development, gross | ' | $35,344,000 | $23,820,000 |
Accumulated depreciation and amortization | ' | -8,572,000 | -5,693,000 |
Total property, equipment and mine development, net | ' | 26,772,000 | 18,127,000 |
Proceeds from sale of building | ' | 1,737,000 | ' |
Gain on sale of building | 300,000 | ' | ' |
Mine Development [Member] | ' | ' | ' |
Property, equipment and mine development [Line Items] | ' | ' | ' |
Property, equipment and mine development, gross | ' | 8,954,000 | ' |
Trucks And Autos [Member] | ' | ' | ' |
Property, equipment and mine development [Line Items] | ' | ' | ' |
Property, equipment and mine development, gross | ' | 1,973,000 | 1,875,000 |
Building [Member] | ' | ' | ' |
Property, equipment and mine development [Line Items] | ' | ' | ' |
Property, equipment and mine development, gross | ' | 4,000 | 1,737,000 |
Office Furniture And Equipment [Member] | ' | ' | ' |
Property, equipment and mine development [Line Items] | ' | ' | ' |
Property, equipment and mine development, gross | ' | 2,739,000 | 2,698,000 |
Construction in Progress [Member] | ' | ' | ' |
Property, equipment and mine development [Line Items] | ' | ' | ' |
Property, equipment and mine development, gross | ' | 3,670,000 | ' |
Mill Facilities [Member] | ' | ' | ' |
Property, equipment and mine development [Line Items] | ' | ' | ' |
Property, equipment and mine development, gross | ' | 63,000 | ' |
Machinery And Equipment [Member] | ' | ' | ' |
Property, equipment and mine development [Line Items] | ' | ' | ' |
Property, equipment and mine development, gross | ' | $17,941,000 | $17,510,000 |
Property_And_Equipment_Schedul1
Property And Equipment (Schedule Of Capital Lease Obligations) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property And Equipment [Abstract] | ' | ' |
2014 | $401 | ' |
2015 | 1,578 | ' |
2016 | 901 | ' |
Total payments due | 2,880 | ' |
Less amounts representing interest | -123 | ' |
Subtotal | 2,757 | ' |
Less current portion | -1,491 | -1,469 |
Non-current portion | $1,266 | $2,387 |
Reclamation_and_Remediation_De
Reclamation and Remediation (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Reclamation and Remediation [Abstract] | ' | ' |
Reclamation and remediation liabilities - opening balance | $2,887 | $2,790 |
Additions and changes in estimates | ' | 112 |
Foreign currency exchange loss | -83 | -15 |
Reclamation and remediation liabilities - ending balance | $2,804 | $2,887 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Shareholders' Equity [Line Items] | ' | ' | ' | ' |
Dividends declared | $1,600,000 | $4,800,000 | $4,900,000 | $19,100,000 |
Dividends paid on common stock | 1,600,000 | 4,800,000 | 4,900,000 | 20,700,000 |
Retained Earnings [Member] | ' | ' | ' | ' |
Shareholders' Equity [Line Items] | ' | ' | ' | ' |
Dividends declared | ' | ' | 4,900,000 | 0 |
Additional Paid-in Capital [Member] | ' | ' | ' | ' |
Shareholders' Equity [Line Items] | ' | ' | ' | ' |
Dividends declared | ' | ' | 0 | 19,100,000 |
Gold And Silver [Member] | ' | ' | ' | ' |
Shareholders' Equity [Line Items] | ' | ' | ' | ' |
Dividend Exchange Program | $9,000 | $200,000 | $127,000 | $1,100,000 |
Gold [Member] | ' | ' | ' | ' |
Shareholders' Equity [Line Items] | ' | ' | ' | ' |
Converted ounces | 3 | 108 | 8 | 670 |
Silver [Member] | ' | ' | ' | ' |
Shareholders' Equity [Line Items] | ' | ' | ' | ' |
Converted ounces | 224 | 605 | 731 | 2,847 |
Concentrate_Sale_Settlements_D
Concentrate Sale Settlements (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' | ' |
Smelter refining fees, treatment charges and penalties | $3.50 | $3.50 | $9.60 | $11 |
Settlement Of Provisional Invoices [Member] | ' | ' | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' | ' |
Increase (decrease) in sales revenue | 0.1 | -3.5 | -2.4 | -3.8 |
Fair Value [Member] | ' | ' | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' | ' |
Increase (decrease) in sales revenue | ($1.40) | ($0.90) | ($1.40) | ($0.90) |
Stock_Options_Narrative_Detail
Stock Options (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Stock Options [Abstract] | ' | ' | ' | ' |
Stock options vesting period | '3 years | ' | ' | ' |
Stock options exercise period | '10 years | ' | ' | ' |
Fair value of options granted | $0 | ' | $23,000 | ' |
Total fair value of shares vested | 0 | ' | 700,000 | ' |
Non-cash compensation expense related to stock options | 1,892,000 | 2,307,000 | 3,847,000 | 5,996,000 |
Estimated unrecognized compensation cost from unvested options | $4,500,000 | ' | $4,500,000 | ' |
Estimated unrecognized compensation cost from unvested options, period of recognition | '3 years | ' | ' | ' |
Stock_Options_Summary_of_Activ
Stock Options (Summary of Activity Under Stock Option Plan (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' |
Outstanding as of January 1, 2014 | 5,615,000 | ' |
Granted | 10,000 | ' |
Forfeited | -270,000 | ' |
Exercised | -400,000 | ' |
Outstanding as of September 30, 2014 | 4,955,000 | 5,615,000 |
Vested and exercisable as of September 30, 2014 | 3,975,003 | ' |
Weighted Average Exercise Price (per share) | ' | ' |
Outstanding as of January 1, 2014 Weighted Average Exercise Price, Beginning Balance | $9.66 | ' |
Weighted Average Exercise Price, Granted | $5.81 | ' |
Weighted Average Exercise Price, Forfeited | $16.49 | ' |
Weighted Average Exercise Price, Exercised | $0.25 | ' |
Outstanding as of September 30, 2014 Weighted Average Exercise Price, Ending Balance | $10.04 | $9.66 |
Weighted Average Exercise Price, Vested and exercisable as of September 30, 2014 | $8.85 | ' |
Weighted -Average Remaining contractual Term (in yrs) | ' | ' |
Weighted Average Remaining Contractual Term (in yrs), Outstanding as of January 1, 2014 | '6 years 3 months 18 days | '6 years 8 months 12 days |
Weighted Average Remaining Contractual Term (in yrs), Outstanding as of September 30, 2014 | '6 years 3 months 18 days | '6 years 8 months 12 days |
Weighted Average Remaining Contractual Term (in yrs), Vested and exercisable as of September 30, 2014 | '5 years 9 months 18 days | ' |
Aggregate Intrinsic value | ' | ' |
Aggregate Intrinsic Value, Outstanding as of January 1, 2014 | $3,364 | ' |
Aggregate Intrinsic Value, Outstanding as of September 30, 2014 | 2,773 | 3,364 |
Aggregate Intrinsic Value, Vested and exercisable as of September 30, 2014 | $2,773 | ' |
Stock_Options_Summarized_Infor
Stock Options (Summarized Information About Stock Options Outstanding (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Stock options outstanding | 4,955,000 |
Weighted Average Remaining Contractual Term (in yrs) | '6 years 3 months 18 days |
Weighted Average Exercise Price | $10.04 |
Number of Options Exercisable | 3,975,003 |
Weighted Average Exercise Price for Exercisable options | $8.85 |
$3.40 - $3.95 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Stock options exercise price range, lower limit | $3.40 |
Stock options exercise price range, upper limit | $3.95 |
Stock options outstanding | 1,900,000 |
Weighted Average Remaining Contractual Term (in yrs) | '4 years |
Weighted Average Exercise Price | $3.66 |
Number of Options Exercisable | 1,900,000 |
Weighted Average Exercise Price for Exercisable options | $3.66 |
$5.81 - $14.36 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Stock options exercise price range, lower limit | $5.81 |
Stock options exercise price range, upper limit | $14.36 |
Stock options outstanding | 1,735,000 |
Weighted Average Remaining Contractual Term (in yrs) | '7 years 8 months 12 days |
Weighted Average Exercise Price | $10.74 |
Number of Options Exercisable | 1,271,669 |
Weighted Average Exercise Price for Exercisable options | $10.73 |
$17.10 - $20.51 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Stock options exercise price range, lower limit | $17.10 |
Stock options exercise price range, upper limit | $20.51 |
Stock options outstanding | 1,320,000 |
Weighted Average Remaining Contractual Term (in yrs) | '7 years 10 months 24 days |
Weighted Average Exercise Price | $18.31 |
Number of Options Exercisable | 803,334 |
Weighted Average Exercise Price for Exercisable options | $18.16 |
Stock_Options_Schedule_Of_Stoc
Stock Options (Schedule Of Stock-Based Compensation Expense Allocated Between Production And General And Administrative Expense) (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 |
Stock Options [Abstract] | ' | ' | ' | ' |
Production costs | $759 | $679 | $1,723 | $1,871 |
General and administrative expenses | 1,133 | 1,628 | 2,124 | 4,125 |
Total stock-based compensation | $1,892 | $2,307 | $3,847 | $5,996 |
Stock_Options_Assumptions_Used
Stock Options (Assumptions Used to Determine Value of Stock-Based Awards under Black-Scholes Method (Details) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Stock Options [Abstract] | ' | ' |
Risk-free interest rate, Minimum | 1.53% | 0.68% |
Risk-free interest rate, Maximum | ' | 1.62% |
Dividend yield, minimum | 1.63% | 2.87% |
Dividend yield, maximum | ' | 3.40% |
Expected volatility, Minimum | 55.35% | 62.74% |
Expected volatility, Maximum | ' | 63.21% |
Expected life in years | '5 years | '5 years |
Other_Expense_Details
Other Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |||
Other Income (Expense) [Abstract] | ' | ' | ' | ' | ||
Unrealized foreign currency exchange loss | ($488,000) | ($494,000) | ($512,000) | ($711,000) | ||
Realized foreign currency exchange gain (loss) | 75,000 | -59,000 | -21,000 | 95,000 | ||
Impairment loss on gold and silver bullion | -162,000 | ' | -162,000 | -1,743,000 | ||
Realized gain (loss) from gold and silver bullion converted | 2,000 | 20,000 | 3,500 | -69,000 | ||
Unrealized gain due to changes in fair value of investments | 702,000 | [1] | ' | 1,504,000 | [1] | ' |
Interest income | 41,000 | 28,000 | 123,000 | 93,000 | ||
Interest expense | -43,000 | -48,000 | -139,000 | -48,000 | ||
Other expense | -58,000 | -107,000 | -31,000 | -175,000 | ||
Total other income (expense) | $69,000 | ($660,000) | $766,000 | ($2,558,000) | ||
[1] | (1) Our unrealized gain due to changes in fair values of certain investments include gains associated with changes in fair values that are non-cash in nature until such time that these gains are realized through cash transactions. For additional information regarding our investments and fair value measurements, see notes 2 and 4 to our condensed consolidated financial statements. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Taxes [Abstract] | ' | ' | ' | ' |
Income tax (benefit) expense | $1,109,000 | ($714,000) | $12,264,000 | $2,953,000 |
Advances from Mexican operations | 6,000,000 | ' | 18,000,000 | ' |
Liability for uncertain tax positions | $0 | ' | $0 | ' |
Net_Income_Loss_Per_Share_Narr
Net Income (Loss) Per Share (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net Income (Loss) Per Share [Abstract] | ' | ' | ' | ' |
Stock options excluded from the computation of diluted weighted average shares outstanding | 3.1 | 2.8 | 3.1 | 2.7 |
Average share price | $5.51 | $7.92 | $5.05 | $10.40 |
Net_Income_Loss_Per_Share_Addi
Net Income (Loss) Per Share (Additional Information) (Details) (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 |
Net Income (Loss) Per Share [Abstract] | ' | ' | ' | ' |
Net (loss) income | ($1,455) | ($1,830) | $12,890 | $4,183 |
Basic weighted average common shares outstanding | 54,179,369 | 53,320,673 | 54,098,783 | 53,093,288 |
Dilutive effect of stock options | ' | ' | 599,965 | 2,271,129 |
Diluted weighted average common shares outstanding | ' | ' | 54,698,748 | 55,364,417 |
Basic: | ' | ' | ' | ' |
Net (loss) income per basic share | ($0.03) | ($0.03) | $0.24 | $0.08 |
Diluted: | ' | ' | ' | ' |
Net (loss) income per diluted share | ' | ' | $0.24 | $0.08 |