Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 18, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | GOLD RESOURCE CORP | ||
Entity Central Index Key | 1160791 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 54,179,369 | ||
Entity Public Float | $274,147,607 | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $27,541 | $14,973 |
Gold and silver bullion | 3,447 | 3,801 |
Accounts receivable | 1,416 | 2,307 |
Inventories | 7,295 | 7,468 |
IVA taxes receivable | 575 | |
Income taxes receivables | 2,960 | |
Deferred tax assets | 3,891 | 2,282 |
Prepaid expenses and other current assets | 2,935 | 5,808 |
Total current assets | 47,100 | 39,599 |
Property, plant and mine development, net | 32,348 | 18,354 |
Deferred tax assets | 25,519 | 29,814 |
Investments (including $2,389 and nil, respectively, measured at fair value) | 2,620 | 231 |
Other non-current assets | 4,078 | 4,431 |
Total assets | 111,665 | 92,429 |
Current liabilities: | ||
Accounts payable | 3,892 | 2,873 |
Accrued expenses and other current liabilities | 3,923 | 5,613 |
Capital lease obligations | 1,498 | 1,469 |
IVA taxes payable | 925 | |
Income taxes payable | 7,907 | |
Dividends payable | 542 | 538 |
Deferred tax liability | 460 | |
Total current liabilities | 17,762 | 11,878 |
Capital lease obligations | 834 | 2,387 |
Reclamation and remediation liabilities | 2,993 | 2,887 |
Total liabilities | 21,589 | 17,152 |
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 54,179,369 shares issued and outstanding, respectively | 55 | 54 |
Additional paid-in capital | 93,094 | 88,044 |
Retained earnings/Accumulated (deficit) | 3,982 | -5,766 |
Treasury stock at cost, 336,398 shares | -5,884 | -5,884 |
Accumulated other comprehensive (loss) | -1,171 | -1,171 |
Total shareholders' equity | 90,076 | 75,277 |
Total liabilities and shareholders' equity | $111,665 | $92,429 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Investments fair value | $2,620 | $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 | 54,179,369 |
Common stock, shares outstanding | 54,515,767 | 54,179,369 |
Treasury stock, shares | 336,398 | 336,398 |
Canamex Resources Corporation - Common Shares [Member] | ||
Investments fair value | $2,389 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations And Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements Of Operations And Comprehennsive Income [Abstract] | |||
Sales, net | $115,405 | $125,784 | $131,794 |
Mine cost of sales: | |||
Production costs | 60,241 | 65,022 | 42,574 |
Depreciation and amortization | 4,293 | 2,392 | 1,366 |
Reclamation and remediation | 112 | 81 | |
Total mine cost of sales | 64,534 | 67,526 | 44,021 |
Mine gross profit | 50,871 | 58,258 | 87,773 |
Costs and expenses: | |||
General and administrative expenses | 12,336 | 16,260 | 13,507 |
Exploration expenses | 6,947 | 9,470 | 8,008 |
Facilities and mine construction | 22,198 | 16,554 | |
Total costs and expenses | 19,283 | 47,928 | 38,069 |
Operating income | 31,588 | 10,330 | 49,704 |
Other expense | -322 | -1,355 | -2,736 |
Income before income taxes | 31,266 | 8,975 | 46,968 |
Provision for income taxes | 15,021 | 8,890 | 13,297 |
Net income | 16,245 | 85 | 33,671 |
Other comprehensive (loss) income: | |||
Currency translation gain | 7 | 2,800 | |
Comprehensive income | $16,245 | $92 | $36,471 |
Net income per common share: | |||
Basic | $0.30 | $0 | $0.64 |
Diluted | $0.30 | $0 | $0.60 |
Weighted average shares outstanding: | |||
Basic | 54,119,095 | 53,255,259 | 52,846,163 |
Diluted | 54,620,332 | 55,299,475 | 56,315,885 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Shareholders' Equity (USD $) | Common Shares [Member] | Additional Paid-in Capital [Member] | Retained Earnings/Accumulated (Deficit) [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands, except Share data | ||||||
Balance at Dec. 31, 2011 | $53 | |||||
Balance at Dec. 31, 2011 | 132,529 | -39,522 | -1,954 | -3,978 | 87,128 | |
Balance (in shares) at Dec. 31, 2011 | 52,998,303 | |||||
Stock options granted | 6,600 | 6,600 | ||||
Stock option exercised (in shares) | 17,464 | |||||
Purchase of treasury stock | -3,930 | -3,930 | ||||
Return of capital dividend | -36,455 | -36,455 | ||||
Currency translation adjustment | 2,800 | 2,800 | ||||
Net income | 33,671 | 33,671 | ||||
Balance at Dec. 31, 2012 | 53 | |||||
Balance at Dec. 31, 2012 | 102,674 | -5,851 | -5,884 | -1,178 | 89,814 | |
Balance (in shares) at Dec. 31, 2012 | 53,015,767 | |||||
Stock options granted | 7,617 | 7,617 | ||||
Stock option exercised | 1 | 644 | 645 | |||
Stock option exercised (in shares) | 1,100,000 | |||||
Purchase of treasury stock | ||||||
Return of capital dividend | -22,891 | -22,891 | ||||
Currency translation adjustment | 7 | 7 | ||||
Net income | 85 | 85 | ||||
Balance at Dec. 31, 2013 | 54 | 54 | ||||
Balance at Dec. 31, 2013 | 88,044 | -5,766 | -5,884 | -1,171 | 75,277 | |
Balance (in shares) at Dec. 31, 2013 | 54,115,767 | |||||
Stock option exercised | 1 | 99 | 100 | |||
Stock option exercised (in shares) | 400,000 | 400,000 | ||||
Stock option expense | 4,951 | 4,951 | ||||
Dividends paid | -6,497 | -6,497 | ||||
Net income | 16,245 | 16,245 | ||||
Balance at Dec. 31, 2014 | 55 | 55 | ||||
Balance at Dec. 31, 2014 | $93,094 | $3,982 | ($5,884) | ($1,171) | $90,076 | |
Balance (in shares) at Dec. 31, 2014 | 54,515,767 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $16,245 | $85 | $33,671 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation, depletion and amortization | 4,551 | 2,626 | 1,540 |
Stock-based compensation | 4,951 | 7,617 | 6,600 |
Deferred income taxes | 2,226 | 2,044 | -3,046 |
Other (see footnote 18) | 596 | -1,147 | 1,729 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 891 | 4,368 | 8,305 |
Inventories | -231 | -32 | -4,098 |
Prepaid expenses and other current assets | 930 | -5,127 | -14 |
Accounts payable and other accrued liabilities | -2,832 | -548 | 2,859 |
Income taxes payable/receivable | 10,326 | -3,012 | -16,406 |
Total adjustments | 21,408 | 6,789 | -2,531 |
Net cash provided by operating activities | 37,653 | 6,874 | 31,140 |
Cash flows from (used in) investing activities: | |||
Capital expenditures | -17,898 | -6,703 | -4,461 |
Proceeds from sale of subsidiary, net of distributions | 1,291 | ||
Proceeds from the sale of building | 1,763 | ||
Purchases of marketable securities | -1,805 | -231 | |
Purchases of gold and silver bullion | -1,050 | -5,164 | |
Proceeds from conversion of gold and silver bullion | 32 | 1,316 | 1,961 |
Net cash used in investing activities | -16,617 | -6,668 | -7,664 |
Cash flows from (used in) financing activities: | |||
Proceeds from exercise of stock options | 100 | 645 | |
Dividends paid | -6,494 | -25,514 | -35,940 |
Treasury stock purchases | -3,931 | ||
Proceeds from equipment financing | 4,501 | ||
Repayments of capital leases | -1,469 | -645 | |
Net cash used in financing activities | -7,863 | -21,013 | -39,871 |
Effect of exchange rate changes on cash and cash equivalents | -605 | 215 | |
Net increase (decrease) in cash and equivalents | 12,568 | -20,807 | -16,180 |
Cash and equivalents at beginning of period | 14,973 | 35,780 | 51,960 |
Cash and equivalents at end of period | 27,541 | 14,973 | 35,780 |
Supplemental Cash Flow Information | |||
Interest expense paid | 149 | 102 | |
Income and mining taxes paid | $939 | $14,328 | $33,020 |
Nature_Of_Operations_And_Summa
Nature Of Operations And Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Nature Of Operations And Summary Of Significant Accounting Policies [Abstract] | |
Nature Of Operations And Summary Of Significant Accounting Policies | 1. Nature of Operations and Summary of Significant Accounting Policies |
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, as well as, doré containing gold and silver at the 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 (“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”). | |
Significant Accounting Policies | |
Basis of Presentation | |
The consolidated financial statements included herein are expressed in United States dollars, and conform to United States generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company, its wholly-owned Mexican subsidiary, Don David Gold Mexico S.A. de C.V. (“Don David Gold Mexico”) and its wholly-owned United States subsidiary Gold Resource Corporation, Nevada. Intercompany accounts and transactions have been eliminated in consolidation. | |
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. | |
Adjustments | |
During 2014, the Company determined that it incorrectly classified the presentation of deferred income taxes, the presentation of a deferred charge, and the presentation of an investment within the consolidated balance sheet. As of December 31, 2013, the Company made certain tax related reclassifications on the consolidated balance sheet which resulted in a $1.7 million decrease to current deferred tax assets, a $2.2 million increase to noncurrent deferred tax assets and a $0.5 million increase to current deferred tax liability. We also reclassified $3.5 million from income tax receivable to other noncurrent assets and $0.2 million was reclassified from prepaid expenses and other current assets to investments. Additionally, for 2013 the following immaterial corrections were made to the consolidated statements of cash flows associated with the above changes; amounts previously presented as changes in income tax payable/receivable have been reclassified as other and amounts previously presented as changes in prepaid expenses and other current assets have been reclassified as purchases of marketable securities. There was an increase in the net cash provided by operating activities of $0.2 million and a corresponding decrease in the net cash used in investing activities reported for the period ended December 31, 2013 as a result of these changes. The reclassification was made for presentation purposes and had no material impact on the consolidated statements of operations and comprehensive income. | |
Reclassifications | |
Certain amounts presented in prior periods have been reclassified to conform with the current period presentation. The reclassifications had no effect on the Company’s net income. | |
Exploration Stage Company | |
As of January 1, 2014, the consolidated financial statements are no longer presented in accordance with ASC 915 and the provisions of SEC Industry Guide 7 relating to Exploration Stage Enterprises. 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 to a Production 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. | |
Cash and Cash Equivalents | |
Cash and cash equivalents consist of all cash balances and highly liquid investments with a remaining maturity of three months or less when purchased and are carried at cost. | |
Gold and Silver Bullion | |
From time to time, the Company may purchase gold and silver bullion on the open market in order to diversify its treasury and provide for an alternative form of payment for dividends. The purchased gold and silver bullion is carried at the lower of average purchase cost or quoted market value prices based on the daily London P.M. fix as of the balance sheet date. | |
Accounts Receivable | |
Accounts receivable consists of trade receivables from the sale of doré and metals concentrate. | |
Inventories | |
Write-downs of inventory are reported as a component of production costs applicable to sales. The major inventory categories are below. | |
Stockpile Inventories: Stockpile inventories represent ore that has been mined and is available for further processing. Stockpiles are measured by estimating the number of tonnes added and removed from the stockpile, an estimate of the contained metals (based on assay data) and the estimated metallurgical recovery rates. Costs are allocated to stockpiles based on relative values of material stockpiled and processed using current mining costs incurred, including applicable overhead, depreciation and amortization relating to mining operations. Material is removed at each stockpile’s average cost per tonne. Stockpiles are carried at the lower of average cost or market. Market represents the estimated future sales price of the product based on current and long-term metals prices, less the estimated costs to complete production and bring the product to sale. The current portion of stockpiles is determined based on the expected amounts to be processed within the next 12 months. Stockpiles not expected to be processed within the next 12 months are classified as long term. As of December 31, 2014, all underground mine stockpile inventory was classified as current and all open pit mine stockpile inventory was classified as non-current. | |
Concentrate Inventories: Concentrates inventories include metal concentrates located either at the Company’s facilities or in transit to its customer’s port. Inventories consist of copper, lead and zinc metal concentrates, which also contain gold and silver mineralization. Concentrate inventories are carried at the lower of full cost of production or market based on current metals prices. | |
Doré Inventory: Doré includes gold and silver doré bars in transit to, or received by its customer prior to settlement. Doré inventories are carried at the lower of full cost of production or market based on current metals prices. | |
Materials and Supplies Inventories: Materials and supplies inventories consist of chemical reagents, parts, fuels and other materials and supplies. Cost includes applicable taxes and freights. Materials and supply inventory is carried at the lower of cost or market. | |
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 applicable investments and debt, in our consolidated statements of operation, in other income (expense). 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 Note 2 to the Consolidated Financial Statements for additional information. | |
IVA Taxes Receivable and Payable | |
In Mexico, value added taxes (“IVA”) that assessed on purchases of materials and services and sales of products. Businesses are generally entitled to recover the taxes they have paid related to purchases of materials and services, either as a refund or as a credit against future taxes payable. Likewise, businesses owe IVA taxes as the business sells a product and collects IVA taxes from its customers. | |
Amounts recorded as IVA taxes payable in the consolidated financial statements represent the net estimated IVA tax liability, since there is a legal right of offset of IVA taxes receivable and payable. | |
Property Plant and Mine Development | |
Land and Mineral Rights: The costs of acquiring land and mineral rights are considered tangible assets. Administrative and holding costs to maintain an exploration property are expensed as incurred. If a mineable mineral deposit is discovered, such capitalized costs are amortized when production begins using the UOP method. If no mineable mineral deposit is discovered or such rights are otherwise determined to have diminished value, such costs are expensed in the period in which the determination is made. | |
Mine Development: The costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure. Cost incurred before mineralization is classified as proven and probable reserves are expensed and classified as exploration expenses. Capitalization of mine development project costs, that meet the definition of an asset, begins once mineralization is classified as proven and probable reserves. | |
Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of production costs. All other drilling and related costs are expensed as incurred | |
Mine development costs are amortized using UOP based on estimated recoverable ounces in proven and probable reserves. | |
Property and Equipment: All items of property and equipment are carried at cost. Normal maintenance and repairs are expensed as incurred while expenditures for major maintenance and betterments are capitalized. Gains or losses on disposition are recognized in other income. | |
Depreciation and Amortization: Capitalized costs are depreciated or amortized using the straight-line or UOP method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities or the useful life of the individual assets. Productive lives range from 3 to 30 years, but do not exceed the useful life of the individual asset. Our estimates for proven and probable reserves are a key component in determining our UOP depreciation rates. Our estimates of proven and probable reserves may change, possibly in the near term, resulting in changes to depreciation and amortization rates in future reporting periods. | |
Impairment of Long-Lived Assets | |
The Company evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Asset impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the asset. Any impairment losses are measured and recorded based on discounted estimated future cash flows and are charged to expense on the Company’s consolidated statements of operations and comprehensive income. In estimating future cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of future cash flows from other asset groups. The Company’s estimates of future cash flows are based on numerous assumptions, including expected gold and other commodity prices, production levels, capital requirements and estimated salvage values | |
Existing proven and probable reserves are included when estimating the fair value in determining whether the assets are impaired. The Company’s estimates of future cash flows are based on numerous assumptions and it is possible that actual future cash flows will be significantly different than the estimates, as actual future quantities of recoverable minerals, gold and other commodity prices, production levels and costs and capital are each subject to significant risks and uncertainties. | |
Treasury Stock | |
Treasury stock represents shares of the Company’s common stock which has been repurchased on the open market at the prevailing market price at the time of purchase. Treasury stock is shown at cost as a separate component of equity as a deduction from total capital stock. | |
Revenue Recognition | |
The Company recognizes revenue when an arrangement exists, the price is fixed and determinable, the title and risk of loss have transferred to the buyer and collection is reasonably assured. | |
Concentrate sales: Concentrate sales are initially recorded using quoted metal prices at the time of shipment and contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the concentrates at the quoted metal prices at the time of shipment. The embedded derivative, which does not qualify for hedge accounting, is adjusted to market through revenue each period prior to final settlement. Changes in the prices of metals that the Company sells, as quoted on the London Bullion Market, between the shipment and final settlement dates will result in adjustments to revenues related to sales of concentrate previously recorded upon shipment. Sales are recorded net of charges for treatment, refining, smelting losses and other charges negotiated between us and the buyer. These charges are estimated upon shipment of concentrates based on contractual terms and adjusted to reflect actual charges at final settlement. Historically, actual charges have not varied materially from the Company’s initial estimates. | |
Doré sales: Doré sales are recognized using quoted metal prices when the title has been transferred and collection of the sales price is reasonably assured, net of treatment and refining charges. Financing fees, resulting from early settlement with the refinery are treated as other expenses. | |
Production Costs | |
Production costs include labor and benefits, royalties, concentrate and doré shipping costs, mining subcontractors, fuel and lubricants, legal and professional fees related to mine operations, stock-based compensation attributable to mine workers, 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. | |
Exploration Costs | |
Exploration costs are charged to expense as incurred. Costs to identify new mineral resources, to evaluate potential resources, and to convert mineral resources into proven and probable reserves are considered exploration costs. | |
Stock-Based Compensation | |
The Company records compensation expense for the fair value of stock options that are granted. Expense is recognized on a straight-line basis over the vesting periods, if any, of the options. The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model, which requires the input of subjective assumptions including expected volatility of the underlying stock, risk-free interest rates, the expected life of the option, dividend yields and expected forfeitures and cancellations. Expected volatility is based on the historical price volatility of the Company’s common stock. Risk-free interest rates are based on U.S. government obligations with a term approximating the expected life of the option. The expected life is estimated in accordance with SEC Staff Accounting Bulletin No. 107, “Share-Based Payment”. The Company paid dividends beginning in July 2010, and accordingly, a dividend yield was considered in calculating the grant date fair value of options granted subsequent to that date; however, no dividend yield was considered for options granted prior to July 2010. In addition, the Company estimates the expected forfeiture rate and only recognizes expense for those options expected to vest. | |
Reclamation and Remediation Costs | |
Reclamation obligations are recognized when incurred and recorded as liabilities at fair value. Prior to 2014 the Company had been recognizing only reclamation and remediation obligation and all associated asset retirement costs were written off due to the exploration stage status of the company. The company had $3.0 million of reclamation and remediation obligation at December 31, 2013. | |
In 2014 the company became a production stage company and therefore capitalized asset retirement costs (“ARC”) and recorded an asset retirement obligation (“ARO”) of $0.4 million, partially offset by a $0.3 million foreign exchange gain on the reclamation and remediation obligation. The ARO liability is accreted over time through periodic charges to earnings and the ARC is amortized over the life of the related asset. | |
Reclamation obligations are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. The estimated reclamation obligation is based on when spending for an existing disturbance is expected to occur. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at the mine site in accordance with Accounting Standards Codification 410 – Asset Retirement and Environmental Obligations (“ASC 410”) guidance for reclamation obligations. | |
Comprehensive Income (Loss) | |
Accumulated other comprehensive income (loss) is presented in the consolidated statements of changes in shareholders’ equity. Accumulated other comprehensive income (loss) is composed of foreign currency translation adjustment effects related to the historical adjustment when the functional currency was the Mexican peso. | |
Income and Mining Taxes | |
Income taxes are computed using the asset and liability method. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial and tax reporting purposes and the effect of net operating loss and foreign tax credit carry-forwards using enacted tax rates in effect in the years in which the differences are expected to reverse. Deferred tax assets are evaluated to determine if it is more likely than not that they will be realized | |
In December 2013, the Mexican president approved a tax reform bill that enacted a new Income Tax Law (“MITL”), which increased the effective tax rate applicable to the Company’s Mexican operations effective January 1, 2014. The MITL increases the future corporate income tax rate to 30%, creates a 10% withholding tax on dividends paid to non-resident shareholders (subject to any reduction by an Income Tax Treaty), and creates a new royalty fee equal to 0.5% of gross revenue from the sale of gold, silver and platinum. | |
In addition, the law requires taxpayers with mining concessions to pay a new 7.5% royalty tax. The royalty fee and royalty tax will be tax deductible for income tax purposes. The royalty tax will generally be applicable to earnings before income tax, depreciation, depletion, amortization, and interest. In calculating the royalty tax there will be no deductions related to depreciable costs from operational fixed assets but exploration and prospecting depreciable costs are deductible when incurred. | |
Net Income Per Share | |
Diluted income per share reflects the dilution that could occur if potentially dilutive securities, as determined using the treasury stock method, are converted into common stock. Potentially dilutive securities, such as stock options and warrants, are excluded from the calculation when their inclusion would be anti-dilutive, such as periods when a net loss is reported or when the exercise price of the instrument exceeds the average fair market value. | |
Foreign Currency | |
The functional currency for all of the Company’s subsidiaries is United States dollars (“US dollars”). | |
Concentration of Credit Risk | |
During the years ended December 31, 2014, 2013 and 2012, most of the Company’s concentrate sales and accounts receivable were through Consorcio Minero de Mexico Cormin Mex. S.A. de C.V., a Trafigura Group Company (“Trafigura”). Sales and receivables related to Trafigura for those years ended comprised of 93% for 2014 and 100% for both 2012 and 2013. During 2014, the Company sold a small portion of its concentrates to a metal exporter. During the third quarter of 2014, the Company also entered into a contract to sell all of its doré to Johnson Matthey Gold & Silver Refining Inc. (“Johnson Matthey”). | |
The Company has carefully considered and assessed the credit risk resulting from its concentrate sales and doré sales arrangements with Trafigura, Louis Dreyfus and Johnson Matthey and believes it is not exposed to significant credit risk in relation to the counterparty meeting its contractual obligations as it pertains to its trade receivables during the ordinary course of business. In the event that the Company’s relationship with Trafigura, Louis Dreyfus or Johnson Matthey is interrupted for any reason, the Company believes that it would be able to locate another entity to purchase its metals concentrates and doré bars. However, any interruption could temporarily disrupt the Company’s sale of its products and adversely affect operating results. | |
The Company’s El Aguila Project, which is located in the State of Oaxaca, Mexico, accounted for 100% of the Company’s total sales for the years ended December 31, 2014, 2013 and 2012. | |
Some of the Company’s operating cash balances are maintained in accounts that currently exceed federally insured limits. The Company believes that the financial strength of depositing institutions mitigate the underlying risk of loss. To date, these concentrations of credit risk have not had a significant impact on the Company’s financial position or results of operations. | |
Recently Issued Accounting Standards Updates | |
Accounting Standards Update No. 2014-09—Revenue from Contracts with Customers (Topic 606) | |
On May 28, 2014, the Financial Accounting Standards Board (“FASB”) issued guidance that requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The guidance will replace most existing revenue recognition guidance when it becomes effective. The new standard is effective for the Company on September 1, 2017, and early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that this new guidance will have on its consolidated financial statements and related disclosures. The Company has not selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Fair Value Measurement [Abstract] | |||||||||||
Fair Value Measurement | 2. Fair Value Measurement | ||||||||||
Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: | |||||||||||
Level 1Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |||||||||||
Level 2Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and | |||||||||||
Level 3Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). | |||||||||||
The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy. As required by accounting guidance, assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||
Fair Value as of December 31, 2014 | |||||||||||
Level 1 | Level 2 | Level 3 | Total | Balance Sheet Classification | |||||||
(in thousands) | |||||||||||
Cash equivalents | $ | 1,947 | $ | - | $ | - | $ | 1,947 | Cash and cash equivalents | ||
Receivables related to unsettled invoices (1) | $ | - | $ | 1,416 | $ | - | $ | 1,416 | Accounts receivable | ||
Investments in equity securities | $ | 2,389 | $ | - | $ | - | $ | 2,389 | 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 as of the reporting date, 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 consolidated statements of operations and comprehensive income for the years ended December 31, 2014, 2013 and 2012, respectively, as shown in the following table: | |||||||||||
Years Ended December 31, | |||||||||||
Type | 2014 | 2013 | 2012 | Statement of Operations Classification | |||||||
(in thousands) | |||||||||||
Receivables related to unsettled invoices Provisionally priced sales (1) | Derivative (loss) gain | $ | -1,121 | $ | 563 | $ | 219 | Sales, net | |||
-1 | 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 mark-to-market outstanding provisional invoices. Because these provisionally priced sales have not settled as of the reporting date, the mark-to-market adjustment related to these invoices is included in sales, net as of each reporting date. | ||||||||||
Gold_And_Silver_Bullion
Gold And Silver Bullion | 12 Months Ended | |||||||||
Dec. 31, 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 under which shareholders may exchange their cash dividend for gold and 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 year ended December 31, 2014, the Company made no purchases of gold or silver bullion. During the year ended December 31, 2013, the Company purchased approximately 708 ounces of gold and 1,005 ounces of silver at market prices for a total cost of $1.1 million. During the year ended December 31, 2014, approximately 47 ounces of gold and 1,024 ounces of silver were converted into gold and silver bullion and distributed under the dividend program, resulting in a nil realized loss. During the year ended December 31, 2013, approximately 789 ounces of gold and 3,275 ounces of silver were converted into gold and silver bullion and distributed under the dividend program, resulting in a realized loss of $0.1 million. | ||||||||||
The Company recorded impairment write-downs on its silver bullion totaling $0.3 million for the year ended December 31, 2014 and $1.7 million for the year ended December 31, 2013. | ||||||||||
The table below shows the balance of the Company’s holdings of bullion as of December 31, 2014 and 2013: | ||||||||||
2014 | 2013 | |||||||||
Gold | Silver | Gold | Silver | |||||||
(in thousands, except ounces and per ounce ) | (in thousands, except ounces and per ounce ) | |||||||||
Ounces | 1,646 | 92,237 | 1,693 | 93,225 | ||||||
Carrying value per ounce | $ | 1,199.25 | $ | 15.97 | $ | 1,206.23 | $ | 18.86 | ||
Total carrying value | $ | 1,974 | $ | 1,473 | $ | 2,042 | $ | 1,759 | ||
Inventories
Inventories | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Inventories [Abstract] | |||||
Inventories | 4. Inventories | ||||
Inventories at December 31, 2014 and 2013 consisted of the following: | |||||
2014 | 2013 | ||||
(in thousands) | |||||
Stockpiles - underground mine | $ | 116 | $ | 1,586 | |
Concentrates | 1,481 | 480 | |||
Materials and supplies (1) | 5,698 | 5,402 | |||
Inventories- current | 7,295 | 7,468 | |||
Stockpiles - open pit mine | 903 | 903 | |||
Inventories- non-current | 903 | 903 | |||
Total inventories | $ | 8,198 | $ | 8,371 | |
-1 | Net of reserve for obsolescence of $217 and $654, respectively | ||||
Prepaid_Expenses_And_Other_Cur
Prepaid Expenses And Other Current Assets | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Prepaid Expenses And Other Current Assets [Abstract] | |||||
Prepaid Expenses And Other Current Assets | 5. Prepaid Expenses and Other Current Assets | ||||
Prepaid expenses and other assets at December 31, 2014 and 2013 consisted of the following: | |||||
2014 | 2013 | ||||
(in thousands) | |||||
Other receivable | $ | 179 | $ | 1,489 | |
Advances to suppliers | 1,193 | 1,705 | |||
Prepaid insurance | 329 | 1,440 | |||
Warranty deposits | 921 | 925 | |||
Other | 313 | 249 | |||
Prepaid expenses and other current assets | $ | 2,935 | $ | 5,808 | |
Property_Plant_And_Mine_Develo
Property, Plant And Mine Development | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Property, Plant And Mine Development [Abstract] | |||||
Property, Plant And Mine Development | 6. Property, Plant and Mine Development | ||||
At December 31, 2014 and 2013, property, plant and mine development consisted of the following: | |||||
2014 | 2013 | ||||
(in thousands) | |||||
Machinery and equipment | $ | 19,398 | $ | 17,510 | |
Mine development | 13,393 | - | |||
Furniture, computer and office equipment | 2,899 | 2,698 | |||
Mill facilities and infrastructure | 2,825 | - | |||
Light vehicles and other mobile equipment | 1,942 | 1,875 | |||
Building (1) | - | 1,737 | |||
Construction-in-progress | 592 | - | |||
Asset retirement costs | 448 | - | |||
Land and mineral rights | 227 | 227 | |||
Subtotal | 41,724 | 24,047 | |||
Accumulated depletion, depreciation and amortization | -9,376 | -5,693 | |||
Total property and equipment, net | $ | 32,348 | $ | 18,354 | |
-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. | ||||
Depletion, depreciation and amortization expense for years ended December 31, 2014, 2013 and 2012 was $4.6 million, $2.6 million and $1.5 million, respectively. | |||||
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. 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 transaction fees, which approximates the net carrying value of the equipment. The equipment leases bear interest at 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 $0.1million. The present value of the future minimum lease payments, including the bargain purchase options and up-front transaction fees, totaled $4.8 million, of which $3.1 million represents machinery and equipment and $1.7 million represents facilities and mine construction expenses. Depreciation on the leased assets is recorded over their estimated useful lives. | |||||
As of December 31, 2014, the Company’s obligations under capital leases are as follows: | |||||
Years Ended December 31, | (in thousands) | ||||
2015 | $ | 1,578 | |||
2016 | 853 | ||||
Total payments due | 2,431 | ||||
Less amounts representing interest | -99 | ||||
Subtotal | 2,332 | ||||
Less current portion | -1,498 | ||||
Non-current portion | $ | 834 | |||
Investments
Investments | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Investments [Abstract] | |||||||
Investments | 7. Investments | ||||||
Investments in equity securities at December 31, 2014 and December 31, 2013 consisted of the following: | |||||||
Fair Value as of December 31, 2014 | |||||||
Cost | Accumulated unrealized gain | Total | |||||
(in thousands) | |||||||
Investments in equity securities | |||||||
Canamex Resources Corporation - common shares | $ | 1,805 | $ | 584 | $ | 2,389 | |
Laguna Gold Pty Ltd - common shares | 231 | - | 231 | ||||
Total Investments | $ | 2,036 | $ | 584 | $ | 2,620 | |
Fair Value as of December 31, 2013 | |||||||
Cost | Accumulated unrealized gain | Total | |||||
(in thousands) | |||||||
Investments in equity securities | |||||||
Laguna Gold Pty Ltd - common shares | $ | 231 | $ | - | $ | 231 | |
Total Investments | $ | 231 | $ | - | $ | 231 | |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Income Taxes [Abstract] | |||||||
Income Taxes | 8. Income Taxes | ||||||
The Company files income taxes on an entity basis. Gold Resource Corporation files as a U.S. Corporation (“U.S. Operations”) and the Company’s subsidiary files in Mexico. For financial reporting purposes, net income before income taxes and extraordinary item include the following components: | |||||||
Years Ended December 31, | |||||||
2014 | 2013 | 2012 | |||||
(in thousands) | |||||||
U.S. Operations | $ | -8,396 | $ | -5,900 | $ | -13,045 | |
Foreign Operations | 39,662 | 14,875 | 60,013 | ||||
Total income before income taxes | $ | 31,266 | $ | 8,975 | $ | 46,968 | |
The Company’s income tax provision consisted of: | |||||||
Years Ended December 31, | |||||||
2014 | 2013 | 2012 | |||||
(in thousands) | |||||||
Current taxes: | |||||||
Federal | $ | 353 | $ | - | $ | - | |
State | - | - | - | ||||
Foreign | 12,442 | 10,374 | 22,067 | ||||
Total current taxes | $ | 12,795 | $ | 10,374 | $ | 22,067 | |
Deferred taxes: | |||||||
Federal | $ | 1,169 | $ | -2,186 | $ | 2,913 | |
State | - | - | 298 | ||||
Foreign | 1,057 | 702 | -11,981 | ||||
Total deferred taxes | $ | 2,226 | $ | -1,484 | $ | -8,770 | |
Total income provision | $ | 15,021 | $ | 8,890 | $ | 13,297 | |
The provision for income taxes for the years ended December 31, 2014, 2013 and 2012 differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to pre-tax income from operations as a result of the following differences: | |||||||
Years Ended December 31, | |||||||
2014 | 2013 | 2012 | |||||
(in thousands) | |||||||
Tax at statutory rates | $ | 10,943 | $ | 3,141 | $ | 16,031 | |
U.S Operations - state income tax impact | -116 | 520 | 345 | ||||
Foreign rate differential | -1,906 | -2,434 | -2,826 | ||||
Dividends, net of foreign tax credits | 3,082 | 2,958 | 2,050 | ||||
Adjustments to deferred tax assets | -1,345 | 141 | 2,561 | ||||
Change in valuation allowance | 116 | 2,228 | -4,644 | ||||
Disposition of GTR | - | 122 | - | ||||
Mexico mining tax | 2,964 | -380 | - | ||||
Stock-based compensation | 764 | 833 | - | ||||
Nondeductible expenses and other | 1,013 | 1,856 | 100 | ||||
Impact of foreign exchange change | -494 | -95 | -320 | ||||
Tax provision | $ | 15,021 | $ | 8,890 | $ | 13,297 | |
In December 2013, the Mexican president approved a tax reform bill that enacted a new Income Tax Law (“MITL”), which increased the effective income tax rate applicable to the Company’s Mexican operations effective January 1, 2014. The MITL increases the future corporate income tax rate to 30%, creates a 10% withholding tax on dividends paid to non-resident shareholders (subject to any reduction by an Income Tax Treaty), and creates a new royalty fee equal to 0.5% of gross revenue from the sale of gold, silver and platinum. | |||||||
In addition, the law requires taxpayers with mining concessions to pay a new 7.5% royalty tax. The royalty fee and royalty tax will be tax deductible for income tax purposes. The royalty tax will generally be applicable to earnings before income tax, depreciation, depletion, amortization, and interest. In calculating the royalty tax there will be no deductions related to depreciable costs from operational fixed assets but exploration and prospecting depreciable costs are deductible when incurred. | |||||||
The Company recorded a non-cash charge of $0.7 million related to the deferred tax impacts of the above tax changes for the year ended December 31, 2013. | |||||||
Undistributed earnings of the Company’s foreign subsidiaries were approximately $130.1 million at December 31, 2014. These earnings are considered to be indefinitely reinvested, and do not include earnings which are considered distributed. Accordingly, no provision for U.S. federal and state income taxes has been provided for on those earnings. If the Company were to repatriate those earnings, in the form of dividends or otherwise, the Company would be subject to both U.S. income taxes (subject to an adjustment for foreign tax credits) and foreign withholding taxes. | |||||||
The Company, on an entity-by-entity basis, evaluates the evidence available to determine whether a valuation allowance is required on the deferred tax assets. During the fourth quarter of 2012, the Company determined that the remaining deferred tax assets of its Oaxaca Mining Unit were “more likely than not” recoverable and recorded a reduction in the valuation allowance of $4.6 million. | |||||||
During 2014 and 2013, the Company determined that the deferred tax asset related to the state net operating loss carry forwards were not "more likely than not" to be realized and recorded a valuation allowance related to net operating loss carry forwards of $0.1 million and $2.2 million, respectively. | |||||||
At December 31, | |||||||
2014 | 2013 | ||||||
(in thousands) | |||||||
Current deferred tax assets: | |||||||
Other current assets | $ | 1,498 | $ | 842 | |||
Foreign tax credits | 1,721 | 1,540 | |||||
Foreign mining tax | 756 | - | |||||
Total gross current deferred tax assets | 3,975 | 2,382 | |||||
Less: valuation allowance allocated to current | -84 | -100 | |||||
Net current deferred tax asset | $ | 3,891 | $ | 2,282 | |||
Long-term deferred tax assets: | |||||||
Tax loss carryforward | |||||||
U.S. Operations | $ | 1,626 | $ | 1,320 | |||
Mexico Operations | - | - | |||||
Property and equipment | 15,006 | 18,892 | |||||
Stock-based compensation | 7,831 | 6,753 | |||||
Foreign tax credits | 2,523 | 4,570 | |||||
Other | 1,056 | 407 | |||||
Total deferred tax assets | 28,042 | 31,942 | |||||
Valuation allowance | -2,523 | -2,128 | |||||
Deferred tax assets after valuation allowance | $ | 25,519 | $ | 29,814 | |||
Deferred tax liabilities | $ | - | $ | -460 | |||
Net deferred tax asset | $ | 29,410 | $ | 31,636 | |||
At December 31, 2014, the Company has U.S. tax loss carry-forwards for U. S. tax purposes approximating $35.9 million, which expire between 2020 and 2033, and foreign tax credits of $8.2 million that expire between 2022 and 2024. | |||||||
As of December 31, 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 transferred fixed assets from the U.S. parent to its Mexico subsidiary within the consolidated group in 2013. This transfer created a difference in the tax basis of the assets in our Mexico subsidiary tax jurisdiction and consolidated financial statement carrying amounts. The net tax effect of this intercompany transaction is deferred in consolidation and recorded as a deferred charge of $3.5 million. This charge was recorded to income tax receivable in 2013 and reclassified to Non-current Other Assets in 2014 and 2013 for presentation purposes. This charge is being amortized to income tax expense over 10 years to eliminate the deferred tax impact for the intercompany transaction. | |||||||
Currently the Company is undergoing a tax examination by the Mexican tax authorities that spans back to 2011 and 2012 tax years. The tax examinations are open and ongoing and no further information has been communicated to the Company by the Mexican tax authorities. Additionally, 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. | |||||||
Accrued_Liabilities_And_Other_
Accrued Liabilities And Other Current Liabilities | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accrued Liabilities And Other Current Liabilities [Abstract] | |||||
Accured Liabilities And Other Current Liabilities | 9. Accrued Liabilities and Other Current Liabilities | ||||
Accrued liabilities and other current liabilities at December 31, 2014 and 2013 consisted of the following: | |||||
2014 | 2013 | ||||
(in thousands) | |||||
Accrued royalty payments | $ | 1,343 | $ | 1,183 | |
Accrued vendor payables | 2,212 | 1,188 | |||
Payroll and other taxes payable | 107 | 170 | |||
Accrued bonus | - | 1,800 | |||
Accrued insurance | 235 | 1,272 | |||
Other | 26 | - | |||
Accrued expenses and other current liabilities | $ | 3,923 | $ | 5,613 | |
Reclamation_And_Remediation
Reclamation And Remediation | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Reclamation And Remediation [Abstract] | |||||
Reclamation And Remediation | 10. 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 obligation for the years ended December 31, 2014 and 2013: | |||||
2014 | 2013 | ||||
(in thousands) | |||||
Reclamation and remediation liabilities – opening balance | $ | 2,887 | $ | 2,790 | |
Additions and changes in estimate | -17 | 112 | |||
Foreign currency exchange (loss) | -325 | -15 | |||
Subtotal reclamation and remediation liabilities – ending balance | 2,545 | 2,887 | |||
Asset retirement obligation addition | 448 | - | |||
Total reclamation and remediation liabilities | $ | 2,993 | $ | 2,887 | |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments And Contingencies [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | 11. Commitments and Contingencies | ||||
Operating leases | |||||
In July 2014, as part of the sale of its office building located in Colorado Springs, the Company entered into a one year lease agreement to lease a portion of the building back. In November 2012, the Company entered into a three year lease agreement to lease office space in Denver, Colorado commencing January 1, 2013. The Company’s Mexico subsidiary leases office space in Oaxaca City, Oaxaca. The subsidiary entered into a ten year lease commencing January 1, 2011. | |||||
The following is a schedule by years of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2014: | |||||
Years Ended December 31, | (in thousands) | ||||
2015 | $ | 146 | |||
2016 | 72 | ||||
2017 | 72 | ||||
2018 | 72 | ||||
2019 | 72 | ||||
Thereafter | 72 | ||||
Total | $ | 506 | |||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 12. Shareholders’ Equity |
Dividends | |
The Company declared commercial production July 1, 2010, and between July 1, 2010 and December 31, 2014, has declared monthly cash dividends totaling $1.92 per share of common stock to shareholders of record. The Company declared dividends of $6.5 million and paid dividends of $6.5 million during the year ended December 31, 2014. During the year ended December 31, 2013, the Company declared dividends of $22.9 million and paid dividends of $25.5 million. In 2013 the Board of Directors 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. For the year ended December 31, 2014, $6.5 million of declared dividends were charged to retained earnings. For the year ended December 31, 2013, $22.9 million of declared dividends were charged to paid-in capital. Subsequent to December 31, 2014, the Company declared a regular monthly cash dividend of $0.01 per common share in January and February 2015. | |
Other Matters | |
On September 23, 2011, the Board of Directors approved a share repurchase program pursuant to which the Company may repurchase up to $20.0 million of its common stock from time to time in market transactions. There is no pre-determined end date associated with the share repurchase program. As of December 31, 2013, the Company had repurchased 336,398 shares of common stock for $5.9 million. As of December 31, 2014, the Company had not repurchased any additional shares of common stock. | |
Concentrate_Sale_Settlements
Concentrate Sale Settlements | 12 Months Ended |
Dec. 31, 2014 | |
Concentrate Sale Settlements [Abstract] | |
Concentrate Sale Settlements | 13. 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, to 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 decreases to sales of $4.1 million, $5.1 million and $3.1 million, respectively, for the years ended December 31, 2014, 2013 and 2012. | |
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 $1.1 million for the year ended December 31, 2014, an decrease to sales of $0.6 million for the year ended December 31, 2013 and an increase to sales of $0.2 million for the year ended December 31, 2012. | |
Sales of metal concentrates are recorded net of smelter refining fees, treatment charges and penalties. Total charges for these items totaled $13.5 million, $14.8 million and $16.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |
Employee_Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2014 | |
Employee Benefits [Abstract] | |
Employee Benefits | 14. Employee Benefits |
401(k) Plan | |
Effective October 2012, the Company adopted a profit sharing plan which covers all U.S. employees. The Plan meets the requirements of a qualified retirement plan pursuant to the provisions of Section 401(k) of the Internal Revenue Code. The Plan provides eligible employees the opportunity to make tax deferred contributions to a retirement trust account up to 45% of their qualified wages, subject to the IRS annual maximums. The Company will match 100% of the employee's deferred contribution for contributions representing up to 100% of each participating employee's deferred earnings. Employees vest in the Company's matching contribution immediately. The Company’s matching contribution expense amounted to $0.1 million in 2014, $0.1 million in 2013 and $0.1 million in 2012. The unfunded matching contribution obligation was nil for the year ended December 31, 2014. | |
Stock_Options
Stock Options | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Stock Options [Abstract] | ||||||||||
Stock Options | 15. 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”). The Plan is administered by the Board of Directors, which determines the terms pursuant to which any option is granted. The maximum amount of common stock subject to grant under the Plan is 10 million shares. As of December 31, 2014, there were 1.5 million shares available for future grant under the Plan. | ||||||||||
A summary of activity under the Plan as of December 31, 2014, is presented below: | ||||||||||
Shares | Weighted Average Exercise Price (per share) | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (thousands) | |||||||
Outstanding as of January 1, 2014 | 5,615,000 | $ | 9.66 | 6.7 | $ | 3,364 | ||||
Granted | 10,000 | 5.81 | ||||||||
Exercised | -400,000 | 0.25 | ||||||||
Forfeited | -550,000 | 16.86 | ||||||||
Outstanding as of December 31, 2014 | 4,675,000 | $ | 9.61 | 5.9 | $ | - | ||||
Vested and exercisable as of December 31, 2014 | 3,901,669 | $ | 8.68 | 5.5 | $ | - | ||||
The weighted-average grant date fair value of options granted during the years ended December 31, 2014, 2013, and 2012 was $2.27, $4.24 and $11.01, respectively. The total fair value of shares vested during the years ended December 31, 2014, 2013 and 2012 was $5.5 million, $8.3 million and $1.6 million, respectively. The Company received $0.1 million in cash proceeds from options exercised during 2014. | ||||||||||
The following table summarizes information about stock options outstanding at December 31, 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 | 3.7 | $ | 3.66 | 1,900,000 | $ | 3.66 | |||
$5.81 - $14.36 | 1,675,000 | 7.4 | $ | 10.87 | 1,255,002 | $ | 10.77 | |||
$17.10 - $20.51 | 1,100,000 | 7.6 | $ | 17.97 | 746,667 | $ | 17.96 | |||
4,675,000 | 5.9 | $ | 9.61 | 3,901,669 | $ | 8.68 | ||||
The fair value of stock option grants is amortized over the respective vesting period. Total stock-based compensation expense related to stock options allocated among production costs and general and administrative expense for the years ended December 31, 2014, 2013 and 2012 was $5.0 million, $7.6 million, $6.6 million, respectively. Below is a table of stock-based compensation expense allocated between production and general and administrative expense for the years ended December 31, 2014, 2013 and 2012: | ||||||||||
2014 | 2013 | 2012 | ||||||||
(in thousands) | ||||||||||
Production costs | $ | 2,182 | $ | 2,380 | $ | 1,737 | ||||
General and administrative expenses | 2,769 | 5,237 | 4,863 | |||||||
Total stock-based compensation | $ | 4,951 | $ | 7,617 | $ | 6,600 | ||||
The estimated unrecognized stock-based compensation expense from unvested options as of December 31, 2014, was approximately $2.8 million, which is expected to be recognized over the remaining vesting periods of up to 2.0 years. | ||||||||||
The assumptions used to determine the value of our stock-based awards under the Black-Scholes method are summarized below: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Risk-free interest rate | 0.69% | 0.68% - 1.62% | 0.62% - 2.31% | |||||||
Dividend yield | 1.63% | 2.87% - 3.40% | 2.47% - 3.14% | |||||||
Expected volatility | 53.63% | 62.74% - 63.21% | 62.94% - 67.20% | |||||||
Expected life in years | 5 | 5 | 5 | |||||||
Other_Income_Expense
Other Income (Expense) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Other Income (Expense) [Abstract] | |||||||
Other Income (Expense) | 16. Other income (expense) | ||||||
During the years ended December 31, 2014, 2013 and 2012, other income (expense) consisted of the following: | |||||||
2014 | 2013 | 2012 | |||||
(in thousands) | |||||||
Currency exchange (loss) | $ | -830 | $ | -357 | $ | -2,881 | |
Impairment (loss) on gold and silver bullion | -279 | -1,743 | - | ||||
Unrealized gain from investments | 702 | - | - | ||||
Realized gain (loss) from gold and silver bullion converted | 4 | -58 | -64 | ||||
Interest income | 161 | 166 | 122 | ||||
Other (expense) income | -80 | 637 | 87 | ||||
Total other income (expense) | $ | -322 | $ | -1,355 | $ | -2,736 | |
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Net Income (Loss) Per Share [Abstract] | |||||||
Net Income (Loss) Per Share | 17. Net Income per Common Share | ||||||
Basic earnings per share is calculated based on the weighted average number of common shares outstanding for the year. 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 year, have been exercised on the later of the beginning of the year 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 year. | |||||||
The effect of potentially dilutive stock options on the weighted average number of shares outstanding for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||
Year Ended December 31, | |||||||
2014 | 2013 | 2012 | |||||
(in thousands) | |||||||
Net income | $ | 16,245 | $ | 85 | $ | 33,671 | |
Basic weighted average shares of common stock | 54,119,095 | 53,255,259 | 52,846,163 | ||||
Dilutive effect of stock options | 501,237 | 2,044,216 | 3,469,722 | ||||
Diluted weighted average common shares outstanding | 54,620,332 | 55,299,475 | 56,315,885 | ||||
Basic: | |||||||
Net income per basic share | $ | 0.30 | $ | 0.00 | $ | 0.64 | |
Diluted: | |||||||
Net income per diluted share | $ | 0.30 | $ | 0.00 | $ | 0.60 | |
Stock options totaling 2.8 million, 2.6 million and 1.3 million as of December 31, 2014, 2013 and 2012, respectively, were excluded from the computation of diluted weighted average shares outstanding due to being anti-dilutive. The exercise price of those stock options exceeded the average market price of the Company’s common shares of $4.78, $9.06 and $22.07 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||
Supplementary_CashFlow_Informa
Supplementary Cash-Flow Information | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Supplementary Cash-Flow Information | |||||||
Supplementary Cash-Flow Information | 18. Supplementary Cash-Flow Information | ||||||
During the years ended December 31, 2014, 2013 and 2012, other within the net cash provided by operations on the statement of cash flows consisted of the following: | |||||||
2014 | 2013 | 2012 | |||||
(in thousands) | |||||||
Gain on disposition of property and plant | $ | -146 | $ | - | $ | - | |
Impairment loss on gold and silver bullion | 279 | 1,743 | -58 | ||||
Reclamation and remediation | - | 112 | 339 | ||||
Reserve for uncollectible advances | 242 | - | - | ||||
Unrealized (gain) on investments | -702 | - | - | ||||
Unrealized foreign currency exchange loss | 1,109 | 526 | 1,442 | ||||
Allowance for uncollectible IVA | -1,126 | - | - | ||||
Write-down of obsolete material and supply inventory | 402 | - | - | ||||
Deferred charge (see footnote 8) | 353 | -3,528 | - | ||||
Other | 185 | - | 6 | ||||
Total other | $ | 596 | $ | -1,147 | $ | 1,729 | |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Quarterly Financial Data [Abstract] | |||||||||
Quarterly Financial Information | |||||||||
19. Quarterly Financial Data (Unaudited) | |||||||||
Revision of Prior Period Financial Statements | |||||||||
Misapplication of Other Receivable. 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, we recorded the following immaterial corrections to the interim financial statements for the second quarter of 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. | |||||||||
The following represents selected information from our unaudited quarterly consolidated statements of operations and comprehensive income (loss) for the years ended December 31, 2014 and 2013. | |||||||||
2014 | |||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||
(in thousands) | |||||||||
Sales, net | $ | 31,152 | $ | 33,669 | $ | 21,052 | $ | 29,532 | |
Mine gross profit | 16,186 | 16,648 | 8,023 | 10,014 | |||||
Operating income (loss) | 11,885 | 12,802 | -415 | 7,316 | |||||
Other income | 469 | 205 | 69 | -1,065 | |||||
Net income (loss) | $ | 7,125 | $ | 7,156 | $ | -1,455 | $ | 3,419 | |
Net income (loss) per common share: | |||||||||
Basic: | $ | 0.13 | $ | 0.13 | $ | -0.03 | $ | 0.06 | |
Diluted: | $ | 0.13 | $ | 0.13 | $ | -0.03 | $ | 0.06 | |
Weighted average shares outstanding: | |||||||||
Basic | 53,934,925 | 54,179,369 | 54,179,369 | 54,119,095 | |||||
Diluted | 54,697,710 | 54,556,217 | 54,179,369 | 54,326,169 | |||||
2013 | |||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||
(in thousands) | |||||||||
Sales of metals concentrate, net | $ | 42,311 | $ | 26,660 | $ | 29,405 | $ | 27,408 | |
Mine gross profit | 26,034 | 11,144 | 11,377 | 9,703 | |||||
Operating income (loss) | 12,347 | -768 | -1,884 | 635 | |||||
Other (expense) income | -36 | -1,862 | -660 | 1,203 | |||||
Net income (loss) | $ | 7,387 | $ | -1,373 | $ | -1,830 | $ | -4,099 | |
Net income (loss) per common share: | |||||||||
Basic: | $ | 0.14 | $ | -0.03 | $ | -0.03 | $ | -0.08 | |
Diluted: | $ | 0.13 | $ | -0.03 | $ | -0.03 | $ | -0.08 | |
Weighted average shares outstanding: | |||||||||
Basic | 52,679,369 | 53,272,776 | 53,320,673 | 53,735,891 | |||||
Diluted | 55,586,031 | 53,272,776 | 53,320,673 | 53,735,891 | |||||
Legal_Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2014 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | 20. Legal Proceedings |
A securities class action lawsuit subsequently captioned In re Gold Resource Corporation. Securities Litigation, No.1:12-cv-02832 was filed in U.S. District Court for the District of Colorado naming us and certain of our current and former officers and directors as defendants on October 25, 2012. The complaint alleged violations of federal securities laws by us and certain of our officers and directors. On July 15, 2013, the federal district court granted our motion to dismiss the lawsuit with prejudice. On January 16, 2015, the United States Court of Appeals for the Tenth Circuit affirmed the District Court’s decision. While the securities class action lawsuit may be subject to rehearing or appealed to the U.S. Supreme Court within a specified time period, we believe the plaintiff does not intend to take any further action regarding this lawsuit. | |
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 us as a nominal defendant, and naming seven of our 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 Gold Resource Corporation’s benefit, unspecified damages purportedly sustained by us 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 appeal of the dismissal of the securities class action lawsuit. Following the appellate court’s decision to affirm the District Court’s ruling, all parties to the shareholder derivative lawsuit agreed to voluntarily dismiss the proceedings and the case was terminated on February 25, 2015. | |
Nature_Of_Operations_And_Summa1
Nature Of Operations And Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Nature Of Operations And Summary Of Significant Accounting Policies [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, as well as, doré containing gold and silver at the 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 (“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”). | |
Basis Of Presentation | Basis of Presentation |
The consolidated financial statements included herein are expressed in United States dollars, and conform to United States generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company, its wholly-owned Mexican subsidiary, Don David Gold Mexico S.A. de C.V. (“Don David Gold Mexico”) and its wholly-owned United States subsidiary Gold Resource Corporation, Nevada. Intercompany accounts and transactions have been eliminated in consolidation. | |
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. | |
Adjustments | Adjustments |
During 2014, the Company determined that it incorrectly classified the presentation of deferred income taxes, the presentation of a deferred charge, and the presentation of an investment within the consolidated balance sheet. As of December 31, 2013, the Company made certain tax related reclassifications on the consolidated balance sheet which resulted in a $1.7 million decrease to current deferred tax assets, a $2.2 million increase to noncurrent deferred tax assets and a $0.5 million increase to current deferred tax liability. We also reclassified $3.5 million from income tax receivable to other noncurrent assets and $0.2 million was reclassified from prepaid expenses and other current assets to investments. Additionally, for 2013 the following immaterial corrections were made to the consolidated statements of cash flows associated with the above changes; amounts previously presented as changes in income tax payable/receivable have been reclassified as other and amounts previously presented as changes in prepaid expenses and other current assets have been reclassified as purchases of marketable securities. There was an increase in the net cash provided by operating activities of $0.2 million and a corresponding decrease in the net cash used in investing activities reported for the period ended December 31, 2013 as a result of these changes. The reclassification was made for presentation purposes and had no material impact on the consolidated statements of operations and comprehensive income. | |
Reclassifications | Reclassifications |
Certain amounts presented in prior periods have been reclassified to conform with the current period presentation. The reclassifications had no effect on the Company’s net income. | |
Exploration Stage Company | Exploration Stage Company |
As of January 1, 2014, the consolidated financial statements are no longer presented in accordance with ASC 915 and the provisions of SEC Industry Guide 7 relating to Exploration Stage Enterprises. 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 to a Production 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. | |
Cash And Cash Equivalents | Cash and Cash Equivalents |
Cash and cash equivalents consist of all cash balances and highly liquid investments with a remaining maturity of three months or less when purchased and are carried at cost. | |
Gold and Silver Bullion | Gold and Silver Bullion |
From time to time, the Company may purchase gold and silver bullion on the open market in order to diversify its treasury and provide for an alternative form of payment for dividends. The purchased gold and silver bullion is carried at the lower of average purchase cost or quoted market value prices based on the daily London P.M. fix as of the balance sheet date. | |
Accounts Receivable | Accounts Receivable |
Accounts receivable consists of trade receivables from the sale of doré and metals concentrate. | |
Inventories | Inventories |
Write-downs of inventory are reported as a component of production costs applicable to sales. The major inventory categories are below. | |
Stockpile Inventories: Stockpile inventories represent ore that has been mined and is available for further processing. Stockpiles are measured by estimating the number of tonnes added and removed from the stockpile, an estimate of the contained metals (based on assay data) and the estimated metallurgical recovery rates. Costs are allocated to stockpiles based on relative values of material stockpiled and processed using current mining costs incurred, including applicable overhead, depreciation and amortization relating to mining operations. Material is removed at each stockpile’s average cost per tonne. Stockpiles are carried at the lower of average cost or market. Market represents the estimated future sales price of the product based on current and long-term metals prices, less the estimated costs to complete production and bring the product to sale. The current portion of stockpiles is determined based on the expected amounts to be processed within the next 12 months. Stockpiles not expected to be processed within the next 12 months are classified as long term. As of December 31, 2014, all underground mine stockpile inventory was classified as current and all open pit mine stockpile inventory was classified as non-current. | |
Concentrate Inventories: Concentrates inventories include metal concentrates located either at the Company’s facilities or in transit to its customer’s port. Inventories consist of copper, lead and zinc metal concentrates, which also contain gold and silver mineralization. Concentrate inventories are carried at the lower of full cost of production or market based on current metals prices. | |
Doré Inventory: Doré includes gold and silver doré bars in transit to, or received by its customer prior to settlement. Doré inventories are carried at the lower of full cost of production or market based on current metals prices. | |
Materials and Supplies Inventories: Materials and supplies inventories consist of chemical reagents, parts, fuels and other materials and supplies. Cost includes applicable taxes and freights. Materials and supply inventory is carried at the lower of cost or market. | |
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 applicable investments and debt, in our consolidated statements of operation, in other income (expense). 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 Note 2 to the Consolidated Financial Statements for additional information. | |
IVA Taxes Receivable And Payable | |
IVA Taxes Receivable and Payable | |
In Mexico, value added taxes (“IVA”) that assessed on purchases of materials and services and sales of products. Businesses are generally entitled to recover the taxes they have paid related to purchases of materials and services, either as a refund or as a credit against future taxes payable. Likewise, businesses owe IVA taxes as the business sells a product and collects IVA taxes from its customers. | |
Amounts recorded as IVA taxes payable in the consolidated financial statements represent the net estimated IVA tax liability, since there is a legal right of offset of IVA taxes receivable and payable. | |
Property, Plant And Mine Development | Property Plant and Mine Development |
Land and Mineral Rights: The costs of acquiring land and mineral rights are considered tangible assets. Administrative and holding costs to maintain an exploration property are expensed as incurred. If a mineable mineral deposit is discovered, such capitalized costs are amortized when production begins using the UOP method. If no mineable mineral deposit is discovered or such rights are otherwise determined to have diminished value, such costs are expensed in the period in which the determination is made. | |
Mine Development: The costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure. Cost incurred before mineralization is classified as proven and probable reserves are expensed and classified as exploration expenses. Capitalization of mine development project costs, that meet the definition of an asset, begins once mineralization is classified as proven and probable reserves. | |
Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of production costs. All other drilling and related costs are expensed as incurred | |
Mine development costs are amortized using UOP based on estimated recoverable ounces in proven and probable reserves. | |
Property and Equipment: All items of property and equipment are carried at cost. Normal maintenance and repairs are expensed as incurred while expenditures for major maintenance and betterments are capitalized. Gains or losses on disposition are recognized in other income. | |
Depreciation and Amortization: Capitalized costs are depreciated or amortized using the straight-line or UOP method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities or the useful life of the individual assets. Productive lives range from 3 to 30 years, but do not exceed the useful life of the individual asset. Our estimates for proven and probable reserves are a key component in determining our UOP depreciation rates. Our estimates of proven and probable reserves may change, possibly in the near term, resulting in changes to depreciation and amortization rates in future reporting periods. | |
Impairment Of Long-Lived Assets | Impairment of Long-Lived Assets |
The Company evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Asset impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the asset. Any impairment losses are measured and recorded based on discounted estimated future cash flows and are charged to expense on the Company’s consolidated statements of operations and comprehensive income. In estimating future cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of future cash flows from other asset groups. The Company’s estimates of future cash flows are based on numerous assumptions, including expected gold and other commodity prices, production levels, capital requirements and estimated salvage values | |
Existing proven and probable reserves are included when estimating the fair value in determining whether the assets are impaired. The Company’s estimates of future cash flows are based on numerous assumptions and it is possible that actual future cash flows will be significantly different than the estimates, as actual future quantities of recoverable minerals, gold and other commodity prices, production levels and costs and capital are each subject to significant risks and uncertainties. | |
Treasury Stock | Treasury Stock |
Treasury stock represents shares of the Company’s common stock which has been repurchased on the open market at the prevailing market price at the time of purchase. Treasury stock is shown at cost as a separate component of equity as a deduction from total capital stock. | |
Revenue Recognition | Revenue Recognition |
The Company recognizes revenue when an arrangement exists, the price is fixed and determinable, the title and risk of loss have transferred to the buyer and collection is reasonably assured. | |
Concentrate sales: Concentrate sales are initially recorded using quoted metal prices at the time of shipment and contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the concentrates at the quoted metal prices at the time of shipment. The embedded derivative, which does not qualify for hedge accounting, is adjusted to market through revenue each period prior to final settlement. Changes in the prices of metals that the Company sells, as quoted on the London Bullion Market, between the shipment and final settlement dates will result in adjustments to revenues related to sales of concentrate previously recorded upon shipment. Sales are recorded net of charges for treatment, refining, smelting losses and other charges negotiated between us and the buyer. These charges are estimated upon shipment of concentrates based on contractual terms and adjusted to reflect actual charges at final settlement. Historically, actual charges have not varied materially from the Company’s initial estimates. | |
Doré sales: Doré sales are recognized using quoted metal prices when the title has been transferred and collection of the sales price is reasonably assured, net of treatment and refining charges. Financing fees, resulting from early settlement with the refinery are treated as other expenses. | |
Production Costs | Production Costs |
Production costs include labor and benefits, royalties, concentrate and doré shipping costs, mining subcontractors, fuel and lubricants, legal and professional fees related to mine operations, stock-based compensation attributable to mine workers, 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. | |
Exploration Costs | Exploration Costs |
Exploration costs are charged to expense as incurred. Costs to identify new mineral resources, to evaluate potential resources, and to convert mineral resources into proven and probable reserves are considered exploration costs. | |
Stock-Based Compensation | Stock-Based Compensation |
The Company records compensation expense for the fair value of stock options that are granted. Expense is recognized on a straight-line basis over the vesting periods, if any, of the options. The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model, which requires the input of subjective assumptions including expected volatility of the underlying stock, risk-free interest rates, the expected life of the option, dividend yields and expected forfeitures and cancellations. Expected volatility is based on the historical price volatility of the Company’s common stock. Risk-free interest rates are based on U.S. government obligations with a term approximating the expected life of the option. The expected life is estimated in accordance with SEC Staff Accounting Bulletin No. 107, “Share-Based Payment”. The Company paid dividends beginning in July 2010, and accordingly, a dividend yield was considered in calculating the grant date fair value of options granted subsequent to that date; however, no dividend yield was considered for options granted prior to July 2010. In addition, the Company estimates the expected forfeiture rate and only recognizes expense for those options expected to vest. | |
Reclamation And Remediation Costs | Reclamation and Remediation Costs |
Reclamation obligations are recognized when incurred and recorded as liabilities at fair value. Prior to 2014 the Company had been recognizing only reclamation and remediation obligation and all associated asset retirement costs were written off due to the exploration stage status of the company. The company had $3.0 million of reclamation and remediation obligation at December 31, 2013. | |
In 2014 the company became a production stage company and therefore capitalized asset retirement costs (“ARC”) and recorded an asset retirement obligation (“ARO”) of $0.4 million, partially offset by a $0.3 million foreign exchange gain on the reclamation and remediation obligation. The ARO liability is accreted over time through periodic charges to earnings and the ARC is amortized over the life of the related asset. | |
Reclamation obligations are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. The estimated reclamation obligation is based on when spending for an existing disturbance is expected to occur. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at the mine site in accordance with Accounting Standards Codification 410 – Asset Retirement and Environmental Obligations (“ASC 410”) guidance for reclamation obligations. | |
Comprehensive Income (Loss) | Comprehensive Income (Loss) |
Accumulated other comprehensive income (loss) is presented in the consolidated statements of changes in shareholders’ equity. Accumulated other comprehensive income (loss) is composed of foreign currency translation adjustment effects related to the historical adjustment when the functional currency was the Mexican peso. | |
Income And Mining Taxes | Income and Mining Taxes |
Income taxes are computed using the asset and liability method. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial and tax reporting purposes and the effect of net operating loss and foreign tax credit carry-forwards using enacted tax rates in effect in the years in which the differences are expected to reverse. Deferred tax assets are evaluated to determine if it is more likely than not that they will be realized | |
In December 2013, the Mexican president approved a tax reform bill that enacted a new Income Tax Law (“MITL”), which increased the effective tax rate applicable to the Company’s Mexican operations effective January 1, 2014. The MITL increases the future corporate income tax rate to 30%, creates a 10% withholding tax on dividends paid to non-resident shareholders (subject to any reduction by an Income Tax Treaty), and creates a new royalty fee equal to 0.5% of gross revenue from the sale of gold, silver and platinum. | |
In addition, the law requires taxpayers with mining concessions to pay a new 7.5% royalty tax. The royalty fee and royalty tax will be tax deductible for income tax purposes. The royalty tax will generally be applicable to earnings before income tax, depreciation, depletion, amortization, and interest. In calculating the royalty tax there will be no deductions related to depreciable costs from operational fixed assets but exploration and prospecting depreciable costs are deductible when incurred. | |
Net Income Per Share | Net Income Per Share |
Diluted income per share reflects the dilution that could occur if potentially dilutive securities, as determined using the treasury stock method, are converted into common stock. Potentially dilutive securities, such as stock options and warrants, are excluded from the calculation when their inclusion would be anti-dilutive, such as periods when a net loss is reported or when the exercise price of the instrument exceeds the average fair market value. | |
Foreign Currency | Foreign Currency |
The functional currency for all of the Company’s subsidiaries is United States dollars (“US dollars”). | |
Concentration Of Credit Risk | Concentration of Credit Risk |
During the years ended December 31, 2014, 2013 and 2012, most of the Company’s concentrate sales and accounts receivable were through Consorcio Minero de Mexico Cormin Mex. S.A. de C.V., a Trafigura Group Company (“Trafigura”). Sales and receivables related to Trafigura for those years ended comprised of 93% for 2014 and 100% for both 2012 and 2013. During 2014, the Company sold a small portion of its concentrates to a metal exporter. During the third quarter of 2014, the Company also entered into a contract to sell all of its doré to Johnson Matthey Gold & Silver Refining Inc. (“Johnson Matthey”). | |
The Company has carefully considered and assessed the credit risk resulting from its concentrate sales and doré sales arrangements with Trafigura, Louis Dreyfus and Johnson Matthey and believes it is not exposed to significant credit risk in relation to the counterparty meeting its contractual obligations as it pertains to its trade receivables during the ordinary course of business. In the event that the Company’s relationship with Trafigura, Louis Dreyfus or Johnson Matthey is interrupted for any reason, the Company believes that it would be able to locate another entity to purchase its metals concentrates and doré bars. However, any interruption could temporarily disrupt the Company’s sale of its products and adversely affect operating results. | |
The Company’s El Aguila Project, which is located in the State of Oaxaca, Mexico, accounted for 100% of the Company’s total sales for the years ended December 31, 2014, 2013 and 2012. | |
Some of the Company’s operating cash balances are maintained in accounts that currently exceed federally insured limits. The Company believes that the financial strength of depositing institutions mitigate the underlying risk of loss. To date, these concentrations of credit risk have not had a significant impact on the Company’s financial position or results of operations. | |
Recently Adopted and Issued Accounting Standards | Recently Issued Accounting Standards Updates |
Accounting Standards Update No. 2014-09—Revenue from Contracts with Customers (Topic 606) | |
On May 28, 2014, the Financial Accounting Standards Board (“FASB”) issued guidance that requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The guidance will replace most existing revenue recognition guidance when it becomes effective. The new standard is effective for the Company on September 1, 2017, and early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that this new guidance will have on its consolidated financial statements and related disclosures. The Company has not selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Fair Value Measurement [Abstract] | |||||||||||
Fair Value, By Balance Sheet Reclassification | |||||||||||
Fair Value as of December 31, 2014 | |||||||||||
Level 1 | Level 2 | Level 3 | Total | Balance Sheet Classification | |||||||
(in thousands) | |||||||||||
Cash equivalents | $ | 1,947 | $ | - | $ | - | $ | 1,947 | Cash and cash equivalents | ||
Receivables related to unsettled invoices (1) | $ | - | $ | 1,416 | $ | - | $ | 1,416 | Accounts receivable | ||
Investments in equity securities | $ | 2,389 | $ | - | $ | - | $ | 2,389 | 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 as of the reporting date, 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 Fair Value | |||||||||||
Years Ended December 31, | |||||||||||
Type | 2014 | 2013 | 2012 | Statement of Operations Classification | |||||||
(in thousands) | |||||||||||
Receivables related to unsettled invoices Provisionally priced sales (1) | Derivative (loss) gain | $ | -1,121 | $ | 563 | $ | 219 | Sales, net | |||
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 mark-to-market outstanding provisional invoices. Because these provisionally priced sales have not settled as of the reporting date, the mark-to-market adjustment related to these invoices is included in sales, net as of each reporting date. | |||||||||||
Gold_And_Silver_Bullion_Tables
Gold And Silver Bullion (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Gold And Silver Bullion [Abstract] | ||||||||||
Schedule Of Company's Holdings | ||||||||||
2014 | 2013 | |||||||||
Gold | Silver | Gold | Silver | |||||||
(in thousands, except ounces and per ounce ) | (in thousands, except ounces and per ounce ) | |||||||||
Ounces | 1,646 | 92,237 | 1,693 | 93,225 | ||||||
Carrying value per ounce | $ | 1,199.25 | $ | 15.97 | $ | 1,206.23 | $ | 18.86 | ||
Total carrying value | $ | 1,974 | $ | 1,473 | $ | 2,042 | $ | 1,759 | ||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Inventories [Abstract] | |||||
Summary Of Inventories | 2014 | 2013 | |||
(in thousands) | |||||
Stockpiles - underground mine | $ | 116 | $ | 1,586 | |
Concentrates | 1,481 | 480 | |||
Materials and supplies (1) | 5,698 | 5,402 | |||
Inventories- current | 7,295 | 7,468 | |||
Stockpiles - open pit mine | 903 | 903 | |||
Inventories- non-current | 903 | 903 | |||
Total inventories | $ | 8,198 | $ | 8,371 | |
Net of reserve for obsolescence of $217 and $654, respectively | |||||
Prepaid_Expenses_And_Other_Cur1
Prepaid Expenses And Other Current Assets (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Prepaid Expenses And Other Current Assets [Abstract] | |||||
Schedule Of Prepaid Expenses And Other Current Assets | |||||
2014 | 2013 | ||||
(in thousands) | |||||
Other receivable | $ | 179 | $ | 1,489 | |
Advances to suppliers | 1,193 | 1,705 | |||
Prepaid insurance | 329 | 1,440 | |||
Warranty deposits | 921 | 925 | |||
Other | 313 | 249 | |||
Prepaid expenses and other current assets | $ | 2,935 | $ | 5,808 | |
Property_Plant_And_Mine_Develo1
Property, Plant And Mine Development (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Property, Plant And Mine Development [Abstract] | |||||
Schedule Of Property And Equipment | |||||
2014 | 2013 | ||||
(in thousands) | |||||
Machinery and equipment | $ | 19,398 | $ | 17,510 | |
Mine development | 13,393 | - | |||
Furniture, computer and office equipment | 2,899 | 2,698 | |||
Mill facilities and infrastructure | 2,825 | - | |||
Light vehicles and other mobile equipment | 1,942 | 1,875 | |||
Building (1) | - | 1,737 | |||
Construction-in-progress | 592 | - | |||
Asset retirement costs | 448 | - | |||
Land and mineral rights | 227 | 227 | |||
Subtotal | 41,724 | 24,047 | |||
Accumulated depletion, depreciation and amortization | -9,376 | -5,693 | |||
Total property and equipment, net | $ | 32,348 | $ | 18,354 | |
-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. | ||||
Schedule Of Capital Lease Obligations | |||||
Years Ended December 31, | (in thousands) | ||||
2015 | $ | 1,578 | |||
2016 | 853 | ||||
Total payments due | 2,431 | ||||
Less amounts representing interest | -99 | ||||
Subtotal | 2,332 | ||||
Less current portion | -1,498 | ||||
Non-current portion | $ | 834 | |||
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Investments [Abstract] | |||||||
Schedule Of Investments | |||||||
Fair Value as of December 31, 2014 | |||||||
Cost | Accumulated unrealized gain | Total | |||||
(in thousands) | |||||||
Investments in equity securities | |||||||
Canamex Resources Corporation - common shares | $ | 1,805 | $ | 584 | $ | 2,389 | |
Laguna Gold Pty Ltd - common shares | 231 | - | 231 | ||||
Total Investments | $ | 2,036 | $ | 584 | $ | 2,620 | |
Fair Value as of December 31, 2013 | |||||||
Cost | Accumulated unrealized gain | Total | |||||
(in thousands) | |||||||
Investments in equity securities | |||||||
Laguna Gold Pty Ltd - common shares | $ | 231 | $ | - | $ | 231 | |
Total Investments | $ | 231 | $ | - | $ | 231 | |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Income Taxes [Abstract] | |||||||
Components of net income before income taxes and extraordinary item | |||||||
Years Ended December 31, | |||||||
2014 | 2013 | 2012 | |||||
(in thousands) | |||||||
U.S. Operations | $ | -8,396 | $ | -5,900 | $ | -13,045 | |
Foreign Operations | 39,662 | 14,875 | 60,013 | ||||
Total income before income taxes | $ | 31,266 | $ | 8,975 | $ | 46,968 | |
Calculation of Income Taxes Provision | |||||||
Years Ended December 31, | |||||||
2014 | 2013 | 2012 | |||||
(in thousands) | |||||||
Current taxes: | |||||||
Federal | $ | 353 | $ | - | $ | - | |
State | - | - | - | ||||
Foreign | 12,442 | 10,374 | 22,067 | ||||
Total current taxes | $ | 12,795 | $ | 10,374 | $ | 22,067 | |
Deferred taxes: | |||||||
Federal | $ | 1,169 | $ | -2,186 | $ | 2,913 | |
State | - | - | 298 | ||||
Foreign | 1,057 | 702 | -11,981 | ||||
Total deferred taxes | $ | 2,226 | $ | -1,484 | $ | -8,770 | |
Total income provision | $ | 15,021 | $ | 8,890 | $ | 13,297 | |
Differences between provision for income taxes and income tax determined | |||||||
Years Ended December 31, | |||||||
2014 | 2013 | 2012 | |||||
(in thousands) | |||||||
Tax at statutory rates | $ | 10,943 | $ | 3,141 | $ | 16,031 | |
U.S Operations - state income tax impact | -116 | 520 | 345 | ||||
Foreign rate differential | -1,906 | -2,434 | -2,826 | ||||
Dividends, net of foreign tax credits | 3,082 | 2,958 | 2,050 | ||||
Adjustments to deferred tax assets | -1,345 | 141 | 2,561 | ||||
Change in valuation allowance | 116 | 2,228 | -4,644 | ||||
Disposition of GTR | - | 122 | - | ||||
Mexico mining tax | 2,964 | -380 | - | ||||
Stock-based compensation | 764 | 833 | - | ||||
Nondeductible expenses and other | 1,013 | 1,856 | 100 | ||||
Impact of foreign exchange change | -494 | -95 | -320 | ||||
Tax provision | $ | 15,021 | $ | 8,890 | $ | 13,297 | |
Tax Effects Of Temporary Differences That Give Rise To Significant Portions Of Deferred Tax Assets | |||||||
At December 31, | |||||||
2014 | 2013 | ||||||
(in thousands) | |||||||
Current deferred tax assets: | |||||||
Other current assets | $ | 1,498 | $ | 842 | |||
Foreign tax credits | 1,721 | 1,540 | |||||
Foreign mining tax | 756 | - | |||||
Total gross current deferred tax assets | 3,975 | 2,382 | |||||
Less: valuation allowance allocated to current | -84 | -100 | |||||
Net current deferred tax asset | $ | 3,891 | $ | 2,282 | |||
Long-term deferred tax assets: | |||||||
Tax loss carryforward | |||||||
U.S. Operations | $ | 1,626 | $ | 1,320 | |||
Mexico Operations | - | - | |||||
Property and equipment | 15,006 | 18,892 | |||||
Stock-based compensation | 7,831 | 6,753 | |||||
Foreign tax credits | 2,523 | 4,570 | |||||
Other | 1,056 | 407 | |||||
Total deferred tax assets | 28,042 | 31,942 | |||||
Valuation allowance | -2,523 | -2,128 | |||||
Deferred tax assets after valuation allowance | $ | 25,519 | $ | 29,814 | |||
Deferred tax liabilities | $ | - | $ | -460 | |||
Net deferred tax asset | $ | 29,410 | $ | 31,636 | |||
Accrued_Liabilities_And_Other_1
Accrued Liabilities And Other Current Liabilities (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accrued Liabilities And Other Current Liabilities [Abstract] | |||||
Schedule Of Accrued Liabilities And Other Current Liabilities | |||||
2014 | 2013 | ||||
(in thousands) | |||||
Accrued royalty payments | $ | 1,343 | $ | 1,183 | |
Accrued vendor payables | 2,212 | 1,188 | |||
Payroll and other taxes payable | 107 | 170 | |||
Accrued bonus | - | 1,800 | |||
Accrued insurance | 235 | 1,272 | |||
Other | 26 | - | |||
Accrued expenses and other current liabilities | $ | 3,923 | $ | 5,613 | |
Reclamation_And_Remdiation_Tab
Reclamation And Remdiation (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Reclamation And Remediation [Abstract] | |||||
Changes In Reclamation And Remediation | |||||
2014 | 2013 | ||||
(in thousands) | |||||
Reclamation and remediation liabilities – opening balance | $ | 2,887 | $ | 2,790 | |
Additions and changes in estimate | -17 | 112 | |||
Foreign currency exchange (loss) | -325 | -15 | |||
Subtotal reclamation and remediation liabilities – ending balance | 2,545 | 2,887 | |||
Asset retirement obligation addition | 448 | - | |||
Total reclamation and remediation liabilities | $ | 2,993 | $ | 2,887 | |
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments And Contingencies [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases | |||||
Years Ended December 31, | (in thousands) | ||||
2015 | $ | 146 | |||
2016 | 72 | ||||
2017 | 72 | ||||
2018 | 72 | ||||
2019 | 72 | ||||
Thereafter | 72 | ||||
Total | $ | 506 | |||
Stock_Options_Tables
Stock Options (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Stock Options [Abstract] | ||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ||||||||||
Shares | Weighted Average Exercise Price (per share) | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (thousands) | |||||||
Outstanding as of January 1, 2014 | 5,615,000 | $ | 9.66 | 6.7 | $ | 3,364 | ||||
Granted | 10,000 | 5.81 | ||||||||
Exercised | -400,000 | 0.25 | ||||||||
Forfeited | -550,000 | 16.86 | ||||||||
Outstanding as of December 31, 2014 | 4,675,000 | $ | 9.61 | 5.9 | $ | - | ||||
Vested and exercisable as of December 31, 2014 | 3,901,669 | $ | 8.68 | 5.5 | $ | - | ||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ||||||||||
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 | 3.7 | $ | 3.66 | 1,900,000 | $ | 3.66 | |||
$5.81 - $14.36 | 1,675,000 | 7.4 | $ | 10.87 | 1,255,002 | $ | 10.77 | |||
$17.10 - $20.51 | 1,100,000 | 7.6 | $ | 17.97 | 746,667 | $ | 17.96 | |||
4,675,000 | 5.9 | $ | 9.61 | 3,901,669 | $ | 8.68 | ||||
Schedule Of Stock-Based Compensation Expense Allocated Between Production And General And Administrative Expense | ||||||||||
2014 | 2013 | 2012 | ||||||||
(in thousands) | ||||||||||
Production costs | $ | 2,182 | $ | 2,380 | $ | 1,737 | ||||
General and administrative expenses | 2,769 | 5,237 | 4,863 | |||||||
Total stock-based compensation | $ | 4,951 | $ | 7,617 | $ | 6,600 | ||||
Schedule of Assumptions Used to Determine the Value of our Stock-based Awards | ||||||||||
2014 | 2013 | 2012 | ||||||||
Risk-free interest rate | 0.69% | 0.68% - 1.62% | 0.62% - 2.31% | |||||||
Dividend yield | 1.63% | 2.87% - 3.40% | 2.47% - 3.14% | |||||||
Expected volatility | 53.63% | 62.74% - 63.21% | 62.94% - 67.20% | |||||||
Expected life in years | 5 | 5 | 5 | |||||||
Other_Income_Expense_Tables
Other Income (Expense) (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Other Income (Expense) [Abstract] | |||||||
Schedule Of Other Income (Expense) | |||||||
2014 | 2013 | 2012 | |||||
(in thousands) | |||||||
Currency exchange (loss) | $ | -830 | $ | -357 | $ | -2,881 | |
Impairment (loss) on gold and silver bullion | -279 | -1,743 | - | ||||
Unrealized gain from investments | 702 | - | - | ||||
Realized gain (loss) from gold and silver bullion converted | 4 | -58 | -64 | ||||
Interest income | 161 | 166 | 122 | ||||
Other (expense) income | -80 | 637 | 87 | ||||
Total other income (expense) | $ | -322 | $ | -1,355 | $ | -2,736 | |
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Net Income (Loss) Per Share [Abstract] | |||||||
Net Income (Loss) Per Share | |||||||
Year Ended December 31, | |||||||
2014 | 2013 | 2012 | |||||
(in thousands) | |||||||
Net income | $ | 16,245 | $ | 85 | $ | 33,671 | |
Basic weighted average shares of common stock | 54,119,095 | 53,255,259 | 52,846,163 | ||||
Dilutive effect of stock options | 501,237 | 2,044,216 | 3,469,722 | ||||
Diluted weighted average common shares outstanding | 54,620,332 | 55,299,475 | 56,315,885 | ||||
Basic: | |||||||
Net income per basic share | $ | 0.30 | $ | 0.00 | $ | 0.64 | |
Diluted: | |||||||
Net income per diluted share | $ | 0.30 | $ | 0.00 | $ | 0.60 | |
Supplementary_CashFlow_Informa1
Supplementary Cash-Flow Information (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Supplementary Cash-Flow Information | |||||||
Schedule Of Other Operating Adjustments And Write Downs | |||||||
2014 | 2013 | 2012 | |||||
(in thousands) | |||||||
Gain on disposition of property and plant | $ | -146 | $ | - | $ | - | |
Impairment loss on gold and silver bullion | 279 | 1,743 | -58 | ||||
Reclamation and remediation | - | 112 | 339 | ||||
Reserve for uncollectible advances | 242 | - | - | ||||
Unrealized (gain) on investments | -702 | - | - | ||||
Unrealized foreign currency exchange loss | 1,109 | 526 | 1,442 | ||||
Allowance for uncollectible IVA | -1,126 | - | - | ||||
Write-down of obsolete material and supply inventory | 402 | - | - | ||||
Deferred charge (see footnote 8) | 353 | -3,528 | - | ||||
Other | 185 | - | 6 | ||||
Total other | $ | 596 | $ | -1,147 | $ | 1,729 | |
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Quarterly Financial Data [Abstract] | |||||||||
Schedule Of Quarterly Financial Information | |||||||||
2014 | |||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||
(in thousands) | |||||||||
Sales, net | $ | 31,152 | $ | 33,669 | $ | 21,052 | $ | 29,532 | |
Mine gross profit | 16,186 | 16,648 | 8,023 | 10,014 | |||||
Operating income (loss) | 11,885 | 12,802 | -415 | 7,316 | |||||
Other income | 469 | 205 | 69 | -1,065 | |||||
Net income (loss) | $ | 7,125 | $ | 7,156 | $ | -1,455 | $ | 3,419 | |
Net income (loss) per common share: | |||||||||
Basic: | $ | 0.13 | $ | 0.13 | $ | -0.03 | $ | 0.06 | |
Diluted: | $ | 0.13 | $ | 0.13 | $ | -0.03 | $ | 0.06 | |
Weighted average shares outstanding: | |||||||||
Basic | 53,934,925 | 54,179,369 | 54,179,369 | 54,119,095 | |||||
Diluted | 54,697,710 | 54,556,217 | 54,179,369 | 54,326,169 | |||||
2013 | |||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||
(in thousands) | |||||||||
Sales of metals concentrate, net | $ | 42,311 | $ | 26,660 | $ | 29,405 | $ | 27,408 | |
Mine gross profit | 26,034 | 11,144 | 11,377 | 9,703 | |||||
Operating income (loss) | 12,347 | -768 | -1,884 | 635 | |||||
Other (expense) income | -36 | -1,862 | -660 | 1,203 | |||||
Net income (loss) | $ | 7,387 | $ | -1,373 | $ | -1,830 | $ | -4,099 | |
Net income (loss) per common share: | |||||||||
Basic: | $ | 0.14 | $ | -0.03 | $ | -0.03 | $ | -0.08 | |
Diluted: | $ | 0.13 | $ | -0.03 | $ | -0.03 | $ | -0.08 | |
Weighted average shares outstanding: | |||||||||
Basic | 52,679,369 | 53,272,776 | 53,320,673 | 53,735,891 | |||||
Diluted | 55,586,031 | 53,272,776 | 53,320,673 | 53,735,891 | |||||
Nature_Of_Operations_And_Summa2
Nature Of Operations And Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Nature Of Operations [Line Items] | |||
Deferred tax assets | 25,519,000 | 29,814,000 | |
Deferred tax liability | 460,000 | ||
Other non-current assets | 4,078,000 | 4,431,000 | |
Investments | 2,620,000 | 231,000 | |
Reclamation and remediation liabilities | 2,993,000 | 2,887,000 | 2,790,000 |
Asset retirement obligation | 400,000 | ||
Foreign exchange gain | 300,000 | ||
MITL corporate income tax rate | 30.00% | ||
MITL withholding tax on dividends paid to non-resident shareholders | 10.00% | ||
Royalty fee as percent of gross revenue | 0.50% | ||
MITL royalty tax on mining concessions | 7.50% | ||
Sales And Receivables [Member] | |||
Nature Of Operations [Line Items] | |||
Concentration risk | 93.00% | 100.00% | 100.00% |
Adjustments [Member] | |||
Nature Of Operations [Line Items] | |||
Increase (decrease) in current deferred tax assets | -1,700,000 | ||
Increase to noncurrent deferred tax assets | 2,200,000 | ||
Increase (decrease) in current deferred tax liability | 500,000 | ||
Other non-current assets | 3,500,000 | ||
Investments | 200,000 | ||
Increase (decrease) in net cash provided by operating activities | 200,000 | ||
Maximum [Member] | |||
Nature Of Operations [Line Items] | |||
Useful life | 30 years | ||
Minimum [Member] | |||
Nature Of Operations [Line Items] | |||
Useful life | 3 years |
Fair_Value_Measurement_Balance
Fair Value Measurement (Balance Sheet Classification) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $1,947 | $4,160 |
Receivables related to unsettled invoices | 1,416 | 2,307 |
Investments in equity securities | 2,389 | |
Fair Value Inputs Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,947 | 4,160 |
Investments in equity securities | 2,389 | |
Fair Value Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables related to unsettled invoices | $1,416 | $2,307 |
Fair_Value_Measurement_Stateme
Fair Value Measurement (Statement Of Operations Classification) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Measurement [Abstract] | |||
Derivative (loss) gain | ($1,121) | $563 | $219 |
Gold_And_Silver_Bullion_Narrat
Gold And Silver Bullion (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule Of Investments [Line Items] | |||
Realized (loss) from gold and silver converted | $4,000 | ($58,000) | ($64,000) |
Impairment loss on gold and silver bullion | 279,000 | 1,743,000 | -58,000 |
Gold And Silver [Member] | |||
Schedule Of Investments [Line Items] | |||
Realized (loss) from gold and silver converted | 100,000 | ||
Ounces of gold purchased | 0 | ||
Total cost of gold and silver purchased | $1,100,000 | ||
Gold [Member] | |||
Schedule Of Investments [Line Items] | |||
Ounces of gold purchased | 708 | ||
Converted ounces | 47 | 789 | |
Silver [Member] | |||
Schedule Of Investments [Line Items] | |||
Ounces of silver purchased | 1,005 | ||
Converted ounces | 1,024 | 3,275 |
Gold_And_Silver_Bullion_Schedu
Gold And Silver Bullion (Schedule Of Company's Holdings) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ||
Total carrying value | $3,447 | $3,801 |
Gold [Member] | ||
Schedule of Investments [Line Items] | ||
Ounces | 1,646 | 1,693 |
Carrying value per ounce | 1,199.25 | 1,206.23 |
Total carrying value | 1,974 | 2,042 |
Silver [Member] | ||
Schedule of Investments [Line Items] | ||
Ounces | 92,237 | 93,225 |
Carrying value per ounce | 15.97 | 18.86 |
Total carrying value | $1,473 | $1,759 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ||
Stockpiles - underground mine | $116 | $1,586 |
Concentrates | 1,481 | 480 |
Materials and supplies, net of reserve for obsolescence | 5,698 | 5,402 |
Inventories - current | 7,295 | 7,468 |
Stockpiles - open pit mine | 903 | 903 |
Inventories - non-current | 903 | 903 |
Total inventories | 8,198 | 8,371 |
Inventory reserve | $217 | $654 |
Prepaid_Expenses_And_Other_Cur2
Prepaid Expenses And Other Current Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Prepaid Expenses And Other Current Assets [Abstract] | ||
Other receivable | $179 | $1,489 |
Advances to suppliers | 1,193 | 1,705 |
Prepaid insurance | 329 | 1,440 |
Warranty deposits | 921 | 925 |
Other | 313 | 249 |
Prepaids expenses and other current assets | $2,935 | $5,808 |
Property_Plant_And_Mine_Develo2
Property, Plant And Mine Development (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property Plant And Equipment [Line Items] | |||
Depletion, depreciation and amortization | $4,551,000 | $2,626,000 | $1,540,000 |
Capital lease term | 3 years | ||
Monthly lease payment amount | 100,000 | ||
Purchase price option amount after end of lease term | 100,000 | ||
Present value of future minimum lease payments | 4,800,000 | ||
Machinery And Equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Present value of future minimum lease payments | 3,100,000 | ||
Facilities And Mine Construction Expenses [Member] | |||
Property Plant And Equipment [Line Items] | |||
Present value of future minimum lease payments | $1,700,000 | ||
Maximum [Member] | |||
Property Plant And Equipment [Line Items] | |||
Lease interest rate | 5.50% | ||
Minimum [Member] | |||
Property Plant And Equipment [Line Items] | |||
Lease interest rate | 4.50% |
Property_Plant_And_Mine_Develo3
Property, Plant And Mine Development (Schedule Of Property And Equipment) (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $41,724,000 | $24,047,000 | |
Accumulated depletion, depreciation and amortization | -9,376,000 | -5,693,000 | |
Total property and equipment, net | 32,348,000 | 18,354,000 | |
Proceeds from the sale of building | 1,763,000 | ||
Gain on sale of building | 300,000 | ||
Machinery And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 19,398,000 | 17,510,000 | |
Mine Development [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 13,393,000 | ||
Furniture, Computer And Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 2,899,000 | 2,698,000 | |
Mill Facilities And Infrastructure [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 2,825,000 | ||
Light Vehicles And Other Mobile Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,942,000 | 1,875,000 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,737,000 | ||
Construction-In-Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 592,000 | ||
Asset Retirement Costs [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 448,000 | ||
Land And Mineral Rights [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $227,000 | $227,000 |
Property_Plant_And_Mine_Develo4
Property, Plant And Mine Development (Schedule Of Capital Lease Obligations) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant And Mine Development [Abstract] | ||
2015 | $1,578 | |
2016 | 853 | |
Total payments due | 2,431 | |
Less amounts representing interest | -99 | |
Subtotal | 2,332 | |
Less current portion | -1,498 | -1,469 |
Non-current portion | $834 | $2,387 |
Investments_Details
Investments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $2,036 | $231 |
Accumulated unrealized gain | 584 | |
Total Investments | 2,620 | 231 |
Canamex Resources Corporation - Common Shares [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 1,805 | |
Accumulated unrealized gain | 584 | |
Total Investments | 2,389 | |
Laguna Gold Pty Ltd - common shares [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 231 | 231 |
Total Investments | $231 | $231 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Abstract] | ||||
MITL corporate income tax rate | 30.00% | |||
MITL withholding tax on dividends paid to non-resident shareholders | 10.00% | |||
Royalty fee as percent of gross revenue | 0.50% | |||
MITL royalty tax on mining concessions | 7.50% | |||
MITL deferred tax non-cash charge | $700,000 | |||
Undistributed earnings from foreign subsidiaries | 130,100,000 | |||
Change in valuation allowance | -4,600,000 | 116,000 | 2,228,000 | -4,644,000 |
Net operating loss carryforwards, valuation allowance | 100,000 | 2,200,000 | ||
Operating loss carry-forward | 35,900,000 | |||
Foreign tax credits | 8,200,000 | |||
Deferred charges | $353,000 | ($3,528,000) | ||
Income tax expense amortization period | 10 years |
Income_Taxes_US_And_Foreign_Co
Income Taxes (U.S. And Foreign Components Of Loss Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | |||
U.S. Operations | ($8,396) | ($5,900) | ($13,045) |
Foreign Operations | 39,662 | 14,875 | 60,013 |
Income before income taxes | $31,266 | $8,975 | $46,968 |
Income_Taxes_Income_Tax_Priovi
Income Taxes (Income Tax Priovision) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | |||
Federal Current Taxes | $353 | ||
Foreign Current Taxes | 12,442 | 10,374 | 22,067 |
Total current taxes | 12,795 | 10,374 | 22,067 |
Federal Deferred Taxes | 1,169 | -2,186 | 2,913 |
State Deferred Taxes | 298 | ||
Foreign Deferred Taxes | 1,057 | 702 | -11,981 |
Total deferred taxes | 2,226 | -1,484 | -8,770 |
Total income provision | $15,021 | $8,890 | $13,297 |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of Taxes Reported At Company's Tax Rate And U.S. Federal Statutory Tax Rate) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | ||||
Tax at statutory rates | $10,943 | $3,141 | $16,031 | |
U.S. Operations - state income tax impact | -116 | 520 | 345 | |
Foreign rate differential | -1,906 | -2,434 | -2,826 | |
Dividends, net of foreign tax credits | 3,082 | 2,958 | 2,050 | |
Adjustments to deferred tax assets | -1,345 | 141 | 2,561 | |
Change in valuation allowance | -4,600 | 116 | 2,228 | -4,644 |
Disposition of GTR | 122 | |||
Mexico mining tax | 2,964 | -380 | ||
Stock-based compensation | 764 | 833 | ||
Nondeductible expenses and other | 1,013 | 1,856 | 100 | |
Impact of foreign exchange change | -494 | -95 | -320 | |
Total income provision | $15,021 | $8,890 | $13,297 |
Income_Taxes_Tax_Effects_Of_Te
Income Taxes (Tax Effects Of Temporary Differences That Give Rise To Significant Portions Of Deferred Tax Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ||
Other current assets | $1,498 | $842 |
Foreign tax credits | 1,721 | 1,540 |
Foreign mining tax | 756 | |
Total gross current deferred tax assets | 3,975 | 2,382 |
Less: valuation allowance allocated to current | -84 | -100 |
Net current deferred tax asset | 3,891 | 2,282 |
U.S. Operations | 1,626 | 1,320 |
Property and equipment | 15,006 | 18,892 |
Stock-based compensation | 7,831 | 6,753 |
Foreign tax credits | 2,523 | 4,570 |
Other | 1,056 | 407 |
Total deferred tax assets | 28,042 | 31,942 |
Valuation allowance | -2,523 | -2,128 |
Deferred Tax Assets after valuation allowance | 25,519 | 29,814 |
Deferred tax liability | -460 | |
Net deferred tax asset | $29,410 | $31,636 |
Accrued_Liabilities_And_Other_2
Accrued Liabilities And Other Current Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities And Other Current Liabilities [Abstract] | ||
Accrued royalty payments | $1,343 | $1,183 |
Accrued vendor payables | 2,212 | 1,188 |
Payroll and other taxes payable | 107 | 170 |
Accrued bonus | 1,800 | |
Accrued insurance | 235 | 1,272 |
Other | 26 | |
Accrued expenses and other current liabilities | $3,923 | $5,613 |
Reclamation_And_Remediation_De
Reclamation And Remediation (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Reclamation And Remediation [Abstract] | ||
Reclamation and remediation liabilities - opening balance | $2,887 | $2,790 |
Additions and changes in estimate | -17 | 112 |
Foreign currency exchange (loss) | -325 | -15 |
Subtotal reclamation and remediation liabilities - ending balance | 2,545 | 2,887 |
Asset retirement obligation addition | 448 | |
Total reclamation and remediation liabilities | $2,993 | $2,887 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Colorado Springs Office [Member] | |
Leases [Line Items] | |
Lease Agreement Term | 1 year |
Oaxaca City Office [Member] | |
Leases [Line Items] | |
Lease Agreement Term | 10 years |
Denver Office [Member] | |
Leases [Line Items] | |
Lease Agreement Term | 3 years |
Commitments_And_Contingencies_2
Commitments And Contingencies (Minimum Rental Payments) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies [Abstract] | |
2015 | $146 |
2016 | 72 |
2017 | 72 |
2018 | 72 |
2019 | 72 |
Thereafter | 72 |
Total | $506 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 54 Months Ended | 1 Months Ended | ||
Sep. 23, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Feb. 28, 2015 | Jan. 31, 2015 | |
Monthly cash dividends declared, per common share | $1.92 | |||||
Dividends declared | $6,500,000 | $22,900,000 | ||||
Dividends paid | 6,500,000 | 25,500,000 | ||||
Common stock repurchase, shares authorized | 20,000,000 | |||||
Common stock repurchased | 336,398 | 336,398 | 336,398 | |||
Common stock repurchased, value | 5,884,000 | 5,884,000 | 5,884,000 | |||
Shares repurchased during period | 0 | |||||
Subsequent Event [Member] | ||||||
Monthly cash dividends declared, per common share | $0.01 | $0.01 | ||||
Additional Paid-in Capital [Member] | ||||||
Dividends declared | 22,900,000 | |||||
Retained Earnings/Accumulated (Deficit) [Member] | ||||||
Dividends declared | $6,500,000 |
Concentrate_Sales_Settlements_
Concentrate Sales Settlements (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Revenue Arrangement [Line Items] | |||
Smelter refining fees, treatment charges and penalties | $13.50 | $14.80 | $16.90 |
Settlement of Provisional Invoices | |||
Deferred Revenue Arrangement [Line Items] | |||
Increase (decrease) in sales from mark-to-market adjustments | -4.1 | -5.1 | -3.1 |
Fair Value | |||
Deferred Revenue Arrangement [Line Items] | |||
Increase (decrease) in sales from mark-to-market adjustments | ($1.10) | ($0.60) | $0.20 |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan maximum percentage amount of the employee's gross pay that the employee can contribute | 100.00% | ||
Percentage of employee's deferred earnings | 100.00% | ||
Matching contribution expense | $100,000 | $100,000 | $100,000 |
Unfunded matching contribution obligation | $0 | ||
Maximum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan maximum percentage amount of the employee's gross pay that the employee can contribute | 45.00% |
Stock_Options_Narrative_Detail
Stock Options (Narrative) (Details) (USD $) | 12 Months Ended | ||
Share data in Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options [Abstract] | |||
Maximum number of common shares subject to grant under the plan | 10 | ||
Shares available for future grant under the plan | 1.5 | ||
Weighted-average grant date fair value of options granted | $2.27 | $4.24 | $11.01 |
Fair value of shares vested | $5,500,000 | $8,300,000 | $1,600,000 |
Cash Received from Exercise of Stock Options | 100,000 | ||
Non-cash compensation expense related to stock options included in general and administrative expense | 4,951,000 | 7,617,000 | 6,600,000 |
Estimated unrecognized compensation cost from unvested options | $2,800,000 | ||
Estimated unrecognized compensation cost from unvested options, period of recognition | 2 years |
Stock_Options_Summary_of_Activ
Stock Options (Summary of Activity Under Stock Option Plan (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding as of January 1, 2014 (in shares) | 5,615,000 | |
Stock grants (in shares) | 10,000 | |
Stock option exercised (in shares) | -400,000 | |
Forfeited (in shares) | -550,000 | |
Outstanding as of December 31, 2014 (in shares) | 4,675,000 | 5,615,000 |
Vested and exercisable as of December 31, 2014 (in shares) | 3,901,669 | |
Weighted Average Exercise Price | ||
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, Exercised | $0.25 | |
Weighted Average Exercise Price, Forfeited | $16.86 | |
Outstanding as of December 31, 2014 Weighted Average Exercise Price, Ending Balance | $9.61 | $9.66 |
Weighted Average Exercise Price, Vested and exercisable as of December 31, 2014 | $8.68 | |
Weighted -Average Remaining contractual Term (in yrs) | ||
Weighted Average Remaining Contractual Term (in yrs), Outstanding as of January 1, 2014 | 5 years 10 months 24 days | 6 years 8 months 12 days |
Weighted Average Remaining Contractual Term (in yrs), Outstanding as of December 31, 2014 | 5 years 10 months 24 days | 6 years 8 months 12 days |
Weighted Average Remaining Contractual Term (in yrs), Vested and exercisable as of December 31, 2014 | 5 years 6 months | |
Aggregate Intrinsic value | ||
Aggregate Intrinsic Value, Outstanding as of January 1, 2014 | $3,364 | |
Aggregate Intrinsic Value, Outstanding as of December 31, 2014 | 3,364 | |
Aggregate Intrinsic Value, Vested and exercisable as of December 31, 2014 |
Stock_Options_Summarized_Infor
Stock Options (Summarized Information About Stock Options Outstanding (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Number of Options | 4,675,000 |
Outstanding Weighted Average Remaining Contractual Term (in years) | 5 years 10 months 24 days |
Outstanding Weighted Average Exercise Price (per share) | $9.61 |
Exercisable Number of Options | 3,901,669 |
Exercisable Weighted Average Exercise Price (per share) | $8.68 |
$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 |
Outstanding Number of Options | 1,900,000 |
Outstanding Weighted Average Remaining Contractual Term (in years) | 3 years 8 months 12 days |
Outstanding Weighted Average Exercise Price (per share) | $3.66 |
Exercisable Number of Options | 1,900,000 |
Exercisable Weighted Average Exercise Price (per share) | $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 |
Outstanding Number of Options | 1,675,000 |
Outstanding Weighted Average Remaining Contractual Term (in years) | 7 years 4 months 24 days |
Outstanding Weighted Average Exercise Price (per share) | $10.87 |
Exercisable Number of Options | 1,255,002 |
Exercisable Weighted Average Exercise Price (per share) | $10.77 |
$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 |
Outstanding Number of Options | 1,100,000 |
Outstanding Weighted Average Remaining Contractual Term (in years) | 7 years 7 months 6 days |
Outstanding Weighted Average Exercise Price (per share) | $17.97 |
Exercisable Number of Options | 746,667 |
Exercisable Weighted Average Exercise Price (per share) | $17.96 |
Stock_Options_Schedule_Of_Stoc
Stock Options (Schedule Of Stock-Based Compensation Expense Allocated Between Production And General And Administrative Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options [Abstract] | |||
Production costs | $2,182 | $2,380 | $1,737 |
General and administrative expenses | 2,769 | 5,237 | 4,863 |
Total stock-based compensation | $4,951 | $7,617 | $6,600 |
Stock_Options_Assumptions_Used
Stock Options (Assumptions Used to Determine Value of Stock-Based Awards under Black-Scholes Method (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate, Minimum | 0.69% | 0.68% | 0.62% |
Risk-free interest rate, Maximum | 1.62% | 2.31% | |
Dividend yield | 1.63% | ||
Expected volatility | 53.63% | ||
Expected volatility, Minimum | 62.74% | 62.94% | |
Expected volatility, Maximum | 63.21% | 67.20% | |
Expected life in years | 5 years | 5 years | 5 years |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 3.40% | 3.14% | |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 2.87% | 2.47% |
Other_Income_Expense_Details
Other Income (Expense) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Income (Expense) [Abstract] | |||||||||||
Currency exchange (loss) | ($830) | ($357) | ($2,881) | ||||||||
Impairment (loss) on gold and silver bullion | -279 | -1,743 | 58 | ||||||||
Unrealized gain from investments | 702 | ||||||||||
Realized gain (loss) from gold and silver bullion converted | 4 | -58 | -64 | ||||||||
Interest Income | 161 | 166 | 122 | ||||||||
Other (expense) income | -80 | 637 | 87 | ||||||||
Total other income (expense) | ($1,065) | $69 | $205 | $469 | $1,203 | ($660) | ($1,862) | ($36) | ($322) | ($1,355) | ($2,736) |
Net_Income_Loss_Per_Share_Narr
Net Income (Loss) Per Share (Narratives) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Income (Loss) Per Share [Abstract] | |||
Stock options diluted totaling amount excluded weighted average shares outstanding | 2.8 | 2.6 | 1.3 |
Average market price of common shares during the period | $4.78 | $9.06 | $22.07 |
Net_Income_Loss_Per_Share_Addi
Net Income (Loss) Per Share (Additional Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Income (Loss) Per Share [Abstract] | |||||||||||
Net income | $3,419 | ($1,455) | $7,156 | $7,125 | ($4,099) | ($1,830) | ($1,373) | $7,387 | $16,245 | $85 | $33,671 |
Basic | 54,119,095 | 54,179,369 | 54,179,369 | 53,934,925 | 53,735,891 | 53,320,673 | 53,272,776 | 52,679,369 | 54,119,095 | 53,255,259 | 52,846,163 |
Dilutive effect of stock options | 501,237 | 2,044,216 | 3,469,722 | ||||||||
Diluted | 54,326,169 | 54,179,369 | 54,556,217 | 54,697,710 | 53,735,891 | 53,320,673 | 53,272,776 | 55,586,031 | 54,620,332 | 55,299,475 | 56,315,885 |
Basic: | |||||||||||
Net income (loss) per common share: Basic | $0.06 | ($0.03) | $0.13 | $0.13 | ($0.08) | ($0.03) | ($0.03) | $0.14 | $0.30 | $0 | $0.64 |
Diluted: | |||||||||||
Net income (loss) per common share: Diluted | $0.06 | ($0.03) | $0.13 | $0.13 | ($0.08) | ($0.03) | ($0.03) | $0.13 | $0.30 | $0 | $0.60 |
Supplementary_CashFlow_Informa2
Supplementary Cash-Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplementary Cash-Flow Information | |||
Gain on disposition on property and plant | ($146) | ||
Impairment loss on gold and silver bullion | 279 | 1,743 | -58 |
Reclamation and remediation | 112 | 339 | |
Reserve for uncollectible advances | 242 | ||
Unrealized (gain) on investments | -702 | ||
Unrealized foreign currency exchange loss | 1,109 | 526 | 1,442 |
Allowance for uncollectible IVA | -1,126 | ||
Write-down of obsolete material and supply inventory | 402 | ||
Deferred charge (see footnote 8) | 353 | -3,528 | |
Other | 185 | 6 | |
Total other | $596 | ($1,147) | $1,729 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |||||
Inventories | $7,295,000 | $7,468,000 | |||
Current liabilities | 17,762,000 | 11,878,000 | |||
Cost of sales | 19,283,000 | 47,928,000 | 38,069,000 | ||
Income tax (benefit) | 15,021,000 | 8,890,000 | 13,297,000 | ||
Missaplication Of Receivable Credit [Member] | |||||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |||||
Missaplication amount | 1,500,000 | ||||
Adjustments [Member] | |||||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |||||
Inventories | 400,000 | 400,000 | |||
Current liabilities | 1,000,000 | 1,000,000 | |||
Cost of sales | 1,100,000 | ||||
Income tax (benefit) | ($500,000) |
Quarterly_Financial_Data_Unaud3
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Data [Abstract] | |||||||||||
Sales, net | $29,532 | $21,052 | $33,669 | $31,152 | $27,408 | $29,405 | $26,660 | $42,311 | $115,405 | $125,784 | $131,794 |
Mine gross profit | 10,014 | 8,023 | 16,648 | 16,186 | 9,703 | 11,377 | 11,144 | 26,034 | 50,871 | 58,258 | 87,773 |
Operating income (loss) | 7,316 | -415 | 12,802 | 11,885 | 635 | -1,884 | -768 | 12,347 | 31,588 | 10,330 | 49,704 |
Other expense | -1,065 | 69 | 205 | 469 | 1,203 | -660 | -1,862 | -36 | -322 | -1,355 | -2,736 |
Net income (loss) | $3,419 | ($1,455) | $7,156 | $7,125 | ($4,099) | ($1,830) | ($1,373) | $7,387 | $16,245 | $85 | $33,671 |
Net income (loss) per common share: Basic | $0.06 | ($0.03) | $0.13 | $0.13 | ($0.08) | ($0.03) | ($0.03) | $0.14 | $0.30 | $0 | $0.64 |
Net income (loss) per common share: Diluted | $0.06 | ($0.03) | $0.13 | $0.13 | ($0.08) | ($0.03) | ($0.03) | $0.13 | $0.30 | $0 | $0.60 |
Weighted average shares outstanding: Basic | 54,119,095 | 54,179,369 | 54,179,369 | 53,934,925 | 53,735,891 | 53,320,673 | 53,272,776 | 52,679,369 | 54,119,095 | 53,255,259 | 52,846,163 |
Weighted average shares outstanding: Diluted | 54,326,169 | 54,179,369 | 54,556,217 | 54,697,710 | 53,735,891 | 53,320,673 | 53,272,776 | 55,586,031 | 54,620,332 | 55,299,475 | 56,315,885 |