Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 17, 2014 | Jun. 30, 2013 |
Document Entity Information | ' | ' | ' |
Entity Registrant Name | 'Thompson Creek Metals CO Inc. | ' | ' |
Entity Central Index Key | '0001415020 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $517 |
Entity Common Stock, Shares Outstanding | ' | 171,463,409 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $233.90 | $526.80 |
Accounts receivable | 47.8 | 52.9 |
Accounts receivable-related parties (Note 20) | 6.3 | 6.4 |
Product inventory (Note 3) | 122.1 | 110.8 |
Materials and supplies inventory | 65.8 | 48.4 |
Prepaid expenses and other current assets | 13.2 | 5.8 |
Income and mining taxes receivable | 4.4 | 16 |
Restricted cash | 2.5 | 37.1 |
Total current assets | 496 | 804.2 |
Property, plant, equipment and development, net (Note 4) | 2,538 | 2,538.90 |
Restricted cash | 5.7 | 5.7 |
Reclamation deposits (Note 12) | 7.4 | 30.1 |
Other assets | 24.2 | 31.3 |
Deferred income tax assets (Note 18) | 14.2 | 0 |
Total assets | 3,085.50 | 3,410.20 |
Current liabilities | ' | ' |
Accounts payable and accrued liabilities | 104.9 | 128.5 |
Income, mining and other taxes payable | 0.7 | 0.6 |
Current portion of Gold Stream deferred revenue (Note 10) | 21.3 | 0 |
Current portion of long-term debt (Notes 9 and 11) | 15.4 | 16.6 |
Current portion of long-term lease obligations (Note 8) | 21.8 | 14.1 |
Deferred income tax liabilities (Note 18) | 14.4 | 5.9 |
Other current liabilities | 2.1 | 13.8 |
Total current liabilities | 180.6 | 179.5 |
Gold Stream deferred revenue (Note 10) | 759.4 | 669.6 |
Long-term debt (Notes 9 and 11) | 906.9 | 921.8 |
Long-term lease obligations (Note 8) | 68.7 | 58 |
Other liabilities | 6.5 | 5.3 |
Asset retirement obligations (Note 12) | 43.8 | 36.6 |
Deferred income tax liabilities (Note 18) | 13.4 | 137.5 |
Total liabilities | 1,979.30 | 2,008.30 |
Commitments and contingencies (Note 16) | ' | ' |
Shareholders' equity (Note 15) | ' | ' |
Common stock, no-par, 171,452,069 and 168,726,984 shares issued and outstanding as of December 31, 2013 and December 31, 2012, respectively | 1,028.90 | 1,017.90 |
Additional paid-in capital (Notes 11 and 14) | 230.7 | 233.8 |
Retained earnings (deficit) | -122.7 | 92.3 |
Accumulated other comprehensive income (loss) | -30.7 | 57.9 |
Total shareholders' equity | 1,106.20 | 1,401.90 |
Total liabilities and shareholders' equity | $3,085.50 | $3,410.20 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Shares issued | 171,452,069 | 168,726,984 |
Common stock, shares outstanding | 171,452,069 | 168,726,984 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
REVENUES | ' | ' | ' |
Copper sales | $8.70 | $0 | $0 |
Gold sales | 5.6 | 0 | 0 |
Molybdenum sales | 400.8 | 386.8 | 651.9 |
Tolling, calcining and other | 19.3 | 14.6 | 17.2 |
Total revenues | 434.4 | 401.4 | 669.1 |
Cost of sales | ' | ' | ' |
Operating expenses | 318.9 | 374.5 | 392.8 |
Depreciation, depletion and amortization | 61.2 | 64 | 74.7 |
Total cost of sales | 380.1 | 438.5 | 467.5 |
Selling and marketing | 9.3 | 8 | 9.7 |
Accretion expense | 2.4 | 2.3 | 1.9 |
Asset impairments | 194.9 | 530.5 | 0 |
General and administrative | 21.6 | 27.6 | 26.5 |
Exploration | 1.4 | 2.2 | 14.2 |
Total costs and expenses | 609.7 | 1,009.10 | 519.8 |
OPERATING INCOME (LOSS) | -175.3 | -607.7 | 149.3 |
OTHER (INCOME) EXPENSE | ' | ' | ' |
Goodwill impairment | 0 | 47 | 0 |
Start-up costs | 10.3 | 5.5 | 0 |
Change in fair value of common stock purchase warrants | 0 | -1.8 | -169.2 |
(Gain) loss on foreign exchange | 70.8 | -12.2 | 13.1 |
Interest and finance fees | 24.1 | 12.8 | 5.2 |
Interest income | -1 | -1.1 | -2.1 |
Other | -1.1 | -0.5 | -1 |
Total other (income) expense | 103.1 | 49.7 | -154 |
Income (loss) before income and mining taxes | -278.4 | -657.4 | 303.3 |
INCOME AND MINING TAX EXPENSE (BENEFIT) | ' | ' | ' |
Current income and mining tax expense (benefit) | 13.9 | -5.4 | 30.9 |
Deferred income and mining tax expense (benefit) | -77.3 | -105.7 | -19.7 |
Income and mining tax (benefit) expense | -63.4 | -111.1 | 11.2 |
NET INCOME (LOSS) | -215 | -546.3 | 292.1 |
Post retirement benefit, net of tax | -0.2 | 0 | -0.1 |
Foreign currency translation | -88.4 | 33.9 | -29.2 |
Total other comprehensive income (loss) | -88.6 | 33.9 | -29.3 |
Total comprehensive income (loss) | ($303.60) | ($512.40) | $262.80 |
NET INCOME (LOSS) PER SHARE | ' | ' | ' |
Basic (in dollars per share) | ($1.26) | ($3.24) | $1.75 |
Diluted (in dollars per share) | ($1.26) | ($3.24) | $1.73 |
Weighted-average number of common shares | ' | ' | ' |
Basic (in shares) | 171.1 | 168.4 | 167.2 |
Diluted (in shares) | 171.1 | 168.4 | 168.6 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES | ' | ' | ' |
Net income (loss) | ($215) | ($546.30) | $292.10 |
Items not affecting cash: | ' | ' | ' |
Asset impairments | 194.9 | 530.5 | 0 |
Goodwill impairment | 0 | 47 | 0 |
Change in fair value of common stock purchase warrants | 0 | -1.8 | -169.2 |
Depreciation, depletion and amortization | 61.2 | 64 | 74.7 |
Recognition of deferred revenue | -0.8 | 0 | 0 |
Accretion expense | 2.4 | 2.3 | 1.9 |
Amortization of finance fees | 1.3 | 9.6 | 2.1 |
Stock-based compensation | 5.4 | 6.3 | 7.8 |
Materials and supplies inventory write downs | 2.4 | 0.2 | 2 |
Product inventory write downs | 51.7 | 52.6 | 17.3 |
Deferred income tax benefit | -77.3 | -105.7 | -19.7 |
Unrealized (gain) loss on derivative instruments | -0.2 | 1.7 | -1.6 |
Unrealized foreign exchange (gain) loss | 70.4 | -13.3 | 11.8 |
Change in working capital accounts (Note 21) | -51.6 | -75.3 | -16.5 |
Cash generated by (used in) operating activities | 44.8 | -28.2 | 202.7 |
INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | -428.9 | -771.5 | -686.6 |
Capitalized interest payments | -74.7 | -40.7 | -13.7 |
Disposition of assets | 0.2 | 0 | 0 |
Restricted cash | 33.2 | 5.6 | -16 |
Reclamation refund | 28.1 | 0 | 0 |
Reclamation deposit | -7 | -5.3 | -0.1 |
Cash used in investing activities | -449.1 | -811.9 | -716.4 |
FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from the Gold Stream Arrangement | 111.9 | 305 | 138.1 |
Proceeds from equipment financings | 37.8 | 49.3 | 0 |
Repayments of equipment financings | -23.2 | -9.7 | 0 |
Repayment of long-term debt | -16.6 | -10.9 | -5.4 |
Proceeds (costs) from issuance of common shares, net | 0.9 | -0.3 | 26.4 |
Proceeds from senior secured note issuance | 0 | 346.8 | 0 |
Proceeds from senior unsecured note issuance | 0 | 200 | 350 |
Debt issuance costs | 0 | -22 | -13.2 |
Proceeds from tangible equity units | 0 | 220 | 0 |
Issuance costs related to equity portion of tangible equity units | 0 | -6.4 | 0 |
Cash generated by financing activities | 110.8 | 1,071.80 | 495.9 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0.6 | 0.6 | -3.7 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -292.9 | 232.3 | -21.5 |
Cash and cash equivalents, beginning of period | 526.8 | 294.5 | 316 |
Cash and cash equivalents, end of period | $233.90 | $526.80 | $294.50 |
Supplementary cash flow information (Note 21) | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | tMEDS | tMEDS | tMEDS | tMEDS | tMEDS |
In Millions, except Share data, unless otherwise specified | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | ||||||
Balances at Dec. 31, 2010 | $1,429.90 | $980.90 | $49.20 | $346.50 | $53.30 | ' | ' | ' | ' | ' |
Balances (in shares) at Dec. 31, 2010 | ' | 165,190,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of stock-based compensation | 7.8 | ' | 7.8 | ' | ' | ' | ' | ' | ' | ' |
Shares issued under stock-based compensation | 8.2 | 12.8 | -4.6 | ' | ' | ' | ' | ' | ' | ' |
Shares issued under stock-based compensation (in shares) | ' | 1,070,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit of stock option exercises | 0.2 | ' | 0.2 | ' | ' | ' | ' | ' | ' | ' |
Warrant exercises | 20.6 | 20.6 | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant exercises (in shares) | ' | 1,704,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 292.1 | ' | ' | 292.1 | ' | ' | ' | ' | ' | ' |
Post retirement benefit, net of tax | -0.1 | ' | ' | ' | -0.1 | ' | ' | ' | ' | ' |
Foreign currency translation | -29.2 | ' | ' | ' | -29.2 | ' | ' | ' | ' | ' |
Total comprehensive income (loss) | 262.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balances at Dec. 31, 2011 | 1,729.50 | 1,014.30 | 52.6 | 638.6 | 24 | ' | ' | ' | ' | ' |
Balances (in shares) at Dec. 31, 2011 | ' | 167,964,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of tangible equity units | ' | ' | 177.7 | ' | ' | 177.7 | ' | 177.7 | ' | ' |
Issuance of tangible equity units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of stock-based compensation | 6.3 | ' | 6.3 | ' | ' | ' | ' | ' | ' | ' |
Shares issued under stock-based compensation | 0.9 | 2.8 | -1.9 | ' | ' | ' | ' | ' | ' | ' |
Shares issued under stock-based compensation (in shares) | ' | 371,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit of stock option exercises | -0.9 | ' | -0.9 | ' | ' | ' | ' | ' | ' | ' |
Warrant exercises | 0.8 | 0.8 | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant exercises (in shares) | ' | 392,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -546.3 | ' | ' | -546.3 | ' | ' | ' | ' | ' | ' |
Post retirement benefit, net of tax | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation | 33.9 | ' | ' | ' | 33.9 | ' | ' | ' | ' | ' |
Total comprehensive income (loss) | -512.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balances at Dec. 31, 2012 | 1,401.90 | 1,017.90 | 233.8 | 92.3 | 57.9 | ' | ' | ' | ' | ' |
Balances (in shares) at Dec. 31, 2012 | 168,726,984 | 168,727,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of stock-based compensation | 5.6 | ' | 5.6 | ' | ' | ' | ' | ' | ' | ' |
Shares issued under stock-based compensation | 1 | 3.9 | -2.9 | ' | ' | ' | ' | ' | ' | ' |
Shares issued under stock-based compensation (in shares) | ' | 616,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit of stock option exercises | -0.3 | 0 | -0.3 | 0 | 0 | 1.6 | 0 | 1.6 | 0 | 0 |
Settlement of tangible equity units | ' | ' | ' | ' | ' | 0 | 7.1 | -7.1 | 0 | 0 |
Settlement of tangible equity units (in shares) | ' | ' | ' | ' | ' | ' | 2,109,000 | ' | ' | ' |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -215 | ' | ' | -215 | ' | ' | ' | ' | ' | ' |
Post retirement benefit, net of tax | -0.2 | ' | ' | ' | -0.2 | ' | ' | ' | ' | ' |
Foreign currency translation | -88.4 | ' | ' | ' | -88.4 | ' | ' | ' | ' | ' |
Total comprehensive income (loss) | -303.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balances at Dec. 31, 2013 | $1,106.20 | $1,028.90 | $230.70 | ($122.70) | ($30.70) | ' | ' | ' | ' | ' |
Balances (in shares) at Dec. 31, 2013 | 171,452,069 | 171,452,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Description_of_Business
Description of Business | 12 Months Ended |
Dec. 31, 2013 | |
Basis of Presentation [Abstract] | ' |
Description of Business | ' |
Description of Business | |
Thompson Creek Metals Company Inc. ("TCM") is a North American mining company incorporated under the laws of British Columbia with vertically integrated copper, gold and molybdenum mining, milling, processing and marketing operations in Canada and the United States ("US"). | |
The Copper-Gold operations consist of Mt. Milligan Mine, a conventional truck-shovel open-pit copper and gold mine and concentrator in British Columbia. The US operations for molybdenum include the Thompson Creek Mine ("TC Mine") (mine and mill) in Idaho and the Langeloth Metallurgical Roasting Facility (the "Langeloth Facility") in Pennsylvania. The Canadian operations for molybdenum consist of a 75% joint venture interest in the Endako Molybdenum Mine Joint Venture ("Endako Mine") (mine, mill and roaster) in British Columbia. | |
TCM also has a 100% interest in a copper and molybdenum exploration property located in British Columbia (the “Berg property”) and a 100% interest in a gold exploration project located in Nunavut, Canada (the "Maze Lake property"). |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Significant Accounting Policies | ' | ||||||||
Significant Accounting Policies | |||||||||
Basis of Preparation and Principles of Consolidation | |||||||||
The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("US GAAP"). The consolidated financial statements include the accounts of TCM and its subsidiaries, and intercompany accounts and transactions have been eliminated in consolidation. TCM also consolidates its 75% proportionate interest in the accounts of the unincorporated Endako Mine joint venture. | |||||||||
Financial amounts are presented in US dollars unless otherwise stated. References to C$ are Canadian dollars. | |||||||||
Certain prior year amounts in the financial statements have been reclassified to conform to the current year presentation. Start-up costs of $5.5 million for year ended December 31, 2012 related to the mill expansion at Endako Mine were reclassified from operating expenses to start-up costs in the Consolidated Statements of Operations and Comprehensive Income (Loss) to disclose clearly the expenses related to ramping up to full production capacity. In addition, a portion of the equipment financing lease payments were reclassified from operating activities, investing activities and financing activities in the Consolidated Statements of Cash Flows for the year ended December 31, 2012. The following table presents the impact of this change. | |||||||||
(US$ in millions) | As Previously Reported | As Revised | |||||||
Year ended December 31, 2012 | |||||||||
Cash (used in) operating activities | $ | (82.8 | ) | $ | (28.2 | ) | |||
Cash (used in) investing activities | $ | (762.7 | ) | $ | (811.9 | ) | |||
Cash generated by financing activities | $ | 1,077.30 | $ | 1,071.80 | |||||
Effect of exchange rate changes on cash | $ | 0.5 | $ | 0.6 | |||||
Currency Translation | |||||||||
The functional currency of TCM and its US operations is the US dollar. Monetary assets and liabilities denominated in foreign currencies are translated into US dollars at exchange rates in effect at the balance sheet date, with resulting gains or losses reported in (gain) loss on foreign exchange in the computation of net income (loss). Other non-monetary assets and liabilities are translated at historic rates. Revenues, expenses and cash flows in foreign currencies are translated into US dollars at average exchange rates. | |||||||||
The functional currency of TCM's Canadian operations is the Canadian dollar. The assets and liabilities for those subsidiaries with a Canadian dollar functional currency are translated at exchange rates in effect at the balance sheet date, and revenues and expenditures are translated at average exchange rates. Differences arising from these foreign currency translations are recorded in the Consolidated Balance Sheets as accumulated other comprehensive income (loss) within Shareholders' equity. | |||||||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenditures during the reporting period. As the estimation process is inherently uncertain, actual future outcomes could differ from current estimates and assumptions, potentially having material effects on future financial statements. The more significant areas requiring the use of management estimates include mineral reserve estimation; useful asset lives for depreciation, depletion and amortization; reclamation and closure costs; environmental obligations; deferred taxes and valuation allowances; asset fair values in evaluating asset impairments and estimates of recoverable gold and other minerals. | |||||||||
Fair Value Measurement | |||||||||
US GAAP accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standards establish a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: | |||||||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||||||||
Level 2 | Quoted prices in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. | ||||||||
Level 3 | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). | ||||||||
Cash and Cash Equivalents and Restricted Cash | |||||||||
Cash is comprised of cash deposits held at banks. Cash equivalents are financial instruments issued or guaranteed by major financial institutions and governments that have an original maturity date of less than 90 days. Cash equivalents are stated at cost, which approximates market value. Restricted cash is primarily comprised of amounts withheld related to certain construction contracts and amounts to fund TCM's deferred compensation program. | |||||||||
Accounts Receivable | |||||||||
Accounts receivable are carried at their estimated collectible amounts. Accounts receivable included trade receivables of $41.6 million and $34.6 million and other receivables of $6.2 million and $18.3 million as of December 31, 2013 and 2012, respectively. Other receivables primarily consisted of $3.3 million and $12.9 million of Goods and Services Sales Tax refunds and Canadian Harmonized Sales Tax refunds as of December 31, 2013 and 2012, respectively. | |||||||||
Product Inventories | |||||||||
Product inventories are carried at the lower of cost or market and assessed monthly to determine if a write down is required; through the first quarter of 2012, the assessment was performed quarterly. Cost is comprised of production costs for copper-gold concentrate ("concentrate") and molybdenum concentrate produced and processed from TCM's mines, as well as amounts paid for molybdenum concentrate purchased from third parties. Production costs include the direct mining, milling and on-site general and administrative costs; costs of processing and roasting; transportation, shipping, freight and insurance costs; refining and treatment costs; warehouse costs; stock-based compensation and depreciation, depletion and amortization. Stripping costs (i.e., the costs of removing overburden and waste material to access mineral deposits) incurred during the production phase of a mine are considered variable production costs and are included as a component of inventory produced during the period in which stripping costs are incurred. For concentrate, TCM uses the weighted-average cost method for production and sales of product inventory. For molybdenum, TCM uses the first-in, first-out cost method for production and sales of product inventory. For both the copper-gold operations and molybdenum operations, the weighted-average cost method is used for stockpiled ore. | |||||||||
Obsolescence | |||||||||
TCM routinely evaluates materials and supplies inventory for obsolescence. When necessary, obsolete and surplus materials and supplies are written down in a manner that reduces the inventory value to an amount that does not exceed its net realizable value, which may be considered salvage value, with the difference charged to current period expenses. During 2013, 2012 and 2011, TCM recorded write downs for obsolete materials and supplies inventory of $2.4 million, $0.2 million and $2.0 million, respectively. | |||||||||
Property, Plant, Equipment and Development | |||||||||
Mineral Properties | |||||||||
TCM capitalizes the costs to acquire mineral properties. On acquisition of a mineral property, TCM estimates the fair value of proven and probable mineral reserves, as well as the value beyond proven and probable mineral reserves, and records any costs incurred as assets at the date of acquisition. The costs assigned to mineral properties in production are amortized over the life of the mine using the units-of-production method based on the volume of mineral produced in relation to the total estimated proven and probable mineral reserves. The cost assigned to the value beyond proven and probable mineral reserves is not amortized. However, as new information is obtained or economic conditions change, mineralized material may be converted into proven and probable mineral reserves at which time the capitalized costs associated with mineralized material are reclassified as costs subject to amortization. | |||||||||
Mine Development | |||||||||
Capitalization of mine development costs that meet the definition of an asset begins once all operating permits have been secured, mineralization is classified as proven and probable reserves and a final feasibility study has been completed. Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body and the removal of overburden to initially expose an ore body at open pit surface mines. Costs incurred before mineral resources are classified as proven and probable reserves are expensed and classified as exploration expense, unless it can be substantiated prior to the commencement of a drilling program that the drilling costs will result in the conversion of a mineral resource into proven and probable reserves. All capitalized costs are amortized using the units-of-production method over the estimated life of the ore body based on recoverable quantities to be produced from estimated proven and probable mineral reserves. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use. Gains or losses from sales or retirements of assets are included in costs and expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss). Tax credits, which will be used to offset future taxable income, generated from qualifying new mine development costs are included as reductions to property, plant, equipment and development and increases to deferred tax assets on the Consolidated Balance Sheets. The benefit from these tax incentives will be reflected in net income over the estimated life of the ore body, along with the capitalized mine development costs which generated the credits. | |||||||||
Facilities and Equipment | |||||||||
Mining facilities and equipment are recorded at cost. Expenditures for facilities and equipment relating to new assets or improvements are capitalized if they extend useful lives or extend functionality. Fixed plant and machinery are amortized using the units-of-production method over the lesser of the estimated life of the equipment or the ore body based on recoverable quantities to be produced from estimated proven and probable mineral reserves. Facilities, mobile and other equipment are depreciated on either a declining-balance or straight-line basis over the shorter of their estimated useful life or the life of the mine. The declining-balance percentages range from 10% to 50%, and the estimated useful lives range from 3 years to life-of-mine. Processing facilities are depreciated on a straight-line basis over the estimated useful lives ranging from 3 to 20 years. Tax allowances, which will be used to offset future taxable income, generated from qualifying new mine facilities and equipment expenditures are included as reductions to property, plant, equipment and development and increases to deferred tax assets on the Consolidated Balance Sheets. The benefit from these tax incentives will be reflected in net income over estimated life of the facilities and equipment, along with the associated expenditures which generated the allowances. | |||||||||
Repairs and maintenance costs are charged to expense as incurred, except when these repairs extend the life or functionality of the asset. In these instances, expenditures are capitalized and amortized over the period benefited. | |||||||||
Depreciation, depletion and amortization is allocated to product inventory cost and then included in depreciation, depletion and amortization as inventory is sold. | |||||||||
Additionally, interest expense and financing fees allocable to the cost of developing mining properties and to constructing new facilities is capitalized until assets are ready for their intended use. For the years ended December 31, 2013, 2012 and 2011, $75.2 million, $45.8 million and $16.8 million, respectively, of interest expense and financing fees were capitalized. | |||||||||
Exploration | |||||||||
Exploration includes geological and geophysical work on areas without identified reserves, together with drilling and other related costs. These costs are expensed as incurred. | |||||||||
Asset Impairments | |||||||||
TCM reviews and evaluates its long-lived assets for impairment using a two-step approach when events and changes in circumstances indicate that the related carrying amounts of its assets may not be recoverable. If total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets (step 1), then TCM performs an evaluation of the estimated fair value of the asset or asset group (step 2). An impairment loss is measured and recorded based on the difference between book value and the estimated fair value of the asset or asset group. Fair value is estimated using discounted estimated future cash flows, or the application of an expected present value technique in the absence of a market price. Future cash flows include estimates of recoverable quantities to be produced from estimated proven and probable mineral reserves, molybdenum prices (considering current and historical prices, price trends and related factors), production quantities and capital expenditures, all based on life-of-mine plans and projections. In estimating future cash flows, assets are grouped at the lowest level for which identifiable cash flows exist that are largely independent of cash flows from other asset groups. Generally, in estimating future cash flows, all assets are grouped at a particular mine for which there are identifiable cash flows. The assumptions underlying future cash flow estimates are subject to significant risks and uncertainties. Any differences between TCM's assumptions and market conditions and/or TCM's operating performance could have a material effect on the determination of ore reserves or the ability to recover the carrying amounts of TCM's long-lived assets, thus resulting in impairment charges. | |||||||||
During 2013 and 2012, we experienced triggering events that caused management to update its impairment evaluation. As a result of this evaluation, in 2013 we wrote down the property, plant and equipment assets and materials and supplies inventory at TC Mine and our share of the assets at Endako Mine, and in 2012, we wrote down our share of the assets at Endako Mine to the assets' fair value. See Note 5 for further discussion. | |||||||||
Goodwill | |||||||||
Acquisitions are accounted for using the purchase method, whereby tangible and intangible assets and liabilities acquired are recorded at their fair values as of the date of acquisition, and any excess of the purchase price over the fair value of the net assets acquired is recorded as goodwill. Goodwill is identified and assigned to reporting units by preparing estimates of the fair value of each reporting unit and comparing this amount to the carrying value of assets and liabilities of the reporting unit. | |||||||||
TCM evaluates the carrying amount of goodwill for impairment on an annual basis or when events or changes in circumstances indicate that the related carrying amount may not be recoverable. Goodwill is assessed for impairment using a two-step approach. The first step compares the carrying value of the reporting unit to its fair value computed using discounted estimated future cash flows from the reporting unit. If the carrying value of a reporting unit exceeds its fair value, then TCM compares the implied fair value of the reporting unit's goodwill to its carrying amount and any excess of the carrying value over the fair value is charged against earnings. Assumptions underlying fair value estimates are subject to significant risk and uncertainties. | |||||||||
In evaluating goodwill for impairment, estimates of after-tax discounted future cash flows of the individual mining operations are used. The estimated cash flows used to assess recoverability of TCM's goodwill are derived from the most current life-of-mine plans developed using near-term, third-party price forecasts reflective of the current price environment and management's projections for long-term average prices and operating costs. | |||||||||
During 2012, we suspended waste stripping activity associated with the next phase of production at TC Mine, which, coupled with declines in molybdenum prices, represented significant changes in our business, thereby requiring us to evaluate our goodwill for impairment on an enterprise-wide basis. As a result of this evaluation, the then-remaining balance of goodwill was impaired during 2012. See Note 5 for further discussion. | |||||||||
Debt Issuance Costs | |||||||||
Included in other long-term assets are costs associated with the issuance of TCM's secured and unsecured senior notes and tangible equity units ("tMEDS"). The remaining unamortized issuance costs at December 31, 2013 and 2012 totaled $21.3 million and $26.7 million, respectively, and are being amortized over the life of the senior notes or the tMEDS, as applicable. Amortization costs for the secured and unsecured senior notes and tMEDS are being capitalized to Mt. Milligan Mine until the underlying assets are ready for their intended use. | |||||||||
Equipment Financings | |||||||||
TCM is the lessee of equipment under the Equipment Facility with Caterpillar (see Note 8). In 2013, TCM entered into an equipment financing transaction with Caterpillar with respect to certain Endako Mine equipment. In 2013 and 2012, TCM also entered into equipment financing transactions with Caterpillar with respect to certain equipment at Mt. Milligan Mine pursuant to the Equipment Facility. The assets and liabilities under these capital leases are recorded at the lower of the present value of the minimum lease payments or the fair value of the asset. Once ready for their intended use, the assets are depreciated over the lower of their related lease terms or their estimated productive lives. Beginning in September 2013, in conjunction with the start-up phase of Mt. Milligan Mine, TCM ceased capitalizing the interest and debt issuance costs associated with the leases under the Equipment Facility for Mt. Milligan Mine as the related assets were placed in service. | |||||||||
Derivative Instruments | |||||||||
From time to time, TCM enters into various arrangements, such as forward commodity contracts, foreign currency forward contracts and fixed- and provisionally-priced purchase and sale contracts. TCM does not account for any of these arrangements using hedge accounting. | |||||||||
Financial and derivative instruments (including embedded derivatives) and any outstanding common stock purchase warrants are recorded at fair value on the Consolidated Balance Sheets. Changes in the fair value of derivatives are recorded each period in the Consolidated Statements of Operations and Comprehensive Income (Loss). All of TCM's once-outstanding common stock purchase warrants were exercised or expired as of December 31, 2012. | |||||||||
Provision for Income and Mining Taxes | |||||||||
TCM computes income taxes using the asset and liability approach that results in the recognition of deferred tax assets and liabilities for the expected future tax consequences or benefits of temporary differences between the financial reporting basis and the tax basis of assets and liabilities, as well as operating loss and tax credit carry-forwards, using enacted tax rates in effect in the years in which the differences are expected to reverse. | |||||||||
In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, carryback of losses and tax planning strategies in making this assessment. A valuation allowance is provided for the portion of TCM's net deferred tax assets for which it is not more likely than not that they will be realized. | |||||||||
Asset Retirement Obligations | |||||||||
Future obligations to retire an asset, including site closure, dismantling, remediation and ongoing treatment and monitoring, are recorded as a liability at fair value at the time of construction or development. The fair value determination is based on estimated future cash flows, the current credit-adjusted risk-free discount rate and an estimated inflation factor. The value of asset retirement obligations is evaluated on an annual basis or as new information becomes available on the expected amounts and timing of cash flows required to discharge the liability. The fair value of the liability is added to the carrying amount of the associated asset, and this additional carrying amount is depreciated or amortized over the estimated life of the asset. An accretion cost, representing the increase over time in the present value of the liability, is recorded each period as accretion expense. As reclamation work is performed or liabilities are otherwise settled, the recorded amount of the liability is reduced. | |||||||||
Revenue Recognition | |||||||||
TCM sells its products pursuant to sales contracts entered into with its customers. For concentrate sales, revenue is recognized when title and risk of loss pass and when collectibility is reasonably assured. For concentrate, this is typically when a provisional payment is received. The passing of title and risk of loss are based on terms of the sales contract, generally upon shipment or delivery of product. Revenues from TCM’s concentrate sales are recorded based on a provisional sales price, with adjustments made for a final sales price calculated in accordance with the terms specified in the relevant sales contract, including the price to be received under the Gold Stream Arrangement, as well as any potential losses from our commitment under the Gold Stream Arrangement. Revenues from concentrate sales are recorded net of treatment and all refining charges and the impact of derivative contracts. Treatment and refining charges represent payments or price adjustments that are contractually negotiated, as is typical in the industry. Moreover, because a portion of the metals contained in concentrate is unrecoverable as a result of the smelting process, TCM's revenues from concentrate sales are also recorded net of allowances based on the quantity and value of these unrecoverable metals. | |||||||||
Under the long-established structure of sales agreements prevalent in the industry, metals contained in concentrate are generally provisionally priced at the time of shipment. The provisional prices are finalized in a specified future month (generally one to four months from the shipment date) based on quoted monthly average spot gold prices on the London Metal Exchange ("LME") or spot copper prices on the London Bullion Market Association ("LBMA"). TCM receives market prices based on prices in the specified future month, which results in mark-to-market price fluctuations recorded to revenues until the date of settlement. To the extent final prices are higher or lower than what was recorded on a provisional basis, an increase or decrease to revenues is recorded each reporting period until the date of final pricing. | |||||||||
To satisfy our obligations under the Gold Stream Arrangement, TCM purchases unallocated refined gold and arranges for delivery to Royal Gold's designated account. TCM recognizes revenue for sales of refined gold when title and risk of loss pass to Royal Gold and when collectibility is reasonably assured, typically when unallocated refined gold is delivered to Royal Gold's account. Revenue from and costs for unallocated refined gold delivered under the Gold Stream Arrangement and gains and losses related to TCM's forward commodity gold contracts to hedge our exposure under the Gold Stream Arrangement are netted and recorded to gold sales. | |||||||||
TCM recognizes revenue from molybdenum sales when persuasive evidence of an arrangement exists, the price is fixed and determinable, the product has been delivered, title has transferred and collection is reasonably assured. TCM's sales contracts specify the point in the delivery process at which title transfers to the customer (shipping point or destination). Shipping and handling fees are accounted for on a gross basis under the terms of the contract. TCM recognizes tolling and calcining revenue under contractual arrangements as the services are performed on a per-unit basis. | |||||||||
TCM enters into provisionally-priced molybdenum sales contracts, whereby the contracts settle at prices to be determined at a future date based upon quoted prices. The future pricing mechanism of these agreements constitutes an embedded derivative, which is bifurcated and separately marked to an estimated fair value at the end of each period. Changes to the fair value of embedded derivatives related to molybdenum sales agreements are included in molybdenum sales revenue in the determination of net income (loss). | |||||||||
Stock-Based Compensation | |||||||||
Stock Options | |||||||||
TCM measures compensation related to stock options based on the fair value of instruments issued. The fair value of stock options at grant date is estimated using a Black-Scholes option pricing model. Compensation expense is recognized on a straight-line basis over the stock option vesting period and included in the specific income statement categories that include the costs and benefits of the employees granted the stock-based award. Proceeds arising from the exercise of stock options are credited to common stock. | |||||||||
Performance Share Units | |||||||||
Performance share units ("PSUs") are accounted for at fair value using a Monte Carlo simulation valuation model on the date of grant. The Monte Carlo model is based on random projections of stock price paths. Expected volatility is calculated using a weighted average of historical daily volatilities and represents the extent to which TCM's stock price performance is expected to fluctuate during each of the calendar periods of the award's anticipated term. The fair value is recognized as an expense on a straight-line basis over the requisite service period (usually the vesting period) and included in the specific income statement categories that include the costs and benefits of the employees granted PSUs. Upon vesting, common shares are issued to the employee from authorized but unissued common stock. | |||||||||
Restricted Stock Units | |||||||||
Restricted stock units ("RSUs") are accounted for at fair value, which is based on the market value of TCM's common shares on the day of grant. The total fair value is recognized as an expense on a straight-line basis over the vesting period and included in the specific income statement categories that include the costs and benefits of the employee and directors granted RSUs. Upon vesting, common shares are issued to the employee or director from authorized but unissued common stock. | |||||||||
Employee Stock Purchase Plan | |||||||||
The employee stock purchase plan ("ESPP") provides an opportunity for TCM's employees to purchase its common shares at 85% of the closing price at the beginning of the offering period or at the end of the offering period, whichever is lower. The ESPP has two six-month offering periods beginning on the first day of January and on the first day of July. Compensation expense is measured using a Black-Scholes pricing model and is based on the fair value of the employees' option to purchase shares of common stock at the grant date. Compensation costs are recognized over the future periods in which the related employee service is rendered. The compensation expense is included in the specific income statement categories that include the costs and benefits of the employees participating in the ESPP. Proceeds arising from the purchase of common stock by employees under the ESPP are credited to common stock. A tax benefit is not recognized for ESPPs unless there is a disqualifying disposition. The ESPP was suspended as of July 1, 2013 due to the low balance of common shares remaining in the plan. We expect to revive the ESPP if and when our shareholders approve a plan to add shares to the ESPP. | |||||||||
Earnings per Share | |||||||||
Earnings per share calculations are based on the weighted-average number of common shares issued and outstanding during the year. Diluted earnings per share are calculated using the treasury stock method, which assumes that outstanding stock options, warrants and prepaid purchase contracts (tMEDS) with an average exercise price less than the average market price of TCM's common shares are exercised, and the proceeds are used to repurchase common shares at the average market price of the common shares for the period. In years in which a loss is incurred, the effect of potential issuances of shares under the exercise of options, warrants and prepaid purchase contracts (tMEDS) would be anti-dilutive, and therefore, are excluded from diluted earnings per share calculations. |
Inventory
Inventory | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Inventory | ' | |||||||||||
Inventory | ||||||||||||
The carrying value of product inventory was as follows: | ||||||||||||
December 31, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Finished product | $ | 67.3 | $ | 53.5 | ||||||||
Work-in-process | 28 | 32.3 | ||||||||||
Stockpiled ore | 26.8 | 25 | ||||||||||
$ | 122.1 | $ | 110.8 | |||||||||
As of December 31, 2013, 2012 and 2011, the carrying value of TCM's concentrate and molybdenum inventory exceeded the market value, resulting in write downs of $58.3 million, $73.8 million, and $24.9 million, respectively. | ||||||||||||
The following table sets forth the inventory write downs in the accompanying Consolidated Statements of Operations and Comprehensive Income (Loss) for the years presented: | ||||||||||||
Years Ended | ||||||||||||
December 31, | December 31, | December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||||
Copper-Gold | ||||||||||||
Operating expense | $ | 20.2 | $ | — | $ | — | ||||||
Depreciation, depletion and amortization | 2.1 | — | — | |||||||||
Start-up costs | 7.3 | — | — | |||||||||
US Operations Molybdenum | ||||||||||||
Operating expense | — | 14.4 | 11.5 | |||||||||
Depreciation, depletion and amortization | — | 1.2 | 0.8 | |||||||||
Canadian Operations Molybdenum | ||||||||||||
Operating expense | 24.2 | 38.2 | 5.8 | |||||||||
Depreciation, depletion and amortization | 4.5 | 20 | 6.8 | |||||||||
$ | 58.3 | $ | 73.8 | $ | 24.9 | |||||||
Property_Plant_Equipment_and_D
Property, Plant, Equipment and Development, Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant, Equipment and Development | ' | ||||||||
Property, Plant, Equipment and Development, Net | |||||||||
Property, plant, equipment and development, net, was comprised of the following: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Mining properties and mineral reserves | $ | 768.6 | $ | 978 | |||||
Mining and milling equipment and facilities | 1,661.20 | 467.5 | |||||||
Processing facilities | 168.5 | 165.8 | |||||||
Construction-in-progress | 42.7 | 1,089.00 | |||||||
Other | 18.3 | 18.2 | |||||||
2,659.30 | 2,718.50 | ||||||||
Less: Accumulated depreciation, depletion and amortization | (121.3 | ) | (179.6 | ) | |||||
$ | 2,538.00 | $ | 2,538.90 | ||||||
The construction-in-progress balance included $33.2 million and $1,079.8 million related to Mt. Milligan Mine as of December 31, 2013 and 2012, respectively. The construction-in-progress balance at December 31, 2013 consisted of $20.0 million related to construction of a permanent operations residence, $8.2 million for Phase 2 of the tailings facility system, $1.9 million for road improvements and $3.1 million for other items for Mt. Milligan Mine. | |||||||||
During the year ended December 31, 2013, TCM recognized an asset impairment of $127.8 million related to the write down of property, plant, equipment and mineral reserves at TC Mine, a write down of TCM's share of Endako Mine's property, plant and equipment of $59.4 million and a $0.8 million write down of the carrying value of land related to the Mt. Emmons project. During the year ended December 31, 2012, TCM recognized an asset impairment of $530.5 million related to the write down of property, plant, equipment and mineral reserves at Endako Mine. We did not record any fixed asset impairment in 2011. See Note 5 for further discussion of asset impairments. | |||||||||
Tax credits, which will be used to offset future taxable income, generated from qualifying new mine development costs are included as reductions to property, plant, equipment and development on the Consolidated Balance Sheet by $28.9 million for December 31, 2013. Included in the 2013 amount is $18.8 million which relates to 2012 but was not reflected in the 2012 Consolidated Balance Sheet. | |||||||||
Tax allowances, which will be used to offset future taxable income, generated from qualifying new mining facilities and equipment costs are included as reductions to property, plant, equipment and development on the Consolidated Balance Sheets by $72.7 million and $55.4 million as of December 31, 2013 and 2012, respectively. |
Asset_Impairments
Asset Impairments | 12 Months Ended |
Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Asset Impairments | ' |
Asset Impairments | |
Asset Impairments | |
Given declines in molybdenum prices and projected operating costs at TC Mine for 2015 and thereafter, in October 2012, we suspended waste stripping activity associated with Phase 8. Since that time, the molybdenum market has continued to weaken and, as a result, we decided to put TC Mine on care and maintenance when the mining and processing of Phase 7 ore is completed, which is expected to be in the fourth quarter of 2014. Management approved this decision in January 2014. We intend to preserve the assets at TC Mine while it is on care and maintenance to enable us to re-commence operations if and when molybdenum market conditions improve. We continue to evaluate potential economically viable options for Phase 8. | |
The decision to place TC Mine on care and maintenance constitutes a triggering event to evaluate for potential long-lived asset impairment using the two-step approach discussed in Note 2. After the 2013 fourth quarter triggering event, this evaluation indicated that the anticipated undiscounted cash flows from TC Mine assets (step 1) were less than their carrying values. As a result, we were required, under US GAAP, to measure the impairment loss (step 2) by comparing the carrying values of TC Mine assets to their discounted estimated future cash flows. For the year ended December 31, 2013, we recorded a pre-tax, non-cash write down of property, plant, and equipment assets and mineral reserves of $127.8 million and a pre-tax, non-cash write down of TC Mine materials and supplies inventory of $1.6 million, representing a write down to the assets' estimated fair value. | |
As of December 31, 2013, we updated molybdenum reserve reports for Endako Mine using a price of $10 per pound of molybdenum oxide compared to a $12 per pound molybdenum price used previously, resulting in a significant reduction in our reserves. The reduction constituted a triggering event, requiring us to evaluate our long-lived assets for impairment in the fourth quarter of 2013. After the 2013 fourth quarter triggering event, this evaluation indicated that the anticipated undiscounted cash flows from our share of Endako Mine assets (step 1) were less than their carrying values. As a result, we were required, under US GAAP, to measure the impairment loss (step 2) by comparing the carrying values of our share of Endako Mine assets to their discounted estimated future cash flows. For the year ended December 31, 2013, we recorded a pre-tax, non-cash write down of property, plant, and equipment assets and mineral reserves of $59.4 million and a pre-tax, non-cash write down of our share of Endako Mine materials and supplies inventory of $5.3 million, representing a write down to the assets' estimated fair value. | |
Additionally during 2013, we negotiated a contract with US Energy to sell land originally acquired by one of our subsidiaries for easements related to the Mt. Emmons project, in respect of which we terminated our interest in 2011. We assessed the impact of this contract on the carrying value of the land, and recorded a pre-tax, non-cash write down of the land value of $0.8 million, representing a write down to the land's fair value. | |
For the year ended December 31, 2012, we recorded a pre-tax, non-cash write down of TCM's share of the Endako property, plant, equipment and development assets of $530.5 million representing a write down to the assets' estimated fair value. Our impairment analysis did not result in any fixed asset impairment for the year ended December 31, 2011. | |
These impairments were included in total costs and expenses in our Consolidated Statements of Operations and Comprehensive Income (Loss) and excluded from our non-GAAP measures of adjusted net income (loss) per share-basic and diluted. See "Non-GAAP Financial Measures" in Item 7 for the definition and calculation of adjusted net income (loss). | |
Goodwill | |
On October 26, 2006, TCM acquired Thompson Creek Metals Company USA, a private company that owned, among other assets, TC Mine, Endako Mine and the Langeloth Facility. This acquisition was accounted for using the purchase method, whereby the purchase consideration was allocated to the estimated fair values of the assets acquired and liabilities assumed at the effective date of the purchase. Because the purchase price exceeded the fair value of the net identifiable assets acquired, TCM recorded goodwill related to this transaction. | |
During the third quarter of 2012, we suspended waste stripping activity associated with the next phase of production at TC Mine. This decision and the decline in molybdenum prices represented significant changes in our business, requiring us to evaluate for potential impairments on an enterprise-wide basis at September 30, 2012. For purposes of the impairment evaluation, estimates of after-tax discounted future cash flows of the individual reporting units were used. The estimated cash flows were derived from life-of-mine plans developed using long-term analyst pricing reflective of the then-current price environment and management's projections for operating costs. We also considered the market value of our equity. As a result of this evaluation, a goodwill impairment charge of $47.0 million, representing the entire balance of goodwill, was recorded in other (income) expense in our Consolidated Statements of Operations and Comprehensive Income (Loss) in 2012. We did not record any impairment to goodwill for the year ended December 31, 2011. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||
Derivative Financial Instruments | |||||||||||||||
TCM enters into various derivative financial instruments in the normal course of operations to manage exposure to foreign currencies and the market prices for its products, including copper, gold and molybdenum. TCM does not apply hedge accounting to its derivative instruments. Accordingly, changes in fair value of most of derivative instruments are recorded in the Consolidated Statements of Operations and Comprehensive Income (Loss), except those contracts for which TCM has elected to apply the normal purchases and normal sales scope exception. For information regarding the nature and types of TCM's derivatives, see the descriptions following the tables. | |||||||||||||||
The following table provides details about the fair values of our derivative assets and liabilities: | |||||||||||||||
Fair Value as of December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Assets (a) | |||||||||||||||
Commodity contracts | $ | 0.2 | $ | — | |||||||||||
Total | $ | 0.2 | $ | — | |||||||||||
(a) Our derivative assets are included in prepaid expenses and other current assets, and derivative liabilities are included in other current liabilities. Certain derivative instruments, such as provisionally-priced contracts, forward currency contracts and common-stock purchase warrant derivatives, have an immaterial fair value as of the balance sheet dates, while the change in the fair value during the years ended December 31, 2013, 2012 and 2011 are disclosed below. | |||||||||||||||
TCM is exposed to credit risk when counterparties with which it has entered into derivative transactions are unable to pay. To reduce counterparty credit exposure, TCM deals primarily with large, credit-worthy financial institutions and companies and limits credit exposure to each. TCM believes the counterparties to the contracts to be credit-worthy entities and, therefore, TCM believes credit risk of counterparty non-performance is relatively low, and, as such, the fair value of the derivatives has not been adjusted. | |||||||||||||||
The following table sets forth the gains (losses) on derivative instruments for the years presented: | |||||||||||||||
Years Ended | |||||||||||||||
Derivative Type | Statement of Operations Classification | December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||||
Commodity contracts | Gold sales | $ | — | $ | — | $ | — | ||||||||
Commodity contracts | Operating expenses | 0.2 | — | — | |||||||||||
Provisionally-priced sales | Molybdenum sales | (0.1 | ) | (0.4 | ) | (0.9 | ) | ||||||||
Provisionally-priced purchases | Operating expenses | 1.4 | (2.5 | ) | 3 | ||||||||||
Fixed-priced contracts | Molybdenum sales | — | — | (1.7 | ) | ||||||||||
Forward currency contracts | (Gain) loss on foreign exchange | — | 1.8 | 0.1 | |||||||||||
Common stock purchase warrant derivatives | Change in fair value of common stock purchase warrants | — | 1.8 | 169.2 | |||||||||||
Forward Commodity Contracts | |||||||||||||||
In connection with our first twelve shipments of concentrate from Mt. Milligan Mine, TCM must pay Royal Gold a percentage of the provisional payments received from the applicable offtakers. TCM is obligated to make these payments to Royal Gold in the form of gold. The percentage of the provisional payments required to be paid to Royal Gold declines over the 12 shipments, declining to nil after the 12th shipment for the life of the agreement. After the 12th shipment, TCM is required to pay Royal Gold upon receipt of final payment from the applicable offtakers. TCM receives provisional payments in cash, thus requiring the purchase of gold in order to satisfy the obligation to pay Royal Gold in gold. | |||||||||||||||
In order to hedge its gold price risk that arises when physical purchase and concentrate sales pricing periods do not match, TCM enters into certain forward gold purchase and sales contracts where it purchases gold at an average price during a quotational period and sells gold at a spot price. TCM records its commodity contracts at fair value using a market approach based on observable quote market prices and contracted prices. | |||||||||||||||
Additionally, during September 2013, TCM entered into a natural gas hedge at the Langeloth Facility to fix the prices paid for natural gas used in operations. | |||||||||||||||
The following is a table of TCM's commodity contracts as of December 31, 2013: | |||||||||||||||
Quantity | Contract Price | Maturities Through | |||||||||||||
Commodity sales: | |||||||||||||||
Known pricing gold | 2,149 ounces | $1,243 per ounce | Jan-14 | ||||||||||||
Price TBD gold | 645 ounces | TBD | Apr-14 | ||||||||||||
Commodity purchases: | |||||||||||||||
Known pricing gold | 2,794 ounces | $1,222 per ounce | Apr-14 | ||||||||||||
Natural gas | 150,210 dekatherms (Dt) | $3.49 - $3.60 per Dt | Sep-14 | ||||||||||||
Provisionally-Priced Contracts | |||||||||||||||
Certain molybdenum sales contracts provide for provisional pricing. These sales contain an embedded derivative related to the provisional-pricing mechanism, which is bifurcated and accounted for as a derivative. TCM also enters into provisionally-priced molybdenum purchase contracts that also contain an embedded derivative, which is bifurcated and accounted for as a derivative. | |||||||||||||||
TCM determines the fair value of its provisionally-priced contracts using a market approach based upon observable inputs from published market prices and contract terms. Changes to the fair values of the embedded derivatives related to provisionally-priced molybdenum purchases are included in operating expenses in the Consolidated Statements of Operations and Comprehensive Income (Loss) as the product is sold. | |||||||||||||||
The following table sets forth TCM's outstanding provisionally-priced contracts as of December 31, 2013: | |||||||||||||||
Open Positions | Average $/lb | ||||||||||||||
Pounds to be | Contract | Market | Maturities Through | ||||||||||||
Sold/Purchased | |||||||||||||||
(000's lb) | ($/lb) | ($/lb) | |||||||||||||
Provisionally-priced sales | 201 | $9.70 | $9.70 | Jan-14 | |||||||||||
Provisionally-priced purchases | 252 | $9.10 | $9.70 | Jan-14 | |||||||||||
Fixed-Priced Contracts | |||||||||||||||
TCM's results of operations and operating cash flows are affected by changes in market prices for copper, gold and molybdenum. To mitigate a portion of this risk related to our molybdenum sales, TCM enters into certain sales contracts pursuant to which it sells future production at fixed prices. These fixed prices may be different than the quoted market prices at the date of sale. | |||||||||||||||
The Gold Stream Arrangement contains an agreement to sell gold at a fixed price, but it does not meet the definition of a derivative instrument. See discussion of the Gold Stream Arrangement in Note 10. | |||||||||||||||
The following table sets forth TCM's outstanding fixed-priced sales contracts as of December 31, 2013: | |||||||||||||||
Pounds to be | Average price | Maturities Through | |||||||||||||
Sold | |||||||||||||||
(000's lb) | ($/lb) | ||||||||||||||
Molybdenum fixed price sales (000's lb) | 194.1 | $ | 13.25 | Sep-15 | |||||||||||
Forward Currency Contracts | |||||||||||||||
TCM transacts business in various currencies in the normal course of its operations and for capital expenditures. In addition, with all of its revenues denominated in US dollars, TCM has an ongoing foreign exchange risk with respect to its Canadian operations. To help mitigate this risk, TCM may enter into derivative instruments such as foreign currency forward contracts, options and collars. The terms of these instruments are typically less than one year. TCM records its currency contracts at fair value using a market approach based on observable quoted exchange rates and contracted notional amounts. As of December 31, 2013 and 2012, TCM had no open foreign currency contracts. As of December 31, 2011, TCM had open foreign currency option contracts for C$90 million at exchange rates ranging from $1.03 to $1.05 and €2.23 million at an exchange rate of $1.36, all of which settled in 2012. | |||||||||||||||
Common Stock Purchase Warrant Derivatives | |||||||||||||||
TCM accounts for its common stock purchase warrants as derivative liabilities with the changes in fair value, which was based upon quoted market prices, recorded to the Consolidated Statements of Operations and Comprehensive Income (Loss). | |||||||||||||||
For the year ended December 31, 2012, TCM recorded a non-cash increase to common stock of $1.2 million, representing the fair value of warrants exercised on the dates of such exercises, and issued 0.4 million TCM common shares. All outstanding Terrane warrants were exercised or expired as of December 31, 2012. The following table summarizes common share purchase warrant transactions during the years ended December 31, 2012 and 2011: | |||||||||||||||
Number of Warrants | |||||||||||||||
(000's) | |||||||||||||||
Balance, December 31, 2011 | 7,621 | ||||||||||||||
Warrants exercised | (7,550 | ) | |||||||||||||
Warrants expired | (71 | ) | |||||||||||||
Balance, December 31, 2012 | — | ||||||||||||||
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurement | ' | ||||||||||||||||
Fair Value Measurement | |||||||||||||||||
US GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standards establish a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: | |||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||||||||||||||||
Level 2 | Quoted prices in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. | ||||||||||||||||
Level 3 | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). | ||||||||||||||||
The following table sets forth TCM's financial assets and liabilities measured at fair value by level within the fair value hierarchy. As required, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement, as discussed in Note 2. | |||||||||||||||||
Fair Value at December 31, 2013 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Liabilities: | |||||||||||||||||
Senior secured first priority notes | $ | 397.2 | $ | — | $ | 397.2 | $ | — | |||||||||
Senior unsecured notes | 492.4 | — | 492.4 | — | |||||||||||||
tMEDS | 12.7 | — | — | 12.7 | |||||||||||||
$ | 902.3 | $ | — | $ | 889.6 | $ | 12.7 | ||||||||||
Fair Value at December 31, 2012 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Liabilities: | |||||||||||||||||
Senior secured first priority notes | $ | 363.5 | $ | — | $ | 363.5 | $ | — | |||||||||
Senior unsecured notes | 478.9 | — | 478.9 | — | |||||||||||||
tMEDS | 27.8 | — | — | 27.8 | |||||||||||||
$ | 870.2 | $ | — | $ | 842.4 | $ | 27.8 | ||||||||||
The sensitivity to changes in inputs and their impact on the fair value measurement can be significant. | |||||||||||||||||
TCM classified its senior secured and unsecured notes within Level 2 because they are valued using a mix of inputs, including a risk-free interest rate input that is quoted in an active market and credit spread inputs that are observable but are not quoted market prices for identical liabilities. Both inputs are negatively correlated to the fair value measure; an increase (decrease) in the input will decrease (increase) the fair value measure. | |||||||||||||||||
TCM classified its tMEDS within Level 3 because they are valued using significant unobservable inputs. TCM determined the fair value of the debt component of tMEDS using a discounted cash flow model by obtaining yields for comparably-rated issuers trading in the market, considering the market yield of existing TCM debt and the credit rating of TCM. | |||||||||||||||||
The following table sets forth a reconciliation of activity related to Level 3 financial assets and liabilities for the years ended December 31, 2013 and 2012: | |||||||||||||||||
Total | Fixed-Priced | Debt | |||||||||||||||
Contracts | |||||||||||||||||
Balance at January 1, 2012 | $ | 309 | $ | — | $ | 309 | |||||||||||
Transfer out of Level 3 | (309.0 | ) | — | (309.0 | ) | ||||||||||||
Issuance of tMEDS | 27.8 | — | 27.8 | ||||||||||||||
Balance at December 31, 2012 | 27.8 | — | 27.8 | ||||||||||||||
Transfer out of Level 3 | — | — | — | ||||||||||||||
Issuance of tMEDS | — | — | — | ||||||||||||||
Settlement and revaluation of tMEDS | (15.1 | ) | — | (15.1 | ) | ||||||||||||
Balance at December 31, 2013 | $ | 12.7 | $ | — | $ | 12.7 | |||||||||||
There were no transfers into or out of Level 3 during the year ended December 31, 2013. TCM's policy is to recognize transfers into and out of Level 3 as of the actual date of the event or change in circumstances. | |||||||||||||||||
The transfer out of Level 3 in 2012 of $309.0 million was the result of management's determination that sufficient observable data had become available for the senior unsecured notes. |
Leases
Leases | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases, Capital [Abstract] | ' | ||||||||
Leases | ' | ||||||||
Leases | |||||||||
Equipment Financings | |||||||||
On March 30, 2011, TCM entered into an equipment financing facility, as amended from time to time (the "Equipment Facility"), pursuant to which Caterpillar Financial Services Limited ("Caterpillar") agreed to underwrite up to $132.0 million in mobile fleet equipment financing for Mt. Milligan Mine. Each borrowing under the Equipment Facility represents a capital lease and has a term of 48 or 60 months. Interest on the amounts borrowed under the Equipment Facility is payable at either floating or fixed rates, at TCM's option. TCM's ability to borrow under the Equipment Facility terminates in September 2014 (or such later date as may be agreed upon by Caterpillar), and any unused commitments under the Equipment Facility will then terminate and no longer be available to TCM. At the end of each 48- or 60-month lease period, TCM has the option to purchase the underlying equipment for a nominal sum. The Equipment Facility includes non-financial covenants, and as of December 31, 2013, TCM was in compliance with these covenants. | |||||||||
During 2013, TCM entered into three leases with Caterpillar with respect to certain equipment pursuant to the Equipment Facility, of which two are considered sale-leaseback transactions. Interest payments are based on a fixed rate of 5.50% | |||||||||
On June 14, 2013, we entered into a sale-leaseback transaction with Caterpillar with respect to certain Endako Mine equipment (the "Endako Sale Leaseback"), which is separate from the Equipment Facility. We received $5.3 million in cash from Caterpillar for the sale of this equipment, which was subsequently leased back, after an upfront down payment of $1.4 million. Interest payments are based on a fixed rate of 5.85%. The agreement includes certain non-financial covenants, and as of December 31, 2013, we were in compliance with these covenants. For the years ended December 31, 2013, TCM incurred and paid $0.1 million of interest associated with this transaction. | |||||||||
During 2013, TCM had received $37.8 million in cash from Caterpillar for the sale of equipment, including the Endako Sale Leaseback, which was subsequently leased back. These leases resulted in an increase to TCM's capital lease obligation of $33.2 million after upfront payments of $4.6 million. | |||||||||
As of December 31, 2013 and 2012, TCM had $87.0 million and $72.1 million, respectively, in outstanding borrowings under the Equipment Facility. Interest pertaining to the Equipment Facility is allocable to the cost of developing mining properties and to constructing new facilities and is capitalized until assets are ready for their intended use. For the years ended December 31, 2013 and 2012, TCM capitalized $3.7 million and $1.9 million, respectively, of the interest and debt issuance costs and paid $4.7 million and $1.0 million, respectively, of interest related to the Equipment Facility. | |||||||||
Beginning in September 2013, in conjunction with the start-up phase of Mt. Milligan Mine, TCM ceased capitalizing the interest and debt issuance costs associated with the leases under the Equipment Facility for Mt. Milligan Mine as the related assets were placed in service. For the year ended December 31, 2013, TCM expensed $1.9 million of the interest and debt issuance costs related to the Equipment Facility. | |||||||||
TCM's total capital lease obligations consisted of the following: | |||||||||
December 31, 2013 | December 31, 2012 | ||||||||
Equipment capital leases | $ | 27.2 | $ | 29.8 | |||||
Equipment Facility sales-leaseback | 59.8 | 42.3 | |||||||
Total lease obligation under Equipment Facility | 87 | 72.1 | |||||||
Endako sale-leaseback | 3.5 | — | |||||||
Total capital lease obligations | $ | 90.5 | $ | 72.1 | |||||
Future lease payments under capital leases as of December 31, 2013 for each of the next five years and in the aggregate were: | |||||||||
Amount | |||||||||
(in millions) | |||||||||
2014 | $ | 21.8 | |||||||
2015 | 23 | ||||||||
2016 | 24 | ||||||||
2017 | 19 | ||||||||
2018 | 2.7 | ||||||||
Total future capital lease payments | $ | 90.5 | |||||||
Operating Leases | |||||||||
We lease certain assets, such as equipment and facilities, under operating leases expiring at various dates through 2018. Future lease payments under operating leases as of December 31, 2013 for each of the next five years and in the aggregate were: | |||||||||
Amount | |||||||||
(in millions) | |||||||||
2014 | $ | 2.3 | |||||||
2015 | 1.7 | ||||||||
2016 | 1.3 | ||||||||
2017 | 0.8 | ||||||||
2018 | 0.1 | ||||||||
Thereafter | — | ||||||||
Total future operating lease payments | $ | 6.2 | |||||||
Rent expense for 2013, 2012 and 2011 was $0.7 million, $0.6 million and $0.5 million, respectively. |
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Debt | |||||||||
TCM's total debt consisted of the following: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Senior secured first priority notes, net of discount | $ | 347.3 | $ | 346.8 | |||||
Senior unsecured notes | 550 | 550 | |||||||
tMEDS | 19.4 | 30.6 | |||||||
Equipment loans | 5.4 | 10.6 | |||||||
Other | 0.2 | 0.4 | |||||||
Total debt | 922.3 | 938.4 | |||||||
Less: Current portion | (15.4 | ) | (16.6 | ) | |||||
Total long-term debt | $ | 906.9 | $ | 921.8 | |||||
9.75% Senior Secured Notes | |||||||||
On November 27, 2012, TCM issued $350.0 million of 9.75% senior secured notes (the “2017 Notes”). The proceeds received in the offering were $336.8 million, net of financing fees of $10.0 million and a discount of $3.2 million. The net proceeds from the 2017 Notes offering were used to fund the completion of Mt. Milligan Mine and for general working capital purposes. The 2017 Notes are guaranteed on a senior basis by substantially all of TCM's subsidiaries and are secured by a first priority lien subjected to permitted liens on substantially all of our and the guarantors' property and assets. | |||||||||
The 2017 Notes mature on December 1, 2017 and accrue interest from November 27, 2012 until maturity at a fixed rate of 9.75% per year. Interest on the 2017 Notes is payable on February 1 and August 1 of each year, commencing February 1, 2013, to the holders of record at the close of business on the January 15 and July 15 prior to each interest payment date. For the years ended December 31, 2013 and 2012, $23.1 million and nil, respectively, interest related to the 2017 Notes was paid; $28.0 million and $3.4 million, respectively, of interest and debt issuance costs associated with the 2017 Notes was capitalized; and $8.6 million and nil, respectively, of interest and debt issuance costs associated with the 2017 Notes was expensed. | |||||||||
The 2017 Notes are governed by a base indenture, dated May 11, 2012, supplemented by the first supplemental indenture, dated May 11, 2012, and the fifth supplemental indenture, dated November 27, 2012 (the “2017 Notes Indenture”). There are no maintenance covenants with respect to TCM's financial performance. However, the 2017 Notes Indenture does contain transaction-based restrictive covenants that restrict TCM's ability and the ability of certain of TCM's subsidiaries to incur additional indebtedness; pay dividends or make other distributions or repurchase or redeem capital stock; prepay, redeem or repurchase certain debt; make loans and investments; sell assets; incur liens; enter into transactions with affiliates; and enter into agreements restricting our subsidiaries' ability to pay dividends and consolidate, merge or sell all or substantially all of our assets, in each case subject to certain exceptions. | |||||||||
The 2017 Notes are redeemable at TCM's option at any time prior to December 1, 2015 at a price equal to 100% of the principal amount of the 2017 Notes, plus accrued and unpaid interest and a make-whole premium. TCM may also redeem up to 35% of the original principal amount of the 2017 Notes at any time prior to December 1, 2015 with the proceeds of certain equity offerings at a redemption price of 109.75% of the principal amount of the 2017 Notes, together with accrued and unpaid interest to, but not including, the date of redemption. TCM may also redeem the 2017 Notes at any time on or after December 1, 2015 at the redemption prices specified in the 2017 Notes Indenture together with accrued and unpaid interest to, but not including, the date of redemption. Finally, TCM may redeem the 2017 Notes at any time upon the occurrence of specified events relating to Canadian tax law at a redemption price of 100% of the principal amount of the 2017 Notes plus accrued and unpaid interest to, but not including, the date of redemption. | |||||||||
The 2017 Notes Indenture contains customary events of default. If an event of default occurs and is continuing under the 2017 Notes Indenture, the trustee or holders of at least 25% in principal of the outstanding 2017 Notes may declare the principal, premium, if any, and accrued and unpaid interest on all the 2017 Notes to be due and payable immediately. Certain events of bankruptcy or insolvency are events of default that would result in the 2017 Notes being due and payable immediately upon the occurrence of such events of default. | |||||||||
For purposes of the fair market value disclosed in Note 7, the carrying value of the 2017 Notes as of December 31, 2013 was lower than the fair value of approximately $397.2 million. TCM determined the fair value of the 2017 Notes using a discounted cash flow valuation model, consisting of inputs such as risk-free interest rates and credit spreads. | |||||||||
12.5% Senior Unsecured Notes | |||||||||
On May 11, 2012, TCM issued $200.0 million of 12.5% senior unsecured notes (the “2019 Notes”). The proceeds received in the offering were $193.1 million, net of financing fees of $6.9 million. The net proceeds from the 2019 Notes offering were used to fund the completion of Mt. Milligan Mine and for general working capital purposes. The 2019 Notes are guaranteed on a senior basis by substantially all of TCM's subsidiaries. | |||||||||
The 2019 Notes mature on May 1, 2019 and accrue interest from May 11, 2012 until maturity at a fixed rate of 12.5% per year. Interest on the 2019 Notes is payable on May 1 and November 1 of each year, commencing November 1, 2012, to the holders of record at the close of business on the April 15 and October 15 prior to each interest payment date. For the years ended December 31, 2013 and 2012, $25.0 million and $11.8 million, respectively, of interest related to the 2019 Notes was paid; $19.9 million and $16.6 million, respectively, of interest and debt issuance costs associated with the 2019 Notes was capitalized; and $6.1 million and nil, respectively, of interest and debt issuance costs associated with the 2019 Notes was expensed. | |||||||||
The 2019 Notes are governed by a base indenture as supplemented by the first supplemental indenture and the second supplemental indenture thereto, each dated May 11, 2012 (the “2019 Notes Indenture”). There are no maintenance covenants with respect to our financial performance. However, the 2019 Notes Indenture does contain transaction-based restrictive covenants that restrict our ability and the ability of certain of our subsidiaries to incur additional indebtedness; pay dividends or make other distributions or repurchase or redeem capital stock; prepay, redeem or repurchase certain debt; make loans and investments; sell assets; incur liens; enter into transactions with affiliates; and enter into agreements restricting our subsidiaries' ability to pay dividends and consolidate, merge or sell all or substantially all of our assets, in each case subject to certain exceptions. | |||||||||
The 2019 Notes are redeemable at TCM's option at any time prior to May 1, 2016 at a price equal to 100% of the principal amount of the 2019 Notes, plus accrued and unpaid interest and a make-whole premium. TCM may also redeem up to 35% of the original principal amount of the 2019 Notes at any time prior to May 1, 2015 with the proceeds of certain equity offerings at a redemption price of 112.5% of the principal amount of the 2019 Notes, together with accrued and unpaid interest to, but not including, the date of redemption. TCM may also redeem the 2019 Notes at any time on or after May 1, 2016 at the redemption prices specified in the 2019 Notes Indenture together with accrued and unpaid interest to, but not including, the date of redemption. Finally, TCM may redeem the 2019 Notes at any time upon the occurrence of specified events relating to Canadian tax law at a redemption price of 100% of the principal amount of the 2019 Notes plus accrued and unpaid interest to, but not including, the date of redemption. | |||||||||
The 2019 Notes Indenture contains customary events of default. If an event of default occurs and is continuing under the 2019 Notes Indenture, the trustee or holders of at least 25% in principal of the outstanding 2019 Notes may declare the principal, premium, if any, and accrued and unpaid interest on all the 2019 Notes to be due and payable immediately. Certain events of bankruptcy or insolvency are events of default that would result in the 2019 Notes being due and payable immediately upon the occurrence of such events of default. | |||||||||
For purposes of the fair market value disclosed in Note 7, the carrying value of the 2019 Notes as of December 31, 2013 was higher than the fair value of approximately $194.7 million. TCM determined the fair value of the 2019 Notes using a discounted cash flow valuation model, consisting of inputs such as risk-free interest rates and credit spreads. | |||||||||
7.375% Senior Unsecured Notes | |||||||||
On May 20, 2011, TCM issued of $350.0 million of 7.375% senior unsecured notes (the "2018 Notes"). The proceeds received in the offering were $339.9 million, net of financing fees of $10.1 million. The net proceeds from the 2018 Notes offering were used to fund the development of Mt. Milligan and for general working capital purposes. The 2018 Notes are guaranteed on a senior basis by substantially all of our subsidiaries. | |||||||||
The 2018 Notes mature on June 1, 2018 and accrue interest from May 20, 2011 until maturity at a fixed rate of 7.375% per year. Interest is payable on June 1 and December 1 of each year, and the first interest payment occurred on December 1, 2011. Interest is payable to the holders of record at the close of business on the May 15 and November 15 prior to each interest payment date. For the years ended December 31, 2013 and 2012, $25.8 million and $25.8 million, respectively, of interest related to the 2018 Notes was paid; $20.9 million and $27.2 million, respectively, of interest and debt issuance costs associated with the 2018 Notes was capitalized; and $6.4 million and nil, respectively, of interest and debt issuance costs associated with the 2018 Notes was expensed. | |||||||||
The 2018 Notes are governed by an indenture, dated May 20, 2011 (the “2018 Notes Indenture”). There are no maintenance covenants with respect to our financial performance. However, the 2018 Notes Indenture does contain transaction-based restrictive covenants that restrict our ability and the ability of certain of our subsidiaries to incur additional indebtedness; pay dividends or make other distributions or repurchase or redeem capital stock; prepay, redeem or repurchase certain debt; make loans and investments; sell assets; incur liens; enter into transactions with affiliates; enter into agreements restricting our subsidiaries' ability to pay dividends and consolidate, merge or sell all or substantially all of our assets, in each case subject to certain exceptions. | |||||||||
The 2018 Notes are redeemable at our option at any time prior to June 1, 2014 at a price equal to 100% of the principal amount of the 2018 Notes, plus accrued and unpaid interest and a make-whole premium. We may also redeem up to 35% of the original principal amount of the 2018 Notes at any time prior to June 1, 2014 with the proceeds of certain equity offerings at a redemption price of 107.375% of the principal amount of the 2018 Notes, together with accrued and unpaid interest to, but not including, the date of redemption. We may also redeem the 2018 Notes at any time on or after June 1, 2014 at the redemption prices specified in the 2018 Notes Indenture, together with accrued and unpaid interest to, but not including, the date of redemption. Finally, we may redeem the 2018 Notes at any time upon the occurrence of specified events relating to Canadian tax law at a redemption price of 100% of the principal amount of the 2018 Notes plus accrued and unpaid interest to, but not including, the date of redemption. | |||||||||
The 2018 Notes Indenture contains customary events of default. If an event of default occurs and is continuing under the 2018 Notes Indenture, the trustee or holders of at least 25% in principal of the outstanding 2018 Notes may declare the principal, premium, if any, and accrued and unpaid interest on all the 2018 Notes to be due and payable immediately. Certain events of bankruptcy or insolvency are events of default that would result in the 2018 Notes being due and payable immediately upon the occurrence of such events of default. In connection with the issuance of the 2018 Notes, we as guarantors, and the initial purchasers, entered into an agreement obligating us to file a registration statement with the SEC so that the holders of the 2018 Notes can exchange the 2018 Notes for registered notes and related guarantees evidencing the same indebtedness as the 2018 Notes. In December 2011, we completed the exchange offer of the original 2018 Notes for a like principal amount of exchange notes registered under the Securities Act of 1933. | |||||||||
For purposes of fair market value disclosed in Note 7, the carrying value of the 2018 Notes as of December 31, 2013 was higher than its fair value of approximately $297.7 million. TCM determined the fair value of its senior unsecured notes using a discounted cash flow valuation model, consisting of inputs such as risk-free interest rates and credit spreads. | |||||||||
Mobile Mining Equipment Loans | |||||||||
On December 8, 2010, TCM executed an equipment financing agreement with Caterpillar in the amount of $12.8 million secured by six units of mobile mining equipment purchased by TCM during 2010. This fixed-rate loan bears interest at 3.6%, is scheduled to mature no later than December 8, 2015 and has an outstanding payable amount of $5.4 million as of December 31, 2013. TCM had an additional fixed-rate loan bearing interest at 5.9% that matured on October 31, 2013. | |||||||||
Credit Facility | |||||||||
On November 27, 2012, TCM terminated its senior secured revolving credit facility (the "Credit Facility"). The Credit Facility was voluntarily terminated by TCM prior to its December 10, 2014 maturity date without premium or penalty in conjunction with the issuance of the 2017 Notes described below. The Credit Facility allowed for borrowings of up to $300.0 million, subject to certain financial and non-financial covenants. TCM had no outstanding borrowings under, and was in compliance with all of the Credit Facility's covenants, as of the date of termination of the Credit Facility. In connection with the termination of the Credit Facility, all outstanding letters of credit under the Credit Facility were also terminated and either replaced under the new letter of credit facility (described below) or secured pursuant to a safekeeping agreement. | |||||||||
Total Debt | |||||||||
Aggregate maturities, net of discount amortization on the 2018 Notes, of the outstanding borrowings at December 31, 2013 were as follows: | |||||||||
Years | Principal Due | ||||||||
(in millions) | |||||||||
2014 | $ | 15.4 | |||||||
2015 | 9.6 | ||||||||
2016 | — | ||||||||
2017 | 350 | ||||||||
2018 | 350 | ||||||||
Thereafter | 200 | ||||||||
Total maturities | 925 | ||||||||
Discount amortization on 2017 Notes | (2.7 | ) | |||||||
Total debt | $ | 922.3 | |||||||
Total interest and finance fees, net of capitalized interest and debt issuance costs, were $24.1 million, $12.8 million and $5.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Gold_Stream_Arrangement
Gold Stream Arrangement | 12 Months Ended |
Dec. 31, 2013 | |
Gold Stream Arrangement [Absract] | ' |
Gold Stream Arrangement | ' |
Gold Stream Arrangement | |
Pursuant to an agreement dated October 2010, as subsequently amended in December 2011 and August 2012, with a subsidiary of Royal Gold, Inc. ("Royal Gold") (referred to as the "Gold Stream Arrangement"), TCM agreed to sell Royal Gold 52.25% of the refined gold production from Mt. Milligan Mine for a total upfront payment of $781.5 million plus $435 per ounce, or the prevailing market rate if lower than $435 per ounce, when the gold is delivered. Pursuant to this Gold Stream Arrangement, through December 31, 2013, TCM has received total cash payments of $781.5 million from Royal Gold, comprised of payments of $111.9 million in 2013, $305.0 million in 2012, $138.1 million in 2011 and $226.5 million in 2010. | |
The August 2012 amendment restricts TCM's ability to incur debt in excess of $350.0 million that is secured by the assets of Mt. Milligan Mine until the earlier of the date upon which 425,000 ounces of refined gold have been sold and delivered to Royal Gold or the date upon which the aggregate dollar amount of the difference between the market price for the gold delivered to Royal Gold and the price actually paid by Royal Gold exceeds $280.0 million. TCM must maintain a deposit record during the term of the Gold Stream Arrangement wherein TCM reduces the $781.5 million total amount paid by Royal Gold by the difference between the current market price at the time of sale of refined gold to Royal Gold and $435 per ounce, multiplied by the amount of refined gold sold in such sale. If, at the end of the initial 50-year term of the agreement, the total deposit amount reflected in the deposit record has not been reduced to nil, TCM must pay to Royal Gold the remaining balance reflected in the deposit record. | |
Royal Gold has a security interest in all of the Mt. Milligan Mine assets until its total deposit amount has been reduced to nil. Royal Gold's security interest is subject to subordination to project or corporate financings by us, except that in such circumstances, Royal Gold retains a first priority interest in 52.25% of the refined gold from Mt. Milligan Mine. After the total deposit amount has been reduced to nil, Royal Gold's security will consist solely of its first priority interest in 52.25% of the refined gold. The cash payments received under the Gold Stream Arrangement are recorded as deferred revenue and classified as a liability on our Consolidated Balance Sheets. Mt. Milligan Mine began delivering gold to Royal Gold in the fourth quarter of 2013, and as such, the deferred revenue is being recognized based on the amount of gold delivered in a period compared to total expected gold deliveries over the life of the mine. | |
In the event of any default under our agreement with Royal Gold, Royal Gold could require TCM to repay the deposits received from Royal Gold, which amounts totaled $779.8 million as of December 31, 2013. |
Tangible_Equity_Units_tMEDS
Tangible Equity Units ("tMEDS") | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Tangible Equity Units (tMEDS) | ' | ||||||||||||
Tangible Equity Units ("tMEDS") | |||||||||||||
On May 11, 2012, TCM completed a public offering of 8,800,000 tMEDS with a stated value of $25.00. Each tMEDS unit consists of a prepaid common stock purchase contract and a senior amortizing note due May 15, 2015. The prepaid common stock purchase contracts were recorded as additional paid-in-capital (a component of shareholders' equity), net of issuance costs, and the senior amortizing notes have been recorded as long-term debt. Issuance costs associated with the debt component were recorded as deferred financing costs within other assets on the Consolidated Balance Sheets and are being amortized using the straight-line method over the term of the instrument to May 15, 2015. TCM allocated the proceeds from the issuance of the tMEDS to equity and debt based on the relative fair values of the respective components of each tMEDS unit. The proceeds received in the offering were $212.3 million, which were net of financing fees of $7.7 million. The net proceeds from the tMEDS offering were used to fund the completion of Mt. Milligan Mine and for general working capital purposes. The aggregate values assigned upon issuance to each component of the tMEDS were as follows: | |||||||||||||
(US$ in millions, except per unit amounts) | |||||||||||||
Equity | Debt | tMEDS | |||||||||||
Component | Component | Total | |||||||||||
Units issued (1) | 8.8 | 8.8 | 8.8 | ||||||||||
Unit price | $ | 20.92 | $ | 4.08 | $ | 25 | |||||||
Gross proceeds | $ | 184.1 | $ | 35.9 | $ | 220 | |||||||
Issuance costs | (6.4 | ) | (1.3 | ) | (7.7 | ) | |||||||
Net proceeds | $ | 177.7 | $ | 34.6 | $ | 212.3 | |||||||
Balance sheet impact: | |||||||||||||
Other assets (prepaid issuance costs) | $ | — | $ | 1.3 | $ | 1.3 | |||||||
Long-term debt | $ | — | $ | 35.9 | $ | 35.9 | |||||||
Additional paid-in capital | $ | 177.7 | $ | — | $ | 177.7 | |||||||
-1 | There are two components of each tMEDS unit; therefore, there are 8.8 million units of the equity component, 8.8 million units of the debt component and 8.8 million units of tMEDS, which includes both the debt and equity components. | ||||||||||||
The fair value of the debt component was determined using a discounted cash flow model using the following assumptions: (1) quarterly cash payments of 6.5%; (2) a maturity date of May 15, 2015; and (3) an assumed discount rate of 11.68%. The discount rate used for estimating the fair value was determined by obtaining yields for comparably-rated issuers trading in the market, considering the market yield of existing TCM debt and the credit rating of TCM. The debt component was recorded at fair value, is being amortized using the level yield method over the term of the instrument and will be fully amortized at the settlement date of May 15, 2015. | |||||||||||||
The fair value of the equity component was determined using a Kynex valuation model using the following weighted-average assumptions: (1) issue premium of 17.5%; (2) expected volatilities of 40% and 37%; (3) credit spread of 9.00%; and (4) term of 3 years. | |||||||||||||
Each senior amortizing note has an initial principal amount of $4.08, bears interest at 11.68% per annum and has a scheduled final installment payment date of May 15, 2015. On each February 15, May 15, August 15 and November 15, commencing on August 15, 2012, TCM is required to pay equal quarterly installments of $0.41 on each amortizing note (except for the August 15, 2012 installment payment, which was $0.42 per amortizing note). Each payment constitutes a payment of interest and a partial repayment of principal. | |||||||||||||
Each prepaid common stock purchase contract will automatically settle on May 15, 2015, unless settled earlier as described below, and TCM is required to deliver not more than 5.3879 shares and not less than 4.5855 shares of its common stock based on the applicable market value (the average of the volume weighted-average price of TCM common stock for the twenty (20) consecutive trading days immediately preceding May 15, 2015) as follows: | |||||||||||||
Applicable Market Value of TCM Common Stock | Settlement Rate | ||||||||||||
Less than or equal to $4.64 | 5.3879 | ||||||||||||
Between $4.64 and $5.45 | Number of shares equal to $25, divided by the applicable market price | ||||||||||||
Greater than or equal to $5.45 | 4.5855 | ||||||||||||
At any time prior to the third business day immediately preceding May 15, 2015, the holder may settle the purchase contract early. Purchase contracts settled prior to November 10, 2012 were settled at 4.3562, which is 95% of the minimum settlement rate. Purchase contracts settled on or after November 11, 2012 but prior to the third business day preceding May 15, 2015 will be settled for 4.5855, subject in either case to certain adjustments. During the year ended December 31, 2013, holders settled 460,000 purchase contracts for which TCM issued 2,109,330 shares of common stock. No purchase contracts were settled and no shares of common stock were issued relating to the tMEDS during 2012. | |||||||||||||
The unamortized deferred financing costs related to the tMEDS were $0.6 million and $1.0 million as of December 31, 2013 and 2012, respectively. For the years ended December 31, 2013 and 2012, TCM paid $3.1 million and $2.1 million; capitalized $2.7 million and $2.8 million, respectively; and expensed $0.6 million and nil, respectively, of the interest and debt issuance costs associated with the tMEDS. | |||||||||||||
For purposes of the fair market value disclosed in Note 7, the carrying values of the tMEDS as of December 31, 2013 were higher than the fair values of approximately $12.7 million. TCM determined the fair values of the tMEDS using a discounted cash flow valuation model, consisting of inputs such as credit spreads and the current trading price of the tMEDS. | |||||||||||||
Shareholders' Equity | |||||||||||||
The 8.8 million tMEDS issued in 2012 included prepaid common stock purchase contracts, recorded as $177.7 million to additional paid-in-capital, net of issuance costs. Each unsettled unit issued will automatically settle on May 15, 2015 and delivery of outstanding shares of common stock will be required based on the applicable market value. As of December 31, 2013, TCM issued 2,109,330 shares of common stock for settlement of these purchase contracts. No purchase contracts were settled and no shares of common stock were issued related to the tMEDS during 2012. See Note 11 for further discussion. | |||||||||||||
The authorized share capital of TCM is comprised of an unlimited number of common shares and an unlimited number of preferred shares, issuable in series with terms determinable upon issuance. As of December 31, 2013, TCM has not issued any preferred shares. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||||||||||||||
Asset Retirement Obligations | ' | ||||||||||||||||||||
Asset Retirement Obligations | |||||||||||||||||||||
Asset retirement obligations arise from the acquisition, development, construction and normal operation of mining property, plant, equipment and development due to government controls and regulations that protect the environment on the closure and reclamation of mining properties. The exact nature of environmental issues and costs, if any, which TCM may encounter in the future are subject to change, primarily because of the changing character of environmental requirements that may be enacted by governmental agencies. | |||||||||||||||||||||
The following table details items affecting asset retirement obligations for future mine closure and reclamation costs in connection with TCM's Mt. Milligan Mine, TC Mine, Endako Mine (reflecting 75% ownership) and its now-terminated interest in the Davidson property: | |||||||||||||||||||||
Mt. Milligan | Thompson | Endako | Davidson | Total | |||||||||||||||||
Creek Mine | Mine | Property | |||||||||||||||||||
At January 1, 2011 | $ | — | $ | 21.9 | $ | 7 | $ | 0.3 | $ | 29.2 | |||||||||||
Additions/Revisions | 1.2 | (0.2 | ) | 0.8 | — | 1.8 | |||||||||||||||
Accretion | 0.1 | 1.4 | 0.4 | — | 1.9 | ||||||||||||||||
Foreign exchange | — | — | (0.1 | ) | — | (0.1 | ) | ||||||||||||||
At December 31, 2011 | $ | 1.3 | $ | 23.1 | $ | 8.1 | $ | 0.3 | $ | 32.8 | |||||||||||
Additions/Revisions | 2.8 | (3.1 | ) | 1.7 | — | 1.4 | |||||||||||||||
Accretion | 0.2 | 1.5 | 0.6 | — | 2.3 | ||||||||||||||||
Foreign exchange | — | — | 0.1 | — | 0.1 | ||||||||||||||||
At December 31, 2012 | $ | 4.3 | $ | 21.5 | $ | 10.5 | $ | 0.3 | $ | 36.6 | |||||||||||
Additions/Revisions | (1.2 | ) | (1.3 | ) | 8.2 | — | 5.7 | ||||||||||||||
Accretion | 0.2 | 1.3 | 0.9 | — | 2.4 | ||||||||||||||||
Foreign exchange | (0.2 | ) | — | (0.7 | ) | — | (0.9 | ) | |||||||||||||
At December 31, 2013 | $ | 3.1 | $ | 21.5 | $ | 18.9 | $ | 0.3 | $ | 43.8 | |||||||||||
TCM is required by US federal and state laws and Canadian provincial laws to provide financial assurance sufficient to allow a third party to implement approved closure and reclamation plans if TCM is unable to do so. These laws are complex and vary from jurisdiction to jurisdiction. The laws govern the determination of the scope, cost of the closure, reclamation obligation and the amount and forms of financial assurance. As of December 31, 2013 and 2012, TCM has provided the appropriate regulatory authorities in the US and Canada with $81.8 million and $42.3 million, respectively, in non-cash reclamation financial assurance for mine closure obligations and $7.4 million and $30.1 million in cash deposits as of December 31, 2013 and 2012, respectively. | |||||||||||||||||||||
In connection with the development of Mt. Milligan Mine, the Province of British Columbia has required us to provide a security deposit in the amount of $28.2 million and $18.1 million as of December 31, 2013 and 2012, respectively. The estimated future reclamation costs for Mt. Milligan Mine have been discounted using rates from 9.75% to 13.9%. As of December 31, 2013, TCM anticipates that these costs will be incurred beginning in the year 2036. The total inflated and undiscounted estimated reclamation costs for Mt. Milligan Mine were $45.6 million and $29.5 million as of December 31, 2013 and 2012, respectively. | |||||||||||||||||||||
The current reclamation bonding for TC Mine is $42.4 million as of December 31, 2013. We have provided surety bonds to satisfy these obligations. The estimated future reclamation costs for TC Mine have been discounted using rates from 6.74% to 8.75%. As of December 31, 2013, TCM anticipates that these costs will be incurred from 2026 to 2040. The total inflated and undiscounted estimated reclamation costs for TC Mine were $43.7 million and $44.9 million as of December 31, 2013 and 2012, respectively. | |||||||||||||||||||||
In connection with Endako Mine plan, the British Columbia Ministry of Energy, Mines and Petroleum Resources has required us to provide a security deposit in the amount of $14.4 million and $15.4 million as of December 31, 2013 and 2012, respectively. TCM's proportionate share is $10.8 million and $11.6 million as of December 31, 2013 and 2012, respectively. TCM's share of total inflated and undiscounted estimated reclamation costs for Endako Mine were $32.7 million and $40.0 million as of December 31, 2013 and 2012, respectively. As of December 31, 2013, TCM estimates its proportionate share of these costs will be incurred beginning in the year 2039. The estimated future reclamation costs for Endako Mine have been discounted using rates from 2.94% to 13.86%. | |||||||||||||||||||||
As of December 31, 2013, our security deposits related to Mt. Milligan Mine and Endako Mine were in the form of letters of credit secured by a guarantee and cash collateral. Under the arrangements, the ACE Group, a surety company, provided a guarantee to Export Development Canada ("EDC"), who provided a guarantee to Royal Bank of Canada ("RBC"), who issued letters of credit to the British Columbia Ministry of Energy and Mines. In exchange for the surety company's guarantee, TCM has provided $7.1 million of cash collateral to the ACE Group and will pay total annual fees of approximately 1.7% of the total reclamation bond guarantee to the ACE Group, EDC and RBC. | |||||||||||||||||||||
TCM's Berg property was acquired in the 2010 acquisition of Terrane. The Province of British Columbia has required TCM to provide a security deposit in the amount of $0.1 million as of December 31, 2013 for the Berg property. | |||||||||||||||||||||
In October 2013, we relinquished our option to develop the Davidson exploration property located in British Columbia, Canada that we had held since 2005. We believe that we have met all of our reclamation obligations that arose during our option period, and we have asked the British Columbia Ministry of Energy and Mines to release the reclamation bond of $0.3 million. The funds and our obligation were not released as of December 31, 2013; however, discussions are on-going with the Ministry. |
Employee_Benefits
Employee Benefits | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Employee Benefits | ' | ||||||||
Employee Benefits | |||||||||
Deferred compensation | |||||||||
In contemplation of the deferral of Phase 8 stripping activities, TCM entered into arrangements with certain employees of TC Mine designed to retain and reward eligible employees for their contribution to the continued successful operation of TC Mine when the mining and processing of Phase 7 ore is completed, which is expected to be in the fourth quarter of 2014. Employees who are eligible for participation in these arrangements are to be paid within 60 days of the end of Phase 7, as determined by the Company. TC Mine's liability for Phase 7 at December 31, 2013 amounted to $2.5 million. | |||||||||
TCM maintains an executive deferred compensation program for certain executives under the terms of their Employment Agreements for which TCM's liability at December 31, 2013 and 2012 amounted to $1.9 million and $2.2 million, respectively. | |||||||||
In 2012, TCM terminated a retention and severance arrangement under which certain of its employees were participants. The retention and severance arrangement was put into place in 2004. Under the terms of the severance portion of the arrangement, the participants accrued severance benefits based on years of service that were to be paid upon termination of the employees by TCM without cause and under certain other circumstances. In connection with termination of the plan that occurred on September 30, 2012, TCM agreed to pay the participants severance amounts that had accrued to such individuals as of September 30, 2012 on the earlier of October 15, 2013 or the applicable participant's separation of service with the Company. On June 30, 2012, the retention portion of the arrangement was terminated, and TCM agreed to make additional payments to the participants of 100% of current eligible retention amounts on June 30, 2013 for the period of July 1, 2012 to June 30, 2013 and 100% of current eligible retention amounts on June 30, 2014 for the period of July 1, 2013 to June 30, 2014. Pursuant to this arrangement, TCM paid $10.8 million to plan participants for severance benefits and $2.7 million to plan participants for retention benefits in 2013. No further severance or retention payments will be made under the arrangement after June 30, 2014. As of December 31, 2013 and 2012, TCM's severance and retention liability amounted to $1.0 million and $13.5 million, respectively, related to this program. | |||||||||
As of December 31, 2013 and 2012, TCM's total liability amounted to $5.4 million and $15.7 million, respectively, related to the retention and severance arrangement, a form of a deferred compensation program. The trust fund assets as of December 31, 2013 and 2012 were nil and $9.1 million, and the trust was included in TCM's Consolidated Balance Sheets in short-term restricted cash. For the years ended December 31, 2013, 2012 and 2011, TCM recognized an expense of $6.0 million, $7.0 million and $7.1 million, respectively, for the retention and severance arrangement, which included amounts related to the executive deferred compensation program referenced above that was not part of the terminated plan. | |||||||||
Defined Contribution Pension Plans | |||||||||
TCM, through its subsidiaries, maintains defined contribution pension plans available to certain employees. TCM's Thompson Creek Metals Company Thrift Plan (the "Plan") is a defined contribution pension plan and covers all eligible employees employed in the US The Plan is subject to the provisions of the US Employee Retirement Income Security Act of 1974, as amended, and Section 401(k) of the US Internal Revenue Code. The assets of the Plan are held and the related investment transactions are executed by the Plan's trustee. Administrative fees, including accounting and attorney fees, are paid by TCM on behalf of the Plan. TCM contributed approximately $1.8 million, $2.0 million and $1.9 million, respectively, to the Plan for the years ended December 31, 2013, 2012 and 2011. TCM may make additional contributions to the Plan at its sole discretion; however, TCM has no further obligation relating to benefits under this Plan. | |||||||||
TCM has formed the Thompson Creek Metals Company Inc. Registered Pension Plan (the "Pension Plan") covering all Canadian employees. The assets of the Pension Plan are held and the related investment transactions are executed by the Pension Plan's trustee. Administrative fees, including any accounting and legal fees, are paid by TCM on behalf of the Pension Plan. All participating locations of the Pension Plan contributed C$2.4 million, C$1.7 million and C$1.3 million to the Pension Plan for the years ended December 31, 2013, 2012 and 2011, respectively. TCM has recorded its proportionate 75.0% share related to Endako Mine contributions. TCM has no further obligation relating to pension benefits under this Pension Plan. | |||||||||
Postretirement Benefits | |||||||||
Under the union agreement at the Langeloth Facility, TCM is required to provide postretirement medical benefits for certain retired former employees and their dependents by making the monthly medical insurance premium payments on their behalf. Substantially all of TCM's current unionized employees may become eligible for this benefit if certain age and service requirements are met at the time of retirement, as specified in the union agreement. The benefit ceases when the eligible retired employee reaches 65 years of age. TCM does not have any obligation related to eligible retired unionized employees beyond the monthly medical insurance premiums. TCM follows current accounting guidance related to postretirement benefits for this plan. Prior service costs, actuarial gains and losses and transition obligations are amortized over the average life expectancy of the plan's participants. | |||||||||
The following table sets forth the actuarial present value of postretirement medical benefit obligations and amounts recognized in TCM's consolidated financial statements: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Change in benefit obligations: | |||||||||
Net benefit obligation at beginning of year | $ | 3.3 | $ | 3 | |||||
(Gain) loss | (0.5 | ) | — | ||||||
Service cost | 0.4 | 0.3 | |||||||
Interest cost | 0.1 | 0.1 | |||||||
Benefits paid | (0.1 | ) | (0.1 | ) | |||||
$ | 3.2 | $ | 3.3 | ||||||
The liability of $3.2 million and $3.3 million was included in other liabilities on TCM's Consolidated Balance Sheets as of December 31, 2013 and 2012, respectively. | |||||||||
The assumptions used to determine the benefit obligations as of December 31, 2013 included a measurement date of December 31, 2013 and a discount rate of 4.6%. The yield curve matching TCM's benefit obligation was derived using a cash flow analysis under the Citigroup pension liability index. The Citigroup pension discount curve shows the relationship between interest rates and the duration for hypothetical zero coupon investments. This yield curve was used in determining the discount rate for TCM's postretirement benefit obligation. | |||||||||
The components of net periodic benefit costs for the year ended December 31, 2013 included $0.4 million of service cost and $0.1 million of interest cost for a total net periodic benefit cost of $0.5 million. | |||||||||
The health care cost trend assumed that average cost of coverage was 7.0% for 2013, reduced by 0.5% annually to an ultimate trend of 4.5% in 2020 and beyond. The assumed health care cost trend rates can have a significant effect on the amounts reported for postretirement medical benefits. The effect of a one percent change in the health care cost trend rate used to calculate periodic postretirement medical costs and the related benefit obligation would be insignificant to this benefit obligation. | |||||||||
The expected postretirement medical benefits provided below were based on actuarial assumptions. | |||||||||
December 31, | |||||||||
Expected benefit payments: | |||||||||
2014 | $ | 0.2 | |||||||
2015 | 0.2 | ||||||||
2016 | 0.2 | ||||||||
2017 | 0.2 | ||||||||
2018 | 0.2 | ||||||||
2019-2022 | 1.5 | ||||||||
Employee Stock Purchase Plan | |||||||||
On May 6, 2010, TCM's shareholders approved the 2010 ESPP. The ESPP provides an opportunity for TCM's employees to purchase its common shares at 85% of the closing price at the beginning of the offering period or at the end of the offering period, whichever is lower. The ESPP has two six-month offering periods beginning on the first day of January and on the first day of July. There are 1 million shares authorized for purchase by TCM's employees under the ESPP plan. Compensation expense is measured based on the fair value using a Black-Scholes model of the employees' option to purchase shares of common stock at the grant date. Compensation expense is recognized over the future periods in which the related employee service is rendered. TCM estimated a fair value of employee options to purchase shares under the ESPP of $1.41 for the first six-month offering period of 2013. The ESPP was suspended effective July 1, 2013 pending approval of an amended plan by our shareholders. TCM recorded $0.2 million, $0.4 million and $0.3 million of expense related to the ESPP plan for the years ended December 31, 2013, 2012 and 2011, respectively. For the year ended December 31, 2013, TCM issued 420,650 shares of common stock under the ESPP. No tax benefit is realized for ESPPs unless there is a disqualifying disposition. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Shareholders' Equity | ' | ||||||||||||
Tangible Equity Units ("tMEDS") | |||||||||||||
On May 11, 2012, TCM completed a public offering of 8,800,000 tMEDS with a stated value of $25.00. Each tMEDS unit consists of a prepaid common stock purchase contract and a senior amortizing note due May 15, 2015. The prepaid common stock purchase contracts were recorded as additional paid-in-capital (a component of shareholders' equity), net of issuance costs, and the senior amortizing notes have been recorded as long-term debt. Issuance costs associated with the debt component were recorded as deferred financing costs within other assets on the Consolidated Balance Sheets and are being amortized using the straight-line method over the term of the instrument to May 15, 2015. TCM allocated the proceeds from the issuance of the tMEDS to equity and debt based on the relative fair values of the respective components of each tMEDS unit. The proceeds received in the offering were $212.3 million, which were net of financing fees of $7.7 million. The net proceeds from the tMEDS offering were used to fund the completion of Mt. Milligan Mine and for general working capital purposes. The aggregate values assigned upon issuance to each component of the tMEDS were as follows: | |||||||||||||
(US$ in millions, except per unit amounts) | |||||||||||||
Equity | Debt | tMEDS | |||||||||||
Component | Component | Total | |||||||||||
Units issued (1) | 8.8 | 8.8 | 8.8 | ||||||||||
Unit price | $ | 20.92 | $ | 4.08 | $ | 25 | |||||||
Gross proceeds | $ | 184.1 | $ | 35.9 | $ | 220 | |||||||
Issuance costs | (6.4 | ) | (1.3 | ) | (7.7 | ) | |||||||
Net proceeds | $ | 177.7 | $ | 34.6 | $ | 212.3 | |||||||
Balance sheet impact: | |||||||||||||
Other assets (prepaid issuance costs) | $ | — | $ | 1.3 | $ | 1.3 | |||||||
Long-term debt | $ | — | $ | 35.9 | $ | 35.9 | |||||||
Additional paid-in capital | $ | 177.7 | $ | — | $ | 177.7 | |||||||
-1 | There are two components of each tMEDS unit; therefore, there are 8.8 million units of the equity component, 8.8 million units of the debt component and 8.8 million units of tMEDS, which includes both the debt and equity components. | ||||||||||||
The fair value of the debt component was determined using a discounted cash flow model using the following assumptions: (1) quarterly cash payments of 6.5%; (2) a maturity date of May 15, 2015; and (3) an assumed discount rate of 11.68%. The discount rate used for estimating the fair value was determined by obtaining yields for comparably-rated issuers trading in the market, considering the market yield of existing TCM debt and the credit rating of TCM. The debt component was recorded at fair value, is being amortized using the level yield method over the term of the instrument and will be fully amortized at the settlement date of May 15, 2015. | |||||||||||||
The fair value of the equity component was determined using a Kynex valuation model using the following weighted-average assumptions: (1) issue premium of 17.5%; (2) expected volatilities of 40% and 37%; (3) credit spread of 9.00%; and (4) term of 3 years. | |||||||||||||
Each senior amortizing note has an initial principal amount of $4.08, bears interest at 11.68% per annum and has a scheduled final installment payment date of May 15, 2015. On each February 15, May 15, August 15 and November 15, commencing on August 15, 2012, TCM is required to pay equal quarterly installments of $0.41 on each amortizing note (except for the August 15, 2012 installment payment, which was $0.42 per amortizing note). Each payment constitutes a payment of interest and a partial repayment of principal. | |||||||||||||
Each prepaid common stock purchase contract will automatically settle on May 15, 2015, unless settled earlier as described below, and TCM is required to deliver not more than 5.3879 shares and not less than 4.5855 shares of its common stock based on the applicable market value (the average of the volume weighted-average price of TCM common stock for the twenty (20) consecutive trading days immediately preceding May 15, 2015) as follows: | |||||||||||||
Applicable Market Value of TCM Common Stock | Settlement Rate | ||||||||||||
Less than or equal to $4.64 | 5.3879 | ||||||||||||
Between $4.64 and $5.45 | Number of shares equal to $25, divided by the applicable market price | ||||||||||||
Greater than or equal to $5.45 | 4.5855 | ||||||||||||
At any time prior to the third business day immediately preceding May 15, 2015, the holder may settle the purchase contract early. Purchase contracts settled prior to November 10, 2012 were settled at 4.3562, which is 95% of the minimum settlement rate. Purchase contracts settled on or after November 11, 2012 but prior to the third business day preceding May 15, 2015 will be settled for 4.5855, subject in either case to certain adjustments. During the year ended December 31, 2013, holders settled 460,000 purchase contracts for which TCM issued 2,109,330 shares of common stock. No purchase contracts were settled and no shares of common stock were issued relating to the tMEDS during 2012. | |||||||||||||
The unamortized deferred financing costs related to the tMEDS were $0.6 million and $1.0 million as of December 31, 2013 and 2012, respectively. For the years ended December 31, 2013 and 2012, TCM paid $3.1 million and $2.1 million; capitalized $2.7 million and $2.8 million, respectively; and expensed $0.6 million and nil, respectively, of the interest and debt issuance costs associated with the tMEDS. | |||||||||||||
For purposes of the fair market value disclosed in Note 7, the carrying values of the tMEDS as of December 31, 2013 were higher than the fair values of approximately $12.7 million. TCM determined the fair values of the tMEDS using a discounted cash flow valuation model, consisting of inputs such as credit spreads and the current trading price of the tMEDS. | |||||||||||||
Shareholders' Equity | |||||||||||||
The 8.8 million tMEDS issued in 2012 included prepaid common stock purchase contracts, recorded as $177.7 million to additional paid-in-capital, net of issuance costs. Each unsettled unit issued will automatically settle on May 15, 2015 and delivery of outstanding shares of common stock will be required based on the applicable market value. As of December 31, 2013, TCM issued 2,109,330 shares of common stock for settlement of these purchase contracts. No purchase contracts were settled and no shares of common stock were issued related to the tMEDS during 2012. See Note 11 for further discussion. | |||||||||||||
The authorized share capital of TCM is comprised of an unlimited number of common shares and an unlimited number of preferred shares, issuable in series with terms determinable upon issuance. As of December 31, 2013, TCM has not issued any preferred shares. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
On May 6, 2010, TCM's shareholders approved the 2010 Long-Term Incentive Plan ("LTIP"). The LTIP allows TCM to grant stock options, share appreciation rights, restricted shares, RSUs, PSUs or shares granted as bonus compensation. The number of common shares authorized for awards under the LTIP plan is 5.8 million. Effective November 21, 2013, Mr. Perron, TCM's Chief Executive Officer, was granted a one-time inducement award comprised of stock options to purchase 400,000 shares of our common stock and 300,000 RSUs, each vesting in three equal annual installments beginning on the first anniversary of the date of grant. The stock options will be exercisable for five years from the date of grant. These grants were made as an employment inducement award outside of the LITP. | |||||||||||||
TCM does not realize a tax benefit for stock-based awards granted to Canadian employees under the current Canadian tax law. As of December 31, 2013, TCM has granted stock options, PSUs and RSUs, as discussed below. | |||||||||||||
Stock Options | |||||||||||||
The expiration date and vesting provisions of stock options granted are established at the time an award is made. Stock options vest over 3 years and are exercisable over a period of time not to exceed 10 years from the grant date but generally expire 5 years from the grant date. When an option is exercised, TCM issues the requisite shares from authorized but unissued common stock. The exercise price of options granted prior to March 1, 2011 is equal to the greater of: (i) the volume weighted-average trading price of the underlying shares on the Toronto Stock Exchange over the five consecutive trading days immediately before the grant date and (ii) if the award date occurs in a trading black-out period, the weighted-average trading price over the five consecutive trading days immediately after the black-out period has been lifted. The exercise price of options granted after March 1, 2011 is equal to the volume weighted-average trading price of the underlying shares over the five consecutive trading days immediately before the grant date. | |||||||||||||
The following table summarizes stock option activity during the years ended December 31, 2011, 2012 and 2013: | |||||||||||||
Options | Weighted-Average | Aggregate | |||||||||||
Exercise Price | Intrinsic Value | ||||||||||||
(000's) | -1 | -1 | |||||||||||
Stock options outstanding at January 1, 2011 | 5,200 | $ | 10.17 | $ | 20.9 | ||||||||
Granted | 346 | 9.98 | — | ||||||||||
Exercised | (926 | ) | 7.18 | 4.7 | |||||||||
Canceled/expired/surrendered | (1,631 | ) | 8.15 | — | |||||||||
Stock options outstanding at December 31, 2011 | 2,989 | $ | 12.29 | $ | 1 | ||||||||
Granted | 254 | 4.5 | — | ||||||||||
Exercised | (35 | ) | 6.02 | — | |||||||||
Canceled/expired | (749 | ) | 12.52 | — | |||||||||
Stock options outstanding at December 31, 2012 | 2,459 | $ | 11.5 | $ | 0.2 | ||||||||
Granted | 779 | 3.13 | — | ||||||||||
Canceled/expired/forfeited | (658 | ) | 11.95 | — | |||||||||
Stock options outstanding at December 31, 2013 | 2,580 | $ | 8.86 | $ | 0.2 | ||||||||
_______________________________________________________________________________ | |||||||||||||
-1 | The weighted-average exercise price of options outstanding is shown in US dollars as the majority of the options granted starting in 2011 have a strike price denominated in US dollars. Options with a Canadian dollar strike price have been converted to US dollars for disclosure purposes using the exchange rates on the respective date of grant. | ||||||||||||
The following table summarizes information about stock options outstanding and exercisable as of December 31, 2013: | |||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||
Range of Exercise Prices | Number | Weighted-Average | Weighted-Average | Number | Weighted-Average | Weighted-Average | |||||||
Outstanding | Exercise Price | Remaining | Outstanding | Exercise Price | Remaining | ||||||||
Contractual Life | Contractual Life | ||||||||||||
(000's) | -1 | (000's) | -1 | ||||||||||
$ 2.70 - $5.83 | 940 | $3.35 | 3.8 | 245 | $3.84 | 3.2 | |||||||
$ 6.02 - $10.64 | 190 | $8.81 | 0.8 | 181 | $8.89 | 1.4 | |||||||
$11.88 - $14.04 | 1,250 | $12.15 | 0.6 | 1,250 | $12.15 | 1 | |||||||
$14.24 - $15.40 | 200 | $14.24 | 0.6 | 200 | $14.24 | 0.6 | |||||||
_______________________________________________________________________________ | |||||||||||||
-1 | The weighted-average exercise price of options outstanding is shown in US dollars as the majority of the options granted starting in 2011 have a strike price denominated in US dollars. Options with a Canadian dollar strike price have been converted to US dollars for disclosure purposes using the exchange rates on the respective date of grant. | ||||||||||||
For the years ended December 31, 2013, 2012 and 2011, TCM recorded compensation expense related to stock options of $0.6 million, $1.0 million and $4.2 million, respectively. As of December 31, 2013, approximately 0.7 million outstanding options had not vested and were not exercisable. The total unrecognized compensation cost related to these options was $0.6 million as of December 31, 2013 and is expected to be recognized over a weighted-average period of 1.3 years. | |||||||||||||
As of December 31, 2013, approximately 1.9 million options had vested and were exercisable. The aggregate intrinsic value of these exercisable awards was $0.2 million as of December 31, 2013. | |||||||||||||
The weighted-average fair value of stock options on the date of grant, and the assumptions used to estimate the fair value of the stock options using a Black-Scholes option valuation model were as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted-average fair value of options granted (1) | $ | 1.02 | $ | 1.63 | $ | 4.16 | |||||||
Expected volatility | 52.5 | % | 50.9 | % | 67.2 | % | |||||||
Expected life (years) | 2.7 | 2.8 | 2.8 | ||||||||||
Risk-free interest rate | 0.4 | % | 0.4 | % | 0.9 | % | |||||||
Expected dividend yield | — | % | — | % | — | % | |||||||
_______________________________________________________________________________ | |||||||||||||
-1 | The weighted-average exercise price of options granted is shown in US dollars as the majority of the options granted starting in 2011 have a strike price denominated in US dollars. Options with a Canadian dollar strike price have been converted to US dollars for disclosure purposes using the exchange rates on the respective date of grant. | ||||||||||||
Performance Share Units | |||||||||||||
As of December 31, 2013, TCM had issued a total of 1,879,066 PSUs under the LTIP, which have been granted to eligible officers. The vesting of the PSUs granted prior to January 1, 2012 is contingent upon employee service and the performance of TCM's share price relative to the established award price. At each anniversary date during the vesting period, if the per share closing price of TCM's common stock on such date is at or higher than the award price, then the awards will vest one-third on each anniversary date, and the requisite shares will be issued from authorized but unissued common stock. If the closing price is less than the award price, and therefore, the market condition is not achieved, then those PSUs do not vest and are carried forward to the following anniversary date. Any PSUs not vested at the end of the three-year vesting period will expire. | |||||||||||||
The vesting of the PSUs granted during 2013 is contingent upon two performance metrics: 1) TCM's Total Shareholder Return (TSR) relative to the Russell 2000 Index during the three-year performance period as measured by the Relative TSR performance percentage as set forth by the plan administrator and 2) the proven and probable mine reserves replaced by TCM during the three-year performance period as measured by the replacement reserves percentage determined by the plan administrator. The PSUs cliff vest three years from the date of issuance upon achievement of the above metrics. | |||||||||||||
All PSUs granted are accounted for at fair value using a Monte Carlo simulation valuation model on the date of grant. The Monte Carlo model is based on random projections of stock price paths. Expected volatility is calculated using a weighted average of historical daily volatilities and implied volatility and represents the extent to which TCM's stock price performance is expected to fluctuate during each of the three calendar-year periods of the award's anticipated term. | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, TCM recorded compensation expense related to the PSUs of $2.3 million, $2.5 million and $1.7 million, respectively. At December 31, 2013, unrecognized compensation expense related to PSUs totaled $3.5 million that will be recognized on a straight-line basis over a weighted-average period of 1.7 years. | |||||||||||||
The following table summarizes PSU activity during the years ended December 31, 2012 and 2013: | |||||||||||||
Units | Weighted-Average | ||||||||||||
Fair Value | |||||||||||||
(000's) | |||||||||||||
Outstanding at January 1, 2012 | 495 | $ | 11.91 | ||||||||||
PSUs granted | 381 | 12.01 | |||||||||||
Canceled/expired/forfeited | (31 | ) | 12.01 | ||||||||||
Outstanding at December 31, 2012 | 845 | $ | 11.95 | ||||||||||
PSUs granted | 948 | 4.21 | |||||||||||
Canceled/expired/forfeited | (568 | ) | 7.69 | ||||||||||
Outstanding at December 31, 2013 | 1,225 | $ | 7.88 | ||||||||||
Restricted Stock Units | |||||||||||||
As of December 31, 2013, TCM had issued 2,087,478 RSUs under the LTIP and under the employment inducement award, which have been granted to certain eligible employees and directors. | |||||||||||||
TCM accounts for RSUs at fair value, which is based on the market value of TCM's common shares on the day of grant and recognized over the vesting period of 3.0 years. Upon vesting, TCM will issue the requisite shares from authorized but unissued common stock. TCM recorded $2.5 million, $2.4 million and $1.1 million of compensation expense related to its RSUs for the years ended December 31, 2013, 2012 and 2011, respectively. At December 31, 2013, unrecognized compensation expense related to restricted stock and restricted stock units totaled $3.2 million that will be recognized on a straight-line basis over a weighted-average period of 1.8 years. | |||||||||||||
The following table summarizes RSU activity during the years ended December 31, 2012 and 2013: | |||||||||||||
Units | Weighted-Average | ||||||||||||
Fair Value | |||||||||||||
(000's) | |||||||||||||
Outstanding at January 1, 2012 | 306 | $ | 10.33 | ||||||||||
RSUs granted | 413 | 8.82 | |||||||||||
RSUs vested and common shares issued | (72 | ) | 10.12 | ||||||||||
Canceled/expired/forfeited | (113 | ) | 9.62 | ||||||||||
Outstanding at December 31, 2012 | 534 | $ | 9.3 | ||||||||||
RSUs granted | 1,266 | 2.52 | |||||||||||
RSUs vested and common shares issued | (201 | ) | 9.41 | ||||||||||
Canceled/expired/forfeited | (253 | ) | 5.58 | ||||||||||
Outstanding at December 31, 2013 | 1,346 | $ | 4.23 | ||||||||||
Stock-based compensation cost charged against earnings for all of TCM's stock-based awards is shown below for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total stock-based compensation | $ | 5.6 | $ | 6.3 | $ | 7.8 | |||||||
Amount capitalized to product inventory | 0.1 | (0.1 | ) | (0.1 | ) | ||||||||
Amount capitalized to Mt. Milligan Mine | (0.3 | ) | (0.5 | ) | (0.3 | ) | |||||||
Stock-based compensation expense | 5.4 | 5.7 | 7.4 | ||||||||||
US tax benefit | (1.5 | ) | (1.5 | ) | (1.7 | ) | |||||||
Impact on net income (loss) | $ | 3.9 | $ | 4.2 | $ | 5.7 | |||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Legal Matters | |
Below are descriptions of certain legal actions that involve certain properties of TCM. Although the results of legal actions cannot be predicted with certainty, it is the opinion of management that the resolution of these actions are not likely to have a material adverse effect on TCM's future consolidated financial position, results of operations or cash flows. | |
In May 2010, the Stellat'en First Nation filed a petition in the Supreme Court of British Columbia against the British Columbia Minister of Energy, Mines and Petroleum Resources and TCM alleging that Endako Mine and the mill expansion project at Endako Mine represent infringements of the aboriginal title of the petitioners and impacts to their aboriginal rights, and that the government breached its duty to consult with the Stellat'en First Nation in relation to the impacts of Endako Mine and the mill expansion. The petitioners sought a declaration that the Provincial Crown did not fulfill its duty to consult with them in relation to the mill expansion project, a declaration that the mining permits and/or tenures held by TCM are invalid, an order quashing or setting aside the decision to issue a permit amendment to TCM and an injunction prohibiting further construction or alterations relating to the mill expansion project. The matter was heard by the Supreme Court of British Columbia in a hearing that took place in the first quarter of 2011. In August 2011, the Court dismissed the petitioners' claims in full. The Stellat'en First Nation subsequently filed a notice of appeal from that decision to the Court of Appeal of British Columbia seeking to have the decision of the Supreme Court of British Columbia set aside and seeking an order staying the permit amendment and any future permitting until the Province has engaged in further consultation. In September 2013, the Court of Appeal dismissed the Stellat'en First Nation’s appeal. In January 2014, the Stellat’en First Nation applied for leave from the Supreme Court of Canada to appeal the British Columbia Court of Appeal decision. The British Columbia government and TCM have filed materials with the Supreme Court of Canada in response, requesting that the Stellat’en First Nation’s application for leave to appeal be dismissed. The timing of the Supreme Court Canada’s decision on the leave application is uncertain at this time. | |
In April 2012, the Stellat'en First Nation filed a new petition in the Supreme Court of British Columbia against the British Columbia Minister of Energy, Mine and Petroleum Resources and TCM making similar allegations to those discussed above in relation to a new permit amendment and new water license granted to TCM in March 2012 for Endako Mine. In April 2012, the parties agreed to put this matter into abeyance. However, in January 2013, the Stellat'en First Nation indicated that they wish to proceed with this new petition. No date for hearing the new petition has been set. | |
Concentrate Sales Agreements | |
TCM is party to three concentrate sales agreements for the sale of concentrate produced at Mt. Milligan Mine. Pursuant to these agreements, TCM has agreed to sell an aggregate of approximately 85% of the copper-gold concentrate produced at Mt. Milligan Mine during 2013 and 2014 and an aggregate of approximately 120,000 dry metric tons in each of the two calendar years thereafter. Under one of the agreements, TCM has the option to sell to the counterparty and the counterparty has the obligation to purchase from TCM additional concentrate up to an amount equal to 40,000 dry metric tons per year during each of 2015 and 2016. Pricing under these concentrate sales agreements will be determined by reference to specified published reference prices during the applicable quotation periods. Payment for the concentrate will be based on the price for the agreed copper and gold content of the parcels delivered, less smelting and refining charges and certain other deductions, if applicable. The copper smelting and refining charges will be negotiated in good faith and agreed by the parties for each contract year based on terms generally acknowledged as industry benchmark terms. The gold refining charges are as specified in the agreements. | |
Molybdenum Purchases | |
In the normal course of operations, TCM enters into agreements for the purchase of molybdenum. As of December 31, 2013, TCM had commitments to purchase approximately 11.0 million pounds of molybdenum sulfide concentrate from 2014 to 2016 to be priced at a discount to the market price for molybdenum oxide at the time of purchase. | |
Molybdenum Sales | |
In the normal course of operations, TCM enters into certain molybdenum sales contracts where it sells future production at fixed prices. As of December 31, 2013, TCM had commitments to sell approximately 194 thousand pounds of molybdenum oxide in 2014 and 2015 at an average price of $13.25 per pound. | |
Capital Purchase Commitments | |
As of December 31, 2013, TCM had open purchase orders, contracts and capital purchase commitments of $16.7 million related to the Mt. Milligan permanent operations residence. |
Exploration
Exploration | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Mineral Industries Disclosures [Abstract] | ' | ||||||||||||
Exploration | ' | ||||||||||||
Exploration | |||||||||||||
The following table summarizes TCM's exploration expenses by project or property: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Berg Property | $ | 0.6 | $ | 1.1 | $ | 5.2 | |||||||
TC Mine | 0.1 | 0.2 | 3.1 | ||||||||||
Endako Mine | — | 0.3 | 1.4 | ||||||||||
Mt. Milligan Mine | 0.1 | 0.1 | 1 | ||||||||||
Mt. Emmons Property | — | — | 2.9 | ||||||||||
Davidson Property | 0.6 | 0.5 | 0.5 | ||||||||||
Other | — | — | 0.1 | ||||||||||
$ | 1.4 | $ | 2.2 | $ | 14.2 | ||||||||
Income_and_Mining_Tax_Expense_
Income and Mining Tax Expense (Benefit) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income and Mining Tax Expense (Benefit) | ' | ||||||||||||
Income and Mining Tax Expense (Benefit) | |||||||||||||
Income (loss) from continuing operations before income taxes consisted of the following for the periods presented: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Canada | $ | (249.0 | ) | $ | (630.7 | ) | $ | 113 | |||||
United States | (29.4 | ) | (26.7 | ) | 190.3 | ||||||||
$ | (278.4 | ) | $ | (657.4 | ) | $ | 303.3 | ||||||
Below is a tabular disclosure of tax expense by jurisdiction for the three years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
Canada | $ | 0.6 | $ | (6.4 | ) | $ | (6.0 | ) | |||||
United States | 13.3 | 1 | 36.9 | ||||||||||
$ | 13.9 | $ | (5.4 | ) | $ | 30.9 | |||||||
Deferred | |||||||||||||
Canada | $ | (32.7 | ) | $ | (99.0 | ) | $ | (6.4 | ) | ||||
United States | (44.6 | ) | (6.7 | ) | (13.3 | ) | |||||||
(77.3 | ) | (105.7 | ) | (19.7 | ) | ||||||||
Total tax expense (benefit) | $ | (63.4 | ) | $ | (111.1 | ) | $ | 11.2 | |||||
Income and mining taxes differed from the amount that would result from applying the Canadian federal and provincial income tax rates to earnings before income taxes. The differences resulted from the following items: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income (loss) before income and mining taxes | $ | (278.4 | ) | $ | (657.4 | ) | $ | 303.3 | |||||
Combined Canadian federal and provincial income tax rates | 25.8 | % | 25 | % | 26.5 | % | |||||||
Income taxes based on above rates | (71.8 | ) | (164.4 | ) | 80.4 | ||||||||
Increase (decrease) to income taxes due to: | |||||||||||||
Unrealized (gain) loss on warrants | — | (0.4 | ) | (44.8 | ) | ||||||||
Difference in foreign statutory tax rates | (3.2 | ) | (3.2 | ) | 19.9 | ||||||||
Provincial and state mining and franchise taxes | (5.6 | ) | (20.6 | ) | (0.1 | ) | |||||||
Non-deductible expenses | 3.9 | 1.6 | 1.5 | ||||||||||
Non-taxable income | (4.6 | ) | (0.2 | ) | — | ||||||||
Asset impairments and other charges | — | 16.7 | — | ||||||||||
Tax credits | 0.3 | (0.5 | ) | — | |||||||||
Foreign tax differences | (10.2 | ) | (10.3 | ) | (10.3 | ) | |||||||
Depletion allowance | (19.1 | ) | (9.4 | ) | (32.4 | ) | |||||||
Domestic production allowance | (0.1 | ) | — | (3.3 | ) | ||||||||
Unrealized foreign exchange gain on translation of investments | 2.4 | (0.8 | ) | 0.9 | |||||||||
Change in valuation allowance | 40.8 | 84.1 | (3.3 | ) | |||||||||
Impact of change in tax on future income and mining taxes | 2.1 | (0.8 | ) | (1.2 | ) | ||||||||
Foreign exchange on deferred remeasurement | 0.5 | — | — | ||||||||||
Out-of-period adjustment | — | (1.8 | ) | — | |||||||||
Expiration of warrants | — | — | 4.8 | ||||||||||
Equity based compensation | 1.3 | — | — | ||||||||||
Other | (0.1 | ) | (1.1 | ) | (0.9 | ) | |||||||
Income and mining tax expense (benefit) | $ | (63.4 | ) | $ | (111.1 | ) | $ | 11.2 | |||||
For the year ended December 31, 2013, TCM had a tax benefit of $63.4 million compared to a tax benefit of $111.1 million and a tax expense of $11.2 million for the years ended December 31, 2012 and 2011, respectively. The tax benefit for the year ended December 31, 2012 was impacted by an immaterial correction of $1.8 million related to the British Columbia mineral tax associated with TCM’s share of the mill expansion costs at Endako Mine. TCM does not believe that the out-of-period adjustment was material to the period affected or the periods presented in this Form 10-K. In addition to the change in the valuation allowance related to the income statement for the year ended December 31, 2011, there is an additional decrease in valuation allowance related to equity due to a difference between book and tax basis on the warrant expiration tax gain in the amount of $4.8 million. | |||||||||||||
Net Deferred Tax Liabilities | |||||||||||||
Deferred tax assets and liabilities arise from temporary differences in the recognition of income and expenses for financial reporting and tax purposes. The significant components of future income and mining tax assets and liabilities as of December 31, 2013 and 2012 were as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Working capital | $ | 2.4 | $ | 1.4 | |||||||||
Tax losses and credits carried forward | 192.7 | 146 | |||||||||||
Property, plant, equipment and development | 255.5 | 145.8 | |||||||||||
Asset retirement obligations | 3.5 | — | |||||||||||
Deferred compensation | 3.1 | 7.3 | |||||||||||
Gold Stream deferred revenue | 12.3 | — | |||||||||||
Other deductible temporary differences | 16.3 | 9.2 | |||||||||||
Deferred tax assets | 485.8 | 309.7 | |||||||||||
Valuation allowances | (246.5 | ) | (203.4 | ) | |||||||||
Total deferred tax assets, net of valuation allowance | $ | 239.3 | $ | 106.3 | |||||||||
Deferred tax liabilities: | |||||||||||||
Inventory | $ | (17.1 | ) | $ | (10.4 | ) | |||||||
Other taxable temporary differences-current | (1.0 | ) | (0.9 | ) | |||||||||
Property, plant, equipment and development | (233.9 | ) | (233.0 | ) | |||||||||
Asset retirement obligations | — | (0.6 | ) | ||||||||||
Gold Stream deferred revenue | — | (3.4 | ) | ||||||||||
Other taxable temporary differences-non-current | (0.9 | ) | (1.4 | ) | |||||||||
Total deferred tax liabilities | (252.9 | ) | (249.7 | ) | |||||||||
Net deferred tax liabilities | $ | (13.6 | ) | $ | (143.4 | ) | |||||||
At December 31, 2013, TCM had $326.2 million in loss and $108.7 million in credit carry-forwards available for tax purposes. While an insignificant portion of TCM's losses expire beyond 2015, substantially all of the carry-forwards expire beyond 2025. | |||||||||||||
A valuation allowance is recorded on some of the benefits associated with both the loss and credit carry-forwards. Some of our capital expenditures, primarily at Endako Mine and US operations, have a recorded valuation allowance as it is not more likely than not that the benefit related to the specific deferred tax assets will be realized based on the available sources of taxable income. | |||||||||||||
TCM intends to indefinitely reinvest earnings from certain foreign operations. Accordingly, US and non-US income and withholding taxes for which deferred taxes might otherwise be required have not been provided on a cumulative amount of temporary differences (including, for this purpose, any difference between the tax basis in the stock of a consolidated subsidiary and the amount of the subsidiary's net equity determined for financial reporting purposes) related to investments in foreign subsidiaries of approximately $1,232.4 million and $1,133.5 million as of December 31, 2013 and 2012, respectively. The additional US and non-US income and withholding tax that would arise on reversal of the temporary differences could be offset, in part, by tax credits. Because the determination of the amount of available tax credits and the limitations imposed on the annual utilization of such credits are subject to a highly complex series of calculations and expense allocations, it is impractical to estimate the amount of net income and withholding tax that might be payable if a reversal of temporary differences occurred. | |||||||||||||
Income Tax Uncertainties | |||||||||||||
TCM's uncertainty in income taxes reserve, activity and amounts for unrecognized tax benefits has not been significant for any year presented. | |||||||||||||
TCM or one of its subsidiaries files income tax returns in the Canadian federal jurisdiction, US federal jurisdiction and various state and provincial jurisdictions. The tax years for TCM and its significant subsidiaries that remain subject to examination were as follows: | |||||||||||||
Jurisdiction | Years Under | Additional | |||||||||||
Examination | Open Years | ||||||||||||
US Federal | — | 2010-2012 | |||||||||||
Canada Federal | 2011-2012 | 2007-2010 | |||||||||||
British Columbia | 2004-2006 | 2007-2012 | |||||||||||
Colorado | — | 2008-2012 | |||||||||||
Idaho | — | 2010-2012 | |||||||||||
Pennsylvania | — | 2009-2012 | |||||||||||
Utah | — | 2010-2012 |
Net_Income_Loss_per_Share
Net Income (Loss) per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Net Income (Loss) per Share | ' | ||||||||||||
Net Income (Loss) per Share | |||||||||||||
The following is a reconciliation of net income (loss) and weighted-average common shares outstanding for purposes of calculating diluted net income (loss) per share for the three year period ended December 31, 2013: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income (loss) | $ | (215.0 | ) | $ | (546.3 | ) | $ | 292.1 | |||||
Basic weighted-average number of shares outstanding | 171.1 | 168.4 | 167.2 | ||||||||||
Effect of dilutive securities | |||||||||||||
Common stock purchase warrants | — | — | 0.9 | ||||||||||
Share-based awards | — | — | 0.5 | ||||||||||
Diluted weighted-average number of shares outstanding | 171.1 | 168.4 | 168.6 | ||||||||||
Net income (loss) per share | |||||||||||||
Basic | $ | (1.26 | ) | $ | (3.24 | ) | $ | 1.75 | |||||
Diluted | $ | (1.26 | ) | $ | (3.24 | ) | $ | 1.73 | |||||
For the year ended December 31, 2013, TCM was in a net loss position, and approximately 2.1 million stock options, 1.2 million PSUs, 1.3 million RSUs and 44.9 million shares for the settlement of the tMEDS purchase contracts were excluded from the computation of diluted weighted-average shares. | |||||||||||||
For the year ended December 31, 2012, TCM was in a net loss position, and approximately 2.3 million stock options, 0.5 million RSUs and 47.4 million shares for the settlement of the tMEDS purchase contracts were excluded from the computation of diluted weighted-average shares. | |||||||||||||
For the year ended December 31, 2011, approximately 2.5 million stock options were excluded from the computation of diluted weighted-average shares as the exercise prices exceeded the average price of TCM's common stock and 0.2 million RSUs were excluded from the computation of diluted weighted-average shares as the strike price of the units exceeded the price of common stock for the period. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
Total sales by TCM to Sojitz, TCM's Endako Mine joint venture partner, were $80.3 million, $90.9 million and $126.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. This represented 18.5%, 22.6% and 18.8% of TCM's total revenues for these respective years. | |
For the years ended December 31, 2013, 2012 and 2011, TCM recorded management fee income of $0.3 million, $0.3 million and $0.3 million, and selling and marketing costs of $0.5 million, $0.6 million and $0.7 million, respectively, from Sojitz. | |
As of December 31, 2013 and 2012, TCM's related accounts receivable owing from Sojitz were $6.3 million and $6.4 million, respectively. |
Supplementary_Cash_Flow_Inform
Supplementary Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||
Supplementary Cash Flow Information | ' | |||||||||||
Supplementary Cash Flow Information | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Change in working capital accounts: | ||||||||||||
Accounts receivable | $ | 4.8 | $ | 20.5 | $ | (16.6 | ) | |||||
Product inventory | (63.9 | ) | (77.8 | ) | (30.1 | ) | ||||||
Materials and supplies inventory | (27.4 | ) | (11.6 | ) | (9.7 | ) | ||||||
Prepaid expenses and other current assets | (6.1 | ) | (2.2 | ) | 1.9 | |||||||
Income and mining taxes receivable | 11.2 | (6.7 | ) | 3.7 | ||||||||
Accounts payable and accrued liabilities | 31 | 2.5 | 35.8 | |||||||||
Income and mining taxes payable | (1.2 | ) | — | (1.5 | ) | |||||||
$ | (51.6 | ) | $ | (75.3 | ) | $ | (16.5 | ) | ||||
Cash interest paid (1) | $ | 81.8 | $ | 41.3 | $ | 14.5 | ||||||
Income and mining taxes paid, net of refunds (2) | $ | 2.5 | $ | 2.9 | $ | 28.8 | ||||||
(1) For the years ended December 31, 2013, 2012 and 2011, cash interest paid of $74.7 million, $40.7 million, and $13.7 million, respectively, had been previously capitalized related to the Company's debt, as described in Note 9. | ||||||||||||
(2) For the years ended December 31, 2013 and 2012, we received $7.5 million and $9.0 million, respectively in refunds of US and Canadian income taxes related to prior year tax returns. | ||||||||||||
Non-cash Investing and Financing Activities | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Investing activities | ||||||||||||
Other investing adjustments (1) | $ | 6.5 | $ | 4.8 | $ | — | ||||||
Acquisition of property, plant and equipment under the Equipment Facility (see Note 8) (2) | $ | 3.9 | $ | 23.7 | $ | 8.2 | ||||||
Increase in capital expenditure accrual | $ | — | $ | — | $ | 108.6 | ||||||
Financing activities | ||||||||||||
Capitalized debt costs (3) | $ | 0.6 | $ | 5.1 | $ | — | ||||||
Long-term lease obligations (2) | $ | (3.5 | ) | $ | (20.4 | ) | $ | (8.2 | ) | |||
(1) Included capitalized depreciation. | ||||||||||||
(2) Excluded sale-leaseback capital leases. | ||||||||||||
(3) Included capitalized interest not paid in cash, amortization of deferred financing costs and debt discounts. |
Concentration_of_Credit_Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2013 | |
Risks and Uncertainties [Abstract] | ' |
Concentration of Credit Risk | ' |
Concentration of Credit Risk | |
TCM is exposed to counterparty risk from its cash and cash equivalent balances and its reclamation deposits held by financial institutions and governmental entities. TCM monitors its positions with, and the credit quality of, the financial institutions and companies in which it invests its cash, cash equivalents and that hold its reclamation deposits. Counterparties to cash balances and its reclamation deposits, other than balances maintained in various bank operating accounts, are US and Canadian institutions and the US and Canadian governments. | |
TCM manages its credit risk from its accounts receivable through its collection activities. As of December 31, 2013, TCM had four customers who owed TCM more than $3.0 million and accounted for approximately 32.4% of total accounts and other receivables outstanding. Another seven customers had balances greater than $1.0 million but less than $3.0 million that accounted for approximately 21.1% of total accounts and other receivables. As of December 31, 2013, all of these customers were compliant with credit terms and scheduled payment dates. | |
TCM's maximum counterparty and credit risk exposure is the carrying value of its cash and cash equivalents and accounts receivable. The carrying amounts of accounts receivable, accounts payable, accrued liabilities and fixed-rate debt, excluding the 2017 Notes, 2018 Notes, 2019 Notes and tMEDS, as discussed in Note 7, approximate fair value as of December 31, 2013. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||
Segment Information | |||||||||||||||||||||
TCM has three reportable segments, based on products and geography: Copper-Gold, US Operations Molybdenum and Canadian Operations Molybdenum. The Copper-Gold segment includes all expenditures, including all mining, milling, mine site administration, transportation, shipping, concentrate selling and refining costs and sale of concentrate from Mt. Milligan Mine. The US Operations Molybdenum segment includes all mining, milling, mine site administration, transportation, roasting and sale of molybdenum products from TC Mine and the Langeloth Facility, as well as all roasting and sales of third-party purchased material from the Langeloth Facility. The Canadian Operations Molybdenum segment includes all mining, milling, mine site administration, transportation, roasting and sale of molybdenum products from the 75% owned Endako Mine. The Inter-segment represents the elimination of management fee income, revenue and cost of sales of product transported from the Canadian Operations to the US Operations for processing. | |||||||||||||||||||||
TCM's chief operating decision makers (Chief Executive Officer and Chief Operating Officer) evaluate segment performance based on segment revenue less costs and expenses. TCM attributes other income and expenses to the reporting segments if the income or expense is directly related to segment operations, as described above. TCM does not allocate corporate expenditures such as general and administrative, exploration and interest income and expense items to its reporting segments, unless such expenditures are directly related to segment operations. | |||||||||||||||||||||
Segment information for the three years ended December 31, 2013, 2012 and 2011 was as follows: | |||||||||||||||||||||
For the year ended December 31, 2013: | |||||||||||||||||||||
Copper-Gold | US | Canadian | Inter- | Total | |||||||||||||||||
Operations | Operations | segment | |||||||||||||||||||
Molybdenum | Molybdenum | ||||||||||||||||||||
Revenues | |||||||||||||||||||||
Copper sales | $ | 8.7 | $ | — | $ | — | $ | — | $ | 8.7 | |||||||||||
Gold sales | 5.6 | — | — | — | 5.6 | ||||||||||||||||
Molybdenum sales | — | 319.4 | 81.9 | (0.5 | ) | 400.8 | |||||||||||||||
Tolling, calcining and other | — | 23.6 | — | (4.3 | ) | 19.3 | |||||||||||||||
14.3 | 343 | 81.9 | (4.8 | ) | 434.4 | ||||||||||||||||
Cost and expenses | |||||||||||||||||||||
Operating expenses | 43.6 | 198.8 | 81.2 | (4.7 | ) | 318.9 | |||||||||||||||
Selling and marketing | 0.8 | 7 | 2.7 | (1.2 | ) | 9.3 | |||||||||||||||
Depreciation, depletion and amortization | 0.1 | 33.8 | 25.9 | — | 59.8 | ||||||||||||||||
Accretion expense | 0.3 | 1.2 | 0.9 | — | 2.4 | ||||||||||||||||
Asset impairments | — | 129.4 | 64.7 | — | 194.1 | ||||||||||||||||
44.8 | 370.2 | 175.4 | (5.9 | ) | 584.5 | ||||||||||||||||
Segment revenue less costs and expenses | (30.5 | ) | (27.2 | ) | (93.5 | ) | 1.1 | (150.1 | ) | ||||||||||||
Other segment expenses | |||||||||||||||||||||
Start-up costs | 10.2 | — | 0.1 | — | 10.3 | ||||||||||||||||
Loss on foreign exchange | 12.7 | 0.4 | 0.3 | — | 13.4 | ||||||||||||||||
Segment income (loss) before income and mining taxes | $ | (53.4 | ) | $ | (27.6 | ) | $ | (93.9 | ) | $ | 1.1 | $ | (173.8 | ) | |||||||
For the year ended December 31, 2012: | |||||||||||||||||||||
Copper-Gold | US | Canadian | Inter- | Total | |||||||||||||||||
(Development) | Operations | Operations | segment | ||||||||||||||||||
Molybdenum | Molybdenum | ||||||||||||||||||||
Revenues | |||||||||||||||||||||
Molybdenum sales | $ | — | $ | 302 | $ | 86.5 | $ | (1.7 | ) | $ | 386.8 | ||||||||||
Tolling, calcining and other | — | 14.7 | (0.1 | ) | — | 14.6 | |||||||||||||||
— | 316.7 | 86.4 | (1.7 | ) | 401.4 | ||||||||||||||||
Cost and expenses | |||||||||||||||||||||
Operating expenses | — | 273.1 | 103.1 | (1.7 | ) | 374.5 | |||||||||||||||
Selling and marketing | — | 6.2 | 3 | (1.2 | ) | 8 | |||||||||||||||
Depreciation, depletion and amortization | — | 19.7 | 42.6 | — | 62.3 | ||||||||||||||||
Accretion expense | 0.2 | 1.5 | 0.6 | — | 2.3 | ||||||||||||||||
Asset impairment | — | — | 530.5 | — | 530.5 | ||||||||||||||||
0.2 | 300.5 | 679.8 | (2.9 | ) | 977.6 | ||||||||||||||||
Segment revenue less costs and expenses | (0.2 | ) | 16.2 | (593.4 | ) | 1.2 | (576.2 | ) | |||||||||||||
Other segment expenses (income) | |||||||||||||||||||||
Goodwill impairment | — | 47 | — | — | 47 | ||||||||||||||||
Start-up costs | — | — | 5.5 | — | 5.5 | ||||||||||||||||
Gain on foreign exchange | (3.1 | ) | (0.8 | ) | (1.7 | ) | — | (5.6 | ) | ||||||||||||
Segment income (loss) before income and mining taxes | $ | 2.9 | $ | (30.0 | ) | $ | (597.2 | ) | $ | 1.2 | $ | (623.1 | ) | ||||||||
For the year ended December 31, 2011: | |||||||||||||||||||||
Copper-Gold | US | Canadian | Inter- | Total | |||||||||||||||||
(Development) | Operations | Operations | segment | ||||||||||||||||||
Molybdenum | Molybdenum | ||||||||||||||||||||
Revenues | |||||||||||||||||||||
Molybdenum sales | $ | — | $ | 549.8 | $ | 102.1 | $ | — | $ | 651.9 | |||||||||||
Tolling, calcining and other | — | 17.2 | 0.6 | (0.6 | ) | 17.2 | |||||||||||||||
— | 567 | 102.7 | (0.6 | ) | 669.1 | ||||||||||||||||
Cost and expenses | |||||||||||||||||||||
Operating expenses | — | 319.2 | 74.2 | (0.6 | ) | 392.8 | |||||||||||||||
Selling and marketing | — | 7.9 | 3.2 | (1.4 | ) | 9.7 | |||||||||||||||
Depreciation, depletion and amortization | 0.1 | 34.1 | 38.7 | — | 72.9 | ||||||||||||||||
Accretion expense | — | 1.5 | 0.4 | — | 1.9 | ||||||||||||||||
0.1 | 362.7 | 116.5 | (2.0 | ) | 477.3 | ||||||||||||||||
Segment revenue less costs and expenses | (0.1 | ) | 204.3 | (13.8 | ) | 1.4 | 191.8 | ||||||||||||||
Other segment expenses | |||||||||||||||||||||
Loss on foreign exchange | 4 | 0.9 | 2.4 | — | 7.3 | ||||||||||||||||
Segment income (loss) before income and mining taxes | $ | (4.1 | ) | $ | 203.4 | $ | (16.2 | ) | $ | 1.4 | $ | 184.5 | |||||||||
Reconciliation of Segment Income to Net Income (Loss) | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Segment income (loss) | $ | (173.8 | ) | $ | (623.1 | ) | $ | 184.5 | |||||||||||||
Other (income) expense | |||||||||||||||||||||
Change in fair value of common stock purchase warrants | — | (1.8 | ) | (169.2 | ) | ||||||||||||||||
Land write down | 0.8 | — | — | ||||||||||||||||||
General and administrative | 21.6 | 27.6 | 26.5 | ||||||||||||||||||
Exploration | 1.4 | 2.2 | 14.2 | ||||||||||||||||||
Interest expense (income), net | 23.1 | 11.7 | 3.1 | ||||||||||||||||||
(Gain) loss on foreign exchange | 57.4 | (6.6 | ) | 5.8 | |||||||||||||||||
Corporate depreciation | 1.4 | 1.7 | 1.8 | ||||||||||||||||||
Other | (1.1 | ) | (0.5 | ) | (1.0 | ) | |||||||||||||||
Income (loss) before income and mining taxes | (278.4 | ) | (657.4 | ) | 303.3 | ||||||||||||||||
Income and mining tax (benefit) expense | (63.4 | ) | (111.1 | ) | 11.2 | ||||||||||||||||
Net income (loss) | $ | (215.0 | ) | $ | (546.3 | ) | $ | 292.1 | |||||||||||||
Other segment information regarding capital expenditures, assets and liabilities, including the assets and liabilities attributed to corporate operations, was as follows: | |||||||||||||||||||||
As of December 31, 2013 | Copper-Gold (1) | US Operations Molybdenum | Canadian Operations Molybdenum | Inter-segment | Total | ||||||||||||||||
Capital expenditures (2) | $ | 419.1 | $ | 5.3 | $ | 4.3 | $ | 0.2 | $ | 428.9 | |||||||||||
Property, plant, equipment and development | $ | 2,290.40 | $ | 129.2 | $ | 115.6 | $ | 2.8 | $ | 2,538.00 | |||||||||||
Assets | $ | 2,402.90 | $ | 395.1 | $ | 170.9 | $ | 116.6 | $ | 3,085.50 | |||||||||||
Liabilities | $ | 851.8 | $ | 49.5 | $ | 30.9 | $ | 1,047.10 | $ | 1,979.30 | |||||||||||
As of December 31, 2012 | Copper-Gold (Development) | US Operations Molybdenum | Canadian Operations Molybdenum | Inter-segment | Total | ||||||||||||||||
Capital expenditures (3) | $ | 660.1 | $ | 23.3 | $ | 87.4 | $ | 0.7 | $ | 771.5 | |||||||||||
Property, plant, equipment and development | $ | 2,058.70 | $ | 285.5 | $ | 189.5 | $ | 5.2 | $ | 2,538.90 | |||||||||||
Assets | $ | 2,147.20 | $ | 473.9 | $ | 257.1 | $ | 532 | $ | 3,410.20 | |||||||||||
Liabilities | $ | 868.5 | $ | 83.3 | $ | 19.5 | $ | 1,037.00 | $ | 2,008.30 | |||||||||||
(1) Included $18.1 million in permanent operations residence capital expenditure and $12.0 million in operations capital expenditure at Mt. Milligan Mine. Excluded $2.3 million of deposits made to one vendor, which occurred in the first quarter of 2013. | |||||||||||||||||||||
(2) Capital expenditures were for the twelve months ended December 31, 2013. | |||||||||||||||||||||
(3) Capital expenditures were for the twelve months ended December 31, 2012. | |||||||||||||||||||||
Revenues by geographic region are as follows: | |||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
$ | % | $ | % | $ | % | ||||||||||||||||
North America | $ | 231.9 | 53.4 | % | $ | 212.6 | 53 | % | $ | 326.4 | 48.8 | % | |||||||||
Japan | 66.7 | 15.4 | % | 79.1 | 19.7 | % | 108 | 16.1 | % | ||||||||||||
Europe | 69.8 | 16.1 | % | 54.5 | 13.6 | % | 118.6 | 17.7 | % | ||||||||||||
India | 27.1 | 6.2 | % | 19.5 | 4.9 | % | 32.7 | 4.9 | % | ||||||||||||
Korea | 10.9 | 2.5 | % | 11.4 | 2.8 | % | 16.6 | 2.5 | % | ||||||||||||
Brazil | 15.6 | 3.6 | % | 10.5 | 2.6 | % | 11.3 | 1.7 | % | ||||||||||||
Other | 12.4 | 2.8 | % | 13.8 | 3.4 | % | 55.5 | 8.3 | % | ||||||||||||
Total revenues | $ | 434.4 | 100 | % | $ | 401.4 | 100 | % | $ | 669.1 | 100 | % | |||||||||
Revenues for geographic areas are classified based on the customer location. European sales are primarily to customers in Austria, the Netherlands, Germany, Switzerland and the United Kingdom. |
Summary_of_Quarterly_Financial
Summary of Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Summary of Quarterly Financial Data (Unaudited) | ' | |||||||||||||||
Summary of Quarterly Financial Data (Unaudited) | ||||||||||||||||
The following table sets forth a summary of the quarterly results of operations for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||
For the Year December 31, 2013 | First | Second | Third | Fourth | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 108.7 | $ | 117.8 | $ | 90.8 | $ | 117.1 | ||||||||
Net income (loss) | $ | 0.9 | $ | (19.2 | ) | $ | 13.8 | $ | (210.5 | ) | ||||||
Basic net income (loss) per share | $ | 0.01 | $ | (0.11 | ) | $ | 0.08 | $ | (1.24 | ) | ||||||
Diluted net income (loss) per share | $ | — | $ | (0.11 | ) | $ | 0.06 | $ | (1.24 | ) | ||||||
For the Year December 31, 2012 | First | Second | Third | Fourth | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 113.6 | $ | 113.5 | $ | 74.9 | $ | 99.4 | ||||||||
Net income (loss) | $ | 1.1 | $ | (14.8 | ) | $ | (48.2 | ) | $ | (484.4 | ) | |||||
Basic net income (loss) per share | $ | 0.01 | $ | (0.09 | ) | $ | (0.29 | ) | $ | (2.87 | ) | |||||
Diluted net income (loss) per share | $ | 0.01 | $ | (0.09 | ) | $ | (0.29 | ) | $ | (2.87 | ) | |||||
For the Year December 31, 2011 | First | Second | Third | Fourth | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 206.7 | $ | 190.9 | $ | 154.8 | $ | 116.7 | ||||||||
Net income (loss) | $ | 128.9 | $ | 116.8 | $ | 45.6 | $ | 0.8 | ||||||||
Basic net income (loss) per share | $ | 0.78 | $ | 0.7 | $ | 0.27 | $ | — | ||||||||
Diluted net income (loss) per share | $ | 0.73 | $ | 0.68 | $ | 0.27 | $ | — | ||||||||
Guarantor_Financial_Informatio
Guarantor Financial Information | 12 Months Ended |
Dec. 31, 2013 | |
Guarantor Financial Information [Abstract] | ' |
Guarantor Financial Information | ' |
Guarantor Financial Information | |
TCM has not presented separate combined financial statements of subsidiary guarantors that guarantee the 2017 Notes, 2018 Notes and 2019 Notes, because (1) each of the subsidiary guarantors is wholly owned by TCM; (2) the guarantees are full and unconditional; (3) the guarantees are joint and several and (4) TCM has no independent assets and operations, and all subsidiaries of TCM other than the subsidiary guarantors are immaterial. | |
Pursuant to the indentures governing the 2017 Notes, 2018 Notes and 2019 Notes, a guarantor may be released from its guarantee obligations only under certain customary circumstances specified in the indentures, namely upon (1) the sale or other disposition (including by way of merger, amalgamation or consolidation) of such guarantor, (2) the designation of such guarantor as an unrestricted subsidiary in accordance with the terms of the indentures, (3) upon a legal defeasance or covenant defeasance or (4) upon the full satisfaction of our obligations under the respective indenture. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Basis of Preparation and Principles of Consolidation | ' | ||||||||
Basis of Preparation and Principles of Consolidation | |||||||||
The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("US GAAP"). The consolidated financial statements include the accounts of TCM and its subsidiaries, and intercompany accounts and transactions have been eliminated in consolidation. TCM also consolidates its 75% proportionate interest in the accounts of the unincorporated Endako Mine joint venture. | |||||||||
Financial amounts are presented in US dollars unless otherwise stated. References to C$ are Canadian dollars. | |||||||||
Certain prior year amounts in the financial statements have been reclassified to conform to the current year presentation. Start-up costs of $5.5 million for year ended December 31, 2012 related to the mill expansion at Endako Mine were reclassified from operating expenses to start-up costs in the Consolidated Statements of Operations and Comprehensive Income (Loss) to disclose clearly the expenses related to ramping up to full production capacity. In addition, a portion of the equipment financing lease payments were reclassified from operating activities, investing activities and financing activities in the Consolidated Statements of Cash Flows for the year ended December 31, 2012. The following table presents the impact of this change. | |||||||||
(US$ in millions) | As Previously Reported | As Revised | |||||||
Year ended December 31, 2012 | |||||||||
Cash (used in) operating activities | $ | (82.8 | ) | $ | (28.2 | ) | |||
Cash (used in) investing activities | $ | (762.7 | ) | $ | (811.9 | ) | |||
Cash generated by financing activities | $ | 1,077.30 | $ | 1,071.80 | |||||
Effect of exchange rate changes on cash | $ | 0.5 | $ | 0.6 | |||||
Currency Translation | ' | ||||||||
Currency Translation | |||||||||
The functional currency of TCM and its US operations is the US dollar. Monetary assets and liabilities denominated in foreign currencies are translated into US dollars at exchange rates in effect at the balance sheet date, with resulting gains or losses reported in (gain) loss on foreign exchange in the computation of net income (loss). Other non-monetary assets and liabilities are translated at historic rates. Revenues, expenses and cash flows in foreign currencies are translated into US dollars at average exchange rates. | |||||||||
The functional currency of TCM's Canadian operations is the Canadian dollar. The assets and liabilities for those subsidiaries with a Canadian dollar functional currency are translated at exchange rates in effect at the balance sheet date, and revenues and expenditures are translated at average exchange rates. Differences arising from these foreign currency translations are recorded in the Consolidated Balance Sheets as accumulated other comprehensive income (loss) within Shareholders' equity. | |||||||||
Use of Estimates | ' | ||||||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenditures during the reporting period. As the estimation process is inherently uncertain, actual future outcomes could differ from current estimates and assumptions, potentially having material effects on future financial statements. The more significant areas requiring the use of management estimates include mineral reserve estimation; useful asset lives for depreciation, depletion and amortization; reclamation and closure costs; environmental obligations; deferred taxes and valuation allowances; asset fair values in evaluating asset impairments and estimates of recoverable gold and other minerals. | |||||||||
Fair Value Measurement | ' | ||||||||
Fair Value Measurement | |||||||||
US GAAP accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standards establish a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: | |||||||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||||||||
Level 2 | Quoted prices in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. | ||||||||
Level 3 | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). | ||||||||
Cash and Cash Equivalents and Restricted Cash | ' | ||||||||
Cash and Cash Equivalents and Restricted Cash | |||||||||
Cash is comprised of cash deposits held at banks. Cash equivalents are financial instruments issued or guaranteed by major financial institutions and governments that have an original maturity date of less than 90 days. Cash equivalents are stated at cost, which approximates market value. Restricted cash is primarily comprised of amounts withheld related to certain construction contracts and amounts to fund TCM's deferred compensation program. | |||||||||
Accounts Receivable | ' | ||||||||
Accounts Receivable | |||||||||
Accounts receivable are carried at their estimated collectible amounts. Accounts receivable included trade receivables of $41.6 million and $34.6 million and other receivables of $6.2 million and $18.3 million as of December 31, 2013 and 2012, respectively. Other receivables primarily consisted of $3.3 million and $12.9 million of Goods and Services Sales Tax refunds and Canadian Harmonized Sales Tax refunds as of December 31, 2013 and 2012, respectively. | |||||||||
Product Inventories | ' | ||||||||
Product Inventories | |||||||||
Product inventories are carried at the lower of cost or market and assessed monthly to determine if a write down is required; through the first quarter of 2012, the assessment was performed quarterly. Cost is comprised of production costs for copper-gold concentrate ("concentrate") and molybdenum concentrate produced and processed from TCM's mines, as well as amounts paid for molybdenum concentrate purchased from third parties. Production costs include the direct mining, milling and on-site general and administrative costs; costs of processing and roasting; transportation, shipping, freight and insurance costs; refining and treatment costs; warehouse costs; stock-based compensation and depreciation, depletion and amortization. Stripping costs (i.e., the costs of removing overburden and waste material to access mineral deposits) incurred during the production phase of a mine are considered variable production costs and are included as a component of inventory produced during the period in which stripping costs are incurred. For concentrate, TCM uses the weighted-average cost method for production and sales of product inventory. For molybdenum, TCM uses the first-in, first-out cost method for production and sales of product inventory. For both the copper-gold operations and molybdenum operations, the weighted-average cost method is used for stockpiled ore. | |||||||||
Obsolescence | ' | ||||||||
Obsolescence | |||||||||
TCM routinely evaluates materials and supplies inventory for obsolescence. When necessary, obsolete and surplus materials and supplies are written down in a manner that reduces the inventory value to an amount that does not exceed its net realizable value, which may be considered salvage value, with the difference charged to current period expenses. During 2013, 2012 and 2011, TCM recorded write downs for obsolete materials and supplies inventory of $2.4 million, $0.2 million and $2.0 million, respectively. | |||||||||
Property, Plant, Equipment and Development | ' | ||||||||
Property, Plant, Equipment and Development | |||||||||
Mineral Properties | |||||||||
TCM capitalizes the costs to acquire mineral properties. On acquisition of a mineral property, TCM estimates the fair value of proven and probable mineral reserves, as well as the value beyond proven and probable mineral reserves, and records any costs incurred as assets at the date of acquisition. The costs assigned to mineral properties in production are amortized over the life of the mine using the units-of-production method based on the volume of mineral produced in relation to the total estimated proven and probable mineral reserves. The cost assigned to the value beyond proven and probable mineral reserves is not amortized. However, as new information is obtained or economic conditions change, mineralized material may be converted into proven and probable mineral reserves at which time the capitalized costs associated with mineralized material are reclassified as costs subject to amortization. | |||||||||
Mine Development | |||||||||
Capitalization of mine development costs that meet the definition of an asset begins once all operating permits have been secured, mineralization is classified as proven and probable reserves and a final feasibility study has been completed. Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body and the removal of overburden to initially expose an ore body at open pit surface mines. Costs incurred before mineral resources are classified as proven and probable reserves are expensed and classified as exploration expense, unless it can be substantiated prior to the commencement of a drilling program that the drilling costs will result in the conversion of a mineral resource into proven and probable reserves. All capitalized costs are amortized using the units-of-production method over the estimated life of the ore body based on recoverable quantities to be produced from estimated proven and probable mineral reserves. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use. Gains or losses from sales or retirements of assets are included in costs and expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss). Tax credits, which will be used to offset future taxable income, generated from qualifying new mine development costs are included as reductions to property, plant, equipment and development and increases to deferred tax assets on the Consolidated Balance Sheets. The benefit from these tax incentives will be reflected in net income over the estimated life of the ore body, along with the capitalized mine development costs which generated the credits. | |||||||||
Facilities and Equipment | |||||||||
Mining facilities and equipment are recorded at cost. Expenditures for facilities and equipment relating to new assets or improvements are capitalized if they extend useful lives or extend functionality. Fixed plant and machinery are amortized using the units-of-production method over the lesser of the estimated life of the equipment or the ore body based on recoverable quantities to be produced from estimated proven and probable mineral reserves. Facilities, mobile and other equipment are depreciated on either a declining-balance or straight-line basis over the shorter of their estimated useful life or the life of the mine. The declining-balance percentages range from 10% to 50%, and the estimated useful lives range from 3 years to life-of-mine. Processing facilities are depreciated on a straight-line basis over the estimated useful lives ranging from 3 to 20 years. Tax allowances, which will be used to offset future taxable income, generated from qualifying new mine facilities and equipment expenditures are included as reductions to property, plant, equipment and development and increases to deferred tax assets on the Consolidated Balance Sheets. The benefit from these tax incentives will be reflected in net income over estimated life of the facilities and equipment, along with the associated expenditures which generated the allowances. | |||||||||
Repairs and maintenance costs are charged to expense as incurred, except when these repairs extend the life or functionality of the asset. In these instances, expenditures are capitalized and amortized over the period benefited. | |||||||||
Depreciation, depletion and amortization is allocated to product inventory cost and then included in depreciation, depletion and amortization as inventory is sold. | |||||||||
Additionally, interest expense and financing fees allocable to the cost of developing mining properties and to constructing new facilities is capitalized until assets are ready for their intended use. For the years ended December 31, 2013, 2012 and 2011, $75.2 million, $45.8 million and $16.8 million, respectively, of interest expense and financing fees were capitalized. | |||||||||
Exploration | ' | ||||||||
Exploration | |||||||||
Exploration includes geological and geophysical work on areas without identified reserves, together with drilling and other related costs. These costs are expensed as incurred. | |||||||||
Asset Impairments | ' | ||||||||
Asset Impairments | |||||||||
TCM reviews and evaluates its long-lived assets for impairment using a two-step approach when events and changes in circumstances indicate that the related carrying amounts of its assets may not be recoverable. If total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets (step 1), then TCM performs an evaluation of the estimated fair value of the asset or asset group (step 2). An impairment loss is measured and recorded based on the difference between book value and the estimated fair value of the asset or asset group. Fair value is estimated using discounted estimated future cash flows, or the application of an expected present value technique in the absence of a market price. Future cash flows include estimates of recoverable quantities to be produced from estimated proven and probable mineral reserves, molybdenum prices (considering current and historical prices, price trends and related factors), production quantities and capital expenditures, all based on life-of-mine plans and projections. In estimating future cash flows, assets are grouped at the lowest level for which identifiable cash flows exist that are largely independent of cash flows from other asset groups. Generally, in estimating future cash flows, all assets are grouped at a particular mine for which there are identifiable cash flows. The assumptions underlying future cash flow estimates are subject to significant risks and uncertainties. Any differences between TCM's assumptions and market conditions and/or TCM's operating performance could have a material effect on the determination of ore reserves or the ability to recover the carrying amounts of TCM's long-lived assets, thus resulting in impairment charges. | |||||||||
During 2013 and 2012, we experienced triggering events that caused management to update its impairment evaluation. As a result of this evaluation, in 2013 we wrote down the property, plant and equipment assets and materials and supplies inventory at TC Mine and our share of the assets at Endako Mine, and in 2012, we wrote down our share of the assets at Endako Mine to the assets' fair value. See Note 5 for further discussion. | |||||||||
Goodwill | ' | ||||||||
Goodwill | |||||||||
Acquisitions are accounted for using the purchase method, whereby tangible and intangible assets and liabilities acquired are recorded at their fair values as of the date of acquisition, and any excess of the purchase price over the fair value of the net assets acquired is recorded as goodwill. Goodwill is identified and assigned to reporting units by preparing estimates of the fair value of each reporting unit and comparing this amount to the carrying value of assets and liabilities of the reporting unit. | |||||||||
TCM evaluates the carrying amount of goodwill for impairment on an annual basis or when events or changes in circumstances indicate that the related carrying amount may not be recoverable. Goodwill is assessed for impairment using a two-step approach. The first step compares the carrying value of the reporting unit to its fair value computed using discounted estimated future cash flows from the reporting unit. If the carrying value of a reporting unit exceeds its fair value, then TCM compares the implied fair value of the reporting unit's goodwill to its carrying amount and any excess of the carrying value over the fair value is charged against earnings. Assumptions underlying fair value estimates are subject to significant risk and uncertainties. | |||||||||
In evaluating goodwill for impairment, estimates of after-tax discounted future cash flows of the individual mining operations are used. The estimated cash flows used to assess recoverability of TCM's goodwill are derived from the most current life-of-mine plans developed using near-term, third-party price forecasts reflective of the current price environment and management's projections for long-term average prices and operating costs. | |||||||||
During 2012, we suspended waste stripping activity associated with the next phase of production at TC Mine, which, coupled with declines in molybdenum prices, represented significant changes in our business, thereby requiring us to evaluate our goodwill for impairment on an enterprise-wide basis. As a result of this evaluation, the then-remaining balance of goodwill was impaired during 2012. See Note 5 for further discussion. | |||||||||
Debt Issuance Costs | ' | ||||||||
Debt Issuance Costs | |||||||||
Included in other long-term assets are costs associated with the issuance of TCM's secured and unsecured senior notes and tangible equity units ("tMEDS"). The remaining unamortized issuance costs at December 31, 2013 and 2012 totaled $21.3 million and $26.7 million, respectively, and are being amortized over the life of the senior notes or the tMEDS, as applicable. Amortization costs for the secured and unsecured senior notes and tMEDS are being capitalized to Mt. Milligan Mine until the underlying assets are ready for their intended use. | |||||||||
Equipment Financings | ' | ||||||||
Equipment Financings | |||||||||
TCM is the lessee of equipment under the Equipment Facility with Caterpillar (see Note 8). In 2013, TCM entered into an equipment financing transaction with Caterpillar with respect to certain Endako Mine equipment. In 2013 and 2012, TCM also entered into equipment financing transactions with Caterpillar with respect to certain equipment at Mt. Milligan Mine pursuant to the Equipment Facility. The assets and liabilities under these capital leases are recorded at the lower of the present value of the minimum lease payments or the fair value of the asset. Once ready for their intended use, the assets are depreciated over the lower of their related lease terms or their estimated productive lives. Beginning in September 2013, in conjunction with the start-up phase of Mt. Milligan Mine, TCM ceased capitalizing the interest and debt issuance costs associated with the leases under the Equipment Facility for Mt. Milligan Mine as the related assets were placed in service. | |||||||||
Derivative Instruments | ' | ||||||||
Derivative Instruments | |||||||||
From time to time, TCM enters into various arrangements, such as forward commodity contracts, foreign currency forward contracts and fixed- and provisionally-priced purchase and sale contracts. TCM does not account for any of these arrangements using hedge accounting. | |||||||||
Financial and derivative instruments (including embedded derivatives) and any outstanding common stock purchase warrants are recorded at fair value on the Consolidated Balance Sheets. Changes in the fair value of derivatives are recorded each period in the Consolidated Statements of Operations and Comprehensive Income (Loss). All of TCM's once-outstanding common stock purchase warrants were exercised or expired as of December 31, 2012. | |||||||||
Provision for Income and Mining Taxes | ' | ||||||||
Provision for Income and Mining Taxes | |||||||||
TCM computes income taxes using the asset and liability approach that results in the recognition of deferred tax assets and liabilities for the expected future tax consequences or benefits of temporary differences between the financial reporting basis and the tax basis of assets and liabilities, as well as operating loss and tax credit carry-forwards, using enacted tax rates in effect in the years in which the differences are expected to reverse. | |||||||||
In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, carryback of losses and tax planning strategies in making this assessment. A valuation allowance is provided for the portion of TCM's net deferred tax assets for which it is not more likely than not that they will be realized. | |||||||||
Asset Retirement Obligations | ' | ||||||||
Asset Retirement Obligations | |||||||||
Future obligations to retire an asset, including site closure, dismantling, remediation and ongoing treatment and monitoring, are recorded as a liability at fair value at the time of construction or development. The fair value determination is based on estimated future cash flows, the current credit-adjusted risk-free discount rate and an estimated inflation factor. The value of asset retirement obligations is evaluated on an annual basis or as new information becomes available on the expected amounts and timing of cash flows required to discharge the liability. The fair value of the liability is added to the carrying amount of the associated asset, and this additional carrying amount is depreciated or amortized over the estimated life of the asset. An accretion cost, representing the increase over time in the present value of the liability, is recorded each period as accretion expense. As reclamation work is performed or liabilities are otherwise settled, the recorded amount of the liability is reduced. | |||||||||
Revenue Recognition | ' | ||||||||
Revenue Recognition | |||||||||
TCM sells its products pursuant to sales contracts entered into with its customers. For concentrate sales, revenue is recognized when title and risk of loss pass and when collectibility is reasonably assured. For concentrate, this is typically when a provisional payment is received. The passing of title and risk of loss are based on terms of the sales contract, generally upon shipment or delivery of product. Revenues from TCM’s concentrate sales are recorded based on a provisional sales price, with adjustments made for a final sales price calculated in accordance with the terms specified in the relevant sales contract, including the price to be received under the Gold Stream Arrangement, as well as any potential losses from our commitment under the Gold Stream Arrangement. Revenues from concentrate sales are recorded net of treatment and all refining charges and the impact of derivative contracts. Treatment and refining charges represent payments or price adjustments that are contractually negotiated, as is typical in the industry. Moreover, because a portion of the metals contained in concentrate is unrecoverable as a result of the smelting process, TCM's revenues from concentrate sales are also recorded net of allowances based on the quantity and value of these unrecoverable metals. | |||||||||
Under the long-established structure of sales agreements prevalent in the industry, metals contained in concentrate are generally provisionally priced at the time of shipment. The provisional prices are finalized in a specified future month (generally one to four months from the shipment date) based on quoted monthly average spot gold prices on the London Metal Exchange ("LME") or spot copper prices on the London Bullion Market Association ("LBMA"). TCM receives market prices based on prices in the specified future month, which results in mark-to-market price fluctuations recorded to revenues until the date of settlement. To the extent final prices are higher or lower than what was recorded on a provisional basis, an increase or decrease to revenues is recorded each reporting period until the date of final pricing. | |||||||||
To satisfy our obligations under the Gold Stream Arrangement, TCM purchases unallocated refined gold and arranges for delivery to Royal Gold's designated account. TCM recognizes revenue for sales of refined gold when title and risk of loss pass to Royal Gold and when collectibility is reasonably assured, typically when unallocated refined gold is delivered to Royal Gold's account. Revenue from and costs for unallocated refined gold delivered under the Gold Stream Arrangement and gains and losses related to TCM's forward commodity gold contracts to hedge our exposure under the Gold Stream Arrangement are netted and recorded to gold sales. | |||||||||
TCM recognizes revenue from molybdenum sales when persuasive evidence of an arrangement exists, the price is fixed and determinable, the product has been delivered, title has transferred and collection is reasonably assured. TCM's sales contracts specify the point in the delivery process at which title transfers to the customer (shipping point or destination). Shipping and handling fees are accounted for on a gross basis under the terms of the contract. TCM recognizes tolling and calcining revenue under contractual arrangements as the services are performed on a per-unit basis. | |||||||||
TCM enters into provisionally-priced molybdenum sales contracts, whereby the contracts settle at prices to be determined at a future date based upon quoted prices. The future pricing mechanism of these agreements constitutes an embedded derivative, which is bifurcated and separately marked to an estimated fair value at the end of each period. Changes to the fair value of embedded derivatives related to molybdenum sales agreements are included in molybdenum sales revenue in the determination of net income (loss). | |||||||||
Stock-Based Compensation | ' | ||||||||
Stock-Based Compensation | |||||||||
Stock Options | |||||||||
TCM measures compensation related to stock options based on the fair value of instruments issued. The fair value of stock options at grant date is estimated using a Black-Scholes option pricing model. Compensation expense is recognized on a straight-line basis over the stock option vesting period and included in the specific income statement categories that include the costs and benefits of the employees granted the stock-based award. Proceeds arising from the exercise of stock options are credited to common stock. | |||||||||
Performance Share Units | |||||||||
Performance share units ("PSUs") are accounted for at fair value using a Monte Carlo simulation valuation model on the date of grant. The Monte Carlo model is based on random projections of stock price paths. Expected volatility is calculated using a weighted average of historical daily volatilities and represents the extent to which TCM's stock price performance is expected to fluctuate during each of the calendar periods of the award's anticipated term. The fair value is recognized as an expense on a straight-line basis over the requisite service period (usually the vesting period) and included in the specific income statement categories that include the costs and benefits of the employees granted PSUs. Upon vesting, common shares are issued to the employee from authorized but unissued common stock. | |||||||||
Restricted Stock Units | |||||||||
Restricted stock units ("RSUs") are accounted for at fair value, which is based on the market value of TCM's common shares on the day of grant. The total fair value is recognized as an expense on a straight-line basis over the vesting period and included in the specific income statement categories that include the costs and benefits of the employee and directors granted RSUs. Upon vesting, common shares are issued to the employee or director from authorized but unissued common stock. | |||||||||
Employee Stock Purchase Plan | |||||||||
The employee stock purchase plan ("ESPP") provides an opportunity for TCM's employees to purchase its common shares at 85% of the closing price at the beginning of the offering period or at the end of the offering period, whichever is lower. The ESPP has two six-month offering periods beginning on the first day of January and on the first day of July. Compensation expense is measured using a Black-Scholes pricing model and is based on the fair value of the employees' option to purchase shares of common stock at the grant date. Compensation costs are recognized over the future periods in which the related employee service is rendered. The compensation expense is included in the specific income statement categories that include the costs and benefits of the employees participating in the ESPP. Proceeds arising from the purchase of common stock by employees under the ESPP are credited to common stock. A tax benefit is not recognized for ESPPs unless there is a disqualifying disposition. The ESPP was suspended as of July 1, 2013 due to the low balance of common shares remaining in the plan. We expect to revive the ESPP if and when our shareholders approve a plan to add shares to the ESPP. | |||||||||
Earnings per Share | ' | ||||||||
Earnings per Share | |||||||||
Earnings per share calculations are based on the weighted-average number of common shares issued and outstanding during the year. Diluted earnings per share are calculated using the treasury stock method, which assumes that outstanding stock options, warrants and prepaid purchase contracts (tMEDS) with an average exercise price less than the average market price of TCM's common shares are exercised, and the proceeds are used to repurchase common shares at the average market price of the common shares for the period. In years in which a loss is incurred, the effect of potential issuances of shares under the exercise of options, warrants and prepaid purchase contracts (tMEDS) would be anti-dilutive, and therefore, are excluded from diluted earnings per share calculations. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Adjusted Cash Flow Information | ' | ||||||||
The following table presents the impact of this change. | |||||||||
(US$ in millions) | As Previously Reported | As Revised | |||||||
Year ended December 31, 2012 | |||||||||
Cash (used in) operating activities | $ | (82.8 | ) | $ | (28.2 | ) | |||
Cash (used in) investing activities | $ | (762.7 | ) | $ | (811.9 | ) | |||
Cash generated by financing activities | $ | 1,077.30 | $ | 1,071.80 | |||||
Effect of exchange rate changes on cash | $ | 0.5 | $ | 0.6 | |||||
Inventory_Tables
Inventory (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Schedule of carrying value of product inventory | ' | |||||||||||
The carrying value of product inventory was as follows: | ||||||||||||
December 31, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Finished product | $ | 67.3 | $ | 53.5 | ||||||||
Work-in-process | 28 | 32.3 | ||||||||||
Stockpiled ore | 26.8 | 25 | ||||||||||
$ | 122.1 | $ | 110.8 | |||||||||
Inventory write downs | ' | |||||||||||
The following table sets forth the inventory write downs in the accompanying Consolidated Statements of Operations and Comprehensive Income (Loss) for the years presented: | ||||||||||||
Years Ended | ||||||||||||
December 31, | December 31, | December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||||
Copper-Gold | ||||||||||||
Operating expense | $ | 20.2 | $ | — | $ | — | ||||||
Depreciation, depletion and amortization | 2.1 | — | — | |||||||||
Start-up costs | 7.3 | — | — | |||||||||
US Operations Molybdenum | ||||||||||||
Operating expense | — | 14.4 | 11.5 | |||||||||
Depreciation, depletion and amortization | — | 1.2 | 0.8 | |||||||||
Canadian Operations Molybdenum | ||||||||||||
Operating expense | 24.2 | 38.2 | 5.8 | |||||||||
Depreciation, depletion and amortization | 4.5 | 20 | 6.8 | |||||||||
$ | 58.3 | $ | 73.8 | $ | 24.9 | |||||||
Property_Plant_Equipment_and_D1
Property, Plant, Equipment and Development, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Schedule of property, plant, equipment and development | ' | ||||||||
Property, plant, equipment and development, net, was comprised of the following: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Mining properties and mineral reserves | $ | 768.6 | $ | 978 | |||||
Mining and milling equipment and facilities | 1,661.20 | 467.5 | |||||||
Processing facilities | 168.5 | 165.8 | |||||||
Construction-in-progress | 42.7 | 1,089.00 | |||||||
Other | 18.3 | 18.2 | |||||||
2,659.30 | 2,718.50 | ||||||||
Less: Accumulated depreciation, depletion and amortization | (121.3 | ) | (179.6 | ) | |||||
$ | 2,538.00 | $ | 2,538.90 | ||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||
Schedule of location and fair value amounts of all derivative financial instruments in the consolidated balance sheets | ' | ||||||||||||||
The following table provides details about the fair values of our derivative assets and liabilities: | |||||||||||||||
Fair Value as of December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Assets (a) | |||||||||||||||
Commodity contracts | $ | 0.2 | $ | — | |||||||||||
Total | $ | 0.2 | $ | — | |||||||||||
(a) Our derivative assets are included in prepaid expenses and other current assets, and derivative liabilities are included in other current liabilities. Certain derivative instruments, such as provisionally-priced contracts, forward currency contracts and common-stock purchase warrant derivatives, have an immaterial fair value as of the balance sheet dates, while the change in the fair value during the years ended December 31, 2013, 2012 and 2011 are disclosed below. | |||||||||||||||
Schedule of gains (losses) on derivative instruments | ' | ||||||||||||||
The following table sets forth the gains (losses) on derivative instruments for the years presented: | |||||||||||||||
Years Ended | |||||||||||||||
Derivative Type | Statement of Operations Classification | December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||||
Commodity contracts | Gold sales | $ | — | $ | — | $ | — | ||||||||
Commodity contracts | Operating expenses | 0.2 | — | — | |||||||||||
Provisionally-priced sales | Molybdenum sales | (0.1 | ) | (0.4 | ) | (0.9 | ) | ||||||||
Provisionally-priced purchases | Operating expenses | 1.4 | (2.5 | ) | 3 | ||||||||||
Fixed-priced contracts | Molybdenum sales | — | — | (1.7 | ) | ||||||||||
Forward currency contracts | (Gain) loss on foreign exchange | — | 1.8 | 0.1 | |||||||||||
Common stock purchase warrant derivatives | Change in fair value of common stock purchase warrants | — | 1.8 | 169.2 | |||||||||||
Schedule of commodity contracts | ' | ||||||||||||||
The following is a table of TCM's commodity contracts as of December 31, 2013: | |||||||||||||||
Quantity | Contract Price | Maturities Through | |||||||||||||
Commodity sales: | |||||||||||||||
Known pricing gold | 2,149 ounces | $1,243 per ounce | Jan-14 | ||||||||||||
Price TBD gold | 645 ounces | TBD | Apr-14 | ||||||||||||
Commodity purchases: | |||||||||||||||
Known pricing gold | 2,794 ounces | $1,222 per ounce | Apr-14 | ||||||||||||
Natural gas | 150,210 dekatherms (Dt) | $3.49 - $3.60 per Dt | Sep-14 | ||||||||||||
Schedule of outstanding provisionally-priced contracts | ' | ||||||||||||||
The following table sets forth TCM's outstanding provisionally-priced contracts as of December 31, 2013: | |||||||||||||||
Open Positions | Average $/lb | ||||||||||||||
Pounds to be | Contract | Market | Maturities Through | ||||||||||||
Sold/Purchased | |||||||||||||||
(000's lb) | ($/lb) | ($/lb) | |||||||||||||
Provisionally-priced sales | 201 | $9.70 | $9.70 | Jan-14 | |||||||||||
Provisionally-priced purchases | 252 | $9.10 | $9.70 | Jan-14 | |||||||||||
Schedule of outstanding fixed-priced molybdenum sales contracts | ' | ||||||||||||||
The following table sets forth TCM's outstanding fixed-priced sales contracts as of December 31, 2013: | |||||||||||||||
Pounds to be | Average price | Maturities Through | |||||||||||||
Sold | |||||||||||||||
(000's lb) | ($/lb) | ||||||||||||||
Molybdenum fixed price sales (000's lb) | 194.1 | $ | 13.25 | Sep-15 | |||||||||||
Schedule of common share warrant transactions | ' | ||||||||||||||
The following table summarizes common share purchase warrant transactions during the years ended December 31, 2012 and 2011: | |||||||||||||||
Number of Warrants | |||||||||||||||
(000's) | |||||||||||||||
Balance, December 31, 2011 | 7,621 | ||||||||||||||
Warrants exercised | (7,550 | ) | |||||||||||||
Warrants expired | (71 | ) | |||||||||||||
Balance, December 31, 2012 | — | ||||||||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | ' | ||||||||||||||||
The following table sets forth TCM's financial assets and liabilities measured at fair value by level within the fair value hierarchy. As required, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement, as discussed in Note 2. | |||||||||||||||||
Fair Value at December 31, 2013 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Liabilities: | |||||||||||||||||
Senior secured first priority notes | $ | 397.2 | $ | — | $ | 397.2 | $ | — | |||||||||
Senior unsecured notes | 492.4 | — | 492.4 | — | |||||||||||||
tMEDS | 12.7 | — | — | 12.7 | |||||||||||||
$ | 902.3 | $ | — | $ | 889.6 | $ | 12.7 | ||||||||||
Fair Value at December 31, 2012 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Liabilities: | |||||||||||||||||
Senior secured first priority notes | $ | 363.5 | $ | — | $ | 363.5 | $ | — | |||||||||
Senior unsecured notes | 478.9 | — | 478.9 | — | |||||||||||||
tMEDS | 27.8 | — | — | 27.8 | |||||||||||||
$ | 870.2 | $ | — | $ | 842.4 | $ | 27.8 | ||||||||||
Schedule of reconciliation of the fair value of Level 3 financial assets and liabilities | ' | ||||||||||||||||
The following table sets forth a reconciliation of activity related to Level 3 financial assets and liabilities for the years ended December 31, 2013 and 2012: | |||||||||||||||||
Total | Fixed-Priced | Debt | |||||||||||||||
Contracts | |||||||||||||||||
Balance at January 1, 2012 | $ | 309 | $ | — | $ | 309 | |||||||||||
Transfer out of Level 3 | (309.0 | ) | — | (309.0 | ) | ||||||||||||
Issuance of tMEDS | 27.8 | — | 27.8 | ||||||||||||||
Balance at December 31, 2012 | 27.8 | — | 27.8 | ||||||||||||||
Transfer out of Level 3 | — | — | — | ||||||||||||||
Issuance of tMEDS | — | — | — | ||||||||||||||
Settlement and revaluation of tMEDS | (15.1 | ) | — | (15.1 | ) | ||||||||||||
Balance at December 31, 2013 | $ | 12.7 | $ | — | $ | 12.7 | |||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases, Capital [Abstract] | ' | ||||||||
Schedule of future lease payments under capital leases | ' | ||||||||
TCM's total capital lease obligations consisted of the following: | |||||||||
December 31, 2013 | December 31, 2012 | ||||||||
Equipment capital leases | $ | 27.2 | $ | 29.8 | |||||
Equipment Facility sales-leaseback | 59.8 | 42.3 | |||||||
Total lease obligation under Equipment Facility | 87 | 72.1 | |||||||
Endako sale-leaseback | 3.5 | — | |||||||
Total capital lease obligations | $ | 90.5 | $ | 72.1 | |||||
Future lease payments under capital leases as of December 31, 2013 for each of the next five years and in the aggregate were: | |||||||||
Amount | |||||||||
(in millions) | |||||||||
2014 | $ | 21.8 | |||||||
2015 | 23 | ||||||||
2016 | 24 | ||||||||
2017 | 19 | ||||||||
2018 | 2.7 | ||||||||
Total future capital lease payments | $ | 90.5 | |||||||
Schedule of future lease payments under operating leases | ' | ||||||||
Future lease payments under operating leases as of December 31, 2013 for each of the next five years and in the aggregate were: | |||||||||
Amount | |||||||||
(in millions) | |||||||||
2014 | $ | 2.3 | |||||||
2015 | 1.7 | ||||||||
2016 | 1.3 | ||||||||
2017 | 0.8 | ||||||||
2018 | 0.1 | ||||||||
Thereafter | — | ||||||||
Total future operating lease payments | $ | 6.2 | |||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of long-term debt | ' | ||||||||
TCM's total debt consisted of the following: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Senior secured first priority notes, net of discount | $ | 347.3 | $ | 346.8 | |||||
Senior unsecured notes | 550 | 550 | |||||||
tMEDS | 19.4 | 30.6 | |||||||
Equipment loans | 5.4 | 10.6 | |||||||
Other | 0.2 | 0.4 | |||||||
Total debt | 922.3 | 938.4 | |||||||
Less: Current portion | (15.4 | ) | (16.6 | ) | |||||
Total long-term debt | $ | 906.9 | $ | 921.8 | |||||
Schedule of aggregate maturities of outstanding borrowings | ' | ||||||||
Aggregate maturities, net of discount amortization on the 2018 Notes, of the outstanding borrowings at December 31, 2013 were as follows: | |||||||||
Years | Principal Due | ||||||||
(in millions) | |||||||||
2014 | $ | 15.4 | |||||||
2015 | 9.6 | ||||||||
2016 | — | ||||||||
2017 | 350 | ||||||||
2018 | 350 | ||||||||
Thereafter | 200 | ||||||||
Total maturities | 925 | ||||||||
Discount amortization on 2017 Notes | (2.7 | ) | |||||||
Total debt | $ | 922.3 | |||||||
Tangible_Equity_Units_tMEDS_Ta
Tangible Equity Units ("tMEDS") (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Schedule of aggregate values assigned upon issuance to each component of the tMEDS offering | ' | ||||||||||||
The aggregate values assigned upon issuance to each component of the tMEDS were as follows: | |||||||||||||
(US$ in millions, except per unit amounts) | |||||||||||||
Equity | Debt | tMEDS | |||||||||||
Component | Component | Total | |||||||||||
Units issued (1) | 8.8 | 8.8 | 8.8 | ||||||||||
Unit price | $ | 20.92 | $ | 4.08 | $ | 25 | |||||||
Gross proceeds | $ | 184.1 | $ | 35.9 | $ | 220 | |||||||
Issuance costs | (6.4 | ) | (1.3 | ) | (7.7 | ) | |||||||
Net proceeds | $ | 177.7 | $ | 34.6 | $ | 212.3 | |||||||
Balance sheet impact: | |||||||||||||
Other assets (prepaid issuance costs) | $ | — | $ | 1.3 | $ | 1.3 | |||||||
Long-term debt | $ | — | $ | 35.9 | $ | 35.9 | |||||||
Additional paid-in capital | $ | 177.7 | $ | — | $ | 177.7 | |||||||
-1 | There are two components of each tMEDS unit; therefore, there are 8.8 million units of the equity component, 8.8 million units of the debt component and 8.8 million units of tMEDS, which includes both the debt and equity components. | ||||||||||||
Schedule of applicable market value of TCM common stock and settlement rate | ' | ||||||||||||
Each prepaid common stock purchase contract will automatically settle on May 15, 2015, unless settled earlier as described below, and TCM is required to deliver not more than 5.3879 shares and not less than 4.5855 shares of its common stock based on the applicable market value (the average of the volume weighted-average price of TCM common stock for the twenty (20) consecutive trading days immediately preceding May 15, 2015) as follows: | |||||||||||||
Applicable Market Value of TCM Common Stock | Settlement Rate | ||||||||||||
Less than or equal to $4.64 | 5.3879 | ||||||||||||
Between $4.64 and $5.45 | Number of shares equal to $25, divided by the applicable market price | ||||||||||||
Greater than or equal to $5.45 | 4.5855 |
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of asset retirement obligations for future mine closure and reclamation costs in connection with mines | ' | ||||||||||||||||||||
The following table details items affecting asset retirement obligations for future mine closure and reclamation costs in connection with TCM's Mt. Milligan Mine, TC Mine, Endako Mine (reflecting 75% ownership) and its now-terminated interest in the Davidson property: | |||||||||||||||||||||
Mt. Milligan | Thompson | Endako | Davidson | Total | |||||||||||||||||
Creek Mine | Mine | Property | |||||||||||||||||||
At January 1, 2011 | $ | — | $ | 21.9 | $ | 7 | $ | 0.3 | $ | 29.2 | |||||||||||
Additions/Revisions | 1.2 | (0.2 | ) | 0.8 | — | 1.8 | |||||||||||||||
Accretion | 0.1 | 1.4 | 0.4 | — | 1.9 | ||||||||||||||||
Foreign exchange | — | — | (0.1 | ) | — | (0.1 | ) | ||||||||||||||
At December 31, 2011 | $ | 1.3 | $ | 23.1 | $ | 8.1 | $ | 0.3 | $ | 32.8 | |||||||||||
Additions/Revisions | 2.8 | (3.1 | ) | 1.7 | — | 1.4 | |||||||||||||||
Accretion | 0.2 | 1.5 | 0.6 | — | 2.3 | ||||||||||||||||
Foreign exchange | — | — | 0.1 | — | 0.1 | ||||||||||||||||
At December 31, 2012 | $ | 4.3 | $ | 21.5 | $ | 10.5 | $ | 0.3 | $ | 36.6 | |||||||||||
Additions/Revisions | (1.2 | ) | (1.3 | ) | 8.2 | — | 5.7 | ||||||||||||||
Accretion | 0.2 | 1.3 | 0.9 | — | 2.4 | ||||||||||||||||
Foreign exchange | (0.2 | ) | — | (0.7 | ) | — | (0.9 | ) | |||||||||||||
At December 31, 2013 | $ | 3.1 | $ | 21.5 | $ | 18.9 | $ | 0.3 | $ | 43.8 | |||||||||||
Employee_Benefits_Tables
Employee Benefits (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Schedule of changes in projected benefit obligations | ' | ||||||||
The following table sets forth the actuarial present value of postretirement medical benefit obligations and amounts recognized in TCM's consolidated financial statements: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Change in benefit obligations: | |||||||||
Net benefit obligation at beginning of year | $ | 3.3 | $ | 3 | |||||
(Gain) loss | (0.5 | ) | — | ||||||
Service cost | 0.4 | 0.3 | |||||||
Interest cost | 0.1 | 0.1 | |||||||
Benefits paid | (0.1 | ) | (0.1 | ) | |||||
$ | 3.2 | $ | 3.3 | ||||||
Expected postretirement medical benefits | ' | ||||||||
The expected postretirement medical benefits provided below were based on actuarial assumptions. | |||||||||
December 31, | |||||||||
Expected benefit payments: | |||||||||
2014 | $ | 0.2 | |||||||
2015 | 0.2 | ||||||||
2016 | 0.2 | ||||||||
2017 | 0.2 | ||||||||
2018 | 0.2 | ||||||||
2019-2022 | 1.5 | ||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Summary of stock option activity | ' | ||||||||||||
The following table summarizes stock option activity during the years ended December 31, 2011, 2012 and 2013: | |||||||||||||
Options | Weighted-Average | Aggregate | |||||||||||
Exercise Price | Intrinsic Value | ||||||||||||
(000's) | -1 | -1 | |||||||||||
Stock options outstanding at January 1, 2011 | 5,200 | $ | 10.17 | $ | 20.9 | ||||||||
Granted | 346 | 9.98 | — | ||||||||||
Exercised | (926 | ) | 7.18 | 4.7 | |||||||||
Canceled/expired/surrendered | (1,631 | ) | 8.15 | — | |||||||||
Stock options outstanding at December 31, 2011 | 2,989 | $ | 12.29 | $ | 1 | ||||||||
Granted | 254 | 4.5 | — | ||||||||||
Exercised | (35 | ) | 6.02 | — | |||||||||
Canceled/expired | (749 | ) | 12.52 | — | |||||||||
Stock options outstanding at December 31, 2012 | 2,459 | $ | 11.5 | $ | 0.2 | ||||||||
Granted | 779 | 3.13 | — | ||||||||||
Canceled/expired/forfeited | (658 | ) | 11.95 | — | |||||||||
Stock options outstanding at December 31, 2013 | 2,580 | $ | 8.86 | $ | 0.2 | ||||||||
_______________________________________________________________________________ | |||||||||||||
-1 | The weighted-average exercise price of options outstanding is shown in US dollars as the majority of the options granted starting in 2011 have a strike price denominated in US dollars. Options with a Canadian dollar strike price have been converted to US dollars for disclosure purposes using the exchange rates on the respective date of grant. | ||||||||||||
Schedule of information about stock options outstanding and exercisable | ' | ||||||||||||
The following table summarizes information about stock options outstanding and exercisable as of December 31, 2013: | |||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||
Range of Exercise Prices | Number | Weighted-Average | Weighted-Average | Number | Weighted-Average | Weighted-Average | |||||||
Outstanding | Exercise Price | Remaining | Outstanding | Exercise Price | Remaining | ||||||||
Contractual Life | Contractual Life | ||||||||||||
(000's) | -1 | (000's) | -1 | ||||||||||
$ 2.70 - $5.83 | 940 | $3.35 | 3.8 | 245 | $3.84 | 3.2 | |||||||
$ 6.02 - $10.64 | 190 | $8.81 | 0.8 | 181 | $8.89 | 1.4 | |||||||
$11.88 - $14.04 | 1,250 | $12.15 | 0.6 | 1,250 | $12.15 | 1 | |||||||
$14.24 - $15.40 | 200 | $14.24 | 0.6 | 200 | $14.24 | 0.6 | |||||||
_______________________________________________________________________________ | |||||||||||||
-1 | The weighted-average exercise price of options outstanding is shown in US dollars as the majority of the options granted starting in 2011 have a strike price denominated in US dollars. Options with a Canadian dollar strike price have been converted to US dollars for disclosure purposes using the exchange rates on the respective date of grant. | ||||||||||||
Schedule of weighted-average fair value of stock options on the date of grant, and the assumptions used to estimate the fair value of the stock options using Black-Scholes option valuation model | ' | ||||||||||||
The weighted-average fair value of stock options on the date of grant, and the assumptions used to estimate the fair value of the stock options using a Black-Scholes option valuation model were as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted-average fair value of options granted (1) | $ | 1.02 | $ | 1.63 | $ | 4.16 | |||||||
Expected volatility | 52.5 | % | 50.9 | % | 67.2 | % | |||||||
Expected life (years) | 2.7 | 2.8 | 2.8 | ||||||||||
Risk-free interest rate | 0.4 | % | 0.4 | % | 0.9 | % | |||||||
Expected dividend yield | — | % | — | % | — | % | |||||||
_______________________________________________________________________________ | |||||||||||||
-1 | The weighted-average exercise price of options granted is shown in US dollars as the majority of the options granted starting in 2011 have a strike price denominated in US dollars. Options with a Canadian dollar strike price have been converted to US dollars for disclosure purposes using the exchange rates on the respective date of grant. | ||||||||||||
Summary of performance share unit (PSU) activity | ' | ||||||||||||
The following table summarizes PSU activity during the years ended December 31, 2012 and 2013: | |||||||||||||
Units | Weighted-Average | ||||||||||||
Fair Value | |||||||||||||
(000's) | |||||||||||||
Outstanding at January 1, 2012 | 495 | $ | 11.91 | ||||||||||
PSUs granted | 381 | 12.01 | |||||||||||
Canceled/expired/forfeited | (31 | ) | 12.01 | ||||||||||
Outstanding at December 31, 2012 | 845 | $ | 11.95 | ||||||||||
PSUs granted | 948 | 4.21 | |||||||||||
Canceled/expired/forfeited | (568 | ) | 7.69 | ||||||||||
Outstanding at December 31, 2013 | 1,225 | $ | 7.88 | ||||||||||
Summary of restricted stock unit (RSU) activity | ' | ||||||||||||
The following table summarizes RSU activity during the years ended December 31, 2012 and 2013: | |||||||||||||
Units | Weighted-Average | ||||||||||||
Fair Value | |||||||||||||
(000's) | |||||||||||||
Outstanding at January 1, 2012 | 306 | $ | 10.33 | ||||||||||
RSUs granted | 413 | 8.82 | |||||||||||
RSUs vested and common shares issued | (72 | ) | 10.12 | ||||||||||
Canceled/expired/forfeited | (113 | ) | 9.62 | ||||||||||
Outstanding at December 31, 2012 | 534 | $ | 9.3 | ||||||||||
RSUs granted | 1,266 | 2.52 | |||||||||||
RSUs vested and common shares issued | (201 | ) | 9.41 | ||||||||||
Canceled/expired/forfeited | (253 | ) | 5.58 | ||||||||||
Outstanding at December 31, 2013 | 1,346 | $ | 4.23 | ||||||||||
Schedule of stock-based compensation cost charged against earnings | ' | ||||||||||||
Stock-based compensation cost charged against earnings for all of TCM's stock-based awards is shown below for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Total stock-based compensation | $ | 5.6 | $ | 6.3 | $ | 7.8 | |||||||
Amount capitalized to product inventory | 0.1 | (0.1 | ) | (0.1 | ) | ||||||||
Amount capitalized to Mt. Milligan Mine | (0.3 | ) | (0.5 | ) | (0.3 | ) | |||||||
Stock-based compensation expense | 5.4 | 5.7 | 7.4 | ||||||||||
US tax benefit | (1.5 | ) | (1.5 | ) | (1.7 | ) | |||||||
Impact on net income (loss) | $ | 3.9 | $ | 4.2 | $ | 5.7 | |||||||
Exploration_Tables
Exploration (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Mineral Industries Disclosures [Abstract] | ' | ||||||||||||
Schedule of exploration expenses | ' | ||||||||||||
The following table summarizes TCM's exploration expenses by project or property: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Berg Property | $ | 0.6 | $ | 1.1 | $ | 5.2 | |||||||
TC Mine | 0.1 | 0.2 | 3.1 | ||||||||||
Endako Mine | — | 0.3 | 1.4 | ||||||||||
Mt. Milligan Mine | 0.1 | 0.1 | 1 | ||||||||||
Mt. Emmons Property | — | — | 2.9 | ||||||||||
Davidson Property | 0.6 | 0.5 | 0.5 | ||||||||||
Other | — | — | 0.1 | ||||||||||
$ | 1.4 | $ | 2.2 | $ | 14.2 | ||||||||
Income_and_Mining_Tax_Expense_1
Income and Mining Tax Expense (Benefit) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of income (loss) from continuing operations before income taxes | ' | ||||||||||||
(loss) from continuing operations before income taxes consisted of the following for the periods presented: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Canada | $ | (249.0 | ) | $ | (630.7 | ) | $ | 113 | |||||
United States | (29.4 | ) | (26.7 | ) | 190.3 | ||||||||
$ | (278.4 | ) | $ | (657.4 | ) | $ | 303.3 | ||||||
Tabular disclosure of tax expense by jurisdiction | ' | ||||||||||||
Below is a tabular disclosure of tax expense by jurisdiction for the three years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
Canada | $ | 0.6 | $ | (6.4 | ) | $ | (6.0 | ) | |||||
United States | 13.3 | 1 | 36.9 | ||||||||||
$ | 13.9 | $ | (5.4 | ) | $ | 30.9 | |||||||
Deferred | |||||||||||||
Canada | $ | (32.7 | ) | $ | (99.0 | ) | $ | (6.4 | ) | ||||
United States | (44.6 | ) | (6.7 | ) | (13.3 | ) | |||||||
(77.3 | ) | (105.7 | ) | (19.7 | ) | ||||||||
Total tax expense (benefit) | $ | (63.4 | ) | $ | (111.1 | ) | $ | 11.2 | |||||
Schedule of income and mining taxes which differ from the amount that would result from applying the Canadian federal and provincial income tax rates to earnings before income taxes | ' | ||||||||||||
Income and mining taxes differed from the amount that would result from applying the Canadian federal and provincial income tax rates to earnings before income taxes. The differences resulted from the following items: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income (loss) before income and mining taxes | $ | (278.4 | ) | $ | (657.4 | ) | $ | 303.3 | |||||
Combined Canadian federal and provincial income tax rates | 25.8 | % | 25 | % | 26.5 | % | |||||||
Income taxes based on above rates | (71.8 | ) | (164.4 | ) | 80.4 | ||||||||
Increase (decrease) to income taxes due to: | |||||||||||||
Unrealized (gain) loss on warrants | — | (0.4 | ) | (44.8 | ) | ||||||||
Difference in foreign statutory tax rates | (3.2 | ) | (3.2 | ) | 19.9 | ||||||||
Provincial and state mining and franchise taxes | (5.6 | ) | (20.6 | ) | (0.1 | ) | |||||||
Non-deductible expenses | 3.9 | 1.6 | 1.5 | ||||||||||
Non-taxable income | (4.6 | ) | (0.2 | ) | — | ||||||||
Asset impairments and other charges | — | 16.7 | — | ||||||||||
Tax credits | 0.3 | (0.5 | ) | — | |||||||||
Foreign tax differences | (10.2 | ) | (10.3 | ) | (10.3 | ) | |||||||
Depletion allowance | (19.1 | ) | (9.4 | ) | (32.4 | ) | |||||||
Domestic production allowance | (0.1 | ) | — | (3.3 | ) | ||||||||
Unrealized foreign exchange gain on translation of investments | 2.4 | (0.8 | ) | 0.9 | |||||||||
Change in valuation allowance | 40.8 | 84.1 | (3.3 | ) | |||||||||
Impact of change in tax on future income and mining taxes | 2.1 | (0.8 | ) | (1.2 | ) | ||||||||
Foreign exchange on deferred remeasurement | 0.5 | — | — | ||||||||||
Out-of-period adjustment | — | (1.8 | ) | — | |||||||||
Expiration of warrants | — | — | 4.8 | ||||||||||
Equity based compensation | 1.3 | — | — | ||||||||||
Other | (0.1 | ) | (1.1 | ) | (0.9 | ) | |||||||
Income and mining tax expense (benefit) | $ | (63.4 | ) | $ | (111.1 | ) | $ | 11.2 | |||||
Schedule of significant components of future income and mining tax assets and liabilities | ' | ||||||||||||
The significant components of future income and mining tax assets and liabilities as of December 31, 2013 and 2012 were as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Working capital | $ | 2.4 | $ | 1.4 | |||||||||
Tax losses and credits carried forward | 192.7 | 146 | |||||||||||
Property, plant, equipment and development | 255.5 | 145.8 | |||||||||||
Asset retirement obligations | 3.5 | — | |||||||||||
Deferred compensation | 3.1 | 7.3 | |||||||||||
Gold Stream deferred revenue | 12.3 | — | |||||||||||
Other deductible temporary differences | 16.3 | 9.2 | |||||||||||
Deferred tax assets | 485.8 | 309.7 | |||||||||||
Valuation allowances | (246.5 | ) | (203.4 | ) | |||||||||
Total deferred tax assets, net of valuation allowance | $ | 239.3 | $ | 106.3 | |||||||||
Deferred tax liabilities: | |||||||||||||
Inventory | $ | (17.1 | ) | $ | (10.4 | ) | |||||||
Other taxable temporary differences-current | (1.0 | ) | (0.9 | ) | |||||||||
Property, plant, equipment and development | (233.9 | ) | (233.0 | ) | |||||||||
Asset retirement obligations | — | (0.6 | ) | ||||||||||
Gold Stream deferred revenue | — | (3.4 | ) | ||||||||||
Other taxable temporary differences-non-current | (0.9 | ) | (1.4 | ) | |||||||||
Total deferred tax liabilities | (252.9 | ) | (249.7 | ) | |||||||||
Net deferred tax liabilities | $ | (13.6 | ) | $ | (143.4 | ) | |||||||
Tabular disclosure of tax years subject to examination by jurisdiction | ' | ||||||||||||
The tax years for TCM and its significant subsidiaries that remain subject to examination were as follows: | |||||||||||||
Jurisdiction | Years Under | Additional | |||||||||||
Examination | Open Years | ||||||||||||
US Federal | — | 2010-2012 | |||||||||||
Canada Federal | 2011-2012 | 2007-2010 | |||||||||||
British Columbia | 2004-2006 | 2007-2012 | |||||||||||
Colorado | — | 2008-2012 | |||||||||||
Idaho | — | 2010-2012 | |||||||||||
Pennsylvania | — | 2009-2012 | |||||||||||
Utah | — | 2010-2012 |
Net_Income_Loss_per_Share_Tabl
Net Income (Loss) per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of reconciliation of net income and weighted-average common shares outstanding for purposes of calculating diluted net income per share | ' | ||||||||||||
The following is a reconciliation of net income (loss) and weighted-average common shares outstanding for purposes of calculating diluted net income (loss) per share for the three year period ended December 31, 2013: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income (loss) | $ | (215.0 | ) | $ | (546.3 | ) | $ | 292.1 | |||||
Basic weighted-average number of shares outstanding | 171.1 | 168.4 | 167.2 | ||||||||||
Effect of dilutive securities | |||||||||||||
Common stock purchase warrants | — | — | 0.9 | ||||||||||
Share-based awards | — | — | 0.5 | ||||||||||
Diluted weighted-average number of shares outstanding | 171.1 | 168.4 | 168.6 | ||||||||||
Net income (loss) per share | |||||||||||||
Basic | $ | (1.26 | ) | $ | (3.24 | ) | $ | 1.75 | |||||
Diluted | $ | (1.26 | ) | $ | (3.24 | ) | $ | 1.73 | |||||
Supplementary_Cash_Flow_Inform1
Supplementary Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||
Schedule of supplementary cash flow information | ' | |||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Change in working capital accounts: | ||||||||||||
Accounts receivable | $ | 4.8 | $ | 20.5 | $ | (16.6 | ) | |||||
Product inventory | (63.9 | ) | (77.8 | ) | (30.1 | ) | ||||||
Materials and supplies inventory | (27.4 | ) | (11.6 | ) | (9.7 | ) | ||||||
Prepaid expenses and other current assets | (6.1 | ) | (2.2 | ) | 1.9 | |||||||
Income and mining taxes receivable | 11.2 | (6.7 | ) | 3.7 | ||||||||
Accounts payable and accrued liabilities | 31 | 2.5 | 35.8 | |||||||||
Income and mining taxes payable | (1.2 | ) | — | (1.5 | ) | |||||||
$ | (51.6 | ) | $ | (75.3 | ) | $ | (16.5 | ) | ||||
Cash interest paid (1) | $ | 81.8 | $ | 41.3 | $ | 14.5 | ||||||
Income and mining taxes paid, net of refunds (2) | $ | 2.5 | $ | 2.9 | $ | 28.8 | ||||||
(1) For the years ended December 31, 2013, 2012 and 2011, cash interest paid of $74.7 million, $40.7 million, and $13.7 million, respectively, had been previously capitalized related to the Company's debt, as described in Note 9. | ||||||||||||
(2) For the years ended December 31, 2013 and 2012, we received $7.5 million and $9.0 million, respectively in refunds of US and Canadian income taxes related to prior year tax returns. | ||||||||||||
Schedule of non-cash investing and financing activities | ' | |||||||||||
Non-cash Investing and Financing Activities | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Investing activities | ||||||||||||
Other investing adjustments (1) | $ | 6.5 | $ | 4.8 | $ | — | ||||||
Acquisition of property, plant and equipment under the Equipment Facility (see Note 8) (2) | $ | 3.9 | $ | 23.7 | $ | 8.2 | ||||||
Increase in capital expenditure accrual | $ | — | $ | — | $ | 108.6 | ||||||
Financing activities | ||||||||||||
Capitalized debt costs (3) | $ | 0.6 | $ | 5.1 | $ | — | ||||||
Long-term lease obligations (2) | $ | (3.5 | ) | $ | (20.4 | ) | $ | (8.2 | ) | |||
(1) Included capitalized depreciation. | ||||||||||||
(2) Excluded sale-leaseback capital leases. | ||||||||||||
(3) Included capitalized interest not paid in cash, amortization of deferred financing costs and debt discounts |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Schedule of segment information | ' | ||||||||||||||||||||
Segment information for the three years ended December 31, 2013, 2012 and 2011 was as follows: | |||||||||||||||||||||
For the year ended December 31, 2013: | |||||||||||||||||||||
Copper-Gold | US | Canadian | Inter- | Total | |||||||||||||||||
Operations | Operations | segment | |||||||||||||||||||
Molybdenum | Molybdenum | ||||||||||||||||||||
Revenues | |||||||||||||||||||||
Copper sales | $ | 8.7 | $ | — | $ | — | $ | — | $ | 8.7 | |||||||||||
Gold sales | 5.6 | — | — | — | 5.6 | ||||||||||||||||
Molybdenum sales | — | 319.4 | 81.9 | (0.5 | ) | 400.8 | |||||||||||||||
Tolling, calcining and other | — | 23.6 | — | (4.3 | ) | 19.3 | |||||||||||||||
14.3 | 343 | 81.9 | (4.8 | ) | 434.4 | ||||||||||||||||
Cost and expenses | |||||||||||||||||||||
Operating expenses | 43.6 | 198.8 | 81.2 | (4.7 | ) | 318.9 | |||||||||||||||
Selling and marketing | 0.8 | 7 | 2.7 | (1.2 | ) | 9.3 | |||||||||||||||
Depreciation, depletion and amortization | 0.1 | 33.8 | 25.9 | — | 59.8 | ||||||||||||||||
Accretion expense | 0.3 | 1.2 | 0.9 | — | 2.4 | ||||||||||||||||
Asset impairments | — | 129.4 | 64.7 | — | 194.1 | ||||||||||||||||
44.8 | 370.2 | 175.4 | (5.9 | ) | 584.5 | ||||||||||||||||
Segment revenue less costs and expenses | (30.5 | ) | (27.2 | ) | (93.5 | ) | 1.1 | (150.1 | ) | ||||||||||||
Other segment expenses | |||||||||||||||||||||
Start-up costs | 10.2 | — | 0.1 | — | 10.3 | ||||||||||||||||
Loss on foreign exchange | 12.7 | 0.4 | 0.3 | — | 13.4 | ||||||||||||||||
Segment income (loss) before income and mining taxes | $ | (53.4 | ) | $ | (27.6 | ) | $ | (93.9 | ) | $ | 1.1 | $ | (173.8 | ) | |||||||
For the year ended December 31, 2012: | |||||||||||||||||||||
Copper-Gold | US | Canadian | Inter- | Total | |||||||||||||||||
(Development) | Operations | Operations | segment | ||||||||||||||||||
Molybdenum | Molybdenum | ||||||||||||||||||||
Revenues | |||||||||||||||||||||
Molybdenum sales | $ | — | $ | 302 | $ | 86.5 | $ | (1.7 | ) | $ | 386.8 | ||||||||||
Tolling, calcining and other | — | 14.7 | (0.1 | ) | — | 14.6 | |||||||||||||||
— | 316.7 | 86.4 | (1.7 | ) | 401.4 | ||||||||||||||||
Cost and expenses | |||||||||||||||||||||
Operating expenses | — | 273.1 | 103.1 | (1.7 | ) | 374.5 | |||||||||||||||
Selling and marketing | — | 6.2 | 3 | (1.2 | ) | 8 | |||||||||||||||
Depreciation, depletion and amortization | — | 19.7 | 42.6 | — | 62.3 | ||||||||||||||||
Accretion expense | 0.2 | 1.5 | 0.6 | — | 2.3 | ||||||||||||||||
Asset impairment | — | — | 530.5 | — | 530.5 | ||||||||||||||||
0.2 | 300.5 | 679.8 | (2.9 | ) | 977.6 | ||||||||||||||||
Segment revenue less costs and expenses | (0.2 | ) | 16.2 | (593.4 | ) | 1.2 | (576.2 | ) | |||||||||||||
Other segment expenses (income) | |||||||||||||||||||||
Goodwill impairment | — | 47 | — | — | 47 | ||||||||||||||||
Start-up costs | — | — | 5.5 | — | 5.5 | ||||||||||||||||
Gain on foreign exchange | (3.1 | ) | (0.8 | ) | (1.7 | ) | — | (5.6 | ) | ||||||||||||
Segment income (loss) before income and mining taxes | $ | 2.9 | $ | (30.0 | ) | $ | (597.2 | ) | $ | 1.2 | $ | (623.1 | ) | ||||||||
For the year ended December 31, 2011: | |||||||||||||||||||||
Copper-Gold | US | Canadian | Inter- | Total | |||||||||||||||||
(Development) | Operations | Operations | segment | ||||||||||||||||||
Molybdenum | Molybdenum | ||||||||||||||||||||
Revenues | |||||||||||||||||||||
Molybdenum sales | $ | — | $ | 549.8 | $ | 102.1 | $ | — | $ | 651.9 | |||||||||||
Tolling, calcining and other | — | 17.2 | 0.6 | (0.6 | ) | 17.2 | |||||||||||||||
— | 567 | 102.7 | (0.6 | ) | 669.1 | ||||||||||||||||
Cost and expenses | |||||||||||||||||||||
Operating expenses | — | 319.2 | 74.2 | (0.6 | ) | 392.8 | |||||||||||||||
Selling and marketing | — | 7.9 | 3.2 | (1.4 | ) | 9.7 | |||||||||||||||
Depreciation, depletion and amortization | 0.1 | 34.1 | 38.7 | — | 72.9 | ||||||||||||||||
Accretion expense | — | 1.5 | 0.4 | — | 1.9 | ||||||||||||||||
0.1 | 362.7 | 116.5 | (2.0 | ) | 477.3 | ||||||||||||||||
Segment revenue less costs and expenses | (0.1 | ) | 204.3 | (13.8 | ) | 1.4 | 191.8 | ||||||||||||||
Other segment expenses | |||||||||||||||||||||
Loss on foreign exchange | 4 | 0.9 | 2.4 | — | 7.3 | ||||||||||||||||
Segment income (loss) before income and mining taxes | $ | (4.1 | ) | $ | 203.4 | $ | (16.2 | ) | $ | 1.4 | $ | 184.5 | |||||||||
Schedule of reconciliation of segment income to net income | ' | ||||||||||||||||||||
Reconciliation of Segment Income to Net Income (Loss) | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Segment income (loss) | $ | (173.8 | ) | $ | (623.1 | ) | $ | 184.5 | |||||||||||||
Other (income) expense | |||||||||||||||||||||
Change in fair value of common stock purchase warrants | — | (1.8 | ) | (169.2 | ) | ||||||||||||||||
Land write down | 0.8 | — | — | ||||||||||||||||||
General and administrative | 21.6 | 27.6 | 26.5 | ||||||||||||||||||
Exploration | 1.4 | 2.2 | 14.2 | ||||||||||||||||||
Interest expense (income), net | 23.1 | 11.7 | 3.1 | ||||||||||||||||||
(Gain) loss on foreign exchange | 57.4 | (6.6 | ) | 5.8 | |||||||||||||||||
Corporate depreciation | 1.4 | 1.7 | 1.8 | ||||||||||||||||||
Other | (1.1 | ) | (0.5 | ) | (1.0 | ) | |||||||||||||||
Income (loss) before income and mining taxes | (278.4 | ) | (657.4 | ) | 303.3 | ||||||||||||||||
Income and mining tax (benefit) expense | (63.4 | ) | (111.1 | ) | 11.2 | ||||||||||||||||
Net income (loss) | $ | (215.0 | ) | $ | (546.3 | ) | $ | 292.1 | |||||||||||||
Schedule of other segment information regarding capital expenditures, assets and liabilities, including the assets and liabilities attributed to corporate operations | ' | ||||||||||||||||||||
Other segment information regarding capital expenditures, assets and liabilities, including the assets and liabilities attributed to corporate operations, was as follows: | |||||||||||||||||||||
As of December 31, 2013 | Copper-Gold (1) | US Operations Molybdenum | Canadian Operations Molybdenum | Inter-segment | Total | ||||||||||||||||
Capital expenditures (2) | $ | 419.1 | $ | 5.3 | $ | 4.3 | $ | 0.2 | $ | 428.9 | |||||||||||
Property, plant, equipment and development | $ | 2,290.40 | $ | 129.2 | $ | 115.6 | $ | 2.8 | $ | 2,538.00 | |||||||||||
Assets | $ | 2,402.90 | $ | 395.1 | $ | 170.9 | $ | 116.6 | $ | 3,085.50 | |||||||||||
Liabilities | $ | 851.8 | $ | 49.5 | $ | 30.9 | $ | 1,047.10 | $ | 1,979.30 | |||||||||||
As of December 31, 2012 | Copper-Gold (Development) | US Operations Molybdenum | Canadian Operations Molybdenum | Inter-segment | Total | ||||||||||||||||
Capital expenditures (3) | $ | 660.1 | $ | 23.3 | $ | 87.4 | $ | 0.7 | $ | 771.5 | |||||||||||
Property, plant, equipment and development | $ | 2,058.70 | $ | 285.5 | $ | 189.5 | $ | 5.2 | $ | 2,538.90 | |||||||||||
Assets | $ | 2,147.20 | $ | 473.9 | $ | 257.1 | $ | 532 | $ | 3,410.20 | |||||||||||
Liabilities | $ | 868.5 | $ | 83.3 | $ | 19.5 | $ | 1,037.00 | $ | 2,008.30 | |||||||||||
(1) Included $18.1 million in permanent operations residence capital expenditure and $12.0 million in operations capital expenditure at Mt. Milligan Mine. Excluded $2.3 million of deposits made to one vendor, which occurred in the first quarter of 2013. | |||||||||||||||||||||
(2) Capital expenditures were for the twelve months ended December 31, 2013. | |||||||||||||||||||||
(3) Capital expenditures were for the twelve months ended December 31, 2012. | |||||||||||||||||||||
Schedule of revenue from external customers attributed to foreign countries by geographic area | ' | ||||||||||||||||||||
Revenues by geographic region are as follows: | |||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
$ | % | $ | % | $ | % | ||||||||||||||||
North America | $ | 231.9 | 53.4 | % | $ | 212.6 | 53 | % | $ | 326.4 | 48.8 | % | |||||||||
Japan | 66.7 | 15.4 | % | 79.1 | 19.7 | % | 108 | 16.1 | % | ||||||||||||
Europe | 69.8 | 16.1 | % | 54.5 | 13.6 | % | 118.6 | 17.7 | % | ||||||||||||
India | 27.1 | 6.2 | % | 19.5 | 4.9 | % | 32.7 | 4.9 | % | ||||||||||||
Korea | 10.9 | 2.5 | % | 11.4 | 2.8 | % | 16.6 | 2.5 | % | ||||||||||||
Brazil | 15.6 | 3.6 | % | 10.5 | 2.6 | % | 11.3 | 1.7 | % | ||||||||||||
Other | 12.4 | 2.8 | % | 13.8 | 3.4 | % | 55.5 | 8.3 | % | ||||||||||||
Total revenues | $ | 434.4 | 100 | % | $ | 401.4 | 100 | % | $ | 669.1 | 100 | % | |||||||||
Summary_of_Quarterly_Financial1
Summary of Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of quarterly results of operations | ' | |||||||||||||||
The following table sets forth a summary of the quarterly results of operations for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||
For the Year December 31, 2013 | First | Second | Third | Fourth | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 108.7 | $ | 117.8 | $ | 90.8 | $ | 117.1 | ||||||||
Net income (loss) | $ | 0.9 | $ | (19.2 | ) | $ | 13.8 | $ | (210.5 | ) | ||||||
Basic net income (loss) per share | $ | 0.01 | $ | (0.11 | ) | $ | 0.08 | $ | (1.24 | ) | ||||||
Diluted net income (loss) per share | $ | — | $ | (0.11 | ) | $ | 0.06 | $ | (1.24 | ) | ||||||
For the Year December 31, 2012 | First | Second | Third | Fourth | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 113.6 | $ | 113.5 | $ | 74.9 | $ | 99.4 | ||||||||
Net income (loss) | $ | 1.1 | $ | (14.8 | ) | $ | (48.2 | ) | $ | (484.4 | ) | |||||
Basic net income (loss) per share | $ | 0.01 | $ | (0.09 | ) | $ | (0.29 | ) | $ | (2.87 | ) | |||||
Diluted net income (loss) per share | $ | 0.01 | $ | (0.09 | ) | $ | (0.29 | ) | $ | (2.87 | ) | |||||
For the Year December 31, 2011 | First | Second | Third | Fourth | ||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 206.7 | $ | 190.9 | $ | 154.8 | $ | 116.7 | ||||||||
Net income (loss) | $ | 128.9 | $ | 116.8 | $ | 45.6 | $ | 0.8 | ||||||||
Basic net income (loss) per share | $ | 0.78 | $ | 0.7 | $ | 0.27 | $ | — | ||||||||
Diluted net income (loss) per share | $ | 0.73 | $ | 0.68 | $ | 0.27 | $ | — | ||||||||
Description_of_Business_Detail
Description of Business (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Endako Molybdenum Mine Joint Venture | ' |
Description of Business | ' |
Joint venture ownership interest percentage | 75.00% |
Berg Property | ' |
Description of Business | ' |
Percentage of interest in mineral properties | 100.00% |
Maze Lake Property | ' |
Description of Business | ' |
Percentage of interest in mineral properties | 100.00% |
Significant_Accounting_Policie3
Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Basis of Preparation and Principles of Consolidation | ' | ' | ' |
Cash (used in) operating activities | $44.80 | ($28.20) | $202.70 |
Cash (used in) investing activities | -449.1 | -811.9 | -716.4 |
Cash generated by financing activities | 110.8 | 1,071.80 | 495.9 |
Effect of exchange rate changes on cash | 0.6 | 0.6 | -3.7 |
Accounts Receivable | ' | ' | ' |
Accounts receivable | 47.8 | 52.9 | ' |
Obsolescence | ' | ' | ' |
Write-down for obsolete materials and supplies inventory | 2.4 | 0.2 | 2 |
Debt Issuance Costs | ' | ' | ' |
Remaining unamortized issuance costs | 21.3 | 26.7 | ' |
Trade accounts receivable | ' | ' | ' |
Accounts Receivable | ' | ' | ' |
Accounts receivable | 41.6 | 34.6 | ' |
Other receivables | ' | ' | ' |
Accounts Receivable | ' | ' | ' |
Accounts receivable | 6.2 | 18.3 | ' |
Canadian Harmonized Sales Tax | ' | ' | ' |
Accounts Receivable | ' | ' | ' |
Accounts receivable | 3.3 | 12.9 | ' |
Endako Mine | ' | ' | ' |
Basis of Preparation and Principles of Consolidation | ' | ' | ' |
Joint venture ownership interest percentage | 75.00% | ' | ' |
As Previously Reported | ' | ' | ' |
Basis of Preparation and Principles of Consolidation | ' | ' | ' |
Start-up costs | ' | 5.5 | ' |
Cash (used in) operating activities | ' | -82.8 | ' |
Cash (used in) investing activities | ' | -762.7 | ' |
Cash generated by financing activities | ' | 1,077.30 | ' |
Effect of exchange rate changes on cash | ' | $0.50 | ' |
Significant_Accounting_Policie4
Significant Accounting Policies (Property Plant and Equipment) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Facilities and Equipment | ' | ' | ' |
Interest expense and financing fees capitalized to the projects | $75.20 | $45.80 | $16.80 |
Facilities, mobile and other equipment | ' | ' | ' |
Facilities and Equipment | ' | ' | ' |
Estimated useful lives, minimum (in years) | '3 years | ' | ' |
Facilities, mobile and other equipment | Minimum | ' | ' | ' |
Facilities and Equipment | ' | ' | ' |
Declining-balance percentages used to depreciate property, plant and equipment | 10.00% | ' | ' |
Facilities, mobile and other equipment | Maximum | ' | ' | ' |
Facilities and Equipment | ' | ' | ' |
Declining-balance percentages used to depreciate property, plant and equipment | 50.00% | ' | ' |
Processing facilities | Minimum | ' | ' | ' |
Facilities and Equipment | ' | ' | ' |
Estimated useful lives, minimum (in years) | '3 years | ' | ' |
Processing facilities | Maximum | ' | ' | ' |
Facilities and Equipment | ' | ' | ' |
Estimated useful lives, minimum (in years) | '20 years | ' | ' |
Significant_Accounting_Policie5
Significant Accounting Policies (Employee Stock Purchase Plan) (Details) (Employee Stock Purchase Plan) | 12 Months Ended |
Dec. 31, 2013 | |
period | |
Employee Stock Purchase Plan | ' |
Employee Stock Purchase Plan | ' |
Percentage of closing price at which common shares can be purchased | 85.00% |
Number of six-month offering periods | 2 |
Offering period (in months) | '6 months |
Inventory_Details
Inventory (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Inventory [Line Items] | ' | ' | ' |
Finished product | $67.30 | $53.50 | ' |
Work-in-process | 28 | 32.3 | ' |
Stockpiled ore | 26.8 | 25 | ' |
Product inventory | 122.1 | 110.8 | ' |
Product inventory write-downs | 58.3 | 73.8 | 24.9 |
Copper-Gold | Operating expense | ' | ' | ' |
Inventory [Line Items] | ' | ' | ' |
Product inventory write-downs | 20.2 | 0 | 0 |
Copper-Gold | Depreciation, depletion and amortization | ' | ' | ' |
Inventory [Line Items] | ' | ' | ' |
Product inventory write-downs | 2.1 | 0 | 0 |
Copper-Gold | Start-up costs | ' | ' | ' |
Inventory [Line Items] | ' | ' | ' |
Product inventory write-downs | 7.3 | 0 | 0 |
US Operations Molybdenum | Operating expense | ' | ' | ' |
Inventory [Line Items] | ' | ' | ' |
Product inventory write-downs | 0 | 14.4 | 11.5 |
US Operations Molybdenum | Depreciation, depletion and amortization | ' | ' | ' |
Inventory [Line Items] | ' | ' | ' |
Product inventory write-downs | 0 | 1.2 | 0.8 |
Canadian Operations Molybdenum | Operating expense | ' | ' | ' |
Inventory [Line Items] | ' | ' | ' |
Product inventory write-downs | 24.2 | 38.2 | 5.8 |
Canadian Operations Molybdenum | Depreciation, depletion and amortization | ' | ' | ' |
Inventory [Line Items] | ' | ' | ' |
Product inventory write-downs | $4.50 | $20 | $6.80 |
Property_Plant_Equipment_and_D2
Property, Plant, Equipment and Development, Net (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, plant and equipment | ' | ' | ' |
Property, plant and equipment, gross | $2,659.30 | $2,718.50 | ' |
Less: Accumulated depreciation, depletion and amortization | -121.3 | -179.6 | ' |
Property, plant and equipment, net | 2,538 | 2,538.90 | ' |
Asset impairment related to the write down of property, plant, and equipment | 194.9 | 530.5 | 0 |
Tax credit | 108.7 | ' | ' |
Endako Mine | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Asset impairment related to the write down of property, plant, and equipment | ' | 530.5 | ' |
Mt. Emmons Property | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Write down of the carrying value of land | 0.8 | ' | ' |
Mining properties and mineral reserves | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Property, plant and equipment, gross | 768.6 | 978 | ' |
Mining and milling equipment and facilities | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Property, plant and equipment, gross | 1,661.20 | 467.5 | ' |
Processing facilities | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Property, plant and equipment, gross | 168.5 | 165.8 | ' |
Construction-in-progress | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Property, plant and equipment, gross | 42.7 | 1,089 | ' |
Construction-in-progress | Mt. Milligan Mine | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Property, plant and equipment, gross | 33.2 | 1,079.80 | ' |
Construction-in-progress | Permanent Operations | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Property, plant and equipment, gross | 20 | ' | ' |
Construction-in-progress | Phase 2 of the Tailings Facility System | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Property, plant and equipment, gross | 8.2 | ' | ' |
Construction-in-progress | Road Improvements | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Property, plant and equipment, gross | 1.9 | ' | ' |
Construction-in-progress | Other Items | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Property, plant and equipment, gross | 3.1 | ' | ' |
Construction-in-progress | Endako Mine | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Asset impairment related to the write down of property, plant, and equipment | 530.5 | ' | ' |
Construction-in-progress | Mt. Milligan and Endako Mine | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Tax credit | 28.9 | 18.8 | ' |
Tax allowances | 72.7 | 55.4 | ' |
Property, Plan, Equipment Assets, and Mineral Reserves | TC Mine | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Asset impairment related to the write down of property, plant, and equipment | 127.8 | ' | ' |
Property, Plan, Equipment Assets, and Mineral Reserves | Endako Mine | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Asset impairment related to the write down of property, plant, and equipment | 59.4 | ' | ' |
Other | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Property, plant and equipment, gross | $18.30 | $18.20 | ' |
Asset_Impairments_Details
Asset Impairments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Line Items] | ' | ' | ' |
Asset impairments | $194.90 | $530.50 | $0 |
Goodwill impairment | 0 | 47 | 0 |
TC Mine | Property, Plan, Equipment Assets, and Mineral Reserves | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Asset impairments | 127.8 | ' | ' |
TC Mine | Materials and Supplies Inventory | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Asset impairments | 1.6 | ' | ' |
Endako Mine | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Asset impairments | ' | 530.5 | ' |
Molybdenum, price per pound | 10 | 12 | ' |
Endako Mine | Property, Plan, Equipment Assets, and Mineral Reserves | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Asset impairments | 59.4 | ' | ' |
Endako Mine | Materials and Supplies Inventory | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Asset impairments | 5.3 | ' | ' |
Mt. Emmons Property | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Write down of the carrying value of land | $0.80 | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Location and Fair Value of All Derivative Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Derivative fair value | ' | ' | ||
Derivative assets | $0.20 | [1] | $0 | [1] |
Commodity contracts | ' | ' | ||
Derivative fair value | ' | ' | ||
Derivative assets | $0.20 | [1] | $0 | [1] |
[1] | (a) Our derivative assets are included in prepaid expenses and other current assets, and derivative liabilities are included in other current liabilities. Certain derivative instruments, such as provisionally-priced contracts, forward currency contracts and common-stock purchase warrant derivatives, have an immaterial fair value as of the balance sheet dates, while the change in the fair value during the years ended December 31, 2013, 2012 and 2011 are disclosed below. |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Derivative Instruments for The Years) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commodity contracts | Gold sales | ' | ' | ' |
Derivative instruments, gain (loss) | ' | ' | ' |
Gain (losses) on derivative instrument | $0 | $0 | $0 |
Commodity contracts | Operating expenses | ' | ' | ' |
Derivative instruments, gain (loss) | ' | ' | ' |
Gain (losses) on derivative instrument | 0.2 | 0 | 0 |
Provisionally-priced sales | Molybdenum sales | ' | ' | ' |
Derivative instruments, gain (loss) | ' | ' | ' |
Gain (losses) on derivative instrument | -0.1 | -0.4 | -0.9 |
Provisionally-priced purchases | Operating expenses | ' | ' | ' |
Derivative instruments, gain (loss) | ' | ' | ' |
Gain (losses) on derivative instrument | 1.4 | -2.5 | 3 |
Fixed-Priced Contracts | Molybdenum sales | ' | ' | ' |
Derivative instruments, gain (loss) | ' | ' | ' |
Gain (losses) on derivative instrument | 0 | 0 | -1.7 |
Commodity contracts | (Gain) loss on foreign exchange | ' | ' | ' |
Derivative instruments, gain (loss) | ' | ' | ' |
Gain (losses) on derivative instrument | 0 | 1.8 | 0.1 |
Common stock purchase warrant derivatives | Change in fair value of common stock purchase warrants | ' | ' | ' |
Derivative instruments, gain (loss) | ' | ' | ' |
Gain (losses) on derivative instrument | $0 | $1.80 | $169.20 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Provisional, Fixed, Forwards Contracts, and Warrant Derivatives) (Details) | 12 Months Ended | 12 Months Ended | ||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 |
Forward Currency Contracts | Forward Currency Contracts | Provisionally-priced sales | Provisionally-priced purchases | Fixed-priced contracts-current | Fixed-priced contracts-current | Common stock purchase warrant derivatives | Common stock purchase warrant derivatives | Minimum | Maximum | |||
CAD | EUR (€) | pound | pound | Supply Commitment | Supply Commitment | Terrane | Terrane | Forward Currency Contracts | Forward Currency Contracts | |||
lb | USD ($) | |||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | ' | ' | ' | ' | 201,000 | 252,000 | ' | ' | ' | ' | ' | ' |
Significant Supply Commitment Average Contract Price | ' | ' | ' | ' | 9.7 | 9.1 | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | 90 | € 2.23 | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Exchange Rate Cap | ' | ' | 1.36 | 1.36 | ' | ' | ' | ' | ' | ' | 1.03 | 1.05 |
Molybdenum committed (000's lb) | ' | ' | ' | ' | ' | ' | 194,000 | 194,100 | ' | ' | ' | ' |
Average price ($/lb) | ' | ' | ' | ' | 9.7 | 9.7 | 13.25 | 13.25 | ' | ' | ' | ' |
Common share warrant transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash increase to common stock | ' | ' | ' | ' | ' | ' | ' | ' | $1.20 | ' | ' | ' |
Warrants exercised, shares issued | 168,726,984 | 171,452,069 | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' |
Warrants, balance at the beginning of the period (in shares) | 7,621,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercised (in shares) | -7,550,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants expired (in shares) | -71,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants, balance at the end of the period (in shares) | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Forward Commodity Contracts) (Details) (Commodity contracts) | 12 Months Ended |
Dec. 31, 2013 | |
oz | |
Gold Contract | Commodity Contract, Sales, Known Pricing | ' |
Derivative [Line Items] | ' |
Notional amount of derivative (mass) | 2,149 |
Average Contract price ($/lb) | 1,243 |
Gold Contract | Commodity Contract, Sales, Pricing To Be Determined | ' |
Derivative [Line Items] | ' |
Notional amount of derivative (mass) | 645 |
Gold Contract | Commodity Contract, Purchases, Known Pricing | ' |
Derivative [Line Items] | ' |
Notional amount of derivative (mass) | 2,794 |
Average Contract price ($/lb) | 1,222 |
Natural Gas | ' |
Derivative [Line Items] | ' |
Derivative notional amount (energy) | 150,210 |
Natural Gas | Minimum | ' |
Derivative [Line Items] | ' |
Average Contract price ($/lb) | 3.49 |
Natural Gas | Maximum | ' |
Derivative [Line Items] | ' |
Average Contract price ($/lb) | 3.6 |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Total | ' | ' |
Fair value | ' | ' |
Financial liabilities | $902.30 | $870.20 |
Total | Senior secured first priority notes | ' | ' |
Fair value | ' | ' |
Financial liabilities | 397.2 | 363.5 |
Total | Senior unsecured notes | ' | ' |
Fair value | ' | ' |
Financial liabilities | 492.4 | 478.9 |
Total | tMEDS | tMEDS | ' | ' |
Fair value | ' | ' |
Financial liabilities | 12.7 | 27.8 |
Level 1 | ' | ' |
Fair value | ' | ' |
Financial liabilities | 0 | 0 |
Level 1 | Senior secured first priority notes | ' | ' |
Fair value | ' | ' |
Financial liabilities | 0 | 0 |
Level 1 | Senior unsecured notes | ' | ' |
Fair value | ' | ' |
Financial liabilities | 0 | 0 |
Level 1 | tMEDS | tMEDS | ' | ' |
Fair value | ' | ' |
Financial liabilities | 0 | 0 |
Level 2 | ' | ' |
Fair value | ' | ' |
Financial liabilities | 889.6 | 842.4 |
Level 2 | Senior secured first priority notes | ' | ' |
Fair value | ' | ' |
Financial liabilities | 397.2 | 363.5 |
Level 2 | Senior unsecured notes | ' | ' |
Fair value | ' | ' |
Financial liabilities | 492.4 | 478.9 |
Level 2 | tMEDS | tMEDS | ' | ' |
Fair value | ' | ' |
Financial liabilities | 0 | 0 |
Level 3 | ' | ' |
Fair value | ' | ' |
Financial liabilities | 12.7 | 27.8 |
Level 3 | Senior secured first priority notes | ' | ' |
Fair value | ' | ' |
Financial liabilities | 0 | 0 |
Level 3 | Senior unsecured notes | ' | ' |
Fair value | ' | ' |
Financial liabilities | 0 | 0 |
Level 3 | tMEDS | tMEDS | ' | ' |
Fair value | ' | ' |
Financial liabilities | $12.70 | $27.80 |
Fair_Value_Measurement_Details1
Fair Value Measurement (Details 1) (Level 3, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in fair value of Level 3 financial assets | ' | ' |
Balance at the beginning of the period | $27.80 | $309 |
Transfer out of Level 3 | 0 | -309 |
Issuance of tMEDS | 0 | 27.8 |
Settlement and revaluation of tMEDS | -15.1 | ' |
Balance at the end of the period | 12.7 | 27.8 |
Fixed-Priced Contracts | ' | ' |
Changes in fair value of Level 3 financial assets | ' | ' |
Balance at the beginning of the period | 0 | 0 |
Transfer out of Level 3 | 0 | 0 |
Issuance of tMEDS | 0 | 0 |
Settlement and revaluation of tMEDS | 0 | ' |
Balance at the end of the period | 0 | 0 |
Debt | ' | ' |
Changes in fair value of Level 3 financial assets | ' | ' |
Balance at the beginning of the period | 27.8 | 309 |
Transfer out of Level 3 | 0 | -309 |
Issuance of tMEDS | 0 | 27.8 |
Settlement and revaluation of tMEDS | -15.1 | ' |
Balance at the end of the period | $12.70 | $27.80 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 30, 2011 | Mar. 30, 2011 | |||
Mt. Milligan Mine | Endako Mine | Equipment Facility | Equipment Facility | Equipment Facility | Equipment Facility | Equipment Facility | Equipment Facility | Equipment Facility | Equipment Facility | Equipment Facility | Minimum | Maximum | |||||||
Mt. Milligan Mine | Mt. Milligan Mine | Mt. Milligan Mine | Caterpillar | Caterpillar | Endako Mine | Endako Mine | Equipment Facility | Equipment Facility | |||||||||||
lease | Sale Leaseback Transaction | ||||||||||||||||||
lease | |||||||||||||||||||
Capital Lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Maximum underwriting available under facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | $132 | ' | ' | ' | ' | ' | ' | |||
Term of borrowing under facility (in months) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '48 months | '60 months | |||
Number of leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 2 | ' | ' | ' | ' | |||
Interest rate stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | ' | 5.85% | ' | ' | ' | |||
Upfront payments | ' | ' | ' | 4.6 | 1.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Capital Lease Obligations | ' | ' | ' | ' | ' | 90.5 | 72.1 | 87 | 72.1 | ' | ' | ' | 3.5 | 0 | ' | ' | |||
Interest Costs Capitalized | ' | ' | ' | ' | ' | 3.7 | 1.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equipment capital leases | ' | ' | ' | ' | ' | ' | ' | 27.2 | 29.8 | ' | ' | ' | ' | ' | ' | ' | |||
Equipment Facility sales-leaseback | ' | ' | ' | ' | ' | ' | ' | 59.8 | 42.3 | ' | ' | ' | ' | ' | ' | ' | |||
Total capital lease obligations | 3.5 | [1] | 20.4 | [1] | 8.2 | [1] | 33.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest paid | ' | ' | ' | ' | ' | 1.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Proceeds from Sale of Machinery and Equipment | ' | ' | ' | 37.8 | 5.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash interest paid | 81.8 | [2] | 41.3 | [2] | 14.5 | [2] | ' | ' | 4.7 | 1 | ' | ' | ' | ' | ' | 0.1 | ' | ' | ' |
Future lease payments under capital leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
2014 | 21.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
2015 | 23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
2016 | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
2017 | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
2018 | 2.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total future capital lease payments | $90.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | Excluded sale-leaseback capital leases. | ||||||||||||||||||
[2] | For the years ended DecemberB 31, 2013, 2012 and 2011, cash interest paid of $74.7 million, $40.7 million, and $13.7 million, respectively, had been previously capitalized related to the Company's debt, as described in NoteB 9. |
Leases_Operating_Leases_Detail
Leases (Operating Leases) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
2014 | $2.30 | ' | ' |
2015 | 1.7 | ' | ' |
2016 | 1.3 | ' | ' |
2017 | 0.8 | ' | ' |
2018 | 0.1 | ' | ' |
Thereafter | 0 | ' | ' |
Total future operating lease payments | 6.2 | ' | ' |
Rent expense | $0.70 | $0.60 | $0.50 |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 27, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 27, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 11-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | 20-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Senior secured first priority notes, net of discount | Senior secured first priority notes, net of discount | Senior unsecured notes | Senior unsecured notes | tMEDS | tMEDS | Equipment loans | Equipment loans | Other | Other | 9.75% Senior Secured Notes | 9.75% Senior Secured Notes | 9.75% Senior Secured Notes | 12.5% Senior Unsecured Notes | 12.5% Senior Unsecured Notes | 12.5% Senior Unsecured Notes | 7.375% Senior Unsecured Notes | 7.375% Senior Unsecured Notes | 7.375% Senior Unsecured Notes | Mobile mining equipment loans | Fixed Rate Loan | Additional Fixed Rate Loan | |||||
unit | ||||||||||||||||||||||||||
Debt Instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt | $922.30 | $938.40 | ' | ' | $347.30 | $346.80 | $550 | $550 | $19.40 | $30.60 | $5.40 | $10.60 | $0.20 | $0.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: Current portion | -15.4 | -16.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | 906.9 | 921.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350 | ' | ' | 200 | ' | ' | 350 | ' | ' | 12.8 | ' | ' |
Interest rate stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.75% | ' | ' | 12.50% | ' | ' | 7.38% | ' | ' | ' | 3.60% | ' |
Proceeds received from issuance of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 336.8 | ' | ' | 193.1 | ' | ' | 339.9 | ' | ' | ' | ' | ' |
Financing fees for issuance of debt | 0 | 22 | 13.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | 6.9 | ' | ' | 10.1 | ' | ' | ' | ' | ' |
Amortization of finance fees | 1.3 | 9.6 | 2.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Costs Capitalized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.7 | 1.9 | ' | ' | ' | 28 | 3.4 | ' | 19.9 | 16.6 | ' | 20.9 | 27.2 | ' | ' | ' |
Interest expense | 24.1 | 12.8 | 5.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.6 | 0 | ' | 6.1 | 0 | ' | 6.4 | 0 | ' | ' | ' |
Redemption price as percentage of principal amount of notes (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' |
Debt instrument, default, percentage required to payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | 25.00% | ' | ' | 25.00% | ' | ' | ' | ' |
Maximum percentage of the aggregate principal amount of notes redeemable with net proceeds of certain equity offerings (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | 35.00% | ' | ' | 35.00% | ' | ' | ' | ' |
Redemption price as a percentage of principal amount with the net proceeds of equity offerings prior to a specified date (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 109.75% | ' | ' | 112.50% | ' | ' | 107.38% | ' | ' | ' | ' |
Fair value of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 397.2 | ' | ' | 194.7 | ' | ' | 297.7 | ' | ' | ' | ' |
Interest paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.9 | ' | ' | ' | ' | 23.1 | 0 | ' | 25 | 11.8 | ' | ' | ' | ' | ' | ' |
Capitalized interest paid | 74.7 | 40.7 | 13.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.8 | 25.8 | ' | ' | ' |
Number of units of mobile mining equipment purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' |
Outstanding payable amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.4 | ' |
Additional interest rate stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.90% |
Borrowing capacity | ' | ' | ' | 300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities of outstanding borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 15.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 9.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total maturities | 925 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount amortization on 2017 Notes | ($2.70) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gold_Stream_Arrangement_Detail
Gold Stream Arrangement (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Aug. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
oz | |||||
Arrangement disclosures | ' | ' | ' | ' | ' |
Proceeds from Gold | ' | $111.90 | $305 | $138.10 | ' |
Gold Stream deferred revenue (Note 10) | ' | 759.4 | 669.6 | ' | ' |
Gold Stream Amended and Restated Agreements | Mt. Milligan Mine | ' | ' | ' | ' | ' |
Arrangement disclosures | ' | ' | ' | ' | ' |
Percentage of payable gold to be sold per arrangement (as a percent) | 52.25% | ' | ' | ' | ' |
Total receipts on gold purchased | 781.5 | ' | ' | ' | ' |
Specified purchase price per ounce (in dollars per ounce) | 435 | ' | ' | ' | ' |
Proceeds from Gold | ' | 111.9 | 305 | 138.1 | 226.5 |
Period for which cash deposit can be used for price differential (in years) | ' | '50 years | ' | ' | ' |
Amendment restriction, ability to exceed assets secured | 350 | ' | ' | ' | ' |
Refined gold sold (ounces) | 425,000 | ' | ' | ' | ' |
Difference in excess of gold, actual price paid and market price | 280 | ' | ' | ' | ' |
Gold Stream deferred revenue (Note 10) | ' | $779.80 | ' | ' | ' |
Tangible_Equity_Units_tMEDS_De
Tangible Equity Units ("tMEDS") (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | 11-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Units issued | 8,800,000 | [1] | ' | ' | ' | |||
Unit price (in dollars per share) | $25 | ' | ' | ' | ||||
Gross proceeds | $220 | ' | ' | ' | ||||
Issuance costs | -7.7 | ' | ' | ' | ||||
Net proceeds | 212.3 | 0 | 220 | 0 | ||||
Weighted-average price settlement, trading days, settlement | ' | '20 days | ' | ' | ||||
Cash interest paid | ' | 81.8 | [2] | 41.3 | [2] | 14.5 | [2] | |
Interest expense | ' | 24.1 | 12.8 | 5.2 | ||||
Other Assets (Prepaid Issuance Costs) | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Balance sheet impact | 1.3 | ' | ' | ' | ||||
Long-term Debt | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Balance sheet impact | 35.9 | ' | ' | ' | ||||
Additional Paid-in Capital | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Balance sheet impact | 177.7 | ' | ' | ' | ||||
Tangible Equity Units | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Units issued | 8,800,000 | ' | ' | ' | ||||
Unit price (in dollars per share) | $25 | ' | ' | ' | ||||
Issuance costs | -7.7 | ' | ' | ' | ||||
Net proceeds | 212.3 | ' | ' | ' | ||||
Prepaid Expense, Current | ' | 0.6 | 1 | ' | ||||
Cash interest paid | ' | 3.1 | 2.1 | ' | ||||
Interest Costs Capitalized | ' | 2.7 | 2.8 | ' | ||||
Interest expense | ' | 0.6 | 0 | ' | ||||
Equity Component | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Units issued | 8,800,000 | [1] | ' | ' | ' | |||
Unit price (in dollars per share) | $20.92 | ' | ' | ' | ||||
Gross proceeds | 184.1 | ' | ' | ' | ||||
Issuance costs | -6.4 | ' | ' | ' | ||||
Net proceeds | 177.7 | ' | ' | ' | ||||
Fair value weighted-average assumptions - issue premium (as a percent) | ' | 17.50% | ' | ' | ||||
Fair value weighted-average assumptions - expected volatilities, maximum (as a percent) | ' | 40.00% | ' | ' | ||||
Fair value weighted-average assumptions - expected volatilities, minimum (as a percent) | ' | 37.00% | ' | ' | ||||
Fair value weighted-average assumption - credit spread (as a percent) | ' | 9.00% | ' | ' | ||||
Fair value weighted-average assumptions - term (in years) | ' | '3 years | ' | ' | ||||
Settlement rate prior November 10, 2012 (in shares) | ' | $4.36 | ' | ' | ||||
Percentage of minimum settlement rate | ' | 95.00% | ' | ' | ||||
Settlement rate on or after November 11,2012 (in shares) | ' | $4.59 | ' | ' | ||||
Settlement of tangible equity units (in shares) | ' | 460,000 | ' | ' | ||||
Issuance of tangible equity units (in shares) | ' | 2,109,330 | ' | ' | ||||
Equity Component | Less than or Equal to $4.64 | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Settlement rate (in shares) | ' | 5.3879 | ' | ' | ||||
Settlement, applicable market value of common stock (in dollars per share) | ' | $4.64 | ' | ' | ||||
Equity Component | Between $4.64 and $5.45 | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Settlement rate basis, number of shares equivalent value | ' | $25 | ' | ' | ||||
Equity Component | Greater than or Equal to $5.45 | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Settlement rate (in shares) | ' | 4.5855 | ' | ' | ||||
Settlement, applicable market value of common stock (in dollars per share) | ' | $5.45 | ' | ' | ||||
Equity Component | Minimum | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Settlement rate (in shares) | ' | 4.5855 | ' | ' | ||||
Equity Component | Minimum | Between $4.64 and $5.45 | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Settlement, applicable market value of common stock (in dollars per share) | ' | $4.64 | ' | ' | ||||
Equity Component | Maximum | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Settlement rate (in shares) | ' | 5.3879 | ' | ' | ||||
Equity Component | Maximum | Between $4.64 and $5.45 | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Settlement, applicable market value of common stock (in dollars per share) | ' | $5.45 | ' | ' | ||||
Equity Component | Other Assets (Prepaid Issuance Costs) | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Balance sheet impact | 0 | ' | ' | ' | ||||
Equity Component | Long-term Debt | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Balance sheet impact | 0 | ' | ' | ' | ||||
Equity Component | Additional Paid-in Capital | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Balance sheet impact | 177.7 | ' | ' | ' | ||||
Debt Component | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Units issued | 8,800,000 | [1] | ' | ' | ' | |||
Unit price (in dollars per share) | $4.08 | ' | ' | ' | ||||
Gross proceeds | 35.9 | ' | ' | ' | ||||
Issuance costs | -1.3 | ' | ' | ' | ||||
Net proceeds | 34.6 | ' | ' | ' | ||||
Fair value assumptions - quarterly cash payments rate (as a percent) | ' | 6.50% | ' | ' | ||||
Fair value assumptions - assumed discount rate (as a percent) | ' | 11.68% | ' | ' | ||||
Debt Component | 11.68% Junior Subordinated Amortizing Notes with Quarterly Interest and Principal Payments through May 15, 2015 | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Quarterly interest and principal payment per unit | ' | $0.41 | ' | ' | ||||
Debt Component | Other Assets (Prepaid Issuance Costs) | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Balance sheet impact | 1.3 | ' | ' | ' | ||||
Debt Component | Long-term Debt | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Balance sheet impact | 35.9 | ' | ' | ' | ||||
Debt Component | Additional Paid-in Capital | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Balance sheet impact | 0 | ' | ' | ' | ||||
Estimate of Fair Value, Fair Value Disclosure | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Fair value disclosure | ' | 902.3 | 870.2 | ' | ||||
Estimate of Fair Value, Fair Value Disclosure | tMEDS | Tangible Equity Units | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Fair value disclosure | ' | $12.70 | $27.80 | ' | ||||
Senior Amortizing Note Installment Payment for August 15, 2012 | Debt Component | 11.68% Junior Subordinated Amortizing Notes with Quarterly Interest and Principal Payments through May 15, 2015 | ' | ' | ' | ' | ||||
Tangible Equity Units (tMEDS) | ' | ' | ' | ' | ||||
Quarterly interest and principal payment per unit | ' | $0.42 | ' | ' | ||||
[1] | There are two components of each tMEDS unit; therefore, there are 8.8 million units of the equity component, 8.8 million units of the debt component and 8.8 million units of tMEDS, which includes both the debt and equity components. | |||||||
[2] | For the years ended DecemberB 31, 2013, 2012 and 2011, cash interest paid of $74.7 million, $40.7 million, and $13.7 million, respectively, had been previously capitalized related to the Company's debt, as described in NoteB 9. |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Changes in Asset Retirement Obligations | ' | ' | ' |
Balance at the beginning of the period | $36.60 | $32.80 | $29.20 |
Additions/Revisions | 5.7 | 1.4 | 1.8 |
Accretion | 2.4 | 2.3 | 1.9 |
Foreign exchange | -0.9 | 0.1 | -0.1 |
Balance at the end of the period | 43.8 | 36.6 | 32.8 |
Reclamation financial assurance for mine closure obligations | 81.8 | 42.3 | ' |
Reclamation cash deposits | 7.4 | 30.1 | ' |
Mt. Milligan | ' | ' | ' |
Changes in Asset Retirement Obligations | ' | ' | ' |
Balance at the beginning of the period | 4.3 | 1.3 | ' |
Additions/Revisions | -1.2 | 2.8 | 1.2 |
Accretion | 0.2 | 0.2 | 0.1 |
Foreign exchange | -0.2 | ' | ' |
Balance at the end of the period | 3.1 | 4.3 | 1.3 |
Joint venture ownership interest percentage | 75.00% | ' | ' |
Security deposit required by British Columbia Ministry of Energy Mines and Petroleum Resources for the entire project | 28.2 | 18.1 | ' |
Aggregate inflated and undiscounted reclamation costs for the entire project | 45.6 | 29.5 | ' |
Mt. Milligan | Minimum | ' | ' | ' |
Changes in Asset Retirement Obligations | ' | ' | ' |
Estimated future reclamation costs discounted rate (as a percent) | 9.75% | ' | ' |
Mt. Milligan | Maximum | ' | ' | ' |
Changes in Asset Retirement Obligations | ' | ' | ' |
Estimated future reclamation costs discounted rate (as a percent) | 13.90% | ' | ' |
Thompson Creek Mine | ' | ' | ' |
Changes in Asset Retirement Obligations | ' | ' | ' |
Balance at the beginning of the period | 21.5 | 23.1 | 21.9 |
Additions/Revisions | -1.3 | -3.1 | -0.2 |
Accretion | 1.3 | 1.5 | 1.4 |
Foreign exchange | ' | ' | ' |
Balance at the end of the period | 21.5 | 21.5 | 23.1 |
Joint venture ownership interest percentage | 75.00% | ' | ' |
Reclamation financial assurance for mine closure obligations | 42.4 | ' | ' |
Aggregate inflated and undiscounted reclamation costs for the entire project | 43.7 | 44.9 | ' |
Thompson Creek Mine | Minimum | ' | ' | ' |
Changes in Asset Retirement Obligations | ' | ' | ' |
Estimated future reclamation costs discounted rate (as a percent) | 6.74% | ' | ' |
Thompson Creek Mine | Maximum | ' | ' | ' |
Changes in Asset Retirement Obligations | ' | ' | ' |
Estimated future reclamation costs discounted rate (as a percent) | 8.75% | ' | ' |
Endako Mine | ' | ' | ' |
Changes in Asset Retirement Obligations | ' | ' | ' |
Balance at the beginning of the period | 10.5 | 8.1 | 7 |
Additions/Revisions | 8.2 | 1.7 | 0.8 |
Accretion | 0.9 | 0.6 | 0.4 |
Foreign exchange | -0.7 | 0.1 | -0.1 |
Balance at the end of the period | 18.9 | 10.5 | 8.1 |
Joint venture ownership interest percentage | 75.00% | ' | ' |
Security deposit required by British Columbia Ministry of Energy Mines and Petroleum Resources for the entire project | 14.4 | 15.4 | ' |
Security deposit required by British Columbia Ministry of Energy Mines and Petroleum Resources - reporting entity's proportionate share | 10.8 | 11.6 | ' |
Aggregate inflated and undiscounted reclamation costs - reporting entity's share | 32.7 | 40 | ' |
Endako Mine | Minimum | ' | ' | ' |
Changes in Asset Retirement Obligations | ' | ' | ' |
Estimated future reclamation costs discounted rate (as a percent) | 2.94% | ' | ' |
Endako Mine | Maximum | ' | ' | ' |
Changes in Asset Retirement Obligations | ' | ' | ' |
Estimated future reclamation costs discounted rate (as a percent) | 13.86% | ' | ' |
ACE Group | ' | ' | ' |
Changes in Asset Retirement Obligations | ' | ' | ' |
Cash collateral paid | 7.1 | ' | ' |
Percent of total annual fees of the total reclamation bond guarantee | 1.70% | ' | ' |
Davidson Property | ' | ' | ' |
Changes in Asset Retirement Obligations | ' | ' | ' |
Balance at the beginning of the period | 0.3 | 0.3 | 0.3 |
Additions/Revisions | ' | ' | ' |
Accretion | ' | ' | ' |
Foreign exchange | ' | ' | ' |
Balance at the end of the period | 0.3 | 0.3 | 0.3 |
Joint venture ownership interest percentage | 75.00% | ' | ' |
Aggregate inflated and undiscounted reclamation costs for the entire project | 0.3 | 0.3 | ' |
Aggregate inflated and undiscounted reclamation costs - reporting entity's share | ' | 0.4 | ' |
Berg Property | ' | ' | ' |
Changes in Asset Retirement Obligations | ' | ' | ' |
Security deposit required by British Columbia Ministry of Energy Mines and Petroleum Resources for the entire project | $0.10 | ' | ' |
Employee_Benefits_Deferred_Com
Employee Benefits (Deferred Compensation) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 |
Deferred compensation | ' | ' | ' | ' |
Deferred compensation arrangement with Individual, recorded liability | $1.90 | $2.20 | ' | ' |
Deferred compensation arrangement, current eligible retention, percent | 100.00% | ' | ' | 100.00% |
Deferred Compensation Arrangement, Severance Benefits Paid | 10.8 | ' | ' | ' |
Deferred Compensation Arrangement, Retention Benefits Paid | 2.7 | ' | ' | ' |
Deferred compensation arrangemet, severance and retention, recorded liability | 1 | 13.5 | ' | ' |
Liability related to deferred compensation program included in other liabilities | 5.4 | 15.7 | ' | ' |
Trust fund assets | 0 | 9.1 | ' | ' |
Expense | 6 | 7 | 7.1 | ' |
Thompson Creek Mine | ' | ' | ' | ' |
Deferred compensation | ' | ' | ' | ' |
Deferred compensation arrangement with Individual, recorded liability | $2.50 | ' | ' | ' |
Employee_Benefits_Defined_Cont
Employee Benefits (Defined Contribution Pension Plans) (Details) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
401(k) Savings Plan | 401(k) Savings Plan | 401(k) Savings Plan | Endako Plan | Endako Plan | Endako Plan | |
USD ($) | USD ($) | USD ($) | CAD | CAD | CAD | |
Defined Contribution Pension Plans | ' | ' | ' | ' | ' | ' |
Company contributions | $1.80 | $2 | $1.90 | 2.4 | 1.7 | 1.3 |
Proportionate share of contributions recorded by the company (as a percent) | ' | ' | ' | 75.00% | ' | ' |
Employee_Benefits_Postretireme
Employee Benefits (Postretirement Benefits) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Postretirement Benefits | ' | ' |
Age of eligible retired employee at which benefit ceases (in years) | '65 years | ' |
Change in benefit obligations: | ' | ' |
Net benefit obligation at beginning of year | $3.30 | $3 |
(Gain) loss | -0.5 | 0 |
Service cost | 0.4 | 0.3 |
Interest cost | 0.1 | 0.1 |
Benefits paid | -0.1 | -0.1 |
Net benefit obligation at the end of the period | 3.2 | 3.3 |
Assumptions used to determine the benefit obligations, discount rate (as a percent) | 4.60% | ' |
Components of net periodic benefit costs | ' | ' |
Service cost | 0.4 | 0.3 |
Interest cost | 0.1 | 0.1 |
Net periodic benefit costs | $0.50 | ' |
Health care cost trend assumed (as a percent) | 7.00% | ' |
Health care cost trend rate, reduction (as a percent) | 0.50% | ' |
Ultimate health care cost trend rate (as a percent) | 4.50% | ' |
Employee_Benefits_Expected_Pos
Employee Benefits (Expected Postretirement Medical Benefits) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | ' |
2014 | $0.20 |
2015 | 0.2 |
2016 | 0.2 |
2017 | 0.2 |
2018 | 0.2 |
2019-2022 | $1.50 |
Employee_Benefits_Employee_Sto
Employee Benefits (Employee Stock Purchase Plan) (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock-based compensation cost charged against earnings | ' | ' | ' | ' |
Stock-based compensation expense | ' | $5.40 | $6.30 | $7.80 |
Employee Stock Purchase Plan | ' | ' | ' | ' |
Stock-based compensation cost charged against earnings | ' | ' | ' | ' |
Percentage of closing price at which common shares can be purchased | ' | 85.00% | ' | ' |
Number of shares available for purchases | ' | 1,000,000 | ' | ' |
Estimated fair value of employee options offer to purchase (in dollars per share) | $1.41 | ' | ' | ' |
Stock-based compensation expense | ' | $0.20 | $0.40 | $0.30 |
Number of shares issued under the Employee Stock Purchase Plan (ESPP) | ' | 420,650 | ' | ' |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 11-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | 11-May-12 | Dec. 31, 2012 | |
In Millions, except Share data, unless otherwise specified | Terrane | Additional Paid-in Capital | tMEDS | tMEDS | tMEDS | ||
Additional Paid-in Capital | |||||||
Shareholders' Equity | ' | ' | ' | ' | ' | ' | |
Units issued | 8,800,000 | [1] | ' | ' | ' | 8,800,000 | ' |
Net proceeds from equity offering | ' | ' | $177.70 | $177.70 | ' | $177.70 | |
Number of shares issued | ' | 2,109,330 | ' | ' | ' | ' | |
[1] | There are two components of each tMEDS unit; therefore, there are 8.8 million units of the equity component, 8.8 million units of the debt component and 8.8 million units of tMEDS, which includes both the debt and equity components. |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 6-May-10 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Nov. 21, 2013 | Nov. 21, 2013 | ||||
LTIP | Stock Options | Stock Options | Stock Options | Stock Options | Performance Share Units | Performance Share Units | Performance Share Units | Restricted Stock Units | Restricted Stock Units | Restricted Stock Units | Maximum | Chief Executive Officer | Chief Executive Officer | ||||||||
Stock Options | Stock Options | Restricted Stock Units | |||||||||||||||||||
Stock-based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Number of common shares available for awards | ' | ' | ' | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Stock options activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Stock options outstanding at the beginning of period (in shares) | ' | ' | ' | ' | 2,459,000 | 2,989,000 | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Granted (in shares) | ' | ' | ' | ' | 779,000 | 254,000 | 346,000 | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ||||
Exercised (in shares) | ' | ' | ' | ' | ' | -35,000 | -926,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Canceled/expired/surrendered (in shares) | ' | ' | ' | ' | -658,000 | -749,000 | -1,631,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Stock options outstanding at the end of period (in shares) | ' | ' | ' | ' | 2,580,000 | 2,459,000 | 2,989,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Weighted-Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Stock options outstanding at the beginning of period (in US dollars per share) | ' | ' | ' | ' | $11.50 | [1] | $12.29 | [1] | $10.17 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Granted (in US dollars per share) | ' | ' | ' | ' | $3.13 | [1] | $4.50 | [1] | $9.98 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Exercised (in US dollars per share) | ' | ' | ' | ' | ' | $6.02 | [1] | $7.18 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Canceled/expired/surrendered (in US dollars per share) | ' | ' | ' | ' | $11.95 | [1] | $12.52 | [1] | $8.15 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock options outstanding at the end of period (in US dollars per share) | ' | ' | ' | ' | $8.86 | [1] | $11.50 | [1] | $12.29 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Aggregate Intrinsic value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Exercised (in US dollars) | ' | ' | ' | ' | ' | $0 | [1] | $4.70 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Outstanding at the end of the period (in US dollars) | ' | ' | ' | ' | 0.2 | [1] | 0.2 | [1] | 1 | [1] | 20.9 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Maximum number of shares that may be issued under the previous stock option plan | ' | ' | ' | ' | ' | ' | ' | ' | 1,879,066 | ' | ' | 2,087,478 | ' | ' | ' | ' | 300,000 | ||||
Stock-based compensation expense | 5.4 | 6.3 | 7.8 | ' | 0.6 | 1 | 4.2 | ' | 2.3 | 2.5 | 1.7 | 2.5 | 2.4 | 1.1 | ' | ' | ' | ||||
Options not vested and not exercisable (in shares) | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total compensation cost related to these non-vested awards not yet recognized (in dollars) | 0.6 | ' | ' | ' | ' | ' | ' | ' | 3.5 | ' | ' | 3.2 | ' | ' | ' | ' | ' | ||||
Weighted average period over which compensation cost related to non-vested awards is expected to be recognized (in years) | '1 year 3 months 11 days | ' | ' | ' | ' | ' | ' | ' | '1 year 8 months 9 days | ' | ' | '1 year 9 months 29 days | ' | ' | ' | ' | ' | ||||
Number of awards vested and exercisable (in shares) | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Aggregate intrinsic value of exercisable awards | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | ' | ' | ' | ' | '5 years | ' | ' | ' | '3 years | ' | ' | '3 years | ' | ' | ' | '5 years | ' | ||||
Weighted-average fair value of stock options on the date of grant, and the assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Weighted-average fair value of options granted | ' | ' | ' | ' | $1.02 | [2] | $1.63 | [2] | $4.16 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Expected volatility | ' | ' | ' | ' | 52.50% | 50.90% | 67.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Expected life (years) | ' | ' | ' | ' | '2 years 8 months 23 days | '2 years 9 months 18 days | '2 years 9 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Risk-free interest rate | ' | ' | ' | ' | 0.40% | 0.40% | 0.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Expected dividend yield | ' | ' | ' | ' | 0.00% | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Stock units activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Outstanding at the beginning of period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 845,000 | 495,000 | ' | 534,000 | 306,000 | ' | ' | ' | ' | ||||
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 948,000 | 381,000 | ' | 1,266,000 | 413,000 | ' | ' | ' | ' | ||||
Vested and Common shares issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -201,000 | -72,000 | ' | ' | ' | ' | ||||
Cancelled/expired/forfeited | ' | ' | ' | ' | ' | ' | ' | ' | -568,000 | -31,000 | ' | -253,000 | -113,000 | ' | ' | ' | ' | ||||
Outstanding at the end of period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1,225,000 | 845,000 | 495,000 | 1,346,000 | 534,000 | 306,000 | ' | ' | ' | ||||
Weighted-Average Award Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Outstanding at the beginning of period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $11.95 | $11.91 | ' | $9.30 | $10.33 | ' | ' | ' | ' | ||||
Granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $4.21 | $12.01 | ' | $2.52 | $8.82 | ' | ' | ' | ' | ||||
Vested and Common shares issued (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.41 | $10.12 | ' | ' | ' | ' | ||||
Cancelled/expired/forfeited (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $7.69 | $12.01 | ' | $5.58 | $9.62 | ' | ' | ' | ' | ||||
Outstanding at the end of period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $7.88 | $11.95 | $11.91 | $4.23 | $9.30 | $10.33 | ' | ' | ' | ||||
Employee Stock Purchase Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Number of shares available for purchases | ' | ' | ' | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ||||
Percentage of Copper Gold Silver Concentrate Produced Agreed to Sell | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | The weighted-average exercise price of options outstanding is shown in US dollars as the majority of the options granted starting in 2011 have a strike price denominated in US dollars. Options with a Canadian dollar strike price have been converted to US dollars for disclosure purposes using the exchange rates on the respective date of grant. | ||||||||||||||||||||
[2] | The weighted-average exercise price of options granted is shown in US dollars as the majority of the options granted starting in 2011 have a strike price denominated in US dollars. Options with a Canadian dollar strike price have been converted to US dollars for disclosure purposes using the exchange rates on the respective date of grant. |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 2) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | |
Range of Exercise Prices from $2.70 to $5.83 | ' | |
Information about stock options outstanding and exercisable | ' | |
Exercise price, low end of range (in US dollars per share) | $2.70 | |
Exercise price, high end of range (in US dollars per share) | $5.83 | |
Options Outstanding | ' | |
Number Outstanding (in shares) | 940 | |
Weighted Average Exercise Price (in US dollars per share) | $3.35 | [1] |
Weighted Average Remaining Contractual Life (in years) | '3 years 9 months 18 days | |
Options Exercisable | ' | |
Number Outstanding (in shares) | 245 | |
Weighted Average Exercise Price (in US dollars per share) | $3.84 | [1] |
Weighted Average Remaining Contractual Life (in years) | '3 years 2 months 12 days | |
Range of Exercise Prices from $6.02 to $10.64 | ' | |
Information about stock options outstanding and exercisable | ' | |
Exercise price, low end of range (in US dollars per share) | $6.02 | |
Exercise price, high end of range (in US dollars per share) | $10.64 | |
Options Outstanding | ' | |
Number Outstanding (in shares) | 190 | |
Weighted Average Exercise Price (in US dollars per share) | $8.81 | [1] |
Weighted Average Remaining Contractual Life (in years) | '9 months 18 days | |
Options Exercisable | ' | |
Number Outstanding (in shares) | 181 | |
Weighted Average Exercise Price (in US dollars per share) | $8.89 | [1] |
Weighted Average Remaining Contractual Life (in years) | '1 year 4 months 24 days | |
Range of Exercise Prices from $11.88 to $14.04 | ' | |
Information about stock options outstanding and exercisable | ' | |
Exercise price, low end of range (in US dollars per share) | $11.88 | |
Exercise price, high end of range (in US dollars per share) | $14.04 | |
Options Outstanding | ' | |
Number Outstanding (in shares) | 1,250 | |
Weighted Average Exercise Price (in US dollars per share) | $12.15 | [1] |
Weighted Average Remaining Contractual Life (in years) | '7 months 6 days | |
Options Exercisable | ' | |
Number Outstanding (in shares) | 1,250 | |
Weighted Average Exercise Price (in US dollars per share) | $12.15 | [1] |
Weighted Average Remaining Contractual Life (in years) | '1 year | |
Range of Exercise Prices from $14.24 to $15.40 | ' | |
Information about stock options outstanding and exercisable | ' | |
Exercise price, low end of range (in US dollars per share) | $14.24 | |
Exercise price, high end of range (in US dollars per share) | $15.40 | |
Options Outstanding | ' | |
Number Outstanding (in shares) | 200 | |
Weighted Average Exercise Price (in US dollars per share) | $14.24 | [1] |
Weighted Average Remaining Contractual Life (in years) | '7 months 6 days | |
Options Exercisable | ' | |
Number Outstanding (in shares) | 200 | |
Weighted Average Exercise Price (in US dollars per share) | $14.24 | [1] |
Weighted Average Remaining Contractual Life (in years) | '7 months 6 days | |
[1] | The weighted-average exercise price of options outstanding is shown in US dollars as the majority of the options granted starting in 2011 have a strike price denominated in US dollars. Options with a Canadian dollar strike price have been converted to US dollars for disclosure purposes using the exchange rates on the respective date of grant. |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 3) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock-based compensation cost charged against earnings | ' | ' | ' |
Share-based Compensation | $5.60 | $6.30 | $7.80 |
Stock-based compensation expense | 5.4 | 5.7 | 7.4 |
US tax benefit | -1.5 | -1.5 | -1.7 |
Impact on net income | 3.9 | 4.2 | 5.7 |
Product Inventory | ' | ' | ' |
Stock-based compensation cost charged against earnings | ' | ' | ' |
Amount capitalized | 0.1 | -0.1 | -0.1 |
Mt. Milligan | ' | ' | ' |
Stock-based compensation cost charged against earnings | ' | ' | ' |
Amount capitalized | ($0.30) | ($0.50) | ($0.30) |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
agreements | |
Commitments and Contingencies | ' |
Agreement to Sell Copper Gold Silver Concentrate Produced Term Threafter | 3 |
Percentage of Copper Gold Silver Concentrate Produced Agreed to Sell | 85.00% |
Molybdenum purchases | ' |
Commitments and Contingencies | ' |
Purchase commitment from 2014 to 2016 | 11,000,000 |
Mt. Milligan Mine | ' |
Commitments and Contingencies | ' |
Open Purchase orders, contracts and capital purchase commitments | 16.7 |
Fixed-Priced Contracts | Molybdenum sales | ' |
Commitments and Contingencies | ' |
Sale commitment average price | 13.25 |
Three Copper Concentrate Sales Contracts | ' |
Commitments and Contingencies | ' |
Number of dry metric tons agreed to sell, per year during each of 2015 and 2016 | 120,000 |
One Copper Concentrate Sales Contract | ' |
Commitments and Contingencies | ' |
Number of dry metric tons agreed to sell, per year during each of 2015 and 2016 | 40,000 |
Exploration_Details
Exploration (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Exploration | ' | ' | ' |
Exploration expenses | $1.40 | $2.20 | $14.20 |
Berg Property | ' | ' | ' |
Exploration | ' | ' | ' |
Exploration expenses | 0.6 | 1.1 | 5.2 |
TC Mine | ' | ' | ' |
Exploration | ' | ' | ' |
Exploration expenses | 0.1 | 0.2 | 3.1 |
Endako Mine | ' | ' | ' |
Exploration | ' | ' | ' |
Exploration expenses | 0 | 0.3 | 1.4 |
Mt. Milligan Mine | ' | ' | ' |
Exploration | ' | ' | ' |
Exploration expenses | 0.1 | 0.1 | 1 |
Mt. Emmons Property | ' | ' | ' |
Exploration | ' | ' | ' |
Exploration expenses | 0 | 0 | 2.9 |
Davidson Property | ' | ' | ' |
Exploration | ' | ' | ' |
Exploration expenses | 0.6 | 0.5 | 0.5 |
Other | ' | ' | ' |
Exploration | ' | ' | ' |
Exploration expenses | $0 | $0 | $0.10 |
Income_and_Mining_Tax_Expense_2
Income and Mining Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income (loss) from continuing operations before income taxes | ' | ' | ' |
Canada | ($249) | ($630.70) | $113 |
United States | -29.4 | -26.7 | 190.3 |
Income (loss) before income and mining taxes | -278.4 | -657.4 | 303.3 |
Current | ' | ' | ' |
Canada | 0.6 | -6.4 | -6 |
United States | 13.3 | 1 | 36.9 |
Total current income tax expenses | 13.9 | -5.4 | 30.9 |
Deferred | ' | ' | ' |
Canada | -32.7 | -99 | -6.4 |
United States | -44.6 | -6.7 | -13.3 |
Total deferred income tax expenses | -77.3 | -105.7 | -19.7 |
Income and mining tax (benefit) expense | -63.4 | -111.1 | 11.2 |
Reconciliation of income and mining taxes to the amount that would result from applying the Canadian federal and provincial income tax rates to earnings before income taxes | ' | ' | ' |
Income (loss) before income and mining taxes | -278.4 | -657.4 | 303.3 |
Combined Canadian federal and provincial income tax rates | 25.80% | 25.00% | 26.50% |
Income taxes based on above rates | -71.8 | -164.4 | 80.4 |
Increase (decrease) to income taxes due to: | ' | ' | ' |
Unrealized (gain) loss on warrants | 0 | -0.4 | -44.8 |
Difference in foreign statutory tax rates | -3.2 | -3.2 | 19.9 |
Provincial and state mining and franchise taxes | -5.6 | -20.6 | -0.1 |
Non-deductible expenses | 3.9 | 1.6 | 1.5 |
Non-taxable income | -4.6 | -0.2 | 0 |
Asset impairments and other charges | 0 | 16.7 | 0 |
Tax credits | 0.3 | -0.5 | 0 |
Foreign tax differences | -10.2 | -10.3 | -10.3 |
Depletion allowance | -19.1 | -9.4 | -32.4 |
Domestic production allowance | -0.1 | 0 | -3.3 |
Unrealized foreign exchange gain on translation of investments | 2.4 | -0.8 | 0.9 |
Change in valuation allowance | 40.8 | 84.1 | -3.3 |
Impact of change in tax on future income and mining taxes | 2.1 | -0.8 | -1.2 |
Foreign exchange on deferred remeasurement | 0.5 | 0 | 0 |
Out-of-period adjustment | 0 | -1.8 | 0 |
Expiration of warrants | 0 | 0 | 4.8 |
Equity based compensation | 1.3 | 0 | 0 |
Other | -0.1 | -1.1 | -0.9 |
Income and mining tax (benefit) expense | -63.4 | -111.1 | 11.2 |
Deferred tax assets: | ' | ' | ' |
Working capital | 2.4 | 1.4 | ' |
Tax losses and credits carried forward | 192.7 | 146 | ' |
Property, plant, equipment and development | 255.5 | 145.8 | ' |
Asset retirement obligations | 3.5 | 0 | ' |
Deferred compensation | 3.1 | 7.3 | ' |
Gold Stream deferred revenue | 12.3 | 0 | ' |
Other deductible temporary differences | 16.3 | 9.2 | ' |
Deferred tax assets | 485.8 | 309.7 | ' |
Valuation allowances | -246.5 | -203.4 | ' |
Total deferred tax assets, net of valuation allowance | 239.3 | 106.3 | ' |
Deferred tax liabilities: | ' | ' | ' |
Inventory | -17.1 | -10.4 | ' |
Other taxable temporary differences-current | -1 | -0.9 | ' |
Property, plant, equipment and development | -233.9 | -233 | ' |
Asset retirement obligations | 0 | -0.6 | ' |
Gold Stream deferred revenue | 0 | -3.4 | ' |
Other taxable temporary differences-non-current | -0.9 | -1.4 | ' |
Total deferred tax liabilities | -252.9 | -249.7 | ' |
Net deferred tax liabilities | -13.6 | -143.4 | ' |
Loss carry forwards available for tax purposes | 326.2 | ' | ' |
Credit carry forwards available for tax purposes | 108.7 | ' | ' |
Investments in foreign subsidiaries for which deferred taxes have not been provided | $1,232.40 | $1,133.50 | ' |
Net_Income_Loss_per_Share_Deta
Net Income (Loss) per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Net (Loss) Income and Weighted-Average Common Shares Outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ($210.50) | $13.80 | ($19.20) | $0.90 | ($484.40) | ($48.20) | ($14.80) | $1.10 | $0.80 | $45.60 | $116.80 | $128.90 | ($215) | ($546.30) | $292.10 |
Basic weighted-average number of shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 171.1 | 168.4 | 167.2 |
Effect of dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock warrants (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0.9 |
Share based awards (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0.5 |
Diluted weighted-average number of shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 171.1 | 168.4 | 168.6 |
Net income (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | ($1.24) | $0.08 | ($0.11) | $0.01 | ($2.87) | ($0.29) | ($0.09) | $0.01 | $0 | $0.27 | $0.70 | $0.78 | ($1.26) | ($3.24) | $1.75 |
Diluted (in dollars per share) | ($1.24) | $0.06 | ($0.11) | $0 | ($2.87) | ($0.29) | ($0.09) | $0.01 | $0 | $0.27 | $0.68 | $0.73 | ($1.26) | ($3.24) | $1.73 |
Stock Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares excluded from calculation of diluted earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.1 | 2.3 | 2.5 |
Performance Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares excluded from calculation of diluted earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.2 | ' | ' |
Restricted Stock Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares excluded from calculation of diluted earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 | 0.5 | 0.2 |
tMEDS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares excluded from calculation of diluted earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44.9 | 47.4 | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related party transactions | ' | ' | ' |
Accounts receivable | $6.30 | $6.40 | ' |
Endako Mine | ' | ' | ' |
Related party transactions | ' | ' | ' |
Sales to related party | 80.3 | 90.9 | 126.1 |
Percentage of sales to related party out of total revenue (as a percent) | 18.50% | 22.60% | 18.80% |
Management fee income | 0.3 | 0.3 | 0.3 |
Selling and marketing expenses | 0.5 | 0.6 | 0.7 |
Accounts receivable | $6.30 | $6.40 | ' |
Supplementary_Cash_Flow_Inform2
Supplementary Cash Flow Information (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Change in working capital accounts: | ' | ' | ' | |||
Accounts receivable | $4.80 | $20.50 | ($16.60) | |||
Product inventory | -63.9 | -77.8 | -30.1 | |||
Materials and supplies inventory | -27.4 | -11.6 | -9.7 | |||
Prepaid expenses and other current assets | -6.1 | -2.2 | 1.9 | |||
Income and mining taxes receivable | 11.2 | -6.7 | 3.7 | |||
Accounts payable and accrued liabilities | 31 | 2.5 | 35.8 | |||
Income and mining taxes payable | -1.2 | 0 | -1.5 | |||
Change in working capital accounts, total | -51.6 | -75.3 | -16.5 | |||
Cash interest paid | 81.8 | [1] | 41.3 | [1] | 14.5 | [1] |
Income and mining taxes paid, net of refunds | 2.5 | [2] | 2.9 | [2] | 28.8 | [2] |
Cash interest paid of certain state income taxes related to prior year tax returns | 74.7 | 40.7 | 13.7 | |||
Refund offset by a tax payment | 7.5 | 9 | ' | |||
Investing activities | ' | ' | ' | |||
Other investing adjustments | 6.5 | [3] | 4.8 | [3] | 0 | [3] |
Acquisition of property, plant and equipment under the Equipment Facility (see Note 8) | 3.9 | [4] | 23.7 | [4] | 8.2 | [4] |
Increase in capital expenditure accrual | 0 | 0 | 108.6 | |||
Financing activities | ' | ' | ' | |||
Capitalized debt costs | 0.6 | [5] | 5.1 | [5] | 0 | [5] |
Capital leases | ($3.50) | [4] | ($20.40) | [4] | ($8.20) | [4] |
[1] | For the years ended DecemberB 31, 2013, 2012 and 2011, cash interest paid of $74.7 million, $40.7 million, and $13.7 million, respectively, had been previously capitalized related to the Company's debt, as described in NoteB 9. | |||||
[2] | For the years ended DecemberB 31, 2013 and 2012, we received $7.5 million and $9.0 million, respectively in refunds of US and Canadian income taxes related to prior year tax returns. | |||||
[3] | Included capitalized depreciation. | |||||
[4] | Excluded sale-leaseback capital leases. | |||||
[5] | Included capitalized interest not paid in cash, amortization of deferred financing costs and debt discounts |
Concentration_of_Credit_Risk_D
Concentration of Credit Risk (Details) (Accounts receivable, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
customer | |
Customer group one | ' |
Concentration of credit risk | ' |
Number of customers considered for concentration risk | 4 |
Concentration risk receivable, minimum | $3 |
Concentration risk (as a percent) | 32.40% |
Customer group two | ' |
Concentration of credit risk | ' |
Number of customers considered for concentration risk | 7 |
Concentration risk receivable, minimum | 1 |
Concentration risk receivable, high end of range | $3 |
Concentration risk (as a percent) | 21.10% |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
segment | |||||||||||||||
Segment Reporting [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Percentage of ownership interest in project (as a percent) | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Copper sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.70 | $0 | $0 |
Gold sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.6 | 0 | 0 |
Molybdenum sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400.8 | 386.8 | 651.9 |
Tolling, calcining and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19.3 | 14.6 | 17.2 |
Total revenues | 117.1 | 90.8 | 117.8 | 108.7 | 99.4 | 74.9 | 113.5 | 113.6 | 116.7 | 154.8 | 190.9 | 206.7 | 434.4 | 401.4 | 669.1 |
Cost and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 318.9 | 374.5 | 392.8 |
Selling and marketing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.3 | 8 | 9.7 |
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61.2 | 64 | 74.7 |
Accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.4 | 2.3 | 1.9 |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 194.9 | 530.5 | 0 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 609.7 | 1,009.10 | 519.8 |
Segment revenue less costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -175.3 | -607.7 | 149.3 |
Start-up costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.3 | 5.5 | 0 |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 47 | 0 |
(Gain) loss on foreign exchange | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.8 | -12.2 | 13.1 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Copper sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.7 | ' | ' |
Gold sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.6 | ' | ' |
Molybdenum sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400.8 | 386.8 | 651.9 |
Tolling, calcining and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19.3 | 14.6 | 17.2 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 434.4 | 401.4 | 669.1 |
Cost and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 318.9 | 374.5 | 392.8 |
Selling and marketing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.3 | 8 | 9.7 |
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59.8 | 62.3 | 72.9 |
Accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.4 | 2.3 | 1.9 |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 194.1 | 530.5 | ' |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 584.5 | 977.6 | 477.3 |
Segment revenue less costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -150.1 | -576.2 | 191.8 |
Start-up costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.3 | 5.5 | ' |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47 | ' |
(Gain) loss on foreign exchange | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.4 | -5.6 | 7.3 |
Segment income (loss) before income and mining taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -173.8 | -623.1 | 184.5 |
Operating Segments | Copper-Gold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Copper sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.7 | ' | ' |
Gold sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.6 | ' | ' |
Molybdenum sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Tolling, calcining and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.3 | 0 | 0 |
Cost and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43.6 | 0 | 0 |
Selling and marketing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.8 | 0 | 0 |
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 0 | 0.1 |
Accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 0.2 | 0 |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44.8 | 0.2 | 0.1 |
Segment revenue less costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -30.5 | -0.2 | -0.1 |
Start-up costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.2 | 0 | ' |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
(Gain) loss on foreign exchange | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.7 | -3.1 | 4 |
Segment income (loss) before income and mining taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -53.4 | 2.9 | -4.1 |
Operating Segments | US Operations Molybdenum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Copper sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Gold sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Molybdenum sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 319.4 | 302 | 549.8 |
Tolling, calcining and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23.6 | 14.7 | 17.2 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 343 | 316.7 | 567 |
Cost and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 198.8 | 273.1 | 319.2 |
Selling and marketing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 6.2 | 7.9 |
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.8 | 19.7 | 34.1 |
Accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.2 | 1.5 | 1.5 |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 129.4 | 0 | ' |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 370.2 | 300.5 | 362.7 |
Segment revenue less costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -27.2 | 16.2 | 204.3 |
Start-up costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47 | ' |
(Gain) loss on foreign exchange | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | -0.8 | 0.9 |
Segment income (loss) before income and mining taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -27.6 | -30 | 203.4 |
Operating Segments | Canadian Operations Molybdenum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Copper sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Gold sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Molybdenum sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81.9 | 86.5 | 102.1 |
Tolling, calcining and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -0.1 | 0.6 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81.9 | 86.4 | 102.7 |
Cost and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81.2 | 103.1 | 74.2 |
Selling and marketing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.7 | 3 | 3.2 |
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.9 | 42.6 | 38.7 |
Accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | 0.6 | 0.4 |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64.7 | 530.5 | ' |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175.4 | 679.8 | 116.5 |
Segment revenue less costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -93.5 | -593.4 | -13.8 |
Start-up costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 5.5 | ' |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
(Gain) loss on foreign exchange | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | -1.7 | 2.4 |
Segment income (loss) before income and mining taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -93.9 | -597.2 | -16.2 |
Intersegment Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Copper sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Gold sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Molybdenum sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.5 | -1.7 | 0 |
Tolling, calcining and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4.3 | 0 | -0.6 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4.8 | -1.7 | -0.6 |
Cost and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4.7 | -1.7 | -0.6 |
Selling and marketing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1.2 | -1.2 | -1.4 |
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5.9 | -2.9 | -2 |
Segment revenue less costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.1 | 1.2 | 1.4 |
Start-up costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Goodwill impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
(Gain) loss on foreign exchange | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Segment income (loss) before income and mining taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.10 | $1.20 | $1.40 |
Segment_Information_Reconcilia
Segment Information (Reconciliation of Segment Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of common stock purchase warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ($1.80) | ($169.20) |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21.6 | 27.6 | 26.5 |
Exploration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.4 | 2.2 | 14.2 |
Interest expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24.1 | 12.8 | 5.2 |
(Gain) loss on foreign exchange | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.8 | -12.2 | 13.1 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1.1 | -0.5 | -1 |
Income (loss) before income and mining taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -278.4 | -657.4 | 303.3 |
Income and mining tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -63.4 | -111.1 | 11.2 |
NET INCOME (LOSS) | -210.5 | 13.8 | -19.2 | 0.9 | -484.4 | -48.2 | -14.8 | 1.1 | 0.8 | 45.6 | 116.8 | 128.9 | -215 | -546.3 | 292.1 |
Unallocated amount to segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other (income) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of common stock purchase warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1.8 | -169.2 |
Land write down | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.8 | 0 | 0 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21.6 | 27.6 | 26.5 |
Exploration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.4 | 2.2 | 14.2 |
Interest expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23.1 | 11.7 | 3.1 |
(Gain) loss on foreign exchange | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57.4 | -6.6 | 5.8 |
Corporate depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.4 | 1.7 | 1.8 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1.1 | -0.5 | -1 |
Income (loss) before income and mining taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -278.4 | -657.4 | 303.3 |
Income and mining tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -63.4 | -111.1 | 11.2 |
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -215 | -546.3 | 292.1 |
Segment income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($173.80) | ($623.10) | $184.50 |
Segment_Information_Other_Segm
Segment Information (Other Segment Information) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||
Total | Total | Operating Segments | Operating Segments | Operating Segments | Operating Segments | Operating Segments | Operating Segments | Operating Segments | Operating Segments | Operating Segments | Intersegment Eliminations | Intersegment Eliminations | |||||||||||||||||
Copper-Gold | Copper-Gold | Copper-Gold | Permanent Operations Residence | Mt. Milligan | US Operations Molybdenum | US Operations Molybdenum | Canadian Operations Molybdenum | Canadian Operations Molybdenum | |||||||||||||||||||||
Other segment information regarding capital expenditures, assets and liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Capital expenditures | $0 | $0 | $108.60 | $428.90 | [1] | $771.50 | [2] | $2.30 | [1],[3] | $419.10 | [1],[3] | $660.10 | [2] | $18.10 | [1],[3] | $12 | [1],[3] | $5.30 | [1] | $23.30 | [2] | $4.30 | [1] | $87.40 | [2] | $0.20 | [1] | $0.70 | [2] |
Property, plant, equipment and development | ' | ' | ' | 2,538 | 2,538.90 | ' | 2,290.40 | [3] | 2,058.70 | ' | ' | 129.2 | 285.5 | 115.6 | 189.5 | 2.8 | 5.2 | ||||||||||||
Assets | 3,085.50 | 3,410.20 | ' | 3,085.50 | 3,410.20 | ' | 2,402.90 | [3] | 2,147.20 | ' | ' | 395.1 | 473.9 | 170.9 | 257.1 | 116.6 | 532 | ||||||||||||
Liabilities | $1,979.30 | $2,008.30 | ' | $1,979.30 | $2,008.30 | ' | $851.80 | [3] | $868.50 | ' | ' | $49.50 | $83.30 | $30.90 | $19.50 | $1,047.10 | $1,037 | ||||||||||||
[1] | Capital expenditures were for the twelve months ended December 31, 2013. | ||||||||||||||||||||||||||||
[2] | Capital expenditures were for the twelve months ended December 31, 2012. | ||||||||||||||||||||||||||||
[3] | Included $18.1 million in permanent operations residence capital expenditure and $12.0 million in operations capital expenditure at Mt. Milligan Mine. Excluded $2.3 million of deposits made to one vendor, which occurred in the first quarter of 2013. |
Segment_Information_Revenues_G
Segment Information (Revenues Geographical Regions) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $117.10 | $90.80 | $117.80 | $108.70 | $99.40 | $74.90 | $113.50 | $113.60 | $116.70 | $154.80 | $190.90 | $206.70 | $434.40 | $401.40 | $669.10 |
Revenue, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% |
North America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 231.9 | 212.6 | 326.4 |
Revenue, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53.40% | 53.00% | 48.80% |
Japan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66.7 | 79.1 | 108 |
Revenue, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.40% | 19.70% | 16.10% |
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69.8 | 54.5 | 118.6 |
Revenue, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.10% | 13.60% | 17.70% |
India | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27.1 | 19.5 | 32.7 |
Revenue, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.20% | 4.90% | 4.90% |
Korea | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.9 | 11.4 | 16.6 |
Revenue, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 2.80% | 2.50% |
Brazil | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.6 | 10.5 | 11.3 |
Revenue, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.60% | 2.60% | 1.70% |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.40 | $13.80 | $55.50 |
Revenue, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.80% | 3.40% | 8.30% |
Summary_of_Quarterly_Financial2
Summary of Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $117.10 | $90.80 | $117.80 | $108.70 | $99.40 | $74.90 | $113.50 | $113.60 | $116.70 | $154.80 | $190.90 | $206.70 | $434.40 | $401.40 | $669.10 |
Net income (loss) | ($210.50) | $13.80 | ($19.20) | $0.90 | ($484.40) | ($48.20) | ($14.80) | $1.10 | $0.80 | $45.60 | $116.80 | $128.90 | ($215) | ($546.30) | $292.10 |
Basic net income (loss) per share | ($1.24) | $0.08 | ($0.11) | $0.01 | ($2.87) | ($0.29) | ($0.09) | $0.01 | $0 | $0.27 | $0.70 | $0.78 | ($1.26) | ($3.24) | $1.75 |
Diluted net income (loss) per share | ($1.24) | $0.06 | ($0.11) | $0 | ($2.87) | ($0.29) | ($0.09) | $0.01 | $0 | $0.27 | $0.68 | $0.73 | ($1.26) | ($3.24) | $1.73 |