Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 17, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | COEUR MINING, INC. | ||
Entity Central Index Key | 215466 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CDE | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 103,342,296 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $945,619,031 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Statement of Comprehensive Income [Abstract] | ||||||
Total Revenue | $635,742 | $745,994 | $895,492 | |||
COSTS AND EXPENSES | ||||||
Costs applicable to sales | 477,945 | [1] | 463,663 | [1] | 454,562 | [1] |
Amortization | 162,436 | 229,564 | 216,032 | |||
General and administrative | 40,845 | 55,343 | 32,977 | |||
Exploration | 21,740 | 22,360 | 26,270 | |||
Litigation settlement | 0 | 32,046 | 0 | |||
Write-downs | 1,472,721 | 772,993 | 5,825 | |||
Pre-development, reclamation, and other | 26,037 | 15,184 | 4,086 | |||
Total cost and expenses | 2,201,724 | 1,591,153 | 739,752 | |||
OTHER INCOME (EXPENSE), NET | ||||||
Loss on extinguishment of debt | 0 | 0 | -1,036 | |||
Fair value adjustments, net | 3,618 | 82,768 | -23,487 | |||
Impairment of equity securities | -6,593 | -18,308 | -605 | |||
Interest income and other, net | 1,375 | 13,323 | 15,041 | |||
Interest expense, net of capitalized interest | -47,546 | -41,303 | -26,169 | |||
Total other income (expense), net | -49,146 | 36,480 | -36,256 | |||
Total | -1,615,128 | -808,679 | 119,484 | |||
Income and mining tax (expense) benefit | 459,244 | 158,116 | -70,807 | |||
NET INCOME (LOSS) | -1,155,884 | -650,563 | 48,677 | |||
Other Comprehensive Income (Loss), Net of Tax: | ||||||
Unrealized gain (loss) on equity securities, net of tax of $1,446 and $5,362 in 2014 and 2013, respectively | -2,290 | -8,489 | -3,351 | |||
Reclassification adjustments for impairment of equity securities, net of tax of $(2,552) and $(7,087) in 2014 and 2013, respectively | 4,042 | 11,221 | 605 | |||
Reclassification adjustments for realized loss on sale of equity securities, net of tax of $(219) and $(53) in 2014 and 2013, respectively | 346 | 83 | 0 | |||
Other comprehensive income (loss) | 2,098 | 2,815 | -2,746 | |||
COMPREHENSIVE INCOME (LOSS) | ($1,153,786) | ($647,748) | $45,931 | |||
NET INCOME (LOSS) PER SHARE | ||||||
Basic (in dollars per share) | ($11.28) | ($6.65) | $0.54 | |||
Diluted (in dollars per share) | ($11.28) | ($6.65) | $0.54 | |||
[1] | Excludes amortization. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $1,466 | $5,362 | $0 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Write-down of Securities Included in Net Income, Net of Tax | -2,552 | -7,087 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | ($219) | ($53) | $0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | ($1,155,884) | ($650,563) | $48,677 |
Adjustments: | |||
Amortization | 162,436 | 229,564 | 216,032 |
Accretion | 16,246 | 20,810 | 24,550 |
Deferred income taxes | -470,897 | -177,178 | 16,163 |
Loss on termination of revolving credit facility | -3,035 | 0 | -1,036 |
Fair value adjustments, net | -3,721 | -80,399 | 18,421 |
Litigation settlement | 0 | 22,046 | 0 |
Stock-based compensation | 9,288 | 4,812 | 8,010 |
(Gain) loss on sale of assets | -35 | -9,801 | 1,101 |
Impairment of marketable securities | 6,593 | 18,308 | 605 |
Write-downs | 1,472,721 | 772,993 | 5,825 |
Other | -359 | -744 | -1,707 |
Changes in operating assets and liabilities: | |||
Receivables | -20,609 | 663 | 9,756 |
Prepaid expenses and other current assets | 5,635 | -15,165 | 2,489 |
Inventory and ore on leach pads | 12,971 | 4,031 | -48,305 |
Accounts payable and accrued liabilities | 15,507 | -25,910 | -31,019 |
CASH PROVIDED BY OPERATING ACTIVITIES | 52,927 | 113,467 | 271,634 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures | -64,244 | -100,813 | -115,641 |
Acquisitions | -21,329 | -116,898 | -29,297 |
Purchase of short term investments and marketable securities | -50,513 | -8,052 | -12,959 |
Sales and maturities of short term investments | 54,344 | 34,796 | 21,695 |
Other | 8 | 4,478 | 3,087 |
CASH USED IN INVESTING ACTIVITIES | -81,734 | -186,489 | -133,115 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Issuance of notes and bank borrowings | 167,784 | 300,000 | 0 |
Payments on long-term debt, capital leases, and associated costs | -25,902 | -60,628 | -97,170 |
Gold production royalty payments | -48,395 | -57,034 | -74,734 |
Share repurchases | 0 | -27,552 | -19,971 |
Other | -509 | -514 | 3,784 |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES: | 92,978 | 154,272 | -188,091 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 64,171 | 81,250 | -49,572 |
Cash and cash equivalents at beginning of period | 206,690 | 125,440 | 175,012 |
Cash and cash equivalents at end of period | $270,861 | $206,690 | $125,440 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ||
Cash and cash equivalents | $270,861 | $206,690 |
Receivables | 116,921 | 81,074 |
Ore on leach pads | 48,204 | 50,495 |
Inventory | 114,931 | 132,023 |
Deferred tax assets | 7,364 | 35,008 |
Prepaid expenses and other | 15,523 | 25,940 |
Assets, Current | 573,804 | 531,230 |
NON-CURRENT ASSETS | ||
Property, plant, and equipment, net | 227,911 | 486,273 |
Mining properties, net | 501,192 | 1,751,501 |
Ore on leach pads | 37,889 | 31,528 |
Restricted assets | 7,037 | 7,014 |
Equity securities | 5,982 | 14,521 |
Receivables | 21,686 | 36,574 |
Debt issuance costs, net | 9,851 | 10,812 |
Deferred tax assets | 60,151 | 1,189 |
Other | 9,915 | 15,336 |
TOTAL ASSETS | 1,455,418 | 2,885,978 |
CURRENT LIABILITIES | ||
Accounts payable | 49,052 | 53,847 |
Accrued liabilities and other | 51,513 | 38,266 |
Debt | 17,498 | 2,505 |
Royalty obligations | 43,678 | 48,019 |
Reclamation | 3,871 | 913 |
Deferred tax liabilities | 8,078 | 1,011 |
Current liabilities | 173,690 | 144,561 |
NON-CURRENT LIABILITIES | ||
Debt | 460,899 | 306,130 |
Royalty obligations | 27,651 | 65,142 |
Reclamation | 66,943 | 57,515 |
Deferred tax liabilities | 111,006 | 556,246 |
Other long-term liabilities | 29,911 | 25,817 |
Non-current liabilities | 696,410 | 1,010,850 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $0.01 per share; authorized 150,000,000 shares, issued and outstanding 103,384,408 at December 31, 2014 and 102,843,003 at December 31, 2013 | 1,034 | 1,028 |
Additional paid-in capital | 2,789,695 | 2,781,164 |
Accumulated other comprehensive loss | -2,808 | -4,906 |
Accumulated deficit | -2,202,603 | -1,046,719 |
Stockholders' equity | 585,318 | 1,730,567 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $1,455,418 | $2,885,978 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, share authorized | 150,000,000 | 150,000,000 |
Common stock, share issued | 103,384,408 | 102,843,003 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Joaquin Project - Argentina [Member] | Joaquin Project - Argentina [Member] | Joaquin Project - Argentina [Member] | Joaquin Project - Argentina [Member] | Joaquin Project - Argentina [Member] | Orko Silver Corporation | Orko Silver Corporation | Orko Silver Corporation | Orko Silver Corporation | Orko Silver Corporation | Global Royalty Corporation | Global Royalty Corporation | Global Royalty Corporation | Global Royalty Corporation | Global Royalty Corporation |
In Thousands, unless otherwise specified | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | ||||||||
Stockholders' equity, Beginning of Period at Dec. 31, 2011 | $2,136,721 | $897 | $2,585,632 | ($444,833) | ($4,975) | |||||||||||||||
Balances, in shares at Dec. 31, 2011 | 89,655 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||||
Net income (loss) | 48,677 | 0 | 0 | 48,677 | 0 | |||||||||||||||
Other comprehensive loss | -2,746 | 0 | 0 | 0 | -2,746 | |||||||||||||||
Common stock share buyback, shares | -893 | |||||||||||||||||||
Common stock share buyback | -19,971 | -9 | -19,962 | 0 | 0 | |||||||||||||||
Common stock issued for acquisition, shares | 1,310 | |||||||||||||||||||
Common stock issued for acquisition | 30,000 | 13 | 29,987 | 0 | 0 | |||||||||||||||
Common stock issued under long-term incentive plans, net | 5,599 | 2 | 5,597 | 0 | 0 | |||||||||||||||
Common stock issued under long-term incentive plans, net, in shares | 270 | |||||||||||||||||||
Stockholders' equity, End of Period at Dec. 31, 2012 | 2,198,280 | 903 | 2,601,254 | -396,156 | -7,721 | |||||||||||||||
Balances, in shares at Dec. 31, 2012 | 90,342 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||||
Net income (loss) | -650,563 | 0 | 0 | -650,563 | 0 | |||||||||||||||
Other comprehensive loss | 2,815 | 0 | 0 | 0 | 2,815 | |||||||||||||||
Common stock share buyback, shares | -1,691 | |||||||||||||||||||
Common stock share buyback | -27,552 | -17 | -27,535 | 0 | 0 | |||||||||||||||
Common stock issued for acquisition, shares | 11,573 | 2,130 | ||||||||||||||||||
Common stock issued for acquisition | 179,140 | 116 | 179,024 | 0 | 0 | 22,198 | 21 | 22,177 | 0 | 0 | ||||||||||
Common stock issued under long-term incentive plans, net | 6,249 | 5 | 6,244 | 0 | 0 | |||||||||||||||
Common stock issued under long-term incentive plans, net, in shares | 489 | |||||||||||||||||||
Stockholders' equity, End of Period at Dec. 31, 2013 | 1,730,567 | 1,028 | 2,781,164 | -1,046,719 | -4,906 | |||||||||||||||
Balances, in shares at Dec. 31, 2013 | 102,843 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||||
Net income (loss) | -1,155,884 | 0 | 0 | -1,155,884 | 0 | |||||||||||||||
Other comprehensive loss | 2,098 | 0 | 0 | 0 | 2,098 | |||||||||||||||
Common stock issued under long-term incentive plans, net | 8,537 | 6 | 8,531 | 0 | 0 | |||||||||||||||
Common stock issued under long-term incentive plans, net, in shares | 541 | |||||||||||||||||||
Stockholders' equity, End of Period at Dec. 31, 2014 | $585,318 | $1,034 | $2,789,695 | ($2,202,603) | ($2,808) | |||||||||||||||
Balances, in shares at Dec. 31, 2014 | 103,384 |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
Basis of Presentation [Abstract] | |
BASIS OF PRESENTATION | NATURE OF OPERATIONS |
Coeur Mining, Inc. (“Coeur” or “the Company”) is a large silver producer with significant gold production and mines located in the United States, Mexico, and Bolivia; streaming and royalty interests in Australia, New Zealand, Mexico, Ecuador, and Chile; and exploration projects in Mexico and Argentina. The Company operates the Palmarejo, San Bartolomé, Kensington, and Rochester mines, and owns the Endeavor silver stream, all of which constitute the Company's principal sources of revenues. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Use of Estimates | |
The Company's Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles. The preparation of the Company's Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements. | |
Principles of Consolidation | |
The Consolidated Financial Statements include the wholly-owned subsidiaries of the Company, the most significant of which are Empresa Minera Manquiri S.A., Coeur Mexicana S.A. de C.V., Coeur Rochester, Inc., Coeur Alaska, Inc., and Coeur Capital, Inc. All intercompany balances and transactions have been eliminated. The Company's investments in entities in which it has less than 20% ownership interest are accounted for using the cost method. | |
Revenue Recognition | |
Revenue is recognized, net of treatment and refining charges, when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable, no obligations remain and collection is probable. | |
Under the Company’s concentrate sales contracts with third-party smelters, gold and silver prices are set on a specified future quotational period, typically one to three months, after the shipment date based on market prices. Revenues and costs applicable to sales are recorded on a gross basis under these contracts at the time title passes to the buyer based on the forward price for the expected settlement period. The contracts, in general, provide for provisional payment based upon provisional assays and forward metal prices. Final settlement is based on the average applicable price for the specified future quotational period and generally occurs from three to six months after shipment. The Company’s provisionally priced sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of concentrates measured at the forward price at the time of sale. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through revenue each period until the date of final gold and silver settlement. | |
Cash and Cash Equivalents | |
Cash and cash equivalents include all highly-liquid investments with an original maturity of three months or less. The Company minimizes its credit risk by investing its cash and cash equivalents with major U.S. and international banks and financial institutions located principally in the United States with a minimum credit rating of A1, as defined by Standard & Poor’s. The Company’s management believes that no concentration of credit risk exists with respect to the investment of its cash and cash equivalents. | |
Receivables | |
Trade receivables and other receivable balances are reported at outstanding principal amounts, net of an allowance for doubtful accounts, if deemed necessary. Management evaluates the collectability of receivable account balances to determine the allowance, if any. Management considers the other party's credit risk and financial condition, as well as current and projected economic and market conditions, in determining the amount of the allowance. Receivable balances are written off when management determines that the balance is uncollectible. | |
Ore on Leach Pads | |
The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. | |
The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company estimates the quantity of ore by utilizing global positioning satellite survey techniques. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré, which is the final product produced by the mine. The inventory is stated at lower of cost or market, with cost being determined using a weighted average cost method. | |
The historical cost of the metal that is expected to be extracted within twelve months is classified as current and the historical cost of metals contained within the broken ore that is expected to be extracted beyond twelve months is classified as non-current. Ore on leach pad is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process. | |
The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory column tests and actual experience occurring over more than twenty years of leach pad operations at the Rochester mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. | |
Metal and Other Inventory | |
Inventories include concentrate, doré, and operating materials and supplies. The classification of inventory is determined by the stage at which the ore is in the production process. All inventories are stated at the lower of cost or market, with cost being determined using a weighted average cost method. Concentrate and doré inventory includes product at the mine site and product held by refineries. Concentrate inventories associated with the Endeavor mine are held by third parties. Metal inventory costs include direct labor, materials, depreciation, depletion and amortization as well as overhead costs relating to mining activities. | |
Property, Plant, and Equipment | |
Expenditures for new facilities, assets acquired pursuant to capital leases, new assets or expenditures that extend the useful lives of existing facilities are capitalized and depreciated using the straight-line method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities, lease term, or the useful life of the individual assets. Productive lives range from 7 to 30 years for buildings and improvements and 3 to 10 years for machinery and equipment. Certain mining equipment is depreciated using the units-of-production method based upon estimated total proven and probable reserves. | |
Mining Properties and Mine Development | |
Capitalization of mine development costs 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, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as exploration or pre-development expense. Mine development costs are amortized using the units of production method over the estimated life of the ore body based on recoverable ounces to be mined from proven and probable 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. | |
Drilling and related costs incurred at the Company’s operating mines are expensed as incurred in Exploration, unless the Company can conclude with a high degree of confidence, 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. The Company’s assessment is based on the following factors: results from previous drill programs; results from geological models; results from a mine scoping study confirming economic viability of the resource; and preliminary estimates of mine inventory, ore grade, cash flow and mine life. In addition, the Company must have all permitting and/or contractual requirements necessary to have the right to and/or control of the future benefit from the targeted ore body. The costs of a drilling program that meet these criteria are capitalized as mine development costs. Drilling and related costs of approximately $8.9 million and $11.6 million at December 31, 2014 and 2013, respectively, were capitalized. | |
The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in Costs applicable to sales in the same period as the revenue from the sale of inventory. | |
Mineral Interests | |
Significant payments related to the acquisition of land and mineral rights are capitalized. Prior to acquiring such land or mineral rights, the Company generally makes a preliminary evaluation to determine that the property has significant potential to develop an economic ore body. The time between initial acquisition and full evaluation of a property’s potential is variable and is determined by many factors including: location relative to existing infrastructure, the property’s stage of development, geological controls and metal prices. If a mineable ore body is discovered, such costs are amortized when production begins using the units-of-production method based on recoverable ounces to be mined from proven and probable reserves. If no mineable ore body is discovered, such costs are expensed in the period in which it is determined the property has no future economic value. | |
Write-downs | |
We review and evaluate our long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Asset impairment is considered to exist if the total estimated undiscounted pre-tax future cash flows are less than the carrying amount of the asset. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of future cash flows from other asset groups. An impairment loss is measured and recorded based on discounted estimated future cash flows. Future cash flows are estimated based on estimated quantities of recoverable minerals, expected silver and gold prices (considering current and historical prices, trends and related factors), production levels, operating costs, capital requirements and reclamation costs, all based on life-of-mine plans. The significant assumptions used in determining future cash flows for each mine site asset group at December 31, 2014, apart from production cost and capitalized expenditure assumptions unique to each operation, included long-term silver and gold prices of $19.00 and $1,275 per ounce (consistent with the Company’s long-term reserve prices), respectively, and discount rates ranging from 8.0% - 10.75% (to reflect project and country-specific risks). During 2014, 2013, and 2012, we recorded impairments of $1,472.7 million, $773.0 million, and $5.8 million, respectively, to reduce the carrying value of mining properties and property, plant and equipment as part of Write-downs. See Note 4 -- Write-Downs for additional detail. | |
Existing proven and probable reserves and value beyond proven and probable reserves, including mineralization other than proven and probable reserves are included when determining the fair value of mine site asset groups at acquisition and, subsequently, in determining whether the assets are impaired. The term “recoverable minerals” refers to the estimated amount of silver and gold that will be obtained after taking into account losses during ore processing and treatment. Estimates of recoverable minerals from exploration stage mineral interests are risk adjusted based on management’s relative confidence in such materials. The ability to achieve the estimated quantities of recoverable minerals from exploration stage mineral interests involves further risks in addition to those risk factors applicable to mineral interests where proven and probable reserves have been identified, due to the lower level of confidence that the identified mineralized material could ultimately be mined economically. Assets classified as exploration potential have the highest level of risk that the carrying value of the asset can be ultimately realized, due to the still lower level of geological confidence and economic modeling. | |
Silver and gold prices are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors may affect the key assumptions used in the Company’s impairment testing. Various factors could impact our ability to achieve forecasted production levels from proven and probable reserves. Additionally, production, capital and reclamation costs could differ from the assumptions used in the cash flow models used to assess impairment. Actual results may vary from the Company’s estimates and result in additional Write-downs. | |
Restricted Assets | |
The Company, under the terms of its self-insurance and bonding agreements with certain banks, lending institutions and regulatory agencies, is required to collateralize certain portions of its obligations. The Company has collateralized these obligations by assigning certificates of deposit that have maturity dates ranging from three months to a year, to the respective institutions or agencies. At December 31, 2014 and 2013, the Company held certificates of deposit and cash under these agreements of $7.0 million and $7.0 million, respectively, restricted for these purposes. The ultimate timing of the release of the collateralized amounts is dependent on the timing and closure of each mine and repayment of the facility. In order to release the collateral, the Company must seek approval from certain government agencies responsible for monitoring the mine closure status. Collateral could also be released to the extent the Company is able to secure alternative financial assurance satisfactory to the regulatory agencies. The Company believes there is a reasonable probability that the collateral will remain in place beyond a twelve-month period and has therefore classified these investments as long-term. | |
Reclamation and Remediation Costs | |
The Company recognizes obligations for the expected future retirement of tangible long-lived assets and other associated asset retirement costs. The fair value of a liability for an asset retirement obligation will be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset and this additional carrying amount is depreciated over the life of the asset. An accretion cost, representing the increase over time in the present value of the liability, is recorded each period in Pre-development, reclamation, and other. As reclamation work is performed or liabilities are otherwise settled, the recorded amount of the liability is reduced. Future remediation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the discounted costs expected to be incurred at the site. Such cost estimates include, where applicable, ongoing care and maintenance and monitoring costs. Changes in estimates are reflected prospectively in the period an estimate is revised. | |
Foreign Currency | |
The assets and liabilities of the Company’s foreign subsidiaries are measured using U.S. dollars as their functional currency. Revenues and expenses are translated at the average exchange rate for the period. Foreign currency transaction gains and losses are included in the determination of net income or loss. | |
Derivative Financial Instruments | |
The Company recognizes all derivatives as either assets or liabilities on the balance sheet and measures those instruments at fair value. Changes in the value of derivative instruments are recorded each period in the Consolidated Statement of Comprehensive Income (Loss) in Fair value adjustments, net. Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions regarding commodity prices, market volatilities, and foreign currency exchange rates. | |
Stock-based Compensation Plans | |
The Company estimates the fair value of stock options using the Black-Scholes option pricing model and stock appreciation rights (“SARs”) awards using market comparison. Stock options granted are accounted for as equity-based awards and SARs are accounted for as liability-based awards. The value of the SARs is remeasured at each reporting date. The Company estimates the fair value of performance share and performance unit grants using a Monte Carlo simulation valuation model. Performance shares granted are accounted for as equity based awards and performance shares units are accounted for as liability-based awards. The Company estimates forfeitures of stock-based awards based on historical data and periodically adjusts the forfeiture rate. The adjustment of the forfeiture rate is recorded as a cumulative adjustment in the period the forfeiture estimate is changed. Compensation costs related to stock based compensation are included in General and administrative expenses, Costs applicable to sales, and Property, plant, and equipment, net as deemed appropriate. | |
Restricted stock and restricted stock units granted under the Company’s incentive plans are accounted for based on the market value of the underlying shares on the date of grant and vest in equal installments annually over three years. Restricted stock awards are accounted for as equity-based awards and restricted stock unit awards are accounted for as liability-based awards. Restricted stock units are remeasured at each reporting date. Restricted stock units are settled in cash based on the number of vested restricted stock units multiplied by the current market price of the common shares when vested. Holders of the restricted stock are entitled to vote the shares and to receive any dividends declared on the shares. | |
Income and Mining Taxes | |
The Company uses an asset and liability approach which results in the recognition of deferred tax liabilities and assets 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 carryforwards, using enacted tax rates in effect in the years in which the differences are expected to reverse. | |
In assessing the realizability 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 and tax planning strategies in making this assessment. A valuation allowance has been provided for the portion of the Company’s net deferred tax assets for which it is more likely than not that they will not be realized. | |
Recent Accounting Standards | |
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." The updated guidance provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. These changes become effective prospectively for the Company's fiscal year beginning January 1, 2017. The Company is currently evaluating the potential impact of these changes on the Company's consolidated financial position, results of operations, and cash flows. |
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||
SEGMENT REPORTING | SEGMENT REPORTING | |||||||||||||||||||||||||||||||
The Company’s operating segments include the Palmarejo, San Bartolomé, Rochester, and Kensington mines, La Preciosa, and Coeur Capital. All operating segments are engaged in the discovery and mining of gold and silver and generate the majority of their revenues from the sale of these precious metals with the exception of Coeur Capital, which holds the Endeavor silver stream and other precious metals royalties. Other includes the Joaquin project, Martha mine, corporate headquarters, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts. | ||||||||||||||||||||||||||||||||
Revenues from silver sales were $328.5 million, $394.5 million and $549.7 million in 2014, 2013, and 2012, respectively. Revenues from gold sales were $304.0 million, $351.5 million and $345.8 million in 2014, 2013, and 2012, respectively. | ||||||||||||||||||||||||||||||||
Financial information relating to the Company’s segments is as follows (in thousands): | ||||||||||||||||||||||||||||||||
Year ended December 31, 2014 | Palmarejo | San Bartolomé | Kensington | Rochester | La Preciosa | Coeur Capital | Other | Total | ||||||||||||||||||||||||
Mine | Mine | Mine | Mine | |||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||
Metal sales | $ | 244,003 | $ | 117,749 | $ | 136,960 | $ | 123,768 | $ | — | $ | 10,046 | $ | — | $ | 632,526 | ||||||||||||||||
Royalties | — | — | — | — | — | 3,216 | — | 3,216 | ||||||||||||||||||||||||
244,003 | 117,749 | 136,960 | 123,768 | — | 13,262 | — | 635,742 | |||||||||||||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||||||||||
Costs applicable to sales(1) | 187,276 | 89,659 | 105,342 | 91,462 | — | 4,206 | — | 477,945 | ||||||||||||||||||||||||
Amortization | 69,431 | 19,423 | 43,619 | 20,790 | 84 | 7,015 | 2,074 | 162,436 | ||||||||||||||||||||||||
Exploration | 6,671 | 120 | 8,005 | 2,636 | 236 | 515 | 3,557 | 21,740 | ||||||||||||||||||||||||
Write-downs | 784,038 | 118,754 | 107,832 | — | 372,466 | 6,202 | 83,429 | 1,472,721 | ||||||||||||||||||||||||
Other operating expense (income) | 620 | (251 | ) | 796 | 2,813 | 13,961 | 938 | 48,005 | 66,882 | |||||||||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||||||||||
Interest income and other, net | 131 | 2,461 | (22 | ) | 105 | (523 | ) | (7,141 | ) | (229 | ) | (5,218 | ) | |||||||||||||||||||
Interest expense, net | (9,320 | ) | (52 | ) | (214 | ) | (679 | ) | — | (1 | ) | (37,280 | ) | (47,546 | ) | |||||||||||||||||
Fair value adjustments, net | (1,847 | ) | — | — | 3,653 | — | — | 1,812 | 3,618 | |||||||||||||||||||||||
Income and mining tax (expense) benefit | 283,685 | 18,114 | — | (2,224 | ) | 132,151 | 1,212 | 26,306 | 459,244 | |||||||||||||||||||||||
Net income (loss) | $ | (531,384 | ) | $ | (89,433 | ) | $ | (128,870 | ) | $ | 6,922 | $ | (255,119 | ) | $ | (11,544 | ) | $ | (146,456 | ) | $ | (1,155,884 | ) | |||||||||
Segment assets(2) | $ | 341,367 | $ | 188,616 | $ | 215,973 | $ | 196,765 | $ | 39,701 | $ | 59,848 | $ | 41,987 | $ | 1,084,257 | ||||||||||||||||
Capital expenditures | $ | 26,084 | $ | 7,937 | $ | 16,220 | $ | 11,898 | $ | 255 | $ | — | $ | 1,850 | $ | 64,244 | ||||||||||||||||
(1) Excludes amortization | ||||||||||||||||||||||||||||||||
(2) Segment assets include receivables, prepaids, inventories, property, plant, and equipment, and mineral interests | ||||||||||||||||||||||||||||||||
Year ended December 31, 2013 | Palmarejo | San Bartolomé | Kensington | Rochester | La Preciosa | Coeur Capital | Other | Total | ||||||||||||||||||||||||
Mine | Mine | Mine | Mine | |||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||
Metal sales | $ | 324,040 | $ | 141,721 | $ | 148,769 | $ | 119,254 | $ | — | $ | 12,871 | $ | (661 | ) | $ | 745,994 | |||||||||||||||
Royalties | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
324,040 | 141,721 | 148,769 | 119,254 | — | 12,871 | (661 | ) | 745,994 | ||||||||||||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||||||||||
Costs applicable to sales(1) | 188,572 | 86,827 | 104,575 | 77,869 | — | 5,820 | — | 463,663 | ||||||||||||||||||||||||
Amortization | 133,535 | 19,103 | 62,750 | 8,890 | 24 | 3,755 | 1,507 | 229,564 | ||||||||||||||||||||||||
Exploration | 7,161 | 111 | 4,199 | 2,653 | 80 | 2,069 | 6,087 | 22,360 | ||||||||||||||||||||||||
Write-downs | 642,094 | — | 130,694 | — | — | — | 205 | 772,993 | ||||||||||||||||||||||||
Other operating expense (income) | 705 | 6,205 | 735 | 36,265 | 3,237 | 1,397 | 54,029 | 102,573 | ||||||||||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||||||||||
Interest income and other, net | 906 | 2,582 | (187 | ) | (318 | ) | 15 | (19,474 | ) | 11,491 | (4,985 | ) | ||||||||||||||||||||
Interest expense, net | (15,123 | ) | (74 | ) | (424 | ) | (20 | ) | — | — | (25,662 | ) | (41,303 | ) | ||||||||||||||||||
Fair value adjustments, net | 76,218 | — | 7,480 | 416 | — | — | (1,346 | ) | 82,768 | |||||||||||||||||||||||
Income and mining tax (expense) benefit | 107,748 | (10,938 | ) | (1 | ) | (2,332 | ) | (20,856 | ) | 2,179 | 82,316 | 158,116 | ||||||||||||||||||||
Net income (loss) | $ | (478,278 | ) | $ | 21,045 | $ | (147,316 | ) | $ | (8,677 | ) | $ | (24,182 | ) | $ | (17,465 | ) | $ | 4,310 | $ | (650,563 | ) | ||||||||||
Segment assets(2) | $ | 1,164,852 | $ | 289,272 | $ | 343,144 | $ | 176,789 | $ | 410,335 | $ | 62,678 | $ | 111,749 | $ | 2,558,819 | ||||||||||||||||
Capital expenditures | $ | 33,730 | $ | 11,568 | $ | 21,404 | $ | 29,406 | $ | 1,122 | $ | — | $ | 3,583 | $ | 100,813 | ||||||||||||||||
(1) Excludes amortization | ||||||||||||||||||||||||||||||||
(2) Segment assets include receivables, prepaids, inventories, property, plant, and equipment, and mineral interests | ||||||||||||||||||||||||||||||||
Year ended December 31, 2012 | Palmarejo | San Bartolomé | Kensington | Rochester | Coeur Capital | Other | Total | |||||||||||||||||||||||||
Mine | Mine | Mine | Mine | |||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||
Metal sales | $ | 442,098 | $ | 178,005 | $ | 110,987 | $ | 132,392 | $ | 18,848 | $ | 13,162 | $ | 895,492 | ||||||||||||||||||
Royalties | — | — | — | — | — | — | — | |||||||||||||||||||||||||
442,098 | 178,005 | 110,987 | 132,392 | 18,848 | 13,162 | 895,492 | ||||||||||||||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||||||||||
Costs applicable to sales(1) | 197,478 | 71,428 | 87,089 | 72,061 | 8,824 | 17,682 | 454,562 | |||||||||||||||||||||||||
Amortization | 145,945 | 16,624 | 41,241 | 6,784 | 4,632 | 806 | 216,032 | |||||||||||||||||||||||||
Exploration | 7,575 | 159 | 3,283 | 3,591 | 1,056 | 10,606 | 26,270 | |||||||||||||||||||||||||
Write-downs | — | — | — | — | — | 5,825 | 5,825 | |||||||||||||||||||||||||
Other operating expense (income) | 661 | 165 | 478 | 2,682 | (736 | ) | 33,813 | 37,063 | ||||||||||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||||||||||
Interest income and other, net | 4,017 | 9,719 | (77 | ) | 358 | (77 | ) | 496 | 14,436 | |||||||||||||||||||||||
Interest expense, net | (18,938 | ) | (72 | ) | (2,972 | ) | (26 | ) | — | (4,161 | ) | (26,169 | ) | |||||||||||||||||||
Loss on debt extinguishment | — | — | (1,036 | ) | — | — | — | (1,036 | ) | |||||||||||||||||||||||
Fair value adjustments, net | (31,054 | ) | — | 4,089 | — | — | 3,478 | (23,487 | ) | |||||||||||||||||||||||
Income and mining tax (expense) benefit | (18,066 | ) | (44,632 | ) | — | (2,195 | ) | (327 | ) | (5,587 | ) | (70,807 | ) | |||||||||||||||||||
Net income (loss) | $ | 26,398 | $ | 54,644 | $ | (21,100 | ) | $ | 45,411 | $ | 4,668 | $ | (61,344 | ) | $ | 48,677 | ||||||||||||||||
Segment assets(2) | $ | 1,905,269 | $ | 302,922 | $ | 508,658 | $ | 104,373 | $ | 32,656 | $ | 120,178 | $ | 2,974,056 | ||||||||||||||||||
Capital expenditures | $ | 38,456 | $ | 25,672 | $ | 36,994 | $ | 11,794 | $ | — | $ | 2,725 | $ | 115,641 | ||||||||||||||||||
(1) Excludes amortization | ||||||||||||||||||||||||||||||||
(2) Segment assets include receivables, prepaids, inventories, property, plant, and equipment, and mineral interests | ||||||||||||||||||||||||||||||||
In thousands | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Total assets for reportable segments | $ | 1,084,257 | $ | 2,558,819 | ||||||||||||||||||||||||||||
Cash and cash equivalents | 270,861 | 206,690 | ||||||||||||||||||||||||||||||
Other assets | 100,300 | 120,469 | ||||||||||||||||||||||||||||||
Total consolidated assets | $ | 1,455,418 | $ | 2,885,978 | ||||||||||||||||||||||||||||
Geographic Information | ||||||||||||||||||||||||||||||||
In thousands | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||
Long Lived Assets | ||||||||||||||||||||||||||||||||
Mexico | $ | 298,101 | $ | 1,487,228 | ||||||||||||||||||||||||||||
United States | 275,594 | 384,626 | ||||||||||||||||||||||||||||||
Bolivia | 107,960 | 235,085 | ||||||||||||||||||||||||||||||
Australia | 21,362 | 25,668 | ||||||||||||||||||||||||||||||
Argentina | 10,970 | 94,705 | ||||||||||||||||||||||||||||||
Other | 15,116 | 10,462 | ||||||||||||||||||||||||||||||
Total | $ | 729,103 | $ | 2,237,774 | ||||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||||||
In thousands | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||
United States | $ | 260,728 | $ | 268,023 | $ | 243,379 | ||||||||||||||||||||||||||
Mexico | 245,493 | 324,040 | 442,098 | |||||||||||||||||||||||||||||
Bolivia | 117,749 | 141,721 | 178,005 | |||||||||||||||||||||||||||||
Australia | 10,046 | 12,871 | 18,848 | |||||||||||||||||||||||||||||
Other | $ | 1,726 | $ | (661 | ) | $ | 13,162 | |||||||||||||||||||||||||
Total | $ | 635,742 | $ | 745,994 | $ | 895,492 | ||||||||||||||||||||||||||
The Company's doré is refined into gold and silver bullion according to benchmark standards set by the London Bullion Market Association, which regulates the acceptable requirements for bullion traded in the London precious metals markets. The Company then sells its silver and gold bullion to multi-national banks, bullion trading houses, and refiners across the globe. The Company has seven bullion trading counterparties and the sales of metals to these companies amounted to approximately 63%, 72%, and 91% of total metal sales for the years ended December 31, 2014, 2013, and 2012, respectively. Generally, the loss of a single bullion trading counterparty would not adversely affect the Company due to sufficient liquidity of the markets and ample alternative trading counterparties. | ||||||||||||||||||||||||||||||||
The Company's concentrates are sold to smelters under purchase and sale agreements, and the smelters pay the Company for the gold or silver recovered from the concentrates. The Company currently has seven smelting and refining customers for its concentrates, and the sales to these companies amounted to approximately 37%, 28%, and 9% of total metal sales for the years ended December 31, 2014, 2013, and 2012, respectively. The loss of any one smelting and refining client may have a material adverse effect on sales if alternate smelters and refiners are not available. The Company believes sufficient global capacity exists in case of the loss of any one smelter. | ||||||||||||||||||||||||||||||||
The following table indicates customers that represent 10% or more of total sales of metal for at least one of the years December 31, 2014, 2013, and 2012 (in millions): | ||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
Customer | 2014 | 2013 | 2012 | Segments reporting revenue | ||||||||||||||||||||||||||||
Mitsui & Co. | $ | 133.8 | $ | 70.3 | $ | 65.6 | Palmarejo, Rochester | |||||||||||||||||||||||||
TD Securities | 106.7 | 106.7 | 65.8 | Palmarejo, Rochester | ||||||||||||||||||||||||||||
Standard Bank | 87.5 | 69 | 72.3 | Palmarejo, Rochester | ||||||||||||||||||||||||||||
China National Gold | 86.8 | 81.5 | 43.8 | Kensington | ||||||||||||||||||||||||||||
Johnson Matthey | 71.8 | 66.4 | 1.7 | San Bartolomé | ||||||||||||||||||||||||||||
Valcambi | 33.9 | 77.2 | 414.4 | Palmarejo, San Bartolomé | ||||||||||||||||||||||||||||
INTL Commodities | 22.4 | 84.6 | 58 | Palmarejo, San Bartolomé, Rochester | ||||||||||||||||||||||||||||
Auramet | 10.8 | 111.7 | 94.6 | Palmarejo, San Bartolomé, Kensington, Rochester | ||||||||||||||||||||||||||||
WriteDowns
Write-Downs | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Details of Impairment by Long-Lived Asset Class [Abstract] | |||||||||||||
WRITE-DOWNS | WRITE-DOWNS | ||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Mining properties | |||||||||||||
Palmarejo | 668,803 | 539,359 | — | ||||||||||
San Bartolomé | 32,328 | — | — | ||||||||||
Kensington | 67,671 | 82,337 | — | ||||||||||
La Preciosa | 371,411 | — | — | ||||||||||
Joaquin | 83,429 | — | — | ||||||||||
Coeur Capital (El Gallo) | 6,202 | — | — | ||||||||||
Martha | — | 205 | 5,825 | ||||||||||
1,229,844 | 621,901 | 5,825 | |||||||||||
Property, plant, and equipment | |||||||||||||
Palmarejo | $ | 115,235 | $ | 102,735 | $ | — | |||||||
San Bartolomé | 86,426 | — | — | ||||||||||
Kensington | 40,161 | 48,357 | — | ||||||||||
La Preciosa | 1,055 | — | — | ||||||||||
242,877 | 151,092 | — | |||||||||||
Total | $ | 1,472,721 | $ | 772,993 | $ | 5,825 | |||||||
The 2014 write-down of $1,472.7 million ($1,021.8 million net of tax) was primarily due to a $784.0 million impairment of the Palmarejo mine ($504.5 million net of tax) and a $372.5 million impairment of the La Preciosa project ($244.9 million net of tax). The non-cash impairment charges were largely driven by significant decreases in long-term metal price assumptions and revised mine plans in the fourth quarter. For purposes of this evaluation, estimates of future cash flows of the individual reporting units were used to determine fair value. The estimated cash flows were derived from life-of-mine plans, developed using long-term pricing reflective of the current price environment and management’s projections for operating costs. | |||||||||||||
The 2013 write-down of $773.0 million was primarily due to a $642.1 million impairment of the Palmarejo mine ($462.3 million net of tax) and a $130.7 million impairment of the Kensington mine due to a decrease in the Company's long-term silver and gold price assumptions reflective of the current silver and gold price environment. | |||||||||||||
The 2012 write-down of $5.8 million was due to the cessation of mining operations at the Martha Mine. |
Reclamation
Reclamation | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Asset Retirement Obligation Disclosure [Abstract] | ||||||||
RECLAMATION | RECLAMATION | |||||||
Reclamation and mine closure costs are based principally on legal and regulatory requirements. Management estimates costs associated with reclamation of mining properties. The Company uses assumptions about future costs, mineral prices, mineral processing recovery rates, production levels, capital costs, and reclamation costs. On an ongoing basis, management evaluates its estimates and assumptions, and future expenditures could differ from current estimates. | ||||||||
Changes to the Company’s asset retirement obligations (included in Reclamation) are as follows: | ||||||||
In thousands | Year ended December 31, | |||||||
2014 | 2013 | |||||||
Asset retirement obligation - Beginning | $ | 55,966 | $ | 33,008 | ||||
Accretion | 4,826 | 3,316 | ||||||
Additions and changes in estimates | 6,748 | 19,670 | ||||||
Settlements | (326 | ) | (28 | ) | ||||
Asset retirement obligation - Ending | $ | 67,214 | $ | 55,966 | ||||
The Company has accrued $3.6 million and $2.5 million at December 31, 2014 and December 31, 2013, respectively, for reclamation liabilities related to former mining activities. These amounts are also included in Reclamation. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION | ||||||||||||||||||
The Company has stock incentive plans for executives and eligible employees. Stock awards include stock options, restricted stock, and performance shares. The Company previously awarded stock appreciation rights, restricted stock units, and performance share units. Stock-based compensation expense for the years ended December 31, 2014, 2013, and 2012 was $9.3 million, $4.8 million, and $8.0 million, respectively. At December 31, 2014, there was $8.7 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.6 years. | |||||||||||||||||||
Stock Options and Stock Appreciation Rights | |||||||||||||||||||
Stock options and stock appreciation rights (SARs) granted under the Company’s incentive plans vest over three years and are exercisable over a period not to exceed ten years from the grant date. The exercise price of the stock options is equal to the fair market value of the shares on the date of the grant. The value of each stock option award is estimated using the Black-Scholes option pricing model. Stock options are accounted for as equity awards and SARs are accounted for as liability awards and remeasured at each reporting date. SARs, when vested, provide the participant the right to receive cash equal to the excess of the market price of the shares over the exercise price when exercised. | |||||||||||||||||||
The following table sets forth the weighted average fair value of stock options and the assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model: | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Weighted average fair value of stock options granted | $ | 3.79 | $ | 12.6 | $ | 15.77 | |||||||||||||
Volatility | 50.93 | % | 76.74 | % | 70.56 | % | |||||||||||||
Expected life in years | 3.9 | 5 | 5.5 | ||||||||||||||||
Risk-free interest rate | 1.25 | % | 0.84 | % | 0.89 | % | |||||||||||||
Dividend yield | — | — | — | ||||||||||||||||
The following table summarizes stock option and SAR activity for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||
Stock Options | SARs | ||||||||||||||||||
Shares | Weighted | Shares | Weighted | ||||||||||||||||
Average | Average | ||||||||||||||||||
Exercise | Exercise | ||||||||||||||||||
Price | Price | ||||||||||||||||||
Outstanding at December 31, 2011 | 321,607 | $ | 24.6 | 107,639 | $ | 13.46 | |||||||||||||
Granted | 151,102 | 26.97 | — | — | |||||||||||||||
Exercised | (40,173 | ) | 11.84 | (34,385 | ) | 12.73 | |||||||||||||
Canceled/forfeited | (62,536 | ) | 29.22 | (4,389 | ) | 15.4 | |||||||||||||
Outstanding at December 31, 2012 | 370,000 | 30.2 | 68,865 | 13.83 | |||||||||||||||
Granted | 190,452 | 20.41 | — | — | |||||||||||||||
Exercised | (13,027 | ) | 10.77 | (6,617 | ) | 13.14 | |||||||||||||
Canceled/forfeited | (131,855 | ) | 29.3 | (12,039 | ) | 15.4 | |||||||||||||
Outstanding at December 31, 2013 | 415,570 | 27.36 | 50,209 | 14.15 | |||||||||||||||
Granted | 415,172 | 9.45 | — | — | |||||||||||||||
Canceled/forfeited | (232,396 | ) | 23.94 | (3,637 | ) | 15.4 | |||||||||||||
Outstanding at December 31, 2014 | 598,346 | $ | 16.26 | 46,572 | $ | 14.06 | |||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||
Range of | Number | Weighted Average | Weighted | Number | Weighted | Weighted | |||||||||||||
Exercise Price | Outstanding | Exercise | Average | Exercisable | Average | Average | |||||||||||||
Price | Remaining | Exercise | Remaining | ||||||||||||||||
Contractual | Price | Contractual Life (Years) | |||||||||||||||||
Life (Years) | |||||||||||||||||||
$ 0.00-$10.00 | 284,866 | $ | 9.34 | 9.04 | 11,034 | $ | 10 | 4.09 | |||||||||||
$10.00-$20.00 | 121,540 | 15.51 | 8.43 | 33,646 | 17.33 | 8.11 | |||||||||||||
$20.00-$30.00 | 176,777 | 25.68 | 6.88 | 107,546 | 26.37 | 6.27 | |||||||||||||
$30.00-$40.00 | 9,566 | 38.25 | 2.44 | 9,566 | 38.25 | 2.44 | |||||||||||||
$40.00-$50.00 | 3,336 | 48.5 | 3.03 | 3,336 | 48.5 | 3.03 | |||||||||||||
$50.00-$60.00 | 2,261 | 51.4 | 1.14 | 2,261 | 51.4 | 1.14 | |||||||||||||
598,346 | $ | 16.26 | 167,389 | $ | 24.93 | ||||||||||||||
At December 31, 2014, there was $0.7 million of unrecognized compensation cost related to non-vested stock options and SARs to be recognized over a weighted average period of 1.3 years. | |||||||||||||||||||
Restricted Stock and Restricted Stock Units | |||||||||||||||||||
Restricted stock granted under the Company’s incentive plans are accounted for based on the market value of the underlying shares on the date of grant and vest in equal installments annually over three years. Restricted stock awards are accounted for as equity awards and restricted stock unit awards were accounted for as liability awards. Restricted stock units were remeasured at each reporting date and settled in cash based on the number of vested restricted stock units multiplied by the current market price of the common shares when vested. Holders of restricted stock are entitled to vote the shares and to receive any dividends declared on the shares. | |||||||||||||||||||
The following table summarizes restricted stock and restricted stock units activity for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||
Restricted Stock | Restricted Stock Units | ||||||||||||||||||
Number of | Weighted | Number of | Weighted Average | ||||||||||||||||
Shares | Average | Units | Fair Value | ||||||||||||||||
Grant Date | |||||||||||||||||||
Fair Value | |||||||||||||||||||
Outstanding at December 31, 2011 | 173,509 | 11.37 | 45,518 | 27.32 | |||||||||||||||
Granted | 230,096 | 26.4 | — | — | |||||||||||||||
Vested | (95,336 | ) | 23.15 | (31,456 | ) | 25.92 | |||||||||||||
Cancelled/Forfeited | (68,571 | ) | 27.43 | (2,651 | ) | 24.6 | |||||||||||||
Outstanding at December 31, 2012 | 239,698 | 25.38 | 11,411 | 24.14 | |||||||||||||||
Granted | 573,467 | 15.38 | — | — | |||||||||||||||
Vested | (90,963 | ) | 26.83 | (11,411 | ) | 22.74 | |||||||||||||
Cancelled/Forfeited | (109,116 | ) | 23.3 | — | — | ||||||||||||||
Outstanding at December 31, 2013 | 613,086 | $ | 16.68 | — | $ | — | |||||||||||||
Granted | 695,897 | 9.83 | — | — | |||||||||||||||
Vested | (234,103 | ) | 17.16 | — | — | ||||||||||||||
Cancelled/Forfeited | (172,881 | ) | 11.87 | — | — | ||||||||||||||
Outstanding at December 31, 2014 | 901,999 | $ | 12.19 | — | $ | — | |||||||||||||
At December 31, 2014, there was $3.4 million of unrecognized compensation cost related to restricted stock and restricted stock unit awards to be recognized over a weighted-average period of 1.4 years. | |||||||||||||||||||
Performance Shares and Performance Share Units | |||||||||||||||||||
Performance shares granted under the Company’s incentive plans are accounted for at fair value using a Monte Carlo simulation valuation model on the date of grant. Performance share awards are accounted for as equity awards and performance units are accounted for as liability-based awards and remeasured each reporting date. Vesting is contingent on meeting certain market conditions based on relative total stockholder return and on meeting internal performance conditions. The performance shares vest at the end of the three-year service period if market and service conditions are met. The existence of a market condition requires recognition of compensation cost for the performance share awards over the requisite period regardless of whether the market condition is satisfied. Performance share units were settled in cash based on the current market price of the common shares when vested. | |||||||||||||||||||
The following table summarizes performance shares and performance units’ activity for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||
Performance Shares | Performance Units | ||||||||||||||||||
Number of | Weighted | Number of | Weighted Average | ||||||||||||||||
Shares | Average | Units | Fair Value | ||||||||||||||||
Grant Date | |||||||||||||||||||
Fair Value | |||||||||||||||||||
Outstanding at December 31, 2011 | 105,929 | $ | 16.29 | 84,539 | $ | 35.41 | |||||||||||||
Granted | 145,508 | 25.78 | 32,498 | — | |||||||||||||||
Vested | (111,703 | ) | 7.96 | (74,845 | ) | 31.17 | |||||||||||||
Cancelled/Forfeited | (30,575 | ) | 42.11 | (7,953 | ) | 49.2 | |||||||||||||
Outstanding at December 31, 2012 | 109,159 | 26.92 | 34,239 | 39.78 | |||||||||||||||
Granted | 173,773 | 23.35 | 34,239 | 38.02 | |||||||||||||||
Vested | (4,160 | ) | 30.97 | (68,478 | ) | 38.02 | |||||||||||||
Cancelled/Forfeited | (68,377 | ) | 34.49 | — | — | ||||||||||||||
Outstanding at December 31, 2013 | 210,395 | 28.04 | — | — | |||||||||||||||
Granted | 358,398 | 12.21 | — | — | |||||||||||||||
Vested | (34,611 | ) | 27.18 | — | — | ||||||||||||||
Cancelled/Forfeited | (17,352 | ) | 27.15 | — | — | ||||||||||||||
Outstanding at December 31, 2014 | 516,830 | $ | 17.61 | — | $ | — | |||||||||||||
At December 31, 2014, there was $2.9 million of unrecognized compensation cost related to performance shares to be recognized over a weighted average period of 1.8 years. | |||||||||||||||||||
Supplemental Incentive Plan | |||||||||||||||||||
During 2014, the Company adopted a supplemental incentive plan, under which benefits are payable upon achievement of certain performance and market conditions. The maximum potential bonus under the plan is $3.8 million, of which $2.8 million may be settled in cash or stock at the Company’s discretion. At December 31, 2014, $0.6 million has been accrued for this plan. |
Retirement_Savings_Plan
Retirement Savings Plan | 12 Months Ended |
Dec. 31, 2014 | |
Postemployment Benefits [Abstract] | |
RETIREMENT SAVINGS PLAN | RETIREMENT SAVINGS PLAN |
The Company has a 401(k) retirement savings plan that covers all eligible U.S. employees. Eligible employees may elect to contribute up to 75% of base salary, subject to ERISA limitations. The Company makes matching contributions equal to 100% of the employee’s contribution up to 4% of the employee's compensation. The Company may also provide a voluntary, noncontributory defined contribution based on a percentage of eligible employee's salary. Total plan expenses recognized for the years ended December 31, 2014, 2013, and 2012 were $2.6 million, $4.1 million, and $4.1 million, respectively. |
Income_and_Mining_Taxes
Income and Mining Taxes | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
INCOME TAXES | INCOME AND MINING TAXES | ||||||||||||||||||||
The components of Income (loss) before income taxes are below: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
in thousands | 2014 | 2013 | 2012 | ||||||||||||||||||
United States | $ | (213,883 | ) | $ | (242,562 | ) | $ | (3,443 | ) | ||||||||||||
Foreign | (1,401,245 | ) | (566,117 | ) | 122,927 | ||||||||||||||||
Total | $ | (1,615,128 | ) | $ | (808,679 | ) | $ | 119,484 | |||||||||||||
The components of the consolidated Income and mining tax (expense) benefit from continuing operations are below: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
in thousands | 2014 | 2013 | 2012 | ||||||||||||||||||
Current: | |||||||||||||||||||||
United States | $ | 904 | $ | 4 | $ | (257 | ) | ||||||||||||||
United States — State mining taxes | (879 | ) | (714 | ) | (2,195 | ) | |||||||||||||||
United States — Foreign withholding tax | (6,250 | ) | 397 | (736 | ) | ||||||||||||||||
Argentina | (71 | ) | (137 | ) | 976 | ||||||||||||||||
Australia | — | (914 | ) | (1,760 | ) | ||||||||||||||||
Mexico | (1,124 | ) | (9,046 | ) | (7,814 | ) | |||||||||||||||
Bolivia | (4,008 | ) | (6,716 | ) | (43,546 | ) | |||||||||||||||
Canada | (145 | ) | (1,936 | ) | — | ||||||||||||||||
Deferred: | |||||||||||||||||||||
Argentina | 24,478 | 8,062 | — | ||||||||||||||||||
Australia | (401 | ) | (2 | ) | (223 | ) | |||||||||||||||
Bolivia | 22,122 | (4,222 | ) | (1,087 | ) | ||||||||||||||||
Canada | 1,807 | — | — | ||||||||||||||||||
Mexico | 417,068 | 94,851 | (10,579 | ) | |||||||||||||||||
United States | 5,743 | 78,489 | (3,586 | ) | |||||||||||||||||
Income tax (expense) benefit | $ | 459,244 | $ | 158,116 | $ | (70,807 | ) | ||||||||||||||
A reconciliation of the Company’s effective tax rate with the federal statutory tax rate for the periods indicated is below: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
in thousands | 2014 | 2013 | 2012 | ||||||||||||||||||
Tax benefit (expense) from continuing operations | $ | 565,295 | $ | 283,038 | $ | (41,819 | ) | ||||||||||||||
State tax provision from continuing operations | 20,253 | 2,245 | (3,151 | ) | |||||||||||||||||
Percentage depletion and related deductions | — | — | 7,461 | ||||||||||||||||||
Change in valuation allowance | (128,344 | ) | (106,802 | ) | (12,651 | ) | |||||||||||||||
Non-deductible imputed interest | — | (214 | ) | (525 | ) | ||||||||||||||||
Uncertain tax positions | (4,425 | ) | (5,209 | ) | (9,849 | ) | |||||||||||||||
U.S. and foreign non-deductible expenses | (4,892 | ) | (2,383 | ) | (4,206 | ) | |||||||||||||||
Foreign exchange rates | 23,672 | 13,937 | (10,416 | ) | |||||||||||||||||
Foreign inflation and indexing | 3,765 | 2,937 | 712 | ||||||||||||||||||
Foreign tax rate differences | (63,930 | ) | (24,108 | ) | 3,967 | ||||||||||||||||
Foreign withholding and other foreign taxes | 91,882 | (100,331 | ) | (5,861 | ) | ||||||||||||||||
Foreign tax credits and other, net | (44,032 | ) | 13,153 | 5,531 | |||||||||||||||||
Change in Mexico permanent reinvestment assertion | — | 81,853 | — | ||||||||||||||||||
$ | 459,244 | $ | 158,116 | $ | (70,807 | ) | |||||||||||||||
At December 31, 2014 and 2013, the significant components of the Company’s deferred tax assets and liabilities are below: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
In thousands | 2014 | 2013 | |||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||
Mineral properties | $ | — | $ | 344,152 | |||||||||||||||||
Mexican mining royalty tax | 7,586 | 76,386 | |||||||||||||||||||
Foreign subsidiaries — unremitted earnings | 45,249 | 182,464 | |||||||||||||||||||
Inventory | 1,100 | 2,746 | |||||||||||||||||||
Property, plant, and equipment, net | — | 33,094 | |||||||||||||||||||
$ | 53,935 | $ | 638,842 | ||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Net operating loss carryforwards | 153,689 | 130,170 | |||||||||||||||||||
Mineral properties | 70,510 | — | |||||||||||||||||||
Property, plant, and equipment | 46,042 | — | |||||||||||||||||||
Foreign subsidiaries — future tax credits | — | 163,947 | |||||||||||||||||||
Royalty and other long-term debt | 5,863 | 11,616 | |||||||||||||||||||
Capital loss carryforwards | 35,251 | 34,930 | |||||||||||||||||||
Asset retirement obligation | 21,586 | 18,589 | |||||||||||||||||||
Unrealized foreign currency loss and other | 8,213 | 9,567 | |||||||||||||||||||
Accrued expenses | 14,773 | 14,756 | |||||||||||||||||||
Tax credit carryforwards | 56,322 | 23,585 | |||||||||||||||||||
412,249 | 407,160 | ||||||||||||||||||||
Valuation allowance | (409,883 | ) | (289,378 | ) | |||||||||||||||||
2,366 | 117,782 | ||||||||||||||||||||
Net deferred tax liabilities | $ | 51,569 | $ | 521,060 | |||||||||||||||||
The Company has evaluated the amount of taxable income and periods over which it must be earned to allow for realization of the deferred tax assets. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon this analysis, the Company has recorded valuation allowances as follows: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
In thousands | 2014 | 2013 | |||||||||||||||||||
U.S. | $ | 305,534 | $ | 236,653 | |||||||||||||||||
Argentina | 21,520 | 17,005 | |||||||||||||||||||
Canada | 2,009 | 4,453 | |||||||||||||||||||
Bolivia | 15,948 | — | |||||||||||||||||||
Mexico | 33,189 | — | |||||||||||||||||||
New Zealand | 28,710 | 27,292 | |||||||||||||||||||
Other | 2,973 | 3,975 | |||||||||||||||||||
$ | 409,883 | $ | 289,378 | ||||||||||||||||||
A reconciliation of the beginning and ending amount related to unrecognized tax benefits is below (in thousands): | |||||||||||||||||||||
Unrecognized tax benefits at January 1, 2013 | $ | 10,511 | |||||||||||||||||||
Gross increase to current period tax positions | 2,231 | ||||||||||||||||||||
Gross increase to prior period tax positions | 2,761 | ||||||||||||||||||||
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statue of limitations | (32 | ) | |||||||||||||||||||
Unrecognized tax benefits at December 31, 2013 | $ | 15,471 | |||||||||||||||||||
Gross increase to current period tax positions | 1,856 | ||||||||||||||||||||
Gross increase to prior period tax positions | 524 | ||||||||||||||||||||
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statue of limitations | (1,767 | ) | |||||||||||||||||||
Unrecognized tax benefits at December 31, 2014 | $ | 16,084 | |||||||||||||||||||
At December 31, 2014, 2013, and 2012, $16.1 million, $14.3 million, and $10.3 million, respectively, of these gross unrecognized benefits would, if recognized, decrease the Company's effective tax rate. The Company is not able to estimate the amount of change in the Company's gross unrecognized tax benefits within the next twelve months. | |||||||||||||||||||||
The Company classifies interest and penalties associated with uncertain tax positions as a component of income tax expense and has recognized interest and penalties of $2.9 million, $4.1 million, and $2.5 million as of 2014, 2013, and 2012, respectively. | |||||||||||||||||||||
The Company files income tax returns in various U.S. federal and state jurisdictions, in all identified foreign jurisdictions and various others. The statute of limitations remains open from 2012 for the US federal jurisdiction and from 2005 for certain other foreign jurisdictions. During 2014, the U.S. Internal Revenue Service concluded its examination of the Company's 2009, 2010, and 2011 tax years. | |||||||||||||||||||||
In the fourth quarter of 2013, the Company made an assertion that earnings are permanently reinvested in its Coeur Mexicana mining operations entity which resulted in an income tax benefit of $81 million. Therefore, at December 31, 2014, no provision has been made for United States federal and state income taxes on the Company's outside tax basis differences in Mexico, which primarily relate to accumulated foreign earnings which have been reinvested and are expected to be reinvested outside the United States indefinitely. | |||||||||||||||||||||
During 2007, the Company incurred an ownership change which generally limits the availability of existing tax attributes, including net operating loss carryforwards to reduce future taxable income. The Company has the following tax attribute carryforwards at December 31, 2014, by jurisdiction (in thousands): | |||||||||||||||||||||
U.S. | Argentina | Canada | Mexico | New Zealand | Other | Total | |||||||||||||||
Regular net operating losses | 245,683 | 16,588 | 1,633 | 49,747 | 102,535 | 22,952 | 439,138 | ||||||||||||||
Alternative minimum tax net operating losses | 117,362 | — | — | — | — | — | 117,362 | ||||||||||||||
Capital losses | 91,019 | — | — | — | — | — | 91,019 | ||||||||||||||
Alternative minimum tax credits | 4,142 | — | — | — | — | — | 4,142 | ||||||||||||||
Foreign tax credits | 52,181 | — | — | — | — | — | 52,181 | ||||||||||||||
The U.S. net operating losses expire from 2019 through 2034 and the Canada net operating losses will expire from 2029 through 2034. The Mexico net operating losses expire from 2017 to 2024, while the remaining net operating losses from the foreign jurisdictions have an indefinite carryforward period. The U.S. capital losses expire in 2015 while the Canada capital losses generally have an indefinite carryforward period. Alternative minimum tax credits do not expire and foreign tax credits expire if unused beginning in 2019. |
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
NET INCOME (LOSS) PER SHARE | NET INCOME (LOSS) PER SHARE | |||||||||||
Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. | ||||||||||||
For the years ended December 31, 2014, 2013, and 2012, 1,871,681, 1,111,021, and 479,767 shares, respectively, of common stock equivalents related to equity-based awards were not included in the diluted per share calculation as the shares would be antidilutive. | ||||||||||||
The 3.25% Convertible Senior Notes were not included in the computation of diluted net income (loss) per share for the years ended December 31, 2014, 2013, and 2012 because there is no excess value upon conversion over the principal amount of the Notes. | ||||||||||||
Year ended December 31, | ||||||||||||
In thousands except per share amounts | 2014 | 2013 | 2012 | |||||||||
Net income (loss) available to common stockholders | $ | (1,155,884 | ) | $ | (650,563 | ) | $ | 48,677 | ||||
Weighted average shares: | ||||||||||||
Basic | 102,441 | 97,864 | 89,437 | |||||||||
Effect of stock-based compensation plans | — | — | 166 | |||||||||
Diluted | 102,441 | 97,864 | 89,603 | |||||||||
Income (loss) per share: | ||||||||||||
Basic | $ | (11.28 | ) | $ | (6.65 | ) | $ | 0.54 | ||||
Diluted | $ | (11.28 | ) | $ | (6.65 | ) | $ | 0.54 | ||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS | |||||||||||||||||||||||
The following table presents the components of Fair value adjustments, net: | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
In thousands | 2014 | 2013 | 2012 | |||||||||||||||||||||
Palmarejo royalty obligation embedded derivative | $ | (2,001 | ) | $ | 76,200 | $ | (31,053 | ) | ||||||||||||||||
Rochester NSR royalty obligation | 3,653 | 416 | — | |||||||||||||||||||||
Silver and gold options | 1,058 | 7,119 | 4,302 | |||||||||||||||||||||
Foreign exchange contracts | 908 | (967 | ) | 3,264 | ||||||||||||||||||||
Fair value adjustments, net | $ | 3,618 | $ | 82,768 | $ | (23,487 | ) | |||||||||||||||||
Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3). | ||||||||||||||||||||||||
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: | ||||||||||||||||||||||||
Fair Value at December 31, 2014 | ||||||||||||||||||||||||
In thousands | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Short-term investments | $ | 138 | $ | 138 | $ | — | $ | — | ||||||||||||||||
Equity securities | 5,982 | 4,603 | — | 1,379 | ||||||||||||||||||||
Silver and gold options | 3,882 | — | 3,882 | — | ||||||||||||||||||||
$ | 10,002 | $ | 4,741 | $ | 3,882 | $ | 1,379 | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Palmarejo royalty obligation embedded derivative | $ | 21,912 | $ | — | $ | — | $ | 21,912 | ||||||||||||||||
Rochester NSR royalty obligation | 15,370 | — | — | 15,370 | ||||||||||||||||||||
Silver and gold options | 1,039 | — | 1,039 | — | ||||||||||||||||||||
Other derivative instruments, net | 805 | — | 805 | — | ||||||||||||||||||||
$ | 39,126 | $ | — | $ | 1,844 | $ | 37,282 | |||||||||||||||||
Fair Value at December 31, 2013 | ||||||||||||||||||||||||
In thousands | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Equity securities | $ | 14,521 | $ | 14,521 | $ | — | $ | — | ||||||||||||||||
Silver and gold options | 135 | — | 135 | — | ||||||||||||||||||||
$ | 14,656 | $ | 14,521 | $ | 135 | $ | — | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Palmarejo royalty obligation embedded derivative | $ | 40,338 | $ | — | $ | — | $ | 40,338 | ||||||||||||||||
Rochester NSR royalty obligation | 21,630 | — | — | 21,630 | ||||||||||||||||||||
Other derivative instruments, net | 1,591 | — | 1,591 | — | ||||||||||||||||||||
$ | 63,559 | $ | — | $ | 1,591 | $ | 61,968 | |||||||||||||||||
The Company’s short-term investments and investments in equity securities are recorded at fair market value in the financial statements based primarily on quoted market prices. Such instruments are classified within Level 1 of the fair value hierarchy. For certain of the equity securities quoted market prices are not available. These securities are valued using pricing models which require the use of observable and unobservable inputs. In 2014, these securities were reclassified from Level 1 to Level 3 in the fair value hierarchy. | ||||||||||||||||||||||||
The Company’s silver and gold options and other derivative instruments, net, which relate to concentrate sales contracts and foreign exchange contracts, are valued using pricing models, which require inputs that are derived from observable market data, including contractual terms, forward market prices, yield curves, credit spreads, and other unobservable inputs. The model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. | ||||||||||||||||||||||||
The estimated fair value of the Palmarejo royalty obligation embedded derivative and Rochester NSR royalty obligation was estimated based on observable market data including contractual terms, forward silver and gold prices, yield curves and credit spreads. The Company’s current mine plans are a significant unobservable input used in the estimated fair value of the Palmarejo royalty obligation embedded derivative and Rochester NSR royalty obligation. Therefore, the Company has classified the Palmarejo royalty obligation embedded derivative and Rochester NSR royalty obligation as Level 3 financial liabilities. Based on the current mine plans, expected royalty durations of 1.7 years and 3.2 years were used to estimate the fair value of the Palmarejo royalty obligation embedded derivative and Rochester NSR royalty obligation, respectively, at December 31, 2014. | ||||||||||||||||||||||||
The following tables present the changes in the fair value of the Company's Level 3 financial liabilities for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||
In thousands | Balance at the beginning of the period | Additions | Revaluation | Settlements | Transfers from Level 1 | Balance at the | ||||||||||||||||||
end of the | ||||||||||||||||||||||||
period | ||||||||||||||||||||||||
Palmarejo royalty obligation embedded derivative | $ | 40,338 | $ | — | $ | 2,001 | $ | (20,427 | ) | $ | — | $ | 21,912 | |||||||||||
Rochester NSR royalty obligation | 21,630 | — | (3,653 | ) | (2,607 | ) | — | 15,370 | ||||||||||||||||
Equity securities | — | 69 | (55 | ) | — | 1,365 | 1,379 | |||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||
In thousands | Balance at the beginning of the period | Additions | Revaluation | Settlements | Transfers from Level 2 | Balance at the | ||||||||||||||||||
end of the | ||||||||||||||||||||||||
period | ||||||||||||||||||||||||
Palmarejo royalty obligation embedded derivative | $ | — | $ | — | $ | (76,200 | ) | $ | (28,560 | ) | $ | 145,098 | $ | 40,338 | ||||||||||
Rochester NSR royalty obligation | — | 22,046 | (416 | ) | — | — | 21,630 | |||||||||||||||||
During 2014, Coeur recorded write-downs related to Property, plant, and equipment and Mining properties totaling $1,472.7 million ($1,021.8 million net of tax). The fair values of Property, plant, and equipment and Mining properties were estimated using a discounted cash flow approach. The discounted cash flow model used significant unobservable inputs and is therefore classified within Level 3 for the fair value hierarchy. The following table sets forth the quantitative and qualitative information related to the unobservable inputs used in the calculation of the Company's non-recurring Level 3 fair value measurements: | ||||||||||||||||||||||||
Description | Valuation technique | Unobservable input | Range / Weighted Average | |||||||||||||||||||||
Property, plant, and equipment and Mining properties | Discounted cash flow | Discount rate | 8.0% - 10.75% | |||||||||||||||||||||
Long-term silver price | $19.00 | |||||||||||||||||||||||
Long-term gold price | $1,275 | |||||||||||||||||||||||
During 2013, Coeur recorded write-downs related to Property, plant, and equipment and Mining properties totaling $773.0 million ($593.2 million net of tax). The fair values of Property, plant, and equipment and Mining properties were estimated using a discounted cash flow approach. The discounted cash flow model used significant unobservable inputs and is therefore classified within Level 3 for the fair value hierarchy. The following table sets forth the quantitative and qualitative information related to the unobservable inputs used in the calculation of the Company's non-recurring Level 3 fair value measurements: | ||||||||||||||||||||||||
Description | Valuation technique | Unobservable input | Range / Weighted Average | |||||||||||||||||||||
Property, plant, and equipment and Mining properties | Discounted cash flow | Discount rate | 8.5% - 10.5% | |||||||||||||||||||||
Long-term silver price | $25.00 | |||||||||||||||||||||||
Long-term gold price | $1,450 | |||||||||||||||||||||||
The fair value of financial assets and liabilities carried at book value in the financial statements at December 31, 2014 and December 31, 2013 is presented in the following table: | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
In thousands | Book Value | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
3.25% Convertible Senior Notes due 2028 | $ | 5,334 | $ | 4,979 | $ | — | $ | 4,979 | $ | — | ||||||||||||||
7.875% Senior Notes due 2021 | 437,454 | 343,305 | — | 343,305 | — | |||||||||||||||||||
San Bartolomé Line of Credit | 14,785 | 14,785 | — | 14,785 | — | |||||||||||||||||||
Palmarejo gold production royalty obligation | 34,047 | 38,290 | — | — | 38,290 | |||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
In thousands | Book Value | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
3.25% Convertible Senior Notes due 2028 | $ | 5,334 | $ | 5,067 | $ | 5,067 | $ | — | $ | — | ||||||||||||||
7.875% Senior Notes due 2021 | 300,000 | 307,314 | 307,314 | — | — | |||||||||||||||||||
Palmarejo gold production royalty obligation | 51,193 | 65,212 | — | — | 65,212 | |||||||||||||||||||
The fair value at December 31, 2014 and December 31, 2013 of the 3.25% Convertible Senior Notes and 7.875% Senior Notes outstanding were estimated using quoted market prices. The fair value of debt was transferred to Level 2 from Level 1 of the fair value hierarchy in 2014 due to observability of quoted market prices. | ||||||||||||||||||||||||
The San Bartolomé line of credit was originated by a third party at December 31, 2014 and, as a result, book value is assumed to be fair value. | ||||||||||||||||||||||||
The fair value of the Palmarejo gold production royalty obligation is estimated based on observable market data including contractual terms, forward silver and gold prices, yield curves, and credit spreads. The Company’s current mine plan is a significant input used in the estimated fair value of the Palmarejo gold production royalty obligation and is considered company specific and unobservable. Therefore, the Company has classified the Palmarejo gold production royalty obligation as a Level 3 financial liability. Based on the current mine plan, an expected royalty duration of 1.7 years was used to estimate the fair value of the Palmarejo gold production royalty obligation at December 31, 2014. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||||||
Palmarejo Gold Production Royalty | ||||||||||||||||
On January 21, 2009, the Company's subsidiary, Coeur Mexicana S.A. de C.V. ("Coeur Mexicana"), entered into a gold production royalty agreement with a subsidiary of Franco-Nevada Corporation. The royalty covers 50% of the life of mine production from the Palmarejo mine and adjacent properties. The royalty transaction includes a minimum obligation of 4,167 gold ounces per month and terminates when payments of 400,000 gold ounces have been made. At December 31, 2014, a total of 84,915 gold ounces remain outstanding under the original obligation. | ||||||||||||||||
The price volatility associated with the minimum royalty obligation is considered an embedded derivative. The Company is required to recognize the change in fair value of the remaining minimum obligation due to changing gold prices. Unrealized gains are recognized in periods when the gold price has decreased from the previous period and unrealized losses are recognized in periods when the gold price increases. The fair value of the embedded derivative is reflected net of the Company's current credit adjusted risk free rate, which was 11.8% and 5.7% at December 31, 2014 and December 31, 2013, respectively. The fair value of the embedded derivative at December 31, 2014 and December 31, 2013 was a liability of $21.9 million and $40.3 million, respectively. For the years ended December 31, 2014, 2013, and 2012 the fair value adjustments were gains of $18.4 million, $104.8 million, and $14.3 million. | ||||||||||||||||
Payments on the royalty obligation decrease the carrying amount of the minimum obligation and the derivative liability. Each monthly payment is an amount equal to the greater of the minimum of 4,167 ounces of gold or 50% of the actual gold production per month multiplied by the excess of the monthly average market price of gold above $408 per ounce, subject to a 1% annual inflation adjustment. For the years ended December 31, 2014, 2013, and 2012, realized losses on settlement of the liabilities were $20.4 million, $28.6 million, and $45.4 million, respectively. The fair value adjustments and realized losses are included in Fair value adjustments, net. | ||||||||||||||||
Foreign Exchange Contracts | ||||||||||||||||
At December 31, 2014, the Company had no outstanding call and put option contracts, or collars. At December 31, 2013, the Company had MXN foreign exchange forward contracts on $12.0 million in U.S. dollars. These contracts required the Company to exchange U.S. dollars for MXN at a weighted average exchange rate of 12.21 MXN to each U.S. dollar and the fair value of those contracts was a liability of $0.9 million at December 31, 2013. In addition, at December 31, 2013, the Company had outstanding collars on $45.0 million with a weighted-average strike price of 12.60 MXN for the floor and 14.80 MXN for the ceiling. The fair value of these contracts was nil at December 31, 2013. | ||||||||||||||||
For the years ended December 31, 2014, 2013, and 2012, the Company recorded mark-to-market gains of nil, losses of $1.0 million, and gains of $3.3 million, respectively, on MXN forward contracts and collars. These mark-to-market adjustments are reflected in Fair value adjustments, net. For the years ended December 31, 2014, 2013, and 2012, the Company recorded realized losses of $0.9 million, realized gains of $0.6 million, and realized losses of $1.6 million, respectively, in Costs applicable to sales. | ||||||||||||||||
Provisional Gold and Silver Sales | ||||||||||||||||
The Company's sales to third-party smelters, in general, provide for a provisional payment based upon preliminary assays and forward metal prices. The provisionally priced sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of concentrates at the forward price at the time of sale. The embedded derivatives do not qualify for hedge accounting and are marked to market through earnings each period until final settlement. Changes in silver and gold prices resulted in provisional pricing mark-to-market losses of $0.1 million, losses of $2.0 million, and gains of $1.7 million in the years ended December 31, 2014, 2013, and 2012, respectively. At December 31, 2014, the Company had outstanding provisionally priced sales of 0.6 million ounces of silver and 29,137 ounces of gold at prices of $16.35 and $1,221, respectively. | ||||||||||||||||
Silver and Gold Options | ||||||||||||||||
At December 31, 2014, the Company has outstanding put spread contracts on 1,250,000 ounces of silver and 24,000 ounces of gold. The weighted average high and low strike prices on the silver put spreads are $18.00 per ounce and $16.00 per ounce, respectively. The weighted average high and low strike prices on the gold put spreads are $1,200 and $1,050, respectively. | ||||||||||||||||
If the market price of silver and gold were to average less than the high strike price but more than the low strike price during the contract period, the Company would receive the difference between the average market price and the high strike price for the contracted volume over the contract period. If the market price of silver and gold were to average less than the low strike price during the contract period, the Company would receive the difference between the average market price and the high strike price for the contracted volume over the contract period, and the Company would be required to pay the difference between the average market price and the low strike price for the contracted volume over the contract period. | ||||||||||||||||
The put spread contracts are generally net cash settled and expire in the first quarter of 2015. At December 31, 2014, the fair market value of the put spreads was a net asset of $2.8 million. | ||||||||||||||||
At December 31, 2013, the Company had outstanding put options allowing it to net settle 25,000 ounces of gold and 1,250,000 ounces of silver at weighted average prices of $1,150 per ounce and $17.00 per ounce, respectively, if the market price of gold or silver were to average less than the strike price during the contract period. At December 31, 2013, the fair market value of these contracts was a net asset of $0.1 million. | ||||||||||||||||
During the years ended December 31, 2014, 2013, and 2012, the Company recorded unrealized gains of $1.5 million, unrealized gains of $8.9 million, and unrealized gains of $8.6 million, respectively, related to outstanding options which was included in Fair value adjustments, net. The Company also recognized realized losses of $0.6 million, nil, and nil, respectively, resulting from expiring and terminated contracts during the years ended December 31, 2014, 2013, and 2012. | ||||||||||||||||
At December 31, 2014, the Company had the following derivative instruments that settle in each of the years indicated: | ||||||||||||||||
In thousands except average prices and notional ounces | 2015 | 2016 | Thereafter | |||||||||||||
Palmarejo gold production royalty | $ | 41,981 | $ | 23,779 | $ | — | ||||||||||
Average gold price in excess of minimum contractual deduction | $ | 775 | $ | 774 | $ | — | ||||||||||
Notional ounces | 54,171 | 30,744 | — | |||||||||||||
Silver concentrate sales contracts | $ | 10,392 | $ | — | $ | — | ||||||||||
Average silver price | $ | 16.35 | $ | — | $ | — | ||||||||||
Notional ounces | 635,614 | — | — | |||||||||||||
Gold concentrate sales contracts | $ | 35,576 | $ | — | $ | — | ||||||||||
Average gold price | $ | 1,221 | $ | — | $ | — | ||||||||||
Notional ounces | 29,137 | — | — | |||||||||||||
Gold put options purchased | $ | 14,400 | $ | — | $ | — | ||||||||||
Average gold strike price | $ | 1,200 | $ | — | $ | — | ||||||||||
Notional ounces | 12,000 | — | — | |||||||||||||
Silver put options purchased | $ | 11,250 | $ | — | $ | — | ||||||||||
Average silver strike price | $ | 18 | $ | — | $ | — | ||||||||||
Notional ounces | 625,000 | — | — | |||||||||||||
Gold put options sold | $ | (12,600 | ) | $ | — | $ | — | |||||||||
Average gold strike price | $ | 1,050 | $ | — | $ | — | ||||||||||
Notional ounces | 12,000 | — | — | |||||||||||||
Silver put options sold | $ | (10,000 | ) | $ | — | $ | — | |||||||||
Average silver strike price | $ | 16 | $ | — | $ | — | ||||||||||
Notional ounces | 625,000 | — | — | |||||||||||||
The following summarizes the classification of the fair value of the derivative instruments: | ||||||||||||||||
December 31, 2014 | ||||||||||||||||
In thousands | Prepaid expenses and other | Accrued liabilities and other | Current portion of royalty obligation | Non-current portion of royalty obligation | ||||||||||||
Palmarejo gold production royalty | $ | — | $ | — | $ | 14,405 | $ | 7,507 | ||||||||
Silver and gold options | 3,882 | 1,039 | ||||||||||||||
Concentrate sales contracts | 43 | 848 | ||||||||||||||
$ | 3,925 | $ | 1,887 | $ | 14,405 | $ | 7,507 | |||||||||
December 31, 2013 | ||||||||||||||||
Prepaid expenses and other | Accrued liabilities and other | Current portion of royalty obligation | Non-current portion of royalty obligation | |||||||||||||
Foreign exchange contracts | $ | 38 | $ | 947 | $ | — | $ | — | ||||||||
Palmarejo gold production royalty | — | — | 17,650 | 22,688 | ||||||||||||
Silver and gold options | 135 | — | — | — | ||||||||||||
Concentrate sales contracts | 11 | 693 | — | — | ||||||||||||
$ | 184 | $ | 1,640 | $ | 17,650 | $ | 22,688 | |||||||||
The following represent mark-to-market gains (losses) on derivative instruments for the years ended December 31, 2014, 2013, and 2012 (in thousands): | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
Financial statement line | Derivative | 2014 | 2013 | 2012 | ||||||||||||
Sales of metal | Concentrate sales contracts | $ | (123 | ) | $ | (1,995 | ) | $ | 1,682 | |||||||
Costs applicable to sales | Foreign exchange contracts | 924 | 589 | (1,621 | ) | |||||||||||
Fair value adjustments, net | Foreign exchange contracts | (16 | ) | (985 | ) | 3,264 | ||||||||||
Fair value adjustments, net | Palmarejo gold royalty | (2,001 | ) | 76,200 | (31,053 | ) | ||||||||||
Fair value adjustments, net | Silver and gold options | 1,058 | 7,119 | 4,302 | ||||||||||||
$ | (158 | ) | $ | 80,928 | $ | (23,426 | ) | |||||||||
Credit Risk | ||||||||||||||||
The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with financial institutions management deems credit worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties. In addition, to allow for situations where derivative positions may need to be revised, the Company transacts only in markets that management considers highly liquid. |
Acquisitions
Acquisitions | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Business Combinations [Abstract] | ||||
ACQUISITIONS | ACQUISITIONS | |||
On December 16, 2014, the Company entered into a merger agreement under which it will issue, in exchange for each issued and outstanding share of Paramount Gold and Silver Corp. ("Paramount"), 0.2016 shares of common stock of the Company, subject to closing conditions being satisfied. Immediately prior to completion of the merger, Paramount will spin-off to its existing stockholders a separate, publicly traded company, expected to be named Paramount Nevada Gold Corp. (“SpinCo”), a subsidiary that owns the Sleeper Gold Project and other assets in Nevada. As part of the transaction, subject to satisfaction of closing conditions, Coeur will make a loan to Paramount in the principal amount of $8.5 million and Paramount will contribute all of the proceeds of such loan to SpinCo as an equity contribution, and SpinCo will issue to Coeur, in exchange for a cash payment by Coeur in the amount of $1.5 million, newly issued shares of SpinCo common stock amounting to 4.9% of the outstanding SpinCo common stock after issuance. | ||||
On December 16, 2014, the Company acquired a 0.7% NSR royalty on Paramount's San Miguel project in a separate transaction not conditioned on the successful acquisition of Paramount for $5.3 million. | ||||
On July 2, 2014, the Company acquired a pre-existing 3.0% NSR royalty on the La Preciosa silver-gold project for $12.0 million. | ||||
On May 27, 2014, the Company's subsidiary, Coeur Capital, Inc., entered into an NSR royalty agreement with Northair Silver Corp. (formerly, International Northair Mines, Ltd., "Northair"). Pursuant to the agreement, the Company paid $2.2 million cash on May 27, 2014 for a 1.25% NSR and $1.8 million on September 2, 2014 for an additional 1.25% NSR royalty payable on future production from Northair's La Cigarra silver project located in north central Mexico. | ||||
The Company completed the acquisition of Global Royalty Corporation (“GRC”) on December 13, 2013. The transaction was accounted for as a business combination. Upon completion of the acquisition, the Company holds NSRs on the El Gallo complex in Mexico and the Zaruma mine in Ecuador. The Company incurred $0.3 million of acquisition-related costs in 2013 related to the acquisition of GRC which are included in General and administrative expense in the Consolidated Statement of Comprehensive Income (Loss). | ||||
Total consideration paid and fair value of assets acquired in the GRC acquisition are as follows (in thousands): | ||||
Total purchase price | 26,047 | |||
Total liabilities assumed | 8,605 | |||
Total consideration | $ | 34,652 | ||
Total assets acquired | $ | 34,652 | ||
On April 16, 2013, the Company completed its acquisition of Orko Silver Corporation (“Orko”). As a result of the acquisition, the Company owns the La Preciosa silver-gold project in the state of Durango, Mexico. The transaction was accounted for as a purchase of mineral interests since La Preciosa is an exploration stage project. | ||||
Total consideration paid and fair value of assets acquired in the Orko acquisition are as follows (in thousands): | ||||
Total purchase price | 295,841 | |||
Total liabilities assumed | 116,955 | |||
Total consideration | $ | 412,796 | ||
Total assets acquired | $ | 412,796 | ||
Investments
Investments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Investment in Marketable Securities [Abstract] | |||||||||||||||||||||
INVESTMENTS | INVESTMENTS | ||||||||||||||||||||
The Company invests part of its cash balances in a managed portfolio of liquid investments, including highly-rated corporate bonds, classified as short-term investments. The Company also invests in equity securities of silver and gold exploration and development companies. These investments are classified as available-for-sale and are measured at fair value in the financial statements with unrealized gains and losses recorded in Other comprehensive income (loss). | |||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||
In thousands | Cost | Gross | Gross | Estimated | |||||||||||||||||
Unrealized | Unrealized | Fair Value | |||||||||||||||||||
Losses | Gains | ||||||||||||||||||||
Equity securities | $ | 5,687 | $ | (8 | ) | $ | 303 | $ | 5,982 | ||||||||||||
At December 31, 2013 | |||||||||||||||||||||
In thousands | Cost | Gross | Gross | Estimated | |||||||||||||||||
Unrealized | Unrealized | Fair Value | |||||||||||||||||||
Losses | Gains | ||||||||||||||||||||
Equity securities | $ | 17,649 | $ | (3,300 | ) | $ | 172 | $ | 14,521 | ||||||||||||
The following table summarizes the gross unrealized losses on investment securities for which other-than-temporary impairments have not been recognized and the fair values of those securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at December 31, 2014: | |||||||||||||||||||||
Less than twelve months | Twelve months or more | Total | |||||||||||||||||||
In thousands | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | |||||||||||||||
Equity securities | $ | (8 | ) | $ | 38 | $ | — | $ | — | $ | (8 | ) | $ | 38 | |||||||
During 2014, the Company sold $49.1 million of short-term investments and $5.2 million of equity securities which resulted in the recognition of a realized loss of $0.6 million. The Company recognized net of tax unrealized losses of $2.3 million, $8.5 million, and $3.4 million in the years ended December 31, 2014, 2013, and 2012, respectively, in Other comprehensive income (loss). The Company performs a quarterly assessment on each of its equity securities with unrealized losses to determine if the security is other than temporarily impaired. The Company recorded other-than-temporary impairment losses of $6.6 million, $18.3 million and $0.6 million in the years ended December 31, 2014, 2013, and 2012, respectively. |
Receivables
Receivables | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Receivables [Abstract] | ||||||||
RECEIVABLES | RECEIVABLES | |||||||
Receivables consist of the following: | ||||||||
In thousands | December 31, 2014 | December 31, 2013 | ||||||
Current receivables: | ||||||||
Trade receivables | $ | 20,448 | $ | 17,303 | ||||
Income tax receivable | 30,045 | 8,363 | ||||||
Value added tax receivable | 63,805 | 49,168 | ||||||
Other | 2,623 | 6,240 | ||||||
$ | 116,921 | $ | 81,074 | |||||
Non-current receivables: | ||||||||
Value added tax receivable | $ | 21,686 | $ | 36,574 | ||||
Total Receivables | $ | 138,607 | $ | 117,648 | ||||
Inventory_and_Ore_on_Leach_Pad
Inventory and Ore on Leach Pads | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
INVENTORY AND ORE ON LEACH PADS | INVENTORY AND ORE ON LEACH PADS | |||||||
Inventory consists of the following: | ||||||||
In thousands | December 31, 2014 | December 31, 2013 | ||||||
Inventory: | ||||||||
Concentrate | $ | 23,563 | $ | 14,855 | ||||
Precious metals | 40,870 | 52,250 | ||||||
Supplies | 50,498 | 64,918 | ||||||
$ | 114,931 | $ | 132,023 | |||||
Ore on Leach Pads: | ||||||||
Current | $ | 48,204 | $ | 50,495 | ||||
Non-Current | 37,889 | 31,528 | ||||||
$ | 86,093 | $ | 82,023 | |||||
Total Inventory and Ore on Leach Pads | $ | 201,024 | $ | 214,046 | ||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT, AND EQUIPMENT | |||||||
Property, plant, and equipment consist of the following: | ||||||||
In thousands | December 31, 2014 | December 31, 2013 | ||||||
Land | $ | 1,752 | $ | 1,764 | ||||
Facilities and equipment | 647,181 | 855,318 | ||||||
Capital leases | 28,680 | 16,133 | ||||||
677,613 | 873,215 | |||||||
Accumulated amortization | (464,852 | ) | (395,520 | ) | ||||
212,761 | 477,695 | |||||||
Construction in progress | 15,150 | 8,578 | ||||||
Property, plant, and equipment, net | $ | 227,911 | $ | 486,273 | ||||
Rent expense for operating lease agreements was $11.2 million, $16.7 million and $14.1 million for the years ended December 31, 2014, 2013, and 2012, respectively. |
Mining_Properties
Mining Properties | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Mining Properties [Abstract] | ||||||||||||||||||||||||||||||||
MINING PROPERTIES | MINING PROPERTIES | |||||||||||||||||||||||||||||||
Mining properties consist of the following (in thousands): | ||||||||||||||||||||||||||||||||
December 31, 2014 | Palmarejo | San | Kensington | Rochester | La Preciosa | Joaquin | Coeur Capital | Total | ||||||||||||||||||||||||
Bartolomé | ||||||||||||||||||||||||||||||||
Mine development | $ | 137,821 | $ | 49,305 | $ | 217,138 | $ | 153,535 | $ | — | $ | — | $ | — | $ | 557,799 | ||||||||||||||||
Accumulated amortization | (121,906 | ) | (26,106 | ) | (106,865 | ) | (113,533 | ) | — | — | — | (368,410 | ) | |||||||||||||||||||
15,915 | 23,199 | 110,273 | 40,002 | — | — | — | 189,389 | |||||||||||||||||||||||||
Mineral interests | 521,349 | 17,560 | — | — | 49,059 | 10,000 | 81,461 | 679,429 | ||||||||||||||||||||||||
Accumulated amortization | (332,032 | ) | (10,143 | ) | — | — | — | — | (25,451 | ) | (367,626 | ) | ||||||||||||||||||||
189,317 | 7,417 | — | — | 49,059 | 10,000 | 56,010 | 311,803 | |||||||||||||||||||||||||
Mining properties, net | $ | 205,232 | $ | 30,616 | $ | 110,273 | $ | 40,002 | $ | 49,059 | $ | 10,000 | $ | 56,010 | $ | 501,192 | ||||||||||||||||
December 31, 2013 | Palmarejo | San | Kensington | Rochester | La Preciosa | Joaquin | Coeur Capital | Total | ||||||||||||||||||||||||
Bartolomé | ||||||||||||||||||||||||||||||||
Mine development | $ | 151,845 | $ | 70,761 | $ | 268,351 | $ | 150,348 | $ | — | $ | — | $ | — | $ | 641,305 | ||||||||||||||||
Accumulated amortization | (110,143 | ) | (22,236 | ) | (80,032 | ) | (103,130 | ) | — | — | — | (315,541 | ) | |||||||||||||||||||
41,702 | 48,525 | 188,319 | 47,218 | — | — | — | 325,764 | |||||||||||||||||||||||||
Mineral interests | 1,146,572 | 26,643 | — | — | 408,352 | 93,429 | 78,133 | 1,753,129 | ||||||||||||||||||||||||
Accumulated amortization | (300,187 | ) | (8,759 | ) | — | — | — | — | (18,446 | ) | (327,392 | ) | ||||||||||||||||||||
846,385 | 17,884 | — | — | 408,352 | 93,429 | 59,687 | 1,425,737 | |||||||||||||||||||||||||
Mining properties, net | $ | 888,087 | $ | 66,409 | $ | 188,319 | $ | 47,218 | $ | 408,352 | $ | 93,429 | $ | 59,687 | $ | 1,751,501 | ||||||||||||||||
The Palmarejo mine is an underground and open pit silver and gold mine located in the State of Chihuahua in northern Mexico, and the company controls a large portion of the properties surrounding the mine. The Palmarejo mine commenced production in April 2009. | ||||||||||||||||||||||||||||||||
The San Bartolomé mine is a silver mine located near the city of Potosi, Bolivia. The mineral rights for the San Bartolomé project are held through long-term joint venture/lease agreements with several local independent mining co-operatives and the Bolivian state owned mining organization, (“COMIBOL”). The Company commenced commercial production at San Bartolomé in June 2008. | ||||||||||||||||||||||||||||||||
The Kensington mine is an underground gold mine and consists of the Kensington and adjacent Jualin properties located north-northwest of Juneau, Alaska. The Company commenced commercial production in July 2010. | ||||||||||||||||||||||||||||||||
The Company has conducted operations at the Rochester silver and gold mine, located in northwestern Nevada, since September 1986. The mine utilizes the heap-leaching process to extract both silver and gold from ore mined using open pit methods. | ||||||||||||||||||||||||||||||||
The La Preciosa silver and gold project is located in the State of Durango in northern Mexico. The Company completed a feasibility study in 2014 and has deferred construction activities until expected returns improve. | ||||||||||||||||||||||||||||||||
The Joaquin silver and gold project is located in the Santa Cruz province of southern Argentina. The Company commenced exploration of the property located north of the Company's Martha silver mine in November 2007. | ||||||||||||||||||||||||||||||||
The Company's mineral interests held by Coeur Capital primarily consist of the Endeavor silver stream acquired by the Company in May 2005 and amended in March 2006, under which the Company owns all silver production and reserves up to a total of 20.0 million payable ounces at the Endeavor mine in Australia, which is owned and operated by Cobar Operations Pty. Limited, a wholly-owned subsidiary of CBH Resources Ltd. The Company has received 5.4 million payable ounces to-date and the current ore reserve contains 1.7 million payable ounces. | ||||||||||||||||||||||||||||||||
Coeur Capital also holds royalties on McEwen Mining Inc.’s El Gallo/Magistral mine in Mexico, currently paying a 3.5% NSR royalty, a 1.5% NSR royalty on Dynasty Metals & Mining, Inc.’s Zaruma mine in Ecuador, a 2.0% NSR royalty on Mandalay Resources Corp.’s Cerro Bayo mine in Chile, and royalties on other non-producing properties. Another Coeur subsidiary owns an 80% interest in a 2.5% royalty on Newmont Mining Corporation's Correnso mine in New Zealand. Royalty revenue is immaterial to the Company. |
Debt
Debt | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
DEBT | DEBT | |||||||||||||||
Long-term debt and capital lease obligations at December 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||
In thousands | Current | Non-Current | Current | Non-Current | ||||||||||||
3.25% Convertible Senior Notes due 2028 | $ | 5,334 | $ | — | $ | — | $ | 5,334 | ||||||||
7.875% Senior Notes due 2021 | — | 437,454 | — | 300,000 | ||||||||||||
San Bartolomé Letter of Credit | 4,481 | 10,304 | — | — | ||||||||||||
Capital lease obligations | 7,683 | 13,141 | 2,505 | 796 | ||||||||||||
$ | 17,498 | $ | 460,899 | $ | 2,505 | $ | 306,130 | |||||||||
Minimum future lease payments under capital and operating leases with terms longer than one year are $12.8 million in 2015, $12.0 million in 2016, $6.1 million in 2017, $4.6 million in 2018, $4.7 million in 2019, and $6.0 million thereafter. | ||||||||||||||||
7.875% Senior Notes due 2021 | ||||||||||||||||
During the year ended December 31, 2014, the Company repurchased $15.1 million in aggregate principal amount of its 7.875% Senior Notes due 2021 (the "Senior Notes"), resulting in a balance of $437.5 million at December 31, 2014. | ||||||||||||||||
On March 12, 2014, the Company completed a follow-on offering of $150 million in aggregate principal amount of its Senior Notes (the “Additional Notes”) in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). The Additional Notes constitute a further issuance of the Original Notes (as defined below) and form a single series of debt securities with the Original Notes. Upon completion of Coeur’s offering of the Additional Notes, the aggregate principal amount of the outstanding Senior Notes was $450 million. The Company commenced an exchange offer for the Additional Notes on April 10, 2014 to exchange the Additional Notes for freely transferable notes containing substantially similar terms, in accordance with the registration rights granted to the holders of the Additional Notes when they were issued. The exchange offer was consummated on May 9, 2014. | ||||||||||||||||
On January 29, 2013, the Company completed an offering of $300 million in aggregate principal amount of 7.875% Senior Notes due 2021 (the “Original Notes”) in a private placement conducted pursuant to the Securities Act. The Company commenced an exchange offer for the Original Notes on September 30, 2013 to exchange the Original Notes for freely transferable notes containing substantially similar terms, in accordance with the registration rights granted to the holders of the Original Notes when they were issued. The exchange offer was consummated on November 5, 2013. | ||||||||||||||||
3.25% Convertible Senior Notes due 2028 | ||||||||||||||||
Per the indenture governing the 3.25% Convertible Senior Notes due 2028 (the “Convertible Notes”), the Company announced on February 13, 2013 that it was offering to repurchase all of the Convertible Notes. As of February 12, 2013, there was $48.7 million aggregate principal amount of Convertible Notes outstanding. The Company repurchased $43.3 million in aggregate principal amount, leaving a balance of $5.3 million at December 31, 2014. The Convertible Notes are classified as current liabilities at December 31, 2014 as a result of the holders' option to require the Company to repurchase the notes on March 15, 2015. | ||||||||||||||||
Revolving Credit Facility | ||||||||||||||||
On August 1, 2012, Coeur Alaska, Inc. and Coeur Rochester, Inc. (the “Borrowers”), each a wholly-owned subsidiary of the Company, entered into a Credit Agreement (as subsequently amended on January 16, 2014, the “Credit Agreement”) by and among the Company, the Borrowers, the lenders party thereto and Wells Fargo Bank, N.A., as administrative agent. The Credit Agreement provided for a senior secured revolving credit facility (the “Revolving Credit Facility”) in an aggregate principal amount of up to $100.0 million, which principal amount may be increased, subject to receiving additional commitments therefor, by up to $50.0 million. | ||||||||||||||||
On March 20, 2014, the Borrowers notified the administrative agent that they were terminating the Revolving Credit Facility, effective March 25, 2014. The Company wrote off $3.0 million related to the termination of the Credit Agreement in the year ended December 31, 2014. No amounts were outstanding under the Revolving Credit Facility at the time of termination, and no early termination penalty was payable in connection with the termination. | ||||||||||||||||
Lines of Credit | ||||||||||||||||
At December 31, 2014, San Bartolomé had two outstanding lines of credit. The first line of credit is for $12.0 million bearing interest at 6.0% per annum, maturing in 360 days. The second line of credit is for $15.0 million bearing interest at 6.0%, maturing in three years. Both lines of credit are secured with machinery and equipment. There is an aggregate outstanding balance of $14.8 million on both lines of credit at December 31, 2014. | ||||||||||||||||
Palmarejo Gold Production Royalty Obligation | ||||||||||||||||
On January 21, 2009, Coeur Mexicana entered into a gold production royalty transaction with a subsidiary of Franco-Nevada Corporation under which the subsidiary of Franco-Nevada Corporation purchased a royalty covering 50% of the life of mine gold to be produced from its Palmarejo silver and gold mine in Mexico. | ||||||||||||||||
The royalty agreement provides for a minimum obligation to be paid monthly on a total of 400,000 ounces of gold, or 4,167 ounces per month over an initial eight year period. Each monthly payment is an amount equal to the greater of 4,167 ounces of gold or 50% of actual gold production multiplied by the excess of the monthly average market price of gold above $408 per ounce, subject to a 1% annual inflation compounding adjustment. Payments under the royalty agreement are made in cash or gold bullion. During the years ended December 31, 2014, 2013, and 2012, the Company paid $48.4 million, $57.0 million, and $74.7 million, respectively. At December 31, 2014, payments had been made on a total of 315,085 ounces of gold with further payments to be made on an additional 84,915 ounces of gold. | ||||||||||||||||
The Company used an implicit interest rate of 30.5% to discount the original royalty obligation, based on the fair value of the consideration received projected over the expected future cash flows at inception of the obligation. The discounted obligation is accreted to its expected future value over the expected minimum payment period based on the implicit interest rate. The Company recognized accretion expense for the years ended December 31, 2014, 2013, and 2012 of $10.8 million, $17.6 million, and $19.1 million, respectively. At December 31, 2014 and December 31, 2013, the remaining minimum obligation under the royalty agreement was $34.0 million and $51.2 million, respectively. | ||||||||||||||||
Interest Expense | ||||||||||||||||
Interest expense consists of the following: | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
In thousands | 2014 | 2013 | 2012 | |||||||||||||
3.25% Convertible Senior Notes due 2028 | $ | 173 | $ | 466 | $ | 1,581 | ||||||||||
7.875% Senior Notes due 2021 | 32,741 | 21,853 | — | |||||||||||||
Revolving Credit Facility | 179 | 612 | 213 | |||||||||||||
Loss on Revolving Credit Facility | 3,035 | — | 2,339 | |||||||||||||
Capital lease obligations | 972 | 415 | 997 | |||||||||||||
Other debt obligations | — | 291 | 881 | |||||||||||||
Accretion of Palmarejo gold production royalty obligation | 10,773 | 17,641 | 19,139 | |||||||||||||
Amortization of debt issuance costs | 1,740 | 2,143 | 1,146 | |||||||||||||
Accretion of debt (premium) discount | (357 | ) | 576 | 2,536 | ||||||||||||
Capitalized interest | (1,710 | ) | (2,694 | ) | (2,663 | ) | ||||||||||
Total interest expense, net of capitalized interest | $ | 47,546 | $ | 41,303 | $ | 26,169 | ||||||||||
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SUPPLEMENTAL GUARANTOR INFORMATION | ||||||||||||||||||||
The following Condensed Consolidating Financial Statements are presented to satisfy disclosure requirements of Rule 3-10 of Regulation S-X resulting from the guarantees by Coeur Alaska, Inc., Coeur Explorations, Inc., Coeur Rochester, Inc., Coeur South America Corp., and Coeur Capital, Inc. (collectively, the “Subsidiary Guarantors”) of the $434.9 million aggregate principal amount of Senior Notes. The following schedules present Condensed Consolidating Financial Statements of (a) Coeur, the parent company; (b) the Subsidiary Guarantors; and (c) certain wholly owned domestic and foreign subsidiaries of the Company (collectively, the “Non-Guarantor Subsidiaries”). Each of the Subsidiary Guarantors is 100% owned by Coeur and the guarantees are full and unconditional. There are no restrictions on the ability of Coeur to obtain funds from its subsidiaries by dividend or loan. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2014 | |||||||||||||||||||||
In thousands | Coeur Mining, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Revenue | $ | — | $ | 261,963 | $ | 373,779 | $ | — | $ | 635,742 | |||||||||||
COSTS AND EXPENSES | |||||||||||||||||||||
Costs applicable to sales(1) | — | 196,805 | 281,140 | — | 477,945 | ||||||||||||||||
Amortization | 1,805 | 65,100 | 95,531 | — | 162,436 | ||||||||||||||||
General and administrative | 39,976 | 6 | 863 | — | 40,845 | ||||||||||||||||
Exploration | 3,560 | 11,157 | 7,023 | — | 21,740 | ||||||||||||||||
Write-downs | — | 107,832 | 1,364,889 | — | 1,472,721 | ||||||||||||||||
Pre-development, reclamation, and other | 8,813 | 3,889 | 13,335 | — | 26,037 | ||||||||||||||||
Total costs and expenses | 54,154 | 384,789 | 1,762,781 | — | 2,201,724 | ||||||||||||||||
OTHER INCOME (EXPENSE), NET | |||||||||||||||||||||
Fair value adjustments, net | 1,812 | 3,653 | (1,847 | ) | — | 3,618 | |||||||||||||||
Impairment of equity securities | — | (6,593 | ) | — | — | (6,593 | ) | ||||||||||||||
Interest income and other, net | 4,406 | (430 | ) | 227 | (2,828 | ) | 1,375 | ||||||||||||||
Interest expense, net of capitalized interest | (38,389 | ) | (891 | ) | (11,094 | ) | 2,828 | (47,546 | ) | ||||||||||||
Total other income (expense), net | (32,171 | ) | (4,261 | ) | (12,714 | ) | — | (49,146 | ) | ||||||||||||
Income (Loss) before income and mining taxes | (86,325 | ) | (127,087 | ) | (1,401,716 | ) | — | (1,615,128 | ) | ||||||||||||
Income and mining tax (expense) benefit | 1,742 | (2,224 | ) | 459,726 | — | 459,244 | |||||||||||||||
Income (Loss) after income and mining taxes | (84,583 | ) | (129,311 | ) | (941,990 | ) | — | (1,155,884 | ) | ||||||||||||
Equity income (loss) in consolidated subsidiaries | (1,071,301 | ) | (4,181 | ) | — | 1,075,482 | — | ||||||||||||||
NET INCOME (LOSS) | $ | (1,155,884 | ) | $ | (133,492 | ) | $ | (941,990 | ) | $ | 1,075,482 | $ | (1,155,884 | ) | |||||||
OTHER COMPREHENSIVE INCOME (LOSS), net of tax: | |||||||||||||||||||||
Unrealized gain (loss) on equity securities, net of tax | (2,290 | ) | (2,272 | ) | — | 2,272 | (2,290 | ) | |||||||||||||
Reclassification adjustments for impairment of equity securities, net of tax | 4,042 | 4,042 | — | (4,042 | ) | 4,042 | |||||||||||||||
Reclassification adjustments for realized loss on sale of equity securities, net of tax | 346 | 328 | — | (328 | ) | 346 | |||||||||||||||
Other comprehensive income (loss) | 2,098 | 2,098 | — | (2,098 | ) | 2,098 | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (1,153,786 | ) | $ | (131,394 | ) | $ | (941,990 | ) | $ | 1,073,384 | $ | (1,153,786 | ) | |||||||
(1) Excludes amortization. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||
In thousands | Coeur Mining, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Revenue | $ | — | $ | 268,023 | $ | 477,971 | $ | — | $ | 745,994 | |||||||||||
COSTS AND EXPENSES | |||||||||||||||||||||
Costs applicable to sales(1) | — | 182,444 | 281,219 | — | 463,663 | ||||||||||||||||
Amortization | 1,066 | 71,655 | 156,843 | — | 229,564 | ||||||||||||||||
General and administrative | 50,213 | 3,245 | 1,885 | — | 55,343 | ||||||||||||||||
Exploration | 1,602 | 8,920 | 11,838 | — | 22,360 | ||||||||||||||||
Litigation settlement | — | 32,046 | — | — | 32,046 | ||||||||||||||||
Write-downs | — | 130,694 | 642,299 | — | 772,993 | ||||||||||||||||
Pre-development, reclamation, and other | — | 3,093 | 12,091 | — | 15,184 | ||||||||||||||||
Total costs and expenses | 52,881 | 432,097 | 1,106,175 | — | 1,591,153 | ||||||||||||||||
OTHER INCOME (EXPENSE), NET | |||||||||||||||||||||
Fair value adjustments, net | (1,346 | ) | 7,896 | 76,218 | — | 82,768 | |||||||||||||||
Impairment of equity securities | (18,097 | ) | (211 | ) | — | — | (18,308 | ) | |||||||||||||
Interest income and other, net | 13,408 | (1,539 | ) | 4,602 | (3,148 | ) | 13,323 | ||||||||||||||
Interest expense, net of capitalized interest | (25,652 | ) | (445 | ) | (18,354 | ) | 3,148 | (41,303 | ) | ||||||||||||
Total other income (expense), net | (31,687 | ) | 5,701 | 62,466 | — | 36,480 | |||||||||||||||
Income (Loss) before income and mining taxes | (84,568 | ) | (158,373 | ) | (565,738 | ) | — | (808,679 | ) | ||||||||||||
Income and mining tax (expense) benefit | 78,332 | (155 | ) | 79,939 | — | 158,116 | |||||||||||||||
Income (Loss) after income and mining taxes | (6,236 | ) | (158,528 | ) | (485,799 | ) | — | (650,563 | ) | ||||||||||||
Equity income (loss) in consolidated subsidiaries | (644,327 | ) | (68 | ) | — | 644,395 | — | ||||||||||||||
NET INCOME (LOSS) | $ | (650,563 | ) | $ | (158,596 | ) | $ | (485,799 | ) | $ | 644,395 | $ | (650,563 | ) | |||||||
OTHER COMPREHENSIVE INCOME (LOSS), net of tax: | |||||||||||||||||||||
Unrealized gain (loss) on equity securities, net of tax | (8,489 | ) | (552 | ) | — | 552 | (8,489 | ) | |||||||||||||
Reclassification adjustments for impairment of equity securities, net of tax | 11,221 | 211 | — | (211 | ) | 11,221 | |||||||||||||||
Reclassification adjustments for realized loss on sale of equity securities, net of tax | 83 | — | — | — | 83 | ||||||||||||||||
Other comprehensive income (loss) | 2,815 | (341 | ) | — | 341 | 2,815 | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (647,748 | ) | $ | (158,937 | ) | $ | (485,799 | ) | $ | 644,736 | $ | (647,748 | ) | |||||||
(1) Excludes amortization. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||
In thousands | Coeur Mining, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Revenue | $ | — | $ | 243,380 | $ | 652,112 | $ | — | $ | 895,492 | |||||||||||
COSTS AND EXPENSES | |||||||||||||||||||||
Costs applicable to sales(1) | — | 159,151 | 295,411 | — | 454,562 | ||||||||||||||||
Amortization | 521 | 48,065 | 167,446 | — | 216,032 | ||||||||||||||||
General and administrative | 30,699 | 1,101 | 1,177 | — | 32,977 | ||||||||||||||||
Exploration | 1,946 | 7,930 | 16,394 | — | 26,270 | ||||||||||||||||
Write-downs | — | — | 5,825 | — | 5,825 | ||||||||||||||||
Pre-development, reclamation, and other | — | 1,323 | 2,763 | — | 4,086 | ||||||||||||||||
Total costs and expenses | 33,166 | 217,570 | 489,016 | — | 739,752 | ||||||||||||||||
Loss on debt extinguishments | — | (1,036 | ) | — | — | (1,036 | ) | ||||||||||||||
Fair value adjustments, net | 3,477 | 4,089 | (31,053 | ) | — | (23,487 | ) | ||||||||||||||
Impairment of equity securities | (605 | ) | — | — | — | (605 | ) | ||||||||||||||
Interest income and other, net | 5,744 | 859 | 13,071 | (4,633 | ) | 15,041 | |||||||||||||||
Interest expense, net of capitalized interest | (4,158 | ) | (2,997 | ) | (23,647 | ) | 4,633 | (26,169 | ) | ||||||||||||
Total other income (expense), net | 4,458 | 915 | (41,629 | ) | — | (36,256 | ) | ||||||||||||||
Income (Loss) before income and mining taxes | (28,708 | ) | 26,725 | 121,467 | — | 119,484 | |||||||||||||||
Income and mining tax (expense) benefit | (3,844 | ) | (2,930 | ) | (64,033 | ) | — | (70,807 | ) | ||||||||||||
Income (Loss) after income and mining taxes | (32,552 | ) | 23,795 | 57,434 | — | 48,677 | |||||||||||||||
Equity income (loss) in consolidated subsidiaries | 81,229 | — | — | (81,229 | ) | — | |||||||||||||||
NET INCOME (LOSS) | $ | 48,677 | $ | 23,795 | $ | 57,434 | $ | (81,229 | ) | $ | 48,677 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), net of tax: | |||||||||||||||||||||
Unrealized gain (loss) on equity securities, net of tax | (3,351 | ) | — | — | — | (3,351 | ) | ||||||||||||||
Reclassification adjustments for impairment of equity securities, net of tax | 605 | — | — | — | 605 | ||||||||||||||||
Other comprehensive income (loss) | (2,746 | ) | — | — | — | (2,746 | ) | ||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 45,931 | $ | 23,795 | $ | 57,434 | $ | (81,229 | ) | $ | 45,931 | ||||||||||
(1) Excludes amortization. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2014 | |||||||||||||||||||||
In thousands | Coeur Mining, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (1,144,474 | ) | $ | 41,292 | $ | 80,627 | $ | 1,075,482 | 52,927 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | — | — | — | ||||||||||||||||||
Capital expenditures | (1,849 | ) | (28,118 | ) | (34,277 | ) | — | (64,244 | ) | ||||||||||||
Purchase of short term investments and equity securities | (50,013 | ) | (429 | ) | (71 | ) | — | (50,513 | ) | ||||||||||||
Sales and maturities of short term investments and equity securities | 49,069 | 5,261 | 14 | — | 54,344 | ||||||||||||||||
Acquisitions | (12,079 | ) | (4,000 | ) | (5,250 | ) | — | (21,329 | ) | ||||||||||||
Other | — | 48 | (40 | ) | — | 8 | |||||||||||||||
Investments in consolidated subsidiaries | 1,120,382 | 4,106 | — | (1,124,488 | ) | — | |||||||||||||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 1,105,510 | (23,132 | ) | (39,624 | ) | (1,124,488 | ) | (81,734 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Issuance of notes and bank borrowings | 153,000 | — | 14,784 | — | 167,784 | ||||||||||||||||
Payments on long-term debt, capital leases, and associated costs | (18,545 | ) | (6,114 | ) | (1,243 | ) | — | (25,902 | ) | ||||||||||||
Gold production royalty payments | — | — | (48,395 | ) | — | (48,395 | ) | ||||||||||||||
Net intercompany financing activity | (21,697 | ) | (7,256 | ) | (20,053 | ) | 49,006 | — | |||||||||||||
Other | (509 | ) | — | — | — | (509 | ) | ||||||||||||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 112,249 | (13,370 | ) | (54,907 | ) | 49,006 | 92,978 | ||||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 73,285 | 4,790 | (13,904 | ) | — | 64,171 | |||||||||||||||
Cash and cash equivalents at beginning of period | 137,076 | 991 | 68,623 | — | 206,690 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 210,361 | $ | 5,781 | $ | 54,719 | $ | — | $ | 270,861 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||
In thousands | Coeur Mining, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (701,653 | ) | $ | 17,456 | $ | 151,491 | $ | 646,173 | $ | 113,467 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||||||
Capital expenditures | (3,573 | ) | (50,810 | ) | (46,430 | ) | — | (100,813 | ) | ||||||||||||
Purchase of short term investments and equity securities | (2,921 | ) | (66 | ) | (5,065 | ) | — | (8,052 | ) | ||||||||||||
Sales and maturities of short term investments and equity securities | 29,274 | 75 | 5,447 | — | 34,796 | ||||||||||||||||
Acquisitions | (113,214 | ) | (3,684 | ) | — | — | (116,898 | ) | |||||||||||||
Other | 3,266 | 444 | 768 | — | 4,478 | ||||||||||||||||
Investments in consolidated subsidiaries | 642,617 | 68 | 3,488 | (646,173 | ) | — | |||||||||||||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 555,449 | (53,973 | ) | (41,792 | ) | (646,173 | ) | (186,489 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Issuance of notes and bank borrowings | 300,000 | — | — | — | 300,000 | ||||||||||||||||
Payments on long-term debt, capital leases, and associated costs | (52,568 | ) | (3,171 | ) | (4,889 | ) | — | (60,628 | ) | ||||||||||||
Gold production royalty payments | — | — | (57,034 | ) | — | (57,034 | ) | ||||||||||||||
Share repurchases | (27,552 | ) | — | — | — | (27,552 | ) | ||||||||||||||
Net intercompany financing activity | (22,874 | ) | 40,279 | (17,405 | ) | — | — | ||||||||||||||
Other | (514 | ) | — | — | — | (514 | ) | ||||||||||||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 196,492 | 37,108 | (79,328 | ) | — | 154,272 | |||||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 50,288 | 591 | 30,371 | — | 81,250 | ||||||||||||||||
Cash and cash equivalents at beginning of period | 86,788 | 400 | 38,252 | — | 125,440 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 137,076 | $ | 991 | $ | 68,623 | $ | — | $ | 206,690 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||
In thousands | Coeur Mining, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 58,754 | $ | 37,426 | $ | 256,683 | $ | (81,229 | ) | 271,634 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||||||
Capital expenditures | (1,531 | ) | (48,788 | ) | (65,322 | ) | — | (115,641 | ) | ||||||||||||
Purchase of short term investments and equity securities | (12,913 | ) | (46 | ) | — | — | (12,959 | ) | |||||||||||||
Sales and maturities of short term investments and equity securities | 21,590 | 45 | 60 | — | 21,695 | ||||||||||||||||
Acquisitions | (29,338 | ) | — | 41 | — | (29,297 | ) | ||||||||||||||
Other | 3,538 | 130 | (581 | ) | — | 3,087 | |||||||||||||||
Investments in consolidated subsidiaries | (81,229 | ) | — | — | 81,229 | — | |||||||||||||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (99,883 | ) | (48,659 | ) | (65,802 | ) | 81,229 | (133,115 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Payments on long-term debt, capital leases, and associated costs | (4,005 | ) | (79,839 | ) | (13,326 | ) | — | (97,170 | ) | ||||||||||||
Gold production royalty payments | — | — | (74,734 | ) | — | (74,734 | ) | ||||||||||||||
Share repurchases | (19,971 | ) | — | — | — | (19,971 | ) | ||||||||||||||
Net intercompany financing activity | 67,082 | 86,394 | (153,476 | ) | — | — | |||||||||||||||
Other | (861 | ) | 4,645 | — | — | 3,784 | |||||||||||||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 42,245 | 11,200 | (241,536 | ) | — | (188,091 | ) | ||||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 1,116 | (33 | ) | (50,655 | ) | — | (49,572 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 85,672 | 433 | 88,907 | — | 175,012 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 86,788 | $ | 400 | $ | 38,252 | $ | — | $ | 125,440 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
DECEMBER 31, 2014 | |||||||||||||||||||||
In thousands | Coeur Mining, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
ASSETS | |||||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 210,361 | $ | 5,781 | $ | 54,719 | $ | — | $ | 270,861 | |||||||||||
Receivables | 87 | 11,151 | 105,683 | — | 116,921 | ||||||||||||||||
Ore on leach pads | — | 48,204 | — | — | 48,204 | ||||||||||||||||
Inventory | — | 54,983 | 59,948 | — | 114,931 | ||||||||||||||||
Deferred tax assets | 393 | — | 6,971 | — | 7,364 | ||||||||||||||||
Prepaid expenses and other | 6,349 | 4,557 | 4,617 | — | 15,523 | ||||||||||||||||
217,190 | 124,676 | 231,938 | — | 573,804 | |||||||||||||||||
NON-CURRENT ASSETS | |||||||||||||||||||||
Property, plant, and equipment, net | 6,155 | 107,084 | 114,672 | — | 227,911 | ||||||||||||||||
Mining properties, net | 12,004 | 159,124 | 330,064 | — | 501,192 | ||||||||||||||||
Ore on leach pads | — | 37,889 | — | — | 37,889 | ||||||||||||||||
Restricted assets | 897 | 50 | 6,090 | — | 7,037 | ||||||||||||||||
Equity securities | — | 5,982 | — | — | 5,982 | ||||||||||||||||
Receivables | — | — | 21,686 | — | 21,686 | ||||||||||||||||
Debt issuance costs, net | 9,851 | — | — | — | 9,851 | ||||||||||||||||
Deferred tax assets | 30,419 | — | 29,732 | — | 60,151 | ||||||||||||||||
Net investment in subsidiaries | 128,913 | 45,615 | — | (174,528 | ) | — | |||||||||||||||
Other | 50,813 | 5,522 | 4,394 | (50,814 | ) | 9,915 | |||||||||||||||
TOTAL ASSETS | $ | 456,242 | $ | 485,942 | $ | 738,576 | $ | (225,342 | ) | $ | 1,455,418 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||
Accounts payable | $ | 3,414 | $ | 13,391 | $ | 32,247 | $ | — | $ | 49,052 | |||||||||||
Accrued liabilities and other | 22,588 | 11,207 | 17,718 | — | 51,513 | ||||||||||||||||
Debt | 5,334 | 7,476 | 4,688 | — | 17,498 | ||||||||||||||||
Royalty obligations | — | 5,747 | 37,931 | — | 43,678 | ||||||||||||||||
Reclamation | — | 3,401 | 1,621 | (1,151 | ) | 3,871 | |||||||||||||||
Deferred tax liabilities | 7,142 | 848 | 88 | — | 8,078 | ||||||||||||||||
38,478 | 42,070 | 94,293 | (1,151 | ) | 173,690 | ||||||||||||||||
NON-CURRENT LIABILITIES | |||||||||||||||||||||
Debt | 437,455 | 12,806 | 61,452 | (50,814 | ) | 460,899 | |||||||||||||||
Royalty obligations | — | 9,623 | 18,028 | — | 27,651 | ||||||||||||||||
Reclamation | — | 46,792 | 19,000 | 1,151 | 66,943 | ||||||||||||||||
Deferred tax liabilities | 53,201 | 2,963 | 54,842 | — | 111,006 | ||||||||||||||||
Other long-term liabilities | 2,582 | 469 | 26,860 | — | 29,911 | ||||||||||||||||
Intercompany payable (receivable) | (660,792 | ) | 427,156 | 233,636 | — | — | |||||||||||||||
(167,554 | ) | 499,809 | 413,818 | (49,663 | ) | 696,410 | |||||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Common stock | 1,034 | 250 | 128,299 | (128,549 | ) | 1,034 | |||||||||||||||
Additional paid-in capital | 2,789,695 | 79,712 | 1,682,830 | (1,762,542 | ) | 2,789,695 | |||||||||||||||
Accumulated deficit | (2,202,603 | ) | (133,091 | ) | (1,580,664 | ) | 1,713,755 | (2,202,603 | ) | ||||||||||||
Accumulated other comprehensive income (loss) | (2,808 | ) | (2,808 | ) | — | 2,808 | (2,808 | ) | |||||||||||||
585,318 | (55,937 | ) | 230,465 | (174,528 | ) | 585,318 | |||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 456,242 | $ | 485,942 | $ | 738,576 | $ | (225,342 | ) | $ | 1,455,418 | ||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
DECEMBER 31, 2013 | |||||||||||||||||||||
In thousands | Coeur Mining, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
ASSETS | |||||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 137,076 | $ | 991 | $ | 68,623 | $ | — | $ | 206,690 | |||||||||||
Receivables | 530 | 19,982 | 60,562 | — | 81,074 | ||||||||||||||||
Ore on leach pads | — | 50,495 | — | — | 50,495 | ||||||||||||||||
Inventory | — | 35,290 | 96,733 | — | 132,023 | ||||||||||||||||
Deferred tax assets | — | — | 35,008 | — | 35,008 | ||||||||||||||||
Prepaid expenses and other | 4,128 | 5,282 | 16,530 | — | 25,940 | ||||||||||||||||
141,734 | 112,040 | 277,456 | — | 531,230 | |||||||||||||||||
NON-CURRENT ASSETS | |||||||||||||||||||||
Property, plant, and equipment, net | 5,980 | 143,118 | 337,175 | — | 486,273 | ||||||||||||||||
Mining properties, net | — | 235,537 | 1,515,964 | — | 1,751,501 | ||||||||||||||||
Ore on leach pads | — | 31,528 | — | — | 31,528 | ||||||||||||||||
Restricted assets | 830 | 50 | 6,134 | — | 7,014 | ||||||||||||||||
Equity securities | — | 14,521 | — | — | 14,521 | ||||||||||||||||
Receivables | — | — | 36,574 | — | 36,574 | ||||||||||||||||
Debt issuance costs, net | 10,812 | — | — | — | 10,812 | ||||||||||||||||
Deferred tax assets | 955 | — | 234 | — | 1,189 | ||||||||||||||||
Net investment in subsidiaries | 1,242,480 | 46,215 | 1,578,799 | (2,867,494 | ) | — | |||||||||||||||
Other | 53,858 | 14,616 | 320,425 | (373,563 | ) | 15,336 | |||||||||||||||
TOTAL ASSETS | $ | 1,456,649 | $ | 597,625 | $ | 4,072,761 | $ | (3,241,057 | ) | $ | 2,885,978 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||
Accounts payable | $ | 1,963 | $ | 15,864 | $ | 36,020 | $ | — | $ | 53,847 | |||||||||||
Accrued liabilities and other | 16,693 | 8,016 | 14,611 | (1,054 | ) | 38,266 | |||||||||||||||
Debt | — | 1,262 | 309,472 | (308,229 | ) | 2,505 | |||||||||||||||
Royalty obligations | — | 3,934 | 44,085 | — | 48,019 | ||||||||||||||||
Reclamation | — | — | 794 | 119 | 913 | ||||||||||||||||
Deferred tax liabilities | — | — | 1,011 | — | 1,011 | ||||||||||||||||
18,656 | 29,076 | 405,993 | (309,164 | ) | 144,561 | ||||||||||||||||
NON-CURRENT LIABILITIES | |||||||||||||||||||||
Debt | 305,335 | 255 | 64,820 | (64,280 | ) | 306,130 | |||||||||||||||
Royalty obligations | — | 17,696 | 47,446 | — | 65,142 | ||||||||||||||||
Reclamation | — | 45,894 | 11,740 | (119 | ) | 57,515 | |||||||||||||||
Deferred tax liabilities | 37,095 | 1,618 | 517,533 | — | 556,246 | ||||||||||||||||
Other long-term liabilities | 2,467 | 544 | 22,806 | — | 25,817 | ||||||||||||||||
Intercompany payable (receivable) | (637,471 | ) | 427,085 | 210,386 | — | — | |||||||||||||||
(292,574 | ) | 493,092 | 874,731 | (64,399 | ) | 1,010,850 | |||||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Common stock | 1,028 | 250 | 122,666 | (122,916 | ) | 1,028 | |||||||||||||||
Additional paid-in capital | 2,781,164 | 79,712 | 3,258,037 | (3,337,749 | ) | 2,781,164 | |||||||||||||||
Accumulated deficit | (1,046,719 | ) | 401 | (588,666 | ) | 588,265 | (1,046,719 | ) | |||||||||||||
Accumulated other comprehensive income (loss) | (4,906 | ) | (4,906 | ) | — | 4,906 | (4,906 | ) | |||||||||||||
1,730,567 | 75,457 | 2,792,037 | (2,867,494 | ) | 1,730,567 | ||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,456,649 | $ | 597,625 | $ | 4,072,761 | $ | (3,241,057 | ) | $ | 2,885,978 | ||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES |
Labor Union Contracts | |
The Company maintains a labor agreement with Sindicato de Trabajadores Mineros de la Empresa Manquiri S.A. at the San Bartolomé mine in Bolivia. The San Bartolomé mine labor agreement, which became effective January 28, 2010, is currently active and does not have a fixed term. At December 31, 2014, approximately 12% of the Company’s global labor force was covered by this collective bargaining agreement. The Company cannot predict whether this agreement will be renewed on similar terms or at all, whether future labor disruptions will occur or, if disruptions do occur, how long they will last. | |
Rochester Production Royalties | |
The Company acquired the Rochester property from ASARCO, a subsidiary of Grupo Mexico S.A. de C.V., in 1983. The Company is obligated to pay a NSR royalty interest to ASARCO when the market price of silver equals or exceeds $23.60 per ounce up to a maximum rate of 5% with the condition that Rochester achieves positive cash flow for the applicable year. If cash flow at Rochester is negative in any calendar year, the maximum royalty payable is $250,000. | |
Commencing January 1, 2014, Coeur Rochester is obligated to pay a 3.4% NSR royalty on up to 39.4 million silver equivalent ounces produced and sold from a portion of the Rochester mine, payable on a quarterly basis. For each calendar quarter, the royalty will be payable on the actual sales prices received (exclusive of gains or losses associated with trading activities), less refining costs, of gold and silver produced and sold from the applicable portions of the Rochester mine. Changes in the Company's mine plan and silver and gold prices result in the recognition of mark-to-market gains or losses in Fair value adjustments, net. At December 31, 2014, payments had been made on 4.0 million silver equivalent ounces with further payments to be made on 35.5 million silver equivalent ounces. | |
Palmarejo Gold Production Royalty | |
On January 21, 2009, Coeur Mexicana entered into a gold production royalty agreement with a subsidiary of Franco-Nevada Corporation under which the subsidiary of Franco-Nevada Corporation purchased a royalty covering 50% of the life of mine gold to be produced from its Palmarejo silver and gold mine in Mexico. The royalty agreement provides for a minimum obligation to be paid monthly on a total of 400,000 ounces of gold, or 4,167 ounces per month over an initial eight-year period. Please see Note 11 -- Derivative Financial Instruments for further discussion on the royalty obligation. | |
On October 2, 2014, Coeur Mexicana terminated the Palmarejo gold production royalty in exchange for a termination payment of $2.0 million, effective upon completion of the minimum ounce delivery requirement. Subsequently, Coeur Mexicana entered into a gold stream agreement with a subsidiary of Franco-Nevada Corporation whereby Coeur Mexicana will sell 50% of Palmarejo gold production upon completion of the gold production royalty minimum ounce delivery requirement for the lesser of $800 or spot price per ounce. Under the gold stream agreement, Coeur Mexicana will receive an aggregate $22.0 million deposit toward future deliveries under the gold stream agreement, payable in five quarterly payments beginning in the first quarter 2015. | |
Sites Related to Callahan Mining Corporation | |
In 1991, the Company acquired all of the outstanding common stock of Callahan Mining Corporation. The Company has received requests for information or notices of potential liability from state or federal agencies with regard to Callahan's operations at sites in Maine, Colorado and Washington. The Company did not make any decisions with respect to generation, transport or disposal of hazardous waste at these sites. Therefore, the Company believes that it is not liable for any potential cleanup costs either directly as an operator or indirectly as a parent. The Company anticipates that further agency interaction may be possible with respect to these sites. | |
Callahan operated a mine and mill in Brooksville, Maine from 1968 until 1972 and subsequently disposed of the property. In 2000, the U.S. Environmental Protection Agency, or EPA, made a formal request to the Company for information regarding the site. The site was placed on the National Priorities List on September 5, 2002, and the Maine Department of Transportation, a partial owner of the property, signed a consent order in 2005. In January 2009, the EPA and the State of Maine made additional formal requests to the Company for information relating to the site, to which the Company responded. The first phase of cleanup at the site began in April 2011. | |
The Van Stone Mine in Stevens County, Washington consists of several parcels of land and was mined from 1926 until 1993 by multiple owners. Callahan sold its parcel in 1990. In February 2010, the State of Washington Department of Ecology notified Callahan that it, among others, is a potentially liable person (PLP) under Washington law. Asarco LLC ("Asarco"), an affiliate of American Smelting and Refining Company, which developed the mill on the site in 1951, settled for $3.5 million. Another potentially liable person, Vaagen Brothers, signed a consent order which allows access to the site for a Remedial Investigation and Feasibility Study. Neither the Company nor Callahan has received any further notices from the Washington Department of Ecology. On June 5, 2012, Asarco filed a lawsuit in the U.S. District Court for the Eastern District of Washington against five named defendants, including Callahan, seeking contribution for the $3.5 million settlement. Callahan filed a response and defense to the lawsuit on December 11, 2012 and stating it did not believe it had any liability to Asarco. On November 11, 2014, following the entry of the parties into a settlement agreement, the Court granted a joint motion to dismiss the proceedings between Asarco and Callahan. | |
Under lease and option agreements with several owners, Callahan was involved with the Akron Mine located in Gunnison County, Colorado from 1937-1960. The United States Forest Service (“USFS”) made formal requests for information to Callahan regarding the site in December 2003, February 2007, March 2013, and November 2013. Callahan timely responded to each request. In August 2014, Callahan received a notice of potential CERCLA liability from the USFS regarding environmental contamination at the Akron Mine. Callahan and the USFS are currently in discussions regarding this matter. | |
Bolivian Temporary Restriction on Mining above 4,400 Meters | |
On October 14, 2009, the Bolivian state-owned mining organization, COMIBOL, announced by resolution that it was temporarily suspending mining activities above the elevation of 4,400 meters above sea level while stability studies of Cerro Rico mountain are undertaken. The Company holds rights to mine above this elevation under valid contracts with COMIBOL as well as under authorized contracts with local mining cooperatives that hold their rights under contract themselves with COMIBOL. The Company temporarily adjusted its mine plan to confine mining activities to the ore deposits below 4,400 meters above sea level and timely notified COMIBOL of the need to lift the restriction. Mining in other areas above the 4,400 meter level continues to be suspended. | |
The suspension may reduce production until the Company is able to resume mining above 4,400 meters. It is uncertain at this time how long the suspension will remain in place. If COMIBOL decides to restrict access above the 4,400 meter level on a permanent basis, the Company may need to write down the carrying value of the asset. It is also uncertain if any new mining or investment policies or shifts in political attitude may affect mining in Bolivia. | |
Settlement of Unpatented Mining Claims Dispute at Rochester in Nevada | |
In the second quarter of 2013, Coeur Rochester settled all claims associated with a dispute involving ownership of unpatented mining claims surrounding the Coeur Rochester operation and, in connection therewith, agreed to make a one-time $10.0 million cash payment and granted the 3.4% NSR royalty described above under "Rochester Production Royalties." The above settlement resulted in a $32.0 million charge in the year ended December 31, 2013. | |
Pending Paramount Transaction Litigation | |
Since the announcement of the Company’s proposed acquisition of Paramount, six lawsuits have been filed related to the merger agreement in the Court of Chancery of the State of Delaware. The lawsuits assert a variety of causes of action concerning the transaction, including claims against Paramount’s directors for alleged breaches of fiduciary duty in connection with the proposed transaction, and claims against the Company for allegedly aiding and abetting such breaches of fiduciary duty. On February 18, 2015, the court entered an order consolidating the lawsuits and providing that the consolidated case shall be captioned In re Paramount Gold and Silver Corp. Stockholders Litigation, Consolidated C.A. No. 10499-VCN. The consolidation order directs the plaintiffs to file a consolidated amended complaint, to designate operative discovery requests, and to designate an operative motion to expedite proceedings as soon as practicable. Defendants are not obligated to respond to complaints, motions, or discovery requests previously filed or served in any of the six constituent actions. The Company cannot predict the outcome of these or any other lawsuits that might be filed subsequent to the date hereof relating to the transaction, nor can the Company predict the amount of time and expense that will be required to resolve these lawsuits. The Company intends to defend vigorously against these consolidated actions. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||
The following table presents non-cash financing and investing activities and other cash flow information: | |||||||||
Year ended December 31, | |||||||||
Non-cash financing and investing activities: | 2014 | 2013 | 2012 | ||||||
Capital lease obligations | 24,879 | — | 1,857 | ||||||
Non-cash acquisitions and related deferred taxes | — | 317,826 | 64,133 | ||||||
Other cash flow information: | |||||||||
Interest paid | 30,691 | 14,139 | 6,092 | ||||||
Income taxes paid | 20,198 | 26,585 | 54,680 | ||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS |
On January 12, 2015, the Company entered into a definitive agreement with a subsidiary of Goldcorp Inc. to acquire 100% of the Wharf gold mine, a producing gold mine located near Lead, South Dakota, for cash consideration of $105 million. Wharf is located in the Black Hills mining district of South Dakota and has been in production for over 30 years, during which it has produced over 2.0 million ounces of gold. The mine has a current reserve base of 560,000 ounces of gold and is expected to produce 85,000 - 90,000 ounces of gold in 2015, based on Goldcorp Inc.'s public disclosures. |
Recovered_Sheet1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates |
The Company's Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles. The preparation of the Company's Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements. | |
Principles of Consolidations | Principles of Consolidation |
The Consolidated Financial Statements include the wholly-owned subsidiaries of the Company, the most significant of which are Empresa Minera Manquiri S.A., Coeur Mexicana S.A. de C.V., Coeur Rochester, Inc., Coeur Alaska, Inc., and Coeur Capital, Inc. All intercompany balances and transactions have been eliminated. The Company's investments in entities in which it has less than 20% ownership interest are accounted for using the cost method. | |
Revenue Recognition | Revenue Recognition |
Revenue is recognized, net of treatment and refining charges, when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable, no obligations remain and collection is probable. | |
Under the Company’s concentrate sales contracts with third-party smelters, gold and silver prices are set on a specified future quotational period, typically one to three months, after the shipment date based on market prices. Revenues and costs applicable to sales are recorded on a gross basis under these contracts at the time title passes to the buyer based on the forward price for the expected settlement period. The contracts, in general, provide for provisional payment based upon provisional assays and forward metal prices. Final settlement is based on the average applicable price for the specified future quotational period and generally occurs from three to six months after shipment. The Company’s provisionally priced sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of concentrates measured at the forward price at the time of sale. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through revenue each period until the date of final gold and silver settlement. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Cash and cash equivalents include all highly-liquid investments with an original maturity of three months or less. The Company minimizes its credit risk by investing its cash and cash equivalents with major U.S. and international banks and financial institutions located principally in the United States with a minimum credit rating of A1, as defined by Standard & Poor’s. The Company’s management believes that no concentration of credit risk exists with respect to the investment of its cash and cash equivalents. | |
Receivables | Receivables |
Trade receivables and other receivable balances are reported at outstanding principal amounts, net of an allowance for doubtful accounts, if deemed necessary. Management evaluates the collectability of receivable account balances to determine the allowance, if any. Management considers the other party's credit risk and financial condition, as well as current and projected economic and market conditions, in determining the amount of the allowance. Receivable balances are written off when management determines that the balance is uncollectible. | |
Ore on Leach Pad | Ore on Leach Pads |
The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. | |
The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company estimates the quantity of ore by utilizing global positioning satellite survey techniques. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré, which is the final product produced by the mine. The inventory is stated at lower of cost or market, with cost being determined using a weighted average cost method. | |
The historical cost of the metal that is expected to be extracted within twelve months is classified as current and the historical cost of metals contained within the broken ore that is expected to be extracted beyond twelve months is classified as non-current. Ore on leach pad is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process. | |
The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory column tests and actual experience occurring over more than twenty years of leach pad operations at the Rochester mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. | |
Metal and Other Inventory | Metal and Other Inventory |
Inventories include concentrate, doré, and operating materials and supplies. The classification of inventory is determined by the stage at which the ore is in the production process. All inventories are stated at the lower of cost or market, with cost being determined using a weighted average cost method. Concentrate and doré inventory includes product at the mine site and product held by refineries. Concentrate inventories associated with the Endeavor mine are held by third parties. Metal inventory costs include direct labor, materials, depreciation, depletion and amortization as well as overhead costs relating to mining activities. | |
Property, Plant and Equipment | Property, Plant, and Equipment |
Expenditures for new facilities, assets acquired pursuant to capital leases, new assets or expenditures that extend the useful lives of existing facilities are capitalized and depreciated using the straight-line method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities, lease term, or the useful life of the individual assets. Productive lives range from 7 to 30 years for buildings and improvements and 3 to 10 years for machinery and equipment. Certain mining equipment is depreciated using the units-of-production method based upon estimated total proven and probable reserves. | |
Mining Properties and Mine Development | Mining Properties and Mine Development |
Capitalization of mine development costs 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, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as exploration or pre-development expense. Mine development costs are amortized using the units of production method over the estimated life of the ore body based on recoverable ounces to be mined from proven and probable 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. | |
Drilling and related costs incurred at the Company’s operating mines are expensed as incurred in Exploration, unless the Company can conclude with a high degree of confidence, 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. The Company’s assessment is based on the following factors: results from previous drill programs; results from geological models; results from a mine scoping study confirming economic viability of the resource; and preliminary estimates of mine inventory, ore grade, cash flow and mine life. In addition, the Company must have all permitting and/or contractual requirements necessary to have the right to and/or control of the future benefit from the targeted ore body. The costs of a drilling program that meet these criteria are capitalized as mine development costs. Drilling and related costs of approximately $8.9 million and $11.6 million at December 31, 2014 and 2013, respectively, were capitalized. | |
The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in Costs applicable to sales in the same period as the revenue from the sale of inventory. | |
Mineral Interests | Mineral Interests |
Significant payments related to the acquisition of land and mineral rights are capitalized. Prior to acquiring such land or mineral rights, the Company generally makes a preliminary evaluation to determine that the property has significant potential to develop an economic ore body. The time between initial acquisition and full evaluation of a property’s potential is variable and is determined by many factors including: location relative to existing infrastructure, the property’s stage of development, geological controls and metal prices. If a mineable ore body is discovered, such costs are amortized when production begins using the units-of-production method based on recoverable ounces to be mined from proven and probable reserves. If no mineable ore body is discovered, such costs are expensed in the period in which it is determined the property has no future economic value. | |
Impairments | We review and evaluate our long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Asset impairment is considered to exist if the total estimated undiscounted pre-tax future cash flows are less than the carrying amount of the asset. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of future cash flows from other asset groups. An impairment loss is measured and recorded based on discounted estimated future cash flows. Future cash flows are estimated based on estimated quantities of recoverable minerals, expected silver and gold prices (considering current and historical prices, trends and related factors), production levels, operating costs, capital requirements and reclamation costs, all based on life-of-mine plans. The significant assumptions used in determining future cash flows for each mine site asset group at December 31, 2014, apart from production cost and capitalized expenditure assumptions unique to each operation, included long-term silver and gold prices of $19.00 and $1,275 per ounce (consistent with the Company’s long-term reserve prices), respectively, and discount rates ranging from 8.0% - 10.75% (to reflect project and country-specific risks). During 2014, 2013, and 2012, we recorded impairments of $1,472.7 million, $773.0 million, and $5.8 million, respectively, to reduce the carrying value of mining properties and property, plant and equipment as part of Write-downs. See Note 4 -- Write-Downs for additional detail. |
Existing proven and probable reserves and value beyond proven and probable reserves, including mineralization other than proven and probable reserves are included when determining the fair value of mine site asset groups at acquisition and, subsequently, in determining whether the assets are impaired. The term “recoverable minerals” refers to the estimated amount of silver and gold that will be obtained after taking into account losses during ore processing and treatment. Estimates of recoverable minerals from exploration stage mineral interests are risk adjusted based on management’s relative confidence in such materials. The ability to achieve the estimated quantities of recoverable minerals from exploration stage mineral interests involves further risks in addition to those risk factors applicable to mineral interests where proven and probable reserves have been identified, due to the lower level of confidence that the identified mineralized material could ultimately be mined economically. Assets classified as exploration potential have the highest level of risk that the carrying value of the asset can be ultimately realized, due to the still lower level of geological confidence and economic modeling. | |
Silver and gold prices are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors may affect the key assumptions used in the Company’s impairment testing. Various factors could impact our ability to achieve forecasted production levels from proven and probable reserves. Additionally, production, capital and reclamation costs could differ from the assumptions used in the cash flow models used to assess impairment. Actual results may vary from the Company’s estimates and result in additional Write-downs. | |
Restricted Assets | Restricted Assets |
The Company, under the terms of its self-insurance and bonding agreements with certain banks, lending institutions and regulatory agencies, is required to collateralize certain portions of its obligations. The Company has collateralized these obligations by assigning certificates of deposit that have maturity dates ranging from three months to a year, to the respective institutions or agencies. At December 31, 2014 and 2013, the Company held certificates of deposit and cash under these agreements of $7.0 million and $7.0 million, respectively, restricted for these purposes. The ultimate timing of the release of the collateralized amounts is dependent on the timing and closure of each mine and repayment of the facility. In order to release the collateral, the Company must seek approval from certain government agencies responsible for monitoring the mine closure status. Collateral could also be released to the extent the Company is able to secure alternative financial assurance satisfactory to the regulatory agencies. The Company believes there is a reasonable probability that the collateral will remain in place beyond a twelve-month period and has therefore classified these investments as long-term. | |
Reclamation and Remediation Costs | Reclamation and Remediation Costs |
The Company recognizes obligations for the expected future retirement of tangible long-lived assets and other associated asset retirement costs. The fair value of a liability for an asset retirement obligation will be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset and this additional carrying amount is depreciated over the life of the asset. An accretion cost, representing the increase over time in the present value of the liability, is recorded each period in Pre-development, reclamation, and other. As reclamation work is performed or liabilities are otherwise settled, the recorded amount of the liability is reduced. Future remediation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the discounted costs expected to be incurred at the site. Such cost estimates include, where applicable, ongoing care and maintenance and monitoring costs. Changes in estimates are reflected prospectively in the period an estimate is revised. | |
Foreign Currency | Foreign Currency |
The assets and liabilities of the Company’s foreign subsidiaries are measured using U.S. dollars as their functional currency. Revenues and expenses are translated at the average exchange rate for the period. Foreign currency transaction gains and losses are included in the determination of net income or loss. | |
Derivative Financial Instruments | Derivative Financial Instruments |
The Company recognizes all derivatives as either assets or liabilities on the balance sheet and measures those instruments at fair value. Changes in the value of derivative instruments are recorded each period in the Consolidated Statement of Comprehensive Income (Loss) in Fair value adjustments, net. Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions regarding commodity prices, market volatilities, and foreign currency exchange rates. | |
Share-based Compensation Plans | Stock-based Compensation Plans |
The Company estimates the fair value of stock options using the Black-Scholes option pricing model and stock appreciation rights (“SARs”) awards using market comparison. Stock options granted are accounted for as equity-based awards and SARs are accounted for as liability-based awards. The value of the SARs is remeasured at each reporting date. The Company estimates the fair value of performance share and performance unit grants using a Monte Carlo simulation valuation model. Performance shares granted are accounted for as equity based awards and performance shares units are accounted for as liability-based awards. The Company estimates forfeitures of stock-based awards based on historical data and periodically adjusts the forfeiture rate. The adjustment of the forfeiture rate is recorded as a cumulative adjustment in the period the forfeiture estimate is changed. Compensation costs related to stock based compensation are included in General and administrative expenses, Costs applicable to sales, and Property, plant, and equipment, net as deemed appropriate. | |
Restricted stock and restricted stock units granted under the Company’s incentive plans are accounted for based on the market value of the underlying shares on the date of grant and vest in equal installments annually over three years. Restricted stock awards are accounted for as equity-based awards and restricted stock unit awards are accounted for as liability-based awards. Restricted stock units are remeasured at each reporting date. Restricted stock units are settled in cash based on the number of vested restricted stock units multiplied by the current market price of the common shares when vested. Holders of the restricted stock are entitled to vote the shares and to receive any dividends declared on the shares. | |
Income and Mining Taxes | Income and Mining Taxes |
The Company uses an asset and liability approach which results in the recognition of deferred tax liabilities and assets 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 carryforwards, using enacted tax rates in effect in the years in which the differences are expected to reverse. | |
In assessing the realizability 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 and tax planning strategies in making this assessment. A valuation allowance has been provided for the portion of the Company’s net deferred tax assets for which it is more likely than not that they will not be realized. | |
Recent Accounting Standards | Recent Accounting Standards |
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." The updated guidance provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. These changes become effective prospectively for the Company's fiscal year beginning January 1, 2017. The Company is currently evaluating the potential impact of these changes on the Company's consolidated financial position, results of operations, and cash flows. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial information relating to the reporting segments | Financial information relating to the Company’s segments is as follows (in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2013 | Palmarejo | San Bartolomé | Kensington | Rochester | La Preciosa | Coeur Capital | Other | Total | Year ended December 31, 2012 | Palmarejo | San Bartolomé | Kensington | Rochester | Coeur Capital | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2014 | Palmarejo | San Bartolomé | Kensington | Rochester | La Preciosa | Coeur Capital | Other | Total | Mine | Mine | Mine | Mine | Mine | Mine | Mine | Mine | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mine | Mine | Mine | Mine | Revenue | Revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Metal sales | $ | 324,040 | $ | 141,721 | $ | 148,769 | $ | 119,254 | $ | — | $ | 12,871 | $ | (661 | ) | $ | 745,994 | Metal sales | $ | 442,098 | $ | 178,005 | $ | 110,987 | $ | 132,392 | $ | 18,848 | $ | 13,162 | $ | 895,492 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Metal sales | $ | 244,003 | $ | 117,749 | $ | 136,960 | $ | 123,768 | $ | — | $ | 10,046 | $ | — | $ | 632,526 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Royalties | — | — | — | — | — | — | — | — | Royalties | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Royalties | — | — | — | — | — | 3,216 | — | 3,216 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
324,040 | 141,721 | 148,769 | 119,254 | — | 12,871 | (661 | ) | 745,994 | 442,098 | 178,005 | 110,987 | 132,392 | 18,848 | 13,162 | 895,492 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
244,003 | 117,749 | 136,960 | 123,768 | — | 13,262 | — | 635,742 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs and Expenses | Costs and Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs and Expenses | Costs applicable to sales(1) | 188,572 | 86,827 | 104,575 | 77,869 | — | 5,820 | — | 463,663 | Costs applicable to sales(1) | 197,478 | 71,428 | 87,089 | 72,061 | 8,824 | 17,682 | 454,562 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs applicable to sales(1) | 187,276 | 89,659 | 105,342 | 91,462 | — | 4,206 | — | 477,945 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization | 133,535 | 19,103 | 62,750 | 8,890 | 24 | 3,755 | 1,507 | 229,564 | Amortization | 145,945 | 16,624 | 41,241 | 6,784 | 4,632 | 806 | 216,032 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization | 69,431 | 19,423 | 43,619 | 20,790 | 84 | 7,015 | 2,074 | 162,436 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration | 7,161 | 111 | 4,199 | 2,653 | 80 | 2,069 | 6,087 | 22,360 | Exploration | 7,575 | 159 | 3,283 | 3,591 | 1,056 | 10,606 | 26,270 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration | 6,671 | 120 | 8,005 | 2,636 | 236 | 515 | 3,557 | 21,740 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Write-downs | 642,094 | — | 130,694 | — | — | — | 205 | 772,993 | Write-downs | — | — | — | — | — | 5,825 | 5,825 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Write-downs | 784,038 | 118,754 | 107,832 | — | 372,466 | 6,202 | 83,429 | 1,472,721 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expense (income) | 705 | 6,205 | 735 | 36,265 | 3,237 | 1,397 | 54,029 | 102,573 | Other operating expense (income) | 661 | 165 | 478 | 2,682 | (736 | ) | 33,813 | 37,063 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expense (income) | 620 | (251 | ) | 796 | 2,813 | 13,961 | 938 | 48,005 | 66,882 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense) | Other income (expense) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense) | Interest income and other, net | 906 | 2,582 | (187 | ) | (318 | ) | 15 | (19,474 | ) | 11,491 | (4,985 | ) | Interest income and other, net | 4,017 | 9,719 | (77 | ) | 358 | (77 | ) | 496 | 14,436 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income and other, net | 131 | 2,461 | (22 | ) | 105 | (523 | ) | (7,141 | ) | (229 | ) | (5,218 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | (15,123 | ) | (74 | ) | (424 | ) | (20 | ) | — | — | (25,662 | ) | (41,303 | ) | Interest expense, net | (18,938 | ) | (72 | ) | (2,972 | ) | (26 | ) | — | (4,161 | ) | (26,169 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | (9,320 | ) | (52 | ) | (214 | ) | (679 | ) | — | (1 | ) | (37,280 | ) | (47,546 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value adjustments, net | 76,218 | — | 7,480 | 416 | — | — | (1,346 | ) | 82,768 | Loss on debt extinguishment | — | — | (1,036 | ) | — | — | — | (1,036 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value adjustments, net | (1,847 | ) | — | — | 3,653 | — | — | 1,812 | 3,618 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income and mining tax (expense) benefit | 107,748 | (10,938 | ) | (1 | ) | (2,332 | ) | (20,856 | ) | 2,179 | 82,316 | 158,116 | Fair value adjustments, net | (31,054 | ) | — | 4,089 | — | — | 3,478 | (23,487 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income and mining tax (expense) benefit | 283,685 | 18,114 | — | (2,224 | ) | 132,151 | 1,212 | 26,306 | 459,244 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (478,278 | ) | $ | 21,045 | $ | (147,316 | ) | $ | (8,677 | ) | $ | (24,182 | ) | $ | (17,465 | ) | $ | 4,310 | $ | (650,563 | ) | Income and mining tax (expense) benefit | (18,066 | ) | (44,632 | ) | — | (2,195 | ) | (327 | ) | (5,587 | ) | (70,807 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (531,384 | ) | $ | (89,433 | ) | $ | (128,870 | ) | $ | 6,922 | $ | (255,119 | ) | $ | (11,544 | ) | $ | (146,456 | ) | $ | (1,155,884 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment assets(2) | $ | 1,164,852 | $ | 289,272 | $ | 343,144 | $ | 176,789 | $ | 410,335 | $ | 62,678 | $ | 111,749 | $ | 2,558,819 | Net income (loss) | $ | 26,398 | $ | 54,644 | $ | (21,100 | ) | $ | 45,411 | $ | 4,668 | $ | (61,344 | ) | $ | 48,677 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment assets(2) | $ | 341,367 | $ | 188,616 | $ | 215,973 | $ | 196,765 | $ | 39,701 | $ | 59,848 | $ | 41,987 | $ | 1,084,257 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | 33,730 | $ | 11,568 | $ | 21,404 | $ | 29,406 | $ | 1,122 | $ | — | $ | 3,583 | $ | 100,813 | Segment assets(2) | $ | 1,905,269 | $ | 302,922 | $ | 508,658 | $ | 104,373 | $ | 32,656 | $ | 120,178 | $ | 2,974,056 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | 26,084 | $ | 7,937 | $ | 16,220 | $ | 11,898 | $ | 255 | $ | — | $ | 1,850 | $ | 64,244 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | 38,456 | $ | 25,672 | $ | 36,994 | $ | 11,794 | $ | — | $ | 2,725 | $ | 115,641 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) Excludes amortization | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Segment assets include receivables, prepaids, inventories, property, plant, and equipment, and mineral interests | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets for reportable segments | $ | 1,084,257 | $ | 2,558,819 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 270,861 | 206,690 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 100,300 | 120,469 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consolidated assets | $ | 1,455,418 | $ | 2,885,978 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long Lived Assets by Country | Geographic Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long Lived Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mexico | $ | 298,101 | $ | 1,487,228 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | 275,594 | 384,626 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bolivia | 107,960 | 235,085 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Australia | 21,362 | 25,668 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Argentina | 10,970 | 94,705 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 15,116 | 10,462 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 729,103 | $ | 2,237,774 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue by Country | The following table indicates customers that represent 10% or more of total sales of metal for at least one of the years December 31, 2014, 2013, and 2012 (in millions): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer | 2014 | 2013 | 2012 | Segments reporting revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mitsui & Co. | $ | 133.8 | $ | 70.3 | $ | 65.6 | Palmarejo, Rochester | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TD Securities | 106.7 | 106.7 | 65.8 | Palmarejo, Rochester | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Standard Bank | 87.5 | 69 | 72.3 | Palmarejo, Rochester | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
China National Gold | 86.8 | 81.5 | 43.8 | Kensington | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Johnson Matthey | 71.8 | 66.4 | 1.7 | San Bartolomé | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valcambi | 33.9 | 77.2 | 414.4 | Palmarejo, San Bartolomé | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTL Commodities | 22.4 | 84.6 | 58 | Palmarejo, San Bartolomé, Rochester | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Auramet | 10.8 | 111.7 | 94.6 | Palmarejo, San Bartolomé, Kensington, Rochester | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | $ | 260,728 | $ | 268,023 | $ | 243,379 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mexico | 245,493 | 324,040 | 442,098 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bolivia | 117,749 | 141,721 | 178,005 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Australia | 10,046 | 12,871 | 18,848 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | $ | 1,726 | $ | (661 | ) | $ | 13,162 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 635,742 | $ | 745,994 | $ | 895,492 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WriteDowns_Tables
Write-Downs (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Details of Impairment by Long-Lived Asset Class [Abstract] | |||||||||||||
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Mining properties | |||||||||||||
Palmarejo | 668,803 | 539,359 | — | ||||||||||
San Bartolomé | 32,328 | — | — | ||||||||||
Kensington | 67,671 | 82,337 | — | ||||||||||
La Preciosa | 371,411 | — | — | ||||||||||
Joaquin | 83,429 | — | — | ||||||||||
Coeur Capital (El Gallo) | 6,202 | — | — | ||||||||||
Martha | — | 205 | 5,825 | ||||||||||
1,229,844 | 621,901 | 5,825 | |||||||||||
Property, plant, and equipment | |||||||||||||
Palmarejo | $ | 115,235 | $ | 102,735 | $ | — | |||||||
San Bartolomé | 86,426 | — | — | ||||||||||
Kensington | 40,161 | 48,357 | — | ||||||||||
La Preciosa | 1,055 | — | — | ||||||||||
242,877 | 151,092 | — | |||||||||||
Total | $ | 1,472,721 | $ | 772,993 | $ | 5,825 | |||||||
Reclamation_Tables
Reclamation (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Asset Retirement Obligation Disclosure [Abstract] | ||||||||
Asset Retirement Obligation | Changes to the Company’s asset retirement obligations (included in Reclamation) are as follows: | |||||||
In thousands | Year ended December 31, | |||||||
2014 | 2013 | |||||||
Asset retirement obligation - Beginning | $ | 55,966 | $ | 33,008 | ||||
Accretion | 4,826 | 3,316 | ||||||
Additions and changes in estimates | 6,748 | 19,670 | ||||||
Settlements | (326 | ) | (28 | ) | ||||
Asset retirement obligation - Ending | $ | 67,214 | $ | 55,966 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table sets forth the weighted average fair value of stock options and the assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model: | ||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Weighted average fair value of stock options granted | $ | 3.79 | $ | 12.6 | $ | 15.77 | |||||||||||||
Volatility | 50.93 | % | 76.74 | % | 70.56 | % | |||||||||||||
Expected life in years | 3.9 | 5 | 5.5 | ||||||||||||||||
Risk-free interest rate | 1.25 | % | 0.84 | % | 0.89 | % | |||||||||||||
Dividend yield | — | — | — | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity | The following table summarizes stock option and SAR activity for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||||||||
Stock Options | SARs | ||||||||||||||||||
Shares | Weighted | Shares | Weighted | ||||||||||||||||
Average | Average | ||||||||||||||||||
Exercise | Exercise | ||||||||||||||||||
Price | Price | ||||||||||||||||||
Outstanding at December 31, 2011 | 321,607 | $ | 24.6 | 107,639 | $ | 13.46 | |||||||||||||
Granted | 151,102 | 26.97 | — | — | |||||||||||||||
Exercised | (40,173 | ) | 11.84 | (34,385 | ) | 12.73 | |||||||||||||
Canceled/forfeited | (62,536 | ) | 29.22 | (4,389 | ) | 15.4 | |||||||||||||
Outstanding at December 31, 2012 | 370,000 | 30.2 | 68,865 | 13.83 | |||||||||||||||
Granted | 190,452 | 20.41 | — | — | |||||||||||||||
Exercised | (13,027 | ) | 10.77 | (6,617 | ) | 13.14 | |||||||||||||
Canceled/forfeited | (131,855 | ) | 29.3 | (12,039 | ) | 15.4 | |||||||||||||
Outstanding at December 31, 2013 | 415,570 | 27.36 | 50,209 | 14.15 | |||||||||||||||
Granted | 415,172 | 9.45 | — | — | |||||||||||||||
Canceled/forfeited | (232,396 | ) | 23.94 | (3,637 | ) | 15.4 | |||||||||||||
Outstanding at December 31, 2014 | 598,346 | $ | 16.26 | 46,572 | $ | 14.06 | |||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | |||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||
Range of | Number | Weighted Average | Weighted | Number | Weighted | Weighted | |||||||||||||
Exercise Price | Outstanding | Exercise | Average | Exercisable | Average | Average | |||||||||||||
Price | Remaining | Exercise | Remaining | ||||||||||||||||
Contractual | Price | Contractual Life (Years) | |||||||||||||||||
Life (Years) | |||||||||||||||||||
$ 0.00-$10.00 | 284,866 | $ | 9.34 | 9.04 | 11,034 | $ | 10 | 4.09 | |||||||||||
$10.00-$20.00 | 121,540 | 15.51 | 8.43 | 33,646 | 17.33 | 8.11 | |||||||||||||
$20.00-$30.00 | 176,777 | 25.68 | 6.88 | 107,546 | 26.37 | 6.27 | |||||||||||||
$30.00-$40.00 | 9,566 | 38.25 | 2.44 | 9,566 | 38.25 | 2.44 | |||||||||||||
$40.00-$50.00 | 3,336 | 48.5 | 3.03 | 3,336 | 48.5 | 3.03 | |||||||||||||
$50.00-$60.00 | 2,261 | 51.4 | 1.14 | 2,261 | 51.4 | 1.14 | |||||||||||||
598,346 | $ | 16.26 | 167,389 | $ | 24.93 | ||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table summarizes restricted stock and restricted stock units activity for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||||||||
Restricted Stock | Restricted Stock Units | ||||||||||||||||||
Number of | Weighted | Number of | Weighted Average | ||||||||||||||||
Shares | Average | Units | Fair Value | ||||||||||||||||
Grant Date | |||||||||||||||||||
Fair Value | |||||||||||||||||||
Outstanding at December 31, 2011 | 173,509 | 11.37 | 45,518 | 27.32 | |||||||||||||||
Granted | 230,096 | 26.4 | — | — | |||||||||||||||
Vested | (95,336 | ) | 23.15 | (31,456 | ) | 25.92 | |||||||||||||
Cancelled/Forfeited | (68,571 | ) | 27.43 | (2,651 | ) | 24.6 | |||||||||||||
Outstanding at December 31, 2012 | 239,698 | 25.38 | 11,411 | 24.14 | |||||||||||||||
Granted | 573,467 | 15.38 | — | — | |||||||||||||||
Vested | (90,963 | ) | 26.83 | (11,411 | ) | 22.74 | |||||||||||||
Cancelled/Forfeited | (109,116 | ) | 23.3 | — | — | ||||||||||||||
Outstanding at December 31, 2013 | 613,086 | $ | 16.68 | — | $ | — | |||||||||||||
Granted | 695,897 | 9.83 | — | — | |||||||||||||||
Vested | (234,103 | ) | 17.16 | — | — | ||||||||||||||
Cancelled/Forfeited | (172,881 | ) | 11.87 | — | — | ||||||||||||||
Outstanding at December 31, 2014 | 901,999 | $ | 12.19 | — | $ | — | |||||||||||||
Schedule of Nonvested Performance-based Units Activity | The following table summarizes performance shares and performance units’ activity for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||||||||
Performance Shares | Performance Units | ||||||||||||||||||
Number of | Weighted | Number of | Weighted Average | ||||||||||||||||
Shares | Average | Units | Fair Value | ||||||||||||||||
Grant Date | |||||||||||||||||||
Fair Value | |||||||||||||||||||
Outstanding at December 31, 2011 | 105,929 | $ | 16.29 | 84,539 | $ | 35.41 | |||||||||||||
Granted | 145,508 | 25.78 | 32,498 | — | |||||||||||||||
Vested | (111,703 | ) | 7.96 | (74,845 | ) | 31.17 | |||||||||||||
Cancelled/Forfeited | (30,575 | ) | 42.11 | (7,953 | ) | 49.2 | |||||||||||||
Outstanding at December 31, 2012 | 109,159 | 26.92 | 34,239 | 39.78 | |||||||||||||||
Granted | 173,773 | 23.35 | 34,239 | 38.02 | |||||||||||||||
Vested | (4,160 | ) | 30.97 | (68,478 | ) | 38.02 | |||||||||||||
Cancelled/Forfeited | (68,377 | ) | 34.49 | — | — | ||||||||||||||
Outstanding at December 31, 2013 | 210,395 | 28.04 | — | — | |||||||||||||||
Granted | 358,398 | 12.21 | — | — | |||||||||||||||
Vested | (34,611 | ) | 27.18 | — | — | ||||||||||||||
Cancelled/Forfeited | (17,352 | ) | 27.15 | — | — | ||||||||||||||
Outstanding at December 31, 2014 | 516,830 | $ | 17.61 | — | $ | — | |||||||||||||
Income_and_Mining_Taxes_Tables
Income and Mining Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The components of Income (loss) before income taxes are below: | ||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
in thousands | 2014 | 2013 | 2012 | ||||||||||||||||||
United States | $ | (213,883 | ) | $ | (242,562 | ) | $ | (3,443 | ) | ||||||||||||
Foreign | (1,401,245 | ) | (566,117 | ) | 122,927 | ||||||||||||||||
Total | $ | (1,615,128 | ) | $ | (808,679 | ) | $ | 119,484 | |||||||||||||
The components of the consolidated Income and mining tax (expense) benefit from continuing operations are below: | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
in thousands | 2014 | 2013 | 2012 | ||||||||||||||||||
Current: | |||||||||||||||||||||
United States | $ | 904 | $ | 4 | $ | (257 | ) | ||||||||||||||
United States — State mining taxes | (879 | ) | (714 | ) | (2,195 | ) | |||||||||||||||
United States — Foreign withholding tax | (6,250 | ) | 397 | (736 | ) | ||||||||||||||||
Argentina | (71 | ) | (137 | ) | 976 | ||||||||||||||||
Australia | — | (914 | ) | (1,760 | ) | ||||||||||||||||
Mexico | (1,124 | ) | (9,046 | ) | (7,814 | ) | |||||||||||||||
Bolivia | (4,008 | ) | (6,716 | ) | (43,546 | ) | |||||||||||||||
Canada | (145 | ) | (1,936 | ) | — | ||||||||||||||||
Deferred: | |||||||||||||||||||||
Argentina | 24,478 | 8,062 | — | ||||||||||||||||||
Australia | (401 | ) | (2 | ) | (223 | ) | |||||||||||||||
Bolivia | 22,122 | (4,222 | ) | (1,087 | ) | ||||||||||||||||
Canada | 1,807 | — | — | ||||||||||||||||||
Mexico | 417,068 | 94,851 | (10,579 | ) | |||||||||||||||||
United States | 5,743 | 78,489 | (3,586 | ) | |||||||||||||||||
Income tax (expense) benefit | $ | 459,244 | $ | 158,116 | $ | (70,807 | ) | ||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the Company’s effective tax rate with the federal statutory tax rate for the periods indicated is below: | ||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
in thousands | 2014 | 2013 | 2012 | ||||||||||||||||||
Tax benefit (expense) from continuing operations | $ | 565,295 | $ | 283,038 | $ | (41,819 | ) | ||||||||||||||
State tax provision from continuing operations | 20,253 | 2,245 | (3,151 | ) | |||||||||||||||||
Percentage depletion and related deductions | — | — | 7,461 | ||||||||||||||||||
Change in valuation allowance | (128,344 | ) | (106,802 | ) | (12,651 | ) | |||||||||||||||
Non-deductible imputed interest | — | (214 | ) | (525 | ) | ||||||||||||||||
Uncertain tax positions | (4,425 | ) | (5,209 | ) | (9,849 | ) | |||||||||||||||
U.S. and foreign non-deductible expenses | (4,892 | ) | (2,383 | ) | (4,206 | ) | |||||||||||||||
Foreign exchange rates | 23,672 | 13,937 | (10,416 | ) | |||||||||||||||||
Foreign inflation and indexing | 3,765 | 2,937 | 712 | ||||||||||||||||||
Foreign tax rate differences | (63,930 | ) | (24,108 | ) | 3,967 | ||||||||||||||||
Foreign withholding and other foreign taxes | 91,882 | (100,331 | ) | (5,861 | ) | ||||||||||||||||
Foreign tax credits and other, net | (44,032 | ) | 13,153 | 5,531 | |||||||||||||||||
Change in Mexico permanent reinvestment assertion | — | 81,853 | — | ||||||||||||||||||
$ | 459,244 | $ | 158,116 | $ | (70,807 | ) | |||||||||||||||
Schedule of Deferred Tax Assets and Liabilities | At December 31, 2014 and 2013, the significant components of the Company’s deferred tax assets and liabilities are below: | ||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
In thousands | 2014 | 2013 | |||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||
Mineral properties | $ | — | $ | 344,152 | |||||||||||||||||
Mexican mining royalty tax | 7,586 | 76,386 | |||||||||||||||||||
Foreign subsidiaries — unremitted earnings | 45,249 | 182,464 | |||||||||||||||||||
Inventory | 1,100 | 2,746 | |||||||||||||||||||
Property, plant, and equipment, net | — | 33,094 | |||||||||||||||||||
$ | 53,935 | $ | 638,842 | ||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Net operating loss carryforwards | 153,689 | 130,170 | |||||||||||||||||||
Mineral properties | 70,510 | — | |||||||||||||||||||
Property, plant, and equipment | 46,042 | — | |||||||||||||||||||
Foreign subsidiaries — future tax credits | — | 163,947 | |||||||||||||||||||
Royalty and other long-term debt | 5,863 | 11,616 | |||||||||||||||||||
Capital loss carryforwards | 35,251 | 34,930 | |||||||||||||||||||
Asset retirement obligation | 21,586 | 18,589 | |||||||||||||||||||
Unrealized foreign currency loss and other | 8,213 | 9,567 | |||||||||||||||||||
Accrued expenses | 14,773 | 14,756 | |||||||||||||||||||
Tax credit carryforwards | 56,322 | 23,585 | |||||||||||||||||||
412,249 | 407,160 | ||||||||||||||||||||
Valuation allowance | (409,883 | ) | (289,378 | ) | |||||||||||||||||
2,366 | 117,782 | ||||||||||||||||||||
Net deferred tax liabilities | $ | 51,569 | $ | 521,060 | |||||||||||||||||
Summary of Valuation Allowance | Based upon this analysis, the Company has recorded valuation allowances as follows: | ||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
In thousands | 2014 | 2013 | |||||||||||||||||||
U.S. | $ | 305,534 | $ | 236,653 | |||||||||||||||||
Argentina | 21,520 | 17,005 | |||||||||||||||||||
Canada | 2,009 | 4,453 | |||||||||||||||||||
Bolivia | 15,948 | — | |||||||||||||||||||
Mexico | 33,189 | — | |||||||||||||||||||
New Zealand | 28,710 | 27,292 | |||||||||||||||||||
Other | 2,973 | 3,975 | |||||||||||||||||||
$ | 409,883 | $ | 289,378 | ||||||||||||||||||
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount related to unrecognized tax benefits is below (in thousands): | ||||||||||||||||||||
Unrecognized tax benefits at January 1, 2013 | $ | 10,511 | |||||||||||||||||||
Gross increase to current period tax positions | 2,231 | ||||||||||||||||||||
Gross increase to prior period tax positions | 2,761 | ||||||||||||||||||||
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statue of limitations | (32 | ) | |||||||||||||||||||
Unrecognized tax benefits at December 31, 2013 | $ | 15,471 | |||||||||||||||||||
Gross increase to current period tax positions | 1,856 | ||||||||||||||||||||
Gross increase to prior period tax positions | 524 | ||||||||||||||||||||
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statue of limitations | (1,767 | ) | |||||||||||||||||||
Unrecognized tax benefits at December 31, 2014 | $ | 16,084 | |||||||||||||||||||
Summary of Tax Credit Carryforwards | The Company has the following tax attribute carryforwards at December 31, 2014, by jurisdiction (in thousands): | ||||||||||||||||||||
U.S. | Argentina | Canada | Mexico | New Zealand | Other | Total | |||||||||||||||
Regular net operating losses | 245,683 | 16,588 | 1,633 | 49,747 | 102,535 | 22,952 | 439,138 | ||||||||||||||
Alternative minimum tax net operating losses | 117,362 | — | — | — | — | — | 117,362 | ||||||||||||||
Capital losses | 91,019 | — | — | — | — | — | 91,019 | ||||||||||||||
Alternative minimum tax credits | 4,142 | — | — | — | — | — | 4,142 | ||||||||||||||
Foreign tax credits | 52,181 | — | — | — | — | — | 52,181 | ||||||||||||||
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ||||||||||||
Year ended December 31, | ||||||||||||
In thousands except per share amounts | 2014 | 2013 | 2012 | |||||||||
Net income (loss) available to common stockholders | $ | (1,155,884 | ) | $ | (650,563 | ) | $ | 48,677 | ||||
Weighted average shares: | ||||||||||||
Basic | 102,441 | 97,864 | 89,437 | |||||||||
Effect of stock-based compensation plans | — | — | 166 | |||||||||
Diluted | 102,441 | 97,864 | 89,603 | |||||||||
Income (loss) per share: | ||||||||||||
Basic | $ | (11.28 | ) | $ | (6.65 | ) | $ | 0.54 | ||||
Diluted | $ | (11.28 | ) | $ | (6.65 | ) | $ | 0.54 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||||||||||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | ||||||||||||||||||||||||||||
Description | Valuation technique | Unobservable input | Range / Weighted Average | Description | Valuation technique | Unobservable input | Range / Weighted Average | |||||||||||||||||||||
Property, plant, and equipment and Mining properties | Discounted cash flow | Discount rate | 8.0% - 10.75% | Property, plant, and equipment and Mining properties | Discounted cash flow | Discount rate | 8.5% - 10.5% | |||||||||||||||||||||
Long-term silver price | $19.00 | Long-term silver price | $25.00 | |||||||||||||||||||||||||
Long-term gold price | $1,275 | Long-term gold price | $1,450 | |||||||||||||||||||||||||
Schedule of Fair Value Adjustments to Comprehensive income (Loss) | The following table presents the components of Fair value adjustments, net: | |||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||
In thousands | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Palmarejo royalty obligation embedded derivative | $ | (2,001 | ) | $ | 76,200 | $ | (31,053 | ) | ||||||||||||||||||||
Rochester NSR royalty obligation | 3,653 | 416 | — | |||||||||||||||||||||||||
Silver and gold options | 1,058 | 7,119 | 4,302 | |||||||||||||||||||||||||
Foreign exchange contracts | 908 | (967 | ) | 3,264 | ||||||||||||||||||||||||
Fair value adjustments, net | $ | 3,618 | $ | 82,768 | $ | (23,487 | ) | |||||||||||||||||||||
Financial assets and liabilities measured at fair value on recurring basis | The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: | |||||||||||||||||||||||||||
Fair Value at December 31, 2014 | ||||||||||||||||||||||||||||
In thousands | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Short-term investments | $ | 138 | $ | 138 | $ | — | $ | — | ||||||||||||||||||||
Equity securities | 5,982 | 4,603 | — | 1,379 | ||||||||||||||||||||||||
Silver and gold options | 3,882 | — | 3,882 | — | ||||||||||||||||||||||||
$ | 10,002 | $ | 4,741 | $ | 3,882 | $ | 1,379 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Palmarejo royalty obligation embedded derivative | $ | 21,912 | $ | — | $ | — | $ | 21,912 | ||||||||||||||||||||
Rochester NSR royalty obligation | 15,370 | — | — | 15,370 | ||||||||||||||||||||||||
Silver and gold options | 1,039 | — | 1,039 | — | ||||||||||||||||||||||||
Other derivative instruments, net | 805 | — | 805 | — | ||||||||||||||||||||||||
$ | 39,126 | $ | — | $ | 1,844 | $ | 37,282 | |||||||||||||||||||||
Fair Value at December 31, 2013 | ||||||||||||||||||||||||||||
In thousands | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Equity securities | $ | 14,521 | $ | 14,521 | $ | — | $ | — | ||||||||||||||||||||
Silver and gold options | 135 | — | 135 | — | ||||||||||||||||||||||||
$ | 14,656 | $ | 14,521 | $ | 135 | $ | — | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Palmarejo royalty obligation embedded derivative | $ | 40,338 | $ | — | $ | — | $ | 40,338 | ||||||||||||||||||||
Rochester NSR royalty obligation | 21,630 | — | — | 21,630 | ||||||||||||||||||||||||
Other derivative instruments, net | 1,591 | — | 1,591 | — | ||||||||||||||||||||||||
$ | 63,559 | $ | — | $ | 1,591 | $ | 61,968 | |||||||||||||||||||||
Changes in the fair value of the Company's Level 3 financial liabilities | The following tables present the changes in the fair value of the Company's Level 3 financial liabilities for the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||||||
In thousands | Balance at the beginning of the period | Additions | Revaluation | Settlements | Transfers from Level 1 | Balance at the | ||||||||||||||||||||||
end of the | ||||||||||||||||||||||||||||
period | ||||||||||||||||||||||||||||
Palmarejo royalty obligation embedded derivative | $ | 40,338 | $ | — | $ | 2,001 | $ | (20,427 | ) | $ | — | $ | 21,912 | |||||||||||||||
Rochester NSR royalty obligation | 21,630 | — | (3,653 | ) | (2,607 | ) | — | 15,370 | ||||||||||||||||||||
Equity securities | — | 69 | (55 | ) | — | 1,365 | 1,379 | |||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||
In thousands | Balance at the beginning of the period | Additions | Revaluation | Settlements | Transfers from Level 2 | Balance at the | ||||||||||||||||||||||
end of the | ||||||||||||||||||||||||||||
period | ||||||||||||||||||||||||||||
Palmarejo royalty obligation embedded derivative | $ | — | $ | — | $ | (76,200 | ) | $ | (28,560 | ) | $ | 145,098 | $ | 40,338 | ||||||||||||||
Rochester NSR royalty obligation | — | 22,046 | (416 | ) | — | — | 21,630 | |||||||||||||||||||||
Financial Assets and Liabilities not Measured at Fair Value | The fair value of financial assets and liabilities carried at book value in the financial statements at December 31, 2014 and December 31, 2013 is presented in the following table: | |||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
In thousands | Book Value | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
3.25% Convertible Senior Notes due 2028 | $ | 5,334 | $ | 4,979 | $ | — | $ | 4,979 | $ | — | ||||||||||||||||||
7.875% Senior Notes due 2021 | 437,454 | 343,305 | — | 343,305 | — | |||||||||||||||||||||||
San Bartolomé Line of Credit | 14,785 | 14,785 | — | 14,785 | — | |||||||||||||||||||||||
Palmarejo gold production royalty obligation | 34,047 | 38,290 | — | — | 38,290 | |||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
In thousands | Book Value | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
3.25% Convertible Senior Notes due 2028 | $ | 5,334 | $ | 5,067 | $ | 5,067 | $ | — | $ | — | ||||||||||||||||||
7.875% Senior Notes due 2021 | 300,000 | 307,314 | 307,314 | — | — | |||||||||||||||||||||||
Palmarejo gold production royalty obligation | 51,193 | 65,212 | — | — | 65,212 | |||||||||||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||
Derivative instruments, future settlement | At December 31, 2014, the Company had the following derivative instruments that settle in each of the years indicated: | |||||||||||||||
In thousands except average prices and notional ounces | 2015 | 2016 | Thereafter | |||||||||||||
Palmarejo gold production royalty | $ | 41,981 | $ | 23,779 | $ | — | ||||||||||
Average gold price in excess of minimum contractual deduction | $ | 775 | $ | 774 | $ | — | ||||||||||
Notional ounces | 54,171 | 30,744 | — | |||||||||||||
Silver concentrate sales contracts | $ | 10,392 | $ | — | $ | — | ||||||||||
Average silver price | $ | 16.35 | $ | — | $ | — | ||||||||||
Notional ounces | 635,614 | — | — | |||||||||||||
Gold concentrate sales contracts | $ | 35,576 | $ | — | $ | — | ||||||||||
Average gold price | $ | 1,221 | $ | — | $ | — | ||||||||||
Notional ounces | 29,137 | — | — | |||||||||||||
Gold put options purchased | $ | 14,400 | $ | — | $ | — | ||||||||||
Average gold strike price | $ | 1,200 | $ | — | $ | — | ||||||||||
Notional ounces | 12,000 | — | — | |||||||||||||
Silver put options purchased | $ | 11,250 | $ | — | $ | — | ||||||||||
Average silver strike price | $ | 18 | $ | — | $ | — | ||||||||||
Notional ounces | 625,000 | — | — | |||||||||||||
Gold put options sold | $ | (12,600 | ) | $ | — | $ | — | |||||||||
Average gold strike price | $ | 1,050 | $ | — | $ | — | ||||||||||
Notional ounces | 12,000 | — | — | |||||||||||||
Silver put options sold | $ | (10,000 | ) | $ | — | $ | — | |||||||||
Average silver strike price | $ | 16 | $ | — | $ | — | ||||||||||
Notional ounces | 625,000 | — | — | |||||||||||||
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments: | |||||||||||||||
December 31, 2014 | ||||||||||||||||
In thousands | Prepaid expenses and other | Accrued liabilities and other | Current portion of royalty obligation | Non-current portion of royalty obligation | ||||||||||||
Palmarejo gold production royalty | $ | — | $ | — | $ | 14,405 | $ | 7,507 | ||||||||
Silver and gold options | 3,882 | 1,039 | ||||||||||||||
Concentrate sales contracts | 43 | 848 | ||||||||||||||
$ | 3,925 | $ | 1,887 | $ | 14,405 | $ | 7,507 | |||||||||
December 31, 2013 | ||||||||||||||||
Prepaid expenses and other | Accrued liabilities and other | Current portion of royalty obligation | Non-current portion of royalty obligation | |||||||||||||
Foreign exchange contracts | $ | 38 | $ | 947 | $ | — | $ | — | ||||||||
Palmarejo gold production royalty | — | — | 17,650 | 22,688 | ||||||||||||
Silver and gold options | 135 | — | — | — | ||||||||||||
Concentrate sales contracts | 11 | 693 | — | — | ||||||||||||
$ | 184 | $ | 1,640 | $ | 17,650 | $ | 22,688 | |||||||||
Gain losses on derivative instruments | The following represent mark-to-market gains (losses) on derivative instruments for the years ended December 31, 2014, 2013, and 2012 (in thousands): | |||||||||||||||
Year ended December 31, | ||||||||||||||||
Financial statement line | Derivative | 2014 | 2013 | 2012 | ||||||||||||
Sales of metal | Concentrate sales contracts | $ | (123 | ) | $ | (1,995 | ) | $ | 1,682 | |||||||
Costs applicable to sales | Foreign exchange contracts | 924 | 589 | (1,621 | ) | |||||||||||
Fair value adjustments, net | Foreign exchange contracts | (16 | ) | (985 | ) | 3,264 | ||||||||||
Fair value adjustments, net | Palmarejo gold royalty | (2,001 | ) | 76,200 | (31,053 | ) | ||||||||||
Fair value adjustments, net | Silver and gold options | 1,058 | 7,119 | 4,302 | ||||||||||||
$ | (158 | ) | $ | 80,928 | $ | (23,426 | ) | |||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Business Combinations [Abstract] | ||||
Schedule of Business Acquisitions, by Acquisition | Total consideration paid and fair value of assets acquired in the GRC acquisition are as follows (in thousands): | |||
Total purchase price | 26,047 | |||
Total liabilities assumed | 8,605 | |||
Total consideration | $ | 34,652 | ||
Total assets acquired | $ | 34,652 | ||
Total purchase price | 295,841 | |||
Total liabilities assumed | 116,955 | |||
Total consideration | $ | 412,796 | ||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ||||
Total assets acquired | $ | 412,796 | ||
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Investment in Marketable Securities [Abstract] | |||||||||||||||||||||
Investments | |||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||
In thousands | Cost | Gross | Gross | Estimated | |||||||||||||||||
Unrealized | Unrealized | Fair Value | |||||||||||||||||||
Losses | Gains | ||||||||||||||||||||
Equity securities | $ | 5,687 | $ | (8 | ) | $ | 303 | $ | 5,982 | ||||||||||||
At December 31, 2013 | |||||||||||||||||||||
In thousands | Cost | Gross | Gross | Estimated | |||||||||||||||||
Unrealized | Unrealized | Fair Value | |||||||||||||||||||
Losses | Gains | ||||||||||||||||||||
Equity securities | $ | 17,649 | $ | (3,300 | ) | $ | 172 | $ | 14,521 | ||||||||||||
Gross unrealized losses on investment securities | The following table summarizes the gross unrealized losses on investment securities for which other-than-temporary impairments have not been recognized and the fair values of those securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at December 31, 2014: | ||||||||||||||||||||
Less than twelve months | Twelve months or more | Total | |||||||||||||||||||
In thousands | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | |||||||||||||||
Equity securities | $ | (8 | ) | $ | 38 | $ | — | $ | — | $ | (8 | ) | $ | 38 | |||||||
Receivables_Tables
Receivables (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Receivables [Abstract] | ||||||||
Receivables | Receivables consist of the following: | |||||||
In thousands | December 31, 2014 | December 31, 2013 | ||||||
Current receivables: | ||||||||
Trade receivables | $ | 20,448 | $ | 17,303 | ||||
Income tax receivable | 30,045 | 8,363 | ||||||
Value added tax receivable | 63,805 | 49,168 | ||||||
Other | 2,623 | 6,240 | ||||||
$ | 116,921 | $ | 81,074 | |||||
Non-current receivables: | ||||||||
Value added tax receivable | $ | 21,686 | $ | 36,574 | ||||
Total Receivables | $ | 138,607 | $ | 117,648 | ||||
Inventory_and_Ore_on_Leach_Pad1
Inventory and Ore on Leach Pads (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventory consists of the following: | |||||||
In thousands | December 31, 2014 | December 31, 2013 | ||||||
Inventory: | ||||||||
Concentrate | $ | 23,563 | $ | 14,855 | ||||
Precious metals | 40,870 | 52,250 | ||||||
Supplies | 50,498 | 64,918 | ||||||
$ | 114,931 | $ | 132,023 | |||||
Ore on Leach Pads: | ||||||||
Current | $ | 48,204 | $ | 50,495 | ||||
Non-Current | 37,889 | 31,528 | ||||||
$ | 86,093 | $ | 82,023 | |||||
Total Inventory and Ore on Leach Pads | $ | 201,024 | $ | 214,046 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, plant and equipment | Property, plant, and equipment consist of the following: | |||||||
In thousands | December 31, 2014 | December 31, 2013 | ||||||
Land | $ | 1,752 | $ | 1,764 | ||||
Facilities and equipment | 647,181 | 855,318 | ||||||
Capital leases | 28,680 | 16,133 | ||||||
677,613 | 873,215 | |||||||
Accumulated amortization | (464,852 | ) | (395,520 | ) | ||||
212,761 | 477,695 | |||||||
Construction in progress | 15,150 | 8,578 | ||||||
Property, plant, and equipment, net | $ | 227,911 | $ | 486,273 | ||||
Mining_Properties_Tables
Mining Properties (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Mining Properties [Abstract] | ||||||||||||||||||||||||||||||||
Mining Properties | Mining properties consist of the following (in thousands): | |||||||||||||||||||||||||||||||
December 31, 2014 | Palmarejo | San | Kensington | Rochester | La Preciosa | Joaquin | Coeur Capital | Total | ||||||||||||||||||||||||
Bartolomé | ||||||||||||||||||||||||||||||||
Mine development | $ | 137,821 | $ | 49,305 | $ | 217,138 | $ | 153,535 | $ | — | $ | — | $ | — | $ | 557,799 | ||||||||||||||||
Accumulated amortization | (121,906 | ) | (26,106 | ) | (106,865 | ) | (113,533 | ) | — | — | — | (368,410 | ) | |||||||||||||||||||
15,915 | 23,199 | 110,273 | 40,002 | — | — | — | 189,389 | |||||||||||||||||||||||||
Mineral interests | 521,349 | 17,560 | — | — | 49,059 | 10,000 | 81,461 | 679,429 | ||||||||||||||||||||||||
Accumulated amortization | (332,032 | ) | (10,143 | ) | — | — | — | — | (25,451 | ) | (367,626 | ) | ||||||||||||||||||||
189,317 | 7,417 | — | — | 49,059 | 10,000 | 56,010 | 311,803 | |||||||||||||||||||||||||
Mining properties, net | $ | 205,232 | $ | 30,616 | $ | 110,273 | $ | 40,002 | $ | 49,059 | $ | 10,000 | $ | 56,010 | $ | 501,192 | ||||||||||||||||
December 31, 2013 | Palmarejo | San | Kensington | Rochester | La Preciosa | Joaquin | Coeur Capital | Total | ||||||||||||||||||||||||
Bartolomé | ||||||||||||||||||||||||||||||||
Mine development | $ | 151,845 | $ | 70,761 | $ | 268,351 | $ | 150,348 | $ | — | $ | — | $ | — | $ | 641,305 | ||||||||||||||||
Accumulated amortization | (110,143 | ) | (22,236 | ) | (80,032 | ) | (103,130 | ) | — | — | — | (315,541 | ) | |||||||||||||||||||
41,702 | 48,525 | 188,319 | 47,218 | — | — | — | 325,764 | |||||||||||||||||||||||||
Mineral interests | 1,146,572 | 26,643 | — | — | 408,352 | 93,429 | 78,133 | 1,753,129 | ||||||||||||||||||||||||
Accumulated amortization | (300,187 | ) | (8,759 | ) | — | — | — | — | (18,446 | ) | (327,392 | ) | ||||||||||||||||||||
846,385 | 17,884 | — | — | 408,352 | 93,429 | 59,687 | 1,425,737 | |||||||||||||||||||||||||
Mining properties, net | $ | 888,087 | $ | 66,409 | $ | 188,319 | $ | 47,218 | $ | 408,352 | $ | 93,429 | $ | 59,687 | $ | 1,751,501 | ||||||||||||||||
The Palmarejo mine is an underground and open pit silver and gold mine located in the State of Chihuahua in northern Mexico, and the company controls a large portion of the properties surrounding the mine. The Palmarejo mine commenced production in April 2009. | ||||||||||||||||||||||||||||||||
The San Bartolomé mine is a silver mine located near the city of Potosi, Bolivia. The mineral rights for the San Bartolomé project are held through long-term joint venture/lease agreements with several local independent mining co-operatives and the Bolivian state owned mining organization, (“COMIBOL”). The Company commenced commercial production at San Bartolomé in June 2008. | ||||||||||||||||||||||||||||||||
The Kensington mine is an underground gold mine and consists of the Kensington and adjacent Jualin properties located north-northwest of Juneau, Alaska. The Company commenced commercial production in July 2010. | ||||||||||||||||||||||||||||||||
The Company has conducted operations at the Rochester silver and gold mine, located in northwestern Nevada, since September 1986. The mine utilizes the heap-leaching process to extract both silver and gold from ore mined using open pit methods. | ||||||||||||||||||||||||||||||||
The La Preciosa silver and gold project is located in the State of Durango in northern Mexico. The Company completed a feasibility study in 2014 and has deferred construction activities until expected returns improve. | ||||||||||||||||||||||||||||||||
The Joaquin silver and gold project is located in the Santa Cruz province of southern Argentina. The Company commenced exploration of the property located north of the Company's Martha silver mine in November 2007. | ||||||||||||||||||||||||||||||||
The Company's mineral interests held by Coeur Capital primarily consist of the Endeavor silver stream acquired by the Company in May 2005 and amended in March 2006, under which the Company owns all silver production and reserves up to a total of 20.0 million payable ounces at the Endeavor mine in Australia, which is owned and operated by Cobar Operations Pty. Limited, a wholly-owned subsidiary of CBH Resources Ltd. The Company has received 5.4 million payable ounces to-date and the current ore reserve contains 1.7 million payable ounces. | ||||||||||||||||||||||||||||||||
Coeur Capital also holds royalties on McEwen Mining Inc.’s El Gallo/Magistral mine in Mexico, currently paying a 3.5% NSR royalty, a 1.5% NSR royalty on Dynasty Metals & Mining, Inc.’s Zaruma mine in Ecuador, a 2.0% NSR royalty on Mandalay Resources Corp.’s Cerro Bayo mine in Chile, and royalties on other non-producing properties. Another Coeur subsidiary owns an 80% interest in a 2.5% royalty on Newmont Mining Corporation's Correnso mine in New Zealand. Royalty revenue is immaterial to the Company. |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Long term debt and capital lease obligations | Long-term debt and capital lease obligations at December 31, 2014 and December 31, 2013 are as follows: | |||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||
In thousands | Current | Non-Current | Current | Non-Current | ||||||||||||
3.25% Convertible Senior Notes due 2028 | $ | 5,334 | $ | — | $ | — | $ | 5,334 | ||||||||
7.875% Senior Notes due 2021 | — | 437,454 | — | 300,000 | ||||||||||||
San Bartolomé Letter of Credit | 4,481 | 10,304 | — | — | ||||||||||||
Capital lease obligations | 7,683 | 13,141 | 2,505 | 796 | ||||||||||||
$ | 17,498 | $ | 460,899 | $ | 2,505 | $ | 306,130 | |||||||||
Interest expenses incurred for various debt instruments | Interest expense consists of the following: | |||||||||||||||
Year ended December 31, | ||||||||||||||||
In thousands | 2014 | 2013 | 2012 | |||||||||||||
3.25% Convertible Senior Notes due 2028 | $ | 173 | $ | 466 | $ | 1,581 | ||||||||||
7.875% Senior Notes due 2021 | 32,741 | 21,853 | — | |||||||||||||
Revolving Credit Facility | 179 | 612 | 213 | |||||||||||||
Loss on Revolving Credit Facility | 3,035 | — | 2,339 | |||||||||||||
Capital lease obligations | 972 | 415 | 997 | |||||||||||||
Other debt obligations | — | 291 | 881 | |||||||||||||
Accretion of Palmarejo gold production royalty obligation | 10,773 | 17,641 | 19,139 | |||||||||||||
Amortization of debt issuance costs | 1,740 | 2,143 | 1,146 | |||||||||||||
Accretion of debt (premium) discount | (357 | ) | 576 | 2,536 | ||||||||||||
Capitalized interest | (1,710 | ) | (2,694 | ) | (2,663 | ) | ||||||||||
Total interest expense, net of capitalized interest | $ | 47,546 | $ | 41,303 | $ | 26,169 | ||||||||||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2014 | YEAR ENDED DECEMBER 31, 2013 | YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Coeur Mining, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | In thousands | Coeur Mining, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | In thousands | Coeur Mining, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | — | $ | 261,963 | $ | 373,779 | $ | — | $ | 635,742 | Revenue | $ | — | $ | 268,023 | $ | 477,971 | $ | — | $ | 745,994 | Revenue | $ | — | $ | 243,380 | $ | 652,112 | $ | — | $ | 895,492 | |||||||||||||||||||||||||||||||
COSTS AND EXPENSES | COSTS AND EXPENSES | COSTS AND EXPENSES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs applicable to sales(1) | — | 196,805 | 281,140 | — | 477,945 | Costs applicable to sales(1) | — | 182,444 | 281,219 | — | 463,663 | Costs applicable to sales(1) | — | 159,151 | 295,411 | — | 454,562 | ||||||||||||||||||||||||||||||||||||||||||||||
Amortization | 1,805 | 65,100 | 95,531 | — | 162,436 | Amortization | 1,066 | 71,655 | 156,843 | — | 229,564 | Amortization | 521 | 48,065 | 167,446 | — | 216,032 | ||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 39,976 | 6 | 863 | — | 40,845 | General and administrative | 50,213 | 3,245 | 1,885 | — | 55,343 | General and administrative | 30,699 | 1,101 | 1,177 | — | 32,977 | ||||||||||||||||||||||||||||||||||||||||||||||
Exploration | 3,560 | 11,157 | 7,023 | — | 21,740 | Exploration | 1,602 | 8,920 | 11,838 | — | 22,360 | Exploration | 1,946 | 7,930 | 16,394 | — | 26,270 | ||||||||||||||||||||||||||||||||||||||||||||||
Write-downs | — | 107,832 | 1,364,889 | — | 1,472,721 | Litigation settlement | — | 32,046 | — | — | 32,046 | Write-downs | — | — | 5,825 | — | 5,825 | ||||||||||||||||||||||||||||||||||||||||||||||
Pre-development, reclamation, and other | 8,813 | 3,889 | 13,335 | — | 26,037 | Write-downs | — | 130,694 | 642,299 | — | 772,993 | Pre-development, reclamation, and other | — | 1,323 | 2,763 | — | 4,086 | ||||||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 54,154 | 384,789 | 1,762,781 | — | 2,201,724 | Pre-development, reclamation, and other | — | 3,093 | 12,091 | — | 15,184 | Total costs and expenses | 33,166 | 217,570 | 489,016 | — | 739,752 | ||||||||||||||||||||||||||||||||||||||||||||||
OTHER INCOME (EXPENSE), NET | Total costs and expenses | 52,881 | 432,097 | 1,106,175 | — | 1,591,153 | Loss on debt extinguishments | — | (1,036 | ) | — | — | (1,036 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair value adjustments, net | 1,812 | 3,653 | (1,847 | ) | — | 3,618 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER INCOME (EXPENSE), NET | Fair value adjustments, net | 3,477 | 4,089 | (31,053 | ) | — | (23,487 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of equity securities | — | (6,593 | ) | — | — | (6,593 | ) | Fair value adjustments, net | (1,346 | ) | 7,896 | 76,218 | — | 82,768 | |||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of equity securities | (605 | ) | — | — | — | (605 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income and other, net | 4,406 | (430 | ) | 227 | (2,828 | ) | 1,375 | Impairment of equity securities | (18,097 | ) | (211 | ) | — | — | (18,308 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Interest income and other, net | 5,744 | 859 | 13,071 | (4,633 | ) | 15,041 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (38,389 | ) | (891 | ) | (11,094 | ) | 2,828 | (47,546 | ) | Interest income and other, net | 13,408 | (1,539 | ) | 4,602 | (3,148 | ) | 13,323 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (4,158 | ) | (2,997 | ) | (23,647 | ) | 4,633 | (26,169 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other income (expense), net | (32,171 | ) | (4,261 | ) | (12,714 | ) | — | (49,146 | ) | Interest expense, net of capitalized interest | (25,652 | ) | (445 | ) | (18,354 | ) | 3,148 | (41,303 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Total other income (expense), net | 4,458 | 915 | (41,629 | ) | — | (36,256 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) before income and mining taxes | (86,325 | ) | (127,087 | ) | (1,401,716 | ) | — | (1,615,128 | ) | Total other income (expense), net | (31,687 | ) | 5,701 | 62,466 | — | 36,480 | |||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) before income and mining taxes | (28,708 | ) | 26,725 | 121,467 | — | 119,484 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income and mining tax (expense) benefit | 1,742 | (2,224 | ) | 459,726 | — | 459,244 | Income (Loss) before income and mining taxes | (84,568 | ) | (158,373 | ) | (565,738 | ) | — | (808,679 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Income and mining tax (expense) benefit | (3,844 | ) | (2,930 | ) | (64,033 | ) | — | (70,807 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) after income and mining taxes | (84,583 | ) | (129,311 | ) | (941,990 | ) | — | (1,155,884 | ) | Income and mining tax (expense) benefit | 78,332 | (155 | ) | 79,939 | — | 158,116 | |||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) after income and mining taxes | (32,552 | ) | 23,795 | 57,434 | — | 48,677 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity income (loss) in consolidated subsidiaries | (1,071,301 | ) | (4,181 | ) | — | 1,075,482 | — | Income (Loss) after income and mining taxes | (6,236 | ) | (158,528 | ) | (485,799 | ) | — | (650,563 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Equity income (loss) in consolidated subsidiaries | 81,229 | — | — | (81,229 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET INCOME (LOSS) | $ | (1,155,884 | ) | $ | (133,492 | ) | $ | (941,990 | ) | $ | 1,075,482 | $ | (1,155,884 | ) | Equity income (loss) in consolidated subsidiaries | (644,327 | ) | (68 | ) | — | 644,395 | — | |||||||||||||||||||||||||||||||||||||||||
NET INCOME (LOSS) | $ | 48,677 | $ | 23,795 | $ | 57,434 | $ | (81,229 | ) | $ | 48,677 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), net of tax: | NET INCOME (LOSS) | $ | (650,563 | ) | $ | (158,596 | ) | $ | (485,799 | ) | $ | 644,395 | $ | (650,563 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on equity securities, net of tax | (2,290 | ) | (2,272 | ) | — | 2,272 | (2,290 | ) | OTHER COMPREHENSIVE INCOME (LOSS), net of tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), net of tax: | Unrealized gain (loss) on equity securities, net of tax | (3,351 | ) | — | — | — | (3,351 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustments for impairment of equity securities, net of tax | 4,042 | 4,042 | — | (4,042 | ) | 4,042 | Unrealized gain (loss) on equity securities, net of tax | (8,489 | ) | (552 | ) | — | 552 | (8,489 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustments for impairment of equity securities, net of tax | 605 | — | — | — | 605 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustments for realized loss on sale of equity securities, net of tax | 346 | 328 | — | (328 | ) | 346 | Reclassification adjustments for impairment of equity securities, net of tax | 11,221 | 211 | — | (211 | ) | 11,221 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | (2,746 | ) | — | — | — | (2,746 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 2,098 | 2,098 | — | (2,098 | ) | 2,098 | Reclassification adjustments for realized loss on sale of equity securities, net of tax | 83 | — | — | — | 83 | |||||||||||||||||||||||||||||||||||||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 45,931 | $ | 23,795 | $ | 57,434 | $ | (81,229 | ) | $ | 45,931 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (1,153,786 | ) | $ | (131,394 | ) | $ | (941,990 | ) | $ | 1,073,384 | $ | (1,153,786 | ) | Other comprehensive income (loss) | 2,815 | (341 | ) | — | 341 | 2,815 | ||||||||||||||||||||||||||||||||||||||||||
(1) Excludes amortization. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (647,748 | ) | $ | (158,937 | ) | $ | (485,799 | ) | $ | 644,736 | $ | (647,748 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Cash Flow Statement | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2014 | YEAR ENDED DECEMBER 31, 2013 | YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Coeur Mining, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | In thousands | Coeur Mining, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Coeur Mining, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | CASH FLOWS FROM OPERATING ACTIVITIES: | CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | Cash provided by (used in) operating activities | $ | (701,653 | ) | $ | 17,456 | $ | 151,491 | $ | 646,173 | $ | 113,467 | Cash provided by (used in) operating activities | $ | 58,754 | $ | 37,426 | $ | 256,683 | $ | (81,229 | ) | 271,634 | ||||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (1,144,474 | ) | $ | 41,292 | $ | 80,627 | $ | 1,075,482 | 52,927 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | — | — | — | Capital expenditures | (3,573 | ) | (50,810 | ) | (46,430 | ) | — | (100,813 | ) | Capital expenditures | (1,531 | ) | (48,788 | ) | (65,322 | ) | — | (115,641 | ) | ||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (1,849 | ) | (28,118 | ) | (34,277 | ) | — | (64,244 | ) | Purchase of short term investments and equity securities | (2,921 | ) | (66 | ) | (5,065 | ) | — | (8,052 | ) | Purchase of short term investments and equity securities | (12,913 | ) | (46 | ) | — | — | (12,959 | ) | |||||||||||||||||||||||||||||||||||
Purchase of short term investments and equity securities | (50,013 | ) | (429 | ) | (71 | ) | — | (50,513 | ) | Sales and maturities of short term investments and equity securities | 29,274 | 75 | 5,447 | — | 34,796 | Sales and maturities of short term investments and equity securities | 21,590 | 45 | 60 | — | 21,695 | ||||||||||||||||||||||||||||||||||||||||||
Sales and maturities of short term investments and equity securities | 49,069 | 5,261 | 14 | — | 54,344 | Acquisitions | (113,214 | ) | (3,684 | ) | — | — | (116,898 | ) | Acquisitions | (29,338 | ) | — | 41 | — | (29,297 | ) | |||||||||||||||||||||||||||||||||||||||||
Acquisitions | (12,079 | ) | (4,000 | ) | (5,250 | ) | — | (21,329 | ) | Other | 3,266 | 444 | 768 | — | 4,478 | Other | 3,538 | 130 | (581 | ) | — | 3,087 | |||||||||||||||||||||||||||||||||||||||||
Other | — | 48 | (40 | ) | — | 8 | Investments in consolidated subsidiaries | 642,617 | 68 | 3,488 | (646,173 | ) | — | Investments in consolidated subsidiaries | (81,229 | ) | — | — | 81,229 | — | |||||||||||||||||||||||||||||||||||||||||||
Investments in consolidated subsidiaries | 1,120,382 | 4,106 | — | (1,124,488 | ) | — | CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 555,449 | (53,973 | ) | (41,792 | ) | (646,173 | ) | (186,489 | ) | CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (99,883 | ) | (48,659 | ) | (65,802 | ) | 81,229 | (133,115 | ) | |||||||||||||||||||||||||||||||||||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 1,105,510 | (23,132 | ) | (39,624 | ) | (1,124,488 | ) | (81,734 | ) | CASH FLOWS FROM FINANCING ACTIVITIES: | CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of notes and bank borrowings | 300,000 | — | — | — | 300,000 | Payments on long-term debt, capital leases, and associated costs | (4,005 | ) | (79,839 | ) | (13,326 | ) | — | (97,170 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of notes and bank borrowings | 153,000 | — | 14,784 | — | 167,784 | Payments on long-term debt, capital leases, and associated costs | (52,568 | ) | (3,171 | ) | (4,889 | ) | — | (60,628 | ) | Gold production royalty payments | — | — | (74,734 | ) | — | (74,734 | ) | ||||||||||||||||||||||||||||||||||||||||
Payments on long-term debt, capital leases, and associated costs | (18,545 | ) | (6,114 | ) | (1,243 | ) | — | (25,902 | ) | Gold production royalty payments | — | — | (57,034 | ) | — | (57,034 | ) | Share repurchases | (19,971 | ) | — | — | — | (19,971 | ) | ||||||||||||||||||||||||||||||||||||||
Gold production royalty payments | — | — | (48,395 | ) | — | (48,395 | ) | Share repurchases | (27,552 | ) | — | — | — | (27,552 | ) | Net intercompany financing activity | 67,082 | 86,394 | (153,476 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||
Net intercompany financing activity | (21,697 | ) | (7,256 | ) | (20,053 | ) | 49,006 | — | Net intercompany financing activity | (22,874 | ) | 40,279 | (17,405 | ) | — | — | Other | (861 | ) | 4,645 | — | — | 3,784 | ||||||||||||||||||||||||||||||||||||||||
Other | (509 | ) | — | — | — | (509 | ) | Other | (514 | ) | — | — | — | (514 | ) | CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 42,245 | 11,200 | (241,536 | ) | — | (188,091 | ) | ||||||||||||||||||||||||||||||||||||||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 112,249 | (13,370 | ) | (54,907 | ) | 49,006 | 92,978 | CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 196,492 | 37,108 | (79,328 | ) | — | 154,272 | NET CHANGE IN CASH AND CASH EQUIVALENTS | 1,116 | (33 | ) | (50,655 | ) | — | (49,572 | ) | ||||||||||||||||||||||||||||||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 73,285 | 4,790 | (13,904 | ) | — | 64,171 | NET CHANGE IN CASH AND CASH EQUIVALENTS | 50,288 | 591 | 30,371 | — | 81,250 | Cash and cash equivalents at beginning of period | 85,672 | 433 | 88,907 | — | 175,012 | |||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 137,076 | 991 | 68,623 | — | 206,690 | Cash and cash equivalents at beginning of period | 86,788 | 400 | 38,252 | — | 125,440 | Cash and cash equivalents at end of period | $ | 86,788 | $ | 400 | $ | 38,252 | $ | — | $ | 125,440 | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 210,361 | $ | 5,781 | $ | 54,719 | $ | — | $ | 270,861 | Cash and cash equivalents at end of period | $ | 137,076 | $ | 991 | $ | 68,623 | $ | — | $ | 206,690 | ||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2014 | DECEMBER 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Coeur Mining, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | In thousands | Coeur Mining, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CURRENT ASSETS | ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 210,361 | $ | 5,781 | $ | 54,719 | $ | — | $ | 270,861 | CURRENT ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 137,076 | $ | 991 | $ | 68,623 | $ | — | $ | 206,690 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables | 87 | 11,151 | 105,683 | — | 116,921 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables | 530 | 19,982 | 60,562 | — | 81,074 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ore on leach pads | — | 48,204 | — | — | 48,204 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ore on leach pads | — | 50,495 | — | — | 50,495 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory | — | 54,983 | 59,948 | — | 114,931 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory | — | 35,290 | 96,733 | — | 132,023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax assets | 393 | — | 6,971 | — | 7,364 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax assets | — | — | 35,008 | — | 35,008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other | 6,349 | 4,557 | 4,617 | — | 15,523 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other | 4,128 | 5,282 | 16,530 | — | 25,940 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
217,190 | 124,676 | 231,938 | — | 573,804 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
141,734 | 112,040 | 277,456 | — | 531,230 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NON-CURRENT ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 6,155 | 107,084 | 114,672 | — | 227,911 | NON-CURRENT ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 5,980 | 143,118 | 337,175 | — | 486,273 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mining properties, net | 12,004 | 159,124 | 330,064 | — | 501,192 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mining properties, net | — | 235,537 | 1,515,964 | — | 1,751,501 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ore on leach pads | — | 37,889 | — | — | 37,889 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ore on leach pads | — | 31,528 | — | — | 31,528 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted assets | 897 | 50 | 6,090 | — | 7,037 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted assets | 830 | 50 | 6,134 | — | 7,014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | — | 5,982 | — | — | 5,982 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | — | 14,521 | — | — | 14,521 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables | — | — | 21,686 | — | 21,686 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables | — | — | 36,574 | — | 36,574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance costs, net | 9,851 | — | — | — | 9,851 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance costs, net | 10,812 | — | — | — | 10,812 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax assets | 30,419 | — | 29,732 | — | 60,151 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax assets | 955 | — | 234 | — | 1,189 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment in subsidiaries | 128,913 | 45,615 | — | (174,528 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment in subsidiaries | 1,242,480 | 46,215 | 1,578,799 | (2,867,494 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 50,813 | 5,522 | 4,394 | (50,814 | ) | 9,915 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 53,858 | 14,616 | 320,425 | (373,563 | ) | 15,336 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 456,242 | $ | 485,942 | $ | 738,576 | $ | (225,342 | ) | $ | 1,455,418 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 1,456,649 | $ | 597,625 | $ | 4,072,761 | $ | (3,241,057 | ) | $ | 2,885,978 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CURRENT LIABILITIES | LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 3,414 | $ | 13,391 | $ | 32,247 | $ | — | $ | 49,052 | CURRENT LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,963 | $ | 15,864 | $ | 36,020 | $ | — | $ | 53,847 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued liabilities and other | 22,588 | 11,207 | 17,718 | — | 51,513 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued liabilities and other | 16,693 | 8,016 | 14,611 | (1,054 | ) | 38,266 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | 5,334 | 7,476 | 4,688 | — | 17,498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | — | 1,262 | 309,472 | (308,229 | ) | 2,505 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Royalty obligations | — | 5,747 | 37,931 | — | 43,678 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Royalty obligations | — | 3,934 | 44,085 | — | 48,019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclamation | — | 3,401 | 1,621 | (1,151 | ) | 3,871 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclamation | — | — | 794 | 119 | 913 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liabilities | 7,142 | 848 | 88 | — | 8,078 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liabilities | — | — | 1,011 | — | 1,011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
38,478 | 42,070 | 94,293 | (1,151 | ) | 173,690 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
18,656 | 29,076 | 405,993 | (309,164 | ) | 144,561 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NON-CURRENT LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | 437,455 | 12,806 | 61,452 | (50,814 | ) | 460,899 | NON-CURRENT LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | 305,335 | 255 | 64,820 | (64,280 | ) | 306,130 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Royalty obligations | — | 9,623 | 18,028 | — | 27,651 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Royalty obligations | — | 17,696 | 47,446 | — | 65,142 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclamation | — | 46,792 | 19,000 | 1,151 | 66,943 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclamation | — | 45,894 | 11,740 | (119 | ) | 57,515 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liabilities | 53,201 | 2,963 | 54,842 | — | 111,006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liabilities | 37,095 | 1,618 | 517,533 | — | 556,246 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term liabilities | 2,582 | 469 | 26,860 | — | 29,911 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term liabilities | 2,467 | 544 | 22,806 | — | 25,817 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany payable (receivable) | (660,792 | ) | 427,156 | 233,636 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany payable (receivable) | (637,471 | ) | 427,085 | 210,386 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(167,554 | ) | 499,809 | 413,818 | (49,663 | ) | 696,410 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(292,574 | ) | 493,092 | 874,731 | (64,399 | ) | 1,010,850 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 1,034 | 250 | 128,299 | (128,549 | ) | 1,034 | STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 1,028 | 250 | 122,666 | (122,916 | ) | 1,028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 2,789,695 | 79,712 | 1,682,830 | (1,762,542 | ) | 2,789,695 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 2,781,164 | 79,712 | 3,258,037 | (3,337,749 | ) | 2,781,164 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated deficit | (2,202,603 | ) | (133,091 | ) | (1,580,664 | ) | 1,713,755 | (2,202,603 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated deficit | (1,046,719 | ) | 401 | (588,666 | ) | 588,265 | (1,046,719 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | (2,808 | ) | (2,808 | ) | — | 2,808 | (2,808 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | (4,906 | ) | (4,906 | ) | — | 4,906 | (4,906 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
585,318 | (55,937 | ) | 230,465 | (174,528 | ) | 585,318 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,730,567 | 75,457 | 2,792,037 | (2,867,494 | ) | 1,730,567 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 456,242 | $ | 485,942 | $ | 738,576 | $ | (225,342 | ) | $ | 1,455,418 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,456,649 | $ | 597,625 | $ | 4,072,761 | $ | (3,241,057 | ) | $ | 2,885,978 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Significant Noncash Transactions [Line Items] | |||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | |||||||||
Year ended December 31, | |||||||||
Non-cash financing and investing activities: | 2014 | 2013 | 2012 | ||||||
Capital lease obligations | 24,879 | — | 1,857 | ||||||
Non-cash acquisitions and related deferred taxes | — | 317,826 | 64,133 | ||||||
Other cash flow information: | |||||||||
Interest paid | 30,691 | 14,139 | 6,092 | ||||||
Income taxes paid | 20,198 | 26,585 | 54,680 | ||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies Property Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounting Policies [Abstract] | |||
Long-Lived Assets, Impairment Testing, Commodity, Silver, Price per Ounce | 19 | 25 | |
Long-Lived Assets, Impairment Testing, Commodity, Gold, Price per Ounce | 1,275 | 1,450 | |
Certificates of deposit and cash | $7,000,000 | $7,000,000 | |
Write-downs | 1,472,721,000 | 772,993,000 | 5,825,000 |
Drilling and Related Costs Capitalized | $8,900,000 | $11,600,000 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Financial information relating to reporting segments | ||||||
Total Revenue | $635,742 | $745,994 | $895,492 | |||
Costs applicable to sales | 477,945 | [1] | 463,663 | [1] | 454,562 | [1] |
Amortization | 162,436 | 229,564 | 216,032 | |||
Exploration | 21,740 | 22,360 | 26,270 | |||
Write-downs | 1,472,721 | 772,993 | 5,825 | |||
Litigation settlement | 0 | 32,046 | 0 | |||
Other operating expenses | ||||||
Interest income and other, net | 1,375 | 13,323 | 15,041 | |||
Interest expense, net | -47,546 | -41,303 | -26,169 | |||
Loss on termination of revolving credit facility | 0 | 0 | -1,036 | |||
Fair value adjustments, net | 3,618 | 82,768 | -23,487 | |||
Income and mining tax (expense) benefit | 459,244 | 158,116 | -70,807 | |||
Net income (loss) | -1,155,884 | -650,563 | 48,677 | |||
Assets, Net | 1,084,257 | 2,974,056 | ||||
Capital expenditures | 64,244 | 100,813 | 115,641 | |||
Palmarejo [Member] | ||||||
Financial information relating to reporting segments | ||||||
Costs applicable to sales | 187,276 | 188,572 | 197,478 | |||
Amortization | 69,431 | 133,535 | 145,945 | |||
Exploration | 6,671 | 7,161 | 7,575 | |||
Write-downs | 784,038 | 642,094 | 0 | |||
Other operating expenses | 620 | 705 | 661 | |||
Interest income and other, net | 131 | 906 | 4,017 | |||
Interest expense, net | -9,320 | -15,123 | -18,938 | |||
Loss on termination of revolving credit facility | 0 | |||||
Fair value adjustments, net | -1,847 | 76,218 | -31,054 | |||
Income and mining tax (expense) benefit | 283,685 | 107,748 | -18,066 | |||
Net income (loss) | -531,384 | -478,278 | 26,398 | |||
Assets, Net | 341,367 | [2] | 1,164,852 | 1,905,269 | ||
Capital expenditures | 26,084 | [3] | 33,730 | [3] | 38,456 | [3] |
San Bartolome [Member] | ||||||
Financial information relating to reporting segments | ||||||
Metal sales | 178,005 | |||||
Royalties | 0 | |||||
Costs applicable to sales | 89,659 | 86,827 | 71,428 | |||
Amortization | 19,423 | 19,103 | 16,624 | |||
Exploration | 120 | 111 | 159 | |||
Write-downs | 118,754 | 0 | 0 | |||
Other operating expenses | -251 | 6,205 | 165 | |||
Interest income and other, net | 2,461 | 2,582 | 9,719 | |||
Interest expense, net | -52 | -74 | -72 | |||
Loss on termination of revolving credit facility | 0 | |||||
Fair value adjustments, net | 0 | 0 | 0 | |||
Income and mining tax (expense) benefit | 18,114 | -10,938 | -44,632 | |||
Net income (loss) | -89,433 | 21,045 | 54,644 | |||
Assets, Net | 188,616 | [2] | 289,272 | 302,922 | ||
Capital expenditures | 7,937 | [3] | 11,568 | [3] | 25,672 | [3] |
Kensington [Member] | ||||||
Financial information relating to reporting segments | ||||||
Metal sales | 136,960 | 148,769 | 110,987 | |||
Royalties | 0 | 0 | 0 | |||
Total Revenue | 136,960 | 148,769 | 110,987 | |||
Costs applicable to sales | 105,342 | 104,575 | 87,089 | |||
Amortization | 43,619 | 62,750 | 41,241 | |||
Exploration | 8,005 | 4,199 | 3,283 | |||
Write-downs | 107,832 | 130,694 | 0 | |||
Other operating expenses | 796 | 735 | 478 | |||
Interest income and other, net | -22 | -187 | -77 | |||
Interest expense, net | -214 | -424 | -2,972 | |||
Loss on termination of revolving credit facility | -1,036 | |||||
Fair value adjustments, net | 0 | 7,480 | 4,089 | |||
Income and mining tax (expense) benefit | 0 | -1 | 0 | |||
Net income (loss) | -128,870 | -147,316 | -21,100 | |||
Assets, Net | 215,973 | [2] | 343,144 | [2] | 508,658 | |
Capital expenditures | 16,220 | [3] | 21,404 | [3] | 36,994 | [3] |
Rochester [Member] | ||||||
Financial information relating to reporting segments | ||||||
Metal sales | 123,768 | 119,254 | 132,392 | |||
Royalties | 0 | 0 | 0 | |||
Total Revenue | 123,768 | 119,254 | 132,392 | |||
Costs applicable to sales | 91,462 | 77,869 | 72,061 | |||
Amortization | 20,790 | 8,890 | 6,784 | |||
Exploration | 2,636 | 2,653 | 3,591 | |||
Write-downs | 0 | 0 | 0 | |||
Other operating expenses | 2,813 | 36,265 | 2,682 | |||
Interest income and other, net | 105 | -318 | 358 | |||
Interest expense, net | -679 | -20 | -26 | |||
Loss on termination of revolving credit facility | 0 | |||||
Fair value adjustments, net | 3,653 | 416 | 0 | |||
Income and mining tax (expense) benefit | -2,224 | -2,332 | -2,195 | |||
Net income (loss) | 6,922 | -8,677 | 45,411 | |||
Assets, Net | 196,765 | [2] | 176,789 | 104,373 | ||
Capital expenditures | 11,898 | [3] | 29,406 | [3] | 11,794 | [3] |
La Preciosa [Member] | ||||||
Financial information relating to reporting segments | ||||||
Metal sales | 0 | 0 | ||||
Royalties | 0 | 0 | ||||
Total Revenue | 0 | 0 | ||||
Costs applicable to sales | 0 | 0 | ||||
Amortization | 84 | 24 | ||||
Exploration | 236 | 80 | ||||
Write-downs | 372,466 | 0 | ||||
Other operating expenses | 13,961 | 3,237 | ||||
Interest income and other, net | -523 | 15 | ||||
Interest expense, net | 0 | 0 | ||||
Fair value adjustments, net | 0 | 0 | ||||
Income and mining tax (expense) benefit | 132,151 | -20,856 | ||||
Net income (loss) | -255,119 | -24,182 | ||||
Assets, Net | 39,701 | [2] | 410,335 | [2] | ||
Capital expenditures | 255 | [3] | 1,122 | [3] | ||
Coeur Capital [Member] | ||||||
Financial information relating to reporting segments | ||||||
Metal sales | 10,046 | 12,871 | 18,848 | |||
Royalties | 3,216 | 0 | 0 | |||
Total Revenue | 13,262 | 12,871 | 18,848 | |||
Costs applicable to sales | 4,206 | 5,820 | 8,824 | |||
Amortization | 7,015 | 3,755 | 4,632 | |||
Exploration | 515 | 2,069 | 1,056 | |||
Write-downs | 6,202 | 0 | 0 | |||
Other operating expenses | 938 | 1,397 | -736 | |||
Interest income and other, net | -7,141 | -19,474 | -77 | |||
Interest expense, net | -1 | 0 | 0 | |||
Loss on termination of revolving credit facility | 0 | |||||
Fair value adjustments, net | 0 | 0 | 0 | |||
Income and mining tax (expense) benefit | 1,212 | 2,179 | -327 | |||
Net income (loss) | -11,544 | -17,465 | 4,668 | |||
Assets, Net | 59,848 | [2] | 62,678 | 32,656 | ||
Capital expenditures | 0 | 0 | 0 | |||
Other Mining Properties [Member] | ||||||
Financial information relating to reporting segments | ||||||
Metal sales | 0 | -661 | 13,162 | |||
Royalties | 0 | 0 | 0 | |||
Total Revenue | 0 | -661 | 13,162 | |||
Costs applicable to sales | 0 | 0 | 17,682 | |||
Amortization | 2,074 | 1,507 | 806 | |||
Exploration | 3,557 | 6,087 | 10,606 | |||
Write-downs | 83,429 | 5,825 | ||||
Litigation settlement | 205 | |||||
Other operating expenses | 48,005 | 54,029 | 33,813 | |||
Interest income and other, net | -229 | 11,491 | 496 | |||
Interest expense, net | -37,280 | -25,662 | -4,161 | |||
Loss on termination of revolving credit facility | 0 | |||||
Fair value adjustments, net | 1,812 | -1,346 | 3,478 | |||
Income and mining tax (expense) benefit | 26,306 | 82,316 | -5,587 | |||
Net income (loss) | -146,456 | 4,310 | -61,344 | |||
Assets, Net | 41,987 | 111,749 | 120,178 | |||
Capital expenditures | 1,850 | 3,583 | 2,725 | |||
Total [Member] | ||||||
Financial information relating to reporting segments | ||||||
Metal sales | 632,526 | 745,994 | 895,492 | |||
Royalties | 3,216 | 0 | 0 | |||
Total Revenue | 745,994 | 895,492 | ||||
Costs applicable to sales | 463,663 | 454,562 | ||||
Amortization | 229,564 | 216,032 | ||||
Exploration | 22,360 | 26,270 | ||||
Write-downs | 1,472,721 | 5,825 | ||||
Other operating expenses | 66,882 | 102,573 | 37,063 | |||
Interest income and other, net | -5,218 | -4,985 | 14,436 | |||
Interest expense, net | 26,169 | |||||
Fair value adjustments, net | -23,487 | |||||
Net income (loss) | -650,563 | |||||
Capital expenditures | 64,244 | 100,813 | 115,641 | |||
Bolivia [Member] | ||||||
Financial information relating to reporting segments | ||||||
Metal sales | 117,749 | |||||
Royalties | 0 | |||||
Total Revenue | 117,749 | 141,721 | 178,005 | |||
Bolivia [Member] | San Bartolome [Member] | ||||||
Financial information relating to reporting segments | ||||||
Metal sales | 141,721 | |||||
Royalties | 0 | |||||
Total Revenue | 141,721 | |||||
Mexico [Member] | ||||||
Financial information relating to reporting segments | ||||||
Total Revenue | 245,493 | 324,040 | 442,098 | |||
Mexico [Member] | Palmarejo [Member] | ||||||
Financial information relating to reporting segments | ||||||
Metal sales | 244,003 | 324,040 | 442,098 | |||
Royalties | 0 | 0 | 0 | |||
Total Revenue | $244,003 | $324,040 | $442,098 | |||
[1] | Excludes amortization. | |||||
[2] | Excludes amortization | |||||
[3] | Segment assets include receivables, prepaids, inventories, property, plant, and equipment, and mineral interests |
Segment_Reporting_Details_1
Segment Reporting (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||||
Segment Reporting [Abstract] | |||||
Assets, Net | $1,084,257 | $2,974,056 | |||
Cash and cash equivalents | 270,861 | 206,690 | 206,690 | 125,440 | 175,012 |
Deferred Tax Assets, Net | -51,569 | -521,060 | |||
Other assets | 100,300 | 120,469 | |||
TOTAL ASSETS | $1,455,418 | $2,885,978 |
Segment_Reporting_Details_2
Segment Reporting (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Long Lived Assets | |||
Entity Wide Disclosure on Geographic Areas Long Lived Assets in Entity's Country of Domicile and Foreign Countries | $729,103 | $2,237,774 | |
Revenues | |||
Total Revenue | 635,742 | 745,994 | 895,492 |
United States [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 275,594 | 384,626 | |
Revenues | |||
Total Revenue | 260,728 | 268,023 | 243,379 |
Australia [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 21,362 | 25,668 | |
Revenues | |||
Total Revenue | 10,046 | 12,871 | 18,848 |
Argentina [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 10,970 | 94,705 | |
Bolivia [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 107,960 | 235,085 | |
Revenues | |||
Total Revenue | 117,749 | 141,721 | 178,005 |
Mexico [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 298,101 | 1,487,228 | |
Revenues | |||
Total Revenue | 245,493 | 324,040 | 442,098 |
Other Foreign Countries [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 15,116 | 10,462 | |
Revenues | |||
Total Revenue | 1,726 | -661 | 13,162 |
Operating Segments [Member] | |||
Revenues | |||
Total Revenue | $745,994 | $895,492 |
Segment_Reporting_Revenue_by_C
Segment Reporting Revenue by Customer (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Mitsui [Member] | Palmarejo, Rochester [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenues | $133.80 | $70.30 | $65.60 |
TD Bank Group [Member] | Palmarejo, Rochester [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenues | 106.7 | 106.7 | 65.8 |
Standard Bank [Member] | Palmarejo, Rochester [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenues | 87.5 | 69 | 72.3 |
China Gold [Member] | Kensington [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenues | 86.8 | 81.5 | 43.8 |
Johnson Matthey [Member] | San Bartolome [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenues | 71.8 | 66.4 | 1.7 |
Valcambi [Member] | Palmarejo San Bartolome [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenues | 33.9 | 77.2 | 414.4 |
International Commodities [Member] | Palmarejo San Bartolome Rochester [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenues | 22.4 | 84.6 | 58 |
Auramet [Member] | Palmarejo, San Bartolome, Kensington, Rochester [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenues | $10.80 | $111.70 | $94.60 |
Segment_Reporting_Narrative_De
Segment Reporting Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net | $635,742 | $745,994 | $895,492 |
Silver [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net | 328,500 | 394,500 | 549,700 |
Gold [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Goods, Net | $304,000 | $351,500 | $345,800 |
Dore [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of Trading Counterparties | 7 | ||
Smelting and Refining [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of Trading Counterparties | 7 | ||
Sales [Member] | Dore [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 63.00% | 72.00% | 91.00% |
Sales [Member] | Smelting and Refining [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 37.00% | 28.00% | 9.00% |
WriteDowns_Details
Write-Downs (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Entity Location [Line Items] | |||
Write-downs | $1,472,721 | $772,993 | $5,825 |
Property, Plant and Equipment, Other Types [Member] | |||
Entity Location [Line Items] | |||
Write-downs | 242,877 | 151,092 | 0 |
Other Mining Properties [Member] | |||
Entity Location [Line Items] | |||
Write-downs | 1,229,844 | 621,901 | 5,825 |
Martha [Member] | Other Mining Properties [Member] | |||
Entity Location [Line Items] | |||
Write-downs | 0 | 205 | 5,825 |
Couer Capital (El Gallo) [Member] | Other Mining Properties [Member] | |||
Entity Location [Line Items] | |||
Write-downs | 6,202 | 0 | 0 |
Joaquin Project - Argentina [Member] | Other Mining Properties [Member] | |||
Entity Location [Line Items] | |||
Write-downs | 83,429 | 0 | 0 |
La Preciosa [Member] | |||
Entity Location [Line Items] | |||
Write-downs | 372,500 | ||
La Preciosa [Member] | Property, Plant and Equipment, Other Types [Member] | |||
Entity Location [Line Items] | |||
Write-downs | 1,055 | 0 | 0 |
La Preciosa [Member] | Other Mining Properties [Member] | |||
Entity Location [Line Items] | |||
Write-downs | 371,411 | 0 | 0 |
Kensington [Member] | |||
Entity Location [Line Items] | |||
Write-downs | 130,700 | ||
Kensington [Member] | Property, Plant and Equipment, Other Types [Member] | |||
Entity Location [Line Items] | |||
Write-downs | 40,161 | 48,357 | 0 |
Kensington [Member] | Other Mining Properties [Member] | |||
Entity Location [Line Items] | |||
Write-downs | 67,671 | 82,337 | 0 |
San Bartolome [Member] | Property, Plant and Equipment, Other Types [Member] | |||
Entity Location [Line Items] | |||
Write-downs | 86,426 | 0 | 0 |
San Bartolome [Member] | Other Mining Properties [Member] | |||
Entity Location [Line Items] | |||
Write-downs | 32,328 | 0 | 0 |
Palmarejo [Member] | |||
Entity Location [Line Items] | |||
Write-downs | 784,000 | 642,100 | |
Palmarejo [Member] | Property, Plant and Equipment, Other Types [Member] | |||
Entity Location [Line Items] | |||
Write-downs | 115,235 | 102,735 | 0 |
Palmarejo [Member] | Other Mining Properties [Member] | |||
Entity Location [Line Items] | |||
Write-downs | $668,803 | $539,359 | $0 |
WriteDowns_Narrative_Details
Write-Downs Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | $1,472,721,000 | $772,993,000 | $5,825,000 |
Write-downs, net of tax | 1,021,800,000 | 593,200,000 | |
Palmarejo [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 784,000,000 | 642,100,000 | |
Write-downs, net of tax | 504,500,000 | 462,300,000 | |
La Preciosa [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 372,500,000 | ||
Write-downs, net of tax | $244,900,000 |
Reclamation_Details
Reclamation (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |
Asset retirement obligation | ||||
Asset retirement obligation - Beginning | $55,966,000 | $55,966,000 | $33,008,000 | $55,966,000 |
Accretion | 4,826,000 | 3,316,000 | ||
Additions and changes in estimates | 6,748,000 | 19,670,000 | ||
Settlements | -326,000 | -28,000 | ||
Asset retirement obligation - Ending | 67,214,000 | 55,966,000 | 55,966,000 | |
Reclamation and Mine Closure (Textual) [Abstract] | ||||
Accrued reclamation liabilities | $3,600,000 | $2,500,000 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (Stock Options [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value of stock options granted | $3.79 | $12.60 | $15.77 |
Volatility | 50.93% | 76.74% | 70.56% |
Expected life in years | 3 years 11 months | 5 years 0 months | 5 years 6 months |
Risk-free interest rate | 1.25% | 0.84% | 0.89% |
Dividend yield | 0.00% | 0.00% | 0.00% |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Beginning balance | 415,570 | 370,000 | 321,607 |
Granted | 415,172 | 190,452 | 151,102 |
Exercised | -13,027 | -40,173 | |
Canceled/forfeited | -232,396 | -131,855 | -62,536 |
Ending balance | 598,346 | 415,570 | 370,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted Average Exercise Price, Beginning Balance | $27.36 | $30.20 | $24.60 |
Weighted Average Grant Date Fair Value, Granted | $9.45 | $20.41 | $26.97 |
Weighted Average Grant Date Fair Value, Exercised | $10.77 | $11.84 | |
Weighted Average Grant Date Fair Value, Canceled/forfeited | $23.94 | $29.30 | $29.22 |
Weighted Average Exercise Price, Ending Balance | $16.26 | $27.36 | $30.20 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Beginning balance, SARs | 50,209 | 68,865 | 107,639 |
Granted, SARs | 0 | 0 | 0 |
Exercised, SARs | -6,617 | -34,385 | |
Canceled/forfeited, SARs | -3,637 | -12,039 | -4,389 |
Ending balance, SARs | 46,572 | 50,209 | 68,865 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Weighted Average Exercise Price, Beginning Balance | $14.15 | $13.83 | $13.46 |
Weighted Average Grant Date Fair Value, Granted | $0 | $0 | $0 |
Period Weighted Average Grant Date Fair Value, Granted | $13.14 | $12.73 | |
Weighted Average Grant Date Fair Value, Canceled/forfeited | $15.40 | $15.40 | $15.40 |
Weighted Average Exercise Price, Ending Balance | $14.06 | $14.15 | $13.83 |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 2) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Outstanding | 598,346 |
Weighted Average Exercise Price | $16.26 |
Number Exercisable | 167,389 |
Weighted Average Exercise Price | $24.93 |
$ 0.00-$10.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Outstanding | 284,866 |
Weighted Average Exercise Price | $9.34 |
Weighted Average Remaining Contractual Life | 9 years 0 months 15 days |
Number Exercisable | 11,034 |
Weighted Average Exercise Price | $10 |
Weighted Average Remaining Contractual Life | 4 years 1 month 2 days |
$10.00-$20.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Outstanding | 121,540 |
Weighted Average Exercise Price | $15.51 |
Weighted Average Remaining Contractual Life | 8 years 5 months 5 days |
Number Exercisable | 33,646 |
Weighted Average Exercise Price | $17.33 |
Weighted Average Remaining Contractual Life | 8 years 1 month 8 days |
$20.00-$30.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Outstanding | 176,777 |
Weighted Average Exercise Price | $25.68 |
Weighted Average Remaining Contractual Life | 6 years 10 months 17 days |
Number Exercisable | 107,546 |
Weighted Average Exercise Price | $26.37 |
Weighted Average Remaining Contractual Life | 6 years 3 months 7 days |
$30.00-$40.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Outstanding | 9,566 |
Weighted Average Exercise Price | $38.25 |
Weighted Average Remaining Contractual Life | 2 years 5 months 9 days |
Number Exercisable | 9,566 |
Weighted Average Exercise Price | $38.25 |
Weighted Average Remaining Contractual Life | 2 years 5 months 9 days |
$40.00-$50.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Outstanding | 3,336 |
Weighted Average Exercise Price | $48.50 |
Weighted Average Remaining Contractual Life | 3 years 0 months 11 days |
Number Exercisable | 3,336 |
Weighted Average Exercise Price | $48.50 |
Weighted Average Remaining Contractual Life | 3 years 0 months 11 days |
$50.00-$60.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Outstanding | 2,261 |
Weighted Average Exercise Price | $51.40 |
Weighted Average Remaining Contractual Life | 1 year 1 month 21 days |
Number Exercisable | 2,261 |
Weighted Average Exercise Price | $51.40 |
Weighted Average Remaining Contractual Life | 1 year 1 month 21 days |
StockBased_Compensation_Detail3
Stock-Based Compensation (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning Balance | 613,086 | 239,698 | 173,509 |
Granted | 695,897 | 573,467 | 230,096 |
Vested | -234,103 | -90,963 | -95,336 |
Cancelled/Forfeited | -172,881 | -109,116 | -68,571 |
Ending Balance | 901,999 | 613,086 | 239,698 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Beginning Balance, Weighted Average Fair Value | $16.68 | $25.38 | $11.37 |
Granted, Weighted Average Fair Value | $9.83 | $15.38 | $26.40 |
Vested, Weighted Average Fair Value | $17.16 | $26.83 | $23.15 |
Cancelled/Forfeited, Weighted Average Fair Value | $11.87 | $23.30 | $27.43 |
Ending Balance, Weighted Average Fair Value | $12.19 | $16.68 | $25.38 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning Balance | 0 | 11,411 | 45,518 |
Granted | 0 | 0 | 0 |
Vested | 0 | -11,411 | -31,456 |
Cancelled/Forfeited | 0 | 0 | -2,651 |
Ending Balance | 0 | 0 | 11,411 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Beginning Balance, Weighted Average Fair Value | $0 | $24.14 | $27.32 |
Granted, Weighted Average Fair Value | $0 | $0 | $0 |
Vested, Weighted Average Fair Value | $0 | $22.74 | $25.92 |
Cancelled/Forfeited, Weighted Average Fair Value | $0 | $0 | $24.60 |
Ending Balance, Weighted Average Fair Value | $0 | $0 | $24.14 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning Balance | 210,395,000 | 109,159,000 | 105,929,000 |
Granted | 358,398,000 | 173,773,000 | 145,508,000 |
Vested | -34,611,000 | -4,160,000 | -111,703,000 |
Cancelled/Forfeited | -17,352,000 | -68,377,000 | -30,575,000 |
Ending Balance | 516,830,000 | 210,395,000 | 109,159,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Beginning Balance, Weighted Average Fair Value | $28.04 | $26.92 | $16.29 |
Granted, Weighted Average Fair Value | $12.21 | $23.35 | $25.78 |
Vested, Weighted Average Fair Value | $27.18 | $30.97 | $7.96 |
Cancelled/Forfeited, Weighted Average Fair Value | $27.15 | $34.49 | $42.11 |
Ending Balance, Weighted Average Fair Value | $17.61 | $28.04 | $26.92 |
Performance Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning Balance | 0 | 34,239,000 | 84,539,000 |
Granted | 0 | 34,239,000 | 32,498,000 |
Vested | 0 | -68,478,000 | -74,845,000 |
Cancelled/Forfeited | 0 | 0 | -7,953,000 |
Ending Balance | 0 | 0 | 34,239,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Beginning Balance, Weighted Average Fair Value | $0 | $39.78 | $35.41 |
Granted, Weighted Average Fair Value | $0 | $38.02 | $0 |
Vested, Weighted Average Fair Value | $0 | $38.02 | $31.17 |
Cancelled/Forfeited, Weighted Average Fair Value | $0 | $0 | $49.20 |
Ending Balance, Weighted Average Fair Value | $0 | $0 | $39.78 |
StockBased_Compensation_Detail4
Stock-Based Compensation (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation cost | $8.70 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 6 months 20 days | ||
Maximum Bonus, Supplemental Incentive | 3.8 | ||
Maximum Bonus, Supplemental Incentive, Discretionary Cash or Stock | 2.8 | ||
Supplemental Incentive Plan, Currently Accrued | 0.6 | ||
Annual Incentive Plan and Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense for stock based compensation awards | 9.3 | 4.8 | 8 |
Stock Options and Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation cost | 0.7 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 3 months 18 days | ||
Restricted Stock and Restricted Stock Unit [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation cost | 3.4 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 4 months 24 days | ||
Performance Shares and Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation cost | $2.90 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 10 months 6 days |
Retirement_Savings_Plan_Detail
Retirement Savings Plan (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Postemployment Benefits [Abstract] | |||
Percentage of employee compensation plus matching contribution | 100.00% | ||
Percentage of maximum limit for employees to contribute their cash compensation | 75.00% | ||
Percentage of employee contribution | 4.00% | ||
Total plan expenses | $2.60 | $4.10 | $4.10 |
Income_and_Mining_Taxes_Detail
Income and Mining Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
United States | ($213,883) | ($242,562) | ($3,443) |
Foreign | -1,401,245 | -566,117 | 122,927 |
Total | ($1,615,128) | ($808,679) | $119,484 |
Income_and_Mining_Taxes_Detail1
Income and Mining Taxes (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Income and mining tax (expense) benefit | $459,244 | $158,116 | ($70,807) |
United States - Alternative minimum tax [Member] | |||
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal tax expense (benefit) | 904 | 4 | -257 |
United States - State Mining Taxes [Member] | |||
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal tax expense (benefit) | -879 | -714 | -2,195 |
United States - Foreign Withholding [Member] | |||
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal tax expense (benefit) | -6,250 | 397 | -736 |
Argentina [Member] | |||
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Foreign tax expense (benefit) | -71 | -137 | 976 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Deferred foreign (expense) benefit | 24,478 | 8,062 | 0 |
Australia [Member] | |||
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Foreign tax expense (benefit) | 0 | -914 | -1,760 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Deferred foreign (expense) benefit | -401 | -2 | -223 |
Mexico [Member] | |||
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Foreign tax expense (benefit) | -1,124 | -9,046 | -7,814 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Deferred foreign (expense) benefit | 417,068 | 94,851 | -10,579 |
Bolivia [Member] | |||
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Foreign tax expense (benefit) | -4,008 | -6,716 | -43,546 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Deferred foreign (expense) benefit | 22,122 | -4,222 | -1,087 |
Canada [Member] | |||
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Foreign tax expense (benefit) | -145 | -1,936 | 0 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Deferred foreign (expense) benefit | 1,807 | 0 | 0 |
United States [Member] | |||
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Deferred federal (expense) benefit | $5,743 | $78,489 | ($3,586) |
Income_and_Mining_Taxes_Detail2
Income and Mining Taxes (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Tax benefit (expense) from continuing operations | $565,295 | $283,038 | ($41,819) |
State tax provision from continuing operations | 20,253 | 2,245 | -3,151 |
Percentage depletion and related deductions | 0 | 0 | 7,461 |
Change in valuation allowance | -128,344 | -106,802 | -12,651 |
Non-deductible imputed interest | 0 | -214 | -525 |
Uncertain tax positions | -4,425 | -5,209 | -9,849 |
U.S. and foreign non-deductible expenses | -4,892 | -2,383 | -4,206 |
Foreign exchange rates | 23,672 | 13,937 | -10,416 |
Foreign inflation and indexing | 3,765 | 2,937 | 712 |
Foreign tax rate differences | -63,930 | -24,108 | 3,967 |
Foreign withholding and other foreign taxes | 91,882 | -100,331 | -5,861 |
Foreign tax credits and other, net | -44,032 | 13,153 | 5,531 |
Change in Mexico permanent reinvestment assertion | 0 | 81,853 | 0 |
Income and mining tax (expense) benefit | $459,244 | $158,116 | ($70,807) |
Income_and_Mining_Taxes_Detail3
Income and Mining Taxes (Details 4) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax liabilities: | ||
Mineral properties | $0 | $344,152 |
Mexican mining royalty tax | 7,586 | 76,386 |
Foreign subsidiaries b unremitted earnings | 45,249 | 182,464 |
Inventory | 1,100 | 2,746 |
Property, plant, and equipment, net | 0 | 33,094 |
Deferred Tax Liabilities, Net | 53,935 | 638,842 |
Deferred tax assets: | ||
Net operating loss carryforwards | 153,689 | 130,170 |
Deferred Tax Assets Mineral Properties | 70,510 | 0 |
Deferred Tax Assets, Property, Plant and Equipment | 46,042 | 0 |
Foreign subsidiaries b future tax credits | 0 | 163,947 |
Royalty and other long-term debt | 5,863 | 11,616 |
Capital loss carryforwards | 35,251 | 34,930 |
Asset retirement obligation | 21,586 | 18,589 |
Unrealized foreign currency loss and other | 8,213 | 9,567 |
Accrued expenses | 14,773 | 14,756 |
Tax credit carryforwards | 56,322 | 23,585 |
Deferred Tax Assets, Gross | 412,249 | 407,160 |
Valuation allowance | -409,883 | -289,378 |
Deferred Tax Assets, Net of Valuation Allowance | 2,366 | 117,782 |
Net deferred tax liabilities | ($51,569) | ($521,060) |
Income_and_Mining_Taxes_Detail4
Income and Mining Taxes (Details 5) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | $409,883 | $289,378 |
United States [Member] | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | 305,534 | 236,653 |
Argentina [Member] | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | 21,520 | 17,005 |
Canada [Member] | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | 2,009 | 4,453 |
Bolivia [Member] | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | 15,948 | 0 |
Mexico [Member] | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | 33,189 | 0 |
New Zealand [Members] | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | 28,710 | 27,292 |
Other [Member] | ||
Income Tax Examination [Line Items] | ||
Valuation allowance | $2,973 | $3,975 |
Income_and_Mining_Taxes_Detail5
Income and Mining Taxes (Details 6) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits, beginning of the period | $15,471 | $10,511 |
Gross increase to current period tax positions | 1,856 | 2,231 |
Gross increase to prior period tax positions | 524 | 2,761 |
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statue of limitations | -1,767 | -32 |
Unrecognized tax benefits, end of period | $16,084 | $15,471 |
Income_and_Mining_Taxes_Detail6
Income and Mining Taxes (Details 7) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Loss Carryforwards [Line Items] | |
Regular net operating losses | $439,138 |
Alternative minimum tax net operating losses | 117,362 |
Capital losses | 91,019 |
Alternative minimum tax credits | 4,142 |
Foreign tax credits | 52,181 |
United States [Member] | |
Operating Loss Carryforwards [Line Items] | |
Regular net operating losses | 245,683 |
Alternative minimum tax net operating losses | 117,362 |
Capital losses | 91,019 |
Alternative minimum tax credits | 4,142 |
Foreign tax credits | 52,181 |
Argentina [Member] | |
Operating Loss Carryforwards [Line Items] | |
Regular net operating losses | 16,588 |
Alternative minimum tax net operating losses | 0 |
Capital losses | 0 |
Alternative minimum tax credits | 0 |
Foreign tax credits | 0 |
Canada [Member] | |
Operating Loss Carryforwards [Line Items] | |
Regular net operating losses | 1,633 |
Alternative minimum tax net operating losses | 0 |
Capital losses | 0 |
Alternative minimum tax credits | 0 |
Foreign tax credits | 0 |
Mexico [Member] | |
Operating Loss Carryforwards [Line Items] | |
Regular net operating losses | 49,747 |
Alternative minimum tax net operating losses | 0 |
Capital losses | 0 |
Alternative minimum tax credits | 0 |
Foreign tax credits | 0 |
New Zealand [Members] | |
Operating Loss Carryforwards [Line Items] | |
Regular net operating losses | 102,535 |
Alternative minimum tax net operating losses | 0 |
Capital losses | 0 |
Alternative minimum tax credits | 0 |
Foreign tax credits | 0 |
Other [Member] | |
Operating Loss Carryforwards [Line Items] | |
Regular net operating losses | 22,952 |
Alternative minimum tax net operating losses | 0 |
Capital losses | 0 |
Alternative minimum tax credits | 0 |
Foreign tax credits | $0 |
Income_and_Mining_Taxes_Detail7
Income and Mining Taxes (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes (Textual) [Abstract] | |||
Unrecognized tax benefit that would impact effective tax rate | 16.1 | 14.3 | 10.3 |
Penalties and interest expense | $2.90 | $4.10 | $2.50 |
Cumulative Amount of Temporary Differences Related to Investments in Foreign Subsidiaries | $81 |
Net_Income_Loss_Per_Share_Deta
Net Income (Loss) Per Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income (loss) per share, basic | |||
Net income (loss) available to common stockholders | ($1,155,884) | ($650,563) | $48,677 |
Weighted average shares | |||
Basic (in shares) | 102,441,000 | 97,864,000 | 89,437,000 |
Effect of share based compensation plans (in shares) | 0 | 0 | 166,000 |
Diluted (in shares) | 102,441,000 | 97,864,000 | 89,603,000 |
Income (loss) per share | |||
Basic (in dollars per share) | ($11.28) | ($6.65) | $0.54 |
Diluted (in dollars per share) | ($11.28) | ($6.65) | $0.54 |
Convertible Senior Notes Due March 2028 [Member] | |||
Earnings Per Share (Textual) [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | |
Stock Options [Member] | |||
Earnings Per Share (Textual) [Abstract] | |||
Number of shares of common stock equivalents related to convertible debt | 1,871,681 | 1,111,021 | 479,767 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 12 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gain (loss) on derivative instruments | $3,618 | $82,768 | ($23,487) | |
Assets, Fair Value Disclosure | 10,002 | 14,656 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 39,126 | 63,559 | ||
Embedded Derivative Financial Instruments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gain (loss) on derivative instruments | 76,200 | -31,053 | -2,001 | |
Derivative Liability, Fair Value, Gross Liability | 40,338 | |||
Rochester Royalty Obligation [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gain (loss) on derivative instruments | 416 | 0 | 3,653 | |
Derivative Liability, Fair Value, Gross Liability | 21,630 | |||
Silver and gold options [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gain (loss) on derivative instruments | 1,058 | 7,119 | 4,302 | |
Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gain (loss) on derivative instruments | -16 | -985 | 3,264 | |
Foreign Exchange Option [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gain (loss) on derivative instruments | -967 | 3,264 | 908 | |
Other Derivative Instrument [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 805 | 1,591 | ||
Operating Segments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gain (loss) on derivative instruments | -23,487 | |||
Certificates of Deposit [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, Fair Value Disclosure | 138 | 14,521 | ||
Equity securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restricted Investments, at Fair Value | 5,982 | 135 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure | 4,741 | 14,521 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Embedded Derivative Financial Instruments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Rochester Royalty Obligation [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Other Derivative Instrument [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, Fair Value Disclosure | 138 | 14,521 | ||
Fair Value, Inputs, Level 1 [Member] | Equity securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restricted Investments, at Fair Value | 4,603 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure | 3,882 | 135 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,844 | 1,591 | ||
Fair Value, Inputs, Level 2 [Member] | Embedded Derivative Financial Instruments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Rochester Royalty Obligation [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | |||
Fair Value, Inputs, Level 2 [Member] | Other Derivative Instrument [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 805 | 1,591 | ||
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Equity securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restricted Investments, at Fair Value | 0 | 135 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure | 1,379 | 0 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 37,282 | 61,968 | ||
Fair Value, Inputs, Level 3 [Member] | Embedded Derivative Financial Instruments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 21,912 | 40,338 | ||
Fair Value, Inputs, Level 3 [Member] | Rochester Royalty Obligation [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 21,630 | |||
Fair Value, Inputs, Level 3 [Member] | Other Derivative Instrument [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, Fair Value Disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Equity securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restricted Investments, at Fair Value | $1,379 | $0 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 29, 2013 |
In Thousands, unless otherwise specified | |||
Assets: | |||
Assets, Fair Value Disclosure | 10,002 | 14,656 | |
Liabilities: | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 39,126 | 63,559 | |
Royalty obligation embedded derivative [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 40,338 | ||
Rochester Royalty Obligation [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 21,630 | ||
Other Derivative Instrument [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 805 | 1,591 | |
Gold Put Purchase and Call Sold Options Net [Member] | |||
Assets: | |||
Fair value of derivative asset | 3,882 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 1,039 | ||
Short-term Deposit [Member] | |||
Assets: | |||
Short-term Deposits | 138 | 14,521 | |
Equity securities [Member] | |||
Assets: | |||
Restricted certificates of deposits | 5,982 | 135 | |
Fair Value, Inputs, Level 1 [Member] | |||
Assets: | |||
Assets, Fair Value Disclosure | 4,741 | 14,521 | |
Liabilities: | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Royalty obligation embedded derivative [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Royalty Obligation [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Rochester Royalty Obligation [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Other Derivative Instrument [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Gold Put Purchase and Call Sold Options Net [Member] | |||
Assets: | |||
Fair value of derivative asset | 0 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Short-term Deposit [Member] | |||
Assets: | |||
Short-term Deposits | 138 | 14,521 | |
Fair Value, Inputs, Level 1 [Member] | Equity securities [Member] | |||
Assets: | |||
Restricted certificates of deposits | 4,603 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Assets: | |||
Assets, Fair Value Disclosure | 3,882 | 135 | |
Liabilities: | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,844 | 1,591 | |
Fair Value, Inputs, Level 2 [Member] | Royalty obligation embedded derivative [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Royalty Obligation [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Rochester Royalty Obligation [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Other Derivative Instrument [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 805 | 1,591 | |
Fair Value, Inputs, Level 2 [Member] | Gold Put Purchase and Call Sold Options Net [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 1,039 | ||
Fair Value, Inputs, Level 2 [Member] | Short-term Deposit [Member] | |||
Assets: | |||
Short-term Deposits | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Equity securities [Member] | |||
Assets: | |||
Restricted certificates of deposits | 0 | 135 | |
Fair Value, Inputs, Level 3 [Member] | |||
Assets: | |||
Assets, Fair Value Disclosure | 1,379 | 0 | |
Liabilities: | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 37,282 | 61,968 | |
Fair Value, Inputs, Level 3 [Member] | Royalty obligation embedded derivative [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 21,912 | 40,338 | |
Fair Value, Inputs, Level 3 [Member] | Royalty Obligation [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 15,370 | ||
Fair Value, Inputs, Level 3 [Member] | Rochester Royalty Obligation [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 21,630 | ||
Fair Value, Inputs, Level 3 [Member] | Other Derivative Instrument [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Gold Put Purchase and Call Sold Options Net [Member] | |||
Assets: | |||
Fair value of derivative asset | 0 | ||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Short-term Deposit [Member] | |||
Assets: | |||
Short-term Deposits | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Equity securities [Member] | |||
Assets: | |||
Restricted certificates of deposits | 1,379 | 0 | |
Prepaid Expenses and Other Current Assets [Member] | |||
Assets: | |||
Fair value of derivative asset | 3,925 | 184 | |
Prepaid Expenses and Other Current Assets [Member] | Gold Put Purchase and Call Sold Options Net [Member] | |||
Assets: | |||
Fair value of derivative asset | 3,882 | 135 | |
Palmarejo royalty obligation [Member] | Royalty obligation embedded derivative [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 21,912 | ||
Rochester Royalty Obligation [Member] | Royalty Obligation [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 15,370 | ||
Reported Value Measurement [Member] | Palmarejo gold production royalty [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 34,047 | 51,193 | |
Portion at Other than Fair Value Measurement [Member] | Palmarejo gold production royalty [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 38,290 | 65,212 | |
Portion at Other than Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Palmarejo gold production royalty [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Portion at Other than Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Palmarejo gold production royalty [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |
Portion at Other than Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Palmarejo gold production royalty [Member] | |||
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 38,290 | 65,212 | |
Convertible Senior Notes Due March 2028 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | |
Convertible Senior Notes Due March 2028 [Member] | Reported Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Line of Credit | 14,785 | ||
Convertible Debt, Fair Value Disclosures | 5,334 | 5,334 | |
Convertible Senior Notes Due March 2028 [Member] | Portion at Other than Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Line of Credit | 14,785 | ||
Convertible Debt, Fair Value Disclosures | 4,979 | 5,067 | |
Convertible Senior Notes Due March 2028 [Member] | Portion at Other than Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Line of Credit | 0 | ||
Convertible Debt, Fair Value Disclosures | 0 | 5,067 | |
Convertible Senior Notes Due March 2028 [Member] | Portion at Other than Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Line of Credit | 14,785 | ||
Convertible Debt, Fair Value Disclosures | 4,979 | 0 | |
Convertible Senior Notes Due March 2028 [Member] | Portion at Other than Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Line of Credit | 0 | ||
Convertible Debt, Fair Value Disclosures | 0 | 0 | |
Senior Notes due Two Thousand Twenty One [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.88% | 7.88% | 7.88% |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Palmarejo royalty obligation [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | $0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the beginning of the period | 40,338 | 0 |
Revaluation | 2,001 | -76,200 |
Settlements | -20,427 | -28,560 |
Balance at the end of the period | 21,912 | 40,338 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 145,098 |
Rochester Royalty Obligation [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 22,046 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the beginning of the period | 21,630 | 0 |
Revaluation | -3,653 | -416 |
Settlements | -2,607 | 0 |
Balance at the end of the period | 15,370 | 21,630 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 |
Equity securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | 69 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the beginning of the period | 0 | |
Revaluation | -55 | |
Settlements | 0 | |
Balance at the end of the period | 1,379 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | $1,365 |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-Lived Assets, Impairment Testing, Commodity, Silver, Price per Ounce | 19 | 25 |
Long-Lived Assets, Impairment Testing, Commodity, Gold, Price per Ounce | 1,275 | 1,450 |
Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 8.00% | |
Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 10.75% | |
Property, Plant and Equipment, Other Types [Member] | Minimum [Member] | Discounted Cash Flow [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 8.00% | 8.50% |
Property, Plant and Equipment, Other Types [Member] | Maximum [Member] | Discounted Cash Flow [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 10.75% | 10.50% |
Mining Properties [Member] | Minimum [Member] | Discounted Cash Flow [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 8.00% | 8.50% |
Mining Properties [Member] | Maximum [Member] | Discounted Cash Flow [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 10.75% | 10.50% |
Other Derivative Instrument [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Liability, Fair Value | $805 | $1,591 |
Other Derivative Instrument [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Liability, Fair Value | $0 | $0 |
Fair_Value_Measurements_Detail4
Fair Value Measurements (Details 4) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | $460,899 | $306,130 |
Senior Notes due 2021 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 437,454 | 300,000 |
Portion at Other than Fair Value Measurement [Member] | Convertible Senior Notes Due March 2028 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Convertible Debt, Fair Value Disclosures | 4,979 | 5,067 |
Portion at Other than Fair Value Measurement [Member] | Convertible Senior Notes Due March 2028 [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Convertible Debt, Fair Value Disclosures | 0 | 5,067 |
Portion at Other than Fair Value Measurement [Member] | Convertible Senior Notes Due March 2028 [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Convertible Debt, Fair Value Disclosures | 4,979 | 0 |
Portion at Other than Fair Value Measurement [Member] | Convertible Senior Notes Due March 2028 [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Convertible Debt, Fair Value Disclosures | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Senior Notes due 2021 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | 343,305 | 307,314 |
Portion at Other than Fair Value Measurement [Member] | Senior Notes due 2021 [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | 0 | 307,314 |
Portion at Other than Fair Value Measurement [Member] | Senior Notes due 2021 [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | 343,305 | 0 |
Portion at Other than Fair Value Measurement [Member] | Senior Notes due 2021 [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Palmarejo gold production royalty [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Not Measured at Fair Value | 38,290 | 65,212 |
Portion at Other than Fair Value Measurement [Member] | Palmarejo gold production royalty [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Not Measured at Fair Value | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Palmarejo gold production royalty [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Not Measured at Fair Value | 0 | 0 |
Portion at Other than Fair Value Measurement [Member] | Palmarejo gold production royalty [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Not Measured at Fair Value | 38,290 | 65,212 |
Reported Value Measurement [Member] | Convertible Senior Notes Due March 2028 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Convertible Debt, Fair Value Disclosures | 5,334 | 5,334 |
Reported Value Measurement [Member] | Senior Notes due 2021 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | 300,000 | |
Reported Value Measurement [Member] | Palmarejo gold production royalty [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Not Measured at Fair Value | $34,047 | $51,193 |
Fair_Value_Measurements_Detail5
Fair Value Measurements (Details Textual) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 29, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment of Long-Lived Assets Held-for-use | $1,472,721,000 | $772,993,000 | $5,825,000 | |
Write-downs, net of tax | $1,021,800,000 | $593,200,000 | ||
Convertible Senior Notes Due March 2028 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | ||
Senior Notes due 2021 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 7.88% | 7.88% | 7.88% | |
Palmarejo [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Expected Royalty Duration | 1.7 | |||
Rochester [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Expected Royalty Duration | 3.2 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | |
USD ($) | USD ($) | USD ($) | Palmarejo gold production royalty [Member] | Palmarejo gold production royalty [Member] | Palmarejo gold production royalty [Member] | Silver concentrate sales agreements [Member] | Silver concentrate sales agreements [Member] | Silver concentrate sales agreements [Member] | Gold concentrates sales agreements [Member] | Gold concentrates sales agreements [Member] | Gold concentrates sales agreements [Member] | Gold put options purchased [Member] | Gold put options purchased [Member] | Gold put options purchased [Member] | Gold Put Option [Member] | Gold Put Option [Member] | Gold Put Option [Member] | Silver put options purchased [Member] | Silver put options purchased [Member] | Silver put options purchased [Member] | Silver Put Options Sold [Member] | Silver Put Options Sold [Member] | Silver Put Options Sold [Member] | Forward foreign exchange contracts [Member] | Forward foreign exchange contracts [Member] | Line of Credit [Member] | |
2013 [Member] | 2014 [Member] | Thereafter [Member] | 2013 [Member] | 2014 [Member] | Thereafter [Member] | 2013 [Member] | 2014 [Member] | Thereafter [Member] | 2013 [Member] | 2014 [Member] | Thereafter [Member] | 2013 [Member] | 2014 [Member] | Thereafter [Member] | 2013 [Member] | 2014 [Member] | Thereafter [Member] | 2013 [Member] | 2014 [Member] | Thereafter [Member] | Mexican peso forward purchase contracts [Member] | Mexican peso forward purchase contracts [Member] | Gold put options purchased [Member] | ||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | MXN | 2013 [Member] | ||||
oz | oz | oz | oz | oz | oz | oz | oz | oz | oz | oz | oz | oz | oz | oz | |||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||
Gain (loss) on derivative instruments | $3,618,000 | $82,768,000 | ($23,487,000) | ||||||||||||||||||||||||
Derivative instruments Settlement | |||||||||||||||||||||||||||
Derivative, notional amount | 41,981,000 | 23,779,000 | 0 | 10,392,000 | 0 | 0 | 35,576,000 | 0 | 0 | 14,400,000 | 0 | 0 | 12,600,000 | 0 | 0 | 11,250,000 | 0 | 0 | 10,000,000 | 0 | 0 | 45,000,000 | |||||
Derivative average gold price in excess of minimum contractual Deduction Rate | 408 | 775 | 774 | 0 | |||||||||||||||||||||||
Notional ounces | 54,171 | 30,744 | 0 | 0 | 0 | 0 | 0 | 12,000 | 0 | 0 | 625,000 | 0 | 0 | ||||||||||||||
Foreign exchange contracts of MXP | $12,000,000 | ||||||||||||||||||||||||||
Average rate (MXP/$) | 14.8 | ||||||||||||||||||||||||||
Derivative average price | 16.35 | 0 | 0 | 1,221 | 0 | 0 | |||||||||||||||||||||
Outstanding Provisionally Priced Sales Consists of Gold | 29,137 | ||||||||||||||||||||||||||
Outstanding Provisionally Priced Sales Consists of Silver | 635,614 | ||||||||||||||||||||||||||
Average strike price | 0 | 0 | 1,050 | 0 | 0 | 18 | 0 | 0 | 16 | 0 | 0 | 1,200 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Prepaid expenses and other [Member] | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | $3,925,000 | $184,000 |
Accrued liabilities and other [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 1,887,000 | 1,640,000 |
Current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 14,405,000 | 17,650,000 |
Non-current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 7,507,000 | 22,688,000 |
Forward foreign exchange contracts [Member] | Prepaid expenses and other [Member] | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | 38,000 | |
Forward foreign exchange contracts [Member] | Accrued liabilities and other [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 947,000 | |
Palmarejo gold production royalty [Member] | Current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 14,405,000 | 17,650,000 |
Palmarejo gold production royalty [Member] | Non-current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 7,507,000 | 22,688,000 |
Put and call options, net [Member] | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | 3,882,000 | |
Derivative Liability, Fair Value | 1,039,000 | |
Put and call options, net [Member] | Prepaid expenses and other [Member] | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | 3,882,000 | 135,000 |
Put and call options, net [Member] | Accrued liabilities and other [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 1,039,000 | |
Put and call options, net [Member] | Current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | ||
Put and call options, net [Member] | Non-current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | ||
Concentrate sales contracts [Member] | Prepaid expenses and other [Member] | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | 43,000 | 11,000 |
Concentrate sales contracts [Member] | Accrued liabilities and other [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 848,000 | 693,000 |
Concentrate sales contracts [Member] | Current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | ||
Concentrate sales contracts [Member] | Non-current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | ||
Mexican peso forward purchase contracts [Member] | Forward foreign exchange contracts [Member] | ||
Derivative [Line Items] | ||
Foreign exchange contracts of MXP | $12,000,000 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fair value adjustments, net | $3,618 | $82,768 | ($23,487) |
Mark-to-market gains or losses on derivatives | -158 | 80,928 | -23,426 |
Concentrate Sales Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized Gain (Loss) on Derivatives and Commodity Contracts | -123 | -1,995 | 1,682 |
Forward foreign exchange contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Costs applicable to sales | 924 | 589 | 1,621 |
Fair value adjustments, net | -16 | -985 | 3,264 |
Palmarejo gold production royalty [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fair value adjustments, net | -2,001 | 76,200 | -31,053 |
Silver and gold options [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fair value adjustments, net | $1,058 | $7,119 | $4,302 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Details Textual) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Jan. 21, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
USD ($) | Put Option [Member] | Franco-Nevada warrant [Member] | Franco-Nevada warrant [Member] | Franco-Nevada warrant [Member] | Palmarejo gold production royalty [Member] | Palmarejo gold production royalty [Member] | Forward foreign exchange contracts [Member] | Forward foreign exchange contracts [Member] | Forward foreign exchange contracts [Member] | Forward foreign exchange contracts [Member] | Concentrate Sales Contracts [Member] | Concentrate Sales Contracts [Member] | Concentrate Sales Contracts [Member] | Gold Put Purchase and Call Sold Options Net [Member] | Silver and gold options [Member] | Silver and gold options [Member] | Silver and gold options [Member] | Kensington Term Facility [Member] | Kensington Term Facility [Member] | Kensington Term Facility [Member] | Maximum [Member] | Derivative Instruments Settle in Year One [Member] | Derivative Instruments Settle in Year One [Member] | Derivative Instruments Settle in Year One [Member] | Derivative Instruments Settle in Year One [Member] | Derivative Instruments Settle in Year One [Member] | Derivative Instruments Settle in Year One [Member] | Derivative Instruments Settle in Year One [Member] | Derivative Instruments Settle in Year One [Member] | Derivative Instruments Settle in Year One [Member] | Derivative Financial Instruments, Assets [Member] | Derivative Financial Instruments, Assets [Member] | Derivative Instruments Settle in Year Two [Member] | Derivative Instruments Settle in Year Two [Member] | Derivative Instruments Settle in Year Two [Member] | Derivative Instruments Settle in Year Two [Member] | Derivative Instruments Settle in Year Two [Member] | Derivative Instruments Settle in Year Two [Member] | Derivative Instruments Settle Thereafter [Member] | Derivative Instruments Settle Thereafter [Member] | Derivative Instruments Settle Thereafter [Member] | Derivative Instruments Settle Thereafter [Member] | Derivative Instruments Settle Thereafter [Member] | Derivative Instruments Settle Thereafter [Member] | Prepaid Expenses and Other Current Assets [Member] | Prepaid Expenses and Other Current Assets [Member] | Prepaid Expenses and Other Current Assets [Member] | Prepaid Expenses and Other Current Assets [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
oz | USD ($) | USD ($) | USD ($) | oz | Mexican peso forward purchase contracts [Member] | Mexican peso forward purchase contracts [Member] | Mexican peso forward purchase contracts [Member] | Mexican peso forward purchase contracts [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Put Option [Member] | Gold Put Option [Member] | Put Option on Silver [Member] | Palmarejo gold production royalty [Member] | Gold Put Option [Member] | Silver concentrate sales agreements [Member] | Gold concentrates sales agreements [Member] | Gold put options purchased [Member] | Silver put options purchased [Member] | Silver Put Options Sold [Member] | Kensington Term Facility [Member] | Kensington Term Facility [Member] | Kensington Term Facility [Member] | Gold put options purchased [Member] | Silver put options purchased [Member] | Gold Put Option [Member] | Silver concentrate sales agreements [Member] | Gold concentrates sales agreements [Member] | Gold put options purchased [Member] | Silver put options purchased [Member] | Silver Put Options Sold [Member] | Gold Put Option [Member] | Silver concentrate sales agreements [Member] | Gold concentrates sales agreements [Member] | Gold put options purchased [Member] | Silver put options purchased [Member] | Silver Put Options Sold [Member] | USD ($) | USD ($) | Forward foreign exchange contracts [Member] | Gold Put Purchase and Call Sold Options Net [Member] | Gold Put Purchase and Call Sold Options Net [Member] | ||||
USD ($) | USD ($) | USD ($) | MXN | oz | Put Option [Member] | Put Option [Member] | oz | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Gold put options purchased [Member] | Gold put options purchased [Member] | Silver put options purchased [Member] | oz | oz | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||
oz | oz | oz | oz | oz | oz | Put Option [Member] | Put Option [Member] | oz | oz | oz | oz | oz | oz | oz | oz | oz | oz | oz | oz | ||||||||||||||||||||||||||||||||
USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Life of Mine Production, Percentage | 50.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Asian Put Options | $2,800,000 | $100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Payment made for gold on the end of royalty obligation | 4,167 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Royalty Guarantees, Commitments, Ounces of Gold | 315,085 | 400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total gold remain outstanding | 35,500,000 | 84,915 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 11.80% | 5.70% | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair value liability of the embedded derivative | 40,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Company recognized Mark to Market loss | 18,400,000 | 14,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Company recognized Mark to Market gain | 104,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of Gold Production | 50.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Average Gold Price in Excess of Minimum Contractual Deduction Rate | 408 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Inflation Compounding Adjustment | 1.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Realized losses | -20,400,000 | -28,600,000 | 45,400,000 | -600,000 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts of MXP | 12,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average exchange rate | 12.21 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average exchange rate of MXP | 14.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of foreign exchange contracts | 0 | 900 | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivative, Average Exchange Rate Floor | 12.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative, Notional Amount | -45,000,000 | -12,600,000 | -10,392,000 | -35,576,000 | -14,400,000 | -11,250,000 | -10,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Mark-to-market gains and (losses) on forward foreign exchange contract | 900,000 | -600,000 | -1,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Liability, Fair Value | 1,039,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Call Feature of Each Collar | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Put Feature of Each Collar | 1,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Contract expiration date | 3 years | ||||||||||||||||||||||||||||||||||||||||||||||||||
Notional ounces | 12,000 | 625,000 | 24,000 | 1,250,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Average strike price | 1,050 | 18 | 16 | 1,200 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) | 0 | 1,000,000 | 3,300,000 | 1,500,000 | 8,900,000 | 8,600,000 | |||||||||||||||||||||||||||||||||||||||||||||
Fair value of the contract | 3,882,000 | 3,925,000 | 184,000 | 38,000 | 3,882,000 | 135,000 | |||||||||||||||||||||||||||||||||||||||||||||
Outstanding Put Options of Gold | 25,000 | 12,000 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Strike Price of Put Options | 1,150 | 17 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Put Options of Silver | 1,250,000 | 625,000 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Unrealized Gain (Loss) on Derivatives and Commodity Contracts | ($123,000) | ($1,995,000) | $1,682,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding provisionally priced sales consists of silver | 635,614 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding provisionally priced sales consists of Gold | 29,137 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Average Price | 16.35 | 1,221 | 0 | 0 | 0 | 0 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||
Dec. 17, 2014 | Jul. 02, 2014 | 27-May-14 | Apr. 16, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 02, 2014 | Dec. 13, 2013 | |
Business Acquisition [Line Items] | |||||||||
Shares Issued for Acquisition | 11,572,918 | ||||||||
Share Price for Acquisition | $14,980 | ||||||||
Business Acquisition, Effective Date of Acquisition | 16-Dec-14 | 2-Jul-14 | 27-May-14 | 16-Apr-13 | |||||
Sale of Stock, Percentage of Ownership after Transaction | 20.16% | ||||||||
Payments to Acquire Businesses, Gross | $8,500,000 | ||||||||
Payments to Acquire Royalty Interests in Mining Properties | 2,200,000 | 48,395,000 | 57,034,000 | 74,734,000 | |||||
La Preciosa Net Smelter Royalty | 1.25% | ||||||||
Acquisition Costs, Period Cost | 1,500,000 | ||||||||
Payments for Royalties | 1,800,000 | 4,000,000 | |||||||
Business Acquisition, Date of Acquisition Agreement | 2-Sep-14 | ||||||||
Business Combination, Consideration Transferred | 295,841,000 | ||||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 8,605,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 116,955,000 | 26,047,000 | |||||||
Business Combination, Consideration Transferred, Cost of Acquired Entity | 412,796,000 | 34,652,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 412,796,000 | 34,652,000 | |||||||
Warrants Issued for Acquisition | 1,588,768 | ||||||||
Warrant Price for Acquisition | $3,640 | ||||||||
Paramount Gold & Silver [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Description | 0.049 | ||||||||
La Preciosa Net Smelter Royalty | 0.70% | ||||||||
Business Combination, Consideration Transferred | 5,300,000 | ||||||||
La Preciosa [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
La Preciosa Net Smelter Royalty | 3.00% | ||||||||
Business Combination, Consideration Transferred | $12,000,000 |
Investments_Details
Investments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from Sale of Short-term Investments | $49,100,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Marketable Securities | 5,200,000 | ||
Realized Gain (Loss) on Marketable Securities, Cost Method Investments, and Other Investments | 600,000 | ||
Investment in Marketable Securities (Textual) [Abstract] | |||
Unrealized gain (loss) on equity securities | -2,290,000 | -8,489,000 | -3,351,000 |
Impairment of equity securities | -6,593,000 | -18,308,000 | -605,000 |
Equity securities [Member] | |||
Available-for-sale Securities | |||
Cost | 5,687,000 | 17,649,000 | |
Gross Unrealized Losses | -8,000 | -3,300,000 | |
Gross Unrealized Gains | 303,000 | 172,000 | |
Available-for-sale Securities, Estimated Fair Value | 5,982,000 | 14,521,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||
Unrealized Losses Total | -8,000 | -3,300,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than twelve Months, Unrealized Losses | -8,000 | ||
Less than twelve Months, Fair Value | 38,000 | ||
Twelve months or more, Unrealized Losses | 0 | ||
Twelve months or more, Fair Value | 0 | ||
Unrealized Losses | -8,000 | ||
Fair Value | $38,000 |
Receivables_Details
Receivables (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Allowance for Doubtful Accounts Receivable | $0 | |
Receivables - current portion | ||
Accounts receivable - trade | 20,448 | 17,303 |
Refundable income tax | 30,045 | 8,363 |
Refundable value added tax | 63,805 | 49,168 |
Accounts receivable - other | 2,623 | 6,240 |
Receivables, net current portion | 116,921 | 81,074 |
Receivables - non-current portion | ||
Refundable value added tax | 21,686 | 36,574 |
Accounts Receivable, Net | $138,607 | $117,648 |
Inventory_and_Ore_on_Leach_Pad2
Inventory and Ore on Leach Pads (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories | ||
Concentrate and dore inventory | $23,563 | $14,855 |
Other Inventory, Net of Reserves | 40,870 | 52,250 |
Supplies | 50,498 | 64,918 |
Metal and other inventory | 114,931 | 132,023 |
Ore on Leach Pad, Current | 48,204 | 50,495 |
Ore on leach pads | 37,889 | 31,528 |
Inventory, Ore Stockpiles on Leach Pads, Gross | 86,093 | 82,023 |
Inventory and Ore on Leach Pads | $201,024 | $214,046 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Abstract] | |||
Operating Leases, Rent Expense | $11,200,000 | $16,700,000 | $14,100,000 |
Property, plant and equipment | |||
Land | 1,752,000 | 1,764,000 | |
Building improvements | 647,181,000 | 855,318,000 | |
Capitalized leases for machinery, equipment and buildings | 28,680,000 | 16,133,000 | |
Property, plant and equipment, gross | 677,613,000 | 873,215,000 | |
Accumulated depreciation and amortization | -464,852,000 | -395,520,000 | |
Property Plant and Equipment Net before Construction in Progress | 212,761,000 | 477,695,000 | |
Construction in Progress | 15,150,000 | 8,578,000 | |
Property, plant and equipment, net | $227,911,000 | $486,273,000 |
Mining_Properties_Details
Mining Properties (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Mining Properties | ||
Operational mining properties: | $557,799 | $641,305 |
Accumulated depletion | -368,410 | -315,541 |
Operational mining properties, net | 189,389 | 325,764 |
Mineral interest | 679,429 | 1,753,129 |
Accumulated depletion | -367,626 | -327,392 |
Mineral interest, net | 311,803 | 1,425,737 |
Total mining properties | 501,192 | 1,751,501 |
Palmarejo [Member] | ||
Mining Properties | ||
Operational mining properties: | 137,821 | 151,845 |
Accumulated depletion | -121,906 | -110,143 |
Operational mining properties, net | 15,915 | 41,702 |
Mineral interest | 521,349 | 1,146,572 |
Accumulated depletion | -332,032 | -300,187 |
Mineral interest, net | 189,317 | 846,385 |
Total mining properties | 205,232 | 888,087 |
San Bartolome [Member] | ||
Mining Properties | ||
Operational mining properties: | 49,305 | 70,761 |
Accumulated depletion | -26,106 | -22,236 |
Operational mining properties, net | 23,199 | 48,525 |
Mineral interest | 17,560 | 26,643 |
Accumulated depletion | -10,143 | -8,759 |
Mineral interest, net | 7,417 | 17,884 |
Total mining properties | 30,616 | 66,409 |
Kensington [Member] | ||
Mining Properties | ||
Operational mining properties: | 217,138 | 268,351 |
Accumulated depletion | -106,865 | -80,032 |
Operational mining properties, net | 110,273 | 188,319 |
Mineral interest | 0 | 0 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 0 | 0 |
Total mining properties | 110,273 | 188,319 |
Rochester [Member] | ||
Mining Properties | ||
Operational mining properties: | 153,535 | 150,348 |
Accumulated depletion | -113,533 | -103,130 |
Operational mining properties, net | 40,002 | 47,218 |
Mineral interest | 0 | 0 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 0 | 0 |
Total mining properties | 40,002 | 47,218 |
Endeavor [Member] | ||
Mining Properties | ||
Operational mining properties: | 0 | 0 |
Accumulated depletion | 0 | 0 |
Operational mining properties, net | 0 | 0 |
Mineral interest | 49,059 | 408,352 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 49,059 | 408,352 |
Total mining properties | 49,059 | 408,352 |
Joaquin Project - Argentina [Member] | ||
Mining Properties | ||
Operational mining properties: | 0 | 0 |
Accumulated depletion | 0 | 0 |
Operational mining properties, net | 0 | 0 |
Mineral interest | 10,000 | 93,429 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 10,000 | 93,429 |
Total mining properties | 10,000 | 93,429 |
Other Mining Properties [Member] | ||
Mining Properties | ||
Operational mining properties: | 0 | 0 |
Accumulated depletion | 0 | 0 |
Operational mining properties, net | 0 | 0 |
Mineral interest | 81,461 | 78,133 |
Accumulated depletion | -25,451 | -18,446 |
Mineral interest, net | 56,010 | 59,687 |
Total mining properties | $56,010 | $59,687 |
Mining_Properties_Details_Text
Mining Properties (Details Textual) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
oz | |
Property, Plant and Equipment [Line Items] | |
Cumulative Ounces of Silver Received by the Subsidiary | 5,400,000 |
Current Ore Reserve payable Ounces Based on Current Metallurgical Recovery and Current Smelter Contract Terms | 1,700,000 |
McEwen Mining Inc, El Gallo, Magistral Mine [Member] | |
Property, Plant and Equipment [Line Items] | |
Net Smelter Return Percentage Paid | 3.50% |
Dynasty Metals and Mining, Inc Zaruma Mine [Member] | |
Property, Plant and Equipment [Line Items] | |
Net Smelter Return Percentage Paid | 1.50% |
Cerro Bayo Mine [Member] | |
Property, Plant and Equipment [Line Items] | |
Net Smelter Return Percentage Paid | 2.00% |
New Zealand [Members] | |
Property, Plant and Equipment [Line Items] | |
Net Smelter Return Percentage Paid | 2.50% |
Due from Joint Ventures | 0.8 |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 12, 2014 | Jan. 29, 2013 | Feb. 12, 2013 | |
Debt Instrument [Line Items] | ||||||
Percentage of Actual Gold Production | 50.00% | |||||
Long term debt and capital lease obligations | ||||||
Current | $17,498,000 | $2,505,000 | ||||
Non-current | 460,899,000 | 306,130,000 | ||||
Long-term Line of Credit | 14,800,000 | |||||
Interest expenses incurred for various debt instruments | ||||||
Interest Paid on Senior Notes due 2021 | 32,741,000 | 21,853,000 | 0 | |||
Interest Paid on Convertible Notes due 2028 | 173,000 | 466,000 | 1,581,000 | |||
Line of Credit Facility, Commitment Fee Amount | 179,000 | 612,000 | 213,000 | |||
Write off revolver costs, interest expense | 3,035,000 | 0 | 2,339,000 | |||
Interest Paid on Capital Leases | 972,000 | 415,000 | 997,000 | |||
Interest Expense | 0 | 291,000 | 881,000 | |||
Accretion of Franco Nevada royalty obligation | 10,773,000 | 17,641,000 | 19,139,000 | |||
Amortization of debt issuance costs | 1,740,000 | 2,143,000 | 1,146,000 | |||
Accretion of debt discount | -357,000 | 576,000 | 2,536,000 | |||
Capitalized interest | -1,710,000 | -2,694,000 | -2,663,000 | |||
Total interest expense, net of capitalized interest | 47,546,000 | 41,303,000 | 26,169,000 | |||
3.25% Convertible Senior Notes due March 2028 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 10,900,000 | |||||
Long term debt and capital lease obligations | ||||||
Debt Instrument, Face Amount | 0 | 5,334,000 | ||||
Senior Notes due 2021 [Member] | ||||||
Long term debt and capital lease obligations | ||||||
Debt Instrument, Face Amount | 434,900,000 | 150,000,000 | 300,000,000 | |||
Non-current | 437,454,000 | 300,000,000 | ||||
Long-term Line of Credit | 10,304,000 | 0 | ||||
Palmarejo gold production royalty [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 30.50% | |||||
Capital Lease Obligations [Member] | ||||||
Long term debt and capital lease obligations | ||||||
Non-current | 13,141,000 | 796,000 | ||||
Palmarejo gold production royalty [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Royalty Guarantees, Commitments, Ounces of Gold | 315,085 | |||||
Minimum Obligation Paid in Monthly Payments | 4,167 | |||||
Annual Inflation Compounding Adjustment | 1.00% | |||||
Maximum [Member] | Palmarejo gold production royalty [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Royalty Guarantees, Commitments, Ounces of Gold | 400,000 | |||||
Convertible Senior Notes Due March 2028 [Member] | ||||||
Long term debt and capital lease obligations | ||||||
Current | 0 | 48,700,000 | ||||
Debt Instrument, Face Amount | 5,334,000 | |||||
Senior Notes due Two Thousand Twenty One [Member] | ||||||
Long term debt and capital lease obligations | ||||||
Current | 0 | 0 | ||||
Line of Credit, Current | 4,481,000 | 0 | ||||
Capital Lease Obligations [Member] | ||||||
Long term debt and capital lease obligations | ||||||
Current | $7,683,000 | $2,505,000 |
Debt_Details_Textual
Debt (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | |||||
27-May-14 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 12, 2014 | Jan. 29, 2013 | Feb. 12, 2013 | |
oz | |||||||
Debt Instrument [Line Items] | |||||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $12,800,000 | ||||||
Gold production royalty payments | 48,395,000 | 57,034,000 | 74,734,000 | ||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Debt | 17,498,000 | 2,505,000 | |||||
Interest Expense, Debt | 0 | 291,000 | 881,000 | ||||
Accretion of debt discount | -357,000 | 576,000 | 2,536,000 | ||||
Borrowing under term facility | 100,000,000 | ||||||
Line of credit facility, increase, additional borrowings | 50,000,000 | ||||||
Write off revolver costs, interest expense | 3,035,000 | 0 | 2,339,000 | ||||
Line of credit facility, commitment fee amount | 179,000 | 612,000 | 213,000 | ||||
Line of Credit Facility, Amount Outstanding | 14,800,000 | ||||||
Loss on termination of revolving credit facility | 0 | 0 | 1,036,000 | ||||
Percentage of Actual Gold Production | 50.00% | ||||||
Further Payment Made on Number of Additional Ounces of Gold | 35,500,000 | ||||||
Payments to Acquire Royalty Interests in Mining Properties | 2,200,000 | 48,395,000 | 57,034,000 | 74,734,000 | |||
Operating Leases, Future Minimum Payments Receivable, in Two Years | 12,000,000 | ||||||
Operating Leases, Future Minimum Payments Receivable, in Three Years | 6,100,000 | ||||||
Operating Leases, Future Minimum Payments Receivable, in Four Years | 4,600,000 | ||||||
Operating Leases, Future Minimum Payments Receivable, in Five Years | 4,700,000 | ||||||
Operating Leases, Future Minimum Payments Receivable, Thereafter | 6,000,000 | ||||||
Additional Long term debt and capital lease obligations(Textual) [Abstract] | |||||||
Implicit Interest Rate | 30.00% | ||||||
Accretion of Royalty Obligation | 10,773,000 | 17,641,000 | 19,139,000 | ||||
Remaining Minimum Obligation Under Royalty Agreements | 34,000,000 | 51,200,000 | |||||
Expensed Interest | 47,546,000 | 41,303,000 | 26,169,000 | ||||
Capitalized interest | -1,710,000 | -2,694,000 | -2,663,000 | ||||
Convertible Senior Notes Due March 2028 [Member] | |||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Interest rate on notes | 3.25% | 3.25% | |||||
Debt Instrument, Face Amount | 0 | 5,334,000 | |||||
Additional Long term debt and capital lease obligations(Textual) [Abstract] | |||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 10,900,000 | ||||||
Senior Notes due Two Thousand Twenty One [Member] | |||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Debt Instrument, Repurchase Amount | 15,100,000 | ||||||
Long-term Debt | 437,500,000 | ||||||
Interest rate on notes | 7.88% | 7.88% | 7.88% | ||||
Debt Instrument, Face Amount | 434,900,000 | 150,000,000 | 300,000,000 | ||||
Long-term debt, original principal | 450,000,000 | ||||||
Line of Credit Facility, Amount Outstanding | 10,304,000 | 0 | |||||
Banco de Credito Line of Credit [Member] | |||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Borrowing under term facility | 12,000,000 | ||||||
Line of Credit Facility, Interest Rate at Period End | 6.00% | ||||||
Line of Credit Facility, Expiration Period | 360 months | ||||||
Banco Bisa Line of Credit [Member] | |||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Borrowing under term facility | 15,000,000 | ||||||
Line of Credit Facility, Interest Rate at Period End | 6.00% | ||||||
Line of Credit Facility, Expiration Period | 3 months | ||||||
Palmarejo gold production royalty [Member] | |||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Effective interest rate on the notes | 30.50% | ||||||
Palmarejo gold production royalty [Member] | |||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Royalty Guarantees, Commitments, Ounces of Gold | 315,085 | ||||||
Further Payment Made on Number of Additional Ounces of Gold | 84,915 | ||||||
Palmarejo gold production royalty [Member] | Maximum [Member] | |||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Royalty Guarantees, Commitments, Ounces of Gold | 400,000 | ||||||
3.25% Convertible Senior Notes due March 2028 [Member] | |||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Interest rate on notes | 3.25% | ||||||
Debt Instrument, Face Amount | 5,334,000 | ||||||
Debt | 0 | 48,700,000 | |||||
Debt Instrument, Repurchased Face Amount | $43,300,000 | ||||||
Palmarejo [Member] | |||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Expected Royalty Duration | 1.7 |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information Condensed Consolidated Statements of Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 12, 2014 | Jan. 29, 2013 | |||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Total Revenue | $635,742 | $745,994 | $895,492 | |||||
Costs applicable to sales | 477,945 | [1] | 463,663 | [1] | 454,562 | [1] | ||
Amortization | 162,436 | 229,564 | 216,032 | |||||
General and Administrative Expense | 40,845 | 55,343 | 32,977 | |||||
Exploration Expense, Mining | 21,740 | 22,360 | 26,270 | |||||
Litigation settlement | 0 | 32,046 | 0 | |||||
Impairment of Long-Lived Assets Held-for-use | 1,472,721 | 772,993 | 5,825 | |||||
Pre-development, reclamation, and other | 26,037 | 15,184 | 4,086 | |||||
Total cost and expenses | 2,201,724 | 1,591,153 | 739,752 | |||||
Loss on termination of revolving credit facility | 0 | 0 | -1,036 | |||||
Gain (loss) on derivative instruments | -3,618 | -82,768 | 23,487 | |||||
Impairment of equity securities | -6,593 | -18,308 | -605 | |||||
Interest income and other, net | 1,375 | 13,323 | 15,041 | |||||
Interest expense, net | -47,546 | -41,303 | -26,169 | |||||
Total other income (expense), net | -49,146 | 36,480 | -36,256 | |||||
Total | -1,615,128 | -808,679 | 119,484 | |||||
Income and mining tax (expense) benefit | 459,244 | 158,116 | -70,807 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -1,155,884 | -650,563 | 48,677 | |||||
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | |||||
NET INCOME (LOSS) | -1,155,884 | -650,563 | 48,677 | |||||
Unrealized gain (loss) on equity securities | -2,290 | -8,489 | -3,351 | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 346 | 83 | 0 | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 4,042 | 11,221 | 605 | |||||
Other comprehensive income (loss) | 2,098 | 2,815 | -2,746 | |||||
COMPREHENSIVE INCOME (LOSS) | -1,153,786 | -647,748 | 45,931 | |||||
Coeur Mining, Inc. | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Total Revenue | 0 | 0 | 0 | |||||
Costs applicable to sales | 0 | 0 | 0 | |||||
Amortization | 1,805 | 1,066 | 521 | |||||
General and Administrative Expense | 39,976 | 50,213 | 30,699 | |||||
Exploration Expense, Mining | 3,560 | 1,602 | 1,946 | |||||
Litigation settlement | 0 | |||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 0 | |||||
Pre-development, reclamation, and other | 8,813 | 0 | 0 | |||||
Total cost and expenses | 54,154 | 52,881 | 33,166 | |||||
Loss on termination of revolving credit facility | 0 | |||||||
Gain (loss) on derivative instruments | -1,812 | 1,346 | -3,477 | |||||
Impairment of equity securities | 0 | 18,097 | 605 | |||||
Interest income and other, net | 4,406 | 13,408 | 5,744 | |||||
Interest expense, net | -38,389 | -25,652 | 4,158 | |||||
Total other income (expense), net | -32,171 | -31,687 | 4,458 | |||||
Total | -86,325 | -84,568 | -28,708 | |||||
Income and mining tax (expense) benefit | 1,742 | 78,332 | -3,844 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -84,583 | -6,236 | -32,552 | |||||
Income (Loss) from Equity Method Investments | -1,071,301 | -644,327 | 81,229 | |||||
NET INCOME (LOSS) | -1,155,884 | -650,563 | 48,677 | |||||
Marketable Securities, Unrealized Gain (Loss) | -2,290 | -8,489 | -3,351 | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 346 | 83 | ||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 4,042 | 11,221 | 605 | |||||
Other comprehensive income (loss) | 2,098 | 2,815 | -2,746 | |||||
COMPREHENSIVE INCOME (LOSS) | -1,153,786 | -647,748 | 45,931 | |||||
Guarantor Subsidiaries | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Total Revenue | 261,963 | 268,023 | 243,380 | |||||
Costs applicable to sales | 196,805 | 182,444 | 159,151 | |||||
Amortization | 65,100 | 71,655 | 48,065 | |||||
General and Administrative Expense | 6 | 3,245 | 1,101 | |||||
Exploration Expense, Mining | 11,157 | 8,920 | 7,930 | |||||
Litigation settlement | 32,046 | |||||||
Impairment of Long-Lived Assets Held-for-use | 107,832 | 130,694 | 0 | |||||
Pre-development, reclamation, and other | 3,889 | 3,093 | 1,323 | |||||
Total cost and expenses | 384,789 | 432,097 | 217,570 | |||||
Loss on termination of revolving credit facility | -1,036 | |||||||
Gain (loss) on derivative instruments | -3,653 | -7,896 | -4,089 | |||||
Impairment of equity securities | 6,593 | 211 | 0 | |||||
Interest income and other, net | -430 | -1,539 | 859 | |||||
Interest expense, net | -891 | -445 | 2,997 | |||||
Total other income (expense), net | -4,261 | 5,701 | 915 | |||||
Total | -127,087 | -158,373 | 26,725 | |||||
Income and mining tax (expense) benefit | -2,224 | -155 | -2,930 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -129,311 | -158,528 | 23,795 | |||||
Income (Loss) from Equity Method Investments | -4,181 | -68 | 0 | |||||
NET INCOME (LOSS) | -133,492 | -158,596 | 23,795 | |||||
Marketable Securities, Unrealized Gain (Loss) | -2,272 | -552 | 0 | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 328 | 0 | ||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 4,042 | 211 | 0 | |||||
Other comprehensive income (loss) | 2,098 | -341 | 0 | |||||
COMPREHENSIVE INCOME (LOSS) | -131,394 | -158,937 | 23,795 | |||||
Non-Guarantor Subsidiaries | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Total Revenue | 373,779 | 477,971 | 652,112 | |||||
Costs applicable to sales | 281,140 | 281,219 | 295,411 | |||||
Amortization | 95,531 | 156,843 | 167,446 | |||||
General and Administrative Expense | 863 | 1,885 | 1,177 | |||||
Exploration Expense, Mining | 7,023 | 11,838 | 16,394 | |||||
Litigation settlement | 0 | |||||||
Impairment of Long-Lived Assets Held-for-use | 1,364,889 | 642,299 | 5,825 | |||||
Pre-development, reclamation, and other | 13,335 | 12,091 | 2,763 | |||||
Total cost and expenses | 1,762,781 | 1,106,175 | 489,016 | |||||
Loss on termination of revolving credit facility | 0 | |||||||
Gain (loss) on derivative instruments | 1,847 | -76,218 | 31,053 | |||||
Impairment of equity securities | 0 | 0 | 0 | |||||
Interest income and other, net | 227 | 4,602 | 13,071 | |||||
Interest expense, net | -11,094 | -18,354 | 23,647 | |||||
Total other income (expense), net | -12,714 | 62,466 | -41,629 | |||||
Total | -1,401,716 | -565,738 | 121,467 | |||||
Income and mining tax (expense) benefit | 459,726 | 79,939 | -64,033 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -941,990 | -485,799 | 57,434 | |||||
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | |||||
NET INCOME (LOSS) | -941,990 | -485,799 | 57,434 | |||||
Marketable Securities, Unrealized Gain (Loss) | 0 | 0 | 0 | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 0 | ||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 0 | 0 | 0 | |||||
Other comprehensive income (loss) | 0 | 0 | 0 | |||||
COMPREHENSIVE INCOME (LOSS) | -941,990 | -485,799 | 57,434 | |||||
Eliminations | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Total Revenue | 0 | 0 | 0 | |||||
Costs applicable to sales | 0 | 0 | 0 | |||||
Amortization | 0 | 0 | 0 | |||||
General and Administrative Expense | 0 | 0 | 0 | |||||
Exploration Expense, Mining | 0 | 0 | 0 | |||||
Litigation settlement | 0 | |||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 0 | |||||
Pre-development, reclamation, and other | 0 | 0 | 0 | |||||
Total cost and expenses | 0 | 0 | 0 | |||||
Loss on termination of revolving credit facility | 0 | |||||||
Gain (loss) on derivative instruments | 0 | 0 | 0 | |||||
Impairment of equity securities | 0 | 0 | 0 | |||||
Interest income and other, net | -2,828 | -3,148 | -4,633 | |||||
Interest expense, net | -2,828 | 3,148 | 4,633 | |||||
Total other income (expense), net | 0 | 0 | 0 | |||||
Total | 0 | 0 | 0 | |||||
Income and mining tax (expense) benefit | 0 | 0 | 0 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||
Income (Loss) from Equity Method Investments | 1,075,482 | 644,395 | -81,229 | |||||
NET INCOME (LOSS) | 1,075,482 | 644,395 | -81,229 | |||||
Marketable Securities, Unrealized Gain (Loss) | 2,272 | 552 | 0 | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | -328 | 0 | ||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | -4,042 | -211 | 0 | |||||
Other comprehensive income (loss) | -2,098 | 341 | 0 | |||||
COMPREHENSIVE INCOME (LOSS) | 1,073,384 | 644,736 | -81,229 | |||||
Senior Notes due Two Thousand Twenty One [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Debt Instrument, Face Amount | $434,900 | $150,000 | $300,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.88% | 7.88% | 7.88% | |||||
[1] | Excludes amortization. |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information Condensed Consolidated Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Payments to Acquire Businesses, Net of Cash Acquired | ($29,297) | ||
Net Cash Provided by (Used in) Operating Activities | 52,927 | 113,467 | 271,634 |
Capital expenditures | -64,244 | -100,813 | -115,641 |
Purchase of short term investments and marketable securities | -50,513 | -8,052 | -12,959 |
Sales and maturities of short term investments | 54,344 | 34,796 | 21,695 |
Proceeds from Discontinued Operations Sale of Assets and Other | 8 | 4,478 | 3,087 |
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities | -81,734 | -186,489 | -133,115 |
Proceeds from Issuance of Unsecured Debt | 167,784 | 300,000 | 0 |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | -25,902 | -60,628 | -97,170 |
Payments to Acquire Royalty Interests in Mining Properties | -48,395 | -57,034 | -74,734 |
Share repurchases | 0 | -27,552 | -19,971 |
Proceeds From Repayment Intercompany Borrowings | 0 | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | -509 | -514 | 3,784 |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES: | -92,978 | -154,272 | 188,091 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 64,171 | 81,250 | -49,572 |
Cash and cash equivalents at beginning of period | 206,690 | 125,440 | 175,012 |
Cash and cash equivalents at end of period | 270,861 | 206,690 | 125,440 |
Coeur Mining, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Payments to Acquire Businesses, Net of Cash Acquired | -12,079 | -113,214 | 29,338 |
Net Cash Provided by (Used in) Operating Activities | -1,144,474 | -701,653 | 58,754 |
Capital expenditures | -1,849 | -3,573 | 1,531 |
Purchase of short term investments and marketable securities | -50,013 | -2,921 | 12,913 |
Sales and maturities of short term investments | 49,069 | 29,274 | -21,590 |
Proceeds from Discontinued Operations Sale of Assets and Other | 0 | 3,266 | -3,538 |
Payments to Acquire Interest in Subsidiaries and Affiliates | 1,120,382 | 642,617 | 81,229 |
Net Cash Provided by (Used in) Investing Activities | 1,105,510 | 555,449 | -99,883 |
Proceeds from Issuance of Unsecured Debt | 153,000 | 300,000 | |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | -18,545 | -52,568 | -4,005 |
Payments to Acquire Royalty Interests in Mining Properties | 0 | 0 | 0 |
Share repurchases | -27,552 | -19,971 | |
Proceeds From Repayment Intercompany Borrowings | -21,697 | -22,874 | 67,082 |
Proceeds from (Payments for) Other Financing Activities | -509 | -514 | -861 |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES: | -112,249 | -196,492 | -42,245 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 73,285 | 50,288 | 1,116 |
Cash and cash equivalents at beginning of period | 137,076 | 86,788 | 85,672 |
Cash and cash equivalents at end of period | 210,361 | 137,076 | 86,788 |
Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Payments to Acquire Businesses, Net of Cash Acquired | -4,000 | -3,684 | 0 |
Net Cash Provided by (Used in) Operating Activities | 41,292 | 17,456 | 37,426 |
Capital expenditures | -28,118 | -50,810 | 48,788 |
Purchase of short term investments and marketable securities | -429 | -66 | 46 |
Sales and maturities of short term investments | 5,261 | 75 | -45 |
Proceeds from Discontinued Operations Sale of Assets and Other | 48 | 444 | -130 |
Payments to Acquire Interest in Subsidiaries and Affiliates | 4,106 | 68 | 0 |
Net Cash Provided by (Used in) Investing Activities | -23,132 | -53,973 | -48,659 |
Proceeds from Issuance of Unsecured Debt | 0 | 0 | |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | -6,114 | -3,171 | -79,839 |
Payments to Acquire Royalty Interests in Mining Properties | 0 | 0 | 0 |
Share repurchases | 0 | 0 | |
Proceeds From Repayment Intercompany Borrowings | -7,256 | 40,279 | 86,394 |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | 4,645 |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES: | 13,370 | -37,108 | -11,200 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 4,790 | 591 | -33 |
Cash and cash equivalents at beginning of period | 991 | 400 | 433 |
Cash and cash equivalents at end of period | 5,781 | 991 | 400 |
Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Payments to Acquire Businesses, Net of Cash Acquired | -5,250 | 0 | -41 |
Net Cash Provided by (Used in) Operating Activities | 80,627 | 151,491 | 256,683 |
Capital expenditures | -34,277 | -46,430 | 65,322 |
Purchase of short term investments and marketable securities | -71 | -5,065 | 0 |
Sales and maturities of short term investments | 14 | 5,447 | -60 |
Proceeds from Discontinued Operations Sale of Assets and Other | -40 | 768 | 581 |
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | 3,488 | 0 |
Net Cash Provided by (Used in) Investing Activities | -39,624 | -41,792 | -65,802 |
Proceeds from Issuance of Unsecured Debt | 14,784 | 0 | |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | -1,243 | -4,889 | -13,326 |
Payments to Acquire Royalty Interests in Mining Properties | -48,395 | -57,034 | -74,734 |
Share repurchases | 0 | 0 | |
Proceeds From Repayment Intercompany Borrowings | -20,053 | -17,405 | -153,476 |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | 0 |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES: | 54,907 | 79,328 | 241,536 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -13,904 | 30,371 | -50,655 |
Cash and cash equivalents at beginning of period | 68,623 | 38,252 | 88,907 |
Cash and cash equivalents at end of period | 54,719 | 68,623 | 38,252 |
Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | 0 |
Net Cash Provided by (Used in) Operating Activities | 1,075,482 | 646,173 | -81,229 |
Capital expenditures | 0 | 0 | 0 |
Purchase of short term investments and marketable securities | 0 | 0 | 0 |
Sales and maturities of short term investments | 0 | 0 | 0 |
Proceeds from Discontinued Operations Sale of Assets and Other | 0 | 0 | 0 |
Payments to Acquire Interest in Subsidiaries and Affiliates | -1,124,488 | -646,173 | 81,229 |
Net Cash Provided by (Used in) Investing Activities | -1,124,488 | -646,173 | 81,229 |
Proceeds from Issuance of Unsecured Debt | 0 | 0 | |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 0 | 0 | 0 |
Payments to Acquire Royalty Interests in Mining Properties | 0 | 0 | 0 |
Share repurchases | 0 | 0 | |
Proceeds From Repayment Intercompany Borrowings | 49,006 | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | 0 |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES: | -49,006 | 0 | 0 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 | $0 |
Supplemental_Guarantor_Informa4
Supplemental Guarantor Information Condensed Consolidated Balance Sheets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 29, 2013 |
In Thousands, unless otherwise specified | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | $270,861 | $206,690 | |||
Receivables | 116,921 | 81,074 | |||
Ore on leach pads | 48,204 | 50,495 | |||
Inventory | 114,931 | 132,023 | |||
Deferred tax assets | 7,364 | 35,008 | |||
Prepaid expenses and other | 15,523 | 25,940 | |||
Assets, Current | 573,804 | 531,230 | |||
Property, plant, and equipment, net | 227,911 | 486,273 | |||
Mining properties, net | 501,192 | 1,751,501 | |||
Ore on leach pads | 37,889 | 31,528 | |||
Restricted assets | 7,037 | 7,014 | |||
Equity securities | 5,982 | 14,521 | |||
Receivables | 21,686 | 36,574 | |||
Unamortized Debt Issuance Expense | 9,851 | 10,812 | |||
Deferred tax assets | 60,151 | 1,189 | |||
Other Assets, Noncurrent | 9,915 | 15,336 | |||
TOTAL ASSETS | 1,455,418 | 2,885,978 | |||
Accounts payable | 49,052 | 53,847 | |||
Accrued liabilities and other | 51,513 | 38,266 | |||
Debt | 17,498 | 2,505 | |||
Royalty obligations | 43,678 | 48,019 | |||
Reclamation | 3,871 | 913 | |||
Deferred tax liabilities | 8,078 | 1,011 | |||
Liabilities, Current | 173,690 | 144,561 | |||
Debt | 460,899 | 306,130 | |||
Royalty obligations | 27,651 | 65,142 | |||
Reclamation | 66,943 | 57,515 | |||
Deferred tax liabilities | 111,006 | 556,246 | |||
Other long-term liabilities | 29,911 | 25,817 | |||
Intercompany Payable Receivable | 0 | 0 | |||
Non-current liabilities | 696,410 | 1,010,850 | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | |||
Common stock, par value $0.01 per share; authorized 150,000,000 shares, issued and outstanding 103,384,408 at December 31, 2014 and 102,843,003 at December 31, 2013 | 1,034 | 1,028 | |||
Additional paid-in capital | 2,789,695 | 2,781,164 | |||
Accumulated deficit | -2,202,603 | -1,046,719 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -2,808 | -4,906 | |||
Stockholders' equity attributable to parent | 585,318 | 1,730,567 | 2,198,280 | 2,136,721 | |
Liabilities and Equity | 1,455,418 | 2,885,978 | |||
Coeur Mining, Inc. | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 210,361 | 137,076 | |||
Receivables | 87 | 530 | |||
Ore on leach pads | 0 | 0 | |||
Inventory | 0 | 0 | |||
Deferred tax assets | 393 | 0 | |||
Prepaid expenses and other | 6,349 | 4,128 | |||
Assets, Current | 217,190 | 141,734 | |||
Property, plant, and equipment, net | 6,155 | 5,980 | |||
Mining properties, net | 12,004 | 0 | |||
Ore on leach pads | 0 | 0 | |||
Restricted assets | 897 | 830 | |||
Equity securities | 0 | 0 | |||
Receivables | 0 | 0 | |||
Unamortized Debt Issuance Expense | 9,851 | 10,812 | |||
Deferred tax assets | 30,419 | 955 | |||
Other Assets, Noncurrent | 50,813 | 53,858 | |||
TOTAL ASSETS | 456,242 | 1,456,649 | |||
Accounts payable | 3,414 | 1,963 | |||
Accrued liabilities and other | 22,588 | 16,693 | |||
Debt | 5,334 | 0 | |||
Royalty obligations | 0 | 0 | |||
Reclamation | 0 | 0 | |||
Deferred tax liabilities | 7,142 | 0 | |||
Liabilities, Current | 38,478 | 18,656 | |||
Debt | 437,455 | 305,335 | |||
Royalty obligations | 0 | 0 | |||
Reclamation | 0 | 0 | |||
Deferred tax liabilities | 53,201 | 37,095 | |||
Other long-term liabilities | 2,582 | 2,467 | |||
Intercompany Payable Receivable | -660,792 | -637,471 | |||
Non-current liabilities | -167,554 | -292,574 | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 128,913 | 1,242,480 | |||
Common stock, par value $0.01 per share; authorized 150,000,000 shares, issued and outstanding 103,384,408 at December 31, 2014 and 102,843,003 at December 31, 2013 | 1,034 | 1,028 | |||
Additional paid-in capital | 2,789,695 | 2,781,164 | |||
Accumulated deficit | -2,202,603 | -1,046,719 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -2,808 | -4,906 | |||
Stockholders' equity attributable to parent | 585,318 | 1,730,567 | |||
Liabilities and Equity | 456,242 | 1,456,649 | |||
Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 5,781 | 991 | |||
Receivables | 11,151 | 19,982 | |||
Ore on leach pads | 48,204 | 50,495 | |||
Inventory | 54,983 | 35,290 | |||
Deferred tax assets | 0 | 0 | |||
Prepaid expenses and other | 4,557 | 5,282 | |||
Assets, Current | 124,676 | 112,040 | |||
Property, plant, and equipment, net | 107,084 | 143,118 | |||
Mining properties, net | 159,124 | 235,537 | |||
Ore on leach pads | 37,889 | 31,528 | |||
Restricted assets | 50 | 50 | |||
Equity securities | 5,982 | 14,521 | |||
Receivables | 0 | 0 | |||
Unamortized Debt Issuance Expense | 0 | 0 | |||
Deferred tax assets | 0 | 0 | |||
Other Assets, Noncurrent | 5,522 | 14,616 | |||
TOTAL ASSETS | 485,942 | 597,625 | |||
Accounts payable | 13,391 | 15,864 | |||
Accrued liabilities and other | 11,207 | 8,016 | |||
Debt | 7,476 | 1,262 | |||
Royalty obligations | 5,747 | 3,934 | |||
Reclamation | 3,401 | 0 | |||
Deferred tax liabilities | 848 | 0 | |||
Liabilities, Current | 42,070 | 29,076 | |||
Debt | 12,806 | 255 | |||
Royalty obligations | 9,623 | 17,696 | |||
Reclamation | 46,792 | 45,894 | |||
Deferred tax liabilities | 2,963 | 1,618 | |||
Other long-term liabilities | 469 | 544 | |||
Intercompany Payable Receivable | 427,156 | 427,085 | |||
Non-current liabilities | 499,809 | 493,092 | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 45,615 | 46,215 | |||
Common stock, par value $0.01 per share; authorized 150,000,000 shares, issued and outstanding 103,384,408 at December 31, 2014 and 102,843,003 at December 31, 2013 | 250 | 250 | |||
Additional paid-in capital | 79,712 | 79,712 | |||
Accumulated deficit | -133,091 | 401 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -2,808 | -4,906 | |||
Stockholders' equity attributable to parent | -55,937 | 75,457 | |||
Liabilities and Equity | 485,942 | 597,625 | |||
Non-Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 54,719 | 68,623 | |||
Receivables | 105,683 | 60,562 | |||
Ore on leach pads | 0 | 0 | |||
Inventory | 59,948 | 96,733 | |||
Deferred tax assets | 6,971 | 35,008 | |||
Prepaid expenses and other | 4,617 | 16,530 | |||
Assets, Current | 231,938 | 277,456 | |||
Property, plant, and equipment, net | 114,672 | 337,175 | |||
Mining properties, net | 330,064 | 1,515,964 | |||
Ore on leach pads | 0 | 0 | |||
Restricted assets | 6,090 | 6,134 | |||
Equity securities | 0 | 0 | |||
Receivables | 21,686 | 36,574 | |||
Unamortized Debt Issuance Expense | 0 | 0 | |||
Deferred tax assets | 29,732 | 234 | |||
Other Assets, Noncurrent | 4,394 | 320,425 | |||
TOTAL ASSETS | 738,576 | 4,072,761 | |||
Accounts payable | 32,247 | 36,020 | |||
Accrued liabilities and other | 17,718 | 14,611 | |||
Debt | 4,688 | 309,472 | |||
Royalty obligations | 37,931 | 44,085 | |||
Reclamation | 1,621 | 794 | |||
Deferred tax liabilities | 88 | 1,011 | |||
Liabilities, Current | 94,293 | 405,993 | |||
Debt | 61,452 | 64,820 | |||
Royalty obligations | 18,028 | 47,446 | |||
Reclamation | 19,000 | 11,740 | |||
Deferred tax liabilities | 54,842 | 517,533 | |||
Other long-term liabilities | 26,860 | 22,806 | |||
Intercompany Payable Receivable | 233,636 | 210,386 | |||
Non-current liabilities | 413,818 | 874,731 | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 1,578,799 | |||
Common stock, par value $0.01 per share; authorized 150,000,000 shares, issued and outstanding 103,384,408 at December 31, 2014 and 102,843,003 at December 31, 2013 | 128,299 | 122,666 | |||
Additional paid-in capital | 1,682,830 | 3,258,037 | |||
Accumulated deficit | -1,580,664 | -588,666 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | |||
Stockholders' equity attributable to parent | 230,465 | 2,792,037 | |||
Liabilities and Equity | 738,576 | 4,072,761 | |||
Eliminations | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | |||
Receivables | 0 | 0 | |||
Ore on leach pads | 0 | 0 | |||
Inventory | 0 | 0 | |||
Deferred tax assets | 0 | 0 | |||
Prepaid expenses and other | 0 | 0 | |||
Assets, Current | 0 | 0 | |||
Property, plant, and equipment, net | 0 | 0 | |||
Mining properties, net | 0 | 0 | |||
Ore on leach pads | 0 | 0 | |||
Restricted assets | 0 | 0 | |||
Equity securities | 0 | 0 | |||
Receivables | 0 | 0 | |||
Unamortized Debt Issuance Expense | 0 | 0 | |||
Deferred tax assets | 0 | 0 | |||
Other Assets, Noncurrent | -50,814 | -373,563 | |||
TOTAL ASSETS | -225,342 | -3,241,057 | |||
Accounts payable | 0 | 0 | |||
Accrued liabilities and other | 0 | -1,054 | |||
Debt | 0 | -308,229 | |||
Royalty obligations | 0 | 0 | |||
Reclamation | -1,151 | 119 | |||
Deferred tax liabilities | 0 | 0 | |||
Liabilities, Current | -1,151 | -309,164 | |||
Debt | -50,814 | -64,280 | |||
Royalty obligations | 0 | 0 | |||
Reclamation | 1,151 | -119 | |||
Deferred tax liabilities | 0 | 0 | |||
Other long-term liabilities | 0 | 0 | |||
Intercompany Payable Receivable | 0 | 0 | |||
Non-current liabilities | -49,663 | -64,399 | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | -174,528 | -2,867,494 | |||
Common stock, par value $0.01 per share; authorized 150,000,000 shares, issued and outstanding 103,384,408 at December 31, 2014 and 102,843,003 at December 31, 2013 | -128,549 | -122,916 | |||
Additional paid-in capital | -1,762,542 | -3,337,749 | |||
Accumulated deficit | 1,713,755 | 588,265 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 2,808 | 4,906 | |||
Stockholders' equity attributable to parent | -174,528 | -2,867,494 | |||
Liabilities and Equity | -225,342 | -3,241,057 | |||
Senior Notes due Two Thousand Twenty One [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Debt | $437,454 | $300,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.88% | 7.88% | 7.88% |
Commitments_and_Contigencies_D
Commitments and Contigencies (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||
27-May-14 | Jan. 21, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 05, 2012 | Feb. 28, 2010 | Dec. 31, 2015 | Oct. 02, 2014 | Oct. 14, 2009 | |
oz | defendant | m | |||||||
Other Commitments [Line Items] | |||||||||
Litigation Settlement, Expense | $32,000,000 | ||||||||
Termination payment | 2,000,000 | ||||||||
Production to be sold, percent | 50.00% | ||||||||
Sale of production, price per ounce of gold | 800 | ||||||||
Commitment and Contingencies (Textual) [Abstract] | |||||||||
Litigation Settlement, Amount | 10,000,000 | ||||||||
Maximum Height for Temporary Restriction on Mining | 4,400 | ||||||||
NSR royalty percentage | 3.40% | ||||||||
NSR royalty maximum amount | 39,400,000 | ||||||||
Payments for Royalties | 1,800,000 | 4,000,000 | |||||||
Further Payment Made on Number of Additional Ounces of Gold | 35,500,000 | ||||||||
Number of labor agreements in South America | 1 | ||||||||
Percentage of labor force covered by collective bargaining agreements | 11.60% | ||||||||
Purchased royalty | 50.00% | ||||||||
Royalty agreement minimum obligation for the period | 400,000 | ||||||||
Royalty Agreement Minimum Obligation for Per Month | 4,167 | ||||||||
Royalty Agreement Period | 8 years | ||||||||
Rochester [Member] | |||||||||
Commitment and Contingencies (Textual) [Abstract] | |||||||||
Maximum royalty range for gold price per ounce | 5.00% | ||||||||
Maximum royalty payable | 250,000 | ||||||||
Gold price per ounce for maximum royalty range | 23.6 | ||||||||
Hazardous Waste On-Site [Member] | Callahan Mining Corporation [Member] | |||||||||
Commitment and Contingencies (Textual) [Abstract] | |||||||||
Litigation Settlement, Amount | 3,500,000 | ||||||||
Number of defendants | 5 | ||||||||
Subsequent Event [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Aggregate deposit to be received | $22,000,000 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Cash Flow Information [Abstract] | |||
Other Significant Noncash Transaction, Value of Consideration Given | $24,879 | $0 | $1,857 |
Noncash or Part Noncash Acquisition, Other Assets Acquired | 0 | 317,826 | 64,133 |
Interest Paid | 30,691 | 14,139 | 6,092 |
Income Taxes Paid | $20,198 | $26,585 | $54,680 |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events (Details) (USD $) | 0 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 12, 2015 | Dec. 13, 2013 | Apr. 16, 2013 |
Y | |||
oz | |||
Subsequent Event [Line Items] | |||
Business Combination, Consideration Transferred, Cost of Acquired Entity | $34,652 | $412,796 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Acquisition agreement date | 12-Jan-15 | ||
Business Combination, Consideration Transferred, Cost of Acquired Entity | $105,000 | ||
Historical Production Life | 30 | ||
Wharf ounces produced | 2,000,000 | ||
Reserve Base of Wharf | 560,000 | ||
Low End of Wharf Production Guidance | 85,000 | ||
High End of Wharf Production Guidance | 90,000 |