Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | COEUR MINING, INC. | |
Entity Central Index Key | 215466 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CDE | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 135,958,762 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Statement of Comprehensive Income [Abstract] | ||||
Revenue | $152,956 | $159,633 | ||
COSTS AND EXPENSES | ||||
Costs applicable to sales | 115,062 | [1] | 106,896 | [1] |
Amortization | 33,090 | 40,459 | ||
General and administrative | 8,834 | 13,896 | ||
Exploration | 4,266 | 4,217 | ||
Pre-development, reclamation, and other | 6,763 | 6,984 | ||
Total costs and expenses | 168,015 | 172,452 | ||
OTHER INCOME (EXPENSE), NET | ||||
Fair value adjustments, net | -4,884 | -11,436 | ||
Impairment of equity securities | -1,514 | -2,588 | ||
Interest and other income, net | -997 | -1,983 | ||
Interest expense, net of capitalized interest | -10,765 | -13,054 | ||
Total other income and expense | -18,160 | -29,061 | ||
Income before income and mining taxes | -33,219 | -41,880 | ||
Income and mining tax benefit (expense) | -68 | 4,689 | ||
NET INCOME (LOSS) | -33,287 | -37,191 | ||
OTHER COMPREHENSIVE INCOME (LOSS), Net of Tax: | ||||
Unrealized gain (loss) on equity securities, net of tax of $578 and $(234) for the three months ended March 31, 2015 and 2014, respectively | -915 | 371 | ||
Reclassification adjustments for impairment of equity securities, net of tax of $(586) and $(1,001) for the three months ended March 31, 2015 and 2014, respectively | 928 | 1,587 | ||
Other comprehensive income (loss) | 13 | 1,958 | ||
COMPREHENSIVE INCOME (LOSS) | ($33,274) | ($35,233) | ||
NET INCOME (LOSS) PER SHARE | ||||
Basic | ($0.32) | ($0.36) | ||
Diluted | ($0.32) | ($0.36) | ||
[1] | Excludes amortization. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $578 | ($234) |
Other Comprehensive Income (Loss), Reclassification Adjustment for Write-down of Securities Included in Net Income, Net of Tax | ($586) | ($1,001) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | ($33,287) | ($37,191) |
Adjustments: | ||
Amortization | 33,090 | 40,459 |
Accretion | 3,150 | 4,560 |
Deferred income taxes | -2,184 | -11,781 |
Loss on termination of revolving credit facility | 0 | 3,035 |
Fair value adjustments, net | 4,884 | 11,436 |
Stock-based compensation | 2,150 | 2,565 |
Impairment of equity securities | 1,514 | 2,588 |
Other | 1,079 | -817 |
Changes in operating assets and liabilities: | ||
Receivables | 2,556 | 5,622 |
Prepaid expenses and other current assets | -1,327 | -8,109 |
Inventories | 684 | -13,912 |
Accounts payable and accrued liabilities | -16,281 | -8,082 |
CASH USED IN OPERATING ACTIVITIES | -3,972 | -9,627 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | -17,620 | -11,936 |
Acquisitions, net of cash acquired | -102,018 | 0 |
Other | -1,730 | -25 |
Purchase of short term investments and equity securities | -278 | -46,220 |
Sales and maturities of short-term investments | 229 | 90 |
CASH USED IN INVESTING ACTIVITIES | -121,417 | -58,091 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Issuance of notes and bank borrowings | 53,500 | 153,000 |
Payments on long-term debt, capital leases, and associated costs | -8,594 | -4,111 |
Gold production royalty payments | -10,368 | -14,683 |
Other | -423 | -246 |
CASH PROVIDED BY FINANCING ACTIVITIES | 34,115 | 133,960 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -91,274 | 66,242 |
Cash and cash equivalents at beginning of period | 270,861 | 206,690 |
Cash and cash equivalents at end of period | $179,587 | $272,932 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ||
Cash and cash equivalents | $179,587 | $270,861 |
Receivables | 118,390 | 116,921 |
Inventory | 115,337 | 114,931 |
Ore on leach pads | 66,705 | 48,204 |
Deferred tax assets | 7,255 | 7,364 |
Prepaid expenses and other | 18,629 | 15,523 |
Current assets | 505,903 | 573,804 |
NON-CURRENT ASSETS | ||
Property, plant and equipment, net | 254,892 | 227,911 |
Mining properties, net | 572,842 | 501,192 |
Ore on leach pads | 34,425 | 37,889 |
Restricted assets | 9,039 | 7,037 |
Equity securities | 4,488 | 5,982 |
Receivables | 18,933 | 21,686 |
Deferred tax assets | 63,735 | 60,151 |
Other | 11,561 | 9,915 |
TOTAL ASSETS | 1,475,818 | 1,445,567 |
CURRENT LIABILITIES | ||
Accounts payable | 45,387 | 49,052 |
Accrued liabilities and other | 40,568 | 51,513 |
Debt | 65,719 | 17,498 |
Royalty obligations | 44,442 | 43,678 |
Reclamation | 3,888 | 3,871 |
Deferred tax liabilities | 8,078 | 8,078 |
Current liabilities | 208,082 | 173,690 |
NON-CURRENT LIABILITIES | ||
Debt | 447,779 | 451,048 |
Royalty obligations | 21,219 | 27,651 |
Reclamation | 85,899 | 66,943 |
Deferred tax liabilities | 121,799 | 111,006 |
Other long-term liabilities | 37,476 | 29,911 |
Non-current liabilities | 714,172 | 686,559 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $0.01 per share; authorized 150,000,000 shares, issued and outstanding 103,299,223 at March 31, 2015 and 103,384,408 at December 31, 2014 | 1,033 | 1,034 |
Additional paid-in capital | 2,791,216 | 2,789,695 |
Accumulated other comprehensive income (loss) | -2,795 | -2,808 |
Accumulated deficit | -2,235,890 | -2,202,603 |
Stockholders' equity | 553,564 | 585,318 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $1,475,818 | $1,445,567 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 103,299,223 | 103,384,408 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
In Thousands, unless otherwise specified | |||||
Balances 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 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | -33,287 | 0 | 0 | -33,287 | 0 |
Other comprehensive loss | 13 | 0 | 0 | 0 | 13 |
Common stock issued under stock-based compensation plans, net | 1,520 | -1 | 1,521 | 0 | 0 |
Common stock issued under stock-based compensation plans, net | -85 | ||||
Balances at Mar. 31, 2015 | $553,564 | $1,033 | $2,791,216 | ($2,235,890) | ($2,795) |
Balances, in shares at Mar. 31, 2015 | 103,299 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Basis of Presentation [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION |
The interim condensed consolidated financial statements of Coeur Mining, Inc. and its subsidiaries (collectively "Coeur" or "the Company") are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2015. The condensed consolidated December 31, 2014 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Recent Accounting Standards | |
In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs," which requires that debt issuance costs related to a recognized debt liability be presented as a reduction to the carrying amount of that debt liability, not as an asset. The updated guidance became effective under early adoption for the Company's fiscal year beginning January 1, 2015, and resulted in a reclassification of amounts from Other Non-current Assets to Debt in the current and prior periods. | |
In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis," which amends the consolidation requirements in ASC 810. These changes become effective prospectively for the Company's fiscal year beginning January 1, 2016. The Company is currently evaluating the potential impact of these changes on the Company's consolidated financial position, results of operations, and cash flows. | |
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, 2018. 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 | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||
SEGMENT REPORTING | SEGMENT REPORTING | |||||||||||||||||||||||||||||||
The Company’s operating segments include the Palmarejo, San Bartolomé, Rochester, Kensington, and Wharf mines, 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 La Preciosa project, Joaquin project, Martha mine, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts. | ||||||||||||||||||||||||||||||||
Financial information relating to the Company’s segments is as follows (in thousands): | ||||||||||||||||||||||||||||||||
Three months ended March 31, 2015 | Palmarejo | San Bartolomé | Kensington | Rochester | Wharf Mine | Coeur Capital | Other | Total | ||||||||||||||||||||||||
Mine | Mine | Mine | Mine | |||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||
Metal sales | $ | 39,394 | $ | 21,548 | $ | 44,038 | $ | 44,031 | $ | — | $ | 1,945 | $ | — | $ | 150,956 | ||||||||||||||||
Royalties | — | — | — | — | — | 1,492 | 508 | 2,000 | ||||||||||||||||||||||||
39,394 | 21,548 | 44,038 | 44,031 | — | 3,437 | 508 | 152,956 | |||||||||||||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||||||||||
Costs applicable to sales(1) | 34,491 | 19,127 | 29,419 | 31,392 | — | 633 | — | 115,062 | ||||||||||||||||||||||||
Amortization | 7,333 | 4,691 | 11,554 | 6,843 | — | 2,151 | 518 | 33,090 | ||||||||||||||||||||||||
Exploration | 1,123 | 36 | 1,662 | 722 | — | 75 | 648 | 4,266 | ||||||||||||||||||||||||
Other operating expenses | 314 | 244 | 235 | 1,141 | 165 | 17 | 13,481 | 15,597 | ||||||||||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||||||||||
Interest income and other, net | (1,103 | ) | 452 | (4 | ) | (41 | ) | 17 | (1,525 | ) | (307 | ) | (2,511 | ) | ||||||||||||||||||
Interest expense, net | (1,340 | ) | (281 | ) | (63 | ) | (225 | ) | — | — | (8,856 | ) | (10,765 | ) | ||||||||||||||||||
Fair value adjustments, net | (1,545 | ) | — | — | (2,292 | ) | — | — | (1,047 | ) | (4,884 | ) | ||||||||||||||||||||
Income and mining tax (expense) benefit | (1,371 | ) | (1,407 | ) | — | (350 | ) | 686 | 598 | 1,776 | (68 | ) | ||||||||||||||||||||
Net income (loss) | $ | (9,226 | ) | $ | (3,786 | ) | $ | 1,101 | $ | 1,025 | $ | 538 | $ | (366 | ) | $ | (22,573 | ) | $ | (33,287 | ) | |||||||||||
Segment assets(2) | $ | 346,250 | $ | 179,638 | $ | 205,208 | $ | 188,419 | $ | 142,527 | $ | 57,930 | $ | 80,181 | $ | 1,200,153 | ||||||||||||||||
Capital expenditures | $ | 9,184 | $ | 949 | $ | 4,144 | $ | 3,255 | $ | 51 | $ | — | $ | 37 | $ | 17,620 | ||||||||||||||||
(1) Excludes amortization | ||||||||||||||||||||||||||||||||
(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests | ||||||||||||||||||||||||||||||||
Three months ended March 31, 2014 | Palmarejo | San Bartolomé | Kensington | Rochester | Coeur Capital | Other | Total | |||||||||||||||||||||||||
Mine | Mine | Mine | Mine | |||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||
Metal sales | $ | 67,988 | $ | 27,554 | $ | 36,061 | $ | 24,154 | $ | 2,890 | $ | — | $ | 158,647 | ||||||||||||||||||
Royalties | — | — | — | — | 986 | — | 986 | |||||||||||||||||||||||||
67,988 | 27,554 | 36,061 | 24,154 | 3,876 | — | 159,633 | ||||||||||||||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||||||||||
Costs applicable to sales(1) | 43,574 | 18,901 | 28,531 | 14,708 | 1,182 | — | 106,896 | |||||||||||||||||||||||||
Amortization | 18,659 | 4,457 | 10,709 | 4,451 | 1,702 | 481 | 40,459 | |||||||||||||||||||||||||
Exploration | 1,005 | 26 | 1,044 | 1,174 | 203 | 765 | 4,217 | |||||||||||||||||||||||||
Other operating expenses | 297 | 140 | 191 | 1,345 | 241 | 18,666 | 20,880 | |||||||||||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||||||||||
Interest income and other, net | (1,569 | ) | 682 | — | 19 | (2,548 | ) | (1,155 | ) | (4,571 | ) | |||||||||||||||||||||
Interest expense, net | (2,824 | ) | (20 | ) | (22 | ) | (4 | ) | — | (10,184 | ) | (13,054 | ) | |||||||||||||||||||
Fair value adjustments, net | (10,237 | ) | — | — | (673 | ) | — | (526 | ) | (11,436 | ) | |||||||||||||||||||||
Income and mining tax (expense) benefit | 3,828 | (2,764 | ) | — | — | (288 | ) | 3,913 | 4,689 | |||||||||||||||||||||||
Net income (loss) | $ | (6,349 | ) | $ | 1,928 | $ | (4,436 | ) | $ | 1,818 | $ | (2,288 | ) | $ | (27,864 | ) | $ | (37,191 | ) | |||||||||||||
Segment assets(2) | $ | 1,152,913 | $ | 285,072 | $ | 332,563 | $ | 192,409 | $ | 67,173 | $ | 521,766 | $ | 2,551,896 | ||||||||||||||||||
Capital expenditures | $ | 3,742 | $ | 1,441 | $ | 4,711 | $ | 959 | $ | — | $ | 1,083 | $ | 11,936 | ||||||||||||||||||
(1) Excludes amortization | ||||||||||||||||||||||||||||||||
(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests | ||||||||||||||||||||||||||||||||
Assets | March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||
Total assets for reportable segments | $ | 1,200,153 | $ | 1,084,257 | ||||||||||||||||||||||||||||
Cash and cash equivalents | 179,587 | 270,861 | ||||||||||||||||||||||||||||||
Other assets | 96,078 | 90,449 | ||||||||||||||||||||||||||||||
Total consolidated assets | $ | 1,475,818 | $ | 1,445,567 | ||||||||||||||||||||||||||||
Geographic Information | ||||||||||||||||||||||||||||||||
Long-Lived Assets | March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||
United States | $ | 376,966 | $ | 275,594 | ||||||||||||||||||||||||||||
Mexico | 300,756 | 298,101 | ||||||||||||||||||||||||||||||
Bolivia | 104,122 | 107,960 | ||||||||||||||||||||||||||||||
Australia | 20,104 | 21,362 | ||||||||||||||||||||||||||||||
Argentina | 10,944 | 10,970 | ||||||||||||||||||||||||||||||
Other | 14,842 | 15,116 | ||||||||||||||||||||||||||||||
Total | $ | 827,734 | $ | 729,103 | ||||||||||||||||||||||||||||
Revenue | Three months ended March 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||
United States | $ | 88,069 | $ | 60,215 | ||||||||||||||||||||||||||||
Mexico | 40,141 | 68,511 | ||||||||||||||||||||||||||||||
Bolivia | 21,548 | 27,554 | ||||||||||||||||||||||||||||||
Australia | 1,945 | 2,889 | ||||||||||||||||||||||||||||||
Other | $ | 1,253 | $ | 464 | ||||||||||||||||||||||||||||
Total | $ | 152,956 | $ | 159,633 | ||||||||||||||||||||||||||||
Reclamation
Reclamation | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Asset Retirement Obligation Disclosure [Abstract] | ||||||||
RECLAMATION AND MINE CLOSURE | 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 for operating sites (included in Reclamation) are as follows: | ||||||||
Three months ended March 31, | ||||||||
In thousands | 2015 | 2014 | ||||||
Asset retirement obligation - Beginning | $ | 67,214 | $ | 57,454 | ||||
Accretion | 1,412 | 1,317 | ||||||
Additions and changes in estimates | 18,292 | — | ||||||
Settlements | (859 | ) | (311 | ) | ||||
Asset retirement obligation - Ending | $ | 86,059 | $ | 58,460 | ||||
The increase in asset retirement obligations in the three months ended March 31, 2015 is due to the acquisition of the Wharf gold mine. The Company has accrued $3.7 million and $3.6 million at March 31, 2015 and December 31, 2014, respectively, for reclamation liabilities related to former mining activities. These amounts are also included in Reclamation. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||
STOCK-BASED COMPENSATION PLANS | STOCK-BASED COMPENSATION | ||||||||||||||
The Company has stock incentive plans for executives and eligible employees. Stock awards include stock options, restricted stock, and performance shares. Stock-based compensation expense for the three months ended March 31, 2015 and 2014 was $2.2 million and $2.6 million, respectively. At March 31, 2015, there was $7.0 million of unrecognized stock-based compensation cost expected to be recognized over a period of 1.5 years. During the three months ended March 31, 2015, the supplemental incentive accrual increased $0.4 million to $1.0 million. | |||||||||||||||
The following options and stock appreciation rights were exercisable during the three months ended March 31, 2015: | |||||||||||||||
Award Type | Number of | Weighted Average | Number of Exercisable Units | Weighted Average | |||||||||||
Exercised Units | Exercised Price | Exercisable Price | |||||||||||||
Options | — | $ | — | 308,727 | $ | 19.69 | |||||||||
Stock Appreciation Rights | — | $ | — | 46,572 | $ | 14.06 | |||||||||
Retirement_Savings_Plan
Retirement Savings Plan | 3 Months Ended |
Mar. 31, 2015 | |
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. In addition, the Company has a deferred compensation plan for employees whose benefits under the 401(k) plan are limited by federal regulations. The Company makes matching contributions equal to 100% of the employee’s contribution up to 4% of the employee's salary. The Company may also provide a voluntary, noncontributory defined contribution based on a percentage of eligible employee's salary. Total company contributions for the three months ended March 31, 2015 and 2014 were $1.6 million and $1.4 million, respectively. |
Income_and_Mining_Taxes
Income and Mining Taxes | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||
INCOME TAXES | INCOME AND MINING TAXES | |||||||||||||
The following table summarizes the components of Income and mining tax (expense) benefit for the three months ended March 31, 2015 and 2014 by significant location: | ||||||||||||||
Three months ended March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
In thousands | Income (loss) before tax | Tax (expense) benefit | Income (loss) before tax | Tax (expense) benefit | ||||||||||
United States | $ | (20,707 | ) | $ | 1,886 | $ | (28,686 | ) | $ | (146 | ) | |||
Argentina | (696 | ) | (1 | ) | (2,204 | ) | 4,432 | |||||||
Mexico | (9,672 | ) | (1,264 | ) | (16,006 | ) | 3,721 | |||||||
Bolivia | (2,379 | ) | (1,407 | ) | 4,692 | (2,764 | ) | |||||||
Other jurisdictions | 235 | 718 | 324 | (554 | ) | |||||||||
$ | (33,219 | ) | $ | (68 | ) | $ | (41,880 | ) | $ | 4,689 | ||||
The income tax provision for the three months ended March 31, 2015 differs from the statutory rate primarily due to (i) a full valuation allowance against the deferred tax assets relating to losses incurred in the United States and certain foreign locations, (ii) the impact of foreign exchange adjustments on deferred tax account balances, reserves for uncertain tax positions, and foreign earnings not considered as permanently reinvested with respect to certain foreign locations, and (iii) differences in foreign tax rates in the Company's foreign locations. In conjunction with these items, the Company's consolidated effective income tax rate is a function of the combined effective tax rates in the jurisdictions in which it operates. Variations in the relative proportions of jurisdictional income and loss result in significant fluctuations in its consolidated effective tax rate. | ||||||||||||||
The Company has U.S. net operating loss carryforwards which expire in 2019 through 2034. Net operating losses in foreign countries have an indefinite carryforward period, except in Mexico where net operating loss carryforwards are limited to ten years. |
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 three months ended March 31, 2015 and 2014, 1,302,777 and 2,071,279 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 three months ended March 31, 2015 and 2014 because there is no excess value upon conversion over the principal amount of the Notes. | ||||||||
Three months ended March 31, | ||||||||
In thousands except per share amounts | 2015 | 2014 | ||||||
Net income (loss) available to common stockholders | $ | (33,287 | ) | $ | (37,191 | ) | ||
Weighted average shares: | ||||||||
Basic | 102,580 | 102,365 | ||||||
Diluted | 102,580 | 102,365 | ||||||
Income (loss) per share: | ||||||||
Basic | $ | (0.32 | ) | $ | (0.36 | ) | ||
Diluted | $ | (0.32 | ) | $ | (0.36 | ) |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS | |||||||||||||||||||
The following table presents the components of Fair value adjustments, net: | ||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
In thousands | 2015 | 2014 | ||||||||||||||||||
Palmarejo royalty obligation embedded derivative | $ | (1,545 | ) | $ | (10,237 | ) | ||||||||||||||
Rochester net smelter royalty (NSR) royalty obligation | (2,292 | ) | (673 | ) | ||||||||||||||||
Silver and gold options | (1,046 | ) | (1,494 | ) | ||||||||||||||||
Foreign exchange contracts | — | 968 | ||||||||||||||||||
Fair value adjustments, net | $ | (4,884 | ) | $ | (11,436 | ) | ||||||||||||||
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 March 31, 2015 | ||||||||||||||||||||
In thousands | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Equity securities | $ | 4,488 | $ | 3,109 | $ | — | $ | 1,379 | ||||||||||||
Silver and gold options | 2,066 | — | 2,066 | — | ||||||||||||||||
Other derivative instruments, net | 110 | — | 110 | — | ||||||||||||||||
$ | 6,664 | $ | 3,109 | $ | 2,176 | $ | 1,379 | |||||||||||||
Liabilities: | ||||||||||||||||||||
Palmarejo royalty obligation embedded derivative | $ | 19,250 | $ | — | $ | — | $ | 19,250 | ||||||||||||
Rochester NSR royalty obligation | 16,522 | — | — | 16,522 | ||||||||||||||||
Silver and gold options | 529 | — | 529 | — | ||||||||||||||||
$ | 36,301 | $ | — | $ | 529 | $ | 35,772 | |||||||||||||
Fair Value at December 31, 2014 | ||||||||||||||||||||
In thousands | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Equity securities | $ | 5,982 | $ | 4,603 | $ | — | $ | 1,379 | ||||||||||||
Silver and gold options | 3,882 | — | 3,882 | — | ||||||||||||||||
$ | 9,864 | $ | 4,603 | $ | 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 | |||||||||||||
The Company’s 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. These securities are classified within Level 3 of 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 fair values of the Palmarejo royalty obligation embedded derivative and Rochester NSR royalty obligation were estimated based on observable market data including contractual terms, forward silver and gold prices, yield curves, and credit spreads, as well as the Company’s current mine plan which is considered a significant unobservable input. Therefore, the Company has classified these obligations as Level 3 financial liabilities. Based on current mine plans, expected royalty durations of 1.4 years and 3.0 years were used to estimate the fair value of the Palmarejo royalty obligation embedded derivative and Rochester NSR royalty obligation, respectively, at March 31, 2015. | ||||||||||||||||||||
No assets or liabilities were transferred between fair value levels in the three months ended March 31, 2015. | ||||||||||||||||||||
The following tables present the changes in the fair value of the Company's Level 3 financial liabilities for the three months ended March 31, 2015: | ||||||||||||||||||||
Three months ended March 31, 2015 | ||||||||||||||||||||
In thousands | Balance at the beginning of the period | Revaluation | Settlements | Balance at the | ||||||||||||||||
end of the | ||||||||||||||||||||
period | ||||||||||||||||||||
Palmarejo royalty obligation embedded derivative | $ | 21,912 | $ | 1,545 | $ | (4,207 | ) | $ | 19,250 | |||||||||||
Rochester NSR royalty obligation | 15,370 | 2,292 | (1,140 | ) | 16,522 | |||||||||||||||
The fair value of financial assets and liabilities carried at book value in the financial statements at March 31, 2015 and December 31, 2014 is presented in the following table: | ||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
In thousands | Book Value | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
3.25% Convertible Senior Notes due 2028 | $ | 712 | $ | 688 | $ | — | $ | 688 | $ | — | ||||||||||
7.875% Senior Notes due 2021 | 425,935 | 371,489 | — | 371,489 | — | |||||||||||||||
Short-term Credit Agreement | 50,000 | 50,000 | — | 50,000 | — | |||||||||||||||
San Bartolomé Line of Credit | 18,213 | 18,213 | — | 18,213 | — | |||||||||||||||
Palmarejo gold production royalty obligation | 29,889 | 33,916 | — | — | 33,916 | |||||||||||||||
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 | |||||||||||||||
The fair values of the 3.25% Convertible Senior Notes and 7.875% Senior Notes outstanding were estimated using quoted market prices. The Short-term Credit Agreement was originated by a third party at March 31, 2015 and, as a result, book value is assumed to be fair value. The fair value of the San Bartolomé line of credit approximates book value due to the short-term nature of the liability and absence of significant interest rate or credit concerns. 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, as well as the Company’s current mine plan which is considered a significant unobservable input. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 March 31, 2015, a total of 72,414 gold ounces remain outstanding under the 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 7.6% and 11.8% at March 31, 2015 and December 31, 2014, respectively. The fair value of the embedded derivative at March 31, 2015 and December 31, 2014 was a liability of $19.3 million and $21.9 million, respectively. For the three months ended March 31, 2015 and 2014, the mark-to-market adjustments were losses of $1.5 million and $10.2 million, respectively. | ||||||||||||||||
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 actual gold production multiplied by the excess of the monthly average market price of gold above $412 per ounce, subject to a 1% annual inflation adjustment. For the three months ended March 31, 2015 and 2014, realized losses on settlement of the liabilities were $4.2 million and $6.2 million, respectively. The mark-to-market adjustments and realized losses are included in Fair value adjustments, net. | ||||||||||||||||
Concentrate Sales Contracts | ||||||||||||||||
The Company's concentrate 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 gains of $0.9 million and $0.9 million in the three months ended March 31, 2015 and 2014, respectively. At March 31, 2015, the Company had outstanding provisionally priced sales of 0.5 million ounces of silver and 33,084 ounces of gold at prices of $16.67 and $1,224, respectively. | ||||||||||||||||
Silver and Gold Options | ||||||||||||||||
At March 31, 2015, the Company has outstanding put spread contracts on 2.7 million ounces of silver. The weighted average high and low strike prices on the silver put spreads are $17.00 per ounce and $15.50 per ounce, 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 during the second quarter of 2015. At March 31, 2015, the fair market value of the put spreads was a net asset of $1.5 million. | ||||||||||||||||
At December 31, 2014, the Company had outstanding put spread contracts on 1.3 million ounces of silver and 24,000 ounces of gold. The weighted average high and low strike prices on the silver put spreads were $18.00 per ounce and $16.00 per ounce, respectively. The weighted average high and low strike prices on the gold put spreads were $1,200 and $1,050, respectively. | ||||||||||||||||
During the three months ended March 31, 2015 and 2014, the Company recorded unrealized losses of $0.2 million and $1.5 million, respectively, related to outstanding options which were included in Fair value adjustments, net. The Company also recognized realized losses of $0.8 million and realized gains of $0.3 million resulting from expiring and terminated contracts during the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||
At March 31, 2015, 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 | $ | 39,043 | $ | 23,712 | $ | — | ||||||||||
Average gold price in excess of minimum contractual deduction | $ | 781 | $ | 771 | $ | — | ||||||||||
Notional ounces | 50,004 | 30,744 | — | |||||||||||||
Silver concentrate sales contracts | $ | 9,129 | $ | — | $ | — | ||||||||||
Average silver price | $ | 16.67 | $ | — | $ | — | ||||||||||
Notional ounces | 547,611 | — | — | |||||||||||||
Gold concentrate sales contracts | $ | 40,495 | $ | — | $ | — | ||||||||||
Average gold price | $ | 1,224 | $ | — | $ | — | ||||||||||
Notional ounces | 33,084 | — | — | |||||||||||||
Silver put options purchased | $ | 45,900 | $ | — | $ | — | ||||||||||
Average silver strike price | $ | 17 | $ | — | $ | — | ||||||||||
Notional ounces | 2,700,000 | — | — | |||||||||||||
Silver put options sold | $ | (41,850 | ) | $ | — | $ | — | |||||||||
Average silver strike price | $ | 15.5 | $ | — | $ | — | ||||||||||
Notional ounces | 2,700,000 | — | — | |||||||||||||
The following summarizes the classification of the fair value of the derivative instruments: | ||||||||||||||||
March 31, 2015 | ||||||||||||||||
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 | — | — | 14,541 | 4,709 | ||||||||||||
Silver and gold options | 2,066 | 529 | — | — | ||||||||||||
Concentrate sales contracts | 541 | 431 | — | — | ||||||||||||
$ | 2,607 | $ | 960 | $ | 14,541 | $ | 4,709 | |||||||||
December 31, 2014 | ||||||||||||||||
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 | |||||||||
The following represent mark-to-market gains (losses) on derivative instruments for the three months ended March 31, 2015, and 2014 (in thousands): | ||||||||||||||||
Three months ended March 31, | ||||||||||||||||
Financial statement line | Derivative | 2015 | 2014 | |||||||||||||
Revenue | Concentrate sales contracts | $ | 914 | $ | 879 | |||||||||||
Costs applicable to sales | Foreign exchange contracts | — | (924 | ) | ||||||||||||
Fair value adjustments, net | Foreign exchange contracts | — | 968 | |||||||||||||
Fair value adjustments, net | Palmarejo gold royalty | (1,545 | ) | (10,237 | ) | |||||||||||
Fair value adjustments, net | Silver and gold options | (1,046 | ) | (1,494 | ) | |||||||||||
$ | (1,677 | ) | $ | (10,808 | ) | |||||||||||
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 | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Business Combinations [Abstract] | |||||||||
Acquisitions | ACQUISITIONS | ||||||||
On February 20, 2015, the Company completed its acquisition of the Wharf gold mine located near Lead, South Dakota, from a subsidiary of Goldcorp in exchange for $103.0 million in cash. The transaction was accounted for as a business combination which requires that assets acquired and liabilities assumed be recognized at their respective fair values at the acquisition date. At March 31, 2015, the purchase price allocation remains preliminary as the Company completes its assessment of property, certain legal and tax matters, obligations, deferred taxes, and acquired working capital. The Company incurred $2.0 million of acquisition costs, which are included in Pre-development, reclamation, and other on the Condensed Consolidated Statements of Comprehensive Income (Loss). | |||||||||
The following summarizes the preliminary allocation of purchase price to the fair value of assets acquired and liabilities assumed at the date of acquisition (in thousands): | |||||||||
Cash | $ | 103,000 | |||||||
Liabilities assumed: | |||||||||
Accounts payable and accrued liabilities | 5,412 | ||||||||
Reclamation | 18,270 | ||||||||
Deferred income taxes | 9,503 | ||||||||
Other non-current liabilities | 3,750 | ||||||||
Total liabilities assumed | 36,935 | ||||||||
Total consideration | $ | 139,935 | |||||||
Assets acquired: | |||||||||
Cash | $ | 982 | |||||||
Receivables | 3,125 | ||||||||
Inventory | 2,807 | ||||||||
Ore on leach pads | 12,710 | ||||||||
Other current assets | 2,924 | ||||||||
Property, plant, and equipment | 30,054 | ||||||||
Mining properties, net | 83,367 | ||||||||
Other non-current assets | 3,966 | ||||||||
Total assets acquired | $ | 139,935 | |||||||
The following table presents the unaudited pro forma summary of the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2015 and 2014, as if the acquisition had occurred on January 1, 2015. The following unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of the results of operations as they would have been had the transaction occurred on the assumed date, nor is it necessarily an indication of trends in future results for a number of reasons, including, but not limited to, differences between the assumptions used to prepare the pro forma information, potential synergies, and cost savings from operating efficiencies. | |||||||||
Three months ended March 31, | |||||||||
In thousands | 2015 | 2014 | |||||||
Revenue | $ | 170,956 | $ | 178,917 | |||||
Income (loss) before income and mining taxes | (33,271 | ) | (36,673 | ) | |||||
Net income (loss) | (33,340 | ) | (31,957 | ) |
Investments
Investments | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Investment in Marketable Securities [Abstract] | |||||||||||||||||||||
INVESTMENTS | INVESTMENTS | ||||||||||||||||||||
The Company 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 March 31, 2015 | |||||||||||||||||||||
In thousands | Cost | Gross | Gross | Estimated | |||||||||||||||||
Unrealized | Unrealized | Fair Value | |||||||||||||||||||
Losses | Gains | ||||||||||||||||||||
Equity securities | 4,173 | (9 | ) | 324 | 4,488 | ||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||
In thousands | Cost | Gross | Gross | Estimated | |||||||||||||||||
Unrealized | Unrealized | Fair Value | |||||||||||||||||||
Losses | Gains | ||||||||||||||||||||
Equity securities | $ | 5,687 | $ | (8 | ) | $ | 303 | $ | 5,982 | ||||||||||||
The following table summarizes the gross unrealized losses on equity 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 March 31, 2015: | |||||||||||||||||||||
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 | $ | (9 | ) | $ | 38 | $ | — | $ | — | $ | (9 | ) | $ | 38 | |||||||
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 pre-tax other-than-temporary impairment losses of $1.5 million and $2.6 million in the three months ended March 31, 2015 and 2014, respectively. |
Receivables
Receivables | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Receivables [Abstract] | ||||||||
RECEIVABLES | RECEIVABLES | |||||||
Receivables consist of the following: | ||||||||
In thousands | March 31, 2015 | December 31, 2014 | ||||||
Current receivables: | ||||||||
Trade receivables | $ | 18,735 | $ | 20,448 | ||||
Income tax receivable | 30,372 | 30,045 | ||||||
Value added tax receivable | 63,583 | 63,805 | ||||||
Other | 5,700 | 2,623 | ||||||
$ | 118,390 | $ | 116,921 | |||||
Non-current receivables: | ||||||||
Value added tax receivable | $ | 18,933 | $ | 21,686 | ||||
Total receivables | $ | 137,323 | $ | 138,607 | ||||
Metal_and_Other_Inventory
Metal and Other Inventory | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
METAL AND OTHER INVENTORY | INVENTORY AND ORE ON LEACH PADS | |||||||
Inventory consists of the following: | ||||||||
In thousands | March 31, 2015 | December 31, 2014 | ||||||
Inventory: | ||||||||
Concentrate | $ | 18,783 | $ | 23,563 | ||||
Precious metals | 42,972 | 40,870 | ||||||
Supplies | 53,582 | 50,498 | ||||||
$ | 115,337 | $ | 114,931 | |||||
Ore on leach pads: | ||||||||
Current | $ | 66,705 | $ | 48,204 | ||||
Non-current | 34,425 | 37,889 | ||||||
$ | 101,130 | $ | 86,093 | |||||
Total inventory and ore on leach pads | $ | 216,467 | $ | 201,024 | ||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT | |||||||
Property, plant and equipment consist of the following: | ||||||||
In thousands | March 31, 2015 | December 31, 2014 | ||||||
Land | $ | 8,225 | $ | 1,752 | ||||
Facilities and equipment | 676,858 | 647,181 | ||||||
Capital leases | 27,556 | 28,680 | ||||||
712,639 | 677,613 | |||||||
Accumulated amortization | (477,851 | ) | (464,852 | ) | ||||
234,788 | 212,761 | |||||||
Construction in progress | 20,104 | 15,150 | ||||||
Property, plant and equipment, net | $ | 254,892 | $ | 227,911 | ||||
Mining_Properties
Mining Properties | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||||||
Mining Properties [Abstract] | ||||||||||||||||||||||||||||||||||||
MINING PROPERTIES | MINING PROPERTIES | |||||||||||||||||||||||||||||||||||
Mining properties consist of the following (in thousands): | ||||||||||||||||||||||||||||||||||||
March 31, 2015 | Palmarejo | San | Kensington | Rochester | Wharf | La Preciosa | Joaquin | Coeur Capital | Total | |||||||||||||||||||||||||||
Bartolomé | ||||||||||||||||||||||||||||||||||||
Mine development | $ | 143,012 | $ | 49,379 | $ | 220,957 | $ | 153,613 | $ | 31,618 | $ | — | $ | — | $ | — | $ | 598,579 | ||||||||||||||||||
Accumulated amortization | (124,306 | ) | (27,411 | ) | (113,005 | ) | (117,414 | ) | (331 | ) | — | — | — | (382,467 | ) | |||||||||||||||||||||
18,706 | 21,968 | 107,952 | 36,199 | 31,287 | — | — | — | 216,112 | ||||||||||||||||||||||||||||
Mineral interests | 521,349 | 17,560 | — | — | 51,779 | 49,085 | 10,000 | 81,461 | 731,234 | |||||||||||||||||||||||||||
Accumulated amortization | (335,791 | ) | (10,435 | ) | — | — | (676 | ) | — | — | (27,602 | ) | (374,504 | ) | ||||||||||||||||||||||
185,558 | 7,125 | — | — | 51,103 | 49,085 | 10,000 | 53,859 | 356,730 | ||||||||||||||||||||||||||||
Mining properties, net | $ | 204,264 | $ | 29,093 | $ | 107,952 | $ | 36,199 | $ | 82,390 | $ | 49,085 | $ | 10,000 | $ | 53,859 | $ | 572,842 | ||||||||||||||||||
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 | ||||||||||||||||||||
Debt
Debt | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
DEBT | DEBT | |||||||||||||||
Long-term debt and capital lease obligations at March 31, 2015 and December 31, 2014 are as follows: | ||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
In thousands | Current | Non-Current | Current | Non-Current | ||||||||||||
3.25% Convertible Senior Notes due 2028 | $ | — | $ | 712 | $ | 5,334 | $ | — | ||||||||
7.875% Senior Notes due 2021, net(1) | — | 425,935 | — | 427,603 | ||||||||||||
Short-term Credit Agreement, net(2) | 49,753 | — | — | — | ||||||||||||
San Bartolomé Letter of Credit | 8,321 | 9,892 | 4,481 | 10,304 | ||||||||||||
Capital lease obligations | 7,645 | 11,240 | 7,683 | 13,141 | ||||||||||||
$ | 65,719 | $ | 447,779 | $ | 17,498 | $ | 451,048 | |||||||||
(1) Net of unamortized debt issuance costs and premium received of $7.0 million and $7.3 million as of March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||
(2) Net of unamortized debt issuance costs of $0.2 million as of March 31, 2015. | ||||||||||||||||
7.875% Senior Notes due 2021 | ||||||||||||||||
During the three months ended March 31, 2015, the Company repurchased $2.0 million in aggregate principal amount of its 7.875% Senior Notes due 2021 (the "Senior Notes"), resulting in a balance of $432.9 million at March 31, 2015. | ||||||||||||||||
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 12, 2015 that it was offering to repurchase all of the Convertible Notes. During the three months ended March 31, 2015, the Company repurchased $4.6 million in aggregate principal amount, leaving a balance of $0.7 million at March 31, 2015. The Convertible Notes are classified as non-current liabilities at March 31, 2015 as a result of the expiration of the holders' option to require the Company to repurchase the notes on March 15, 2015. | ||||||||||||||||
Short-term Credit Agreement | ||||||||||||||||
On March 31, 2015, the Company entered into a Credit Agreement (the "Credit Agreement") with The Bank of Nova Scotia. The Credit Agreement provides for a $50.0 million loan (the “Loan”) to the Company, the proceeds of which are expected to be used to finance working capital and general corporate purposes of the Company and its subsidiaries, and which has a term of one year. The Loan currently bears interest at a rate equal to an adjusted Eurocurrency rate plus a margin of 2.50% (which increases incrementally on the first day of each fiscal quarter commencing July 1, 2015 up to a maximum of 4.50%). Voluntary prepayments of the Loan under the Credit Agreement are permitted without prepayment premium or penalty, subject to notice requirements and payment of accrued interest. The Credit Agreement requires net cash proceeds of debt or equity issuances, bank facilities, asset sales and casualty insurance recoveries (in each case, subject to certain exceptions) to be applied as a mandatory prepayment of the Loan. Amounts repaid on the Loan may not be re-borrowed. The Loan is secured by a pledge of the Company’s stock in Wharf Resources (U.S.A.), Inc. and by the grant of security in substantially all of the assets of Wharf and its subsidiaries. If the Loan has not been repaid in full by January 1, 2016, the Company will be required to pledge its equity interests in certain of its other subsidiaries as additional collateral for the Loan. There was an outstanding balance of $50.0 million under the Credit Agreement at March 31, 2015. | ||||||||||||||||
The Credit Agreement contains customary representations and warranties, events of default, and affirmative and negative covenants. The Credit Agreement also contains financial covenants that require (i) the Company’s ratio of consolidated debt (net of cash) to adjusted EBITDA to be not greater than 3.50 to 1.00 at any time, and (ii) that the Company maintain cash and cash equivalents of at least $100.0 million at all times. For purposes of the Credit Agreement, the adjusted EBITDA covenant is determined using actual 2015 results on an annualized basis and has been calculated on a pro forma basis to include the impact of the Wharf acquisition for the three months ended March 31, 2015. The Company was in compliance with the covenants under the Credit Agreement at March 31, 2015. | ||||||||||||||||
Lines of Credit | ||||||||||||||||
At March 31, 2015, 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 270 days. The second line of credit is for $15.0 million bearing interest at 6.0% per annum, maturing in three years. Both lines of credit are secured with machinery and equipment. There was an aggregate outstanding balance of $18.2 million on both lines of credit at March 31, 2015. | ||||||||||||||||
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 $412 per ounce, subject to a 1% annual inflation compounding adjustment. Payments under the royalty agreement are made in cash or gold bullion. During the three months ended March 31, 2015 and 2014, the Company paid $10.4 million and $14.7 million, respectively. At March 31, 2015, payments had been made on a total of 327,586 ounces of gold with further payments to be made on an additional 72,414 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 of $2.0 million and $3.2 million for the three months ended March 31, 2015 and 2014, respectively. At March 31, 2015 and December 31, 2014, the remaining minimum obligation under the royalty agreement was $29.9 million and $34.0 million, respectively. | ||||||||||||||||
Interest Expense | ||||||||||||||||
Interest expense consists of the following: | ||||||||||||||||
Three months ended March 31, | ||||||||||||||||
In thousands | 2015 | 2014 | ||||||||||||||
3.25% Convertible Senior Notes due 2028 | $ | 37 | $ | 43 | ||||||||||||
7.875% Senior Notes due 2021 | 8,562 | 6,464 | ||||||||||||||
San Bartolomé Line of Credit | 272 | — | ||||||||||||||
Revolving Credit Facility | — | 179 | ||||||||||||||
Loss on Revolving Credit Facility | — | 3,035 | ||||||||||||||
Capital lease obligations | 298 | 59 | ||||||||||||||
Accretion of Palmarejo gold production royalty obligation | 2,031 | 3,196 | ||||||||||||||
Amortization of debt issuance costs | 405 | 498 | ||||||||||||||
Accretion of debt premium | (105 | ) | (36 | ) | ||||||||||||
Capitalized interest | (735 | ) | (384 | ) | ||||||||||||
Total interest expense, net of capitalized interest | $ | 10,765 | $ | 13,054 | ||||||||||||
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||
SUPPLEMENTAL GUARANTOR INFORMATION | 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 7.875% Senior Notes due 2021. 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. | |||||||||||||||||||||
Subsequent to March 31, 2015, Wharf Resources (U.S.A.), Inc. and its subsidiaries became Subsidiary Guarantors of the 7.875% Senior Notes. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2015 | |||||||||||||||||||||
In thousands | Coeur Mining, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Revenue | $ | — | $ | 88,672 | $ | 64,284 | $ | — | $ | 152,956 | |||||||||||
COSTS AND EXPENSES | |||||||||||||||||||||
Costs applicable to sales(1) | — | 60,811 | 54,251 | — | 115,062 | ||||||||||||||||
Amortization | 502 | 18,567 | 14,021 | — | 33,090 | ||||||||||||||||
General and administrative | 8,750 | 7 | 77 | — | 8,834 | ||||||||||||||||
Exploration | 563 | 2,458 | 1,245 | — | 4,266 | ||||||||||||||||
Pre-development, reclamation, and other | 3,388 | 1,375 | 2,000 | — | 6,763 | ||||||||||||||||
Total costs and expenses | 13,203 | 83,218 | 71,594 | — | 168,015 | ||||||||||||||||
Fair value adjustments, net | (1,046 | ) | (2,293 | ) | (1,545 | ) | — | (4,884 | ) | ||||||||||||
Impairment of marketable securities | — | (1,514 | ) | — | — | (1,514 | ) | ||||||||||||||
Interest income and other, net | 1,280 | (57 | ) | (1,398 | ) | (822 | ) | (997 | ) | ||||||||||||
Interest expense, net of capitalized interest | (8,855 | ) | (288 | ) | (2,444 | ) | 822 | (10,765 | ) | ||||||||||||
Total other income (expense), net | (8,621 | ) | (4,152 | ) | (5,387 | ) | — | (18,160 | ) | ||||||||||||
Loss before income and mining taxes | (21,824 | ) | 1,302 | (12,697 | ) | — | (33,219 | ) | |||||||||||||
Income and mining tax (expense) benefit | 1,550 | (350 | ) | (1,268 | ) | — | (68 | ) | |||||||||||||
Total loss after income and mining taxes | (20,274 | ) | 952 | (13,965 | ) | — | (33,287 | ) | |||||||||||||
Equity income (loss) in consolidated subsidiaries | (13,013 | ) | 809 | — | 12,204 | — | |||||||||||||||
NET INCOME (LOSS) | $ | (33,287 | ) | $ | 1,761 | $ | (13,965 | ) | $ | 12,204 | $ | (33,287 | ) | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS), net of tax: | |||||||||||||||||||||
Unrealized gain (loss) on marketable securities, net of tax | (915 | ) | (915 | ) | — | 915 | (915 | ) | |||||||||||||
Reclassification adjustments for impairment of marketable securities | 928 | 928 | — | (928 | ) | 928 | |||||||||||||||
Other comprehensive income (loss) | 13 | 13 | — | (13 | ) | 13 | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (33,274 | ) | $ | 1,774 | $ | (13,965 | ) | $ | 12,191 | $ | (33,274 | ) | ||||||||
(1) Excludes amortization. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||
In thousands | Coeur Mining, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Revenue | $ | — | $ | 60,500 | $ | 99,133 | $ | — | $ | 159,633 | |||||||||||
COSTS AND EXPENSES | |||||||||||||||||||||
Costs applicable to sales(1) | — | 43,238 | 63,658 | — | 106,896 | ||||||||||||||||
Amortization | 377 | 15,296 | 24,786 | — | 40,459 | ||||||||||||||||
General and administrative | 13,052 | 166 | 678 | — | 13,896 | ||||||||||||||||
Exploration | 586 | 2,421 | 1,210 | — | 4,217 | ||||||||||||||||
Pre-development, reclamation, and other | — | 1,536 | 5,448 | — | 6,984 | ||||||||||||||||
Total costs and expenses | 14,015 | 62,657 | 95,780 | — | 172,452 | ||||||||||||||||
OTHER INCOME (EXPENSE), NET | . | ||||||||||||||||||||
Fair value adjustments, net | (526 | ) | (673 | ) | (10,237 | ) | — | (11,436 | ) | ||||||||||||
Impairment of marketable securities | — | (2,588 | ) | — | — | (2,588 | ) | ||||||||||||||
Interest income and other, net | 840 | 46 | (2,211 | ) | (658 | ) | (1,983 | ) | |||||||||||||
Interest expense, net of capitalized interest | (10,183 | ) | (26 | ) | (3,503 | ) | 658 | (13,054 | ) | ||||||||||||
Total other income (expense), net | (9,869 | ) | (3,241 | ) | (15,951 | ) | — | (29,061 | ) | ||||||||||||
Loss before income and mining taxes | (23,884 | ) | (5,398 | ) | (12,598 | ) | — | (41,880 | ) | ||||||||||||
Income and mining tax (expense) benefit | (146 | ) | — | 4,835 | — | 4,689 | |||||||||||||||
Total loss after income and mining taxes | (24,030 | ) | (5,398 | ) | (7,763 | ) | — | (37,191 | ) | ||||||||||||
Equity income (loss) in consolidated subsidiaries | (13,161 | ) | 178 | — | 12,983 | — | |||||||||||||||
NET INCOME (LOSS) | $ | (37,191 | ) | $ | (5,220 | ) | $ | (7,763 | ) | $ | 12,983 | $ | (37,191 | ) | |||||||
OTHER COMPREHENSIVE INCOME (LOSS), net of tax: | |||||||||||||||||||||
Unrealized gain (loss) on marketable securities, net of tax | 371 | 467 | — | (467 | ) | 371 | |||||||||||||||
Reclassification adjustments for impairment of marketable securities | 1,587 | 1,587 | — | (1,587 | ) | 1,587 | |||||||||||||||
Other comprehensive income (loss) | 1,958 | 2,054 | — | (2,054 | ) | 1,958 | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (35,233 | ) | $ | (3,166 | ) | $ | (7,763 | ) | $ | 10,929 | $ | (35,233 | ) | |||||||
(1) Excludes amortization. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2015 | |||||||||||||||||||||
In thousands | Coeur Mining, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (44,918 | ) | $ | 29,908 | $ | (1,166 | ) | $ | 12,204 | (3,972 | ) | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||||||
Capital expenditures | (12 | ) | (7,399 | ) | (10,209 | ) | — | (17,620 | ) | ||||||||||||
Purchase of short term investments and marketable securities | (278 | ) | — | — | — | (278 | ) | ||||||||||||||
Sales and maturities of short term investments | — | 145 | 84 | — | 229 | ||||||||||||||||
Acquisitions | (103,000 | ) | 982 | — | (102,018 | ) | |||||||||||||||
Other | (1,767 | ) | — | 37 | — | (1,730 | ) | ||||||||||||||
Investments in consolidated subsidiaries | 12,221 | (810 | ) | — | (11,411 | ) | — | ||||||||||||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (92,836 | ) | (8,064 | ) | (9,106 | ) | (11,411 | ) | (121,417 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Issuance of notes and bank borrowings | 50,000 | — | 3,500 | — | 53,500 | ||||||||||||||||
Payments on long-term debt, capital leases, and associated costs | (6,582 | ) | (1,818 | ) | (194 | ) | — | (8,594 | ) | ||||||||||||
Gold production royalty payments | — | — | (10,368 | ) | — | (10,368 | ) | ||||||||||||||
Net intercompany financing activity | (1,730 | ) | (19,628 | ) | 21,358 | — | — | ||||||||||||||
Other | (423 | ) | — | 793 | (793 | ) | (423 | ) | |||||||||||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 41,265 | (21,446 | ) | 15,089 | (793 | ) | 34,115 | ||||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (96,489 | ) | 398 | 4,817 | — | (91,274 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 210,361 | 5,781 | 54,719 | — | 270,861 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 113,872 | $ | 6,179 | $ | 59,536 | $ | — | $ | 179,587 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
THREE MONTHS ENDED MARCH 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 | $ | (37,623 | ) | $ | 4,932 | $ | 10,082 | $ | 12,982 | $ | (9,627 | ) | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||||||
Capital expenditures | (945 | ) | (5,670 | ) | (5,321 | ) | — | (11,936 | ) | ||||||||||||
Purchase of short term investments and marketable securities | (45,796 | ) | (424 | ) | — | — | (46,220 | ) | |||||||||||||
Sales and maturities of short term investments | 90 | — | — | — | 90 | ||||||||||||||||
Other | — | — | (25 | ) | — | (25 | ) | ||||||||||||||
Investments in consolidated subsidiaries | 13,160 | (178 | ) | — | (12,982 | ) | — | ||||||||||||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (33,491 | ) | (6,272 | ) | (5,346 | ) | (12,982 | ) | (58,091 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||
Issuance of notes and bank borrowings | 153,000 | — | — | — | 153,000 | ||||||||||||||||
Payments on long-term debt, capital leases, and associated costs | (3,196 | ) | (412 | ) | (503 | ) | — | (4,111 | ) | ||||||||||||
Gold production royalty payments | — | — | (14,683 | ) | — | (14,683 | ) | ||||||||||||||
Net intercompany financing activity | (11,475 | ) | 1,515 | 9,960 | — | — | |||||||||||||||
Other | (246 | ) | — | — | — | (246 | ) | ||||||||||||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 138,083 | 1,103 | (5,226 | ) | — | 133,960 | |||||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 66,969 | (237 | ) | (490 | ) | — | 66,242 | ||||||||||||||
Cash and cash equivalents at beginning of period | 137,076 | 991 | 68,623 | — | 206,690 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 204,045 | $ | 754 | $ | 68,133 | $ | — | $ | 272,932 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
MARCH 31, 2015 | |||||||||||||||||||||
In thousands | Coeur Mining, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
ASSETS | |||||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||
Cash and cash equivalents | $ | 113,872 | $ | 6,179 | $ | 59,536 | $ | — | $ | 179,587 | |||||||||||
Receivables | 13 | 11,443 | 106,934 | — | 118,390 | ||||||||||||||||
Ore on leach pads | — | 54,447 | 12,258 | — | 66,705 | ||||||||||||||||
Inventory | — | 43,371 | 71,966 | — | 115,337 | ||||||||||||||||
Deferred tax assets | 393 | — | 6,862 | — | 7,255 | ||||||||||||||||
Prepaid expenses and other | 4,575 | 4,444 | 9,610 | — | 18,629 | ||||||||||||||||
118,853 | 119,884 | 267,166 | — | 505,903 | |||||||||||||||||
NON-CURRENT ASSETS | |||||||||||||||||||||
Property, plant and equipment, net | 5,665 | 102,804 | 146,423 | — | 254,892 | ||||||||||||||||
Mining properties, net | 12,004 | 152,830 | 408,008 | — | 572,842 | ||||||||||||||||
Ore on leach pads | — | 34,425 | — | — | 34,425 | ||||||||||||||||
Restricted assets | 2,665 | 50 | 6,324 | — | 9,039 | ||||||||||||||||
Equity securities | — | 4,488 | — | — | 4,488 | ||||||||||||||||
Receivables | — | — | 18,933 | — | 18,933 | ||||||||||||||||
Deferred tax assets | 33,883 | — | 29,852 | — | 63,735 | ||||||||||||||||
Net investment in subsidiaries | 219,705 | 46,425 | — | (266,130 | ) | — | |||||||||||||||
Other | 51,638 | 5,518 | 6,042 | (51,637 | ) | 11,561 | |||||||||||||||
TOTAL ASSETS | $ | 444,413 | $ | 466,424 | $ | 882,748 | $ | (317,767 | ) | $ | 1,475,818 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||
Accounts payable | $ | 3,419 | $ | 14,526 | $ | 27,442 | $ | — | $ | 45,387 | |||||||||||
Accrued liabilities and other | 10,534 | 8,998 | 21,036 | — | 40,568 | ||||||||||||||||
Debt | 49,753 | 7,539 | 8,427 | — | 65,719 | ||||||||||||||||
Royalty obligations | — | 6,455 | 37,987 | — | 44,442 | ||||||||||||||||
Reclamation | — | 2,542 | 2,497 | (1,151 | ) | 3,888 | |||||||||||||||
Deferred tax liabilities | 7,142 | 848 | 88 | — | 8,078 | ||||||||||||||||
70,848 | 40,908 | 97,477 | (1,151 | ) | 208,082 | ||||||||||||||||
NON-CURRENT LIABILITIES | |||||||||||||||||||||
Debt | 426,647 | 10,924 | 61,845 | (51,637 | ) | 447,779 | |||||||||||||||
Royalty obligations | — | 10,067 | 11,152 | — | 21,219 | ||||||||||||||||
Reclamation | — | 47,743 | 37,005 | 1,151 | 85,899 | ||||||||||||||||
Deferred tax liabilities | 53,201 | 2,963 | 65,635 | — | 121,799 | ||||||||||||||||
Other long-term liabilities | 2,718 | 455 | 34,303 | — | 37,476 | ||||||||||||||||
Intercompany payable (receivable) | (662,565 | ) | 407,526 | 255,039 | — | — | |||||||||||||||
(179,999 | ) | 479,678 | 464,979 | (50,486 | ) | 714,172 | |||||||||||||||
STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Common stock | 1,033 | 250 | 129,093 | (129,343 | ) | 1,033 | |||||||||||||||
Additional paid-in capital | 2,791,216 | 79,712 | 1,785,830 | (1,865,542 | ) | 2,791,216 | |||||||||||||||
Accumulated deficit | (2,235,890 | ) | (131,329 | ) | (1,594,631 | ) | 1,725,960 | (2,235,890 | ) | ||||||||||||
Accumulated other comprehensive income (loss) | (2,795 | ) | (2,795 | ) | — | 2,795 | (2,795 | ) | |||||||||||||
553,564 | (54,162 | ) | 320,292 | (266,130 | ) | 553,564 | |||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 444,413 | $ | 466,424 | $ | 882,748 | $ | (317,767 | ) | $ | 1,475,818 | ||||||||||
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 | ||||||||||||||||
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 | $ | 446,391 | $ | 485,942 | $ | 738,576 | $ | (225,342 | ) | $ | 1,445,567 | ||||||||||
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 | 427,604 | 12,806 | 61,452 | (50,814 | ) | 451,048 | |||||||||||||||
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 | — | — | |||||||||||||||
(177,405 | ) | 499,809 | 413,818 | (49,663 | ) | 686,559 | |||||||||||||||
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 | $ | 446,391 | $ | 485,942 | $ | 738,576 | $ | (225,342 | ) | $ | 1,445,567 | ||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015, approximately 11% 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. Royalty expense was nil for the three months ended March 31, 2015 and 2014, respectively. | |
Commencing January 1, 2014, Coeur Rochester is obligated to pay a 3.4% net smelter returns 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 March 31, 2015, payments had been made on 6.1 million silver equivalent ounces with further payments to be made on 33.3 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 10 -- 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. The first payment of $5.0 million was received in the three months ended March 31, 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 occur 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. | |
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. | |
Paramount Transaction Litigation | |
Since the announcement of the Company’s 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 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. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS |
On April 17, 2015, the Company completed the acquisition of Paramount Gold and Silver Corp. ("Paramount"). At the closing of the transaction, Paramount became a wholly-owned subsidiary of the Company and each issued and outstanding share of Paramount common stock was converted into the right to receive 0.2016 shares of Coeur common stock, with cash paid in lieu of fractional shares. The Company issued approximately 32.7 million shares of common stock as consideration in the transaction. Immediately prior to completion of the acquisition, Paramount spun off to its existing stockholders a separate, publicly traded company, Paramount Gold Nevada Corp. ("SpinCo"), which owns the Sleeper Gold Project and other assets in Nevada. As part of the transaction, the Company made a loan to Paramount in the principal amount of $8.5 million and Paramount contributed substantially all of the proceeds of such loan to SpinCo as an equity contribution. The Company also paid $1.5 million cash in exchange for newly issued shares of SpinCo common stock amounting to 4.9% of the outstanding SpinCo common stock after the issuance. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial information relating to the reporting segments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2015 | Palmarejo | San Bartolomé | Kensington | Rochester | Wharf Mine | Coeur Capital | Other | Total | Three months ended March 31, 2014 | Palmarejo | San Bartolomé | Kensington | Rochester | Coeur Capital | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||
Mine | Mine | Mine | Mine | Mine | Mine | Mine | Mine | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Metal sales | $ | 39,394 | $ | 21,548 | $ | 44,038 | $ | 44,031 | $ | — | $ | 1,945 | $ | — | $ | 150,956 | Metal sales | $ | 67,988 | $ | 27,554 | $ | 36,061 | $ | 24,154 | $ | 2,890 | $ | — | $ | 158,647 | |||||||||||||||||||||||||||||
Royalties | — | — | — | — | — | 1,492 | 508 | 2,000 | Royalties | — | — | — | — | 986 | — | 986 | ||||||||||||||||||||||||||||||||||||||||||||
39,394 | 21,548 | 44,038 | 44,031 | — | 3,437 | 508 | 152,956 | 67,988 | 27,554 | 36,061 | 24,154 | 3,876 | — | 159,633 | ||||||||||||||||||||||||||||||||||||||||||||||
Costs and Expenses | Costs and Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs applicable to sales(1) | 34,491 | 19,127 | 29,419 | 31,392 | — | 633 | — | 115,062 | Costs applicable to sales(1) | 43,574 | 18,901 | 28,531 | 14,708 | 1,182 | — | 106,896 | ||||||||||||||||||||||||||||||||||||||||||||
Amortization | 7,333 | 4,691 | 11,554 | 6,843 | — | 2,151 | 518 | 33,090 | Amortization | 18,659 | 4,457 | 10,709 | 4,451 | 1,702 | 481 | 40,459 | ||||||||||||||||||||||||||||||||||||||||||||
Exploration | 1,123 | 36 | 1,662 | 722 | — | 75 | 648 | 4,266 | Exploration | 1,005 | 26 | 1,044 | 1,174 | 203 | 765 | 4,217 | ||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses | 314 | 244 | 235 | 1,141 | 165 | 17 | 13,481 | 15,597 | Other operating expenses | 297 | 140 | 191 | 1,345 | 241 | 18,666 | 20,880 | ||||||||||||||||||||||||||||||||||||||||||||
Other income (expense) | Other income (expense) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income and other, net | (1,103 | ) | 452 | (4 | ) | (41 | ) | 17 | (1,525 | ) | (307 | ) | (2,511 | ) | Interest income and other, net | (1,569 | ) | 682 | — | 19 | (2,548 | ) | (1,155 | ) | (4,571 | ) | ||||||||||||||||||||||||||||||||||
Interest expense, net | (1,340 | ) | (281 | ) | (63 | ) | (225 | ) | — | — | (8,856 | ) | (10,765 | ) | Interest expense, net | (2,824 | ) | (20 | ) | (22 | ) | (4 | ) | — | (10,184 | ) | (13,054 | ) | ||||||||||||||||||||||||||||||||
Fair value adjustments, net | (1,545 | ) | — | — | (2,292 | ) | — | — | (1,047 | ) | (4,884 | ) | Fair value adjustments, net | (10,237 | ) | — | — | (673 | ) | — | (526 | ) | (11,436 | ) | ||||||||||||||||||||||||||||||||||||
Income and mining tax (expense) benefit | (1,371 | ) | (1,407 | ) | — | (350 | ) | 686 | 598 | 1,776 | (68 | ) | Income and mining tax (expense) benefit | 3,828 | (2,764 | ) | — | — | (288 | ) | 3,913 | 4,689 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (9,226 | ) | $ | (3,786 | ) | $ | 1,101 | $ | 1,025 | $ | 538 | $ | (366 | ) | $ | (22,573 | ) | $ | (33,287 | ) | Net income (loss) | $ | (6,349 | ) | $ | 1,928 | $ | (4,436 | ) | $ | 1,818 | $ | (2,288 | ) | $ | (27,864 | ) | $ | (37,191 | ) | |||||||||||||||||||
Segment assets(2) | $ | 346,250 | $ | 179,638 | $ | 205,208 | $ | 188,419 | $ | 142,527 | $ | 57,930 | $ | 80,181 | $ | 1,200,153 | Segment assets(2) | $ | 1,152,913 | $ | 285,072 | $ | 332,563 | $ | 192,409 | $ | 67,173 | $ | 521,766 | $ | 2,551,896 | |||||||||||||||||||||||||||||
Capital expenditures | $ | 9,184 | $ | 949 | $ | 4,144 | $ | 3,255 | $ | 51 | $ | — | $ | 37 | $ | 17,620 | Capital expenditures | $ | 3,742 | $ | 1,441 | $ | 4,711 | $ | 959 | $ | — | $ | 1,083 | $ | 11,936 | |||||||||||||||||||||||||||||
(1) Excludes amortization | (1) Excludes amortization | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests | (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets for reportable segments | $ | 1,200,153 | $ | 1,084,257 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 179,587 | 270,861 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 96,078 | 90,449 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consolidated assets | $ | 1,475,818 | $ | 1,445,567 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long Lived Assets by Country | Geographic Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Lived Assets | March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | $ | 376,966 | $ | 275,594 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mexico | 300,756 | 298,101 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bolivia | 104,122 | 107,960 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Australia | 20,104 | 21,362 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Argentina | 10,944 | 10,970 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 14,842 | 15,116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 827,734 | $ | 729,103 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue by Country | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | $ | 88,069 | $ | 60,215 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mexico | 40,141 | 68,511 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bolivia | 21,548 | 27,554 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Australia | 1,945 | 2,889 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | $ | 1,253 | $ | 464 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 152,956 | $ | 159,633 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclamation_Tables
Reclamation (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Asset Retirement Obligation Disclosure [Abstract] | ||||||||
Asset Retirement Obligation | ||||||||
Three months ended March 31, | ||||||||
In thousands | 2015 | 2014 | ||||||
Asset retirement obligation - Beginning | $ | 67,214 | $ | 57,454 | ||||
Accretion | 1,412 | 1,317 | ||||||
Additions and changes in estimates | 18,292 | — | ||||||
Settlements | (859 | ) | (311 | ) | ||||
Asset retirement obligation - Ending | $ | 86,059 | $ | 58,460 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||
Schedule of Stock-based Compensation, Stock Options and Stock Appreciation Rights Award Activity | |||||||||||||||
Award Type | Number of | Weighted Average | Number of Exercisable Units | Weighted Average | |||||||||||
Exercised Units | Exercised Price | Exercisable Price | |||||||||||||
Options | — | $ | — | 308,727 | $ | 19.69 | |||||||||
Stock Appreciation Rights | — | $ | — | 46,572 | $ | 14.06 | |||||||||
Income_and_Mining_Taxes_Tables
Income and Mining Taxes (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ||||||||||||||
Three months ended March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
In thousands | Income (loss) before tax | Tax (expense) benefit | Income (loss) before tax | Tax (expense) benefit | ||||||||||
United States | $ | (20,707 | ) | $ | 1,886 | $ | (28,686 | ) | $ | (146 | ) | |||
Argentina | (696 | ) | (1 | ) | (2,204 | ) | 4,432 | |||||||
Mexico | (9,672 | ) | (1,264 | ) | (16,006 | ) | 3,721 | |||||||
Bolivia | (2,379 | ) | (1,407 | ) | 4,692 | (2,764 | ) | |||||||
Other jurisdictions | 235 | 718 | 324 | (554 | ) | |||||||||
$ | (33,219 | ) | $ | (68 | ) | $ | (41,880 | ) | $ | 4,689 | ||||
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ||||||||
Three months ended March 31, | ||||||||
In thousands except per share amounts | 2015 | 2014 | ||||||
Net income (loss) available to common stockholders | $ | (33,287 | ) | $ | (37,191 | ) | ||
Weighted average shares: | ||||||||
Basic | 102,580 | 102,365 | ||||||
Diluted | 102,580 | 102,365 | ||||||
Income (loss) per share: | ||||||||
Basic | $ | (0.32 | ) | $ | (0.36 | ) | ||
Diluted | $ | (0.32 | ) | $ | (0.36 | ) |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Schedule of Fair Value Adjustments to Comprehensive income (Loss) | The following table presents the components of Fair value adjustments, net: | |||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
In thousands | 2015 | 2014 | ||||||||||||||||||
Palmarejo royalty obligation embedded derivative | $ | (1,545 | ) | $ | (10,237 | ) | ||||||||||||||
Rochester net smelter royalty (NSR) royalty obligation | (2,292 | ) | (673 | ) | ||||||||||||||||
Silver and gold options | (1,046 | ) | (1,494 | ) | ||||||||||||||||
Foreign exchange contracts | — | 968 | ||||||||||||||||||
Fair value adjustments, net | $ | (4,884 | ) | $ | (11,436 | ) | ||||||||||||||
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 March 31, 2015 | ||||||||||||||||||||
In thousands | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Equity securities | $ | 4,488 | $ | 3,109 | $ | — | $ | 1,379 | ||||||||||||
Silver and gold options | 2,066 | — | 2,066 | — | ||||||||||||||||
Other derivative instruments, net | 110 | — | 110 | — | ||||||||||||||||
$ | 6,664 | $ | 3,109 | $ | 2,176 | $ | 1,379 | |||||||||||||
Liabilities: | ||||||||||||||||||||
Palmarejo royalty obligation embedded derivative | $ | 19,250 | $ | — | $ | — | $ | 19,250 | ||||||||||||
Rochester NSR royalty obligation | 16,522 | — | — | 16,522 | ||||||||||||||||
Silver and gold options | 529 | — | 529 | — | ||||||||||||||||
$ | 36,301 | $ | — | $ | 529 | $ | 35,772 | |||||||||||||
Fair Value at December 31, 2014 | ||||||||||||||||||||
In thousands | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Equity securities | $ | 5,982 | $ | 4,603 | $ | — | $ | 1,379 | ||||||||||||
Silver and gold options | 3,882 | — | 3,882 | — | ||||||||||||||||
$ | 9,864 | $ | 4,603 | $ | 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 | |||||||||||||
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 three months ended March 31, 2015: | |||||||||||||||||||
Three months ended March 31, 2015 | ||||||||||||||||||||
In thousands | Balance at the beginning of the period | Revaluation | Settlements | Balance at the | ||||||||||||||||
end of the | ||||||||||||||||||||
period | ||||||||||||||||||||
Palmarejo royalty obligation embedded derivative | $ | 21,912 | $ | 1,545 | $ | (4,207 | ) | $ | 19,250 | |||||||||||
Rochester NSR royalty obligation | 15,370 | 2,292 | (1,140 | ) | 16,522 | |||||||||||||||
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 March 31, 2015 and December 31, 2014 is presented in the following table: | |||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
In thousands | Book Value | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
3.25% Convertible Senior Notes due 2028 | $ | 712 | $ | 688 | $ | — | $ | 688 | $ | — | ||||||||||
7.875% Senior Notes due 2021 | 425,935 | 371,489 | — | 371,489 | — | |||||||||||||||
Short-term Credit Agreement | 50,000 | 50,000 | — | 50,000 | — | |||||||||||||||
San Bartolomé Line of Credit | 18,213 | 18,213 | — | 18,213 | — | |||||||||||||||
Palmarejo gold production royalty obligation | 29,889 | 33,916 | — | — | 33,916 | |||||||||||||||
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 | |||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||
Derivative instruments, future settlement | At March 31, 2015, 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 | $ | 39,043 | $ | 23,712 | $ | — | ||||||||||
Average gold price in excess of minimum contractual deduction | $ | 781 | $ | 771 | $ | — | ||||||||||
Notional ounces | 50,004 | 30,744 | — | |||||||||||||
Silver concentrate sales contracts | $ | 9,129 | $ | — | $ | — | ||||||||||
Average silver price | $ | 16.67 | $ | — | $ | — | ||||||||||
Notional ounces | 547,611 | — | — | |||||||||||||
Gold concentrate sales contracts | $ | 40,495 | $ | — | $ | — | ||||||||||
Average gold price | $ | 1,224 | $ | — | $ | — | ||||||||||
Notional ounces | 33,084 | — | — | |||||||||||||
Silver put options purchased | $ | 45,900 | $ | — | $ | — | ||||||||||
Average silver strike price | $ | 17 | $ | — | $ | — | ||||||||||
Notional ounces | 2,700,000 | — | — | |||||||||||||
Silver put options sold | $ | (41,850 | ) | $ | — | $ | — | |||||||||
Average silver strike price | $ | 15.5 | $ | — | $ | — | ||||||||||
Notional ounces | 2,700,000 | — | — | |||||||||||||
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments: | |||||||||||||||
March 31, 2015 | ||||||||||||||||
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 | — | — | 14,541 | 4,709 | ||||||||||||
Silver and gold options | 2,066 | 529 | — | — | ||||||||||||
Concentrate sales contracts | 541 | 431 | — | — | ||||||||||||
$ | 2,607 | $ | 960 | $ | 14,541 | $ | 4,709 | |||||||||
December 31, 2014 | ||||||||||||||||
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 | |||||||||
Gain losses on derivative instruments | The following represent mark-to-market gains (losses) on derivative instruments for the three months ended March 31, 2015, and 2014 (in thousands): | |||||||||||||||
Three months ended March 31, | ||||||||||||||||
Financial statement line | Derivative | 2015 | 2014 | |||||||||||||
Revenue | Concentrate sales contracts | $ | 914 | $ | 879 | |||||||||||
Costs applicable to sales | Foreign exchange contracts | — | (924 | ) | ||||||||||||
Fair value adjustments, net | Foreign exchange contracts | — | 968 | |||||||||||||
Fair value adjustments, net | Palmarejo gold royalty | (1,545 | ) | (10,237 | ) | |||||||||||
Fair value adjustments, net | Silver and gold options | (1,046 | ) | (1,494 | ) | |||||||||||
$ | (1,677 | ) | $ | (10,808 | ) |
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Business Combinations [Abstract] | |||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following summarizes the preliminary allocation of purchase price to the fair value of assets acquired and liabilities assumed at the date of acquisition (in thousands): | ||||||||
Cash | $ | 103,000 | |||||||
Liabilities assumed: | |||||||||
Accounts payable and accrued liabilities | 5,412 | ||||||||
Reclamation | 18,270 | ||||||||
Deferred income taxes | 9,503 | ||||||||
Other non-current liabilities | 3,750 | ||||||||
Total liabilities assumed | 36,935 | ||||||||
Total consideration | $ | 139,935 | |||||||
Assets acquired: | |||||||||
Cash | $ | 982 | |||||||
Receivables | 3,125 | ||||||||
Inventory | 2,807 | ||||||||
Ore on leach pads | 12,710 | ||||||||
Other current assets | 2,924 | ||||||||
Property, plant, and equipment | 30,054 | ||||||||
Mining properties, net | 83,367 | ||||||||
Other non-current assets | 3,966 | ||||||||
Total assets acquired | $ | 139,935 | |||||||
Business Acquisition, Pro Forma Information | The following table presents the unaudited pro forma summary of the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2015 and 2014, as if the acquisition had occurred on January 1, 2015. The following unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of the results of operations as they would have been had the transaction occurred on the assumed date, nor is it necessarily an indication of trends in future results for a number of reasons, including, but not limited to, differences between the assumptions used to prepare the pro forma information, potential synergies, and cost savings from operating efficiencies. | ||||||||
Three months ended March 31, | |||||||||
In thousands | 2015 | 2014 | |||||||
Revenue | $ | 170,956 | $ | 178,917 | |||||
Income (loss) before income and mining taxes | (33,271 | ) | (36,673 | ) | |||||
Net income (loss) | (33,340 | ) | (31,957 | ) |
Investments_Tables
Investments (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Investment in Marketable Securities [Abstract] | |||||||||||||||||||||
Investments | |||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||
In thousands | Cost | Gross | Gross | Estimated | |||||||||||||||||
Unrealized | Unrealized | Fair Value | |||||||||||||||||||
Losses | Gains | ||||||||||||||||||||
Equity securities | 4,173 | (9 | ) | 324 | 4,488 | ||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||
In thousands | Cost | Gross | Gross | Estimated | |||||||||||||||||
Unrealized | Unrealized | Fair Value | |||||||||||||||||||
Losses | Gains | ||||||||||||||||||||
Equity securities | $ | 5,687 | $ | (8 | ) | $ | 303 | $ | 5,982 | ||||||||||||
Gross unrealized losses on investment securities | The following table summarizes the gross unrealized losses on equity 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 March 31, 2015: | ||||||||||||||||||||
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 | $ | (9 | ) | $ | 38 | $ | — | $ | — | $ | (9 | ) | $ | 38 | |||||||
Receivables_Tables
Receivables (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Receivables | Receivables consist of the following: | |||||||
In thousands | March 31, 2015 | December 31, 2014 | ||||||
Current receivables: | ||||||||
Trade receivables | $ | 18,735 | $ | 20,448 | ||||
Income tax receivable | 30,372 | 30,045 | ||||||
Value added tax receivable | 63,583 | 63,805 | ||||||
Other | 5,700 | 2,623 | ||||||
$ | 118,390 | $ | 116,921 | |||||
Non-current receivables: | ||||||||
Value added tax receivable | $ | 18,933 | $ | 21,686 | ||||
Total receivables | $ | 137,323 | $ | 138,607 | ||||
Metal_and_Other_Inventory_Tabl
Metal and Other Inventory (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventory consists of the following: | |||||||
In thousands | March 31, 2015 | December 31, 2014 | ||||||
Inventory: | ||||||||
Concentrate | $ | 18,783 | $ | 23,563 | ||||
Precious metals | 42,972 | 40,870 | ||||||
Supplies | 53,582 | 50,498 | ||||||
$ | 115,337 | $ | 114,931 | |||||
Ore on leach pads: | ||||||||
Current | $ | 66,705 | $ | 48,204 | ||||
Non-current | 34,425 | 37,889 | ||||||
$ | 101,130 | $ | 86,093 | |||||
Total inventory and ore on leach pads | $ | 216,467 | $ | 201,024 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, plant and equipment | Property, plant and equipment consist of the following: | |||||||
In thousands | March 31, 2015 | December 31, 2014 | ||||||
Land | $ | 8,225 | $ | 1,752 | ||||
Facilities and equipment | 676,858 | 647,181 | ||||||
Capital leases | 27,556 | 28,680 | ||||||
712,639 | 677,613 | |||||||
Accumulated amortization | (477,851 | ) | (464,852 | ) | ||||
234,788 | 212,761 | |||||||
Construction in progress | 20,104 | 15,150 | ||||||
Property, plant and equipment, net | $ | 254,892 | $ | 227,911 | ||||
Mining_Properties_Tables
Mining Properties (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||||||
Mining Properties [Abstract] | ||||||||||||||||||||||||||||||||||||
Mining Properties | Mining properties consist of the following (in thousands): | |||||||||||||||||||||||||||||||||||
March 31, 2015 | Palmarejo | San | Kensington | Rochester | Wharf | La Preciosa | Joaquin | Coeur Capital | Total | |||||||||||||||||||||||||||
Bartolomé | ||||||||||||||||||||||||||||||||||||
Mine development | $ | 143,012 | $ | 49,379 | $ | 220,957 | $ | 153,613 | $ | 31,618 | $ | — | $ | — | $ | — | $ | 598,579 | ||||||||||||||||||
Accumulated amortization | (124,306 | ) | (27,411 | ) | (113,005 | ) | (117,414 | ) | (331 | ) | — | — | — | (382,467 | ) | |||||||||||||||||||||
18,706 | 21,968 | 107,952 | 36,199 | 31,287 | — | — | — | 216,112 | ||||||||||||||||||||||||||||
Mineral interests | 521,349 | 17,560 | — | — | 51,779 | 49,085 | 10,000 | 81,461 | 731,234 | |||||||||||||||||||||||||||
Accumulated amortization | (335,791 | ) | (10,435 | ) | — | — | (676 | ) | — | — | (27,602 | ) | (374,504 | ) | ||||||||||||||||||||||
185,558 | 7,125 | — | — | 51,103 | 49,085 | 10,000 | 53,859 | 356,730 | ||||||||||||||||||||||||||||
Mining properties, net | $ | 204,264 | $ | 29,093 | $ | 107,952 | $ | 36,199 | $ | 82,390 | $ | 49,085 | $ | 10,000 | $ | 53,859 | $ | 572,842 | ||||||||||||||||||
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 | ||||||||||||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Long term debt and capital lease obligations | Long-term debt and capital lease obligations at March 31, 2015 and December 31, 2014 are as follows: | |||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
In thousands | Current | Non-Current | Current | Non-Current | ||||||||||||
3.25% Convertible Senior Notes due 2028 | $ | — | $ | 712 | $ | 5,334 | $ | — | ||||||||
7.875% Senior Notes due 2021, net(1) | — | 425,935 | — | 427,603 | ||||||||||||
Short-term Credit Agreement, net(2) | 49,753 | — | — | — | ||||||||||||
San Bartolomé Letter of Credit | 8,321 | 9,892 | 4,481 | 10,304 | ||||||||||||
Capital lease obligations | 7,645 | 11,240 | 7,683 | 13,141 | ||||||||||||
$ | 65,719 | $ | 447,779 | $ | 17,498 | $ | 451,048 | |||||||||
Interest expenses incurred for various debt instruments | Interest expense consists of the following: | |||||||||||||||
Three months ended March 31, | ||||||||||||||||
In thousands | 2015 | 2014 | ||||||||||||||
3.25% Convertible Senior Notes due 2028 | $ | 37 | $ | 43 | ||||||||||||
7.875% Senior Notes due 2021 | 8,562 | 6,464 | ||||||||||||||
San Bartolomé Line of Credit | 272 | — | ||||||||||||||
Revolving Credit Facility | — | 179 | ||||||||||||||
Loss on Revolving Credit Facility | — | 3,035 | ||||||||||||||
Capital lease obligations | 298 | 59 | ||||||||||||||
Accretion of Palmarejo gold production royalty obligation | 2,031 | 3,196 | ||||||||||||||
Amortization of debt issuance costs | 405 | 498 | ||||||||||||||
Accretion of debt premium | (105 | ) | (36 | ) | ||||||||||||
Capitalized interest | (735 | ) | (384 | ) | ||||||||||||
Total interest expense, net of capitalized interest | $ | 10,765 | $ | 13,054 | ||||||||||||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2015 | THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | 88,672 | $ | 64,284 | $ | — | $ | 152,956 | Revenue | $ | — | $ | 60,500 | $ | 99,133 | $ | — | $ | 159,633 | |||||||||||||||||||||
COSTS AND EXPENSES | COSTS AND EXPENSES | |||||||||||||||||||||||||||||||||||||||||
Costs applicable to sales(1) | — | 60,811 | 54,251 | — | 115,062 | Costs applicable to sales(1) | — | 43,238 | 63,658 | — | 106,896 | |||||||||||||||||||||||||||||||
Amortization | 502 | 18,567 | 14,021 | — | 33,090 | Amortization | 377 | 15,296 | 24,786 | — | 40,459 | |||||||||||||||||||||||||||||||
General and administrative | 8,750 | 7 | 77 | — | 8,834 | General and administrative | 13,052 | 166 | 678 | — | 13,896 | |||||||||||||||||||||||||||||||
Exploration | 563 | 2,458 | 1,245 | — | 4,266 | Exploration | 586 | 2,421 | 1,210 | — | 4,217 | |||||||||||||||||||||||||||||||
Pre-development, reclamation, and other | 3,388 | 1,375 | 2,000 | — | 6,763 | Pre-development, reclamation, and other | — | 1,536 | 5,448 | — | 6,984 | |||||||||||||||||||||||||||||||
Total costs and expenses | 13,203 | 83,218 | 71,594 | — | 168,015 | Total costs and expenses | 14,015 | 62,657 | 95,780 | — | 172,452 | |||||||||||||||||||||||||||||||
Fair value adjustments, net | (1,046 | ) | (2,293 | ) | (1,545 | ) | — | (4,884 | ) | OTHER INCOME (EXPENSE), NET | . | |||||||||||||||||||||||||||||||
Fair value adjustments, net | (526 | ) | (673 | ) | (10,237 | ) | — | (11,436 | ) | |||||||||||||||||||||||||||||||||
Impairment of marketable securities | — | (1,514 | ) | — | — | (1,514 | ) | |||||||||||||||||||||||||||||||||||
Impairment of marketable securities | — | (2,588 | ) | — | — | (2,588 | ) | |||||||||||||||||||||||||||||||||||
Interest income and other, net | 1,280 | (57 | ) | (1,398 | ) | (822 | ) | (997 | ) | |||||||||||||||||||||||||||||||||
Interest income and other, net | 840 | 46 | (2,211 | ) | (658 | ) | (1,983 | ) | ||||||||||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (8,855 | ) | (288 | ) | (2,444 | ) | 822 | (10,765 | ) | |||||||||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (10,183 | ) | (26 | ) | (3,503 | ) | 658 | (13,054 | ) | |||||||||||||||||||||||||||||||||
Total other income (expense), net | (8,621 | ) | (4,152 | ) | (5,387 | ) | — | (18,160 | ) | |||||||||||||||||||||||||||||||||
Total other income (expense), net | (9,869 | ) | (3,241 | ) | (15,951 | ) | — | (29,061 | ) | |||||||||||||||||||||||||||||||||
Loss before income and mining taxes | (21,824 | ) | 1,302 | (12,697 | ) | — | (33,219 | ) | ||||||||||||||||||||||||||||||||||
Loss before income and mining taxes | (23,884 | ) | (5,398 | ) | (12,598 | ) | — | (41,880 | ) | |||||||||||||||||||||||||||||||||
Income and mining tax (expense) benefit | 1,550 | (350 | ) | (1,268 | ) | — | (68 | ) | ||||||||||||||||||||||||||||||||||
Income and mining tax (expense) benefit | (146 | ) | — | 4,835 | — | 4,689 | ||||||||||||||||||||||||||||||||||||
Total loss after income and mining taxes | (20,274 | ) | 952 | (13,965 | ) | — | (33,287 | ) | ||||||||||||||||||||||||||||||||||
Total loss after income and mining taxes | (24,030 | ) | (5,398 | ) | (7,763 | ) | — | (37,191 | ) | |||||||||||||||||||||||||||||||||
Equity income (loss) in consolidated subsidiaries | (13,013 | ) | 809 | — | 12,204 | — | ||||||||||||||||||||||||||||||||||||
Equity income (loss) in consolidated subsidiaries | (13,161 | ) | 178 | — | 12,983 | — | ||||||||||||||||||||||||||||||||||||
NET INCOME (LOSS) | $ | (33,287 | ) | $ | 1,761 | $ | (13,965 | ) | $ | 12,204 | $ | (33,287 | ) | |||||||||||||||||||||||||||||
NET INCOME (LOSS) | $ | (37,191 | ) | $ | (5,220 | ) | $ | (7,763 | ) | $ | 12,983 | $ | (37,191 | ) | ||||||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), net of tax: | ||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on marketable securities, net of tax | (915 | ) | (915 | ) | — | 915 | (915 | ) | OTHER COMPREHENSIVE INCOME (LOSS), net of tax: | |||||||||||||||||||||||||||||||||
Unrealized gain (loss) on marketable securities, net of tax | 371 | 467 | — | (467 | ) | 371 | ||||||||||||||||||||||||||||||||||||
Reclassification adjustments for impairment of marketable securities | 928 | 928 | — | (928 | ) | 928 | ||||||||||||||||||||||||||||||||||||
Reclassification adjustments for impairment of marketable securities | 1,587 | 1,587 | — | (1,587 | ) | 1,587 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 13 | 13 | — | (13 | ) | 13 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 1,958 | 2,054 | — | (2,054 | ) | 1,958 | ||||||||||||||||||||||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (33,274 | ) | $ | 1,774 | $ | (13,965 | ) | $ | 12,191 | $ | (33,274 | ) | |||||||||||||||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (35,233 | ) | $ | (3,166 | ) | $ | (7,763 | ) | $ | 10,929 | $ | (35,233 | ) | ||||||||||||||||||||||||||||
Schedule of Condensed Cash Flow Statement | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2015 | THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
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 provided by (used in) operating activities | $ | (44,918 | ) | $ | 29,908 | $ | (1,166 | ) | $ | 12,204 | (3,972 | ) | Cash provided by (used in) operating activities | $ | (37,623 | ) | $ | 4,932 | $ | 10,082 | $ | 12,982 | $ | (9,627 | ) | |||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (12 | ) | (7,399 | ) | (10,209 | ) | — | (17,620 | ) | Capital expenditures | (945 | ) | (5,670 | ) | (5,321 | ) | — | (11,936 | ) | |||||||||||||||||||||||
Purchase of short term investments and marketable securities | (278 | ) | — | — | — | (278 | ) | Purchase of short term investments and marketable securities | (45,796 | ) | (424 | ) | — | — | (46,220 | ) | ||||||||||||||||||||||||||
Sales and maturities of short term investments | — | 145 | 84 | — | 229 | Sales and maturities of short term investments | 90 | — | — | — | 90 | |||||||||||||||||||||||||||||||
Acquisitions | (103,000 | ) | 982 | — | (102,018 | ) | Other | — | — | (25 | ) | — | (25 | ) | ||||||||||||||||||||||||||||
Other | (1,767 | ) | — | 37 | — | (1,730 | ) | Investments in consolidated subsidiaries | 13,160 | (178 | ) | — | (12,982 | ) | — | |||||||||||||||||||||||||||
Investments in consolidated subsidiaries | 12,221 | (810 | ) | — | (11,411 | ) | — | CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (33,491 | ) | (6,272 | ) | (5,346 | ) | (12,982 | ) | (58,091 | ) | ||||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||||||||||||||||||||
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (92,836 | ) | (8,064 | ) | (9,106 | ) | (11,411 | ) | (121,417 | ) | Issuance of notes and bank borrowings | 153,000 | — | — | — | 153,000 | ||||||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||||||||||||||||||||
Issuance of notes and bank borrowings | 50,000 | — | 3,500 | — | 53,500 | Payments on long-term debt, capital leases, and associated costs | (3,196 | ) | (412 | ) | (503 | ) | — | (4,111 | ) | |||||||||||||||||||||||||||
Payments on long-term debt, capital leases, and associated costs | (6,582 | ) | (1,818 | ) | (194 | ) | — | (8,594 | ) | Gold production royalty payments | — | — | (14,683 | ) | — | (14,683 | ) | |||||||||||||||||||||||||
Gold production royalty payments | — | — | (10,368 | ) | — | (10,368 | ) | Net intercompany financing activity | (11,475 | ) | 1,515 | 9,960 | — | — | ||||||||||||||||||||||||||||
Net intercompany financing activity | (1,730 | ) | (19,628 | ) | 21,358 | — | — | Other | (246 | ) | — | — | — | (246 | ) | |||||||||||||||||||||||||||
Other | (423 | ) | — | 793 | (793 | ) | (423 | ) | CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 138,083 | 1,103 | (5,226 | ) | — | 133,960 | |||||||||||||||||||||||||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 41,265 | (21,446 | ) | 15,089 | (793 | ) | 34,115 | NET CHANGE IN CASH AND CASH EQUIVALENTS | 66,969 | (237 | ) | (490 | ) | — | 66,242 | |||||||||||||||||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (96,489 | ) | 398 | 4,817 | — | (91,274 | ) | Cash and cash equivalents at beginning of period | 137,076 | 991 | 68,623 | — | 206,690 | |||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 210,361 | 5,781 | 54,719 | — | 270,861 | Cash and cash equivalents at end of period | $ | 204,045 | $ | 754 | $ | 68,133 | $ | — | $ | 272,932 | ||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 113,872 | $ | 6,179 | $ | 59,536 | $ | — | $ | 179,587 | ||||||||||||||||||||||||||||||||
Schedule of Condensed Balance Sheet | 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 | |||||||||||||||||||||||||||||||||||||
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 | $ | 446,391 | $ | 485,942 | $ | 738,576 | $ | (225,342 | ) | $ | 1,445,567 | |||||||||||||||||||||||||||||||
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 | 427,604 | 12,806 | 61,452 | (50,814 | ) | 451,048 | ||||||||||||||||||||||||||||||||||||
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 | — | — | ||||||||||||||||||||||||||||||||||||
(177,405 | ) | 499,809 | 413,818 | (49,663 | ) | 686,559 | ||||||||||||||||||||||||||||||||||||
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 | $ | 446,391 | $ | 485,942 | $ | 738,576 | $ | (225,342 | ) | $ | 1,445,567 | |||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||||||||||||||||
MARCH 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||
In thousands | Coeur Mining, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 113,872 | $ | 6,179 | $ | 59,536 | $ | — | $ | 179,587 | ||||||||||||||||||||||||||||||||
Receivables | 13 | 11,443 | 106,934 | — | 118,390 | |||||||||||||||||||||||||||||||||||||
Ore on leach pads | — | 54,447 | 12,258 | — | 66,705 | |||||||||||||||||||||||||||||||||||||
Inventory | — | 43,371 | 71,966 | — | 115,337 | |||||||||||||||||||||||||||||||||||||
Deferred tax assets | 393 | — | 6,862 | — | 7,255 | |||||||||||||||||||||||||||||||||||||
Prepaid expenses and other | 4,575 | 4,444 | 9,610 | — | 18,629 | |||||||||||||||||||||||||||||||||||||
118,853 | 119,884 | 267,166 | — | 505,903 | ||||||||||||||||||||||||||||||||||||||
NON-CURRENT ASSETS | ||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 5,665 | 102,804 | 146,423 | — | 254,892 | |||||||||||||||||||||||||||||||||||||
Mining properties, net | 12,004 | 152,830 | 408,008 | — | 572,842 | |||||||||||||||||||||||||||||||||||||
Ore on leach pads | — | 34,425 | — | — | 34,425 | |||||||||||||||||||||||||||||||||||||
Restricted assets | 2,665 | 50 | 6,324 | — | 9,039 | |||||||||||||||||||||||||||||||||||||
Equity securities | — | 4,488 | — | — | 4,488 | |||||||||||||||||||||||||||||||||||||
Receivables | — | — | 18,933 | — | 18,933 | |||||||||||||||||||||||||||||||||||||
Deferred tax assets | 33,883 | — | 29,852 | — | 63,735 | |||||||||||||||||||||||||||||||||||||
Net investment in subsidiaries | 219,705 | 46,425 | — | (266,130 | ) | — | ||||||||||||||||||||||||||||||||||||
Other | 51,638 | 5,518 | 6,042 | (51,637 | ) | 11,561 | ||||||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 444,413 | $ | 466,424 | $ | 882,748 | $ | (317,767 | ) | $ | 1,475,818 | |||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 3,419 | $ | 14,526 | $ | 27,442 | $ | — | $ | 45,387 | ||||||||||||||||||||||||||||||||
Accrued liabilities and other | 10,534 | 8,998 | 21,036 | — | 40,568 | |||||||||||||||||||||||||||||||||||||
Debt | 49,753 | 7,539 | 8,427 | — | 65,719 | |||||||||||||||||||||||||||||||||||||
Royalty obligations | — | 6,455 | 37,987 | — | 44,442 | |||||||||||||||||||||||||||||||||||||
Reclamation | — | 2,542 | 2,497 | (1,151 | ) | 3,888 | ||||||||||||||||||||||||||||||||||||
Deferred tax liabilities | 7,142 | 848 | 88 | — | 8,078 | |||||||||||||||||||||||||||||||||||||
70,848 | 40,908 | 97,477 | (1,151 | ) | 208,082 | |||||||||||||||||||||||||||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||
Debt | 426,647 | 10,924 | 61,845 | (51,637 | ) | 447,779 | ||||||||||||||||||||||||||||||||||||
Royalty obligations | — | 10,067 | 11,152 | — | 21,219 | |||||||||||||||||||||||||||||||||||||
Reclamation | — | 47,743 | 37,005 | 1,151 | 85,899 | |||||||||||||||||||||||||||||||||||||
Deferred tax liabilities | 53,201 | 2,963 | 65,635 | — | 121,799 | |||||||||||||||||||||||||||||||||||||
Other long-term liabilities | 2,718 | 455 | 34,303 | — | 37,476 | |||||||||||||||||||||||||||||||||||||
Intercompany payable (receivable) | (662,565 | ) | 407,526 | 255,039 | — | — | ||||||||||||||||||||||||||||||||||||
(179,999 | ) | 479,678 | 464,979 | (50,486 | ) | 714,172 | ||||||||||||||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||
Common stock | 1,033 | 250 | 129,093 | (129,343 | ) | 1,033 | ||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 2,791,216 | 79,712 | 1,785,830 | (1,865,542 | ) | 2,791,216 | ||||||||||||||||||||||||||||||||||||
Accumulated deficit | (2,235,890 | ) | (131,329 | ) | (1,594,631 | ) | 1,725,960 | (2,235,890 | ) | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | (2,795 | ) | (2,795 | ) | — | 2,795 | (2,795 | ) | ||||||||||||||||||||||||||||||||||
553,564 | (54,162 | ) | 320,292 | (266,130 | ) | 553,564 | ||||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 444,413 | $ | 466,424 | $ | 882,748 | $ | (317,767 | ) | $ | 1,475,818 | |||||||||||||||||||||||||||||||
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Financial information relating to reporting segments | |||||
Revenue | $152,956 | $159,633 | |||
Costs applicable to sales | 115,062 | [1] | 106,896 | [1] | |
Amortization | 33,090 | 40,459 | |||
Exploration | 4,266 | 4,217 | |||
Interest and other income, net | -997 | -1,983 | |||
Interest expense, net | -10,765 | -13,054 | |||
Loss on termination of revolving credit facility | 0 | -3,035 | |||
Fair value adjustments, net | -4,884 | -11,436 | |||
Income and mining tax benefit (expense) | -68 | 4,689 | |||
Net income (loss) | -33,287 | -37,191 | |||
Assets, Net | 1,200,153 | 1,084,257 | |||
Capital expenditures | 17,620 | 11,936 | |||
Palmarejo [Member] | |||||
Financial information relating to reporting segments | |||||
Costs applicable to sales | 34,491 | 43,574 | |||
Amortization | 7,333 | 18,659 | |||
Exploration | 1,123 | 1,005 | |||
Other operating expenses | 314 | 297 | |||
Interest and other income, net | -1,103 | -1,569 | |||
Interest expense, net | -1,340 | -2,824 | |||
Fair value adjustments, net | -1,545 | -10,237 | |||
Income and mining tax benefit (expense) | -1,371 | 3,828 | |||
Net income (loss) | -9,226 | -6,349 | |||
Assets, Net | 346,250 | 1,152,913 | |||
Capital expenditures | 9,184 | 3,742 | |||
San Bartolome [Member] | |||||
Financial information relating to reporting segments | |||||
Metal sales | 21,548 | 27,554 | |||
Royalties | 0 | 0 | |||
Revenue | 21,548 | 27,554 | |||
Costs applicable to sales | 19,127 | 18,901 | |||
Amortization | 4,691 | 4,457 | |||
Exploration | 36 | 26 | |||
Other operating expenses | 244 | 140 | |||
Interest and other income, net | 452 | 682 | |||
Interest expense, net | -281 | -20 | |||
Fair value adjustments, net | 0 | 0 | |||
Income and mining tax benefit (expense) | -1,407 | -2,764 | |||
Net income (loss) | -3,786 | 1,928 | |||
Assets, Net | 179,638 | 285,072 | |||
Capital expenditures | 949 | 1,441 | |||
Kensington [Member] | |||||
Financial information relating to reporting segments | |||||
Metal sales | 44,038 | 36,061 | |||
Royalties | 0 | 0 | |||
Revenue | 44,038 | 36,061 | |||
Costs applicable to sales | 29,419 | 28,531 | |||
Amortization | 11,554 | 10,709 | |||
Exploration | 1,662 | 1,044 | |||
Other operating expenses | 235 | 191 | |||
Interest and other income, net | -4 | 0 | |||
Interest expense, net | -63 | -22 | |||
Fair value adjustments, net | 0 | 0 | |||
Income and mining tax benefit (expense) | 0 | 0 | |||
Net income (loss) | 1,101 | -4,436 | |||
Assets, Net | 205,208 | 332,563 | |||
Capital expenditures | 4,144 | 4,711 | |||
Rochester [Member] | |||||
Financial information relating to reporting segments | |||||
Metal sales | 44,031 | 24,154 | |||
Royalties | 0 | 0 | |||
Revenue | 44,031 | 24,154 | |||
Costs applicable to sales | 31,392 | 14,708 | |||
Amortization | 6,843 | 4,451 | |||
Exploration | 722 | 1,174 | |||
Other operating expenses | 1,141 | 1,345 | |||
Interest and other income, net | -41 | 19 | |||
Interest expense, net | -225 | -4 | |||
Fair value adjustments, net | -2,292 | -673 | |||
Income and mining tax benefit (expense) | -350 | 0 | |||
Net income (loss) | 1,025 | 1,818 | |||
Assets, Net | 188,419 | 192,409 | |||
Capital expenditures | 3,255 | 959 | |||
Coeur Capital [Member] | |||||
Financial information relating to reporting segments | |||||
Metal sales | 1,945 | 2,890 | |||
Royalties | 1,492 | 986 | |||
Revenue | 3,437 | 3,876 | |||
Costs applicable to sales | 633 | 1,182 | |||
Amortization | 2,151 | 1,702 | |||
Exploration | 75 | 203 | |||
Other operating expenses | 17 | 241 | |||
Interest and other income, net | -1,525 | -2,548 | |||
Interest expense, net | 0 | 0 | |||
Fair value adjustments, net | 0 | 0 | |||
Income and mining tax benefit (expense) | 598 | -288 | |||
Net income (loss) | -366 | -2,288 | |||
Assets, Net | 57,930 | 67,173 | |||
Capital expenditures | 0 | 0 | |||
Other Mining Properties [Member] | |||||
Financial information relating to reporting segments | |||||
Metal sales | 0 | 0 | |||
Royalties | 508 | 0 | |||
Revenue | 508 | 0 | |||
Costs applicable to sales | 0 | 0 | |||
Amortization | 518 | 481 | |||
Exploration | 648 | 765 | |||
Other operating expenses | 13,481 | 18,666 | |||
Interest and other income, net | -307 | -1,155 | |||
Interest expense, net | -8,856 | -10,184 | |||
Fair value adjustments, net | -1,047 | -526 | |||
Income and mining tax benefit (expense) | 1,776 | 3,913 | |||
Net income (loss) | -22,573 | -27,864 | |||
Assets, Net | 80,181 | 521,766 | |||
Capital expenditures | 37 | 1,083 | |||
Total [Member] | |||||
Financial information relating to reporting segments | |||||
Metal sales | 150,956 | 158,647 | |||
Royalties | 2,000 | 986 | |||
Revenue | 152,956 | ||||
Costs applicable to sales | 115,062 | ||||
Amortization | 33,090 | ||||
Other operating expenses | 15,597 | 20,880 | |||
Interest and other income, net | -2,511 | -4,571 | |||
Net income (loss) | -37,191 | ||||
Assets, Net | 2,551,896 | ||||
Capital expenditures | 17,620 | 11,936 | |||
Wharf [Member] | |||||
Financial information relating to reporting segments | |||||
Metal sales | 0 | ||||
Royalties | 0 | ||||
Revenue | 0 | ||||
Costs applicable to sales | 0 | ||||
Amortization | 0 | ||||
Exploration | 0 | ||||
Other operating expenses | 165 | ||||
Interest and other income, net | 17 | ||||
Interest expense, net | 0 | ||||
Fair value adjustments, net | 0 | ||||
Income and mining tax benefit (expense) | 686 | ||||
Net income (loss) | 538 | ||||
Assets, Net | 142,527 | ||||
Capital expenditures | 51 | ||||
Mexico [Member] | |||||
Financial information relating to reporting segments | |||||
Revenue | 40,141 | 68,511 | |||
Mexico [Member] | Palmarejo [Member] | |||||
Financial information relating to reporting segments | |||||
Metal sales | 39,394 | 67,988 | |||
Royalties | 0 | 0 | |||
Revenue | 39,394 | 67,988 | |||
BOLIVIA | |||||
Financial information relating to reporting segments | |||||
Revenue | $21,548 | $27,554 | |||
[1] | Excludes amortization. |
Segment_Reporting_Details_1
Segment Reporting (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Segment Reporting [Abstract] | ||||
Assets, Net | $1,200,153 | $1,084,257 | ||
Cash and cash equivalents | 179,587 | 270,861 | 272,932 | 206,690 |
Other assets | 96,078 | 90,449 | ||
TOTAL ASSETS | $1,475,818 | $1,445,567 |
Segment_Reporting_Details_2
Segment Reporting (Details 2) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | $827,734 | $729,103 | |
Revenues | |||
Revenue | 152,956 | 159,633 | |
United States [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 376,966 | 275,594 | |
Revenues | |||
Revenue | 88,069 | 60,215 | |
Australia [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 20,104 | 21,362 | |
Revenues | |||
Revenue | 1,945 | 2,889 | |
Argentina [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 10,944 | 10,970 | |
BOLIVIA | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 104,122 | 107,960 | |
Revenues | |||
Revenue | 21,548 | 27,554 | |
Mexico [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 300,756 | 298,101 | |
Revenues | |||
Revenue | 40,141 | 68,511 | |
Other Foreign Countries [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 14,842 | 15,116 | |
Revenues | |||
Revenue | $1,253 | $464 |
Reclamation_Details
Reclamation (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Asset retirement obligation | |||
Asset retirement obligation - Beginning | $67,214,000 | $57,454,000 | |
Accretion | 1,412,000 | 1,317,000 | |
Additions and changes in estimates | 18,292,000 | 0 | |
Settlements | -859,000 | -311,000 | |
Asset retirement obligation - Ending | 86,059,000 | 58,460,000 | |
Reclamation and Mine Closure (Textual) [Abstract] | |||
Accrued reclamation liabilities | $3,700,000 | $3,600,000 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details 1) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of exercised units (in shares) | 0 |
Weighted average exercised price (in dollars per share) | $0 |
Number of exercisable units (in shares) | 308,727 |
Weighted average exercisable price (in dollars price) | $19.69 |
Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of exercised units (in shares) | 0 |
Weighted average exercised price (in dollars per share) | $0 |
Number of exercisable units (in shares) | 46,572 |
Weighted average exercisable price (in dollars price) | $14.06 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details Textual) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock-based compensation cost | $7 | |
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 6 months 5 days | |
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 | $2.20 | $2.60 |
Retirement_Savings_Plan_Detail
Retirement Savings Plan (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Postemployment Benefits [Abstract] | ||
Percentage of employee compensation plus matching contribution | 100.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | |
Percentage of maximum limit for employees to contribute their cash compensation | 75.00% | |
Total plan expenses | $1.60 | $1.40 |
Income_and_Mining_Taxes_Detail
Income and Mining Taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income tax provision from continuing operations | ||
Income before income and mining taxes | ($33,219) | ($41,880) |
Income and mining tax benefit (expense) | -68 | 4,689 |
United States - Alternative minimum tax [Member] | ||
Income Tax Examination [Line Items] | ||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | -20,707 | -28,686 |
Income tax provision from continuing operations | ||
Federal tax expense (benefit) | 1,886 | -146 |
Argentina [Member] | ||
Income tax provision from continuing operations | ||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | -696 | -2,204 |
Foreign tax expense (benefit) | -1 | 4,432 |
Mexico [Member] | ||
Income tax provision from continuing operations | ||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | -9,672 | -16,006 |
Foreign tax expense (benefit) | -1,264 | 3,721 |
BOLIVIA | ||
Income tax provision from continuing operations | ||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | -2,379 | 4,692 |
Foreign tax expense (benefit) | -1,407 | -2,764 |
Other Countries [Member] | ||
Income tax provision from continuing operations | ||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 235 | 324 |
Foreign tax expense (benefit) | $718 | ($554) |
Income_and_Mining_Taxes_Detail1
Income and Mining Taxes (Details Textual) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Taxes (Textual) [Abstract] | ||
Income and mining tax benefit (expense) | ($68) | $4,689 |
Net_Income_Loss_Per_Share_Deta
Net Income (Loss) Per Share (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Basic EPS | |||
Net income (loss) available to common stockholders | ($33,287) | ($37,191) | |
Weighted average shares | |||
Basic (in shares) | 102,580,000 | 102,365,000 | |
Diluted (in shares) | 102,580,000 | 102,365,000 | |
Income (loss) per share | |||
Basic | ($0.32) | ($0.36) | |
Diluted | ($0.32) | ($0.36) | |
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 | 1,302,777 | 2,071,279 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gain (loss) on derivative instruments | ($4,884) | ($11,436) |
Embedded Derivative Financial Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gain (loss) on derivative instruments | -1,545 | -10,237 |
Rochester Royalty Obligation [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gain (loss) on derivative instruments | -2,292 | -673 |
Silver and gold options [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gain (loss) on derivative instruments | -1,046 | |
Unrealized Gain (Loss) on Derivatives | 200 | -1,494 |
Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gain (loss) on derivative instruments | $0 | $968 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Total assets | $6,664 | $9,864 |
Liabilities: | ||
Total liabilities | 36,301 | 39,126 |
Royalty obligation embedded derivative [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 21,912 | |
Rochester Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 15,370 | |
Other Derivative Instrument [Member] | ||
Assets: | ||
Fair value of derivative asset | 110 | |
Liabilities: | ||
Derivative fair value of derivative liability | 805 | |
Gold Put Purchase and Call Sold Options Net [Member] | ||
Assets: | ||
Fair value of derivative asset | 2,066 | |
Liabilities: | ||
Derivative fair value of derivative liability | 529 | 1,039 |
Short-term Deposit [Member] | ||
Assets: | ||
Short-term deposits | 5,982 | |
Marketable securities [Member] | ||
Assets: | ||
Restricted certificates of deposits | 4,488 | 3,882 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Total assets | 3,109 | 4,603 |
Liabilities: | ||
Total liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Royalty obligation embedded derivative [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Fair Value, Inputs, Level 1 [Member] | Rochester Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Fair Value, Inputs, Level 1 [Member] | Other Derivative Instrument [Member] | ||
Assets: | ||
Fair value of derivative asset | 0 | |
Liabilities: | ||
Derivative fair value of derivative liability | 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 fair value of derivative liability | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Short-term Deposit [Member] | ||
Assets: | ||
Short-term deposits | 4,603 | |
Fair Value, Inputs, Level 1 [Member] | Marketable securities [Member] | ||
Assets: | ||
Restricted certificates of deposits | 3,109 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Total assets | 2,176 | 3,882 |
Liabilities: | ||
Total liabilities | 529 | 1,844 |
Fair Value, Inputs, Level 2 [Member] | Royalty obligation embedded derivative [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Fair Value, Inputs, Level 2 [Member] | Rochester Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Fair Value, Inputs, Level 2 [Member] | Other Derivative Instrument [Member] | ||
Assets: | ||
Fair value of derivative asset | 110 | |
Liabilities: | ||
Derivative fair value of derivative liability | 805 | |
Fair Value, Inputs, Level 2 [Member] | Gold Put Purchase and Call Sold Options Net [Member] | ||
Assets: | ||
Fair value of derivative asset | 2,066 | |
Liabilities: | ||
Derivative fair value of derivative liability | 529 | 1,039 |
Fair Value, Inputs, Level 2 [Member] | Short-term Deposit [Member] | ||
Assets: | ||
Short-term deposits | 0 | |
Fair Value, Inputs, Level 2 [Member] | Marketable securities [Member] | ||
Assets: | ||
Restricted certificates of deposits | 0 | 3,882 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Total assets | 1,379 | 1,379 |
Liabilities: | ||
Total liabilities | 35,772 | 37,282 |
Fair Value, Inputs, Level 3 [Member] | Royalty obligation embedded derivative [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 21,912 | |
Fair Value, Inputs, Level 3 [Member] | Rochester Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 15,370 | |
Fair Value, Inputs, Level 3 [Member] | Other Derivative Instrument [Member] | ||
Assets: | ||
Fair value of derivative asset | 0 | |
Liabilities: | ||
Derivative fair value of derivative liability | 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 fair value of derivative liability | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short-term Deposit [Member] | ||
Assets: | ||
Short-term deposits | 1,379 | |
Fair Value, Inputs, Level 3 [Member] | Marketable securities [Member] | ||
Assets: | ||
Restricted certificates of deposits | 1,379 | 0 |
Palmarejo Royalty Obligation [Member] | Royalty obligation embedded derivative [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 19,250 | |
Palmarejo Royalty Obligation [Member] | Fair Value, Inputs, Level 1 [Member] | Royalty obligation embedded derivative [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Palmarejo Royalty Obligation [Member] | Fair Value, Inputs, Level 2 [Member] | Royalty obligation embedded derivative [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Palmarejo Royalty Obligation [Member] | Fair Value, Inputs, Level 3 [Member] | Royalty obligation embedded derivative [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 19,250 | |
Rochester Royalty Obligation [Member] | Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 16,522 | |
Rochester Royalty Obligation [Member] | Fair Value, Inputs, Level 1 [Member] | Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Rochester Royalty Obligation [Member] | Fair Value, Inputs, Level 2 [Member] | Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Rochester Royalty Obligation [Member] | Fair Value, Inputs, Level 3 [Member] | Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | $16,522 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 2) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Palmarejo Royalty Obligation [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at the beginning of the period | $21,912 |
Revaluation | 1,545 |
Settlements | -4,207 |
Balance at the end of the period | 19,250 |
Rochester Royalty Obligation [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at the beginning of the period | 15,370 |
Revaluation | 2,292 |
Settlements | -1,140 |
Balance at the end of the period | $16,522 |
Fair_Value_Measurements_Detail3
Fair Value Measurements (Details 3) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | $447,779 | $451,048 |
Debt | 65,719 | 17,498 |
Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 18,213 | 14,785 |
Fair Value, Inputs, Level 1 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 18,213 | 14,785 |
Fair Value, Inputs, Level 3 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | 0 |
Convertible Senior Notes Due March 2028 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Face Amount | 0 | |
Convertible Senior Notes Due March 2028 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Convertible Debt, Fair Value Disclosures | 688 | 4,979 |
Convertible Senior Notes Due March 2028 [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Face Amount | 712 | |
Convertible Debt, Fair Value Disclosures | 5,334 | |
Convertible Senior Notes Due March 2028 [Member] | Fair Value, Inputs, Level 1 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Convertible Debt, Fair Value Disclosures | 0 | 0 |
Convertible Senior Notes Due March 2028 [Member] | Fair Value, Inputs, Level 2 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Convertible Debt, Fair Value Disclosures | 688 | 4,979 |
Convertible Senior Notes Due March 2028 [Member] | Fair Value, Inputs, Level 3 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Convertible Debt, Fair Value Disclosures | 0 | 0 |
Senior Notes due 2021 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 425,935 | 427,603 |
Senior Notes due 2021 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | 371,489 | 343,305 |
Senior Notes due 2021 [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | 437,454 | |
Senior Notes due 2021 [Member] | Fair Value, Inputs, Level 1 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | 0 | 0 |
Senior Notes due 2021 [Member] | Fair Value, Inputs, Level 2 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | 371,489 | 343,305 |
Senior Notes due 2021 [Member] | Fair Value, Inputs, Level 3 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | 0 | 0 |
Palmarejo gold production royalty [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Not Measured at Fair Value | 33,916 | 38,290 |
Palmarejo gold production royalty [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Not Measured at Fair Value | 29,889 | 34,047 |
Palmarejo gold production royalty [Member] | Fair Value, Inputs, Level 1 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Not Measured at Fair Value | 0 | 0 |
Palmarejo gold production royalty [Member] | Fair Value, Inputs, Level 2 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Not Measured at Fair Value | 0 | 0 |
Palmarejo gold production royalty [Member] | Fair Value, Inputs, Level 3 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Not Measured at Fair Value | 33,916 | 38,290 |
San Bartolome Letter of Credit Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 18,213 | 14,785 |
Short Term Credit Agreement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 50,000 | |
Short Term Credit Agreement [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 50,000 | |
Short Term Credit Agreement [Member] | Fair Value, Inputs, Level 1 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 0 | |
Short Term Credit Agreement [Member] | Fair Value, Inputs, Level 2 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 50,000 | |
Short Term Credit Agreement [Member] | Fair Value, Inputs, Level 3 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | $0 |
Fair_Value_Measurements_Detail4
Fair Value Measurements (Details Textual) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Rochester [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Expected Royalty Duration | 3 | |
Palmarejo [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Expected Royalty Duration | 1.4 | |
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% |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Gain (loss) on derivative instruments | ($4,884,000) | ($11,436,000) | |
Derivative instruments Settlement | |||
Price per ounce under agreement | 412 | ||
Palmarejo gold production royalty [Member] | 2013 [Member] | |||
Derivative instruments Settlement | |||
Derivative, notional amount | 39,043,000 | ||
Price per ounce under agreement | 781 | ||
Notional ounces | 50,004 | ||
Palmarejo gold production royalty [Member] | 2014 [Member] | |||
Derivative instruments Settlement | |||
Derivative, notional amount | 23,712,000 | ||
Price per ounce under agreement | 771 | ||
Notional ounces | 30,744 | ||
Palmarejo gold production royalty [Member] | Thereafter [Member] | |||
Derivative instruments Settlement | |||
Derivative, notional amount | 0 | ||
Price per ounce under agreement | 0 | ||
Notional ounces | 0 | ||
Silver concentrate sales agreements [Member] | 2013 [Member] | |||
Derivative instruments Settlement | |||
Derivative, notional amount | 9,129,000 | ||
Derivative average price | 16.67 | ||
Outstanding Provisionally Priced Sales Consists of Silver | 547,611 | ||
Silver concentrate sales agreements [Member] | 2014 [Member] | |||
Derivative instruments Settlement | |||
Derivative, notional amount | 0 | ||
Notional ounces | 0 | ||
Derivative average price | 0 | ||
Silver concentrate sales agreements [Member] | Thereafter [Member] | |||
Derivative instruments Settlement | |||
Derivative, notional amount | 0 | ||
Notional ounces | 0 | ||
Derivative average price | 0 | ||
Gold concentrates sales agreements [Member] | 2013 [Member] | |||
Derivative instruments Settlement | |||
Derivative, notional amount | 40,495,000 | ||
Derivative average price | 1,224 | ||
Outstanding Provisionally Priced Sales Consists of Gold | 33,084 | ||
Gold concentrates sales agreements [Member] | 2014 [Member] | |||
Derivative instruments Settlement | |||
Derivative, notional amount | 0 | ||
Notional ounces | 0 | ||
Derivative average price | 0 | ||
Gold concentrates sales agreements [Member] | Thereafter [Member] | |||
Derivative instruments Settlement | |||
Derivative, notional amount | 0 | ||
Notional ounces | 0 | ||
Derivative average price | 0 | ||
Gold Put Option [Member] | 2013 [Member] | |||
Derivative instruments Settlement | |||
Weighted Average Strike Price of Put Options | 1,050 | ||
Silver put options purchased [Member] | 2013 [Member] | |||
Derivative instruments Settlement | |||
Derivative, notional amount | 45,900,000 | ||
Notional ounces | 2,700,000 | ||
Average strike price | 17 | ||
Silver put options purchased [Member] | 2014 [Member] | |||
Derivative instruments Settlement | |||
Derivative, notional amount | 0 | ||
Notional ounces | 0 | ||
Average strike price | 0 | ||
Silver put options purchased [Member] | Thereafter [Member] | |||
Derivative instruments Settlement | |||
Derivative, notional amount | 0 | ||
Notional ounces | 0 | ||
Average strike price | 0 | ||
Silver Put Options Sold [Member] | 2013 [Member] | |||
Derivative instruments Settlement | |||
Derivative, notional amount | 41,850,000 | ||
Average strike price | 15.5 | ||
Silver Put Options Sold [Member] | 2014 [Member] | |||
Derivative instruments Settlement | |||
Derivative, notional amount | 0 | ||
Weighted Average Strike Price of Put Options | 15.5 | 16 | |
Average strike price | 0 | ||
Silver Put Options Sold [Member] | Thereafter [Member] | |||
Derivative instruments Settlement | |||
Derivative, notional amount | $0 | ||
Average strike price | 0 | ||
Line of Credit [Member] | Put Option [Member] | Gold put options purchased [Member] | 2013 [Member] | |||
Derivative instruments Settlement | |||
Weighted Average Strike Price of Put Options | 1,200 | ||
Line of Credit [Member] | Put Option [Member] | Silver put options purchased [Member] | 2013 [Member] | |||
Derivative instruments Settlement | |||
Weighted Average Strike Price of Put Options | 17 | 18 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Prepaid expenses and other [Member] | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | $2,607 | $3,925 |
Accrued liabilities and other [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 960 | 1,887 |
Current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 14,541 | 14,405 |
Non-current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 4,709 | 7,507 |
Palmarejo gold production royalty [Member] | Current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 14,541 | 14,405 |
Palmarejo gold production royalty [Member] | Non-current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 4,709 | 7,507 |
Put and call options, net [Member] | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | 2,066 | |
Derivative Liability, Fair Value | 529 | 1,039 |
Put and call options, net [Member] | Prepaid expenses and other [Member] | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | 3,882 | |
Put and call options, net [Member] | Accrued liabilities and other [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 529 | 1,039 |
Concentrate sales contracts [Member] | Prepaid expenses and other [Member] | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | 541 | 43 |
Concentrate sales contracts [Member] | Accrued liabilities and other [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | $431 | $848 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Details 2) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Revenue | $152,956 | $159,633 | ||
Costs applicable to sales | 115,062 | [1] | 106,896 | [1] |
Fair value adjustments, net | -4,884 | -11,436 | ||
Fair value adjustments, net | -1,677 | -10,808 | ||
Concentrate Sales Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized Gain (Loss) on Derivatives | 914 | 879 | ||
Forward foreign exchange contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Costs applicable to sales | 0 | -924 | ||
Fair value adjustments, net | 0 | 968 | ||
Mexican peso forward purchase contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Fair value adjustments, net | 0 | 968 | ||
Palmarejo gold production royalty [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Fair value adjustments, net | -1,545 | -10,237 | ||
Silver and gold options [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized Gain (Loss) on Derivatives | 200 | -1,494 | ||
Fair value adjustments, net | ($1,046) | |||
[1] | Excludes amortization. |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Details Textual) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Jan. 21, 2009 | |
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Gain (loss) on derivative instruments | ($4,884,000) | ($11,436,000) | ||
Fair Value Assumptions, Risk Free Interest Rate | 7.56% | 11.80% | ||
Price per ounce under agreement | 412 | |||
Put Option [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Contract expiration date | 3 years | |||
Franco-Nevada warrant [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Fair value liability of the embedded derivative | 21,900,000 | |||
Realized losses | 4,200,000 | -6,200,000 | ||
Palmarejo gold production royalty [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Production to be sold, percent | 50.00% | |||
Gain (loss) on derivative instruments | -1,545,000 | -10,237,000 | ||
Payment made for gold on the end of royalty obligation | 4,167 | |||
Remaining ounces under royalty obligation | 72,414 | |||
Percentage of Gold Production | 50.00% | |||
Annual Inflation Compounding Adjustment | 1.00% | |||
Concentrate Sales Contracts [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Unrealized Gain (Loss) on Derivatives | 914,000 | 879,000 | ||
Gold Put Purchase and Call Sold Options Net [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Derivative Liability, Fair Value | 529,000 | 1,039,000 | ||
Fair value of the contract | 2,066,000 | |||
Commodity [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Mark-to-market gains and (losses) on forward foreign exchange contract | 800,000 | -300,000 | ||
Silver and gold options [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Gain (loss) on derivative instruments | -1,046,000 | |||
Unrealized Gain (Loss) on Derivatives | 200,000 | -1,494,000 | ||
Maximum [Member] | Palmarejo gold production royalty [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Payable ounces under royalty obligation | 400,000 | |||
Derivative Instruments Settle in Year One [Member] | Gold Put Option [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Weighted Average Strike Price of Put Options | 1,050 | |||
Derivative Instruments Settle in Year One [Member] | Silver concentrate sales agreements [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Derivative, Notional Amount | -9,129,000 | |||
Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Outstanding provisionally priced sales consists of silver | 547,611 | |||
Derivative Average Price | 16.67 | |||
Derivative Instruments Settle in Year One [Member] | Gold concentrates sales agreements [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Derivative, Notional Amount | -40,495,000 | |||
Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Outstanding provisionally priced sales consists of Gold | 33,084 | |||
Derivative Average Price | 1,224 | |||
Derivative Instruments Settle in Year One [Member] | Silver put options purchased [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Derivative, Notional Amount | -45,900,000 | |||
Notional ounces | 2,700,000 | |||
Derivative Instruments Settle in Year One [Member] | Silver Put Options Sold [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Derivative, Notional Amount | -41,850,000 | |||
Outstanding Put Options of Silver | 2,700,000 | |||
Derivative Instruments Settle in Year One [Member] | Kensington Term Facility [Member] | Gold put options purchased [Member] | Put Option [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Weighted Average Strike Price of Put Options | 1,200 | |||
Derivative Instruments Settle in Year One [Member] | Kensington Term Facility [Member] | Silver put options purchased [Member] | Put Option [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Weighted Average Strike Price of Put Options | 17 | 18 | ||
Derivative Financial Instruments, Assets [Member] | Gold put options purchased [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Notional ounces | 24,000 | |||
Derivative Financial Instruments, Assets [Member] | Silver put options purchased [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Notional ounces | 2,700,000 | 1,300,000 | ||
Derivative Instruments Settle in Year Two [Member] | Silver concentrate sales agreements [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Derivative, Notional Amount | 0 | |||
Notional ounces | 0 | |||
Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Derivative Average Price | 0 | |||
Derivative Instruments Settle in Year Two [Member] | Gold concentrates sales agreements [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Derivative, Notional Amount | 0 | |||
Notional ounces | 0 | |||
Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Derivative Average Price | 0 | |||
Derivative Instruments Settle in Year Two [Member] | Silver put options purchased [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Derivative, Notional Amount | 0 | |||
Notional ounces | 0 | |||
Derivative Instruments Settle in Year Two [Member] | Silver Put Options Sold [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Derivative, Notional Amount | 0 | |||
Weighted Average Strike Price of Put Options | 15.5 | 16 | ||
Outstanding Put Options of Silver | 0 | |||
Derivative Instruments Settle Thereafter [Member] | Silver concentrate sales agreements [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Derivative, Notional Amount | 0 | |||
Notional ounces | 0 | |||
Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Derivative Average Price | 0 | |||
Derivative Instruments Settle Thereafter [Member] | Gold concentrates sales agreements [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Derivative, Notional Amount | 0 | |||
Notional ounces | 0 | |||
Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Derivative Average Price | 0 | |||
Derivative Instruments Settle Thereafter [Member] | Silver put options purchased [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Derivative, Notional Amount | 0 | |||
Notional ounces | 0 | |||
Derivative Instruments Settle Thereafter [Member] | Silver Put Options Sold [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Derivative, Notional Amount | 0 | |||
Outstanding Put Options of Silver | 0 | |||
Prepaid Expenses and Other Current Assets [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Fair value of the contract | 2,607,000 | 3,925,000 | ||
Prepaid Expenses and Other Current Assets [Member] | Gold Put Purchase and Call Sold Options Net [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Fair Value, Asian Put Options | 1,500,000 | |||
Fair value of the contract | $3,882,000 |
Acquisitions_Details
Acquisitions (Details) (Wharf Gold Mine [Member], USD $) | 0 Months Ended | 3 Months Ended | ||
Feb. 20, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Feb. 20, 2015 | |
Wharf Gold Mine [Member] | ||||
Business Acquisition [Line Items] | ||||
Transaction costs | $2,000,000 | |||
Cash | 103,000,000 | |||
Liabilities assumed: | ||||
Accounts payable and accrued liabilities | 5,412,000 | 5,412,000 | ||
Reclamation | 18,270,000 | 18,270,000 | ||
Deferred income taxes | 9,503,000 | 9,503,000 | ||
Other non-current liabilities | 3,750,000 | 3,750,000 | ||
Total liabilities assumed | 36,935,000 | 36,935,000 | ||
Total consideration | 139,935,000 | |||
Assets acquired: | ||||
Cash | 982,000 | 982,000 | ||
Receivables | 3,125,000 | 3,125,000 | ||
Inventory | 2,807,000 | 2,807,000 | ||
Ore on leach pads | 12,710,000 | 12,710,000 | ||
Other current assets | 2,924,000 | 2,924,000 | ||
Property, plant, and equipment | 30,054,000 | 30,054,000 | ||
Mining properties, net | 83,367,000 | 83,367,000 | ||
Other non-current assets | 3,966,000 | 3,966,000 | ||
Total assets acquired | 139,935,000 | 139,935,000 | ||
Business Acquisition, Pro Forma Information [Abstract] | ||||
Revenue | 170,956,000 | 178,917,000 | ||
Income (loss) before income and mining taxes | -33,271,000 | -36,673,000 | ||
Net income (loss) | ($33,340,000) | ($31,957,000) |
Investments_Details
Investments (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Investment in Marketable Securities (Textual) [Abstract] | |||
Unrealized gain (loss) on available for sale securities | ($915) | $371 | |
Impairment of equity securities | 1,514 | 2,588 | |
Marketable securities [Member] | |||
Available-for-sale Securities | |||
Cost | 4,173 | 5,687 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 9 | 8 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 324 | 303 | |
Available-for-sale Securities, Estimated Fair Value | 4,488 | 5,982 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than twelve Months, Fair Value | 38 | ||
Twelve months or more, Fair Value | 0 | ||
Fair Value | 38 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $9 |
Receivables_Details
Receivables (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Allowance for Doubtful Accounts Receivable | $0 | |
Receivables - current portion | ||
Accounts receivable - trade | 18,735 | 20,448 |
Refundable income tax | 30,372 | 30,045 |
Refundable value added tax | 63,583 | 63,805 |
Accounts receivable - other | 5,700 | 2,623 |
Receivables, net current portion | 118,390 | 116,921 |
Receivables - non-current portion | ||
Refundable value added tax | 18,933 | 21,686 |
Receivables, Total | $137,323 | $138,607 |
Metal_and_Other_Inventory_Deta
Metal and Other Inventory (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventories | ||
Concentrate and dore inventory | $18,783 | $23,563 |
Other Inventory, Net of Reserves | 42,972 | 40,870 |
Supplies | 53,582 | 50,498 |
Metal and other inventory | 115,337 | 114,931 |
Ore on Leach Pad, Current | 66,705 | 48,204 |
Ore on leach pads | 34,425 | 37,889 |
Inventory, Ore Stockpiles on Leach Pads, Gross | 101,130 | 86,093 |
Inventory and Ore on Leach Pads | $216,467 | $201,024 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, plant and equipment | ||
Land | $8,225 | $1,752 |
Building improvements | 676,858 | 647,181 |
Capitalized leases for machinery, equipment and buildings | 27,556 | 28,680 |
Property, plant and equipment, gross | 712,639 | 677,613 |
Accumulated depreciation and amortization | -477,851 | -464,852 |
Property Plant and Equipment Net before Construction in Progress | 234,788 | 212,761 |
Construction in Progress | 20,104 | 15,150 |
Property, plant and equipment, net | $254,892 | $227,911 |
Mining_Properties_Details
Mining Properties (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Mining Properties | ||
Operational mining properties: | $598,579 | $557,799 |
Accumulated depletion | -382,467 | -368,410 |
Operational mining properties, net | 216,112 | 189,389 |
Mineral interest | 731,234 | 679,429 |
Accumulated depletion | -374,504 | -367,626 |
Mineral interest, net | 356,730 | 311,803 |
Total mining properties | 572,842 | 501,192 |
Palmarejo [Member] | ||
Mining Properties | ||
Operational mining properties: | 143,012 | 137,821 |
Accumulated depletion | -124,306 | -121,906 |
Operational mining properties, net | 18,706 | 15,915 |
Mineral interest | 521,349 | 521,349 |
Accumulated depletion | -335,791 | -332,032 |
Mineral interest, net | 185,558 | 189,317 |
Total mining properties | 204,264 | 205,232 |
San Bartolome [Member] | ||
Mining Properties | ||
Operational mining properties: | 49,379 | 49,305 |
Accumulated depletion | -27,411 | -26,106 |
Operational mining properties, net | 21,968 | 23,199 |
Mineral interest | 17,560 | 17,560 |
Accumulated depletion | -10,435 | -10,143 |
Mineral interest, net | 7,125 | 7,417 |
Total mining properties | 29,093 | 30,616 |
Kensington [Member] | ||
Mining Properties | ||
Operational mining properties: | 220,957 | 217,138 |
Accumulated depletion | -113,005 | -106,865 |
Operational mining properties, net | 107,952 | 110,273 |
Mineral interest | 0 | 0 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 0 | 0 |
Total mining properties | 107,952 | 110,273 |
Rochester [Member] | ||
Mining Properties | ||
Operational mining properties: | 153,613 | 153,535 |
Accumulated depletion | -117,414 | -113,533 |
Operational mining properties, net | 36,199 | 40,002 |
Mineral interest | 0 | 0 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 0 | 0 |
Total mining properties | 36,199 | 40,002 |
Wharf [Member] | ||
Mining Properties | ||
Operational mining properties: | 31,618 | |
Accumulated depletion | -331 | |
Operational mining properties, net | 31,287 | |
Mineral interest | 51,779 | |
Accumulated depletion | -676 | |
Mineral interest, net | 51,103 | |
Total mining properties | 82,390 | |
Endeavor [Member] | ||
Mining Properties | ||
Operational mining properties: | 0 | 0 |
Accumulated depletion | 0 | 0 |
Operational mining properties, net | 0 | 0 |
Mineral interest | 49,085 | 49,059 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 49,085 | 49,059 |
Total mining properties | 49,085 | 49,059 |
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 | 10,000 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 10,000 | 10,000 |
Total mining properties | 10,000 | 10,000 |
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 | 81,461 |
Accumulated depletion | -27,602 | -25,451 |
Mineral interest, net | 53,859 | 56,010 |
Total mining properties | $53,859 | $56,010 |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Percentage of Actual Gold Production | 50.00% | ||
Long term debt and capital lease obligations | |||
Current | $65,719,000 | $17,498,000 | |
Non-current | 447,779,000 | 451,048,000 | |
Interest expenses incurred for various debt instruments | |||
Interest Paid on Convertible Notes due 2028 | 37,000 | 43,000 | |
Interest Paid on Senior Notes due 2021 | 8,562,000 | 6,464,000 | |
San BartolomC) Line of Credit | 272,000 | 0 | |
Line of Credit Facility, Commitment Fee Amount | 0 | 179,000 | |
Write off revolver costs, interest expense | 0 | 3,035,000 | |
Interest Paid on Capital Leases | 298,000 | 59,000 | |
Accretion of Franco Nevada royalty obligation | 2,031,000 | 3,196,000 | |
Debt Issuance Cost | 405,000 | 498,000 | |
Amortization of debt issuance costs | -105,000 | -36,000 | |
Capitalized interest | -735,000 | -384,000 | |
Total interest expense, net of capitalized interest | 10,765,000 | 13,054,000 | |
San Bartolome Letter of Credit Facility [Member] | |||
Long term debt and capital lease obligations | |||
Non-current | 9,892,000 | 10,304,000 | |
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 | ||
Senior Notes due 2021 [Member] | |||
Long term debt and capital lease obligations | |||
Non-current | 425,935,000 | 427,603,000 | |
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 | 11,240,000 | 13,141,000 | |
Palmarejo gold production royalty [Member] | |||
Debt Instrument [Line Items] | |||
Minimum Obligation Paid in Monthly Payments | 4,167 | ||
Annual Inflation Compounding Adjustment | 1.00% | ||
Short Term Credit Agreement [Member] | |||
Long term debt and capital lease obligations | |||
Current | 49,753,000 | 0 | |
Non-current | 0 | 0 | |
Convertible Senior Notes Due March 2028 [Member] | |||
Long term debt and capital lease obligations | |||
Current | 0 | 5,334,000 | |
Senior Notes due 2021 [Member] | |||
Long term debt and capital lease obligations | |||
Current | 0 | 0 | |
Capital Lease Obligations [Member] | |||
Long term debt and capital lease obligations | |||
Current | 7,645,000 | 7,683,000 | |
San Bartolome Letter of Credit Facility [Member] | |||
Long term debt and capital lease obligations | |||
Current | $8,321,000 | $4,481,000 |
Debt_Details_Textual
Debt (Details Textual) (USD $) | 3 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | |
debt | ||||
Debt and capital lease obligations (Textual) [Abstract] | ||||
Number of lines of credits, outstanding | 2 | |||
Debt | $65,719,000 | $65,719,000 | $17,498,000 | |
Amortization of debt issuance costs | -105,000 | -36,000 | ||
Write off revolver costs, interest expense | 0 | 3,035,000 | ||
Line of credit facility, commitment fee amount | 0 | 179,000 | ||
Loss on termination of revolving credit facility | 0 | 3,035,000 | ||
Percentage of Actual Gold Production | 50.00% | |||
Payments to Acquire Royalty Interests in Mining Properties | 10,368,000 | 14,683,000 | ||
Additional Long term debt and capital lease obligations(Textual) [Abstract] | ||||
Implicit Interest Rate | 30.00% | |||
Accretion of Royalty Obligation | 2,031,000 | 3,196,000 | ||
Remaining Minimum Obligation Under Royalty Agreements | 29,900,000 | 29,900,000 | 34,000,000 | |
Expensed Interest | 10,765,000 | 13,054,000 | ||
Capitalized interest | 735,000 | 384,000 | ||
Convertible Senior Notes Due March 2028 [Member] | ||||
Debt and capital lease obligations (Textual) [Abstract] | ||||
Interest rate on notes | 3.25% | 3.25% | 3.25% | |
Debt Instrument, Face Amount | 0 | |||
Additional Long term debt and capital lease obligations(Textual) [Abstract] | ||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 10,900,000 | 10,900,000 | ||
Senior Notes due 2021 [Member] | ||||
Debt and capital lease obligations (Textual) [Abstract] | ||||
Debt Instrument, Repurchase Amount | 2,000,000 | 2,000,000 | ||
Long-term Debt | 432,900,000 | 432,900,000 | ||
Interest rate on notes | 7.88% | 7.88% | 7.88% | |
Banco Bisa Line of Credit [Member] | ||||
Debt and capital lease obligations (Textual) [Abstract] | ||||
Borrowing under term facility | 12,000,000 | 12,000,000 | ||
Line of Credit Facility, Interest Rate at Period End | 6.00% | 6.00% | ||
Banco de Credito Line of Credit [Member] | ||||
Debt and capital lease obligations (Textual) [Abstract] | ||||
Borrowing under term facility | 15,000,000 | 15,000,000 | ||
Line of Credit Facility, Interest Rate at Period End | 6.00% | 6.00% | ||
Palmarejo gold production royalty [Member] | ||||
Debt and capital lease obligations (Textual) [Abstract] | ||||
Effective interest rate on the notes | 30.50% | 30.50% | ||
Palmarejo gold production royalty [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Commodity Royalty Payments | 327,586 | 327,586 | ||
Debt and capital lease obligations (Textual) [Abstract] | ||||
Remaining ounces under royalty obligation | 72,414 | 72,414 | ||
Palmarejo gold production royalty [Member] | Maximum [Member] | ||||
Debt and capital lease obligations (Textual) [Abstract] | ||||
Payable ounces under royalty obligation | 400,000 | 400,000 | ||
3.25% Convertible Senior Notes due March 2028 [Member] | ||||
Debt and capital lease obligations (Textual) [Abstract] | ||||
Interest rate on notes | 3.25% | 3.25% | ||
Debt | 0 | 0 | 5,334,000 | |
Debt Instrument, Repurchased Face Amount | 4,600,000 | 4,600,000 | ||
San Bartolome Letter of Credit Facility [Member] | ||||
Debt and capital lease obligations (Textual) [Abstract] | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | 18,213,000 | 18,213,000 | 14,785,000 | |
Short Term Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Unamortized debt issuance expense | 200,000 | 200,000 | ||
Debt and capital lease obligations (Textual) [Abstract] | ||||
Short-term Debt | 50,000,000 | 50,000,000 | ||
Covenant compliance, consolidated debt to EBITDA, maximum | 3.5 | |||
Debt Instrument, Covenant Compliance, Consolidated Debt to Adjusted EBITDA, Minimum | 1 | |||
Debt covenant, minimum required cash and cash equivalent balance | 100,000,000 | 100,000,000 | ||
Debt | 50,000,000 | 50,000,000 | ||
Debt Instrument, Term | 1 year | |||
Banco Bisa Line of Credit [Member] | ||||
Debt and capital lease obligations (Textual) [Abstract] | ||||
Debt Instrument, Term | 270 days | |||
Senior Notes due 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs and premium | $7,000,000 | $7,000,000 | $7,300,000 | |
Palmarejo [Member] | ||||
Debt and capital lease obligations (Textual) [Abstract] | ||||
Expected Royalty Duration | 1.4 | |||
Eurodollar [Member] | Short Term Credit Agreement [Member] | ||||
Debt and capital lease obligations (Textual) [Abstract] | ||||
Basis spread on variable rate | 2.50% | |||
Basis spread on variable rate, maximum | 4.50% |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information Condensed Consolidated Statements of Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Oct. 02, 2014 | |||
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenue | $152,956,000 | $159,633,000 | ||||
Costs applicable to sales | 115,062,000 | [1] | 106,896,000 | [1] | ||
Amortization | 33,090,000 | 40,459,000 | ||||
General and Administrative Expense | 8,834,000 | 13,896,000 | ||||
Exploration Expense, Mining | 4,266,000 | 4,217,000 | ||||
Pre-development, reclamation, and other | 6,763,000 | 6,984,000 | ||||
Total costs and expenses | 168,015,000 | 172,452,000 | ||||
Loss on termination of revolving credit facility | 0 | -3,035,000 | ||||
Gain (loss) on derivative instruments | -4,884,000 | -11,436,000 | ||||
Marketable Securities, Gain (Loss), Excluding Other than Temporary Impairments | -1,514,000 | |||||
Impairment of equity securities | 1,514,000 | 2,588,000 | ||||
Interest and other income, net | -997,000 | -1,983,000 | ||||
Interest expense, net | -10,765,000 | -13,054,000 | ||||
Nonoperating Income (Expense) | -18,160,000 | -29,061,000 | ||||
Income before income and mining taxes | -33,219,000 | -41,880,000 | ||||
Income and mining tax benefit (expense) | -68,000 | 4,689,000 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -33,287,000 | -37,191,000 | ||||
Income (Loss) from Equity Method Investments | 0 | 0 | ||||
NET INCOME (LOSS) | -33,287,000 | -37,191,000 | ||||
Unrealized gain (loss) on available for sale securities | -915,000 | 371,000 | ||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 928,000 | 1,587,000 | ||||
Other comprehensive income (loss) | 13,000 | 1,958,000 | ||||
COMPREHENSIVE INCOME (LOSS) | -33,274,000 | -35,233,000 | ||||
Coeur Mining, Inc. | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenue | 0 | 0 | ||||
Costs applicable to sales | 0 | 0 | ||||
Amortization | 502,000 | 377,000 | ||||
General and Administrative Expense | 8,750,000 | 13,052,000 | ||||
Exploration Expense, Mining | 563,000 | 586,000 | ||||
Pre-development, reclamation, and other | 3,388,000 | 0 | ||||
Total costs and expenses | 13,203,000 | 14,015,000 | ||||
Gain (loss) on derivative instruments | -1,046,000 | -526,000 | ||||
Marketable Securities, Gain (Loss), Excluding Other than Temporary Impairments | 0 | 0 | ||||
Interest and other income, net | 1,280,000 | 840,000 | ||||
Interest expense, net | -8,855,000 | -10,183,000 | ||||
Nonoperating Income (Expense) | -8,621,000 | -9,869,000 | ||||
Income before income and mining taxes | -21,824,000 | -23,884,000 | ||||
Income and mining tax benefit (expense) | 1,550,000 | -146,000 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -20,274,000 | -24,030,000 | ||||
Income (Loss) from Equity Method Investments | -13,013,000 | -13,161,000 | ||||
NET INCOME (LOSS) | -33,287,000 | -37,191,000 | ||||
Marketable Securities, Unrealized Gain (Loss) | 371,000 | |||||
Unrealized gain (loss) on available for sale securities | -915,000 | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 1,587,000 | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 928,000 | |||||
Other comprehensive income (loss) | 13,000 | 1,958,000 | ||||
COMPREHENSIVE INCOME (LOSS) | -33,274,000 | -35,233,000 | ||||
Guarantor Subsidiaries | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenue | 88,672,000 | 60,500,000 | ||||
Costs applicable to sales | 60,811,000 | 43,238,000 | ||||
Amortization | 18,567,000 | 15,296,000 | ||||
General and Administrative Expense | 7,000 | 166,000 | ||||
Exploration Expense, Mining | 2,458,000 | 2,421,000 | ||||
Pre-development, reclamation, and other | 1,375,000 | 1,536,000 | ||||
Total costs and expenses | 83,218,000 | 62,657,000 | ||||
Gain (loss) on derivative instruments | -2,293,000 | -673,000 | ||||
Marketable Securities, Gain (Loss), Excluding Other than Temporary Impairments | -1,514,000 | -2,588,000 | ||||
Interest and other income, net | -57,000 | 46,000 | ||||
Interest expense, net | -288,000 | -26,000 | ||||
Nonoperating Income (Expense) | -4,152,000 | -3,241,000 | ||||
Income before income and mining taxes | 1,302,000 | -5,398,000 | ||||
Income and mining tax benefit (expense) | -350,000 | 0 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 952,000 | -5,398,000 | ||||
Income (Loss) from Equity Method Investments | 809,000 | 178,000 | ||||
NET INCOME (LOSS) | 1,761,000 | -5,220,000 | ||||
Marketable Securities, Unrealized Gain (Loss) | 467,000 | |||||
Unrealized gain (loss) on available for sale securities | -915,000 | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 1,587,000 | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 928,000 | |||||
Other comprehensive income (loss) | 13,000 | 2,054,000 | ||||
COMPREHENSIVE INCOME (LOSS) | 1,774,000 | -3,166,000 | ||||
Non-Guarantor Subsidiaries | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenue | 64,284,000 | 99,133,000 | ||||
Costs applicable to sales | 54,251,000 | 63,658,000 | ||||
Amortization | 14,021,000 | 24,786,000 | ||||
General and Administrative Expense | 77,000 | 678,000 | ||||
Exploration Expense, Mining | 1,245,000 | 1,210,000 | ||||
Pre-development, reclamation, and other | 2,000,000 | 5,448,000 | ||||
Total costs and expenses | 71,594,000 | 95,780,000 | ||||
Gain (loss) on derivative instruments | -1,545,000 | -10,237,000 | ||||
Marketable Securities, Gain (Loss), Excluding Other than Temporary Impairments | 0 | 0 | ||||
Interest and other income, net | -1,398,000 | -2,211,000 | ||||
Interest expense, net | -2,444,000 | -3,503,000 | ||||
Nonoperating Income (Expense) | -5,387,000 | -15,951,000 | ||||
Income before income and mining taxes | -12,697,000 | -12,598,000 | ||||
Income and mining tax benefit (expense) | -1,268,000 | 4,835,000 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -13,965,000 | -7,763,000 | ||||
Income (Loss) from Equity Method Investments | 0 | 0 | ||||
NET INCOME (LOSS) | -13,965,000 | -7,763,000 | ||||
Marketable Securities, Unrealized Gain (Loss) | 0 | |||||
Unrealized gain (loss) on available for sale securities | 0 | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 0 | |||||
Other comprehensive income (loss) | 0 | 0 | ||||
COMPREHENSIVE INCOME (LOSS) | -13,965,000 | -7,763,000 | ||||
Eliminations | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenue | 0 | 0 | ||||
Costs applicable to sales | 0 | 0 | ||||
Amortization | 0 | 0 | ||||
General and Administrative Expense | 0 | 0 | ||||
Exploration Expense, Mining | 0 | 0 | ||||
Pre-development, reclamation, and other | 0 | 0 | ||||
Total costs and expenses | 0 | 0 | ||||
Gain (loss) on derivative instruments | 0 | 0 | ||||
Marketable Securities, Gain (Loss), Excluding Other than Temporary Impairments | 0 | 0 | ||||
Interest and other income, net | -822,000 | -658,000 | ||||
Interest expense, net | 822,000 | 658,000 | ||||
Nonoperating Income (Expense) | 0 | 0 | ||||
Income before income and mining taxes | 0 | 0 | ||||
Income and mining tax benefit (expense) | 0 | 0 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 0 | 0 | ||||
Income (Loss) from Equity Method Investments | 12,204,000 | 12,983,000 | ||||
NET INCOME (LOSS) | 12,204,000 | 12,983,000 | ||||
Marketable Securities, Unrealized Gain (Loss) | -467,000 | |||||
Unrealized gain (loss) on available for sale securities | 915,000 | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | -1,587,000 | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | -928,000 | |||||
Other comprehensive income (loss) | -13,000 | -2,054,000 | ||||
COMPREHENSIVE INCOME (LOSS) | 12,191,000 | 10,929,000 | ||||
Senior Notes due Two Thousand Twenty One [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.88% | 7.88% | ||||
Operating Segments [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Revenue | 152,956,000 | |||||
Costs applicable to sales | 115,062,000 | |||||
Amortization | 33,090,000 | |||||
Interest and other income, net | -2,511,000 | -4,571,000 | ||||
NET INCOME (LOSS) | -37,191,000 | |||||
Palmarejo gold stream agreement [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Aggregate deposit to be received | $5,000,000 | $22,000,000 | ||||
[1] | Excludes amortization. |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information Condensed Consolidated Statements of Cash Flows (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Acquisitions, net of cash acquired | ($102,018) | $0 |
Net Cash Provided by (Used in) Operating Activities | -3,972 | -9,627 |
Capital expenditures | -17,620 | -11,936 |
Purchase of short term investments and equity securities | -278 | -46,220 |
Sales and maturities of short-term investments | 229 | 90 |
Proceeds from Discontinued Operations Sale of Assets and Other | -1,730 | -25 |
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities | -121,417 | -58,091 |
Issuance of notes and bank borrowings | 53,500 | 153,000 |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | -8,594 | -4,111 |
Payments to Acquire Royalty Interests in Mining Properties | -10,368 | -14,683 |
Proceeds From Repayment Intercompany Borrowings | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | -423 | -246 |
CASH PROVIDED BY FINANCING ACTIVITIES | 34,115 | 133,960 |
Cash and Cash Equivalents, Period Increase (Decrease) | -91,274 | 66,242 |
Cash and cash equivalents at beginning of period | 270,861 | 206,690 |
Cash and cash equivalents at end of period | 179,587 | 272,932 |
Coeur Mining, Inc. | ||
Condensed Financial Statements, Captions [Line Items] | ||
Payments to Acquire Businesses, Net of Cash Acquired | -103,000 | |
Net Cash Provided by (Used in) Operating Activities | -44,918 | -37,623 |
Capital expenditures | -12 | -945 |
Purchase of short term investments and equity securities | -278 | -45,796 |
Sales and maturities of short-term investments | 0 | 90 |
Proceeds from Discontinued Operations Sale of Assets and Other | -1,767 | 0 |
Payments to Acquire Interest in Subsidiaries and Affiliates | 12,221 | 13,160 |
Net Cash Provided by (Used in) Investing Activities | -92,836 | -33,491 |
Issuance of notes and bank borrowings | 50,000 | 153,000 |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | -6,582 | -3,196 |
Payments to Acquire Royalty Interests in Mining Properties | 0 | 0 |
Proceeds From Repayment Intercompany Borrowings | -1,730 | -11,475 |
Proceeds from (Payments for) Other Financing Activities | -423 | -246 |
CASH PROVIDED BY FINANCING ACTIVITIES | 41,265 | 138,083 |
Cash and Cash Equivalents, Period Increase (Decrease) | -96,489 | 66,969 |
Cash and cash equivalents at beginning of period | 210,361 | 137,076 |
Cash and cash equivalents at end of period | 113,872 | 204,045 |
Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Payments to Acquire Businesses, Net of Cash Acquired | ||
Net Cash Provided by (Used in) Operating Activities | 29,908 | 4,932 |
Capital expenditures | -7,399 | -5,670 |
Purchase of short term investments and equity securities | 0 | -424 |
Sales and maturities of short-term investments | 145 | 0 |
Proceeds from Discontinued Operations Sale of Assets and Other | 0 | 0 |
Payments to Acquire Interest in Subsidiaries and Affiliates | -810 | -178 |
Net Cash Provided by (Used in) Investing Activities | -8,064 | -6,272 |
Issuance of notes and bank borrowings | 0 | 0 |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | -1,818 | -412 |
Payments to Acquire Royalty Interests in Mining Properties | 0 | 0 |
Proceeds From Repayment Intercompany Borrowings | -19,628 | 1,515 |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 |
CASH PROVIDED BY FINANCING ACTIVITIES | -21,446 | 1,103 |
Cash and Cash Equivalents, Period Increase (Decrease) | 398 | -237 |
Cash and cash equivalents at beginning of period | 5,781 | 991 |
Cash and cash equivalents at end of period | 6,179 | 754 |
Non-Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Payments to Acquire Businesses, Net of Cash Acquired | 982 | |
Net Cash Provided by (Used in) Operating Activities | -1,166 | 10,082 |
Capital expenditures | -10,209 | -5,321 |
Purchase of short term investments and equity securities | 0 | 0 |
Sales and maturities of short-term investments | 84 | 0 |
Proceeds from Discontinued Operations Sale of Assets and Other | 37 | -25 |
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities | -9,106 | -5,346 |
Issuance of notes and bank borrowings | 3,500 | 0 |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | -194 | -503 |
Payments to Acquire Royalty Interests in Mining Properties | -10,368 | -14,683 |
Proceeds From Repayment Intercompany Borrowings | 21,358 | 9,960 |
Proceeds from (Payments for) Other Financing Activities | 793 | 0 |
CASH PROVIDED BY FINANCING ACTIVITIES | 15,089 | -5,226 |
Cash and Cash Equivalents, Period Increase (Decrease) | 4,817 | -490 |
Cash and cash equivalents at beginning of period | 54,719 | 68,623 |
Cash and cash equivalents at end of period | 59,536 | 68,133 |
Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |
Net Cash Provided by (Used in) Operating Activities | 12,204 | 12,982 |
Capital expenditures | 0 | 0 |
Purchase of short term investments and equity securities | 0 | 0 |
Sales and maturities of short-term investments | 0 | 0 |
Proceeds from Discontinued Operations Sale of Assets and Other | 0 | 0 |
Payments to Acquire Interest in Subsidiaries and Affiliates | -11,411 | -12,982 |
Net Cash Provided by (Used in) Investing Activities | -11,411 | -12,982 |
Issuance of notes and bank borrowings | 0 | 0 |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 0 | 0 |
Payments to Acquire Royalty Interests in Mining Properties | 0 | 0 |
Proceeds From Repayment Intercompany Borrowings | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | -793 | 0 |
CASH PROVIDED BY FINANCING ACTIVITIES | -793 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 |
Supplemental_Guarantor_Informa4
Supplemental Guarantor Information Condensed Consolidated Balance Sheets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | $179,587 | $270,861 |
Receivables | 118,390 | 116,921 |
Ore on leach pads | 66,705 | 48,204 |
Inventory | 115,337 | 114,931 |
Deferred tax assets | 7,255 | 7,364 |
Prepaid expenses and other | 18,629 | 15,523 |
Current assets | 505,903 | 573,804 |
Property, plant and equipment, net | 254,892 | 227,911 |
Mining properties, net | 572,842 | 501,192 |
Ore on leach pads | 34,425 | 37,889 |
Restricted assets | 9,039 | 7,037 |
Equity securities | 4,488 | 5,982 |
Receivables | 18,933 | 21,686 |
Deferred tax assets | 63,735 | 60,151 |
Other Assets, Noncurrent | 11,561 | 9,915 |
TOTAL ASSETS | 1,475,818 | 1,445,567 |
Accounts payable | 45,387 | 49,052 |
Accrued liabilities and other | 40,568 | 51,513 |
Debt | 65,719 | 17,498 |
Royalty obligations | 44,442 | 43,678 |
Reclamation | 3,888 | 3,871 |
Deferred tax liabilities | 8,078 | 8,078 |
Liabilities, Current | 208,082 | 173,690 |
Debt | 447,779 | 451,048 |
Royalty obligations | 21,219 | 27,651 |
Reclamation | 85,899 | 66,943 |
Deferred tax liabilities | 121,799 | 111,006 |
Other long-term liabilities | 37,476 | 29,911 |
Intercompany Payable Receivable | 0 | 0 |
Non-current liabilities | 714,172 | 686,559 |
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 103,299,223 at March 31, 2015 and 103,384,408 at December 31, 2014 | 1,033 | 1,034 |
Additional paid-in capital | 2,791,216 | 2,789,695 |
Accumulated deficit | -2,235,890 | -2,202,603 |
Accumulated other comprehensive income (loss) | -2,795 | -2,808 |
Stockholders' equity | 553,564 | 585,318 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,475,818 | 1,445,567 |
Coeur Mining, Inc. | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | 113,872 | 210,361 |
Receivables | 13 | 87 |
Ore on leach pads | 0 | 0 |
Inventory | 0 | 0 |
Deferred tax assets | 393 | 393 |
Prepaid expenses and other | 4,575 | 6,349 |
Current assets | 118,853 | 217,190 |
Property, plant and equipment, net | 5,665 | 6,155 |
Mining properties, net | 12,004 | 12,004 |
Ore on leach pads | 0 | 0 |
Restricted assets | 2,665 | 897 |
Equity securities | 0 | 0 |
Receivables | 0 | 0 |
Deferred tax assets | 33,883 | 30,419 |
Other Assets, Noncurrent | 51,638 | 50,813 |
TOTAL ASSETS | 444,413 | 446,391 |
Accounts payable | 3,419 | 3,414 |
Accrued liabilities and other | 10,534 | 22,588 |
Debt | 49,753 | 5,334 |
Royalty obligations | 0 | 0 |
Reclamation | 0 | 0 |
Deferred tax liabilities | 7,142 | 7,142 |
Liabilities, Current | 70,848 | 38,478 |
Debt | 426,647 | 427,604 |
Royalty obligations | 0 | 0 |
Reclamation | 0 | 0 |
Deferred tax liabilities | 53,201 | 53,201 |
Other long-term liabilities | 2,718 | 2,582 |
Intercompany Payable Receivable | -662,565 | -660,792 |
Non-current liabilities | -179,999 | -177,405 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 219,705 | 128,913 |
Common stock, par value $0.01 per share; authorized 150,000,000 shares, issued and outstanding 103,299,223 at March 31, 2015 and 103,384,408 at December 31, 2014 | 1,033 | 1,034 |
Additional paid-in capital | 2,791,216 | 2,789,695 |
Accumulated deficit | -2,235,890 | -2,202,603 |
Accumulated other comprehensive income (loss) | -2,795 | -2,808 |
Stockholders' equity | 553,564 | 585,318 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 444,413 | 446,391 |
Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | 6,179 | 5,781 |
Receivables | 11,443 | 11,151 |
Ore on leach pads | 54,447 | 48,204 |
Inventory | 43,371 | 54,983 |
Deferred tax assets | 0 | 0 |
Prepaid expenses and other | 4,444 | 4,557 |
Current assets | 119,884 | 124,676 |
Property, plant and equipment, net | 102,804 | 107,084 |
Mining properties, net | 152,830 | 159,124 |
Ore on leach pads | 34,425 | 37,889 |
Restricted assets | 50 | 50 |
Equity securities | 4,488 | 5,982 |
Receivables | 0 | 0 |
Deferred tax assets | 0 | 0 |
Other Assets, Noncurrent | 5,518 | 5,522 |
TOTAL ASSETS | 466,424 | 485,942 |
Accounts payable | 14,526 | 13,391 |
Accrued liabilities and other | 8,998 | 11,207 |
Debt | 7,539 | 7,476 |
Royalty obligations | 6,455 | 5,747 |
Reclamation | 2,542 | 3,401 |
Deferred tax liabilities | 848 | 848 |
Liabilities, Current | 40,908 | 42,070 |
Debt | 10,924 | 12,806 |
Royalty obligations | 10,067 | 9,623 |
Reclamation | 47,743 | 46,792 |
Deferred tax liabilities | 2,963 | 2,963 |
Other long-term liabilities | 455 | 469 |
Intercompany Payable Receivable | 407,526 | 427,156 |
Non-current liabilities | 479,678 | 499,809 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 46,425 | 45,615 |
Common stock, par value $0.01 per share; authorized 150,000,000 shares, issued and outstanding 103,299,223 at March 31, 2015 and 103,384,408 at December 31, 2014 | 250 | 250 |
Additional paid-in capital | 79,712 | 79,712 |
Accumulated deficit | -131,329 | -133,091 |
Accumulated other comprehensive income (loss) | -2,795 | -2,808 |
Stockholders' equity | -54,162 | -55,937 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 466,424 | 485,942 |
Non-Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | 59,536 | 54,719 |
Receivables | 106,934 | 105,683 |
Ore on leach pads | 12,258 | 0 |
Inventory | 71,966 | 59,948 |
Deferred tax assets | 6,862 | 6,971 |
Prepaid expenses and other | 9,610 | 4,617 |
Current assets | 267,166 | 231,938 |
Property, plant and equipment, net | 146,423 | 114,672 |
Mining properties, net | 408,008 | 330,064 |
Ore on leach pads | 0 | 0 |
Restricted assets | 6,324 | 6,090 |
Equity securities | 0 | 0 |
Receivables | 18,933 | 21,686 |
Deferred tax assets | 29,852 | 29,732 |
Other Assets, Noncurrent | 6,042 | 4,394 |
TOTAL ASSETS | 882,748 | 738,576 |
Accounts payable | 27,442 | 32,247 |
Accrued liabilities and other | 21,036 | 17,718 |
Debt | 8,427 | 4,688 |
Royalty obligations | 37,987 | 37,931 |
Reclamation | 2,497 | 1,621 |
Deferred tax liabilities | 88 | 88 |
Liabilities, Current | 97,477 | 94,293 |
Debt | 61,845 | 61,452 |
Royalty obligations | 11,152 | 18,028 |
Reclamation | 37,005 | 19,000 |
Deferred tax liabilities | 65,635 | 54,842 |
Other long-term liabilities | 34,303 | 26,860 |
Intercompany Payable Receivable | 255,039 | 233,636 |
Non-current liabilities | 464,979 | 413,818 |
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 103,299,223 at March 31, 2015 and 103,384,408 at December 31, 2014 | 129,093 | 128,299 |
Additional paid-in capital | 1,785,830 | 1,682,830 |
Accumulated deficit | -1,594,631 | -1,580,664 |
Accumulated other comprehensive income (loss) | 0 | 0 |
Stockholders' equity | 320,292 | 230,465 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 882,748 | 738,576 |
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 |
Current assets | 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 |
Deferred tax assets | 0 | 0 |
Other Assets, Noncurrent | -51,637 | -50,814 |
TOTAL ASSETS | -317,767 | -225,342 |
Accounts payable | 0 | 0 |
Accrued liabilities and other | 0 | 0 |
Debt | 0 | 0 |
Royalty obligations | 0 | 0 |
Reclamation | -1,151 | -1,151 |
Deferred tax liabilities | 0 | 0 |
Liabilities, Current | -1,151 | -1,151 |
Debt | -51,637 | -50,814 |
Royalty obligations | 0 | 0 |
Reclamation | 1,151 | 1,151 |
Deferred tax liabilities | 0 | 0 |
Other long-term liabilities | 0 | 0 |
Intercompany Payable Receivable | 0 | 0 |
Non-current liabilities | -50,486 | -49,663 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | -266,130 | -174,528 |
Common stock, par value $0.01 per share; authorized 150,000,000 shares, issued and outstanding 103,299,223 at March 31, 2015 and 103,384,408 at December 31, 2014 | -129,343 | -128,549 |
Additional paid-in capital | -1,865,542 | -1,762,542 |
Accumulated deficit | 1,725,960 | 1,713,755 |
Accumulated other comprehensive income (loss) | 2,795 | 2,808 |
Stockholders' equity | -266,130 | -174,528 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | -317,767 | -225,342 |
Senior Notes due Two Thousand Twenty One [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt | $425,935 | $427,603 |
Debt Instrument, Interest Rate, Stated Percentage | 7.88% | 7.88% |
Commitments_and_Contigencies_D
Commitments and Contigencies (Details Textual) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||
Jan. 21, 2009 | Mar. 31, 2015 | Mar. 31, 2014 | Oct. 02, 2014 | Oct. 14, 2009 | |
oz | m | ||||
Business Acquisition [Line Items] | |||||
Price per ounce under agreement | $412 | ||||
Maximum Height for Temporary Restriction on Mining | 4,400 | ||||
NSR royalty percentage | 3.40% | ||||
NSR royalty maximum amount | 39,400,000 | ||||
Percentage of labor force covered by collective bargaining agreements | 10.70% | ||||
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] | |||||
Business Acquisition [Line Items] | |||||
Royalty expenses | 0 | ||||
Gold price per ounce for maximum royalty range | 23.6 | ||||
Maximum royalty payable | 250,000 | ||||
Maximum royalty range for gold price per ounce | 5.00% | ||||
Palmarejo gold production royalty [Member] | |||||
Business Acquisition [Line Items] | |||||
Termination payment | 2,000,000 | ||||
Production to be sold, percent | 50.00% | ||||
Price per ounce under agreement | 800 | ||||
Aggregate deposit to be received | $5,000,000 | $22,000,000 | |||
Rochester Royalty Obligation [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Payable ounces under royalty obligation | 6,100,000 | ||||
Remaining ounces under royalty obligation | 33,300,000 |
Subsequent_Events_Details
Subsequent Events (Details) (Paramount Gold and Silver Corp. [Member], Subsequent Event [Member], USD $) | 0 Months Ended | |
Share data in Millions, unless otherwise specified | Apr. 17, 2015 | Apr. 17, 2015 |
Paramount Gold and Silver Corp. [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Right to convert into Coeur common stock, conversion ratio | 0.2016 | |
Shares issued as consideration | 32.7 | |
Long-term Debt | $8,500,000 | $8,500,000 |
Payments to acquire newly issued stock | $1,500,000 | |
Equity interest acquired | 4.90% | 4.90% |