Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 09, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | COEUR MINING, INC. | ||
Entity Central Index Key | 215,466 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CDE | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 152,597,110 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 777,662,184 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Statement of Comprehensive Income [Abstract] | ||||
Revenue | $ 646,086 | $ 635,742 | $ 745,994 | |
COSTS AND EXPENSES | ||||
Costs applicable to sales | [1] | 479,654 | 477,945 | 463,663 |
Amortization | 143,751 | 162,436 | 229,564 | |
General and administrative | 32,834 | 40,845 | 55,343 | |
Exploration | 11,647 | 21,740 | 22,360 | |
Litigation settlement | 0 | 0 | 32,046 | |
Write-downs | 313,337 | 1,472,721 | 772,993 | |
Pre-development, reclamation, and other | 17,793 | 26,037 | 15,184 | |
Total costs and expenses | 999,016 | 2,201,724 | 1,591,153 | |
OTHER INCOME (EXPENSE), NET | ||||
Fair value adjustments, net | 5,202 | 3,618 | 82,768 | |
Interest expense, net of capitalized interest | (45,703) | (47,546) | (41,303) | |
Other, net | (15) | (5,218) | (4,985) | |
Total other income (expense), net | (40,516) | (49,146) | 36,480 | |
Income (loss) before income and mining taxes | (393,446) | (1,615,128) | (808,679) | |
Income and mining tax benefit (expense) | 26,263 | 428,254 | 158,116 | |
NET INCOME (LOSS) | (367,183) | (1,186,874) | (650,563) | |
OTHER COMPREHENSIVE INCOME (LOSS), Net of Tax: | ||||
Unrealized gain (loss) on equity securities, net of tax of $1,446 and $5,362 for the years ended December 31, 2014 and 2013, respectively | (4,154) | (2,290) | (8,489) | |
Reclassification adjustments for impairment of equity securities, net of tax of $(2,552) and $(7,087) for the years ended December 31, 2014 and 2013, respectively | 2,346 | 4,042 | 11,221 | |
Reclassification adjustments for realized loss on sale of equity securities, net of tax of $(219) and $(53) for the years ended December 31, 2014 and 2013 respectively | 894 | 346 | 83 | |
Other comprehensive income (loss) | (914) | 2,098 | 2,815 | |
COMPREHENSIVE INCOME (LOSS) | $ (368,097) | $ (1,184,776) | $ (647,748) | |
NET INCOME (LOSS) PER SHARE | ||||
Basic (in dollars per share) | $ (2.83) | $ (11.59) | $ (6.65) | |
Diluted (in dollars per share) | $ (2.83) | $ (11.59) | $ (6.65) | |
[1] | Excludes amortization. |
Consolidated Statements of Com3
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Other Comprehensive Income (Loss), Unrealized gain (loss) on equity securities, tax | $ 0 | $ 1,446 | $ 5,362 |
Other Comprehensive Income (Loss), Reclassification adjustments for impairment of equity securities, tax | 0 | (2,552) | (7,087) |
Other Comprehensive Income (Loss), Reclassification adjustments for realized loss on sale of equity securities, tax | $ 0 | $ (219) | $ (53) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ (367,183) | $ (1,186,874) | $ (650,563) |
Adjustments: | |||
Amortization | 143,751 | 162,436 | 229,564 |
Accretion | 14,149 | 16,246 | 20,810 |
Deferred income taxes | (40,838) | (448,905) | (177,178) |
Loss on termination of revolving credit facility | 0 | 3,035 | 0 |
Gain on extinguishment of senior notes | (16,187) | 0 | 0 |
Fair value adjustments, net | (5,202) | (3,618) | (80,399) |
Litigation settlement | 0 | 0 | 22,046 |
Stock-based compensation | 9,272 | 9,288 | 4,812 |
Gain (Loss) on Disposition of Assets | 0 | 0 | 9,801 |
Impairment of equity securities | 2,346 | 6,593 | 18,308 |
Write-downs | 313,337 | 1,472,721 | 772,993 |
Foreign exchange and other | 16,574 | 124 | (244) |
Changes in operating assets and liabilities: | |||
Receivables | 17,560 | (11,611) | 663 |
Prepaid expenses and other current assets | (3,063) | 5,635 | (15,165) |
Inventories | 19,573 | 12,971 | 4,031 |
Accounts payable and accrued liabilities | 9,453 | 15,507 | (25,910) |
CASH PROVIDED BY OPERATING ACTIVITIES | 113,542 | 53,548 | 113,967 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (95,193) | (64,244) | (100,813) |
Acquisitions, net of cash acquired | (110,846) | (21,329) | (116,898) |
Other | (3,979) | 8 | 4,478 |
Purchase of short term investments and equity securities | (1,880) | (50,513) | (8,052) |
Sales and maturities of short-term investments | 605 | 54,344 | 34,796 |
CASH USED IN INVESTING ACTIVITIES | (211,293) | (81,734) | (186,489) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Issuance of notes and bank borrowings | 153,500 | 167,784 | 300,000 |
Payments on long-term debt, capital leases, and associated costs | (84,715) | (25,902) | (60,628) |
Gold production royalty payments | 39,235 | 48,395 | 57,034 |
Payments for Repurchase of Common Stock | 0 | 0 | (27,552) |
Other | (542) | (509) | (514) |
CASH PROVIDED BY FINANCING ACTIVITIES | 29,008 | 92,978 | 154,272 |
Effect of exchange rate changes on cash and cash equivalents | (1,404) | (621) | (500) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (70,147) | 64,171 | 81,250 |
Cash and cash equivalents at beginning of period | 270,861 | 206,690 | 125,440 |
Cash and cash equivalents at end of period | $ 200,714 | $ 270,861 | $ 206,690 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 200,714 | $ 270,861 |
Receivables | 85,992 | 107,923 |
Inventory | 81,711 | 114,931 |
Ore on leach pads | 67,329 | 48,204 |
Prepaid expenses and other | 10,942 | 15,523 |
Current assets | 446,688 | 557,442 |
NON-CURRENT ASSETS | ||
Property, plant and equipment, net | 195,999 | 227,911 |
Mining properties, net | 589,219 | 501,192 |
Ore on leach pads, noncurrent | 44,582 | 37,889 |
Restricted assets | 11,633 | 7,037 |
Equity securities | 2,766 | 5,982 |
Receivables | 24,768 | 21,686 |
Deferred tax assets | 1,942 | 67,515 |
Other | 14,892 | 9,915 |
TOTAL ASSETS | 1,332,489 | 1,436,569 |
CURRENT LIABILITIES | ||
Accounts payable | 48,732 | 49,052 |
Accrued liabilities and other | 53,953 | 51,513 |
Debt | 10,431 | 17,498 |
Royalty obligations | 24,893 | 43,678 |
Reclamation | 2,071 | 3,871 |
Current liabilities | 140,080 | 165,612 |
NON-CURRENT LIABILITIES | ||
Debt | 479,979 | 451,048 |
Royalty obligations | 4,864 | 27,651 |
Reclamation | 83,197 | 66,943 |
Deferred tax liabilities | 147,132 | 141,076 |
Other long-term liabilities | 55,761 | 29,911 |
Non-current liabilities | 770,933 | 716,629 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 151,339,136 at December 31, 2015 and authorized 150,000,000 shares, issued and outstanding 103,384,408 at December 31, 2014 | 1,513 | 1,034 |
Additional paid-in capital | 3,024,461 | 2,789,695 |
Accumulated other comprehensive income (loss) | (3,722) | (2,808) |
Accumulated deficit | (2,600,776) | (2,233,593) |
Stockholders' equity | 421,476 | 554,328 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,332,489 | $ 1,436,569 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 150,000,000 |
Common stock, shares issued | 151,339,136 | 103,384,408 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | La Preciosa [Member] | La Preciosa [Member]Common Stock | La Preciosa [Member]Additional Paid-In Capital | La Preciosa [Member]Accumulated Deficit | La Preciosa [Member]Accumulated Other Comprehensive Income (Loss) | GRC [Member] | GRC [Member]Common Stock | GRC [Member]Additional Paid-In Capital | GRC [Member]Accumulated Deficit | GRC [Member]Accumulated Other Comprehensive Income (Loss) | Paramount Gold and Silver Corp. [Member] | Paramount Gold and Silver Corp. [Member]Common Stock | Paramount Gold and Silver Corp. [Member]Additional Paid-In Capital | Paramount Gold and Silver Corp. [Member]Accumulated Deficit | Paramount Gold and Silver Corp. [Member]Accumulated Other Comprehensive Income (Loss) |
Balances at Dec. 31, 2012 | $ 2,198,280 | $ 903 | $ 2,601,254 | $ (396,156) | $ (7,721) | |||||||||||||||
Balances, in shares at Dec. 31, 2012 | 90,342,000 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income (loss) | (650,563) | $ 0 | 0 | (650,563) | 0 | |||||||||||||||
Other comprehensive income (loss) | 2,815 | $ 0 | 0 | 0 | 2,815 | |||||||||||||||
Stock Repurchased During Period, Shares | (1,691,000) | |||||||||||||||||||
Stock Repurchased During Period, Value | $ (27,552) | $ (17) | $ (27,535) | $ 0 | $ 0 | |||||||||||||||
Common stock issued for the acquisition of Paramount Gold and Silver Corp. (in shares) | 11,573,000 | 2,130,000 | ||||||||||||||||||
Common stock issued for the acquisition of Paramount Gold and Silver Corp. | $ 179,140 | $ 116 | $ 179,024 | $ 0 | $ 0 | $ 22,198 | $ 21 | $ 22,177 | $ 0 | $ 0 | ||||||||||
Common stock issued under stock-based compensation plans, net (in shares) | 489,000 | |||||||||||||||||||
Common stock issued under stock-based compensation plans, net | 6,249 | $ 5 | 6,244 | 0 | 0 | |||||||||||||||
Balances at Dec. 31, 2013 | 1,730,567 | $ 1,028 | 2,781,164 | (1,046,719) | (4,906) | |||||||||||||||
Balances, in shares at Dec. 31, 2013 | 102,843,000 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income (loss) | (1,186,874) | $ 0 | 0 | (1,186,874) | 0 | |||||||||||||||
Other comprehensive income (loss) | 2,098 | $ 0 | 0 | 0 | 2,098 | |||||||||||||||
Common stock issued under stock-based compensation plans, net (in shares) | 541,000 | |||||||||||||||||||
Common stock issued under stock-based compensation plans, net | 8,537 | $ 6 | 8,531 | 0 | 0 | |||||||||||||||
Balances at Dec. 31, 2014 | 554,328 | $ 1,034 | 2,789,695 | (2,233,593) | (2,808) | |||||||||||||||
Balances, in shares at Dec. 31, 2014 | 103,384,000 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net income (loss) | (367,183) | $ 0 | 0 | (367,183) | 0 | |||||||||||||||
Other comprehensive income (loss) | $ (914) | $ 0 | 0 | 0 | (914) | |||||||||||||||
Common stock issued for the acquisition of Paramount Gold and Silver Corp. (in shares) | 32,667,327 | 32,667,000 | ||||||||||||||||||
Common stock issued for the acquisition of Paramount Gold and Silver Corp. | $ 188,817 | $ 327 | $ 188,490 | $ 0 | $ 0 | |||||||||||||||
Common stock issued for the extinguishment of Senior Notes (in shares) | 14,365,000 | |||||||||||||||||||
Common stock issued for the extinguishment of Senior Notes | $ 38,523 | $ 144 | 38,379 | 0 | 0 | |||||||||||||||
Common stock issued under stock-based compensation plans, net (in shares) | 923,000 | |||||||||||||||||||
Common stock issued under stock-based compensation plans, net | 7,905 | $ 8 | 7,897 | 0 | 0 | |||||||||||||||
Balances at Dec. 31, 2015 | $ 421,476 | $ 1,513 | $ 3,024,461 | $ (2,600,776) | $ (3,722) | |||||||||||||||
Balances, in shares at Dec. 31, 2015 | 151,339,000 |
The Company
The Company | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation [Abstract] | |
The Company | THE COMPANY Coeur Mining, Inc. (“Coeur” or “the Company”) is a gold and silver producer with mines located in the United States, Mexico, and Bolivia and exploration projects in Mexico and Argentina. The Company operates the Palmarejo complex, Kensington, Rochester, Wharf, and San Bartolomé mines, and owns Coeur Capital, which is primarily comprised of the Endeavor silver stream, other precious metal royalties, and strategic investments. The cash flow and profitability of the Company's operations are significantly impacted by the market price of gold and silver. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The Company's Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles. The preparation of the Company's Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements. Principles of Consolidation The Consolidated Financial Statements include the wholly-owned subsidiaries of the Company, the most significant of which are Coeur Mexicana S.A. de C.V., Coeur Rochester, Inc., Coeur Alaska, Inc., Wharf Resources (U.S.A.), Empresa Minera Manquiri S.A., and Coeur Capital, Inc. All intercompany balances and transactions have been eliminated. The Company's investments in entities in which it has less than 20% ownership interest are accounted for using the cost method. Revenue Recognition Revenue is recognized, net of treatment and refining charges, when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable, no obligations remain, and collection is probable. Under the Company’s concentrate sales contracts with third-party smelters, gold and silver prices are set on a specified future quotational period, typically one to three months, after the shipment date based on market prices. Revenue and Costs Applicable to Sales are recorded on a gross basis under these contracts at the time title passes to the buyer based on the forward price for the expected settlement period. The contracts, in general, provide for provisional payment based upon provisional assays and forward metal prices. Final settlement is based on the average applicable price for the specified future quotational period and generally occurs from three to six months after shipment. The Company’s provisionally priced sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of concentrates measured at the forward price at the time of sale. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through revenue each period until the date of final gold and silver settlement. Cash and Cash Equivalents Cash and cash equivalents include all highly-liquid investments with an original maturity of three months or less. The Company minimizes its credit risk by investing its cash and cash equivalents with major U.S. and international banks and financial institutions located principally in the United States with a minimum credit rating of A1, as defined by Standard & Poor’s. The Company’s management believes that no concentration of credit risk exists with respect to the investment of its cash and cash equivalents. Receivables Trade receivables and other receivable balances are reported at outstanding principal amounts, net of an allowance for doubtful accounts, if deemed necessary. Management evaluates the collectability of receivable account balances to determine the allowance, if any. Management considers the other party's credit risk and financial condition, as well as current and projected economic and market conditions, in determining the amount of the allowance. Receivable balances are written off when management determines that the balance is uncollectible. Ore on Leach Pads The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company estimates the quantity of ore by utilizing global positioning satellite survey techniques. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold concentrate at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or market, with cost being determined using a weighted average cost method. The historical cost of metal expected to be extracted within twelve months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond twelve months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process. The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than twenty years of leach pad operations at the Rochester mine and thirty years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. Metal and Other Inventory Inventories include concentrate, doré, and operating materials and supplies. The classification of inventory is determined by the stage at which the ore is in the production process. All inventories are stated at the lower of cost or market, with cost being determined using a weighted average cost method. Concentrate and doré inventory includes product at the mine site and product held by refineries. Metal inventory costs include direct labor, materials, depreciation, depletion and amortization as well as overhead costs relating to mining activities. Property, Plant, and Equipment Expenditures for new facilities, assets acquired pursuant to capital leases, new assets or expenditures that extend the useful lives of existing facilities are capitalized and depreciated using the straight-line method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities, lease term, or the useful life of the individual assets. Productive lives range from 7 to 30 years for buildings and improvements and 3 to 10 years for machinery and equipment. Certain mining equipment is depreciated using the units-of-production method based upon estimated total proven and probable reserves. Mining Properties and Mine Development Capitalization of mine development costs begins once all operating permits have been secured, mineralization is classified as proven and probable reserves and a final feasibility study has been completed. Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Costs incurred before mineralization are classified as proven and probable reserves are expensed and classified as exploration or pre-development expense. Mine development costs are amortized using the units of production method over the estimated life of the ore body based on recoverable ounces to be mined from proven and probable reserves. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use. Drilling and related costs incurred at the Company’s operating mines are expensed as incurred in Exploration, unless the Company can conclude with a high degree of confidence, prior to the commencement of a drilling program, that the drilling costs will result in the conversion of a mineral resource into proven and probable reserves. The Company’s assessment is based on the following factors: results from previous drill programs; results from geological models; results from a mine scoping study confirming economic viability of the resource; and preliminary estimates of mine inventory, ore grade, cash flow and mine life. In addition, the Company must have all permitting and/or contractual requirements necessary to have the right to and/or control of the future benefit from the targeted ore body. The costs of a drilling program that meet these criteria are capitalized as mine development costs. Drilling and related costs of approximately $6.0 million and $8.9 million at December 31, 2015 and 2014, respectively, were capitalized. The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in Costs applicable to sales in the same period as the revenue from the sale of inventory. Mineral Interests Significant payments related to the acquisition of land and mineral rights are capitalized. Prior to acquiring such land or mineral rights, the Company generally makes a preliminary evaluation to determine that the property has significant potential to develop an economic ore body. The time between initial acquisition and full evaluation of a property’s potential is variable and is determined by many factors including: location relative to existing infrastructure, the property’s stage of development, geological controls and metal prices. If a mineable ore body is discovered, such costs are amortized when production begins using the units-of-production method based on recoverable ounces to be mined from proven and probable reserves. If no mineable ore body is discovered, such costs are expensed in the period in which it is determined the property has no future economic value. Write-downs We review and evaluate our long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Asset impairment is considered to exist if the total estimated undiscounted pre-tax future cash flows are less than the carrying amount of the asset. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of future cash flows from other asset groups. An impairment loss is measured by discounted estimated future cash flows, and recorded by reducing the asset's carrying amount to fair value. Future cash flows are estimated based on estimated quantities of recoverable minerals, expected silver and gold prices (considering current and historical prices, trends and related factors), production levels, operating costs, capital requirements and reclamation costs, all based on life-of-mine plans. The significant assumptions used in determining future cash flows for each mine site asset group at December 31, 2015, apart from production cost and capitalized expenditure assumptions unique to each operation, included long-term silver and gold prices of $17.50 and $1,200 per ounce (consistent with the Company’s long-term reserve prices), respectively, and discount rates ranging from 7.50% - 11.00% (to reflect project and country-specific risks). During 2015, 2014, and 2013, we recorded impairments of $313.3 million , $1,472.7 million , and $773.0 million , respectively, to reduce the carrying value of mining properties and property, plant and equipment as part of Write-downs. Existing proven and probable reserves and value beyond proven and probable reserves, including mineralization other than proven and probable reserves are included when determining the fair value of mine site asset groups at acquisition and, subsequently, in determining whether the assets are impaired. The term “recoverable minerals” refers to the estimated amount of silver and gold that will be obtained after taking into account losses during ore processing and treatment. Estimates of recoverable minerals from exploration stage mineral interests are risk adjusted based on management’s relative confidence in such materials. The ability to achieve the estimated quantities of recoverable minerals from exploration stage mineral interests involves further risks in addition to those risk factors applicable to mineral interests where proven and probable reserves have been identified, due to the lower level of confidence that the identified mineralized material could ultimately be mined economically. Assets classified as exploration potential have the highest level of risk that the carrying value of the asset can be ultimately realized, due to the still lower level of geological confidence and economic modeling. Silver and gold prices are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors may affect the key assumptions used in the Company’s impairment testing. Various factors could impact our ability to achieve forecasted production levels from proven and probable reserves. Additionally, production, capital and reclamation costs could differ from the assumptions used in the cash flow models used to assess impairment. Actual results may vary from the Company’s estimates and result in additional Write-downs . Restricted Assets The Company, under the terms of its self-insurance and bonding agreements with certain banks, lending institutions and regulatory agencies, is required to collateralize certain portions of its obligations. The Company has collateralized these obligations by assigning certificates of deposit that have maturity dates ranging from three months to a year, to the respective institutions or agencies. At December 31, 2015 and 2014, the Company held certificates of deposit and cash under these agreements of $6.3 million and $7.0 million , respectively. The ultimate timing of the release of the collateralized amounts is dependent on the timing and closure of each mine and repayment of the facility. In order to release the collateral, the Company must seek approval from certain government agencies responsible for monitoring the mine closure status. Collateral could also be released to the extent the Company is able to secure alternative financial assurance satisfactory to the regulatory agencies. The Company believes there is a reasonable probability that the collateral will remain in place beyond a twelve-month period and has therefore classified these investments as long-term. Reclamation The Company recognizes obligations for the expected future retirement of tangible long-lived assets and other associated asset retirement costs. The fair value of a liability for an asset retirement obligation will be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset and this additional carrying amount is depreciated over the life of the asset. An accretion cost, representing the increase over time in the present value of the liability, is recorded each period in Pre-development, reclamation, and other . As reclamation work is performed or liabilities are otherwise settled, the recorded amount of the liability is reduced. Future remediation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the discounted costs expected to be incurred at the site. Such cost estimates include, where applicable, ongoing care and maintenance and monitoring costs. Changes in estimates are reflected prospectively in the period an estimate is revised. Foreign Currency The assets and liabilities of the Company’s foreign subsidiaries are measured using U.S. dollars as their functional currency. Revenues and expenses are translated at the average exchange rate for the period. Foreign currency gains and losses are included in the determination of net income or loss. Derivative Financial Instruments The Company recognizes all derivatives as either assets or liabilities on the balance sheet and measures those instruments at fair value. Changes in the value of derivative instruments are recorded each period in the Consolidated Statement of Comprehensive Income (Loss) in Fair value adjustments, net . Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions regarding commodity prices, market volatilities, and foreign currency exchange rates. Stock-based Compensation Plans The Company estimates the fair value of stock options using the Black-Scholes option pricing model and stock appreciation rights (“SARs”) awards using market comparison. Stock options granted are accounted for as equity-based awards and SARs are accounted for as liability-based awards. The value of the SARs is remeasured at each reporting date. The Company estimates the fair value of performance share and performance unit grants using a Monte Carlo simulation valuation model. Performance shares granted are accounted for as equity based awards and performance shares units are accounted for as liability-based awards. The Company estimates forfeitures of stock-based awards based on historical data and periodically adjusts the forfeiture rate. The adjustment of the forfeiture rate is recorded as a cumulative adjustment in the period the forfeiture estimate is changed. Compensation costs related to stock based compensation are included in General and administrative expenses , Costs applicable to sales , and Property, plant, and equipment, net as deemed appropriate. Restricted stock and restricted stock units granted under the Company’s incentive plans are accounted for based on the market value of the underlying shares on the date of grant. Restricted stock awards are accounted for as equity-based awards and restricted stock unit awards are accounted for as liability-based awards. Restricted stock units are remeasured at each reporting date. Restricted stock units are settled in cash based on the number of vested restricted stock units multiplied by the current market price of the common shares when vested. Holders of the restricted stock are entitled to vote the shares and to receive any dividends declared on the shares. Income and Mining Taxes The Company uses an asset and liability approach which results in the recognition of deferred tax liabilities and assets for the expected future tax consequences or benefits of temporary differences between the financial reporting basis and the tax basis of assets and liabilities, as well as operating loss and tax credit carryforwards, using enacted tax rates in effect in the years in which the differences are expected to reverse. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. A valuation allowance has been provided for the portion of the Company’s net deferred tax assets for which it is more likely than not that they will not be realized. Revisions During 2015, the Company completed a reconciliation of its tax basis assets and liabilities, as well as a comprehensive analysis of its income and mining taxes receivable and payable, which identified prior year immaterial errors of $31.0 million . The Company's results have been revised to reflect the adjustment in Income and mining tax (expense) benefit, Deferred tax liabilities, and Receivables for the year ended December 31, 2014. Certain immaterial amounts in prior years relating to foreign exchange impacts on cash have been reclassified to conform to the current presentation of the Consolidated Statement of Cash Flows. Recent Accounting Standards In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes," which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as non-current. 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 Current deferred tax assets to Non-current deferred tax assets and Current deferred tax liabilities to Non-current deferred tax liabilities in the current and prior periods. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments," which eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. These changes become effective for the Company's fiscal year beginning January 1, 2016. The Company is currently evaluating the potential impact of implementing these changes on the Company's consolidated financial position, results of operations, and cash flows. In August 2015, the FASB issued ASU 2015-14, "Deferral of the Effective Date" , which defers the effective date of ASU 2014-09, "Revenue from Contracts with Customers" to January 1, 2018. The Company is currently evaluating the potential impact of adopting the prescribed changes on the Company's consolidated financial position, results of operations, and cash flows. In July 2015, the FASB issued ASU 2015-11, " Simplifying the Measurement of Inventory," which provides a revised, simpler measurement for inventory to be measured at the lower of cost and net realizable value. These changes become effective for the Company's fiscal year beginning January 1, 2018. The Company is currently evaluating the potential impact of implementing these changes on the Company's consolidated financial position, results of operations, and cash flows. 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 for the Company's fiscal year beginning January 1, 2016. The Company is currently evaluating the potential impact of implementing these changes on the Company's consolidated financial position, results of operations, and cash flows. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING The Company’s operating segments include the Palmarejo complex, Rochester, Kensington, Wharf, and San Bartolomé 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): Year ended December 31, 2015 Palmarejo Rochester Kensington Wharf San Bartolomé Coeur Capital Other Total Revenue Metal sales $ 169,133 $ 143,930 $ 148,710 $ 84,052 $ 84,679 $ 8,732 $ — $ 639,236 Royalties — — — — — 6,850 — 6,850 169,133 143,930 148,710 84,052 84,679 15,582 — 646,086 Costs and Expenses Costs applicable to sales (1) 138,476 103,994 105,640 52,197 75,827 3,520 — 479,654 Amortization 32,423 23,906 42,240 16,378 17,798 9,010 1,996 143,751 Exploration 4,533 1,324 2,596 134 126 (124 ) 3,058 11,647 Write-downs 224,507 — — — 66,712 22,118 — 313,337 Other operating expenses 1,293 2,948 1,301 1,717 1,787 33 41,548 50,627 Other income (expense) Fair value adjustments, net 3,160 818 — — — — 1,224 5,202 Interest expense, net (4,269 ) (748 ) (218 ) — (725 ) — (39,743 ) (45,703 ) Other, net (10,968 ) (14 ) 7 143 1,558 (3,182 ) 12,441 (15 ) Income and mining tax (expense) benefit 37,597 (1,497 ) — (857 ) (5,154 ) 5,542 (9,368 ) 26,263 Net income (loss) $ (206,579 ) $ 10,318 $ (3,278 ) $ 12,912 $ (81,893 ) $ (16,615 ) $ (82,048 ) $ (367,183 ) Segment assets (2) $ 406,648 $ 190,714 $ 197,873 $ 113,305 $ 91,141 $ 27,892 $ 75,737 $ 1,103,310 Capital expenditures $ 35,991 $ 25,330 $ 23,834 $ 3,211 $ 6,220 $ — $ 607 $ 95,193 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Year ended December 31, 2014 Palmarejo Rochester Kensington San Bartolomé Coeur Capital Other Total Revenue Metal sales $ 244,003 $ 123,768 $ 136,960 $ 117,749 $ 10,046 $ — $ 632,526 Royalties — — — — 3,216 — 3,216 244,003 123,768 136,960 117,749 13,262 — 635,742 Costs and Expenses Costs applicable to sales (1) 187,276 91,462 105,342 89,659 4,206 — 477,945 Amortization 69,431 20,790 43,619 19,423 7,015 2,158 162,436 Exploration 6,671 2,636 8,005 120 515 3,793 21,740 Write-downs 784,038 — 107,832 118,754 6,202 455,895 1,472,721 Other operating expenses 620 2,813 796 (251 ) 938 61,966 66,882 Other income (expense) Fair value adjustments, net (1,847 ) 3,653 — — — 1,812 3,618 Interest expense, net (9,320 ) (679 ) (214 ) (52 ) (1 ) (37,280 ) (47,546 ) Other, net 131 105 (22 ) 2,461 (7,141 ) (752 ) (5,218 ) Income and mining tax (expense) benefit 251,840 (2,224 ) — 18,114 2,067 158,457 428,254 Net income (loss) $ (563,229 ) $ 6,922 $ (128,870 ) $ (89,433 ) $ (10,689 ) $ (401,575 ) $ (1,186,874 ) Segment assets (2) $ 332,369 $ 196,765 $ 215,973 $ 188,616 $ 59,848 $ 81,688 $ 1,075,259 Capital expenditures $ 26,084 $ 11,898 $ 16,220 $ 7,937 $ — $ 2,105 $ 64,244 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Year ended December 31, 2013 Palmarejo Rochester Kensington San Bartolomé Coeur Capital Other Total Revenue Metal sales $ 324,040 $ 119,254 $ 148,769 $ 141,721 $ 12,871 $ (661 ) $ 745,994 Royalties — — — — — — — 324,040 119,254 148,769 141,721 12,871 (661 ) 745,994 Costs and Expenses Costs applicable to sales (1) 188,572 77,869 104,575 86,827 5,820 — 463,663 Amortization 133,535 8,890 62,750 19,103 3,755 1,531 229,564 Exploration 7,161 2,653 4,199 111 2,069 6,167 22,360 Write-downs 642,094 — 130,694 — — 205 772,993 Other operating expenses 705 36,265 735 6,205 1,397 57,266 102,573 Other income (expense) Fair value adjustments, net 76,218 416 7,480 — — (1,346 ) 82,768 Interest expense, net (15,123 ) (20 ) (424 ) (74 ) — (25,662 ) (41,303 ) Other, net 906 (318 ) (187 ) 2,582 (19,474 ) 11,506 (4,985 ) Income and mining tax (expense) benefit 107,748 (2,332 ) (1 ) (10,938 ) 2,179 61,460 158,116 Net income (loss) $ (478,278 ) $ (8,677 ) $ (147,316 ) $ 21,045 $ (17,465 ) $ (19,872 ) $ (650,563 ) Segment assets (2) $ 1,164,852 $ 176,789 $ 343,144 $ 289,272 $ 62,678 $ 522,084 $ 2,558,819 Capital expenditures $ 33,730 $ 29,406 $ 21,404 $ 11,568 $ — $ 4,705 $ 100,813 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Assets December 31, 2015 December 31, 2014 Total assets for reportable segments $ 1,103,310 $ 1,075,259 Cash and cash equivalents 200,714 270,861 Other assets 28,465 90,449 Total consolidated assets $ 1,332,489 $ 1,436,569 Geographic Information Long-Lived Assets December 31, 2015 December 31, 2014 Mexico $ 390,694 $ 298,101 United States 336,210 275,594 Bolivia 35,201 107,960 Australia 5,952 21,362 Argentina 10,871 10,970 Other 9,058 15,116 Total $ 787,986 $ 729,103 Revenue Year ended December 31, 2015 2014 2013 United States $ 376,692 $ 260,728 $ 268,023 Mexico 171,911 245,493 324,040 Bolivia 84,679 117,749 141,721 Australia 8,732 10,046 12,871 Other 4,072 1,726 (661 ) Total $ 646,086 $ 635,742 $ 745,994 The Company's doré, as well as the concentrate product produced by the Wharf mine, is refined into gold and silver bullion according to benchmark standards set by the London Bullion Market Association, which regulates the acceptable requirements for bullion traded in the London precious metals markets. The Company then sells its silver and gold bullion to multi-national banks, bullion trading houses, and refiners across the globe. The Company has eleven trading counterparties and the sales of metals to these companies amounted to approximately 74% , 63% , and 72% of total metal sales for the years ended December 31, 2015, 2014, and 2013, respectively. Generally, the loss of a single bullion trading counterparty would not adversely affect the Company due to the liquidity of the markets and the availability of alternative trading counterparties. The Company's concentrate produced by the Kensington mine is sold to smelters under purchase and sale agreements, and the smelters pay the Company for the gold or silver recovered from the concentrates. The Company currently sells concentrate to three smelters, and sales to these companies amounted to approximately 26% , 37% , and 28% of total metal sales for the years ended December 31, 2015, 2014, and 2013, respectively. While the loss of any one smelter may have a material adverse effect if alternate smelters are not available, the Company believes that there is sufficient global capacity available to address the loss of a smelter. The following table indicates customers that represent 10% or more of total sales of metal for at least one of the years December 31, 2015, 2014, and 2013 (in millions): Years Ended December 31, Customer 2015 2014 2013 Segments reporting revenue Mitsui & Co. $ 137.7 $ 133.8 $ 70.3 Palmarejo, Rochester China National Gold 126.2 86.8 81.5 Kensington Asahi (formerly Johnson Matthey) 84.2 71.8 66.4 Wharf, Rochester, San Bartolomé TD Securities 81.3 106.7 106.7 Palmarejo, Rochester Standard Bank 34.7 87.5 69.0 Palmarejo, Rochester INTL Commodities 33.1 22.4 84.6 Palmarejo, San Bartolomé, Rochester Valcambi — 33.9 77.2 Palmarejo, San Bartolomé Auramet — 10.8 111.7 Palmarejo, San Bartolomé, Kensington, Rochester |
Write-Downs
Write-Downs | 12 Months Ended |
Dec. 31, 2015 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
WRITE-DOWNS | WRITE-DOWNS Year ended December 31, 2015 2014 2013 Mining properties Palmarejo $ 205,803 $ 668,803 $ 539,359 San Bartolomé 16,690 32,328 — Kensington — 67,671 82,337 La Preciosa — 371,411 — Joaquin — 83,429 — Coeur Capital 22,118 6,202 — Martha — — 205 244,611 1,229,844 621,901 Property, plant, and equipment Palmarejo $ 18,704 $ 115,235 $ 102,735 San Bartolomé 50,022 86,426 — Kensington — 40,161 48,357 La Preciosa — 1,055 — 68,726 242,877 151,092 Total $ 313,337 $ 1,472,721 $ 772,993 The 2015 write-down of $313.3 million ( $276.5 million net of tax) was due to a $224.5 million impairment of the Palmarejo complex ( $193.5 million net of tax) and a $66.7 million impairment of the San Bartolomé mine, and a $22.1 million impairment ( $16.3 million net of tax) of certain Coeur Capital assets, including the Endeavor silver stream and other royalties. The non-cash impairment charges were largely driven by significant decreases in long-term metal price assumptions and revised mine plans in the fourth quarter. For purposes of this evaluation, estimates of future cash flows of the individual reporting units were used to determine fair value. The estimated cash flows were derived from life-of-mine plans, developed using long-term pricing reflective of the current price environment and management’s projections for operating costs. The 2014 write-down of $1,472.7 million ( $1,021.8 million net of tax) was primarily due to a $784.0 million impairment of the Palmarejo complex ( $504.5 million net of tax) and a $372.5 million impairment of the La Preciosa project ( $244.9 million net of tax) due to a decrease in the Company's long-term silver and gold price assumptions reflective of the current silver and gold price environment and revised mine plans. The 2013 write-down of $773.0 million was primarily due to a $642.1 million impairment of the Palmarejo complex ( $462.3 million net of tax) and a $130.7 million impairment of the Kensington mine due to a decrease in the Company's long-term silver and gold price assumptions reflective of the current silver and gold price environment. |
Reclamation
Reclamation | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
RECLAMATION | RECLAMATION Reclamation and mine closure costs are based principally on legal and regulatory requirements. Management estimates costs associated with reclamation of mining properties. The Company uses assumptions about future costs, mineral prices, mineral processing recovery rates, production levels, capital costs, and reclamation costs. On an ongoing basis, management evaluates its estimates and assumptions, and future expenditures could differ from current estimates. Changes to the Company’s asset retirement obligations for operating sites are as follows: Year ended December 31, In thousands 2015 2014 Asset retirement obligation - Beginning $ 67,214 $ 55,966 Accretion 7,738 4,826 Additions and changes in estimates 11,939 6,748 Settlements (4,819 ) (326 ) Asset retirement obligation - Ending $ 82,072 $ 67,214 The increase in asset retirement obligations in the year ended December 31, 2015 is primarily due to the acquisition of the Wharf gold mine. The Company has accrued $3.2 million and $3.6 million at December 31, 2015 and December 31, 2014 , respectively, for reclamation liabilities related to former mining activities, which are included in Reclamation. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company has stock incentive plans for executives and eligible employees. Stock awards include stock options, restricted stock, and performance shares. The Company previously awarded stock appreciation rights, restricted stock units, and performance share units. Stock-based compensation expense for the years ended December 31, 2015, 2014, and 2013 was $9.3 million , $9.3 million , and $4.8 million , respectively. At December 31, 2015, there was $8.0 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.4 years. Stock Options and Stock Appreciation Rights Stock options and stock appreciation rights (SARs) granted under the Company’s incentive plans vest over three years and are exercisable over a period not to exceed ten years from the grant date. The exercise price of stock options is equal to the fair market value of the shares on the date of the grant. The value of each stock option award is estimated using the Black-Scholes option pricing model. Stock options are accounted for as equity awards and SARs are accounted for as liability awards and remeasured at each reporting date. SARs, when vested, provide the participant the right to receive cash equal to the excess of the market price of the shares over the exercise price when exercised. The following table sets forth the weighted average fair value of stock options and the assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model: 2015 2014 2013 Weighted average fair value of stock options granted $ 2.65 $ 3.79 $ 12.60 Volatility 55.71 % 50.93 % 76.74 % Expected life in years 4.75 3.9 5.0 Risk-free interest rate 1.51 % 1.25 % 0.84 % Dividend yield — — — The following table summarizes stock option and SAR activity for the years ended December 31, 2015, 2014, and 2013: Stock Options SARs Shares Weighted Average Exercise Price Shares Weighted Outstanding at December 31, 2012 370,000 $ 30.20 68,865 $ 13.83 Granted 190,452 20.41 — — Exercised (13,027 ) 10.77 (6,617 ) 13.14 Canceled/forfeited (131,855 ) 29.30 (12,039 ) 15.40 Outstanding at December 31, 2013 415,570 27.36 50,209 14.15 Granted 415,172 9.45 — — Exercised — — — — Canceled/forfeited (232,396 ) 23.94 (3,637 ) 15.40 Outstanding at December 31, 2014 598,346 16.26 46,572 14.06 Granted 310,028 5.57 — — Exercised — — — — Canceled/forfeited (238,365 ) 12.69 — — Outstanding at December 31, 2015 670,009 $ 12.58 46,572 $ 14.06 Options Outstanding Options Exercisable Range of Exercise Price Number Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Number Exercisable Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) $ 0.00-$10.00 439,746 $ 7.33 8.71 75,613 $ 9.41 7.49 $10.00-$20.00 71,540 13.42 7.56 40,823 14.56 7.31 $20.00-$30.00 149,992 25.63 6.31 126,828 25.98 6.17 $30.00-$40.00 3,134 39.90 1.22 3,134 39.90 1.22 $40.00-$50.00 3,336 48.50 2.03 3,336 48.50 2.03 $50.00-$60.00 2,261 51.40 0.14 2,261 51.40 0.14 670,009 $ 12.58 251,995 $ 19.86 At December 31, 2015, there was $0.4 million of unrecognized compensation cost related to non-vested stock options to be recognized over a weighted average period of 1.1 years. Restricted Stock and Restricted Stock Units Restricted stock granted under the Company’s incentive plans are accounted for based on the market value of the underlying shares on the date of grant and vest in equal installments annually over three years. Restricted stock awards are accounted for as equity awards and restricted stock unit awards were accounted for as liability awards. Restricted stock units were remeasured at each reporting date and settled in cash based on the number of vested restricted stock units multiplied by the current market price of the common shares when vested. Holders of restricted stock are entitled to vote the shares and to receive any dividends declared on the shares. The following table summarizes restricted stock and restricted stock units activity for the years ended December 31, 2015, 2014, and 2013: Restricted Stock Restricted Stock Units Number of Shares Weighted Average Grant Date Fair Value Number of Units Weighted Average Fair Value Outstanding at December 31, 2012 239,698 $ 25.38 11,411 $ 24.14 Granted 573,467 15.38 — — Vested (90,963 ) 26.83 (11,411 ) 22.74 Cancelled/Forfeited (109,116 ) 23.30 — — Outstanding at December 31, 2013 613,086 16.68 — — Granted 695,897 9.83 — — Vested (234,103 ) 17.16 — — Cancelled/Forfeited (172,881 ) 11.87 — — Outstanding at December 31, 2014 901,999 12.19 — — Granted 1,180,384 5.49 — — Vested (317,122 ) 13.38 — — Cancelled/Forfeited (257,849 ) 7.59 — — Outstanding at December 31, 2015 1,507,412 $ 7.49 — $ — At December 31, 2015, there was $3.2 million of unrecognized compensation cost related to restricted stock awards to be recognized over a weighted-average period of 1.2 years. Performance Shares and Performance Share Units Performance shares granted under the Company’s incentive plans are accounted for at fair value using a Monte Carlo simulation valuation model on the date of grant. Performance share awards are accounted for as equity awards and performance units are accounted for as liability-based awards and remeasured each reporting date. The performance shares vest at the end of a three-year service period if relative stockholder return and internal performance metrics are met. The existence of a market condition requires recognition of compensation cost for the performance share awards over the requisite period regardless of whether the relative stockholder return metric is met. Performance share units were settled in cash based on the current market price of the common shares when vested. The following table summarizes performance shares and performance units’ activity for the years ended December 31, 2015, 2014, and 2013: Performance Shares Performance Units Number of Shares Weighted Average Grant Date Fair Value Number of Units Weighted Average Fair Value Outstanding at December 31, 2012 109,159 $ 26.92 34,239 $ 39.78 Granted 173,773 23.35 34,239 38.02 Vested (4,160 ) 30.97 (68,478 ) 38.02 Cancelled/Forfeited (68,377 ) 34.49 — — Outstanding at December 31, 2013 210,395 28.04 — — Granted 358,398 12.21 — — Vested (34,611 ) 27.18 — — Cancelled/Forfeited (17,352 ) 27.15 — — Outstanding at December 31, 2014 516,830 17.61 — — Granted 809,293 6.97 — — Vested — — — — Cancelled/Forfeited (190,988 ) 15.62 — — Outstanding at December 31, 2015 1,135,135 $ 10.35 — $ — At December 31, 2015, there was $3.7 million of unrecognized compensation cost related to performance shares to be recognized over a weighted average period of 1.7 years. Supplemental Incentive Plan In 2014, the Company adopted a supplemental incentive plan under which benefits are payable upon achievement of certain performance and market conditions. The maximum potential incentive payout under the plan is $3.8 million , of which $2.8 million may be settled in cash or stock at the Company’s discretion. At December 31, 2015, $2.2 million has been accrued for this plan. |
Retirement Savings Plan
Retirement Savings Plan | 12 Months Ended |
Dec. 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 generally 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 an eligible employee's salary. Total plan expenses recognized for the years ended December 31, 2015 , 2014, and 2013 were $2.9 million , $2.6 million , and $4.1 million , respectively. |
Income and Mining Taxes
Income and Mining Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME AND MINING TAXES | INCOME AND MINING TAXES The components of Income (loss) before income taxes are below: Year ended December 31, In thousands 2015 2014 2013 United States $ (43,924 ) $ (213,883 ) $ (242,562 ) Foreign (349,522 ) (1,401,245 ) (566,117 ) Total $ (393,446 ) $ (1,615,128 ) $ (808,679 ) The components of the consolidated Income and mining tax (expense) benefit from continuing operations are below: Year ended December 31, In thousands 2015 2014 2013 Current: United States $ 49 $ 904 $ 4 United States — State mining taxes (4,305 ) (879 ) (714 ) United States — Foreign withholding tax — (6,250 ) 397 Argentina 715 (71 ) (137 ) Australia 130 — (914 ) Mexico (476 ) (10,122 ) (9,046 ) Bolivia (5,154 ) (4,008 ) (6,716 ) Canada (516 ) (145 ) (1,936 ) Deferred: Argentina (1,197 ) 24,478 8,062 Australia 3,223 (401 ) (2 ) Bolivia — 22,122 (4,222 ) Canada 2,875 2,662 — Mexico 27,189 394,221 94,851 United States 1,778 5,743 78,489 United States — State mining taxes 1,952 — — Income tax (expense) benefit $ 26,263 $ 428,254 $ 158,116 A reconciliation of the Company’s effective tax rate with the federal statutory tax rate for the periods indicated is below: Year ended December 31, In thousands 2015 2014 2013 Income and mining tax benefit (expense) at statutory rate $ 137,706 $ 565,295 $ 283,038 State tax provision from continuing operations (2,075 ) 20,253 2,245 Change in valuation allowance (101,027 ) (151,191 ) (106,802 ) Non-deductible imputed interest — — (214 ) Uncertain tax positions (1,947 ) (4,425 ) (5,209 ) U.S. and foreign non-deductible expenses 1,365 (4,892 ) (2,383 ) Mineral interest related (19,310 ) — — Foreign exchange rates 22,350 23,672 13,937 Foreign inflation and indexing 1,117 3,765 2,937 Foreign tax rate differences (15,980 ) (63,930 ) (24,108 ) Foreign withholding and other taxes 8,140 82,884 (100,331 ) Foreign tax credits and other, net (4,076 ) (43,177 ) 13,153 Mexico permanent reinvestment assertion — — 81,853 Income and mining tax benefit (expense) $ 26,263 $ 428,254 $ 158,116 At December 31, 2015 and 2014, the significant components of the Company’s deferred tax assets and liabilities are below: Year ended December 31, In thousands 2015 2014 Deferred tax liabilities: Mexican mining tax $ 15,451 $ 8,065 Foreign subsidiaries — unremitted earnings 12,999 45,249 Inventory 2,353 3,135 Royalty and other long-term debt 1,648 — $ 32,451 $ 56,449 Deferred tax assets: Net operating loss carryforwards 203,958 153,701 Mineral properties 34,966 46,006 Property, plant, and equipment 6,980 38,091 Royalty and other long-term debt — 5,863 Capital loss carryforwards 3,938 35,251 Asset retirement obligation 21,480 21,586 Unrealized foreign currency loss and other 8,424 8,213 Accrued expenses 17,905 9,365 Tax credit carryforwards 26,439 56,322 324,090 374,398 Valuation allowance (436,829 ) (391,510 ) (112,739 ) (17,112 ) Net deferred tax liabilities $ 145,190 $ 73,561 The Company reviews the measurement of its deferred tax assets at each balance sheet date. All available evidence, both positive and negative, is considered in determining whether, based upon the weight of the evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. Based upon this analysis, the Company has recorded valuation allowances as follows: Year ended December 31, In thousands 2015 2014 U.S. $ 292,677 $ 305,534 Argentina 8,376 21,520 Canada 1,718 2,009 Bolivia 45,177 15,948 Mexico 63,373 14,816 New Zealand 25,508 28,710 Other — 2,973 $ 436,829 $ 391,510 The Company has the following tax attribute carryforwards at December 31, 2015, by jurisdiction: In thousands U.S. Argentina Bolivia Canada Mexico New Zealand Other Total Regular net operating losses 320,511 12,210 55,019 2,182 108,191 91,096 68 589,277 Alternative minimum tax net operating losses 187,376 — — — — — — 187,376 Capital losses 11,195 — — — — — — 11,195 Alternative minimum tax credits 3,173 — — — — — — 3,173 Foreign tax credits 19,898 — — — — — — 19,898 The U.S. net operating losses expire from 2019 through 2035 and the Canada net operating losses will expire from 2029 through 2035. The Mexico net operating losses expire from 2017 to 2035, while the remaining net operating losses from the foreign jurisdictions have an indefinite carryforward period. The majority of the U.S. capital losses expired in 2015. Alternative minimum tax credits do not expire and foreign tax credits expire if unused beginning in 2019. The Company intends to indefinitely reinvest earnings from certain foreign operations. For the years 2015 and 2014, the Company had no unremitted earnings from these specific foreign operations. A reconciliation of the beginning and ending amount related to unrecognized tax benefits is below (in thousands): Unrecognized tax benefits at January 1, 2014 $ 15,471 Gross increase to current period tax positions 1,856 Gross increase to prior period tax positions 524 Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations (1,767 ) Unrecognized tax benefits at December 31, 2014 $ 16,084 Gross increase to current period tax positions 1,030 Gross increase to prior period tax positions 810 Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations — Unrecognized tax benefits at December 31, 2015 $ 17,924 At December 31, 2015, 2014, and 2013, $17.9 million , $16.1 million , and $14.3 million , respectively, of these gross unrecognized benefits would, if recognized, decrease the Company's effective tax rate. The Company operates in numerous countries around the world and is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. The Company has historically filed, and continues to file, all required income tax returns and paid the taxes reasonably determined to be due. The tax rules and regulations in many countries are highly complex and subject to interpretation. From time to time, the Company is subject to a review of its historic income tax filings and, in connection with such reviews, disputes can arise with the taxing authorities over the interpretation or application of certain rules to the Company’s business conducted within the country involved. The Company files income tax returns in various U.S. federal and state jurisdictions, in all identified foreign jurisdictions, and various others. The statute of limitations remains open from 2012 for the US federal jurisdiction and from 2008 for certain other foreign jurisdictions. During 2014, the U.S. Internal Revenue Service concluded its examination of the Company's 2009, 2010, and 2011 tax years. As a result of statutes of limitations that will begin to expire within the next 12 months in various jurisdictions and possible settlement of audit-related issues with taxing authorities in various jurisdictions with respect to which none of these issues are individually significant, the Company believes that it is reasonably possible that the total amount of its unrecognized income tax liability will decrease between $0.5 million and $1.0 million in the next 12 months. The Company classifies interest and penalties associated with uncertain tax positions as a component of income tax expense and recognized interest and penalties of $9.2 million , $6.9 million , and $4.1 million at December 31, 2015, 2014, and 2013, respectively. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 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 years ended December 31, 2015 , 2014 , and 2013, 3,239,425 , 1,871,681 , and 1,111,021 , respectively, of common stock equivalents related to equity-based awards were not included in the diluted per share calculation as the shares would be antidilutive. The 3.25% Convertible Senior Notes were not included in the computation of diluted net income (loss) per share for the years ended December 31, 2015 , 2014 , and 2013 because there is no excess value upon conversion over the principal amount of the Notes. Year ended December 31, In thousands except per share amounts 2015 2014 2013 Net income (loss) available to common stockholders $ (367,183 ) $ (1,186,874 ) $ (650,563 ) Weighted average shares: Basic 129,639 102,441 97,864 Effect of stock-based compensation plans — — — Diluted 129,639 102,441 97,864 Income (loss) per share: Basic $ (2.83 ) $ (11.59 ) $ (6.65 ) Diluted $ (2.83 ) $ (11.59 ) $ (6.65 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The following table presents the components of Fair value adjustments, net : Year ended December 31, In thousands 2015 2014 2013 Palmarejo royalty obligation embedded derivative $ 3,101 $ (2,001 ) $ 76,200 Rochester net smelter royalty (NSR) royalty obligation 818 3,653 416 Silver and gold options 1,283 1,058 7,119 Foreign exchange contracts — 908 (967 ) Fair value adjustments, net $ 5,202 $ 3,618 $ 82,768 Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3). The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: Fair Value at December 31, 2015 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 2,766 $ 2,756 $ — $ 10 Liabilities: Palmarejo royalty obligation embedded derivative $ 4,957 $ — $ — $ 4,957 Rochester NSR royalty obligation 9,593 — — 9,593 Other derivative instruments, net 508 — 508 — $ 15,058 $ — $ 508 $ 14,550 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. Quoted market prices are not available for certain equity securities; these securities are valued using pricing models, which require the use of observable and unobservable inputs, and 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 and certain doré 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 0.7 years and 2.5 years were used to estimate the fair value of the Palmarejo royalty obligation embedded derivative and Rochester NSR royalty obligation, respectively, at December 31, 2015 . No assets or liabilities were transferred between fair value levels in the year ended December 31, 2015 . The following tables present the changes in the fair value of the Company's Level 3 financial assets and liabilities for the years ended December 31, 2015 and 2014: Year ended December 31, 2015 In thousands Balance at the beginning of the period Revaluation Settlements Balance at the end of the period Assets: Equity securities $ 1,379 $ (983 ) $ (386 ) $ 10 Liabilities: Palmarejo royalty obligation embedded derivative $ 21,912 $ (3,101 ) $ (13,854 ) $ 4,957 Rochester NSR royalty obligation $ 15,370 (818 ) (4,959 ) $ 9,593 Year ended December 31, 2014 In thousands Balance at the beginning of the period Additions Revaluation Settlements Transfers from Level 1 Balance at the end of the period Palmarejo royalty obligation embedded derivative $ 40,338 $ — $ 2,001 $ (20,427 ) $ — $ 21,912 Rochester NSR royalty obligation 21,630 — (3,653 ) (2,607 ) — 15,370 Equity securities — 69 (55 ) — 1,365 1,379 During 2015, Coeur recorded write-downs related to Property, plant, and equipment and Mining properties totaling $313.3 million ( $276.5 million net of tax). The fair values of Property, plant, and equipment and Mining properties were estimated using a discounted cash flow approach. The discounted cash flow model used significant unobservable inputs and is therefore classified within Level 3 for the fair value hierarchy. The following table sets forth the quantitative and qualitative information related to the unobservable inputs used in the calculation of the Company's non-recurring Level 3 fair value measurements: Description Valuation technique Unobservable input Range / Weighted Average Property, plant, and equipment and Mining properties Discounted cash flow Discount rate 7.50% - 11.00% Long-term silver price $17.50 Long-term gold price $1,200 During 2014, Coeur recorded write-downs related to Property, plant, and equipment and Mining properties totaling $1,472.7 million ( $1,021.8 million net of tax). The fair values of Property, plant, and equipment and Mining properties were estimated using a discounted cash flow approach. The discounted cash flow model used significant unobservable inputs and is therefore classified within Level 3 for the fair value hierarchy. The following table sets forth the quantitative and qualitative information related to the unobservable inputs used in the calculation of the Company's non-recurring Level 3 fair value measurements: Description Valuation technique Unobservable input Range / Weighted Average Property, plant, and equipment and Mining properties Discounted cash flow Discount rate 8.00% - 10.75% Long-term silver price $19.00 Long-term gold price $1,275 During 2013, Coeur recorded write-downs related to Property, plant, and equipment and Mining properties totaling $773.0 million ( $593.2 million net of tax). The fair values of Property, plant, and equipment and Mining properties were estimated using a discounted cash flow approach. The discounted cash flow model used significant unobservable inputs and is therefore classified within Level 3 for the fair value hierarchy. The following table sets forth the quantitative and qualitative information related to the unobservable inputs used in the calculation of the Company's non-recurring Level 3 fair value measurements: Description Valuation technique Unobservable input Range / Weighted Average Property, plant, and equipment and Mining properties Discounted cash flow Discount rate 8.50% - 10.50% Long-term silver price $25.00 Long-term gold price $1,450 The fair value of financial assets and liabilities carried at book value in the financial statements at December 31, 2015 and December 31, 2014 is presented in the following table: December 31, 2015 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 3.25% Convertible Senior Notes due 2028 $ 712 $ 693 $ — $ 693 $ — 7.875% Senior Notes due 2021 (1) 373,433 227,487 — 227,487 — Term Loan due 2020 (2) 94,489 99,500 — 99,500 — San Bartolomé Lines of Credit 4,571 4,571 — 4,571 — Palmarejo gold production royalty obligation 15,207 15,580 — — 15,580 (1) Net of unamortized debt issuance costs and premium received of $5.3 million . (2) Net of unamortized debt issuance costs of $5.0 million . December 31, 2014 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 (1) 427,603 343,305 — 343,305 — San Bartolomé Lines of Credit 14,785 14,785 — 14,785 — Palmarejo gold production royalty obligation 34,047 38,290 — — 38,290 (1) Net of unamortized debt issuance costs and premium received of $7.3 million . The fair values of the 3.25% Convertible Senior Notes due 2028 (the "Convertible Notes") and 7.875% Senior Notes due 2021 (the "Senior Notes") outstanding were estimated using quoted market prices. The fair value of the Term Loan due 2020 (the "Term Loan") approximates book value (excluding unamortized debt issuance costs) as the liability is secured, has a variable interest rate, and lacks significant credit concerns. 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. |
Other, Net
Other, Net | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
OTHER, NET | OTHER, NET Other, net consists of the following: Year ended December 31, In thousands 2015 2014 2013 Impairment of equity securities $ (2,346 ) $ (6,593 ) $ (18,308 ) Gain on extinguishment of Senior Notes 16,187 — — Foreign exchange gain (loss) (15,769 ) 470 (189 ) Gain on termination of reclamation bonds — — 8,519 Other 1,913 905 4,993 Other, net $ (15 ) $ (5,218 ) $ (4,985 ) |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 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 legacy adjacent properties, excluding production from the recently acquired Paramount Gold and Silver Corp. ("Paramount") properties. The royalty transaction includes a minimum obligation of 4,167 gold ounces per month and terminates when payments on 400,000 gold ounces have been made. At December 31, 2015 , a total of 33,495 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 19.9% and 11.8% at December 31, 2015 and December 31, 2014 , respectively. The fair value of the embedded derivative at December 31, 2015 and December 31, 2014 was a liability of $5.0 million and $21.9 million , respectively. The mark-to-market adjustments were gains of $17.0 million , $18.4 million , and $104.8 million for the years ended December 31, 2015 , 2014 , and 2013, 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. Realized losses on settlement of the liabilities were $13.9 million , $20.4 million , and $28.6 million for the years ended December 31, 2015 , 2014 , and 2013, respectively. The mark-to-market adjustments and realized losses are included in Fair value adjustments, net . Provisional Silver and Gold Sales The Company enters into sales contracts with third-party smelters and refiners which, in most cases, provide for a provisional payment based upon preliminary assays and quoted metal prices. The provisionally priced sales contracts contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable recorded 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 $0.3 million , losses of $0.1 million , and losses of $2.0 million in the years ended December 31, 2015 , 2014 , and 2013, respectively. At December 31, 2015 , the Company had outstanding provisionally priced sales of 0.6 million ounces of silver and 30,627 ounces of gold at prices of $14.98 and $1,110 , respectively. Silver and Gold Options During the years ended December 31, 2014 and 2013, the Company recorded unrealized gains of $1.5 million and $8.9 million , respectively, related to outstanding options which were included in Fair value adjustments, net. The Company recognized realized gains of $1.3 million , realized losses of $0.6 million , and no realized gain or loss during the years ended December 31, 2015 , 2014 , and 2013, respectively, from settled contracts. At December 31, 2015 , the Company had the following derivative instruments that settle as follows: In thousands except average prices and notional ounces 2016 Thereafter Palmarejo gold production royalty $ 21,641 $ — Average gold price in excess of minimum contractual deduction $ 646 $ — Notional ounces 33,495 — Provisional silver sales $ 8,849 $ — Average silver price $ 14.98 $ — Notional ounces 590,750 — Provisional gold sales $ 33,996 $ — Average gold price $ 1,110 $ — Notional ounces 30,627 — The following summarizes the classification of the fair value of the derivative instruments: December 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 — — 4,957 — Concentrate sales contracts 28 536 — — $ 28 $ 536 $ 4,957 $ — 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 years ended December 31, 2015 , 2014 , and 2013 (in thousands): Year ended December 31, Financial statement line Derivative 2015 2014 2013 Revenue Concentrate sales contracts $ 296 $ (123 ) (1,995 ) Costs applicable to sales Foreign exchange contracts — 924 589 Fair value adjustments, net Foreign exchange contracts — (16 ) (985 ) Fair value adjustments, net Palmarejo gold royalty 3,101 (2,001 ) 76,200 Fair value adjustments, net Silver and gold options 1,283 1,058 7,119 $ 4,680 $ (158 ) $ 80,928 Credit Risk The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with financial institutions management deems credit worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties. In addition, to allow for situations where derivative positions may need to be revised, the Company transacts only in markets that management considers highly liquid. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS On April 17, 2015 , the Company completed the acquisition of Paramount, which held mineral claims adjacent to the Company's Palmarejo mine, including a continuation of the Independencia deposit. Upon closing, Paramount became a wholly-owned subsidiary of the Company, and each issued and outstanding share of Paramount common stock was converted into 0.2016 shares of Coeur common stock, with cash paid in lieu of fractional shares. 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. SpinCo was capitalized with $8.5 million in cash contributed by Coeur, which amount has been included in the total consideration paid for the acquisition of Paramount. The Company also paid $1.5 million to acquire 4.9% of the newly issued and outstanding shares of SpinCo. The transaction was accounted for as an asset acquisition, as Paramount is an exploration stage project, which requires that the total purchase price be allocated to the assets acquired and liabilities assumed based on their relative fair values. The purchase price and acquired assets and liabilities were as follows (in thousands except share data): Common shares issued (32,667,327 at $5.78) $ 188,817 Cash 8,530 Transaction advisory fees and other acquisition costs 4,020 Total purchase price 201,367 Assets: Cash 118 Receivables and other current assets 1,685 Property, plant, and equipment 215 Mining properties, net 305,175 307,193 Liabilities: Accounts payable and accrued liabilities 2,737 Deferred income taxes 103,089 105,826 Net assets acquired $ 201,367 The assets acquired and liabilities assumed have been assigned to the Palmarejo reportable operating segment. 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 $99.4 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. The Company incurred $2.1 million of acquisition costs, which are included in Pre-development, reclamation, and other on the Condensed Consolidated Statements of Comprehensive Income (Loss). The purchase price allocation was based on the fair value of acquired assets and liabilities as follows (in thousands): Assets: Cash $ 982 Receivables 3,061 Inventory 2,147 Ore on leach pads 12,710 Other current assets 2,924 Property, plant, and equipment 30,055 Mining properties, net 77,424 Other non-current assets 3,966 133,269 Liabilities: Accounts payable and accrued liabilities 5,938 Reclamation 18,270 Deferred income taxes 5,915 Other non-current liabilities 3,750 33,873 Net assets acquired $ 99,396 The following table presents the unaudited pro forma summary of the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2015 , 2014 , and 2013 as if the acquisition had occurred on January 1, 2013. 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. Year ended December 31, In thousands 2015 2014 2013 Revenue $ 664,086 $ 729,742 $ 823,994 Income (loss) before income and mining taxes (393,498 ) (1,587,128 ) (786,679 ) Net income (loss) (367,235 ) (1,158,874 ) (628,563 ) On May 27, 2014, the Company's subsidiary, Coeur Capital, Inc., entered into an NSR royalty agreement with Northair Silver Corp. (formerly, International Northair Mines, Ltd., "Northair"). Pursuant to the agreement, the Company paid $2.2 million cash on May 27, 2014 for a 1.25% NSR and $1.8 million on September 2, 2014 for an additional 1.25% NSR royalty payable on future production from Northair's La Cigarra silver project located in north central Mexico. |
Investments
Investments | 12 Months Ended |
Dec. 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 December 31, 2015 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity securities 3,386 (1,179 ) 559 2,766 At December 31, 2014 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity securities $ 5,687 $ (8 ) $ 303 $ 5,982 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 $2.3 million , $6.6 million , and $18.3 million in the years ended December 31, 2015 , 2014 , and 2013, respectively, in Other, net . 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 December 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 $ (1,179 ) $ 614 $ — $ — $ (1,179 ) $ 614 |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
RECEIVABLES | RECEIVABLES Receivables consist of the following: In thousands December 31, 2015 December 31, 2014 Current receivables: Trade receivables $ 17,878 $ 20,448 Income tax receivable 13,678 21,047 Value added tax receivable 50,669 63,805 Other 3,767 2,623 $ 85,992 $ 107,923 Non-current receivables: Value added tax receivable $ 24,768 $ 21,686 Total receivables $ 110,760 $ 129,609 |
Inventory and Ore on Leach Pads
Inventory and Ore on Leach Pads | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
INVENTORY AND ORE ON LEACH PADS | INVENTORY AND ORE ON LEACH PADS Inventory consists of the following: In thousands December 31, 2015 December 31, 2014 Inventory: Concentrate $ 16,165 $ 23,563 Precious metals 21,908 40,870 Supplies 43,638 50,498 $ 81,711 $ 114,931 Ore on leach pads: Current $ 67,329 $ 48,204 Non-current 44,582 37,889 $ 111,911 $ 86,093 Total inventory and ore on leach pads $ 193,622 $ 201,024 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 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 December 31, 2015 December 31, 2014 Land $ 8,287 $ 1,752 Facilities and equipment 654,585 647,181 Capital leases 30,648 28,680 693,520 677,613 Accumulated amortization (514,509 ) (464,852 ) 179,011 212,761 Construction in progress 16,988 15,150 Property, plant and equipment, net $ 195,999 $ 227,911 Rent expense for operating lease agreements was $14.3 million , $11.2 million , and $16.7 million for the years ended December 31, 2015, 2014, and 2013, respectively. |
Mining Properties
Mining Properties | 12 Months Ended |
Dec. 31, 2015 | |
Mining Properties [Abstract] | |
MINING PROPERTIES | MINING PROPERTIES Mining properties consist of the following (in thousands): December 31, 2015 Palmarejo Rochester Kensington Wharf San Bartolomé La Preciosa Joaquin Coeur Capital Total Mine development $ 151,828 $ 149,756 $ 238,786 $ 32,318 $ 39,474 $ — $ — $ — $ 612,162 Accumulated amortization (131,055 ) (126,242 ) (131,236 ) (5,784 ) (30,325 ) — — (424,642 ) 20,773 23,514 107,550 26,534 9,149 — — — 187,520 Mineral interests 629,303 — — 45,837 12,868 49,085 10,000 59,343 806,436 Accumulated amortization (348,268 ) — — (10,551 ) (11,400 ) — — (34,518 ) (404,737 ) 281,035 — — 35,286 1,468 49,085 10,000 24,825 401,699 Mining properties, net $ 301,808 $ 23,514 $ 107,550 $ 61,820 $ 10,617 $ 49,085 $ 10,000 $ 24,825 $ 589,219 December 31, 2014 Palmarejo Rochester Kensington San Bartolomé La Preciosa Joaquin Coeur Capital Total Mine development $ 137,821 $ 153,535 $ 217,138 $ 49,305 $ — $ — $ — $ 557,799 Accumulated amortization (121,906 ) (113,533 ) (106,865 ) (26,106 ) — — — (368,410 ) 15,915 40,002 110,273 23,199 — — — 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 $ 40,002 $ 110,273 $ 30,616 $ 49,059 $ 10,000 $ 56,010 $ 501,192 The Palmarejo complex is located in the State of Chihuahua in northern Mexico and consists of the Palmarejo mine and mill, the Guadalupe underground mine, the Independencia deposit, and other deposits and exploration targets. The Palmarejo mine commenced production in April 2009 and the Guadalupe mine commenced production in 2015. The Company has conducted operations at the Rochester silver and gold mine, located in northwestern Nevada, since September 1986. The mine utilizes the heap-leaching process to extract both silver and gold from ore mined using open pit methods. The Kensington mine is an underground gold mine and consists of the Kensington and adjacent Jualin properties located north-northwest of Juneau, Alaska. The Company commenced commercial production in July 2010. The Wharf gold mine is an open pit gold mine located near the city of Lead, South Dakota. The Company acquired Wharf in February 2015. The San Bartolomé mine is a silver mine located near the city of Potosi, Bolivia. The Company commenced commercial production at San Bartolomé in June 2008. The La Preciosa silver-gold project is located in the State of Durango in northern Mexico. The Company completed a feasibility study in 2014 and has deferred construction activities until expected returns improve. The Joaquin silver-gold project is located in the Santa Cruz province of southern Argentina. The Company commenced exploration of the property located north of the Company's Martha silver mine in November 2007. The Company's mineral interests held by Coeur Capital primarily consist of the Endeavor silver stream, acquired by the Company in May 2005, under which the Company owns all silver production and reserves up to 20.0 million payable ounces at the Endeavor mine in Australia, owned and operated by Cobar Operations Pty. Limited. The Company has received 6.0 million payable ounces to-date and the current ore reserve contains 1.4 million payable ounces. Coeur Capital also holds royalties on McEwen Mining Inc.’s El Gallo complex in Mexico, currently paying a 3.5% NSR royalty, a 1.5% NSR royalty on Dynasty Metals & Mining, Inc.’s Zaruma mine in Ecuador, a 2.0% NSR royalty on Mandalay Resources Corp.’s Cerro Bayo mine in Chile, and royalties on other non-producing properties. Coeur also owns an 80% interest in a 2.5% royalty on OceanaGold Corporation's Correnso mine in New Zealand and has entered into an agreement to acquire the remaining 20% interest in 2016. Royalty revenue is immaterial to the Company. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Long-term debt and capital lease obligations at December 31, 2015 and December 31, 2014 are as follows: December 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) — 373,433 — 427,603 Term Loan due 2020, net (2) 1,000 93,489 — — San Bartolomé Lines of Credit — 4,571 4,481 10,304 Capital lease obligations 9,431 7,774 7,683 13,141 $ 10,431 $ 479,979 $ 17,498 $ 451,048 (1) Net of unamortized debt issuance costs and premium received of $5.3 million and $7.3 million at December 31, 2015 and December 31, 2014, respectively. (2) Net of unamortized debt issuance costs of $5.0 million at December 31, 2015. 7.875% Senior Notes due 2021 During the fourth quarter of 2015, the Company entered into a privately-negotiated agreement to exchange $54.2 million in aggregate principal amount of its Senior Notes for 14.4 million shares of common stock. Based on the closing price of the Company's common stock on the date of the exchange, the exchange resulted in a gain of $15.9 million which is recognized in Other, net in the Company's Consolidated Statement of Comprehensive Income (Loss). During 2015 and 2014, the Company repurchased $71.3 million in aggregate principal amount of the Senior Notes. The impact of the exchange and repurchases result in an aggregate principal balance outstanding of $378.7 million at December 31, 2015 . At any time prior to February 1, 2017, the Company may redeem all or part of the Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of 100% of the principal amount thereof, a make-whole premium as of the date of redemption, and accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In addition, the Company may redeem some or all of the Senior Notes on or after February 1, 2017, at redemption prices set forth in the Indenture for the Senior Notes, together with accrued and unpaid interest. On March 12, 2014, the Company completed a follow-on offering of $150 million in aggregate principal amount of its Senior Notes (the “Additional Notes”) in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). The Additional Notes constitute a further issuance of the Original Notes (as defined below) and form a single series of debt securities with the Original Notes. Upon completion of Coeur’s offering of the Additional Notes, the aggregate principal amount of the outstanding Senior Notes was $450.0 million . The Company commenced an exchange offer for the Additional Notes on April 10, 2014 to exchange the Additional Notes for freely transferable notes containing substantially similar terms, in accordance with the registration rights granted to the holders of the Additional Notes when they were issued. The exchange offer was consummated on May 9, 2014. On January 29, 2013, the Company completed an offering of $300.0 million in aggregate principal amount of 7.875% Senior Notes due 2021 (the “Original Notes”) in a private placement conducted pursuant to the Securities Act. The Company commenced an exchange offer for the Original Notes on September 30, 2013 to exchange the Original Notes for freely transferable notes containing substantially similar terms, in accordance with the registration rights granted to the holders of the Original Notes when they were issued. The exchange offer was consummated on November 5, 2013. 3.25% Convertible Senior Notes due 2028 Per the indenture governing the Convertible Notes, the Company announced on February 12, 2015 that it was offering to repurchase all of the Convertible Notes. During the first quarter of 2015, the Company repurchased $4.6 million in aggregate principal amount, leaving a balance of $0.7 million at December 31, 2015 . The Convertible Notes are classified as non-current liabilities at December 31, 2015 as a result of the expiration of the holders' option to require the Company to repurchase the notes on March 15, 2015. Term Loan due 2020 On June 23, 2015, the Company and certain of its subsidiaries entered into a credit agreement for a senior secured term loan (the "Term Loan") with Barclays Bank PLC, as administrative agent (the “Term Loan Credit Agreement”). The Term Loan Credit Agreement provides for a five year $100.0 million term loan to the Company, of which a portion of the proceeds were used to repay the Short-term Loan, and the remaining proceeds are expected to be used for general corporate purposes. The Term Loan contains no financial maintenance covenants and currently bears interest at a rate equal to an adjusted Eurodollar rate plus a margin of 8.00% (at no time will the adjusted Eurodollar rate be deemed to be less than 1.00% per annum). Voluntary prepayments of the Term Loan under the Term Loan Credit Agreement are permitted, subject to the payment of a make-whole premium if such prepayment occurs prior to the first anniversary of the closing date, a premium of 105.0% of the principal amount between the first anniversary and the second anniversary of the closing date and a premium of 103.0% if such prepayment occurs on or after the second anniversary but prior to the third anniversary of the closing date. The Term Loan Credit Agreement requires amortization payments equal to 1.0% of the principal amount of the Term Loan per annum and also requires net cash proceeds of debt issuances, excess cash flow, asset sales and casualty insurance recoveries (in each case, subject to certain exceptions) to either be reinvested in long-term assets used in the Company’s business or be applied as a mandatory prepayment of the Term Loan. Amounts repaid on the Term Loan may not be re-borrowed. As of December 31, 2015, the Company has made amortization payments totaling $0.5 million . The obligations under the Term Loan are secured by substantially all of the assets of the Company and its domestic subsidiaries, including the land, mineral rights and infrastructure at the Kensington, Rochester and Wharf mines, as well as a pledge of the shares of certain of the Company's subsidiaries. The Term Loan Credit Agreement contains customary representations and warranties, events of default, and affirmative and negative covenants. Lines of Credit At December 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 June 30, 2018. The second line of credit is for $15.0 million bearing interest at 6.0% per annum, maturing December 29, 2016. Both lines of credit are secured with machinery and equipment. There was an outstanding balance of $4.6 million on the first line of credit at December 31, 2015 . Short-term Loan On March 31, 2015, the Company entered into a credit agreement (the "Short-term Credit Agreement") with The Bank of Nova Scotia. The Short-term Credit Agreement provided for a $50.0 million loan (the "Short-term Loan") to the Company. The Short-term Loan generally bore interest at a rate equal to an adjusted Eurocurrency rate plus a margin of 2.50% . On June 25, 2015, the Short-term Loan was repaid in full, the security for the Short-term Loan was released, and the Short-term Credit Agreement was terminated. 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 the Palmarejo silver and gold mine in Mexico. This royalty excludes production from the recently acquired Paramount properties. 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. The Company paid $39.2 million , $48.4 million , and $57.0 million during the years ended December 31, 2015 , 2014 , and 2013, respectively. At December 31, 2015 , payments had been made on a total of 366,505 ounces of gold with further payments to be made on an additional 33,495 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 $6.6 million , $10.8 million , and $17.6 million for the years ended December 31, 2015 , 2014 , and 2013, respectively. At December 31, 2015 and December 31, 2014 , the remaining minimum obligation under the royalty agreement was $15.2 million and $34.0 million , respectively. Interest Expense Interest expense, net of capitalized interest consists of the following: Year ended December 31, In thousands 2015 2014 2013 3.25% Convertible Senior Notes due 2028 $ 54 $ 173 $ 466 7.875% Senior Notes due 2021 33,437 32,741 21,853 Short-term Loan 326 — — Term Loan due 2020 4,719 — — San Bartolomé Lines of Credit 795 — — Revolving Credit Facility — 179 612 Loss on Revolving Credit Facility — 3,035 — Capital lease obligations 1,035 972 415 Other debt obligations 20 — 291 Accretion of Palmarejo gold production royalty obligation 6,567 10,773 17,641 Amortization of debt issuance costs 2,257 1,740 2,143 Accretion of debt premium (409 ) (357 ) 576 Capitalized interest (3,098 ) (1,710 ) (2,694 ) Total interest expense, net of capitalized interest $ 45,703 $ 47,546 $ 41,303 |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 12 Months Ended |
Dec. 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., Wharf Resources (U.S.A.) Inc. and subsidiaries, and Coeur Capital, Inc. (collectively, the “Subsidiary Guarantors”) of the Senior Notes. The following schedules present Condensed Consolidating Financial Statements of (a) Coeur, the parent company; (b) the Subsidiary Guarantors; and (c) certain wholly-owned domestic and foreign subsidiaries of the Company (collectively, the “Non-Guarantor Subsidiaries”). Each of the Subsidiary Guarantors is 100% owned by Coeur and the guarantees are full and unconditional. There are no restrictions on the ability of Coeur to obtain funds from its subsidiaries by dividend or loan. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2015 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 378,278 $ 267,808 $ — $ 646,086 COSTS AND EXPENSES Costs applicable to sales (1) — 261,830 217,824 — 479,654 Amortization 1,991 83,325 58,435 — 143,751 COSTS AND EXPENSES General and administrative 32,405 35 394 — 32,834 Exploration 2,265 3,931 5,451 — 11,647 Write-downs — 1,630 311,707 — 313,337 Pre-development, reclamation, and other 4,083 5,920 7,790 — 17,793 Total costs and expenses 40,744 356,671 601,601 — 999,016 OTHER INCOME (EXPENSE), NET Fair value adjustments, net 1,224 818 3,160 — 5,202 Other, net 20,252 (3,106 ) (13,385 ) (3,776 ) (15 ) Interest expense, net of capitalized interest (39,867 ) (966 ) (8,646 ) 3,776 (45,703 ) Total other income (expense), net (18,391 ) (3,254 ) (18,871 ) — (40,516 ) Loss before income and mining taxes (59,135 ) 18,353 (352,664 ) — (393,446 ) Income and mining tax (expense) benefit 1,827 (2,354 ) 26,790 — 26,263 Total loss after income and mining taxes (57,308 ) 15,999 (325,874 ) — (367,183 ) Equity income (loss) in consolidated subsidiaries (309,875 ) (14,814 ) — 324,689 — NET INCOME (LOSS) $ (367,183 ) $ 1,185 $ (325,874 ) $ 324,689 $ (367,183 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on marketable securities, net of tax (4,154 ) (3,118 ) — 3,118 (4,154 ) Reclassification adjustments for impairment of marketable securities 2,346 2,346 — (2,346 ) 2,346 Reclassification adjustments for realized loss on sale of marketable securities 894 894 — (894 ) 894 Other comprehensive income (loss) (914 ) 122 — (122 ) (914 ) COMPREHENSIVE INCOME (LOSS) $ (368,097 ) $ 1,307 $ (325,874 ) $ 324,567 $ (368,097 ) (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2014 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 261,963 $ 373,779 $ — $ 635,742 COSTS AND EXPENSES Costs applicable to sales (1) — 196,805 281,140 — 477,945 Amortization 1,805 65,100 95,531 — 162,436 General and administrative 39,976 6 863 — 40,845 Exploration 3,560 11,157 7,023 — 21,740 Write-downs — 107,832 1,364,889 — 1,472,721 Pre-development, reclamation, and other 8,813 3,889 13,335 — 26,037 Total costs and expenses 54,154 384,789 1,762,781 — 2,201,724 OTHER INCOME (EXPENSE), NET Fair value adjustments, net 1,812 3,653 (1,847 ) — 3,618 Other, net 4,406 (7,023 ) 227 (2,828 ) (5,218 ) Interest expense, net of capitalized interest (38,389 ) (891 ) (11,094 ) 2,828 (47,546 ) Total other income (expense), net (32,171 ) (4,261 ) (12,714 ) — (49,146 ) Income (Loss) before income and mining taxes (86,325 ) (127,087 ) (1,401,716 ) — (1,615,128 ) Income and mining tax (expense) benefit 1,742 (2,224 ) 428,736 — 428,254 Income (Loss) after income and mining taxes (84,583 ) (129,311 ) (972,980 ) — (1,186,874 ) Equity income (loss) in consolidated subsidiaries (1,102,291 ) (4,181 ) — 1,106,472 — NET INCOME (LOSS) $ (1,186,874 ) $ (133,492 ) $ (972,980 ) $ 1,106,472 $ (1,186,874 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on equity securities, net of tax (2,290 ) (2,272 ) — 2,272 (2,290 ) Reclassification adjustments for impairment of equity securities, net of tax 4,042 4,042 — (4,042 ) 4,042 Reclassification adjustments for realized loss on sale of equity securities, net of tax 346 328 — (328 ) 346 Other comprehensive income (loss) 2,098 2,098 — (2,098 ) 2,098 COMPREHENSIVE INCOME (LOSS) $ (1,184,776 ) $ (131,394 ) $ (972,980 ) $ 1,104,374 $ (1,184,776 ) (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2013 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 268,023 $ 477,971 $ — $ 745,994 COSTS AND EXPENSES Costs applicable to sales (1) — 182,444 281,219 — 463,663 Amortization 1,066 71,655 156,843 — 229,564 General and administrative 50,213 3,245 1,885 — 55,343 Exploration 1,602 8,920 11,838 — 22,360 Litigation settlement — 32,046 — — 32,046 Write-downs — 130,694 642,299 — 772,993 Pre-development, reclamation, and other — 3,093 12,091 — 15,184 Total costs and expenses 52,881 432,097 1,106,175 — 1,591,153 OTHER INCOME (EXPENSE), NET Fair value adjustments, net (1,346 ) 7,896 76,218 — 82,768 Other, net (4,689 ) (1,750 ) 4,602 (3,148 ) (4,985 ) Interest expense, net of capitalized interest (25,652 ) (445 ) (18,354 ) 3,148 (41,303 ) Total other income (expense), net (31,687 ) 5,701 62,466 — 36,480 Income (Loss) before income and mining taxes (84,568 ) (158,373 ) (565,738 ) — (808,679 ) Income and mining tax (expense) benefit 78,332 (155 ) 79,939 — 158,116 Income (Loss) after income and mining taxes (6,236 ) (158,528 ) (485,799 ) — (650,563 ) Equity income (loss) in consolidated subsidiaries (644,327 ) (68 ) — 644,395 — NET INCOME (LOSS) $ (650,563 ) $ (158,596 ) $ (485,799 ) $ 644,395 $ (650,563 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on equity securities, net of tax (8,489 ) (552 ) — 552 (8,489 ) Reclassification adjustments for impairment of equity securities, net of tax 11,221 211 — (211 ) 11,221 Reclassification adjustments for realized loss on sale of equity securities, net of tax 83 — — — 83 Other comprehensive income (loss) 2,815 (341 ) — 341 2,815 COMPREHENSIVE INCOME (LOSS) $ (647,748 ) $ (158,937 ) $ (485,799 ) $ 644,736 $ (647,748 ) (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 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 $ (377,091 ) $ 86,486 $ 79,458 $ 324,689 113,542 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (514 ) (52,376 ) (42,303 ) — (95,193 ) Purchase of short-term investments and equity securities (1,880 ) — — — (1,880 ) Sales and maturities of short-term investments 2 532 71 — 605 Acquisitions, net of cash acquired (110,846 ) — — — (110,846 ) Other (4,710 ) 523 208 — (3,979 ) Investments in consolidated subsidiaries 282,041 20,239 120 (302,400 ) — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 164,093 (31,082 ) (41,904 ) (302,400 ) (211,293 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings 150,000 — 3,500 — 153,500 Payments on debt, capital leases, and associated costs (62,930 ) (7,428 ) (14,357 ) — (84,715 ) Gold production royalty payments — — (39,235 ) — (39,235 ) Net intercompany financing activity 12,232 (19,518 ) 29,575 (22,289 ) — Other (542 ) — — — (542 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 98,760 (26,946 ) (20,517 ) (22,289 ) 29,008 Effect of exchange rate changes on cash and cash equivalents — (11 ) (1,393 ) — (1,404 ) NET CHANGE IN CASH AND CASH EQUIVALENTS (114,238 ) 28,447 15,644 — (70,147 ) Cash and cash equivalents at beginning of period 210,361 5,781 54,719 — 270,861 Cash and cash equivalents at end of period $ 96,123 $ 34,228 $ 70,363 $ — $ 200,714 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2014 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) operating activities $ (1,175,464 ) $ 41,292 $ 81,248 $ 1,106,472 53,548 CASH FLOWS FROM INVESTING ACTIVITIES — — — Capital expenditures (1,849 ) (28,118 ) (34,277 ) — (64,244 ) Purchase of short term investments and equity securities (50,013 ) (429 ) (71 ) — (50,513 ) Sales and maturities of short term investments and equity securities 49,069 5,261 14 — 54,344 Acquisitions (12,079 ) (4,000 ) (5,250 ) — (21,329 ) Other — 48 (40 ) — 8 Investments in consolidated subsidiaries 1,151,372 4,106 — (1,155,478 ) — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 1,136,500 (23,132 ) (39,624 ) (1,155,478 ) (81,734 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings 153,000 — 14,784 — 167,784 Payments on long-term debt, capital leases, and associated costs (18,545 ) (6,114 ) (1,243 ) — (25,902 ) Gold production royalty payments — — (48,395 ) — (48,395 ) Net intercompany financing activity (21,697 ) (7,256 ) (20,053 ) 49,006 — Other (509 ) — — — (509 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 112,249 (13,370 ) (54,907 ) 49,006 92,978 Effect of exchange rate changes on cash and cash equivalents — — (621 ) — (621 ) NET CHANGE IN CASH AND CASH EQUIVALENTS 73,285 4,790 (13,904 ) — 64,171 Cash and cash equivalents at beginning of period 137,076 991 68,623 — 206,690 Cash and cash equivalents at end of period $ 210,361 $ 5,781 $ 54,719 $ — $ 270,861 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2013 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) operating activities $ (701,653 ) $ 17,456 $ 151,991 $ 646,173 $ 113,967 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (3,573 ) (50,810 ) (46,430 ) — (100,813 ) Purchase of short term investments and equity securities (2,921 ) (66 ) (5,065 ) — (8,052 ) Sales and maturities of short term investments and equity securities 29,274 75 5,447 — 34,796 Acquisitions (113,214 ) (3,684 ) — — (116,898 ) Other 3,266 444 768 — 4,478 Investments in consolidated subsidiaries 642,617 68 3,488 (646,173 ) — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 555,449 (53,973 ) (41,792 ) (646,173 ) (186,489 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings 300,000 — — — 300,000 Payments on long-term debt, capital leases, and associated costs (52,568 ) (3,171 ) (4,889 ) — (60,628 ) Gold production royalty payments — — (57,034 ) — (57,034 ) Share repurchases (27,552 ) — — — (27,552 ) Net intercompany financing activity (22,874 ) 40,279 (17,405 ) — — Other (514 ) — — — (514 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 196,492 37,108 (79,328 ) — 154,272 Effect of exchange rate changes on cash and cash equivalents — — (500 ) — (500 ) NET CHANGE IN CASH AND CASH EQUIVALENTS 50,288 591 30,371 — 81,250 Cash and cash equivalents at beginning of period 86,788 400 38,252 — 125,440 Cash and cash equivalents at end of period $ 137,076 $ 991 $ 68,623 $ — $ 206,690 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2015 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 96,123 $ 34,228 $ 70,363 $ — $ 200,714 Receivables 11 12,773 73,208 — 85,992 Ore on leach pads — 67,329 — — 67,329 Inventory — 45,491 36,220 — 81,711 Prepaid expenses and other 3,496 1,075 6,371 — 10,942 99,630 160,896 186,162 — 446,688 NON-CURRENT ASSETS Property, plant and equipment, net 4,546 138,706 52,747 — 195,999 Mining properties, net — 199,303 389,916 — 589,219 Ore on leach pads — 44,582 — — 44,582 Restricted assets 5,755 381 5,497 — 11,633 Equity securities 434 2,332 — — 2,766 Receivables — — 24,768 — 24,768 Deferred tax assets — — 1,942 — 1,942 Net investment in subsidiaries 127,671 27,657 — (155,328 ) — Other 54,578 9,197 5,695 (54,578 ) 14,892 TOTAL ASSETS $ 292,614 $ 583,054 $ 666,727 $ (209,906 ) $ 1,332,489 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 1,743 $ 18,535 $ 28,454 $ — $ 48,732 Accrued liabilities and other 20,555 14,598 18,800 — 53,953 Debt 1,000 8,120 1,311 — 10,431 Royalty obligations — 4,729 20,164 — 24,893 Reclamation — 1,401 1,821 (1,151 ) 2,071 23,298 47,383 70,550 (1,151 ) 140,080 NON-CURRENT LIABILITIES Debt 467,634 4,947 61,976 (54,578 ) 479,979 Royalty obligations — 4,864 — — 4,864 Reclamation — 61,924 20,122 1,151 83,197 Deferred tax liabilities 28,600 6,927 111,605 — 147,132 Other long-term liabilities 2,171 3,838 49,752 — 55,761 Intercompany payable (receivable) (650,565 ) 411,103 239,462 — — (152,160 ) 493,603 482,917 (53,427 ) 770,933 STOCKHOLDERS’ EQUITY Common stock 1,513 250 130,885 (131,135 ) 1,513 Additional paid-in capital 3,024,461 179,553 1,896,047 (2,075,600 ) 3,024,461 Accumulated deficit (2,600,776 ) (135,049 ) (1,913,672 ) 2,048,721 (2,600,776 ) Accumulated other comprehensive income (loss) (3,722 ) (2,686 ) — 2,686 (3,722 ) 421,476 42,068 113,260 (155,328 ) 421,476 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 292,614 $ 583,054 $ 666,727 $ (209,906 ) $ 1,332,489 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 96,685 — 107,923 Ore on leach pads — 48,204 — — 48,204 Inventory — 54,983 59,948 — 114,931 Prepaid expenses and other 6,349 4,557 4,617 — 15,523 216,797 124,676 215,969 — 557,442 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 30,812 — 36,703 — 67,515 Net investment in subsidiaries 97,923 45,615 — (143,538 ) — Other 50,813 5,522 4,394 (50,814 ) 9,915 TOTAL ASSETS $ 415,401 $ 485,942 $ 729,578 $ (194,352 ) $ 1,436,569 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 31,336 41,222 94,205 (1,151 ) 165,612 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 60,343 3,811 76,922 — 141,076 Other long-term liabilities 2,582 469 26,860 — 29,911 Intercompany payable (receivable) (660,792 ) 427,156 233,636 — — (170,263 ) 500,657 435,898 (49,663 ) 716,629 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 (2,233,593 ) (133,091 ) (1,611,654 ) 1,744,745 (2,233,593 ) Accumulated other comprehensive income (loss) (2,808 ) (2,808 ) — 2,808 (2,808 ) 554,328 (55,937 ) 199,475 (143,538 ) 554,328 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 415,401 $ 485,942 $ 729,578 $ (194,352 ) $ 1,436,569 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Labor Union Contract The Company maintains a labor agreement with Sindicato de Trabajadores Mineros de la Empresa Manquiri S.A. at the San Bartolomé mine in Bolivia. The San Bartolomé mine labor agreement, which became effective January 28, 2010, is currently active and does not have a fixed term. At December 31, 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 Royalty 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 December 31, 2015 , a total of 26.1 million silver equivalent ounces remain outstanding under the obligation. Palmarejo Gold Production Royalty and Gold Stream 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 (excluding production from the recently acquired Paramount properties). The royalty agreement provides for a minimum obligation of 4,167 ounces per month over an initial eight-year period for a total of 400,000 ounces of gold. 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 (excluding production from the recently acquired Paramount properties) 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 received a $22.0 million deposit toward future deliveries under the gold stream agreement. 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 stability studies have been completed and officially submitted to the Bolivian mining technical authorities. Accordingly, the COMIBOL suspension has expired in accordance with the terms of the resolution. As a result of the resolution, 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. The Cooperative Reserva Fiscal, with whom the Company has one of those contracts, subsequently interpreted the COMIBOL resolution and determined that the Huacajchi deposit was not covered by such resolution. In March 2010, the Cooperative Reserva Fiscal notified COMIBOL that, based on its interpretation, it was resuming mining of high grade material above the 4,400 meter level in the Huacajchi deposit. In December 2011, the Cooperative Reserva Fiscal sent a similar notification to COMIBOL with respect to a further area above the 4,400 meter level known as Huacajchi Sur. Based on these notifications and on the absence of any objection from COMIBOL, the Company resumed limited mining operations at the San Bartolomé mine on the Huacajchi deposit and Huacajchi Sur. Despite the fact that the COMIBOL suspension has expired, the Company has not resumed mining in other areas above the 4,400 meter level due to community relations concerns and the current political climate in Bolivia. While the COMIBOL suspension has expired, it is uncertain at this time how long the Company will continue to suspend its mining operations in areas above the 4,400 meter level other than at Huacajchi and Huacajchi Sur. If COMIBOL decides to affirmatively adopt a new resolution to restrict access above the 4,400 meter level on a permanent basis, the Company may need to further write down the carrying value of the asset. While a portion of the Company's proven and probable reserves relate to material above the 4,400 meter level at San Bartolomé, so long as operations remain suspended, there is a risk that silver may not be produced from this material at expected levels or at all, particularly given the remaining anticipated mine life of this asset. It is also uncertain if any new mining or investment policies or shifts in political attitude may affect mining in Bolivia. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION The following table presents non-cash financing and investing activities and other cash flow information: Year ended December 31, Non-cash financing and investing activities: 2015 2014 2013 Capital lease obligations $ 4,123 $ 24,879 $ — Non-cash extinguishment of senior notes 53,373 — — Non-cash acquisitions and related deferred taxes 297,821 — 317,826 Other cash flow information: Interest paid $ 42,264 $ 30,691 $ 14,139 Income taxes paid 1,937 20,198 26,585 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The Company's Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles. The preparation of the Company's Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements. |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the wholly-owned subsidiaries of the Company, the most significant of which are Coeur Mexicana S.A. de C.V., Coeur Rochester, Inc., Coeur Alaska, Inc., Wharf Resources (U.S.A.), Empresa Minera Manquiri S.A., and Coeur Capital, Inc. All intercompany balances and transactions have been eliminated. The Company's investments in entities in which it has less than 20% ownership interest are accounted for using the cost method. |
Revenue Recognition | Revenue Recognition Revenue is recognized, net of treatment and refining charges, when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable, no obligations remain, and collection is probable. Under the Company’s concentrate sales contracts with third-party smelters, gold and silver prices are set on a specified future quotational period, typically one to three months, after the shipment date based on market prices. Revenue and Costs Applicable to Sales are recorded on a gross basis under these contracts at the time title passes to the buyer based on the forward price for the expected settlement period. The contracts, in general, provide for provisional payment based upon provisional assays and forward metal prices. Final settlement is based on the average applicable price for the specified future quotational period and generally occurs from three to six months after shipment. The Company’s provisionally priced sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of concentrates measured at the forward price at the time of sale. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through revenue each period until the date of final gold and silver settlement. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all highly-liquid investments with an original maturity of three months or less. The Company minimizes its credit risk by investing its cash and cash equivalents with major U.S. and international banks and financial institutions located principally in the United States with a minimum credit rating of A1, as defined by Standard & Poor’s. The Company’s management believes that no concentration of credit risk exists with respect to the investment of its cash and cash equivalents. |
Receivables | Receivables Trade receivables and other receivable balances are reported at outstanding principal amounts, net of an allowance for doubtful accounts, if deemed necessary. Management evaluates the collectability of receivable account balances to determine the allowance, if any. Management considers the other party's credit risk and financial condition, as well as current and projected economic and market conditions, in determining the amount of the allowance. Receivable balances are written off when management determines that the balance is uncollectible. |
Ore on Leach Pads | Ore on Leach Pads The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company estimates the quantity of ore by utilizing global positioning satellite survey techniques. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold concentrate at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or market, with cost being determined using a weighted average cost method. The historical cost of metal expected to be extracted within twelve months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond twelve months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process. The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than twenty years of leach pad operations at the Rochester mine and thirty years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. |
Metal and Other Inventory | Metal and Other Inventory Inventories include concentrate, doré, and operating materials and supplies. The classification of inventory is determined by the stage at which the ore is in the production process. All inventories are stated at the lower of cost or market, with cost being determined using a weighted average cost method. Concentrate and doré inventory includes product at the mine site and product held by refineries. Metal inventory costs include direct labor, materials, depreciation, depletion and amortization as well as overhead costs relating to mining activities. |
Property, Plant and Equipment | Property, Plant, and Equipment Expenditures for new facilities, assets acquired pursuant to capital leases, new assets or expenditures that extend the useful lives of existing facilities are capitalized and depreciated using the straight-line method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities, lease term, or the useful life of the individual assets. Productive lives range from 7 to 30 years for buildings and improvements and 3 to 10 years for machinery and equipment. Certain mining equipment is depreciated using the units-of-production method based upon estimated total proven and probable reserves. |
Mining Properties and Mine Development | Mining Properties and Mine Development Capitalization of mine development costs begins once all operating permits have been secured, mineralization is classified as proven and probable reserves and a final feasibility study has been completed. Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Costs incurred before mineralization are classified as proven and probable reserves are expensed and classified as exploration or pre-development expense. Mine development costs are amortized using the units of production method over the estimated life of the ore body based on recoverable ounces to be mined from proven and probable reserves. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use. Drilling and related costs incurred at the Company’s operating mines are expensed as incurred in Exploration, unless the Company can conclude with a high degree of confidence, prior to the commencement of a drilling program, that the drilling costs will result in the conversion of a mineral resource into proven and probable reserves. The Company’s assessment is based on the following factors: results from previous drill programs; results from geological models; results from a mine scoping study confirming economic viability of the resource; and preliminary estimates of mine inventory, ore grade, cash flow and mine life. In addition, the Company must have all permitting and/or contractual requirements necessary to have the right to and/or control of the future benefit from the targeted ore body. The costs of a drilling program that meet these criteria are capitalized as mine development costs. Drilling and related costs of approximately $6.0 million and $8.9 million at December 31, 2015 and 2014, respectively, were capitalized. The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in Costs applicable to sales in the same period as the revenue from the sale of inventory. |
Mineral Interests | Mineral Interests Significant payments related to the acquisition of land and mineral rights are capitalized. Prior to acquiring such land or mineral rights, the Company generally makes a preliminary evaluation to determine that the property has significant potential to develop an economic ore body. The time between initial acquisition and full evaluation of a property’s potential is variable and is determined by many factors including: location relative to existing infrastructure, the property’s stage of development, geological controls and metal prices. If a mineable ore body is discovered, such costs are amortized when production begins using the units-of-production method based on recoverable ounces to be mined from proven and probable reserves. If no mineable ore body is discovered, such costs are expensed in the period in which it is determined the property has no future economic value. |
Write-downs | Write-downs We review and evaluate our long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Asset impairment is considered to exist if the total estimated undiscounted pre-tax future cash flows are less than the carrying amount of the asset. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of future cash flows from other asset groups. An impairment loss is measured by discounted estimated future cash flows, and recorded by reducing the asset's carrying amount to fair value. Future cash flows are estimated based on estimated quantities of recoverable minerals, expected silver and gold prices (considering current and historical prices, trends and related factors), production levels, operating costs, capital requirements and reclamation costs, all based on life-of-mine plans. The significant assumptions used in determining future cash flows for each mine site asset group at December 31, 2015, apart from production cost and capitalized expenditure assumptions unique to each operation, included long-term silver and gold prices of $17.50 and $1,200 per ounce (consistent with the Company’s long-term reserve prices), respectively, and discount rates ranging from 7.50% - 11.00% (to reflect project and country-specific risks). During 2015, 2014, and 2013, we recorded impairments of $313.3 million , $1,472.7 million , and $773.0 million , respectively, to reduce the carrying value of mining properties and property, plant and equipment as part of Write-downs. Existing proven and probable reserves and value beyond proven and probable reserves, including mineralization other than proven and probable reserves are included when determining the fair value of mine site asset groups at acquisition and, subsequently, in determining whether the assets are impaired. The term “recoverable minerals” refers to the estimated amount of silver and gold that will be obtained after taking into account losses during ore processing and treatment. Estimates of recoverable minerals from exploration stage mineral interests are risk adjusted based on management’s relative confidence in such materials. The ability to achieve the estimated quantities of recoverable minerals from exploration stage mineral interests involves further risks in addition to those risk factors applicable to mineral interests where proven and probable reserves have been identified, due to the lower level of confidence that the identified mineralized material could ultimately be mined economically. Assets classified as exploration potential have the highest level of risk that the carrying value of the asset can be ultimately realized, due to the still lower level of geological confidence and economic modeling. Silver and gold prices are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors may affect the key assumptions used in the Company’s impairment testing. Various factors could impact our ability to achieve forecasted production levels from proven and probable reserves. Additionally, production, capital and reclamation costs could differ from the assumptions used in the cash flow models used to assess impairment. Actual results may vary from the Company’s estimates and result in additional Write-downs . |
Restricted Assets | Restricted Assets The Company, under the terms of its self-insurance and bonding agreements with certain banks, lending institutions and regulatory agencies, is required to collateralize certain portions of its obligations. The Company has collateralized these obligations by assigning certificates of deposit that have maturity dates ranging from three months to a year, to the respective institutions or agencies. At December 31, 2015 and 2014, the Company held certificates of deposit and cash under these agreements of $6.3 million and $7.0 million , respectively. The ultimate timing of the release of the collateralized amounts is dependent on the timing and closure of each mine and repayment of the facility. In order to release the collateral, the Company must seek approval from certain government agencies responsible for monitoring the mine closure status. Collateral could also be released to the extent the Company is able to secure alternative financial assurance satisfactory to the regulatory agencies. The Company believes there is a reasonable probability that the collateral will remain in place beyond a twelve-month period and has therefore classified these investments as long-term. |
Reclamation | Reclamation The Company recognizes obligations for the expected future retirement of tangible long-lived assets and other associated asset retirement costs. The fair value of a liability for an asset retirement obligation will be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset and this additional carrying amount is depreciated over the life of the asset. An accretion cost, representing the increase over time in the present value of the liability, is recorded each period in Pre-development, reclamation, and other . As reclamation work is performed or liabilities are otherwise settled, the recorded amount of the liability is reduced. Future remediation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the discounted costs expected to be incurred at the site. Such cost estimates include, where applicable, ongoing care and maintenance and monitoring costs. Changes in estimates are reflected prospectively in the period an estimate is revised. |
Foreign Currency | Foreign Currency The assets and liabilities of the Company’s foreign subsidiaries are measured using U.S. dollars as their functional currency. Revenues and expenses are translated at the average exchange rate for the period. Foreign currency gains and losses are included in the determination of net income or loss. |
Derivative Financial Instruments | Derivative Financial Instruments The Company recognizes all derivatives as either assets or liabilities on the balance sheet and measures those instruments at fair value. Changes in the value of derivative instruments are recorded each period in the Consolidated Statement of Comprehensive Income (Loss) in Fair value adjustments, net . Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions regarding commodity prices, market volatilities, and foreign currency exchange rates. |
Stock-based Compensation Plans | Stock-based Compensation Plans The Company estimates the fair value of stock options using the Black-Scholes option pricing model and stock appreciation rights (“SARs”) awards using market comparison. Stock options granted are accounted for as equity-based awards and SARs are accounted for as liability-based awards. The value of the SARs is remeasured at each reporting date. The Company estimates the fair value of performance share and performance unit grants using a Monte Carlo simulation valuation model. Performance shares granted are accounted for as equity based awards and performance shares units are accounted for as liability-based awards. The Company estimates forfeitures of stock-based awards based on historical data and periodically adjusts the forfeiture rate. The adjustment of the forfeiture rate is recorded as a cumulative adjustment in the period the forfeiture estimate is changed. Compensation costs related to stock based compensation are included in General and administrative expenses , Costs applicable to sales , and Property, plant, and equipment, net as deemed appropriate. Restricted stock and restricted stock units granted under the Company’s incentive plans are accounted for based on the market value of the underlying shares on the date of grant. Restricted stock awards are accounted for as equity-based awards and restricted stock unit awards are accounted for as liability-based awards. Restricted stock units are remeasured at each reporting date. Restricted stock units are settled in cash based on the number of vested restricted stock units multiplied by the current market price of the common shares when vested. Holders of the restricted stock are entitled to vote the shares and to receive any dividends declared on the shares. |
Income and Mining Taxes | Income and Mining Taxes The Company uses an asset and liability approach which results in the recognition of deferred tax liabilities and assets for the expected future tax consequences or benefits of temporary differences between the financial reporting basis and the tax basis of assets and liabilities, as well as operating loss and tax credit carryforwards, using enacted tax rates in effect in the years in which the differences are expected to reverse. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. A valuation allowance has been provided for the portion of the Company’s net deferred tax assets for which it is more likely than not that they will not be realized. |
Recent Accounting Standards | Recent Accounting Standards In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes," which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as non-current. 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 Current deferred tax assets to Non-current deferred tax assets and Current deferred tax liabilities to Non-current deferred tax liabilities in the current and prior periods. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments," which eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. These changes become effective for the Company's fiscal year beginning January 1, 2016. The Company is currently evaluating the potential impact of implementing these changes on the Company's consolidated financial position, results of operations, and cash flows. In August 2015, the FASB issued ASU 2015-14, "Deferral of the Effective Date" , which defers the effective date of ASU 2014-09, "Revenue from Contracts with Customers" to January 1, 2018. The Company is currently evaluating the potential impact of adopting the prescribed changes on the Company's consolidated financial position, results of operations, and cash flows. In July 2015, the FASB issued ASU 2015-11, " Simplifying the Measurement of Inventory," which provides a revised, simpler measurement for inventory to be measured at the lower of cost and net realizable value. These changes become effective for the Company's fiscal year beginning January 1, 2018. The Company is currently evaluating the potential impact of implementing these changes on the Company's consolidated financial position, results of operations, and cash flows. 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 for the Company's fiscal year beginning January 1, 2016. The Company is currently evaluating the potential impact of implementing these changes on the Company's consolidated financial position, results of operations, and cash flows. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Financial information relating to the reporting segments | Year ended December 31, 2013 Palmarejo Rochester Kensington San Bartolomé Coeur Capital Other Total Revenue Metal sales $ 324,040 $ 119,254 $ 148,769 $ 141,721 $ 12,871 $ (661 ) $ 745,994 Royalties — — — — — — — 324,040 119,254 148,769 141,721 12,871 (661 ) 745,994 Costs and Expenses Costs applicable to sales (1) 188,572 77,869 104,575 86,827 5,820 — 463,663 Amortization 133,535 8,890 62,750 19,103 3,755 1,531 229,564 Exploration 7,161 2,653 4,199 111 2,069 6,167 22,360 Write-downs 642,094 — 130,694 — — 205 772,993 Other operating expenses 705 36,265 735 6,205 1,397 57,266 102,573 Other income (expense) Fair value adjustments, net 76,218 416 7,480 — — (1,346 ) 82,768 Interest expense, net (15,123 ) (20 ) (424 ) (74 ) — (25,662 ) (41,303 ) Other, net 906 (318 ) (187 ) 2,582 (19,474 ) 11,506 (4,985 ) Income and mining tax (expense) benefit 107,748 (2,332 ) (1 ) (10,938 ) 2,179 61,460 158,116 Net income (loss) $ (478,278 ) $ (8,677 ) $ (147,316 ) $ 21,045 $ (17,465 ) $ (19,872 ) $ (650,563 ) Segment assets (2) $ 1,164,852 $ 176,789 $ 343,144 $ 289,272 $ 62,678 $ 522,084 $ 2,558,819 Capital expenditures $ 33,730 $ 29,406 $ 21,404 $ 11,568 $ — $ 4,705 $ 100,813 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Year ended December 31, 2014 Palmarejo Rochester Kensington San Bartolomé Coeur Capital Other Total Revenue Metal sales $ 244,003 $ 123,768 $ 136,960 $ 117,749 $ 10,046 $ — $ 632,526 Royalties — — — — 3,216 — 3,216 244,003 123,768 136,960 117,749 13,262 — 635,742 Costs and Expenses Costs applicable to sales (1) 187,276 91,462 105,342 89,659 4,206 — 477,945 Amortization 69,431 20,790 43,619 19,423 7,015 2,158 162,436 Exploration 6,671 2,636 8,005 120 515 3,793 21,740 Write-downs 784,038 — 107,832 118,754 6,202 455,895 1,472,721 Other operating expenses 620 2,813 796 (251 ) 938 61,966 66,882 Other income (expense) Fair value adjustments, net (1,847 ) 3,653 — — — 1,812 3,618 Interest expense, net (9,320 ) (679 ) (214 ) (52 ) (1 ) (37,280 ) (47,546 ) Other, net 131 105 (22 ) 2,461 (7,141 ) (752 ) (5,218 ) Income and mining tax (expense) benefit 251,840 (2,224 ) — 18,114 2,067 158,457 428,254 Net income (loss) $ (563,229 ) $ 6,922 $ (128,870 ) $ (89,433 ) $ (10,689 ) $ (401,575 ) $ (1,186,874 ) Segment assets (2) $ 332,369 $ 196,765 $ 215,973 $ 188,616 $ 59,848 $ 81,688 $ 1,075,259 Capital expenditures $ 26,084 $ 11,898 $ 16,220 $ 7,937 $ — $ 2,105 $ 64,244 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Financial information relating to the Company’s segments is as follows (in thousands): Year ended December 31, 2015 Palmarejo Rochester Kensington Wharf San Bartolomé Coeur Capital Other Total Revenue Metal sales $ 169,133 $ 143,930 $ 148,710 $ 84,052 $ 84,679 $ 8,732 $ — $ 639,236 Royalties — — — — — 6,850 — 6,850 169,133 143,930 148,710 84,052 84,679 15,582 — 646,086 Costs and Expenses Costs applicable to sales (1) 138,476 103,994 105,640 52,197 75,827 3,520 — 479,654 Amortization 32,423 23,906 42,240 16,378 17,798 9,010 1,996 143,751 Exploration 4,533 1,324 2,596 134 126 (124 ) 3,058 11,647 Write-downs 224,507 — — — 66,712 22,118 — 313,337 Other operating expenses 1,293 2,948 1,301 1,717 1,787 33 41,548 50,627 Other income (expense) Fair value adjustments, net 3,160 818 — — — — 1,224 5,202 Interest expense, net (4,269 ) (748 ) (218 ) — (725 ) — (39,743 ) (45,703 ) Other, net (10,968 ) (14 ) 7 143 1,558 (3,182 ) 12,441 (15 ) Income and mining tax (expense) benefit 37,597 (1,497 ) — (857 ) (5,154 ) 5,542 (9,368 ) 26,263 Net income (loss) $ (206,579 ) $ 10,318 $ (3,278 ) $ 12,912 $ (81,893 ) $ (16,615 ) $ (82,048 ) $ (367,183 ) Segment assets (2) $ 406,648 $ 190,714 $ 197,873 $ 113,305 $ 91,141 $ 27,892 $ 75,737 $ 1,103,310 Capital expenditures $ 35,991 $ 25,330 $ 23,834 $ 3,211 $ 6,220 $ — $ 607 $ 95,193 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests |
Consolidated Assets | Assets December 31, 2015 December 31, 2014 Total assets for reportable segments $ 1,103,310 $ 1,075,259 Cash and cash equivalents 200,714 270,861 Other assets 28,465 90,449 Total consolidated assets $ 1,332,489 $ 1,436,569 |
Long Lived Assets by Country | Geographic Information Long-Lived Assets December 31, 2015 December 31, 2014 Mexico $ 390,694 $ 298,101 United States 336,210 275,594 Bolivia 35,201 107,960 Australia 5,952 21,362 Argentina 10,871 10,970 Other 9,058 15,116 Total $ 787,986 $ 729,103 |
Revenue by Country | Revenue Year ended December 31, 2015 2014 2013 United States $ 376,692 $ 260,728 $ 268,023 Mexico 171,911 245,493 324,040 Bolivia 84,679 117,749 141,721 Australia 8,732 10,046 12,871 Other 4,072 1,726 (661 ) Total $ 646,086 $ 635,742 $ 745,994 The Company's doré, as well as the concentrate product produced by the Wharf mine, is refined into gold and silver bullion according to benchmark standards set by the London Bullion Market Association, which regulates the acceptable requirements for bullion traded in the London precious metals markets. The Company then sells its silver and gold bullion to multi-national banks, bullion trading houses, and refiners across the globe. The Company has eleven trading counterparties and the sales of metals to these companies amounted to approximately 74% , 63% , and 72% of total metal sales for the years ended December 31, 2015, 2014, and 2013, respectively. Generally, the loss of a single bullion trading counterparty would not adversely affect the Company due to the liquidity of the markets and the availability of alternative trading counterparties. The Company's concentrate produced by the Kensington mine is sold to smelters under purchase and sale agreements, and the smelters pay the Company for the gold or silver recovered from the concentrates. The Company currently sells concentrate to three smelters, and sales to these companies amounted to approximately 26% , 37% , and 28% of total metal sales for the years ended December 31, 2015, 2014, and 2013, respectively. While the loss of any one smelter may have a material adverse effect if alternate smelters are not available, the Company believes that there is sufficient global capacity available to address the loss of a smelter. The following table indicates customers that represent 10% or more of total sales of metal for at least one of the years December 31, 2015, 2014, and 2013 (in millions): Years Ended December 31, Customer 2015 2014 2013 Segments reporting revenue Mitsui & Co. $ 137.7 $ 133.8 $ 70.3 Palmarejo, Rochester China National Gold 126.2 86.8 81.5 Kensington Asahi (formerly Johnson Matthey) 84.2 71.8 66.4 Wharf, Rochester, San Bartolomé TD Securities 81.3 106.7 106.7 Palmarejo, Rochester Standard Bank 34.7 87.5 69.0 Palmarejo, Rochester INTL Commodities 33.1 22.4 84.6 Palmarejo, San Bartolomé, Rochester Valcambi — 33.9 77.2 Palmarejo, San Bartolomé Auramet — 10.8 111.7 Palmarejo, San Bartolomé, Kensington, Rochester |
Write-Downs (Tables)
Write-Downs (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Details of Impairment of Long-Lived Assets Held and Used by Asset | Year ended December 31, 2015 2014 2013 Mining properties Palmarejo $ 205,803 $ 668,803 $ 539,359 San Bartolomé 16,690 32,328 — Kensington — 67,671 82,337 La Preciosa — 371,411 — Joaquin — 83,429 — Coeur Capital 22,118 6,202 — Martha — — 205 244,611 1,229,844 621,901 Property, plant, and equipment Palmarejo $ 18,704 $ 115,235 $ 102,735 San Bartolomé 50,022 86,426 — Kensington — 40,161 48,357 La Preciosa — 1,055 — 68,726 242,877 151,092 Total $ 313,337 $ 1,472,721 $ 772,993 |
Reclamation (Tables)
Reclamation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Year ended December 31, In thousands 2015 2014 Asset retirement obligation - Beginning $ 67,214 $ 55,966 Accretion 7,738 4,826 Additions and changes in estimates 11,939 6,748 Settlements (4,819 ) (326 ) Asset retirement obligation - Ending $ 82,072 $ 67,214 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table sets forth the weighted average fair value of stock options and the assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model: 2015 2014 2013 Weighted average fair value of stock options granted $ 2.65 $ 3.79 $ 12.60 Volatility 55.71 % 50.93 % 76.74 % Expected life in years 4.75 3.9 5.0 Risk-free interest rate 1.51 % 1.25 % 0.84 % Dividend yield — — — |
Schedule of Stock-based Compensation, Stock Options and Stock Appreciation Rights Award Activity | The following table summarizes stock option and SAR activity for the years ended December 31, 2015, 2014, and 2013: Stock Options SARs Shares Weighted Average Exercise Price Shares Weighted Outstanding at December 31, 2012 370,000 $ 30.20 68,865 $ 13.83 Granted 190,452 20.41 — — Exercised (13,027 ) 10.77 (6,617 ) 13.14 Canceled/forfeited (131,855 ) 29.30 (12,039 ) 15.40 Outstanding at December 31, 2013 415,570 27.36 50,209 14.15 Granted 415,172 9.45 — — Exercised — — — — Canceled/forfeited (232,396 ) 23.94 (3,637 ) 15.40 Outstanding at December 31, 2014 598,346 16.26 46,572 14.06 Granted 310,028 5.57 — — Exercised — — — — Canceled/forfeited (238,365 ) 12.69 — — Outstanding at December 31, 2015 670,009 $ 12.58 46,572 $ 14.06 Options Outstanding Options Exercisable Range of Exercise Price Number Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Number Exercisable Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) $ 0.00-$10.00 439,746 $ 7.33 8.71 75,613 $ 9.41 7.49 $10.00-$20.00 71,540 13.42 7.56 40,823 14.56 7.31 $20.00-$30.00 149,992 25.63 6.31 126,828 25.98 6.17 $30.00-$40.00 3,134 39.90 1.22 3,134 39.90 1.22 $40.00-$50.00 3,336 48.50 2.03 3,336 48.50 2.03 $50.00-$60.00 2,261 51.40 0.14 2,261 51.40 0.14 670,009 $ 12.58 251,995 $ 19.86 At December 31, 2015, there was $0.4 million of unrecognized compensation cost related to non-vested stock options to be recognized over a weighted average period of 1.1 years. |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table summarizes restricted stock and restricted stock units activity for the years ended December 31, 2015, 2014, and 2013: Restricted Stock Restricted Stock Units Number of Shares Weighted Average Grant Date Fair Value Number of Units Weighted Average Fair Value Outstanding at December 31, 2012 239,698 $ 25.38 11,411 $ 24.14 Granted 573,467 15.38 — — Vested (90,963 ) 26.83 (11,411 ) 22.74 Cancelled/Forfeited (109,116 ) 23.30 — — Outstanding at December 31, 2013 613,086 16.68 — — Granted 695,897 9.83 — — Vested (234,103 ) 17.16 — — Cancelled/Forfeited (172,881 ) 11.87 — — Outstanding at December 31, 2014 901,999 12.19 — — Granted 1,180,384 5.49 — — Vested (317,122 ) 13.38 — — Cancelled/Forfeited (257,849 ) 7.59 — — Outstanding at December 31, 2015 1,507,412 $ 7.49 — $ — |
Share-based Compensation, Performance Shares Award Outstanding Activity | The following table summarizes performance shares and performance units’ activity for the years ended December 31, 2015, 2014, and 2013: Performance Shares Performance Units Number of Shares Weighted Average Grant Date Fair Value Number of Units Weighted Average Fair Value Outstanding at December 31, 2012 109,159 $ 26.92 34,239 $ 39.78 Granted 173,773 23.35 34,239 38.02 Vested (4,160 ) 30.97 (68,478 ) 38.02 Cancelled/Forfeited (68,377 ) 34.49 — — Outstanding at December 31, 2013 210,395 28.04 — — Granted 358,398 12.21 — — Vested (34,611 ) 27.18 — — Cancelled/Forfeited (17,352 ) 27.15 — — Outstanding at December 31, 2014 516,830 17.61 — — Granted 809,293 6.97 — — Vested — — — — Cancelled/Forfeited (190,988 ) 15.62 — — Outstanding at December 31, 2015 1,135,135 $ 10.35 — $ — |
Income and Mining Taxes (Tables
Income and Mining Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of the consolidated Income and mining tax (expense) benefit from continuing operations are below: Year ended December 31, In thousands 2015 2014 2013 Current: United States $ 49 $ 904 $ 4 United States — State mining taxes (4,305 ) (879 ) (714 ) United States — Foreign withholding tax — (6,250 ) 397 Argentina 715 (71 ) (137 ) Australia 130 — (914 ) Mexico (476 ) (10,122 ) (9,046 ) Bolivia (5,154 ) (4,008 ) (6,716 ) Canada (516 ) (145 ) (1,936 ) Deferred: Argentina (1,197 ) 24,478 8,062 Australia 3,223 (401 ) (2 ) Bolivia — 22,122 (4,222 ) Canada 2,875 2,662 — Mexico 27,189 394,221 94,851 United States 1,778 5,743 78,489 United States — State mining taxes 1,952 — — Income tax (expense) benefit $ 26,263 $ 428,254 $ 158,116 The components of Income (loss) before income taxes are below: Year ended December 31, In thousands 2015 2014 2013 United States $ (43,924 ) $ (213,883 ) $ (242,562 ) Foreign (349,522 ) (1,401,245 ) (566,117 ) Total $ (393,446 ) $ (1,615,128 ) $ (808,679 ) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the Company’s effective tax rate with the federal statutory tax rate for the periods indicated is below: Year ended December 31, In thousands 2015 2014 2013 Income and mining tax benefit (expense) at statutory rate $ 137,706 $ 565,295 $ 283,038 State tax provision from continuing operations (2,075 ) 20,253 2,245 Change in valuation allowance (101,027 ) (151,191 ) (106,802 ) Non-deductible imputed interest — — (214 ) Uncertain tax positions (1,947 ) (4,425 ) (5,209 ) U.S. and foreign non-deductible expenses 1,365 (4,892 ) (2,383 ) Mineral interest related (19,310 ) — — Foreign exchange rates 22,350 23,672 13,937 Foreign inflation and indexing 1,117 3,765 2,937 Foreign tax rate differences (15,980 ) (63,930 ) (24,108 ) Foreign withholding and other taxes 8,140 82,884 (100,331 ) Foreign tax credits and other, net (4,076 ) (43,177 ) 13,153 Mexico permanent reinvestment assertion — — 81,853 Income and mining tax benefit (expense) $ 26,263 $ 428,254 $ 158,116 |
Schedule of Deferred Tax Assets and Liabilities | At December 31, 2015 and 2014, the significant components of the Company’s deferred tax assets and liabilities are below: Year ended December 31, In thousands 2015 2014 Deferred tax liabilities: Mexican mining tax $ 15,451 $ 8,065 Foreign subsidiaries — unremitted earnings 12,999 45,249 Inventory 2,353 3,135 Royalty and other long-term debt 1,648 — $ 32,451 $ 56,449 Deferred tax assets: Net operating loss carryforwards 203,958 153,701 Mineral properties 34,966 46,006 Property, plant, and equipment 6,980 38,091 Royalty and other long-term debt — 5,863 Capital loss carryforwards 3,938 35,251 Asset retirement obligation 21,480 21,586 Unrealized foreign currency loss and other 8,424 8,213 Accrued expenses 17,905 9,365 Tax credit carryforwards 26,439 56,322 324,090 374,398 Valuation allowance (436,829 ) (391,510 ) (112,739 ) (17,112 ) Net deferred tax liabilities $ 145,190 $ 73,561 |
Summary of Valuation Allowance | Based upon this analysis, the Company has recorded valuation allowances as follows: Year ended December 31, In thousands 2015 2014 U.S. $ 292,677 $ 305,534 Argentina 8,376 21,520 Canada 1,718 2,009 Bolivia 45,177 15,948 Mexico 63,373 14,816 New Zealand 25,508 28,710 Other — 2,973 $ 436,829 $ 391,510 |
Summary of Tax Credit Carryforwards | The Company has the following tax attribute carryforwards at December 31, 2015, by jurisdiction: In thousands U.S. Argentina Bolivia Canada Mexico New Zealand Other Total Regular net operating losses 320,511 12,210 55,019 2,182 108,191 91,096 68 589,277 Alternative minimum tax net operating losses 187,376 — — — — — — 187,376 Capital losses 11,195 — — — — — — 11,195 Alternative minimum tax credits 3,173 — — — — — — 3,173 Foreign tax credits 19,898 — — — — — — 19,898 |
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount related to unrecognized tax benefits is below (in thousands): Unrecognized tax benefits at January 1, 2014 $ 15,471 Gross increase to current period tax positions 1,856 Gross increase to prior period tax positions 524 Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations (1,767 ) Unrecognized tax benefits at December 31, 2014 $ 16,084 Gross increase to current period tax positions 1,030 Gross increase to prior period tax positions 810 Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations — Unrecognized tax benefits at December 31, 2015 $ 17,924 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended December 31, In thousands except per share amounts 2015 2014 2013 Net income (loss) available to common stockholders $ (367,183 ) $ (1,186,874 ) $ (650,563 ) Weighted average shares: Basic 129,639 102,441 97,864 Effect of stock-based compensation plans — — — Diluted 129,639 102,441 97,864 Income (loss) per share: Basic $ (2.83 ) $ (11.59 ) $ (6.65 ) Diluted $ (2.83 ) $ (11.59 ) $ (6.65 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 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 : Year ended December 31, In thousands 2015 2014 2013 Palmarejo royalty obligation embedded derivative $ 3,101 $ (2,001 ) $ 76,200 Rochester net smelter royalty (NSR) royalty obligation 818 3,653 416 Silver and gold options 1,283 1,058 7,119 Foreign exchange contracts — 908 (967 ) Fair value adjustments, net $ 5,202 $ 3,618 $ 82,768 |
Financial assets and liabilities measured at fair value on recurring basis | The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: Fair Value at December 31, 2015 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 2,766 $ 2,756 $ — $ 10 Liabilities: Palmarejo royalty obligation embedded derivative $ 4,957 $ — $ — $ 4,957 Rochester NSR royalty obligation 9,593 — — 9,593 Other derivative instruments, net 508 — 508 — $ 15,058 $ — $ 508 $ 14,550 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 assets and liabilities for the years ended December 31, 2015 and 2014: Year ended December 31, 2015 In thousands Balance at the beginning of the period Revaluation Settlements Balance at the end of the period Assets: Equity securities $ 1,379 $ (983 ) $ (386 ) $ 10 Liabilities: Palmarejo royalty obligation embedded derivative $ 21,912 $ (3,101 ) $ (13,854 ) $ 4,957 Rochester NSR royalty obligation $ 15,370 (818 ) (4,959 ) $ 9,593 Year ended December 31, 2014 In thousands Balance at the beginning of the period Additions Revaluation Settlements Transfers from Level 1 Balance at the end of the period Palmarejo royalty obligation embedded derivative $ 40,338 $ — $ 2,001 $ (20,427 ) $ — $ 21,912 Rochester NSR royalty obligation 21,630 — (3,653 ) (2,607 ) — 15,370 Equity securities — 69 (55 ) — 1,365 1,379 |
Fair Value Inputs, Assets, Quantitative Information | The following table sets forth the quantitative and qualitative information related to the unobservable inputs used in the calculation of the Company's non-recurring Level 3 fair value measurements: Description Valuation technique Unobservable input Range / Weighted Average Property, plant, and equipment and Mining properties Discounted cash flow Discount rate 8.00% - 10.75% Long-term silver price $19.00 Long-term gold price $1,275 The following table sets forth the quantitative and qualitative information related to the unobservable inputs used in the calculation of the Company's non-recurring Level 3 fair value measurements: Description Valuation technique Unobservable input Range / Weighted Average Property, plant, and equipment and Mining properties Discounted cash flow Discount rate 8.50% - 10.50% Long-term silver price $25.00 Long-term gold price $1,450 The following table sets forth the quantitative and qualitative information related to the unobservable inputs used in the calculation of the Company's non-recurring Level 3 fair value measurements: Description Valuation technique Unobservable input Range / Weighted Average Property, plant, and equipment and Mining properties Discounted cash flow Discount rate 7.50% - 11.00% Long-term silver price $17.50 Long-term gold price $1,200 |
Financial Assets and Liabilities not Measured at Fair Value | The fair value of financial assets and liabilities carried at book value in the financial statements at December 31, 2015 and December 31, 2014 is presented in the following table: December 31, 2015 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 3.25% Convertible Senior Notes due 2028 $ 712 $ 693 $ — $ 693 $ — 7.875% Senior Notes due 2021 (1) 373,433 227,487 — 227,487 — Term Loan due 2020 (2) 94,489 99,500 — 99,500 — San Bartolomé Lines of Credit 4,571 4,571 — 4,571 — Palmarejo gold production royalty obligation 15,207 15,580 — — 15,580 (1) Net of unamortized debt issuance costs and premium received of $5.3 million . (2) Net of unamortized debt issuance costs of $5.0 million . December 31, 2014 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 (1) 427,603 343,305 — 343,305 — San Bartolomé Lines of Credit 14,785 14,785 — 14,785 — Palmarejo gold production royalty obligation 34,047 38,290 — — 38,290 (1) Net of unamortized debt issuance costs and premium received of $7.3 million . |
Other, Net (Tables)
Other, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Other, net consists of the following: Year ended December 31, In thousands 2015 2014 2013 Impairment of equity securities $ (2,346 ) $ (6,593 ) $ (18,308 ) Gain on extinguishment of Senior Notes 16,187 — — Foreign exchange gain (loss) (15,769 ) 470 (189 ) Gain on termination of reclamation bonds — — 8,519 Other 1,913 905 4,993 Other, net $ (15 ) $ (5,218 ) $ (4,985 ) |
Derivative Financial Instrume39
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments, future settlement | At December 31, 2015 , the Company had the following derivative instruments that settle as follows: In thousands except average prices and notional ounces 2016 Thereafter Palmarejo gold production royalty $ 21,641 $ — Average gold price in excess of minimum contractual deduction $ 646 $ — Notional ounces 33,495 — Provisional silver sales $ 8,849 $ — Average silver price $ 14.98 $ — Notional ounces 590,750 — Provisional gold sales $ 33,996 $ — Average gold price $ 1,110 $ — Notional ounces 30,627 — |
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments: December 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 — — 4,957 — Concentrate sales contracts 28 536 — — $ 28 $ 536 $ 4,957 $ — 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 years ended December 31, 2015 , 2014 , and 2013 (in thousands): Year ended December 31, Financial statement line Derivative 2015 2014 2013 Revenue Concentrate sales contracts $ 296 $ (123 ) (1,995 ) Costs applicable to sales Foreign exchange contracts — 924 589 Fair value adjustments, net Foreign exchange contracts — (16 ) (985 ) Fair value adjustments, net Palmarejo gold royalty 3,101 (2,001 ) 76,200 Fair value adjustments, net Silver and gold options 1,283 1,058 7,119 $ 4,680 $ (158 ) $ 80,928 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | he purchase price allocation was based on the fair value of acquired assets and liabilities as follows (in thousands): Assets: Cash $ 982 Receivables 3,061 Inventory 2,147 Ore on leach pads 12,710 Other current assets 2,924 Property, plant, and equipment 30,055 Mining properties, net 77,424 Other non-current assets 3,966 133,269 Liabilities: Accounts payable and accrued liabilities 5,938 Reclamation 18,270 Deferred income taxes 5,915 Other non-current liabilities 3,750 33,873 Net assets acquired $ 99,396 The purchase price and acquired assets and liabilities were as follows (in thousands except share data): Common shares issued (32,667,327 at $5.78) $ 188,817 Cash 8,530 Transaction advisory fees and other acquisition costs 4,020 Total purchase price 201,367 Assets: Cash 118 Receivables and other current assets 1,685 Property, plant, and equipment 215 Mining properties, net 305,175 307,193 Liabilities: Accounts payable and accrued liabilities 2,737 Deferred income taxes 103,089 105,826 Net assets acquired $ 201,367 |
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 years ended December 31, 2015 , 2014 , and 2013 as if the acquisition had occurred on January 1, 2013. 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. Year ended December 31, In thousands 2015 2014 2013 Revenue $ 664,086 $ 729,742 $ 823,994 Income (loss) before income and mining taxes (393,498 ) (1,587,128 ) (786,679 ) Net income (loss) (367,235 ) (1,158,874 ) (628,563 ) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investment in Marketable Securities [Abstract] | |
Investments | At December 31, 2015 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity securities 3,386 (1,179 ) 559 2,766 At December 31, 2014 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value 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 December 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 $ (1,179 ) $ 614 $ — $ — $ (1,179 ) $ 614 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Receivables | Receivables consist of the following: In thousands December 31, 2015 December 31, 2014 Current receivables: Trade receivables $ 17,878 $ 20,448 Income tax receivable 13,678 21,047 Value added tax receivable 50,669 63,805 Other 3,767 2,623 $ 85,992 $ 107,923 Non-current receivables: Value added tax receivable $ 24,768 $ 21,686 Total receivables $ 110,760 $ 129,609 |
Inventory and Ore on Leach Pa43
Inventory and Ore on Leach Pads (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventory consists of the following: In thousands December 31, 2015 December 31, 2014 Inventory: Concentrate $ 16,165 $ 23,563 Precious metals 21,908 40,870 Supplies 43,638 50,498 $ 81,711 $ 114,931 Ore on leach pads: Current $ 67,329 $ 48,204 Non-current 44,582 37,889 $ 111,911 $ 86,093 Total inventory and ore on leach pads $ 193,622 $ 201,024 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment consist of the following: In thousands December 31, 2015 December 31, 2014 Land $ 8,287 $ 1,752 Facilities and equipment 654,585 647,181 Capital leases 30,648 28,680 693,520 677,613 Accumulated amortization (514,509 ) (464,852 ) 179,011 212,761 Construction in progress 16,988 15,150 Property, plant and equipment, net $ 195,999 $ 227,911 |
Mining Properties (Tables)
Mining Properties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Mining Properties [Abstract] | |
Mining Properties | Mining properties consist of the following (in thousands): December 31, 2015 Palmarejo Rochester Kensington Wharf San Bartolomé La Preciosa Joaquin Coeur Capital Total Mine development $ 151,828 $ 149,756 $ 238,786 $ 32,318 $ 39,474 $ — $ — $ — $ 612,162 Accumulated amortization (131,055 ) (126,242 ) (131,236 ) (5,784 ) (30,325 ) — — (424,642 ) 20,773 23,514 107,550 26,534 9,149 — — — 187,520 Mineral interests 629,303 — — 45,837 12,868 49,085 10,000 59,343 806,436 Accumulated amortization (348,268 ) — — (10,551 ) (11,400 ) — — (34,518 ) (404,737 ) 281,035 — — 35,286 1,468 49,085 10,000 24,825 401,699 Mining properties, net $ 301,808 $ 23,514 $ 107,550 $ 61,820 $ 10,617 $ 49,085 $ 10,000 $ 24,825 $ 589,219 December 31, 2014 Palmarejo Rochester Kensington San Bartolomé La Preciosa Joaquin Coeur Capital Total Mine development $ 137,821 $ 153,535 $ 217,138 $ 49,305 $ — $ — $ — $ 557,799 Accumulated amortization (121,906 ) (113,533 ) (106,865 ) (26,106 ) — — — (368,410 ) 15,915 40,002 110,273 23,199 — — — 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 $ 40,002 $ 110,273 $ 30,616 $ 49,059 $ 10,000 $ 56,010 $ 501,192 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long term debt and capital lease obligations | Long-term debt and capital lease obligations at December 31, 2015 and December 31, 2014 are as follows: December 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) — 373,433 — 427,603 Term Loan due 2020, net (2) 1,000 93,489 — — San Bartolomé Lines of Credit — 4,571 4,481 10,304 Capital lease obligations 9,431 7,774 7,683 13,141 $ 10,431 $ 479,979 $ 17,498 $ 451,048 (1) Net of unamortized debt issuance costs and premium received of $5.3 million and $7.3 million at December 31, 2015 and December 31, 2014, respectively. (2) Net of unamortized debt issuance costs of $5.0 million at December 31, 2015. |
Interest expenses incurred for various debt instruments | Interest expense, net of capitalized interest consists of the following: Year ended December 31, In thousands 2015 2014 2013 3.25% Convertible Senior Notes due 2028 $ 54 $ 173 $ 466 7.875% Senior Notes due 2021 33,437 32,741 21,853 Short-term Loan 326 — — Term Loan due 2020 4,719 — — San Bartolomé Lines of Credit 795 — — Revolving Credit Facility — 179 612 Loss on Revolving Credit Facility — 3,035 — Capital lease obligations 1,035 972 415 Other debt obligations 20 — 291 Accretion of Palmarejo gold production royalty obligation 6,567 10,773 17,641 Amortization of debt issuance costs 2,257 1,740 2,143 Accretion of debt premium (409 ) (357 ) 576 Capitalized interest (3,098 ) (1,710 ) (2,694 ) Total interest expense, net of capitalized interest $ 45,703 $ 47,546 $ 41,303 |
Supplemental Guarantor Inform47
Supplemental Guarantor Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2015 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 378,278 $ 267,808 $ — $ 646,086 COSTS AND EXPENSES Costs applicable to sales (1) — 261,830 217,824 — 479,654 Amortization 1,991 83,325 58,435 — 143,751 COSTS AND EXPENSES General and administrative 32,405 35 394 — 32,834 Exploration 2,265 3,931 5,451 — 11,647 Write-downs — 1,630 311,707 — 313,337 Pre-development, reclamation, and other 4,083 5,920 7,790 — 17,793 Total costs and expenses 40,744 356,671 601,601 — 999,016 OTHER INCOME (EXPENSE), NET Fair value adjustments, net 1,224 818 3,160 — 5,202 Other, net 20,252 (3,106 ) (13,385 ) (3,776 ) (15 ) Interest expense, net of capitalized interest (39,867 ) (966 ) (8,646 ) 3,776 (45,703 ) Total other income (expense), net (18,391 ) (3,254 ) (18,871 ) — (40,516 ) Loss before income and mining taxes (59,135 ) 18,353 (352,664 ) — (393,446 ) Income and mining tax (expense) benefit 1,827 (2,354 ) 26,790 — 26,263 Total loss after income and mining taxes (57,308 ) 15,999 (325,874 ) — (367,183 ) Equity income (loss) in consolidated subsidiaries (309,875 ) (14,814 ) — 324,689 — NET INCOME (LOSS) $ (367,183 ) $ 1,185 $ (325,874 ) $ 324,689 $ (367,183 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on marketable securities, net of tax (4,154 ) (3,118 ) — 3,118 (4,154 ) Reclassification adjustments for impairment of marketable securities 2,346 2,346 — (2,346 ) 2,346 Reclassification adjustments for realized loss on sale of marketable securities 894 894 — (894 ) 894 Other comprehensive income (loss) (914 ) 122 — (122 ) (914 ) COMPREHENSIVE INCOME (LOSS) $ (368,097 ) $ 1,307 $ (325,874 ) $ 324,567 $ (368,097 ) ONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2014 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 261,963 $ 373,779 $ — $ 635,742 COSTS AND EXPENSES Costs applicable to sales (1) — 196,805 281,140 — 477,945 Amortization 1,805 65,100 95,531 — 162,436 General and administrative 39,976 6 863 — 40,845 Exploration 3,560 11,157 7,023 — 21,740 Write-downs — 107,832 1,364,889 — 1,472,721 Pre-development, reclamation, and other 8,813 3,889 13,335 — 26,037 Total costs and expenses 54,154 384,789 1,762,781 — 2,201,724 OTHER INCOME (EXPENSE), NET Fair value adjustments, net 1,812 3,653 (1,847 ) — 3,618 Other, net 4,406 (7,023 ) 227 (2,828 ) (5,218 ) Interest expense, net of capitalized interest (38,389 ) (891 ) (11,094 ) 2,828 (47,546 ) Total other income (expense), net (32,171 ) (4,261 ) (12,714 ) — (49,146 ) Income (Loss) before income and mining taxes (86,325 ) (127,087 ) (1,401,716 ) — (1,615,128 ) Income and mining tax (expense) benefit 1,742 (2,224 ) 428,736 — 428,254 Income (Loss) after income and mining taxes (84,583 ) (129,311 ) (972,980 ) — (1,186,874 ) Equity income (loss) in consolidated subsidiaries (1,102,291 ) (4,181 ) — 1,106,472 — NET INCOME (LOSS) $ (1,186,874 ) $ (133,492 ) $ (972,980 ) $ 1,106,472 $ (1,186,874 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on equity securities, net of tax (2,290 ) (2,272 ) — 2,272 (2,290 ) Reclassification adjustments for impairment of equity securities, net of tax 4,042 4,042 — (4,042 ) 4,042 Reclassification adjustments for realized loss on sale of equity securities, net of tax 346 328 — (328 ) 346 Other comprehensive income (loss) 2,098 2,098 — (2,098 ) 2,098 COMPREHENSIVE INCOME (LOSS) $ (1,184,776 ) $ (131,394 ) $ (972,980 ) $ 1,104,374 $ (1,184,776 ) (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2013 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 268,023 $ 477,971 $ — $ 745,994 COSTS AND EXPENSES Costs applicable to sales (1) — 182,444 281,219 — 463,663 Amortization 1,066 71,655 156,843 — 229,564 General and administrative 50,213 3,245 1,885 — 55,343 Exploration 1,602 8,920 11,838 — 22,360 Litigation settlement — 32,046 — — 32,046 Write-downs — 130,694 642,299 — 772,993 Pre-development, reclamation, and other — 3,093 12,091 — 15,184 Total costs and expenses 52,881 432,097 1,106,175 — 1,591,153 OTHER INCOME (EXPENSE), NET Fair value adjustments, net (1,346 ) 7,896 76,218 — 82,768 Other, net (4,689 ) (1,750 ) 4,602 (3,148 ) (4,985 ) Interest expense, net of capitalized interest (25,652 ) (445 ) (18,354 ) 3,148 (41,303 ) Total other income (expense), net (31,687 ) 5,701 62,466 — 36,480 Income (Loss) before income and mining taxes (84,568 ) (158,373 ) (565,738 ) — (808,679 ) Income and mining tax (expense) benefit 78,332 (155 ) 79,939 — 158,116 Income (Loss) after income and mining taxes (6,236 ) (158,528 ) (485,799 ) — (650,563 ) Equity income (loss) in consolidated subsidiaries (644,327 ) (68 ) — 644,395 — NET INCOME (LOSS) $ (650,563 ) $ (158,596 ) $ (485,799 ) $ 644,395 $ (650,563 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on equity securities, net of tax (8,489 ) (552 ) — 552 (8,489 ) Reclassification adjustments for impairment of equity securities, net of tax 11,221 211 — (211 ) 11,221 Reclassification adjustments for realized loss on sale of equity securities, net of tax 83 — — — 83 Other comprehensive income (loss) 2,815 (341 ) — 341 2,815 COMPREHENSIVE INCOME (LOSS) $ (647,748 ) $ (158,937 ) $ (485,799 ) $ 644,736 $ (647,748 ) |
Condensed Cash Flow Statement [Table Text Block] | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2013 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) operating activities $ (701,653 ) $ 17,456 $ 151,991 $ 646,173 $ 113,967 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (3,573 ) (50,810 ) (46,430 ) — (100,813 ) Purchase of short term investments and equity securities (2,921 ) (66 ) (5,065 ) — (8,052 ) Sales and maturities of short term investments and equity securities 29,274 75 5,447 — 34,796 Acquisitions (113,214 ) (3,684 ) — — (116,898 ) Other 3,266 444 768 — 4,478 Investments in consolidated subsidiaries 642,617 68 3,488 (646,173 ) — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 555,449 (53,973 ) (41,792 ) (646,173 ) (186,489 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings 300,000 — — — 300,000 Payments on long-term debt, capital leases, and associated costs (52,568 ) (3,171 ) (4,889 ) — (60,628 ) Gold production royalty payments — — (57,034 ) — (57,034 ) Share repurchases (27,552 ) — — — (27,552 ) Net intercompany financing activity (22,874 ) 40,279 (17,405 ) — — Other (514 ) — — — (514 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 196,492 37,108 (79,328 ) — 154,272 Effect of exchange rate changes on cash and cash equivalents — — (500 ) — (500 ) NET CHANGE IN CASH AND CASH EQUIVALENTS 50,288 591 30,371 — 81,250 Cash and cash equivalents at beginning of period 86,788 400 38,252 — 125,440 Cash and cash equivalents at end of period $ 137,076 $ 991 $ 68,623 $ — $ 206,690 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 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 $ (377,091 ) $ 86,486 $ 79,458 $ 324,689 113,542 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (514 ) (52,376 ) (42,303 ) — (95,193 ) Purchase of short-term investments and equity securities (1,880 ) — — — (1,880 ) Sales and maturities of short-term investments 2 532 71 — 605 Acquisitions, net of cash acquired (110,846 ) — — — (110,846 ) Other (4,710 ) 523 208 — (3,979 ) Investments in consolidated subsidiaries 282,041 20,239 120 (302,400 ) — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 164,093 (31,082 ) (41,904 ) (302,400 ) (211,293 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings 150,000 — 3,500 — 153,500 Payments on debt, capital leases, and associated costs (62,930 ) (7,428 ) (14,357 ) — (84,715 ) Gold production royalty payments — — (39,235 ) — (39,235 ) Net intercompany financing activity 12,232 (19,518 ) 29,575 (22,289 ) — Other (542 ) — — — (542 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 98,760 (26,946 ) (20,517 ) (22,289 ) 29,008 Effect of exchange rate changes on cash and cash equivalents — (11 ) (1,393 ) — (1,404 ) NET CHANGE IN CASH AND CASH EQUIVALENTS (114,238 ) 28,447 15,644 — (70,147 ) Cash and cash equivalents at beginning of period 210,361 5,781 54,719 — 270,861 Cash and cash equivalents at end of period $ 96,123 $ 34,228 $ 70,363 $ — $ 200,714 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2014 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) operating activities $ (1,175,464 ) $ 41,292 $ 81,248 $ 1,106,472 53,548 CASH FLOWS FROM INVESTING ACTIVITIES — — — Capital expenditures (1,849 ) (28,118 ) (34,277 ) — (64,244 ) Purchase of short term investments and equity securities (50,013 ) (429 ) (71 ) — (50,513 ) Sales and maturities of short term investments and equity securities 49,069 5,261 14 — 54,344 Acquisitions (12,079 ) (4,000 ) (5,250 ) — (21,329 ) Other — 48 (40 ) — 8 Investments in consolidated subsidiaries 1,151,372 4,106 — (1,155,478 ) — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 1,136,500 (23,132 ) (39,624 ) (1,155,478 ) (81,734 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings 153,000 — 14,784 — 167,784 Payments on long-term debt, capital leases, and associated costs (18,545 ) (6,114 ) (1,243 ) — (25,902 ) Gold production royalty payments — — (48,395 ) — (48,395 ) Net intercompany financing activity (21,697 ) (7,256 ) (20,053 ) 49,006 — Other (509 ) — — — (509 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 112,249 (13,370 ) (54,907 ) 49,006 92,978 Effect of exchange rate changes on cash and cash equivalents — — (621 ) — (621 ) NET CHANGE IN CASH AND CASH EQUIVALENTS 73,285 4,790 (13,904 ) — 64,171 Cash and cash equivalents at beginning of period 137,076 991 68,623 — 206,690 Cash and cash equivalents at end of period $ 210,361 $ 5,781 $ 54,719 $ — $ 270,861 |
Condensed Balance Sheet [Table Text Block] | CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2015 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 96,123 $ 34,228 $ 70,363 $ — $ 200,714 Receivables 11 12,773 73,208 — 85,992 Ore on leach pads — 67,329 — — 67,329 Inventory — 45,491 36,220 — 81,711 Prepaid expenses and other 3,496 1,075 6,371 — 10,942 99,630 160,896 186,162 — 446,688 NON-CURRENT ASSETS Property, plant and equipment, net 4,546 138,706 52,747 — 195,999 Mining properties, net — 199,303 389,916 — 589,219 Ore on leach pads — 44,582 — — 44,582 Restricted assets 5,755 381 5,497 — 11,633 Equity securities 434 2,332 — — 2,766 Receivables — — 24,768 — 24,768 Deferred tax assets — — 1,942 — 1,942 Net investment in subsidiaries 127,671 27,657 — (155,328 ) — Other 54,578 9,197 5,695 (54,578 ) 14,892 TOTAL ASSETS $ 292,614 $ 583,054 $ 666,727 $ (209,906 ) $ 1,332,489 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 1,743 $ 18,535 $ 28,454 $ — $ 48,732 Accrued liabilities and other 20,555 14,598 18,800 — 53,953 Debt 1,000 8,120 1,311 — 10,431 Royalty obligations — 4,729 20,164 — 24,893 Reclamation — 1,401 1,821 (1,151 ) 2,071 23,298 47,383 70,550 (1,151 ) 140,080 NON-CURRENT LIABILITIES Debt 467,634 4,947 61,976 (54,578 ) 479,979 Royalty obligations — 4,864 — — 4,864 Reclamation — 61,924 20,122 1,151 83,197 Deferred tax liabilities 28,600 6,927 111,605 — 147,132 Other long-term liabilities 2,171 3,838 49,752 — 55,761 Intercompany payable (receivable) (650,565 ) 411,103 239,462 — — (152,160 ) 493,603 482,917 (53,427 ) 770,933 STOCKHOLDERS’ EQUITY Common stock 1,513 250 130,885 (131,135 ) 1,513 Additional paid-in capital 3,024,461 179,553 1,896,047 (2,075,600 ) 3,024,461 Accumulated deficit (2,600,776 ) (135,049 ) (1,913,672 ) 2,048,721 (2,600,776 ) Accumulated other comprehensive income (loss) (3,722 ) (2,686 ) — 2,686 (3,722 ) 421,476 42,068 113,260 (155,328 ) 421,476 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 292,614 $ 583,054 $ 666,727 $ (209,906 ) $ 1,332,489 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 96,685 — 107,923 Ore on leach pads — 48,204 — — 48,204 Inventory — 54,983 59,948 — 114,931 Prepaid expenses and other 6,349 4,557 4,617 — 15,523 216,797 124,676 215,969 — 557,442 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 30,812 — 36,703 — 67,515 Net investment in subsidiaries 97,923 45,615 — (143,538 ) — Other 50,813 5,522 4,394 (50,814 ) 9,915 TOTAL ASSETS $ 415,401 $ 485,942 $ 729,578 $ (194,352 ) $ 1,436,569 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 31,336 41,222 94,205 (1,151 ) 165,612 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 60,343 3,811 76,922 — 141,076 Other long-term liabilities 2,582 469 26,860 — 29,911 Intercompany payable (receivable) (660,792 ) 427,156 233,636 — — (170,263 ) 500,657 435,898 (49,663 ) 716,629 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 (2,233,593 ) (133,091 ) (1,611,654 ) 1,744,745 (2,233,593 ) Accumulated other comprehensive income (loss) (2,808 ) (2,808 ) — 2,808 (2,808 ) 554,328 (55,937 ) 199,475 (143,538 ) 554,328 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 415,401 $ 485,942 $ 729,578 $ (194,352 ) $ 1,436,569 |
Supplemental Cash Flow Inform48
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The following table presents non-cash financing and investing activities and other cash flow information: Year ended December 31, Non-cash financing and investing activities: 2015 2014 2013 Capital lease obligations $ 4,123 $ 24,879 $ — Non-cash extinguishment of senior notes 53,373 — — Non-cash acquisitions and related deferred taxes 297,821 — 317,826 Other cash flow information: Interest paid $ 42,264 $ 30,691 $ 14,139 Income taxes paid 1,937 20,198 26,585 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)$ / oz | Dec. 31, 2014USD ($)$ / oz | Dec. 31, 2013USD ($)$ / oz | |
Property, Plant and Equipment [Line Items] | |||
Drilling and Related Costs Capitalized | $ | $ 6,000 | $ 8,900 | |
Write-downs | $ | $ 313,337 | $ 1,472,721 | $ 772,993 |
Long-Lived Assets, Impairment Testing, Commodity, Silver, Price per Ounce | $ / oz | 17.50 | 19 | 25 |
Long-Lived Assets, Impairment Testing, Commodity, Gold, Price per Ounce | $ / oz | 1,200 | 1,275 | 1,450 |
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fair Value Inputs, Discount Rate | 11.00% | ||
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fair Value Inputs, Discount Rate | 7.50% | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 30 years | ||
Building and Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years |
Summary of Significant Accoun50
Summary of Significant Accounting Policies Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Restricted Cash and Cash Equivalents | $ 6.3 | $ 7 |
Error Corrections and Prior Period Adjustments, Description | 31 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Financial information relating to reporting segments | ||||
Revenue | $ 646,086 | $ 635,742 | $ 745,994 | |
Costs applicable to sales | [1] | 479,654 | 477,945 | 463,663 |
Amortization | 143,751 | 162,436 | 229,564 | |
Exploration | 11,647 | 21,740 | 22,360 | |
Write-downs | 313,337 | 1,472,721 | 772,993 | |
Fair value adjustments, net | 5,202 | 3,618 | 82,768 | |
Interest expense, net | (45,703) | (47,546) | (41,303) | |
Other, net | (15) | (5,218) | (4,985) | |
Income and mining tax benefit (expense) | 26,263 | 428,254 | 158,116 | |
Net income (loss) | (367,183) | (1,186,874) | (650,563) | |
Assets, Net | 1,103,310 | 1,075,259 | ||
Capital expenditures | 95,193 | 64,244 | 100,813 | |
Palmarejo [Member] | ||||
Financial information relating to reporting segments | ||||
Metal sales | 169,133 | 244,003 | 324,040 | |
Royalties | 0 | 0 | 0 | |
Revenue | 169,133 | 244,003 | 324,040 | |
Costs applicable to sales | 138,476 | 187,276 | 188,572 | |
Amortization | 32,423 | 69,431 | 133,535 | |
Exploration | 4,533 | 6,671 | 7,161 | |
Write-downs | 224,507 | 784,038 | 642,094 | |
Other operating expenses | 1,293 | 620 | 705 | |
Fair value adjustments, net | 3,160 | (1,847) | 76,218 | |
Interest expense, net | (4,269) | (9,320) | (15,123) | |
Other, net | (10,968) | 131 | 906 | |
Income and mining tax benefit (expense) | (37,597) | 251,840 | 107,748 | |
Net income (loss) | (206,579) | (563,229) | (478,278) | |
Assets, Net | 406,648 | 332,369 | 1,164,852 | |
Capital expenditures | 35,991 | 26,084 | 33,730 | |
Rochester [Member] | ||||
Financial information relating to reporting segments | ||||
Metal sales | 143,930 | 123,768 | 119,254 | |
Royalties | 0 | 0 | 0 | |
Revenue | 143,930 | 123,768 | 119,254 | |
Costs applicable to sales | 103,994 | 91,462 | 77,869 | |
Amortization | 23,906 | 20,790 | 8,890 | |
Exploration | 1,324 | 2,636 | 2,653 | |
Write-downs | 0 | 0 | 0 | |
Other operating expenses | 2,948 | 2,813 | 36,265 | |
Fair value adjustments, net | 818 | 3,653 | 416 | |
Interest expense, net | (748) | (679) | (20) | |
Other, net | (14) | 105 | (318) | |
Income and mining tax benefit (expense) | 1,497 | (2,224) | (2,332) | |
Net income (loss) | 10,318 | 6,922 | (8,677) | |
Assets, Net | 190,714 | 196,765 | 176,789 | |
Capital expenditures | 25,330 | 11,898 | 29,406 | |
Kensington [Member] | ||||
Financial information relating to reporting segments | ||||
Metal sales | 148,710 | 136,960 | 148,769 | |
Royalties | 0 | 0 | 0 | |
Revenue | 148,710 | 136,960 | 148,769 | |
Costs applicable to sales | 105,640 | 105,342 | 104,575 | |
Amortization | 42,240 | 43,619 | 62,750 | |
Exploration | 2,596 | 8,005 | 4,199 | |
Write-downs | 0 | 107,832 | 130,694 | |
Other operating expenses | 1,301 | 796 | 735 | |
Fair value adjustments, net | 0 | 0 | 7,480 | |
Interest expense, net | (218) | (214) | (424) | |
Other, net | 7 | (22) | (187) | |
Income and mining tax benefit (expense) | 0 | 0 | (1) | |
Net income (loss) | (3,278) | (128,870) | (147,316) | |
Assets, Net | 197,873 | 215,973 | 343,144 | |
Capital expenditures | 23,834 | 16,220 | 21,404 | |
Wharf [Member] | ||||
Financial information relating to reporting segments | ||||
Metal sales | 84,052 | |||
Royalties | 0 | |||
Revenue | 84,052 | |||
Costs applicable to sales | 52,197 | |||
Amortization | 16,378 | |||
Exploration | 134 | |||
Write-downs | 0 | |||
Other operating expenses | 1,717 | |||
Fair value adjustments, net | 0 | |||
Interest expense, net | 0 | |||
Other, net | 143 | |||
Income and mining tax benefit (expense) | 857 | |||
Net income (loss) | 12,912 | |||
Assets, Net | 113,305 | |||
Capital expenditures | 3,211 | |||
San Bartolome [Member] | ||||
Financial information relating to reporting segments | ||||
Metal sales | 84,679 | 117,749 | 141,721 | |
Royalties | 0 | 0 | 0 | |
Revenue | 84,679 | 117,749 | 141,721 | |
Costs applicable to sales | 75,827 | 89,659 | 86,827 | |
Amortization | 17,798 | 19,423 | 19,103 | |
Exploration | 126 | 120 | 111 | |
Write-downs | 66,712 | 118,754 | 0 | |
Other operating expenses | 1,787 | (251) | 6,205 | |
Fair value adjustments, net | 0 | 0 | 0 | |
Interest expense, net | (725) | (52) | (74) | |
Other, net | 1,558 | 2,461 | 2,582 | |
Income and mining tax benefit (expense) | 5,154 | 18,114 | (10,938) | |
Net income (loss) | (81,893) | (89,433) | 21,045 | |
Assets, Net | 91,141 | 188,616 | 289,272 | |
Capital expenditures | 6,220 | 7,937 | 11,568 | |
Coeur Capital [Member] | ||||
Financial information relating to reporting segments | ||||
Metal sales | 8,732 | 10,046 | 12,871 | |
Royalties | 6,850 | 3,216 | 0 | |
Revenue | 15,582 | 13,262 | 12,871 | |
Costs applicable to sales | 3,520 | 4,206 | 5,820 | |
Amortization | 9,010 | 7,015 | 3,755 | |
Exploration | (124) | 515 | 2,069 | |
Write-downs | 22,118 | 6,202 | 0 | |
Other operating expenses | 33 | 938 | 1,397 | |
Fair value adjustments, net | 0 | 0 | 0 | |
Interest expense, net | 0 | (1) | 0 | |
Other, net | (3,182) | (7,141) | (19,474) | |
Income and mining tax benefit (expense) | (5,542) | 2,067 | 2,179 | |
Net income (loss) | (16,615) | (10,689) | (17,465) | |
Assets, Net | 27,892 | 59,848 | 62,678 | |
Capital expenditures | 0 | 0 | 0 | |
Other Mining Properties [Member] | ||||
Financial information relating to reporting segments | ||||
Metal sales | 0 | 0 | (661) | |
Royalties | 0 | 0 | 0 | |
Revenue | 0 | 0 | (661) | |
Costs applicable to sales | 0 | 0 | 0 | |
Amortization | 1,996 | 2,158 | 1,531 | |
Exploration | 3,058 | 3,793 | 6,167 | |
Write-downs | 0 | 455,895 | 205 | |
Other operating expenses | 41,548 | 61,966 | 57,266 | |
Fair value adjustments, net | 1,224 | 1,812 | (1,346) | |
Interest expense, net | (39,743) | (37,280) | (25,662) | |
Other, net | 12,441 | (752) | 11,506 | |
Income and mining tax benefit (expense) | (9,368) | 158,457 | 61,460 | |
Net income (loss) | (82,048) | (401,575) | (19,872) | |
Assets, Net | 75,737 | 81,688 | 522,084 | |
Capital expenditures | 607 | 2,105 | 4,705 | |
Total [Member] | ||||
Financial information relating to reporting segments | ||||
Metal sales | 639,236 | 632,526 | 745,994 | |
Royalties | 6,850 | 3,216 | 0 | |
Revenue | 646,086 | 635,742 | 745,994 | |
Costs applicable to sales | 479,654 | 477,945 | ||
Amortization | 143,751 | 162,436 | ||
Write-downs | 313,337 | |||
Other operating expenses | 363,964 | 66,882 | 102,573 | |
Other, net | (15) | (5,218) | (4,985) | |
Net income (loss) | (1,186,874) | (650,563) | ||
Assets, Net | 1,075,259 | 2,558,819 | ||
Capital expenditures | 95,193 | 64,244 | 100,813 | |
United States [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 376,692 | 260,728 | 268,023 | |
Mexico [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 171,911 | 245,493 | 324,040 | |
BOLIVIA | ||||
Financial information relating to reporting segments | ||||
Revenue | 84,679 | 117,749 | 141,721 | |
Australia [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 8,732 | 10,046 | 12,871 | |
Other Foreign Countries [Member] | ||||
Financial information relating to reporting segments | ||||
Revenue | 4,072 | 1,726 | (661) | |
Accumulated Deficit [Member] | ||||
Financial information relating to reporting segments | ||||
Net income (loss) | $ (367,183) | $ (1,186,874) | $ (650,563) | |
[1] | Excludes amortization. |
Segment Reporting (Details 1)
Segment Reporting (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting [Abstract] | ||||
Assets, Net | $ 1,103,310 | $ 1,075,259 | ||
Cash and cash equivalents | 200,714 | 270,861 | $ 206,690 | $ 125,440 |
Other assets | 28,465 | 90,449 | ||
TOTAL ASSETS | $ 1,332,489 | $ 1,436,569 |
Segment Reporting (Details 2)
Segment Reporting (Details 2) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)trading_counterparty | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | $ 787,986 | $ 729,103 | |
Revenues | |||
Revenue | 646,086 | 635,742 | $ 745,994 |
United States [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 336,210 | 275,594 | |
Revenues | |||
Revenue | 376,692 | 260,728 | 268,023 |
Mexico [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 390,694 | 298,101 | |
Revenues | |||
Revenue | 171,911 | 245,493 | 324,040 |
BOLIVIA | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 35,201 | 107,960 | |
Revenues | |||
Revenue | 84,679 | 117,749 | 141,721 |
Australia [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 5,952 | 21,362 | |
Revenues | |||
Revenue | 8,732 | 10,046 | 12,871 |
Argentina [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 10,871 | 10,970 | |
Other Foreign Countries [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 9,058 | 15,116 | |
Revenues | |||
Revenue | 4,072 | 1,726 | (661) |
Mitsui & Co. [Member] | |||
Revenues | |||
Revenue | 137,700 | 133,800 | 70,300 |
China National Gold [Domain] | |||
Revenues | |||
Revenue | 126,200 | 86,800 | 81,500 |
Asahi Formerly Johnson Matthey [Member] | |||
Revenues | |||
Revenue | 84,200 | 71,800 | 66,400 |
TD Securities [Domain] | |||
Revenues | |||
Revenue | 81,300 | 106,700 | 106,700 |
Standard Bank [Domain] | |||
Revenues | |||
Revenue | 34,700 | 87,500 | 69,000 |
INTL Commodities [Member] | |||
Revenues | |||
Revenue | 33,100 | 22,400 | 84,600 |
Valcambi [Member] | |||
Revenues | |||
Revenue | 0 | 33,900 | 77,200 |
Auramet [Member] | |||
Revenues | |||
Revenue | $ 0 | $ 10,800 | $ 111,700 |
Smelting and Refining [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Number of Trading Counterparties | trading_counterparty | 3 | ||
Dore [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Number of Trading Counterparties | trading_counterparty | 11 | ||
Sales [Member] | Smelting and Refining [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration Risk, Percentage | 26.00% | 37.00% | 28.00% |
Sales [Member] | Dore [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration Risk, Percentage | 74.00% | 63.00% | 72.00% |
Write-Downs (Details)
Write-Downs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | $ 313,337 | $ 1,472,721 | $ 772,993 |
Impairment of Long-Lived Assets Held-for-use, Net of Tax | 276,500 | 1,021,800 | 593,200 |
Coeur Capital [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 22,100 | ||
Impairment of Long-Lived Assets Held-for-use, Net of Tax | 16,300 | ||
Kensington [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 130,700 | ||
La Preciosa [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 372,500 | ||
Impairment of Long-Lived Assets Held-for-use, Net of Tax | 244,900 | ||
San Bartolome [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 66,700 | ||
Palmarejo [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 224,500 | 784,000 | 642,100 |
Impairment of Long-Lived Assets Held-for-use, Net of Tax | 193,500 | 504,500 | 462,300 |
Mining Properties and Mineral Rights [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 244,611 | 1,229,844 | 621,901 |
Mining Properties and Mineral Rights [Member] | Palmarejo [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 205,803 | 668,803 | 539,359 |
Mining Properties and Mineral Rights [Member] | San Bartolome [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 16,690 | 32,328 | 0 |
Mining Properties and Mineral Rights [Member] | Kensington [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 0 | 67,671 | 82,337 |
Mining Properties and Mineral Rights [Member] | La Preciosa [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 0 | 371,411 | 0 |
Mining Properties and Mineral Rights [Member] | Joaquin Project - Argentina [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 0 | 83,429 | 0 |
Mining Properties and Mineral Rights [Member] | Coeur Capital [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 22,118 | 6,202 | 0 |
Mining Properties and Mineral Rights [Member] | Martha [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 0 | 0 | 205 |
Property, Plant and Equipment, Other Types [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 68,726 | 242,877 | 151,092 |
Property, Plant and Equipment, Other Types [Member] | Palmarejo [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 18,704 | 115,235 | 102,735 |
Property, Plant and Equipment, Other Types [Member] | San Bartolome [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 50,022 | 86,426 | 0 |
Property, Plant and Equipment, Other Types [Member] | Kensington [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | 0 | 40,161 | 48,357 |
Property, Plant and Equipment, Other Types [Member] | La Preciosa [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Write-downs | $ 0 | $ 1,055 | $ 0 |
Reclamation (Details)
Reclamation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Asset retirement obligation | ||
Asset retirement obligation - Beginning | $ 67,214 | $ 55,966 |
Accretion | 7,738 | 4,826 |
Additions and changes in estimates | 11,939 | 6,748 |
Settlements | (4,819) | (326) |
Asset retirement obligation - Ending | 82,072 | 67,214 |
Reclamation and Mine Closure (Textual) [Abstract] | ||
Accrued reclamation liabilities | $ 3,200 | $ 3,600 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.57 | $ 9.45 | $ 20.41 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Arrangement by Share Based Payment Award Grants in Period Weighted Average Grant Date Fair Value | $ 2.65 | $ 3.79 | $ 12.60 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 55.71% | 50.93% | 76.74% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years 9 months | 3 years 11 months | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.51% | 1.25% | 0.84% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Annual Incentive Plan and Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 9.3 | $ 9.3 | $ 4.8 |
Stock-Based Compensation (Det57
Stock-Based Compensation (Details 1) - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 670,009 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 670,009 | 598,346 | 415,570 | 370,000 |
Number of exercised units (in shares) | 0 | 0 | (13,027) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 12.58 | $ 16.26 | $ 27.36 | $ 30.20 |
Share Based Compensation Arrangement by Share Based Payment Award SAR's Outstanding Number | 46,572 | 46,572 | 50,209 | 68,865 |
Share Based Compensation Arrangement by Share Based Payment Award SAR's Outstanding Weighted Average Exercise Price | $ 14.06 | $ 14.06 | $ 14.15 | $ 13.83 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 310,028 | 415,172 | 190,452 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.57 | $ 9.45 | $ 20.41 | |
Share Based Compensation Arrangement by Share Based Payment Award SAR's Grants in Period | 0 | 0 | 0 | |
Share Based Compensation Arrangement by Share Based Payment Award SAR's Grants in Period Weighted Average Grant Date Fair Value | $ 0 | $ 0 | $ 0 | |
Share Based Compensation Arrangement by Share Based Payment Award Option Exercises in Period Weighted Average Grant Date Fair Value | $ 0 | $ 0 | $ 10.77 | |
Share Based Compensation Arrangement by Share Based Payment Award SAR's Exercises in Period | 0 | 0 | (6,617) | |
Share Based Compensation Arrangement by Share Based Payment Award SAR's Exercises in Period Weighted Average Grant Date Fair Value | $ 0 | $ 0 | $ 13.14 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (238,365) | (232,396) | (131,855) | |
Share Based Compensation Arrangement by Share Based Payment Award Option Cancelled Forfeited in Period Weighted Average Grant Date Fair Value | $ 12.69 | $ 23.94 | $ 29.30 | |
Share Based Compensation Arrangement by Share Based Payment Award SAR's Forfeitures in Period | 0 | (3,637) | (12,039) | |
Share Based Compensation Arrangement by Share Based Payment Award SAR's Cancelled Forfeited in Period Weighted Average Grant Date Fair Value | $ 0 | $ 15.40 | $ 15.40 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 12.58 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 251,995 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 19.86 | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,135,135 | 516,830 | 210,395 | 109,159 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 10.35 | $ 17.61 | $ 28.04 | $ 26.92 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 809,293 | 358,398 | 173,773 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.97 | $ 12.21 | $ 23.35 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | (34,611) | (4,160) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 27.18 | $ 30.97 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (190,988) | (17,352) | (68,377) | |
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Option Forfeited in Period Weighted Average Grant Date Fair Value | $ 15.62 | $ 27.15 | $ 34.49 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,507,412 | 901,999 | 613,086 | 239,698 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 7.49 | $ 12.19 | $ 16.68 | $ 25.38 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,180,384 | 695,897 | 573,467 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.49 | $ 9.83 | $ 15.38 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (317,122) | (234,103) | (90,963) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 13.38 | $ 17.16 | $ 26.83 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (257,849) | (172,881) | (109,116) | |
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Option Forfeited in Period Weighted Average Grant Date Fair Value | $ 7.59 | $ 11.87 | $ 23.30 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 0 | 0 | 0 | 11,411 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 0 | $ 0 | $ 0 | $ 24.14 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | 0 | (11,411) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 0 | $ 22.74 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | 0 | 0 | |
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Option Forfeited in Period Weighted Average Grant Date Fair Value | $ 0 | $ 0 | $ 0 | |
Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 0 | 0 | 0 | 34,239 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 0 | $ 0 | $ 0 | $ 39.78 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | 34,239 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 0 | $ 38.02 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | 0 | (68,478) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 0 | $ 38.02 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | 0 | 0 | |
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Option Forfeited in Period Weighted Average Grant Date Fair Value | $ 0 | $ 0 | $ 0 | |
Exercise Price Range One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 439,746 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 7.33 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 8 years 8 months 16 days | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 75,613 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 9.41 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 7 years 5 months 27 days | |||
Exercise Price Range Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 71,540 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 13.42 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 7 years 6 months 22 days | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 40,823 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 14.56 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 7 years 3 months 22 days | |||
Exercise Price Range Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 149,992 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 25.63 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 6 years 3 months 22 days | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 126,828 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 25.98 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 6 years 2 months 1 day | |||
Exercise Price Range Four [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 3,134 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 39.90 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 2 months 19 days | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 3,134 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 39.90 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 1 year 2 months 19 days | |||
Exercise Price Range Five [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 3,336 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 48.50 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 2 years 11 days | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 3,336 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 48.50 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 2 years 11 days | |||
Exercise Price Range Six [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 2,261 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 51.40 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 1 month 21 days | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 2,261 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 51.40 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 1 month 21 days |
Stock-Based Compensation (Det58
Stock-Based Compensation (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation cost | $ 8 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 4 months 24 days | ||
Supplementary Incentive Plan Accrual | $ 2.2 | ||
Maximum Bonus, Supplemental Incentive | 3.8 | ||
Maximum Bonus, Supplemental Incentive, Discretionary Cash or Stock | 2.8 | ||
Annual Incentive Plan and Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense for stock based compensation awards | 9.3 | $ 9.3 | $ 4.8 |
Stock Options and Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation cost | $ 0.4 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 1 month 6 days | ||
Restricted Stock and Restricted Stock Unit [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation cost | $ 3.2 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 2 months 12 days | ||
Performance Shares and Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation cost | $ 3.7 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 8 months 12 days |
Retirement Savings Plan (Detail
Retirement Savings Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | $ 2.9 | $ 2.6 | $ 4.1 |
Income and Mining Taxes (Detail
Income and Mining Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Examination [Line Items] | |||
United States | $ (43,924) | $ (213,883) | $ (242,562) |
Foreign | (349,522) | (1,401,245) | (566,117) |
Income (loss) before income and mining taxes | (393,446) | (1,615,128) | (808,679) |
Income tax provision from continuing operations | |||
Income and mining tax benefit (expense) | 26,263 | 428,254 | 158,116 |
Income and mining tax benefit (expense) at statutory rate | 137,706 | 565,295 | 283,038 |
State tax provision from continuing operations | (2,075) | 20,253 | 2,245 |
Change in valuation allowance | (101,027) | (151,191) | (106,802) |
Non-deductible imputed interest | 0 | 0 | (214) |
Uncertain tax positions | (1,947) | (4,425) | (5,209) |
U.S. and foreign non-deductible expenses | 1,365 | (4,892) | (2,383) |
Mineral interest related | (19,310) | 0 | 0 |
Foreign exchange rates | 22,350 | 23,672 | 13,937 |
Foreign inflation and indexing | 1,117 | 3,765 | 2,937 |
Foreign tax rate differences | (15,980) | (63,930) | (24,108) |
Foreign withholding and other taxes | 8,140 | 82,884 | (100,331) |
Foreign tax credits and other, net | (4,076) | (43,177) | 13,153 |
Mexico permanent reinvestment assertion | 0 | 0 | 81,853 |
Mexican mining tax | 15,451 | 8,065 | |
Inventory | 2,353 | 3,135 | |
Foreign subsidiaries — unremitted earnings | 12,999 | 45,249 | |
Royalty and other long-term debt | 1,648 | 0 | |
Total Deferred Tax Liabilities | 32,451 | 56,449 | |
Net operating loss carryforwards | 203,958 | 153,701 | |
Mineral properties | 34,966 | 46,006 | |
Property, plant, and equipment | 6,980 | 38,091 | |
Royalty and other long-term debt | 0 | 5,863 | |
Capital loss carryforwards | 3,938 | 35,251 | |
Asset retirement obligation | 21,480 | 21,586 | |
Unrealized foreign currency loss and other | 8,424 | 8,213 | |
Accrued expenses | 17,905 | 9,365 | |
Tax credit carryforwards | 26,439 | 56,322 | |
Total Deferred Tax Assets | 324,090 | 374,398 | |
Valuation allowance | (436,829) | (391,510) | |
Deferred Tax Assets, Net of Valuation Allowance | (112,739) | (17,112) | |
Net deferred tax liabilities | 145,190 | 73,561 | |
Regular net operating losses | 589,277 | ||
Alternative minimum tax net operating losses | 187,376 | ||
Capital losses | 11,195 | ||
Alternative minimum tax credits | 3,173 | ||
Foreign tax credits | 19,898 | ||
Unrecognized tax benefits, beginning of period | 16,084 | 15,471 | |
Gross increase to current period tax positions | 1,030 | 1,856 | |
Gross increase to prior period tax positions | 810 | 524 | |
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations | 0 | (1,767) | |
Unrecognized tax benefits, end of period | 17,924 | 16,084 | 15,471 |
United States - Alternative minimum tax [Member] | |||
Income tax provision from continuing operations | |||
Federal tax expense (benefit) | 49 | 904 | 4 |
United States - State Mining Taxes [Member] | |||
Income tax provision from continuing operations | |||
Federal tax expense (benefit) | (4,305) | (879) | (714) |
Deferred Federal Income Tax Expense (Benefit) | 1,952 | 0 | 0 |
United States - Foreign Withholding [Member] | |||
Income tax provision from continuing operations | |||
Federal tax expense (benefit) | 0 | (6,250) | 397 |
Argentina [Member] | |||
Income tax provision from continuing operations | |||
Foreign tax expense (benefit) | 715 | (71) | (137) |
Deferred Foreign Income Tax Expense (Benefit) | (1,197) | 24,478 | 8,062 |
Valuation allowance | (8,376) | (21,520) | |
Regular net operating losses | 12,210 | ||
Alternative minimum tax net operating losses | 0 | ||
Capital losses | 0 | ||
Alternative minimum tax credits | 0 | ||
Foreign tax credits | 0 | ||
Australia [Member] | |||
Income tax provision from continuing operations | |||
Foreign tax expense (benefit) | 130 | 0 | (914) |
Deferred Foreign Income Tax Expense (Benefit) | 3,223 | (401) | (2) |
Mexico [Member] | |||
Income tax provision from continuing operations | |||
Foreign tax expense (benefit) | (476) | (10,122) | (9,046) |
Deferred Foreign Income Tax Expense (Benefit) | 27,189 | 394,221 | 94,851 |
Valuation allowance | (63,373) | (14,816) | |
Regular net operating losses | 108,191 | ||
Alternative minimum tax net operating losses | 0 | ||
Capital losses | 0 | ||
Alternative minimum tax credits | 0 | ||
Foreign tax credits | 0 | ||
BOLIVIA | |||
Income tax provision from continuing operations | |||
Foreign tax expense (benefit) | (5,154) | (4,008) | (6,716) |
Deferred Foreign Income Tax Expense (Benefit) | 0 | 22,122 | (4,222) |
Valuation allowance | (45,177) | (15,948) | |
Regular net operating losses | 55,019 | ||
Alternative minimum tax net operating losses | 0 | ||
Capital losses | 0 | ||
Alternative minimum tax credits | 0 | ||
Foreign tax credits | 0 | ||
CANADA | |||
Income tax provision from continuing operations | |||
Foreign tax expense (benefit) | (516) | (145) | (1,936) |
Deferred Foreign Income Tax Expense (Benefit) | 2,875 | 2,662 | 0 |
Valuation allowance | (1,718) | (2,009) | |
Regular net operating losses | 2,182 | ||
Alternative minimum tax net operating losses | 0 | ||
Capital losses | 0 | ||
Alternative minimum tax credits | 0 | ||
Foreign tax credits | 0 | ||
United States [Member] | |||
Income tax provision from continuing operations | |||
Deferred Federal Income Tax Expense (Benefit) | 1,778 | 5,743 | $ 78,489 |
Valuation allowance | (292,677) | (305,534) | |
Regular net operating losses | 320,511 | ||
Alternative minimum tax net operating losses | 187,376 | ||
Capital losses | 11,195 | ||
Alternative minimum tax credits | 3,173 | ||
Foreign tax credits | 19,898 | ||
Other Countries [Member] | |||
Income tax provision from continuing operations | |||
Valuation allowance | 0 | (2,973) | |
Regular net operating losses | 68 | ||
Alternative minimum tax net operating losses | 0 | ||
Capital losses | 0 | ||
Alternative minimum tax credits | 0 | ||
Foreign tax credits | 0 | ||
NEW ZEALAND | |||
Income tax provision from continuing operations | |||
Valuation allowance | (25,508) | $ (28,710) | |
Regular net operating losses | 91,096 | ||
Alternative minimum tax net operating losses | 0 | ||
Capital losses | 0 | ||
Alternative minimum tax credits | 0 | ||
Foreign tax credits | $ 0 |
Income and Mining Taxes (Deta61
Income and Mining Taxes (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Other Information | $17.9 million | 16.1 | 14.3 |
Income Tax Examination, Penalties and Interest Expense | $ 9.2 | $ 6.9 | $ 4.1 |
Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
Decrease in unrecognized tax benefits is reasonably possible | 0.5 | ||
Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
Decrease in unrecognized tax benefits is reasonably possible | $ 1 |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Basic EPS | |||
Net income (loss) | $ (367,183) | $ (1,186,874) | $ (650,563) |
Weighted average shares | |||
Basic (in shares) | 129,639,000 | 102,441,000 | 97,864,000 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0 | 0 |
Diluted (in shares) | 129,639,000 | 102,441,000 | 97,864,000 |
Income (loss) per share | |||
Basic (in dollars per share) | $ (2.83) | $ (11.59) | $ (6.65) |
Diluted (in dollars per share) | $ (2.83) | $ (11.59) | $ (6.65) |
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 | 3,239,425 | 1,871,681 | 1,111,021 |
Operating Segments [Member] | |||
Basic EPS | |||
Net income (loss) | $ (1,186,874) | $ (650,563) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain (loss) on derivative instruments | $ 5,202 | $ 3,618 | $ 82,768 |
Embedded Derivative Financial Instruments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain (loss) on derivative instruments | 3,101 | (2,001) | 76,200 |
Rochester Royalty Obligation [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain (loss) on derivative instruments | 818 | 3,653 | 416 |
Silver and gold options [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain (loss) on derivative instruments | 1,283 | 1,058 | 7,119 |
Foreign Exchange Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain (loss) on derivative instruments | $ 0 | $ 908 | $ (967) |
Fair Value Measurements (Deta64
Fair Value Measurements (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Assets: | ||
Total assets | $ 9,864 | |
Liabilities: | ||
Total liabilities | $ 15,058 | 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] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 508 | 805 |
Gold Put Purchase and Call Sold Options Net [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 1,039 | |
Short-term Deposit [Member] | ||
Assets: | ||
Short-term deposits | 5,982 | |
Equity Securities [Member] | ||
Assets: | ||
Restricted certificates of deposits | 2,766 | 3,882 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Total assets | 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] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Gold Put Purchase and Call Sold Options Net [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Fair Value, Inputs, Level 1 [Member] | Short-term Deposit [Member] | ||
Assets: | ||
Short-term deposits | 4,603 | |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Assets: | ||
Restricted certificates of deposits | 2,756 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Total assets | 3,882 | |
Liabilities: | ||
Total liabilities | 508 | 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] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 508 | 805 |
Fair Value, Inputs, Level 2 [Member] | Gold Put Purchase and Call Sold Options Net [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 1,039 | |
Fair Value, Inputs, Level 2 [Member] | Short-term Deposit [Member] | ||
Assets: | ||
Short-term deposits | 0 | |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Assets: | ||
Restricted certificates of deposits | 0 | 3,882 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Total assets | 1,379 | |
Liabilities: | ||
Total liabilities | 14,550 | 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] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Gold Put Purchase and Call Sold Options Net [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Fair Value, Inputs, Level 3 [Member] | Short-term Deposit [Member] | ||
Assets: | ||
Short-term deposits | 1,379 | |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Assets: | ||
Restricted certificates of deposits | 10 | 0 |
Equity Securities [Member] | ||
Liabilities: | ||
Balance at the beginning of the period | 1,379 | 0 |
Additions | 69 | |
Revaluation | (55) | |
Settlements | 0 | |
Transfers from Level 1 | 1,365 | |
Balance at the end of the period | 1,379 | |
Palmarejo Royalty Obligation [Member] | ||
Liabilities: | ||
Balance at the beginning of the period | 21,912 | 40,338 |
Additions | 0 | |
Revaluation | (3,101) | 2,001 |
Settlements | (13,854) | (20,427) |
Transfers from Level 1 | 0 | |
Balance at the end of the period | 4,957 | 21,912 |
Palmarejo Royalty Obligation [Member] | Royalty obligation embedded derivative [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 4,957 | |
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 | 4,957 | |
Rochester Royalty Obligation [Member] | ||
Liabilities: | ||
Balance at the beginning of the period | 15,370 | 21,630 |
Additions | 0 | |
Revaluation | (818) | (3,653) |
Settlements | (4,959) | (2,607) |
Transfers from Level 1 | 0 | |
Balance at the end of the period | 9,593 | $ 15,370 |
Rochester Royalty Obligation [Member] | Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 9,593 | |
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 | $ 9,593 |
Fair Value Measurements (Deta65
Fair Value Measurements (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 40,338 |
Revaluation | (3,101) | 2,001 |
Settlements | (13,854) | (20,427) |
Balance at the end of the period | 4,957 | 21,912 |
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 | 21,630 |
Revaluation | (818) | (3,653) |
Settlements | (4,959) | (2,607) |
Balance at the end of the period | 9,593 | 15,370 |
Available-for-sale Securities [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the beginning of the period | 1,379 | |
Revaluation | (983) | |
Settlements | (386) | |
Balance at the end of the period | $ 10 | $ 1,379 |
Fair Value Measurements (Deta66
Fair Value Measurements (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 12, 2014 | Jan. 29, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term Debt and Capital Lease Obligations | $ 479,979 | $ 451,048 | ||
Debt | 10,431 | 17,498 | ||
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 | 693 | 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 | 693 | 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 Instrument, Face Amount | $ 150,000 | $ 300,000 | ||
Long-term Debt and Capital Lease Obligations | 373,433 | |||
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 | 227,487 | 343,305 | ||
Senior Notes due 2021 [Member] | Reported Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term Debt and Capital Lease Obligations | 427,603 | |||
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 | 227,487 | 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 | 15,580 | 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 | 15,207 | 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 | 15,580 | 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 | 4,571 | 14,785 | ||
San Bartolome Letter of Credit Facility [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 | 4,571 | 14,785 | ||
San Bartolome Letter of Credit Facility [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] | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | 0 | ||
San Bartolome Letter of Credit Facility [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] | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | 4,571 | 14,785 | ||
San Bartolome Letter of Credit Facility [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] | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | $ 0 | ||
Short Term Credit Agreement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt | 94,489 | |||
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 | 99,500 | |||
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 | 99,500 | |||
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 (Deta67
Fair Value Measurements (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)$ / oz | Dec. 31, 2014USD ($)$ / oz | Dec. 31, 2013USD ($)$ / oz | Jan. 29, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Write-downs | $ 313,337 | $ 1,472,721 | $ 772,993 | |
Impairment of Long-Lived Assets Held-for-use, Net of Tax | $ 276,500 | $ 1,021,800 | $ 593,200 | |
Long-Lived Assets, Impairment Testing, Commodity, Silver, Price per Ounce | $ / oz | 17.50 | 19 | 25 | |
Long-Lived Assets, Impairment Testing, Commodity, Gold, Price per Ounce | $ / oz | 1,200 | 1,275 | 1,450 | |
Rochester [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Expected Royalty Duration | 2.5 | |||
Palmarejo [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Expected Royalty Duration | 0.7 | |||
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 | 7.875% | 7.875% | 7.875% | |
Senior Notes due 2021 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 5,300 | $ 7,300 | ||
Minimum [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Discount Rate | 7.50% | |||
Maximum [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Discount Rate | 11.00% | |||
Discounted Cash Flow [Member] | Fair Value, Inputs, Level 3 [Member] | Property, Plant and Equipment, Other Types [Member] | Minimum [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Discount Rate | 7.50% | 8.00% | 8.50% | |
Discounted Cash Flow [Member] | Fair Value, Inputs, Level 3 [Member] | Property, Plant and Equipment, Other Types [Member] | Maximum [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Discount Rate | 11.00% | 10.75% | 10.50% | |
Discounted Cash Flow [Member] | Fair Value, Inputs, Level 3 [Member] | Other Mining Properties [Member] | Minimum [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Discount Rate | 7.50% | 8.00% | 8.50% | |
Discounted Cash Flow [Member] | Fair Value, Inputs, Level 3 [Member] | Other Mining Properties [Member] | Maximum [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Discount Rate | 11.00% | 10.75% | 10.50% |
Other, Net (Details)
Other, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income and Expenses [Abstract] | |||
Impairment of equity securities | $ (2,346) | $ (6,593) | $ (18,308) |
Gain on extinguishment of Senior Notes | 16,187 | 0 | 0 |
Foreign exchange gain (loss) | (15,769) | 470 | (189) |
Gain on termination of reclamation bonds | 0 | 0 | 8,519 |
Other | 1,913 | 905 | 4,993 |
Other, net | $ (15) | $ (5,218) | $ (4,985) |
Derivative Financial Instrume69
Derivative Financial Instruments (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)oz$ / oz | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Derivative [Line Items] | |||
Remaining ounces under royalty obligation | oz | 33,495 | ||
Gain (loss) on derivative instruments | $ 5,202,000 | $ 3,618,000 | $ 82,768,000 |
Derivative instruments Settlement | |||
Price per ounce under agreement | 412 | ||
Palmarejo gold production royalty [Member] | 2013 [Member] | |||
Derivative instruments Settlement | |||
Derivative, notional amount | 21,641,000 | ||
Price per ounce under agreement | $ 646 | ||
Notional ounces | oz | 33,495 | ||
Palmarejo gold production royalty [Member] | Thereafter [Member] | |||
Derivative instruments Settlement | |||
Derivative, notional amount | $ 0 | ||
Price per ounce under agreement | $ 0 | ||
Notional ounces | oz | 0 | ||
Silver concentrate sales agreements [Member] | 2013 [Member] | |||
Derivative instruments Settlement | |||
Derivative, notional amount | $ 8,849,000 | ||
Derivative average price | $ / oz | 14.98 | ||
Outstanding Provisionally Priced Sales Consists of Silver | oz | 590,750 | ||
Silver concentrate sales agreements [Member] | Thereafter [Member] | |||
Derivative instruments Settlement | |||
Derivative, notional amount | $ 0 | ||
Notional ounces | oz | 0 | ||
Derivative average price | $ / oz | 0 | ||
Gold concentrates sales agreements [Member] | 2013 [Member] | |||
Derivative instruments Settlement | |||
Derivative, notional amount | $ 33,996,000 | ||
Derivative average price | $ / oz | 1,110 | ||
Outstanding Provisionally Priced Sales Consists of Gold | oz | 30,627 | ||
Gold concentrates sales agreements [Member] | Thereafter [Member] | |||
Derivative instruments Settlement | |||
Derivative, notional amount | $ 0 | ||
Notional ounces | oz | 0 | ||
Derivative average price | $ / oz | 0 |
Derivative Financial Instrume70
Derivative Financial Instruments (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Prepaid expenses and other [Member] | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | $ 28 | $ 3,925 |
Accrued liabilities and other [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 536 | 1,887 |
Current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 4,957 | 14,405 |
Non-current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 7,507 | |
Palmarejo gold production royalty [Member] | Current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 4,957 | 14,405 |
Palmarejo gold production royalty [Member] | Non-current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 7,507 | |
Put and call options, net [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 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 | 1,039 | |
Concentrate sales contracts [Member] | Prepaid expenses and other [Member] | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | 28 | 43 |
Concentrate sales contracts [Member] | Accrued liabilities and other [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | $ 536 | $ 848 |
Derivative Financial Instrume71
Derivative Financial Instruments (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Costs applicable to sales | [1] | $ 479,654 | $ 477,945 | $ 463,663 |
Fair value adjustments, net | 5,202 | 3,618 | 82,768 | |
Fair value adjustments, net | 4,680 | (158) | 80,928 | |
Concentrate Sales Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized Gain (Loss) on Derivatives | 296 | (123) | (1,995) | |
Forward foreign exchange contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Costs applicable to sales | 0 | 924 | 589 | |
Fair value adjustments, net | 0 | 908 | (967) | |
Mexican peso forward purchase contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Fair value adjustments, net | 0 | (16) | (985) | |
Embedded Derivative Financial Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Fair value adjustments, net | 3,101 | (2,001) | 76,200 | |
Silver and gold options [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized Gain (Loss) on Derivatives | 1,500 | 8,900 | ||
Fair value adjustments, net | $ 1,283 | $ 1,058 | $ 7,119 | |
[1] | Excludes amortization. |
Derivative Financial Instrume72
Derivative Financial Instruments (Details Textual) | 12 Months Ended | |||
Dec. 31, 2015USD ($)oz$ / oz | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jan. 21, 2009 | |
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Gain (loss) on derivative instruments | $ 5,202,000 | $ 3,618,000 | $ 82,768,000 | |
Remaining ounces under royalty obligation | oz | 33,495 | |||
Fair Value Assumptions, Risk Free Interest Rate | 19.90% | 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 | $ 5,000,000 | $ 21,900,000 | ||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | 17,000,000 | 18,400,000 | 104,800,000 | |
Realized losses | $ 13,900,000 | 20,400,000 | 28,600,000 | |
Palmarejo gold production royalty [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Production to be sold, percent | 50.00% | |||
Payment made for gold on the end of royalty obligation | oz | 4,167 | |||
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 and Commodity Contracts | $ 300,000 | 100,000 | 2,000,000 | |
Unrealized Gain (Loss) on Derivatives | 296,000 | (123,000) | (1,995,000) | |
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 | 1,039,000 | |||
Embedded Derivative Financial Instruments [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Gain (loss) on derivative instruments | 3,101,000 | (2,001,000) | 76,200,000 | |
Derivative Liability, Fair Value | 21,912,000 | |||
Silver and gold options [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Gain (loss) on derivative instruments | 1,283,000 | 1,058,000 | 7,119,000 | |
Mark-to-market gains and (losses) on forward foreign exchange contract | $ (1,300,000) | (600,000) | 0 | |
Unrealized Gain (Loss) on Derivatives | 1,500,000 | $ 8,900,000 | ||
Maximum [Member] | Palmarejo gold production royalty [Member] | ||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Payable ounces under royalty obligation | oz | 400,000 | |||
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 | $ (8,849,000) | |||
Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Outstanding provisionally priced sales consists of silver | oz | 590,750 | |||
Derivative Average Price | $ / oz | 14.98 | |||
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 | $ (33,996,000) | |||
Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Outstanding provisionally priced sales consists of Gold | oz | 30,627 | |||
Derivative Average Price | $ / oz | 1,110 | |||
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 | oz | 0 | |||
Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Derivative Average Price | $ / oz | 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 | oz | 0 | |||
Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||
Derivative Average Price | $ / oz | 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 | $ 28,000 | 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 of the contract | $ 3,882,000 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 17, 2015 | Feb. 20, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||||
Revenue | $ 646,086 | $ 635,742 | $ 745,994 | ||
Common stock issued for the acquisition of Paramount Gold and Silver Corp. (in shares) | 32,667,327 | ||||
Stock Issued During Period, Value, Acquisitions (in dollars per share) | $ 5.78 | ||||
Assets acquired: | |||||
Receivables | $ 110,760 | 129,609 | |||
Ore on leach pads | 67,329 | 48,204 | |||
Property, Plant and Equipment, Net | 195,999 | 227,911 | |||
Mining properties, net | 589,219 | 501,192 | |||
Business Acquisition, Pro Forma Information [Abstract] | |||||
Net income (loss) | (367,183) | (1,186,874) | (650,563) | ||
Paramount Gold and Silver Corp. [Member] | |||||
Business Acquisition [Line Items] | |||||
Common shares issued | $ 188,817 | ||||
Cash | 8,530 | ||||
Transaction advisory fees and other acquisition costs | 4,020 | ||||
Total purchase price | 201,367 | ||||
Assets acquired: | |||||
Cash and cash equivalents | 118 | ||||
Other current assets | 1,685 | ||||
Property, plant, and equipment, net | 215 | ||||
Mining properties, net | 305,175 | ||||
Assets | 307,193 | ||||
Liabilities: | |||||
Accounts payable and accrued liabilities | 2,737 | ||||
Deferred income taxes | 103,089 | ||||
Liabilities | 105,826 | ||||
Net assets acquired | $ 201,367 | ||||
Wharf Gold Mine [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 99,400 | ||||
Transaction advisory fees and other acquisition costs | 2,100 | ||||
Assets acquired: | |||||
Other current assets | 2,924 | ||||
Cash | 982 | ||||
Receivables | 3,061 | ||||
Inventory | 2,147 | ||||
Ore on leach pads | 12,710 | ||||
Property, Plant and Equipment, Net | 30,055 | ||||
Mining properties, net | 77,424 | ||||
Other non-current assets | 3,966 | ||||
Assets | 133,269 | ||||
Liabilities: | |||||
Accounts payable and accrued liabilities | 5,938 | ||||
Deferred income taxes | 5,915 | ||||
Reclamation | 18,270 | ||||
Other non-current liabilities | 3,750 | ||||
Liabilities | 33,873 | ||||
Net assets acquired | $ 99,396 | ||||
Business Acquisition, Pro Forma Information [Abstract] | |||||
Revenue | 664,086 | 729,742 | 823,994 | ||
Income (loss) before income and mining taxes | (393,498) | (1,587,128) | (786,679) | ||
Net income (loss) | $ (367,235) | $ (1,158,874) | $ (628,563) |
Acquisitions (Details 2)
Acquisitions (Details 2) $ in Thousands | Apr. 17, 2015USD ($) | May. 27, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Business Acquisition [Line Items] | |||||
Payments to Acquire Royalty Interests in Mining Properties | $ 2,200 | ||||
Business Combination, Net Smelter Royalty | 1.25% | ||||
Payments for Royalties | $ 1,800 | $ 39,235 | $ 48,395 | $ 57,034 | |
Paramount Gold and Silver Corp. [Member] | |||||
Business Acquisition [Line Items] | |||||
Right to convert into Coeur common stock, conversion ratio | 0.2016 | ||||
Cash | $ 8,530 | ||||
Payments to acquire newly issued stock | $ 1,500 | ||||
Equity interest acquired (as a percent) | 4.90% |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investment in Marketable Securities (Textual) [Abstract] | |||
Unrealized gain (loss) on available for sale securities | $ (4,154) | $ (2,290) | $ (8,489) |
Impairment of equity securities | (2,346) | (6,593) | $ (18,308) |
Equity Securities [Member] | |||
Available-for-sale Securities | |||
Cost | 3,386 | 5,687 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 1,179 | 8 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 559 | 303 | |
Available-for-sale Securities, Estimated Fair Value | 2,766 | $ 5,982 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than twelve Months, Fair Value | 614 | ||
Twelve months or more, Fair Value | 0 | ||
Fair Value | 614 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 1,179 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Allowance for Doubtful Accounts Receivable | $ 0 | |
Receivables - current portion | ||
Accounts receivable - trade | $ 17,878 | 20,448 |
Refundable income tax | 13,678 | 21,047 |
Refundable value added tax | 50,669 | 63,805 |
Accounts receivable - other | 3,767 | 2,623 |
Receivables, net current portion | 85,992 | 107,923 |
Receivables - non-current portion | ||
Refundable value added tax | 24,768 | 21,686 |
Receivables, Total | $ 110,760 | $ 129,609 |
Inventory and Ore on Leach Pa77
Inventory and Ore on Leach Pads (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Inventory, Finished Goods, Net of Reserves | $ 16,165 | $ 23,563 |
Other Inventory, Net of Reserves | 21,908 | 40,870 |
Inventory, Supplies, Net of Reserves | 43,638 | 50,498 |
Inventory | 81,711 | 114,931 |
Ore on Leach Pad, Current | 67,329 | 48,204 |
Ore on leach pads, noncurrent | 44,582 | 37,889 |
Inventory, Ore Stockpiles on Leach Pads, Gross | 111,911 | 86,093 |
Inventory and Ore on Leach Pads | $ 193,622 | $ 201,024 |
Property, Plant and Equipment78
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, plant and equipment | |||
Land | $ 8,287 | $ 1,752 | |
Building improvements | 654,585 | 647,181 | |
Capitalized leases for machinery, equipment and buildings | 30,648 | 28,680 | |
Property, plant and equipment, gross | 693,520 | 677,613 | |
Accumulated depreciation and amortization | (514,509) | (464,852) | |
Property Plant and Equipment Net before Construction in Progress | 179,011 | 212,761 | |
Construction in Progress | 16,988 | 15,150 | |
Property, plant and equipment, net | 195,999 | 227,911 | |
Rent expense, operating leases | $ 14,300 | $ 11,200 | $ 16,700 |
Mining Properties (Details)
Mining Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Mining Properties | ||
Operational mining properties: | $ 612,162 | $ 557,799 |
Accumulated depletion | (424,642) | (368,410) |
Operational mining properties, net | 187,520 | 189,389 |
Mineral interest | 806,436 | 679,429 |
Accumulated depletion | (404,737) | (367,626) |
Mineral interest, net | 401,699 | 311,803 |
Total mining properties | 589,219 | 501,192 |
Palmarejo [Member] | ||
Mining Properties | ||
Operational mining properties: | 151,828 | 137,821 |
Accumulated depletion | (131,055) | (121,906) |
Operational mining properties, net | 20,773 | 15,915 |
Mineral interest | 629,303 | 521,349 |
Accumulated depletion | (348,268) | (332,032) |
Mineral interest, net | 281,035 | 189,317 |
Total mining properties | 301,808 | 205,232 |
San Bartolome [Member] | ||
Mining Properties | ||
Operational mining properties: | 39,474 | 49,305 |
Accumulated depletion | (30,325) | (26,106) |
Operational mining properties, net | 9,149 | 23,199 |
Mineral interest | 12,868 | 17,560 |
Accumulated depletion | (11,400) | (10,143) |
Mineral interest, net | 1,468 | 7,417 |
Total mining properties | 10,617 | 30,616 |
Kensington [Member] | ||
Mining Properties | ||
Operational mining properties: | 238,786 | 217,138 |
Accumulated depletion | (131,236) | (106,865) |
Operational mining properties, net | 107,550 | 110,273 |
Mineral interest | 0 | 0 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 0 | 0 |
Total mining properties | 107,550 | 110,273 |
Rochester [Member] | ||
Mining Properties | ||
Operational mining properties: | 149,756 | 153,535 |
Accumulated depletion | (126,242) | (113,533) |
Operational mining properties, net | 23,514 | 40,002 |
Mineral interest | 0 | 0 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 0 | 0 |
Total mining properties | 23,514 | 40,002 |
Wharf [Member] | ||
Mining Properties | ||
Operational mining properties: | 32,318 | |
Accumulated depletion | (5,784) | |
Operational mining properties, net | 26,534 | |
Mineral interest | 45,837 | |
Accumulated depletion | (10,551) | |
Mineral interest, net | 35,286 | |
Total mining properties | 61,820 | |
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 | |
Operational mining properties, net | $ 0 | 0 |
Mineral interest | 59,343 | 81,461 |
Accumulated depletion | (34,518) | (25,451) |
Mineral interest, net | 24,825 | 56,010 |
Total mining properties | $ 24,825 | $ 56,010 |
Mining Properties (Details Text
Mining Properties (Details Textual) oz in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)oz | |
Property, Plant and Equipment [Line Items] | |
Maximum ore reserves payable under contract | 20 |
Cumulative Ounces of Silver Received by the Subsidiary | 6 |
Current Ore Reserve payable Ounces Based on Current Metallurgical Recovery and Current Smelter Contract Terms | 1.4 |
Noncontrolling Interest in Joint Ventures | $ | $ 0.20 |
McEwen Mining Inc, El Gallo, Magistral Mine [Member] | |
Property, Plant and Equipment [Line Items] | |
Net smelter return paid (as a percent) | 3.50% |
Dynasty Metals and Mining, Inc Zaruma Mine [Member] | |
Property, Plant and Equipment [Line Items] | |
Net smelter return paid (as a percent) | 1.50% |
Cerro Bayo Mine [Member] | |
Property, Plant and Equipment [Line Items] | |
Net smelter return paid (as a percent) | 2.00% |
NEW ZEALAND | |
Property, Plant and Equipment [Line Items] | |
Net smelter return paid (as a percent) | 2.50% |
Due from Joint Ventures | $ | $ 0.80 |
Debt (Details)
Debt (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015USD ($)oz | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 12, 2014USD ($) | Jan. 29, 2013USD ($) | |
Debt Instrument [Line Items] | |||||
Percentage of Actual Gold Production | 50.00% | ||||
Long term debt and capital lease obligations | |||||
Current | $ 10,431 | $ 17,498 | |||
Debt | 479,979 | 451,048 | |||
Interest expenses incurred for various debt instruments | |||||
Interest Paid on Convertible Notes due 2028 | 54 | 173 | $ 466 | ||
Interest Paid on Senior Notes due 2021 | 33,437 | 32,741 | 21,853 | ||
Interest paid on short-term credit agreement | 326 | 0 | 0 | ||
Interest paid on term loan due 2020 | 4,719 | 0 | 0 | ||
San Bartolomé Lines of Credit | 795 | 0 | 0 | ||
Line of Credit Facility, Commitment Fee Amount | 0 | 179 | 612 | ||
Write off revolver costs, interest expense | 0 | 3,035 | 0 | ||
Interest Paid on Capital Leases | 1,035 | 972 | 415 | ||
Interest Expense, Debt | 20 | 0 | 291 | ||
Accretion of Franco Nevada royalty obligation | 6,567 | 10,773 | 17,641 | ||
Debt Issuance Cost | 2,257 | 1,740 | 2,143 | ||
Amortization of debt issuance costs | 409 | 357 | (576) | ||
Capitalized interest | (3,098) | (1,710) | (2,694) | ||
Total interest expense, net of capitalized interest | 45,703 | 47,546 | $ 41,303 | ||
San Bartolome Letter of Credit Facility [Member] | |||||
Long term debt and capital lease obligations | |||||
Debt | $ 4,571 | $ 10,304 | |||
3.25% Convertible Senior Notes due March 2028 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | |||
Long term debt and capital lease obligations | |||||
Debt Instrument, Face Amount | $ 0 | ||||
Senior Notes due 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.875% | 7.875% | 7.875% | ||
Long term debt and capital lease obligations | |||||
Debt Instrument, Face Amount | $ 150,000 | $ 300,000 | |||
Debt | $ 373,433 | ||||
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 | |||||
Debt | $ 7,774 | $ 13,141 | |||
Palmarejo gold production royalty [Member] | |||||
Debt Instrument [Line Items] | |||||
Payment made for gold on the end of royalty obligation | oz | 4,167 | ||||
Annual Inflation Compounding Adjustment | 1.00% | ||||
Short Term Credit Agreement [Member] | |||||
Long term debt and capital lease obligations | |||||
Current | $ 1,000 | 0 | |||
Debt | 93,489 | 0 | |||
3.25% Convertible Senior Notes due March 2028 [Member] | |||||
Long term debt and capital lease obligations | |||||
Current | 0 | 5,334 | |||
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 | 9,431 | 7,683 | |||
San Bartolome Letter of Credit Facility [Member] | |||||
Long term debt and capital lease obligations | |||||
Current | $ 0 | $ 4,481 |
Debt (Details Textual)
Debt (Details Textual) shares in Millions | Jun. 23, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)debtozshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 12, 2014USD ($) | Jan. 29, 2013USD ($) |
Debt Instrument [Line Items] | |||||||
Cash payments on gold production royalty | $ 39,235,000 | $ 48,395,000 | $ 57,034,000 | ||||
Debt Instrument, Commodity Royalty Payments | oz | 366,505 | ||||||
Debt principal under share exchange | $ 54,200,000 | ||||||
Shares exchanged for debt principal | shares | 14.4 | ||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Number of lines of credits, outstanding | debt | 2 | ||||||
Debt | $ 10,431,000 | 17,498,000 | |||||
Amortization of debt issuance costs | (409,000) | (357,000) | 576,000 | ||||
Write off revolver costs, interest expense | 0 | 3,035,000 | 0 | ||||
Line of credit facility, commitment fee amount | 0 | 179,000 | 612,000 | ||||
Loss on termination of revolving credit facility | $ 0 | 3,035,000 | 0 | ||||
Percentage of Actual Gold Production | 50.00% | ||||||
Remaining ounces under royalty obligation | oz | 33,495 | ||||||
Additional Long term debt and capital lease obligations(Textual) [Abstract] | |||||||
Remaining Minimum Obligation Under Royalty Agreements | $ 15,200,000 | 34,000,000 | |||||
Accretion of Royalty Obligation | 6,567,000 | 10,773,000 | 17,641,000 | ||||
Expensed Interest | $ 45,703,000 | $ 47,546,000 | $ 41,303,000 | ||||
Convertible Senior Notes Due March 2028 [Member] | |||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Interest rate on notes | 3.25% | 3.25% | |||||
Debt Instrument, Face Amount | $ 0 | ||||||
Senior Notes due 2021 [Member] | |||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Debt Instrument, Repurchase Amount | $ 71,300,000 | ||||||
Interest rate on notes | 7.875% | 7.875% | 7.875% | ||||
Debt Instrument, Face Amount | $ 150,000,000 | $ 300,000,000 | |||||
Debt | $ 378,700,000 | ||||||
Long-term debt, original principal | $ 450,000,000 | ||||||
Banco Bisa Line of Credit [Member] | |||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Borrowing under term facility | $ 12,000,000 | ||||||
Line of Credit Facility, Interest Rate at Period End | 6.00% | ||||||
Banco de Credito Line of Credit [Member] | |||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Borrowing under term facility | $ 15,000,000 | ||||||
Line of Credit Facility, Interest Rate at Period End | 6.00% | ||||||
Palmarejo gold production royalty [Member] | |||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Effective interest rate on the notes | 30.50% | ||||||
Palmarejo gold production royalty [Member] | Maximum [Member] | |||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Payable ounces under royalty obligation | oz | 400,000 | ||||||
Convertible Senior Notes Due March 2028 [Member] | |||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Debt | $ 0 | 5,334,000 | |||||
Debt Instrument, Repurchased Face Amount | 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 | 4,571,000 | 14,785,000 | |||||
Short Term Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized debt issuance expense | 5,000,000 | ||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Short-term Debt | $ 50,000,000 | ||||||
Debt | 94,489,000 | ||||||
Term Loan due 2020 [Member] | Secured Debt [Member] | |||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Long-term Debt | $ 100,000,000 | ||||||
Prepayment premium for payments between first and second anniversary (as a percent) | 105.00% | ||||||
Prepayment premium for payments after second anniversary (as a percent) | 103.00% | ||||||
Amortization payments (as a percent) | 1.00% | ||||||
Debt Instrument, Annual Principal Payment | 500,000 | ||||||
Senior Notes due 2021 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 5,300,000 | $ 7,300,000 | |||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Redemption of aggregate principal, allowable amount (as a percent) | 35.00% | ||||||
Redemption price (as a percent) | 107.875% | ||||||
Redemption period, low range | 30 days | ||||||
Redemption period, upper range | 60 days | ||||||
Redemption price after initial redemption period (as a percent) | 100.00% | ||||||
Loss on termination of revolving credit facility | $ (15,900,000) | ||||||
Palmarejo [Member] | |||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Expected Royalty Duration | 0.7 | ||||||
Eurodollar [Member] | Short Term Credit Agreement [Member] | |||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Basis spread on variable rate (as a percent) | 2.50% | ||||||
Eurodollar [Member] | Term Loan due 2020 [Member] | Secured Debt [Member] | |||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Basis spread on variable rate (as a percent) | 1.00% | ||||||
Adjusted Eurodollar [Member] | Term Loan due 2020 [Member] | Secured Debt [Member] | |||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||
Basis spread on variable rate (as a percent) | 8.00% |
Supplemental Guarantor Inform83
Supplemental Guarantor Information Condensed Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 02, 2014 | ||
Condensed Financial Statements, Captions [Line Items] | |||||
Revenue | $ 646,086 | $ 635,742 | $ 745,994 | ||
Costs applicable to sales | [1] | 479,654 | 477,945 | 463,663 | |
Amortization | 143,751 | 162,436 | 229,564 | ||
General and Administrative Expense | 32,834 | 40,845 | 55,343 | ||
Exploration Expense, Mining | 11,647 | 21,740 | 22,360 | ||
Pre-development, reclamation, and other | 17,793 | 26,037 | 15,184 | ||
Total costs and expenses | 999,016 | 2,201,724 | 1,591,153 | ||
Loss on termination of revolving credit facility | 0 | (3,035) | 0 | ||
Gain (loss) on derivative instruments | 5,202 | 3,618 | 82,768 | ||
Other, net | (15) | (5,218) | (4,985) | ||
Interest expense, net | (45,703) | (47,546) | (41,303) | ||
Total other income (expense), net | (40,516) | (49,146) | 36,480 | ||
Income (loss) before income and mining taxes | (393,446) | (1,615,128) | (808,679) | ||
Income and mining tax benefit (expense) | 26,263 | 428,254 | 158,116 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (367,183) | (1,186,874) | (650,563) | ||
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | ||
NET INCOME (LOSS) | (367,183) | (1,186,874) | (650,563) | ||
Unrealized gain (loss) on available for sale securities | (4,154) | (2,290) | (8,489) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 894 | 346 | 83 | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 2,346 | 4,042 | 11,221 | ||
Other comprehensive income (loss) | (914) | 2,098 | 2,815 | ||
COMPREHENSIVE INCOME (LOSS) | (368,097) | (1,184,776) | (647,748) | ||
Litigation settlement | 0 | 0 | 32,046 | ||
Write-downs | 313,337 | 1,472,721 | 772,993 | ||
Coeur Mining, Inc. | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Revenue | 0 | 0 | 0 | ||
Costs applicable to sales | 0 | 0 | 0 | ||
Amortization | 1,991 | 1,805 | 1,066 | ||
General and Administrative Expense | 32,405 | 39,976 | 50,213 | ||
Exploration Expense, Mining | 2,265 | 3,560 | 1,602 | ||
Pre-development, reclamation, and other | 4,083 | 8,813 | 0 | ||
Total costs and expenses | 40,744 | 54,154 | 52,881 | ||
Gain (loss) on derivative instruments | 1,224 | 1,812 | (1,346) | ||
Other, net | 20,252 | 4,406 | (4,689) | ||
Interest expense, net | (39,867) | (38,389) | (25,652) | ||
Total other income (expense), net | (18,391) | (32,171) | (31,687) | ||
Income (loss) before income and mining taxes | (59,135) | (86,325) | (84,568) | ||
Income and mining tax benefit (expense) | 1,827 | 1,742 | 78,332 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (57,308) | (84,583) | (6,236) | ||
Income (Loss) from Equity Method Investments | (309,875) | (1,102,291) | (644,327) | ||
NET INCOME (LOSS) | (367,183) | (1,186,874) | (650,563) | ||
Unrealized gain (loss) on available for sale securities | (4,154) | (2,290) | (8,489) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 894 | 346 | 83 | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 2,346 | 4,042 | 11,221 | ||
Other comprehensive income (loss) | (914) | 2,098 | 2,815 | ||
COMPREHENSIVE INCOME (LOSS) | (368,097) | (1,184,776) | (647,748) | ||
Litigation settlement | 0 | ||||
Write-downs | 0 | 0 | 0 | ||
Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Revenue | 378,278 | 261,963 | 268,023 | ||
Costs applicable to sales | 261,830 | 196,805 | 182,444 | ||
Amortization | 83,325 | 65,100 | 71,655 | ||
General and Administrative Expense | 35 | 6 | 3,245 | ||
Exploration Expense, Mining | 3,931 | 11,157 | 8,920 | ||
Pre-development, reclamation, and other | 5,920 | 3,889 | 3,093 | ||
Total costs and expenses | 356,671 | 384,789 | 432,097 | ||
Gain (loss) on derivative instruments | 818 | 3,653 | 7,896 | ||
Other, net | (3,106) | (7,023) | (1,750) | ||
Interest expense, net | (966) | (891) | (445) | ||
Total other income (expense), net | (3,254) | (4,261) | 5,701 | ||
Income (loss) before income and mining taxes | 18,353 | (127,087) | (158,373) | ||
Income and mining tax benefit (expense) | (2,354) | (2,224) | (155) | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 15,999 | (129,311) | (158,528) | ||
Income (Loss) from Equity Method Investments | (14,814) | (4,181) | (68) | ||
NET INCOME (LOSS) | 1,185 | (133,492) | (158,596) | ||
Unrealized gain (loss) on available for sale securities | (3,118) | (2,272) | (552) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 894 | 328 | 0 | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 2,346 | 4,042 | 211 | ||
Other comprehensive income (loss) | 122 | 2,098 | (341) | ||
COMPREHENSIVE INCOME (LOSS) | 1,307 | (131,394) | (158,937) | ||
Litigation settlement | 32,046 | ||||
Write-downs | 1,630 | 107,832 | 130,694 | ||
Non-Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Revenue | 267,808 | 373,779 | 477,971 | ||
Costs applicable to sales | 217,824 | 281,140 | 281,219 | ||
Amortization | 58,435 | 95,531 | 156,843 | ||
General and Administrative Expense | 394 | 863 | 1,885 | ||
Exploration Expense, Mining | 5,451 | 7,023 | 11,838 | ||
Pre-development, reclamation, and other | 7,790 | 13,335 | 12,091 | ||
Total costs and expenses | 601,601 | 1,762,781 | 1,106,175 | ||
Gain (loss) on derivative instruments | 3,160 | (1,847) | 76,218 | ||
Other, net | (13,385) | 227 | 4,602 | ||
Interest expense, net | (8,646) | (11,094) | (18,354) | ||
Total other income (expense), net | (18,871) | (12,714) | 62,466 | ||
Income (loss) before income and mining taxes | (352,664) | (1,401,716) | (565,738) | ||
Income and mining tax benefit (expense) | 26,790 | 428,736 | 79,939 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (325,874) | (972,980) | (485,799) | ||
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | ||
NET INCOME (LOSS) | (325,874) | (972,980) | (485,799) | ||
Unrealized gain (loss) on available for sale securities | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 0 | 0 | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 0 | 0 | 0 | ||
Other comprehensive income (loss) | 0 | 0 | 0 | ||
COMPREHENSIVE INCOME (LOSS) | (325,874) | (972,980) | (485,799) | ||
Litigation settlement | 0 | ||||
Write-downs | 311,707 | 1,364,889 | 642,299 | ||
Eliminations | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Revenue | 0 | 0 | 0 | ||
Costs applicable to sales | 0 | 0 | 0 | ||
Amortization | 0 | 0 | 0 | ||
General and Administrative Expense | 0 | 0 | 0 | ||
Exploration Expense, Mining | 0 | 0 | 0 | ||
Pre-development, reclamation, and other | 0 | 0 | 0 | ||
Total costs and expenses | 0 | 0 | 0 | ||
Gain (loss) on derivative instruments | 0 | 0 | 0 | ||
Other, net | (3,776) | (2,828) | (3,148) | ||
Interest expense, net | 3,776 | 2,828 | 3,148 | ||
Total other income (expense), net | 0 | 0 | 0 | ||
Income (loss) before income and mining taxes | 0 | 0 | 0 | ||
Income and mining tax benefit (expense) | 0 | 0 | 0 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||
Income (Loss) from Equity Method Investments | 324,689 | 1,106,472 | 644,395 | ||
NET INCOME (LOSS) | 324,689 | 1,106,472 | 644,395 | ||
Unrealized gain (loss) on available for sale securities | 3,118 | 2,272 | 552 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (894) | (328) | 0 | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | (2,346) | (4,042) | (211) | ||
Other comprehensive income (loss) | (122) | (2,098) | 341 | ||
COMPREHENSIVE INCOME (LOSS) | 324,567 | 1,104,374 | 644,736 | ||
Litigation settlement | 0 | ||||
Write-downs | 0 | 0 | 0 | ||
Operating Segments [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Revenue | 646,086 | 635,742 | 745,994 | ||
Costs applicable to sales | 479,654 | 477,945 | |||
Amortization | 143,751 | 162,436 | |||
Other, net | (15) | (5,218) | (4,985) | ||
NET INCOME (LOSS) | $ (1,186,874) | $ (650,563) | |||
Write-downs | $ 313,337 | ||||
Palmarejo gold stream agreement [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Aggregate deposit to be received | $ 22,000 | ||||
[1] | Excludes amortization. |
Supplemental Guarantor Inform84
Supplemental Guarantor Information Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | May. 27, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||||
Acquisitions, net of cash acquired | $ (110,846) | $ (21,329) | $ (116,898) | |
Net Cash Provided by (Used in) Operating Activities | 113,542 | 53,548 | 113,967 | |
Capital expenditures | (95,193) | (64,244) | (100,813) | |
Purchase of short term investments and equity securities | (1,880) | (50,513) | (8,052) | |
Sales and maturities of short-term investments | 605 | 54,344 | 34,796 | |
Proceeds from Discontinued Operations Sale of Assets and Other | (3,979) | 8 | 4,478 | |
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | 0 | 0 | |
CASH USED IN INVESTING ACTIVITIES | (211,293) | (81,734) | (186,489) | |
Issuance of notes and bank borrowings | 153,500 | 167,784 | 300,000 | |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (84,715) | (25,902) | (60,628) | |
Cash payments on gold production royalty | $ (1,800) | (39,235) | (48,395) | (57,034) |
Proceeds From Repayment Intercompany Borrowings | 0 | 0 | 0 | |
Proceeds from (Payments for) Other Financing Activities | (542) | (509) | (514) | |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 29,008 | 92,978 | 154,272 | |
Effect of exchange rate changes on cash and cash equivalents | (1,404) | (621) | (500) | |
Cash and Cash Equivalents, Period Increase (Decrease) | (70,147) | 64,171 | 81,250 | |
Cash and cash equivalents at beginning of period | 270,861 | 206,690 | 125,440 | |
Cash and cash equivalents at end of period | 200,714 | 270,861 | 206,690 | |
Payments for Repurchase of Common Stock | 0 | 0 | (27,552) | |
Coeur Mining, Inc. | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Acquisitions, net of cash acquired | (110,846) | (12,079) | (113,214) | |
Net Cash Provided by (Used in) Operating Activities | (377,091) | (1,175,464) | (701,653) | |
Capital expenditures | (514) | (1,849) | (3,573) | |
Purchase of short term investments and equity securities | (1,880) | (50,013) | (2,921) | |
Sales and maturities of short-term investments | 2 | 49,069 | 29,274 | |
Proceeds from Discontinued Operations Sale of Assets and Other | (4,710) | 0 | 3,266 | |
Payments to Acquire Interest in Subsidiaries and Affiliates | 282,041 | 1,151,372 | 642,617 | |
CASH USED IN INVESTING ACTIVITIES | 164,093 | 1,136,500 | 555,449 | |
Issuance of notes and bank borrowings | 150,000 | 153,000 | 300,000 | |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (62,930) | (18,545) | (52,568) | |
Cash payments on gold production royalty | 0 | 0 | 0 | |
Proceeds From Repayment Intercompany Borrowings | 12,232 | (21,697) | (22,874) | |
Proceeds from (Payments for) Other Financing Activities | (542) | (509) | (514) | |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 98,760 | 112,249 | 196,492 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
Cash and Cash Equivalents, Period Increase (Decrease) | (114,238) | 73,285 | 50,288 | |
Cash and cash equivalents at beginning of period | 210,361 | 137,076 | 86,788 | |
Cash and cash equivalents at end of period | 96,123 | 210,361 | 137,076 | |
Payments for Repurchase of Common Stock | (27,552) | |||
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Acquisitions, net of cash acquired | 0 | (4,000) | (3,684) | |
Net Cash Provided by (Used in) Operating Activities | 86,486 | 41,292 | 17,456 | |
Capital expenditures | (52,376) | (28,118) | (50,810) | |
Purchase of short term investments and equity securities | 0 | (429) | (66) | |
Sales and maturities of short-term investments | 532 | 5,261 | 75 | |
Proceeds from Discontinued Operations Sale of Assets and Other | 523 | 48 | 444 | |
Payments to Acquire Interest in Subsidiaries and Affiliates | 20,239 | 4,106 | 68 | |
CASH USED IN INVESTING ACTIVITIES | (31,082) | (23,132) | (53,973) | |
Issuance of notes and bank borrowings | 0 | 0 | 0 | |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (7,428) | (6,114) | (3,171) | |
Cash payments on gold production royalty | 0 | 0 | 0 | |
Proceeds From Repayment Intercompany Borrowings | (19,518) | (7,256) | 40,279 | |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | 0 | |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (26,946) | (13,370) | 37,108 | |
Effect of exchange rate changes on cash and cash equivalents | (11) | 0 | 0 | |
Cash and Cash Equivalents, Period Increase (Decrease) | 28,447 | 4,790 | 591 | |
Cash and cash equivalents at beginning of period | 5,781 | 991 | 400 | |
Cash and cash equivalents at end of period | 34,228 | 5,781 | 991 | |
Payments for Repurchase of Common Stock | 0 | |||
Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Acquisitions, net of cash acquired | 0 | (5,250) | 0 | |
Net Cash Provided by (Used in) Operating Activities | 79,458 | 81,248 | 151,991 | |
Capital expenditures | (42,303) | (34,277) | (46,430) | |
Purchase of short term investments and equity securities | 0 | (71) | (5,065) | |
Sales and maturities of short-term investments | 71 | 14 | 5,447 | |
Proceeds from Discontinued Operations Sale of Assets and Other | 208 | (40) | 768 | |
Payments to Acquire Interest in Subsidiaries and Affiliates | 120 | 0 | 3,488 | |
CASH USED IN INVESTING ACTIVITIES | (41,904) | (39,624) | (41,792) | |
Issuance of notes and bank borrowings | 3,500 | 14,784 | 0 | |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (14,357) | (1,243) | (4,889) | |
Cash payments on gold production royalty | (39,235) | (48,395) | (57,034) | |
Proceeds From Repayment Intercompany Borrowings | 29,575 | (20,053) | (17,405) | |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | 0 | |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (20,517) | (54,907) | (79,328) | |
Effect of exchange rate changes on cash and cash equivalents | (1,393) | (621) | (500) | |
Cash and Cash Equivalents, Period Increase (Decrease) | 15,644 | (13,904) | 30,371 | |
Cash and cash equivalents at beginning of period | 54,719 | 68,623 | 38,252 | |
Cash and cash equivalents at end of period | 70,363 | 54,719 | 68,623 | |
Payments for Repurchase of Common Stock | 0 | |||
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Acquisitions, net of cash acquired | 0 | 0 | 0 | |
Net Cash Provided by (Used in) Operating Activities | 324,689 | 1,106,472 | 646,173 | |
Capital expenditures | 0 | 0 | 0 | |
Purchase of short term investments and equity securities | 0 | 0 | 0 | |
Sales and maturities of short-term investments | 0 | 0 | 0 | |
Proceeds from Discontinued Operations Sale of Assets and Other | 0 | 0 | 0 | |
Payments to Acquire Interest in Subsidiaries and Affiliates | (302,400) | (1,155,478) | (646,173) | |
CASH USED IN INVESTING ACTIVITIES | (302,400) | (1,155,478) | (646,173) | |
Issuance of notes and bank borrowings | 0 | 0 | 0 | |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 0 | 0 | 0 | |
Cash payments on gold production royalty | 0 | 0 | 0 | |
Proceeds From Repayment Intercompany Borrowings | (22,289) | 49,006 | 0 | |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | 0 | |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (22,289) | 49,006 | 0 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | 0 | |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 | |
Cash and cash equivalents at end of period | $ 0 | $ 0 | 0 | |
Payments for Repurchase of Common Stock | $ 0 |
Supplemental Guarantor Inform85
Supplemental Guarantor Information Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 200,714 | $ 270,861 | ||
Receivables | 85,992 | 107,923 | ||
Ore on leach pads | 67,329 | 48,204 | ||
Inventory, Net | 81,711 | 114,931 | ||
Prepaid expenses and other | 10,942 | 15,523 | ||
Current assets | 446,688 | 557,442 | ||
Property, plant and equipment, net | 195,999 | 227,911 | ||
Mining properties, net | 589,219 | 501,192 | ||
Ore on leach pads | 44,582 | 37,889 | ||
Restricted assets | 11,633 | 7,037 | ||
Equity securities | 2,766 | 5,982 | ||
Receivables | 24,768 | 21,686 | ||
Deferred tax assets | 1,942 | 67,515 | ||
Other Assets, Noncurrent | 14,892 | 9,915 | ||
TOTAL ASSETS | 1,332,489 | 1,436,569 | ||
Accounts payable | 48,732 | 49,052 | ||
Accrued liabilities and other | 53,953 | 51,513 | ||
Debt | 10,431 | 17,498 | ||
Royalty obligations | 24,893 | 43,678 | ||
Reclamation | 2,071 | 3,871 | ||
Liabilities, Current | 140,080 | 165,612 | ||
Debt | 479,979 | 451,048 | ||
Royalty obligations | 4,864 | 27,651 | ||
Reclamation | 83,197 | 66,943 | ||
Deferred tax liabilities | 147,132 | 141,076 | ||
Other long-term liabilities | 55,761 | 29,911 | ||
Intercompany Payable Receivable | 0 | 0 | ||
Non-current liabilities | 770,933 | 716,629 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 151,339,136 at December 31, 2015 and authorized 150,000,000 shares, issued and outstanding 103,384,408 at December 31, 2014 | 1,513 | 1,034 | ||
Additional paid-in capital | 3,024,461 | 2,789,695 | ||
Accumulated deficit | (2,600,776) | (2,233,593) | ||
Accumulated other comprehensive income (loss) | (3,722) | (2,808) | ||
Stockholders' equity | 421,476 | 554,328 | $ 1,730,567 | $ 2,198,280 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,332,489 | 1,436,569 | ||
Coeur Mining, Inc. | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 96,123 | 210,361 | ||
Receivables | 11 | 87 | ||
Ore on leach pads | 0 | 0 | ||
Inventory, Net | 0 | 0 | ||
Prepaid expenses and other | 3,496 | 6,349 | ||
Current assets | 99,630 | 216,797 | ||
Property, plant and equipment, net | 4,546 | 6,155 | ||
Mining properties, net | 0 | 12,004 | ||
Ore on leach pads | 0 | 0 | ||
Restricted assets | 5,755 | 897 | ||
Equity securities | 434 | 0 | ||
Receivables | 0 | 0 | ||
Deferred tax assets | 0 | 30,812 | ||
Other Assets, Noncurrent | 54,578 | 50,813 | ||
TOTAL ASSETS | 292,614 | 415,401 | ||
Accounts payable | 1,743 | 3,414 | ||
Accrued liabilities and other | 20,555 | 22,588 | ||
Debt | 1,000 | 5,334 | ||
Royalty obligations | 0 | 0 | ||
Reclamation | 0 | 0 | ||
Liabilities, Current | 23,298 | 31,336 | ||
Debt | 467,634 | 427,604 | ||
Royalty obligations | 0 | 0 | ||
Reclamation | 0 | 0 | ||
Deferred tax liabilities | 28,600 | 60,343 | ||
Other long-term liabilities | 2,171 | 2,582 | ||
Intercompany Payable Receivable | (650,565) | (660,792) | ||
Non-current liabilities | (152,160) | (170,263) | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 127,671 | 97,923 | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 151,339,136 at December 31, 2015 and authorized 150,000,000 shares, issued and outstanding 103,384,408 at December 31, 2014 | 1,513 | 1,034 | ||
Additional paid-in capital | 3,024,461 | 2,789,695 | ||
Accumulated deficit | (2,600,776) | (2,233,593) | ||
Accumulated other comprehensive income (loss) | (3,722) | (2,808) | ||
Stockholders' equity | 421,476 | 554,328 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 292,614 | 415,401 | ||
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 34,228 | 5,781 | ||
Receivables | 12,773 | 11,151 | ||
Ore on leach pads | 67,329 | 48,204 | ||
Inventory, Net | 45,491 | 54,983 | ||
Prepaid expenses and other | 1,075 | 4,557 | ||
Current assets | 160,896 | 124,676 | ||
Property, plant and equipment, net | 138,706 | 107,084 | ||
Mining properties, net | 199,303 | 159,124 | ||
Ore on leach pads | 44,582 | 37,889 | ||
Restricted assets | 381 | 50 | ||
Equity securities | 2,332 | 5,982 | ||
Receivables | 0 | 0 | ||
Deferred tax assets | 0 | 0 | ||
Other Assets, Noncurrent | 9,197 | 5,522 | ||
TOTAL ASSETS | 583,054 | 485,942 | ||
Accounts payable | 18,535 | 13,391 | ||
Accrued liabilities and other | 14,598 | 11,207 | ||
Debt | 8,120 | 7,476 | ||
Royalty obligations | 4,729 | 5,747 | ||
Reclamation | 1,401 | 3,401 | ||
Liabilities, Current | 47,383 | 41,222 | ||
Debt | 4,947 | 12,806 | ||
Royalty obligations | 4,864 | 9,623 | ||
Reclamation | 61,924 | 46,792 | ||
Deferred tax liabilities | 6,927 | 3,811 | ||
Other long-term liabilities | 3,838 | 469 | ||
Intercompany Payable Receivable | 411,103 | 427,156 | ||
Non-current liabilities | 493,603 | 500,657 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 27,657 | 45,615 | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 151,339,136 at December 31, 2015 and authorized 150,000,000 shares, issued and outstanding 103,384,408 at December 31, 2014 | 250 | 250 | ||
Additional paid-in capital | 179,553 | 79,712 | ||
Accumulated deficit | (135,049) | (133,091) | ||
Accumulated other comprehensive income (loss) | (2,686) | (2,808) | ||
Stockholders' equity | 42,068 | (55,937) | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 583,054 | 485,942 | ||
Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 70,363 | 54,719 | ||
Receivables | 73,208 | 96,685 | ||
Ore on leach pads | 0 | 0 | ||
Inventory, Net | 36,220 | 59,948 | ||
Prepaid expenses and other | 6,371 | 4,617 | ||
Current assets | 186,162 | 215,969 | ||
Property, plant and equipment, net | 52,747 | 114,672 | ||
Mining properties, net | 389,916 | 330,064 | ||
Ore on leach pads | 0 | 0 | ||
Restricted assets | 5,497 | 6,090 | ||
Equity securities | 0 | 0 | ||
Receivables | 24,768 | 21,686 | ||
Deferred tax assets | 1,942 | 36,703 | ||
Other Assets, Noncurrent | 5,695 | 4,394 | ||
TOTAL ASSETS | 666,727 | 729,578 | ||
Accounts payable | 28,454 | 32,247 | ||
Accrued liabilities and other | 18,800 | 17,718 | ||
Debt | 1,311 | 4,688 | ||
Royalty obligations | 20,164 | 37,931 | ||
Reclamation | 1,821 | 1,621 | ||
Liabilities, Current | 70,550 | 94,205 | ||
Debt | 61,976 | 61,452 | ||
Royalty obligations | 0 | 18,028 | ||
Reclamation | 20,122 | 19,000 | ||
Deferred tax liabilities | 111,605 | 76,922 | ||
Other long-term liabilities | 49,752 | 26,860 | ||
Intercompany Payable Receivable | 239,462 | 233,636 | ||
Non-current liabilities | 482,917 | 435,898 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 151,339,136 at December 31, 2015 and authorized 150,000,000 shares, issued and outstanding 103,384,408 at December 31, 2014 | 130,885 | 128,299 | ||
Additional paid-in capital | 1,896,047 | 1,682,830 | ||
Accumulated deficit | (1,913,672) | (1,611,654) | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Stockholders' equity | 113,260 | 199,475 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 666,727 | 729,578 | ||
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Receivables | 0 | 0 | ||
Ore on leach pads | 0 | 0 | ||
Inventory, Net | 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 | (54,578) | (50,814) | ||
TOTAL ASSETS | (209,906) | (194,352) | ||
Accounts payable | 0 | 0 | ||
Accrued liabilities and other | 0 | 0 | ||
Debt | 0 | 0 | ||
Royalty obligations | 0 | 0 | ||
Reclamation | (1,151) | (1,151) | ||
Liabilities, Current | (1,151) | (1,151) | ||
Debt | (54,578) | (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 | (53,427) | (49,663) | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | (155,328) | (143,538) | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 151,339,136 at December 31, 2015 and authorized 150,000,000 shares, issued and outstanding 103,384,408 at December 31, 2014 | (131,135) | (128,549) | ||
Additional paid-in capital | (2,075,600) | (1,762,542) | ||
Accumulated deficit | 2,048,721 | 1,744,745 | ||
Accumulated other comprehensive income (loss) | 2,686 | 2,808 | ||
Stockholders' equity | (155,328) | (143,538) | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ (209,906) | $ (194,352) |
Commitments and Contigencies (D
Commitments and Contigencies (Details Textual) | Oct. 02, 2014USD ($) | Dec. 31, 2015USD ($)oz | Oct. 14, 2009m | Jan. 21, 2009 |
Business Acquisition [Line Items] | ||||
Percentage of labor force covered by collective bargaining agreements | 11.00% | |||
NSR royalty percentage | 3.40% | |||
NSR royalty maximum amount | $ 39,400,000 | |||
Purchased royalty | 50.00% | |||
Royalty agreement minimum obligation for the period | oz | 400,000 | |||
Price per ounce under agreement | $ 412 | |||
Maximum Height for Temporary Restriction on Mining | m | 4,400 | |||
Palmarejo gold production royalty [Member] | ||||
Business Acquisition [Line Items] | ||||
Payment made for gold on the end of royalty obligation | oz | 4,167 | |||
Production to be sold, percent | 50.00% | |||
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 | $ 22,000,000 | |||
Rochester Royalty Obligation [Member] | ||||
Business Acquisition [Line Items] | ||||
Payable ounces under royalty obligation | oz | 26,100,000 |
Supplemental Cash Flow Inform87
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Information [Abstract] | |||
Capital lease obligations | $ 4,123 | $ 24,879 | $ 0 |
Non-cash extinguishment of senior notes | 53,373 | 0 | 0 |
Non-cash acquisitions and related deferred taxes | 297,821 | 0 | 317,826 |
Interest paid | 42,264 | 30,691 | 14,139 |
Income taxes paid | $ 1,937 | $ 20,198 | $ 26,585 |