Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 25, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | COEUR MINING, INC. | |
Entity Central Index Key | 215,466 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CDE | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 153,159,415 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Statement of Comprehensive Income [Abstract] | |||
Revenue | $ 148,387 | $ 152,956 | |
COSTS AND EXPENSES | |||
Costs applicable to sales | [1] | 101,555 | 115,062 |
Amortization | 27,964 | 33,090 | |
General and administrative | 8,276 | 8,834 | |
Exploration | 1,731 | 4,266 | |
Write-downs | 4,446 | 0 | |
Pre-development, reclamation, and other | 4,204 | 6,763 | |
Total costs and expenses | 148,176 | 168,015 | |
OTHER INCOME (EXPENSE), NET | |||
Fair value adjustments, net | (8,695) | (4,884) | |
Interest expense, net of capitalized interest | (11,120) | (10,765) | |
Other, net | 1,314 | (2,511) | |
Total other income (expense), net | (18,501) | (18,160) | |
Income (loss) before income and mining taxes | (18,290) | (33,219) | |
Income and mining tax benefit (expense) | (2,106) | (68) | |
NET INCOME (LOSS) | (20,396) | (33,287) | |
OTHER COMPREHENSIVE INCOME (LOSS), Net of Tax: | |||
Unrealized gain (loss) on equity securities, net of tax of $(1,011) and $578 for the three months ended March 31, 2016 and 2015, respectively | 1,043 | (915) | |
Reclassification adjustments for impairment of equity securities, net of tax of $(586) for the three months ended March 31, 2015 | 0 | 928 | |
Reclassification adjustments for realized loss on sale of equity securities | 588 | 0 | |
Other comprehensive income (loss) | 1,631 | 13 | |
COMPREHENSIVE INCOME (LOSS) | $ (18,765) | $ (33,274) | |
NET INCOME (LOSS) PER SHARE | |||
Basic (in dollars per share) | $ (0.14) | $ (0.32) | |
Diluted (in dollars per share) | $ (0.14) | $ (0.32) | |
[1] | Excludes amortization. |
Consolidated Statements of Com3
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Other Comprehensive Income (Loss), Unrealized gain (loss) on equity securities, tax | $ (1,011) | $ 578 |
Other Comprehensive Income (Loss), Reclassification adjustments for impairment of equity securities, tax | 0 | (586) |
Other Comprehensive Income (Loss), Reclassification adjustments for realized loss on sale of equity securities, tax | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ (20,396) | $ (33,287) |
Adjustments: | ||
Amortization | 27,964 | 33,090 |
Accretion | 3,169 | 3,150 |
Deferred income taxes | (2,105) | (2,184) |
Fair value adjustments, net | 8,695 | 4,884 |
Stock-based compensation | 2,915 | 2,150 |
Impairment of equity securities | 0 | 1,514 |
Write-downs | 4,446 | 0 |
Foreign exchange and other | (1,435) | 1,079 |
Changes in operating assets and liabilities: | ||
Receivables | 3,481 | 2,556 |
Prepaid expenses and other current assets | 1,279 | (1,327) |
Inventories | (7,822) | 684 |
Accounts payable and accrued liabilities | (13,574) | (15,758) |
CASH PROVIDED BY OPERATING ACTIVITIES | 6,617 | (3,449) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (22,172) | (17,620) |
Acquisitions, net of cash acquired | 0 | (102,018) |
Other | 2,536 | (1,730) |
Purchase of short term investments and equity securities | (7) | (278) |
Sales and maturities of short-term investments | 997 | 229 |
CASH USED IN INVESTING ACTIVITIES | (18,646) | (121,417) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Issuance of notes and bank borrowings | 0 | 53,500 |
Payments on long-term debt, capital leases, and associated costs | (5,971) | (8,594) |
Gold production royalty payments | 9,131 | 10,368 |
Other | (280) | (423) |
CASH PROVIDED BY FINANCING ACTIVITIES | (15,382) | 34,115 |
Effect of exchange rate changes on cash and cash equivalents | 86 | (523) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (27,325) | (91,274) |
Cash and cash equivalents at beginning of period | 200,714 | 270,861 |
Cash and cash equivalents at end of period | $ 173,389 | $ 179,587 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 173,389 | $ 200,714 |
Receivables | 82,929 | 85,992 |
Inventory | 78,597 | 81,711 |
Ore on leach pads | 72,703 | 67,329 |
Prepaid expenses and other | 13,130 | 10,942 |
Current assets | 420,748 | 446,688 |
NON-CURRENT ASSETS | ||
Property, plant and equipment, net | 220,948 | 195,999 |
Mining properties, net | 574,104 | 589,219 |
Ore on leach pads, noncurrent | 49,294 | 44,582 |
Restricted assets | 13,221 | 11,633 |
Equity securities | 5,530 | 2,766 |
Receivables | 24,114 | 24,768 |
Deferred tax assets | 2,750 | 1,942 |
Other | 14,389 | 14,892 |
TOTAL ASSETS | 1,325,098 | 1,332,489 |
CURRENT LIABILITIES | ||
Accounts payable | 46,955 | 48,732 |
Accrued liabilities and other | 42,037 | 53,953 |
Debt | 16,801 | 10,431 |
Royalty obligations | 21,183 | 24,893 |
Reclamation | 3,463 | 2,071 |
Current liabilities | 130,439 | 140,080 |
NON-CURRENT LIABILITIES | ||
Debt | 494,300 | 479,979 |
Royalty obligations | 6,354 | 4,864 |
Reclamation | 83,902 | 83,197 |
Deferred tax liabilities | 146,845 | 147,132 |
Other long-term liabilities | 58,118 | 55,761 |
Non-current liabilities | 789,519 | 770,933 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 153,240,428 at March 31, 2016 and 151,339,136 at December 31, 2015 | 1,532 | 1,513 |
Additional paid-in capital | 3,026,871 | 3,024,461 |
Accumulated other comprehensive income (loss) | (2,091) | (3,722) |
Accumulated deficit | (2,621,172) | (2,600,776) |
Stockholders' equity | 405,140 | 421,476 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,325,098 | $ 1,332,489 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 153,240,428 | 151,339,136 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Changes in Stockholders' Equity - 3 months ended Mar. 31, 2016 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
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 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (20,396) | $ 0 | 0 | (20,396) | 0 |
Other comprehensive income (loss) | 1,631 | $ 0 | 0 | 0 | 1,631 |
Common stock issued under stock-based compensation plans, net (in shares) | 1,901 | ||||
Common stock issued under stock-based compensation plans, net | 2,429 | $ 19 | 2,410 | 0 | 0 |
Balances at Mar. 31, 2016 | $ 405,140 | $ 1,532 | $ 3,026,871 | $ (2,621,172) | $ (2,091) |
Balances, in shares at Mar. 31, 2016 | 153,240 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The interim condensed consolidated financial statements of Coeur Mining, Inc. and its subsidiaries (collectively "Coeur" or "the Company") are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2016. The condensed consolidated December 31, 2015 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Standards In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting," which amends several aspects of the accounting for share-based payment transaction, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. 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 February 2016, the FASB issued ASU 2016-02, "Leases," which will require lessees to recognize assets and liabilities for the rights and obligations created by most leases on the balance sheet. These changes become effective for the Company's fiscal year beginning January 1, 2019. Modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, is required with an option to use certain transition relief. 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 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's adoption had no impact 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's adoption had no impact on the Company's consolidated financial position, results of operations, and cash flows. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2016 | |
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): Three months ended March 31, 2016 Palmarejo Rochester Kensington Wharf San Bartolomé Coeur Capital Other Total Revenue Metal sales $ 29,813 $ 29,982 $ 35,743 $ 27,929 $ 21,278 $ 1,891 $ — $ 146,636 Royalties — — — — — 1,751 — 1,751 29,813 29,982 35,743 27,929 21,278 3,642 — 148,387 Costs and Expenses Costs applicable to sales (1) 21,038 22,485 24,418 15,461 17,497 656 — 101,555 Amortization 7,289 5,313 8,349 4,051 1,754 781 427 27,964 Exploration 801 109 (47 ) — — 121 747 1,731 Write-downs — — — — — 4,446 — 4,446 Other operating expenses 315 681 252 493 291 137 10,311 12,480 Other income (expense) Fair value adjustments, net (4,864 ) (2,249 ) — — — — (1,582 ) (8,695 ) Interest expense, net (734 ) (171 ) (43 ) — (3 ) — (10,169 ) (11,120 ) Other, net (1,235 ) 3 (20 ) 10 315 2,282 (41 ) 1,314 Income and mining tax (expense) benefit 98 (423 ) — 116 (1,571 ) (1,292 ) 966 (2,106 ) Net income (loss) $ (6,365 ) $ (1,446 ) $ 2,708 $ 8,050 $ 477 $ (1,509 ) $ (22,311 ) $ (20,396 ) Segment assets (2) $ 422,086 $ 209,692 $ 192,805 $ 113,383 $ 87,750 $ 17,863 $ 74,361 $ 1,117,940 Capital expenditures $ 8,815 $ 3,289 $ 8,090 $ 1,410 $ 521 $ — $ 47 $ 22,172 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Three months ended March 31, 2015 Palmarejo Rochester Kensington Wharf San Bartolomé Coeur Capital Other Total Revenue Metal sales $ 39,394 $ 44,031 $ 44,038 $ — $ 21,548 $ 1,945 $ — $ 150,956 Royalties — — — — — 2,000 — 2,000 39,394 44,031 44,038 — 21,548 3,945 — 152,956 Costs and Expenses Costs applicable to sales (1) 34,491 31,392 29,419 — 19,127 633 — 115,062 Amortization 7,333 6,843 11,554 — 4,691 2,151 518 33,090 Exploration 1,123 722 1,662 — 36 75 648 4,266 Write-downs — — — — — — — — Other operating expenses 314 1,141 235 165 244 17 13,481 15,597 Other income (expense) Fair value adjustments, net (1,545 ) (2,292 ) — — — — (1,047 ) (4,884 ) Interest expense, net (1,340 ) (225 ) (63 ) — (281 ) — (8,856 ) (10,765 ) Other, net (1,103 ) (41 ) (4 ) 17 452 (1,525 ) (307 ) (2,511 ) Income and mining tax (expense) benefit (1,371 ) (350 ) — 686 (1,407 ) 598 1,776 (68 ) Net income (loss) $ (9,226 ) $ 1,025 $ 1,101 $ 538 $ (3,786 ) $ 142 $ (23,081 ) $ (33,287 ) Segment assets (2) $ 346,250 $ 188,419 $ 205,208 $ 142,527 $ 179,638 $ 57,930 $ 80,181 $ 1,200,153 Capital expenditures $ 9,184 $ 3,255 $ 4,144 $ 51 $ 949 $ — $ 37 $ 17,620 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Assets March 31, 2016 December 31, 2015 Total assets for reportable segments $ 1,117,940 $ 1,103,310 Cash and cash equivalents 173,389 200,714 Other assets 33,769 28,465 Total consolidated assets $ 1,325,098 $ 1,332,489 Geographic Information Long-Lived Assets March 31, 2016 December 31, 2015 Mexico $ 397,406 $ 390,694 United States 347,021 336,210 Bolivia 33,519 35,201 Australia 3,317 5,952 Argentina 10,843 10,871 Other 5,066 9,058 Total $ 797,172 $ 787,986 Revenue Three months ended March 31, 2016 2015 United States $ 93,654 $ 88,069 Mexico 30,522 40,141 Bolivia 21,278 21,548 Australia 1,891 1,945 Other 1,042 1,253 Total $ 148,387 $ 152,956 |
Reclamation
Reclamation | 3 Months Ended |
Mar. 31, 2016 | |
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. 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: Three months ended March 31, In thousands 2016 2015 Asset retirement obligation - Beginning $ 82,072 $ 67,214 Accretion 1,960 1,412 Additions and changes in estimates 251 18,292 Settlements (309 ) (859 ) Asset retirement obligation - Ending $ 83,974 $ 86,059 The Company has accrued $3.4 million and $3.2 million at March 31, 2016 and December 31, 2015 , respectively, for reclamation liabilities related to former mining activities, which are included in Reclamation. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
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. Stock-based compensation expense for the three months ended March 31, 2016 and 2015 was $2.9 million and $2.2 million , respectively. At March 31, 2016 , there was $11.3 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.7 years. During the three months ended March 31, 2016 , the supplemental incentive accrual increased $0.2 million to $1.4 million . The following table summarizes the grants awarded during the three months ended March 31, 2016 : Grant date Restricted stock Grant date fair value of restricted stock Stock options Grant date fair value of stock options Performance shares Grant date fair value of performance shares January 20, 2016 1,030,833 $ 1.81 165,479 $ 0.86 1,428,314 $ 2.92 March 21, 2016 685,633 $ 5.76 17,772 $ 2.84 8,763 $ 4.90 The following options and stock appreciation rights were exercisable during the three months ended March 31, 2016 : Award Type Number of Exercised Units Weighted Average Exercised Price Number of Exercisable Units Weighted Average Stock options — $ — 348,279 $ 17.68 Stock appreciation rights — $ — 46,572 $ 14.06 |
Retirement Savings Plan
Retirement Savings Plan | 3 Months Ended |
Mar. 31, 2016 | |
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 an additional contribution based on an eligible employee's salary. Total plan expenses recognized for the three months ended March 31, 2016 and 2015 were $1.0 million and $1.6 million , respectively. |
Other, Net
Other, Net | 3 Months Ended |
Mar. 31, 2016 | |
Other Income and Expenses [Abstract] | |
OTHER, NET | OTHER, NET Other, net consists of the following: Three months ended March 31, In thousands 2016 2015 Impairment of equity securities $ — $ (1,514 ) Foreign exchange gain (loss) (164 ) (2,206 ) Gain (loss) on sale of assets 1,673 (44 ) Other (195 ) 1,253 Other, net $ 1,314 $ (2,511 ) |
Income and Mining Taxes
Income and Mining Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME AND MINING TAXES | INCOME AND MINING TAXES The following table summarizes the components of Income and mining tax (expense) benefit for the three months ended March 31, 2016 and 2015 by significant jurisdiction: Three months ended March 31, 2016 2015 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ (9,361 ) $ (532 ) $ (20,707 ) $ 1,886 Argentina (1,015 ) 1,543 (696 ) (1 ) Mexico (7,509 ) 17 (9,672 ) (1,264 ) Bolivia 2,047 (1,570 ) (2,379 ) (1,407 ) Other jurisdictions (2,452 ) (1,564 ) 235 718 $ (18,290 ) $ (2,106 ) $ (33,219 ) $ (68 ) The Company’s effective tax rate is impacted by recurring items, such as foreign exchange rates on deferred tax balances, mining tax expense and uncertain tax position accruals, and the full valuation allowance on the deferred tax assets relating to losses in the United States and certain foreign jurisdictions. In addition, the Company's consolidated effective income tax rate is a function of the combined effective tax rates and foreign exchange rates in the jurisdictions in which it operates. Variations in the jurisdictional mix of income and loss and foreign exchange rates result in significant fluctuations in our consolidated effective tax rate. A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. Each quarter, the Company analyzes its deferred tax assets and, if it is determined that the Company will not realize all or a portion of its deferred tax assets, it will record or increase a valuation allowance. Conversely, if it is determined that the Company will ultimately be more likely than not able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced. There are a number of risk factors that could impact the Company’s ability to realize its deferred tax assets. For additional information, see Part II, Item 1A of this Report. The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The statute of limitations remains open from 2012 forward for the U.S. federal jurisdiction and from 2008 forward for certain other foreign jurisdictions. As a result of statutes of limitation that will begin to expire within the next 12 months in various jurisdictions and possible settlements of audit-related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, the Company believes that it is reasonably possible that the total amount of its net unrecognized income tax benefits will decrease between $1.0 million and $1.5 million in the next 12 months. At March 31, 2016 and December 31, 2015 , the Company had $18.9 million and $17.9 million of total gross unrecognized tax benefits, respectively. If recognized, these unrecognized tax benefits would positively impact the Company’s effective income tax rate. The Company’s continuing practice is to recognize potential interest and/or penalties related to unrecognized tax benefits as part of its income tax expense. At March 31, 2016 and December 31, 2015 , the amount of accrued income-tax-related interest and penalties was $11.3 million and $9.2 million , respectively. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER SHARE | NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three months ended March 31, 2016 and 2015 , 3,321,424 and 1,302,777 shares, respectively, of common stock equivalents related to equity-based awards were not included in the diluted per share calculation as the shares would be antidilutive. The 3.25% Convertible Senior Notes ("Convertible Notes") were not included in the computation of diluted net income (loss) per share for the three months ended March 31, 2016 and 2015 because there is no excess value upon conversion over the principal amount of the Convertible Notes. Three months ended March 31, In thousands except per share amounts 2016 2015 Net income (loss) available to common stockholders $ (20,396 ) $ (33,287 ) Weighted average shares: Basic 150,249 102,580 Effect of stock-based compensation plans — — Diluted 150,249 102,580 Income (loss) per share: Basic $ (0.14 ) $ (0.32 ) Diluted $ (0.14 ) $ (0.32 ) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Three months ended March 31, In thousands 2016 2015 Palmarejo royalty obligation embedded derivative $ (4,878 ) $ (1,545 ) Rochester net smelter returns ("NSR") royalty obligation (2,249 ) (2,293 ) Silver and gold options (1,568 ) (1,046 ) Fair value adjustments, net $ (8,695 ) $ (4,884 ) Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3). The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: Fair Value at March 31, 2016 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 5,530 $ 5,523 $ — $ 7 Silver and gold options 131 — 131 — Other derivative instruments, net 57 — 57 — $ 5,718 $ 5,523 $ 188 $ 7 Liabilities: Palmarejo royalty obligation embedded derivative $ 6,827 $ — $ — $ 6,827 Rochester NSR royalty obligation 10,877 — — 10,877 Silver and gold options 36 — 36 — $ 17,740 $ — $ 36 $ 17,704 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 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 0.4 years and 2.3 years were used to estimate the fair value of the Palmarejo royalty obligation embedded derivative and Rochester NSR royalty obligation, respectively, at March 31, 2016 . No assets or liabilities were transferred between fair value levels in the three months ended March 31, 2016 . The following tables present the changes in the fair value of the Company's Level 3 financial assets and liabilities for the three months ended March 31, 2016 : Three Months Ended March 31, 2016 In thousands Balance at the beginning of the period Revaluation Settlements Balance at the end of the period Assets: Equity securities $ 10 $ — $ (3 ) $ 7 Liabilities: Palmarejo royalty obligation embedded derivative $ 4,957 $ 4,878 $ (3,008 ) $ 6,827 Rochester NSR royalty obligation $ 9,593 2,249 (965 ) $ 10,877 The fair value of financial assets and liabilities carried at book value in the financial statements at March 31, 2016 and December 31, 2015 is presented in the following table: March 31, 2016 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 3.25% Convertible Senior Notes due 2028 $ 712 $ 591 $ — $ 591 $ — 7.875% Senior Notes due 2021 (1) 373,695 307,732 — 307,732 — Term Loan due 2020 (2) 94,517 99,250 — 99,250 — Palmarejo gold production royalty obligation 9,833 10,081 — — 10,081 (1) Net of unamortized debt issuance costs and premium received of $5.1 million . (2) Net of unamortized debt issuance costs of $4.7 million . 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 . The fair values of 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. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 , a total of 20,994 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 12.4% and 19.9% at March 31, 2016 and December 31, 2015 , respectively. The fair value of the embedded derivative at March 31, 2016 and December 31, 2015 was a liability of $6.8 million and $5.0 million , respectively. The mark-to-market adjustments were losses of $4.9 million and $1.5 million for three months ended March 31, 2016 and 2015 , 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 $416 per ounce, subject to a 1% annual inflation adjustment. Realized losses on settlement of the liabilities were $3.0 million and $4.2 million for the three months ended March 31, 2016 and 2015 , 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 $0.6 million and $0.9 million in the three months ended March 31, 2016 and 2015 , respectively. At March 31, 2016 , the Company had outstanding provisionally priced sales of 0.4 million ounces of silver and 38,773 ounces of gold at prices of $15.36 and $1,183 , respectively. Silver and Gold Options At March 31, 2016 , the Company has outstanding put spread contracts on 0.3 million ounces of silver. The weighted average high and low strike prices on the silver put spreads are $15.00 per ounce and $14.00 per ounce, respectively. If the market price of silver were to average less than the high strike price but more than the low strike price during the contract period, the Company would receive the difference between the average market price and the high strike price for the contracted volume over the contract period. If the market price of silver were to average less than the low strike price during the contract period, the Company would receive the difference between the average market price and the high strike price for the contracted volume over the contract period, and the Company would be required to pay the difference between the average market price and the low strike price for the contracted volume over the contract period. The put spread contracts are generally net cash settled and expire during the second quarter of 2016. At March 31, 2016 , the fair market value of the put spreads was a net asset of $0.1 million . During the three months ended March 31, 2016 and 2015 , the Company recorded unrealized gains of $2 thousand and unrealized losses of $0.2 million , respectively, related to outstanding options which were included in Fair value adjustments, net. The Company recognized realized losses of $1.6 million and $0.8 million during the three months ended March 31, 2016 and 2015 , respectively, from settled contracts. At March 31, 2016 , 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 $ 17,240 $ — Average gold price in excess of minimum contractual deduction $ 821 $ — Notional ounces 20,994 — Provisional silver sales $ 6,736 $ — Average silver price $ 15.36 $ — Notional ounces 438,573 — Provisional gold sales $ 45,868 $ — Average gold price $ 1,183 $ — Notional ounces 38,773 — Silver put options purchased $ 4,500 $ — Average silver strike price $ 15.00 $ — Notional ounces 300,000 — Silver put options sold $ (4,200 ) $ — Average silver strike price $ 14.00 $ — Notional ounces 300,000 — The following summarizes the classification of the fair value of the derivative instruments: March 31, 2016 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 — — 6,827 — Silver and gold options 131 36 — — Concentrate sales contracts 85 28 — — $ 216 $ 64 $ 6,827 $ — 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 $ — The following represent mark-to-market gains (losses) on derivative instruments for the three months ended March 31, 2016 and 2015 (in thousands): Three months ended March 31, Financial statement line Derivative 2016 2015 Revenue Concentrate sales contracts $ 566 $ 914 Fair value adjustments, net Palmarejo gold royalty (4,878 ) (1,545 ) Fair value adjustments, net Silver and gold options (1,568 ) (1,046 ) $ (5,880 ) $ (1,677 ) Credit Risk The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with financial institutions management deems credit worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties. In addition, to allow for situations where derivative positions may need to be revised, the Company transacts only in markets that management considers highly liquid. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS On February 20, 2015, the Company completed its acquisition of the Wharf gold mine located near Lead, South Dakota, 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 following table presents the unaudited pro forma summary of the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2015 , as if the acquisition had occurred on January 1, 2015. The following unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of the results of operations as they would have been had the transaction occurred on the assumed date, nor is it necessarily an indication of trends in future results for a number of reasons, including, but not limited to, differences between the assumptions used to prepare the pro forma information, potential synergies, and cost savings from operating efficiencies. Three months ended March 31, In thousands 2016 2015 (Pro Forma) Revenue $ 148,387 $ 170,956 Income (loss) before income and mining taxes (18,290 ) (33,271 ) Net income (loss) (20,396 ) (33,340 ) |
Investments
Investments | 3 Months Ended |
Mar. 31, 2016 | |
Investment in Marketable Securities [Abstract] | |
INVESTMENTS | INVESTMENTS The Company invests in equity securities of silver and gold exploration and development companies. These investments are classified as available-for-sale and are measured at fair value in the financial statements with unrealized gains and losses recorded in Other comprehensive income (loss) . At March 31, 2016 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity securities 3,509 (108 ) 2,129 5,530 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 The Company performs a quarterly assessment on each of its equity securities with unrealized losses to determine if the security is other than temporarily impaired. The Company recorded pre-tax other-than-temporary impairment losses of $1.5 million in the three months ended March 31, 2015 , 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 March 31, 2016 : 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 $ (108 ) $ 103 $ — $ — $ (108 ) $ 103 |
Receivables
Receivables | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
RECEIVABLES | RECEIVABLES In thousands March 31, 2016 December 31, 2015 Current receivables: Trade receivables $ 12,308 $ 17,878 Income tax receivable 14,203 13,678 Value added tax receivable 53,022 50,669 Other 3,396 3,767 $ 82,929 $ 85,992 Non-current receivables: Value added tax receivable $ 24,114 $ 24,768 Total receivables $ 107,043 $ 110,760 |
Inventory and Ore on Leach Pads
Inventory and Ore on Leach Pads | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
INVENTORY AND ORE ON LEACH PADS | INVENTORY AND ORE ON LEACH PADS In thousands March 31, 2016 December 31, 2015 Inventory: Concentrate $ 17,373 $ 16,165 Precious metals 19,122 21,908 Supplies 42,102 43,638 $ 78,597 $ 81,711 Ore on leach pads: Current $ 72,703 $ 67,329 Non-current 49,294 44,582 $ 121,997 $ 111,911 Total inventory and ore on leach pads $ 200,594 $ 193,622 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT In thousands March 31, 2016 December 31, 2015 Land $ 8,287 $ 8,287 Facilities and equipment 664,364 654,585 Capital leases 62,148 30,648 734,799 693,520 Accumulated amortization (524,315 ) (514,509 ) 210,484 179,011 Construction in progress 10,464 16,988 Property, plant and equipment, net $ 220,948 $ 195,999 |
Mining Properties
Mining Properties | 3 Months Ended |
Mar. 31, 2016 | |
Mining Properties [Abstract] | |
MINING PROPERTIES | MINING PROPERTIES Mining properties consist of the following (in thousands): March 31, 2016 Palmarejo Rochester Kensington Wharf San Bartolomé La Preciosa Joaquin Coeur Capital Total Mine development $ 156,257 $ 150,648 $ 245,433 $ 32,509 $ 39,523 $ — $ — $ — $ 624,370 Accumulated amortization (131,770 ) (129,100 ) (136,757 ) (6,836 ) (30,788 ) — — (435,251 ) 24,487 21,548 108,676 25,673 8,735 — — — 189,119 Mineral interests 629,303 — — 45,837 12,868 49,085 10,000 49,440 796,533 Accumulated amortization (354,554 ) — — (12,002 ) (11,471 ) — — (33,521 ) (411,548 ) 274,749 — — 33,835 1,397 49,085 10,000 15,919 384,985 Mining properties, net $ 299,236 $ 21,548 $ 108,676 $ 59,508 $ 10,132 $ 49,085 $ 10,000 $ 15,919 $ 574,104 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 On March 31, 2016, Coeur sold its 2.0% NSR royalty on the Cerro Bayo mine to the operator, a subsidiary of Mandalay Resources Corporation ("Mandalay"), for total consideration of approximately $5.7 million , consisting of $4.0 million in cash and 2.5 million Mandalay shares. The mineral interest associated with the Cerro Bayo mine was included in the Coeur Capital segment. The operator of the Endeavor mine in Australia, on which the Company has a 100% silver stream, recently announced a significant curtailment of production due to low lead and zinc prices. As a result, Coeur recorded a $2.5 million write-down of the mineral interest associated with the Endeavor silver stream within the Coeur Capital segment. On April 19, 2016, Coeur sold its tiered NSR royalty on the El Gallo mine to the operator, a subsidiary of McEwen Mining Inc., for total consideration of approximately $6.3 million , including $1 million in contingent consideration payable in mid-2018. In anticipation of this sale, the Company recorded a $1.9 million write-down of the mineral interest within the Coeur Capital segment at March 31, 2016. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT March 31, 2016 December 31, 2015 In thousands Current Non-Current Current Non-Current 3.25% Convertible Senior Notes due 2028 $ — $ 712 $ — $ 712 7.875% Senior Notes due 2021, net (1) — 373,695 — 373,433 Term Loan due 2020, net (2) 1,000 93,517 1,000 93,489 San Bartolomé Lines of Credit — — — 4,571 Capital lease obligations 15,801 26,376 9,431 7,774 $ 16,801 $ 494,300 $ 10,431 $ 479,979 (1) Net of unamortized debt issuance costs and premium received of $5.1 million and $5.3 million at March 31, 2016 and December 31, 2015, respectively. (2) Net of unamortized debt issuance costs of $4.7 million and $5.0 million at March 31, 2016 and December 31, 2015, respectively. 7.875% Senior Notes due 2021 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. 3.25% Convertible Senior Notes due 2028 In accordance with the indenture governing the 3.25% Convertible Senior Notes due 2028 (the “Convertible Notes”), the Company announced on February 12, 2015 that it was offering to repurchase all of the Convertible Notes. During the first quarter of 2015, the Company repurchased $4.6 million in aggregate principal amount. At March 31, 2016, $0.7 million of the Convertible Notes remained outstanding. The Convertible Notes are classified as non-current liabilities at March 31, 2016 as a result of the expiration of the holders' option to require the Company to repurchase the notes. Term Loan due 2020 On June 23, 2015, the Company and certain of its subsidiaries entered into a credit agreement for 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. At March 31, 2016 , the Company has made amortization payments totaling $0.8 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 San Bartolomé had two available lines of credit for an aggregate amount of $27.0 million , both of which were undrawn at March 31, 2016 . 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. Capital Lease Obligations From time to time, the Company acquires mining equipment under capital lease agreements. During the three months ended March 31, 2016, the Company entered into new lease financing arrangements primarily for a haul truck fleet at its Rochester mine and mining equipment to support the continued underground mine expansion at the Palmarejo complex. All capital lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. 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 $416 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 $9.1 million and $10.4 million during the three months ended March 31, 2016 and 2015 , respectively. At March 31, 2016 , payments had been made on a total of 379,006 ounces of gold with further payments to be made on an additional 20,994 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 $0.8 million and $2.0 million for the three months ended March 31, 2016 and 2015 , respectively. At March 31, 2016 and December 31, 2015 , the remaining minimum obligation under the royalty agreement was $9.8 million and $15.2 million , respectively. Interest Expense Three months ended March 31, In thousands 2016 2015 3.25% Convertible Senior Notes due 2028 $ 6 $ 37 7.875% Senior Notes due 2021 7,457 8,562 Term Loan due 2020 2,264 — San Bartolomé Lines of Credit 15 272 Capital lease obligations 265 298 Other debt obligations 11 — Accretion of Palmarejo gold production royalty obligation 765 2,031 Amortization of debt issuance costs 631 405 Accretion of debt premium (91 ) (105 ) Capitalized interest (203 ) (735 ) Total interest expense, net of capitalized interest $ 11,120 $ 10,765 |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 3 Months Ended |
Mar. 31, 2016 | |
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) THREE MONTHS ENDED MARCH 31, 2016 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 93,954 $ 54,433 $ — $ 148,387 COSTS AND EXPENSES Costs applicable to sales (1) — 62,364 39,191 — 101,555 Amortization 423 17,859 9,682 — 27,964 COSTS AND EXPENSES General and administrative 8,080 18 178 — 8,276 Exploration 623 184 924 — 1,731 Write-downs — — 4,446 — 4,446 Pre-development, reclamation, and other 452 1,416 2,336 — 4,204 Total costs and expenses 9,578 81,841 56,757 — 148,176 OTHER INCOME (EXPENSE), NET Fair value adjustments, net (1,582 ) (2,249 ) (4,864 ) — (8,695 ) Other, net 338 2,254 (253 ) (1,025 ) 1,314 Interest expense, net of capitalized interest (10,255 ) (213 ) (1,677 ) 1,025 (11,120 ) Total other income (expense), net (11,499 ) (208 ) (6,794 ) — (18,501 ) Loss before income and mining taxes (21,077 ) 11,905 (9,118 ) — (18,290 ) Income and mining tax (expense) benefit (209 ) (307 ) (1,590 ) — (2,106 ) Total loss after income and mining taxes (21,286 ) 11,598 (10,708 ) — (20,396 ) Equity income (loss) in consolidated subsidiaries 890 (4,479 ) — 3,589 — NET INCOME (LOSS) $ (20,396 ) $ 7,119 $ (10,708 ) $ 3,589 $ (20,396 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on marketable securities, net of tax 1,043 976 — (976 ) 1,043 Reclassification adjustments for impairment of marketable securities — — — — — Reclassification adjustments for realized loss on sale of marketable securities 588 (381 ) — 381 588 Other comprehensive income (loss) 1,631 595 — (595 ) 1,631 COMPREHENSIVE INCOME (LOSS) $ (18,765 ) $ 7,714 $ (10,708 ) $ 2,994 $ (18,765 ) (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED MARCH 31, 2015 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 88,672 $ 64,284 $ — $ 152,956 COSTS AND EXPENSES Costs applicable to sales (1) — 60,811 54,251 — 115,062 Amortization 502 18,567 14,021 — 33,090 General and administrative 8,750 7 77 — 8,834 Exploration 563 2,458 1,245 — 4,266 Pre-development, reclamation, and other 3,388 1,375 2,000 — 6,763 Total costs and expenses 13,203 83,218 71,594 — 168,015 OTHER INCOME (EXPENSE), NET Fair value adjustments, net (1,046 ) (2,293 ) (1,545 ) — (4,884 ) Other, net 1,280 (1,571 ) (1,398 ) (822 ) (2,511 ) Interest expense, net of capitalized interest (8,855 ) (288 ) (2,444 ) 822 (10,765 ) Total other income (expense), net (8,621 ) (4,152 ) (5,387 ) — (18,160 ) Income (Loss) before income and mining taxes (21,824 ) 1,302 (12,697 ) — (33,219 ) Income and mining tax (expense) benefit 1,550 (350 ) (1,268 ) — (68 ) Income (Loss) after income and mining taxes (20,274 ) 952 (13,965 ) — (33,287 ) Equity income (loss) in consolidated subsidiaries (13,013 ) 809 — 12,204 — NET INCOME (LOSS) $ (33,287 ) $ 1,761 $ (13,965 ) $ 12,204 $ (33,287 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on equity securities, net of tax (915 ) (915 ) — 915 (915 ) Reclassification adjustments for impairment of equity securities, net of tax 928 928 — (928 ) 928 Other comprehensive income (loss) 13 13 — (13 ) 13 COMPREHENSIVE INCOME (LOSS) $ (33,274 ) $ 1,774 $ (13,965 ) $ 12,191 $ (33,274 ) (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2016 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) operating activities $ (28,642 ) $ 21,460 $ 10,210 $ 3,589 6,617 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (46 ) (12,790 ) (9,336 ) — (22,172 ) Purchase of investments (7 ) — — — (7 ) Sales and maturities of investments 501 496 — — 997 Other (1,539 ) 4,107 (32 ) — 2,536 Investments in consolidated subsidiaries 3,420 8,179 — (11,599 ) — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 2,329 (8 ) (9,368 ) (11,599 ) (18,646 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on debt, capital leases, and associated costs (250 ) (830 ) (4,891 ) — (5,971 ) Gold production royalty payments — — (9,131 ) — (9,131 ) Net intercompany financing activity (7,879 ) (24,965 ) 24,834 8,010 — Other (280 ) — — — (280 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (8,409 ) (25,795 ) 10,812 8,010 (15,382 ) Effect of exchange rate changes on cash and cash equivalents — 4 82 — 86 NET CHANGE IN CASH AND CASH EQUIVALENTS (34,722 ) (4,339 ) 11,736 — (27,325 ) Cash and cash equivalents at beginning of period 96,123 34,228 70,363 — 200,714 Cash and cash equivalents at end of period $ 61,401 $ 29,889 $ 82,099 $ — $ 173,389 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2015 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) operating activities $ (44,918 ) $ 29,908 $ (643 ) $ 12,204 (3,449 ) CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (12 ) (7,399 ) (10,209 ) — (17,620 ) Purchase of investments (278 ) — — — (278 ) Sales and maturities of investments — 145 84 — 229 Acquisitions (103,000 ) — 982 — (102,018 ) Other (1,767 ) — 37 — (1,730 ) Investments in consolidated subsidiaries 12,221 (810 ) — (11,411 ) — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (92,836 ) (8,064 ) (9,106 ) (11,411 ) (121,417 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings 50,000 — 3,500 — 53,500 Payments on long-term debt, capital leases, and associated costs (6,582 ) (1,818 ) (194 ) — (8,594 ) Gold production royalty payments — — (10,368 ) — (10,368 ) Net intercompany financing activity (1,730 ) (19,628 ) 21,358 — — Other (423 ) — 793 (793 ) (423 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 41,265 (21,446 ) 15,089 (793 ) 34,115 Effect of exchange rate changes on cash and cash equivalents — — (523 ) — (523 ) NET CHANGE IN CASH AND CASH EQUIVALENTS (96,489 ) 398 4,817 — (91,274 ) Cash and cash equivalents at beginning of period 210,361 5,781 54,719 — 270,861 Cash and cash equivalents at end of period $ 113,872 $ 6,179 $ 59,536 $ — $ 179,587 CONDENSED CONSOLIDATING BALANCE SHEET MARCH 31, 2016 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 61,401 $ 29,889 $ 82,099 $ — $ 173,389 Receivables — 7,978 74,951 — 82,929 Ore on leach pads — 72,703 — — 72,703 Inventory — 40,828 37,769 — 78,597 Prepaid expenses and other 3,419 3,267 6,444 — 13,130 64,820 154,665 201,263 — 420,748 NON-CURRENT ASSETS Property, plant and equipment, net 4,169 153,046 63,733 — 220,948 Mining properties, net — 192,176 381,928 — 574,104 Ore on leach pads — 49,294 — — 49,294 Restricted assets 7,292 381 5,548 — 13,221 Equity securities — 5,530 — — 5,530 Receivables — — 24,114 — 24,114 Deferred tax assets — — 2,750 — 2,750 Net investment in subsidiaries 124,846 19,478 — (144,324 ) — Other 55,604 9,091 5,299 (55,605 ) 14,389 TOTAL ASSETS $ 256,731 $ 583,661 $ 684,635 $ (199,929 ) $ 1,325,098 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 1,857 $ 20,001 $ 25,097 $ — $ 46,955 Accrued liabilities and other 8,340 12,181 21,516 — 42,037 Debt 1,000 11,478 4,323 — 16,801 Royalty obligations — 4,522 16,661 — 21,183 Reclamation — 1,533 1,930 — 3,463 11,197 49,715 69,527 — 130,439 NON-CURRENT LIABILITIES Debt 467,924 17,376 64,605 (55,605 ) 494,300 Royalty obligations — 6,354 — — 6,354 Reclamation — 63,194 20,708 — 83,902 Deferred tax liabilities 28,806 7,263 110,776 — 146,845 Other long-term liabilities 2,106 3,839 52,173 — 58,118 Intercompany payable (receivable) (658,442 ) 389,838 268,604 — — (159,606 ) 487,864 516,866 (55,605 ) 789,519 STOCKHOLDERS’ EQUITY Common stock 1,532 250 160,336 (160,586 ) 1,532 Additional paid-in capital 3,026,871 179,553 1,879,279 (2,058,832 ) 3,026,871 Accumulated deficit (2,621,172 ) (131,630 ) (1,941,373 ) 2,073,003 (2,621,172 ) Accumulated other comprehensive income (loss) (2,091 ) (2,091 ) — 2,091 (2,091 ) 405,140 46,082 98,242 (144,324 ) 405,140 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 256,731 $ 583,661 $ 684,635 $ (199,929 ) $ 1,325,098 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 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 , 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 is payable on the actual sales prices received (exclusive of gains or losses associated with trading activities), less refining costs, of gold and silver produced and sold from the applicable portions of the Rochester mine. Changes in the Company's mine plan and silver and gold prices result in the recognition of mark-to-market gains or losses in Fair value adjustments, net . At March 31, 2016 , a total of 24.1 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. 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. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Recent Accounting Standards | Recent Accounting Standards In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting," which amends several aspects of the accounting for share-based payment transaction, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. 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 February 2016, the FASB issued ASU 2016-02, "Leases," which will require lessees to recognize assets and liabilities for the rights and obligations created by most leases on the balance sheet. These changes become effective for the Company's fiscal year beginning January 1, 2019. Modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, is required with an option to use certain transition relief. 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 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's adoption had no impact 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's adoption had no impact on the Company's consolidated financial position, results of operations, and cash flows. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Financial information relating to the reporting segments | Three months ended March 31, 2015 Palmarejo Rochester Kensington Wharf San Bartolomé Coeur Capital Other Total Revenue Metal sales $ 39,394 $ 44,031 $ 44,038 $ — $ 21,548 $ 1,945 $ — $ 150,956 Royalties — — — — — 2,000 — 2,000 39,394 44,031 44,038 — 21,548 3,945 — 152,956 Costs and Expenses Costs applicable to sales (1) 34,491 31,392 29,419 — 19,127 633 — 115,062 Amortization 7,333 6,843 11,554 — 4,691 2,151 518 33,090 Exploration 1,123 722 1,662 — 36 75 648 4,266 Write-downs — — — — — — — — Other operating expenses 314 1,141 235 165 244 17 13,481 15,597 Other income (expense) Fair value adjustments, net (1,545 ) (2,292 ) — — — — (1,047 ) (4,884 ) Interest expense, net (1,340 ) (225 ) (63 ) — (281 ) — (8,856 ) (10,765 ) Other, net (1,103 ) (41 ) (4 ) 17 452 (1,525 ) (307 ) (2,511 ) Income and mining tax (expense) benefit (1,371 ) (350 ) — 686 (1,407 ) 598 1,776 (68 ) Net income (loss) $ (9,226 ) $ 1,025 $ 1,101 $ 538 $ (3,786 ) $ 142 $ (23,081 ) $ (33,287 ) Segment assets (2) $ 346,250 $ 188,419 $ 205,208 $ 142,527 $ 179,638 $ 57,930 $ 80,181 $ 1,200,153 Capital expenditures $ 9,184 $ 3,255 $ 4,144 $ 51 $ 949 $ — $ 37 $ 17,620 (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): Three months ended March 31, 2016 Palmarejo Rochester Kensington Wharf San Bartolomé Coeur Capital Other Total Revenue Metal sales $ 29,813 $ 29,982 $ 35,743 $ 27,929 $ 21,278 $ 1,891 $ — $ 146,636 Royalties — — — — — 1,751 — 1,751 29,813 29,982 35,743 27,929 21,278 3,642 — 148,387 Costs and Expenses Costs applicable to sales (1) 21,038 22,485 24,418 15,461 17,497 656 — 101,555 Amortization 7,289 5,313 8,349 4,051 1,754 781 427 27,964 Exploration 801 109 (47 ) — — 121 747 1,731 Write-downs — — — — — 4,446 — 4,446 Other operating expenses 315 681 252 493 291 137 10,311 12,480 Other income (expense) Fair value adjustments, net (4,864 ) (2,249 ) — — — — (1,582 ) (8,695 ) Interest expense, net (734 ) (171 ) (43 ) — (3 ) — (10,169 ) (11,120 ) Other, net (1,235 ) 3 (20 ) 10 315 2,282 (41 ) 1,314 Income and mining tax (expense) benefit 98 (423 ) — 116 (1,571 ) (1,292 ) 966 (2,106 ) Net income (loss) $ (6,365 ) $ (1,446 ) $ 2,708 $ 8,050 $ 477 $ (1,509 ) $ (22,311 ) $ (20,396 ) Segment assets (2) $ 422,086 $ 209,692 $ 192,805 $ 113,383 $ 87,750 $ 17,863 $ 74,361 $ 1,117,940 Capital expenditures $ 8,815 $ 3,289 $ 8,090 $ 1,410 $ 521 $ — $ 47 $ 22,172 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests |
Consolidated Assets | Assets March 31, 2016 December 31, 2015 Total assets for reportable segments $ 1,117,940 $ 1,103,310 Cash and cash equivalents 173,389 200,714 Other assets 33,769 28,465 Total consolidated assets $ 1,325,098 $ 1,332,489 |
Long Lived Assets by Country | Geographic Information Long-Lived Assets March 31, 2016 December 31, 2015 Mexico $ 397,406 $ 390,694 United States 347,021 336,210 Bolivia 33,519 35,201 Australia 3,317 5,952 Argentina 10,843 10,871 Other 5,066 9,058 Total $ 797,172 $ 787,986 |
Revenue by Country | Revenue Three months ended March 31, 2016 2015 United States $ 93,654 $ 88,069 Mexico 30,522 40,141 Bolivia 21,278 21,548 Australia 1,891 1,945 Other 1,042 1,253 Total $ 148,387 $ 152,956 |
Reclamation (Tables)
Reclamation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Changes to the Company’s asset retirement obligations for operating sites are as follows: Three months ended March 31, In thousands 2016 2015 Asset retirement obligation - Beginning $ 82,072 $ 67,214 Accretion 1,960 1,412 Additions and changes in estimates 251 18,292 Settlements (309 ) (859 ) Asset retirement obligation - Ending $ 83,974 $ 86,059 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock-based Compensation, Stock Options and Stock Appreciation Rights Award Activity | The following table summarizes the grants awarded during the three months ended March 31, 2016 : Grant date Restricted stock Grant date fair value of restricted stock Stock options Grant date fair value of stock options Performance shares Grant date fair value of performance shares January 20, 2016 1,030,833 $ 1.81 165,479 $ 0.86 1,428,314 $ 2.92 March 21, 2016 685,633 $ 5.76 17,772 $ 2.84 8,763 $ 4.90 The following options and stock appreciation rights were exercisable during the three months ended March 31, 2016 : Award Type Number of Exercised Units Weighted Average Exercised Price Number of Exercisable Units Weighted Average Stock options — $ — 348,279 $ 17.68 Stock appreciation rights — $ — 46,572 $ 14.06 |
Other, Net (Tables)
Other, Net (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Other, net consists of the following: Three months ended March 31, In thousands 2016 2015 Impairment of equity securities $ — $ (1,514 ) Foreign exchange gain (loss) (164 ) (2,206 ) Gain (loss) on sale of assets 1,673 (44 ) Other (195 ) 1,253 Other, net $ 1,314 $ (2,511 ) |
Income and Mining Taxes (Tables
Income and Mining Taxes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The following table summarizes the components of Income and mining tax (expense) benefit for the three months ended March 31, 2016 and 2015 by significant jurisdiction: Three months ended March 31, 2016 2015 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ (9,361 ) $ (532 ) $ (20,707 ) $ 1,886 Argentina (1,015 ) 1,543 (696 ) (1 ) Mexico (7,509 ) 17 (9,672 ) (1,264 ) Bolivia 2,047 (1,570 ) (2,379 ) (1,407 ) Other jurisdictions (2,452 ) (1,564 ) 235 718 $ (18,290 ) $ (2,106 ) $ (33,219 ) $ (68 ) |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three months ended March 31, In thousands except per share amounts 2016 2015 Net income (loss) available to common stockholders $ (20,396 ) $ (33,287 ) Weighted average shares: Basic 150,249 102,580 Effect of stock-based compensation plans — — Diluted 150,249 102,580 Income (loss) per share: Basic $ (0.14 ) $ (0.32 ) Diluted $ (0.14 ) $ (0.32 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Adjustments to Comprehensive income (Loss) | Three months ended March 31, In thousands 2016 2015 Palmarejo royalty obligation embedded derivative $ (4,878 ) $ (1,545 ) Rochester net smelter returns ("NSR") royalty obligation (2,249 ) (2,293 ) Silver and gold options (1,568 ) (1,046 ) Fair value adjustments, net $ (8,695 ) $ (4,884 ) |
Financial assets and liabilities measured at fair value on recurring basis | The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: Fair Value at March 31, 2016 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 5,530 $ 5,523 $ — $ 7 Silver and gold options 131 — 131 — Other derivative instruments, net 57 — 57 — $ 5,718 $ 5,523 $ 188 $ 7 Liabilities: Palmarejo royalty obligation embedded derivative $ 6,827 $ — $ — $ 6,827 Rochester NSR royalty obligation 10,877 — — 10,877 Silver and gold options 36 — 36 — $ 17,740 $ — $ 36 $ 17,704 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 |
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 three months ended March 31, 2016 : Three Months Ended March 31, 2016 In thousands Balance at the beginning of the period Revaluation Settlements Balance at the end of the period Assets: Equity securities $ 10 $ — $ (3 ) $ 7 Liabilities: Palmarejo royalty obligation embedded derivative $ 4,957 $ 4,878 $ (3,008 ) $ 6,827 Rochester NSR royalty obligation $ 9,593 2,249 (965 ) $ 10,877 |
Financial Assets and Liabilities not Measured at Fair Value | The fair value of financial assets and liabilities carried at book value in the financial statements at March 31, 2016 and December 31, 2015 is presented in the following table: March 31, 2016 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 3.25% Convertible Senior Notes due 2028 $ 712 $ 591 $ — $ 591 $ — 7.875% Senior Notes due 2021 (1) 373,695 307,732 — 307,732 — Term Loan due 2020 (2) 94,517 99,250 — 99,250 — Palmarejo gold production royalty obligation 9,833 10,081 — — 10,081 (1) Net of unamortized debt issuance costs and premium received of $5.1 million . (2) Net of unamortized debt issuance costs of $4.7 million . 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 . |
Derivative Financial Instrume36
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments, future settlement | At March 31, 2016 , 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 $ 17,240 $ — Average gold price in excess of minimum contractual deduction $ 821 $ — Notional ounces 20,994 — Provisional silver sales $ 6,736 $ — Average silver price $ 15.36 $ — Notional ounces 438,573 — Provisional gold sales $ 45,868 $ — Average gold price $ 1,183 $ — Notional ounces 38,773 — Silver put options purchased $ 4,500 $ — Average silver strike price $ 15.00 $ — Notional ounces 300,000 — Silver put options sold $ (4,200 ) $ — Average silver strike price $ 14.00 $ — Notional ounces 300,000 — |
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments: March 31, 2016 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 — — 6,827 — Silver and gold options 131 36 — — Concentrate sales contracts 85 28 — — $ 216 $ 64 $ 6,827 $ — 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 $ — |
Gain losses on derivative instruments | The following represent mark-to-market gains (losses) on derivative instruments for the three months ended March 31, 2016 and 2015 (in thousands): Three months ended March 31, Financial statement line Derivative 2016 2015 Revenue Concentrate sales contracts $ 566 $ 914 Fair value adjustments, net Palmarejo gold royalty (4,878 ) (1,545 ) Fair value adjustments, net Silver and gold options (1,568 ) (1,046 ) $ (5,880 ) $ (1,677 ) |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of the results of operations as they would have been had the transaction occurred on the assumed date, nor is it necessarily an indication of trends in future results for a number of reasons, including, but not limited to, differences between the assumptions used to prepare the pro forma information, potential synergies, and cost savings from operating efficiencies. Three months ended March 31, In thousands 2016 2015 (Pro Forma) Revenue $ 148,387 $ 170,956 Income (loss) before income and mining taxes (18,290 ) (33,271 ) Net income (loss) (20,396 ) (33,340 ) |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investment in Marketable Securities [Abstract] | |
Investments | At March 31, 2016 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity securities 3,509 (108 ) 2,129 5,530 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 |
Gross unrealized losses on investment securities | The following table summarizes the gross unrealized losses on equity securities for which other-than-temporary impairments have not been recognized and the fair values of those securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at March 31, 2016 : 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 $ (108 ) $ 103 $ — $ — $ (108 ) $ 103 |
Receivables (Tables)
Receivables (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Receivables | In thousands March 31, 2016 December 31, 2015 Current receivables: Trade receivables $ 12,308 $ 17,878 Income tax receivable 14,203 13,678 Value added tax receivable 53,022 50,669 Other 3,396 3,767 $ 82,929 $ 85,992 Non-current receivables: Value added tax receivable $ 24,114 $ 24,768 Total receivables $ 107,043 $ 110,760 |
Inventory and Ore on Leach Pa40
Inventory and Ore on Leach Pads (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | In thousands March 31, 2016 December 31, 2015 Inventory: Concentrate $ 17,373 $ 16,165 Precious metals 19,122 21,908 Supplies 42,102 43,638 $ 78,597 $ 81,711 Ore on leach pads: Current $ 72,703 $ 67,329 Non-current 49,294 44,582 $ 121,997 $ 111,911 Total inventory and ore on leach pads $ 200,594 $ 193,622 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | In thousands March 31, 2016 December 31, 2015 Land $ 8,287 $ 8,287 Facilities and equipment 664,364 654,585 Capital leases 62,148 30,648 734,799 693,520 Accumulated amortization (524,315 ) (514,509 ) 210,484 179,011 Construction in progress 10,464 16,988 Property, plant and equipment, net $ 220,948 $ 195,999 |
Mining Properties (Tables)
Mining Properties (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Mining Properties [Abstract] | |
Mining Properties | Mining properties consist of the following (in thousands): March 31, 2016 Palmarejo Rochester Kensington Wharf San Bartolomé La Preciosa Joaquin Coeur Capital Total Mine development $ 156,257 $ 150,648 $ 245,433 $ 32,509 $ 39,523 $ — $ — $ — $ 624,370 Accumulated amortization (131,770 ) (129,100 ) (136,757 ) (6,836 ) (30,788 ) — — (435,251 ) 24,487 21,548 108,676 25,673 8,735 — — — 189,119 Mineral interests 629,303 — — 45,837 12,868 49,085 10,000 49,440 796,533 Accumulated amortization (354,554 ) — — (12,002 ) (11,471 ) — — (33,521 ) (411,548 ) 274,749 — — 33,835 1,397 49,085 10,000 15,919 384,985 Mining properties, net $ 299,236 $ 21,548 $ 108,676 $ 59,508 $ 10,132 $ 49,085 $ 10,000 $ 15,919 $ 574,104 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 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long term debt and capital lease obligations | March 31, 2016 December 31, 2015 In thousands Current Non-Current Current Non-Current 3.25% Convertible Senior Notes due 2028 $ — $ 712 $ — $ 712 7.875% Senior Notes due 2021, net (1) — 373,695 — 373,433 Term Loan due 2020, net (2) 1,000 93,517 1,000 93,489 San Bartolomé Lines of Credit — — — 4,571 Capital lease obligations 15,801 26,376 9,431 7,774 $ 16,801 $ 494,300 $ 10,431 $ 479,979 (1) Net of unamortized debt issuance costs and premium received of $5.1 million and $5.3 million at March 31, 2016 and December 31, 2015, respectively. (2) Net of unamortized debt issuance costs of $4.7 million and $5.0 million at March 31, 2016 and December 31, 2015, respectively. |
Interest expenses incurred for various debt instruments | Three months ended March 31, In thousands 2016 2015 3.25% Convertible Senior Notes due 2028 $ 6 $ 37 7.875% Senior Notes due 2021 7,457 8,562 Term Loan due 2020 2,264 — San Bartolomé Lines of Credit 15 272 Capital lease obligations 265 298 Other debt obligations 11 — Accretion of Palmarejo gold production royalty obligation 765 2,031 Amortization of debt issuance costs 631 405 Accretion of debt premium (91 ) (105 ) Capitalized interest (203 ) (735 ) Total interest expense, net of capitalized interest $ 11,120 $ 10,765 |
Supplemental Guarantor Inform44
Supplemental Guarantor Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Comprehensive Income (Loss) | ONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED MARCH 31, 2015 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 88,672 $ 64,284 $ — $ 152,956 COSTS AND EXPENSES Costs applicable to sales (1) — 60,811 54,251 — 115,062 Amortization 502 18,567 14,021 — 33,090 General and administrative 8,750 7 77 — 8,834 Exploration 563 2,458 1,245 — 4,266 Pre-development, reclamation, and other 3,388 1,375 2,000 — 6,763 Total costs and expenses 13,203 83,218 71,594 — 168,015 OTHER INCOME (EXPENSE), NET Fair value adjustments, net (1,046 ) (2,293 ) (1,545 ) — (4,884 ) Other, net 1,280 (1,571 ) (1,398 ) (822 ) (2,511 ) Interest expense, net of capitalized interest (8,855 ) (288 ) (2,444 ) 822 (10,765 ) Total other income (expense), net (8,621 ) (4,152 ) (5,387 ) — (18,160 ) Income (Loss) before income and mining taxes (21,824 ) 1,302 (12,697 ) — (33,219 ) Income and mining tax (expense) benefit 1,550 (350 ) (1,268 ) — (68 ) Income (Loss) after income and mining taxes (20,274 ) 952 (13,965 ) — (33,287 ) Equity income (loss) in consolidated subsidiaries (13,013 ) 809 — 12,204 — NET INCOME (LOSS) $ (33,287 ) $ 1,761 $ (13,965 ) $ 12,204 $ (33,287 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on equity securities, net of tax (915 ) (915 ) — 915 (915 ) Reclassification adjustments for impairment of equity securities, net of tax 928 928 — (928 ) 928 Other comprehensive income (loss) 13 13 — (13 ) 13 COMPREHENSIVE INCOME (LOSS) $ (33,274 ) $ 1,774 $ (13,965 ) $ 12,191 $ (33,274 ) (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED MARCH 31, 2016 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 93,954 $ 54,433 $ — $ 148,387 COSTS AND EXPENSES Costs applicable to sales (1) — 62,364 39,191 — 101,555 Amortization 423 17,859 9,682 — 27,964 COSTS AND EXPENSES General and administrative 8,080 18 178 — 8,276 Exploration 623 184 924 — 1,731 Write-downs — — 4,446 — 4,446 Pre-development, reclamation, and other 452 1,416 2,336 — 4,204 Total costs and expenses 9,578 81,841 56,757 — 148,176 OTHER INCOME (EXPENSE), NET Fair value adjustments, net (1,582 ) (2,249 ) (4,864 ) — (8,695 ) Other, net 338 2,254 (253 ) (1,025 ) 1,314 Interest expense, net of capitalized interest (10,255 ) (213 ) (1,677 ) 1,025 (11,120 ) Total other income (expense), net (11,499 ) (208 ) (6,794 ) — (18,501 ) Loss before income and mining taxes (21,077 ) 11,905 (9,118 ) — (18,290 ) Income and mining tax (expense) benefit (209 ) (307 ) (1,590 ) — (2,106 ) Total loss after income and mining taxes (21,286 ) 11,598 (10,708 ) — (20,396 ) Equity income (loss) in consolidated subsidiaries 890 (4,479 ) — 3,589 — NET INCOME (LOSS) $ (20,396 ) $ 7,119 $ (10,708 ) $ 3,589 $ (20,396 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on marketable securities, net of tax 1,043 976 — (976 ) 1,043 Reclassification adjustments for impairment of marketable securities — — — — — Reclassification adjustments for realized loss on sale of marketable securities 588 (381 ) — 381 588 Other comprehensive income (loss) 1,631 595 — (595 ) 1,631 COMPREHENSIVE INCOME (LOSS) $ (18,765 ) $ 7,714 $ (10,708 ) $ 2,994 $ (18,765 ) |
Condensed Cash Flow Statement | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2015 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) operating activities $ (44,918 ) $ 29,908 $ (643 ) $ 12,204 (3,449 ) CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (12 ) (7,399 ) (10,209 ) — (17,620 ) Purchase of investments (278 ) — — — (278 ) Sales and maturities of investments — 145 84 — 229 Acquisitions (103,000 ) — 982 — (102,018 ) Other (1,767 ) — 37 — (1,730 ) Investments in consolidated subsidiaries 12,221 (810 ) — (11,411 ) — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (92,836 ) (8,064 ) (9,106 ) (11,411 ) (121,417 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings 50,000 — 3,500 — 53,500 Payments on long-term debt, capital leases, and associated costs (6,582 ) (1,818 ) (194 ) — (8,594 ) Gold production royalty payments — — (10,368 ) — (10,368 ) Net intercompany financing activity (1,730 ) (19,628 ) 21,358 — — Other (423 ) — 793 (793 ) (423 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 41,265 (21,446 ) 15,089 (793 ) 34,115 Effect of exchange rate changes on cash and cash equivalents — — (523 ) — (523 ) NET CHANGE IN CASH AND CASH EQUIVALENTS (96,489 ) 398 4,817 — (91,274 ) Cash and cash equivalents at beginning of period 210,361 5,781 54,719 — 270,861 Cash and cash equivalents at end of period $ 113,872 $ 6,179 $ 59,536 $ — $ 179,587 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2016 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) operating activities $ (28,642 ) $ 21,460 $ 10,210 $ 3,589 6,617 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (46 ) (12,790 ) (9,336 ) — (22,172 ) Purchase of investments (7 ) — — — (7 ) Sales and maturities of investments 501 496 — — 997 Other (1,539 ) 4,107 (32 ) — 2,536 Investments in consolidated subsidiaries 3,420 8,179 — (11,599 ) — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 2,329 (8 ) (9,368 ) (11,599 ) (18,646 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on debt, capital leases, and associated costs (250 ) (830 ) (4,891 ) — (5,971 ) Gold production royalty payments — — (9,131 ) — (9,131 ) Net intercompany financing activity (7,879 ) (24,965 ) 24,834 8,010 — Other (280 ) — — — (280 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (8,409 ) (25,795 ) 10,812 8,010 (15,382 ) Effect of exchange rate changes on cash and cash equivalents — 4 82 — 86 NET CHANGE IN CASH AND CASH EQUIVALENTS (34,722 ) (4,339 ) 11,736 — (27,325 ) Cash and cash equivalents at beginning of period 96,123 34,228 70,363 — 200,714 Cash and cash equivalents at end of period $ 61,401 $ 29,889 $ 82,099 $ — $ 173,389 |
Condensed Balance Sheet | 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 MARCH 31, 2016 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 61,401 $ 29,889 $ 82,099 $ — $ 173,389 Receivables — 7,978 74,951 — 82,929 Ore on leach pads — 72,703 — — 72,703 Inventory — 40,828 37,769 — 78,597 Prepaid expenses and other 3,419 3,267 6,444 — 13,130 64,820 154,665 201,263 — 420,748 NON-CURRENT ASSETS Property, plant and equipment, net 4,169 153,046 63,733 — 220,948 Mining properties, net — 192,176 381,928 — 574,104 Ore on leach pads — 49,294 — — 49,294 Restricted assets 7,292 381 5,548 — 13,221 Equity securities — 5,530 — — 5,530 Receivables — — 24,114 — 24,114 Deferred tax assets — — 2,750 — 2,750 Net investment in subsidiaries 124,846 19,478 — (144,324 ) — Other 55,604 9,091 5,299 (55,605 ) 14,389 TOTAL ASSETS $ 256,731 $ 583,661 $ 684,635 $ (199,929 ) $ 1,325,098 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 1,857 $ 20,001 $ 25,097 $ — $ 46,955 Accrued liabilities and other 8,340 12,181 21,516 — 42,037 Debt 1,000 11,478 4,323 — 16,801 Royalty obligations — 4,522 16,661 — 21,183 Reclamation — 1,533 1,930 — 3,463 11,197 49,715 69,527 — 130,439 NON-CURRENT LIABILITIES Debt 467,924 17,376 64,605 (55,605 ) 494,300 Royalty obligations — 6,354 — — 6,354 Reclamation — 63,194 20,708 — 83,902 Deferred tax liabilities 28,806 7,263 110,776 — 146,845 Other long-term liabilities 2,106 3,839 52,173 — 58,118 Intercompany payable (receivable) (658,442 ) 389,838 268,604 — — (159,606 ) 487,864 516,866 (55,605 ) 789,519 STOCKHOLDERS’ EQUITY Common stock 1,532 250 160,336 (160,586 ) 1,532 Additional paid-in capital 3,026,871 179,553 1,879,279 (2,058,832 ) 3,026,871 Accumulated deficit (2,621,172 ) (131,630 ) (1,941,373 ) 2,073,003 (2,621,172 ) Accumulated other comprehensive income (loss) (2,091 ) (2,091 ) — 2,091 (2,091 ) 405,140 46,082 98,242 (144,324 ) 405,140 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 256,731 $ 583,661 $ 684,635 $ (199,929 ) $ 1,325,098 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Financial information relating to reporting segments | ||||
Metal sales | $ 146,636 | $ 150,956 | ||
Royalties | 1,751 | 2,000 | ||
Revenue | 148,387 | 152,956 | ||
Costs applicable to sales | [1] | 101,555 | 115,062 | |
Amortization | 27,964 | 33,090 | ||
Exploration | 1,731 | 4,266 | ||
Write-downs | 4,446 | 0 | ||
Other operating expenses | 12,480 | 15,597 | ||
Fair value adjustments, net | (8,695) | (4,884) | ||
Interest expense, net | (11,120) | (10,765) | ||
Other, net | 1,314 | (2,511) | ||
Income and mining tax benefit (expense) | (2,106) | (68) | ||
Net income (loss) | (20,396) | (33,287) | ||
Assets, Net | 1,117,940 | 1,200,153 | $ 1,103,310 | |
Capital expenditures | 22,172 | 17,620 | ||
Palmarejo [Member] | ||||
Financial information relating to reporting segments | ||||
Metal sales | 29,813 | 39,394 | ||
Royalties | 0 | 0 | ||
Revenue | 29,813 | 39,394 | ||
Costs applicable to sales | 21,038 | 34,491 | ||
Amortization | 7,289 | 7,333 | ||
Exploration | 801 | 1,123 | ||
Write-downs | 0 | 0 | ||
Other operating expenses | 315 | 314 | ||
Fair value adjustments, net | (4,864) | (1,545) | ||
Interest expense, net | (734) | (1,340) | ||
Other, net | (1,235) | (1,103) | ||
Income and mining tax benefit (expense) | 98 | (1,371) | ||
Net income (loss) | (6,365) | (9,226) | ||
Assets, Net | 422,086 | 346,250 | ||
Capital expenditures | 8,815 | 9,184 | ||
Rochester [Member] | ||||
Financial information relating to reporting segments | ||||
Metal sales | 29,982 | 44,031 | ||
Royalties | 0 | 0 | ||
Revenue | 29,982 | 44,031 | ||
Costs applicable to sales | 22,485 | 31,392 | ||
Amortization | 5,313 | 6,843 | ||
Exploration | 109 | 722 | ||
Write-downs | 0 | 0 | ||
Other operating expenses | 681 | 1,141 | ||
Fair value adjustments, net | (2,249) | (2,292) | ||
Interest expense, net | (171) | (225) | ||
Other, net | 3 | (41) | ||
Income and mining tax benefit (expense) | (423) | (350) | ||
Net income (loss) | (1,446) | 1,025 | ||
Assets, Net | 209,692 | 188,419 | ||
Capital expenditures | 3,289 | 3,255 | ||
Kensington [Member] | ||||
Financial information relating to reporting segments | ||||
Metal sales | 35,743 | 44,038 | ||
Royalties | 0 | 0 | ||
Revenue | 35,743 | 44,038 | ||
Costs applicable to sales | 24,418 | 29,419 | ||
Amortization | 8,349 | 11,554 | ||
Exploration | (47) | 1,662 | ||
Write-downs | 0 | 0 | ||
Other operating expenses | 252 | 235 | ||
Fair value adjustments, net | 0 | 0 | ||
Interest expense, net | (43) | (63) | ||
Other, net | (20) | (4) | ||
Income and mining tax benefit (expense) | 0 | 0 | ||
Net income (loss) | 2,708 | 1,101 | ||
Assets, Net | 192,805 | 205,208 | ||
Capital expenditures | 8,090 | 4,144 | ||
Wharf [Member] | ||||
Financial information relating to reporting segments | ||||
Metal sales | 27,929 | 0 | ||
Royalties | 0 | 0 | ||
Revenue | 27,929 | 0 | ||
Costs applicable to sales | 15,461 | 0 | ||
Amortization | 4,051 | 0 | ||
Exploration | 0 | 0 | ||
Write-downs | 0 | 0 | ||
Other operating expenses | 493 | 165 | ||
Fair value adjustments, net | 0 | 0 | ||
Interest expense, net | 0 | 0 | ||
Other, net | 10 | 17 | ||
Income and mining tax benefit (expense) | 116 | 686 | ||
Net income (loss) | 8,050 | 538 | ||
Assets, Net | 113,383 | 142,527 | ||
Capital expenditures | 1,410 | 51 | ||
San Bartolome [Member] | ||||
Financial information relating to reporting segments | ||||
Metal sales | 21,278 | 21,548 | ||
Royalties | 0 | 0 | ||
Revenue | 21,278 | 21,548 | ||
Costs applicable to sales | 17,497 | 19,127 | ||
Amortization | 1,754 | 4,691 | ||
Exploration | 0 | 36 | ||
Write-downs | 0 | 0 | ||
Other operating expenses | 291 | 244 | ||
Fair value adjustments, net | 0 | 0 | ||
Interest expense, net | (3) | (281) | ||
Other, net | 315 | 452 | ||
Income and mining tax benefit (expense) | (1,571) | (1,407) | ||
Net income (loss) | 477 | (3,786) | ||
Assets, Net | 87,750 | 179,638 | ||
Capital expenditures | 521 | 949 | ||
Coeur Capital [Member] | ||||
Financial information relating to reporting segments | ||||
Metal sales | 1,891 | 1,945 | ||
Royalties | 1,751 | 2,000 | ||
Revenue | 3,642 | 3,945 | ||
Costs applicable to sales | 656 | 633 | ||
Amortization | 781 | 2,151 | ||
Exploration | 121 | 75 | ||
Write-downs | 4,446 | 0 | ||
Other operating expenses | 137 | 17 | ||
Fair value adjustments, net | 0 | 0 | ||
Interest expense, net | 0 | 0 | ||
Other, net | 2,282 | (1,525) | ||
Income and mining tax benefit (expense) | (1,292) | 598 | ||
Net income (loss) | (1,509) | 142 | ||
Assets, Net | 17,863 | 57,930 | ||
Capital expenditures | 0 | 0 | ||
Other Mining Properties [Member] | ||||
Financial information relating to reporting segments | ||||
Metal sales | 0 | 0 | ||
Royalties | 0 | 0 | ||
Revenue | 0 | 0 | ||
Costs applicable to sales | 0 | 0 | ||
Amortization | 427 | 518 | ||
Exploration | 747 | 648 | ||
Write-downs | 0 | 0 | ||
Other operating expenses | 10,311 | 13,481 | ||
Fair value adjustments, net | (1,582) | (1,047) | ||
Interest expense, net | (10,169) | (8,856) | ||
Other, net | (41) | (307) | ||
Income and mining tax benefit (expense) | 966 | 1,776 | ||
Net income (loss) | (22,311) | (23,081) | ||
Assets, Net | 74,361 | 80,181 | ||
Capital expenditures | $ 47 | $ 37 | ||
[1] | Excludes amortization. |
Segment Reporting (Details 1)
Segment Reporting (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Segment Reporting [Abstract] | ||||
Assets, Net | $ 1,117,940 | $ 1,103,310 | $ 1,200,153 | |
Cash and cash equivalents | 173,389 | 200,714 | $ 179,587 | $ 270,861 |
Other assets | 33,769 | 28,465 | ||
TOTAL ASSETS | $ 1,325,098 | $ 1,332,489 |
Segment Reporting (Details 2)
Segment Reporting (Details 2) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | $ 797,172 | $ 787,986 | |
Revenues | |||
Revenue | 148,387 | $ 152,956 | |
United States [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 347,021 | 336,210 | |
Revenues | |||
Revenue | 93,654 | 88,069 | |
Mexico [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 397,406 | 390,694 | |
Revenues | |||
Revenue | 30,522 | 40,141 | |
BOLIVIA | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 33,519 | 35,201 | |
Revenues | |||
Revenue | 21,278 | 21,548 | |
Australia [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 3,317 | 5,952 | |
Revenues | |||
Revenue | 1,891 | 1,945 | |
Argentina [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 10,843 | 10,871 | |
Other Foreign Countries [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 5,066 | $ 9,058 | |
Revenues | |||
Revenue | $ 1,042 | $ 1,253 |
Reclamation (Details)
Reclamation (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Asset retirement obligation | |||
Asset retirement obligation - Beginning | $ 82,072 | $ 67,214 | |
Accretion | 1,960 | 1,412 | |
Additions and changes in estimates | 251 | 18,292 | |
Settlements | (309) | (859) | |
Asset retirement obligation - Ending | 83,974 | $ 86,059 | |
Reclamation and Mine Closure (Textual) [Abstract] | |||
Accrued reclamation liabilities | $ 3,400 | $ 3,200 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
January 20, 2016 [Member] | 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, Grants in Period | shares | 1,030,833 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares | $ 1.81 |
January 20, 2016 [Member] | Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 165,479 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 0.86 |
January 20, 2016 [Member] | Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | shares | 1,428,314 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ / shares | $ 2.92 |
March 21, 2016 [Member] | 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, Grants in Period | shares | 685,633 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares | $ 5.76 |
March 21, 2016 [Member] | Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 17,772 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 2.84 |
March 21, 2016 [Member] | Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | shares | 8,763 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ / shares | $ 4.90 |
Stock-Based Compensation (Det50
Stock-Based Compensation (Details 1) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Exercised Units (in shares) | shares | 0 |
Weighted Average Exercised Price (in dollars per shares) | $ / shares | $ 0 |
Number of Exercisable Units (in shares) | shares | 348,279 |
Weighted Average Exercisable Price (in dollars per shares) | $ / shares | $ 17.68 |
Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Exercised Units (in shares) | shares | 0 |
Weighted Average Exercised Price (in dollars per shares) | $ / shares | $ 0 |
Number of Exercisable Units (in shares) | shares | 46,572 |
Weighted Average Exercisable Price (in dollars per shares) | $ / shares | $ 14.06 |
Stock-Based Compensation (Det51
Stock-Based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock-based compensation cost | $ 11.3 | |
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 8 months 12 days | |
Supplementary Incentive Plan Accrual | $ 1.4 | $ 0.2 |
Annual Incentive Plan and Long Term Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense for stock based compensation awards | $ 2.9 | $ 2.2 |
Retirement Savings Plan (Detail
Retirement Savings Plan (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Postemployment Benefits [Abstract] | ||
Percentage of maximum limit for employees to contribute their cash compensation | 75.00% | |
Percentage of employee compensation plus matching contribution | 100.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | |
Total plan expenses | $ 1 | $ 1.6 |
Other, Net (Details)
Other, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other Income and Expenses [Abstract] | ||
Impairment of equity securities | $ 0 | $ (1,514) |
Foreign exchange gain (loss) | (164) | (2,206) |
Gain (loss) on sale of assets | 1,673 | (44) |
Other | (195) | 1,253 |
Other, net | $ 1,314 | $ (2,511) |
Income and Mining Taxes (Detail
Income and Mining Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Examination [Line Items] | ||
Income (loss) before income and mining taxes | $ (18,290) | $ (33,219) |
Income tax provision from continuing operations | ||
Income and mining tax benefit (expense) | (2,106) | (68) |
United States - Alternative Minimum tax [Member] | ||
Income Tax Examination [Line Items] | ||
United States | (9,361) | (20,707) |
Income tax provision from continuing operations | ||
Federal tax expense (benefit) | (532) | 1,886 |
Argentina [Member] | ||
Income Tax Examination [Line Items] | ||
Foreign | (1,015) | (696) |
Income tax provision from continuing operations | ||
Foreign tax expense (benefit) | 1,543 | (1) |
Mexico [Member] | ||
Income Tax Examination [Line Items] | ||
Foreign | (7,509) | (9,672) |
Income tax provision from continuing operations | ||
Foreign tax expense (benefit) | 17 | (1,264) |
BOLIVIA | ||
Income Tax Examination [Line Items] | ||
Foreign | 2,047 | (2,379) |
Income tax provision from continuing operations | ||
Foreign tax expense (benefit) | (1,570) | (1,407) |
Other Countries [Member] | ||
Income Tax Examination [Line Items] | ||
Foreign | (2,452) | 235 |
Income tax provision from continuing operations | ||
Foreign tax expense (benefit) | $ (1,564) | $ 718 |
Income and Mining Taxes (Deta55
Income and Mining Taxes (Details Textual) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefits that would impact effective income tax rate | $ 18.9 | $ 17.9 |
Penalties and interest accrued | 11.3 | $ 9.2 |
Minimum [Member] | ||
Income Tax Contingency [Line Items] | ||
Decrease in unrecognized tax benefits is reasonably possible | 1 | |
Maximum [Member] | ||
Income Tax Contingency [Line Items] | ||
Decrease in unrecognized tax benefits is reasonably possible | $ 1.5 |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Basic EPS | |||
Net income (loss) | $ (20,396) | $ (33,287) | |
Weighted average shares | |||
Basic (in shares) | 150,249,000 | 102,580,000 | |
Effect of stock-based compensation plans (in shares) | 0 | 0 | |
Diluted (in shares) | 150,249,000 | 102,580,000 | |
Income (loss) per share | |||
Basic (in dollars per share) | $ (0.14) | $ (0.32) | |
Diluted (in dollars per share) | $ (0.14) | $ (0.32) | |
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 | 3,321,424 | 1,302,777 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gain (loss) on derivative instruments | $ (8,695) | $ (4,884) |
Embedded Derivative Financial Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gain (loss) on derivative instruments | (4,878) | (1,545) |
Rochester Royalty Obligation [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gain (loss) on derivative instruments | (2,249) | (2,293) |
Silver and gold options [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gain (loss) on derivative instruments | $ (1,568) | $ (1,046) |
Fair Value Measurements (Deta58
Fair Value Measurements (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Total assets | $ 5,718 | |
Liabilities: | ||
Total liabilities | 17,740 | $ 15,058 |
Royalty obligation embedded derivative [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 4,957 | |
Rochester Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 9,593 | |
Other Derivative Instrument [Member] | ||
Assets: | ||
Fair value of derivative asset | 57 | |
Liabilities: | ||
Derivative fair value of derivative liability | 508 | |
Gold Put Purchase and Call Sold Options Net [Member] | ||
Assets: | ||
Fair value of derivative asset | 131 | |
Liabilities: | ||
Derivative fair value of derivative liability | 36 | |
Equity Securities [Member] | ||
Assets: | ||
Equity securities | 5,530 | 2,766 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Total assets | 5,523 | |
Liabilities: | ||
Total liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Royalty obligation embedded derivative [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Fair Value, Inputs, Level 1 [Member] | Rochester Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Fair Value, Inputs, Level 1 [Member] | Other Derivative Instrument [Member] | ||
Assets: | ||
Fair value of derivative asset | 0 | |
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Fair Value, Inputs, Level 1 [Member] | Gold Put Purchase and Call Sold Options Net [Member] | ||
Assets: | ||
Fair value of derivative asset | 0 | |
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Assets: | ||
Equity securities | 5,523 | 2,756 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Total assets | 188 | |
Liabilities: | ||
Total liabilities | 36 | 508 |
Fair Value, Inputs, Level 2 [Member] | Royalty obligation embedded derivative [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Fair Value, Inputs, Level 2 [Member] | Rochester Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Fair Value, Inputs, Level 2 [Member] | Other Derivative Instrument [Member] | ||
Assets: | ||
Fair value of derivative asset | 57 | |
Liabilities: | ||
Derivative fair value of derivative liability | 508 | |
Fair Value, Inputs, Level 2 [Member] | Gold Put Purchase and Call Sold Options Net [Member] | ||
Assets: | ||
Fair value of derivative asset | 131 | |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Assets: | ||
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Total assets | 7 | |
Liabilities: | ||
Total liabilities | 17,704 | 14,550 |
Fair Value, Inputs, Level 3 [Member] | Royalty obligation embedded derivative [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 4,957 | |
Fair Value, Inputs, Level 3 [Member] | Rochester Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 9,593 | |
Fair Value, Inputs, Level 3 [Member] | Other Derivative Instrument [Member] | ||
Assets: | ||
Fair value of derivative asset | 0 | |
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Fair Value, Inputs, Level 3 [Member] | Gold Put Purchase and Call Sold Options Net [Member] | ||
Assets: | ||
Fair value of derivative asset | 0 | |
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Assets: | ||
Equity securities | 7 | $ 10 |
Palmarejo Royalty Obligation [Member] | Royalty obligation embedded derivative [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 6,827 | |
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 | 6,827 | |
Rochester Royalty Obligation [Member] | Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 10,877 | |
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 | $ 10,877 |
Fair Value Measurements (Deta59
Fair Value Measurements (Details 2) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Equity Securities [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at the beginning of the period | $ 10 |
Revaluation | 0 |
Settlements | (3) |
Balance at the end of the period | 7 |
Palmarejo Royalty Obligation [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at the beginning of the period | 4,957 |
Revaluation | 4,878 |
Settlements | (3,008) |
Balance at the end of the period | 6,827 |
Rochester Royalty Obligation [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at the beginning of the period | 9,593 |
Revaluation | 2,249 |
Settlements | (965) |
Balance at the end of the period | $ 10,877 |
Fair Value Measurements (Deta60
Fair Value Measurements (Details 3) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt and Capital Lease Obligations | $ 494,300 | $ 479,979 |
Debt | 16,801 | 10,431 |
Convertible Senior Notes Due March 2028 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Face Amount | 712 | |
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 | 591 | 693 |
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 | 712 | |
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 | 591 | 693 |
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] | ||
Long-term Debt and Capital Lease Obligations | 373,695 | |
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 | 307,732 | 227,487 |
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 | 373,433 | |
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 | 307,732 | 227,487 |
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 | 10,081 | 15,580 |
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 | 9,833 | 15,207 |
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 | 10,081 | 15,580 |
Short Term Credit Agreement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 94,517 | 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 | 99,250 | 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 | 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 | 99,250 | 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 | 0 |
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 | |
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 | |
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 | |
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 | |
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 |
Fair Value Measurements (Deta61
Fair Value Measurements (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Palmarejo [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Expected Royalty Duration | 0.4 | |
Rochester [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Expected Royalty Duration | 2.3 | |
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% |
Short Term Credit Agreement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unamortized debt issuance expense | $ 4.7 | $ 5 |
Senior Notes due 2021 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium), Net | $ 5.1 | $ 5.3 |
Derivative Financial Instrume62
Derivative Financial Instruments (Details) | 3 Months Ended | |
Mar. 31, 2016USD ($)oz$ / oz | Mar. 31, 2015USD ($) | |
Derivative [Line Items] | ||
Remaining ounces under royalty obligation | oz | 20,994 | |
Gain (loss) on derivative instruments | $ (8,695,000) | $ (4,884,000) |
Derivative instruments Settlement | ||
Price per ounce under agreement | 416 | |
Palmarejo gold production royalty [Member] | 2016 [Member] | ||
Derivative instruments Settlement | ||
Derivative, notional amount | 17,240,000 | |
Price per ounce under agreement | $ 821 | |
Notional ounces | oz | 20,994 | |
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] | 2016 [Member] | ||
Derivative instruments Settlement | ||
Derivative, notional amount | $ 6,736,000 | |
Derivative average price | $ / oz | 15.36 | |
Outstanding Provisionally Priced Sales Consists of Silver | oz | 438,573 | |
Silver concentrate sales agreements [Member] | Thereafter [Member] | ||
Derivative instruments Settlement | ||
Derivative, notional amount | $ 0 | |
Derivative average price | $ / oz | 0 | |
Notional ounces | oz | 0 | |
Gold concentrates sales agreements [Member] | 2016 [Member] | ||
Derivative instruments Settlement | ||
Derivative, notional amount | $ 45,868,000 | |
Derivative average price | $ / oz | 1,183 | |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 38,773 | |
Gold concentrates sales agreements [Member] | Thereafter [Member] | ||
Derivative instruments Settlement | ||
Derivative, notional amount | $ 0 | |
Derivative average price | $ / oz | 0 | |
Notional ounces | oz | 0 | |
Silver put options purchased [Member] | 2016 [Member] | ||
Derivative instruments Settlement | ||
Derivative, notional amount | $ 4,500,000 | |
Derivative, Weighted Average Strike Price of Put Options | $ / oz | 15 | |
Silver put options purchased [Member] | Thereafter [Member] | ||
Derivative instruments Settlement | ||
Derivative, notional amount | $ 0 | |
Derivative, Weighted Average Strike Price of Put Options | $ / oz | 0 | |
Notional ounces | oz | 0 | |
Silver Put Options Sold [Member] | 2016 [Member] | ||
Derivative instruments Settlement | ||
Derivative, notional amount | $ 4,200,000 | |
Derivative, Weighted Average Strike Price of Put Options | $ / oz | 14 | |
Notional ounces | oz | 300,000 | |
Silver Put Options Sold [Member] | Thereafter [Member] | ||
Derivative instruments Settlement | ||
Derivative, notional amount | $ 0 | |
Derivative, Weighted Average Strike Price of Put Options | $ / oz | 0 | |
Notional ounces | oz | 0 |
Derivative Financial Instrume63
Derivative Financial Instruments (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Prepaid expenses and other [Member] | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | $ 216 | $ 28 |
Accrued liabilities and other [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 64 | 536 |
Current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 6,827 | 4,957 |
Non-current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 0 | 0 |
Palmarejo gold production royalty [Member] | Current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 6,827 | 4,957 |
Palmarejo gold production royalty [Member] | Non-current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 0 | 0 |
Put and call options, net [Member] | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | 131 | |
Derivative Liability, Fair Value | 36 | |
Put and call options, net [Member] | Accrued liabilities and other [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 36 | |
Put and call options, net [Member] | Non-current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 0 | |
Concentrate sales contracts [Member] | Prepaid expenses and other [Member] | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | 85 | 28 |
Concentrate sales contracts [Member] | Accrued liabilities and other [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 28 | 536 |
Concentrate sales contracts [Member] | Non-current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | $ 0 | $ 0 |
Derivative Financial Instrume64
Derivative Financial Instruments (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fair value adjustments, net | $ (8,695) | $ (4,884) | |
Fair value adjustments, net | (5,880) | (1,677) | |
Concentrate Sales Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized Gain (Loss) on Derivatives | 566 | 914 | |
Embedded Derivative Financial Instruments [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fair value adjustments, net | (4,878) | (1,545) | |
Silver and gold options [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized Gain (Loss) on Derivatives | 0 | $ 200 | |
Fair value adjustments, net | $ (1,568) | $ (1,046) |
Derivative Financial Instrume65
Derivative Financial Instruments (Details Textual) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2016USD ($)oz$ / oz | Mar. 31, 2015USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Jan. 21, 2009 | |
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | |||||
Remaining ounces under royalty obligation | oz | 20,994 | ||||
Fair Value Assumptions, Risk Free Interest Rate | 12.40% | 19.90% | |||
Gain (loss) on derivative instruments | $ (8,695,000) | $ (4,884,000) | |||
Price per ounce under agreement | 416 | ||||
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 | ||||
Realized losses | $ 3,000,000 | 4,200,000 | |||
Palmarejo gold production royalty [Member] | |||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | |||||
Production to be sold, percent | 50.00% | ||||
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 | $ 600,000 | 900,000 | |||
Unrealized Gain (Loss) on Derivatives | 566,000 | 914,000 | |||
Embedded Derivative Financial Instruments [Member] | |||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | |||||
Gain (loss) on derivative instruments | (4,878,000) | (1,545,000) | |||
Silver and gold options [Member] | |||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | |||||
Gain (loss) on derivative instruments | (1,568,000) | (1,046,000) | |||
Unrealized Gain (Loss) on Derivatives | 0 | $ 200,000 | |||
Mark-to-market gains and (losses) on forward foreign exchange contract | $ (1,600,000) | $ (800,000) | |||
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 put options purchased [Member] | |||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | |||||
Derivative, Weighted Average Strike Price of Put Options | $ / oz | 15 | ||||
Derivative Instruments Settle in Year One [Member] | Silver concentrate sales agreements [Member] | |||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | |||||
Outstanding provisionally priced sales consists of silver | oz | 438,573 | ||||
Derivative Average Price | $ / oz | 15.36 | ||||
Derivative Instruments Settle in Year One [Member] | Gold concentrates sales agreements [Member] | |||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | |||||
Outstanding provisionally priced sales consists of Gold | oz | 38,773 | ||||
Derivative Average Price | $ / oz | 1,183 | ||||
Derivative Instruments Settle in Year One [Member] | Silver Put Options Sold [Member] | |||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | |||||
Notional ounces | oz | 300,000 | ||||
Derivative, Weighted Average Strike Price of Put Options | $ / oz | 14 | ||||
Prepaid Expenses and Other Current Assets [Member] | Gold Put Purchase and Call Sold Options Net [Member] | |||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | |||||
Fair Value, Asian Put Options | $ 100,000 | ||||
Palmarejo Royalty Obligation [Member] | |||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 6,827,000 | $ 4,957,000 |
Acquisitions (Details)
Acquisitions (Details) - Wharf Gold Mine [Member] - USD ($) $ in Thousands | Feb. 20, 2015 | Mar. 31, 2016 | Mar. 31, 2015 |
Business Acquisition [Line Items] | |||
Cash | $ 99,400 | ||
Transaction advisory fees and other acquisition costs | $ 2,100 | ||
Business Acquisition, Pro Forma Information [Abstract] | |||
Revenue | $ 148,387 | $ 170,956 | |
Income (loss) before income and mining taxes | (18,290) | (33,271) | |
Net income (loss) | $ (20,396) | $ (33,340) |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Investment in Marketable Securities (Textual) [Abstract] | |||
Impairment of equity securities | $ 0 | $ (1,514) | |
Equity Securities [Member] | |||
Available-for-sale Securities | |||
Cost | 3,509 | $ 3,386 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 108 | 1,179 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 2,129 | 559 | |
Available-for-sale Securities, Estimated Fair Value | 5,530 | $ 2,766 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 108 | ||
Less than twelve Months, Fair Value | 103 | ||
Twelve months or more, Fair Value | 0 | ||
Fair Value | $ 103 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Receivables - current portion | ||
Accounts receivable - trade | $ 12,308 | $ 17,878 |
Refundable income tax | 14,203 | 13,678 |
Refundable value added tax | 53,022 | 50,669 |
Accounts receivable - other | 3,396 | 3,767 |
Receivables, net current portion | 82,929 | 85,992 |
Receivables - non-current portion | ||
Refundable value added tax | 24,114 | 24,768 |
Total receivables | $ 107,043 | $ 110,760 |
Inventory and Ore on Leach Pa69
Inventory and Ore on Leach Pads (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Inventory, Finished Goods, Net of Reserves | $ 17,373 | $ 16,165 |
Other Inventory, Net of Reserves | 19,122 | 21,908 |
Inventory, Supplies, Net of Reserves | 42,102 | 43,638 |
Inventory | 78,597 | 81,711 |
Ore on Leach Pad, Current | 72,703 | 67,329 |
Ore on leach pads, noncurrent | 49,294 | 44,582 |
Inventory, Ore Stockpiles on Leach Pads, Gross | 121,997 | 111,911 |
Inventory and Ore on Leach Pads | $ 200,594 | $ 193,622 |
Property, Plant and Equipment70
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Property, plant and equipment | ||
Land | $ 8,287 | $ 8,287 |
Building improvements | 664,364 | 654,585 |
Capitalized leases for machinery, equipment and buildings | 62,148 | 30,648 |
Property, plant and equipment, gross | 734,799 | 693,520 |
Accumulated depreciation and amortization | (524,315) | (514,509) |
Property Plant and Equipment Net before Construction in Progress | 210,484 | 179,011 |
Construction in Progress | 10,464 | 16,988 |
Property, plant and equipment, net | $ 220,948 | $ 195,999 |
Mining Properties (Details)
Mining Properties (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Mining Properties | ||
Operational mining properties: | $ 624,370 | $ 612,162 |
Accumulated depletion | (435,251) | (424,642) |
Operational mining properties, net | 189,119 | 187,520 |
Mineral interest | 796,533 | 806,436 |
Accumulated depletion | (411,548) | (404,737) |
Mineral interest, net | 384,985 | 401,699 |
Total mining properties | 574,104 | 589,219 |
Palmarejo [Member] | ||
Mining Properties | ||
Operational mining properties: | 156,257 | 151,828 |
Accumulated depletion | (131,770) | (131,055) |
Operational mining properties, net | 24,487 | 20,773 |
Mineral interest | 629,303 | 629,303 |
Accumulated depletion | (354,554) | (348,268) |
Mineral interest, net | 274,749 | 281,035 |
Total mining properties | 299,236 | 301,808 |
Rochester [Member] | ||
Mining Properties | ||
Operational mining properties: | 150,648 | 149,756 |
Accumulated depletion | (129,100) | (126,242) |
Operational mining properties, net | 21,548 | 23,514 |
Mineral interest | 0 | 0 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 0 | 0 |
Total mining properties | 21,548 | 23,514 |
Kensington [Member] | ||
Mining Properties | ||
Operational mining properties: | 245,433 | 238,786 |
Accumulated depletion | (136,757) | (131,236) |
Operational mining properties, net | 108,676 | 107,550 |
Mineral interest | 0 | 0 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 0 | 0 |
Total mining properties | 108,676 | 107,550 |
Wharf [Member] | ||
Mining Properties | ||
Operational mining properties: | 32,509 | 32,318 |
Accumulated depletion | (6,836) | (5,784) |
Operational mining properties, net | 25,673 | 26,534 |
Mineral interest | 45,837 | 45,837 |
Accumulated depletion | (12,002) | (10,551) |
Mineral interest, net | 33,835 | 35,286 |
Total mining properties | 59,508 | 61,820 |
San Bartolome [Member] | ||
Mining Properties | ||
Operational mining properties: | 39,523 | 39,474 |
Accumulated depletion | (30,788) | (30,325) |
Operational mining properties, net | 8,735 | 9,149 |
Mineral interest | 12,868 | 12,868 |
Accumulated depletion | (11,471) | (11,400) |
Mineral interest, net | 1,397 | 1,468 |
Total mining properties | 10,132 | 10,617 |
La Preciosa [Member] | ||
Mining Properties | ||
Operational mining properties: | 0 | 0 |
Accumulated depletion | 0 | 0 |
Operational mining properties, net | 0 | 0 |
Mineral interest | 49,085 | 49,085 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 49,085 | 49,085 |
Total mining properties | 49,085 | 49,085 |
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 | 49,440 | 59,343 |
Accumulated depletion | (33,521) | (34,518) |
Mineral interest, net | 15,919 | 24,825 |
Total mining properties | $ 15,919 | $ 24,825 |
Mining Properties (Details Text
Mining Properties (Details Textual) - USD ($) $ in Thousands, shares in Millions | Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Apr. 19, 2016 |
Property, Plant and Equipment [Line Items] | ||||
Write-downs | $ 4,446 | $ 0 | ||
Cerro Bayo Mine [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Net smelter return paid (as a percent) | 2.00% | |||
Transfer of Financial Assets Accounted for as Sales, Cash Proceeds Received for Assets Derecognized, Amount | $ 5,700 | $ 5,700 | ||
Proceeds from Sale of Productive Assets | $ 4,000 | |||
Disposition of Assets, Consideration Transferred, Shares Received | 2.5 | |||
Endeavor [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Mineral Interests, Percent | 100.00% | |||
Write-downs | $ 2,500 | |||
McEwen Mining Inc, El Gallo, Magistral Mine [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Write-downs | $ 1,900 | |||
Subsequent Event [Member] | McEwen Mining Inc, El Gallo, Magistral Mine [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Transfer of Financial Assets Accounted for as Sales, Cash Proceeds Received for Assets Derecognized, Amount | $ 6,300 | |||
Disposition of Assets, Contingent Consideration, Asset | $ 1,000 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Long term debt and capital lease obligations | |||
Current | $ 16,801 | $ 10,431 | |
Debt | 494,300 | 479,979 | |
Interest expenses incurred for various debt instruments | |||
Interest Paid on Convertible Notes due 2028 | 6 | $ 37 | |
Interest Paid on Senior Notes due 2021 | 7,457 | 8,562 | |
Interest paid on term loan due 2020 | 2,264 | 0 | |
San Bartolomé Lines of Credit | 15 | 272 | |
Interest Paid on Capital Leases | 265 | 298 | |
Interest Expense, Debt | 11 | 0 | |
Accretion of Franco Nevada royalty obligation | 765 | 2,031 | |
Debt Issuance Cost | 631 | 405 | |
Amortization of debt issuance costs | 91 | 105 | |
Capitalized interest | (203) | (735) | |
Total interest expense, net of capitalized interest | 11,120 | $ 10,765 | |
San Bartolome Letter of Credit Facility [Member] | |||
Long term debt and capital lease obligations | |||
Debt | $ 0 | 4,571 | |
3.25% Convertible Senior Notes due March 2028 [Member] | |||
Long term debt and capital lease obligations | |||
Debt Instrument, Face Amount | $ 712 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | |
Senior Notes due 2021 [Member] | |||
Long term debt and capital lease obligations | |||
Debt | $ 373,695 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.875% | 7.875% | |
Capital Lease Obligations [Member] | |||
Long term debt and capital lease obligations | |||
Debt | $ 26,376 | $ 7,774 | |
3.25% Convertible Senior Notes due March 2028 [Member] | |||
Long term debt and capital lease obligations | |||
Current | 0 | 0 | |
Senior Notes due 2021 [Member] | |||
Long term debt and capital lease obligations | |||
Current | 0 | 0 | |
Short Term Credit Agreement [Member] | |||
Long term debt and capital lease obligations | |||
Current | 1,000 | 1,000 | |
Debt | 93,517 | 93,489 | |
San Bartolome Letter of Credit Facility [Member] | |||
Long term debt and capital lease obligations | |||
Current | 0 | 0 | |
Capital Lease Obligations [Member] | |||
Long term debt and capital lease obligations | |||
Current | $ 15,801 | $ 9,431 |
Debt (Details Textual)
Debt (Details Textual) | Jun. 23, 2015USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2016USD ($)debtoz | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) |
Debt and capital lease obligations (Textual) [Abstract] | |||||
Number of lines of credits, outstanding | debt | 2 | ||||
Percentage of Actual Gold Production | 50.00% | ||||
Price per ounce under agreement | $ 416 | ||||
Cash payments on gold production royalty | $ 9,131,000 | $ 10,368,000 | |||
Debt Instrument, Commodity Royalty Payments | oz | 379,006 | ||||
Remaining ounces under royalty obligation | oz | 20,994 | ||||
Additional Long term debt and capital lease obligations(Textual) [Abstract] | |||||
Accretion of Royalty Obligation | $ 765,000 | 2,031,000 | |||
Remaining Minimum Obligation Under Royalty Agreements | 9,800,000 | $ 15,200,000 | |||
Convertible Senior Notes Due March 2028 [Member] | |||||
Debt and capital lease obligations (Textual) [Abstract] | |||||
Debt Instrument, Face Amount | 712,000 | ||||
Banco de Credito Line of Credit [Member] | |||||
Debt and capital lease obligations (Textual) [Abstract] | |||||
Borrowing under term facility | $ 27,000,000 | ||||
Palmarejo gold production royalty [Member] | |||||
Debt and capital lease obligations (Textual) [Abstract] | |||||
Effective interest rate on the notes | 30.50% | ||||
Palmarejo gold production royalty [Member] | |||||
Debt and capital lease obligations (Textual) [Abstract] | |||||
Payment made for gold on the end of royalty obligation | oz | 4,167 | ||||
Annual Inflation Compounding Adjustment | 1.00% | ||||
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 Instrument, Repurchased Face Amount | $ 4,600,000 | 4,600,000 | |||
Senior Notes due 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 5,100,000 | 5,300,000 | |||
Debt and capital lease obligations (Textual) [Abstract] | |||||
Redemption period, low range | 30 days | ||||
Redemption period, upper range | 60 days | ||||
Redemption price after initial redemption period (as a percent) | 100.00% | ||||
Short Term Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance expense | $ 4,700,000 | $ 5,000,000 | |||
Debt and capital lease obligations (Textual) [Abstract] | |||||
Short-term Debt | $ 50,000,000 | $ 50,000,000 | |||
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 | 800,000 | ||||
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% | ||||
Reported Value Measurement [Member] | Convertible Senior Notes Due March 2028 [Member] | |||||
Debt and capital lease obligations (Textual) [Abstract] | |||||
Debt Instrument, Face Amount | $ 712,000 |
Supplemental Guarantor Inform75
Supplemental Guarantor Information Condensed Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | $ 148,387 | $ 152,956 | |
Costs applicable to sales | [1] | 101,555 | 115,062 |
Amortization | 27,964 | 33,090 | |
General and Administrative Expense | 8,276 | 8,834 | |
Exploration Expense, Mining | 1,731 | 4,266 | |
Write-downs | 4,446 | 0 | |
Pre-development, reclamation, and other | 4,204 | 6,763 | |
Total costs and expenses | 148,176 | 168,015 | |
Gain (loss) on derivative instruments | (8,695) | (4,884) | |
Other, net | 1,314 | (2,511) | |
Interest expense, net | (11,120) | (10,765) | |
Total other income (expense), net | (18,501) | (18,160) | |
Income (loss) before income and mining taxes | (18,290) | (33,219) | |
Income and mining tax benefit (expense) | (2,106) | (68) | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (20,396) | (33,287) | |
Income (Loss) from Equity Method Investments | 0 | 0 | |
NET INCOME (LOSS) | (20,396) | (33,287) | |
Unrealized gain (loss) on available for sale securities | 1,043 | (915) | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 0 | 928 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 588 | 0 | |
Other comprehensive income (loss) | 1,631 | 13 | |
COMPREHENSIVE INCOME (LOSS) | (18,765) | (33,274) | |
Coeur Mining, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | 0 | 0 | |
Costs applicable to sales | 0 | 0 | |
Amortization | 423 | 502 | |
General and Administrative Expense | 8,080 | 8,750 | |
Exploration Expense, Mining | 623 | 563 | |
Write-downs | 0 | ||
Pre-development, reclamation, and other | 452 | 3,388 | |
Total costs and expenses | 9,578 | 13,203 | |
Gain (loss) on derivative instruments | (1,582) | (1,046) | |
Other, net | 338 | 1,280 | |
Interest expense, net | (10,255) | (8,855) | |
Total other income (expense), net | (11,499) | (8,621) | |
Income (loss) before income and mining taxes | (21,077) | (21,824) | |
Income and mining tax benefit (expense) | (209) | 1,550 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (21,286) | (20,274) | |
Income (Loss) from Equity Method Investments | 890 | (13,013) | |
NET INCOME (LOSS) | (20,396) | (33,287) | |
Unrealized gain (loss) on available for sale securities | 1,043 | (915) | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 0 | 928 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 588 | ||
Other comprehensive income (loss) | 1,631 | 13 | |
COMPREHENSIVE INCOME (LOSS) | (18,765) | (33,274) | |
Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | 93,954 | 88,672 | |
Costs applicable to sales | 62,364 | 60,811 | |
Amortization | 17,859 | 18,567 | |
General and Administrative Expense | 18 | 7 | |
Exploration Expense, Mining | 184 | 2,458 | |
Write-downs | 0 | ||
Pre-development, reclamation, and other | 1,416 | 1,375 | |
Total costs and expenses | 81,841 | 83,218 | |
Gain (loss) on derivative instruments | (2,249) | (2,293) | |
Other, net | 2,254 | (1,571) | |
Interest expense, net | (213) | (288) | |
Total other income (expense), net | (208) | (4,152) | |
Income (loss) before income and mining taxes | 11,905 | 1,302 | |
Income and mining tax benefit (expense) | (307) | (350) | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 11,598 | 952 | |
Income (Loss) from Equity Method Investments | (4,479) | 809 | |
NET INCOME (LOSS) | 7,119 | 1,761 | |
Unrealized gain (loss) on available for sale securities | 976 | (915) | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 0 | 928 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (381) | ||
Other comprehensive income (loss) | 595 | 13 | |
COMPREHENSIVE INCOME (LOSS) | 7,714 | 1,774 | |
Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | 54,433 | 64,284 | |
Costs applicable to sales | 39,191 | 54,251 | |
Amortization | 9,682 | 14,021 | |
General and Administrative Expense | 178 | 77 | |
Exploration Expense, Mining | 924 | 1,245 | |
Write-downs | 4,446 | ||
Pre-development, reclamation, and other | 2,336 | 2,000 | |
Total costs and expenses | 56,757 | 71,594 | |
Gain (loss) on derivative instruments | (4,864) | (1,545) | |
Other, net | (253) | (1,398) | |
Interest expense, net | (1,677) | (2,444) | |
Total other income (expense), net | (6,794) | (5,387) | |
Income (loss) before income and mining taxes | (9,118) | (12,697) | |
Income and mining tax benefit (expense) | (1,590) | (1,268) | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (10,708) | (13,965) | |
Income (Loss) from Equity Method Investments | 0 | 0 | |
NET INCOME (LOSS) | (10,708) | (13,965) | |
Unrealized gain (loss) on available for sale securities | 0 | 0 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | ||
Other comprehensive income (loss) | 0 | 0 | |
COMPREHENSIVE INCOME (LOSS) | (10,708) | (13,965) | |
Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | 0 | 0 | |
Costs applicable to sales | 0 | 0 | |
Amortization | 0 | 0 | |
General and Administrative Expense | 0 | 0 | |
Exploration Expense, Mining | 0 | 0 | |
Write-downs | 0 | ||
Pre-development, reclamation, and other | 0 | 0 | |
Total costs and expenses | 0 | 0 | |
Gain (loss) on derivative instruments | 0 | 0 | |
Other, net | (1,025) | (822) | |
Interest expense, net | 1,025 | 822 | |
Total other income (expense), net | 0 | 0 | |
Income (loss) before income and mining taxes | 0 | 0 | |
Income and mining tax benefit (expense) | 0 | 0 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 0 | 0 | |
Income (Loss) from Equity Method Investments | 3,589 | 12,204 | |
NET INCOME (LOSS) | 3,589 | 12,204 | |
Unrealized gain (loss) on available for sale securities | (976) | 915 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 0 | (928) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 381 | ||
Other comprehensive income (loss) | (595) | (13) | |
COMPREHENSIVE INCOME (LOSS) | $ 2,994 | $ 12,191 | |
[1] | Excludes amortization. |
Supplemental Guarantor Inform76
Supplemental Guarantor Information Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | $ 6,617 | $ (3,449) |
Capital expenditures | (22,172) | (17,620) |
Purchase of short term investments and equity securities | (7) | (278) |
Sales and maturities of short-term investments | 997 | 229 |
Acquisitions, net of cash acquired | 0 | (102,018) |
Proceeds from Discontinued Operations Sale of Assets and Other | 2,536 | (1,730) |
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | 0 |
CASH USED IN INVESTING ACTIVITIES | (18,646) | (121,417) |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (5,971) | (8,594) |
Cash payments on gold production royalty | (9,131) | |
Proceeds From Repayment Intercompany Borrowings | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | (280) | (423) |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (15,382) | 34,115 |
Effect of exchange rate changes on cash and cash equivalents | 86 | (523) |
Cash and Cash Equivalents, Period Increase (Decrease) | (27,325) | (91,274) |
Cash and cash equivalents at beginning of period | 200,714 | 270,861 |
Cash and cash equivalents at end of period | 173,389 | 179,587 |
Coeur Mining, Inc. | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | (28,642) | (44,918) |
Capital expenditures | (46) | (12) |
Purchase of short term investments and equity securities | (7) | (278) |
Sales and maturities of short-term investments | 501 | 0 |
Acquisitions, net of cash acquired | (103,000) | |
Proceeds from Discontinued Operations Sale of Assets and Other | (1,539) | (1,767) |
Payments to Acquire Interest in Subsidiaries and Affiliates | 3,420 | 12,221 |
CASH USED IN INVESTING ACTIVITIES | 2,329 | (92,836) |
Issuance of notes and bank borrowings | 50,000 | |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (250) | (6,582) |
Cash payments on gold production royalty | 0 | 0 |
Proceeds From Repayment Intercompany Borrowings | (7,879) | (1,730) |
Proceeds from (Payments for) Other Financing Activities | (280) | (423) |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (8,409) | 41,265 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | (34,722) | (96,489) |
Cash and cash equivalents at beginning of period | 96,123 | 210,361 |
Cash and cash equivalents at end of period | 61,401 | 113,872 |
Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | 21,460 | 29,908 |
Capital expenditures | (12,790) | (7,399) |
Purchase of short term investments and equity securities | 0 | 0 |
Sales and maturities of short-term investments | 496 | 145 |
Acquisitions, net of cash acquired | 0 | |
Proceeds from Discontinued Operations Sale of Assets and Other | 4,107 | 0 |
Payments to Acquire Interest in Subsidiaries and Affiliates | 8,179 | (810) |
CASH USED IN INVESTING ACTIVITIES | (8) | (8,064) |
Issuance of notes and bank borrowings | 0 | |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (830) | (1,818) |
Cash payments on gold production royalty | 0 | 0 |
Proceeds From Repayment Intercompany Borrowings | (24,965) | (19,628) |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (25,795) | (21,446) |
Effect of exchange rate changes on cash and cash equivalents | 4 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | (4,339) | 398 |
Cash and cash equivalents at beginning of period | 34,228 | 5,781 |
Cash and cash equivalents at end of period | 29,889 | 6,179 |
Non-Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | 10,210 | (643) |
Capital expenditures | (9,336) | (10,209) |
Purchase of short term investments and equity securities | 0 | 0 |
Sales and maturities of short-term investments | 0 | 84 |
Acquisitions, net of cash acquired | 982 | |
Proceeds from Discontinued Operations Sale of Assets and Other | (32) | 37 |
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | 0 |
CASH USED IN INVESTING ACTIVITIES | (9,368) | (9,106) |
Issuance of notes and bank borrowings | 3,500 | |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (4,891) | (194) |
Cash payments on gold production royalty | (9,131) | (10,368) |
Proceeds From Repayment Intercompany Borrowings | 24,834 | 21,358 |
Proceeds from (Payments for) Other Financing Activities | 0 | 793 |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 10,812 | 15,089 |
Effect of exchange rate changes on cash and cash equivalents | 82 | (523) |
Cash and Cash Equivalents, Period Increase (Decrease) | 11,736 | 4,817 |
Cash and cash equivalents at beginning of period | 70,363 | 54,719 |
Cash and cash equivalents at end of period | 82,099 | 59,536 |
Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | 3,589 | 12,204 |
Capital expenditures | 0 | 0 |
Purchase of short term investments and equity securities | 0 | 0 |
Sales and maturities of short-term investments | 0 | 0 |
Acquisitions, net of cash acquired | 0 | |
Proceeds from Discontinued Operations Sale of Assets and Other | 0 | 0 |
Payments to Acquire Interest in Subsidiaries and Affiliates | (11,599) | (11,411) |
CASH USED IN INVESTING ACTIVITIES | (11,599) | (11,411) |
Issuance of notes and bank borrowings | 0 | |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 0 | 0 |
Cash payments on gold production royalty | 0 | 0 |
Proceeds From Repayment Intercompany Borrowings | 8,010 | 0 |
Proceeds from (Payments for) Other Financing Activities | 0 | (793) |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 8,010 | (793) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $ 0 | $ 0 |
Supplemental Guarantor Inform77
Supplemental Guarantor Information Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | $ 173,389 | $ 200,714 |
Receivables | 82,929 | 85,992 |
Ore on leach pads | 72,703 | 67,329 |
Inventory, Net | 78,597 | 81,711 |
Prepaid expenses and other | 13,130 | 10,942 |
Current assets | 420,748 | 446,688 |
Property, plant and equipment, net | 220,948 | 195,999 |
Mining properties, net | 574,104 | 589,219 |
Ore on leach pads | 49,294 | 44,582 |
Restricted assets | 13,221 | 11,633 |
Equity securities | 5,530 | 2,766 |
Receivables | 24,114 | 24,768 |
Deferred tax assets | 2,750 | 1,942 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 |
Other Assets, Noncurrent | 14,389 | 14,892 |
TOTAL ASSETS | 1,325,098 | 1,332,489 |
Accounts payable | 46,955 | 48,732 |
Accrued liabilities and other | 42,037 | 53,953 |
Debt | 16,801 | 10,431 |
Royalty obligations | 21,183 | 24,893 |
Reclamation | 3,463 | 2,071 |
Liabilities, Current | 130,439 | 140,080 |
Debt | 494,300 | 479,979 |
Royalty obligations | 6,354 | 4,864 |
Reclamation | 83,902 | 83,197 |
Deferred tax liabilities | 146,845 | 147,132 |
Other long-term liabilities | 58,118 | 55,761 |
Intercompany Payable Receivable | 0 | 0 |
Non-current liabilities | 789,519 | 770,933 |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 153,240,428 at March 31, 2016 and 151,339,136 at December 31, 2015 | 1,532 | 1,513 |
Additional paid-in capital | 3,026,871 | 3,024,461 |
Accumulated deficit | (2,621,172) | (2,600,776) |
Accumulated other comprehensive income (loss) | (2,091) | (3,722) |
Stockholders' equity | 405,140 | 421,476 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,325,098 | 1,332,489 |
Coeur Mining, Inc. | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | 61,401 | 96,123 |
Receivables | 0 | 11 |
Ore on leach pads | 0 | 0 |
Inventory, Net | 0 | 0 |
Prepaid expenses and other | 3,419 | 3,496 |
Current assets | 64,820 | 99,630 |
Property, plant and equipment, net | 4,169 | 4,546 |
Mining properties, net | 0 | 0 |
Ore on leach pads | 0 | 0 |
Restricted assets | 7,292 | 5,755 |
Equity securities | 0 | 434 |
Receivables | 0 | 0 |
Deferred tax assets | 0 | 0 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 124,846 | 127,671 |
Other Assets, Noncurrent | 55,604 | 54,578 |
TOTAL ASSETS | 256,731 | 292,614 |
Accounts payable | 1,857 | 1,743 |
Accrued liabilities and other | 8,340 | 20,555 |
Debt | 1,000 | 1,000 |
Royalty obligations | 0 | 0 |
Reclamation | 0 | 0 |
Liabilities, Current | 11,197 | 23,298 |
Debt | 467,924 | 467,634 |
Royalty obligations | 0 | 0 |
Reclamation | 0 | 0 |
Deferred tax liabilities | 28,806 | 28,600 |
Other long-term liabilities | 2,106 | 2,171 |
Intercompany Payable Receivable | (658,442) | (650,565) |
Non-current liabilities | (159,606) | (152,160) |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 153,240,428 at March 31, 2016 and 151,339,136 at December 31, 2015 | 1,532 | 1,513 |
Additional paid-in capital | 3,026,871 | 3,024,461 |
Accumulated deficit | (2,621,172) | (2,600,776) |
Accumulated other comprehensive income (loss) | (2,091) | (3,722) |
Stockholders' equity | 405,140 | 421,476 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 256,731 | 292,614 |
Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | 29,889 | 34,228 |
Receivables | 7,978 | 12,773 |
Ore on leach pads | 72,703 | 67,329 |
Inventory, Net | 40,828 | 45,491 |
Prepaid expenses and other | 3,267 | 1,075 |
Current assets | 154,665 | 160,896 |
Property, plant and equipment, net | 153,046 | 138,706 |
Mining properties, net | 192,176 | 199,303 |
Ore on leach pads | 49,294 | 44,582 |
Restricted assets | 381 | 381 |
Equity securities | 5,530 | 2,332 |
Receivables | 0 | 0 |
Deferred tax assets | 0 | 0 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 19,478 | 27,657 |
Other Assets, Noncurrent | 9,091 | 9,197 |
TOTAL ASSETS | 583,661 | 583,054 |
Accounts payable | 20,001 | 18,535 |
Accrued liabilities and other | 12,181 | 14,598 |
Debt | 11,478 | 8,120 |
Royalty obligations | 4,522 | 4,729 |
Reclamation | 1,533 | 1,401 |
Liabilities, Current | 49,715 | 47,383 |
Debt | 17,376 | 4,947 |
Royalty obligations | 6,354 | 4,864 |
Reclamation | 63,194 | 61,924 |
Deferred tax liabilities | 7,263 | 6,927 |
Other long-term liabilities | 3,839 | 3,838 |
Intercompany Payable Receivable | 389,838 | 411,103 |
Non-current liabilities | 487,864 | 493,603 |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 153,240,428 at March 31, 2016 and 151,339,136 at December 31, 2015 | 250 | 250 |
Additional paid-in capital | 179,553 | 179,553 |
Accumulated deficit | (131,630) | (135,049) |
Accumulated other comprehensive income (loss) | (2,091) | (2,686) |
Stockholders' equity | 46,082 | 42,068 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 583,661 | 583,054 |
Non-Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | 82,099 | 70,363 |
Receivables | 74,951 | 73,208 |
Ore on leach pads | 0 | 0 |
Inventory, Net | 37,769 | 36,220 |
Prepaid expenses and other | 6,444 | 6,371 |
Current assets | 201,263 | 186,162 |
Property, plant and equipment, net | 63,733 | 52,747 |
Mining properties, net | 381,928 | 389,916 |
Ore on leach pads | 0 | 0 |
Restricted assets | 5,548 | 5,497 |
Equity securities | 0 | 0 |
Receivables | 24,114 | 24,768 |
Deferred tax assets | 2,750 | 1,942 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 |
Other Assets, Noncurrent | 5,299 | 5,695 |
TOTAL ASSETS | 684,635 | 666,727 |
Accounts payable | 25,097 | 28,454 |
Accrued liabilities and other | 21,516 | 18,800 |
Debt | 4,323 | 1,311 |
Royalty obligations | 16,661 | 20,164 |
Reclamation | 1,930 | 1,821 |
Liabilities, Current | 69,527 | 70,550 |
Debt | 64,605 | 61,976 |
Royalty obligations | 0 | 0 |
Reclamation | 20,708 | 20,122 |
Deferred tax liabilities | 110,776 | 111,605 |
Other long-term liabilities | 52,173 | 49,752 |
Intercompany Payable Receivable | 268,604 | 239,462 |
Non-current liabilities | 516,866 | 482,917 |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 153,240,428 at March 31, 2016 and 151,339,136 at December 31, 2015 | 160,336 | 130,885 |
Additional paid-in capital | 1,879,279 | 1,896,047 |
Accumulated deficit | (1,941,373) | (1,913,672) |
Accumulated other comprehensive income (loss) | 0 | 0 |
Stockholders' equity | 98,242 | 113,260 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 684,635 | 666,727 |
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 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | (144,324) | (155,328) |
Other Assets, Noncurrent | (55,605) | (54,578) |
TOTAL ASSETS | (199,929) | (209,906) |
Accounts payable | 0 | 0 |
Accrued liabilities and other | 0 | 0 |
Debt | 0 | 0 |
Royalty obligations | 0 | 0 |
Reclamation | 0 | (1,151) |
Liabilities, Current | 0 | (1,151) |
Debt | (55,605) | (54,578) |
Royalty obligations | 0 | 0 |
Reclamation | 0 | 1,151 |
Deferred tax liabilities | 0 | 0 |
Other long-term liabilities | 0 | 0 |
Intercompany Payable Receivable | 0 | 0 |
Non-current liabilities | (55,605) | (53,427) |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 153,240,428 at March 31, 2016 and 151,339,136 at December 31, 2015 | (160,586) | (131,135) |
Additional paid-in capital | (2,058,832) | (2,075,600) |
Accumulated deficit | 2,073,003 | 2,048,721 |
Accumulated other comprehensive income (loss) | 2,091 | 2,686 |
Stockholders' equity | (144,324) | (155,328) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ (199,929) | $ (209,906) |
Commitments and Contigencies (D
Commitments and Contigencies (Details Textual) | Oct. 02, 2014USD ($) | Mar. 31, 2016USD ($)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 | $ 416 | |||
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 | 24,100,000 |