Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 06, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | COEUR MINING, INC. | ||
Entity Central Index Key | 215,466 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | Q4 | ||
Trading Symbol | CDE | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 181,055,852 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,707,877,264 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Statement of Comprehensive Income [Abstract] | ||||
Revenues | $ 665,777 | $ 646,086 | $ 635,742 | |
COSTS AND EXPENSES | ||||
Costs applicable to sales | [1] | 409,541 | 479,654 | 477,945 |
Amortization | 123,161 | 143,751 | 162,436 | |
General and administrative | 29,376 | 32,834 | 40,845 | |
Exploration | 12,930 | 11,647 | 21,740 | |
Write-downs | 4,446 | 313,337 | 1,472,721 | |
Pre-development, reclamation, and other | 17,219 | 17,793 | 26,037 | |
Total costs and expenses | 596,673 | 999,016 | 2,201,724 | |
OTHER INCOME (EXPENSE), NET | ||||
Gains (Losses) on Extinguishment of Debt | (21,365) | 15,916 | 0 | |
Fair value adjustments, net | (11,581) | 5,202 | 3,618 | |
Interest expense, net of capitalized interest | (36,920) | (45,703) | (47,546) | |
Other, net | 1,875 | (15,931) | (5,218) | |
Total other income (expense), net | (67,991) | (40,516) | (49,146) | |
Income (loss) before income and mining taxes | 1,113 | (393,446) | (1,615,128) | |
Income and mining tax benefit (expense) | 54,239 | 26,263 | 428,254 | |
NET INCOME (LOSS) | 55,352 | (367,183) | (1,186,874) | |
OTHER COMPREHENSIVE INCOME (LOSS), Net of Tax: | ||||
Unrealized gain (loss) on equity securities, net of tax of $(767) and $1,446 for the years ended December 31, 2016, and 2014, respectively | 3,222 | (4,154) | (2,290) | |
Reclassification adjustments for impairment of equity securities, net of tax of $(2,552) for the year ended December 31, 2014 | 703 | 2,346 | 4,042 | |
Reclassification adjustments for realized (gain) loss on sale of equity securities, net of tax of $(219) for the year ended December 31, 2014 | (2,691) | 894 | 346 | |
Other comprehensive income (loss) | 1,234 | (914) | 2,098 | |
COMPREHENSIVE INCOME (LOSS) | $ 56,586 | $ (368,097) | $ (1,184,776) | |
NET INCOME (LOSS) PER SHARE | ||||
Basic (in dollars per share) | $ 0.35 | $ (2.83) | $ (11.59) | |
Diluted (in dollars per share) | $ 0.34 | $ (2.83) | $ (11.59) | |
[1] | Excludes amortization. |
Consolidated Statements of Com3
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Other Comprehensive Income (Loss), Unrealized gain (loss) on equity securities, tax | $ (767) | $ 0 | $ 1,446 |
Other Comprehensive Income (Loss), Reclassification adjustments for impairment of equity securities, tax | 0 | 0 | (2,552) |
Other Comprehensive Income (Loss), Reclassification adjustments for realized loss on sale of equity securities, tax | $ 0 | $ 0 | $ (219) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 55,352 | $ (367,183) | $ (1,186,874) |
Adjustments: | |||
Amortization | 123,161 | 143,751 | 162,436 |
Accretion | 10,248 | 14,149 | 16,246 |
Deferred income taxes | (71,350) | (40,838) | (448,905) |
Loss on termination of revolving credit facility | 0 | 0 | 3,035 |
(Gain) Loss on extinguishment of debt | 21,365 | (15,916) | 0 |
Fair value adjustments, net | 11,581 | (5,202) | (3,618) |
Stock-based compensation | 9,715 | 9,272 | 9,288 |
Gain (Loss) on Disposition of Assets | (11,334) | 352 | 530 |
Impairment of equity securities | 703 | 2,346 | 6,593 |
Write-downs | 4,446 | 313,337 | 1,472,721 |
Foreign exchange and other | (1,067) | 16,303 | 124 |
Changes in operating assets and liabilities: | |||
Receivables | 9,011 | 17,560 | (11,611) |
Prepaid expenses and other current assets | (826) | (3,063) | 5,635 |
Inventories | (35,591) | 19,573 | 12,971 |
Accounts payable and accrued liabilities | (10,931) | 9,453 | 15,507 |
CASH PROVIDED BY OPERATING ACTIVITIES | 125,817 | 113,542 | 53,548 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (101,013) | (95,193) | (64,244) |
Acquisitions, net of cash acquired | (1,417) | (110,846) | (21,329) |
Proceeds from Sale of Property, Plant, and Equipment | 16,296 | 607 | 329 |
Purchase of short term investments and equity securities | (178) | (1,880) | (50,513) |
Sales and maturities of short-term investments | 7,077 | 605 | 54,344 |
Other | (4,208) | (4,586) | (321) |
CASH USED IN INVESTING ACTIVITIES | (83,443) | (211,293) | (81,734) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from Issuance of Common Stock | 269,556 | 0 | 0 |
Proceeds from Issuance of Unsecured Debt | 0 | 153,500 | 167,784 |
Payments on long-term debt, capital leases, and associated costs | (322,801) | (84,715) | (25,902) |
Gold production royalty payments | 27,155 | 39,235 | 48,395 |
Other | 172 | (542) | (509) |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (80,228) | 29,008 | 92,978 |
Effect of exchange rate changes on cash and cash equivalents | (678) | (1,404) | (621) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (38,532) | (70,147) | 64,171 |
Cash and cash equivalents at beginning of period | 200,714 | 270,861 | 206,690 |
Cash and cash equivalents at end of period | $ 162,182 | $ 200,714 | $ 270,861 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 162,182 | $ 200,714 |
Receivables | 60,431 | 85,992 |
Inventory | 106,026 | 81,711 |
Ore on leach pads | 64,167 | 67,329 |
Prepaid expenses and other | 17,981 | 10,942 |
Current assets | 410,787 | 446,688 |
NON-CURRENT ASSETS | ||
Property, plant and equipment, net | 216,796 | 195,999 |
Mining properties, net | 558,455 | 589,219 |
Ore on leach pads, noncurrent | 67,231 | 44,582 |
Restricted assets | 17,597 | 11,633 |
Equity securities | 4,488 | 2,766 |
Receivables | 30,951 | 24,768 |
Deferred tax assets | 191 | 1,942 |
Other | 12,413 | 14,892 |
TOTAL ASSETS | 1,318,909 | 1,332,489 |
CURRENT LIABILITIES | ||
Accounts payable | 53,335 | 52,153 |
Accrued liabilities and other | 42,743 | 50,532 |
Debt | 12,039 | 10,431 |
Royalty obligations | 4,995 | 24,893 |
Reclamation | 3,522 | 2,071 |
Current liabilities | 116,634 | 140,080 |
NON-CURRENT LIABILITIES | ||
Debt | 198,857 | 479,979 |
Royalty obligations | 4,292 | 4,864 |
Reclamation | 95,804 | 83,197 |
Deferred tax liabilities | 74,798 | 147,132 |
Other long-term liabilities | 60,037 | 55,761 |
Non-current liabilities | 433,788 | 770,933 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 180,933,287 at December 31, 2016 and 151,339,136 at December 31, 2015 | 1,809 | 1,513 |
Additional paid-in capital | 3,314,590 | 3,024,461 |
Accumulated other comprehensive income (loss) | (2,488) | (3,722) |
Accumulated deficit | (2,545,424) | (2,600,776) |
Stockholders' equity | 768,487 | 421,476 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,318,909 | $ 1,332,489 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 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 | 180,933,287 | 151,339,136 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Paramount Gold and Silver Corp. [Member] | Paramount Gold and Silver Corp. [Member]Common Stock | Paramount Gold and Silver Corp. [Member]Additional Paid-In Capital |
Balances at Dec. 31, 2013 | $ 1,730,567 | $ 1,028 | $ 2,781,164 | $ (1,046,719) | $ (4,906) | |||
Balances, in shares at Dec. 31, 2013 | 102,843 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (1,186,874) | (1,186,874) | ||||||
Other comprehensive income (loss) | 2,098 | 2,098 | ||||||
Common stock issued under stock-based compensation plans, net (in shares) | 541 | |||||||
Common stock issued under stock-based compensation plans, net | 8,537 | $ 6 | 8,531 | |||||
Balances at Dec. 31, 2014 | 554,328 | $ 1,034 | 2,789,695 | (2,233,593) | (2,808) | |||
Balances, in shares at Dec. 31, 2014 | 103,384 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (367,183) | (367,183) | ||||||
Other comprehensive income (loss) | (914) | (914) | ||||||
Stock Issued During Period, Shares, Acquisitions | 32,667 | |||||||
Stock Issued During Period, Value, Acquisitions | $ 188,817 | $ 327 | $ 188,490 | |||||
Stock Issued During Period, Shares, Extinguishment of Debt | 14,365 | |||||||
Stock Issued During Period, Value, Extinguishment of Debt | 38,523 | $ 144 | 38,379 | |||||
Common stock issued under stock-based compensation plans, net (in shares) | 923 | |||||||
Common stock issued under stock-based compensation plans, net | 7,905 | $ 8 | 7,897 | |||||
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) | 55,352 | 55,352 | ||||||
Other comprehensive income (loss) | 1,234 | 1,234 | ||||||
Stock Issued During Period, Shares, Extinguishment of Debt | 739 | |||||||
Stock Issued During Period, Value, Extinguishment of Debt | 11,813 | $ 7 | 11,806 | |||||
Stock Issued During Period, Shares, New Issues | 26,944 | |||||||
Stock Issued During Period, Value, New Issues | 269,556 | $ 270 | 269,286 | |||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 1,911 | |||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 9,056 | $ 19 | 9,037 | |||||
Balances at Dec. 31, 2016 | $ 768,487 | $ 1,809 | $ 3,314,590 | $ (2,545,424) | $ (2,488) | |||
Balances, in shares at Dec. 31, 2016 | 180,933 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | THE COMPANY Coeur Mining, Inc. (“Coeur” or “the Company”) is a gold and silver producer with mines located in the United States, Mexico, and Bolivia and exploration projects in Mexico and Argentina. The Company operates the Palmarejo complex, Kensington, Rochester, Wharf, and San Bartolomé mines, and owns Coeur Capital, which is primarily comprised of the Endeavor silver stream. The cash flow and profitability of the Company's operations are significantly impacted by the market price of gold and silver. The prices of gold and silver are affected by numerous factors beyond the Company's control. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The Company's Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles. The preparation of the Company's Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements. Principles of Consolidation The Consolidated Financial Statements include the wholly-owned subsidiaries of the Company, the most significant of which are Coeur Mexicana S.A. de C.V., Coeur Rochester, Inc., Coeur Alaska, Inc., Wharf Resources (U.S.A.), Empresa Minera Manquiri S.A., and Coeur Capital, Inc. All intercompany balances and transactions have been eliminated. The Company's investments in entities in which it has less than 20% ownership interest are accounted for using the cost method. Cash and Cash Equivalents Cash and cash equivalents include all highly-liquid investments with an original maturity of three months or less. The Company minimizes its credit risk by investing its cash and cash equivalents with major U.S. and international banks and financial institutions located principally in the United States with a minimum credit rating of A1, as defined by Standard & Poor’s. The Company’s management believes that no concentration of credit risk exists with respect to the investment of its cash and cash equivalents. Receivables Trade receivables and other receivable balances are reported at outstanding principal amounts, net of an allowance for doubtful accounts, if deemed necessary. Management evaluates the collectability of receivable account balances to determine the allowance, if any. Management considers the other party's credit risk and financial condition, as well as current and projected economic and market conditions, in determining the amount of the allowance. Receivable balances are written off when management determines that the balance is uncollectible. Ore on Leach Pads The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company estimates the quantity of ore by utilizing global positioning satellite survey techniques. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold concentrate at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or market, with cost being determined using a weighted average cost method. The historical cost of metal expected to be extracted within twelve months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond twelve months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process. The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than twenty years of leach pad operations at the Rochester mine and thirty years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. Metal and Other Inventory Inventories include concentrate, doré, and operating materials and supplies. The classification of inventory is determined by the stage at which the ore is in the production process. All inventories are stated at the lower of cost or market, with cost being determined using a weighted average cost method. Concentrate and doré inventory includes product at the mine site and product held by refineries. Metal inventory costs include direct labor, materials, depreciation, depletion and amortization as well as overhead costs relating to mining activities. Property, Plant, and Equipment Expenditures for new facilities, assets acquired pursuant to capital leases, new assets or expenditures that extend the useful lives of existing facilities are capitalized and depreciated using the straight-line method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities, lease term, or the useful life of the individual assets. Productive lives range from 7 to 30 years for buildings and improvements and 3 to 10 years for machinery and equipment. Certain mining equipment is depreciated using the units-of-production method based upon estimated total proven and probable reserves. Mining Properties and Mine Development Capitalization of mine development costs begins once all operating permits have been secured, mineralization is classified as proven and probable reserves and a final feasibility study has been completed. Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Costs incurred before mineralization are classified as proven and probable reserves are expensed and classified as exploration or pre-development expense. Mine development costs are amortized using the units of production method over the estimated life of the ore body based on recoverable ounces to be mined from proven and probable reserves. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use. Drilling and related costs incurred at the Company’s operating mines are expensed as incurred in Exploration, unless the Company can conclude with a high degree of confidence, prior to the commencement of a drilling program, that the drilling costs will result in the conversion of a mineral resource into proven and probable reserves. The Company’s assessment is based on the following factors: results from previous drill programs; results from geological models; results from a mine scoping study confirming economic viability of the resource; and preliminary estimates of mine inventory, ore grade, cash flow and mine life. In addition, the Company must have all permitting and/or contractual requirements necessary to have the right to and/or control of the future benefit from the targeted ore body. The costs of a drilling program that meet these criteria are capitalized as mine development costs. Drilling and related costs of approximately $12.9 million and $6.0 million at December 31, 2016 and 2015, respectively, were capitalized. The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in Costs applicable to sales in the same period as the revenue from the sale of inventory. Mineral Interests Significant payments related to the acquisition of land and mineral rights are capitalized. Prior to acquiring such land or mineral rights, the Company generally makes a preliminary evaluation to determine that the property has significant potential to develop an economic ore body. The time between initial acquisition and full evaluation of a property’s potential is variable and is determined by many factors including: location relative to existing infrastructure, the property’s stage of development, geological controls and metal prices. If a mineable ore body is discovered, such costs are amortized when production begins using the units of- production method based on recoverable ounces to be mined from proven and probable reserves. If no mineable ore body is discovered, such costs are expensed in the period in which it is determined the property has no future economic value. Write-downs We review and evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Asset impairment is considered to exist if the total estimated undiscounted pretax future cash flows are less than the carrying amount of the asset. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of future cash flows from other asset groups. An impairment loss is measured by discounted estimated future cash flows, and recorded by reducing the asset's carrying amount to fair value. Future cash flows are estimated based on estimated quantities of recoverable minerals, expected silver and gold prices (considering current and historical prices, trends and related factors), production levels, operating costs, capital requirements and reclamation costs, all based on life-of-mine plans. During 2016, 2015, and 2014, we recorded impairments of $4.4 million , $313.3 million , and $1,472.7 million , respectively, to reduce the carrying value of mining properties and property, plant and equipment as part of Write-downs. Existing proven and probable reserves and value beyond proven and probable reserves, including mineralization other than proven and probable reserves are included when determining the fair value of mine site asset groups at acquisition and, subsequently, in determining whether the assets are impaired. The term “recoverable minerals” refers to the estimated amount of silver and gold that will be obtained after taking into account losses during ore processing and treatment. Estimates of recoverable minerals from exploration stage mineral interests are risk adjusted based on management’s relative confidence in such materials. The ability to achieve the estimated quantities of recoverable minerals from exploration stage mineral interests involves further risks in addition to those risk factors applicable to mineral interests where proven and probable reserves have been identified, due to the lower level of confidence that the identified mineralized material could ultimately be mined economically. Assets classified as exploration potential have the highest level of risk that the carrying value of the asset can be ultimately realized, due to the still lower level of geological confidence and economic modeling. Silver and gold prices are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors may affect the key assumptions used in the Company’s impairment testing. Various factors could impact our ability to achieve forecasted production levels from proven and probable reserves. Additionally, production, capital and reclamation costs could differ from the assumptions used in the cash flow models used to assess impairment. Actual results may vary from the Company’s estimates and result in additional Write-downs . Restricted Assets The Company, under the terms of its self-insurance and bonding agreements with certain banks, lending institutions and regulatory agencies, is required to collateralize certain portions of its obligations. The Company has collateralized these obligations by assigning certificates of deposit that have maturity dates ranging from three months to a year, to the respective institutions or agencies. At December 31, 2016 and 2015, the Company held certificates of deposit and cash under these agreements of $17.6 million and $11.6 million , respectively. The ultimate timing of the release of the collateralized amounts is dependent on the timing and closure of each mine and repayment of the facility. In order to release the collateral, the Company must seek approval from certain government agencies responsible for monitoring the mine closure status. Collateral could also be released to the extent the Company is able to secure alternative financial assurance satisfactory to the regulatory agencies. The Company believes there is a reasonable probability that the collateral will remain in place beyond a twelve-month period and has therefore classified these investments as long-term. Reclamation The Company recognizes obligations for the expected future retirement of tangible long-lived assets and other associated asset retirement costs. The fair value of a liability for an asset retirement obligation will be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset and this additional carrying amount is depreciated over the life of the asset. An accretion cost, representing the increase over time in the present value of the liability, is recorded each period in Pre-development, reclamation, and other . As reclamation work is performed or liabilities are otherwise settled, the recorded amount of the liability is reduced. Future remediation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the discounted costs expected to be incurred at the site. Such cost estimates include, where applicable, ongoing care and maintenance and monitoring costs. Changes in estimates are reflected prospectively in the period an estimate is revised. Revenue Recognition Revenue is recognized, net of treatment and refining charges, when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable, no obligations remain, and collection is probable. Under the Company’s concentrate sales contracts with third-party smelters, gold and silver prices are set on a specified future quotational period, typically one to three months, after the shipment date based on market prices. Revenue and Costs Applicable to Sales are recorded on a gross basis under these contracts at the time title passes to the buyer based on the forward price for the expected settlement period. The contracts, in general, provide for provisional payment based upon provisional assays and forward metal prices. Final settlement is based on the average applicable price for the specified future quotational period and generally occurs from three to six months after shipment. The Company’s provisionally priced sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of concentrates measured at the forward price at the time of sale. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through revenue each period until the date of final gold and silver settlement. Foreign Currency The assets and liabilities of the Company’s foreign subsidiaries are measured using U.S. dollars as their functional currency. Revenues and expenses are translated at the average exchange rate for the period. Foreign currency gains and losses are included in the determination of net income or loss. Derivative Financial Instruments Company recognizes all derivatives as either assets or liabilities on the balance sheet and measures those instruments at fair value. Changes in the value of derivative instruments are recorded each period in the Consolidated Statement of Comprehensive Income (Loss) in Fair value adjustments, net . Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions regarding commodity prices, market volatilities, and foreign currency exchange rates. Stock-based Compensation The Company estimates the fair value of stock options using the Black-Scholes option pricing model and stock appreciation rights (“SARs”) awards using market comparison. Stock options granted are accounted for as equity-based awards and SARs are accounted for as liability-based awards. The value of the SARs is remeasured at each reporting date. The Company estimates forfeitures of stock-based awards based on historical data and periodically adjusts the forfeiture rate. The adjustment of the forfeiture rate is recorded as a cumulative adjustment in the period the forfeiture estimate is changed. Compensation costs related to stock based compensation are included in General and administrative expenses , Costs applicable to sales , and Property, plant, and equipment, net as deemed appropriate. The fair value of restricted stock based on the Company's stock price on the date of grant. The fair value of performance leverage stock units (“PSUs”) with market conditions is determined using a Monte Carlo simulation model. Stock based compensation expense related to awards with a market or performance condition is generally recognized over the vesting period of the award utilizing the graded vesting method, while all other awards are recognized on a straight-line basis. The Company's estimates may be impacted by certain variables including, but not limited to, stock price volatility, employee stock option exercise behaviors, additional stock option grants, estimates of forfeitures, the Company's performance, and related tax impacts. Income and Mining Taxes The Company uses an asset and liability approach which results in the recognition of deferred tax liabilities and assets for the expected future tax consequences or benefits of temporary differences between the financial reporting basis and the tax basis of assets and liabilities, as well as operating loss and tax credit carryforwards, using enacted tax rates in effect in the years in which the differences are expected to reverse. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. A valuation allowance has been provided for the portion of the Company’s net deferred tax assets for which it is more likely than not that they will not be realized. Recent Accounting Standards In November 2016, the FASB issued ASU 2016-18, “ Statement of Cash Flows (Topic 230) - Restricted Cash, ” which will require entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in 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 August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments, ” which provides guidance on presentation and classification of certain cash receipts and payments in the statement of cash flows. These changes become effective for the Company's fiscal year beginning January 1, 2018. The Company is currently evaluating this standard and does not expect this ASU to materially impact the Company's consolidated net income, financial position or cash flows. 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, 2017. The Company is currently evaluating this standard and does not expect this ASU to impact the Company's consolidated net income, financial position or 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 upon early adoption 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 were effective January 1, 2016. The Company's adoption had no impact on the Company's consolidated financial position, results of operations, and cash flows. In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers ” , which has subsequently been amended several times. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. These changes become effective for the Company's fiscal year beginning January 1, 2018. The Company has substantially completed its analysis of the new standard and reviewed potential impacts from timing of when control is transferred to customers, variable consideration on concentrate sales and classification of refining fees. The Company does not expect this ASU to materially impact the Company's consolidated net income, financial position or 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 February 2015, the FASB issued ASU 2015-02, “ Amendments to the Consolidation Analysis, ” which amends the consolidation requirements in ASC 810. These changes were effective 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 | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING The Company’s operating segments include Palmarejo, Rochester, Kensington, Wharf, 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 primarily holds the Endeavor silver stream. Other includes the La Preciosa project, Joaquin project, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts. Financial information relating to the Company’s segments is as follows (in thousands): Year ended December 31, 2016 Palmarejo Rochester Kensington Wharf San Bartolomé Coeur Capital Other Total Revenue Metal sales $ 141,273 $ 139,945 $ 146,593 $ 136,678 $ 93,880 $ 4,128 $ — $ 662,497 Royalties — — — — — 3,280 — 3,280 141,273 139,945 146,593 136,678 93,880 7,408 — 665,777 Costs and Expenses Costs applicable to sales (1) 80,820 89,726 96,731 66,379 74,166 1,719 — 409,541 Amortization 36,599 21,838 34,787 20,621 6,633 1,117 1,566 123,161 Exploration 5,063 841 3,487 2 — 1,797 1,740 12,930 Write-downs — — — — — 4,446 — 4,446 Other operating expenses 1,213 2,801 1,038 2,238 2,909 226 36,170 46,595 Other income (expense) Gain (Loss) on debt extinguishments — — — — — — (21,365 ) (21,365 ) Fair value adjustments, net (5,814 ) (4,133 ) — — — — (1,634 ) (11,581 ) Interest expense, net (1,187 ) (664 ) (128 ) (69 ) (24 ) (34 ) (34,814 ) (36,920 ) Other, net (12,125 ) (3,859 ) (25 ) 17 1,590 6,014 10,263 1,875 Income and mining tax (expense) benefit 45,085 (2,785 ) — (4,293 ) 6,252 (2,504 ) 12,484 54,239 Net income (loss) $ 43,537 $ 13,298 $ 10,397 $ 43,093 $ 17,990 $ 1,579 $ (74,542 ) $ 55,352 Segment assets (2) $ 436,642 $ 219,009 $ 199,232 $ 105,901 $ 76,317 $ 9,285 $ 75,652 $ 1,122,038 Capital expenditures $ 35,810 $ 16,446 $ 36,826 $ 4,812 $ 6,631 $ — $ 488 $ 101,013 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interest Year ended December 31, 2015 Palmarejo Rochester Kensington Wharf San Bartolomé Coeur Capital Other Total Revenue Metal sales $ 169,133 $ 143,930 $ 148,710 $ 84,052 $ 84,679 $ 8,732 $ — $ 639,236 Royalties — — — — — 6,850 — 6,850 169,133 143,930 148,710 84,052 84,679 15,582 — 646,086 Costs and Expenses Costs applicable to sales (1) 138,476 103,994 105,640 52,197 75,827 3,520 — 479,654 Amortization 32,423 23,906 42,240 16,378 17,798 9,010 1,996 143,751 Exploration 4,533 1,324 2,596 134 126 (124 ) 3,058 11,647 Write-downs 224,507 — — — 66,712 22,118 — 313,337 Other operating expenses 1,293 2,948 1,301 1,717 1,787 33 41,548 50,627 Other income (expense) Gain (Loss) on debt extinguishments — — — — — — 15,916 15,916 Fair value adjustments, net 3,160 818 — — — — 1,224 5,202 Interest expense, net (4,269 ) (748 ) (218 ) — (725 ) — (39,743 ) (45,703 ) Other, net (10,968 ) (13 ) 7 143 1,557 (3,182 ) (3,475 ) (15,931 ) Income and mining tax (expense) benefit 37,597 (1,497 ) — (857 ) (5,154 ) 5,542 (9,368 ) 26,263 Net income (loss) $ (206,579 ) $ 10,318 $ (3,278 ) $ 12,912 $ (81,893 ) $ (16,615 ) $ (82,048 ) $ (367,183 ) Segment assets (2) $ 406,648 $ 190,714 $ 197,873 $ 113,305 $ 91,141 $ 27,892 $ 75,737 $ 1,103,310 Capital expenditures $ 35,991 $ 25,330 $ 23,834 $ 3,211 $ 6,220 $ — $ 607 $ 95,193 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Year ended December 31, 2014 Palmarejo Rochester Kensington San Bartolomé Coeur Capital Other Total Revenue Metal sales $ 244,003 $ 123,768 $ 136,960 $ 117,749 $ 10,046 $ — $ 632,526 Royalties — — — — 3,216 — 3,216 244,003 123,768 136,960 117,749 13,262 — 635,742 Costs and Expenses Costs applicable to sales (1) 187,276 91,462 105,342 89,659 4,206 — 477,945 Amortization 69,431 20,790 43,619 19,423 7,015 2,158 162,436 Exploration 6,671 2,636 8,005 120 515 3,793 21,740 Write-downs 784,038 — 107,832 118,754 6,202 455,895 1,472,721 Other operating expenses 620 2,813 796 (251 ) 938 61,966 66,882 Other income (expense) Fair value adjustments, net (1,847 ) 3,653 — — — 1,812 3,618 Interest expense, net (9,320 ) (679 ) (214 ) (52 ) (1 ) (37,280 ) (47,546 ) Other, net 131 105 (22 ) 2,461 (7,141 ) (752 ) (5,218 ) Income and mining tax (expense) benefit 251,840 (2,224 ) — 18,114 2,067 158,457 428,254 Net income (loss) $ (563,229 ) $ 6,922 $ (128,870 ) $ (89,433 ) $ (10,689 ) $ (401,575 ) $ (1,186,874 ) Segment assets (2) $ 332,369 $ 196,765 $ 215,973 $ 188,616 $ 59,848 $ 81,688 $ 1,075,259 Capital expenditures $ 26,084 $ 11,898 $ 16,220 $ 7,937 $ — $ 2,105 $ 64,244 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Assets December 31, 2016 December 31, 2015 Total assets for reportable segments $ 1,122,038 $ 1,103,310 Cash and cash equivalents 162,182 200,714 Other assets 34,689 28,465 Total consolidated assets $ 1,318,909 $ 1,332,489 Geographic Information Long-Lived Assets December 31, 2016 December 31, 2015 Mexico $ 397,697 $ 390,694 United States 338,897 336,210 Bolivia 31,539 35,201 Australia 2,983 5,952 Argentina 10,228 10,871 Other 5,564 9,058 Total $ 786,908 $ 787,986 Revenue Year ended December 31, 2016 2015 2014 United States $ 423,216 $ 376,692 $ 260,728 Mexico 142,198 171,911 245,493 Bolivia 93,880 84,679 117,749 Australia 4,128 8,732 10,046 Other 2,355 4,072 1,726 Total $ 665,777 $ 646,086 $ 635,742 The Company's doré, as well as the concentrate produced by the Wharf mine, is refined into gold and silver bullion according to benchmark standards set by the LBMA, which regulates the acceptable requirements for bullion traded in the London precious metals markets. The Company sells its silver and gold bullion to multi-national banks, bullion trading houses, and refiners across the globe. The Company has eleven trading counterparties at December 31, 2016. The Company's sales of doré and concentrate product produced by the Wharf mine amounted to approximately 77% , 74% , and 63% of total metal sales for the years ended December 31, 2016, 2015, and 2014, respectively. Generally, the loss of a single bullion trading counterparty would not adversely affect the Company due to the liquidity of the markets and availability of alternative trading counterparties. The Company's concentrate produced by the Kensington mine is sold to smelters under purchase and sale agreements, and the smelters pay the Company for the gold and silver recovered from the concentrates. The concentrate was sold to two smelters at December 31, 2016. The Company's sales of concentrate produced by the Kensington mine amounted to approximately 23% , 26% , and 37% of total metal sales for the years ended December 31, 2016, 2015, and 2014, respectively. While the loss of a smelter may have a material adverse effect if alternate smelters are not available or if the failure to engage a new smelter results in a delay in the sale or purchase of Kensington concentrate, the Company believes that there is sufficient global capacity available to address the loss of a smelter. The following table indicates customers that represent 10% or more of total sales of metal for at least one of the years December 31, 2016, 2015, and 2014 (in millions): Year ended December 31, Customer 2016 2015 2014 Segments reporting revenue China National Gold $ 126.6 $ 126.2 $ 86.8 Kensington Ohio Precious Metals 98.4 37.3 8.3 Palmarejo, San Bartolomé, Republic Metal Corporation 93.3 47.7 4.0 Palmarejo, San Bartolomé, Wharf INTL Commodities 76.7 33.1 22.4 Palmarejo, San Bartolomé, Rochester, Wharf Asahi (formerly Johnson Matthey) 62.6 84.2 71.8 Wharf, Rochester, San Bartolomé Standard Bank 29.0 34.7 87.5 Palmarejo, Rochester TD Securities 15.5 81.3 106.7 Palmarejo, Rochester Mitsui & Co. — 137.7 133.8 Palmarejo, Rochester |
Write-downs
Write-downs | 12 Months Ended |
Dec. 31, 2016 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
WRITE-DOWNS | WRITE-DOWNS Year ended December 31, 2016 2015 2014 Mining properties Palmarejo $ — $ 205,803 $ 668,803 San Bartolomé — 16,690 32,328 Kensington — — 67,671 La Preciosa — — 371,411 Joaquin — — 83,429 Coeur Capital 4,446 22,118 6,202 4,446 244,611 1,229,844 Property, plant, and equipment Palmarejo $ — $ 18,704 $ 115,235 San Bartolomé — 50,022 86,426 Kensington — — 40,161 La Preciosa — — 1,055 — 68,726 242,877 Total $ 4,446 $ 313,337 $ 1,472,721 The 2016 write-down of $4.4 million ( $3.9 million net of tax) was due to the impairment of Coeur Capital assets. The operator of the Endeavor mine in Australia, on which the Company holds a 100% silver stream, announced in early 2016 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 at March 31, 2016. In April 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. In anticipation of this sale, the Company recorded a $1.9 million write-down of the mineral interest at March 31, 2016. The 2015 write-down of $313.3 million ( $276.5 million net of tax) was due to a $224.5 million impairment of the Palmarejo complex ( $193.5 million net of tax), a $66.7 million impairment of the San Bartolomé mine, and a $22.1 million impairment ( $16.3 million net of tax) of certain Coeur Capital assets, including the Endeavor silver stream and other royalties. The non-cash impairment charges were largely driven by significant decreases in long-term metal price assumptions and revised mine plans in the fourth quarter. For purposes of this evaluation, estimates of future cash flows of the individual reporting units were used to determine fair value. The estimated cash flows were derived from life-of-mine plans, developed using long-term pricing reflective of the current price environment and management’s projections for operating costs. The 2014 write-down of $1,472.7 million ( $1,021.8 million net of tax) was primarily due to a $784.0 million impairment of the Palmarejo complex ( $504.5 million net of tax) and a $372.5 million impairment of the La Preciosa project ( $244.9 million net of tax) due to a decrease in the Company's long-term silver and gold price assumptions reflective of the current silver and gold price environment and revised mine plans. |
Reclamation
Reclamation | 12 Months Ended |
Dec. 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: Year ended December 31, In thousands 2016 2015 Asset retirement obligation - Beginning $ 82,072 $ 67,214 Accretion 8,136 7,738 Additions and changes in estimates 8,688 11,939 Settlements (1,516 ) (4,819 ) Asset retirement obligation - Ending $ 97,380 $ 82,072 The Company has accrued $1.9 million and $3.2 million at December 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 | 12 Months Ended |
Dec. 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 years ended December 31, 2016, 2015, and 2014 was $9.7 million , $9.3 million and $9.3 million , respectively. At December 31, 2016 , there was $6.3 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.4 years . Stock Options and Stock Appreciation Rights Stock options and stock appreciation rights (SARs) granted under the Company’s incentive plans vest over three years and are exercisable over a period not to exceed ten years from the grant date. The exercise price of stock options is equal to the fair market value of the shares on the date of the grant. The value of each stock option award is estimated using the Black-Scholes option pricing model. Stock options are accounted for as equity awards and SARs are accounted for as liability awards and remeasured at each reporting date. SARs, when vested, provide the participant the right to receive cash equal to the excess of the market price of the shares over the exercise price when exercised. The following table sets forth the weighted average fair value of stock options and the assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model: 2016 2015 2014 Weighted average fair value of stock options granted $ 1.06 $ 2.65 $ 3.79 Volatility 61.75 % 55.71 % 50.93 % Expected life in years 3.99 4.75 3.92 Risk-free interest rate 1.50 % 1.51 % 1.25 % Dividend yield — — — The following table summarizes stock option and SAR activity for the years ended December 31, 2016, 2015, and 2014: Stock Options SARs Shares Weighted Average Exercise Price Shares Weighted Outstanding at December 31, 2013 415,570 $ 27.36 50,209 $ 14.15 Granted 415,172 9.45 — — Canceled/forfeited (232,396 ) 23.94 (3,637 ) 15.40 Outstanding at December 31, 2014 598,346 16.26 46,572 14.06 Granted 310,028 5.57 — — Canceled/forfeited (238,365 ) 12.69 — — Outstanding at December 31, 2015 670,009 12.58 46,572 14.06 Granted 183,251 2.19 — — Exercised (170,897 ) 7.81 — — Canceled/forfeited (25,752 ) 16.76 (4,420 ) 13.31 Outstanding at December 31, 2016 656,611 $ 10.76 42,152 $ 14.14 The following table summarizes outstanding stock options as of December 31, 2016. Range of Exercise Price Number Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (in thousands) $ 0.00-$10.00 455,578 $ 5.32 8.19 $10.00-$20.00 52,616 13.33 6.64 $20.00-$30.00 141,947 25.73 5.26 $30.00-$40.00 3,134 39.90 0.22 $40.00-$50.00 3,336 48.50 1.03 Outstanding 656,611 $ 10.76 7.36 $ 1,753 Vested and expected to vest 618,870 $ 11.20 7.27 $ 1,555 Exercisable 292,524 $ 18.31 5.97 $ 118 At December 31, 2016, there was $0.2 million of unrecognized compensation cost related to non-vested stock options to be recognized over a weighted average period of 1.1 years . The total intrinsic value of options exercised for the year ended December 31, 2016 was $1.1 million . Cash received from options exercised for the year ended December 31, 2016 was $1.3 million for which there was no related tax benefit.The grant date fair value for stock options vested during the years ended December 31, 2016, 2015 and 2014 was $1.0 million , $1.4 million and $1.3 million , respectively. Restricted Stock Restricted stock granted under the Company’s incentive plans are accounted for based on the market value of the underlying shares on the date of grant and vest in equal installments annually over three years. Restricted stock awards are accounted for as equity awards. Holders of restricted stock are entitled to vote the shares and to receive any dividends declared on the shares. The following table summarizes restricted stock activity for the years ended December 31, 2016, 2015, and 2014: Restricted Stock Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2013 613,086 $ 16.68 Granted 695,897 9.83 Vested (234,103 ) 17.16 Cancelled/Forfeited (172,881 ) 11.87 Outstanding at December 31, 2014 901,999 12.19 Granted 1,180,384 5.49 Vested (317,122 ) 13.38 Cancelled/Forfeited (257,849 ) 7.59 Outstanding at December 31, 2015 1,507,412 7.49 Granted 1,768,746 3.72 Vested (681,829 ) 8.51 Cancelled/Forfeited (160,414 ) 7.16 Outstanding at December 31, 2016 2,433,915 $ 4.48 At December 31, 2016, there was $3.4 million of unrecognized compensation cost related to restricted stock awards to be recognized over a weighted-average period of 1.4 years . Performance Shares Performance shares granted under the Company’s incentive plans are accounted for at fair value using a Monte Carlo simulation valuation model on the date of grant. Performance share awards are accounted for as equity awards. The performance shares vest at the end of a three-year service period if relative stockholder return and internal performance metrics are met. The existence of a market condition requires recognition of compensation cost for the performance share awards over the requisite period regardless of whether the relative stockholder return metric is met. The following table summarizes performance shares activity for the years ended December 31, 2016, 2015, and 2014: Performance Shares Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2013 210,395 $ 28.04 Granted 358,398 12.21 Vested (34,611 ) 27.18 Cancelled/Forfeited (17,352 ) 27.15 Outstanding at December 31, 2014 516,830 17.61 Granted 809,293 6.97 Cancelled/Forfeited (190,988 ) 15.62 Outstanding at December 31, 2015 1,135,135 10.35 Granted 1,437,077 1.79 Cancelled/Forfeited (199,580 ) 17.98 Outstanding at December 31, 2016 2,372,632 $ 4.53 At December 31, 2016, there was $2.8 million of unrecognized compensation cost related to performance shares to be recognized over a weighted average period of 1.5 years . Supplemental Incentive Plan In 2014, the Company adopted a supplemental incentive plan under which benefits were payable upon achievement of certain performance and market conditions. The maximum potential incentive payout under the plan was $3.8 million , of which $3.0 million was settled in cash in 2016. No additional amounts are payable under the plan. |
Retirement Savings Plan
Retirement Savings Plan | 12 Months Ended |
Dec. 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 years ended December 31, 2016 , 2015, and 2014 were $5.4 million , $2.9 million , and $2.6 million , respectively. |
Other, Net
Other, Net | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
OTHER, NET | OTHER, NET Other, net consists of the following: Year ended December 31, In thousands 2016 2015 2014 Foreign exchange gain (loss) $ (10,720 ) $ (15,769 ) $ 470 Gain on sale of assets and investments 11,334 (352 ) (530 ) Impairment of equity securities (703 ) (2,346 ) (6,593 ) Other 1,964 2,536 1,435 Other, net $ 1,875 $ (15,931 ) $ (5,218 ) |
Income and Mining Taxes
Income and Mining Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME AND MINING TAXES | INCOME AND MINING TAXES The components of Income (loss) before income taxes are below: Year ended December 31, In thousands 2016 2015 2014 United States $ (13,112 ) $ (43,924 ) $ (213,883 ) Foreign 14,225 (349,522 ) (1,401,245 ) Total $ 1,113 $ (393,446 ) $ (1,615,128 ) The components of the consolidated Income and mining tax (expense) benefit from continuing operations are below: Year ended December 31, In thousands 2016 2015 2014 Current: United States $ — $ 49 $ 904 United States — State mining taxes (7,826 ) (4,305 ) (879 ) United States — Foreign withholding tax (4,263 ) — (6,250 ) Argentina 10 715 (71 ) Australia 14 130 — Bolivia 6,252 (5,154 ) (4,008 ) Canada (1,841 ) (516 ) (145 ) Mexico (9,581 ) (476 ) (10,122 ) Deferred: United States 15,556 1,778 5,743 United States — State mining taxes 748 1,952 — Argentina 115 (1,197 ) 24,478 Australia (1,638 ) 3,223 (401 ) Bolivia — — 22,122 Canada 1,338 2,875 2,662 Mexico 55,383 27,189 394,221 New Zealand (28 ) — — Income tax (expense) benefit $ 54,239 $ 26,263 $ 428,254 The Company’s effective tax rate is impacted by recurring items, such as foreign exchange rates on deferred tax balances, uncertain tax positions, and the full valuation allowance on the deferred tax assets relating to losses in the United States and certain foreign jurisdictions. During the year ended December 31, 2016, the Company completed a legal entity reorganization to integrate recent acquisitions resulting in a valuation allowance release of $40.8 million and recorded a $15.0 million deferred tax benefit related to unremitted earnings. In addition, the Company's consolidated effective income and mining 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 reconciliation of the Company’s effective tax rate with the federal statutory tax rate for the periods indicated is below: Year ended December 31, In thousands 2016 2015 2014 Income and mining tax (expense) benefit at statutory rate $ (390 ) $ 137,706 $ 565,295 State tax provision from continuing operations 336 (2,075 ) 20,253 Change in valuation allowance 61,146 (101,027 ) (151,191 ) Percentage depletion 983 — — Uncertain tax positions (4,619 ) (1,947 ) (4,425 ) U.S. and foreign non-deductible expenses (5,764 ) 1,365 (4,892 ) Mineral interest related — (19,310 ) — Foreign exchange rates 19,701 22,350 23,672 Foreign inflation and indexing 2,794 1,117 3,765 Foreign tax rate differences 413 (15,980 ) (63,930 ) Foreign withholding and other taxes (13,478 ) 8,140 82,884 Foreign tax credits and other, net 102 (4,076 ) (43,177 ) Legal entity reorganization (6,985 ) — — Income and mining tax (expense) benefit $ 54,239 $ 26,263 $ 428,254 At December 31, 2016 and 2015, the significant components of the Company’s deferred tax assets and liabilities are below: Year ended December 31, In thousands 2016 2015 Deferred tax liabilities: Mexican mining tax $ — $ 15,451 Mineral properties 69,799 — Foreign subsidiaries — unremitted earnings 1,302 12,999 Inventory 4,426 2,353 Royalty and other long-term debt 8,685 1,648 $ 84,212 $ 32,451 Deferred tax assets: Net operating loss carryforwards 202,756 203,958 Mineral properties — 34,966 Property, plant, and equipment 87,978 6,980 Mexico Mining Tax 6,359 — Capital loss carryforwards 6,770 3,938 Asset retirement obligation 25,255 21,480 Unrealized foreign currency loss and other 7,413 8,424 Accrued expenses 17,713 17,905 Tax credit carryforwards 31,272 26,439 385,516 324,090 Valuation allowance (375,911 ) (436,829 ) 9,605 (112,739 ) Net deferred tax liabilities $ 74,607 $ 145,190 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. 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 factors that impact the Company’s ability to realize its deferred tax assets. For additional information, please see the section titled “Risk Factors” included in Item 1A. Based upon this analysis, the Company has recorded valuation allowances as follows: Year ended December 31, In thousands 2016 2015 U.S. $ 292,446 $ 292,677 Argentina 6,197 8,376 Canada 1,296 1,718 Bolivia 37,372 45,177 Mexico 13,033 63,373 New Zealand 23,717 25,508 Other 1,850 — $ 375,911 $ 436,829 The Company has the following tax attribute carryforwards at December 31, 2016, by jurisdiction: In thousands U.S. Argentina Bolivia Canada Mexico New Zealand Other Total Regular net operating losses $ 330,469 $ 11,621 $ 63,005 $ 2,301 $ 91,383 $ 85,258 $ 63 $ 584,100 Alternative minimum tax net operating losses 184,386 — — — — — — 184,386 Capital losses 19,315 — — 79 — — — 19,394 Alternative minimum tax credits 3,173 — — — — — — 3,173 Foreign tax credits 24,161 — — — — — — 24,161 The U.S. net operating losses expire from 2019 through 2036; the Argentina net operating losses will expire from 2017 to 2021; the Bolivia net operating losses will expire from 2018 to 2020; the Canada net operating losses will expire from 2029 through 2036; and the Mexico net operating losses expire from 2017 to 2026. The remaining net operating losses from the foreign jurisdictions have an indefinite carryforward period. The majority of the U.S. capital losses will expire from 2020 and 2021. Alternative minimum tax credits do not expire and foreign tax credits expire if unused beginning in 2019. The Company intends to indefinitely reinvest earnings from Mexican operations. For the years 2016 and 2015, the Company had no unremitted earnings from this jurisdiction. A reconciliation of the beginning and ending amount related to unrecognized tax benefits is below (in thousands): Unrecognized tax benefits at January 1, 2014 $ 16,084 Gross increase to current period tax positions 1,030 Gross increase to prior period tax positions 810 Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations — Unrecognized tax benefits at December 31, 2015 $ 17,924 Gross increase to current period tax positions 1,336 Gross increase to prior period tax positions 4,854 Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations (704 ) Unrecognized tax benefits at December 31, 2016 $ 23,410 At December 31, 2016, 2015, and 2014, $19.6 million , $17.9 million , and $16.1 million , respectively, of these gross unrecognized benefits would, if recognized, decrease the Company's effective tax rate. The Company operates in numerous countries around the world and is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. The Company has historically filed, and continues to file, all required income tax returns and paid the taxes reasonably determined to be due. The tax rules and regulations in many countries are highly complex and subject to interpretation. From time to time, the Company is subject to a review of its historic income tax filings and, in connection with such reviews, disputes can arise with the taxing authorities over the interpretation or application of certain rules to the Company’s business conducted within the country involved. The Company files income tax returns in various U.S. federal and state jurisdictions, in all identified foreign jurisdictions, and various others. The statute of limitations remains open from 2012 for the US federal jurisdiction and from 2008 for certain other foreign jurisdictions. During 2014, the U.S. Internal Revenue Service concluded its examination of the Company's 2009, 2010, and 2011 tax years. As a result of statutes of limitations that will begin to expire within the next 12 months in various jurisdictions and possible settlement of audit-related issues with taxing authorities in various jurisdictions with respect to which none of these issues are individually significant, the Company believes that it is reasonably possible that the total amount of its unrecognized income tax liability will decrease between $1.5 million and $2.5 million in the next 12 months. The Company classifies interest and penalties associated with uncertain tax positions as a component of income tax expense and recognized interest and penalties of $8.7 million , $9.2 million , and $6.9 million at December 31, 2016, 2015, and 2014, respectively. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 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 years ended December 31, 2016, 2015, and 2014 , 386,771 , 3,239,425 , and 1,871,681 , 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 years ended December 31, 2015, and 2014 because there is no excess value upon conversion over the principal amount of the Convertible Notes. The outstanding Convertible Notes were redeemed in the third quarter of 2016. Year ended December 31, In thousands except per share amounts 2016 2015 2014 Net income (loss) available to common stockholders $ 55,352 $ (367,183 ) $ (1,186,874 ) Weighted average shares: Basic 159,853 129,639 102,441 Effect of stock-based compensation plans 3,606 — — Diluted 163,459 129,639 102,441 Income (loss) per share: Basic $ 0.35 $ (2.83 ) $ (11.59 ) Diluted $ 0.34 $ (2.83 ) $ (11.59 ) During the second quarter 2016, the Company completed a $75.0 million “at the market” common stock offering (the “ $75.0 million offering”). In connection with the $75.0 million offering, the Company sold 9,253,016 shares of its common stock. During the third and fourth quarter 2016, the Company completed a $200.0 million “at the market” common stock offering (the “ $200.0 million offering”). In connection with the $200.0 million offering, the Company sold 17,691,094 shares of its common stock. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Year ended December 31, In thousands 2016 2015 2014 Palmarejo royalty obligation embedded derivative $ (5,866 ) $ 3,101 $ (2,001 ) Rochester net smelter returns (“NSR”) royalty obligation (4,133 ) 818 3,653 Silver and gold options (1,582 ) 1,283 1,058 Foreign exchange contracts — — 908 Fair value adjustments, net $ (11,581 ) $ 5,202 $ 3,618 Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3). The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: Fair Value at December 31, 2016 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 4,488 $ 4,209 $ — $ 279 Liabilities: Rochester NSR royalty obligation 9,287 — — 9,287 Other derivative instruments, net 762 — 762 — $ 10,049 $ — $ 762 $ 9,287 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 value 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, 1.7 years was used to estimate the fair value of the Rochester NSR royalty obligation at December 31, 2016 . At December 31, 2016 , there was no Palmarejo royalty obligation or related embedded derivative as a result of the satisfaction of the minimum ounce obligation in the third quarter of 2016. No assets or liabilities were transferred between fair value levels in the year ended December 31, 2016 . The following tables present the changes in the fair value of the Company's Level 3 financial assets and liabilities for the years ended December 31, 2016, and 2015: Year ended December 31, 2016 In thousands Balance at the beginning of the period Revaluation Settlements Balance at the end of the period Assets: Equity securities $ 10 $ 272 $ (3 ) $ 279 Liabilities: Palmarejo royalty obligation embedded derivative $ 4,957 $ 5,866 $ (10,823 ) $ — Rochester NSR royalty obligation $ 9,593 $ 4,133 $ (4,439 ) $ 9,287 Year ended December 31, 2015 In thousands Balance at the beginning of the period Revaluation Settlements Balance at the end of the period Assets: Equity securities $ 1,379 $ (983 ) $ (386 ) $ 10 Liabilities: Palmarejo royalty obligation embedded derivative $ 21,912 $ (3,101 ) $ (13,854 ) $ 4,957 Rochester NSR royalty obligation $ 15,370 $ (818 ) $ (4,959 ) $ 9,593 During 2016, Coeur recorded write-downs related to Mining properties totaling $4.4 million ( $3.9 million net of tax). The operator of the Endeavor mine in Australia, on which the Company has a 100% silver stream, announced in early 2016 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 at March 31, 2016. In April 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. 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. During 2015, Coeur recorded write-downs related to Property, plant, and equipment and Mining properties totaling $313.3 million ( $276.5 million net of tax). The fair values of Property, plant, and equipment and Mining properties were estimated using a discounted cash flow approach. The discounted cash flow model used significant unobservable inputs and is therefore classified within Level 3 for the fair value hierarchy. The following table sets forth the quantitative and qualitative information related to the unobservable inputs used in the calculation of the Company's non-recurring Level 3 fair value measurements: Description Valuation technique Unobservable input Range / Weighted Average Property, plant, and equipment and Mining properties Discounted cash flow Discount rate 7.50% - 11.00% Long-term silver price $17.50 Long-term gold price $1,200 During 2014, Coeur recorded write-downs related to Property, plant, and equipment and Mining properties totaling $1,472.7 million ( $1,021.8 million net of tax). The fair values of Property, plant, and equipment and Mining properties were estimated using a discounted cash flow approach. The discounted cash flow model used significant unobservable inputs and is therefore classified within Level 3 for the fair value hierarchy. The following table sets forth the quantitative and qualitative information related to the unobservable inputs used in the calculation of the Company's non-recurring Level 3 fair value measurements: Description Valuation technique Unobservable input Range / Weighted Average Property, plant, and equipment and Mining properties Discounted cash flow Discount rate 8.00% - 10.75% Long-term silver price $19.00 Long-term gold price $1,275 The fair value of financial assets and liabilities carried at book value in the financial statements at December 31, 2016 and December 31, 2015 is presented in the following table: December 31, 2016 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 7.875% Senior Notes due 2021 (1) $ 175,991 $ 184,373 $ — $ 184,373 $ — (1) Net of unamortized debt issuance costs and premium received of $2.0 million . The fair values of 7.875% Senior Notes due 2021 (the “Senior Notes”) outstanding were estimated using quoted market prices. 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 $ — Senior Notes (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 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 | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Palmarejo Gold Production Royalty In January 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 covered 50% of the life of mine production from the Palmarejo mine and legacy adjacent properties, excluding production from the properties acquired in the 2015 Paramount Gold and Silver Corp. (“Paramount”) acquisition. The royalty transaction included a minimum obligation of 4,167 gold ounces per month and terminated effective as of the date payments on 400,000 gold ounces were made, which occurred in July 2016. The price volatility associated with the minimum royalty obligation was considered an embedded derivative. The Company was required to recognize the change in fair value of the remaining minimum obligation due to changing gold prices. Unrealized gains were recognized in periods when the gold price decreased from the previous period and unrealized losses were recognized in periods when the gold price increases. The fair value of the embedded derivative was reflected net of the Company's current credit adjusted risk free rate, which was 19.9% at December 31, 2015 . The fair value of the embedded derivative at December 31, 2015 was a liability of $5.0 million . For the years ended December 31, 2016, 2015, and 2014 , the mark-to-market adjustments were losses of $5.9 million and gains of $17.0 million , and $18.4 million , respectively. Payments on the royalty obligation decreased the carrying amount of the minimum obligation and the derivative liability. Each monthly payment was 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. For the years ended December 31, 2016, 2015, and 2014 realized losses on settlement of the liabilities were $10.8 million , $13.9 million , and $20.4 million , 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 some 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 losses of $0.3 million , gains of $0.3 million , and losses of $0.1 million in the years ended December 31, 2016, 2015, and 2014 , respectively. At December 31, 2016 , the Company had outstanding provisionally priced sales of 0.4 million ounces of silver and 25,505 ounces of gold at prices of $16.35 and $1,208 , respectively. At December 31, 2016 , the Company had the following derivative instruments that settle as follows: In thousands except average prices and notional ounces 2017 Thereafter Provisional silver sales $ 5,801 $ — Average silver price $ 16.35 $ — Notional ounces 354,771 — Provisional gold sales $ 30,810 $ — Average gold price $ 1,208 $ — Notional ounces 25,505 — Silver and Gold Options During the years ended December 31, 2016, 2015, and 2014 the Company had realized losses of $1.6 million , realized gains of $1.3 million , and realized losses of $0.6 million , respectively, from settled contracts. During the year ended December 31, 2014, the Company recorded unrealized gains of $1.5 million . During the years ended December 31, 2016, and 2015, the Company had no unrealized gains or losses related to outstanding options which were included in Fair value adjustments, net. At December 31, 2016 , the Company had no outstanding gold and silver options contracts. The following summarizes the classification of the fair value of the derivative instruments: December 31, 2016 In thousands Prepaid expenses and other Accrued liabilities and other Current portion of royalty obligation Non-current portion of royalty obligation Provisional silver and gold sales contracts $ — $ 762 $ — $ — 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 $ — Provisional silver and gold sales contracts 28 536 — — $ 28 $ 536 $ 4,957 $ — The following represent mark-to-market gains (losses) on derivative instruments for the years ended December 31, 2016, 2015, and 2014 and 2015 (in thousands): Year ended December 31, Financial statement line Derivative 2016 2015 2014 Revenue Provisional silver and gold sales contracts $ (254 ) $ 296 (123 ) Costs applicable to sales Foreign exchange contracts — — 924 Fair value adjustments, net Foreign exchange contracts — — (16 ) Fair value adjustments, net Palmarejo gold royalty (5,866 ) 3,101 (2,001 ) Fair value adjustments, net Silver and gold options (1,582 ) 1,283 1,058 $ (7,702 ) $ 4,680 $ (158 ) 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 institutions management deems credit worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS In April 2015, the Company completed the acquisition of Paramount, which held mineral claims adjacent to the Company's Palmarejo mine, including a continuation of the Independencia deposit. Upon closing, Paramount became a wholly-owned subsidiary of the Company, and each issued and outstanding share of Paramount common stock was converted into 0.2016 shares of Coeur common stock, with cash paid in lieu of fractional shares. Immediately prior to completion of the acquisition, Paramount spun off to its existing stockholders a separate, publicly-traded company, Paramount Gold Nevada Corp. ("SpinCo"), which owns the Sleeper Gold Project and other assets in Nevada. SpinCo was capitalized with $8.5 million in cash contributed by Coeur, which amount has been included in the total consideration paid for the acquisition of Paramount. The Company also paid $1.5 million to acquire 4.9% of the newly issued and outstanding shares of SpinCo. The transaction was accounted for as an asset acquisition, as Paramount is an exploration stage project, which requires that the total purchase price be allocated to the assets acquired and liabilities assumed based on their relative fair values. The purchase price and acquired assets and liabilities were as follows (in thousands except share data): Common shares issued (32,667,327 at $5.78) $ 188,817 Cash 8,530 Transaction advisory fees and other acquisition costs 4,020 Total purchase price 201,367 Total assets acquired 307,193 Total liabilities assumed 105,826 Net assets acquired $ 201,367 The assets acquired and liabilities assumed have been assigned to the Palmarejo reportable operating segment. In February 2015, the Company completed its acquisition of the Wharf gold mine located near Lead, South Dakota, from a subsidiary of Goldcorp in exchange for $99.4 million in cash. The transaction was accounted for as a business combination which requires that assets acquired and liabilities assumed be recognized at their respective fair values at the acquisition date. The Company incurred $2.1 million of acquisition costs, which are included in Pre-development, reclamation, and other on the Consolidated Statements of Comprehensive Income (Loss). The purchase price allocation was based on the fair value of acquired assets and liabilities as follows (in thousands): Total assets acquired 133,269 Total liabilities assumed 33,873 Net assets acquired $ 99,396 The following table presents the unaudited pro forma summary of the Company’s Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2016 , 2015 , and 2014 as if the acquisition had occurred on January 1, 2014. 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. In thousands 2016 2015 (Pro Forma) 2014 (Pro Forma) Revenue $ 665,777 $ 664,086 $ 729,742 Income (loss) before income and mining taxes 1,113 (393,498 ) (1,587,128 ) Net income (loss) 55,352 (367,235 ) (1,158,874 ) |
Investments
Investments | 12 Months Ended |
Dec. 31, 2016 | |
Investment in Marketable Securities [Abstract] | |
INVESTMENTS | INVESTMENTS Equity Securities The Company makes strategic investments in equity securities of silver and gold exploration and development companies. These investments are classified as available-for-sale and are measured at fair value in the financial statements with unrealized gains and losses recorded in Other comprehensive income (loss) . At December 31, 2016 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Kootenay Silver, Inc. $ 2,645 $ — $ — $ 2,645 Silver Bull Resources, Inc. 233 — 783 1,016 Other 229 — 598 827 Equity securities $ 3,107 $ — $ 1,381 $ 4,488 At December 31, 2015 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Paramount Gold Nevada Corp. $ 1,470 $ (1,036 ) $ — $ 434 Northair Silver Corp. 725 — 9 734 Agnico-Eagle Mines Ltd. 420 — 518 938 Silver Bull Resources, Inc. 305 — — 305 Other 466 (143 ) 32 355 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 $0.7 million , $2.3 million , and $6.6 million in the years ended December 31, 2016, 2015, and 2014, respectively, in Other, net . |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
RECEIVABLES | RECEIVABLES Receivables consist of the following: In thousands December 31, 2016 December 31, 2015 Current receivables: Trade receivables $ 10,669 $ 17,878 Income tax receivable 1,038 13,678 Value added tax receivable 46,083 50,669 Other 2,641 3,767 $ 60,431 $ 85,992 Non-current receivables: Value added tax receivable $ 19,293 $ 24,768 Income tax receivable 11,658 — 30,951 24,768 Total receivables $ 91,382 $ 110,760 |
Inventory and Ore on Leach Pads
Inventory and Ore on Leach Pads | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
INVENTORY AND ORE ON LEACH PADS | INVENTORY AND ORE ON LEACH PADS Inventory consists of the following: In thousands December 31, 2016 December 31, 2015 Inventory: Concentrate $ 17,994 $ 16,165 Precious metals 47,228 21,908 Supplies 40,804 43,638 $ 106,026 $ 81,711 Ore on leach pads: Current $ 64,167 $ 67,329 Non-current 67,231 44,582 $ 131,398 $ 111,911 Total inventory and ore on leach pads $ 237,424 $ 193,622 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: In thousands December 31, 2016 December 31, 2015 Land $ 7,878 $ 8,287 Facilities and equipment 650,480 654,585 Assets under capital leases 54,968 30,648 713,326 693,520 Accumulated amortization (524,806 ) (514,509 ) 188,520 179,011 Construction in progress 28,276 16,988 Property, plant and equipment, net $ 216,796 $ 195,999 Rent expense for operating lease agreements was $16.8 million , $14.3 million , and $11.2 million for the years ended December 31, 2016, 2015, and 2014, respectively. |
Mining Properties
Mining Properties | 12 Months Ended |
Dec. 31, 2016 | |
Mining Properties [Abstract] | |
MINING PROPERTIES | MINING PROPERTIES Mining properties consist of the following (in thousands): December 31, 2016 Palmarejo Rochester Kensington Wharf San Bartolomé La Preciosa Joaquin Coeur Capital Total Mine development $ 174,890 $ 165,230 $ 271,175 $ 37,485 $ 39,184 $ — $ — $ — $ 687,964 Accumulated amortization (134,995 ) (138,244 ) (154,744 ) (11,699 ) (32,192 ) — — — (471,874 ) 39,895 26,986 116,431 25,786 6,992 — — — 216,090 Mineral interests 629,303 — — 45,837 12,868 49,085 10,000 37,272 784,365 Accumulated amortization (381,686 ) — — (19,249 ) (11,695 ) — — (29,370 ) (442,000 ) 247,617 — — 26,588 1,173 49,085 10,000 7,902 342,365 Mining properties, net $ 287,512 $ 26,986 $ 116,431 $ 52,374 $ 8,165 $ 49,085 $ 10,000 $ 7,902 $ 558,455 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 Palmarejo is located in the State of Chihuahua in northern Mexico and consists of the Palmarejo mine and mill, the Guadalupe underground mine, the Independencia underground mine, and other deposits and exploration targets. Palmarejo commenced production in April 2009. The Rochester silver and gold mine, located in northwestern Nevada has been operated by the Company since September 1986. The mine utilizes heap-leaching to extract both silver and gold from ore mined using open pit methods. The Kensington mine is an underground gold mine and consists of the Kensington and adjacent Jualin properties located north-northwest of Juneau, Alaska. The Company commenced commercial production in July 2010. The Wharf gold mine is an open pit gold mine located near the city of Lead, South Dakota. The Company acquired Wharf in February 2015. The San Bartolomé mine is a silver mine located near the city of Potosi, Bolivia. The Company commenced commercial production at San Bartolomé in June 2008. The La Preciosa silver-gold project is located in the State of Durango in northern Mexico. The Company completed a feasibility study in 2014 and has deferred construction activities until expected returns improve. The Joaquin silver-gold project is located in the Santa Cruz province of southern Argentina. The Company commenced exploration of the property in November 2007. In January 2017, the Company entered into an agreement to sell the Joaquin silver-gold exploration project for total consideration of $25.0 million . The Company will also retain a 2.0% NSR royalty on the Joaquin project. The transaction is expected to close in the first quarter of 2017, subject to customary closing conditions. The Company's mineral interests held by Coeur Capital primarily consist of the Endeavor silver stream, acquired by the Company in May 2005, under which the Company owns all silver production and reserves up to 20.0 million ounces at the Endeavor mine in Australia, owned and operated by Cobar Operations Pty. Limited. The Company has received 6.0 million ounces to-date and the current ore reserve contains 1.4 million ounces. The operator of the Endeavor mine announced in early 2016 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 at March 31, 2016. Non-core Asset Sales In March 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 Company recognized a $1.9 million pre-tax gain on this sale. The mineral interest associated with the Cerro Bayo mine was included in the Coeur Capital segment. In April 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. 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. In April 2016, Coeur sold its 2.5% NSR royalty on the La Cigarra project to Kootenay Silver Inc. for total consideration of approximately $3.6 million , consisting of $0.5 million in cash and 9.6 million Kootenay shares. The Company recognized a $1.2 pre-tax gain on this sale. The mineral interest associated with La Cigarra was included in the Coeur Capital segment. In May 2016, Coeur sold its Martha assets and related liabilities in Argentina to Hunt Mining Corp. for total cash consideration of $3.0 million , including $1.5 million received at closing and $1.5 million receivable on the one-year anniversary of the closing. The Company recognized a $5.3 million pre-tax gain on this sale. In July 2016, the Company sold its NSR royalty on the Correnso mine in New Zealand to the operator, a subsidiary of Oceana Gold Corporation, for total consideration of $5.4 million , including $0.7 million in contingent consideration. The Company recognized a $4.7 million pre-tax gain on this sale. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT December 31, 2016 December 31, 2015 In thousands Current Non-Current Current Non-Current Senior Notes, net (1) $ — $ 175,991 $ — $ 373,433 3.25% Convertible Senior Notes due 2028 — — — 712 Term Loan due 2020, net (2) — — 1,000 93,489 San Bartolomé Lines of Credit — — — 4,571 Capital lease obligations 12,039 22,866 9,431 7,774 $ 12,039 $ 198,857 $ 10,431 $ 479,979 (1) Net of unamortized debt issuance costs and premium received of $2.0 million and $5.3 million at December 31, 2016 and December 31, 2015, respectively. (2) Net of unamortized debt issuance costs of $5.0 million at December 31, 2015. 7.875% Senior Notes due 2021 In December 2016, the Company redeemed $190.0 million aggregate principal amount of its Senior Notes. The “make-whole premium” redemption price payment of $9.0 million was calculated in accordance with the terms and conditions of the Notes. The redemption of the Senior Notes resulted in a loss of $11.3 million . In August 2016, the Company entered into two privately-negotiated agreements to exchange $10.8 million in aggregate principal amount of its Senior Notes for 0.7 million shares of common stock. Based on the closing price of the Company's common stock on the date of the exchange, the exchange resulted in a loss of $1.2 million . In November 2015, the Company entered into a privately-negotiated agreement to exchange $54.2 million in aggregate principal amount of its Senior Notes for 14.4 million shares of common stock. Based on the closing price of the Company's common stock on the date of the exchange, the exchange resulted in a gain of $15.9 million . During 2015 and 2014, the Company repurchased $71.3 million in aggregate principal amount of the Senior Notes. On or after February 1, 2017, the Company may redeem some or all of the Senior Notes at the applicable redemption prices set forth in the Indenture for the Senior Notes, together with accrued and unpaid interest. In March 2014, the Company completed a follow-on offering of $150 million in aggregate principal amount of the Senior Notes (the “Additional Notes”) in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). The Additional Notes constitute a further issuance of the Original Notes (as defined below) and form a single series of debt securities with the Original Notes. Upon completion of Coeur’s offering of the Additional Notes, the aggregate principal amount of the outstanding Senior Notes was $450.0 million . The Company commenced an exchange offer for the Additional Notes on April 10, 2014 to exchange the Additional Notes for freely transferable notes containing substantially similar terms, in accordance with the registration rights granted to the holders of the Additional Notes when they were issued. The exchange offer was consummated on May 9, 2014. 3.25% Convertible Senior Notes due 2028 In July 2016, all outstanding Convertible Notes were redeemed for $0.7 million . Term Loan due 2020 In July 2016, the Company voluntarily terminated and repaid the Term Loan for $103.4 million including the $99.0 million remaining principal balance and a $4.4 million prepayment premium. The termination of the Term Loan resulted in a loss of $8.8 million . In July 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 provided 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 were used for general corporate purposes. The obligations under the Term Loan were 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. Lines of Credit At December 31, 2016, San Bartolomé had an available line of credit for $12.0 million that matures in June 30, 2018, bearing interest at 6.0% per annum, which is secured with machinery and equipment. There was no outstanding balance at December 31, 2016. At December 31, 2015, San Bartolomé had two outstanding lines of credit. The first line of credit was for $12.0 million bearing interest at 6.0% per annum, maturing June 30, 2018. The second line of credit was for $15.0 million bearing interest at 6.0% per annum that matured on December 29, 2016. Both lines of credit were secured with machinery and equipment. There was an outstanding balance of $4.6 million on the second line of credit at December 31, 2015. Short-term Loan In March 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. 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. In 2016, the Company entered into new lease financing arrangements primarily for a larger 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. Minimum future lease payments under capital and operating leases with terms longer than one year are as follows: At December 31, ( In thousands) Operating leases Capital leases 2017 $ 13,709 $ 13,292 2018 5,514 10,968 2019 5,304 6,481 2020 3,891 3,675 2021 3,095 2,886 Thereafter 8,716 44 Total $ 40,229 $ 37,346 Less: imputed interest — (2,441 ) Net lease obligation $ 40,229 $ 34,905 Interest Expense Year ended December 31, In thousands 2016 2015 2014 7.875% Senior Notes due 2021 $ 28,871 $ 33,437 $ 32,741 3.25% Convertible Senior Notes due 2028 13 54 173 Term Loan due 2020 4,939 4,719 — Short-term Loan — 326 — San Bartolomé Lines of Credit 15 795 — Revolving Credit Facility — — 179 Loss on Revolving Credit Facility — — 3,035 Capital lease obligations 1,437 1,035 972 Accretion of Palmarejo gold production royalty obligation 1,211 6,567 10,773 Amortization of debt issuance costs 1,933 2,257 1,740 Accretion of debt premium (345 ) (409 ) (357 ) Other debt obligations 72 20 — Capitalized interest (1,226 ) (3,098 ) (1,710 ) Total interest expense, net of capitalized interest $ 36,920 $ 45,703 $ 47,546 |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
SUPPLEMENTAL GUARANTOR INFORMATION | SUPPLEMENTAL GUARANTOR INFORMATION The following 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 its subsidiaries, and Coeur Capital, Inc. (collectively, the “Subsidiary Guarantors”) of the Senior Notes. The following schedules present 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 and joint and several obligations. There are no restrictions on the ability of Coeur to obtain funds from the Subsidiary Guarantors by dividend or loan. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2016 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 423,488 $ 242,289 $ — $ 665,777 COSTS AND EXPENSES Costs applicable to sales (1) — 252,836 156,705 — 409,541 Amortization 1,558 77,392 44,211 — 123,161 COSTS AND EXPENSES General and administrative 28,704 250 422 — 29,376 Exploration 1,596 6,127 5,207 — 12,930 Write-downs — — 4,446 — 4,446 Pre-development, reclamation, and other 2,044 5,839 9,336 — 17,219 Total costs and expenses 33,902 342,444 220,327 — 596,673 OTHER INCOME (EXPENSE), NET Loss on debt extinguishments (21,365 ) — — — (21,365 ) Fair value adjustments, net (1,635 ) (4,133 ) (5,813 ) — (11,581 ) Other, net 4,357 2,139 463 (5,084 ) 1,875 Interest expense, net of capitalized interest (35,158 ) (861 ) (5,985 ) 5,084 (36,920 ) Total other income (expense), net (53,801 ) (2,855 ) (11,335 ) — (67,991 ) Loss before income and mining taxes (87,703 ) 78,189 10,627 — 1,113 Income and mining tax (expense) benefit 11,733 (7,517 ) 50,023 — 54,239 Total loss after income and mining taxes (75,970 ) 70,672 60,650 — 55,352 Equity income (loss) in consolidated subsidiaries 131,322 (4,353 ) — (126,969 ) — NET INCOME (LOSS) $ 55,352 $ 66,319 $ 60,650 $ (126,969 ) $ 55,352 OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on marketable securities, net of tax 3,222 3,156 — (3,156 ) 3,222 Reclassification adjustments for impairment of equity securities, net of tax 703 703 — (703 ) 703 Reclassification adjustments for realized loss on sale of equity securities, net of tax (2,691 ) (3,181 ) — 3,181 (2,691 ) Other comprehensive income (loss) 1,234 678 — (678 ) 1,234 COMPREHENSIVE INCOME (LOSS) $ 56,586 $ 66,997 $ 60,650 $ (127,647 ) $ 56,586 (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2015 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 378,278 $ 267,808 $ — $ 646,086 COSTS AND EXPENSES Costs applicable to sales (1) — 261,830 217,824 — 479,654 Amortization 1,991 83,325 58,435 — 143,751 COSTS AND EXPENSES General and administrative 32,405 35 394 — 32,834 Exploration 2,265 3,931 5,451 — 11,647 Write-downs — 1,630 311,707 — 313,337 Pre-development, reclamation, and other 4,083 5,920 7,790 — 17,793 Total costs and expenses 40,744 356,671 601,601 — 999,016 OTHER INCOME (EXPENSE), NET Gain on debt extinguishments 15,916 — — — 15,916 Fair value adjustments, net 1,224 818 3,160 — 5,202 Other, net 4,336 (3,106 ) (13,385 ) (3,776 ) (15,931 ) Interest expense, net of capitalized interest (39,867 ) (966 ) (8,646 ) 3,776 (45,703 ) Total other income (expense), net (18,391 ) (3,254 ) (18,871 ) — (40,516 ) Income (Loss) before income and mining taxes (59,135 ) 18,353 (352,664 ) — (393,446 ) Income and mining tax (expense) benefit 1,827 (2,354 ) 26,790 — 26,263 Income (Loss) after income and mining taxes (57,308 ) 15,999 (325,874 ) — (367,183 ) Equity income (loss) in consolidated subsidiaries (309,875 ) (14,814 ) — 324,689 — NET INCOME (LOSS) $ (367,183 ) $ 1,185 $ (325,874 ) $ 324,689 $ (367,183 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on equity securities, net of tax (4,154 ) (3,118 ) — 3,118 (4,154 ) Reclassification adjustments for impairment of equity securities, net of tax 2,346 2,346 — (2,346 ) 2,346 Reclassification adjustments for realized loss on sale of equity securities, net of tax 894 894 — (894 ) 894 Other comprehensive income (loss) (914 ) 122 — (122 ) (914 ) COMPREHENSIVE INCOME (LOSS) $ (368,097 ) $ 1,307 $ (325,874 ) $ 324,567 $ (368,097 ) (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2014 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 261,963 $ 373,779 $ — $ 635,742 COSTS AND EXPENSES Costs applicable to sales (1) — 196,805 281,140 — 477,945 Amortization 1,805 65,100 95,531 — 162,436 COSTS AND EXPENSES General and administrative 39,976 6 863 — 40,845 Exploration 3,560 11,157 7,023 — 21,740 Write-downs — 107,832 1,364,889 — 1,472,721 Pre-development, reclamation, and other 8,813 3,889 13,335 — 26,037 Total costs and expenses 54,154 384,789 1,762,781 — 2,201,724 OTHER INCOME (EXPENSE), NET Fair value adjustments, net 1,812 3,653 (1,847 ) — 3,618 Other, net 4,406 (7,023 ) 227 (2,828 ) (5,218 ) Interest expense, net of capitalized interest (38,389 ) (891 ) (11,094 ) 2,828 (47,546 ) Total other income (expense), net (32,171 ) (4,261 ) (12,714 ) — (49,146 ) Income (Loss) before income and mining taxes (86,325 ) (127,087 ) (1,401,716 ) — (1,615,128 ) Income and mining tax (expense) benefit 1,742 (2,224 ) 428,736 — 428,254 Income (Loss) after income and mining taxes (84,583 ) (129,311 ) (972,980 ) — (1,186,874 ) Equity income (loss) in consolidated subsidiaries (1,102,291 ) (4,181 ) — 1,106,472 — NET INCOME (LOSS) $ (1,186,874 ) $ (133,492 ) $ (972,980 ) $ 1,106,472 $ (1,186,874 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on equity securities, net of tax (2,290 ) (2,272 ) — 2,272 (2,290 ) Reclassification adjustments for impairment of equity securities, net of tax 4,042 4,042 — (4,042 ) 4,042 Reclassification adjustments for realized loss on sale of equity securities, net of tax 346 328 — (328 ) 346 Other comprehensive income (loss) 2,098 2,098 — (2,098 ) 2,098 COMPREHENSIVE INCOME (LOSS) $ (1,184,776 ) $ (131,394 ) $ (972,980 ) $ 1,104,374 $ (1,184,776 ) (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 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 $ 62,207 $ 134,892 $ 55,687 $ (126,969 ) 125,817 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (246 ) (58,084 ) (42,683 ) — (101,013 ) Proceeds from the sale of long-lived assets — 4,800 11,496 — 16,296 Purchase of investments (178 ) — — — (178 ) Sales and maturities of investments 501 6,576 — — 7,077 Acquisitions, net of cash acquired — — (1,417 ) — (1,417 ) Other (4,396 ) 368 (180 ) — (4,208 ) Investments in consolidated subsidiaries (107,855 ) 25,047 — 82,808 — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (112,174 ) (21,293 ) (32,784 ) 82,808 (83,443 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on debt, capital leases, and associated costs (303,686 ) (10,894 ) (8,221 ) — (322,801 ) Gold production royalty payments — — (27,155 ) — (27,155 ) Net intercompany financing activity 45,850 (86,914 ) (3,097 ) 44,161 — Issuance of common stock 269,556 — — — 269,556 Other 172 — — — 172 CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 11,892 (97,808 ) (38,473 ) 44,161 (80,228 ) Effect of exchange rate changes on cash and cash equivalents — 4 (682 ) — (678 ) NET CHANGE IN CASH AND CASH EQUIVALENTS (38,075 ) 15,795 (16,252 ) — (38,532 ) Cash and cash equivalents at beginning of period 96,123 34,228 70,363 — 200,714 Cash and cash equivalents at end of period $ 58,048 $ 50,023 $ 54,111 $ — $ 162,182 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2015 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) operating activities $ (377,091 ) $ 86,486 $ 79,458 $ 324,689 113,542 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (514 ) (52,376 ) (42,303 ) — (95,193 ) Proceeds from the sale of long-lived assets — 289 318 — 607 Purchase of investments (1,880 ) — — — (1,880 ) Sales and maturities of investments 2 532 71 — 605 Acquisitions, net of cash acquired (110,846 ) — — — (110,846 ) Other (4,710 ) 234 (110 ) — (4,586 ) Investments in consolidated subsidiaries 282,041 20,239 120 (302,400 ) — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 164,093 (31,082 ) (41,904 ) (302,400 ) (211,293 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings 150,000 — 3,500 — 153,500 Payments on debt, capital leases, and associated costs (62,930 ) (7,428 ) (14,357 ) — (84,715 ) Gold production royalty payments — — (39,235 ) — (39,235 ) Net intercompany financing activity 12,232 (19,518 ) 29,575 (22,289 ) — Other (542 ) — — — (542 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 98,760 (26,946 ) (20,517 ) (22,289 ) 29,008 Effect of exchange rate changes on cash and cash equivalents — (11 ) (1,393 ) — (1,404 ) NET CHANGE IN CASH AND CASH EQUIVALENTS (114,238 ) 28,447 15,644 — (70,147 ) Cash and cash equivalents at beginning of period 210,361 5,781 54,719 — 270,861 Cash and cash equivalents at end of period $ 96,123 $ 34,228 $ 70,363 $ — $ 200,714 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2014 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) operating activities $ (1,175,464 ) $ 41,292 $ 81,248 $ 1,106,472 53,548 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (1,849 ) (28,118 ) (34,277 ) — (64,244 ) Proceeds from the sale of long-lived assets — 48 281 — 329 Purchase of investments (50,013 ) (429 ) (71 ) — (50,513 ) Sales and maturities of investments 49,069 5,261 14 — 54,344 Acquisitions, net of cash acquired (12,079 ) (4,000 ) (5,250 ) — (21,329 ) Other — — (321 ) — (321 ) Investments in consolidated subsidiaries 1,151,372 4,106 — (1,155,478 ) — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 1,136,500 (23,132 ) (39,624 ) (1,155,478 ) (81,734 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings 153,000 — 14,784 — 167,784 Payments on debt, capital leases, and associated costs (18,545 ) (6,114 ) (1,243 ) — (25,902 ) Gold production royalty payments — — (48,395 ) — (48,395 ) Net intercompany financing activity (21,697 ) (7,256 ) (20,053 ) 49,006 — Other (509 ) — — — (509 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 112,249 (13,370 ) (54,907 ) 49,006 92,978 Effect of exchange rate changes on cash and cash equivalents — — (621 ) — (621 ) NET CHANGE IN CASH AND CASH EQUIVALENTS 73,285 4,790 (13,904 ) — 64,171 Cash and cash equivalents at beginning of period 137,076 991 68,623 — 206,690 Cash and cash equivalents at end of period $ 210,361 $ 5,781 $ 54,719 $ — $ 270,861 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2016 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 58,048 $ 50,023 $ 54,111 $ — $ 162,182 Receivables 12 6,865 53,554 — 60,431 Ore on leach pads — 64,167 — — 64,167 Inventory — 49,393 56,633 — 106,026 Prepaid expenses and other 3,803 1,459 12,719 — 17,981 61,863 171,907 177,017 — 410,787 NON-CURRENT ASSETS Property, plant and equipment, net 3,222 139,885 73,689 — 216,796 Mining properties, net — 195,791 362,664 — 558,455 Ore on leach pads — 67,231 — — 67,231 Restricted assets 10,170 226 7,201 — 17,597 Equity securities — 4,488 — — 4,488 Receivables — — 30,951 — 30,951 Deferred tax assets — — 191 — 191 Net investment in subsidiaries 273,056 11,650 — (284,706 ) — Other 221,381 9,263 3,153 (221,384 ) 12,413 TOTAL ASSETS $ 569,692 $ 600,441 $ 654,866 $ (506,090 ) $ 1,318,909 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 2,153 $ 24,921 $ 26,261 $ — $ 53,335 Other accrued liabilities 12,881 13,664 16,198 — 42,743 Debt — 6,516 5,523 — 12,039 Royalty obligations — 4,995 — — 4,995 Reclamation — 2,672 850 — 3,522 15,034 52,768 48,832 — 116,634 NON-CURRENT LIABILITIES Debt 175,991 15,214 229,036 (221,384 ) 198,857 Royalty obligations — 4,292 — — 4,292 Reclamation — 75,183 20,621 — 95,804 Deferred tax liabilities 13,810 6,179 54,809 — 74,798 Other long-term liabilities 1,993 4,750 53,294 — 60,037 Intercompany payable (receivable) (405,623 ) 336,813 68,810 — — (213,829 ) 442,431 426,570 (221,384 ) 433,788 STOCKHOLDERS’ EQUITY Common stock 1,809 250 197,913 (198,163 ) 1,809 Additional paid-in capital 3,314,590 181,009 1,864,261 (2,045,270 ) 3,314,590 Accumulated deficit (2,545,424 ) (73,529 ) (1,882,710 ) 1,956,239 (2,545,424 ) Accumulated other comprehensive income (loss) (2,488 ) (2,488 ) — 2,488 (2,488 ) 768,487 105,242 179,464 (284,706 ) 768,487 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 569,692 $ 600,441 $ 654,866 $ (506,090 ) $ 1,318,909 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 $ 21,956 $ 28,454 $ — $ 52,153 Other accrued liabilities 20,555 11,177 18,800 — 50,532 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 | 12 Months Ended |
Dec. 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 December 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 and related costs, of gold and silver produced and sold from the applicable portions of the Rochester mine. Changes in the Company's mine plan and silver and gold prices result in the recognition of mark-to-market gains or losses in Fair value adjustments, net . At December 31, 2016 , a total of 18.0 million silver equivalent ounces remain outstanding under the obligation. Palmarejo Gold Production Royalty and Gold Stream In January 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 provided 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 . In July 2016, the remaining minimum obligation under the Palmarejo royalty agreement was satisfied and the termination of the Palmarejo royalty agreement became effective. Coeur Mexicana is now subject to a gold stream agreement whereby Coeur Mexicana will sell 50% of Palmarejo gold production (excluding production from the recently acquired Paramount properties) to a subsidiary of Franco-Nevada Corporation 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 In October 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. 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. The Company is not currently mining above the 4,400 meter level due to community relations concerns and the current political climate in Bolivia. If COMIBOL decides to affirmatively adopt a new resolution to restrict access above the 4,400 meter level, the Company may need to further write down the carrying value of the asset. While a portion of the Company's proven and probable reserves relate to material above the 4,400 meter level at San Bartolomé, so long as operations remain suspended, there is a risk that silver may not be produced from this material at expected levels or at all, particularly given the remaining anticipated mine life of this asset. It is also uncertain if any new mining or investment policies or shifts in political attitude may affect mining in Bolivia. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION The following table presents non-cash financing and investing activities and other cash flow information: Year ended December 31, Non-cash financing and investing activities: 2016 2015 2014 Capital lease obligations $ 32,243 $ 4,123 $ 24,879 Non-cash extinguishment of senior notes 10,616 53,373 — Non-cash acquisitions and related deferred taxes — 297,821 — Other cash flow information: Interest paid $ 41,976 $ 42,264 $ 30,691 Income taxes paid 17,181 1,937 20,198 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The Company's Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles. The preparation of the Company's Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements. |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the wholly-owned subsidiaries of the Company, the most significant of which are Coeur Mexicana S.A. de C.V., Coeur Rochester, Inc., Coeur Alaska, Inc., Wharf Resources (U.S.A.), Empresa Minera Manquiri S.A., and Coeur Capital, Inc. All intercompany balances and transactions have been eliminated. The Company's investments in entities in which it has less than 20% ownership interest are accounted for using the cost method. |
Revenue Recognition | Revenue Recognition Revenue is recognized, net of treatment and refining charges, when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable, no obligations remain, and collection is probable. Under the Company’s concentrate sales contracts with third-party smelters, gold and silver prices are set on a specified future quotational period, typically one to three months, after the shipment date based on market prices. Revenue and Costs Applicable to Sales are recorded on a gross basis under these contracts at the time title passes to the buyer based on the forward price for the expected settlement period. The contracts, in general, provide for provisional payment based upon provisional assays and forward metal prices. Final settlement is based on the average applicable price for the specified future quotational period and generally occurs from three to six months after shipment. The Company’s provisionally priced sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of concentrates measured at the forward price at the time of sale. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through revenue each period until the date of final gold and silver settlement. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all highly-liquid investments with an original maturity of three months or less. The Company minimizes its credit risk by investing its cash and cash equivalents with major U.S. and international banks and financial institutions located principally in the United States with a minimum credit rating of A1, as defined by Standard & Poor’s. The Company’s management believes that no concentration of credit risk exists with respect to the investment of its cash and cash equivalents. |
Receivables | Receivables Trade receivables and other receivable balances are reported at outstanding principal amounts, net of an allowance for doubtful accounts, if deemed necessary. Management evaluates the collectability of receivable account balances to determine the allowance, if any. Management considers the other party's credit risk and financial condition, as well as current and projected economic and market conditions, in determining the amount of the allowance. Receivable balances are written off when management determines that the balance is uncollectible. |
Ore on Leach Pads | Ore on Leach Pads The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company estimates the quantity of ore by utilizing global positioning satellite survey techniques. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold concentrate at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or market, with cost being determined using a weighted average cost method. The historical cost of metal expected to be extracted within twelve months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond twelve months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process. The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than twenty years of leach pad operations at the Rochester mine and thirty years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. |
Metal and Other Inventory | Metal and Other Inventory Inventories include concentrate, doré, and operating materials and supplies. The classification of inventory is determined by the stage at which the ore is in the production process. All inventories are stated at the lower of cost or market, with cost being determined using a weighted average cost method. Concentrate and doré inventory includes product at the mine site and product held by refineries. Metal inventory costs include direct labor, materials, depreciation, depletion and amortization as well as overhead costs relating to mining activities. |
Property, Plant, and Equipment | Property, Plant, and Equipment Expenditures for new facilities, assets acquired pursuant to capital leases, new assets or expenditures that extend the useful lives of existing facilities are capitalized and depreciated using the straight-line method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities, lease term, or the useful life of the individual assets. Productive lives range from 7 to 30 years for buildings and improvements and 3 to 10 years for machinery and equipment. Certain mining equipment is depreciated using the units-of-production method based upon estimated total proven and probable reserves. |
Mining Properties and Mine Development | Mining Properties and Mine Development Capitalization of mine development costs begins once all operating permits have been secured, mineralization is classified as proven and probable reserves and a final feasibility study has been completed. Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Costs incurred before mineralization are classified as proven and probable reserves are expensed and classified as exploration or pre-development expense. Mine development costs are amortized using the units of production method over the estimated life of the ore body based on recoverable ounces to be mined from proven and probable reserves. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use. Drilling and related costs incurred at the Company’s operating mines are expensed as incurred in Exploration, unless the Company can conclude with a high degree of confidence, prior to the commencement of a drilling program, that the drilling costs will result in the conversion of a mineral resource into proven and probable reserves. The Company’s assessment is based on the following factors: results from previous drill programs; results from geological models; results from a mine scoping study confirming economic viability of the resource; and preliminary estimates of mine inventory, ore grade, cash flow and mine life. In addition, the Company must have all permitting and/or contractual requirements necessary to have the right to and/or control of the future benefit from the targeted ore body. The costs of a drilling program that meet these criteria are capitalized as mine development costs. Drilling and related costs of approximately $12.9 million and $6.0 million at December 31, 2016 and 2015, respectively, were capitalized. The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. Stripping costs incurred during the production phase of a mine are variable production costs that are included as a component of inventory to be recognized in Costs applicable to sales in the same period as the revenue from the sale of inventory. |
Mineral Interests | Mineral Interests Significant payments related to the acquisition of land and mineral rights are capitalized. Prior to acquiring such land or mineral rights, the Company generally makes a preliminary evaluation to determine that the property has significant potential to develop an economic ore body. The time between initial acquisition and full evaluation of a property’s potential is variable and is determined by many factors including: location relative to existing infrastructure, the property’s stage of development, geological controls and metal prices. If a mineable ore body is discovered, such costs are amortized when production begins using the units of- production method based on recoverable ounces to be mined from proven and probable reserves. If no mineable ore body is discovered, such costs are expensed in the period in which it is determined the property has no future economic value. |
Write-downs | Write-downs We review and evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Asset impairment is considered to exist if the total estimated undiscounted pretax future cash flows are less than the carrying amount of the asset. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of future cash flows from other asset groups. An impairment loss is measured by discounted estimated future cash flows, and recorded by reducing the asset's carrying amount to fair value. Future cash flows are estimated based on estimated quantities of recoverable minerals, expected silver and gold prices (considering current and historical prices, trends and related factors), production levels, operating costs, capital requirements and reclamation costs, all based on life-of-mine plans. During 2016, 2015, and 2014, we recorded impairments of $4.4 million , $313.3 million , and $1,472.7 million , respectively, to reduce the carrying value of mining properties and property, plant and equipment as part of Write-downs. Existing proven and probable reserves and value beyond proven and probable reserves, including mineralization other than proven and probable reserves are included when determining the fair value of mine site asset groups at acquisition and, subsequently, in determining whether the assets are impaired. The term “recoverable minerals” refers to the estimated amount of silver and gold that will be obtained after taking into account losses during ore processing and treatment. Estimates of recoverable minerals from exploration stage mineral interests are risk adjusted based on management’s relative confidence in such materials. The ability to achieve the estimated quantities of recoverable minerals from exploration stage mineral interests involves further risks in addition to those risk factors applicable to mineral interests where proven and probable reserves have been identified, due to the lower level of confidence that the identified mineralized material could ultimately be mined economically. Assets classified as exploration potential have the highest level of risk that the carrying value of the asset can be ultimately realized, due to the still lower level of geological confidence and economic modeling. Silver and gold prices are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors may affect the key assumptions used in the Company’s impairment testing. Various factors could impact our ability to achieve forecasted production levels from proven and probable reserves. Additionally, production, capital and reclamation costs could differ from the assumptions used in the cash flow models used to assess impairment. Actual results may vary from the Company’s estimates and result in additional Write-downs . |
Restricted Assets | Restricted Assets The Company, under the terms of its self-insurance and bonding agreements with certain banks, lending institutions and regulatory agencies, is required to collateralize certain portions of its obligations. The Company has collateralized these obligations by assigning certificates of deposit that have maturity dates ranging from three months to a year, to the respective institutions or agencies. At December 31, 2016 and 2015, the Company held certificates of deposit and cash under these agreements of $17.6 million and $11.6 million , respectively. The ultimate timing of the release of the collateralized amounts is dependent on the timing and closure of each mine and repayment of the facility. In order to release the collateral, the Company must seek approval from certain government agencies responsible for monitoring the mine closure status. Collateral could also be released to the extent the Company is able to secure alternative financial assurance satisfactory to the regulatory agencies. The Company believes there is a reasonable probability that the collateral will remain in place beyond a twelve-month period and has therefore classified these investments as long-term. |
Reclamation | Reclamation The Company recognizes obligations for the expected future retirement of tangible long-lived assets and other associated asset retirement costs. The fair value of a liability for an asset retirement obligation will be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset and this additional carrying amount is depreciated over the life of the asset. An accretion cost, representing the increase over time in the present value of the liability, is recorded each period in Pre-development, reclamation, and other . As reclamation work is performed or liabilities are otherwise settled, the recorded amount of the liability is reduced. Future remediation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the discounted costs expected to be incurred at the site. Such cost estimates include, where applicable, ongoing care and maintenance and monitoring costs. Changes in estimates are reflected prospectively in the period an estimate is revised. |
Foreign Currency | Foreign Currency The assets and liabilities of the Company’s foreign subsidiaries are measured using U.S. dollars as their functional currency. Revenues and expenses are translated at the average exchange rate for the period. Foreign currency gains and losses are included in the determination of net income or loss. |
Derivative Financial Instruments | Derivative Financial Instruments Company recognizes all derivatives as either assets or liabilities on the balance sheet and measures those instruments at fair value. Changes in the value of derivative instruments are recorded each period in the Consolidated Statement of Comprehensive Income (Loss) in Fair value adjustments, net . Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions regarding commodity prices, market volatilities, and foreign currency exchange rates. |
Stock-based Compensation Plans | Stock-based Compensation The Company estimates the fair value of stock options using the Black-Scholes option pricing model and stock appreciation rights (“SARs”) awards using market comparison. Stock options granted are accounted for as equity-based awards and SARs are accounted for as liability-based awards. The value of the SARs is remeasured at each reporting date. The Company estimates forfeitures of stock-based awards based on historical data and periodically adjusts the forfeiture rate. The adjustment of the forfeiture rate is recorded as a cumulative adjustment in the period the forfeiture estimate is changed. Compensation costs related to stock based compensation are included in General and administrative expenses , Costs applicable to sales , and Property, plant, and equipment, net as deemed appropriate. The fair value of restricted stock based on the Company's stock price on the date of grant. The fair value of performance leverage stock units (“PSUs”) with market conditions is determined using a Monte Carlo simulation model. Stock based compensation expense related to awards with a market or performance condition is generally recognized over the vesting period of the award utilizing the graded vesting method, while all other awards are recognized on a straight-line basis. The Company's estimates may be impacted by certain variables including, but not limited to, stock price volatility, employee stock option exercise behaviors, additional stock option grants, estimates of forfeitures, the Company's performance, and related tax impacts. |
Income and Mining Taxes | Income and Mining Taxes The Company uses an asset and liability approach which results in the recognition of deferred tax liabilities and assets for the expected future tax consequences or benefits of temporary differences between the financial reporting basis and the tax basis of assets and liabilities, as well as operating loss and tax credit carryforwards, using enacted tax rates in effect in the years in which the differences are expected to reverse. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. A valuation allowance has been provided for the portion of the Company’s net deferred tax assets for which it is more likely than not that they will not be realized. |
Recent Accounting Standards | Recent Accounting Standards In November 2016, the FASB issued ASU 2016-18, “ Statement of Cash Flows (Topic 230) - Restricted Cash, ” which will require entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in 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 August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments, ” which provides guidance on presentation and classification of certain cash receipts and payments in the statement of cash flows. These changes become effective for the Company's fiscal year beginning January 1, 2018. The Company is currently evaluating this standard and does not expect this ASU to materially impact the Company's consolidated net income, financial position or cash flows. 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, 2017. The Company is currently evaluating this standard and does not expect this ASU to impact the Company's consolidated net income, financial position or 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 upon early adoption 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 were effective January 1, 2016. The Company's adoption had no impact on the Company's consolidated financial position, results of operations, and cash flows. In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers ” , which has subsequently been amended several times. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. These changes become effective for the Company's fiscal year beginning January 1, 2018. The Company has substantially completed its analysis of the new standard and reviewed potential impacts from timing of when control is transferred to customers, variable consideration on concentrate sales and classification of refining fees. The Company does not expect this ASU to materially impact the Company's consolidated net income, financial position or 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 February 2015, the FASB issued ASU 2015-02, “ Amendments to the Consolidation Analysis, ” which amends the consolidation requirements in ASC 810. These changes were effective 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) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Financial information relating to the reporting segments | Financial information relating to the Company’s segments is as follows (in thousands): Year ended December 31, 2016 Palmarejo Rochester Kensington Wharf San Bartolomé Coeur Capital Other Total Revenue Metal sales $ 141,273 $ 139,945 $ 146,593 $ 136,678 $ 93,880 $ 4,128 $ — $ 662,497 Royalties — — — — — 3,280 — 3,280 141,273 139,945 146,593 136,678 93,880 7,408 — 665,777 Costs and Expenses Costs applicable to sales (1) 80,820 89,726 96,731 66,379 74,166 1,719 — 409,541 Amortization 36,599 21,838 34,787 20,621 6,633 1,117 1,566 123,161 Exploration 5,063 841 3,487 2 — 1,797 1,740 12,930 Write-downs — — — — — 4,446 — 4,446 Other operating expenses 1,213 2,801 1,038 2,238 2,909 226 36,170 46,595 Other income (expense) Gain (Loss) on debt extinguishments — — — — — — (21,365 ) (21,365 ) Fair value adjustments, net (5,814 ) (4,133 ) — — — — (1,634 ) (11,581 ) Interest expense, net (1,187 ) (664 ) (128 ) (69 ) (24 ) (34 ) (34,814 ) (36,920 ) Other, net (12,125 ) (3,859 ) (25 ) 17 1,590 6,014 10,263 1,875 Income and mining tax (expense) benefit 45,085 (2,785 ) — (4,293 ) 6,252 (2,504 ) 12,484 54,239 Net income (loss) $ 43,537 $ 13,298 $ 10,397 $ 43,093 $ 17,990 $ 1,579 $ (74,542 ) $ 55,352 Segment assets (2) $ 436,642 $ 219,009 $ 199,232 $ 105,901 $ 76,317 $ 9,285 $ 75,652 $ 1,122,038 Capital expenditures $ 35,810 $ 16,446 $ 36,826 $ 4,812 $ 6,631 $ — $ 488 $ 101,013 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interest Year ended December 31, 2015 Palmarejo Rochester Kensington Wharf San Bartolomé Coeur Capital Other Total Revenue Metal sales $ 169,133 $ 143,930 $ 148,710 $ 84,052 $ 84,679 $ 8,732 $ — $ 639,236 Royalties — — — — — 6,850 — 6,850 169,133 143,930 148,710 84,052 84,679 15,582 — 646,086 Costs and Expenses Costs applicable to sales (1) 138,476 103,994 105,640 52,197 75,827 3,520 — 479,654 Amortization 32,423 23,906 42,240 16,378 17,798 9,010 1,996 143,751 Exploration 4,533 1,324 2,596 134 126 (124 ) 3,058 11,647 Write-downs 224,507 — — — 66,712 22,118 — 313,337 Other operating expenses 1,293 2,948 1,301 1,717 1,787 33 41,548 50,627 Other income (expense) Gain (Loss) on debt extinguishments — — — — — — 15,916 15,916 Fair value adjustments, net 3,160 818 — — — — 1,224 5,202 Interest expense, net (4,269 ) (748 ) (218 ) — (725 ) — (39,743 ) (45,703 ) Other, net (10,968 ) (13 ) 7 143 1,557 (3,182 ) (3,475 ) (15,931 ) Income and mining tax (expense) benefit 37,597 (1,497 ) — (857 ) (5,154 ) 5,542 (9,368 ) 26,263 Net income (loss) $ (206,579 ) $ 10,318 $ (3,278 ) $ 12,912 $ (81,893 ) $ (16,615 ) $ (82,048 ) $ (367,183 ) Segment assets (2) $ 406,648 $ 190,714 $ 197,873 $ 113,305 $ 91,141 $ 27,892 $ 75,737 $ 1,103,310 Capital expenditures $ 35,991 $ 25,330 $ 23,834 $ 3,211 $ 6,220 $ — $ 607 $ 95,193 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Year ended December 31, 2014 Palmarejo Rochester Kensington San Bartolomé Coeur Capital Other Total Revenue Metal sales $ 244,003 $ 123,768 $ 136,960 $ 117,749 $ 10,046 $ — $ 632,526 Royalties — — — — 3,216 — 3,216 244,003 123,768 136,960 117,749 13,262 — 635,742 Costs and Expenses Costs applicable to sales (1) 187,276 91,462 105,342 89,659 4,206 — 477,945 Amortization 69,431 20,790 43,619 19,423 7,015 2,158 162,436 Exploration 6,671 2,636 8,005 120 515 3,793 21,740 Write-downs 784,038 — 107,832 118,754 6,202 455,895 1,472,721 Other operating expenses 620 2,813 796 (251 ) 938 61,966 66,882 Other income (expense) Fair value adjustments, net (1,847 ) 3,653 — — — 1,812 3,618 Interest expense, net (9,320 ) (679 ) (214 ) (52 ) (1 ) (37,280 ) (47,546 ) Other, net 131 105 (22 ) 2,461 (7,141 ) (752 ) (5,218 ) Income and mining tax (expense) benefit 251,840 (2,224 ) — 18,114 2,067 158,457 428,254 Net income (loss) $ (563,229 ) $ 6,922 $ (128,870 ) $ (89,433 ) $ (10,689 ) $ (401,575 ) $ (1,186,874 ) Segment assets (2) $ 332,369 $ 196,765 $ 215,973 $ 188,616 $ 59,848 $ 81,688 $ 1,075,259 Capital expenditures $ 26,084 $ 11,898 $ 16,220 $ 7,937 $ — $ 2,105 $ 64,244 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests |
Consolidated Assets | Assets December 31, 2016 December 31, 2015 Total assets for reportable segments $ 1,122,038 $ 1,103,310 Cash and cash equivalents 162,182 200,714 Other assets 34,689 28,465 Total consolidated assets $ 1,318,909 $ 1,332,489 |
Long Lived Assets by Country | Geographic Information Long-Lived Assets December 31, 2016 December 31, 2015 Mexico $ 397,697 $ 390,694 United States 338,897 336,210 Bolivia 31,539 35,201 Australia 2,983 5,952 Argentina 10,228 10,871 Other 5,564 9,058 Total $ 786,908 $ 787,986 |
Revenue by Country | Revenue Year ended December 31, 2016 2015 2014 United States $ 423,216 $ 376,692 $ 260,728 Mexico 142,198 171,911 245,493 Bolivia 93,880 84,679 117,749 Australia 4,128 8,732 10,046 Other 2,355 4,072 1,726 Total $ 665,777 $ 646,086 $ 635,742 The Company's doré, as well as the concentrate produced by the Wharf mine, is refined into gold and silver bullion according to benchmark standards set by the LBMA, which regulates the acceptable requirements for bullion traded in the London precious metals markets. The Company sells its silver and gold bullion to multi-national banks, bullion trading houses, and refiners across the globe. The Company has eleven trading counterparties at December 31, 2016. The Company's sales of doré and concentrate product produced by the Wharf mine amounted to approximately 77% , 74% , and 63% of total metal sales for the years ended December 31, 2016, 2015, and 2014, respectively. Generally, the loss of a single bullion trading counterparty would not adversely affect the Company due to the liquidity of the markets and availability of alternative trading counterparties. The Company's concentrate produced by the Kensington mine is sold to smelters under purchase and sale agreements, and the smelters pay the Company for the gold and silver recovered from the concentrates. The concentrate was sold to two smelters at December 31, 2016. The Company's sales of concentrate produced by the Kensington mine amounted to approximately 23% , 26% , and 37% of total metal sales for the years ended December 31, 2016, 2015, and 2014, respectively. While the loss of a smelter may have a material adverse effect if alternate smelters are not available or if the failure to engage a new smelter results in a delay in the sale or purchase of Kensington concentrate, the Company believes that there is sufficient global capacity available to address the loss of a smelter. The following table indicates customers that represent 10% or more of total sales of metal for at least one of the years December 31, 2016, 2015, and 2014 (in millions): Year ended December 31, Customer 2016 2015 2014 Segments reporting revenue China National Gold $ 126.6 $ 126.2 $ 86.8 Kensington Ohio Precious Metals 98.4 37.3 8.3 Palmarejo, San Bartolomé, Republic Metal Corporation 93.3 47.7 4.0 Palmarejo, San Bartolomé, Wharf INTL Commodities 76.7 33.1 22.4 Palmarejo, San Bartolomé, Rochester, Wharf Asahi (formerly Johnson Matthey) 62.6 84.2 71.8 Wharf, Rochester, San Bartolomé Standard Bank 29.0 34.7 87.5 Palmarejo, Rochester TD Securities 15.5 81.3 106.7 Palmarejo, Rochester Mitsui & Co. — 137.7 133.8 Palmarejo, Rochester |
Write-Downs (Tables)
Write-Downs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Details of Impairment of Long-Lived Assets Held and Used by Asset | Year ended December 31, 2016 2015 2014 Mining properties Palmarejo $ — $ 205,803 $ 668,803 San Bartolomé — 16,690 32,328 Kensington — — 67,671 La Preciosa — — 371,411 Joaquin — — 83,429 Coeur Capital 4,446 22,118 6,202 4,446 244,611 1,229,844 Property, plant, and equipment Palmarejo $ — $ 18,704 $ 115,235 San Bartolomé — 50,022 86,426 Kensington — — 40,161 La Preciosa — — 1,055 — 68,726 242,877 Total $ 4,446 $ 313,337 $ 1,472,721 |
Reclamation (Tables)
Reclamation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Changes to the Company’s asset retirement obligations for operating sites are as follows: Year ended December 31, In thousands 2016 2015 Asset retirement obligation - Beginning $ 82,072 $ 67,214 Accretion 8,136 7,738 Additions and changes in estimates 8,688 11,939 Settlements (1,516 ) (4,819 ) Asset retirement obligation - Ending $ 97,380 $ 82,072 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table sets forth the weighted average fair value of stock options and the assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model: 2016 2015 2014 Weighted average fair value of stock options granted $ 1.06 $ 2.65 $ 3.79 Volatility 61.75 % 55.71 % 50.93 % Expected life in years 3.99 4.75 3.92 Risk-free interest rate 1.50 % 1.51 % 1.25 % Dividend yield — — — |
Schedule of Stock-based Compensation, Stock Options and Stock Appreciation Rights Award Activity | The following table summarizes stock option and SAR activity for the years ended December 31, 2016, 2015, and 2014: Stock Options SARs Shares Weighted Average Exercise Price Shares Weighted Outstanding at December 31, 2013 415,570 $ 27.36 50,209 $ 14.15 Granted 415,172 9.45 — — Canceled/forfeited (232,396 ) 23.94 (3,637 ) 15.40 Outstanding at December 31, 2014 598,346 16.26 46,572 14.06 Granted 310,028 5.57 — — Canceled/forfeited (238,365 ) 12.69 — — Outstanding at December 31, 2015 670,009 12.58 46,572 14.06 Granted 183,251 2.19 — — Exercised (170,897 ) 7.81 — — Canceled/forfeited (25,752 ) 16.76 (4,420 ) 13.31 Outstanding at December 31, 2016 656,611 $ 10.76 42,152 $ 14.14 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | Range of Exercise Price Number Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (in thousands) $ 0.00-$10.00 455,578 $ 5.32 8.19 $10.00-$20.00 52,616 13.33 6.64 $20.00-$30.00 141,947 25.73 5.26 $30.00-$40.00 3,134 39.90 0.22 $40.00-$50.00 3,336 48.50 1.03 Outstanding 656,611 $ 10.76 7.36 $ 1,753 Vested and expected to vest 618,870 $ 11.20 7.27 $ 1,555 Exercisable 292,524 $ 18.31 5.97 $ 118 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table summarizes restricted stock activity for the years ended December 31, 2016, 2015, and 2014: Restricted Stock Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2013 613,086 $ 16.68 Granted 695,897 9.83 Vested (234,103 ) 17.16 Cancelled/Forfeited (172,881 ) 11.87 Outstanding at December 31, 2014 901,999 12.19 Granted 1,180,384 5.49 Vested (317,122 ) 13.38 Cancelled/Forfeited (257,849 ) 7.59 Outstanding at December 31, 2015 1,507,412 7.49 Granted 1,768,746 3.72 Vested (681,829 ) 8.51 Cancelled/Forfeited (160,414 ) 7.16 Outstanding at December 31, 2016 2,433,915 $ 4.48 |
Share-based Compensation, Performance Shares Award Outstanding Activity | The following table summarizes performance shares activity for the years ended December 31, 2016, 2015, and 2014: Performance Shares Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2013 210,395 $ 28.04 Granted 358,398 12.21 Vested (34,611 ) 27.18 Cancelled/Forfeited (17,352 ) 27.15 Outstanding at December 31, 2014 516,830 17.61 Granted 809,293 6.97 Cancelled/Forfeited (190,988 ) 15.62 Outstanding at December 31, 2015 1,135,135 10.35 Granted 1,437,077 1.79 Cancelled/Forfeited (199,580 ) 17.98 Outstanding at December 31, 2016 2,372,632 $ 4.53 |
Other, Net (Tables)
Other, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Other, net consists of the following: Year ended December 31, In thousands 2016 2015 2014 Foreign exchange gain (loss) $ (10,720 ) $ (15,769 ) $ 470 Gain on sale of assets and investments 11,334 (352 ) (530 ) Impairment of equity securities (703 ) (2,346 ) (6,593 ) Other 1,964 2,536 1,435 Other, net $ 1,875 $ (15,931 ) $ (5,218 ) |
Income and Mining Taxes (Tables
Income and Mining Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of the consolidated Income and mining tax (expense) benefit from continuing operations are below: Year ended December 31, In thousands 2016 2015 2014 Current: United States $ — $ 49 $ 904 United States — State mining taxes (7,826 ) (4,305 ) (879 ) United States — Foreign withholding tax (4,263 ) — (6,250 ) Argentina 10 715 (71 ) Australia 14 130 — Bolivia 6,252 (5,154 ) (4,008 ) Canada (1,841 ) (516 ) (145 ) Mexico (9,581 ) (476 ) (10,122 ) Deferred: United States 15,556 1,778 5,743 United States — State mining taxes 748 1,952 — Argentina 115 (1,197 ) 24,478 Australia (1,638 ) 3,223 (401 ) Bolivia — — 22,122 Canada 1,338 2,875 2,662 Mexico 55,383 27,189 394,221 New Zealand (28 ) — — Income tax (expense) benefit $ 54,239 $ 26,263 $ 428,254 The components of Income (loss) before income taxes are below: Year ended December 31, In thousands 2016 2015 2014 United States $ (13,112 ) $ (43,924 ) $ (213,883 ) Foreign 14,225 (349,522 ) (1,401,245 ) Total $ 1,113 $ (393,446 ) $ (1,615,128 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the Company’s effective tax rate with the federal statutory tax rate for the periods indicated is below: Year ended December 31, In thousands 2016 2015 2014 Income and mining tax (expense) benefit at statutory rate $ (390 ) $ 137,706 $ 565,295 State tax provision from continuing operations 336 (2,075 ) 20,253 Change in valuation allowance 61,146 (101,027 ) (151,191 ) Percentage depletion 983 — — Uncertain tax positions (4,619 ) (1,947 ) (4,425 ) U.S. and foreign non-deductible expenses (5,764 ) 1,365 (4,892 ) Mineral interest related — (19,310 ) — Foreign exchange rates 19,701 22,350 23,672 Foreign inflation and indexing 2,794 1,117 3,765 Foreign tax rate differences 413 (15,980 ) (63,930 ) Foreign withholding and other taxes (13,478 ) 8,140 82,884 Foreign tax credits and other, net 102 (4,076 ) (43,177 ) Legal entity reorganization (6,985 ) — — Income and mining tax (expense) benefit $ 54,239 $ 26,263 $ 428,254 |
Schedule of Deferred Tax Assets and Liabilities | At December 31, 2016 and 2015, the significant components of the Company’s deferred tax assets and liabilities are below: Year ended December 31, In thousands 2016 2015 Deferred tax liabilities: Mexican mining tax $ — $ 15,451 Mineral properties 69,799 — Foreign subsidiaries — unremitted earnings 1,302 12,999 Inventory 4,426 2,353 Royalty and other long-term debt 8,685 1,648 $ 84,212 $ 32,451 Deferred tax assets: Net operating loss carryforwards 202,756 203,958 Mineral properties — 34,966 Property, plant, and equipment 87,978 6,980 Mexico Mining Tax 6,359 — Capital loss carryforwards 6,770 3,938 Asset retirement obligation 25,255 21,480 Unrealized foreign currency loss and other 7,413 8,424 Accrued expenses 17,713 17,905 Tax credit carryforwards 31,272 26,439 385,516 324,090 Valuation allowance (375,911 ) (436,829 ) 9,605 (112,739 ) Net deferred tax liabilities $ 74,607 $ 145,190 |
Summary of Valuation Allowance | Based upon this analysis, the Company has recorded valuation allowances as follows: Year ended December 31, In thousands 2016 2015 U.S. $ 292,446 $ 292,677 Argentina 6,197 8,376 Canada 1,296 1,718 Bolivia 37,372 45,177 Mexico 13,033 63,373 New Zealand 23,717 25,508 Other 1,850 — $ 375,911 $ 436,829 |
Summary of Tax Credit Carryforwards | The Company has the following tax attribute carryforwards at December 31, 2016, by jurisdiction: In thousands U.S. Argentina Bolivia Canada Mexico New Zealand Other Total Regular net operating losses $ 330,469 $ 11,621 $ 63,005 $ 2,301 $ 91,383 $ 85,258 $ 63 $ 584,100 Alternative minimum tax net operating losses 184,386 — — — — — — 184,386 Capital losses 19,315 — — 79 — — — 19,394 Alternative minimum tax credits 3,173 — — — — — — 3,173 Foreign tax credits 24,161 — — — — — — 24,161 |
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount related to unrecognized tax benefits is below (in thousands): Unrecognized tax benefits at January 1, 2014 $ 16,084 Gross increase to current period tax positions 1,030 Gross increase to prior period tax positions 810 Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations — Unrecognized tax benefits at December 31, 2015 $ 17,924 Gross increase to current period tax positions 1,336 Gross increase to prior period tax positions 4,854 Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations (704 ) Unrecognized tax benefits at December 31, 2016 $ 23,410 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Year ended December 31, In thousands except per share amounts 2016 2015 2014 Net income (loss) available to common stockholders $ 55,352 $ (367,183 ) $ (1,186,874 ) Weighted average shares: Basic 159,853 129,639 102,441 Effect of stock-based compensation plans 3,606 — — Diluted 163,459 129,639 102,441 Income (loss) per share: Basic $ 0.35 $ (2.83 ) $ (11.59 ) Diluted $ 0.34 $ (2.83 ) $ (11.59 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Adjustments to Comprehensive income (Loss) | Year ended December 31, In thousands 2016 2015 2014 Palmarejo royalty obligation embedded derivative $ (5,866 ) $ 3,101 $ (2,001 ) Rochester net smelter returns (“NSR”) royalty obligation (4,133 ) 818 3,653 Silver and gold options (1,582 ) 1,283 1,058 Foreign exchange contracts — — 908 Fair value adjustments, net $ (11,581 ) $ 5,202 $ 3,618 |
Financial assets and liabilities measured at fair value on recurring basis | The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: Fair Value at December 31, 2016 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 4,488 $ 4,209 $ — $ 279 Liabilities: Rochester NSR royalty obligation 9,287 — — 9,287 Other derivative instruments, net 762 — 762 — $ 10,049 $ — $ 762 $ 9,287 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 years ended December 31, 2016, and 2015: Year ended December 31, 2016 In thousands Balance at the beginning of the period Revaluation Settlements Balance at the end of the period Assets: Equity securities $ 10 $ 272 $ (3 ) $ 279 Liabilities: Palmarejo royalty obligation embedded derivative $ 4,957 $ 5,866 $ (10,823 ) $ — Rochester NSR royalty obligation $ 9,593 $ 4,133 $ (4,439 ) $ 9,287 Year ended December 31, 2015 In thousands Balance at the beginning of the period Revaluation Settlements Balance at the end of the period Assets: Equity securities $ 1,379 $ (983 ) $ (386 ) $ 10 Liabilities: Palmarejo royalty obligation embedded derivative $ 21,912 $ (3,101 ) $ (13,854 ) $ 4,957 Rochester NSR royalty obligation $ 15,370 $ (818 ) $ (4,959 ) $ 9,593 |
Financial Assets and Liabilities not Measured at Fair Value | The fair value of financial assets and liabilities carried at book value in the financial statements at December 31, 2016 and December 31, 2015 is presented in the following table: December 31, 2016 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 7.875% Senior Notes due 2021 (1) $ 175,991 $ 184,373 $ — $ 184,373 $ — (1) Net of unamortized debt issuance costs and premium received of $2.0 million . The fair values of 7.875% Senior Notes due 2021 (the “Senior Notes”) outstanding were estimated using quoted market prices. 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 $ — Senior Notes (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 . |
Derivative Financial Instrume39
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments, future settlement | At December 31, 2016 , the Company had the following derivative instruments that settle as follows: In thousands except average prices and notional ounces 2017 Thereafter Provisional silver sales $ 5,801 $ — Average silver price $ 16.35 $ — Notional ounces 354,771 — Provisional gold sales $ 30,810 $ — Average gold price $ 1,208 $ — Notional ounces 25,505 — |
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments: December 31, 2016 In thousands Prepaid expenses and other Accrued liabilities and other Current portion of royalty obligation Non-current portion of royalty obligation Provisional silver and gold sales contracts $ — $ 762 $ — $ — 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 $ — Provisional silver and gold 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 years ended December 31, 2016, 2015, and 2014 and 2015 (in thousands): Year ended December 31, Financial statement line Derivative 2016 2015 2014 Revenue Provisional silver and gold sales contracts $ (254 ) $ 296 (123 ) Costs applicable to sales Foreign exchange contracts — — 924 Fair value adjustments, net Foreign exchange contracts — — (16 ) Fair value adjustments, net Palmarejo gold royalty (5,866 ) 3,101 (2,001 ) Fair value adjustments, net Silver and gold options (1,582 ) 1,283 1,058 $ (7,702 ) $ 4,680 $ (158 ) |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Acquisition [Line Items] | |
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. In thousands 2016 2015 (Pro Forma) 2014 (Pro Forma) Revenue $ 665,777 $ 664,086 $ 729,742 Income (loss) before income and mining taxes 1,113 (393,498 ) (1,587,128 ) Net income (loss) 55,352 (367,235 ) (1,158,874 ) |
Paramount Gold and Silver Corp. [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The purchase price and acquired assets and liabilities were as follows (in thousands except share data): Common shares issued (32,667,327 at $5.78) $ 188,817 Cash 8,530 Transaction advisory fees and other acquisition costs 4,020 Total purchase price 201,367 Total assets acquired 307,193 Total liabilities assumed 105,826 Net assets acquired $ 201,367 |
Wharf Gold Mine [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The purchase price allocation was based on the fair value of acquired assets and liabilities as follows (in thousands): Total assets acquired 133,269 Total liabilities assumed 33,873 Net assets acquired $ 99,396 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investment in Marketable Securities [Abstract] | |
Investments | At December 31, 2016 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Kootenay Silver, Inc. $ 2,645 $ — $ — $ 2,645 Silver Bull Resources, Inc. 233 — 783 1,016 Other 229 — 598 827 Equity securities $ 3,107 $ — $ 1,381 $ 4,488 At December 31, 2015 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Paramount Gold Nevada Corp. $ 1,470 $ (1,036 ) $ — $ 434 Northair Silver Corp. 725 — 9 734 Agnico-Eagle Mines Ltd. 420 — 518 938 Silver Bull Resources, Inc. 305 — — 305 Other 466 (143 ) 32 355 Equity securities $ 3,386 $ (1,179 ) $ 559 $ 2,766 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Receivables | In thousands December 31, 2016 December 31, 2015 Current receivables: Trade receivables $ 10,669 $ 17,878 Income tax receivable 1,038 13,678 Value added tax receivable 46,083 50,669 Other 2,641 3,767 $ 60,431 $ 85,992 Non-current receivables: Value added tax receivable $ 19,293 $ 24,768 Income tax receivable 11,658 — 30,951 24,768 Total receivables $ 91,382 $ 110,760 |
Inventory and Ore on Leach Pa43
Inventory and Ore on Leach Pads (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | In thousands December 31, 2016 December 31, 2015 Inventory: Concentrate $ 17,994 $ 16,165 Precious metals 47,228 21,908 Supplies 40,804 43,638 $ 106,026 $ 81,711 Ore on leach pads: Current $ 64,167 $ 67,329 Non-current 67,231 44,582 $ 131,398 $ 111,911 Total inventory and ore on leach pads $ 237,424 $ 193,622 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | In thousands December 31, 2016 December 31, 2015 Land $ 7,878 $ 8,287 Facilities and equipment 650,480 654,585 Assets under capital leases 54,968 30,648 713,326 693,520 Accumulated amortization (524,806 ) (514,509 ) 188,520 179,011 Construction in progress 28,276 16,988 Property, plant and equipment, net $ 216,796 $ 195,999 |
Mining Properties (Tables)
Mining Properties (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Mining Properties [Abstract] | |
Mining Properties | Mining properties consist of the following (in thousands): December 31, 2016 Palmarejo Rochester Kensington Wharf San Bartolomé La Preciosa Joaquin Coeur Capital Total Mine development $ 174,890 $ 165,230 $ 271,175 $ 37,485 $ 39,184 $ — $ — $ — $ 687,964 Accumulated amortization (134,995 ) (138,244 ) (154,744 ) (11,699 ) (32,192 ) — — — (471,874 ) 39,895 26,986 116,431 25,786 6,992 — — — 216,090 Mineral interests 629,303 — — 45,837 12,868 49,085 10,000 37,272 784,365 Accumulated amortization (381,686 ) — — (19,249 ) (11,695 ) — — (29,370 ) (442,000 ) 247,617 — — 26,588 1,173 49,085 10,000 7,902 342,365 Mining properties, net $ 287,512 $ 26,986 $ 116,431 $ 52,374 $ 8,165 $ 49,085 $ 10,000 $ 7,902 $ 558,455 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) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long term debt and capital lease obligations | December 31, 2016 December 31, 2015 In thousands Current Non-Current Current Non-Current Senior Notes, net (1) $ — $ 175,991 $ — $ 373,433 3.25% Convertible Senior Notes due 2028 — — — 712 Term Loan due 2020, net (2) — — 1,000 93,489 San Bartolomé Lines of Credit — — — 4,571 Capital lease obligations 12,039 22,866 9,431 7,774 $ 12,039 $ 198,857 $ 10,431 $ 479,979 (1) Net of unamortized debt issuance costs and premium received of $2.0 million and $5.3 million at December 31, 2016 and December 31, 2015, respectively. (2) Net of unamortized debt issuance costs of $5.0 million at December 31, 2015. |
Schedule of Future Minimum Lease Payments for Operating and Capital Leases [Table Text Block] [Table Text Block] | Minimum future lease payments under capital and operating leases with terms longer than one year are as follows: At December 31, ( In thousands) Operating leases Capital leases 2017 $ 13,709 $ 13,292 2018 5,514 10,968 2019 5,304 6,481 2020 3,891 3,675 2021 3,095 2,886 Thereafter 8,716 44 Total $ 40,229 $ 37,346 Less: imputed interest — (2,441 ) Net lease obligation $ 40,229 $ 34,905 |
Interest expenses incurred for various debt instruments | Interest Expense Year ended December 31, In thousands 2016 2015 2014 7.875% Senior Notes due 2021 $ 28,871 $ 33,437 $ 32,741 3.25% Convertible Senior Notes due 2028 13 54 173 Term Loan due 2020 4,939 4,719 — Short-term Loan — 326 — San Bartolomé Lines of Credit 15 795 — Revolving Credit Facility — — 179 Loss on Revolving Credit Facility — — 3,035 Capital lease obligations 1,437 1,035 972 Accretion of Palmarejo gold production royalty obligation 1,211 6,567 10,773 Amortization of debt issuance costs 1,933 2,257 1,740 Accretion of debt premium (345 ) (409 ) (357 ) Other debt obligations 72 20 — Capitalized interest (1,226 ) (3,098 ) (1,710 ) Total interest expense, net of capitalized interest $ 36,920 $ 45,703 $ 47,546 |
Supplemental Guarantor Inform47
Supplemental Guarantor Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2016 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 423,488 $ 242,289 $ — $ 665,777 COSTS AND EXPENSES Costs applicable to sales (1) — 252,836 156,705 — 409,541 Amortization 1,558 77,392 44,211 — 123,161 COSTS AND EXPENSES General and administrative 28,704 250 422 — 29,376 Exploration 1,596 6,127 5,207 — 12,930 Write-downs — — 4,446 — 4,446 Pre-development, reclamation, and other 2,044 5,839 9,336 — 17,219 Total costs and expenses 33,902 342,444 220,327 — 596,673 OTHER INCOME (EXPENSE), NET Loss on debt extinguishments (21,365 ) — — — (21,365 ) Fair value adjustments, net (1,635 ) (4,133 ) (5,813 ) — (11,581 ) Other, net 4,357 2,139 463 (5,084 ) 1,875 Interest expense, net of capitalized interest (35,158 ) (861 ) (5,985 ) 5,084 (36,920 ) Total other income (expense), net (53,801 ) (2,855 ) (11,335 ) — (67,991 ) Loss before income and mining taxes (87,703 ) 78,189 10,627 — 1,113 Income and mining tax (expense) benefit 11,733 (7,517 ) 50,023 — 54,239 Total loss after income and mining taxes (75,970 ) 70,672 60,650 — 55,352 Equity income (loss) in consolidated subsidiaries 131,322 (4,353 ) — (126,969 ) — NET INCOME (LOSS) $ 55,352 $ 66,319 $ 60,650 $ (126,969 ) $ 55,352 OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on marketable securities, net of tax 3,222 3,156 — (3,156 ) 3,222 Reclassification adjustments for impairment of equity securities, net of tax 703 703 — (703 ) 703 Reclassification adjustments for realized loss on sale of equity securities, net of tax (2,691 ) (3,181 ) — 3,181 (2,691 ) Other comprehensive income (loss) 1,234 678 — (678 ) 1,234 COMPREHENSIVE INCOME (LOSS) $ 56,586 $ 66,997 $ 60,650 $ (127,647 ) $ 56,586 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) YEAR ENDED DECEMBER 31, 2015 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 378,278 $ 267,808 $ — $ 646,086 COSTS AND EXPENSES Costs applicable to sales (1) — 261,830 217,824 — 479,654 Amortization 1,991 83,325 58,435 — 143,751 COSTS AND EXPENSES General and administrative 32,405 35 394 — 32,834 Exploration 2,265 3,931 5,451 — 11,647 Write-downs — 1,630 311,707 — 313,337 Pre-development, reclamation, and other 4,083 5,920 7,790 — 17,793 Total costs and expenses 40,744 356,671 601,601 — 999,016 OTHER INCOME (EXPENSE), NET Gain on debt extinguishments 15,916 — — — 15,916 Fair value adjustments, net 1,224 818 3,160 — 5,202 Other, net 4,336 (3,106 ) (13,385 ) (3,776 ) (15,931 ) Interest expense, net of capitalized interest (39,867 ) (966 ) (8,646 ) 3,776 (45,703 ) Total other income (expense), net (18,391 ) (3,254 ) (18,871 ) — (40,516 ) Income (Loss) before income and mining taxes (59,135 ) 18,353 (352,664 ) — (393,446 ) Income and mining tax (expense) benefit 1,827 (2,354 ) 26,790 — 26,263 Income (Loss) after income and mining taxes (57,308 ) 15,999 (325,874 ) — (367,183 ) Equity income (loss) in consolidated subsidiaries (309,875 ) (14,814 ) — 324,689 — NET INCOME (LOSS) $ (367,183 ) $ 1,185 $ (325,874 ) $ 324,689 $ (367,183 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on equity securities, net of tax (4,154 ) (3,118 ) — 3,118 (4,154 ) Reclassification adjustments for impairment of equity securities, net of tax 2,346 2,346 — (2,346 ) 2,346 Reclassification adjustments for realized loss on sale of equity securities, net of tax 894 894 — (894 ) 894 Other comprehensive income (loss) (914 ) 122 — (122 ) (914 ) COMPREHENSIVE INCOME (LOSS) $ (368,097 ) $ 1,307 $ (325,874 ) $ 324,567 $ (368,097 ) (1) Excludes amortization. |
Condensed Cash Flow Statement | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2015 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) operating activities $ (377,091 ) $ 86,486 $ 79,458 $ 324,689 113,542 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (514 ) (52,376 ) (42,303 ) — (95,193 ) Proceeds from the sale of long-lived assets — 289 318 — 607 Purchase of investments (1,880 ) — — — (1,880 ) Sales and maturities of investments 2 532 71 — 605 Acquisitions, net of cash acquired (110,846 ) — — — (110,846 ) Other (4,710 ) 234 (110 ) — (4,586 ) Investments in consolidated subsidiaries 282,041 20,239 120 (302,400 ) — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 164,093 (31,082 ) (41,904 ) (302,400 ) (211,293 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings 150,000 — 3,500 — 153,500 Payments on debt, capital leases, and associated costs (62,930 ) (7,428 ) (14,357 ) — (84,715 ) Gold production royalty payments — — (39,235 ) — (39,235 ) Net intercompany financing activity 12,232 (19,518 ) 29,575 (22,289 ) — Other (542 ) — — — (542 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 98,760 (26,946 ) (20,517 ) (22,289 ) 29,008 Effect of exchange rate changes on cash and cash equivalents — (11 ) (1,393 ) — (1,404 ) NET CHANGE IN CASH AND CASH EQUIVALENTS (114,238 ) 28,447 15,644 — (70,147 ) Cash and cash equivalents at beginning of period 210,361 5,781 54,719 — 270,861 Cash and cash equivalents at end of period $ 96,123 $ 34,228 $ 70,363 $ — $ 200,714 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2014 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) operating activities $ (1,175,464 ) $ 41,292 $ 81,248 $ 1,106,472 53,548 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (1,849 ) (28,118 ) (34,277 ) — (64,244 ) Proceeds from the sale of long-lived assets — 48 281 — 329 Purchase of investments (50,013 ) (429 ) (71 ) — (50,513 ) Sales and maturities of investments 49,069 5,261 14 — 54,344 Acquisitions, net of cash acquired (12,079 ) (4,000 ) (5,250 ) — (21,329 ) Other — — (321 ) — (321 ) Investments in consolidated subsidiaries 1,151,372 4,106 — (1,155,478 ) — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 1,136,500 (23,132 ) (39,624 ) (1,155,478 ) (81,734 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings 153,000 — 14,784 — 167,784 Payments on debt, capital leases, and associated costs (18,545 ) (6,114 ) (1,243 ) — (25,902 ) Gold production royalty payments — — (48,395 ) — (48,395 ) Net intercompany financing activity (21,697 ) (7,256 ) (20,053 ) 49,006 — Other (509 ) — — — (509 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 112,249 (13,370 ) (54,907 ) 49,006 92,978 Effect of exchange rate changes on cash and cash equivalents — — (621 ) — (621 ) NET CHANGE IN CASH AND CASH EQUIVALENTS 73,285 4,790 (13,904 ) — 64,171 Cash and cash equivalents at beginning of period 137,076 991 68,623 — 206,690 Cash and cash equivalents at end of period $ 210,361 $ 5,781 $ 54,719 $ — $ 270,861 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 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 $ 62,207 $ 134,892 $ 55,687 $ (126,969 ) 125,817 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (246 ) (58,084 ) (42,683 ) — (101,013 ) Proceeds from the sale of long-lived assets — 4,800 11,496 — 16,296 Purchase of investments (178 ) — — — (178 ) Sales and maturities of investments 501 6,576 — — 7,077 Acquisitions, net of cash acquired — — (1,417 ) — (1,417 ) Other (4,396 ) 368 (180 ) — (4,208 ) Investments in consolidated subsidiaries (107,855 ) 25,047 — 82,808 — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (112,174 ) (21,293 ) (32,784 ) 82,808 (83,443 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on debt, capital leases, and associated costs (303,686 ) (10,894 ) (8,221 ) — (322,801 ) Gold production royalty payments — — (27,155 ) — (27,155 ) Net intercompany financing activity 45,850 (86,914 ) (3,097 ) 44,161 — Issuance of common stock 269,556 — — — 269,556 Other 172 — — — 172 CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 11,892 (97,808 ) (38,473 ) 44,161 (80,228 ) Effect of exchange rate changes on cash and cash equivalents — 4 (682 ) — (678 ) NET CHANGE IN CASH AND CASH EQUIVALENTS (38,075 ) 15,795 (16,252 ) — (38,532 ) Cash and cash equivalents at beginning of period 96,123 34,228 70,363 — 200,714 Cash and cash equivalents at end of period $ 58,048 $ 50,023 $ 54,111 $ — $ 162,182 |
Condensed Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2016 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 58,048 $ 50,023 $ 54,111 $ — $ 162,182 Receivables 12 6,865 53,554 — 60,431 Ore on leach pads — 64,167 — — 64,167 Inventory — 49,393 56,633 — 106,026 Prepaid expenses and other 3,803 1,459 12,719 — 17,981 61,863 171,907 177,017 — 410,787 NON-CURRENT ASSETS Property, plant and equipment, net 3,222 139,885 73,689 — 216,796 Mining properties, net — 195,791 362,664 — 558,455 Ore on leach pads — 67,231 — — 67,231 Restricted assets 10,170 226 7,201 — 17,597 Equity securities — 4,488 — — 4,488 Receivables — — 30,951 — 30,951 Deferred tax assets — — 191 — 191 Net investment in subsidiaries 273,056 11,650 — (284,706 ) — Other 221,381 9,263 3,153 (221,384 ) 12,413 TOTAL ASSETS $ 569,692 $ 600,441 $ 654,866 $ (506,090 ) $ 1,318,909 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 2,153 $ 24,921 $ 26,261 $ — $ 53,335 Other accrued liabilities 12,881 13,664 16,198 — 42,743 Debt — 6,516 5,523 — 12,039 Royalty obligations — 4,995 — — 4,995 Reclamation — 2,672 850 — 3,522 15,034 52,768 48,832 — 116,634 NON-CURRENT LIABILITIES Debt 175,991 15,214 229,036 (221,384 ) 198,857 Royalty obligations — 4,292 — — 4,292 Reclamation — 75,183 20,621 — 95,804 Deferred tax liabilities 13,810 6,179 54,809 — 74,798 Other long-term liabilities 1,993 4,750 53,294 — 60,037 Intercompany payable (receivable) (405,623 ) 336,813 68,810 — — (213,829 ) 442,431 426,570 (221,384 ) 433,788 STOCKHOLDERS’ EQUITY Common stock 1,809 250 197,913 (198,163 ) 1,809 Additional paid-in capital 3,314,590 181,009 1,864,261 (2,045,270 ) 3,314,590 Accumulated deficit (2,545,424 ) (73,529 ) (1,882,710 ) 1,956,239 (2,545,424 ) Accumulated other comprehensive income (loss) (2,488 ) (2,488 ) — 2,488 (2,488 ) 768,487 105,242 179,464 (284,706 ) 768,487 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 569,692 $ 600,441 $ 654,866 $ (506,090 ) $ 1,318,909 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 $ 21,956 $ 28,454 $ — $ 52,153 Other accrued liabilities 20,555 11,177 18,800 — 50,532 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 |
Supplemental Cash Flow Inform48
Supplemental Cash Flow Information Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table presents non-cash financing and investing activities and other cash flow information: Year ended December 31, Non-cash financing and investing activities: 2016 2015 2014 Capital lease obligations $ 32,243 $ 4,123 $ 24,879 Non-cash extinguishment of senior notes 10,616 53,373 — Non-cash acquisitions and related deferred taxes — 297,821 — Other cash flow information: Interest paid $ 41,976 $ 42,264 $ 30,691 Income taxes paid 17,181 1,937 20,198 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Drilling and Related Costs Capitalized | $ 12,900 | $ 6,000 | |
Write-downs | 4,446 | 313,337 | $ 1,472,721 |
Restricted Cash and Cash Equivalents | $ 17,600 | $ 11,600 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Financial information relating to reporting segments | ||||||
Revenue | $ 662,497 | $ 639,236 | $ 632,526 | |||
Royalty Revenue | 3,280 | 6,850 | 3,216 | |||
Revenues | 665,777 | 646,086 | 635,742 | |||
Costs applicable to sales | [1] | 409,541 | 479,654 | 477,945 | ||
Amortization | 123,161 | 143,751 | 162,436 | |||
Exploration | 12,930 | 11,647 | 21,740 | |||
Write-downs | 4,446 | 313,337 | 1,472,721 | |||
Other operating expenses | 46,595 | 50,627 | 66,882 | |||
Gains (Losses) on Extinguishment of Debt | (21,365) | 15,916 | 0 | |||
Fair value adjustments, net | (11,581) | 5,202 | 3,618 | |||
Interest expense, net | (36,920) | (45,703) | (47,546) | |||
Other, net | 1,875 | (15,931) | (5,218) | |||
Income and mining tax benefit (expense) | 54,239 | 26,263 | 428,254 | |||
Net income (loss) | 55,352 | (367,183) | (1,186,874) | |||
Assets, Net | 1,122,038 | 1,103,310 | [2] | 1,075,259 | ||
Capital expenditures | 101,013 | 95,193 | 64,244 | |||
Palmarejo [Member] | ||||||
Financial information relating to reporting segments | ||||||
Revenue | 141,273 | 169,133 | 244,003 | |||
Royalty Revenue | 0 | 0 | 0 | |||
Revenues | 141,273 | 169,133 | 244,003 | |||
Costs applicable to sales | 80,820 | [3] | 138,476 | [4] | 187,276 | |
Amortization | 36,599 | 32,423 | 69,431 | |||
Exploration | 5,063 | 4,533 | 6,671 | |||
Write-downs | 0 | 224,507 | 784,038 | |||
Other operating expenses | 1,213 | 1,293 | 620 | |||
Gains (Losses) on Extinguishment of Debt | 0 | 0 | ||||
Fair value adjustments, net | (5,814) | 3,160 | (1,847) | |||
Interest expense, net | (1,187) | 4,269 | 9,320 | |||
Other, net | (12,125) | (10,968) | 131 | |||
Income and mining tax benefit (expense) | 45,085 | (37,597) | (251,840) | |||
Net income (loss) | 43,537 | (206,579) | (563,229) | |||
Assets, Net | 436,642 | [5] | 406,648 | [2] | 332,369 | |
Capital expenditures | 35,810 | 35,991 | 26,084 | |||
Rochester [Member] | ||||||
Financial information relating to reporting segments | ||||||
Revenue | 139,945 | 143,930 | 123,768 | |||
Royalty Revenue | 0 | 0 | 0 | |||
Revenues | 139,945 | 143,930 | 123,768 | |||
Costs applicable to sales | 89,726 | [3] | 103,994 | [4] | 91,462 | |
Amortization | 21,838 | 23,906 | 20,790 | |||
Exploration | 841 | 1,324 | 2,636 | |||
Write-downs | 0 | 0 | 0 | |||
Other operating expenses | 2,801 | 2,948 | 2,813 | |||
Gains (Losses) on Extinguishment of Debt | 0 | 0 | ||||
Fair value adjustments, net | (4,133) | 818 | 3,653 | |||
Interest expense, net | (664) | 748 | 679 | |||
Other, net | (3,859) | (13) | 105 | |||
Income and mining tax benefit (expense) | (2,785) | 1,497 | 2,224 | |||
Net income (loss) | 13,298 | 10,318 | 6,922 | |||
Assets, Net | 219,009 | [5] | 190,714 | [2] | 196,765 | |
Capital expenditures | 16,446 | 25,330 | 11,898 | |||
Kensington [Member] | ||||||
Financial information relating to reporting segments | ||||||
Revenue | 146,593 | 148,710 | 136,960 | |||
Royalty Revenue | 0 | 0 | 0 | |||
Revenues | 146,593 | 148,710 | 136,960 | |||
Costs applicable to sales | 96,731 | [3] | 105,640 | [4] | 105,342 | |
Amortization | 34,787 | 42,240 | 43,619 | |||
Exploration | 3,487 | 2,596 | 8,005 | |||
Write-downs | 0 | 0 | 107,832 | |||
Other operating expenses | 1,038 | 1,301 | 796 | |||
Gains (Losses) on Extinguishment of Debt | 0 | 0 | ||||
Fair value adjustments, net | 0 | 0 | 0 | |||
Interest expense, net | (128) | 218 | 214 | |||
Other, net | (25) | 7 | (22) | |||
Income and mining tax benefit (expense) | 0 | 0 | 0 | |||
Net income (loss) | 10,397 | (3,278) | (128,870) | |||
Assets, Net | 199,232 | [5] | 197,873 | [2] | 215,973 | |
Capital expenditures | 36,826 | 23,834 | 16,220 | |||
Wharf [Member] | ||||||
Financial information relating to reporting segments | ||||||
Revenue | 136,678 | 84,052 | ||||
Royalty Revenue | 0 | 0 | ||||
Revenues | 136,678 | 84,052 | ||||
Costs applicable to sales | 66,379 | [3] | 52,197 | [4] | ||
Amortization | 20,621 | 16,378 | ||||
Exploration | 2 | 134 | ||||
Write-downs | 0 | 0 | ||||
Other operating expenses | 2,238 | 1,717 | ||||
Gains (Losses) on Extinguishment of Debt | 0 | 0 | ||||
Fair value adjustments, net | 0 | 0 | ||||
Interest expense, net | (69) | 0 | ||||
Other, net | 17 | 143 | ||||
Income and mining tax benefit (expense) | (4,293) | 857 | ||||
Net income (loss) | 43,093 | 12,912 | ||||
Assets, Net | 105,901 | [5] | 113,305 | [2] | ||
Capital expenditures | 4,812 | 3,211 | ||||
San Bartolome [Member] | ||||||
Financial information relating to reporting segments | ||||||
Revenue | 93,880 | 84,679 | 117,749 | |||
Royalty Revenue | 0 | 0 | 0 | |||
Revenues | 93,880 | 84,679 | 117,749 | |||
Costs applicable to sales | 74,166 | [3] | 75,827 | [4] | 89,659 | |
Amortization | 6,633 | 17,798 | 19,423 | |||
Exploration | 0 | 126 | 120 | |||
Write-downs | 0 | 66,712 | 118,754 | |||
Other operating expenses | 2,909 | 1,787 | (251) | |||
Gains (Losses) on Extinguishment of Debt | 0 | 0 | ||||
Fair value adjustments, net | 0 | 0 | 0 | |||
Interest expense, net | (24) | 725 | 52 | |||
Other, net | 1,590 | 1,557 | 2,461 | |||
Income and mining tax benefit (expense) | 6,252 | 5,154 | (18,114) | |||
Net income (loss) | 17,990 | (81,893) | (89,433) | |||
Assets, Net | 76,317 | [5] | 91,141 | [2] | 188,616 | |
Capital expenditures | 6,631 | 6,220 | 7,937 | |||
Coeur Capital [Member] | ||||||
Financial information relating to reporting segments | ||||||
Revenue | 4,128 | 8,732 | 10,046 | |||
Royalty Revenue | 3,280 | 6,850 | 3,216 | |||
Revenues | 7,408 | 15,582 | 13,262 | |||
Costs applicable to sales | 1,719 | [3] | 3,520 | [4] | 4,206 | |
Amortization | 1,117 | 9,010 | 7,015 | |||
Exploration | 1,797 | (124) | 515 | |||
Write-downs | 4,446 | 22,118 | 6,202 | |||
Other operating expenses | 226 | 33 | 938 | |||
Gains (Losses) on Extinguishment of Debt | 0 | 0 | ||||
Fair value adjustments, net | 0 | 0 | 0 | |||
Interest expense, net | (34) | 0 | 1 | |||
Other, net | 6,014 | (3,182) | (7,141) | |||
Income and mining tax benefit (expense) | (2,504) | (5,542) | (2,067) | |||
Net income (loss) | 1,579 | (16,615) | (10,689) | |||
Assets, Net | 9,285 | [5] | 27,892 | [2] | 59,848 | |
Capital expenditures | 0 | 0 | 0 | |||
Other Mining Properties [Member] | ||||||
Financial information relating to reporting segments | ||||||
Revenue | 0 | 0 | 0 | |||
Royalty Revenue | 0 | 0 | 0 | |||
Revenues | 0 | 0 | 0 | |||
Costs applicable to sales | 0 | [3] | 0 | [4] | 0 | |
Amortization | 1,566 | 1,996 | 2,158 | |||
Exploration | 1,740 | 3,058 | 3,793 | |||
Write-downs | 0 | 0 | 455,895 | |||
Other operating expenses | 36,170 | 41,548 | 61,966 | |||
Gains (Losses) on Extinguishment of Debt | (21,365) | 15,916 | ||||
Fair value adjustments, net | (1,634) | 1,224 | 1,812 | |||
Interest expense, net | (34,814) | 39,743 | 37,280 | |||
Other, net | 10,263 | (3,475) | (752) | |||
Income and mining tax benefit (expense) | 12,484 | 9,368 | (158,457) | |||
Net income (loss) | (74,542) | (82,048) | (401,575) | |||
Assets, Net | 75,652 | [5] | 75,737 | [2] | 81,688 | |
Capital expenditures | $ 488 | $ 607 | $ 2,105 | |||
[1] | Excludes amortization. | |||||
[2] | Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests | |||||
[3] | Excludes amortization | |||||
[4] | Excludes amortization | |||||
[5] | Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interest |
Segment Reporting (Details 1)
Segment Reporting (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting [Abstract] | |||||
Assets, Net | $ 1,122,038 | $ 1,103,310 | [1] | $ 1,075,259 | |
Cash and cash equivalents | 162,182 | 200,714 | $ 270,861 | $ 206,690 | |
Other assets | 34,689 | 28,465 | |||
TOTAL ASSETS | $ 1,318,909 | $ 1,332,489 | |||
[1] | Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests |
Segment Reporting (Details 2)
Segment Reporting (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | $ 786,908 | $ 787,986 | |
Revenues | |||
Revenue | 662,497 | 639,236 | $ 632,526 |
Revenues | 665,777 | 646,086 | 635,742 |
UNITED STATES | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 338,897 | 336,210 | |
Revenues | |||
Revenue | 423,216 | 376,692 | 260,728 |
Mexico | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 397,697 | 390,694 | |
Revenues | |||
Revenue | 142,198 | 171,911 | 245,493 |
BOLIVIA | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 31,539 | 35,201 | |
Revenues | |||
Revenue | 93,880 | 84,679 | 117,749 |
AUSTRALIA | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 2,983 | 5,952 | |
Revenues | |||
Revenue | 4,128 | 8,732 | 10,046 |
ARGENTINA | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 10,228 | 10,871 | |
Other Foreign Countries [Member] | |||
Long Lived Assets | |||
Long Lived Assets in Entity's Country of Domicile | 5,564 | 9,058 | |
Revenues | |||
Revenue | $ 2,355 | $ 4,072 | $ 1,726 |
Segment Reporting (Details 3)
Segment Reporting (Details 3) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)trading_counterparty | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 662,497 | $ 639,236 | $ 632,526 |
Dore [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Number of Trading Counterparties | trading_counterparty | 11 | ||
Smelting and Refining [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Number of Trading Counterparties | trading_counterparty | 2 | ||
Sales [Member] | Dore [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration Risk, Percentage | 77.00% | 74.00% | 63.00% |
Sales [Member] | Smelting and Refining [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration Risk, Percentage | 23.00% | 26.00% | 37.00% |
Mitsui & Co. [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 0 | $ 137,700 | $ 133,800 |
China National Gold [Domain] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 126,600 | 126,200 | 86,800 |
Ohio Precious Metals [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 98,400 | 37,300 | 8,300 |
Republic Metals Corporation [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 93,300 | 47,700 | 4,000 |
Asahi Formerly Johnson Matthey [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 62,600 | 84,200 | 71,800 |
Standard Bank [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 29,000 | 34,700 | 87,500 |
TD Securities [Domain] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 15,500 | 81,300 | 106,700 |
INTL Commodities [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 76,700 | $ 33,100 | $ 22,400 |
Write-downs Write-Downs (Detail
Write-downs Write-Downs (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 19, 2016 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs | $ 4,446 | $ 313,337 | $ 1,472,721 | |
Impairment of Long-Lived Assets Held-for-use, Net of Tax | 3,900 | 276,500 | 1,021,800 | |
Coeur Capital [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs | 22,100 | |||
Impairment of Long-Lived Assets Held-for-use, Net of Tax | 16,300 | |||
San Bartolome [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs | 66,700 | |||
Palmarejo [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs | 224,500 | 784,000 | ||
Impairment of Long-Lived Assets Held-for-use, Net of Tax | 193,500 | 504,500 | ||
La Preciosa [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs | 372,500 | |||
Impairment of Long-Lived Assets Held-for-use, Net of Tax | 244,900 | |||
McEwen Mining Inc, El Gallo, Magistral Mine [Member] | ||||
Impaired Long-Lived Assets Held and Used [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 | |||
Mining Properties and Mineral Rights [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs | 4,446 | 244,611 | 1,229,844 | |
Mining Properties and Mineral Rights [Member] | Palmarejo [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs | 0 | 205,803 | 668,803 | |
Mining Properties and Mineral Rights [Member] | San Bartolome [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs | 0 | 16,690 | 32,328 | |
Mining Properties and Mineral Rights [Member] | Kensington [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs | 0 | 0 | 67,671 | |
Mining Properties and Mineral Rights [Member] | La Preciosa [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs | 0 | 0 | 371,411 | |
Mining Properties and Mineral Rights [Member] | Joaquin Project - Argentina [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs | 0 | 0 | 83,429 | |
Mining Properties and Mineral Rights [Member] | Coeur Capital [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs | 4,446 | 22,118 | 6,202 | |
Property, Plant and Equipment, Other Types [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs | 0 | 68,726 | 242,877 | |
Property, Plant and Equipment, Other Types [Member] | Palmarejo [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs | 0 | 18,704 | 115,235 | |
Property, Plant and Equipment, Other Types [Member] | San Bartolome [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs | 0 | 50,022 | 86,426 | |
Property, Plant and Equipment, Other Types [Member] | Kensington [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs | 0 | 0 | 40,161 | |
Property, Plant and Equipment, Other Types [Member] | La Preciosa [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs | $ 0 | $ 0 | $ 1,055 |
Reclamation (Details)
Reclamation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Asset retirement obligation | ||
Asset retirement obligation - Beginning | $ 82,072 | $ 67,214 |
Accretion | 8,136 | 7,738 |
Additions and changes in estimates | 8,688 | 11,939 |
Settlements | (1,516) | (4,819) |
Asset retirement obligation - Ending | 97,380 | 82,072 |
Reclamation and Mine Closure (Textual) [Abstract] | ||
Accrued reclamation liabilities | $ 1,900 | $ 3,200 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation cost | $ 6.3 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 5 months 7 days | ||
Maximum Bonus, Supplemental Incentive | $ 3.8 | ||
Maximum Bonus, Supplemental Incentive, Discretionary Cash or Stock | 3 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 1.1 | ||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | 1.3 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 1 | $ 1.4 | $ 1.3 |
Annual Incentive Plan and Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense for stock based compensation awards | 9.7 | $ 9.3 | $ 9.3 |
Stock Options and Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation cost | $ 0.2 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 1 month 7 days | ||
Restricted Stock and Restricted Stock Unit [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation cost | $ 3.4 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 5 months 7 days | ||
Performance Shares and Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation cost | $ 2.8 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 6 months 7 days |
Stock-Based Compensation (Det57
Stock-Based Compensation (Details) - Stock Options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Arrangement by Share Based Payment Award Grants in Period Weighted Average Grant Date Fair Value | $ 1.06 | $ 2.65 | $ 3.79 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 61.75% | 55.71% | 50.93% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years 11 months 27 days | 4 years 9 months | 3 years 11 months |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.50% | 1.51% | 1.25% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Stock-Based Compensation (Det58
Stock-Based Compensation (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 656,611 | 670,009 | 598,346 | 415,570 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 10.76 | $ 12.58 | $ 16.26 | $ 27.36 |
Share Based Compensation Arrangement by Share Based Payment Award SAR's Outstanding Number | 42,152 | 46,572 | 46,572 | 50,209 |
Share Based Compensation Arrangement by Share Based Payment Award SAR's Outstanding Weighted Average Exercise Price | $ 14.14 | $ 14.06 | $ 14.06 | $ 14.15 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 183,251 | 310,028 | 415,172 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.19 | $ 5.57 | $ 9.45 | |
Share Based Compensation Arrangement by Share Based Payment Award SAR's Grants in Period | 0 | 0 | 0 | |
Share Based Compensation Arrangement by Share Based Payment Award SAR's Grants in Period Weighted Average Grant Date Fair Value | $ 0 | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (170,897) | |||
Share Based Compensation Arrangement by Share Based Payment Award Option Exercises in Period Weighted Average Grant Date Fair Value | $ 7.81 | |||
Share Based Compensation Arrangement by Share Based Payment Award SAR's Exercises in Period | 0 | |||
Share Based Compensation Arrangement by Share Based Payment Award SAR's Exercises in Period Weighted Average Grant Date Fair Value | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (25,752) | (238,365) | (232,396) | |
Share Based Compensation Arrangement by Share Based Payment Award Option Cancelled Forfeited in Period Weighted Average Grant Date Fair Value | $ 16.76 | $ 12.69 | $ 23.94 | |
Share Based Compensation Arrangement by Share Based Payment Award SAR's Forfeitures in Period | (4,420) | 0 | (3,637) | |
Share Based Compensation Arrangement by Share Based Payment Award SAR's Cancelled Forfeited in Period Weighted Average Grant Date Fair Value | $ 13.31 | $ 0 | $ 15.40 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 656,611 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 10.76 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 7 years 4 months 8 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 1,753 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 292,524 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 18.31 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 11 months 20 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 618,870 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 11.20 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | 7 years 3 months 7 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 1,555 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 118 | |||
Zero to Ten Dollars [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 455,578 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 5.32 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 8 years 2 months 8 days | |||
Ten Dollars to Twenty Dollars [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 52,616 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 13.33 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 6 years 7 months 19 days | |||
Twenty Dollars to Thirty Dollars [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 141,947 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 25.73 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 5 years 3 months 3 days | |||
Thirty Dollars to Forty Dollars [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 3,134 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 39.90 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 2 months 18 days | |||
Forty Dollars to Fifty Dollars [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 3,336 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 48.50 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 12 days |
Stock-Based Compensation (Det59
Stock-Based Compensation (Details 2) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,433,915 | 1,507,412 | 901,999 | 613,086 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 4.48 | $ 7.49 | $ 12.19 | $ 16.68 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,768,746 | 1,180,384 | 695,897 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.72 | $ 5.49 | $ 9.83 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (681,829) | (317,122) | (234,103) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 8.51 | $ 13.38 | $ 17.16 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (160,414) | (257,849) | (172,881) | |
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Option Forfeited in Period Weighted Average Grant Date Fair Value | $ 7.16 | $ 7.59 | $ 11.87 |
Stock-Based Compensation (Det60
Stock-Based Compensation (Details 3) - Performance Shares [Member] - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,372,632 | 1,135,135 | 516,830 | 210,395 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 4.53 | $ 10.35 | $ 17.61 | $ 28.04 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,437,077 | 809,293 | 358,398 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.79 | $ 6.97 | $ 12.21 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (34,611) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 27.18 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (199,580) | (190,988) | (17,352) | |
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Option Forfeited in Period Weighted Average Grant Date Fair Value | $ 17.98 | $ 15.62 | $ 27.15 |
Retirement Savings Plan (Detail
Retirement Savings Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 5.4 | $ 2.9 | $ 2.6 |
Other, Net (Details)
Other, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Income and Expenses [Abstract] | |||
Foreign exchange gain (loss) | $ (10,720) | $ (15,769) | $ 470 |
Gain on sale of assets and investments | 11,334 | (352) | (530) |
Impairment of equity securities | (703) | (2,346) | (6,593) |
Other | 1,964 | 2,536 | 1,435 |
Other, net | $ 1,875 | $ (15,931) | $ (5,218) |
Income and Mining Taxes (Detail
Income and Mining Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Examination [Line Items] | |||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 390 | $ (137,706) | $ (565,295) |
United States | (13,112) | (43,924) | (213,883) |
Foreign | 14,225 | (349,522) | (1,401,245) |
Income (loss) before income and mining taxes | 1,113 | (393,446) | (1,615,128) |
Income tax provision from continuing operations | |||
Income and mining tax benefit (expense) | 54,239 | 26,263 | 428,254 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | (336) | 2,075 | (20,253) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (61,146) | 101,027 | 151,191 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Depletion, Amount | 983 | 0 | 0 |
Effective Income Tax Rate Reconciliation, Tax Contingency, Amount | 4,619 | 1,947 | 4,425 |
Income Tax Reconciliation Domestic and Foreign Nondeductible Expenses | 5,764 | (1,365) | 4,892 |
Effective Income Tax Reconciliation, Mineral Interests | 0 | 19,310 | 0 |
Income Tax Reconciliation Foreign Exchange Rates | (19,701) | (22,350) | (23,672) |
Income Tax Reconciliation Foreign Inflation And Indexing | (2,794) | (1,117) | (3,765) |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | (413) | 15,980 | 63,930 |
Income Tax Reconciliation Foreign Withholding Taxes | 13,478 | (8,140) | (82,884) |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | (102) | 4,076 | 43,177 |
Effective Tax Rate Reconciliation, Legal Entity Reorganization,Amount | (6,985) | 0 | 0 |
United States - Alternative Minimum tax | |||
Income tax provision from continuing operations | |||
Federal tax expense (benefit) | 0 | 49 | 904 |
United States - State Mining Taxes | |||
Income tax provision from continuing operations | |||
Federal tax expense (benefit) | (7,826) | (4,305) | (879) |
Deferred Federal Income Tax Expense (Benefit) | 748 | 1,952 | 0 |
United States - Foreign Withholding | |||
Income tax provision from continuing operations | |||
Federal tax expense (benefit) | (4,263) | 0 | (6,250) |
ARGENTINA | |||
Income tax provision from continuing operations | |||
Foreign tax expense (benefit) | 10 | 715 | (71) |
Deferred Foreign Income Tax Expense (Benefit) | 115 | (1,197) | 24,478 |
AUSTRALIA | |||
Income tax provision from continuing operations | |||
Foreign tax expense (benefit) | 14 | 130 | 0 |
Deferred Foreign Income Tax Expense (Benefit) | (1,638) | 3,223 | (401) |
Mexico | |||
Income tax provision from continuing operations | |||
Foreign tax expense (benefit) | (9,581) | (476) | (10,122) |
Deferred Foreign Income Tax Expense (Benefit) | 55,383 | 27,189 | 394,221 |
BOLIVIA | |||
Income tax provision from continuing operations | |||
Foreign tax expense (benefit) | 6,252 | (5,154) | (4,008) |
Deferred Foreign Income Tax Expense (Benefit) | 0 | 0 | 22,122 |
CANADA | |||
Income tax provision from continuing operations | |||
Foreign tax expense (benefit) | (1,841) | (516) | (145) |
Deferred Foreign Income Tax Expense (Benefit) | 1,338 | 2,875 | 2,662 |
UNITED STATES | |||
Income tax provision from continuing operations | |||
Deferred Federal Income Tax Expense (Benefit) | 15,556 | 1,778 | 5,743 |
NEW ZEALAND | |||
Income tax provision from continuing operations | |||
Deferred Foreign Income Tax Expense (Benefit) | $ (28) | $ 0 | $ 0 |
Income and Mining Taxes (Deta64
Income and Mining Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (40,800) | ||
Deferred Other Tax Expense (Benefit) | $ 15,000 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Other Information | 19.6 | 17.9 | 16.1 |
Income Tax Contingency [Line Items] | |||
Income Tax Expense (Benefit) | $ (54,239) | $ (26,263) | $ (428,254) |
Income Tax Examination, Penalties and Interest Expense | 8,700 | $ 9,200 | $ 6,900 |
Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 1,500 | ||
Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 2,500 |
Income and Mining Taxes Deferre
Income and Mining Taxes Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Liabilities, Foreign Royalty Tax | $ 0 | $ 15,451 |
Deferred Tax Liabilities Mineral Properties | 69,799 | 0 |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 1,302 | 12,999 |
Deferred Tax Liabilities, Inventory | 4,426 | 2,353 |
Deferred Tax Liabilities, Royalties and Long-Term Debt | 8,685 | 1,648 |
Deferred Tax Liabilities, Gross | 84,212 | 32,451 |
Deferred Tax Assets, Operating Loss Carryforwards | 202,756 | 203,958 |
Deferred Tax Assets Mineral Properties | 0 | 34,966 |
Deferred Tax Assets, Property, Plant and Equipment | 87,978 | 6,980 |
Deferred Tax Assets - Mexican Mining Royalty | 6,359 | 0 |
Deferred Tax Assets, Capital Loss Carryforwards | 6,770 | 3,938 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Asset Retirement Obligations | 25,255 | 21,480 |
Deferred Tax Assets Unrealized Foreign Currency Loss and Other | 7,413 | 8,424 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 17,713 | 17,905 |
Tax Credit Carryforwards | 31,272 | 26,439 |
Deferred Tax Assets, Gross | 385,516 | 324,090 |
Deferred Tax Assets, Valuation Allowance | (375,911) | (436,829) |
Deferred Tax Assets, Net of Valuation Allowance | 9,605 | (112,739) |
Deferred Tax Liabilities, Net | $ 74,607 | $ 145,190 |
Income and Mining Taxes Valuati
Income and Mining Taxes Valuation Allowance (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Examination [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | $ 375,911 | $ 436,829 |
UNITED STATES | ||
Income Tax Examination [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | 292,446 | 292,677 |
ARGENTINA | ||
Income Tax Examination [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | 6,197 | 8,376 |
CANADA | ||
Income Tax Examination [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | 1,296 | 1,718 |
BOLIVIA | ||
Income Tax Examination [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | 37,372 | 45,177 |
Mexico | ||
Income Tax Examination [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | 13,033 | 63,373 |
NEW ZEALAND | ||
Income Tax Examination [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | 23,717 | 25,508 |
Other Countries | ||
Income Tax Examination [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | $ 1,850 | $ 0 |
Income and Mining Taxes Tax Att
Income and Mining Taxes Tax Attribute Carryforward (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Income Tax Examination [Line Items] | |
Operating Loss Carryforwards | $ 584,100 |
Tax Credit Carryforward, Alternative Minimum Tax Operating Losses | 184,386 |
Capital Losses Carryforwards | 19,394 |
Alternative Minimum Tax Credits Carryforwards | 3,173 |
Foreign Tax Credits Carryforwards | 24,161 |
UNITED STATES | |
Income Tax Examination [Line Items] | |
Operating Loss Carryforwards | 330,469 |
Tax Credit Carryforward, Alternative Minimum Tax Operating Losses | 184,386 |
Capital Losses Carryforwards | 19,315 |
Alternative Minimum Tax Credits Carryforwards | 3,173 |
Foreign Tax Credits Carryforwards | 24,161 |
ARGENTINA | |
Income Tax Examination [Line Items] | |
Operating Loss Carryforwards | 11,621 |
Tax Credit Carryforward, Alternative Minimum Tax Operating Losses | 0 |
Capital Losses Carryforwards | 0 |
Alternative Minimum Tax Credits Carryforwards | 0 |
Foreign Tax Credits Carryforwards | 0 |
BOLIVIA | |
Income Tax Examination [Line Items] | |
Operating Loss Carryforwards | 63,005 |
Tax Credit Carryforward, Alternative Minimum Tax Operating Losses | 0 |
Capital Losses Carryforwards | 0 |
Alternative Minimum Tax Credits Carryforwards | 0 |
Foreign Tax Credits Carryforwards | 0 |
CANADA | |
Income Tax Examination [Line Items] | |
Operating Loss Carryforwards | 2,301 |
Tax Credit Carryforward, Alternative Minimum Tax Operating Losses | 0 |
Capital Losses Carryforwards | 79 |
Alternative Minimum Tax Credits Carryforwards | 0 |
Foreign Tax Credits Carryforwards | 0 |
Mexico | |
Income Tax Examination [Line Items] | |
Operating Loss Carryforwards | 91,383 |
Tax Credit Carryforward, Alternative Minimum Tax Operating Losses | 0 |
Capital Losses Carryforwards | 0 |
Alternative Minimum Tax Credits Carryforwards | 0 |
Foreign Tax Credits Carryforwards | 0 |
NEW ZEALAND | |
Income Tax Examination [Line Items] | |
Operating Loss Carryforwards | 85,258 |
Tax Credit Carryforward, Alternative Minimum Tax Operating Losses | 0 |
Capital Losses Carryforwards | 0 |
Alternative Minimum Tax Credits Carryforwards | 0 |
Foreign Tax Credits Carryforwards | 0 |
Other Countries | |
Income Tax Examination [Line Items] | |
Operating Loss Carryforwards | 63 |
Tax Credit Carryforward, Alternative Minimum Tax Operating Losses | 0 |
Capital Losses Carryforwards | 0 |
Alternative Minimum Tax Credits Carryforwards | 0 |
Foreign Tax Credits Carryforwards | $ 0 |
Income and Mining Taxes Unrecog
Income and Mining Taxes Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized Tax Benefits | $ 17,924 | $ 16,084 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 1,336 | 1,030 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 4,854 | 810 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | (704) | 0 |
Unrecognized Tax Benefits | $ 23,410 | $ 17,924 |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2016 | |
Basic EPS | ||||
Net income (loss) | $ 55,352 | $ (367,183) | $ (1,186,874) | |
Weighted average shares | ||||
Basic (in shares) | 159,853,000 | 129,639,000 | 102,441,000 | |
Effect of stock-based compensation plans (in shares) | 3,606,000 | 0 | 0 | |
Diluted (in shares) | 163,459,000 | 129,639,000 | 102,441,000 | |
Income (loss) per share | ||||
Basic (in dollars per share) | $ 0.35 | $ (2.83) | $ (11.59) | |
Diluted (in dollars per share) | $ 0.34 | $ (2.83) | $ (11.59) | |
Convertible Senior Notes Due March 2028 [Member] | ||||
Earnings Per Share (Textual) [Abstract] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | 3.25% | |
Stock Options [Member] | ||||
Earnings Per Share (Textual) [Abstract] | ||||
Number of shares of common stock equivalents related to convertible debt | 386,771 | 3,239,425 | 1,871,681 |
Net Income (Loss) Per Share Net
Net Income (Loss) Per Share Net Income (Loss) Per Share (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 23, 2015 | |
Debt Instrument [Line Items] | ||||||
Proceeds from Issuance of Common Stock, Gross | $ 75,000 | $ 200,000 | ||||
Stock Issued During Period, Shares, New Issues | 9,253,016 | 17,691,094 | ||||
Proceeds from Issuance of Common Stock | $ 269,556 | $ 0 | $ 0 | |||
Term Loan due 2020 [Member] | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 100,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain (loss) on derivative instruments | $ (11,581) | $ 5,202 | $ 3,618 |
Embedded Derivative Financial Instruments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain (loss) on derivative instruments | (5,866) | 3,101 | (2,001) |
Rochester Royalty Obligation [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain (loss) on derivative instruments | (4,133) | 818 | 3,653 |
Silver and gold options [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain (loss) on derivative instruments | 1,300 | 600 | |
Mark-to-market gains or losses on derivatives | (1,582) | 1,283 | 1,058 |
Foreign Exchange Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain (loss) on derivative instruments | $ 0 | $ 0 | $ 908 |
Fair Value Measurements (Deta72
Fair Value Measurements (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Liabilities: | ||
Total liabilities | $ 10,049 | $ 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] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 762 | 508 |
Equity Securities [Member] | ||
Assets: | ||
Equity securities | 4,488 | 2,766 |
Fair Value, Inputs, Level 1 [Member] | ||
Liabilities: | ||
Total liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Royalty obligation embedded derivative [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Fair Value, Inputs, Level 1 [Member] | Rochester Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Fair Value, Inputs, Level 1 [Member] | Other Derivative Instrument [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Assets: | ||
Equity securities | 4,209 | 2,756 |
Fair Value, Inputs, Level 2 [Member] | ||
Liabilities: | ||
Total liabilities | 762 | 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] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 762 | 508 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Assets: | ||
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Liabilities: | ||
Total liabilities | 9,287 | 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] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Assets: | ||
Equity securities | 279 | $ 10 |
Rochester Royalty Obligation [Member] | Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 9,287 | |
Rochester Royalty Obligation [Member] | Fair Value, Inputs, Level 1 [Member] | Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Rochester Royalty Obligation [Member] | Fair Value, Inputs, Level 2 [Member] | Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | 0 | |
Rochester Royalty Obligation [Member] | Fair Value, Inputs, Level 3 [Member] | Royalty Obligation [Member] | ||
Liabilities: | ||
Derivative fair value of derivative liability | $ 9,287 |
Fair Value Measurements (Deta73
Fair Value Measurements (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Securities [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the beginning of the period | $ 10 | $ 1,379 |
Revaluation | 272 | (983) |
Settlements | (3) | (386) |
Balance at the end of the period | 279 | 10 |
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 | 21,912 |
Revaluation | 5,866 | (3,101) |
Settlements | (10,823) | (13,854) |
Balance at the end of the period | 0 | 4,957 |
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 | 15,370 |
Revaluation | 4,133 | (818) |
Settlements | (4,439) | (4,959) |
Balance at the end of the period | $ 9,287 | $ 9,593 |
Fair Value Measurements (Deta74
Fair Value Measurements (Details 3) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term Debt and Capital Lease Obligations | $ 198,857 | $ 198,857 | $ 479,979 | |||
Debt | 12,039 | 12,039 | 10,431 | |||
Convertible Senior Notes Due March 2028 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term Debt and Capital Lease Obligations | 0 | 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 | 693 | |||||
Convertible Senior Notes Due March 2028 [Member] | Reported Value Measurement [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
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 | |||||
Convertible Senior Notes Due March 2028 [Member] | Fair Value, Inputs, Level 2 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Convertible Debt, Fair Value Disclosures | 693 | |||||
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 | |||||
Senior Notes due 2021 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term Debt and Capital Lease Obligations | 175,991 | [1] | 373,433 | [2] | ||
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 | 184,373 | [1] | 227,487 | [2] | ||
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 | [1] | 0 | [2] | ||
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 | 184,373 | [1] | 227,487 | [2] | ||
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 | [1] | 0 | [2] | ||
Palmarejo gold production royalty [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Financial Liabilities Not Measured at Fair Value | 15,580 | |||||
Palmarejo gold production royalty [Member] | Reported Value Measurement [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Financial Liabilities Not Measured at Fair Value | 15,207 | |||||
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 | |||||
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 | |||||
Palmarejo gold production royalty [Member] | Fair Value, Inputs, Level 3 [Member] | Portion at Other than Fair Value, Fair Value Disclosure [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Financial Liabilities Not Measured at Fair Value | 15,580 | |||||
Short Term Credit Agreement [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Unamortized debt issuance expense | 5,000 | |||||
Debt | [3] | 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 | [3] | 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 | [3] | 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 | [3] | 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 | [3] | 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 | $ 0 | 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 | |||||
Convertible Senior Notes Due March 2028 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Debt | $ 0 | $ 0 | ||||
[1] | (1)Net of unamortized debt issuance costs and premium received of $2.0 million. | |||||
[2] | (1)Net of unamortized debt issuance costs and premium received of $5.3 million. | |||||
[3] | (2) Net of unamortized debt issuance costs of $5.0 million. |
Fair Value Measurements (Deta75
Fair Value Measurements (Details Textual) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)$ / oz | Dec. 31, 2014USD ($)$ / oz | Sep. 30, 2016 | Apr. 19, 2016USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-Lived Assets, Impairment Testing, Commodity, Silver, Price per Ounce | $ / oz | 17.50 | 19 | |||
Write-downs | $ 4,446 | $ 313,337 | $ 1,472,721 | ||
Impairment of Long-Lived Assets Held-for-use, Net of Tax | $ 3,900 | $ 276,500 | $ 1,021,800 | ||
Long-Lived Assets, Impairment Testing, Commodity, Gold, Price per Ounce | $ / oz | 1,200 | 1,275 | |||
Rochester [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Expected Royalty Duration | 1.66 | ||||
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% | 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 | $ 5,000 | ||||
Senior Notes due 2021 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 2,000 | $ 5,300 | |||
McEwen Mining Inc, El Gallo, Magistral Mine [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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 |
Derivative Financial Instrume76
Derivative Financial Instruments (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($)oz$ / oz | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2016USD ($)oz$ / oz | |
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments | $ (11,581,000) | $ 5,202,000 | $ 3,618,000 | |
Derivative instruments Settlement | ||||
Price per ounce under agreement | 416 | |||
Silver concentrate sales agreements [Member] | 2016 [Member] | ||||
Derivative instruments Settlement | ||||
Derivative, notional amount | $ 5,801,000 | |||
Derivative average price | $ / oz | 16.35 | |||
Outstanding Provisionally Priced Sales Consists of Silver | oz | 354,771 | |||
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 | $ 30,810,000 | |||
Derivative average price | $ / oz | 1,208 | |||
Outstanding Provisionally Priced Sales Consists of Gold | oz | 25,505 | |||
Gold concentrates sales agreements [Member] | Thereafter [Member] | ||||
Derivative instruments Settlement | ||||
Derivative, notional amount | $ 0 | |||
Derivative average price | $ / oz | 0 | |||
Notional ounces | oz | 0 |
Derivative Financial Instrume77
Derivative Financial Instruments (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Prepaid expenses and other [Member] | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | $ 28 | |
Accrued liabilities and other [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 536 | |
Current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 4,957 | |
Non-current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 0 | |
Palmarejo gold production royalty [Member] | Current portion of royalty obligation [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | 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 | |
Concentrate sales contracts [Member] | Prepaid expenses and other [Member] | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | 28 | |
Concentrate sales contracts [Member] | Accrued liabilities and other [Member] | ||
Fair value of the derivative instruments | ||
Derivative Liability, Fair Value | $ 762 | 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 Instrume78
Derivative Financial Instruments (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Costs applicable to sales | [1] | $ 409,541 | $ 479,654 | $ 477,945 |
Fair value adjustments, net | (11,581) | 5,202 | 3,618 | |
Fair value adjustments, net | (7,702) | 4,680 | (158) | |
Concentrate Sales Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized Gain (Loss) on Derivatives | (254) | 296 | (123) | |
Embedded Derivative Financial Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Fair value adjustments, net | (5,866) | 3,101 | (2,001) | |
Silver and gold options [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized Gain (Loss) on Derivatives | 0 | 1,500 | ||
Fair value adjustments, net | 1,300 | 600 | ||
Derivative, Gain (Loss) on Derivative, Net | (1,582) | 1,283 | 1,058 | |
Foreign Exchange Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Costs applicable to sales | 0 | 0 | 924 | |
Fair value adjustments, net | 0 | 0 | 908 | |
Mexican peso forward purchase contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Fair value adjustments, net | $ 0 | $ 0 | $ (16) | |
[1] | Excludes amortization. |
Derivative Financial Instrume79
Derivative Financial Instruments (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016USD ($)oz | Sep. 30, 2015USD ($) | Dec. 31, 2016USD ($)oz$ / oz | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jan. 21, 2009 | |
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||||
Fair Value Assumptions, Risk Free Interest Rate | 19.90% | |||||
Gain (loss) on derivative instruments | $ (11,581,000) | $ 5,202,000 | $ 3,618,000 | |||
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 | |||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | 5,900,000 | 17,000,000 | 18,400,000 | |||
Realized losses | $ 10,800,000 | 13,900,000 | 20,400,000 | |||
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 | 4,167 | ||||
Percentage of Gold Production | 50.00% | |||||
Annual Inflation Compounding Adjustment | 1.00% | |||||
Concentrate Sales Contracts [Member] | ||||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||||
Unrealized Gain (Loss) on Derivatives and Commodity Contracts | $ 300,000 | $ 100,000 | 300,000 | |||
Unrealized Gain (Loss) on Derivatives | $ (254,000) | 296,000 | (123,000) | |||
Embedded Derivative Financial Instruments [Member] | ||||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||||
Gain (loss) on derivative instruments | (5,866,000) | 3,101,000 | (2,001,000) | |||
Silver and gold options [Member] | ||||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||||
Gain (loss) on derivative instruments | 1,300,000 | 600,000 | ||||
Unrealized Gain (Loss) on Derivatives | 0 | 1,500,000 | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (1,582,000) | 1,283,000 | 1,058,000 | |||
Maximum [Member] | Palmarejo gold production royalty [Member] | ||||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||||
Payable ounces under royalty obligation | oz | 400,000 | |||||
Derivative Instruments Settle in Year One [Member] | Silver concentrate sales agreements [Member] | ||||||
Additional Derivative Financial Instruments and Fair Value of Financial Instruments (Textual) [Abstract] | ||||||
Outstanding provisionally priced sales consists of silver | oz | 354,771 | |||||
Derivative Average Price | $ / oz | 16.35 | |||||
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 | 25,505 | |||||
Derivative Average Price | $ / oz | 1,208 | |||||
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 | $ 0 | $ 4,957,000 | $ 21,912,000 |
Acquisitions (Details)
Acquisitions (Details) - Wharf Gold Mine [Member] - USD ($) $ in Thousands | Feb. 20, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||
Business Combination, Consideration Transferred | $ 99,396 | |||
Business Acquisition, Pro Forma Information [Abstract] | ||||
Revenue | $ 665,777 | $ 664,086 | $ 729,742 | |
Income (loss) before income and mining taxes | $ 1,113 | (393,498) | (1,587,128) | |
Net income (loss) | $ (367,235) | $ (1,158,874) |
Acquisitions Paramount (Details
Acquisitions Paramount (Details) - Paramount Gold and Silver Corp. [Member] $ in Thousands | Apr. 17, 2015USD ($) |
Business Acquisition [Line Items] | |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 188,817 |
Business Combination, Consideration Transferred, Purchase Price | 201,367 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 307,193 |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Conversion Ratio | 0.2016 |
Payments to Acquire Businesses, Gross | $ 8,530 |
Business Acquisition, Transaction Costs | 4,020 |
Business Combination, Separately Recognized Transactions, Payments to Acquire Additional Interests | $ 1,500 |
Noncontrolling Interest, Ownership Percentage by Parent | 4.90% |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 105,826 |
Business Combination, Consideration Transferred | $ 201,367 |
Acquisitions Wharf gold mine (D
Acquisitions Wharf gold mine (Details) - Wharf Gold Mine [Member] $ in Thousands | Feb. 20, 2015USD ($) |
Business Acquisition [Line Items] | |
Payments to Acquire Businesses, Gross | $ 99,400 |
Business Acquisition, Transaction Costs | 2,100 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 133,269 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 33,873 |
Business Combination, Consideration Transferred | $ 99,396 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2016 | |
Investment in Marketable Securities (Textual) [Abstract] | ||||
Impairment of equity securities | $ 703 | $ 2,346 | $ 6,593 | |
Equity Securities [Member] | ||||
Available-for-sale Securities | ||||
Cost | 3,386 | $ 3,107 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (1,179) | 0 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 559 | 1,381 | ||
Available-for-sale Securities, Estimated Fair Value | $ 4,488 | 2,766 | ||
Paramount Gold Nevada Corp. [Member] | Equity Securities [Member] | ||||
Available-for-sale Securities | ||||
Cost | 1,470 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (1,036) | |||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | |||
Available-for-sale Securities, Estimated Fair Value | 434 | |||
Northair Silver Corp. [Member] | Equity Securities [Member] | ||||
Available-for-sale Securities | ||||
Cost | 725 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | |||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 9 | |||
Available-for-sale Securities, Estimated Fair Value | 734 | |||
Agnico- Eagle Mines Ltd. [Member] | Equity Securities [Member] | ||||
Available-for-sale Securities | ||||
Cost | 420 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | |||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 518 | |||
Available-for-sale Securities, Estimated Fair Value | 938 | |||
Kootenay Silver, Inc. [Member] | Equity Securities [Member] | ||||
Available-for-sale Securities | ||||
Cost | 2,645 | |||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | |||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | |||
Available-for-sale Securities, Estimated Fair Value | 2,645 | |||
Silver Bull Resources, Inc. [Member] | Equity Securities [Member] | ||||
Available-for-sale Securities | ||||
Cost | 305 | 233 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 783 | ||
Available-for-sale Securities, Estimated Fair Value | 305 | 1,016 | ||
Other Investments [Member] | Equity Securities [Member] | ||||
Available-for-sale Securities | ||||
Cost | 466 | 229 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (143) | 0 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 32 | 598 | ||
Available-for-sale Securities, Estimated Fair Value | $ 355 | $ 827 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables - current portion | ||
Accounts receivable - trade | $ 10,669 | $ 17,878 |
Refundable income tax | 1,038 | 13,678 |
Refundable value added tax | 46,083 | 50,669 |
Accounts receivable - other | 2,641 | 3,767 |
Receivables, net current portion | 60,431 | 85,992 |
Receivables - non-current portion | ||
Refundable value added tax | 19,293 | 24,768 |
Income Taxes Receivable, Noncurrent | 11,658 | 0 |
Accounts Receivable, Net, Noncurrent | 30,951 | 24,768 |
Total receivables | $ 91,382 | $ 110,760 |
Inventory and Ore on Leach Pa85
Inventory and Ore on Leach Pads (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Inventory, Finished Goods, Net of Reserves | $ 17,994 | $ 16,165 |
Other Inventory, Net of Reserves | 47,228 | 21,908 |
Inventory, Supplies, Net of Reserves | 40,804 | 43,638 |
Inventory | 106,026 | 81,711 |
Ore on Leach Pad, Current | 64,167 | 67,329 |
Ore on leach pads, noncurrent | 67,231 | 44,582 |
Inventory, Ore Stockpiles on Leach Pads, Gross | 131,398 | 111,911 |
Inventory and Ore on Leach Pads | $ 237,424 | $ 193,622 |
Property, Plant and Equipment86
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, plant and equipment | |||
Land | $ 7,878 | $ 8,287 | |
Building improvements | 650,480 | 654,585 | |
Capitalized leases for machinery, equipment and buildings | 54,968 | 30,648 | |
Property, plant and equipment, gross | 713,326 | 693,520 | |
Accumulated depreciation and amortization | (524,806) | (514,509) | |
Property Plant and Equipment Net before Construction in Progress | 188,520 | 179,011 | |
Construction in Progress | 28,276 | 16,988 | |
Property, plant and equipment, net | 216,796 | 195,999 | |
Operating Leases, Rent Expense | $ 16,800 | $ 14,300 | $ 11,200 |
Mining Properties (Details)
Mining Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Mining Properties | ||
Operational mining properties: | $ 687,964 | $ 612,162 |
Accumulated depletion | (471,874) | (424,642) |
Operational mining properties, net | 216,090 | 187,520 |
Mineral interest | 784,365 | 806,436 |
Accumulated depletion | (442,000) | (404,737) |
Mineral interest, net | 342,365 | 401,699 |
Total mining properties | 558,455 | 589,219 |
Palmarejo [Member] | ||
Mining Properties | ||
Operational mining properties: | 174,890 | 151,828 |
Accumulated depletion | (134,995) | (131,055) |
Operational mining properties, net | 39,895 | 20,773 |
Mineral interest | 629,303 | 629,303 |
Accumulated depletion | (381,686) | (348,268) |
Mineral interest, net | 247,617 | 281,035 |
Total mining properties | 287,512 | 301,808 |
Rochester [Member] | ||
Mining Properties | ||
Operational mining properties: | 165,230 | 149,756 |
Accumulated depletion | (138,244) | (126,242) |
Operational mining properties, net | 26,986 | 23,514 |
Mineral interest | 0 | 0 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 0 | 0 |
Total mining properties | 26,986 | 23,514 |
Kensington [Member] | ||
Mining Properties | ||
Operational mining properties: | 271,175 | 238,786 |
Accumulated depletion | (154,744) | (131,236) |
Operational mining properties, net | 116,431 | 107,550 |
Mineral interest | 0 | 0 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 0 | 0 |
Total mining properties | 116,431 | 107,550 |
Wharf [Member] | ||
Mining Properties | ||
Operational mining properties: | 37,485 | 32,318 |
Accumulated depletion | (11,699) | (5,784) |
Operational mining properties, net | 25,786 | 26,534 |
Mineral interest | 45,837 | 45,837 |
Accumulated depletion | (19,249) | (10,551) |
Mineral interest, net | 26,588 | 35,286 |
Total mining properties | 52,374 | 61,820 |
San Bartolome [Member] | ||
Mining Properties | ||
Operational mining properties: | 39,184 | 39,474 |
Accumulated depletion | (32,192) | (30,325) |
Operational mining properties, net | 6,992 | 9,149 |
Mineral interest | 12,868 | 12,868 |
Accumulated depletion | (11,695) | (11,400) |
Mineral interest, net | 1,173 | 1,468 |
Total mining properties | 8,165 | 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 | 0 |
Operational mining properties, net | 0 | 0 |
Mineral interest | 37,272 | 59,343 |
Accumulated depletion | (29,370) | (34,518) |
Mineral interest, net | 7,902 | 24,825 |
Total mining properties | $ 7,902 | $ 24,825 |
Mining Properties (Details Text
Mining Properties (Details Textual) $ in Thousands, shares in Millions, oz in Millions | Jul. 25, 2016USD ($) | May 31, 2016USD ($) | Apr. 30, 2016USD ($)shares | Mar. 31, 2016USD ($)shares | Dec. 31, 2016USD ($)oz | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jan. 17, 2017USD ($) | Apr. 19, 2016USD ($) |
Property, Plant and Equipment [Line Items] | |||||||||
Maximum ore reserves payable under contract | oz | 20 | ||||||||
Gain on sale of assets and investments | $ 11,334 | $ (352) | $ (530) | ||||||
Write-downs | $ 4,446 | 313,337 | 1,472,721 | ||||||
Cumulative Ounces of Silver Received by the Subsidiary | oz | 6 | ||||||||
Current Ore Reserve payable Ounces Based on Current Metallurgical Recovery and Current Smelter Contract Terms | oz | 1.4 | ||||||||
Impairment of Long-Lived Assets Held-for-use | $ 4,446 | $ 313,337 | $ 1,472,721 | ||||||
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 | ||||||||
Proceeds from Sale of Productive Assets | $ 4,000 | ||||||||
Disposition of Assets, Consideration Transferred, Shares Received | shares | 2.5 | ||||||||
Gain on sale of assets and investments | $ 1,900 | ||||||||
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 | ||||||||
La Cigarra [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Net smelter return paid (as a percent) | 2.50% | ||||||||
Transfer of Financial Assets Accounted for as Sales, Cash Proceeds Received for Assets Derecognized, Amount | $ 3,600 | ||||||||
Proceeds from Sale of Productive Assets | $ 500 | ||||||||
Disposition of Assets, Consideration Transferred, Shares Received | shares | 9.6 | ||||||||
Gain on sale of assets and investments | $ 0 | ||||||||
Martha [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Transfer of Financial Assets Accounted for as Sales, Cash Proceeds Received for Assets Derecognized, Amount | $ 3,000 | ||||||||
Proceeds from Sale of Productive Assets | 1,500 | ||||||||
Disposition of Assets, Receivable, Asset | 1,500 | ||||||||
Gain on sale of assets and investments | $ 5,300 | ||||||||
Correnso [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Transfer of Financial Assets Accounted for as Sales, Cash Proceeds Received for Assets Derecognized, Amount | $ 5,400 | ||||||||
Gain on sale of assets and investments | 4,700 | ||||||||
Disposition of Assets, Contingent Consideration, Asset | $ 700 | ||||||||
Subsequent Event [Member] | Joaquin Project - Argentina [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Transfer of Financial Assets Accounted for as Sales, Cash Proceeds Received for Assets Derecognized, Amount | $ 25,000 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2016 | Mar. 12, 2014 | |||
Long term debt and capital lease obligations | |||||||
Current | $ 12,039 | $ 10,431 | $ 12,039 | ||||
Debt | 198,857 | 479,979 | 198,857 | ||||
Interest expenses incurred for various debt instruments | |||||||
Interest Paid on Senior Notes due 2021 | 28,871 | 33,437 | $ 32,741 | ||||
Interest Paid on Convertible Notes due 2028 | 13 | 54 | 173 | ||||
Interest paid on term loan due 2020 | 4,939 | 4,719 | 0 | ||||
Interest paid on short-term credit agreement | 0 | 326 | 0 | ||||
San Bartolomé Lines of Credit | 15 | 795 | 0 | ||||
Line of Credit Facility, Commitment Fee Amount | 0 | 0 | 179 | ||||
Write off revolver costs, interest expense | 0 | 0 | 3,035 | ||||
Interest Paid on Capital Leases | 1,437 | 1,035 | 972 | ||||
Accretion of Franco Nevada royalty obligation | 1,211 | 6,567 | 10,773 | ||||
Debt Issuance Cost | 1,933 | 2,257 | 1,740 | ||||
Amortization of debt issuance costs | (345) | (409) | (357) | ||||
Interest Expense, Debt | 72 | 20 | 0 | ||||
Capitalized interest | (1,226) | (3,098) | (1,710) | ||||
Total interest expense, net of capitalized interest | $ 36,920 | 45,703 | $ 47,546 | ||||
San Bartolome Letter of Credit Facility [Member] | |||||||
Long term debt and capital lease obligations | |||||||
Debt | 4,571 | 0 | |||||
3.25% Convertible Senior Notes due March 2028 [Member] | |||||||
Long term debt and capital lease obligations | |||||||
Debt | $ 712 | $ 0 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | 3.25% | ||||
Senior Notes due 2021 [Member] | |||||||
Long term debt and capital lease obligations | |||||||
Debt Instrument, Face Amount | $ 150,000 | ||||||
Debt | $ 373,433 | [1] | $ 175,991 | [2] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.875% | 7.875% | |||||
Capital Lease Obligations [Member] | |||||||
Long term debt and capital lease obligations | |||||||
Debt | $ 7,774 | 22,866 | |||||
Senior Notes due 2021 [Member] | |||||||
Long term debt and capital lease obligations | |||||||
Current | 0 | 0 | |||||
3.25% Convertible Senior Notes due March 2028 [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 | 0 | |||||
Debt | 93,489 | 0 | |||||
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 | $ 9,431 | $ 12,039 | |||||
[1] | (1)Net of unamortized debt issuance costs and premium received of $5.3 million. | ||||||
[2] | (1)Net of unamortized debt issuance costs and premium received of $2.0 million. |
Debt Minimum Operating and Capi
Debt Minimum Operating and Capital Lease Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 13,709 |
Operating Leases, Future Minimum Payments, Due in Two Years | 5,514 |
Operating Leases, Future Minimum Payments, Due in Three Years | 5,304 |
Operating Leases, Future Minimum Payments, Due in Four Years | 3,891 |
Operating Leases, Future Minimum Payments, Due in Five Years | 3,095 |
Operating Leases, Future Minimum Payments, Due Thereafter | 8,716 |
Operating Leases, Future Minimum Payments Due | 40,229 |
Capital Leases, Future Minimum Payments, Net Present Value [Abstract] | |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 13,292 |
Capital Leases, Future Minimum Payments Due in Two Years | 10,968 |
Capital Leases, Future Minimum Payments Due in Three Years | 6,481 |
Capital Leases, Future Minimum Payments Due in Four Years | 3,675 |
Capital Leases, Future Minimum Payments Due in Five Years | 2,886 |
Capital Leases, Future Minimum Payments Due Thereafter | 44 |
Capital Leases, Future Minimum Payments Due | 37,346 |
Capital Leases, Future Minimum Payments, Interest Included in Payments | (2,441) |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | $ 34,905 |
Debt (Details Textual)
Debt (Details Textual) | Jul. 25, 2016USD ($) | Jul. 15, 2016USD ($) | Jun. 23, 2015USD ($) | Oct. 02, 2014USD ($) | Dec. 31, 2016USD ($)oz | Sep. 30, 2016USD ($)Agreementsozshares | Jun. 30, 2016shares | Dec. 31, 2016USD ($)ozshares | Dec. 31, 2016USD ($)oz | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Mar. 31, 2015USD ($) | Mar. 12, 2014USD ($) | ||
Debt Instrument [Line Items] | |||||||||||||||
Number of Agreements | Agreements | 2 | ||||||||||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 9,253,016 | 17,691,094 | |||||||||||||
(Gain) Loss on extinguishment of debt | $ 21,365,000 | $ (15,916,000) | $ 0 | ||||||||||||
Extinguishment of Debt, Amount | 10,616,000 | 53,373,000 | 0 | ||||||||||||
Long-term Debt and Capital Lease Obligations | $ 198,857,000 | $ 198,857,000 | $ 198,857,000 | 198,857,000 | 479,979,000 | ||||||||||
Price per ounce under agreement | $ 416 | $ 416 | 416 | ||||||||||||
Cash payments on gold production royalty | 27,155,000 | 39,235,000 | 48,395,000 | ||||||||||||
Debt principal under share exchange | $ 54,200,000 | ||||||||||||||
Shares exchanged for debt principal | shares | 14,400,000 | ||||||||||||||
Additional Long term debt and capital lease obligations(Textual) [Abstract] | |||||||||||||||
Accretion of Royalty Obligation | $ 1,211,000 | $ 6,567,000 | 10,773,000 | ||||||||||||
Senior Notes due 2021 [Member] | |||||||||||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||||||||||
Debt Instrument, Face Amount | $ 150,000,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.875% | 7.875% | 7.875% | 7.875% | |||||||||||
Long-term debt, original principal | $ 450,000,000 | ||||||||||||||
Debt Instrument, Repurchase Amount | $ 190,000,000 | $ 190,000,000 | $ 190,000,000 | $ 71,300,000 | |||||||||||
debt instrument, make whole premium | $ 9,000,000 | $ 9,000,000 | $ 9,000,000 | ||||||||||||
Long-term Debt and Capital Lease Obligations | $ 175,991,000 | [1] | $ 373,433,000 | [2] | |||||||||||
Convertible Senior Notes Due March 2028 [Member] | |||||||||||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% | ||||||||||
Long-term Debt and Capital Lease Obligations | $ 0 | $ 712,000 | |||||||||||||
Banco de Credito Line of Credit [Member] | |||||||||||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||||||||||
Borrowing under term facility | $ 15,000,000 | ||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 6.00% | ||||||||||||||
San Bartolome Letter of Credit Facility [Member] | |||||||||||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||||||||||
Long-term Debt and Capital Lease Obligations | $ 0 | $ 4,571,000 | |||||||||||||
Banco Bisa Line of Credit [Member] | |||||||||||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 12,000,000 | $ 12,000,000 | $ 12,000,000 | ||||||||||||
Borrowing under term facility | $ 12,000,000 | ||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 6.00% | 6.00% | 6.00% | 6.00% | |||||||||||
Palmarejo gold stream agreement [Member] | |||||||||||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||||||||||
Termination payment | $ 2,000,000 | ||||||||||||||
Price per ounce under agreement | $ 800 | ||||||||||||||
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 | 4,167 | 4,167 | 4,167 | |||||||||||
Annual Inflation Compounding Adjustment | 1.00% | 1.00% | 1.00% | ||||||||||||
Palmarejo gold production royalty [Member] | Maximum [Member] | |||||||||||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||||||||||
Payable ounces under royalty obligation | oz | 400,000 | 400,000 | 400,000 | ||||||||||||
Senior Notes due 2021 [Member] | |||||||||||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||||||||||
Long-term Debt | $ 10,800,000 | ||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 700,000 | ||||||||||||||
(Gain) Loss on extinguishment of debt | $ 11,300,000 | $ 1,200,000 | |||||||||||||
Convertible Senior Notes Due March 2028 [Member] | |||||||||||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||||||||||
Repayments of Convertible Debt | $ 700,000 | ||||||||||||||
Senior Notes due 2021 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Unamortized Discount (Premium), Net | 2,000,000 | $ 2,000,000 | $ 2,000,000 | $ 5,300,000 | |||||||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||||||||||
(Gain) Loss on extinguishment of debt | (15,900,000) | ||||||||||||||
Short Term Credit Agreement [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Unamortized debt issuance expense | 5,000,000 | ||||||||||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||||||||||
Short-term Debt | $ 50,000,000 | ||||||||||||||
Term Loan due 2020 [Member] | Secured Debt [Member] | |||||||||||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||||||||||
Debt Instrument, Term | 5 years | ||||||||||||||
Long-term Debt | $ 100,000,000 | ||||||||||||||
Repayments of Debt | $ 99,000,000 | ||||||||||||||
Payments of Debt Extinguishment Costs | 4,400,000 | ||||||||||||||
Extinguishment of Debt, Amount | 103,400,000 | ||||||||||||||
San Bartolome Letter of Credit Facility [Member] | |||||||||||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | $ 0 | $ 0 | $ 4,571,000 | |||||||||||
Other Nonoperating Income (Expense) [Member] | Term Loan due 2020 [Member] | Secured Debt [Member] | |||||||||||||||
Debt and capital lease obligations (Textual) [Abstract] | |||||||||||||||
(Gain) Loss on extinguishment of debt | $ 8,800,000 | ||||||||||||||
[1] | (1)Net of unamortized debt issuance costs and premium received of $2.0 million. | ||||||||||||||
[2] | (1)Net of unamortized debt issuance costs and premium received of $5.3 million. |
Supplemental Guarantor Inform92
Supplemental Guarantor Information Condensed Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | $ 665,777 | $ 646,086 | $ 635,742 | |
Revenue | 662,497 | 639,236 | 632,526 | |
Costs applicable to sales | [1] | 409,541 | 479,654 | 477,945 |
Amortization | 123,161 | 143,751 | 162,436 | |
General and Administrative Expense | 29,376 | 32,834 | 40,845 | |
Exploration Expense, Mining | 12,930 | 11,647 | 21,740 | |
Write-downs | 4,446 | 313,337 | 1,472,721 | |
Pre-development, reclamation, and other | 17,219 | 17,793 | 26,037 | |
Total costs and expenses | 596,673 | 999,016 | 2,201,724 | |
Gain (loss) on derivative instruments | (11,581) | 5,202 | 3,618 | |
Other, net | 1,875 | (15,931) | (5,218) | |
Interest expense, net | (36,920) | (45,703) | (47,546) | |
Total other income (expense), net | (67,991) | (40,516) | (49,146) | |
Income (loss) before income and mining taxes | 1,113 | (393,446) | (1,615,128) | |
Income and mining tax benefit (expense) | 54,239 | 26,263 | 428,254 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 55,352 | (367,183) | (1,186,874) | |
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | |
NET INCOME (LOSS) | 55,352 | (367,183) | (1,186,874) | |
Unrealized gain (loss) on available for sale securities | 3,222 | (4,154) | (2,290) | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 703 | 2,346 | 4,042 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (2,691) | 894 | 346 | |
Other comprehensive income (loss) | 1,234 | (914) | 2,098 | |
COMPREHENSIVE INCOME (LOSS) | 56,586 | (368,097) | (1,184,776) | |
Gains (Losses) on Extinguishment of Debt | (21,365) | 15,916 | 0 | |
Other than Temporary Impairment Losses, Investments | 703 | 2,346 | 6,593 | |
Coeur Mining, Inc. | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 0 | 0 | 0 | |
Costs applicable to sales | 0 | 0 | 0 | |
Amortization | 1,558 | 1,991 | 1,805 | |
General and Administrative Expense | 28,704 | 32,405 | 39,976 | |
Exploration Expense, Mining | 1,596 | 2,265 | 3,560 | |
Write-downs | 0 | 0 | 0 | |
Pre-development, reclamation, and other | 2,044 | 4,083 | 8,813 | |
Total costs and expenses | 33,902 | 40,744 | 54,154 | |
Gain (loss) on derivative instruments | (1,635) | 1,224 | 1,812 | |
Other, net | 4,357 | 4,336 | 4,406 | |
Interest expense, net | (35,158) | (39,867) | (38,389) | |
Total other income (expense), net | (53,801) | (18,391) | (32,171) | |
Income (loss) before income and mining taxes | (87,703) | (59,135) | (86,325) | |
Income and mining tax benefit (expense) | 11,733 | 1,827 | 1,742 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (75,970) | (57,308) | (84,583) | |
Income (Loss) from Equity Method Investments | 131,322 | (309,875) | (1,102,291) | |
NET INCOME (LOSS) | 55,352 | (367,183) | (1,186,874) | |
Unrealized gain (loss) on available for sale securities | 3,222 | (4,154) | (2,290) | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 703 | 2,346 | 4,042 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (2,691) | 894 | 346 | |
Other comprehensive income (loss) | 1,234 | (914) | 2,098 | |
COMPREHENSIVE INCOME (LOSS) | 56,586 | (368,097) | (1,184,776) | |
Gains (Losses) on Extinguishment of Debt | (21,365) | 15,916 | ||
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 423,488 | 378,278 | 261,963 | |
Costs applicable to sales | 252,836 | 261,830 | 196,805 | |
Amortization | 77,392 | 83,325 | 65,100 | |
General and Administrative Expense | 250 | 35 | 6 | |
Exploration Expense, Mining | 6,127 | 3,931 | 11,157 | |
Write-downs | 0 | 1,630 | 107,832 | |
Pre-development, reclamation, and other | 5,839 | 5,920 | 3,889 | |
Total costs and expenses | 342,444 | 356,671 | 384,789 | |
Gain (loss) on derivative instruments | (4,133) | 818 | 3,653 | |
Other, net | 2,139 | (3,106) | (7,023) | |
Interest expense, net | (861) | (966) | (891) | |
Total other income (expense), net | (2,855) | (3,254) | (4,261) | |
Income (loss) before income and mining taxes | 78,189 | 18,353 | (127,087) | |
Income and mining tax benefit (expense) | (7,517) | (2,354) | (2,224) | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 70,672 | 15,999 | (129,311) | |
Income (Loss) from Equity Method Investments | (4,353) | (14,814) | (4,181) | |
NET INCOME (LOSS) | 66,319 | 1,185 | (133,492) | |
Unrealized gain (loss) on available for sale securities | 3,156 | (3,118) | (2,272) | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 703 | 2,346 | 4,042 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (3,181) | 894 | 328 | |
Other comprehensive income (loss) | 678 | 122 | 2,098 | |
COMPREHENSIVE INCOME (LOSS) | 66,997 | 1,307 | (131,394) | |
Gains (Losses) on Extinguishment of Debt | 0 | 0 | ||
Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 242,289 | 267,808 | 373,779 | |
Costs applicable to sales | 156,705 | 217,824 | 281,140 | |
Amortization | 44,211 | 58,435 | 95,531 | |
General and Administrative Expense | 422 | 394 | 863 | |
Exploration Expense, Mining | 5,207 | 5,451 | 7,023 | |
Write-downs | 4,446 | 311,707 | 1,364,889 | |
Pre-development, reclamation, and other | 9,336 | 7,790 | 13,335 | |
Total costs and expenses | 220,327 | 601,601 | 1,762,781 | |
Gain (loss) on derivative instruments | (5,813) | 3,160 | (1,847) | |
Other, net | 463 | (13,385) | 227 | |
Interest expense, net | (5,985) | (8,646) | (11,094) | |
Total other income (expense), net | (11,335) | (18,871) | (12,714) | |
Income (loss) before income and mining taxes | 10,627 | (352,664) | (1,401,716) | |
Income and mining tax benefit (expense) | 50,023 | 26,790 | 428,736 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 60,650 | (325,874) | (972,980) | |
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | |
NET INCOME (LOSS) | 60,650 | (325,874) | (972,980) | |
Unrealized gain (loss) on available for sale securities | 0 | 0 | 0 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 0 | 0 | |
Other comprehensive income (loss) | 0 | 0 | 0 | |
COMPREHENSIVE INCOME (LOSS) | 60,650 | (325,874) | (972,980) | |
Gains (Losses) on Extinguishment of Debt | 0 | 0 | ||
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenues | 0 | 0 | 0 | |
Costs applicable to sales | 0 | 0 | 0 | |
Amortization | 0 | 0 | 0 | |
General and Administrative Expense | 0 | 0 | 0 | |
Exploration Expense, Mining | 0 | 0 | 0 | |
Write-downs | 0 | 0 | 0 | |
Pre-development, reclamation, and other | 0 | 0 | 0 | |
Total costs and expenses | 0 | 0 | 0 | |
Gain (loss) on derivative instruments | 0 | 0 | 0 | |
Other, net | (5,084) | (3,776) | (2,828) | |
Interest expense, net | 5,084 | 3,776 | 2,828 | |
Total other income (expense), net | 0 | 0 | 0 | |
Income (loss) before income and mining taxes | 0 | 0 | 0 | |
Income and mining tax benefit (expense) | 0 | 0 | 0 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | |
Income (Loss) from Equity Method Investments | (126,969) | 324,689 | 1,106,472 | |
NET INCOME (LOSS) | (126,969) | 324,689 | 1,106,472 | |
Unrealized gain (loss) on available for sale securities | (3,156) | 3,118 | 2,272 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax | (703) | (2,346) | (4,042) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 3,181 | (894) | (328) | |
Other comprehensive income (loss) | (678) | (122) | (2,098) | |
COMPREHENSIVE INCOME (LOSS) | (127,647) | 324,567 | $ 1,104,374 | |
Gains (Losses) on Extinguishment of Debt | $ 0 | $ 0 | ||
[1] | Excludes amortization. |
Supplemental Guarantor Inform93
Supplemental Guarantor Information Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | $ 125,817 | $ 113,542 | $ 53,548 |
Capital expenditures | (101,013) | (95,193) | (64,244) |
Proceeds from Sale of Property, Plant, and Equipment | 16,296 | 607 | 329 |
Purchase of short term investments and equity securities | (178) | (1,880) | (50,513) |
Sales and maturities of short-term investments | 7,077 | 605 | 54,344 |
Acquisitions, net of cash acquired | (1,417) | (110,846) | (21,329) |
Payments for (Proceeds from) Other Investing Activities | (4,208) | (4,586) | (321) |
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | 0 | 0 |
CASH USED IN INVESTING ACTIVITIES | (83,443) | (211,293) | (81,734) |
Proceeds from Convertible Debt | 153,500 | 167,784 | |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (322,801) | (84,715) | (25,902) |
Cash payments on gold production royalty | (27,155) | (39,235) | (48,395) |
Proceeds From Repayment Intercompany Borrowings | 0 | 0 | 0 |
Proceeds from Issuance of Common Stock | 269,556 | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | 172 | (542) | (509) |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (80,228) | 29,008 | 92,978 |
Effect of exchange rate changes on cash and cash equivalents | (678) | (1,404) | (621) |
Cash and Cash Equivalents, Period Increase (Decrease) | (38,532) | (70,147) | 64,171 |
Cash and cash equivalents at beginning of period | 200,714 | 270,861 | 206,690 |
Cash and cash equivalents at end of period | 162,182 | 200,714 | 270,861 |
Coeur Mining, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | 62,207 | (377,091) | (1,175,464) |
Capital expenditures | (246) | (514) | (1,849) |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | 0 |
Purchase of short term investments and equity securities | (178) | (1,880) | (50,013) |
Sales and maturities of short-term investments | 501 | 2 | 49,069 |
Acquisitions, net of cash acquired | 0 | (110,846) | (12,079) |
Payments for (Proceeds from) Other Investing Activities | (4,396) | (4,710) | 0 |
Payments to Acquire Interest in Subsidiaries and Affiliates | (107,855) | 282,041 | 1,151,372 |
CASH USED IN INVESTING ACTIVITIES | (112,174) | 164,093 | 1,136,500 |
Proceeds from Convertible Debt | 150,000 | 153,000 | |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (303,686) | (62,930) | (18,545) |
Cash payments on gold production royalty | 0 | 0 | 0 |
Proceeds From Repayment Intercompany Borrowings | 45,850 | 12,232 | (21,697) |
Proceeds from Issuance of Common Stock | 269,556 | ||
Proceeds from (Payments for) Other Financing Activities | 172 | (542) | (509) |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 11,892 | 98,760 | 112,249 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | (38,075) | (114,238) | 73,285 |
Cash and cash equivalents at beginning of period | 96,123 | 210,361 | 137,076 |
Cash and cash equivalents at end of period | 58,048 | 96,123 | 210,361 |
Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | 134,892 | 86,486 | 41,292 |
Capital expenditures | (58,084) | (52,376) | (28,118) |
Proceeds from Sale of Property, Plant, and Equipment | 4,800 | 289 | 48 |
Purchase of short term investments and equity securities | 0 | 0 | (429) |
Sales and maturities of short-term investments | 6,576 | 532 | 5,261 |
Acquisitions, net of cash acquired | 0 | 0 | (4,000) |
Payments for (Proceeds from) Other Investing Activities | 368 | 234 | 0 |
Payments to Acquire Interest in Subsidiaries and Affiliates | 25,047 | 20,239 | 4,106 |
CASH USED IN INVESTING ACTIVITIES | (21,293) | (31,082) | (23,132) |
Proceeds from Convertible Debt | 0 | 0 | |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (10,894) | (7,428) | (6,114) |
Cash payments on gold production royalty | 0 | 0 | 0 |
Proceeds From Repayment Intercompany Borrowings | (86,914) | (19,518) | (7,256) |
Proceeds from Issuance of Common Stock | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | 0 |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (97,808) | (26,946) | (13,370) |
Effect of exchange rate changes on cash and cash equivalents | 4 | (11) | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | 15,795 | 28,447 | 4,790 |
Cash and cash equivalents at beginning of period | 34,228 | 5,781 | 991 |
Cash and cash equivalents at end of period | 50,023 | 34,228 | 5,781 |
Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | 55,687 | 79,458 | 81,248 |
Capital expenditures | (42,683) | (42,303) | (34,277) |
Proceeds from Sale of Property, Plant, and Equipment | 11,496 | 318 | 281 |
Purchase of short term investments and equity securities | 0 | 0 | (71) |
Sales and maturities of short-term investments | 0 | 71 | 14 |
Acquisitions, net of cash acquired | (1,417) | 0 | (5,250) |
Payments for (Proceeds from) Other Investing Activities | (180) | (110) | (321) |
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | 120 | 0 |
CASH USED IN INVESTING ACTIVITIES | (32,784) | (41,904) | (39,624) |
Proceeds from Convertible Debt | 3,500 | 14,784 | |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | (8,221) | (14,357) | (1,243) |
Cash payments on gold production royalty | (27,155) | (39,235) | (48,395) |
Proceeds From Repayment Intercompany Borrowings | (3,097) | 29,575 | (20,053) |
Proceeds from Issuance of Common Stock | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | 0 |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (38,473) | (20,517) | (54,907) |
Effect of exchange rate changes on cash and cash equivalents | (682) | (1,393) | (621) |
Cash and Cash Equivalents, Period Increase (Decrease) | (16,252) | 15,644 | (13,904) |
Cash and cash equivalents at beginning of period | 70,363 | 54,719 | 68,623 |
Cash and cash equivalents at end of period | 54,111 | 70,363 | 54,719 |
Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | (126,969) | 324,689 | 1,106,472 |
Capital expenditures | 0 | 0 | 0 |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | 0 |
Purchase of short term investments and equity securities | 0 | 0 | 0 |
Sales and maturities of short-term investments | 0 | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | 0 |
Payments to Acquire Interest in Subsidiaries and Affiliates | 82,808 | (302,400) | (1,155,478) |
CASH USED IN INVESTING ACTIVITIES | 82,808 | (302,400) | (1,155,478) |
Proceeds from Convertible Debt | 0 | 0 | |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 0 | 0 | 0 |
Cash payments on gold production royalty | 0 | 0 | 0 |
Proceeds From Repayment Intercompany Borrowings | 44,161 | (22,289) | 49,006 |
Proceeds from Issuance of Common Stock | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | 0 |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 44,161 | (22,289) | 49,006 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | $ 0 | $ 0 | $ 0 |
Supplemental Guarantor Inform94
Supplemental Guarantor Information Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | $ 162,182 | $ 200,714 | |||
Receivables | 60,431 | 85,992 | |||
Ore on leach pads | 64,167 | 67,329 | |||
Inventory, Net | 106,026 | 81,711 | |||
Prepaid expenses and other | 17,981 | 10,942 | |||
Current assets | 410,787 | 446,688 | |||
Property, plant and equipment, net | 216,796 | 195,999 | |||
Mining properties, net | 558,455 | 589,219 | |||
Ore on leach pads | 67,231 | 44,582 | |||
Restricted assets | 17,597 | 11,633 | |||
Equity securities | 4,488 | 2,766 | |||
Receivables | 30,951 | 24,768 | |||
Deferred tax assets | 191 | 1,942 | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | |||
Other Assets, Noncurrent | 12,413 | 14,892 | |||
TOTAL ASSETS | 1,318,909 | 1,332,489 | |||
Accounts payable | 53,335 | 52,153 | |||
Accrued liabilities and other | 42,743 | 50,532 | |||
Debt | 12,039 | $ 12,039 | 10,431 | ||
Royalty obligations | 4,995 | 24,893 | |||
Reclamation | 3,522 | 2,071 | |||
Liabilities, Current | 116,634 | 140,080 | |||
Debt | 198,857 | $ 198,857 | 479,979 | ||
Royalty obligations | 4,292 | 4,864 | |||
Reclamation | 95,804 | 83,197 | |||
Deferred tax liabilities | 74,798 | 147,132 | |||
Other long-term liabilities | 60,037 | 55,761 | |||
Intercompany Payable Receivable | 0 | 0 | |||
Non-current liabilities | 433,788 | 770,933 | |||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 180,933,287 at December 31, 2016 and 151,339,136 at December 31, 2015 | 1,809 | 1,513 | |||
Additional paid-in capital | 3,314,590 | 3,024,461 | |||
Accumulated deficit | (2,545,424) | (2,600,776) | |||
Accumulated other comprehensive income (loss) | (2,488) | (3,722) | |||
Stockholders' equity | 768,487 | 421,476 | $ 554,328 | $ 1,730,567 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,318,909 | 1,332,489 | |||
Coeur Mining, Inc. | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 58,048 | 96,123 | |||
Receivables | 12 | 11 | |||
Ore on leach pads | 0 | 0 | |||
Inventory, Net | 0 | 0 | |||
Prepaid expenses and other | 3,803 | 3,496 | |||
Current assets | 61,863 | 99,630 | |||
Property, plant and equipment, net | 3,222 | 4,546 | |||
Mining properties, net | 0 | 0 | |||
Ore on leach pads | 0 | 0 | |||
Restricted assets | 10,170 | 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 | 273,056 | 127,671 | |||
Other Assets, Noncurrent | 221,381 | 54,578 | |||
TOTAL ASSETS | 569,692 | 292,614 | |||
Accounts payable | 2,153 | 1,743 | |||
Accrued liabilities and other | 12,881 | 20,555 | |||
Debt | 0 | 1,000 | |||
Royalty obligations | 0 | 0 | |||
Reclamation | 0 | 0 | |||
Liabilities, Current | 15,034 | 23,298 | |||
Debt | 175,991 | 467,634 | |||
Royalty obligations | 0 | 0 | |||
Reclamation | 0 | 0 | |||
Deferred tax liabilities | 13,810 | 28,600 | |||
Other long-term liabilities | 1,993 | 2,171 | |||
Intercompany Payable Receivable | (405,623) | (650,565) | |||
Non-current liabilities | (213,829) | (152,160) | |||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 180,933,287 at December 31, 2016 and 151,339,136 at December 31, 2015 | 1,809 | 1,513 | |||
Additional paid-in capital | 3,314,590 | 3,024,461 | |||
Accumulated deficit | (2,545,424) | (2,600,776) | |||
Accumulated other comprehensive income (loss) | (2,488) | (3,722) | |||
Stockholders' equity | 768,487 | 421,476 | |||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 569,692 | 292,614 | |||
Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 50,023 | 34,228 | |||
Receivables | 6,865 | 12,773 | |||
Ore on leach pads | 64,167 | 67,329 | |||
Inventory, Net | 49,393 | 45,491 | |||
Prepaid expenses and other | 1,459 | 1,075 | |||
Current assets | 171,907 | 160,896 | |||
Property, plant and equipment, net | 139,885 | 138,706 | |||
Mining properties, net | 195,791 | 199,303 | |||
Ore on leach pads | 67,231 | 44,582 | |||
Restricted assets | 226 | 381 | |||
Equity securities | 4,488 | 2,332 | |||
Receivables | 0 | 0 | |||
Deferred tax assets | 0 | 0 | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 11,650 | 27,657 | |||
Other Assets, Noncurrent | 9,263 | 9,197 | |||
TOTAL ASSETS | 600,441 | 583,054 | |||
Accounts payable | 24,921 | 21,956 | |||
Accrued liabilities and other | 13,664 | 11,177 | |||
Debt | 6,516 | 8,120 | |||
Royalty obligations | 4,995 | 4,729 | |||
Reclamation | 2,672 | 1,401 | |||
Liabilities, Current | 52,768 | 47,383 | |||
Debt | 15,214 | 4,947 | |||
Royalty obligations | 4,292 | 4,864 | |||
Reclamation | 75,183 | 61,924 | |||
Deferred tax liabilities | 6,179 | 6,927 | |||
Other long-term liabilities | 4,750 | 3,838 | |||
Intercompany Payable Receivable | 336,813 | 411,103 | |||
Non-current liabilities | 442,431 | 493,603 | |||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 180,933,287 at December 31, 2016 and 151,339,136 at December 31, 2015 | 250 | 250 | |||
Additional paid-in capital | 181,009 | 179,553 | |||
Accumulated deficit | (73,529) | (135,049) | |||
Accumulated other comprehensive income (loss) | (2,488) | (2,686) | |||
Stockholders' equity | 105,242 | 42,068 | |||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 600,441 | 583,054 | |||
Non-Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and cash equivalents | 54,111 | 70,363 | |||
Receivables | 53,554 | 73,208 | |||
Ore on leach pads | 0 | 0 | |||
Inventory, Net | 56,633 | 36,220 | |||
Prepaid expenses and other | 12,719 | 6,371 | |||
Current assets | 177,017 | 186,162 | |||
Property, plant and equipment, net | 73,689 | 52,747 | |||
Mining properties, net | 362,664 | 389,916 | |||
Ore on leach pads | 0 | 0 | |||
Restricted assets | 7,201 | 5,497 | |||
Equity securities | 0 | 0 | |||
Receivables | 30,951 | 24,768 | |||
Deferred tax assets | 191 | 1,942 | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | |||
Other Assets, Noncurrent | 3,153 | 5,695 | |||
TOTAL ASSETS | 654,866 | 666,727 | |||
Accounts payable | 26,261 | 28,454 | |||
Accrued liabilities and other | 16,198 | 18,800 | |||
Debt | 5,523 | 1,311 | |||
Royalty obligations | 0 | 20,164 | |||
Reclamation | 850 | 1,821 | |||
Liabilities, Current | 48,832 | 70,550 | |||
Debt | 229,036 | 61,976 | |||
Royalty obligations | 0 | 0 | |||
Reclamation | 20,621 | 20,122 | |||
Deferred tax liabilities | 54,809 | 111,605 | |||
Other long-term liabilities | 53,294 | 49,752 | |||
Intercompany Payable Receivable | 68,810 | 239,462 | |||
Non-current liabilities | 426,570 | 482,917 | |||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 180,933,287 at December 31, 2016 and 151,339,136 at December 31, 2015 | 197,913 | 130,885 | |||
Additional paid-in capital | 1,864,261 | 1,896,047 | |||
Accumulated deficit | (1,882,710) | (1,913,672) | |||
Accumulated other comprehensive income (loss) | 0 | 0 | |||
Stockholders' equity | 179,464 | 113,260 | |||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 654,866 | 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 | (284,706) | (155,328) | |||
Other Assets, Noncurrent | (221,384) | (54,578) | |||
TOTAL ASSETS | (506,090) | (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 | (221,384) | (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 | (221,384) | (53,427) | |||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, issued and outstanding 180,933,287 at December 31, 2016 and 151,339,136 at December 31, 2015 | (198,163) | (131,135) | |||
Additional paid-in capital | (2,045,270) | (2,075,600) | |||
Accumulated deficit | 1,956,239 | 2,048,721 | |||
Accumulated other comprehensive income (loss) | 2,488 | 2,686 | |||
Stockholders' equity | (284,706) | (155,328) | |||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ (506,090) | $ (209,906) |
Commitments and Contigencies (D
Commitments and Contigencies (Details Textual) | Oct. 02, 2014USD ($) | Dec. 31, 2016USD ($)oz | Sep. 30, 2016oz | 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 | 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 | 18,000,000 |
Supplemental Cash Flow Inform96
Supplemental Cash Flow Information Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Cash Flow Information [Abstract] | |||
Capital Lease Obligations | $ 32,243 | $ 4,123 | $ 24,879 |
Non-cash extinguishment of senior notes | 10,616 | 53,373 | 0 |
Non-cash acquisitions and related deferred taxes | 0 | 297,821 | 0 |
Interest paid | 41,976 | 42,264 | 30,691 |
Income taxes paid | $ 17,181 | $ 1,937 | $ 20,198 |