Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 29, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | COEUR MINING, INC. | |
Entity Central Index Key | 215,466 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CDE | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 199,125,817 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Statement of Comprehensive Income [Abstract] | |||||
Revenue | $ 148,795 | $ 159,920 | $ 482,049 | $ 495,014 | |
COSTS AND EXPENSES | |||||
Costs applicable to sales | [1] | 116,857 | 101,559 | 324,443 | 318,278 |
Amortization | 31,184 | 32,400 | 91,420 | 101,827 | |
General and administrative | 7,729 | 7,345 | 24,183 | 24,495 | |
Exploration | 8,157 | 9,791 | 21,269 | 22,856 | |
Pre-development, reclamation, and other | 8,121 | 5,030 | 15,966 | 12,952 | |
Total costs and expenses | 172,048 | 156,125 | 477,281 | 480,408 | |
OTHER INCOME (EXPENSE), NET | |||||
Loss on debt extinguishments | 0 | 0 | 0 | (9,342) | |
Fair value adjustments, net, pretax | 715 | 0 | 2,907 | (864) | |
Interest expense, net of capitalized interest | (5,818) | (3,595) | (17,801) | (10,918) | |
Other, net | (20,903) | 2,361 | (19,846) | 27,134 | |
Total other income (expense), net | (26,006) | (1,234) | (34,740) | 6,010 | |
Total | (49,259) | 2,561 | (29,972) | 20,616 | |
Income and mining tax (expense) benefit | (3,785) | (14,289) | (19,451) | (24,040) | |
Income (loss) from continuing operations | (53,044) | (11,728) | (49,423) | (3,424) | |
Income (loss) from discontinued operations | 0 | (4,924) | 550 | (5,520) | |
NET INCOME (LOSS) | (53,044) | (16,652) | (48,873) | (8,944) | |
OTHER COMPREHENSIVE INCOME (LOSS), Net of Tax: | |||||
Unrealized gain (loss) on debt and equity securities | 192 | 1,066 | (173) | (1,134) | |
Reclassification adjustments for impairment of equity securities | 0 | 0 | 0 | 426 | |
Reclassification adjustments for realized (gain) loss on sale of equity securities | 0 | 32 | 0 | 1,300 | |
Other comprehensive income (loss) | 192 | 1,098 | (173) | 592 | |
COMPREHENSIVE INCOME (LOSS) | $ (52,852) | $ (15,554) | $ (49,046) | $ (8,352) | |
Basic EPS | |||||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.286) | $ (0.065) | $ (0.267) | $ (0.019) | |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | (0.028) | 0.003 | (0.031) | |
Earnings Per Share, Basic | [2] | (0.286) | (0.093) | (0.264) | (0.050) |
Diluted EPS | |||||
Income (Loss) from Continuing Operations, Per Diluted Share | (0.286) | (0.065) | (0.267) | (0.019) | |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | (0.028) | 0.003 | (0.031) | |
Earnings Per Share, Diluted | [2] | $ (0.286) | $ (0.093) | $ (0.264) | $ (0.050) |
[1] | Excludes amortization. | ||||
[2] | Due to rounding, the sum of net income per share from continuing operations and discontinued operations may not equal net income per share. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
NET INCOME (LOSS) | $ (53,044) | $ (16,652) | $ (48,873) | $ (8,944) | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 4,924 | (550) | 5,520 | |
Adjustments: | |||||
Amortization | 31,184 | 32,400 | 91,420 | 101,827 | |
Accretion | 3,117 | 2,402 | 10,321 | 6,954 | |
Deferred income taxes | (3,276) | 2,504 | (4,087) | 1,452 | |
Loss on debt extinguishments | 0 | 0 | 0 | 9,342 | |
Fair value adjustments, net | (715) | 0 | (2,907) | 864 | |
Stock-based compensation | 1,942 | 2,585 | 6,578 | 8,127 | |
Gain on sale of the Joaquin project | 0 | 0 | 0 | (21,138) | |
Asset Impairment Charges | 30,787 | 0 | 30,787 | 0 | |
Foreign exchange and other | 2,938 | (3,013) | 5,180 | (8,330) | |
Changes in operating assets and liabilities: | |||||
Receivables | (5,930) | 6,289 | (16,509) | 9,754 | |
Prepaid expenses and other current assets | 1,377 | (1,332) | 3,868 | (2,177) | |
Inventories | (8,156) | (2,282) | (19,630) | 8,080 | |
Accounts payable and accrued liabilities | 5,565 | 9,484 | (35,562) | (5,982) | |
CASH PROVIDED BY OPERATING ACTIVITIES | 5,789 | 37,309 | 20,036 | 105,349 | |
Cash provided by (used in) activities of discontinued operations | 0 | (7,877) | (2,690) | 8,633 | |
Net Cash Provided by (Used in) Operating Activities | 5,789 | 29,432 | 17,346 | 113,982 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Capital expenditures | (39,472) | (28,982) | (122,982) | (89,680) | |
Proceeds from the sale of assets | 393 | 1,016 | 549 | 16,471 | |
Purchase of investments | (15) | (3,595) | (415) | (13,559) | |
Sales and maturities of short-term investments | (78) | 403 | 12,682 | 11,321 | |
Proceeds from Collection of Notes Receivable | 15,000 | 0 | 15,000 | 0 | |
Other | 64 | (4,319) | (34) | (4,385) | |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (24,108) | (35,477) | (95,200) | (79,832) | |
Cash provided by (used in) activities of discontinued operations | 0 | (412) | (28,470) | (1,175) | |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (24,108) | (35,889) | (123,670) | (81,007) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Issuance of notes and bank borrowings, net of issuance costs | 25,000 | (2,257) | 40,000 | 242,701 | |
Payments on long-term debt, capital leases, and associated costs | (25,533) | (3,323) | (48,355) | (195,439) | |
Other | (77) | (6) | (4,916) | (3,726) | |
Cash provided by (used in) activities of continuing operations | (610) | (5,586) | (13,271) | 43,536 | |
Cash provided by (used in) activities of discontinued operations | 0 | (21) | (22) | (62) | |
Cash provided by (used in) activities of discontinued operations | (610) | (5,607) | (13,293) | 43,474 | |
Effect of exchange rate changes on cash and cash equivalents | 183 | (222) | 565 | 662 | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (18,746) | (12,286) | (119,052) | 77,111 | |
Less net cash provided by (used in) discontinued operations | [1] | 0 | (8,491) | (32,930) | (3,302) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (18,746) | (3,795) | (86,122) | 80,413 | |
Cash, cash equivalents and restricted cash at beginning of period | 136,026 | 210,809 | 203,402 | 126,601 | |
Cash, cash equivalents and restricted cash at end of period | 117,280 | 207,014 | 117,280 | 207,014 | |
Net subsidiary payments to parent company | $ 0 | $ 181 | $ 1,748 | $ 10,698 | |
[1] | Less net cash provided by (used in) discontinued operations includes the following cash transactions: net subsidiary payments to parent company of $181 for the three months ended September 30, 2017 and $1,748 and $10,698 during the nine months ended September 30, 2018 and 2017, respectively. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 104,746 | $ 192,032 |
Receivables | 30,480 | 19,069 |
Inventory | 62,569 | 58,230 |
Ore on leach pads | 77,515 | 73,752 |
Prepaid expenses and other | 12,167 | 15,053 |
Assets held for sale | 0 | 91,421 |
Current assets | 287,477 | 449,557 |
NON-CURRENT ASSETS | ||
Property, plant and equipment, net | 285,871 | 254,737 |
Mining properties, net | 865,043 | 829,569 |
Ore on leach pads, noncurrent | 67,420 | 65,393 |
Restricted assets | 21,361 | 20,847 |
Equity and debt securities | 24,232 | 34,837 |
Receivables | 28,035 | 28,750 |
Other | 18,938 | 17,485 |
TOTAL ASSETS | 1,598,377 | 1,701,175 |
CURRENT LIABILITIES | ||
Accounts payable | 55,132 | 48,592 |
Accrued liabilities and other | 65,400 | 94,930 |
Debt | 22,696 | 30,753 |
Reclamation | 3,777 | 3,777 |
Liabilities held for sale | 0 | 50,677 |
Current liabilities | 147,005 | 228,729 |
NON-CURRENT LIABILITIES | ||
Debt | 406,494 | 380,569 |
Reclamation | 122,977 | 117,055 |
Deferred tax liabilities | 98,891 | 105,148 |
Other long-term liabilities | 55,227 | 54,697 |
Non-current liabilities | 683,589 | 657,469 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 187,026,334 issued and outstanding at September 30, 2018 and 185,637,724 at December 31, 2017 | 1,870 | 1,856 |
Additional paid-in capital | 3,359,183 | 3,357,345 |
Accumulated other comprehensive income (loss) | (258) | 2,519 |
Accumulated deficit | (2,593,012) | (2,546,743) |
Stockholders' equity | 767,783 | 814,977 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,598,377 | $ 1,701,175 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 187,026,334 | 185,637,724 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Changes in Stockholders' Equity - 9 months ended Sep. 30, 2018 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Balances at Dec. 31, 2017 | $ 814,977 | $ 1,856 | $ 3,357,345 | $ (2,546,743) | $ 2,519 |
Balances, in shares at Dec. 31, 2017 | 185,638 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
NET INCOME (LOSS) | (48,873) | (48,873) | |||
Other comprehensive income (loss) | (173) | (173) | |||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 1,389 | ||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 1,852 | $ 14 | 1,838 | ||
Balances at Sep. 30, 2018 | 767,783 | $ 1,870 | $ 3,359,183 | (2,593,012) | (258) |
Balances, in shares at Sep. 30, 2018 | 187,027 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Reclassification of unrealized gain (loss) on equity securities for ASU 2016-01 | $ 0 | $ 2,604 | $ (2,604) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The interim condensed consolidated financial statements of Coeur Mining, Inc. and its subsidiaries (collectively, “Coeur” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2018. The condensed consolidated December 31, 2017 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 (the “2017 10-K”). |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revenue Recognition On January 1, 2018, the Company adopted the updated revenue guidance applicable under ASC 606, - “ Revenue from Contracts with Customers ”. The new guidance creates a five-step framework to determine revenue recognition: 1. Identify the contract with the customer 2. Identify the performance obligations 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations 5. Recognize revenue when (or as) the entity satisfies a performance obligation The Company produces doré and concentrate that is shipped to third-party refiners and smelters, respectively, for processing. The Company enters into contracts to sell its metal to various third-party customers which may include the refiners and smelters that process the doré and concentrate. The Company’s performance obligation in these transactions is generally the transfer of metal to the customer. In the case of doré shipments, the Company generally sells refined metal at market prices agreed upon by both parties. The Company also has the right, but not the obligation, to sell a portion of the anticipated refined metal in advance of being fully refined. When the Company sells refined metal or advanced metal, the performance obligation is satisfied when the metal is delivered to the customer. Revenue and Costs Applicable to Sales are recorded on a gross basis under these contracts at the time the performance obligation is satisfied. Under the Company’s concentrate sales contracts with third-party smelters, metal prices are set on a specified future quotational period, typically one to three months, after the shipment date based on market prices. When the Company sells gold concentrate to the third-party smelters, the performance obligation is satisfied when the concentrate is loaded onto the third-party shipping vessel. The contracts, in general, provide for provisional payment based upon provisional assays and historical metal prices. Final settlement is based on the applicable price for the specified future quotational period and generally occurs 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 metal settlement. The Company also sells concentrate under off-take agreements to third-party customers that are responsible for arranging the smelting of the concentrate. Prices can be either be fixed or based on a quotational period. The quotational period varies by contract, but is generally a one-month period following the shipment of the concentrate. The performance obligation is satisfied when the concentrate is loaded onto the third-party shipping vessel. The off-take agreement allows for the Company to sell concentrate in advance of shipment and results in the customer taking ownership of the concentrate prior to shipment. The Company recognizes revenue from concentrate sales, net of treatment and refining charges, when it satisfies the performance obligation of transferring control of the concentrate to the customer. For doré and off-take sales, the Company may incur a finance charge related to advance sales that is not considered significant and, as such, is not considered a separate performance obligation. In addition, the Company has elected to treat freight costs as a fulfillment cost under ASC 606 and not as a separate performance obligation. The Company’s gold stream agreement with a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) provided for a $20.0 million deposit paid by Franco-Nevada in exchange for the right and obligation, commencing in 2016, to purchase 50% of a portion of Palmarejo gold production at the lesser of $800 or market price per ounce. Because there is no minimum obligation associated with the deposit, it is not considered financing, and each shipment is considered to be a separate performance obligation. The streaming agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. The following table presents a rollforward of the Franco-Nevada contract liability balance: Three months ended September 30, Nine months ended September 30, In thousands 2018 2017 2018 2017 Opening Balance $ 13,799 $ 16,835 $ 14,883 $ 19,281 Revenue Recognized (582 ) $ (793 ) $ (1,666 ) $ (3,239 ) Closing Balance $ 13,217 $ 16,042 $ 13,217 $ 16,042 Recent Accounting Standards In January 2017, the FASB issued ASU 2017-01, “ Business Combinations (Topic 805) - Clarifying the Definition of a Business, ” which clarifies the definition of a business to assist entities in the evaluation of acquisitions and disposals of assets or businesses. These changes became effective for the Company’s fiscal year beginning January 1, 2018 and did not materially impact the Company’s consolidated net income, financial position or cash flows. 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 became effective for the Company’s fiscal year beginning January 1, 2018 and resulted in the inclusion of restricted cash equivalents on the Consolidated Statements of Cash Flows of $12.5 million and $11.4 million at September 30, 2018 and 2017, respectively. 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 became effective for the Company’s fiscal year beginning January 1, 2018 and did not materially 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 and the Company plans to adopt it using the cumulative-effect adjustment transition method approved by the FASB in July 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 January 2016, the FASB issued ASU 2016-01, “ Recognition and Measurement of Financial Assets and Financial Liabilities, ” which requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income. This new guidance also updates certain disclosure requirements for these investments. These changes became effective for the Company’s fiscal year beginning January 1, 2018, and resulted in a reclassification of $2.6 million of unrealized holding gains and losses and deferred income taxes related to investments in equity securities from Accumulated other comprehensive income (loss) to Accumulated deficit in the Consolidated Balance Sheets on that date. Unrealized holding gains and losses related to investments in equity securities are now recognized in Fair value adjustments, net in the Consolidated Statements of Comprehensive Income (Loss). 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 became effective for the Company’s fiscal year beginning January 1, 2018 and did not materially impact the Company’s consolidated net income, financial position or cash flows. In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers ” , which has subsequently been amended several times, to update revenue guidance under the newly-created ASC 606. 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 became effective under the modified retrospective method of adoption for the Company’s fiscal year beginning January 1, 2018 and did not materially impact the Company’s consolidated net income, financial position or cash flows. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING The Company’s operating segments include the Palmarejo complex, and the Rochester, Kensington, Wharf and Silvertip mines. Except for the Silvertip mine, which was acquired in the fourth quarter of 2017, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. Silvertip is engaged in the discovery, mining, and production of silver, zinc and lead. Silvertip commenced commercial production on September 1, 2018. Other includes the La Preciosa project, other mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts. The Company determined that the disposition in the first quarter of 2018 of Empresa Minera Manquiri S.A., a Bolivian Sociedad anonima (“Manquiri”), which operates the San Bartolomé mine, represented a strategic shift to a North America-focused mining portfolio and had significant effect on the entity's results and operations; therefore, the results of operations are presented as discontinued operations in Other for all periods presented. Financial information relating to the Company’s segments is as follows (in thousands): Three months ended September 30, 2018 Palmarejo Rochester Silvertip Kensington Wharf Other Total Revenue Metal sales $ 55,456 $ 35,524 $ 4,051 $ 29,771 $ 23,993 $ — $ 148,795 Costs and Expenses Costs applicable to sales (1) 31,554 27,548 11,535 28,241 17,979 — 116,857 Amortization 14,794 5,294 1,073 6,912 2,878 233 31,184 Exploration 3,195 51 2,333 1,640 63 875 8,157 Other operating expenses 771 4,362 148 333 699 9,537 15,850 Other income (expense) Fair value adjustments, net — — — — — 715 715 Interest expense, net (842 ) (115 ) 166 (248 ) (9 ) (4,770 ) (5,818 ) Other, net (1,010 ) 278 (447 ) (34 ) (422 ) (19,268 ) (20,903 ) Income and mining tax (expense) benefit (6,461 ) (83 ) 4,320 — (334 ) (1,227 ) (3,785 ) Income (loss) from continuing operations $ (3,171 ) $ (1,651 ) $ (6,999 ) $ (7,637 ) $ 1,609 $ (35,195 ) $ (53,044 ) Income (loss) from discontinued operations $ — $ — $ — $ — $ — $ — $ — Segment assets (2) $ 368,257 $ 252,291 $ 405,334 $ 225,161 $ 98,978 $ 79,079 $ 1,429,100 Capital expenditures $ 4,686 $ 3,582 $ 17,949 $ 11,960 $ 1,176 $ 119 $ 39,472 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Three months ended September 30, 2017 Palmarejo Rochester Kensington Wharf Other Total Revenue Metal sales $ 60,677 $ 31,156 $ 36,603 $ 31,334 $ 150 $ 159,920 Costs and Expenses Costs applicable to sales (1) 33,255 23,275 27,658 17,330 41 101,559 Amortization 16,414 4,591 7,864 3,223 308 32,400 Exploration 4,517 531 2,966 207 1,570 9,791 Other operating expenses 319 846 356 648 10,206 12,375 Other income (expense) Interest expense, net (112 ) (136 ) (113 ) (16 ) (3,218 ) (3,595 ) Other, net (218 ) (73 ) (28 ) 4 2,676 2,361 Income and mining tax (expense) benefit (7,898 ) 41 — (963 ) (5,469 ) (14,289 ) Income (loss) from continuing operations $ (2,056 ) $ 1,745 $ (2,382 ) $ 8,951 $ (17,986 ) $ (11,728 ) Income (loss) from discontinued operations $ — $ — $ — $ — $ (4,924 ) $ (4,924 ) Segment assets (2) $ 388,044 $ 253,477 $ 211,052 $ 103,843 $ 71,551 $ 1,027,967 Capital expenditures $ 5,540 $ 9,737 $ 10,144 $ 3,135 $ 426 $ 28,982 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Nine months ended September 30, 2018 Palmarejo Rochester Silvertip Kensington Wharf Other Total Revenue Metal sales $ 196,237 $ 102,689 $ 4,051 $ 101,806 $ 77,266 $ — $ 482,049 Costs and Expenses Costs applicable to sales (1) 92,960 76,304 11,535 91,098 52,546 — 324,443 Amortization 45,752 14,918 1,073 20,070 8,888 719 91,420 Exploration 10,363 296 2,439 4,625 73 3,473 21,269 Other operating expenses 2,252 6,149 173 981 2,052 28,542 40,149 Other income (expense) Fair value adjustments, net — — — — — 2,907 2,907 Interest expense, net (1,108 ) (338 ) (490 ) (722 ) (32 ) (15,111 ) (17,801 ) Other, net (2,399 ) 704 (25 ) (104 ) (379 ) (17,643 ) (19,846 ) Income and mining tax (expense) benefit (22,550 ) (917 ) 6,098 — (2,009 ) (73 ) (19,451 ) Income (loss) from continuing operations $ 18,853 $ 4,471 $ (5,586 ) $ (15,794 ) $ 11,287 $ (62,654 ) $ (49,423 ) Income (loss) from discontinued operations $ — $ — $ — $ — $ — $ 550 $ 550 Segment assets (2) $ 368,257 $ 252,291 $ 405,334 $ 225,161 $ 98,978 $ 79,079 $ 1,429,100 Capital expenditures $ 23,458 $ 6,884 $ 55,623 $ 34,032 $ 2,682 $ 303 $ 122,982 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Nine months ended September 30, 2017 Palmarejo Rochester Kensington Wharf Other Total Revenue Metal sales $ 191,616 $ 102,926 $ 110,134 $ 88,598 $ 1,740 $ 495,014 Costs and Expenses — Costs applicable to sales (1) 110,150 73,875 84,089 49,418 746 318,278 Amortization 50,995 15,345 25,389 8,883 1,215 101,827 Exploration 9,272 990 5,785 210 6,599 22,856 Other operating expenses 930 2,487 1,051 1,899 31,080 37,447 Other income (expense) Loss on debt extinguishment — — — — (9,342 ) (9,342 ) Fair value adjustments, net — (864 ) — — — (864 ) Interest expense, net (339 ) (386 ) (266 ) (52 ) (9,875 ) (10,918 ) Other, net (345 ) 2,239 (893 ) 429 25,704 27,134 Income and mining tax (expense) benefit (22,313 ) (413 ) — (2,980 ) 1,666 (24,040 ) Income (loss) from continuing operations $ (2,728 ) $ 10,805 $ (7,339 ) $ 25,585 $ (29,747 ) $ (3,424 ) Income (loss) from discontinued operations $ — $ — $ — $ — $ (5,520 ) $ (5,520 ) Segment assets (2) $ 388,044 $ 253,477 $ 211,052 $ 103,843 $ 71,551 $ 1,027,967 Capital expenditures $ 22,972 $ 34,121 $ 24,314 $ 5,493 $ 2,780 $ 89,680 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Assets September 30, 2018 December 31, 2017 Total assets for reportable segments $ 1,429,100 $ 1,344,553 Cash and cash equivalents 104,746 192,032 Other assets 64,531 164,590 Total consolidated assets $ 1,598,377 $ 1,701,175 Geographic Information Long-Lived Assets September 30, 2018 December 31, 2017 Mexico $ 351,509 $ 370,188 United States 398,614 377,768 Canada 392,470 331,440 Other 8,321 4,910 Total $ 1,150,914 $ 1,084,306 Revenue Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 United States $ 89,289 $ 99,093 $ 281,762 $ 301,658 Mexico 55,455 60,677 196,236 191,616 Canada 4,051 — 4,051 — Australia — 150 — 1,740 Total $ 148,795 $ 159,920 $ 482,049 $ 495,014 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2018 | |
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 performance shares, restricted stock and stock options. Stock-based compensation expense for the three and nine months ended September 30, 2018 was $2.0 million and $6.6 million , respectively, compared to $2.6 million and $8.1 million for the three and nine months ended September 30, 2017 , respectively. At September 30, 2018 , there was $8.6 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.5 years. The performance shares issued in 2018 vest at the end of a three-year service period if internal performance metrics are met. The number of shares that vest is also impacted by the inclusion of a modifier that is based upon a relative stockholder return metric. The relative stockholder return metric is included in the determination of the grant date fair value of the performance shares however the recognition of compensation cost for performance share awards is based on the results of the internal performance metrics. The performance shares issued prior to 2018 vest at the end of a three-year service period if relative stockholder return and internal performance metrics are met and the existence of a market condition requires recognition of compensation cost for the relative stockholder return portion of the performance share awards over the requisite period regardless of whether the relative stockholder return metric is met. All other stock-based compensation awards are consistent with prior years. The following table summarizes the grants awarded during the nine months ended September 30, 2018 : Grant date Restricted stock Grant date fair value of restricted stock Stock options Grant date fair value of stock options Performance shares Grant date fair value of performance shares March 5, 2018 31,887 $ 7.84 — $ — — $ — May 9, 2018 868,134 $ 7.90 14,310 $ 4.09 408,179 $ 7.39 The following options and stock appreciation rights were exercisable during the nine months ended September 30, 2018 : Award Type Number of Exercised Units Weighted Average Exercised Price Number of Exercisable Units Weighted Average Stock options 159,069 $ 3.35 315,032 $ 15.06 Stock appreciation rights — $ — 42,152 $ 14.14 |
Reclamation
Reclamation | 9 Months Ended |
Sep. 30, 2018 | |
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 its operating sites are as follows: Three months ended September 30, Nine months ended September 30, In thousands 2018 2017 2018 2017 Asset retirement obligation - Beginning $122,907 $90,002 $ 118,799 $ 86,754 Accretion 2,830 2,167 8,141 6,347 Additions and changes in estimates — 3,116 — 3,116 Settlements (1,171 ) (656 ) (2,374 ) (1,588 ) Asset retirement obligation - Ending $124,566 $94,629 $ 124,566 $ 94,629 The Company accrued $2.2 million and $2.0 million at September 30, 2018 and December 31, 2017 , respectively, for reclamation liabilities related to former mining activities, which are included in Reclamation. |
Other, Net
Other, Net | 9 Months Ended |
Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | |
OTHER, NET | OTHER, NET Other, net consists of the following: Three months ended September 30, Nine months ended September 30, In thousands 2018 2017 2018 2017 Foreign exchange gain (loss) $ (3,104 ) $ (39 ) $ (7,083 ) $ 1,953 Gain (loss) on sale of assets and investments (28 ) 878 316 (674 ) Write-down of Manquiri consideration (18,599 ) — (18,599 ) — Gain on sale of the Joaquin project — — — 21,138 Gain on repurchase of the Rochester royalty obligation — — — 2,332 Gain on sale of Endeavor stream and other royalties — 1,172 — 1,172 Mexico inflation adjustment — — 1,939 — Other 828 350 3,581 1,213 Other, net $ (20,903 ) $ 2,361 $ (19,846 ) $ 27,134 In September 2018, the Company entered into a Letter Agreement with Ag-Mining Investments, AB, a privately-held Swedish company, the purchaser of Manquiri (the “Buyer”), pursuant to which the total aggregate principal amount of the Manquiri Notes Receivable received as partial consideration in the Manquiri Divestiture (as defined below) was reduced from $28.5 million to $25.0 million (as defined below) and the Buyer made a concurrent cash payment of $15.0 million to the Company in respect of the Manquiri Notes Receivable (as defined below). In addition, the Company also agreed to suspend the quarterly payments in respect of the 2.0% net smelter returns royalty on all metals processed through the San Bartolomé mine’s processing facility (the “NSR”) received as partial consideration in the Manquiri Divestiture until October 15, 2019 and to forgo any rights the Company retained in the transaction to any value added tax (“VAT”) refunds collected or received by Manquiri. Based on the Company’s evaluation of the terms of the Letter Agreement, the Company recorded an $18.6 million write-down that is made up of $13.1 million on the VAT refunds, $3.6 million on the Manquiri Notes Receivable and $1.9 million on the NSR, See Note 10 -- Fair Value Measurements and 21 -- Discontinued Operations for additional detail. |
Retirement Savings Plan
Retirement Savings Plan | 9 Months Ended |
Sep. 30, 2018 | |
Postemployment Benefits [Abstract] | |
RETIREMENT SAVINGS PLAN | RETIREMENT SAVINGS PLAN The Company has a 401(k) retirement savings plan that covers all eligible U.S. employees. Eligible employees may elect to contribute up to 75% of base salary, subject to ERISA limitations. The Company generally makes matching contributions equal to the employee’s contribution up to 4% of the employee’s salary. The Company may also provide an additional contribution based on an eligible employee’s salary. Total plan expenses recognized for the three and nine months ended September 30, 2018 were $0.8 million and $2.5 million , respectively, compared to $1.8 million and $5.7 million for the three and nine months ended September 30, 2017 , respectively. In addition, the Company has a deferred compensation plan for employees whose benefits under the 401(k) plan are limited by federal regulations. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER SHARE | NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three and nine months ended September 30, 2018 , 672,399 and 1,526,109 common stock equivalents, respectively, related to equity-based awards were not included in the diluted earnings per share calculation as the shares would be antidilutive. Similarly, 633,391 and 851,254 common stock equivalents were excluded from the diluted earnings per share calculation for the three and nine months ended September 30, 2017 , respectively. Three months ended September 30, Nine months ended September 30, In thousands except per share amounts 2018 2017 2018 2017 Net income (loss) available to common stockholders: Income (loss) from continuing operations $ (53,044 ) $ (11,728 ) $ (49,423 ) $ (3,424 ) Income (loss) from discontinued operations — (4,924 ) 550 (5,520 ) $ (53,044 ) $ (16,652 ) $ (48,873 ) $ (8,944 ) Weighted average shares: Basic 185,246 179,278 184,935 179,141 Effect of stock-based compensation plans — — — — Diluted 185,246 179,278 184,935 179,141 Basic income (loss) per share: Income (loss) from continuing operations $ (0.29 ) $ (0.07 ) $ (0.27 ) $ (0.02 ) Income (loss) from discontinued operations 0.00 (0.03 ) 0.00 (0.03 ) Basic (1) $ (0.29 ) $ (0.09 ) $ (0.26 ) $ (0.05 ) Diluted income (loss) per share: Income (loss) from continuing operations $ (0.29 ) $ (0.07 ) $ (0.27 ) $ (0.02 ) Income (loss) from discontinued operations 0.00 (0.03 ) 0.00 (0.03 ) Diluted (1) $ (0.29 ) $ (0.09 ) $ (0.26 ) $ (0.05 ) (1) Due to rounding, the sum of net income per share from continuing operations and discontinued operations may not equal net income per share. |
Income and Mining Taxes
Income and Mining Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME AND MINING TAXES | INCOME AND MINING TAXES The following table summarizes the components of Income and mining tax (expense) benefit for the three and nine months ended September 30, 2018 and 2017 by significant jurisdiction: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ (35,250 ) $ (908 ) $ (6,055 ) $ (2,892 ) $ (45,397 ) $ (2,700 ) $ 8,036 $ (4,072 ) Argentina (2,058 ) (75 ) 738 (366 ) (1,985 ) (172 ) 281 1,704 Canada (13,194 ) 4,432 — — (17,103 ) 6,476 — — Mexico 1,419 (7,234 ) 3,210 (9,057 ) 35,088 (23,055 ) 9,665 (23,745 ) Other jurisdictions (176 ) — 4,668 (1,974 ) (575 ) — 2,634 2,073 $ (49,259 ) $ (3,785 ) $ 2,561 $ (14,289 ) $ (29,972 ) $ (19,451 ) $ 20,616 $ (24,040 ) The Company’s 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 the consolidated effective tax rate, along with mining taxes, uncertain tax positions, and a full valuation allowance on deferred tax assets related to losses in the United States and certain foreign jurisdictions. Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $3.0 million and decreased income and mining tax expense by $1.4 million for the three months ended September 30, 2018 and 2017, respectively. Fluctuations in foreign exchange rates on deferred tax balances increased income and mining tax expense by $2.1 million and $7.2 million for the nine months ended September 30, 2018 and 2017, respectively. The impact of foreign exchange rates on deferred tax balances is predominately due to the Mexican Peso and Canadian Dollar. 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 ultimately will 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” in the 2017 10-K. The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The statute of limitations remains open from 2015 forward for the U.S. federal jurisdiction and from 2011 forward for certain other foreign jurisdictions. As a result of statutes of limitation that will begin to expire within the next twelve months in various jurisdictions and possible settlements of audit-related issues with taxing authorities in various jurisdictions with respect to which none of the issues are individually significant, the Company believes that it is reasonably possible that the total amount of its net unrecognized income tax benefits will decrease between $1.5 million and $2.5 million in the next twelve months. At September 30, 2018 and December 31, 2017, the Company had $3.7 million and $4.3 million of total gross unrecognized tax benefits, respectively that, if recognized, would positively impact the Company’s effective income tax rate. The Company’s continuing practice is to recognize potential interest and/or penalties related to unrecognized tax benefits as part of its income tax expense. At September 30, 2018 and December 31, 2017, the amount of accrued income-tax-related interest and penalties was $3.5 million and $4.8 million , respectively. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Three months ended September 30, Nine months ended September 30, In thousands 2018 2017 2018 2017 Rochester royalty obligation $ — $ — $ — $ (864 ) Interest rate swap 206 — 18 — Unrealized gain (loss) on equity securities 286 — (2,898 ) — Realized gain (loss) on equity securities (3 ) — 5,199 — Zinc options 226 — 588 — Fair value adjustments, net $ 715 $ — $ 2,907 $ (864 ) 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 September 30, 2018 In thousands Total Level 1 Level 2 Level 3 Assets: Equity and debt securities $ 24,232 $ 19,665 $ — $ 4,567 Other derivative instruments, net 507 — 507 — $ 24,739 $ 19,665 $ 507 $ 4,567 Liabilities: Silvertip contingent consideration $ 48,945 $ — $ — $ 48,945 Other derivative instruments, net 267 — 267 — $ 49,212 $ — $ 267 $ 48,945 Fair Value at December 31, 2017 In thousands Total Level 1 Level 2 Level 3 Assets: Equity and debt securities $ 34,837 $ 27,946 $ — $ 6,891 Other derivative instruments, net 251 — 251 — $ 35,088 $ 27,946 $ 251 $ 6,891 Liabilities: Silvertip contingent consideration $ 47,965 $ — $ — $ 47,965 Other derivative instruments, net 222 — 222 — $ 48,187 $ — $ 222 $ 47,965 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 debt 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 other derivative instruments, net, include concentrate and certain doré sales contracts, zinc hedges, and an interest rate swap which are valued using pricing models with inputs 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. In July 2017, the Company sold the Endeavor Silver Stream and remaining non-core royalties to Metalla Royalty & Streaming Ltd. (“Metalla”) for total consideration of $13.0 million , including a $6.7 million convertible debenture. The convertible debenture matures June 30, 2027 , bears interest at a rate of 5% payable semi-annually, and is convertible into Metalla shares in connection with future equity financings or asset acquisitions by Metalla at the then-current price to maintain the Company’s approximate 19.9% ownership of Metalla. In July 2018, Metalla completed an asset acquisition through the issuance of additional common stock, triggering the top-up clause in the convertible debenture, resulting in the conversion of $1.9 million of debt into Metalla common stock. The fair value of the convertible debenture is estimated based on observable and unobservable data including yield curves and credit spreads. Therefore, the Company classifies the convertible debenture in Level 3 of the fair value hierarchy. In October 2017, the Company acquired the Silvertip mine from shareholders of JDS Silver Holdings Ltd. The consideration for the Silvertip mine includes two $25.0 million contingent payments, which are payable in cash and common stock upon reaching a future permitting milestone and resource declaration milestone, respectively. The fair value of the Silvertip contingent consideration is estimated based on an estimated discount rate of 2.5% for the contingent permitting payment and 2.9% for the contingent resource declaration payment and is classified within Level 3 of the fair value hierarchy. No assets or liabilities were transferred between fair value levels in the nine months ended September 30, 2018. The following tables present the changes in the fair value of the Company's Level 3 financial assets and liabilities for the three and nine months ended September 30, 2018 : Three Months Ended September 30, 2018 In thousands Balance at the beginning of the period Revaluation Settlements Accretion Balance at the Assets: Equity and debt securities $ 6,227 $ 193 $ (1,853 ) $ — $ 4,567 Liabilities: Silvertip contingent consideration $ 48,616 $ — $ — $ 329 $ 48,945 Nine Months Ended September 30, 2018 In thousands Balance at the beginning of the period Revaluation Settlements Accretion Balance at the end of the period Assets: Equity and debt securities $ 6,891 $ (172 ) $ (2,152 ) $ — $ 4,567 Liabilities: Silvertip contingent consideration $ 47,965 $ — $ — $ 980 $ 48,945 The fair value of financial assets and liabilities carried at book value in the financial statements at September 30, 2018 and December 31, 2017 is presented in the following table: September 30, 2018 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Assets: Manquiri Notes Receivable $ 9,207 $ 9,207 $ — $ — $ 9,207 Liabilities: 5.875% Senior Notes due 2024 (1) $ 245,662 $ 235,725 $ — $ 235,725 $ — Revolving Credit Facility (2) $ 120,000 $ 120,000 $ — $ 120,000 $ — (1) Net of unamortized debt issuance costs of $4.3 million . (2) Unamortized debt issuance costs of $1.5 million included in Other Non-Current Assets . December 31, 2017 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 5.875% Senior Notes due 2024 (1) $ 245,088 $ 243,913 $ — $ 243,913 $ — Revolving Credit Facility (2) $ 100,000 $ 100,000 $ — $ 100,000 $ — (1) Net of unamortized debt issuance costs of $4.9 million . (2) Unamortized debt issuance costs of $1.9 million included in Other Non-Current Assets . In September 2018, the Company entered into a Letter Agreement with the Buyer, pursuant to which the total aggregate principal amount of the Manquiri Notes Receivable received as partial consideration in the Manquiri Divestiture was reduced from $28.5 million to $25.0 million , and the Buyer made a concurrent cash payment of $15.0 million to the Company in respect of the Manquiri Notes Receivable. In addition, the Company also agreed to suspend the quarterly payments in respect of the NSR on all metals processed through the San Bartolomé mine’s processing facility received as partial consideration in the Manquiri Divestiture until October 15, 2019 and to forgo any rights the Company retained in the transaction to any VAT refunds collected or received by Manquiri. Based on the Company’s evaluation of the terms of the Letter Agreement, the Company recorded an $18.6 million write-down that is made up of $13.1 million on the VAT refunds, $3.6 million on the Manquiri Notes Receivable and $1.9 million on the NSR, which is included in Other, net .. The fair value of the Manquiri Notes Receivable was determined using a discounted cash flow model using a 12% discount rate which takes into consideration the increased credit risk and short duration of the Manquiri Notes Receivable. The fair value is estimated based on observable and unobservable data including yield curves and credit spreads, therefore, the Company classifies the Manquiri Notes Receivable in Level 3 of the fair value hierarchy; see Note 21 -- Discontinued Operations for additional detail. The fair value of the 5.875% Senior Notes due 2024 (the “2024 Senior Notes”) was estimated using quoted market prices. The fair value of the Revolving Credit Facility approximates book value as the liability is secured, has a variable interest rate, and lacks significant credit concerns. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Provisional Metal 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. Zinc Options At September 30, 2018 , the Company has outstanding Asian (or average value) put and call option contracts in net-zero-cost collar arrangements on a volume of 300 metric tons of zinc per month commencing in April 2018 and ending in December 2018. The weighted average strike prices on the put and call contracts are $3,000 and $4,050 per metric ton, respectively. The contracts are generally net cash settled and, if the price of zinc at the time of the expiration is between the put and call prices, would expire at no cost to the Company. Interest Rate Swap The Company is a party to an interest rate swap contract in which it will receive variable-rate interest and pay fixed-rate interest. The Company uses this instrument to manage its exposure to changes in interest rates related to its Revolving Credit Facility (see Note 18 -- Debt). The interest rate swap derivative instrument is not designated as a hedge from an accounting standpoint and hedge accounting is not applied. The notional amount is used to measure interest to be paid or received. The interest rate swap derivative instrument became effective June 2018 with a contractual term of twelve months and net settles monthly. At September 30, 2018 , the Company had the following derivative instruments that settle as follows: In thousands except average prices and notional ounces 2018 Thereafter Provisional silver sales contracts $ 1,444 $ — Average silver price per ounce $ 14.61 $ — Notional ounces 98,832 — Provisional gold sales contracts $ 14,802 $ — Average gold price per ounce $ 1,224 $ — Notional ounces 12,089 — Provisional zinc sales contracts $ 2,123 $ — Average zinc price per pound $ 1.20 $ — Notional pounds 1,772,075 — Provisional lead sales contracts $ 1,130 $ — Average lead price per pound $ 0.92 $ — Notional pound 1,230,193 — Zinc put options purchased $ 2,700 $ — Average zinc strike price per metric ton $ 3,000 $ — Notional metric tons 900 — Zinc call options sold $ (3,645 ) $ — Average zinc strike price per metric ton $ 4,050 $ — Notional metric tons 900 — Fixed interest rate swap payable $ 960 $ — Fixed Interest rate 2.46 % — Notional dollars $ 50,000 $ — Variable interest rate swap receivable $ 979 $ — Average variable interest rate 2.51 % $ — Notional dollars $ 50,000 $ — The following summarizes the classification of the fair value of the derivative instruments: September 30, 2018 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 310 $ 267 Zinc options 339 — Interest rate swaps 68 — $ 717 $ 267 December 31, 2017 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 251 $ 222 The following represent mark-to-market gains (losses) on derivative instruments for the three and nine months ended September 30, 2018 and 2017, respectively (in thousands): Three months ended September 30, Nine months ended September 30, Financial statement line Derivative 2018 2017 2018 2017 Revenue Provisional metal sales contracts $ 34 $ 147 $ 15 $ 596 Fair value adjustments, net Zinc options 225 — 588 — Fair value adjustments, net Interest rate swaps 206 — 18 — $ 465 $ 147 $ 621 $ 596 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 (Notes)
Acquisitions (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS In October 2017, the Company completed the acquisition of JDS Silver Holdings Ltd. and its wholly-owned subsidiary JDS Silver Inc. (together, “JDS Silver”) which, following the closing of the acquisition, were amalgamated with a subsidiary of Coeur to form Coeur Silvertip Holdings Ltd., which owns the underground Silvertip silver-zinc-lead mine in northern British Columbia, Canada. JDS Silver was purchased for approximately $153.2 million in cash and $36.0 million in Coeur common stock. In addition, the Company recorded $47.7 million of contingent consideration payable in cash and common stock upon reaching future permitting and resource declaration milestones. The cash consideration was funded with $100.0 million of borrowing under the Facility (as defined in Note 18 -- Debt) and cash on hand. Upon closing, the Company issued approximately 4.2 million Coeur shares to former shareholders of JDS Silver Holdings Ltd. The acquisition aligns with the Company’s strategic shift to a North America-focused mining portfolio. 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 acquisition was not significant to the Company’s results of operations, individually or in the aggregate, because the Silvertip mine was in in pre-production. As there were no significant differences from the Company’s historical results of operations, no pro forma financial information was provided. The allocation of purchase price to the acquired assets and liabilities assumed is preliminary as of September 30, 2018 and subsequent adjustments may result in changes to mineral interest and other carrying amounts initially assigned based on the preliminary fair value analysis. The principal remaining items to be valued are property, plant and equipment and mining properties, which will be finalized within one year of the acquisition date and recorded in the fourth quarter of 2018, as management completes the review of the valuation methodologies used to estimate the fair value of these assets. The preliminary purchase price allocation is as follows (in thousands): Common shares issued (4,191,679 at $8.59) $ 36,007 Cash 153,194 Contingent consideration 47,705 Total purchase price (1) $ 236,906 Assets: Receivables and other assets $ 6,828 Property, plant, and equipment 29,943 Mining properties, net 288,464 325,235 Liabilities: Accounts payable and accrued liabilities 13,077 Asset retirement obligation 6,982 Debt and capital lease 20,149 Deferred income taxes 48,121 88,329 Net assets acquired $ 236,906 (1) Purchase price has been adjusted for restricted cash acquired due to the adoption of ASU 2016-01. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2018 | |
Investment in Marketable Securities [Abstract] | |
INVESTMENTS | INVESTMENTS Equity and Debt Securities The Company makes strategic investments in equity and debt securities of silver and gold exploration and development companies. At September 30, 2018 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity Securities Metalla Royalty & Streaming Ltd. 8,147 — 2,113 10,260 Northern Empire Resources Corp. (1) 4,489 — 2,716 7,205 Rockhaven Resources, Ltd. 2,064 (538 ) — 1,526 Other 1,390 (716 ) — 674 Equity securities $ 16,090 $ (1,254 ) $ 4,829 $ 19,665 Debt Securities Metalla Royalty & Streaming Ltd. $ 4,825 $ (258 ) $ — $ 4,567 Equity and debt securities $ 20,915 $ (1,512 ) $ 4,829 $ 24,232 (1) In October 2018, the Company acquired the remaining outstanding shares of Norther Empire Resources Corp. not already owned by the Company. See Note 23 -- Subsequent Events for additional detail. At December 31, 2017 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity Securities Metalla Royalty & Streaming Ltd. $ 6,294 $ — $ 1,354 $ 7,648 Corvus Gold Inc. 3,582 — 4,518 8,100 Almaden Minerals, Ltd. 3,125 (235 ) — 2,890 Northern Empire Resources Corp. 4,489 — 1,077 5,566 Rockhaven Resources, Ltd. 2,064 (193 ) — 1,871 Kootenay Silver, Inc. 738 — 1 739 Other 1,479 (453 ) 405 1,431 Equity securities $ 21,771 $ (881 ) $ 7,355 $ 28,245 Debt Securities Metalla Royalty & Streaming Ltd. $ 6,677 $ (85 ) $ — $ 6,592 Equity and debt securities $ 28,448 $ (966 ) $ 7,355 $ 34,837 The following table presents the disaggregated gain (loss) on equity securities recognized in Income (loss) from continuing operations on the Condensed Consolidated Statements of Comprehensive Income: Three months ended September 30, Nine months ended September 30, In thousands 2018 2017 2018 2017 Net gain (loss) $ 283 $ (32 ) $ 2,301 $ (1,300 ) Less: Realized (gain) loss 3 32 (5,199 ) 1,300 Unrealized gain (loss) $ 286 $ — $ (2,898 ) $ — The Company performs a quarterly assessment on its debt securities with unrealized losses to determine if the securities are other than temporarily impaired. The following table summarizes unrealized losses on debt securities for which other-than-temporary impairments have not been recognized and the fair values of those securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at September 30, 2018 : Less than twelve months Twelve months or more Total In thousands Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Debt securities — — 257 4,568 257 4,568 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 asset retirement 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 applicable institutions or agencies. At September 30, 2018 and December 31, 2017, the Company held certificates of deposit and cash equivalents under these agreements of $21.4 million and $20.8 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 obligation. 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 the collateral will remain in place beyond a twelve-month period and has therefore classified these investments as long-term. |
Receivables
Receivables | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
RECEIVABLES | RECEIVABLES Receivables consist of the following: In thousands September 30, 2018 December 31, 2017 Current receivables: Trade receivables $ 5,965 $ 5,883 Value added tax receivable 13,406 10,982 Manquiri Notes Receivable 9,207 — Other 1,902 2,204 $ 30,480 $ 19,069 Non-current receivables: Value added tax receivable $ 28,035 $ 28,750 28,035 28,750 Total receivables $ 58,515 $ 47,819 The increase in receivables is due to the recognition of the Manquiri Notes Receivable as consideration for the sale of San Bartolomé. See Note 10 -- Fair Value Measurements and 21 -- Discontinued Operations for additional detail. |
Inventory and Ore on Leach Pads
Inventory and Ore on Leach Pads | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
INVENTORY AND ORE ON LEACH PADS | INVENTORY AND ORE ON LEACH PADS Inventory consists of the following: In thousands September 30, 2018 December 31, 2017 Inventory: Concentrate $ 8,778 $ 6,831 Precious metals 20,116 18,803 Supplies 33,675 32,596 62,569 58,230 Ore on leach pads: Current 77,515 73,752 Non-current 67,420 65,393 144,935 139,145 Total inventory and ore on leach pads $ 207,504 $ 197,375 Upon commencement of commercial production, Silvertip recognized a $8.7 million write-down of metal inventory as a result of lower than expected production levels, grades and recovery rates as well as reduced process plant availability and unfavorable changes in metal prices. It is possible that additional write-downs will be required as the Company works to optimize operations at Silvertip. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: In thousands September 30, 2018 December 31, 2017 Land $ 9,082 $ 9,408 Facilities and equipment 583,459 554,160 Assets under capital leases 109,042 82,753 701,583 646,321 Accumulated amortization (1) (474,431 ) (448,001 ) 227,152 198,320 Construction in progress 58,719 56,417 Property, plant and equipment, net $ 285,871 $ 254,737 (1) Includes $44.9 million and $28.2 million of accumulated amortization related to assets under capital leases at September 30, 2018 and December 31, 2017, respectively. |
Mining Properties
Mining Properties | 9 Months Ended |
Sep. 30, 2018 | |
Mining Properties [Abstract] | |
MINING PROPERTIES | MINING PROPERTIES Mining properties consist of the following (in thousands): September 30, 2018 Palmarejo Rochester Silvertip Kensington Wharf La Preciosa Other Total Mine development $ 233,562 $ 196,143 $ 105,320 $ 322,901 $ 41,498 $ — $ — $ 899,424 Accumulated amortization (159,120 ) (149,729 ) (389 ) (191,026 ) (17,811 ) — — (518,075 ) 74,442 46,414 104,931 131,875 23,687 — — 381,349 Mineral interests 629,303 — 245,116 — 45,837 49,085 5,171 974,512 Accumulated amortization (463,565 ) — (988 ) — (25,843 ) — (422 ) (490,818 ) 165,738 — 244,128 — 19,994 49,085 4,749 483,694 Mining properties, net $ 240,180 $ 46,414 $ 349,059 $ 131,875 $ 43,681 $ 49,085 $ 4,749 $ 865,043 December 31, 2017 Palmarejo Rochester Silvertip Kensington Wharf La Preciosa Total Mine development $ 214,383 $ 193,881 $ 57,214 $ 298,749 $ 40,618 $ — $ 804,845 Accumulated amortization (146,598 ) (144,390 ) — (178,632 ) (15,748 ) — (485,368 ) 67,785 49,491 57,214 120,117 24,870 — 319,477 Mineral interests 629,303 — 245,116 — 45,837 49,085 969,341 Accumulated amortization (435,215 ) — — — (24,034 ) — (459,249 ) 194,088 — 245,116 — 21,803 49,085 510,092 Mining properties, net $ 261,873 $ 49,491 $ 302,330 $ 120,117 $ 46,673 $ 49,085 $ 829,569 In February 2018, the Company completed the sale of the Manquiri Divestiture. Pursuant to the terms of the agreement, the Company received, among other consideration, the NSR. Coeur estimates the value of this net smelter returns royalty to be approximately $7.1 million , which is included in Other. In September 2018, the Company entered into the Letter Agreement, pursuant to which the Company agreed to suspend the quarterly payments in respect of the NSR until October 15, 2019. Based on the Company’s evaluation of the terms of the Letter Agreement, the Company recorded a write-down of $1.9 million on the NSR. See Note 10 -- Fair Value Measurements and 21 -- Discontinued Operations for additional detail. The Silvertip mine reached commercial production on September 1, 2018. The determination of commercial production (or ready for intended use) was based on many factors requiring the exercise of judgment. Factors that were considered when determining if intended use had been achieved included achievement of continuous production or other output, mineral recoveries at or near expected levels, the absence of routine take-downs of the plant to address commissioning issues and fix problems, and the release of the commissioning team. Prior to commercial production, costs related to mine development, construction of long-lived assets, and inventory were capitalized; all other costs were expensed in the period incurred. Amortization of mining properties commenced when the mine reached commercial production. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT September 30, 2018 December 31, 2017 In thousands Current Non-Current Current Non-Current 2024 Senior Notes, net (1) $ — $ 245,662 $ — $ 245,088 Revolving Credit Facility (2) — 120,000 — 100,000 Capital lease obligations 22,696 40,832 16,559 35,481 Silvertip debt obligation — — 14,194 — $ 22,696 $ 406,494 $ 30,753 $ 380,569 (1) Net of unamortized debt issuance costs of $4.3 million and $4.9 million at September 30, 2018 and December 31, 2017 , respectively. (2) Unamortized debt issuance costs of $1.5 million and $1.9 million at September 30, 2018 and December 31, 2017 , respectively, included in Other Non-Current Assets . 5.875% Senior Notes due 2024 In May 2017, the Company completed an offering of $250.0 million in aggregate principal amount of 2024 Senior Notes in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, for net proceeds of approximately $245.0 million . The 2024 Senior Notes bear interest at a rate of 5.875% per year from the date of issuance. Interest on the 2024 Senior Notes is payable semi-annually in arrears on June 1 and December 1 of each year. The 2024 Senior Notes will mature on June 1, 2024 and are fully and unconditionally guaranteed by the Guarantors. Revolving Credit Facility In September 2017, the Company, as borrower, and certain subsidiaries of the Company, as guarantors, entered into a Credit Agreement (the “Credit Agreement”) with Bank of America, N.A, Royal Bank of Canada, Bank of Montreal, and the Bank of Nova Scotia. The Credit Agreement provides for a $200.0 million senior secured revolving credit facility (the “Facility”), which may be increased by up to $50.0 million in incremental loans and commitments subject to the terms of the Credit Agreement. The Facility has a term of four years. Loans under the Facility will bear interest at a rate equal to either a base rate plus a margin ranging from 1.00% to 1.75% or an adjusted LIBOR rate plus a margin ranging from 2.00% to 2.75% , as selected by the Company, in each case, with such margin determined in accordance with a pricing grid based upon the Company’s consolidated net leverage ratio as of the end of the applicable period. At September 30, 2018 , the Company had $68.0 million available under the Facility; $25.0 million was drawn in the third quarter of 2018 to finance working capital and general corporate purposes, $15.0 million was drawn to repay the third-party debt obligation at Silvertip as described below, $100.0 million was drawn to partially fund the Silvertip acquisition in 2017, and $12.0 million was drawn to support outstanding letters of credit. In September 2018, the company repaid $20.0 million of the outstanding balance. At September 30, 2018 , the interest rate of the Facility was 4.415% . The Company has swapped $50,000,000 of variable rate debt on the Facility to fixed rate debt through an interest rate swap. Silvertip Debt Obligation The Company assumed an existing third-party debt obligation as part of the Silvertip acquisition. In February 2018, the Company voluntarily terminated and repaid the remaining debt obligation of $ 12.6 million . Capital Lease Obligations From time to time, the Company acquires mining equipment under capital lease agreements. In the nine months ended September 30, 2018 , the Company entered into new lease financing arrangements primarily for mining equipment at Rochester, Palmarejo, Silvertip and Kensington. All capital lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. Interest Expense Three months ended September 30, Nine months ended September 30, In thousands 2018 2017 2018 2017 2024 Senior Notes $ 3,672 $ 3,672 $ 11,016 $ 4,937 2021 Senior Notes — — — 6,221 Revolving Credit Facility 1,515 — 4,035 — Capital lease obligations 512 402 1,551 1,092 Amortization of debt issuance costs 323 180 972 518 Accretion of debt premium — — — (71 ) Accretion of Silvertip contingent consideration 329 — 980 — Other debt obligations 196 13 312 30 Capitalized interest (729 ) (672 ) (1,065 ) (1,809 ) Total interest expense, net of capitalized interest $ 5,818 $ 3,595 $ 17,801 $ 10,918 |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 9 Months Ended |
Sep. 30, 2018 | |
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 2024 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) THREE MONTHS ENDED SEPTEMBER 30, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 89,289 $ 59,506 $ — $ 148,795 COSTS AND EXPENSES Costs applicable to sales (1) — 73,768 43,089 — 116,857 Amortization 232 15,084 15,868 — 31,184 General and administrative 7,682 3 44 — 7,729 Exploration 383 2,245 5,529 — 8,157 Pre-development, reclamation, and other 1,302 5,456 1,363 — 8,121 Total costs and expenses 9,599 96,556 65,893 — 172,048 OTHER INCOME (EXPENSE), NET Fair value adjustments, net 745 (30 ) — — 715 Other, net (14,194 ) (189 ) (2,599 ) (3,921 ) (20,903 ) Interest expense, net of capitalized interest (5,445 ) (372 ) (3,922 ) 3,921 (5,818 ) Total other income (expense), net (18,894 ) (591 ) (6,521 ) — (26,006 ) Income (loss) from continuing operations before income and mining taxes (28,493 ) (7,858 ) (12,908 ) — (49,259 ) Income and mining tax (expense) benefit (430 ) (489 ) (2,866 ) — (3,785 ) Income (loss) from continuing operations (28,923 ) (8,347 ) (15,774 ) — (53,044 ) Equity income (loss) in consolidated subsidiaries (24,122 ) (47 ) (174 ) 24,343 — Income (loss) from discontinued operations — — — — — NET INCOME (LOSS) $ (53,045 ) $ (8,394 ) $ (15,948 ) $ 24,343 $ (53,044 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt securities, net of tax 192 — — — 192 COMPREHENSIVE INCOME (LOSS) $ (52,853 ) $ (8,394 ) $ (15,948 ) $ 24,343 $ (52,852 ) (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED SEPTEMBER 30, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 99,093 $ 60,827 $ — $ 159,920 COSTS AND EXPENSES Costs applicable to sales (1) — 68,267 33,292 — 101,559 Amortization 286 15,678 16,436 — 32,400 General and administrative 7,250 6 89 — 7,345 Exploration 466 4,582 4,743 — 9,791 Pre-development, reclamation, and other 1,030 1,922 2,078 — 5,030 Total costs and expenses 9,032 90,455 56,638 — 156,125 OTHER INCOME (EXPENSE), NET Other, net 2,868 (4,603 ) 5,509 (1,413 ) 2,361 Interest expense, net of capitalized interest (3,220 ) (264 ) (1,524 ) 1,413 (3,595 ) Total other income (expense), net (352 ) (4,867 ) 3,985 — (1,234 ) Income (loss) from continuing operations before income and mining taxes (9,384 ) 3,771 8,174 — 2,561 Income and mining tax (expense) benefit (8,091 ) (574 ) (5,624 ) — (14,289 ) Income (loss) from continuing operations (17,475 ) 3,197 2,550 — (11,728 ) Equity income (loss) in consolidated subsidiaries 823 (1,755 ) (304 ) 1,236 — Income (loss) from discontinued operations — — (4,924 ) — (4,924 ) NET INCOME (LOSS) $ (16,652 ) $ 1,442 $ (2,678 ) $ 1,236 $ (16,652 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt securities, net of tax 1,066 1,504 — (1,504 ) 1,066 Reclassification adjustments for impairment of equity securities, net of tax — (852 ) — 852 — Reclassification adjustments for realized gain (loss) on sale of equity securities, net of tax 32 1,112 — (1,112 ) 32 Other comprehensive income (loss) 1,098 1,764 — (1,764 ) 1,098 COMPREHENSIVE INCOME (LOSS) $ (15,554 ) $ 3,206 $ (2,678 ) $ (528 ) $ (15,554 ) (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED SEPTEMBER 30, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) activities of continuing operations $ (37,112 ) $ 7,058 $ 11,500 $ 24,343 5,789 Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (37,112 ) 7,058 11,500 24,343 5,789 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (119 ) (16,720 ) (22,633 ) — (39,472 ) Proceeds from the sale of assets — 304 89 — 393 Purchase of investments (15 ) — — — (15 ) Sales of investments (126 ) 48 — — (78 ) Proceeds from notes receivable 15,000 — — — 15,000 Other 124 — (60 ) — 64 Investments in consolidated subsidiaries 24,121 56 166 (24,343 ) — Cash provided by (used in) activities of continuing operations 38,985 (16,312 ) (22,438 ) (24,343 ) (24,108 ) Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 38,985 (16,312 ) (22,438 ) (24,343 ) (24,108 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings, net of issuance costs 25,000 — — — 25,000 Payments on debt, capital leases, and associated costs (20,000 ) (3,535 ) (1,998 ) — (25,533 ) Net intercompany financing activity (7,130 ) (4,844 ) 11,974 — — Other (77 ) — — — (77 ) Cash provided by (used in) activities of continuing operations (2,207 ) (8,379 ) 9,976 — (610 ) Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (2,207 ) (8,379 ) 9,976 — (610 ) Effect of exchange rate changes on cash and cash equivalents — (2 ) 185 — 183 Less net cash provided by (used in) discontinued operations — — — — — NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (334 ) (17,635 ) (777 ) — (18,746 ) Cash, cash equivalents and restricted cash at beginning of period 24,232 40,200 71,594 — 136,026 Cash, cash equivalents and restricted cash at end of period $ 23,898 $ 22,565 $ 70,817 $ — $ 117,280 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED SEPTEMBER 30, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) activities of continuing operations $ (8,682 ) $ 27,407 $ 17,348 $ 1,236 37,309 Cash provided by (used in) activities of discontinued operations — — (7,877 ) — (7,877 ) CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (8,682 ) 27,407 9,471 1,236 29,432 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (318 ) (23,016 ) (5,648 ) — (28,982 ) Proceeds from the sale of assets — 76 940 — 1,016 Purchase of investments (3,594 ) (1 ) — — (3,595 ) Sales of investments — 403 — — 403 Other (4,252 ) — (67 ) — (4,319 ) Investments in consolidated subsidiaries 3,432 7,144 (9,340 ) (1,236 ) — Cash provided by (used in) activities of continuing operations (4,732 ) (15,394 ) (14,115 ) (1,236 ) (35,477 ) Cash provided by (used in) activities of discontinued operations — — (412 ) — (412 ) CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (4,732 ) (15,394 ) (14,527 ) (1,236 ) (35,889 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings (2,257 ) — — — (2,257 ) Payments on debt, capital leases, and associated costs — (1,894 ) (1,429 ) — (3,323 ) Net intercompany financing activity 9,266 (12,370 ) 3,104 — — Other (6 ) — — — (6 ) Cash provided by (used in) activities of continuing operations 7,003 (14,264 ) 1,675 — (5,586 ) Cash provided by (used in) activities of discontinued operations — — (21 ) — (21 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 7,003 (14,264 ) 1,654 — (5,607 ) Effect of exchange rate changes on cash and cash equivalents — 3 (225 ) — (222 ) Less net cash provided by (used in) discontinued operations — — (8,491 ) — (8,491 ) NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (6,411 ) (2,248 ) 4,864 — (3,795 ) Cash, cash equivalents and restricted cash at beginning of period 113,708 47,912 49,189 — 210,809 Cash, cash equivalents and restricted cash at end of period $ 107,297 $ 45,664 $ 54,053 $ — $ 207,014 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) NINE MONTHS ENDED SEPTEMBER 30, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 281,762 $ 200,287 $ — $ 482,049 COSTS AND EXPENSES Costs applicable to sales (1) — 219,948 104,495 — 324,443 Amortization 714 43,876 46,830 — 91,420 General and administrative 24,113 15 55 — 24,183 Exploration 1,168 7,289 12,812 — 21,269 Pre-development, reclamation, and other 1,912 9,391 4,663 — 15,966 Total costs and expenses 27,907 280,519 168,855 — 477,281 OTHER INCOME (EXPENSE), NET Fair value adjustments, net 3,335 (428 ) — 2,907 Other, net (4,890 ) 187 (3,607 ) (11,536 ) (19,846 ) Interest expense, net of capitalized interest (15,786 ) (1,092 ) (12,459 ) 11,536 (17,801 ) Total other income (expense), net (17,341 ) (1,333 ) (16,066 ) — (34,740 ) Income (loss) from continuing operations before income and mining taxes (45,248 ) (90 ) 15,366 — (29,972 ) Income and mining tax (expense) benefit 286 (2,997 ) (16,740 ) — (19,451 ) Income (loss) from continuing operations (44,962 ) (3,087 ) (1,374 ) — (49,423 ) Equity income (loss) in consolidated subsidiaries (4,922 ) (113 ) (590 ) 5,625 — Income (loss) from discontinued operations 1,010 (284 ) (176 ) — 550 NET INCOME (LOSS) $ (48,874 ) $ (3,484 ) $ (2,140 ) $ 5,625 $ (48,873 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt securities, net of tax (173 ) — — — (173 ) COMPREHENSIVE INCOME (LOSS) $ (49,047 ) $ (3,484 ) $ (2,140 ) $ 5,625 $ (49,046 ) (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) NINE MONTHS ENDED SEPTEMBER 30, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 301,658 $ 193,356 $ — $ 495,014 COSTS AND EXPENSES Costs applicable to sales (1) — 207,385 110,893 — 318,278 Amortization 908 49,617 51,302 — 101,827 General and administrative 24,316 26 153 — 24,495 Exploration 1,197 9,526 12,133 — 22,856 Pre-development, reclamation, and other 1,803 5,593 5,556 — 12,952 Total costs and expenses 28,224 272,147 180,037 — 480,408 OTHER INCOME (EXPENSE), NET Loss on debt extinguishments (9,342 ) — — — (9,342 ) Fair value adjustments, net — (864 ) — — (864 ) Other, net 20,090 3,332 7,951 (4,239 ) 27,134 Interest expense, net of capitalized interest (9,876 ) (703 ) (4,578 ) 4,239 (10,918 ) Total other income (expense), net 872 1,765 3,373 — 6,010 Income (loss) from continuing operations before income and mining taxes (27,352 ) 31,276 16,692 — 20,616 Income and mining tax (expense) benefit (3,108 ) (3,946 ) (16,986 ) — (24,040 ) Income (loss) from continuing operations (30,460 ) 27,330 (294 ) — (3,424 ) Equity income (loss) in consolidated subsidiaries 21,516 (546 ) (609 ) (20,361 ) — Income (loss) from discontinued operations — — (5,520 ) — (5,520 ) NET INCOME (LOSS) $ (8,944 ) $ 26,784 $ (6,423 ) $ (20,361 ) $ (8,944 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt and equity securities, net of tax (1,134 ) 756 — (756 ) (1,134 ) Reclassification adjustments for impairment of equity securities, net of tax 426 (426 ) — 426 426 Reclassification adjustments for realized loss on sale of equity securities, net of tax 1,300 540 — (540 ) 1,300 Other comprehensive income (loss) 592 870 — (870 ) 592 COMPREHENSIVE INCOME (LOSS) $ (8,352 ) $ 27,654 $ (6,423 ) $ (21,231 ) $ (8,352 ) (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS NINE MONTHS ENDED SEPTEMBER 30, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) activities of continuing operations $ (36,687 ) $ 33,173 $ 17,925 $ 5,625 20,036 Cash provided by (used in) activities of discontinued operations — — (2,690 ) — (2,690 ) CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (36,687 ) 33,173 15,235 5,625 17,346 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (303 ) (43,598 ) (79,081 ) — (122,982 ) Proceeds from the sale of assets 23 437 89 — 549 Purchase of investments (415 ) — — — (415 ) Sales of investments 11,694 988 — — 12,682 Proceeds from notes receivable 15,000 — — — 15,000 Other 45 109 (188 ) — (34 ) Investments in consolidated subsidiaries 4,922 121 582 (5,625 ) — Cash provided by (used in) activities of continuing operations 30,966 (41,943 ) (78,598 ) (5,625 ) (95,200 ) Cash provided by (used in) activities of discontinued operations — — (28,470 ) — (28,470 ) CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 30,966 (41,943 ) (107,068 ) (5,625 ) (123,670 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings, net of issuance costs 40,000 — — — 40,000 Payments on debt, capital leases, and associated costs (20,000 ) (8,462 ) (19,893 ) — (48,355 ) Net intercompany financing activity (41,498 ) (12,436 ) 53,934 — — Other (4,916 ) — — — (4,916 ) Cash provided by (used in) activities of continuing operations (26,414 ) (20,898 ) 34,041 — (13,271 ) Cash provided by (used in) activities of discontinued operations — — (22 ) — (22 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (26,414 ) (20,898 ) 34,019 — (13,293 ) Effect of exchange rate changes on cash and cash equivalents — (6 ) 571 — 565 Less net cash provided by (used in) discontinued operations — — (32,930 ) — (32,930 ) NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (32,135 ) (29,674 ) (24,313 ) — (86,122 ) Cash, cash equivalents and restricted cash at beginning of period 56,033 52,239 95,130 — 203,402 Cash, cash equivalents and restricted cash at end of period $ 23,898 $ 22,565 $ 70,817 $ — $ 117,280 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS NINE MONTHS ENDED SEPTEMBER 30, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) activities of continuing operations $ (18,502 ) $ 59,434 $ 84,778 $ (20,361 ) 105,349 Cash provided by (used in) activities of discontinued operations — — 8,633 — 8,633 CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (18,502 ) 59,434 93,411 (20,361 ) 113,982 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (1,626 ) (63,928 ) (24,126 ) — (89,680 ) Proceeds from the sale of assets 8,917 6,670 884 — 16,471 Purchase of investments (13,558 ) (1 ) — — (13,559 ) Sales of investments 9,157 2,164 — — 11,321 Other (4,197 ) — (188 ) — (4,385 ) Investments in consolidated subsidiaries (9,572 ) 7,897 (18,686 ) 20,361 — Cash provided by (used in) activities of continuing operations (10,879 ) (47,198 ) (42,116 ) 20,361 (79,832 ) Cash provided by (used in) activities of discontinued operations — — (1,175 ) — (1,175 ) CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (10,879 ) (47,198 ) (43,291 ) 20,361 (81,007 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings 242,701 — — — 242,701 Payments on debt, capital leases, and associated costs (185,538 ) (5,789 ) (4,112 ) — (195,439 ) Net intercompany financing activity 16,904 (10,809 ) (6,095 ) — — Other (3,726 ) — — — (3,726 ) Cash provided by (used in) activities of continuing operations 70,341 (16,598 ) (10,207 ) — 43,536 Cash provided by (used in) activities of discontinued operations — — (62 ) — (62 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 70,341 (16,598 ) (10,269 ) — 43,474 Effect of exchange rate changes on cash and cash equivalents — 3 659 — 662 Less net cash provided by (used in) discontinued operations — — (3,302 ) — (3,302 ) NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 40,960 (4,359 ) 43,812 — 80,413 Cash, cash equivalents and restricted cash at beginning of period 66,337 50,023 10,241 — 126,601 Cash, cash equivalents and restricted cash at end of period $ 107,297 $ 45,664 $ 54,053 $ — $ 207,014 CONDENSED CONSOLIDATING BALANCE SHEET SEPTEMBER 30, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 11,432 $ 22,496 $ 70,818 $ — $ 104,746 Receivables 9,697 3,355 17,428 — 30,480 Ore on leach pads — 77,515 — — 77,515 Inventory — 28,751 33,818 — 62,569 Prepaid expenses and other 4,938 1,430 5,799 — 12,167 26,067 133,547 127,863 — 287,477 NON-CURRENT ASSETS Property, plant and equipment, net 2,893 176,645 106,333 — 285,871 Mining properties, net 4,753 221,969 638,321 — 865,043 Ore on leach pads — 67,420 — — 67,420 Restricted assets 14,359 227 6,775 — 21,361 Equity and debt securities 24,218 14 — — 24,232 Receivables — — 28,035 — 28,035 Net investment in subsidiaries 459,064 258 294 (459,616 ) — Other 297,919 11,846 3,897 (294,724 ) 18,938 TOTAL ASSETS $ 829,273 $ 611,926 $ 911,518 $ (754,340 ) $ 1,598,377 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 2,244 $ 21,697 $ 31,191 $ — $ 55,132 Other accrued liabilities 11,701 11,148 42,551 — 65,400 Debt — 16,913 5,783 — 22,696 Reclamation — 2,313 1,464 — 3,777 13,945 52,071 80,989 — 147,005 NON-CURRENT LIABILITIES Debt 365,662 33,022 302,534 (294,724 ) 406,494 Reclamation — 85,376 37,601 — 122,977 Deferred tax liabilities 5,179 4,928 88,784 — 98,891 Other long-term liabilities 2,627 3,178 49,422 — 55,227 Intercompany payable (receivable) (325,923 ) 305,823 20,100 — — 47,545 432,327 498,441 (294,724 ) 683,589 STOCKHOLDERS’ EQUITY Common stock 1,870 39,010 195,020 (234,030 ) 1,870 Additional paid-in capital 3,359,183 143,542 1,927,630 (2,071,172 ) 3,359,183 Accumulated deficit (2,593,012 ) (55,024 ) (1,790,562 ) 1,845,586 (2,593,012 ) Accumulated other comprehensive income (loss) (258 ) — — — (258 ) 767,783 127,528 332,088 (459,616 ) 767,783 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 829,273 $ 611,926 $ 911,518 $ (754,340 ) $ 1,598,377 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 44,662 $ 52,239 $ 95,131 $ — $ 192,032 Receivables 137 7,922 11,010 — 19,069 Ore on leach pads — 73,752 — — 73,752 Inventory — 29,769 28,461 — 58,230 Prepaid expenses and other 7,824 2,816 4,413 — 15,053 Assets held for sale — — 91,421 — 91,421 52,623 166,498 230,436 — 449,557 NON-CURRENT ASSETS Property, plant and equipment, net 4,007 161,487 89,243 — 254,737 Mining properties, net — 216,281 613,288 — 829,569 Ore on leach pads — 65,393 — — 65,393 Restricted assets 13,251 227 7,369 — 20,847 Equity and debt securities 33,569 1,268 — — 34,837 Receivables — — 28,750 — 28,750 Net investment in subsidiaries 422,074 223 (18 ) (422,279 ) — Other 320,335 11,040 2,854 (316,744 ) 17,485 TOTAL ASSETS $ 845,859 $ 622,417 $ 971,922 $ (739,023 ) $ 1,701,175 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 3,607 $ 24,534 $ 20,451 $ — $ 48,592 Other accrued liabilities 13,205 19,262 62,463 — 94,930 Debt — 9,215 21,538 — 30,753 Reclamation — 2,313 1,464 — 3,777 Liabilities held for sale — — 50,677 — 50,677 16,812 55,324 156,593 — 228,729 NON-CURRENT LIABILITIES Debt 345,088 28,313 323,912 (316,744 ) 380,569 Reclamation — 82,021 35,034 — 117,055 Deferred tax liabilities 4,110 5,127 95,911 — 105,148 Other long-term liabilities 2,311 3,063 49,323 — 54,697 Intercompany payable (receivable) (337,439 ) 317,759 19,680 — — 14,070 436,283 523,860 (316,744 ) 657,469 STOCKHOLDERS’ EQUITY Common stock 1,856 19,630 195,020 (214,650 ) 1,856 Additional paid-in capital 3,357,345 149,194 1,885,046 (2,034,240 ) 3,357,345 Accumulated deficit (2,546,743 ) (34,551 ) (1,788,597 ) 1,823,148 (2,546,743 ) Accumulated other comprehensive income (loss) 2,519 (3,463 ) — 3,463 2,519 814,977 130,810 291,469 (422,279 ) 814,977 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 845,859 $ 622,417 $ 971,922 $ (739,023 ) $ 1,701,175 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Palmarejo Gold Stream Coeur Mexicana, S.A. de C.V. (“Coeur Mexicana”), a subsidiary of Coeur, sells 50% of Palmarejo gold production (excluding production from the Paramount properties acquired in 2015) to Franco-Nevada under a gold stream agreement for the lesser of $800 or spot price per ounce. In 2015, Coeur Mexicana received a $22.0 million deposit toward future deliveries under the gold stream agreement. In accordance with generally accepted accounting principles, although Coeur has satisfied its contractual obligation to repay the deposit to Franco-Nevada, the deposit is accounted for as deferred revenue and is recognized as revenue on a units of production basis as ounces are sold to Franco-Nevada. As of September 30, 2018, the remaining unamortized balance was $13.2 million . Silvertip Contingent Consideration A total of up to $50.0 million of contingent consideration, payable in cash and common stock, is payable in conjunction with the October 2017 Silvertip acquisition. The contingent consideration is based on the achievement of two milestones, which the Company has determined to be probable at September 30, 2018. The first milestone payment of $25.0 million is contingent upon receipt of a permit expansion for a sustained mining and milling rate of 1,000 tonnes per day. The permit application was required to be submitted to the British Columbia Ministry of Energy and Mining no later than June 2018 and was submitted on April 30, 2018. The second milestone payment of up to $25.0 million is contingent upon the amount of resource tonnes added as of December 31, 2019. The former JDS Silver Holdings Ltd. shareholders will receive $5.0 million for a total resource of at least 2.5 million tonnes and $5.0 million for every 0.3 million tonnes over 2.5 million tonnes, up to 3.7 million tonnes. The maximum payment of $25.0 million can be earned if the total resource reaches 3.7 million tonnes. The Silvertip mine had total mineralized material of approximately 2.6 million tonnes at December 31, 2017. |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities Held For Sale | In December 2017, the Company and certain of its subsidiaries entered into a definitive agreement (as amended, the “Manquiri Agreement”) to sell all of the outstanding capital stock of Manquiri, which is the operator of the San Bartolomé mine and processing facility (the “Manquiri Divestiture”). On February 28, 2018, the Manquiri Divestiture was completed, and, in accordance with the Agreement, Manquiri was sold to Ag-Mining Investments, AB, a privately-held Swedish company. See below for a discussion of the Letter Agreement, which amended certain terms of the Manquiri Agreement. Coeur and its subsidiaries received the following consideration: • The NSR commencing immediately upon the closing of the Transaction, valued at $7.1 million . • Pre-closing VAT refunds valued at $12.7 million that will be collected or received by Manquiri in the future will be paid to Coeur (net of collection costs). • The Manquiri Notes Receivable valued at $26.9 million payable to Coeur and certain of its subsidiaries representing Manquiri’s cash and cash equivalents on the date of closing of the Manquiri Divestiture, and providing for repayment beginning in October 2018. • The Company recognized a liability of approximately $5.7 million for certain post-closing covenants, guaranties and indemnification obligations on the part of the Company pursuant to the Agreement The sale of Manquiri resulted in a gain of $1.5 million , which is included in Income (loss) from discontinued operations . The sale of Manquiri and San Bartolomé had a significant effect on the Company's results and operations. Accordingly, San Bartolomé’s operations for the three and nine months ended September 30, 2018 and 2017 are classified on the consolidated statements of operations and comprehensive income (loss) as Income (loss) from discontinued operations . The major classes of line items constituting the pretax profit or loss for the three and nine months ended September 30, 2018 and 2017 are as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Revenue $ — $ 16,043 $ 12,346 $ 60,441 COSTS AND EXPENSES Costs applicable to sales (1) — 17,365 12,269 58,979 Amortization — 1,430 — 5,053 General and administrative — 67 41 92 Exploration — 23 — 23 Pre-development, reclamation, and other — 2,931 265 3,956 OTHER INCOME (EXPENSE), NET Interest expense, net of capitalized interest — (11 ) (3 ) (23 ) Other, net — 804 (260 ) 1,305 Pretax profit (loss) on discontinued operations related to major classes of pretax profit (loss) — (4,980 ) (492 ) (6,380 ) Pretax gain on the disposal of the discontinued operation — — 1,525 — Total pretax gain or loss on discontinued operations — (4,980 ) 1,033 (6,380 ) Income and mining tax (expense) benefit — 56 (483 ) 860 Income (loss) from discontinued operations $ — $ (4,924 ) $ 550 $ (5,520 ) (1) Excludes amortization. Net cash used by operating activities was $7.9 million for the three months ended September 30, 2017. Net cash used in operating activities from San Bartolomé was $2.7 million for the nine months ended September 30, 2018 compared to net cash provided by operating activities of $8.6 million for the nine months ended September 30, 2017, respectively. Net cash used in investing activities from San Bartolomé was $0.4 million for the three months ended September 30, 2017. Net cash used in investing activities from San Bartolomé were $28.5 million and $1.2 million for the nine months ended September 30, 2018 and 2017, respectively. In September 2018, the Company entered into a Letter Agreement with the Buyer pursuant to which the total aggregate principal amount of the Manquiri Notes Receivable was reduced to $25.0 million and the Buyer made a concurrent cash payment of $15.0 million to the Sellers in respect of the Manquiri Notes Receivable. In addition, the Company also agreed to suspend the quarterly payments in respect of the NSR on all metals processed through the San Bartolomé mine’s processing facility until October 15, 2019 and to forgo any rights to any value added tax refunds collected or received by Manquiri. Based on the Company’s evaluation of the terms of the Letter Agreement, the Company recorded an $18.6 million write-down that is made up of $13.1 million on the value added tax refunds, $3.6 million on the Manquiri Notes Receivable and $1.9 million on the NSR, which is included in Other, net . See Note 10 -- Fair Value Measurements for additional detail. |
Additional Balance Sheet Detail
Additional Balance Sheet Detail and Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | ADDITIONAL BALANCE SHEET DETAIL AND SUPPLEMENTAL CASH FLOW INFORMATION Accrued liabilities and other consist of the following: In thousands September 30, 2018 December 31, 2017 Accrued salaries and wages $ 18,677 $ 26,559 Income and mining taxes 1,252 25,788 Silvertip contingent consideration 24,847 24,393 Accrued operating costs 11,883 12,323 Taxes other than income and mining 3,378 4,354 Accrued interest payable 5,363 1,513 Accrued liabilities and other $ 65,400 $ 94,930 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows for the three and nine months ended September 30, 2018 and 2017: In thousands September 30, 2018 September 30, 2017 Cash and cash equivalents $ 104,746 $ 195,654 Restricted cash equivalents 12,534 11,360 Total cash, cash equivalents and restricted cash shown in the statement of cash flows 117,280 207,014 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On October 1, 2018 the Company completed its acquisition of Northern Empire Resources Corp. (“Northern Empire”). Upon completion of the acquisition, each share of Northern Empire common stock issued and outstanding immediately prior to the effective time of the Plan of Arrangement, excluding shares owned by the Company, was exchanged for shares of the Company’s common stock at a ratio of 0.1850 shares of Company common stock for each Northern Empire common share. Approximately 12.1 million Coeur shares were issued to Northern Empire shareholders (other than the Company) upon closing of the acquisition, representing aggregate value of approximately $63.9 million as of the closing date. Prior to the acquisition, the Company had an existing investment valued at $4.5 million in Northern Empire. See Note 13 -- Investments for additional detail. On October 15, 2018 the Company entered into an Asset Purchase Agreement among the Company, Coeur Rochester, Inc. (“CRI”), Rye Patch Gold US Inc., a Nevada corporation (“RPG”), and Alio Gold Inc., a British Columbia corporation, pursuant to which CRI will acquire all of RPG’s rights, titles, and interests in and to certain real property assets and patented and unpatented mining claims located in Pershing County, Nevada (collectively, the “RPG Assets”). In consideration for the RPG Assets, the Company will pay RPG consideration of $19.0 million in shares of Company common stock calculated using a five -day volume-weighted average price of Company common stock for a five -trading day period ending on the third trading day immediately preceding the closing (the “Shares”). Closing of the acquisition is anticipated in the fourth quarter of 2018, subject to customary regulatory approvals and other conditions. On October 29, 2018, the Company and Bank of America, N.A., as administrative agent for the Facility lenders, entered into the First Amendment to Credit Agreement (the “Amendment”). Pursuant to the Amendment, the Facility was increased by $50.0 million to $250.0 million , and the term was extended by approximately one year and now has a maturity date of October 29, 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Revenue Recognition, Policy | Revenue Recognition On January 1, 2018, the Company adopted the updated revenue guidance applicable under ASC 606, - “ Revenue from Contracts with Customers ”. The new guidance creates a five-step framework to determine revenue recognition: 1. Identify the contract with the customer 2. Identify the performance obligations 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations 5. Recognize revenue when (or as) the entity satisfies a performance obligation The Company produces doré and concentrate that is shipped to third-party refiners and smelters, respectively, for processing. The Company enters into contracts to sell its metal to various third-party customers which may include the refiners and smelters that process the doré and concentrate. The Company’s performance obligation in these transactions is generally the transfer of metal to the customer. In the case of doré shipments, the Company generally sells refined metal at market prices agreed upon by both parties. The Company also has the right, but not the obligation, to sell a portion of the anticipated refined metal in advance of being fully refined. When the Company sells refined metal or advanced metal, the performance obligation is satisfied when the metal is delivered to the customer. Revenue and Costs Applicable to Sales are recorded on a gross basis under these contracts at the time the performance obligation is satisfied. Under the Company’s concentrate sales contracts with third-party smelters, metal prices are set on a specified future quotational period, typically one to three months, after the shipment date based on market prices. When the Company sells gold concentrate to the third-party smelters, the performance obligation is satisfied when the concentrate is loaded onto the third-party shipping vessel. The contracts, in general, provide for provisional payment based upon provisional assays and historical metal prices. Final settlement is based on the applicable price for the specified future quotational period and generally occurs 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 metal settlement. The Company also sells concentrate under off-take agreements to third-party customers that are responsible for arranging the smelting of the concentrate. Prices can be either be fixed or based on a quotational period. The quotational period varies by contract, but is generally a one-month period following the shipment of the concentrate. The performance obligation is satisfied when the concentrate is loaded onto the third-party shipping vessel. The off-take agreement allows for the Company to sell concentrate in advance of shipment and results in the customer taking ownership of the concentrate prior to shipment. The Company recognizes revenue from concentrate sales, net of treatment and refining charges, when it satisfies the performance obligation of transferring control of the concentrate to the customer. For doré and off-take sales, the Company may incur a finance charge related to advance sales that is not considered significant and, as such, is not considered a separate performance obligation. In addition, the Company has elected to treat freight costs as a fulfillment cost under ASC 606 and not as a separate performance obligation. The Company’s gold stream agreement with a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) provided for a $20.0 million deposit paid by Franco-Nevada in exchange for the right and obligation, commencing in 2016, to purchase 50% of a portion of Palmarejo gold production at the lesser of $800 or market price per ounce. Because there is no minimum obligation associated with the deposit, it is not considered financing, and each shipment is considered to be a separate performance obligation. The streaming agreement represents a contract liability under ASC 606, which requires the Company to ratably recognize a portion of the deposit as revenue for each gold ounce delivered to Franco-Nevada. The following table presents a rollforward of the Franco-Nevada contract liability balance: Three months ended September 30, Nine months ended September 30, In thousands 2018 2017 2018 2017 Opening Balance $ 13,799 $ 16,835 $ 14,883 $ 19,281 Revenue Recognized (582 ) $ (793 ) $ (1,666 ) $ (3,239 ) Closing Balance $ 13,217 $ 16,042 $ 13,217 $ 16,042 |
Recent Accounting Standards | Recent Accounting Standards In January 2017, the FASB issued ASU 2017-01, “ Business Combinations (Topic 805) - Clarifying the Definition of a Business, ” which clarifies the definition of a business to assist entities in the evaluation of acquisitions and disposals of assets or businesses. These changes became effective for the Company’s fiscal year beginning January 1, 2018 and did not materially impact the Company’s consolidated net income, financial position or cash flows. 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 became effective for the Company’s fiscal year beginning January 1, 2018 and resulted in the inclusion of restricted cash equivalents on the Consolidated Statements of Cash Flows of $12.5 million and $11.4 million at September 30, 2018 and 2017, respectively. 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 became effective for the Company’s fiscal year beginning January 1, 2018 and did not materially 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 and the Company plans to adopt it using the cumulative-effect adjustment transition method approved by the FASB in July 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 January 2016, the FASB issued ASU 2016-01, “ Recognition and Measurement of Financial Assets and Financial Liabilities, ” which requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income. This new guidance also updates certain disclosure requirements for these investments. These changes became effective for the Company’s fiscal year beginning January 1, 2018, and resulted in a reclassification of $2.6 million of unrealized holding gains and losses and deferred income taxes related to investments in equity securities from Accumulated other comprehensive income (loss) to Accumulated deficit in the Consolidated Balance Sheets on that date. Unrealized holding gains and losses related to investments in equity securities are now recognized in Fair value adjustments, net in the Consolidated Statements of Comprehensive Income (Loss). 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 became effective for the Company’s fiscal year beginning January 1, 2018 and did not materially impact the Company’s consolidated net income, financial position or cash flows. In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers ” , which has subsequently been amended several times, to update revenue guidance under the newly-created ASC 606. 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 became effective under the modified retrospective method of adoption for the Company’s fiscal year beginning January 1, 2018 and did not materially impact the Company’s consolidated net income, financial position or cash flows. |
Mining Properties Mining Proper
Mining Properties Mining Properties (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Capitalization of Internal Costs, Policy [Policy Text Block] | The determination of commercial production (or ready for intended use) was based on many factors requiring the exercise of judgment. Factors that were considered when determining if intended use had been achieved included achievement of continuous production or other output, mineral recoveries at or near expected levels, the absence of routine take-downs of the plant to address commissioning issues and fix problems, and the release of the commissioning team. Prior to commercial production, costs related to mine development, construction of long-lived assets, and inventory were capitalized; all other costs were expensed in the period incurred. Amortization of mining properties commenced when the mine reached commercial production. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Contract Liability | The following table presents a rollforward of the Franco-Nevada contract liability balance: Three months ended September 30, Nine months ended September 30, In thousands 2018 2017 2018 2017 Opening Balance $ 13,799 $ 16,835 $ 14,883 $ 19,281 Revenue Recognized (582 ) $ (793 ) $ (1,666 ) $ (3,239 ) Closing Balance $ 13,217 $ 16,042 $ 13,217 $ 16,042 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Financial information relating to the reporting segments | Financial information relating to the Company’s segments is as follows (in thousands): Three months ended September 30, 2018 Palmarejo Rochester Silvertip Kensington Wharf Other Total Revenue Metal sales $ 55,456 $ 35,524 $ 4,051 $ 29,771 $ 23,993 $ — $ 148,795 Costs and Expenses Costs applicable to sales (1) 31,554 27,548 11,535 28,241 17,979 — 116,857 Amortization 14,794 5,294 1,073 6,912 2,878 233 31,184 Exploration 3,195 51 2,333 1,640 63 875 8,157 Other operating expenses 771 4,362 148 333 699 9,537 15,850 Other income (expense) Fair value adjustments, net — — — — — 715 715 Interest expense, net (842 ) (115 ) 166 (248 ) (9 ) (4,770 ) (5,818 ) Other, net (1,010 ) 278 (447 ) (34 ) (422 ) (19,268 ) (20,903 ) Income and mining tax (expense) benefit (6,461 ) (83 ) 4,320 — (334 ) (1,227 ) (3,785 ) Income (loss) from continuing operations $ (3,171 ) $ (1,651 ) $ (6,999 ) $ (7,637 ) $ 1,609 $ (35,195 ) $ (53,044 ) Income (loss) from discontinued operations $ — $ — $ — $ — $ — $ — $ — Segment assets (2) $ 368,257 $ 252,291 $ 405,334 $ 225,161 $ 98,978 $ 79,079 $ 1,429,100 Capital expenditures $ 4,686 $ 3,582 $ 17,949 $ 11,960 $ 1,176 $ 119 $ 39,472 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Three months ended September 30, 2017 Palmarejo Rochester Kensington Wharf Other Total Revenue Metal sales $ 60,677 $ 31,156 $ 36,603 $ 31,334 $ 150 $ 159,920 Costs and Expenses Costs applicable to sales (1) 33,255 23,275 27,658 17,330 41 101,559 Amortization 16,414 4,591 7,864 3,223 308 32,400 Exploration 4,517 531 2,966 207 1,570 9,791 Other operating expenses 319 846 356 648 10,206 12,375 Other income (expense) Interest expense, net (112 ) (136 ) (113 ) (16 ) (3,218 ) (3,595 ) Other, net (218 ) (73 ) (28 ) 4 2,676 2,361 Income and mining tax (expense) benefit (7,898 ) 41 — (963 ) (5,469 ) (14,289 ) Income (loss) from continuing operations $ (2,056 ) $ 1,745 $ (2,382 ) $ 8,951 $ (17,986 ) $ (11,728 ) Income (loss) from discontinued operations $ — $ — $ — $ — $ (4,924 ) $ (4,924 ) Segment assets (2) $ 388,044 $ 253,477 $ 211,052 $ 103,843 $ 71,551 $ 1,027,967 Capital expenditures $ 5,540 $ 9,737 $ 10,144 $ 3,135 $ 426 $ 28,982 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Nine months ended September 30, 2018 Palmarejo Rochester Silvertip Kensington Wharf Other Total Revenue Metal sales $ 196,237 $ 102,689 $ 4,051 $ 101,806 $ 77,266 $ — $ 482,049 Costs and Expenses Costs applicable to sales (1) 92,960 76,304 11,535 91,098 52,546 — 324,443 Amortization 45,752 14,918 1,073 20,070 8,888 719 91,420 Exploration 10,363 296 2,439 4,625 73 3,473 21,269 Other operating expenses 2,252 6,149 173 981 2,052 28,542 40,149 Other income (expense) Fair value adjustments, net — — — — — 2,907 2,907 Interest expense, net (1,108 ) (338 ) (490 ) (722 ) (32 ) (15,111 ) (17,801 ) Other, net (2,399 ) 704 (25 ) (104 ) (379 ) (17,643 ) (19,846 ) Income and mining tax (expense) benefit (22,550 ) (917 ) 6,098 — (2,009 ) (73 ) (19,451 ) Income (loss) from continuing operations $ 18,853 $ 4,471 $ (5,586 ) $ (15,794 ) $ 11,287 $ (62,654 ) $ (49,423 ) Income (loss) from discontinued operations $ — $ — $ — $ — $ — $ 550 $ 550 Segment assets (2) $ 368,257 $ 252,291 $ 405,334 $ 225,161 $ 98,978 $ 79,079 $ 1,429,100 Capital expenditures $ 23,458 $ 6,884 $ 55,623 $ 34,032 $ 2,682 $ 303 $ 122,982 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Nine months ended September 30, 2017 Palmarejo Rochester Kensington Wharf Other Total Revenue Metal sales $ 191,616 $ 102,926 $ 110,134 $ 88,598 $ 1,740 $ 495,014 Costs and Expenses — Costs applicable to sales (1) 110,150 73,875 84,089 49,418 746 318,278 Amortization 50,995 15,345 25,389 8,883 1,215 101,827 Exploration 9,272 990 5,785 210 6,599 22,856 Other operating expenses 930 2,487 1,051 1,899 31,080 37,447 Other income (expense) Loss on debt extinguishment — — — — (9,342 ) (9,342 ) Fair value adjustments, net — (864 ) — — — (864 ) Interest expense, net (339 ) (386 ) (266 ) (52 ) (9,875 ) (10,918 ) Other, net (345 ) 2,239 (893 ) 429 25,704 27,134 Income and mining tax (expense) benefit (22,313 ) (413 ) — (2,980 ) 1,666 (24,040 ) Income (loss) from continuing operations $ (2,728 ) $ 10,805 $ (7,339 ) $ 25,585 $ (29,747 ) $ (3,424 ) Income (loss) from discontinued operations $ — $ — $ — $ — $ (5,520 ) $ (5,520 ) Segment assets (2) $ 388,044 $ 253,477 $ 211,052 $ 103,843 $ 71,551 $ 1,027,967 Capital expenditures $ 22,972 $ 34,121 $ 24,314 $ 5,493 $ 2,780 $ 89,680 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests Assets September 30, 2018 December 31, 2017 Total assets for reportable segments $ 1,429,100 $ 1,344,553 Cash and cash equivalents 104,746 192,032 Other assets 64,531 164,590 Total consolidated assets $ 1,598,377 $ 1,701,175 |
Consolidated Assets | Assets September 30, 2018 December 31, 2017 Total assets for reportable segments $ 1,429,100 $ 1,344,553 Cash and cash equivalents 104,746 192,032 Other assets 64,531 164,590 Total consolidated assets $ 1,598,377 $ 1,701,175 |
Long Lived Assets by Country | Geographic Information Long-Lived Assets September 30, 2018 December 31, 2017 Mexico $ 351,509 $ 370,188 United States 398,614 377,768 Canada 392,470 331,440 Other 8,321 4,910 Total $ 1,150,914 $ 1,084,306 |
Revenue by Country | Revenue Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 United States $ 89,289 $ 99,093 $ 281,762 $ 301,658 Mexico 55,455 60,677 196,236 191,616 Canada 4,051 — 4,051 — Australia — 150 — 1,740 Total $ 148,795 $ 159,920 $ 482,049 $ 495,014 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock-based Compensation, Stock Options and Stock Appreciation Rights Award Activity | The following table summarizes the grants awarded during the nine months ended September 30, 2018 : Grant date Restricted stock Grant date fair value of restricted stock Stock options Grant date fair value of stock options Performance shares Grant date fair value of performance shares March 5, 2018 31,887 $ 7.84 — $ — — $ — May 9, 2018 868,134 $ 7.90 14,310 $ 4.09 408,179 $ 7.39 The following options and stock appreciation rights were exercisable during the nine months ended September 30, 2018 : Award Type Number of Exercised Units Weighted Average Exercised Price Number of Exercisable Units Weighted Average Stock options 159,069 $ 3.35 315,032 $ 15.06 Stock appreciation rights — $ — 42,152 $ 14.14 |
Reclamation (Tables)
Reclamation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Changes to the Company’s asset retirement obligations for its operating sites are as follows: Three months ended September 30, Nine months ended September 30, In thousands 2018 2017 2018 2017 Asset retirement obligation - Beginning $122,907 $90,002 $ 118,799 $ 86,754 Accretion 2,830 2,167 8,141 6,347 Additions and changes in estimates — 3,116 — 3,116 Settlements (1,171 ) (656 ) (2,374 ) (1,588 ) Asset retirement obligation - Ending $124,566 $94,629 $ 124,566 $ 94,629 |
Other, Net (Tables)
Other, Net (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Other, net consists of the following: Three months ended September 30, Nine months ended September 30, In thousands 2018 2017 2018 2017 Foreign exchange gain (loss) $ (3,104 ) $ (39 ) $ (7,083 ) $ 1,953 Gain (loss) on sale of assets and investments (28 ) 878 316 (674 ) Write-down of Manquiri consideration (18,599 ) — (18,599 ) — Gain on sale of the Joaquin project — — — 21,138 Gain on repurchase of the Rochester royalty obligation — — — 2,332 Gain on sale of Endeavor stream and other royalties — 1,172 — 1,172 Mexico inflation adjustment — — 1,939 — Other 828 350 3,581 1,213 Other, net $ (20,903 ) $ 2,361 $ (19,846 ) $ 27,134 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three months ended September 30, Nine months ended September 30, In thousands except per share amounts 2018 2017 2018 2017 Net income (loss) available to common stockholders: Income (loss) from continuing operations $ (53,044 ) $ (11,728 ) $ (49,423 ) $ (3,424 ) Income (loss) from discontinued operations — (4,924 ) 550 (5,520 ) $ (53,044 ) $ (16,652 ) $ (48,873 ) $ (8,944 ) Weighted average shares: Basic 185,246 179,278 184,935 179,141 Effect of stock-based compensation plans — — — — Diluted 185,246 179,278 184,935 179,141 Basic income (loss) per share: Income (loss) from continuing operations $ (0.29 ) $ (0.07 ) $ (0.27 ) $ (0.02 ) Income (loss) from discontinued operations 0.00 (0.03 ) 0.00 (0.03 ) Basic (1) $ (0.29 ) $ (0.09 ) $ (0.26 ) $ (0.05 ) Diluted income (loss) per share: Income (loss) from continuing operations $ (0.29 ) $ (0.07 ) $ (0.27 ) $ (0.02 ) Income (loss) from discontinued operations 0.00 (0.03 ) 0.00 (0.03 ) Diluted (1) $ (0.29 ) $ (0.09 ) $ (0.26 ) $ (0.05 ) |
Income and Mining Taxes (Tables
Income and Mining Taxes (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The following table summarizes the components of Income and mining tax (expense) benefit for the three and nine months ended September 30, 2018 and 2017 by significant jurisdiction: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 In thousands Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit Income (loss) before tax Tax (expense) benefit United States $ (35,250 ) $ (908 ) $ (6,055 ) $ (2,892 ) $ (45,397 ) $ (2,700 ) $ 8,036 $ (4,072 ) Argentina (2,058 ) (75 ) 738 (366 ) (1,985 ) (172 ) 281 1,704 Canada (13,194 ) 4,432 — — (17,103 ) 6,476 — — Mexico 1,419 (7,234 ) 3,210 (9,057 ) 35,088 (23,055 ) 9,665 (23,745 ) Other jurisdictions (176 ) — 4,668 (1,974 ) (575 ) — 2,634 2,073 $ (49,259 ) $ (3,785 ) $ 2,561 $ (14,289 ) $ (29,972 ) $ (19,451 ) $ 20,616 $ (24,040 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Adjustments to Comprehensive income (Loss) | Three months ended September 30, Nine months ended September 30, In thousands 2018 2017 2018 2017 Rochester royalty obligation $ — $ — $ — $ (864 ) Interest rate swap 206 — 18 — Unrealized gain (loss) on equity securities 286 — (2,898 ) — Realized gain (loss) on equity securities (3 ) — 5,199 — Zinc options 226 — 588 — Fair value adjustments, net $ 715 $ — $ 2,907 $ (864 ) |
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 September 30, 2018 In thousands Total Level 1 Level 2 Level 3 Assets: Equity and debt securities $ 24,232 $ 19,665 $ — $ 4,567 Other derivative instruments, net 507 — 507 — $ 24,739 $ 19,665 $ 507 $ 4,567 Liabilities: Silvertip contingent consideration $ 48,945 $ — $ — $ 48,945 Other derivative instruments, net 267 — 267 — $ 49,212 $ — $ 267 $ 48,945 Fair Value at December 31, 2017 In thousands Total Level 1 Level 2 Level 3 Assets: Equity and debt securities $ 34,837 $ 27,946 $ — $ 6,891 Other derivative instruments, net 251 — 251 — $ 35,088 $ 27,946 $ 251 $ 6,891 Liabilities: Silvertip contingent consideration $ 47,965 $ — $ — $ 47,965 Other derivative instruments, net 222 — 222 — $ 48,187 $ — $ 222 $ 47,965 |
Changes in the fair value of the Company's Level 3 financial liabilities | The following tables present the changes in the fair value of the Company's Level 3 financial assets and liabilities for the three and nine months ended September 30, 2018 : Three Months Ended September 30, 2018 In thousands Balance at the beginning of the period Revaluation Settlements Accretion Balance at the Assets: Equity and debt securities $ 6,227 $ 193 $ (1,853 ) $ — $ 4,567 Liabilities: Silvertip contingent consideration $ 48,616 $ — $ — $ 329 $ 48,945 Nine Months Ended September 30, 2018 In thousands Balance at the beginning of the period Revaluation Settlements Accretion Balance at the end of the period Assets: Equity and debt securities $ 6,891 $ (172 ) $ (2,152 ) $ — $ 4,567 Liabilities: Silvertip contingent consideration $ 47,965 $ — $ — $ 980 $ 48,945 |
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 September 30, 2018 and December 31, 2017 is presented in the following table: September 30, 2018 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Assets: Manquiri Notes Receivable $ 9,207 $ 9,207 $ — $ — $ 9,207 Liabilities: 5.875% Senior Notes due 2024 (1) $ 245,662 $ 235,725 $ — $ 235,725 $ — Revolving Credit Facility (2) $ 120,000 $ 120,000 $ — $ 120,000 $ — (1) Net of unamortized debt issuance costs of $4.3 million . (2) Unamortized debt issuance costs of $1.5 million included in Other Non-Current Assets . December 31, 2017 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 5.875% Senior Notes due 2024 (1) $ 245,088 $ 243,913 $ — $ 243,913 $ — Revolving Credit Facility (2) $ 100,000 $ 100,000 $ — $ 100,000 $ — (1) Net of unamortized debt issuance costs of $4.9 million . (2) Unamortized debt issuance costs of $1.9 million included in Other Non-Current Assets . |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments, future settlement | At September 30, 2018 , the Company had the following derivative instruments that settle as follows: In thousands except average prices and notional ounces 2018 Thereafter Provisional silver sales contracts $ 1,444 $ — Average silver price per ounce $ 14.61 $ — Notional ounces 98,832 — Provisional gold sales contracts $ 14,802 $ — Average gold price per ounce $ 1,224 $ — Notional ounces 12,089 — Provisional zinc sales contracts $ 2,123 $ — Average zinc price per pound $ 1.20 $ — Notional pounds 1,772,075 — Provisional lead sales contracts $ 1,130 $ — Average lead price per pound $ 0.92 $ — Notional pound 1,230,193 — Zinc put options purchased $ 2,700 $ — Average zinc strike price per metric ton $ 3,000 $ — Notional metric tons 900 — Zinc call options sold $ (3,645 ) $ — Average zinc strike price per metric ton $ 4,050 $ — Notional metric tons 900 — Fixed interest rate swap payable $ 960 $ — Fixed Interest rate 2.46 % — Notional dollars $ 50,000 $ — Variable interest rate swap receivable $ 979 $ — Average variable interest rate 2.51 % $ — Notional dollars $ 50,000 $ — |
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments: September 30, 2018 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 310 $ 267 Zinc options 339 — Interest rate swaps 68 — $ 717 $ 267 December 31, 2017 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 251 $ 222 |
Gain losses on derivative instruments | The following represent mark-to-market gains (losses) on derivative instruments for the three and nine months ended September 30, 2018 and 2017, respectively (in thousands): Three months ended September 30, Nine months ended September 30, Financial statement line Derivative 2018 2017 2018 2017 Revenue Provisional metal sales contracts $ 34 $ 147 $ 15 $ 596 Fair value adjustments, net Zinc options 225 — 588 — Fair value adjustments, net Interest rate swaps 206 — 18 — $ 465 $ 147 $ 621 $ 596 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price and Acquired Assets and Liabilities | The preliminary purchase price allocation is as follows (in thousands): Common shares issued (4,191,679 at $8.59) $ 36,007 Cash 153,194 Contingent consideration 47,705 Total purchase price (1) $ 236,906 Assets: Receivables and other assets $ 6,828 Property, plant, and equipment 29,943 Mining properties, net 288,464 325,235 Liabilities: Accounts payable and accrued liabilities 13,077 Asset retirement obligation 6,982 Debt and capital lease 20,149 Deferred income taxes 48,121 88,329 Net assets acquired $ 236,906 (1) Purchase price has been adjusted for restricted cash acquired due to the adoption of ASU 2016-01. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investment in Marketable Securities [Abstract] | |
Investments | At September 30, 2018 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity Securities Metalla Royalty & Streaming Ltd. 8,147 — 2,113 10,260 Northern Empire Resources Corp. (1) 4,489 — 2,716 7,205 Rockhaven Resources, Ltd. 2,064 (538 ) — 1,526 Other 1,390 (716 ) — 674 Equity securities $ 16,090 $ (1,254 ) $ 4,829 $ 19,665 Debt Securities Metalla Royalty & Streaming Ltd. $ 4,825 $ (258 ) $ — $ 4,567 Equity and debt securities $ 20,915 $ (1,512 ) $ 4,829 $ 24,232 (1) In October 2018, the Company acquired the remaining outstanding shares of Norther Empire Resources Corp. not already owned by the Company. See Note 23 -- Subsequent Events for additional detail. At December 31, 2017 In thousands Cost Gross Unrealized Losses Gross Unrealized Gains Estimated Fair Value Equity Securities Metalla Royalty & Streaming Ltd. $ 6,294 $ — $ 1,354 $ 7,648 Corvus Gold Inc. 3,582 — 4,518 8,100 Almaden Minerals, Ltd. 3,125 (235 ) — 2,890 Northern Empire Resources Corp. 4,489 — 1,077 5,566 Rockhaven Resources, Ltd. 2,064 (193 ) — 1,871 Kootenay Silver, Inc. 738 — 1 739 Other 1,479 (453 ) 405 1,431 Equity securities $ 21,771 $ (881 ) $ 7,355 $ 28,245 Debt Securities Metalla Royalty & Streaming Ltd. $ 6,677 $ (85 ) $ — $ 6,592 Equity and debt securities $ 28,448 $ (966 ) $ 7,355 $ 34,837 |
Unrealized Gain (Loss) on Investments [Table Text Block] | The following table presents the disaggregated gain (loss) on equity securities recognized in Income (loss) from continuing operations on the Condensed Consolidated Statements of Comprehensive Income: Three months ended September 30, Nine months ended September 30, In thousands 2018 2017 2018 2017 Net gain (loss) $ 283 $ (32 ) $ 2,301 $ (1,300 ) Less: Realized (gain) loss 3 32 (5,199 ) 1,300 Unrealized gain (loss) $ 286 $ — $ (2,898 ) $ — |
Schedule of Unrealized Loss on Investments [Table Text Block] | The following table summarizes unrealized losses on debt securities for which other-than-temporary impairments have not been recognized and the fair values of those securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at September 30, 2018 : Less than twelve months Twelve months or more Total In thousands Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Debt securities — — 257 4,568 257 4,568 |
Receivables (Tables)
Receivables (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Receivables | Receivables consist of the following: In thousands September 30, 2018 December 31, 2017 Current receivables: Trade receivables $ 5,965 $ 5,883 Value added tax receivable 13,406 10,982 Manquiri Notes Receivable 9,207 — Other 1,902 2,204 $ 30,480 $ 19,069 Non-current receivables: Value added tax receivable $ 28,035 $ 28,750 28,035 28,750 Total receivables $ 58,515 $ 47,819 |
Inventory and Ore on Leach Pa_2
Inventory and Ore on Leach Pads (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventory consists of the following: In thousands September 30, 2018 December 31, 2017 Inventory: Concentrate $ 8,778 $ 6,831 Precious metals 20,116 18,803 Supplies 33,675 32,596 62,569 58,230 Ore on leach pads: Current 77,515 73,752 Non-current 67,420 65,393 144,935 139,145 Total inventory and ore on leach pads $ 207,504 $ 197,375 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment consist of the following: In thousands September 30, 2018 December 31, 2017 Land $ 9,082 $ 9,408 Facilities and equipment 583,459 554,160 Assets under capital leases 109,042 82,753 701,583 646,321 Accumulated amortization (1) (474,431 ) (448,001 ) 227,152 198,320 Construction in progress 58,719 56,417 Property, plant and equipment, net $ 285,871 $ 254,737 (1) Includes $44.9 million and $28.2 million of accumulated amortization related to assets under capital leases at September 30, 2018 and December 31, 2017, respectively. |
Mining Properties (Tables)
Mining Properties (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Mining Properties [Abstract] | |
Mining Properties | Mining properties consist of the following (in thousands): September 30, 2018 Palmarejo Rochester Silvertip Kensington Wharf La Preciosa Other Total Mine development $ 233,562 $ 196,143 $ 105,320 $ 322,901 $ 41,498 $ — $ — $ 899,424 Accumulated amortization (159,120 ) (149,729 ) (389 ) (191,026 ) (17,811 ) — — (518,075 ) 74,442 46,414 104,931 131,875 23,687 — — 381,349 Mineral interests 629,303 — 245,116 — 45,837 49,085 5,171 974,512 Accumulated amortization (463,565 ) — (988 ) — (25,843 ) — (422 ) (490,818 ) 165,738 — 244,128 — 19,994 49,085 4,749 483,694 Mining properties, net $ 240,180 $ 46,414 $ 349,059 $ 131,875 $ 43,681 $ 49,085 $ 4,749 $ 865,043 December 31, 2017 Palmarejo Rochester Silvertip Kensington Wharf La Preciosa Total Mine development $ 214,383 $ 193,881 $ 57,214 $ 298,749 $ 40,618 $ — $ 804,845 Accumulated amortization (146,598 ) (144,390 ) — (178,632 ) (15,748 ) — (485,368 ) 67,785 49,491 57,214 120,117 24,870 — 319,477 Mineral interests 629,303 — 245,116 — 45,837 49,085 969,341 Accumulated amortization (435,215 ) — — — (24,034 ) — (459,249 ) 194,088 — 245,116 — 21,803 49,085 510,092 Mining properties, net $ 261,873 $ 49,491 $ 302,330 $ 120,117 $ 46,673 $ 49,085 $ 829,569 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long term debt and capital lease obligations | September 30, 2018 December 31, 2017 In thousands Current Non-Current Current Non-Current 2024 Senior Notes, net (1) $ — $ 245,662 $ — $ 245,088 Revolving Credit Facility (2) — 120,000 — 100,000 Capital lease obligations 22,696 40,832 16,559 35,481 Silvertip debt obligation — — 14,194 — $ 22,696 $ 406,494 $ 30,753 $ 380,569 (1) Net of unamortized debt issuance costs of $4.3 million and $4.9 million at September 30, 2018 and December 31, 2017 , respectively. (2) Unamortized debt issuance costs of $1.5 million and $1.9 million at September 30, 2018 and December 31, 2017 , respectively, included in Other Non-Current Assets . |
Interest expenses incurred for various debt instruments | Interest Expense Three months ended September 30, Nine months ended September 30, In thousands 2018 2017 2018 2017 2024 Senior Notes $ 3,672 $ 3,672 $ 11,016 $ 4,937 2021 Senior Notes — — — 6,221 Revolving Credit Facility 1,515 — 4,035 — Capital lease obligations 512 402 1,551 1,092 Amortization of debt issuance costs 323 180 972 518 Accretion of debt premium — — — (71 ) Accretion of Silvertip contingent consideration 329 — 980 — Other debt obligations 196 13 312 30 Capitalized interest (729 ) (672 ) (1,065 ) (1,809 ) Total interest expense, net of capitalized interest $ 5,818 $ 3,595 $ 17,801 $ 10,918 |
Supplemental Guarantor Inform_2
Supplemental Guarantor Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED SEPTEMBER 30, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 89,289 $ 59,506 $ — $ 148,795 COSTS AND EXPENSES Costs applicable to sales (1) — 73,768 43,089 — 116,857 Amortization 232 15,084 15,868 — 31,184 General and administrative 7,682 3 44 — 7,729 Exploration 383 2,245 5,529 — 8,157 Pre-development, reclamation, and other 1,302 5,456 1,363 — 8,121 Total costs and expenses 9,599 96,556 65,893 — 172,048 OTHER INCOME (EXPENSE), NET Fair value adjustments, net 745 (30 ) — — 715 Other, net (14,194 ) (189 ) (2,599 ) (3,921 ) (20,903 ) Interest expense, net of capitalized interest (5,445 ) (372 ) (3,922 ) 3,921 (5,818 ) Total other income (expense), net (18,894 ) (591 ) (6,521 ) — (26,006 ) Income (loss) from continuing operations before income and mining taxes (28,493 ) (7,858 ) (12,908 ) — (49,259 ) Income and mining tax (expense) benefit (430 ) (489 ) (2,866 ) — (3,785 ) Income (loss) from continuing operations (28,923 ) (8,347 ) (15,774 ) — (53,044 ) Equity income (loss) in consolidated subsidiaries (24,122 ) (47 ) (174 ) 24,343 — Income (loss) from discontinued operations — — — — — NET INCOME (LOSS) $ (53,045 ) $ (8,394 ) $ (15,948 ) $ 24,343 $ (53,044 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt securities, net of tax 192 — — — 192 COMPREHENSIVE INCOME (LOSS) $ (52,853 ) $ (8,394 ) $ (15,948 ) $ 24,343 $ (52,852 ) (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) THREE MONTHS ENDED SEPTEMBER 30, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 99,093 $ 60,827 $ — $ 159,920 COSTS AND EXPENSES Costs applicable to sales (1) — 68,267 33,292 — 101,559 Amortization 286 15,678 16,436 — 32,400 General and administrative 7,250 6 89 — 7,345 Exploration 466 4,582 4,743 — 9,791 Pre-development, reclamation, and other 1,030 1,922 2,078 — 5,030 Total costs and expenses 9,032 90,455 56,638 — 156,125 OTHER INCOME (EXPENSE), NET Other, net 2,868 (4,603 ) 5,509 (1,413 ) 2,361 Interest expense, net of capitalized interest (3,220 ) (264 ) (1,524 ) 1,413 (3,595 ) Total other income (expense), net (352 ) (4,867 ) 3,985 — (1,234 ) Income (loss) from continuing operations before income and mining taxes (9,384 ) 3,771 8,174 — 2,561 Income and mining tax (expense) benefit (8,091 ) (574 ) (5,624 ) — (14,289 ) Income (loss) from continuing operations (17,475 ) 3,197 2,550 — (11,728 ) Equity income (loss) in consolidated subsidiaries 823 (1,755 ) (304 ) 1,236 — Income (loss) from discontinued operations — — (4,924 ) — (4,924 ) NET INCOME (LOSS) $ (16,652 ) $ 1,442 $ (2,678 ) $ 1,236 $ (16,652 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt securities, net of tax 1,066 1,504 — (1,504 ) 1,066 Reclassification adjustments for impairment of equity securities, net of tax — (852 ) — 852 — Reclassification adjustments for realized gain (loss) on sale of equity securities, net of tax 32 1,112 — (1,112 ) 32 Other comprehensive income (loss) 1,098 1,764 — (1,764 ) 1,098 COMPREHENSIVE INCOME (LOSS) $ (15,554 ) $ 3,206 $ (2,678 ) $ (528 ) $ (15,554 ) (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) NINE MONTHS ENDED SEPTEMBER 30, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 281,762 $ 200,287 $ — $ 482,049 COSTS AND EXPENSES Costs applicable to sales (1) — 219,948 104,495 — 324,443 Amortization 714 43,876 46,830 — 91,420 General and administrative 24,113 15 55 — 24,183 Exploration 1,168 7,289 12,812 — 21,269 Pre-development, reclamation, and other 1,912 9,391 4,663 — 15,966 Total costs and expenses 27,907 280,519 168,855 — 477,281 OTHER INCOME (EXPENSE), NET Fair value adjustments, net 3,335 (428 ) — 2,907 Other, net (4,890 ) 187 (3,607 ) (11,536 ) (19,846 ) Interest expense, net of capitalized interest (15,786 ) (1,092 ) (12,459 ) 11,536 (17,801 ) Total other income (expense), net (17,341 ) (1,333 ) (16,066 ) — (34,740 ) Income (loss) from continuing operations before income and mining taxes (45,248 ) (90 ) 15,366 — (29,972 ) Income and mining tax (expense) benefit 286 (2,997 ) (16,740 ) — (19,451 ) Income (loss) from continuing operations (44,962 ) (3,087 ) (1,374 ) — (49,423 ) Equity income (loss) in consolidated subsidiaries (4,922 ) (113 ) (590 ) 5,625 — Income (loss) from discontinued operations 1,010 (284 ) (176 ) — 550 NET INCOME (LOSS) $ (48,874 ) $ (3,484 ) $ (2,140 ) $ 5,625 $ (48,873 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt securities, net of tax (173 ) — — — (173 ) COMPREHENSIVE INCOME (LOSS) $ (49,047 ) $ (3,484 ) $ (2,140 ) $ 5,625 $ (49,046 ) (1) Excludes amortization. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) NINE MONTHS ENDED SEPTEMBER 30, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenue $ — $ 301,658 $ 193,356 $ — $ 495,014 COSTS AND EXPENSES Costs applicable to sales (1) — 207,385 110,893 — 318,278 Amortization 908 49,617 51,302 — 101,827 General and administrative 24,316 26 153 — 24,495 Exploration 1,197 9,526 12,133 — 22,856 Pre-development, reclamation, and other 1,803 5,593 5,556 — 12,952 Total costs and expenses 28,224 272,147 180,037 — 480,408 OTHER INCOME (EXPENSE), NET Loss on debt extinguishments (9,342 ) — — — (9,342 ) Fair value adjustments, net — (864 ) — — (864 ) Other, net 20,090 3,332 7,951 (4,239 ) 27,134 Interest expense, net of capitalized interest (9,876 ) (703 ) (4,578 ) 4,239 (10,918 ) Total other income (expense), net 872 1,765 3,373 — 6,010 Income (loss) from continuing operations before income and mining taxes (27,352 ) 31,276 16,692 — 20,616 Income and mining tax (expense) benefit (3,108 ) (3,946 ) (16,986 ) — (24,040 ) Income (loss) from continuing operations (30,460 ) 27,330 (294 ) — (3,424 ) Equity income (loss) in consolidated subsidiaries 21,516 (546 ) (609 ) (20,361 ) — Income (loss) from discontinued operations — — (5,520 ) — (5,520 ) NET INCOME (LOSS) $ (8,944 ) $ 26,784 $ (6,423 ) $ (20,361 ) $ (8,944 ) OTHER COMPREHENSIVE INCOME (LOSS), net of tax: Unrealized gain (loss) on debt and equity securities, net of tax (1,134 ) 756 — (756 ) (1,134 ) Reclassification adjustments for impairment of equity securities, net of tax 426 (426 ) — 426 426 Reclassification adjustments for realized loss on sale of equity securities, net of tax 1,300 540 — (540 ) 1,300 Other comprehensive income (loss) 592 870 — (870 ) 592 COMPREHENSIVE INCOME (LOSS) $ (8,352 ) $ 27,654 $ (6,423 ) $ (21,231 ) $ (8,352 ) (1) Excludes amortization. |
Condensed Cash Flow Statement | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED SEPTEMBER 30, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) activities of continuing operations $ (37,112 ) $ 7,058 $ 11,500 $ 24,343 5,789 Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (37,112 ) 7,058 11,500 24,343 5,789 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (119 ) (16,720 ) (22,633 ) — (39,472 ) Proceeds from the sale of assets — 304 89 — 393 Purchase of investments (15 ) — — — (15 ) Sales of investments (126 ) 48 — — (78 ) Proceeds from notes receivable 15,000 — — — 15,000 Other 124 — (60 ) — 64 Investments in consolidated subsidiaries 24,121 56 166 (24,343 ) — Cash provided by (used in) activities of continuing operations 38,985 (16,312 ) (22,438 ) (24,343 ) (24,108 ) Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 38,985 (16,312 ) (22,438 ) (24,343 ) (24,108 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings, net of issuance costs 25,000 — — — 25,000 Payments on debt, capital leases, and associated costs (20,000 ) (3,535 ) (1,998 ) — (25,533 ) Net intercompany financing activity (7,130 ) (4,844 ) 11,974 — — Other (77 ) — — — (77 ) Cash provided by (used in) activities of continuing operations (2,207 ) (8,379 ) 9,976 — (610 ) Cash provided by (used in) activities of discontinued operations — — — — — CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (2,207 ) (8,379 ) 9,976 — (610 ) Effect of exchange rate changes on cash and cash equivalents — (2 ) 185 — 183 Less net cash provided by (used in) discontinued operations — — — — — NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (334 ) (17,635 ) (777 ) — (18,746 ) Cash, cash equivalents and restricted cash at beginning of period 24,232 40,200 71,594 — 136,026 Cash, cash equivalents and restricted cash at end of period $ 23,898 $ 22,565 $ 70,817 $ — $ 117,280 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS THREE MONTHS ENDED SEPTEMBER 30, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) activities of continuing operations $ (8,682 ) $ 27,407 $ 17,348 $ 1,236 37,309 Cash provided by (used in) activities of discontinued operations — — (7,877 ) — (7,877 ) CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (8,682 ) 27,407 9,471 1,236 29,432 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (318 ) (23,016 ) (5,648 ) — (28,982 ) Proceeds from the sale of assets — 76 940 — 1,016 Purchase of investments (3,594 ) (1 ) — — (3,595 ) Sales of investments — 403 — — 403 Other (4,252 ) — (67 ) — (4,319 ) Investments in consolidated subsidiaries 3,432 7,144 (9,340 ) (1,236 ) — Cash provided by (used in) activities of continuing operations (4,732 ) (15,394 ) (14,115 ) (1,236 ) (35,477 ) Cash provided by (used in) activities of discontinued operations — — (412 ) — (412 ) CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (4,732 ) (15,394 ) (14,527 ) (1,236 ) (35,889 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings (2,257 ) — — — (2,257 ) Payments on debt, capital leases, and associated costs — (1,894 ) (1,429 ) — (3,323 ) Net intercompany financing activity 9,266 (12,370 ) 3,104 — — Other (6 ) — — — (6 ) Cash provided by (used in) activities of continuing operations 7,003 (14,264 ) 1,675 — (5,586 ) Cash provided by (used in) activities of discontinued operations — — (21 ) — (21 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 7,003 (14,264 ) 1,654 — (5,607 ) Effect of exchange rate changes on cash and cash equivalents — 3 (225 ) — (222 ) Less net cash provided by (used in) discontinued operations — — (8,491 ) — (8,491 ) NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (6,411 ) (2,248 ) 4,864 — (3,795 ) Cash, cash equivalents and restricted cash at beginning of period 113,708 47,912 49,189 — 210,809 Cash, cash equivalents and restricted cash at end of period $ 107,297 $ 45,664 $ 54,053 $ — $ 207,014 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS NINE MONTHS ENDED SEPTEMBER 30, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) activities of continuing operations $ (36,687 ) $ 33,173 $ 17,925 $ 5,625 20,036 Cash provided by (used in) activities of discontinued operations — — (2,690 ) — (2,690 ) CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (36,687 ) 33,173 15,235 5,625 17,346 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (303 ) (43,598 ) (79,081 ) — (122,982 ) Proceeds from the sale of assets 23 437 89 — 549 Purchase of investments (415 ) — — — (415 ) Sales of investments 11,694 988 — — 12,682 Proceeds from notes receivable 15,000 — — — 15,000 Other 45 109 (188 ) — (34 ) Investments in consolidated subsidiaries 4,922 121 582 (5,625 ) — Cash provided by (used in) activities of continuing operations 30,966 (41,943 ) (78,598 ) (5,625 ) (95,200 ) Cash provided by (used in) activities of discontinued operations — — (28,470 ) — (28,470 ) CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 30,966 (41,943 ) (107,068 ) (5,625 ) (123,670 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings, net of issuance costs 40,000 — — — 40,000 Payments on debt, capital leases, and associated costs (20,000 ) (8,462 ) (19,893 ) — (48,355 ) Net intercompany financing activity (41,498 ) (12,436 ) 53,934 — — Other (4,916 ) — — — (4,916 ) Cash provided by (used in) activities of continuing operations (26,414 ) (20,898 ) 34,041 — (13,271 ) Cash provided by (used in) activities of discontinued operations — — (22 ) — (22 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (26,414 ) (20,898 ) 34,019 — (13,293 ) Effect of exchange rate changes on cash and cash equivalents — (6 ) 571 — 565 Less net cash provided by (used in) discontinued operations — — (32,930 ) — (32,930 ) NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (32,135 ) (29,674 ) (24,313 ) — (86,122 ) Cash, cash equivalents and restricted cash at beginning of period 56,033 52,239 95,130 — 203,402 Cash, cash equivalents and restricted cash at end of period $ 23,898 $ 22,565 $ 70,817 $ — $ 117,280 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS NINE MONTHS ENDED SEPTEMBER 30, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Cash provided by (used in) activities of continuing operations $ (18,502 ) $ 59,434 $ 84,778 $ (20,361 ) 105,349 Cash provided by (used in) activities of discontinued operations — — 8,633 — 8,633 CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (18,502 ) 59,434 93,411 (20,361 ) 113,982 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (1,626 ) (63,928 ) (24,126 ) — (89,680 ) Proceeds from the sale of assets 8,917 6,670 884 — 16,471 Purchase of investments (13,558 ) (1 ) — — (13,559 ) Sales of investments 9,157 2,164 — — 11,321 Other (4,197 ) — (188 ) — (4,385 ) Investments in consolidated subsidiaries (9,572 ) 7,897 (18,686 ) 20,361 — Cash provided by (used in) activities of continuing operations (10,879 ) (47,198 ) (42,116 ) 20,361 (79,832 ) Cash provided by (used in) activities of discontinued operations — — (1,175 ) — (1,175 ) CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (10,879 ) (47,198 ) (43,291 ) 20,361 (81,007 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of notes and bank borrowings 242,701 — — — 242,701 Payments on debt, capital leases, and associated costs (185,538 ) (5,789 ) (4,112 ) — (195,439 ) Net intercompany financing activity 16,904 (10,809 ) (6,095 ) — — Other (3,726 ) — — — (3,726 ) Cash provided by (used in) activities of continuing operations 70,341 (16,598 ) (10,207 ) — 43,536 Cash provided by (used in) activities of discontinued operations — — (62 ) — (62 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 70,341 (16,598 ) (10,269 ) — 43,474 Effect of exchange rate changes on cash and cash equivalents — 3 659 — 662 Less net cash provided by (used in) discontinued operations — — (3,302 ) — (3,302 ) NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 40,960 (4,359 ) 43,812 — 80,413 Cash, cash equivalents and restricted cash at beginning of period 66,337 50,023 10,241 — 126,601 Cash, cash equivalents and restricted cash at end of period $ 107,297 $ 45,664 $ 54,053 $ — $ 207,014 |
Condensed Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET SEPTEMBER 30, 2018 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 11,432 $ 22,496 $ 70,818 $ — $ 104,746 Receivables 9,697 3,355 17,428 — 30,480 Ore on leach pads — 77,515 — — 77,515 Inventory — 28,751 33,818 — 62,569 Prepaid expenses and other 4,938 1,430 5,799 — 12,167 26,067 133,547 127,863 — 287,477 NON-CURRENT ASSETS Property, plant and equipment, net 2,893 176,645 106,333 — 285,871 Mining properties, net 4,753 221,969 638,321 — 865,043 Ore on leach pads — 67,420 — — 67,420 Restricted assets 14,359 227 6,775 — 21,361 Equity and debt securities 24,218 14 — — 24,232 Receivables — — 28,035 — 28,035 Net investment in subsidiaries 459,064 258 294 (459,616 ) — Other 297,919 11,846 3,897 (294,724 ) 18,938 TOTAL ASSETS $ 829,273 $ 611,926 $ 911,518 $ (754,340 ) $ 1,598,377 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 2,244 $ 21,697 $ 31,191 $ — $ 55,132 Other accrued liabilities 11,701 11,148 42,551 — 65,400 Debt — 16,913 5,783 — 22,696 Reclamation — 2,313 1,464 — 3,777 13,945 52,071 80,989 — 147,005 NON-CURRENT LIABILITIES Debt 365,662 33,022 302,534 (294,724 ) 406,494 Reclamation — 85,376 37,601 — 122,977 Deferred tax liabilities 5,179 4,928 88,784 — 98,891 Other long-term liabilities 2,627 3,178 49,422 — 55,227 Intercompany payable (receivable) (325,923 ) 305,823 20,100 — — 47,545 432,327 498,441 (294,724 ) 683,589 STOCKHOLDERS’ EQUITY Common stock 1,870 39,010 195,020 (234,030 ) 1,870 Additional paid-in capital 3,359,183 143,542 1,927,630 (2,071,172 ) 3,359,183 Accumulated deficit (2,593,012 ) (55,024 ) (1,790,562 ) 1,845,586 (2,593,012 ) Accumulated other comprehensive income (loss) (258 ) — — — (258 ) 767,783 127,528 332,088 (459,616 ) 767,783 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 829,273 $ 611,926 $ 911,518 $ (754,340 ) $ 1,598,377 CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2017 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 44,662 $ 52,239 $ 95,131 $ — $ 192,032 Receivables 137 7,922 11,010 — 19,069 Ore on leach pads — 73,752 — — 73,752 Inventory — 29,769 28,461 — 58,230 Prepaid expenses and other 7,824 2,816 4,413 — 15,053 Assets held for sale — — 91,421 — 91,421 52,623 166,498 230,436 — 449,557 NON-CURRENT ASSETS Property, plant and equipment, net 4,007 161,487 89,243 — 254,737 Mining properties, net — 216,281 613,288 — 829,569 Ore on leach pads — 65,393 — — 65,393 Restricted assets 13,251 227 7,369 — 20,847 Equity and debt securities 33,569 1,268 — — 34,837 Receivables — — 28,750 — 28,750 Net investment in subsidiaries 422,074 223 (18 ) (422,279 ) — Other 320,335 11,040 2,854 (316,744 ) 17,485 TOTAL ASSETS $ 845,859 $ 622,417 $ 971,922 $ (739,023 ) $ 1,701,175 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 3,607 $ 24,534 $ 20,451 $ — $ 48,592 Other accrued liabilities 13,205 19,262 62,463 — 94,930 Debt — 9,215 21,538 — 30,753 Reclamation — 2,313 1,464 — 3,777 Liabilities held for sale — — 50,677 — 50,677 16,812 55,324 156,593 — 228,729 NON-CURRENT LIABILITIES Debt 345,088 28,313 323,912 (316,744 ) 380,569 Reclamation — 82,021 35,034 — 117,055 Deferred tax liabilities 4,110 5,127 95,911 — 105,148 Other long-term liabilities 2,311 3,063 49,323 — 54,697 Intercompany payable (receivable) (337,439 ) 317,759 19,680 — — 14,070 436,283 523,860 (316,744 ) 657,469 STOCKHOLDERS’ EQUITY Common stock 1,856 19,630 195,020 (214,650 ) 1,856 Additional paid-in capital 3,357,345 149,194 1,885,046 (2,034,240 ) 3,357,345 Accumulated deficit (2,546,743 ) (34,551 ) (1,788,597 ) 1,823,148 (2,546,743 ) Accumulated other comprehensive income (loss) 2,519 (3,463 ) — 3,463 2,519 814,977 130,810 291,469 (422,279 ) 814,977 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 845,859 $ 622,417 $ 971,922 $ (739,023 ) $ 1,701,175 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Major Classes of Assets and Liabilities | The major classes of line items constituting the pretax profit or loss for the three and nine months ended September 30, 2018 and 2017 are as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Revenue $ — $ 16,043 $ 12,346 $ 60,441 COSTS AND EXPENSES Costs applicable to sales (1) — 17,365 12,269 58,979 Amortization — 1,430 — 5,053 General and administrative — 67 41 92 Exploration — 23 — 23 Pre-development, reclamation, and other — 2,931 265 3,956 OTHER INCOME (EXPENSE), NET Interest expense, net of capitalized interest — (11 ) (3 ) (23 ) Other, net — 804 (260 ) 1,305 Pretax profit (loss) on discontinued operations related to major classes of pretax profit (loss) — (4,980 ) (492 ) (6,380 ) Pretax gain on the disposal of the discontinued operation — — 1,525 — Total pretax gain or loss on discontinued operations — (4,980 ) 1,033 (6,380 ) Income and mining tax (expense) benefit — 56 (483 ) 860 Income (loss) from discontinued operations $ — $ (4,924 ) $ 550 $ (5,520 ) (1) Excludes amortization. |
Additional Balance Sheet Deta_2
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities and other consist of the following: In thousands September 30, 2018 December 31, 2017 Accrued salaries and wages $ 18,677 $ 26,559 Income and mining taxes 1,252 25,788 Silvertip contingent consideration 24,847 24,393 Accrued operating costs 11,883 12,323 Taxes other than income and mining 3,378 4,354 Accrued interest payable 5,363 1,513 Accrued liabilities and other $ 65,400 $ 94,930 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | he following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows for the three and nine months ended September 30, 2018 and 2017: In thousands September 30, 2018 September 30, 2017 Cash and cash equivalents $ 104,746 $ 195,654 Restricted cash equivalents 12,534 11,360 Total cash, cash equivalents and restricted cash shown in the statement of cash flows 117,280 207,014 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Summary of Unearned Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Contract Liabilities | ||||
Opening Balance | $ 13,799 | $ 16,835 | $ 14,883 | $ 19,281 |
Revenue Recognized | (582) | (793) | (1,666) | (3,239) |
Closing Balance | 13,217 | $ 16,042 | 13,217 | $ 16,042 |
Palmarejo Gold Stream Agreement, Deferred Revenue Unamortized Balance | $ 13,217 | $ 13,217 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | ||
Financial information relating to reporting segments | ||||||
Revenue | $ 148,795 | $ 159,920 | $ 482,049 | $ 495,014 | ||
Costs applicable to sales | [1] | 116,857 | 101,559 | 324,443 | 318,278 | |
Amortization | 31,184 | 32,400 | 91,420 | 101,827 | ||
Exploration | 8,157 | 9,791 | 21,269 | 22,856 | ||
Loss on debt extinguishments | 0 | 0 | 0 | (9,342) | ||
Other operating expenses | 15,850 | 12,375 | 40,149 | 37,447 | ||
Fair value adjustments, net, pretax | 715 | 0 | 2,907 | (864) | ||
Interest expense, net of capitalized interest | (5,818) | (3,595) | (17,801) | (10,918) | ||
Other, net | (20,903) | 2,361 | (19,846) | 27,134 | ||
Income and mining tax (expense) benefit | (3,785) | (14,289) | (19,451) | (24,040) | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (53,044) | (11,728) | (49,423) | (3,424) | ||
Income (loss) from discontinued operations | 0 | (4,924) | 550 | (5,520) | ||
Assets, Net | [2] | 1,429,100 | 1,027,967 | 1,429,100 | 1,027,967 | $ 1,344,553 |
Capital expenditures | 39,472 | 28,982 | 122,982 | 89,680 | ||
Palmarejo [Member] | ||||||
Financial information relating to reporting segments | ||||||
Revenue | 55,456 | 60,677 | 196,237 | 191,616 | ||
Costs applicable to sales | [1] | 31,554 | 33,255 | 92,960 | 110,150 | |
Amortization | 14,794 | 16,414 | 45,752 | 50,995 | ||
Exploration | 3,195 | 4,517 | 10,363 | 9,272 | ||
Loss on debt extinguishments | 0 | |||||
Other operating expenses | 771 | 319 | 2,252 | 930 | ||
Fair value adjustments, net, pretax | 0 | 0 | 0 | |||
Interest expense, net of capitalized interest | (842) | (112) | (1,108) | (339) | ||
Other, net | (1,010) | (218) | (2,399) | (345) | ||
Income and mining tax (expense) benefit | (6,461) | (7,898) | (22,550) | (22,313) | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (3,171) | (2,056) | 18,853 | (2,728) | ||
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 | ||
Assets, Net | [2] | 368,257 | 388,044 | 368,257 | 388,044 | |
Capital expenditures | 4,686 | 5,540 | 23,458 | 22,972 | ||
Rochester [Member] | ||||||
Financial information relating to reporting segments | ||||||
Revenue | 35,524 | 31,156 | 102,689 | 102,926 | ||
Costs applicable to sales | [1] | 27,548 | 23,275 | 76,304 | 73,875 | |
Amortization | 5,294 | 4,591 | 14,918 | 15,345 | ||
Exploration | 51 | 531 | 296 | 990 | ||
Loss on debt extinguishments | 0 | |||||
Other operating expenses | 4,362 | 846 | 6,149 | 2,487 | ||
Fair value adjustments, net, pretax | 0 | 0 | (864) | |||
Interest expense, net of capitalized interest | (115) | (136) | (338) | (386) | ||
Other, net | 278 | (73) | 704 | 2,239 | ||
Income and mining tax (expense) benefit | (83) | 41 | (917) | (413) | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (1,651) | 1,745 | 4,471 | 10,805 | ||
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 | ||
Assets, Net | [2] | 252,291 | 253,477 | 252,291 | 253,477 | |
Capital expenditures | 3,582 | 9,737 | 6,884 | 34,121 | ||
Silvertip [Member] | ||||||
Financial information relating to reporting segments | ||||||
Revenue | 4,051 | 4,051 | ||||
Costs applicable to sales | [1] | 11,535 | 11,535 | |||
Amortization | 1,073 | 1,073 | ||||
Exploration | 2,333 | 2,439 | ||||
Other operating expenses | 148 | 173 | ||||
Fair value adjustments, net, pretax | 0 | 0 | ||||
Interest expense, net of capitalized interest | 166 | (490) | ||||
Other, net | (447) | (25) | ||||
Income and mining tax (expense) benefit | 4,320 | 6,098 | ||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (6,999) | (5,586) | ||||
Income (loss) from discontinued operations | 0 | 0 | ||||
Assets, Net | [2] | 405,334 | 405,334 | |||
Capital expenditures | 17,949 | 55,623 | ||||
Kensington [Member] | ||||||
Financial information relating to reporting segments | ||||||
Revenue | 29,771 | 36,603 | 101,806 | 110,134 | ||
Costs applicable to sales | [1] | 28,241 | 27,658 | 91,098 | 84,089 | |
Amortization | 6,912 | 7,864 | 20,070 | 25,389 | ||
Exploration | 1,640 | 2,966 | 4,625 | 5,785 | ||
Loss on debt extinguishments | 0 | |||||
Other operating expenses | 333 | 356 | 981 | 1,051 | ||
Fair value adjustments, net, pretax | 0 | 0 | 0 | |||
Interest expense, net of capitalized interest | (248) | (113) | (722) | (266) | ||
Other, net | (34) | (28) | (104) | (893) | ||
Income and mining tax (expense) benefit | 0 | 0 | 0 | 0 | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (7,637) | (2,382) | (15,794) | (7,339) | ||
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 | ||
Assets, Net | [2] | 225,161 | 211,052 | 225,161 | 211,052 | |
Capital expenditures | 11,960 | 10,144 | 34,032 | 24,314 | ||
Wharf [Member] | ||||||
Financial information relating to reporting segments | ||||||
Revenue | 23,993 | 31,334 | 77,266 | 88,598 | ||
Costs applicable to sales | [1] | 17,979 | 17,330 | 52,546 | 49,418 | |
Amortization | 2,878 | 3,223 | 8,888 | 8,883 | ||
Exploration | 63 | 207 | 73 | 210 | ||
Loss on debt extinguishments | 0 | |||||
Other operating expenses | 699 | 648 | 2,052 | 1,899 | ||
Fair value adjustments, net, pretax | 0 | 0 | 0 | |||
Interest expense, net of capitalized interest | (9) | (16) | (32) | (52) | ||
Other, net | (422) | 4 | (379) | 429 | ||
Income and mining tax (expense) benefit | (334) | (963) | (2,009) | (2,980) | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 1,609 | 8,951 | 11,287 | 25,585 | ||
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 | ||
Assets, Net | [2] | 98,978 | 103,843 | 98,978 | 103,843 | |
Capital expenditures | 1,176 | 3,135 | 2,682 | 5,493 | ||
Other Mining Properties [Member] | ||||||
Financial information relating to reporting segments | ||||||
Revenue | 0 | 150 | 0 | 1,740 | ||
Costs applicable to sales | [1] | 0 | 41 | 0 | 746 | |
Amortization | 233 | 308 | 719 | 1,215 | ||
Exploration | 875 | 1,570 | 3,473 | 6,599 | ||
Loss on debt extinguishments | (9,342) | |||||
Other operating expenses | 9,537 | 10,206 | 28,542 | 31,080 | ||
Fair value adjustments, net, pretax | 715 | 2,907 | 0 | |||
Interest expense, net of capitalized interest | (4,770) | (3,218) | (15,111) | (9,875) | ||
Other, net | (19,268) | 2,676 | (17,643) | 25,704 | ||
Income and mining tax (expense) benefit | (1,227) | (5,469) | (73) | 1,666 | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (35,195) | (17,986) | (62,654) | (29,747) | ||
Income (loss) from discontinued operations | 0 | (4,924) | 550 | (5,520) | ||
Assets, Net | [2] | 79,079 | 71,551 | 79,079 | 71,551 | |
Capital expenditures | $ 119 | $ 426 | $ 303 | $ 2,780 | ||
[1] | Excludes amortization. | |||||
[2] | Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interest |
Segment Reporting (Details 1)
Segment Reporting (Details 1) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | |
Segment Reporting [Abstract] | ||||
Assets, Net | [1] | $ 1,429,100 | $ 1,344,553 | $ 1,027,967 |
Cash and cash equivalents | 104,746 | 192,032 | $ 195,654 | |
Other assets | 64,531 | 164,590 | ||
TOTAL ASSETS | $ 1,598,377 | $ 1,701,175 | ||
[1] | Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interest |
Segment Reporting (Details 2)
Segment Reporting (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | $ 1,150,914 | $ 1,150,914 | $ 1,084,306 | ||
Revenues | |||||
Revenue | 148,795 | $ 159,920 | 482,049 | $ 495,014 | |
United States | |||||
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | 398,614 | 398,614 | 377,768 | ||
Revenues | |||||
Revenue | 89,289 | 99,093 | 281,762 | 301,658 | |
Canada | |||||
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | 392,470 | 392,470 | 331,440 | ||
Revenues | |||||
Revenue | 4,051 | 0 | 4,051 | 0 | |
Mexico | |||||
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | 351,509 | 351,509 | 370,188 | ||
Revenues | |||||
Revenue | 55,455 | 60,677 | 196,236 | 191,616 | |
Australia | |||||
Revenues | |||||
Revenue | 0 | $ 150 | 0 | $ 1,740 | |
Other Foreign Countries [Member] | |||||
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | $ 8,321 | $ 8,321 | $ 4,910 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation cost | $ 8.6 | $ 8.6 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 6 months 13 days | |||
Annual Incentive Plan and Long Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense for stock based compensation awards | $ 2 | $ 2.6 | $ 6.6 | $ 8.1 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Grants Awarded (Details) | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
March 5, 2018 | Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock granted (in shares) | shares | 31,887 |
Grant date fair value of restricted stock (in dollars per share) | $ / shares | $ 7.84 |
March 5, 2018 | Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options granted (in shares) | shares | 0 |
Grant date fair value of stock options (in dollars per share) | $ / shares | $ 0 |
March 5, 2018 | Performance shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance shares granted (in shares) | shares | 0 |
Grant date fair value of performance shares (in dollars per share) | $ / shares | $ 0 |
May 9, 2018 [Member] | Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock granted (in shares) | shares | 868,134 |
Grant date fair value of restricted stock (in dollars per share) | $ / shares | $ 7.90 |
May 9, 2018 [Member] | Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options granted (in shares) | shares | 14,310 |
Grant date fair value of stock options (in dollars per share) | $ / shares | $ 4.09 |
May 9, 2018 [Member] | Performance shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance shares granted (in shares) | shares | 408,179 |
Grant date fair value of performance shares (in dollars per share) | $ / shares | $ 7.39 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Exercisable Options and Appreciation Rights (Details) | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Exercised Units | shares | 159,069 |
Weighted Average Exercised Price (in dollars per share) | $ / shares | $ 3.35 |
Number of Exercisable Units | shares | 315,032 |
Weighted Average Exercisable Price (in dollars per share) | $ / shares | $ 15.06 |
Stock appreciation rights | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Exercised Units | shares | 0 |
Weighted Average Exercised Price (in dollars per share) | $ / shares | $ 0 |
Number of Exercisable Units | shares | 42,152 |
Weighted Average Exercisable Price (in dollars per share) | $ / shares | $ 14.14 |
Reclamation (Details)
Reclamation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Asset retirement obligation | |||||
Asset retirement obligation - Beginning | $ 122,907 | $ 90,002 | $ 118,799 | $ 86,754 | |
Accretion | 2,830 | 2,167 | 8,141 | 6,347 | |
Additions and changes in estimates | 0 | 3,116 | 0 | 3,116 | |
Settlements | (1,171) | (656) | (2,374) | (1,588) | |
Asset retirement obligation - Ending | 124,566 | $ 94,629 | 124,566 | $ 94,629 | |
Property, Plant and Equipment [Line Items] | |||||
Accrued reclamation liabilities, former mines | $ 2,200 | $ 2,200 | $ 2,000 |
Retirement Savings Plan (Detail
Retirement Savings Plan (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Postemployment Benefits [Abstract] | ||||
Percentage of maximum limit for employees to contribute their cash compensation | 75.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | |||
Total plan expenses | $ 0.8 | $ 1.8 | $ 2.5 | $ 5.7 |
Other, Net (Details)
Other, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Other Income and Expenses [Abstract] | ||||
Foreign exchange gain (loss) | $ (3,104) | $ (39) | $ (7,083) | $ 1,953 |
Gain (loss) on sale of assets and investments | (28) | 878 | 316 | (674) |
Write-Down of Manquiri Consideration | (18,599) | 0 | (18,599) | 0 |
Gain on sale of the Joaquin project | 0 | 0 | 0 | 21,138 |
Gain on repurchase of the Rochester royalty obligation | 0 | 0 | 0 | 2,332 |
Mexico Inflation Adjustment | 0 | 0 | 1,939 | 0 |
Gain (loss) on the sale of the Endeavor stream and other royalties | 0 | 1,172 | 0 | 1,172 |
Other | 828 | 350 | 3,581 | 1,213 |
Other, net | $ (20,903) | $ 2,361 | $ (19,846) | $ 27,134 |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Net Income (Loss) Attributable to Coeur Stockholders | |||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ (53,044) | $ (11,728) | $ (49,423) | $ (3,424) | |
Income (loss) from discontinued operations | 0 | (4,924) | 550 | (5,520) | |
NET INCOME (LOSS) | $ (53,044) | $ (16,652) | $ (48,873) | $ (8,944) | |
Weighted Average Number of Shares Outstanding | |||||
Weighted Average Number of Shares Outstanding, Basic | 185,246,000 | 179,278,000 | 184,935,000 | 179,141,000 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0 | 0 | 0 | |
Weighted Average Number of Shares Outstanding, Diluted | 185,246,000 | 179,278,000 | 184,935,000 | 179,141,000 | |
Basic EPS | |||||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.286) | $ (0.065) | $ (0.267) | $ (0.019) | |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | (0.028) | 0.003 | (0.031) | |
Earnings Per Share, Basic | [1] | (0.286) | (0.093) | (0.264) | (0.050) |
Diluted EPS | |||||
Income (Loss) from Continuing Operations, Per Diluted Share | (0.286) | (0.065) | (0.267) | (0.019) | |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | (0.028) | 0.003 | (0.031) | |
Earnings Per Share, Diluted | [1] | $ (0.286) | $ (0.093) | $ (0.264) | $ (0.050) |
Stock Options [Member] | |||||
Earnings Per Share (Textual) [Abstract] | |||||
Number of antidilutive shares of common stock equivalents | 672,399 | 633,391 | 1,526,109 | 851,254 | |
[1] | Due to rounding, the sum of net income per share from continuing operations and discontinued operations may not equal net income per share. |
Income and Mining Taxes - Incom
Income and Mining Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Examination [Line Items] | ||||
Tax (expense) benefit | $ 3,785 | $ 14,289 | $ 19,451 | $ 24,040 |
Total | (49,259) | 2,561 | (29,972) | 20,616 |
United States | ||||
Income Tax Examination [Line Items] | ||||
Income (loss) before tax, United States | (35,250) | (6,055) | (45,397) | 8,036 |
Tax (expense) benefit | (908) | (2,892) | (2,700) | (4,072) |
Argentina | ||||
Income Tax Examination [Line Items] | ||||
Tax (expense) benefit | (75) | (366) | (172) | 1,704 |
Income (loss) before tax, Foreign | (2,058) | 738 | (1,985) | 281 |
Canada | ||||
Income Tax Examination [Line Items] | ||||
Tax (expense) benefit | 4,432 | 0 | 6,476 | 0 |
Income (loss) before tax, Foreign | (13,194) | 0 | (17,103) | 0 |
Mexico | ||||
Income Tax Examination [Line Items] | ||||
Tax (expense) benefit | (7,234) | (9,057) | (23,055) | (23,745) |
Income (loss) before tax, Foreign | 1,419 | 3,210 | 35,088 | 9,665 |
Other jurisdictions | ||||
Income Tax Examination [Line Items] | ||||
Tax (expense) benefit | 0 | (1,974) | 0 | 2,073 |
Income (loss) before tax, Foreign | $ (176) | $ 4,668 | $ (575) | $ 2,634 |
Income and Mining Taxes - Narra
Income and Mining Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||||
Foreign income tax expense (benefit) | $ 3 | $ (1.4) | $ 2.1 | $ 7.2 | |
Unrecognized tax benefits | 3.7 | 3.7 | $ 4.3 | ||
Income tax penalties and interest expense | 3.5 | $ 4.8 | |||
Minimum | |||||
Income Tax Contingency [Line Items] | |||||
Unrecognized income tax liability | 1.5 | 1.5 | |||
Maximum | |||||
Income Tax Contingency [Line Items] | |||||
Unrecognized income tax liability | $ 2.5 | $ 2.5 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Gain (Loss) Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value adjustments, net | $ 715 | $ 0 | $ 2,907 | $ (864) |
Unrealized gain (loss) on equity securities | 286 | 0 | (2,898) | 0 |
Rochester Royalty Obligation | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value adjustments, net | 0 | 0 | 0 | (864) |
Interest rate swap | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value adjustments, net | 206 | 0 | 18 | 0 |
Unrealized gain (loss) on equity securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized gain (loss) on equity securities | 286 | 0 | (2,898) | 0 |
Realized gain (loss) on equity securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Realized gain (loss) on equity securities | (3) | 0 | 5,199 | 0 |
Zinc options | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net derivative gain (loss) | $ 226 | $ 0 | $ 588 | $ 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Assets | $ 24,739 | $ 35,088 |
Liabilities: | ||
Total liabilities | 49,212 | 48,187 |
Other derivative instruments, net | ||
Assets: | ||
Fair value of other derivative instruments, net | 507 | 251 |
Liabilities: | ||
Fair value of derivative liability | 267 | 222 |
Silvertip Mine | ||
Liabilities: | ||
Fair value of derivative liability | 48,945 | 47,965 |
Equity and debt securities | ||
Assets: | ||
Fair value of equity and debt securities | 24,232 | 34,837 |
Level 1 | ||
Assets: | ||
Assets | 19,665 | 27,946 |
Liabilities: | ||
Total liabilities | 0 | 0 |
Level 1 | Other derivative instruments, net | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | 0 |
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 1 | Silvertip Mine | ||
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 1 | Equity and debt securities | ||
Assets: | ||
Fair value of equity and debt securities | 19,665 | 27,946 |
Level 2 | ||
Assets: | ||
Assets | 507 | 251 |
Liabilities: | ||
Total liabilities | 267 | 222 |
Level 2 | Other derivative instruments, net | ||
Assets: | ||
Fair value of other derivative instruments, net | 507 | 251 |
Liabilities: | ||
Fair value of derivative liability | 267 | 222 |
Level 2 | Silvertip Mine | ||
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 2 | Equity and debt securities | ||
Assets: | ||
Fair value of equity and debt securities | 0 | 0 |
Level 3 | ||
Assets: | ||
Assets | 4,567 | 6,891 |
Liabilities: | ||
Total liabilities | 48,945 | 47,965 |
Level 3 | Other derivative instruments, net | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | 0 |
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 3 | Equity and debt securities | ||
Assets: | ||
Fair value of equity and debt securities | 6,891 | |
Silvertip Mine | Level 3 | ||
Liabilities: | ||
Fair value of derivative liability | 48,945 | $ 47,965 |
Available-for-sale Securities | Level 3 | Equity and debt securities | ||
Assets: | ||
Fair value of equity and debt securities | $ 4,567 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Level 3 Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Available-for-sale Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the start of the period | $ 6,227 | $ 6,891 |
Revaluation | 193 | (172) |
Settlements | (1,853) | (2,152) |
Asset Sales | 0 | 0 |
Balance at the end of the period | 4,567 | 4,567 |
Silvertip Mine | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the start of the period | 48,616 | 47,965 |
Revaluation | 0 | 0 |
Settlements | 0 | 0 |
Liability Sales | 329 | 980 |
Balance at the end of the period | $ 48,945 | $ 48,945 |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary of Assets and Liabilities Carried at Book Value (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | May 31, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Book value | $ 406,494 | $ 380,569 | ||
Senior Notes due 2024 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Book value | [1] | 245,662 | 245,088 | |
Manquiri Note Receivable [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Nontrade Receivables | [1] | 9,207 | ||
Revolving Credit Facility | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Book value | [2] | 120,000 | 100,000 | |
Portion at Other than Fair Value Measurement | Senior Notes due 2024 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of long-term debt | 235,725 | 243,913 | ||
Portion at Other than Fair Value Measurement | Senior Notes due 2024 | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of long-term debt | 0 | 0 | ||
Portion at Other than Fair Value Measurement | Senior Notes due 2024 | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of long-term debt | 235,725 | 243,913 | ||
Portion at Other than Fair Value Measurement | Senior Notes due 2024 | Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of long-term debt | 0 | 0 | ||
Portion at Other than Fair Value Measurement | Manquiri Note Receivable [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Receivables, Fair Value Disclosure | 9,207 | |||
Portion at Other than Fair Value Measurement | Manquiri Note Receivable [Member] | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Receivables, Fair Value Disclosure | 0 | |||
Portion at Other than Fair Value Measurement | Manquiri Note Receivable [Member] | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Receivables, Fair Value Disclosure | 0 | |||
Portion at Other than Fair Value Measurement | Manquiri Note Receivable [Member] | Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Receivables, Fair Value Disclosure | 9,207 | |||
Portion at Other than Fair Value Measurement | Revolving Credit Facility | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of long-term debt | 120,000 | 100,000 | ||
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of long-term debt | 0 | 0 | ||
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of long-term debt | 120,000 | 100,000 | ||
Portion at Other than Fair Value Measurement | Revolving Credit Facility | Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of long-term debt | 0 | 0 | ||
Senior Notes due 2024 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Stated interest rate | 5.875% | |||
Net unamortized debt issuance costs | $ 4,300 | 4,900 | ||
Senior Notes due 2024 | Senior Notes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Stated interest rate | 5.875% | |||
Revolving Credit Facility | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Stated interest rate | 4.415% | |||
Net unamortized debt issuance costs | $ 1,500 | $ 1,900 | ||
[1] | Net of unamortized debt issuance costs of $4.3 million and $4.9 million at September 30, 2018 and December 31, 2017, respectively. | |||
[2] | Unamortized debt issuance costs of $1.5 million and $1.9 million at September 30, 2018 and December 31, 2017, respectively, included in Other Non-Current Assets. |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Oct. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Jul. 31, 2017 | May 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Write-Down of Manquiri Consideration, VAT Refunds | $ 13,100 | |||||||
Write-Down of Manquiri Consideration, Manquiri Notes Receivable | 3,600 | |||||||
Write-Down of Manquiri Consideration, NSR | 1,900 | |||||||
Ownership in Metalla Royalty & Streaming Ltd. | 19.90% | 19.90% | ||||||
Proceeds from Collection of Notes Receivable | $ 15,000 | $ 0 | 15,000 | $ 0 | ||||
Write-Down of Manquiri Consideration | 18,599 | $ 0 | 18,599 | $ 0 | ||||
Senior Notes due 2024 | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Net unamortized debt issuance costs | $ 4,300 | $ 4,300 | $ 4,900 | |||||
Stated interest rate | 5.875% | |||||||
Senior Notes due 2024 | Senior Notes | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Stated interest rate | 5.875% | 5.875% | ||||||
Non-core three royalties and stream | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Total consideration | $ 13,000 | |||||||
Convertible debenture | $ 6,700 | |||||||
Debt Securities | Metalla Royalty & Streaming Ltd. | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Stated interest rate | 5.00% | 5.00% | ||||||
JDS Silver Holdings Ltd. | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Long-term Purchase Commitment, Milestones | 2 | |||||||
Silvertip Mine | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Contingent consideration payment | $ 25,000 | |||||||
Permitting payment, estimated discount rate (percentage) | 2.50% | |||||||
Resource declaration payment, estimated discount rate (percentage) | 2.90% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Provisionally Priced Sales (Details) $ in Thousands | Sep. 30, 2018USD ($)oz$ / oz |
Silver concentrate sales agreements | 2018 | |
Derivative instruments Settlement | |
Derivative, notional amount | $ (1,444) |
Derivative average price | $ / oz | 14.61 |
Outstanding Provisionally Priced Sales Consists of Silver | oz | 98,832 |
Silver concentrate sales agreements | Thereafter | |
Derivative instruments Settlement | |
Derivative, notional amount | $ 0 |
Derivative average price | $ / oz | 0 |
Outstanding Provisionally Priced Sales Consists of Silver | oz | 0 |
Gold concentrates sales agreements | 2018 | |
Derivative instruments Settlement | |
Derivative, notional amount | $ (14,802) |
Derivative average price | $ / oz | 1,224.42 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 12,089 |
Gold concentrates sales agreements | Thereafter | |
Derivative instruments Settlement | |
Derivative, notional amount | $ 0 |
Derivative average price | $ / oz | 0 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 0 |
Zinc concentrates sales agreements [Member] | 2018 | |
Derivative instruments Settlement | |
Derivative, notional amount | $ (2,123) |
Derivative average price | $ / oz | 1.20 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 1,772,075 |
Zinc concentrates sales agreements [Member] | Thereafter | |
Derivative instruments Settlement | |
Derivative, notional amount | $ 0 |
Derivative average price | $ / oz | 0 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 0 |
Lead concentrates sales agreements [Member] | 2018 | |
Derivative instruments Settlement | |
Derivative, notional amount | $ (1,130) |
Derivative average price | $ / oz | 0.92 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 1,230,193 |
Lead concentrates sales agreements [Member] | Thereafter | |
Derivative instruments Settlement | |
Derivative, notional amount | $ 0 |
Derivative average price | $ / oz | 0 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 0 |
Zinc put options purchased | |
Derivative instruments Settlement | |
Derivative average price | $ / oz | 3,000 |
Zinc put options purchased | 2018 | |
Derivative instruments Settlement | |
Derivative, notional amount | $ (2,700) |
Derivative, Nonmonetary Notional Amount | oz | 900 |
Derivative average price | $ / oz | 3,000 |
Zinc put options purchased | Thereafter | |
Derivative instruments Settlement | |
Derivative, notional amount | $ 0 |
Derivative, Nonmonetary Notional Amount | oz | 0 |
Derivative average price | $ / oz | 0 |
Zinc call options sold | 2018 | |
Derivative instruments Settlement | |
Derivative, notional amount | $ (3,645) |
Derivative, Nonmonetary Notional Amount | oz | 900 |
Derivative average price | $ / oz | 4,050 |
Zinc call options sold | Thereafter | |
Derivative instruments Settlement | |
Derivative, notional amount | $ 0 |
Derivative, Nonmonetary Notional Amount | oz | 0 |
Derivative average price | $ / oz | 0 |
Fixed Interest Rate Swap | 2018 | |
Derivative instruments Settlement | |
Derivative, notional amount | $ (50,000) |
Fixed interest rate swap payable | $ 960 |
Fixed Interest rate | 2.46% |
Fixed Interest Rate Swap | Thereafter | |
Derivative instruments Settlement | |
Derivative, notional amount | $ 0 |
Fixed interest rate swap payable | $ 0 |
Fixed Interest rate | 0.00% |
Variable Interest Rate Swap | 2018 | |
Derivative instruments Settlement | |
Derivative, notional amount | $ (50,000) |
Variable interest rate swap receivable | $ 979 |
Average variable interest rate | 2.51% |
Variable Interest Rate Swap | Thereafter | |
Derivative instruments Settlement | |
Derivative, notional amount | $ 0 |
Variable interest rate swap receivable | $ 0 |
Average variable interest rate | 0.00% |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Classification of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Prepaid expenses and other | ||
Fair value of the derivative instruments | ||
Other derivative instruments, net | $ 717 | |
Accrued liabilities and other | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | 267 | |
Non-current portion of royalty obligation | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | 0 | |
Silver and Gold Concentrate Sales Agreements | Prepaid expenses and other | ||
Fair value of the derivative instruments | ||
Other derivative instruments, net | 310 | $ 251 |
Silver and Gold Concentrate Sales Agreements | Accrued liabilities and other | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | 267 | 222 |
Silver and Gold Concentrate Sales Agreements | Non-current portion of royalty obligation | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | 0 | $ 0 |
Zinc Put and Call Options [Member] | Prepaid expenses and other | ||
Fair value of the derivative instruments | ||
Other derivative instruments, net | 339 | |
Zinc Put and Call Options [Member] | Non-current portion of royalty obligation | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | 0 | |
Interest rate swap | Prepaid expenses and other | ||
Fair value of the derivative instruments | ||
Other derivative instruments, net | 68 | |
Interest rate swap | Non-current portion of royalty obligation | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | $ 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Mark-to-Market Gain (Losses) on Derivative Instruments (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($)$ / oz | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)$ / oz | Sep. 30, 2017USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Fair value adjustments, net, pretax | $ 715,000 | $ 0 | $ 2,907,000 | $ (864,000) |
Fair value adjustments, net | $ 465,000 | 147,000 | $ 621,000 | 596,000 |
Zinc put options purchased | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Weighted Average Strike Price of Put Options | $ / oz | 3,000 | 3,000 | ||
Provisional metal sales contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Provisional gain (loss) on derivatives and commodity contracts | $ 34,000 | 147,000 | $ 15,000 | 596,000 |
Zinc options | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net derivative gain (loss) | $ 225,000 | 0 | $ 588,000 | |
Zinc call options sold | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Weighted Average Strike Price of Call Options | 4,050 | 4,050 | ||
Interest rate swap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net derivative gain (loss) | $ 206,000 | $ 0 | $ 18,000 | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Concentrate Sales Contracts | ||||
Derivative [Line Items] | ||||
Provisional gain (loss) on derivatives and commodity contracts | $ 34 | $ 147 | $ 15 | $ 596 |
Zinc options | ||||
Derivative [Line Items] | ||||
Net derivative gain (loss) | 225 | 0 | $ 588 | |
Interest rate swap | ||||
Derivative [Line Items] | ||||
Term of contract | 12 months | |||
Net derivative gain (loss) | $ 206 | $ 0 | $ 18 | $ 0 |
Acquisitions - JDS Silver (Deta
Acquisitions - JDS Silver (Details) - JDS Silver Holdings Ltd. shares in Thousands | 1 Months Ended |
Oct. 31, 2017USD ($)shares | |
Business Acquisition [Line Items] | |
Shares issued | shares | 4,200 |
Cash | $ 153,194,000 |
Contingent consideration, liability | 47,705,000 |
Cash consideration | 100,000,000 |
Total purchase price | 236,906,000 |
Assets: | |
Receivables and other assets | 6,828,000 |
Property, plant, and equipment | 29,943,000 |
Mining properties, net | 288,464,000 |
Total assets acquired | 325,235,000 |
Liabilities: | |
Accounts payable and accrued liabilities | 13,077,000 |
Asset retirement obligation | 6,982,000 |
Debt and capital lease | 20,149,000 |
Deferred income taxes | 48,121,000 |
Total liabilities assumed | 88,329,000 |
Net assets acquired | 236,906,000 |
Common Stock | |
Business Acquisition [Line Items] | |
Common shares issued (value) | $ 36,007,000 |
Common shares issued (in shares) | shares | 4,191,679 |
Price per common share issued (UDS per share) | $ 8,590 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |||
Available-for-sale Securities [Abstract] | |||||||
Gain (Loss) on Investments | $ 283 | $ (32) | $ 2,301 | $ (1,300) | |||
Marketable Securities, Realized Gain (Loss) | 3 | 32 | (5,199) | 1,300 | |||
Unrealized gain (loss) on equity securities | 286 | $ 0 | (2,898) | $ 0 | |||
Investment in Marketable Securities (Textual) [Abstract] | |||||||
Held-to-maturity Securities, Restricted | 21,400 | 21,400 | $ 20,800 | ||||
Equity securities | |||||||
Available-for-sale Securities | |||||||
Cost | 16,090 | 16,090 | 21,771 | ||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (1,254) | (1,254) | (881) | ||||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 4,829 | 4,829 | 7,355 | ||||
Available-for-sale Securities | 19,665 | 19,665 | 28,245 | ||||
Debt Securities | |||||||
Available-for-sale Securities | |||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (257) | (257) | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 0 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 257 | 257 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,568 | 4,568 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 4,568 | 4,568 | |||||
Equity and debt securities | |||||||
Available-for-sale Securities | |||||||
Cost | 20,915 | 20,915 | 28,448 | ||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (1,512) | (1,512) | (966) | ||||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 4,829 | 4,829 | 7,355 | ||||
Available-for-sale Securities | 24,232 | 24,232 | 34,837 | ||||
Metalla Royalty & Streaming Ltd. | Equity securities | |||||||
Available-for-sale Securities | |||||||
Cost | 8,147 | 8,147 | 6,294 | ||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | 0 | ||||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 2,113 | 2,113 | 1,354 | ||||
Available-for-sale Securities | 10,260 | 10,260 | 7,648 | ||||
Metalla Royalty & Streaming Ltd. | Debt Securities | |||||||
Available-for-sale Securities | |||||||
Cost | 4,825 | 4,825 | 6,677 | ||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (258) | (258) | (85) | ||||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | 0 | ||||
Available-for-sale Securities | 6,592 | ||||||
Corvus Gold Inc. [Member] | Equity securities | |||||||
Available-for-sale Securities | |||||||
Cost | 3,582 | ||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | ||||||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 4,518 | ||||||
Available-for-sale Securities | 8,100 | ||||||
Almaden Minerals, Ltd. [Member] | Equity securities | |||||||
Available-for-sale Securities | |||||||
Cost | 3,125 | ||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (235) | ||||||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | ||||||
Available-for-sale Securities | 2,890 | ||||||
Northern Empire Resources Corp. | Equity securities | |||||||
Available-for-sale Securities | |||||||
Cost | 4,489 | [1] | 4,489 | [1] | 4,489 | ||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | [1] | 0 | [1] | 0 | ||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 2,716 | [1] | 2,716 | [1] | 1,077 | ||
Available-for-sale Securities | 7,205 | [1] | 7,205 | [1] | 5,566 | ||
Rockhaven Resources, Ltd. [Member] | Equity securities | |||||||
Available-for-sale Securities | |||||||
Cost | 2,064 | 2,064 | 2,064 | ||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (538) | (538) | (193) | ||||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | 0 | ||||
Available-for-sale Securities | 1,526 | 1,526 | 1,871 | ||||
Other Investments [Member] | Equity securities | |||||||
Available-for-sale Securities | |||||||
Cost | 1,390 | 1,390 | 1,479 | ||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (716) | (716) | (453) | ||||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | 405 | ||||
Available-for-sale Securities | 674 | 674 | 1,431 | ||||
Kootenay Silver, Inc. [Member] | Equity securities | |||||||
Available-for-sale Securities | |||||||
Cost | 738 | ||||||
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | ||||||
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 1 | ||||||
Available-for-sale Securities | 739 | ||||||
Level 3 | Equity and debt securities | |||||||
Available-for-sale Securities | |||||||
Available-for-sale Securities | $ 6,891 | ||||||
Available-for-sale Securities | Level 3 | Equity and debt securities | |||||||
Available-for-sale Securities | |||||||
Available-for-sale Securities | $ 4,567 | $ 4,567 | |||||
[1] | (1) In October 2018, the Company acquired the remaining outstanding shares of Norther Empire Resources Corp. not already owned by the Company. See Note 23 -- Subsequent Events for additional detail. |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Receivables - current portion | ||
Accounts receivable - trade | $ 5,965 | $ 5,883 |
Refundable value added tax | 13,406 | 10,982 |
Notes, Loans and Financing Receivable, Net, Current | 9,207 | 0 |
Accounts receivable - other | 1,902 | 2,204 |
Receivables, net current portion | 30,480 | 19,069 |
Receivables - non-current portion | ||
Refundable value added tax | 28,035 | 28,750 |
Accounts Receivable, Net, Noncurrent | 28,035 | 28,750 |
Total receivables | $ 58,515 | $ 47,819 |
Inventory and Ore on Leach Pa_3
Inventory and Ore on Leach Pads (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Inventory, Finished Goods, Net of Reserves | $ 8,778 | $ 6,831 |
Other Inventory, Net of Reserves | 20,116 | 18,803 |
Inventory, Supplies, Net of Reserves | 33,675 | 32,596 |
Inventory | 62,569 | 58,230 |
Ore on Leach Pad, Current | 77,515 | 73,752 |
Ore on leach pads, noncurrent | 67,420 | 65,393 |
Inventory, Ore Stockpiles on Leach Pads, Gross | 144,935 | 139,145 |
Inventory and Ore on Leach Pads | $ 207,504 | $ 197,375 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Property, plant and equipment | |||
Land | $ 9,082 | $ 9,408 | |
Building improvements | 583,459 | 554,160 | |
Capitalized leases for machinery, equipment and buildings | 109,042 | 82,753 | |
Property, plant and equipment, gross | 701,583 | 646,321 | |
Accumulated depreciation and amortization | [1] | (474,431) | (448,001) |
Property Plant and Equipment Net before Construction in Progress | 227,152 | 198,320 | |
Construction in Progress | 58,719 | 56,417 | |
Property, plant and equipment, net | $ 285,871 | $ 254,737 | |
[1] | Includes $44.9 million and $28.2 million of accumulated amortization related to assets under capital leases at September 30, 2018 and December 31, 2017, respectively. |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Abstract] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 44.9 | $ 28.2 |
Mining Properties (Details)
Mining Properties (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Mining Properties | ||
Operational mining properties: | $ 899,424 | $ 804,845 |
Accumulated depletion | (518,075) | (485,368) |
Operational mining properties, net | 381,349 | 319,477 |
Mineral interest | 974,512 | 969,341 |
Accumulated depletion | (490,818) | (459,249) |
Mineral interest, net | 483,694 | 510,092 |
Total mining properties | 865,043 | 829,569 |
Palmarejo [Member] | ||
Mining Properties | ||
Operational mining properties: | 233,562 | 214,383 |
Accumulated depletion | (159,120) | (146,598) |
Operational mining properties, net | 74,442 | 67,785 |
Mineral interest | 629,303 | 629,303 |
Accumulated depletion | (463,565) | (435,215) |
Mineral interest, net | 165,738 | 194,088 |
Total mining properties | 240,180 | 261,873 |
Rochester [Member] | ||
Mining Properties | ||
Operational mining properties: | 196,143 | 193,881 |
Accumulated depletion | (149,729) | (144,390) |
Operational mining properties, net | 46,414 | 49,491 |
Mineral interest | 0 | 0 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 0 | 0 |
Total mining properties | 46,414 | 49,491 |
Silvertip [Member] | ||
Mining Properties | ||
Operational mining properties: | 105,320 | 57,214 |
Accumulated depletion | (389) | 0 |
Operational mining properties, net | 104,931 | 57,214 |
Mineral interest | 245,116 | 245,116 |
Accumulated depletion | (988) | 0 |
Mineral interest, net | 244,128 | 245,116 |
Total mining properties | 349,059 | 302,330 |
Kensington [Member] | ||
Mining Properties | ||
Operational mining properties: | 322,901 | 298,749 |
Accumulated depletion | (191,026) | (178,632) |
Operational mining properties, net | 131,875 | 120,117 |
Mineral interest | 0 | 0 |
Accumulated depletion | 0 | 0 |
Mineral interest, net | 0 | 0 |
Total mining properties | 131,875 | 120,117 |
Wharf [Member] | ||
Mining Properties | ||
Operational mining properties: | 41,498 | 40,618 |
Accumulated depletion | (17,811) | (15,748) |
Operational mining properties, net | 23,687 | 24,870 |
Mineral interest | 45,837 | 45,837 |
Accumulated depletion | (25,843) | (24,034) |
Mineral interest, net | 19,994 | 21,803 |
Total mining properties | 43,681 | 46,673 |
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 |
Other Mining Properties [Member] | ||
Mining Properties | ||
Operational mining properties: | 0 | |
Accumulated depletion | 0 | |
Operational mining properties, net | 0 | |
Mineral interest | 5,171 | |
Accumulated depletion | (422) | |
Mineral interest, net | 4,749 | |
Total mining properties | $ 4,749 |
Mining Properties (Details Text
Mining Properties (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Property, Plant and Equipment [Line Items] | ||||
Gain (loss) on sale of assets and investments | $ 0 | $ 0 | $ 0 | $ 21,138 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | ||
Long term debt and capital lease obligations | ||||||
Current | $ 22,696 | $ 22,696 | $ 30,753 | |||
Debt | 406,494 | 406,494 | 380,569 | |||
Interest expenses incurred for various debt instruments | ||||||
Interest paid on Senior Notes due 2024 | 3,672 | $ 3,672 | 11,016 | $ 4,937 | ||
Interest Paid on Senior Notes due 2021 | 0 | 0 | 0 | 6,221 | ||
Interest paid on Revolving Credit Facility | 1,515 | 0 | 4,035 | 0 | ||
Interest Paid on Capital Leases | 512 | 402 | 1,551 | 1,092 | ||
Debt Issuance Cost (Deprecated 2016-01-31) | 323 | 180 | 972 | 518 | ||
Amortization of debt issuance costs | 0 | 0 | 0 | (71) | ||
Accretion | 329 | 0 | 980 | 0 | ||
Interest Expense, Debt | 196 | 13 | 312 | 30 | ||
Capitalized interest | (729) | (672) | (1,065) | (1,809) | ||
Total interest expense, net of capitalized interest | 5,818 | $ 3,595 | 17,801 | $ 10,918 | ||
Revolving Credit Facility | ||||||
Long term debt and capital lease obligations | ||||||
Debt | [1] | 120,000 | 120,000 | 100,000 | ||
Silvertip Debt Obligation [Member] | ||||||
Long term debt and capital lease obligations | ||||||
Debt | 0 | 0 | 0 | |||
Senior Notes due 2024 | ||||||
Long term debt and capital lease obligations | ||||||
Debt | [2] | 245,662 | 245,662 | 245,088 | ||
Capital Lease Obligations [Member] | ||||||
Long term debt and capital lease obligations | ||||||
Debt | 40,832 | 40,832 | 35,481 | |||
Revolving Credit Facility | ||||||
Long term debt and capital lease obligations | ||||||
Current | [1] | 0 | 0 | 0 | ||
Silvertip Debt Obligation [Member] | ||||||
Long term debt and capital lease obligations | ||||||
Current | 0 | 0 | 14,194 | |||
Senior Notes due 2024 | ||||||
Long term debt and capital lease obligations | ||||||
Current | [2] | 0 | 0 | 0 | ||
Capital Lease Obligations [Member] | ||||||
Long term debt and capital lease obligations | ||||||
Current | $ 22,696 | $ 22,696 | $ 16,559 | |||
Revolving Credit Facility | ||||||
Long term debt and capital lease obligations | ||||||
Stated interest rate | 4.415% | 4.415% | ||||
[1] | Unamortized debt issuance costs of $1.5 million and $1.9 million at September 30, 2018 and December 31, 2017, respectively, included in Other Non-Current Assets. | |||||
[2] | Net of unamortized debt issuance costs of $4.3 million and $4.9 million at September 30, 2018 and December 31, 2017, respectively. |
Debt (Details Textual)
Debt (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | May 31, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | |
Senior Notes due 2024 | ||||
Debt Instrument [Line Items] | ||||
Net unamortized debt issuance costs | $ 4,300,000 | $ 4,900,000 | ||
Debt Instrument, Face Amount | $ 250,000,000 | |||
Proceeds from Debt | $ 245,000,000 | |||
Stated interest rate | 5.875% | |||
Silvertip Debt Obligation [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters of Credit Outstanding, Amount | 15,000,000 | |||
Repayments of Debt | 12,600,000 | |||
Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters of Credit Outstanding, Amount | 12,000,000 | |||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Net unamortized debt issuance costs | 1,500,000 | $ 1,900,000 | ||
Line of credit facility maximum borrowing capacity | $ 200,000,000 | |||
Line of Credit Facility, Additional Borrowing Capacity | $ 50,000,000 | |||
Debt Instrument, Term | 4 years | |||
Line of Credit Facility, Current Borrowing Capacity | $ 68,000,000 | |||
Stated interest rate | 4.415% | |||
Silvertip [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters of Credit Outstanding, Amount | $ 100,000,000 | |||
Base Rate [Member] | Minimum | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 1.00% | |||
Base Rate [Member] | Maximum | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 1.75% | |||
London Interbank Offered Rate (LIBOR) [Member] | Minimum | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 2.00% | |||
London Interbank Offered Rate (LIBOR) [Member] | Maximum | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 2.75% | |||
Interest rate swap | ||||
Debt Instrument [Line Items] | ||||
Derivative, Notional Amount | $ 50,000,000 |
Supplemental Guarantor Inform_3
Supplemental Guarantor Information Condensed Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Condensed Financial Statements, Captions [Line Items] | |||||
Revenue | $ 148,795 | $ 159,920 | $ 482,049 | $ 495,014 | |
Costs applicable to sales | [1] | 116,857 | 101,559 | 324,443 | 318,278 |
Amortization | 31,184 | 32,400 | 91,420 | 101,827 | |
General and administrative | 7,729 | 7,345 | 24,183 | 24,495 | |
Exploration | 8,157 | 9,791 | 21,269 | 22,856 | |
Pre-development, reclamation, and other | 8,121 | 5,030 | 15,966 | 12,952 | |
Total costs and expenses | 172,048 | 156,125 | 477,281 | 480,408 | |
Loss on debt extinguishments | 0 | 0 | 0 | (9,342) | |
Fair value adjustments, net | 715 | 0 | 2,907 | (864) | |
Other, net | (20,903) | 2,361 | (19,846) | 27,134 | |
Interest expense, net of capitalized interest | (5,818) | (3,595) | (17,801) | (10,918) | |
Total other income (expense), net | (26,006) | (1,234) | (34,740) | 6,010 | |
Total | (49,259) | 2,561 | (29,972) | 20,616 | |
Income and mining tax (expense) benefit | (3,785) | (14,289) | (19,451) | (24,040) | |
Income (loss) from continuing operations | (53,044) | (11,728) | (49,423) | (3,424) | |
Equity income (loss) in consolidated subsidiaries | 0 | 0 | 0 | 0 | |
Income (loss) from discontinued operations | 0 | (4,924) | 550 | (5,520) | |
NET INCOME (LOSS) | (53,044) | (16,652) | (48,873) | (8,944) | |
Unrealized gain (loss) on debt securities, net of tax | 192 | 1,066 | (173) | (1,134) | |
Reclassification adjustments for impairment of equity securities, net of tax | 0 | 0 | 0 | 426 | |
Reclassification adjustments for realized gain (loss) on sale of equity securities, net of tax | 0 | 32 | 0 | 1,300 | |
Other comprehensive income (loss) | 192 | 1,098 | (173) | 592 | |
COMPREHENSIVE INCOME (LOSS) | (52,852) | (15,554) | (49,046) | (8,352) | |
Eliminations | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Costs applicable to sales | [1] | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | 0 | |
General and administrative | 0 | 0 | 0 | 0 | |
Exploration | 0 | 0 | 0 | 0 | |
Pre-development, reclamation, and other | 0 | 0 | 0 | 0 | |
Total costs and expenses | 0 | 0 | 0 | 0 | |
Loss on debt extinguishments | 0 | ||||
Fair value adjustments, net | 0 | 0 | 0 | ||
Other, net | (3,921) | (1,413) | (11,536) | (4,239) | |
Interest expense, net of capitalized interest | 3,921 | 1,413 | 11,536 | 4,239 | |
Total other income (expense), net | 0 | 0 | 0 | 0 | |
Total | 0 | 0 | 0 | 0 | |
Income and mining tax (expense) benefit | 0 | 0 | 0 | 0 | |
Income (loss) from continuing operations | 0 | 0 | 0 | 0 | |
Equity income (loss) in consolidated subsidiaries | 24,343 | 1,236 | 5,625 | (20,361) | |
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 | |
NET INCOME (LOSS) | 24,343 | 1,236 | 5,625 | (20,361) | |
Unrealized gain (loss) on debt securities, net of tax | 0 | (1,504) | 0 | (756) | |
Reclassification adjustments for impairment of equity securities, net of tax | 852 | 426 | |||
Reclassification adjustments for realized gain (loss) on sale of equity securities, net of tax | (1,112) | (540) | |||
Other comprehensive income (loss) | (1,764) | (870) | |||
COMPREHENSIVE INCOME (LOSS) | 24,343 | (528) | 5,625 | (21,231) | |
Coeur Mining, Inc. | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Costs applicable to sales | [1] | 0 | 0 | 0 | 0 |
Amortization | 232 | 286 | 714 | 908 | |
General and administrative | 7,682 | 7,250 | 24,113 | 24,316 | |
Exploration | 383 | 466 | 1,168 | 1,197 | |
Pre-development, reclamation, and other | 1,302 | 1,030 | 1,912 | 1,803 | |
Total costs and expenses | 9,599 | 9,032 | 27,907 | 28,224 | |
Loss on debt extinguishments | (9,342) | ||||
Fair value adjustments, net | 745 | 3,335 | 0 | ||
Other, net | (14,194) | 2,868 | (4,890) | 20,090 | |
Interest expense, net of capitalized interest | (5,445) | (3,220) | (15,786) | 9,876 | |
Total other income (expense), net | (18,894) | (352) | (17,341) | 872 | |
Total | (28,493) | (9,384) | (45,248) | (27,352) | |
Income and mining tax (expense) benefit | (430) | (8,091) | 286 | (3,108) | |
Income (loss) from continuing operations | (28,923) | (17,475) | (44,962) | (30,460) | |
Equity income (loss) in consolidated subsidiaries | (24,122) | 823 | (4,922) | 21,516 | |
Income (loss) from discontinued operations | 0 | 0 | 1,010 | 0 | |
NET INCOME (LOSS) | (53,045) | (16,652) | (48,874) | (8,944) | |
Unrealized gain (loss) on debt securities, net of tax | 192 | 1,066 | (173) | (1,134) | |
Reclassification adjustments for impairment of equity securities, net of tax | 0 | 426 | |||
Reclassification adjustments for realized gain (loss) on sale of equity securities, net of tax | (32) | (1,300) | |||
Other comprehensive income (loss) | 1,098 | 592 | |||
COMPREHENSIVE INCOME (LOSS) | (52,853) | (15,554) | (49,047) | (8,352) | |
Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Revenue | 89,289 | 99,093 | 281,762 | 301,658 | |
Costs applicable to sales | [1] | 73,768 | 68,267 | 219,948 | 207,385 |
Amortization | 15,084 | 15,678 | 43,876 | 49,617 | |
General and administrative | 3 | 6 | 15 | 26 | |
Exploration | 2,245 | 4,582 | 7,289 | 9,526 | |
Pre-development, reclamation, and other | 5,456 | 1,922 | 9,391 | 5,593 | |
Total costs and expenses | 96,556 | 90,455 | 280,519 | 272,147 | |
Loss on debt extinguishments | 0 | ||||
Fair value adjustments, net | (30) | (428) | (864) | ||
Other, net | (189) | (4,603) | 187 | 3,332 | |
Interest expense, net of capitalized interest | (372) | (264) | (1,092) | 703 | |
Total other income (expense), net | (591) | (4,867) | (1,333) | 1,765 | |
Total | (7,858) | 3,771 | (90) | 31,276 | |
Income and mining tax (expense) benefit | (489) | (574) | (2,997) | (3,946) | |
Income (loss) from continuing operations | (8,347) | 3,197 | (3,087) | 27,330 | |
Equity income (loss) in consolidated subsidiaries | (47) | (1,755) | (113) | (546) | |
Income (loss) from discontinued operations | 0 | 0 | (284) | 0 | |
NET INCOME (LOSS) | (8,394) | 1,442 | (3,484) | 26,784 | |
Unrealized gain (loss) on debt securities, net of tax | 1,504 | 0 | 756 | ||
Reclassification adjustments for impairment of equity securities, net of tax | (852) | (426) | |||
Reclassification adjustments for realized gain (loss) on sale of equity securities, net of tax | (1,112) | (540) | |||
Other comprehensive income (loss) | 1,764 | 870 | |||
COMPREHENSIVE INCOME (LOSS) | (8,394) | 3,206 | (3,484) | 27,654 | |
Non-Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Revenue | 59,506 | 60,827 | 200,287 | 193,356 | |
Costs applicable to sales | [1] | 43,089 | 33,292 | 104,495 | 110,893 |
Amortization | 15,868 | 16,436 | 46,830 | 51,302 | |
General and administrative | 44 | 89 | 55 | 153 | |
Exploration | 5,529 | 4,743 | 12,812 | 12,133 | |
Pre-development, reclamation, and other | 1,363 | 2,078 | 4,663 | 5,556 | |
Total costs and expenses | 65,893 | 56,638 | 168,855 | 180,037 | |
Loss on debt extinguishments | 0 | ||||
Fair value adjustments, net | 0 | 0 | |||
Other, net | (2,599) | 5,509 | (3,607) | 7,951 | |
Interest expense, net of capitalized interest | (3,922) | (1,524) | (12,459) | 4,578 | |
Total other income (expense), net | (6,521) | 3,985 | (16,066) | 3,373 | |
Total | (12,908) | 8,174 | 15,366 | 16,692 | |
Income and mining tax (expense) benefit | (2,866) | (5,624) | (16,740) | (16,986) | |
Income (loss) from continuing operations | (15,774) | 2,550 | (1,374) | (294) | |
Equity income (loss) in consolidated subsidiaries | (174) | (304) | (590) | (609) | |
Income (loss) from discontinued operations | 0 | (4,924) | (176) | (5,520) | |
NET INCOME (LOSS) | (15,948) | (2,678) | (2,140) | (6,423) | |
Unrealized gain (loss) on debt securities, net of tax | 0 | 0 | 0 | ||
Reclassification adjustments for impairment of equity securities, net of tax | 0 | 0 | |||
Reclassification adjustments for realized gain (loss) on sale of equity securities, net of tax | 0 | 0 | |||
Other comprehensive income (loss) | 0 | 0 | |||
COMPREHENSIVE INCOME (LOSS) | $ (15,948) | $ (2,678) | $ (2,140) | $ (6,423) | |
[1] | Excludes amortization. |
Supplemental Guarantor Inform_4
Supplemental Guarantor Information Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash provided by (used in) activities of continuing operations | $ 5,789 | $ 37,309 | $ 20,036 | $ 105,349 | |
Cash provided by (used in) activities of discontinued operations | 0 | (7,877) | (2,690) | 8,633 | |
Cash provided by (used in) operating activities | 5,789 | 29,432 | 17,346 | 113,982 | |
Capital expenditures | (39,472) | (28,982) | (122,982) | (89,680) | |
Proceeds from the sale of assets | 393 | 1,016 | 549 | 16,471 | |
Purchase of investments | (15) | (3,595) | (415) | (13,559) | |
Sales of investments | (78) | 403 | 12,682 | 11,321 | |
Proceeds from Collection of Notes Receivable | 15,000 | 0 | 15,000 | 0 | |
Other | 64 | (4,319) | (34) | (4,385) | |
Investments in consolidated subsidiaries | 0 | 0 | 0 | ||
Cash provided by (used in) activities of continuing operations | (24,108) | (35,477) | (95,200) | (79,832) | |
Cash provided by (used in) activities of discontinued operations | 0 | (412) | (28,470) | (1,175) | |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (24,108) | (35,889) | (123,670) | (81,007) | |
Issuance of notes and bank borrowings, net of issuance costs | 25,000 | (2,257) | 40,000 | 242,701 | |
Payments on debt, capital leases, and associated costs | (25,533) | (3,323) | (48,355) | (195,439) | |
Net intercompany financing activity | 0 | 0 | 0 | ||
Other | (77) | (6) | (4,916) | (3,726) | |
Cash provided by (used in) activities of continuing operations | (610) | (5,586) | (13,271) | 43,536 | |
Cash provided by (used in) activities of discontinued operations | 0 | (21) | (22) | (62) | |
Cash provided by (used in) activities of discontinued operations | (610) | (5,607) | (13,293) | 43,474 | |
Effect of exchange rate changes on cash and cash equivalents | 183 | (222) | 565 | 662 | |
Less net cash provided by (used in) discontinued operations | [1] | 0 | (8,491) | (32,930) | (3,302) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (18,746) | (3,795) | (86,122) | 80,413 | |
Cash, cash equivalents and restricted cash at beginning of period | 136,026 | 210,809 | 203,402 | 126,601 | |
Cash, cash equivalents and restricted cash at end of period | 117,280 | 207,014 | 117,280 | 207,014 | |
Eliminations | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash provided by (used in) activities of continuing operations | 24,343 | 1,236 | 5,625 | (20,361) | |
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | 0 | |
Cash provided by (used in) operating activities | 24,343 | 1,236 | 5,625 | (20,361) | |
Capital expenditures | 0 | 0 | 0 | 0 | |
Proceeds from the sale of assets | 0 | 0 | 0 | 0 | |
Purchase of investments | 0 | 0 | 0 | 0 | |
Sales of investments | 0 | 0 | 0 | 0 | |
Proceeds from Collection of Notes Receivable | 0 | 0 | |||
Other | 0 | 0 | 0 | 0 | |
Investments in consolidated subsidiaries | (24,343) | (1,236) | (5,625) | 20,361 | |
Cash provided by (used in) activities of continuing operations | (24,343) | (1,236) | (5,625) | 20,361 | |
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | 0 | |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (24,343) | (1,236) | (5,625) | 20,361 | |
Issuance of notes and bank borrowings, net of issuance costs | 0 | 0 | 0 | 0 | |
Payments on debt, capital leases, and associated costs | 0 | 0 | 0 | 0 | |
Net intercompany financing activity | 0 | 0 | 0 | 0 | |
Other | 0 | 0 | 0 | 0 | |
Cash provided by (used in) activities of continuing operations | 0 | 0 | 0 | 0 | |
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | 0 | |
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | 0 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | 0 | |
Less net cash provided by (used in) discontinued operations | 0 | 0 | 0 | 0 | |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 0 | 0 | 0 | 0 | |
Cash, cash equivalents and restricted cash at beginning of period | 0 | 0 | 0 | 0 | |
Cash, cash equivalents and restricted cash at end of period | 0 | 0 | 0 | 0 | |
Coeur Mining, Inc. | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash provided by (used in) activities of continuing operations | (37,112) | (8,682) | (36,687) | (18,502) | |
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | 0 | |
Cash provided by (used in) operating activities | (37,112) | (8,682) | (36,687) | (18,502) | |
Capital expenditures | (119) | 318 | (303) | 1,626 | |
Proceeds from the sale of assets | 0 | 0 | 23 | 8,917 | |
Purchase of investments | (15) | 3,594 | (415) | 13,558 | |
Sales of investments | (126) | 0 | 11,694 | (9,157) | |
Proceeds from Collection of Notes Receivable | 15,000 | 15,000 | |||
Other | 124 | 4,252 | 45 | 4,197 | |
Investments in consolidated subsidiaries | 24,121 | (3,432) | 4,922 | 9,572 | |
Cash provided by (used in) activities of continuing operations | 38,985 | (4,732) | 30,966 | (10,879) | |
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | 0 | |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 38,985 | (4,732) | 30,966 | (10,879) | |
Issuance of notes and bank borrowings, net of issuance costs | 25,000 | (2,257) | 40,000 | 242,701 | |
Payments on debt, capital leases, and associated costs | (20,000) | 0 | (20,000) | 185,538 | |
Net intercompany financing activity | (7,130) | (9,266) | (41,498) | (16,904) | |
Other | (77) | (6) | (4,916) | (3,726) | |
Cash provided by (used in) activities of continuing operations | (2,207) | 7,003 | (26,414) | 70,341 | |
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | 0 | |
Cash provided by (used in) activities of discontinued operations | (2,207) | 7,003 | (26,414) | 70,341 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | 0 | |
Less net cash provided by (used in) discontinued operations | 0 | 0 | 0 | 0 | |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (334) | (6,411) | (32,135) | 40,960 | |
Cash, cash equivalents and restricted cash at beginning of period | 24,232 | 113,708 | 56,033 | 66,337 | |
Cash, cash equivalents and restricted cash at end of period | 23,898 | 107,297 | 23,898 | 107,297 | |
Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash provided by (used in) activities of continuing operations | 7,058 | 27,407 | 33,173 | 59,434 | |
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | 0 | |
Cash provided by (used in) operating activities | 7,058 | 27,407 | 33,173 | 59,434 | |
Capital expenditures | (16,720) | 23,016 | (43,598) | 63,928 | |
Proceeds from the sale of assets | 304 | 76 | 437 | 6,670 | |
Purchase of investments | 0 | 1 | 0 | 1 | |
Sales of investments | 48 | (403) | 988 | (2,164) | |
Proceeds from Collection of Notes Receivable | 0 | 0 | |||
Other | 0 | 0 | 109 | 0 | |
Investments in consolidated subsidiaries | 56 | (7,144) | 121 | (7,897) | |
Cash provided by (used in) activities of continuing operations | (16,312) | (15,394) | (41,943) | (47,198) | |
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | 0 | |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (16,312) | (15,394) | (41,943) | (47,198) | |
Issuance of notes and bank borrowings, net of issuance costs | 0 | 0 | 0 | 0 | |
Payments on debt, capital leases, and associated costs | (3,535) | 1,894 | (8,462) | 5,789 | |
Net intercompany financing activity | (4,844) | 12,370 | (12,436) | 10,809 | |
Other | 0 | 0 | 0 | ||
Cash provided by (used in) activities of continuing operations | (8,379) | (14,264) | (20,898) | (16,598) | |
Cash provided by (used in) activities of discontinued operations | 0 | 0 | 0 | 0 | |
Cash provided by (used in) activities of discontinued operations | (8,379) | (14,264) | (20,898) | (16,598) | |
Effect of exchange rate changes on cash and cash equivalents | (2) | 3 | (6) | 3 | |
Less net cash provided by (used in) discontinued operations | 0 | 0 | 0 | 0 | |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (17,635) | (2,248) | (29,674) | (4,359) | |
Cash, cash equivalents and restricted cash at beginning of period | 40,200 | 47,912 | 52,239 | 50,023 | |
Cash, cash equivalents and restricted cash at end of period | 22,565 | 45,664 | 22,565 | 45,664 | |
Non-Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash provided by (used in) activities of continuing operations | 11,500 | 17,348 | 17,925 | 84,778 | |
Cash provided by (used in) activities of discontinued operations | 0 | (7,877) | (2,690) | 8,633 | |
Cash provided by (used in) operating activities | 11,500 | 9,471 | 15,235 | 93,411 | |
Capital expenditures | (22,633) | 5,648 | (79,081) | 24,126 | |
Proceeds from the sale of assets | 89 | 940 | 89 | 884 | |
Purchase of investments | 0 | 0 | 0 | 0 | |
Sales of investments | 0 | 0 | 0 | 0 | |
Proceeds from Collection of Notes Receivable | 0 | 0 | |||
Other | (60) | 67 | (188) | 188 | |
Investments in consolidated subsidiaries | 166 | 9,340 | 582 | 18,686 | |
Cash provided by (used in) activities of continuing operations | (22,438) | (14,115) | (78,598) | (42,116) | |
Cash provided by (used in) activities of discontinued operations | 0 | (412) | (28,470) | (1,175) | |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (22,438) | (14,527) | (107,068) | (43,291) | |
Issuance of notes and bank borrowings, net of issuance costs | 0 | 0 | 0 | 0 | |
Payments on debt, capital leases, and associated costs | (1,998) | 1,429 | (19,893) | 4,112 | |
Net intercompany financing activity | 11,974 | (3,104) | 53,934 | 6,095 | |
Other | 0 | 0 | 0 | ||
Cash provided by (used in) activities of continuing operations | 9,976 | 1,675 | 34,041 | (10,207) | |
Cash provided by (used in) activities of discontinued operations | 0 | (21) | (22) | (62) | |
Cash provided by (used in) activities of discontinued operations | 9,976 | 1,654 | 34,019 | (10,269) | |
Effect of exchange rate changes on cash and cash equivalents | 185 | (225) | 571 | 659 | |
Less net cash provided by (used in) discontinued operations | 0 | (8,491) | (32,930) | (3,302) | |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (777) | 4,864 | (24,313) | 43,812 | |
Cash, cash equivalents and restricted cash at beginning of period | 71,594 | 49,189 | 95,130 | 10,241 | |
Cash, cash equivalents and restricted cash at end of period | $ 70,817 | $ 54,053 | $ 70,817 | $ 54,053 | |
[1] | Less net cash provided by (used in) discontinued operations includes the following cash transactions: net subsidiary payments to parent company of $181 for the three months ended September 30, 2017 and $1,748 and $10,698 during the nine months ended September 30, 2018 and 2017, respectively. |
Supplemental Guarantor Inform_5
Supplemental Guarantor Information Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | $ 104,746 | $ 192,032 |
Receivables | 30,480 | 19,069 |
Ore on leach pads | 77,515 | 73,752 |
Inventory | 62,569 | 58,230 |
Prepaid expenses and other | 12,167 | 15,053 |
Assets held for sale | 0 | 91,421 |
Current assets | 287,477 | 449,557 |
Property, plant and equipment, net | 285,871 | 254,737 |
Mining properties, net | 865,043 | 829,569 |
Ore on leach pads | 67,420 | 65,393 |
Restricted assets | 21,361 | 20,847 |
Equity and debt securities | 24,232 | 34,837 |
Receivables | 28,035 | 28,750 |
Net investment in subsidiaries | 0 | 0 |
Other | 18,938 | 17,485 |
TOTAL ASSETS | 1,598,377 | 1,701,175 |
Accounts payable | 55,132 | 48,592 |
Accrued liabilities and other | 65,400 | 94,930 |
Debt | 22,696 | 30,753 |
Reclamation | 3,777 | 3,777 |
Liabilities held for sale | 0 | 50,677 |
Current liabilities | 147,005 | 228,729 |
Debt | 406,494 | 380,569 |
Reclamation | 122,977 | 117,055 |
Deferred tax liabilities | 98,891 | 105,148 |
Other long-term liabilities | 55,227 | 54,697 |
Intercompany payable (receivable) | 0 | 0 |
Non-current liabilities | 683,589 | 657,469 |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 187,026,334 issued and outstanding at September 30, 2018 and 185,637,724 at December 31, 2017 | 1,870 | 1,856 |
Additional paid-in capital | 3,359,183 | 3,357,345 |
Accumulated deficit | (2,593,012) | (2,546,743) |
Accumulated other comprehensive income (loss) | (258) | 2,519 |
Stockholders' equity | 767,783 | 814,977 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 1,598,377 | 1,701,175 |
Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Receivables | 0 | 0 |
Ore on leach pads | 0 | 0 |
Inventory | 0 | 0 |
Prepaid expenses and other | 0 | 0 |
Assets held for sale | 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 and debt securities | 0 | 0 |
Receivables | 0 | 0 |
Net investment in subsidiaries | (459,616) | (422,279) |
Other | (294,724) | (316,744) |
TOTAL ASSETS | (754,340) | (739,023) |
Accounts payable | 0 | 0 |
Accrued liabilities and other | 0 | 0 |
Debt | 0 | 0 |
Reclamation | 0 | 0 |
Liabilities held for sale | 0 | |
Current liabilities | 0 | 0 |
Debt | (294,724) | (316,744) |
Reclamation | 0 | 0 |
Deferred tax liabilities | 0 | 0 |
Other long-term liabilities | 0 | 0 |
Intercompany payable (receivable) | 0 | 0 |
Non-current liabilities | (294,724) | (316,744) |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 187,026,334 issued and outstanding at September 30, 2018 and 185,637,724 at December 31, 2017 | (234,030) | (214,650) |
Additional paid-in capital | (2,071,172) | (2,034,240) |
Accumulated deficit | 1,845,586 | 1,823,148 |
Accumulated other comprehensive income (loss) | 0 | 3,463 |
Stockholders' equity | (459,616) | (422,279) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | (754,340) | (739,023) |
Coeur Mining, Inc. | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | 11,432 | 44,662 |
Receivables | 9,697 | 137 |
Ore on leach pads | 0 | 0 |
Inventory | 0 | 0 |
Prepaid expenses and other | 4,938 | 7,824 |
Assets held for sale | 0 | |
Current assets | 26,067 | 52,623 |
Property, plant and equipment, net | 2,893 | 4,007 |
Mining properties, net | 4,753 | 0 |
Ore on leach pads | 0 | 0 |
Restricted assets | 14,359 | 13,251 |
Equity and debt securities | 24,218 | 33,569 |
Receivables | 0 | 0 |
Net investment in subsidiaries | 459,064 | 422,074 |
Other | 297,919 | 320,335 |
TOTAL ASSETS | 829,273 | 845,859 |
Accounts payable | 2,244 | 3,607 |
Accrued liabilities and other | 11,701 | 13,205 |
Debt | 0 | 0 |
Reclamation | 0 | 0 |
Liabilities held for sale | 0 | |
Current liabilities | 13,945 | 16,812 |
Debt | 365,662 | 345,088 |
Reclamation | 0 | 0 |
Deferred tax liabilities | 5,179 | 4,110 |
Other long-term liabilities | 2,627 | 2,311 |
Intercompany payable (receivable) | (325,923) | (337,439) |
Non-current liabilities | 47,545 | 14,070 |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 187,026,334 issued and outstanding at September 30, 2018 and 185,637,724 at December 31, 2017 | 1,870 | 1,856 |
Additional paid-in capital | 3,359,183 | 3,357,345 |
Accumulated deficit | (2,593,012) | (2,546,743) |
Accumulated other comprehensive income (loss) | (258) | 2,519 |
Stockholders' equity | 767,783 | 814,977 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 829,273 | 845,859 |
Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | 22,496 | 52,239 |
Receivables | 3,355 | 7,922 |
Ore on leach pads | 77,515 | 73,752 |
Inventory | 28,751 | 29,769 |
Prepaid expenses and other | 1,430 | 2,816 |
Assets held for sale | 0 | |
Current assets | 133,547 | 166,498 |
Property, plant and equipment, net | 176,645 | 161,487 |
Mining properties, net | 221,969 | 216,281 |
Ore on leach pads | 67,420 | 65,393 |
Restricted assets | 227 | 227 |
Equity and debt securities | 14 | 1,268 |
Receivables | 0 | 0 |
Net investment in subsidiaries | 258 | 223 |
Other | 11,846 | 11,040 |
TOTAL ASSETS | 611,926 | 622,417 |
Accounts payable | 21,697 | 24,534 |
Accrued liabilities and other | 11,148 | 19,262 |
Debt | 16,913 | 9,215 |
Reclamation | 2,313 | 2,313 |
Liabilities held for sale | 0 | |
Current liabilities | 52,071 | 55,324 |
Debt | 33,022 | 28,313 |
Reclamation | 85,376 | 82,021 |
Deferred tax liabilities | 4,928 | 5,127 |
Other long-term liabilities | 3,178 | 3,063 |
Intercompany payable (receivable) | 305,823 | 317,759 |
Non-current liabilities | 432,327 | 436,283 |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 187,026,334 issued and outstanding at September 30, 2018 and 185,637,724 at December 31, 2017 | 39,010 | 19,630 |
Additional paid-in capital | 143,542 | 149,194 |
Accumulated deficit | (55,024) | (34,551) |
Accumulated other comprehensive income (loss) | 0 | (3,463) |
Stockholders' equity | 127,528 | 130,810 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 611,926 | 622,417 |
Non-Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | 70,818 | 95,131 |
Receivables | 17,428 | 11,010 |
Ore on leach pads | 0 | 0 |
Inventory | 33,818 | 28,461 |
Prepaid expenses and other | 5,799 | 4,413 |
Assets held for sale | 91,421 | |
Current assets | 127,863 | 230,436 |
Property, plant and equipment, net | 106,333 | 89,243 |
Mining properties, net | 638,321 | 613,288 |
Ore on leach pads | 0 | 0 |
Restricted assets | 6,775 | 7,369 |
Equity and debt securities | 0 | 0 |
Receivables | 28,035 | 28,750 |
Net investment in subsidiaries | 294 | (18) |
Other | 3,897 | 2,854 |
TOTAL ASSETS | 911,518 | 971,922 |
Accounts payable | 31,191 | 20,451 |
Accrued liabilities and other | 42,551 | 62,463 |
Debt | 5,783 | 21,538 |
Reclamation | 1,464 | 1,464 |
Liabilities held for sale | 50,677 | |
Current liabilities | 80,989 | 156,593 |
Debt | 302,534 | 323,912 |
Reclamation | 37,601 | 35,034 |
Deferred tax liabilities | 88,784 | 95,911 |
Other long-term liabilities | 49,422 | 49,323 |
Intercompany payable (receivable) | 20,100 | 19,680 |
Non-current liabilities | 498,441 | 523,860 |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 187,026,334 issued and outstanding at September 30, 2018 and 185,637,724 at December 31, 2017 | 195,020 | 195,020 |
Additional paid-in capital | 1,927,630 | 1,885,046 |
Accumulated deficit | (1,790,562) | (1,788,597) |
Accumulated other comprehensive income (loss) | 0 | 0 |
Stockholders' equity | 332,088 | 291,469 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 911,518 | $ 971,922 |
Commitments and Contigencies (D
Commitments and Contigencies (Details Textual) | 9 Months Ended | ||
Sep. 30, 2018USD ($)t | Oct. 31, 2017USD ($) | Oct. 02, 2014USD ($) | |
Business Acquisition [Line Items] | |||
Palmarejo Gold Stream Agreement, Deferred Revenue Unamortized Balance | $ 13,217,000 | ||
Palmarejo gold production royalty | |||
Business Acquisition [Line Items] | |||
Production to be sold, percent | 50.00% | 50.00% | |
Price per ounce under agreement | $ 800 | $ 800 | |
Aggregate deposit to be received | $ 20,000,000 | $ 22,000,000 | |
JDS Silver Holdings Ltd. | |||
Business Acquisition [Line Items] | |||
Silvertip acquisition contingent consideration | $ 50,000,000 | ||
Long-term Purchase Commitment, Milestones | 2 | ||
JDS Silver Holdings Ltd. | First Milestone | |||
Business Acquisition [Line Items] | |||
Silvertip acquisition contingent consideration | 25,000,000 | ||
Sustained minim and milling per day (in tones) | t | 1,000 | ||
JDS Silver Holdings Ltd. | Second Milestone | |||
Business Acquisition [Line Items] | |||
Silvertip acquisition contingent consideration | 25,000,000 | ||
Maximum payment | $ 25,000,000 | ||
Tonnes of Resource Added | t | 3,700,000 | ||
Amount of resource required (in tonnes) | t | 300,000 | ||
Commitment amount per resource amount reached | $ 5,000,000 | ||
Minimum Resource Tonnes Milestone | t | 2,500,000 |
Discontinued Operations - State
Discontinued Operations - Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Income (loss) from discontinued operations | $ 0 | $ (4,924) | $ 550 | $ (5,520) |
Cash provided by (used in) operating activities, discontinued operations | 0 | (7,877) | (2,690) | 8,633 |
Cash provided by (used in) investing activities, discontinued operations | 0 | (412) | (28,470) | (1,175) |
Held-for-sale | ||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Revenue | 0 | 16,043 | 12,346 | 60,441 |
Costs applicable to sales | 0 | 17,365 | 12,269 | 58,979 |
Amortization | 0 | 1,430 | 0 | 5,053 |
General and administrative | 0 | 67 | 41 | 92 |
Exploration | 0 | 23 | 0 | 23 |
Pre-development, reclamation, and other | 0 | 2,931 | 265 | 3,956 |
Interest expense, net of capitalized interest | 0 | (11) | (3) | (23) |
Disposal Group, Including Discontinued Operations, Other Income (Expense) | 0 | 804 | (260) | 1,305 |
Pretax profit (loss) on discontinued operations related to major classes of pretax profit (loss) | 0 | (4,980) | (492) | (6,380) |
Pretax gain on the disposal of the discontinued operation | 0 | 0 | 1,525 | 0 |
Total pretax gain or loss on discontinued operations | 0 | (4,980) | 1,033 | (6,380) |
Income and mining tax (expense) benefit | $ 0 | 56 | (483) | 860 |
Cash provided by (used in) operating activities, discontinued operations | (7,877) | (2,690) | 8,633 | |
Cash provided by (used in) investing activities, discontinued operations | $ (412) | $ (28,470) | $ (1,175) |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands | Dec. 22, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cash provided by (used in) operating activities, discontinued operations | $ 0 | $ (7,877) | $ (2,690) | $ 8,633 | |
Cash provided by (used in) investing activities, discontinued operations | 0 | (412) | (28,470) | (1,175) | |
Held-for-sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net smelter returns royalty, estimated value | $ 7,100 | ||||
Value added tax receivable, outstanding | 12,700 | ||||
Promissory note receivable | 26,900 | ||||
Expected post-closing obligations | $ 5,700 | ||||
Cash provided by (used in) operating activities, discontinued operations | (7,877) | (2,690) | 8,633 | ||
Cash provided by (used in) investing activities, discontinued operations | (412) | (28,470) | (1,175) | ||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 0 | $ 0 | $ 1,525 | $ 0 |
Additional Balance Sheet Deta_3
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Other Accrued Liabilities | $ 11,883 | $ 12,323 |
Accrued Income Taxes, Current | 1,252 | 25,788 |
Accrual for Taxes Other than Income Taxes, Current | 3,378 | 4,354 |
Interest Payable, Current | 5,363 | 1,513 |
Accrued Salaries, Current | 18,677 | 26,559 |
Business Combination, Contingent Consideration, Liability, Current | 24,847 | 24,393 |
Accrued liabilities and other | $ 65,400 | $ 94,930 |
Additional Balance Sheet Deta_4
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details 1) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Supplemental Cash Flow Information [Abstract] | ||||||
Cash and Cash Equivalents, at Carrying Value | $ 104,746 | $ 192,032 | $ 195,654 | |||
Restricted Cash Equivalents | 12,534 | 11,360 | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 117,280 | $ 136,026 | $ 203,402 | $ 207,014 | $ 210,809 | $ 126,601 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) shares in Thousands | Oct. 29, 2018 | Oct. 15, 2018 | Oct. 01, 2018 | Sep. 30, 2018 | Sep. 30, 2017 |
Northern Empire Resources Corp. | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Common stock portion, number of Company stock for each share of Norther Empire stock converted | 0 | ||||
Net assets acquired | $ 63,900,000 | ||||
Common Stock | Northern Empire Resources Corp. | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Common shares issued (in shares) | 12,100 | ||||
Common Stock | Rye Patch Gold US Inc. | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Common shares issued (value) | $ 19,000,000 | ||||
Revolving Credit Facility | |||||
Subsequent Event [Line Items] | |||||
Line of credit facility maximum borrowing capacity | $ 200,000,000 | ||||
Amendment | Revolving Credit Facility | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Increase in line of credit facility | $ 50,000,000 | ||||
Line of credit facility maximum borrowing capacity | $ 250,000,000 | ||||
Northern Empire Resources Corp. | |||||
Subsequent Event [Line Items] | |||||
Investment value | $ 4,500,000 |