Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 25, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Entity File Number | 001-08641 | |
Entity Registrant Name | COEUR MINING, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-0109423 | |
Entity Address, Address Line One | 104 S. Michigan Ave. | |
Entity Address, Address Line Two | Suite 900 | |
Entity Address, City or Town | Chicago, | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60603 | |
City Area Code | 312 | |
Local Phone Number | 489-5800 | |
Title of 12(b) Security | Common Stock (par value $.01 per share) | |
Trading Symbol | CDE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 256,953,858 | |
Entity Central Index Key | 0000215466 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 85,020 | $ 92,794 |
Receivables | 22,956 | 23,484 |
Inventory | 52,334 | 51,210 |
Ore on leach pads | 74,803 | 74,866 |
Prepaid expenses and other | 17,846 | 27,254 |
Assets held for sale | 54,478 | 0 |
Current assets | 307,437 | 269,608 |
NON-CURRENT ASSETS | ||
Property, plant and equipment, net | 298,006 | 230,139 |
Mining properties, net | 783,097 | 716,790 |
Ore on leach pads, noncurrent | 78,302 | 81,963 |
Restricted assets | 9,160 | 9,492 |
Equity securities | 139,740 | 12,943 |
Receivables | 0 | 26,447 |
Other assets | 58,291 | 56,595 |
TOTAL ASSETS | 1,674,033 | 1,403,977 |
CURRENT LIABILITIES | ||
Accounts payable | 119,583 | 90,577 |
Accrued liabilities and other | 77,790 | 119,158 |
Debt | 31,384 | 22,074 |
Reclamation | 2,299 | 2,299 |
Liabilities held for sale | 11,477 | 0 |
Current liabilities | 242,533 | 234,108 |
NON-CURRENT LIABILITIES | ||
Debt | 411,042 | 253,427 |
Reclamation | 142,456 | 136,975 |
Deferred tax liabilities | 22,280 | 34,202 |
Other long-term liabilities | 41,983 | 51,786 |
Non-current liabilities | $ 617,761 | $ 476,390 |
Common Stock, Shares, Outstanding | 256,928,852 | 243,751,283 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 256,928,852 issued and outstanding at September 30, 2021 and 243,751,283 at December 31, 2020 | $ 2,569 | $ 2,438 |
Additional paid-in capital | 3,734,948 | 3,610,297 |
Accumulated other comprehensive income (loss) | 4,904 | (11,136) |
Accumulated deficit | (2,928,682) | (2,908,120) |
Stockholders' equity | 813,739 | 693,479 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,674,033 | $ 1,403,977 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 256,928,852 | 243,751,283 |
Receivables | $ 22,956 | $ 23,484 |
Ore on leach pads | 74,803 | 74,866 |
Inventory | 52,334 | 51,210 |
Prepaid expenses and other | 17,846 | 27,254 |
Assets, Current | 307,437 | 269,608 |
Property, plant and equipment, net | 298,006 | 230,139 |
Other | 58,291 | 56,595 |
Assets | 1,674,033 | 1,403,977 |
Accounts payable | 119,583 | 90,577 |
Accrued liabilities and other | 77,790 | 119,158 |
Debt | 31,384 | 22,074 |
Reclamation | 2,299 | 2,299 |
Liabilities, Current | 242,533 | 234,108 |
Book value | 411,042 | 253,427 |
Reclamation | 142,456 | 136,975 |
Deferred tax liabilities | 22,280 | 34,202 |
Other long-term liabilities | 41,983 | 51,786 |
Liabilities, Noncurrent | 617,761 | 476,390 |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 256,928,852 issued and outstanding at September 30, 2021 and 243,751,283 at December 31, 2020 | 2,569 | 2,438 |
Additional paid-in capital | 3,734,948 | 3,610,297 |
Accumulated deficit | (2,928,682) | (2,908,120) |
Accumulated other comprehensive income (loss) | 4,904 | (11,136) |
Stockholders' Equity Attributable to Parent | 813,739 | 693,479 |
Liabilities and Equity | 1,674,033 | 1,403,977 |
Coeur Mining, Inc. | ||
CURRENT ASSETS | ||
Cash and cash equivalents | 5,176 | 12,727 |
Receivables | (58) | 381 |
Inventory | 0 | 0 |
Ore on leach pads | 0 | 0 |
Prepaid expenses and other | 11,621 | 20,872 |
Current assets | 16,739 | 33,980 |
NON-CURRENT ASSETS | ||
Property, plant and equipment, net | 1,625 | 1,946 |
Restricted assets | 1,487 | |
Equity securities | 139,740 | |
Other assets | 177,117 | 198,587 |
TOTAL ASSETS | 943,484 | 763,643 |
CURRENT LIABILITIES | ||
Accounts payable | 2,757 | 1,978 |
Accrued liabilities and other | 9,680 | 36,183 |
Debt | 0 | 0 |
Reclamation | 0 | 0 |
Current liabilities | 12,437 | 38,161 |
NON-CURRENT LIABILITIES | ||
Debt | 388,038 | 227,592 |
Reclamation | 0 | 0 |
Deferred tax liabilities | 293 | 100 |
Other long-term liabilities | 3,344 | 3,629 |
Non-current liabilities | 117,309 | 32,003 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 256,928,852 issued and outstanding at September 30, 2021 and 243,751,283 at December 31, 2020 | 2,569 | 2,438 |
Additional paid-in capital | 3,734,948 | 3,610,297 |
Accumulated other comprehensive income (loss) | 4,904 | (11,136) |
Accumulated deficit | (2,928,683) | (2,908,120) |
Stockholders' equity | 813,738 | 693,479 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 943,484 | 763,643 |
Receivables | (58) | 381 |
Ore on leach pads | 0 | 0 |
Inventory | 0 | 0 |
Prepaid expenses and other | 11,621 | 20,872 |
Assets, Current | 16,739 | 33,980 |
Property, plant and equipment, net | 1,625 | 1,946 |
Mining properties, net | 0 | 0 |
Ore on leach pads | 0 | 0 |
Restricted assets | 1,482 | |
Net investment in subsidiaries | 606,776 | 514,705 |
Other | 177,117 | 198,587 |
Assets | 943,484 | 763,643 |
Accounts payable | 2,757 | 1,978 |
Accrued liabilities and other | 9,680 | 36,183 |
Debt | 0 | 0 |
Reclamation | 0 | 0 |
Liabilities, Current | 12,437 | 38,161 |
Book value | 388,038 | 227,592 |
Reclamation | 0 | 0 |
Deferred tax liabilities | 293 | 100 |
Other long-term liabilities | 3,344 | 3,629 |
Intercompany payable (receivable) | (274,366) | (199,318) |
Liabilities, Noncurrent | 117,309 | 32,003 |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 256,928,852 issued and outstanding at September 30, 2021 and 243,751,283 at December 31, 2020 | 2,569 | 2,438 |
Additional paid-in capital | 3,734,948 | 3,610,297 |
Accumulated deficit | (2,928,683) | (2,908,120) |
Accumulated other comprehensive income (loss) | 4,904 | (11,136) |
Stockholders' Equity Attributable to Parent | 813,738 | 693,479 |
Liabilities and Equity | 943,484 | 763,643 |
Guarantor Subsidiaries | ||
CURRENT ASSETS | ||
Cash and cash equivalents | 29,719 | 28,515 |
Receivables | 5,259 | 3,631 |
Inventory | 27,573 | 27,223 |
Ore on leach pads | 74,803 | 74,866 |
Prepaid expenses and other | 1,009 | 1,375 |
Current assets | 138,363 | 135,610 |
NON-CURRENT ASSETS | ||
Property, plant and equipment, net | 178,584 | 148,640 |
Restricted assets | 206 | |
Equity securities | 0 | |
Other assets | 54,024 | 51,528 |
TOTAL ASSETS | 963,911 | 844,550 |
CURRENT LIABILITIES | ||
Accounts payable | 72,616 | 52,177 |
Accrued liabilities and other | 40,561 | 46,023 |
Debt | 24,107 | 14,506 |
Reclamation | 1,584 | 1,584 |
Current liabilities | 138,868 | 114,290 |
NON-CURRENT LIABILITIES | ||
Debt | 47,035 | 33,321 |
Reclamation | 96,364 | 93,349 |
Deferred tax liabilities | 7,522 | 8,457 |
Other long-term liabilities | 22,740 | 29,916 |
Non-current liabilities | 424,663 | 341,957 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 256,928,852 issued and outstanding at September 30, 2021 and 243,751,283 at December 31, 2020 | 19,356 | 20,401 |
Additional paid-in capital | 340,700 | 340,700 |
Accumulated other comprehensive income (loss) | 0 | 0 |
Accumulated deficit | 40,324 | 27,202 |
Stockholders' equity | 400,380 | 388,303 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 963,911 | 844,550 |
Receivables | 5,259 | 3,631 |
Ore on leach pads | 74,803 | 74,866 |
Inventory | 27,573 | 27,223 |
Prepaid expenses and other | 1,009 | 1,375 |
Assets, Current | 138,363 | 135,610 |
Property, plant and equipment, net | 178,584 | 148,640 |
Mining properties, net | 453,619 | 353,818 |
Ore on leach pads | 78,302 | 81,963 |
Restricted assets | 206 | |
Net investment in subsidiaries | 60,813 | 72,785 |
Other | 54,024 | 51,528 |
Assets | 963,911 | 844,550 |
Accounts payable | 72,616 | 52,177 |
Accrued liabilities and other | 40,561 | 46,023 |
Debt | 24,107 | 14,506 |
Reclamation | 1,584 | 1,584 |
Liabilities, Current | 138,868 | 114,290 |
Book value | 47,035 | 33,321 |
Reclamation | 96,364 | 93,349 |
Deferred tax liabilities | 7,522 | 8,457 |
Other long-term liabilities | 22,740 | 29,916 |
Intercompany payable (receivable) | 251,002 | 176,914 |
Liabilities, Noncurrent | 424,663 | 341,957 |
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 256,928,852 issued and outstanding at September 30, 2021 and 243,751,283 at December 31, 2020 | 19,356 | 20,401 |
Additional paid-in capital | 340,700 | 340,700 |
Accumulated deficit | 40,324 | 27,202 |
Accumulated other comprehensive income (loss) | 0 | 0 |
Stockholders' Equity Attributable to Parent | 400,380 | 388,303 |
Liabilities and Equity | $ 963,911 | $ 844,550 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 256,928,852 | 243,751,283 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Revenue | $ 207,969 | $ 229,728 | $ 624,944 | $ 557,144 | |
COSTS AND EXPENSES | |||||
Amortization | 30,962 | 32,216 | 92,872 | 96,254 | |
General and administrative | 8,743 | 7,757 | 30,764 | 25,293 | |
Pre-development, reclamation, and other | 10,506 | 15,031 | 36,956 | 40,261 | |
Total costs and expenses | 199,942 | 180,594 | 573,177 | 514,571 | |
OTHER INCOME (EXPENSE), NET | |||||
Loss on debt extinguishments | 0 | 0 | (9,173) | 0 | |
Fair value adjustments, net, pretax | (26,440) | 2,243 | 7,000 | 3,491 | |
Interest expense, net of capitalized interest | (3,237) | (5,096) | (13,240) | (15,989) | |
Other, net | [1] | (26,718) | (6,312) | (22,390) | (4,310) |
Total other income (expense), net | (56,395) | (9,165) | (37,803) | (16,808) | |
Income (loss) before income and mining taxes | (48,368) | 39,969 | 13,964 | 25,765 | |
Income and mining tax (expense) benefit | (6,400) | (13,113) | (34,526) | (12,018) | |
NET INCOME (LOSS) | (54,768) | 26,856 | (20,562) | 13,747 | |
OTHER COMPREHENSIVE INCOME (LOSS), Net of Tax: | |||||
Unrealized gain (loss) on hedger, net of tax | 1,349 | (21,248) | 25,723 | (28,139) | |
Reclassification adjustments for realized (gain) loss on cash flow hedges | 3,902 | (2,642) | 9,683 | (1,963) | |
Other comprehensive income (loss) | (2,553) | (18,606) | 16,040 | (26,176) | |
COMPREHENSIVE INCOME (LOSS) | $ (57,321) | $ 8,250 | $ (4,522) | $ (12,429) | |
Basic EPS | |||||
Earnings Per Share, Basic | $ (0.21) | $ 0.11 | $ (0.08) | $ 0.06 | |
Diluted EPS | |||||
Earnings Per Share, Diluted | $ (0.21) | $ 0.11 | $ (0.08) | $ 0.06 | |
Accumulated Deficit [Member] | |||||
OTHER INCOME (EXPENSE), NET | |||||
NET INCOME (LOSS) | $ (54,768) | $ 26,856 | |||
Product | |||||
COSTS AND EXPENSES | |||||
Costs applicable to sales | [2] | 134,340 | 112,772 | $ 375,082 | $ 321,704 |
Mineral, Exploration | |||||
COSTS AND EXPENSES | |||||
Costs applicable to sales | $ 15,391 | $ 12,818 | $ 37,503 | $ 31,059 | |
[1] | See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail | ||||
[2] | Excludes amortization. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
NET INCOME (LOSS) | $ (54,768) | $ 26,856 | $ (20,562) | $ 13,747 |
Adjustments: | ||||
Amortization | 30,962 | 32,216 | 92,872 | 96,254 |
Accretion | 3,028 | 2,969 | 8,898 | 8,724 |
Deferred income taxes | (5,964) | (4,515) | (740) | (11,547) |
Loss on debt extinguishment | 0 | 0 | 9,173 | 0 |
Fair value adjustments, net | 26,440 | (2,243) | (7,000) | (3,491) |
Stock-based compensation | 2,671 | 1,969 | 10,183 | 6,269 |
Gain on Modification of Lease | 0 | 0 | 0 | (4,051) |
Inventory Write-down | 31,249 | 1,232 | 31,249 | 16,821 |
Revenue Recognized | (307) | (5,485) | (15,908) | (21,167) |
Foreign exchange and other | 1,493 | 4,379 | (339) | 2,374 |
Changes in operating assets and liabilities: | ||||
Receivables | (944) | (1,497) | 1,016 | (3,846) |
Prepaid expenses and other current assets | (80) | (1,921) | 593 | (1,186) |
Inventories | (3,820) | (3,066) | (18,047) | (33,047) |
Accounts payable and accrued liabilities | (8,114) | 28,570 | (15,842) | 15,566 |
CASH PROVIDED (USED IN) BY OPERATING ACTIVITIES | 21,846 | 79,464 | 75,546 | 81,420 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Capital expenditures | (71,266) | (22,996) | (208,913) | (61,886) |
Proceeds from the sale of assets | 61 | 730 | 5,617 | 5,245 |
Purchase of investments | (1,079) | (2,500) | (1,955) | (2,500) |
Sale of investments | 0 | 0 | 935 | 19,802 |
Other | (12) | (25) | (42) | (225) |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (72,296) | (24,791) | (204,358) | (39,564) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Issuance of notes and bank borrowings, net of issuance costs | 20,000 | 0 | 387,493 | 150,000 |
Payments on long-term debt, capital leases, and associated costs | (7,944) | (48,557) | (261,522) | (150,171) |
Gold production royalty payments | 0 | 0 | 0 | (18,750) |
Other | (20) | 114 | (4,178) | (1,718) |
CASH PROVIDED (USED IN) BY FINANCING ACTIVITIES | 12,036 | (48,443) | 121,793 | (20,639) |
Effect of exchange rate changes on cash and cash equivalents | (253) | (10) | (360) | 293 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (38,667) | 6,220 | (7,379) | 21,510 |
Cash, cash equivalents and restricted cash at beginning of period | 125,458 | 72,308 | 94,170 | 57,018 |
Cash, cash equivalents and restricted cash at end of period | $ 86,791 | $ 78,528 | $ 86,791 | $ 78,528 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | JDS Silver | Common Stock | Common StockJDS Silver | Additional Paid-In Capital | Additional Paid-In CapitalJDS Silver | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Balances, in shares at Dec. 31, 2019 | 241,529 | |||||||
Balances at Dec. 31, 2019 | $ 667,004 | $ 2,415 | $ 3,598,472 | $ (2,933,747) | $ (136) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
NET INCOME (LOSS) | (11,900) | (11,900) | ||||||
Other comprehensive income (loss) | 206 | 206 | ||||||
Common stock issued under stock-based compensation plans, net (in shares) | 1,179 | |||||||
Common stock issued/canceled under long-term incentive plans and director fees and options, net | 39 | $ 12 | 27 | |||||
Common stock issued for Silvertip contingent consideration payment (in shares) | 878 | |||||||
Common stock issued for Silvertip contingent consideration payment | $ 5,295 | $ 9 | $ 5,286 | |||||
Balances, in shares at Mar. 31, 2020 | 243,586 | |||||||
Balances at Mar. 31, 2020 | 660,644 | $ 2,436 | 3,603,785 | (2,945,647) | 70 | |||
Balances, in shares at Dec. 31, 2019 | 241,529 | |||||||
Balances at Dec. 31, 2019 | 667,004 | $ 2,415 | 3,598,472 | (2,933,747) | (136) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
NET INCOME (LOSS) | 13,747 | |||||||
Other comprehensive income (loss) | (26,176) | |||||||
Balances, in shares at Sep. 30, 2020 | 243,745 | |||||||
Balances at Sep. 30, 2020 | 664,227 | $ 2,437 | 3,608,102 | (2,920,000) | (26,312) | |||
Balances, in shares at Mar. 31, 2020 | 243,586 | |||||||
Balances at Mar. 31, 2020 | 660,644 | $ 2,436 | 3,603,785 | (2,945,647) | 70 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
NET INCOME (LOSS) | (1,209) | (1,209) | ||||||
Other comprehensive income (loss) | (7,776) | (7,776) | ||||||
Common stock issued under stock-based compensation plans, net (in shares) | 146 | |||||||
Common stock issued/canceled under long-term incentive plans and director fees and options, net | 2,198 | $ 1 | 2,197 | |||||
Balances, in shares at Jun. 30, 2020 | 243,732 | |||||||
Balances at Jun. 30, 2020 | 653,857 | $ 2,437 | 3,605,982 | (2,946,856) | (7,706) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
NET INCOME (LOSS) | 26,856 | 26,856 | ||||||
Other comprehensive income (loss) | (18,606) | (18,606) | ||||||
Common stock issued under stock-based compensation plans, net (in shares) | 13 | |||||||
Common stock issued/canceled under long-term incentive plans and director fees and options, net | 2,120 | $ 0 | 2,120 | |||||
Balances, in shares at Sep. 30, 2020 | 243,745 | |||||||
Balances at Sep. 30, 2020 | 664,227 | $ 2,437 | 3,608,102 | (2,920,000) | (26,312) | |||
Balances, in shares at Dec. 31, 2020 | 243,752 | |||||||
Balances at Dec. 31, 2020 | 693,479 | $ 2,438 | 3,610,297 | (2,908,120) | (11,136) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
NET INCOME (LOSS) | 2,060 | 2,060 | ||||||
Other comprehensive income (loss) | 24,636 | 24,636 | ||||||
Common stock issued under stock-based compensation plans, net (in shares) | (282) | |||||||
Common stock issued/canceled under long-term incentive plans and director fees and options, net | 331 | $ (3) | 334 | |||||
Balances, in shares at Mar. 31, 2021 | 243,470 | |||||||
Balances at Mar. 31, 2021 | 720,506 | $ 2,435 | 3,610,631 | (2,906,060) | 13,500 | |||
Balances, in shares at Dec. 31, 2020 | 243,752 | |||||||
Balances at Dec. 31, 2020 | 693,479 | $ 2,438 | 3,610,297 | (2,908,120) | (11,136) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
NET INCOME (LOSS) | (20,562) | |||||||
Other comprehensive income (loss) | 16,040 | |||||||
Balances, in shares at Sep. 30, 2021 | 256,929 | |||||||
Balances at Sep. 30, 2021 | 813,739 | $ 2,569 | 3,734,948 | (2,928,682) | 4,904 | |||
Balances, in shares at Mar. 31, 2021 | 243,470 | |||||||
Balances at Mar. 31, 2021 | 720,506 | $ 2,435 | 3,610,631 | (2,906,060) | 13,500 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
NET INCOME (LOSS) | 32,146 | 32,146 | ||||||
Other comprehensive income (loss) | (6,043) | (6,043) | ||||||
Common stock issued for investment (in shares) | 12,786 | |||||||
Common stock issued for investment | 118,777 | $ 128 | 118,649 | |||||
Common stock issued under stock-based compensation plans, net (in shares) | 792 | |||||||
Common stock issued/canceled under long-term incentive plans and director fees and options, net | 3,023 | $ 7 | 3,016 | |||||
Balances, in shares at Jun. 30, 2021 | 257,048 | |||||||
Balances at Jun. 30, 2021 | 868,409 | $ 2,570 | 3,732,296 | (2,873,914) | 7,457 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
NET INCOME (LOSS) | (54,768) | (54,768) | ||||||
Other comprehensive income (loss) | (2,553) | (2,553) | ||||||
Common stock issued under stock-based compensation plans, net (in shares) | (119) | |||||||
Common stock issued/canceled under long-term incentive plans and director fees and options, net | 2,651 | $ (1) | 2,652 | |||||
Balances, in shares at Sep. 30, 2021 | 256,929 | |||||||
Balances at Sep. 30, 2021 | $ 813,739 | $ 2,569 | $ 3,734,948 | $ (2,928,682) | $ 4,904 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATIONThe 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, 2021. The condensed consolidated December 31, 2020 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, 2020 (the “2020 10-K”). |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies Please see Note 2 -- Summary of Significant Accounting Policies contained in the 2020 10-K. Use of Estimates The Company's Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles. The preparation of the Company's Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements. Ore on Leach Pads The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold concentrate at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or net realizable value, with cost being determined using a weighted average cost method. The historical cost of metal expected to be extracted within 12 months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond 12 months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process. The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than 20 years of leach pad operations at the Rochester mine and 30 years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. The ultimate recovery will not be known until leaching operations cease. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. In June 2021, the Company updated the recovery rate assumption on the Stage IV leach pad at Rochester, based on the historical performance of the leach pad since the third quarter of 2019. This change resulted in an adjustment to the ending ore on leach pads balance with the resulting non-cash charges allocated between Costs Applicable to Sales and Amortization in the amounts of $8.6 million and $2.2 million, respectively. Revenue Recognition The Company’s gold stream agreement with a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) provided for a $22.0 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 remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheet. See Note 17 -- Commitments and Contingencies for additional detail. 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 2021 2020 2021 2020 Opening Balance $ 8,775 $ 10,389 $ 9,376 $ 11,061 Revenue Recognized (307) (393) (908) (1,065) Closing Balance $ 8,468 $ 9,996 $ 8,468 $ 9,996 In December 2020, the Company received a $15.0 million prepayment (the “December 2020 Prepayment”) for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined in Note 17). In the first half of 2021, the Kensington mine delivered $15.0 million of gold concentrate to the counterparty in satisfaction of this prepayment obligation. The Amended Sales Contract was further amended in July 2021, with an effective date as of June 28, 2021, to include options for Coeur to receive up to two additional prepayments of up to $15.0 million each for deliveries of gold concentrate from the Kensington mine, and Coeur exercised the option to receive the first $15.0 million prepayment in June 2021 (the “June 2021 Prepayment”), of which $7.5 million in gold ounces were delivered in the third quarter of 2021. The Amended Sales Contract represents a contract liability under ASC 606, which requires the Company to recognize ratably a portion of the deposit as revenue for each gold ounce delivered to the customer. The remaining contract liability is included in Accrued liabilities and other on the Consolidated Balance Sheet. See Note 17 -- Commitments and Contingencies for additional detail. The following table presents a rollforward of the Amended Sales Contract liability balance: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2021 2020 2021 2020 Opening Balance $ 15,004 $ 15,006 $ 15,003 $ 15,010 Additions 95 108 — 15,096 15,114 Revenue Recognized (7,500) (5,200) (22,500) (20,210) Closing Balance $ 7,599 $ 9,914 $ 7,599 $ 9,914 Recently Adopted Accounting Standards In December 2019, the FASB issued ASU 2019-12, “Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740)” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 will be effective for interim and annual periods beginning after December 15, 2020 (January 1, 2021 for the Company). Early adoption is permitted. The adoption of the new standard did not have a material impact on the Company’s consolidated net income, financial position or cash flows. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING The Company’s operating segments include the Palmarejo, Rochester, Kensington, Wharf and Silvertip mines. Except for the Silvertip mine, all operating segments are engaged in the discovery, mining, and production of gold and/or silver. The Silvertip mine, which temporarily suspended mining and processing activities in February 2020, is engaged in the discovery, mining, and production of silver, zinc and lead. Other includes the Sterling/Crown and La Preciosa projects, other mineral interests, strategic equity investments, corporate office, elimination of intersegment transactions, and other items necessary to reconcile to consolidated amounts. In June 2021, Silvertip repurchased from Silvertip Resources Investment Cayman Ltd. a net smelter returns royalty of 1.429% on the first 1,434,000 metric tonnes of mineralized material mined, and 1.00% thereafter for consideration of $7.0 million . The 2019 novel strain of coronavirus causing a contagious respiratory disease known as COVID-19, which was declared a pandemic by the World Health Organization on March 11, 2020, poses a material risk to Coeur’s business and operations and the Company expects costs associated with its COVID-19 mitigation and response efforts at each of its operations to continue. Incremental costs associated with the Company’s COVID-19 health and safety protocols are recorded in Pre-development, reclamation, and other expenses in our Consolidated Statement of Comprehensive Income (Loss) and are included in Other operating expenses in the table below. Because of the highly uncertain and dynamic nature of events relating to the COVID-19 pandemic, it is not currently possible to estimate the impact of the pandemic on the Company’s operating segments. However, these effects could have a material impact on our operations, and Coeur will continue to monitor the COVID-19 situation closely. Financial information relating to the Company’s segments is as follows (in thousands): Three Months Ended September 30, 2021 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 33,237 $ 9,923 $ 51,881 $ 52,689 $ — $ — $ 147,730 Silver sales 41,410 18,402 — 427 — — 60,239 Metal sales 74,647 28,325 51,881 53,116 — — 207,969 Costs and Expenses Costs applicable to sales (1) 39,016 31,669 34,576 29,079 — — 134,340 Amortization 8,747 4,671 12,786 3,158 1,258 342 30,962 Exploration 2,777 2,394 2,681 — 4,592 2,947 15,391 Other operating expenses 855 1,433 515 539 6,090 9,817 19,249 Other income (expense) Fair value adjustments, net — — — — — (26,440) (26,440) Interest expense, net (135) (149) (194) (39) 396 (3,116) (3,237) Other, net (3) (26,868) (99) (62) 460 (124) (25) (26,718) Income and mining tax (expense) benefit (10,702) 1,108 (65) (2,014) — 5,273 (6,400) Net Income (loss) $ (14,453) $ (10,982) $ 1,002 $ 18,747 $ (11,668) $ (37,414) $ (54,768) Segment assets (2) $ 285,277 $ 496,940 $ 149,774 $ 73,019 $ 209,498 $ 112,836 $ 1,327,344 Capital expenditures $ 8,506 $ 40,056 $ 6,272 $ 1,045 $ 15,099 $ 288 $ 71,266 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail Three months ended September 30, 2020 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 39,416 $ 12,860 $ 52,357 $ 62,499 $ — $ — $ 167,132 Silver sales 42,339 19,250 — 1,007 — — 62,596 Zinc sales — — — — — — — Lead sales — — — — — — — Metal sales 81,755 32,110 52,357 63,506 — — 229,728 Costs and Expenses Costs applicable to sales (1) 34,251 19,104 31,530 27,887 — — 112,772 Amortization 11,912 3,278 11,523 4,000 1,185 318 32,216 Exploration 1,978 465 3,397 534 3,920 2,524 12,818 Other operating expenses 2,378 1,376 3,448 127 5,916 9,543 22,788 Other income (expense) Fair value adjustments, net — — — — — 2,243 2,243 Interest expense, net (201) (283) (296) (48) (124) (4,144) (5,096) Other, net (3) (1,168) (2,502) (34) 7 451 (3,066) (6,312) Income and mining tax (expense) benefit (6,841) (143) (380) (2,630) 21 (3,140) (13,113) Income (loss) from continuing operations $ 23,026 $ 4,959 $ 1,749 $ 28,287 $ (10,673) $ (20,492) $ 26,856 Segment assets (2) $ 302,599 $ 325,165 $ 177,700 $ 76,247 $ 155,932 $ 170,208 $ 1,207,851 Capital expenditures $ 4,998 $ 9,773 $ 5,333 $ 545 $ 2,065 $ 282 $ 22,996 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail Nine Months Ended September 30, 2021 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 112,036 $ 36,389 $ 155,154 $ 128,631 $ — $ — $ 432,210 Silver sales 127,990 62,778 — 1,966 — — 192,734 Metal sales 240,026 99,167 155,154 130,597 — — 624,944 Costs and Expenses Costs applicable to sales (1) 114,922 93,733 95,173 71,254 — — 375,082 Amortization 26,077 14,754 38,941 8,627 3,529 944 92,872 Exploration 6,304 3,802 5,095 143 11,119 11,040 37,503 Other operating expenses 3,578 4,325 5,783 1,249 18,609 34,176 67,720 Other income (expense) Loss on debt extinguishment — — — — — (9,173) (9,173) Fair value adjustments, net — — — — — 7,000 7,000 Interest expense, net (471) (851) (568) (122) 622 (11,850) (13,240) Other, net (3) (27,904) (252) (104) 1,112 (463) 5,221 (22,390) Income and mining tax (expense) benefit (29,601) 937 (1,106) (4,437) — (319) (34,526) Net Income (loss) $ 31,169 $ (17,613) $ 8,384 $ 45,877 $ (33,098) $ (55,281) $ (20,562) Segment assets (2) $ 285,277 $ 496,940 $ 149,774 $ 73,019 $ 209,498 $ 112,836 $ 1,327,344 Capital expenditures $ 28,284 $ 112,505 $ 19,519 $ 3,928 $ 44,011 $ 666 $ 208,913 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail Nine months ended September 30, 2020 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 104,732 $ 30,508 $ 159,200 $ 128,199 $ — $ — $ 422,639 Silver sales 89,332 41,650 — 1,640 1,230 — 133,852 Zinc sales — — — — (662) — (662) Lead sales — — — — 1,315 — 1,315 Metal sales 194,064 72,158 159,200 129,839 1,883 — 557,144 Costs and Expenses Costs applicable to sales (1) 89,050 54,396 92,419 68,182 17,657 — 321,704 Amortization 32,357 9,194 36,298 9,625 7,761 1,019 96,254 Exploration 4,373 2,529 7,746 639 7,073 8,699 31,059 Other operating expenses 6,279 3,835 7,298 451 17,770 29,921 65,554 Other income (expense) Fair value adjustments, net — — — — — 3,491 3,491 Interest expense, net (667) (851) (819) (149) (603) (12,900) (15,989) Other, net (3) (2,866) (2,580) 1 (12) 2,005 (858) (4,310) Income and mining tax (expense) benefit (7,938) (186) (854) (4,806) (234) 2,000 (12,018) Income (loss) from continuing operations $ 50,534 $ (1,413) $ 13,767 $ 45,975 $ (47,210) $ (47,906) $ 13,747 Segment assets (2) $ 302,599 $ 325,165 $ 177,700 $ 76,247 $ 155,932 $ 170,208 $ 1,207,851 Capital expenditures $ 16,611 $ 20,634 $ 14,050 $ 1,219 $ 8,630 $ 742 $ 61,886 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail Assets September 30, 2021 December 31, 2020 Total assets for reportable segments $ 1,327,344 $ 1,232,153 Cash and cash equivalents 85,020 92,794 Other assets 261,669 79,030 Total consolidated assets $ 1,674,033 $ 1,403,977 Geographic Information Long-Lived Assets September 30, 2021 December 31, 2020 United States $ 633,241 $ 503,818 Mexico 245,482 293,436 Canada 202,253 149,018 Other 127 657 Total $ 1,081,103 $ 946,929 Revenue Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 United States $ 133,322 $ 147,973 $ 384,918 $ 361,197 Mexico 74,647 81,755 240,026 194,064 Canada — — — 1,883 Total 207,969 $ 229,728 $ 624,944 $ 557,144 |
Receivables
Receivables | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
RECEIVABLES | RECEIVABLES Receivables consist of the following: In thousands September 30, 2021 December 31, 2020 Current receivables: Trade receivables $ 4,425 $ 3,293 VAT receivable 17,365 17,080 Income tax receivable 216 530 Other 950 2,581 $ 22,956 $ 23,484 Non-current receivables: VAT receivable (1) $ — $ 26,447 Total receivables $ 22,956 $ 49,931 (1) Represents VAT that was paid to the Mexican government associated with Coeur Mexicana’s prior royalty agreement with a subsidiary of Franco-Nevada Corporation. While the Company continues to pursue recovery from the Mexican government (including through ongoing litigation and potential international arbitration), the Company wrote down the carrying value of the receivable at September 30, 2021. See Note 17 -- Commitments and Contingencies for additional detail. |
Inventory and Ore on Leach Pads
Inventory and Ore on Leach Pads | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORY AND ORE ON LEACH PADS | INVENTORY AND ORE ON LEACH PADS Inventory consists of the following: In thousands September 30, 2021 December 31, 2020 Inventory: Concentrate $ 2,740 $ 2,909 Precious metals 11,762 14,788 Supplies 37,832 33,513 $ 52,334 $ 51,210 Ore on Leach Pads: Current $ 74,803 $ 74,866 Non-current 78,302 81,963 $ 153,105 $ 156,829 Long-term Stockpile (included in Other ) $ 16,636 $ 5,664 Total Inventory and Ore on Leach Pads $ 222,075 $ 213,703 Coeur reports the carrying value of metal and leach pad inventory at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. At the end of the third quarter of 2021, the cost of metal and leach pad inventory at Rochester exceeded its net realizable value which resulted in a non-cash write down of $6.0 million (approximately $5.3 million was recognized in Costs Applicable to Sales and $0.7 million in Amortization). |
Investments
Investments | 9 Months Ended |
Sep. 30, 2021 | |
Investment in Marketable Securities [Abstract] | |
Investment Holdings | INVESTMENTS Equity Securities The Company makes strategic investments in equity securities of silver and gold exploration, development and royalty and streaming companies. At September 30, 2021 In thousands Cost Gross Gross Estimated Equity Securities Victoria Gold Corp. $ 128,710 $ — $ 2,522 131,232 Integra Resources Corp. 9,455 (949) — 8,506 Other 2 — — 2 Equity securities $ 138,167 $ (949) $ 2,522 $ 139,740 At December 31, 2020 In thousands Cost Gross Gross Estimated Equity Securities Metalla Royalty & Streaming Ltd. $ 166 $ — $ 875 $ 1,041 Integra Resources Corp. 7,500 — 4,401 11,901 Other 2 (1) — 1 Equity securities $ 7,668 $ (1) $ 5,276 $ 12,943 Changes in the fair value of the Company’s investment in equity securities are recognized each period in the Condensed Consolidated Statement of Comprehensive Income (Loss) in Fair value adjustments, net . See Note 12 -- Fair Value Measurements for additional details. On January 4, 2021, the Company completed the sale of 83,556 shares of common stock of Metalla Royalty & Streaming Ltd. (“Metalla”) (“Metalla Common Shares”) at an average price (net of commission) of $11.19 per Metalla Common Share for net proceeds of $0.9 million, resulting in a realized gain of $0.8 million. On May 10, 2021, the Company entered into a Share Exchange Agreement (the “Exchange Agreement”) with Orion Co-VI Ltd. (“Orion”). Pursuant to the Exchange Agreement, Orion sold 11,067,714 common shares of Victoria Gold Corp., a British Columbia company (“Victoria”) (representing approximately 17.8% of Victoria’s outstanding common shares) to the Company. As consideration for the purchase of Victoria shares, Coeur issued 12,785,485 shares of its common stock (approximately 4.9% of issued and outstanding shares) to Orion. The Exchange Agreement provides that Orion may be entitled to additional Coeur shares in the event Coeur acquires Victoria in the future for a higher per share consideration, subject to the terms and conditions of the Exchange Agreement. The Company determined that the potential for additional share consideration pursuant to the terms of the Exchange Agreement represents an embedded derivative that requires bifurcation. The obligation to deliver additional Coeur shares pursuant to the Exchange Agreement expires on October 31, 2021. The accounting treatment of derivative financial instruments requires that the Company record the fair value of the embedded derivative as of the inception date of the Exchange Agreement and adjust the fair value as of each subsequent balance sheet date. See Note 12 -- Fair Value Measurements and Note 13 -- Derivative Financial Instruments for additional details. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | LEASES Right of Use Assets and Liabilities The following table summarizes quantitative information pertaining to the Company’s finance and operating leases. Three months ended September 30, Nine months ended September 30, In thousands 2021 2020 2021 2020 Lease Cost Operating lease cost $ 3,180 $ 3,067 $ 9,437 $ 8,969 Short-term operating lease cost $ 2,441 $ 2,465 $ 7,614 $ 6,293 Finance Lease Cost: Amortization of leased assets $ 5,141 $ 4,109 $ 16,068 $ 16,506 Interest on lease liabilities 1,833 927 3,441 2,852 Total finance lease cost $ 6,974 $ 5,036 $ 19,509 $ 19,358 Supplemental cash flow information related to leases was as follows: Three months ended September 30, Nine months ended September 30, In thousands 2021 2020 2021 2020 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,621 $ 5,850 $ 17,256 $ 16,201 Operating cash flows from finance leases $ 1,833 $ 927 $ 3,441 $ 2,852 Financing cash flows from finance leases $ 7,944 $ 8,557 $ 22,970 $ 20,171 Supplemental balance sheet information related to leases was as follows: In thousands September 30, 2021 December 31, 2020 Operating Leases Other assets, non-current $ 32,754 $ 40,511 Accrued liabilities and other $ 11,202 $ 12,410 Other long-term liabilities 20,631 27,433 Total operating lease liabilities $ 31,833 $ 39,843 Finance Leases Property and equipment, gross $ 113,732 $ 104,433 Accumulated depreciation (58,153) (60,272) Property and equipment, net $ 55,579 $ 44,161 Debt, current $ 31,384 $ 22,074 Debt, non-current 23,004 25,837 Total finance lease liabilities $ 54,388 $ 47,911 Weighted Average Remaining Lease Term Weighted-average remaining lease term - finance leases 1.66 1.36 Weighted-average remaining lease term - operating leases 3.40 4.00 Weighted Average Discount Rate Weighted-average discount rate - finance leases 5.11 % 5.37 % Weighted-average discount rate - operating leases 5.19 % 5.18 % Minimum future lease payments under finance and operating leases with terms longer than one year are as follows: As of September 30, 2021 (In thousands) Operating leases Finance leases 2021 $ 3,107 $ 6,082 2022 10,994 23,920 2023 10,432 14,218 2024 8,887 6,842 2025 213 5,298 Thereafter 1,165 3,386 Total $ 34,798 $ 59,746 Less: imputed interest (2,965) (5,358) Net lease obligation $ 31,833 $ 54,388 |
Leases | LEASES Right of Use Assets and Liabilities The following table summarizes quantitative information pertaining to the Company’s finance and operating leases. Three months ended September 30, Nine months ended September 30, In thousands 2021 2020 2021 2020 Lease Cost Operating lease cost $ 3,180 $ 3,067 $ 9,437 $ 8,969 Short-term operating lease cost $ 2,441 $ 2,465 $ 7,614 $ 6,293 Finance Lease Cost: Amortization of leased assets $ 5,141 $ 4,109 $ 16,068 $ 16,506 Interest on lease liabilities 1,833 927 3,441 2,852 Total finance lease cost $ 6,974 $ 5,036 $ 19,509 $ 19,358 Supplemental cash flow information related to leases was as follows: Three months ended September 30, Nine months ended September 30, In thousands 2021 2020 2021 2020 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,621 $ 5,850 $ 17,256 $ 16,201 Operating cash flows from finance leases $ 1,833 $ 927 $ 3,441 $ 2,852 Financing cash flows from finance leases $ 7,944 $ 8,557 $ 22,970 $ 20,171 Supplemental balance sheet information related to leases was as follows: In thousands September 30, 2021 December 31, 2020 Operating Leases Other assets, non-current $ 32,754 $ 40,511 Accrued liabilities and other $ 11,202 $ 12,410 Other long-term liabilities 20,631 27,433 Total operating lease liabilities $ 31,833 $ 39,843 Finance Leases Property and equipment, gross $ 113,732 $ 104,433 Accumulated depreciation (58,153) (60,272) Property and equipment, net $ 55,579 $ 44,161 Debt, current $ 31,384 $ 22,074 Debt, non-current 23,004 25,837 Total finance lease liabilities $ 54,388 $ 47,911 Weighted Average Remaining Lease Term Weighted-average remaining lease term - finance leases 1.66 1.36 Weighted-average remaining lease term - operating leases 3.40 4.00 Weighted Average Discount Rate Weighted-average discount rate - finance leases 5.11 % 5.37 % Weighted-average discount rate - operating leases 5.19 % 5.18 % Minimum future lease payments under finance and operating leases with terms longer than one year are as follows: As of September 30, 2021 (In thousands) Operating leases Finance leases 2021 $ 3,107 $ 6,082 2022 10,994 23,920 2023 10,432 14,218 2024 8,887 6,842 2025 213 5,298 Thereafter 1,165 3,386 Total $ 34,798 $ 59,746 Less: imputed interest (2,965) (5,358) Net lease obligation $ 31,833 $ 54,388 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT September 30, 2021 December 31, 2020 In thousands Current Non-Current Current Non-Current 2029 Senior Notes, net (1) $ — $ 368,038 $ — $ — 2024 Senior Notes, net (2) — — — 227,590 Revolving Credit Facility (3) — 20,000 — — Finance lease obligations 31,384 23,004 22,074 25,837 $ 31,384 $ 411,042 $ 22,074 $ 253,427 (1) Net of unamortized debt issuance costs of $7.0 million and $0.0 million at September 30, 2021 and December 31, 2020, respectively. (2) Net of unamortized debt issuance costs of $0.0 million and $2.4 million at September 30, 2021 and December 31, 2020, respectively. (3) Unamortized debt issuance costs of $2.5 million and $1.5 million at September 30, 2021 and December 31, 2020, respectively, included in Other Non-Current Assets . 2029 Senior Notes In March 2021, the Company completed an offering of $375.0 million in aggregate principal amount of 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 $367.5 million (the “2029 Senior Notes”). The 2029 Senior Notes are governed by an Indenture dated as of March 1, 2021 (the “Indenture”), among the Company, as issuer, certain of the Company's subsidiaries named therein, as guarantors thereto (the “Guarantors”), and The Bank of New York Mellon, as trustee (the “Trustee”). The 2029 Senior Notes bear interest at a rate of 5.125% per year from the date of issuance. Interest on the 2029 Senior Notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2021. The 2029 Senior Notes will mature on February 15, 2029 and are fully and unconditionally guaranteed by the Guarantors. At any time prior to February 15, 2024, the Company may redeem all or part of the 2029 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In addition, the Company may redeem some or all of the 2029 Senior Notes on or after February 15, 2024, at redemption prices set forth in the Indenture, together with accrued and unpaid interest. At any time prior to February 15, 2024, the Company may use the proceeds of certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2029 Senior Notes, including any permitted additional 2029 Senior Notes, at a redemption price equal to 105.125% of the principal amount. The Indenture contains covenants that, among other things, limit the Company’s ability under certain circumstances to incur additional indebtedness, pay dividends or make other distributions or repurchase or redeem capital stock, prepay, redeem or repurchase certain debt, make loans and investments, create liens, sell, transfer or otherwise dispose of assets, enter into transactions with affiliates, enter into agreements restricting the Company's subsidiaries' ability to pay dividends and impose conditions on the Company’s ability to engage in mergers, consolidations and sales of all or substantially all of its assets. The Indenture also contains certain “Events of Default” (as defined in the Indenture) customary for indentures of this type. If an Event of Default has occurred and is continuing, the Trustee or the holders of not less than 25% in aggregate principal amount of the 2029 Senior Notes then outstanding may, and the Trustee at the request of the holders of not less than 25% in aggregate principal amount of the 2029 Senior Notes then outstanding shall, declare all unpaid principal of, premium, if any, and accrued interest on all the 2029 Senior Notes to be due and payable. 2024 Senior Notes Concurrent with the offering of the 2029 Senior Notes, the Company commenced a cash tender offer (the “Tender Offer”) to purchase the outstanding $230.0 million in aggregate principal amount of its 5.875% Senior Notes due 2024 (the “2024 Senior Notes”). The Tender Offer was made on the terms and subject to the conditions set forth in the Offer to Purchase dated February 22, 2021. The Tender Offer expired at 5:00 p.m., New York City time, on February 26, 2021 (the “Expiration Time”). Holders of the 2024 Senior Notes who tendered (and did not validly withdraw) their notes at or prior to the Expiration Time were entitled to receive in cash $1,029.38 per $1,000 principal amount of 2024 Senior Notes validly tendered (and not validly withdrawn) and accepted for purchase by the Company in the Tender Offer, plus accrued and unpaid interest on such 2024 Senior Notes. $102.8 million aggregate principal amount of the 2024 Senior Notes were validly tendered and purchased by the Company on March 1, 2021. In accordance with the terms of the indenture governing the 2024 Senior Notes, the remaining $127.2 million aggregate principal amount of the 2024 Senior Notes were redeemed on March 31, 2021 at the redemption price specified in the indenture governing the 2024 Senior Notes ($1,029.38 per $1,000 principal amount redeemed, plus accrued and unpaid interest). The Company recorded a loss of $9.2 million as a result of the extinguishment of the 2024 Senior Notes. Revolving Credit Facility On March 1, 2021, the Company entered into a fifth amendment (the “Amendment”) to its credit agreement, dated as of September 29, 2017 (as previously amended, the “Credit Agreement”), by and among the Company, as borrower, certain subsidiaries of the Company, as guarantors, Bank of America, N.A., as administrative agent and Bank of America, N.A., Royal Bank of Canada, Bank of Montreal, Chicago Branch, the Bank of Nova Scotia and ING Capital LLC, as lenders. The Amendment, among other things, (i) extended the maturity date of the senior secured revolving credit facility (“Revolving Credit Facility” or “RCF”) provided under the Credit Agreement to March 2025 and (ii) permits the Company to obtain one or more increases of the RCF, which is currently in the amount of $300.0 million, in an aggregate amount of up to $100.0 million in incremental loans and commitments, subject to certain conditions, including obtaining commitments from relevant lenders to provide such increase. At September 30, 2021, the Company had $20.0 million drawn at an interest rate of 2.3% and $35.0 million in outstanding letters of credit und er the RCF. Finance Lease Obligations From time-to-time, the Company acquires mining equipment and facilities under finance lease agreements. In the nine months ended September 30, 2021, the Company entered into new lease financing arrangements primarily for mining equipment at Rochester and Kensington . Coeur secured a finance lease package for nearly $60 million during the quarter, a portion of which has been funded as of September 30, 2021. The package is earmarked for planned equipment purchases for the project in 2021 and 2022, and has an interest rate of 5.20%. All finance lease obligations are recorded, upon lease inception, at the present value of future minimum lease payments. See Note 7 -- Leases for additional qualitative and quantitative disclosures related to finance leasing arrangements. Interest Expense Three Months Ended September 30, Nine Months Ended September 30, In thousands 2021 2020 2021 2020 2024 Senior Notes $ — $ 3,378 $ 2,591 $ 10,134 2029 Senior Notes 4,805 — 11,211 — Revolving Credit Facility 508 767 1,438 2,520 Finance lease obligations 1,833 927 3,441 2,852 Amortization of debt issuance costs 415 372 1,306 1,143 Other debt obligations 51 45 225 261 Capitalized interest (4,375) (393) (6,972) (921) Total interest expense, net of capitalized interest $ 3,237 $ 5,096 $ 13,240 $ 15,989 |
Reclamation
Reclamation | 9 Months Ended |
Sep. 30, 2021 | |
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 2021 2020 2021 2020 Asset retirement obligation - Beginning $ 141,205 $ 138,904 $ 137,120 $ 134,543 Accretion 2,984 2,924 8,769 8,591 Settlements (1,406) (930) (3,106) (2,236) Asset retirement obligation - Ending $ 142,783 $ 140,898 $ 142,783 $ 140,898 |
Income and Mining Taxes
Income and Mining Taxes | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 and 2020 by significant jurisdiction: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 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 $ (30,247) $ 4,078 $ 24,592 $ (6,003) $ (9,131) $ (4,775) $ 26,132 $ (5,913) Canada (13,879) — (12,895) — (39,643) — (54,544) 232 Mexico (4,138) (10,478) 28,320 (7,110) 59,603 (29,751) 54,483 (6,366) Other jurisdictions (104) — (48) — 3,135 — (306) 29 $ (48,368) $ (6,400) $ 39,969 $ (13,113) $ 13,964 $ (34,526) $ 25,765 $ (12,018) During the third quarter of 2021, the Company reported estimated income and mining tax expense of approximately $6.4 million, resulting in an effective tax rate of (13.2)%. This compares to income tax expense of $13.1 million for an effective tax rate of 32.8% during the third quarter of 2020. The comparability of the Company’s income and mining tax (expense) benefit and effective tax rate for the reported periods was impacted by multiple factors, primarily: (i) variations in our income before income taxes; (ii) geographic distribution of that income; (iii) mining taxes; (iv) foreign exchange rates; (v) percentage depletion; (vi) the non-recognition of tax assets; and (vii) the impact of uncertain tax positions. Therefore, the effective tax rate will fluctuate, sometimes significantly, period to period. 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 2020 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 2016 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 $0.5 million and $1.5 million in the next twelve months. At September 30, 2021 and December 31, 2020, the Company had $0.3 million and $0.7 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 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company has stock incentive plans for executives, directors and eligible employees. Stock awards include performance shares, restricted stock and stock options. Stock-based compensation expense in the three and nine months ended September 30, 2021 was $2.7 million and $10.2 million, respectively, compared to $2.0 million and $6.3 million in the three and nine months ended September 30, 2020. At September 30, 2021, there was $11.9 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.6 years. The following table summarizes the grants awarded during the nine months ended September 30, 2021: Grant date Restricted Grant date fair Performance Grant date fair February 24, 2021 5,000 $ 10.40 — $ — May 12, 2021 893,329 $ 9.40 593,577 $ 10.19 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Three Months Ended September 30, Nine Months Ended September 30, In thousands 2021 2020 2021 2020 Unrealized gain (loss) on equity securities $ (35,709) $ 2,276 $ (3,702) $ 12,307 Realized gain (loss) on equity securities — (33) 769 (8,816) Exchange agreement embedded derivative 9,269 — 9,933 — Fair value adjustments, net $ (26,440) $ 2,243 $ 7,000 $ 3,491 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, 2021 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 139,740 $ 139,740 $ — $ — Gold zero cost collars 1,560 — 1,560 — Foreign currency forward exchange contracts 3,344 — 3,344 — Provisional metal sales contracts 51 — 51 — $ 144,695 $ 139,740 $ 4,955 $ — Liabilities: Exchange agreement embedded derivative $ — $ — $ — $ — Provisional metal sales contracts 255 — 255 — $ 255 $ — $ 255 $ — Fair Value at December 31, 2020 In thousands Total Level 1 Level 2 Level 3 Assets: Equity and debt securities $ 12,943 $ 12,943 $ — $ — Foreign currency forward exchange contracts 13,747 — 13,747 — Provisional metal sales contracts 481 — 481 — $ 27,171 $ 12,943 $ 14,228 $ — Liabilities: Gold zero cost collars $ 24,883 $ — $ 24,883 $ — Provisional metal sales contracts 67 — 67 — $ 24,950 $ — $ 24,950 $ — 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. The Company’s foreign currency forward exchange contracts are valued using pricing models with inputs derived from observable market data, including forward market prices and other unobservable inputs. The Company’s gold zero cost collars are valued using pricing models with inputs derived from observable market data, including forward market prices, yield curves, credit spreads. The Company’s provisional metal sales contracts include concentrate and certain doré sales contracts that are valued using pricing models with inputs derived from observable market data, including forward market prices. 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. As described in Note 6 - Investments , the Exchange Agreement provides that Orion may be entitled to additional Coeur shares in the event Coeur acquires Victoria in the future for a higher per share consideration, subject to the terms and conditions of the Exchange Agreement. The Company determined that the potential for additional share consideration in the Exchange Agreement represents an embedded derivative that requires bifurcation. The obligation to deliver additional Coeur shares pursuant to the Exchange Agreement expires on October 31, 2021. The accounting treatment of derivative financial instruments requires that the Company record the fair value of the embedded derivative as of the inception date of the Exchange Agreement and adjust the fair value as of each subsequent balance sheet date. The fair value of the outstanding embedded derivative was determined using a pricing model with inputs derived from observable market data, including stock prices, stock price volatility and risk-free rates and other unobservable inputs such as Monte Carlo simulations and probabilities of Coeur being contractually obligated to make a payment. As the model inputs are estimated based on observable and unobservable data, the Company classifies this embedded derivative in Level 3 of the fair value hierarchy, a change in these unobservable inputs may result in a significantly higher or lower fair value measurement. As of September 30, 2021, the fair value of the exchange agreement embedded derivative was $0. No assets or liabilities were transferred between fair value levels in the nine months ended September 30, 2021. The following tables present the changes in the fair value of the Company's Level 3 financial assets and liabilities in the three and nine months ended September 30, 2021. Three Months Ended September 30, 2021 In thousands Balance at the beginning of the period Initial valuation Revaluation Settlements Balance at the Liabilities: Exchange agreement embedded derivative $ 9,269 $ — $ (9,269) $ — $ — Nine Months Ended September 30, 2021 In thousands Balance at the beginning of the period Initial valuation Revaluation Settlements Balance at the Liabilities: Exchange agreement embedded derivative $ — $ 9,933 $ (9,933) $ — $ — The fair value of financial assets and liabilities carried at book value in the financial statements at September 30, 2021 and December 31, 2020 is presented in the following table: September 30, 2021 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2029 Senior Notes (1) $ 368,038 $ 354,873 $ — $ 354,873 $ — Revolving Credit Facility (2) $ 20,000 $ 20,000 $ — $ 20,000 $ — (1) Net of unamortized debt issuance costs of $7.0 million (2) Unamortized debt issuance costs of $2.5 million included in Other Non-Current Assets . December 31, 2020 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2024 Senior Notes (1) $ 227,590 $ 229,874 $ — $ 229,874 $ — Revolving Credit Facility (2) $ — $ — $ — $ — $ — (1) Net of unamortized debt issuance costs of $2.4 million. (2) Unamortized debt issuance costs of $1.5 million included in Other Non-Current Assets . The fair value of the 2024 Senior Notes was estimated using quoted market prices. The fair value of the RCF 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, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS & HEDGING ACTIVITIES The Company is exposed to various market risks, including the effect of changes in metal prices, foreign currency exchange rates and interest rates, and uses derivatives to manage financial exposures that occur in the normal course of business. The Company does not hold or issue derivatives for trading or speculative purposes. The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging instruments and hedged items as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges to either recognized assets or liabilities or forecasted transactions and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships. Derivatives Not Designated as Hedging Instruments Provisional Metal Sales The Company enters into sales contracts with third-party smelters, refiners and off-take customers 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. Exchange Agreement Embedded Derivative The Exchange Agreement provides that Orion may be entitled to additional Coeur shares in the event Coeur acquires Victoria in the future for a higher per share consideration, subject to the terms and conditions of the Exchange Agreement. The Company determined that the potential for additional share consideration in the Exchange Agreement represents an embedded derivative that requires bifurcation. The obligation to deliver additional Coeur shares pursuant to the Exchange Agreement expires on October 31, 2021. The accounting treatment of derivative financial instruments requires that the Company record the fair value of the embedded derivative as of the inception date of the Exchange Agreement and adjust the fair value as of each subsequent balance sheet date. As of September 30, 2021, the fair value of the exchange agreement embedded derivative was $0. At September 30, 2021, the Company had the following derivative instruments that settle as follows: In thousands except average prices and notional ounces 2021 2022 and Thereafter Provisional gold sales contracts $ 28,520 $ — Average gold price per ounce $ 1,786 $ — Notional ounces 15,966 — The following summarizes the classification of the fair value of the derivative instruments: September 30, 2021 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 51 $ 255 December 31, 2020 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 481 $ 67 The following represent mark-to-market gains (losses) on derivative instruments in the three and nine months ended September 30, 2021 and 2020, respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Financial statement line Derivative 2021 2020 2021 2020 Revenue Provisional metal sales contracts $ 79 $ (962) $ (618) $ 250 Fair value adjustments, net Exchange agreement embedded derivative 9,269 — 9,933 — $ 9,348 $ (962) $ 9,315 $ 250 Derivatives Designated as Cash Flow Hedging Strategies To protect the Company’s exposure to fluctuations in metal prices the Company entered into Asian (or average value) put and call option contracts in net-zero-cost collar arrangements. The contracts are net cash settled monthly and, if the price of gold at the time of expiration is between the put and call prices, would expire at no cost to the Company. If the price of gold at the time of expiration is lower than the put prices or higher than the call prices, it would result in a realized gain or loss, respectively. The Company has elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. To protect the Company’s exposure to fluctuations in foreign currency exchange rates for subsidiaries whose functional currency is U.S dollar and are exposed to forecasted transaction denominated in the Mexican Peso and the Canadian Dollar, in March 2020, the Company entered into foreign currency forward exchange contracts to manage this risk and designated these instruments as cash flow hedges of forecasted foreign denominated transactions. The Company has elected to designate these instruments as cash flow hedges of forecasted transactions at their inception. At September 30, 2021, the Company had the following derivative cash flow hedge instruments that settle as follows: In thousands except average prices and notional ounces 2021 2022 and Thereafter Gold put options Average gold strike price per ounce $ 1,600 $ 1,630 Notional ounces 39,675 132,000 Gold call options Average gold strike price per ounce $ 1,882 $ 2,038 Notional ounces 39,675 132,000 Foreign currency forward exchange contracts - Mexican Peso Average Mexican Peso exchange rate $ 25.43 $ — Notional US dollar $ 15,000 $ — The effective portions of cash flow hedges are recorded in accumulated other comprehensive income (loss) (“AOCI”) until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of metal sales revenue are recognized as a component of Revenue in the same period as the related sale is recognized. Deferred gains and losses associated with cash flow hedges of foreign currency transactions are recognized as a component of Costs Applicable to Sales or Pre-development, Reclamation and Other in the same period the related expenses are incurred. At inception, the Company performed an assessment of the forecasted transactions and the hedging instruments and determined that the hedging relationships are considered perfectly effective. Future assessments are performed to verify that critical terms of the hedging instruments and the forecasted transactions continue to match, and the forecasted transactions remain probable, as well as an assessment of any adverse developments regarding the risk of the counterparties defaulting on their commitments. There have been no such changes in critical terms or adverse developments. As of September 30, 2021, the Company had $4.9 million of net after-tax gain in AOCI related to losses from cash flow hedge transactions, of which $4.6 million of net after-tax gains is expected to be recognized in its Consolidated Statement of Comprehensive Income (Loss) during the next 12 months. Actual amounts ultimately reclassified to net income are dependent on the price of gold for metal contracts and the Canadian and Mexican exchange rates for foreign currency contracts. The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges: September 30, 2021 In thousands Prepaid expenses and other Accrued liabilities and other Gold zero cost collars $ 1,560 $ — Foreign currency forward exchange contracts 3,344 — $ 4,904 $ — December 31, 2020 In thousands Prepaid expenses and other Accrued liabilities and other Gold zero cost collars $ — $ 24,883 Foreign currency forward exchange contracts 13,747 — $ 13,747 $ 24,883 The following table sets forth the pre-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Consolidated Statement of Comprehensive Income (Loss) for the three and nine months ended September 30, 2021 and 2020, respectively (in thousands). Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Amount of Gain (Loss) Recognized in AOCI Gold zero cost collars $ 1,614 $ (24,003) $ 25,590 $ (38,353) Foreign currency forward exchange contracts (265) 2,755 133 10,214 $ 1,349 $ (21,248) $ 25,723 $ (28,139) Amount of (Gain) Loss Reclassified From AOCI to Earnings Gold zero cost collars $ 23 $ 4,563 $ 853 $ 4,563 Foreign currency forward exchange contracts (3,925) (1,921) (10,536) (2,600) $ (3,902) $ 2,642 $ (9,683) $ 1,963 Credit Risk |
Other, Net
Other, Net | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
OTHER, NET | ADDITIONAL COMPREHENSIVE INCOME (LOSS) DETAIL Pre-development, reclamation, and other consists of the following: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2021 2020 2021 2020 COVID-19 $ 617 $ 4,037 $ 5,937 $ 10,418 Silvertip ongoing carrying costs 5,589 3,913 18,957 11,704 Silvertip temporary suspension costs — 2,768 — 10,107 Gain on modification of right of use lease — — — (4,051) Asset retirement accretion 3,027 2,968 8,898 8,724 Other 1,273 1,345 3,164 3,359 Pre-development, reclamation and other $ 10,506 $ 15,031 $ 36,956 $ 40,261 Other, net consists of the following: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2021 2020 2021 2020 Foreign exchange gain (loss) $ (1,028) $ (599) $ (2,299) $ (665) Gain (loss) on sale of assets (92) (2,476) 4,582 (2,458) VAT write-down (25,982) — (25,982) — Gold zero cost collars novation fee — (3,819) — (3,819) Gain (loss) on sale of Manquiri NSR consideration — — — 365 Gain (loss) on Silvertip contingent consideration — — — 955 Other 384 582 1,309 1,312 Other, net $ (26,718) $ (6,312) $ (22,390) $ (4,310) |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings 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 the Company’s common stock 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, 2021, there were 1,513,288 and 1,489,158 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, 182,803 and 1,722,014 common stock equivalents were excluded in the diluted earnings per share calculation for the three and nine months ended September 30, 2020, respectively. Three months ended September 30, Nine months ended September 30, In thousands except per share amounts 2021 2020 2021 2020 Net income (loss) available to common stockholders $ (54,768) $ 26,856 $ (20,562) $ 13,747 Weighted average shares: Basic 254,744 240,983 247,675 240,729 Effect of stock-based compensation plans — 2,866 — 1,277 Diluted 254,744 243,849 247,675 242,006 Income (loss) per share: Basic $ (0.21) $ 0.11 $ (0.08) $ 0.06 Diluted (1) $ (0.21) $ 0.11 $ (0.08) $ 0.06 On April 23, 2020, the Company entered into an ATM Equity Offering Sales Agreement (the “Sales Agreement”) with BofA Securities, Inc. and RBC Capital Markets, LLC as sales agents (the “Sales Agents”) and filed a prospectus supplement for the sale of its common stock, par value $0.01 per share, by way of an “at the market” offering having an aggregate offering price of up to $100,000,000 (the “ATM Program”). Sales under the ATM Program, if any, will be made pursuant to the terms of the Sales Agreement. At September 30, 2021, the Company had not elected to sell any shares of its common stock under the ATM Program. |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 9 Months Ended |
Sep. 30, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
SUPPLEMENTAL GUARANTOR INFORMATION | SUPPLEMENTAL GUARANTOR INFORMATIONThe following summarized financial information is presented to satisfy disclosure requirements of Rule 13-01 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, Coeur Capital, Inc., Coeur Sterling, Inc., Sterling Intermediate Holdco, Inc., and Coeur Sterling Holdings LLC (collectively, the “Subsidiary Guarantors”) of the 2029 Senior Notes. The following schedules present summarized financial information of (a) Coeur, the parent company and (b) the Subsidiary Guarantors (collectively the “Obligor Group”). The summarized financial information of the Obligor Group is presented on a combined basis with intercompany balances and transactions between entities in the Obligor Group eliminated. The Obligor Group’s amounts due from, amounts due to and transactions with certain wholly-owned domestic and foreign subsidiaries of the Company have been presented in separate line items, if they are material. 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. SUMMARIZED BALANCE SHEET SEPTEMBER 30, 2021 In thousands Coeur Mining, Inc. Guarantor Subsidiaries ASSETS CURRENT ASSETS Cash and cash equivalents $ 5,176 $ 29,719 Receivables (58) 5,259 Ore on leach pads — 74,803 Inventory — 27,573 Prepaid expenses and other 11,621 1,009 16,739 138,363 NON-CURRENT ASSETS Property, plant and equipment, net 1,625 178,584 Mining properties, net — 453,619 Ore on leach pads — 78,302 Restricted assets 1,487 206 Equity and debt securities 139,740 — Net investment in subsidiaries 606,776 60,813 Other 177,117 54,024 TOTAL ASSETS $ 943,484 $ 963,911 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 2,757 $ 72,616 Other accrued liabilities 9,680 40,561 Debt — 24,107 Reclamation — 1,584 12,437 138,868 NON-CURRENT LIABILITIES Debt 388,038 47,035 Reclamation — 96,364 Deferred tax liabilities 293 7,522 Other long-term liabilities 3,344 22,740 Intercompany payable (receivable) (274,366) 251,002 117,309 424,663 STOCKHOLDERS’ EQUITY Common stock 2,569 19,356 Additional paid-in capital 3,734,948 340,700 Accumulated deficit (2,928,683) 40,324 Accumulated other comprehensive income (loss) 4,904 — 813,738 400,380 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 943,484 $ 963,911 SUMMARIZED BALANCE SHEET DECEMBER 31, 2020 In thousands Coeur Mining, Inc. Guarantor Subsidiaries ASSETS CURRENT ASSETS Cash and cash equivalents $ 12,727 $ 28,515 Receivables 381 3,631 Ore on leach pads — 74,866 Inventory — 27,223 Prepaid expenses and other 20,872 1,375 33,980 135,610 NON-CURRENT ASSETS Property, plant and equipment, net 1,946 148,640 Mining properties, net — 353,818 Ore on leach pads — 81,963 Restricted assets 1,482 206 Equity and debt securities 12,943 — Net investment in subsidiaries 514,705 72,785 Other 198,587 51,528 TOTAL ASSETS $ 763,643 $ 844,550 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 1,978 $ 52,177 Other accrued liabilities 36,183 46,023 Debt — 14,506 Reclamation — 1,584 38,161 114,290 NON-CURRENT LIABILITIES Debt 227,592 33,321 Reclamation — 93,349 Deferred tax liabilities 100 8,457 Other long-term liabilities 3,629 29,916 Intercompany payable (receivable) (199,318) 176,914 32,003 341,957 STOCKHOLDERS’ EQUITY Common stock 2,438 20,401 Additional paid-in capital 3,610,297 340,700 Accumulated deficit (2,908,120) 27,202 Accumulated other comprehensive income (loss) (11,136) — 693,479 388,303 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 763,643 $ 844,550 SUMMARIZED STATEMENTS OF INCOME NINE MONTHS ENDED SEPTEMBER 30, 2021 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Revenue $ — $ 384,918 Gross profit (loss) $ (507) $ 62,007 Income (loss) from continuing operations $ (20,560) $ 12,074 Net income (loss) $ (20,560) $ 12,074 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Mexico Litigation Matters As of September 30, 2021, $26.0 million is due from the Mexican government associated with VAT that was paid under Coeur Mexicana, S.A. de C.V.’s (“Coeur Mexicana’s”) prior royalty agreement with a subsidiary of Franco-Nevada Corporation, which was terminated in 2016. Coeur Mexicana applied for and initially received VAT refunds associated with the royalty payments in the normal course; however, in 2011 the Mexican tax authorities began denying Coeur Mexicana’s VAT refunds based on the argument that VAT was not legally due on the royalty payments. Accordingly, Coeur Mexicana began to request refunds of the VAT as undue payments, which the Mexican tax authorities also denied. The Company has since been engaged in ongoing efforts to recover the VAT from the Mexican government (including through litigation and potential arbitration as well as refiling VAT refund requests). Despite a favorable ruling from Mexican tax courts in this matter in 2018, litigation has continued at the administrative, appeals court and supreme court levels, most of which has been determined unfavorably to Coeur (including as recently as the third quarter of 2021) based on interpretations of applicable law and prior court decisions which the Company and its counsel believe are contrary to legal precedent, conflicting and erroneous. While the Company believes that it remains legally entitled to be refunded the full amount of the VAT receivable and intends to rigorously continue its VAT recovery efforts, based on the continued failure to recover the VAT receivable and recent unfavorable Mexican court decisions, the Company determined to write down the carrying value of the VAT receivable at September 30, 2021. The write down of $26.0 million is presented in Other, net on the Condensed Consolidated Statement of Comprehensive Income (Loss). Coeur Mexicana may still elect to initiate an arbitration proceeding under Chapter 11 of the North American Free Trade Agreement, or NAFTA. Outcomes in NAFTA arbitration and the process for recovering funds even if there is a successful outcome in NAFTA arbitration can be lengthy and unpredictable. In addition, ongoing litigation with the Mexican government associated with enforcement of water rights in Mexico, if unsuccessful, may impact Coeur Mexicana’s ability to access new sources of water to provide sufficient supply for its operations at Palmarejo and, if material, may have a material adverse impact on the Company’s operations and financial results. Palmarejo Gold Stream Coeur Mexicana sells 50% of Palmarejo gold production (excluding production from certain properties acquired in 2015) to a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) under a gold stream agreement for the lesser of $800 or spot price per ounce. In 2016, 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 Mexicana 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. At September 30, 2021 the remaining unamortized balance was $8.5 million, which is included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheet. Kensington Prepayment In June 2019, Coeur entered into a transaction with an existing metal sales counterparty whereby it amended its existing sales and purchase contract for gold concentrate from its Kensington mine (the “Amended Sales Contract”). From time to time, the Amended Sales Contract has been further amended to allow for additional prepayments, the latest occurring in July 2021, with an effective date as of June 28, 2021, to include options for Coeur to receive up to two additional prepayments of up to $15.0 million. In December 2020, Coeur exercised an option to receive the $15.0 million December 2020 Prepayment. In the first half of 2021, the Kensington mine delivered $15.0 million in satisfaction of the December 2020 Prepayment. In June 2021, Coeur exercised an option to receive the $15.0 million June 2021 Prepayment, and delivered $7.5 million against that $15.0 million in the third quarter of 2021. The remaining deliveries of $7.6 million under the June 2021 Prepayment are recognized as a deferred revenue liability and are presented in Accrued liabilities and other on the Consolidated Balance Sheet. Under the relevant terms of the Amended Sales Contract, Coeur maintains its exposure to the price of gold and expects to recognize the remaining value of the accrued liability by December 31, 2021. Other Commitments and Contingencies As part of its ongoing business and operations, the Company and its affiliates are required to provide surety bonds, bank letters of credit, bank guarantees and, in some cases, cash as financial support for various purposes, including environmental remediation, reclamation, collateral for gold hedges and other general corporate purposes. As of September 30, 2021 and December 31, 2020, the Company had surety bonds totaling $314.5 million and $311.9 million, respectively, in place as financial support for future reclamation and closure costs. The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations and from time-to-time, the Company may be required to post collateral, including cash or letters of credit which reduce availability under its revolving credit facility, to support these instruments. As the specific requirements are met, the beneficiary of the associated instrument |
Additional Balance Sheet Detail
Additional Balance Sheet Detail and Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 December 31, 2020 Accrued salaries and wages $ 28,788 $ 30,457 Deferred revenue (1) 8,673 16,425 Income and mining taxes 14,078 26,118 Accrued operating costs 8,468 3,327 Unrealized losses on derivatives 255 24,950 Taxes other than income and mining 3,053 3,616 Accrued interest payable 3,273 1,855 Operating lease liabilities 11,202 12,410 Accrued liabilities and other $ 77,790 $ 119,158 (1) See Note 17 -- Commitments and Contingencies for additional details on deferred revenue liabilities The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that total the same such amounts shown in the statement of cash flows in the three and nine months ended September 30, 2021 and 2020: In thousands September 30, 2021 September 30, 2020 Cash and cash equivalents $ 85,020 $ 77,148 Restricted cash equivalents 1,771 1,380 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 86,791 $ 78,528 |
Asset And Liabilities Held For
Asset And Liabilities Held For Sale (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Asset And Liabilities Held For Sale | ASSET AND LIABILITIES HELD FOR SALE On October 27, 2021, the Company entered into a definitive agreement (the “Agreement”) to sell its La Preciosa project located in the State of Durango, Mexico to Avino Silver & Gold Mines Ltd. (“Avino”). The transaction is subject to customary closing conditions, including required regulatory approvals and expected to close in the first quarter of 2022. Under the Agreement, Avino will acquire the La Preciosa project from Coeur for the following consideration: • $15.0 million upon closing of the transaction, • $5.0 million promissory note that matures prior to the first anniversary of the transaction closing, • Equity consideration of 14.0 million units, payable on closing, each consisting of one share of Avino common stock and one half of one common share purchase warrant of Avino common stock, priced at a 25% premium to the 20 day volume weighted average price prior to announcement, • Deferred cash consideration of approximately $8.8 million to be paid no later than the first anniversary of initial production from any portion of the La Preciosa project, • Contingent payments of $0.25 per silver equivalent ounce (subject to an inflationary adjustment) on any new mineral reserves discovered and declared outside of the current resource area at the La Preciosa project, up to a maximum payment of $50.0 million, and • Two royalties covering the La Preciosa land package, including (i) a 1.25% net smelter returns royalty on properties covering the Gloria and Abundancia areas of the La Preciosa project and (ii) a 2.00% gross value royalty on all areas of the La Preciosa project other than the Gloria and Abundancia areas, offset by the amount of any new mineral reserve contingent payments made to Coeur. The Company classified the La Preciosa project as held for sale as of September 30, 2021 and the associated assets and liabilities are classified separately on the consolidated balance sheets. The major classes of assets and liabilities associated with the La Preciosa project as of September 30, 2021 are as follows: In thousands September 30, 2021 Cash and cash equivalents $ 393 Receivables 1,219 Prepaid expenses and other 1,338 Property, plant and equipment, net 1,633 Mining properties, net 49,085 Other 810 TOTAL ASSETS $ 54,478 Accounts payable $ 321 Deferred tax liabilities 11,156 TOTAL LIABILITIES $ 11,477 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The Company's Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles. The preparation of the Company's Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements. |
Ore on Leach Pad [Policy Text Block] | Ore on Leach Pads The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. The Company uses several integrated steps to scientifically measure the metal content of ore placed on the leach pads. As the ore body is drilled in preparation for the blasting process, samples are taken of the drill residue which are assayed to determine estimated quantities of contained metal. The Company then processes the ore through crushing facilities where the output is again weighed and sampled for assaying. A metallurgical reconciliation with the data collected from the mining operation is completed with appropriate adjustments made to previous estimates. The crushed ore is then transported to the leach pad for application of the leaching solution. As the leach solution is collected from the leach pads, it is continuously sampled for assaying. The quantity of leach solution is measured by flow meters throughout the leaching and precipitation process. After precipitation, the product is converted to doré at the Rochester mine and a form of gold concentrate at the Wharf mine, representing the final product produced by each mine. The inventory is stated at lower of cost or net realizable value, with cost being determined using a weighted average cost method. The historical cost of metal expected to be extracted within 12 months is classified as current and the historical cost of metals contained within the broken ore expected to be extracted beyond 12 months is classified as non-current. Ore on leach pads is valued based on actual production costs incurred to produce and place ore on the leach pad, less costs allocated to minerals recovered through the leach process. The estimate of both the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon laboratory testing and actual experience of more than 20 years of leach pad operations at the Rochester mine and 30 years of leach pad operations at the Wharf mine. The assumptions used by the Company to measure metal content during each stage of the inventory conversion process includes estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. The ultimate recovery will not be known until leaching operations cease. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. In June 2021, the Company updated the |
Revenue Recognition, Policy | Revenue Recognition The Company’s gold stream agreement with a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) provided for a $22.0 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 remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheet. See Note 17 -- Commitments and Contingencies for additional detail. 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 2021 2020 2021 2020 Opening Balance $ 8,775 $ 10,389 $ 9,376 $ 11,061 Revenue Recognized (307) (393) (908) (1,065) Closing Balance $ 8,468 $ 9,996 $ 8,468 $ 9,996 In December 2020, the Company received a $15.0 million prepayment (the “December 2020 Prepayment”) for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined in Note 17). In the first half of 2021, the Kensington mine delivered $15.0 million of gold concentrate to the counterparty in satisfaction of this prepayment obligation. The Amended Sales Contract was further amended in July 2021, with an effective date as of June 28, 2021, to include options for Coeur to receive up to two additional prepayments of up to $15.0 million each for deliveries of gold concentrate from the Kensington mine, and Coeur exercised the option to receive the first $15.0 million prepayment in June 2021 (the “June 2021 Prepayment”), of which $7.5 million in gold ounces were delivered in the third quarter of 2021. The Amended Sales Contract represents a contract liability under ASC 606, which requires the Company to recognize ratably a portion of the deposit as revenue for each gold ounce delivered to the customer. The remaining contract liability is included in Accrued liabilities and other on the Consolidated Balance Sheet. See Note 17 -- Commitments and Contingencies for additional detail. The following table presents a rollforward of the Amended Sales Contract liability balance: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2021 2020 2021 2020 Opening Balance $ 15,004 $ 15,006 $ 15,003 $ 15,010 Additions 95 108 — 15,096 15,114 Revenue Recognized (7,500) (5,200) (22,500) (20,210) Closing Balance $ 7,599 $ 9,914 $ 7,599 $ 9,914 |
Recent Accounting Standards | Recently Adopted Accounting Standards In December 2019, the FASB issued ASU 2019-12, “Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740)” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 will be effective for interim and annual periods beginning after December 15, 2020 (January 1, 2021 for the Company). Early adoption is permitted. The adoption of the new standard did not have a material impact on the Company’s consolidated net income, financial position or cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Contract Liability | The Company’s gold stream agreement with a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) provided for a $22.0 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 remaining unamortized balance is included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheet. See Note 17 -- Commitments and Contingencies for additional detail. 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 2021 2020 2021 2020 Opening Balance $ 8,775 $ 10,389 $ 9,376 $ 11,061 Revenue Recognized (307) (393) (908) (1,065) Closing Balance $ 8,468 $ 9,996 $ 8,468 $ 9,996 In December 2020, the Company received a $15.0 million prepayment (the “December 2020 Prepayment”) for deliveries of gold concentrate from the Kensington mine pursuant to the Amended Sales Contract (as defined in Note 17). In the first half of 2021, the Kensington mine delivered $15.0 million of gold concentrate to the counterparty in satisfaction of this prepayment obligation. The Amended Sales Contract was further amended in July 2021, with an effective date as of June 28, 2021, to include options for Coeur to receive up to two additional prepayments of up to $15.0 million each for deliveries of gold concentrate from the Kensington mine, and Coeur exercised the option to receive the first $15.0 million prepayment in June 2021 (the “June 2021 Prepayment”), of which $7.5 million in gold ounces were delivered in the third quarter of 2021. The Amended Sales Contract represents a contract liability under ASC 606, which requires the Company to recognize ratably a portion of the deposit as revenue for each gold ounce delivered to the customer. The remaining contract liability is included in Accrued liabilities and other on the Consolidated Balance Sheet. See Note 17 -- Commitments and Contingencies for additional detail. The following table presents a rollforward of the Amended Sales Contract liability balance: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2021 2020 2021 2020 Opening Balance $ 15,004 $ 15,006 $ 15,003 $ 15,010 Additions 95 108 — 15,096 15,114 Revenue Recognized (7,500) (5,200) (22,500) (20,210) Closing Balance $ 7,599 $ 9,914 $ 7,599 $ 9,914 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 33,237 $ 9,923 $ 51,881 $ 52,689 $ — $ — $ 147,730 Silver sales 41,410 18,402 — 427 — — 60,239 Metal sales 74,647 28,325 51,881 53,116 — — 207,969 Costs and Expenses Costs applicable to sales (1) 39,016 31,669 34,576 29,079 — — 134,340 Amortization 8,747 4,671 12,786 3,158 1,258 342 30,962 Exploration 2,777 2,394 2,681 — 4,592 2,947 15,391 Other operating expenses 855 1,433 515 539 6,090 9,817 19,249 Other income (expense) Fair value adjustments, net — — — — — (26,440) (26,440) Interest expense, net (135) (149) (194) (39) 396 (3,116) (3,237) Other, net (3) (26,868) (99) (62) 460 (124) (25) (26,718) Income and mining tax (expense) benefit (10,702) 1,108 (65) (2,014) — 5,273 (6,400) Net Income (loss) $ (14,453) $ (10,982) $ 1,002 $ 18,747 $ (11,668) $ (37,414) $ (54,768) Segment assets (2) $ 285,277 $ 496,940 $ 149,774 $ 73,019 $ 209,498 $ 112,836 $ 1,327,344 Capital expenditures $ 8,506 $ 40,056 $ 6,272 $ 1,045 $ 15,099 $ 288 $ 71,266 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail Three months ended September 30, 2020 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 39,416 $ 12,860 $ 52,357 $ 62,499 $ — $ — $ 167,132 Silver sales 42,339 19,250 — 1,007 — — 62,596 Zinc sales — — — — — — — Lead sales — — — — — — — Metal sales 81,755 32,110 52,357 63,506 — — 229,728 Costs and Expenses Costs applicable to sales (1) 34,251 19,104 31,530 27,887 — — 112,772 Amortization 11,912 3,278 11,523 4,000 1,185 318 32,216 Exploration 1,978 465 3,397 534 3,920 2,524 12,818 Other operating expenses 2,378 1,376 3,448 127 5,916 9,543 22,788 Other income (expense) Fair value adjustments, net — — — — — 2,243 2,243 Interest expense, net (201) (283) (296) (48) (124) (4,144) (5,096) Other, net (3) (1,168) (2,502) (34) 7 451 (3,066) (6,312) Income and mining tax (expense) benefit (6,841) (143) (380) (2,630) 21 (3,140) (13,113) Income (loss) from continuing operations $ 23,026 $ 4,959 $ 1,749 $ 28,287 $ (10,673) $ (20,492) $ 26,856 Segment assets (2) $ 302,599 $ 325,165 $ 177,700 $ 76,247 $ 155,932 $ 170,208 $ 1,207,851 Capital expenditures $ 4,998 $ 9,773 $ 5,333 $ 545 $ 2,065 $ 282 $ 22,996 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail Nine Months Ended September 30, 2021 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 112,036 $ 36,389 $ 155,154 $ 128,631 $ — $ — $ 432,210 Silver sales 127,990 62,778 — 1,966 — — 192,734 Metal sales 240,026 99,167 155,154 130,597 — — 624,944 Costs and Expenses Costs applicable to sales (1) 114,922 93,733 95,173 71,254 — — 375,082 Amortization 26,077 14,754 38,941 8,627 3,529 944 92,872 Exploration 6,304 3,802 5,095 143 11,119 11,040 37,503 Other operating expenses 3,578 4,325 5,783 1,249 18,609 34,176 67,720 Other income (expense) Loss on debt extinguishment — — — — — (9,173) (9,173) Fair value adjustments, net — — — — — 7,000 7,000 Interest expense, net (471) (851) (568) (122) 622 (11,850) (13,240) Other, net (3) (27,904) (252) (104) 1,112 (463) 5,221 (22,390) Income and mining tax (expense) benefit (29,601) 937 (1,106) (4,437) — (319) (34,526) Net Income (loss) $ 31,169 $ (17,613) $ 8,384 $ 45,877 $ (33,098) $ (55,281) $ (20,562) Segment assets (2) $ 285,277 $ 496,940 $ 149,774 $ 73,019 $ 209,498 $ 112,836 $ 1,327,344 Capital expenditures $ 28,284 $ 112,505 $ 19,519 $ 3,928 $ 44,011 $ 666 $ 208,913 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail Nine months ended September 30, 2020 Palmarejo Rochester Kensington Wharf Silvertip Other Total Revenue Gold sales $ 104,732 $ 30,508 $ 159,200 $ 128,199 $ — $ — $ 422,639 Silver sales 89,332 41,650 — 1,640 1,230 — 133,852 Zinc sales — — — — (662) — (662) Lead sales — — — — 1,315 — 1,315 Metal sales 194,064 72,158 159,200 129,839 1,883 — 557,144 Costs and Expenses Costs applicable to sales (1) 89,050 54,396 92,419 68,182 17,657 — 321,704 Amortization 32,357 9,194 36,298 9,625 7,761 1,019 96,254 Exploration 4,373 2,529 7,746 639 7,073 8,699 31,059 Other operating expenses 6,279 3,835 7,298 451 17,770 29,921 65,554 Other income (expense) Fair value adjustments, net — — — — — 3,491 3,491 Interest expense, net (667) (851) (819) (149) (603) (12,900) (15,989) Other, net (3) (2,866) (2,580) 1 (12) 2,005 (858) (4,310) Income and mining tax (expense) benefit (7,938) (186) (854) (4,806) (234) 2,000 (12,018) Income (loss) from continuing operations $ 50,534 $ (1,413) $ 13,767 $ 45,975 $ (47,210) $ (47,906) $ 13,747 Segment assets (2) $ 302,599 $ 325,165 $ 177,700 $ 76,247 $ 155,932 $ 170,208 $ 1,207,851 Capital expenditures $ 16,611 $ 20,634 $ 14,050 $ 1,219 $ 8,630 $ 742 $ 61,886 (1) Excludes amortization (2) Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests (3) See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail |
Consolidated Assets | Assets September 30, 2021 December 31, 2020 Total assets for reportable segments $ 1,327,344 $ 1,232,153 Cash and cash equivalents 85,020 92,794 Other assets 261,669 79,030 Total consolidated assets $ 1,674,033 $ 1,403,977 |
Long Lived Assets by Country | Geographic Information Long-Lived Assets September 30, 2021 December 31, 2020 United States $ 633,241 $ 503,818 Mexico 245,482 293,436 Canada 202,253 149,018 Other 127 657 Total $ 1,081,103 $ 946,929 |
Revenue by Country | Revenue Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 United States $ 133,322 $ 147,973 $ 384,918 $ 361,197 Mexico 74,647 81,755 240,026 194,064 Canada — — — 1,883 Total 207,969 $ 229,728 $ 624,944 $ 557,144 |
Receivables (Tables)
Receivables (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Receivables | Receivables consist of the following: In thousands September 30, 2021 December 31, 2020 Current receivables: Trade receivables $ 4,425 $ 3,293 VAT receivable 17,365 17,080 Income tax receivable 216 530 Other 950 2,581 $ 22,956 $ 23,484 Non-current receivables: VAT receivable (1) $ — $ 26,447 Total receivables $ 22,956 $ 49,931 (1) Represents VAT that was paid to the Mexican government associated with Coeur Mexicana’s prior royalty agreement with a subsidiary of Franco-Nevada Corporation. While the Company continues to pursue recovery from the Mexican government (including through ongoing litigation and potential international arbitration), the Company wrote down the carrying value of the receivable at September 30, 2021. See Note 17 -- Commitments and Contingencies for additional detail. |
Inventory and Ore on Leach Pa_2
Inventory and Ore on Leach Pads (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventory consists of the following: In thousands September 30, 2021 December 31, 2020 Inventory: Concentrate $ 2,740 $ 2,909 Precious metals 11,762 14,788 Supplies 37,832 33,513 $ 52,334 $ 51,210 Ore on Leach Pads: Current $ 74,803 $ 74,866 Non-current 78,302 81,963 $ 153,105 $ 156,829 Long-term Stockpile (included in Other ) $ 16,636 $ 5,664 Total Inventory and Ore on Leach Pads $ 222,075 $ 213,703 Coeur reports the carrying value of metal and leach pad inventory at the lower of cost or net realizable value, with cost being determined using a weighted average cost method. At the end of the third quarter of 2021, the cost of metal and leach pad inventory at Rochester exceeded its net realizable value which resulted in a non-cash write down of $6.0 million (approximately $5.3 million was recognized in Costs Applicable to Sales and $0.7 million in Amortization). |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investment in Marketable Securities [Abstract] | |
Investments | The Company makes strategic investments in equity securities of silver and gold exploration, development and royalty and streaming companies. At September 30, 2021 In thousands Cost Gross Gross Estimated Equity Securities Victoria Gold Corp. $ 128,710 $ — $ 2,522 131,232 Integra Resources Corp. 9,455 (949) — 8,506 Other 2 — — 2 Equity securities $ 138,167 $ (949) $ 2,522 $ 139,740 At December 31, 2020 In thousands Cost Gross Gross Estimated Equity Securities Metalla Royalty & Streaming Ltd. $ 166 $ — $ 875 $ 1,041 Integra Resources Corp. 7,500 — 4,401 11,901 Other 2 (1) — 1 Equity securities $ 7,668 $ (1) $ 5,276 $ 12,943 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Summary of Lease Cost and Cash Flow Information | The following table summarizes quantitative information pertaining to the Company’s finance and operating leases. Three months ended September 30, Nine months ended September 30, In thousands 2021 2020 2021 2020 Lease Cost Operating lease cost $ 3,180 $ 3,067 $ 9,437 $ 8,969 Short-term operating lease cost $ 2,441 $ 2,465 $ 7,614 $ 6,293 Finance Lease Cost: Amortization of leased assets $ 5,141 $ 4,109 $ 16,068 $ 16,506 Interest on lease liabilities 1,833 927 3,441 2,852 Total finance lease cost $ 6,974 $ 5,036 $ 19,509 $ 19,358 Supplemental cash flow information related to leases was as follows: Three months ended September 30, Nine months ended September 30, In thousands 2021 2020 2021 2020 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,621 $ 5,850 $ 17,256 $ 16,201 Operating cash flows from finance leases $ 1,833 $ 927 $ 3,441 $ 2,852 Financing cash flows from finance leases $ 7,944 $ 8,557 $ 22,970 $ 20,171 |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows: In thousands September 30, 2021 December 31, 2020 Operating Leases Other assets, non-current $ 32,754 $ 40,511 Accrued liabilities and other $ 11,202 $ 12,410 Other long-term liabilities 20,631 27,433 Total operating lease liabilities $ 31,833 $ 39,843 Finance Leases Property and equipment, gross $ 113,732 $ 104,433 Accumulated depreciation (58,153) (60,272) Property and equipment, net $ 55,579 $ 44,161 Debt, current $ 31,384 $ 22,074 Debt, non-current 23,004 25,837 Total finance lease liabilities $ 54,388 $ 47,911 Weighted Average Remaining Lease Term Weighted-average remaining lease term - finance leases 1.66 1.36 Weighted-average remaining lease term - operating leases 3.40 4.00 Weighted Average Discount Rate Weighted-average discount rate - finance leases 5.11 % 5.37 % Weighted-average discount rate - operating leases 5.19 % 5.18 % |
Operating Lease Minimum Future Lease Payments | Minimum future lease payments under finance and operating leases with terms longer than one year are as follows: As of September 30, 2021 (In thousands) Operating leases Finance leases 2021 $ 3,107 $ 6,082 2022 10,994 23,920 2023 10,432 14,218 2024 8,887 6,842 2025 213 5,298 Thereafter 1,165 3,386 Total $ 34,798 $ 59,746 Less: imputed interest (2,965) (5,358) Net lease obligation $ 31,833 $ 54,388 |
Finance Lease Minimum Future Lease Payments | Minimum future lease payments under finance and operating leases with terms longer than one year are as follows: As of September 30, 2021 (In thousands) Operating leases Finance leases 2021 $ 3,107 $ 6,082 2022 10,994 23,920 2023 10,432 14,218 2024 8,887 6,842 2025 213 5,298 Thereafter 1,165 3,386 Total $ 34,798 $ 59,746 Less: imputed interest (2,965) (5,358) Net lease obligation $ 31,833 $ 54,388 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long term debt and capital lease obligations | September 30, 2021 December 31, 2020 In thousands Current Non-Current Current Non-Current 2029 Senior Notes, net (1) $ — $ 368,038 $ — $ — 2024 Senior Notes, net (2) — — — 227,590 Revolving Credit Facility (3) — 20,000 — — Finance lease obligations 31,384 23,004 22,074 25,837 $ 31,384 $ 411,042 $ 22,074 $ 253,427 (1) Net of unamortized debt issuance costs of $7.0 million and $0.0 million at September 30, 2021 and December 31, 2020, respectively. (2) Net of unamortized debt issuance costs of $0.0 million and $2.4 million at September 30, 2021 and December 31, 2020, respectively. (3) Unamortized debt issuance costs of $2.5 million and $1.5 million at September 30, 2021 and December 31, 2020, respectively, included in Other Non-Current Assets . |
Interest Expenses Incurred for Various Debt Instruments [Table Text Block] | Interest Expense Three Months Ended September 30, Nine Months Ended September 30, In thousands 2021 2020 2021 2020 2024 Senior Notes $ — $ 3,378 $ 2,591 $ 10,134 2029 Senior Notes 4,805 — 11,211 — Revolving Credit Facility 508 767 1,438 2,520 Finance lease obligations 1,833 927 3,441 2,852 Amortization of debt issuance costs 415 372 1,306 1,143 Other debt obligations 51 45 225 261 Capitalized interest (4,375) (393) (6,972) (921) Total interest expense, net of capitalized interest $ 3,237 $ 5,096 $ 13,240 $ 15,989 |
Reclamation (Tables)
Reclamation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 2021 2020 2021 2020 Asset retirement obligation - Beginning $ 141,205 $ 138,904 $ 137,120 $ 134,543 Accretion 2,984 2,924 8,769 8,591 Settlements (1,406) (930) (3,106) (2,236) Asset retirement obligation - Ending $ 142,783 $ 140,898 $ 142,783 $ 140,898 |
Income and Mining Taxes (Tables
Income and Mining Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 and 2020 by significant jurisdiction: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 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 $ (30,247) $ 4,078 $ 24,592 $ (6,003) $ (9,131) $ (4,775) $ 26,132 $ (5,913) Canada (13,879) — (12,895) — (39,643) — (54,544) 232 Mexico (4,138) (10,478) 28,320 (7,110) 59,603 (29,751) 54,483 (6,366) Other jurisdictions (104) — (48) — 3,135 — (306) 29 $ (48,368) $ (6,400) $ 39,969 $ (13,113) $ 13,964 $ (34,526) $ 25,765 $ (12,018) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Grants Awarded | The following table summarizes the grants awarded during the nine months ended September 30, 2021: Grant date Restricted Grant date fair Performance Grant date fair February 24, 2021 5,000 $ 10.40 — $ — May 12, 2021 893,329 $ 9.40 593,577 $ 10.19 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 2021 2020 2021 2020 Unrealized gain (loss) on equity securities $ (35,709) $ 2,276 $ (3,702) $ 12,307 Realized gain (loss) on equity securities — (33) 769 (8,816) Exchange agreement embedded derivative 9,269 — 9,933 — Fair value adjustments, net $ (26,440) $ 2,243 $ 7,000 $ 3,491 |
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, 2021 In thousands Total Level 1 Level 2 Level 3 Assets: Equity securities $ 139,740 $ 139,740 $ — $ — Gold zero cost collars 1,560 — 1,560 — Foreign currency forward exchange contracts 3,344 — 3,344 — Provisional metal sales contracts 51 — 51 — $ 144,695 $ 139,740 $ 4,955 $ — Liabilities: Exchange agreement embedded derivative $ — $ — $ — $ — Provisional metal sales contracts 255 — 255 — $ 255 $ — $ 255 $ — Fair Value at December 31, 2020 In thousands Total Level 1 Level 2 Level 3 Assets: Equity and debt securities $ 12,943 $ 12,943 $ — $ — Foreign currency forward exchange contracts 13,747 — 13,747 — Provisional metal sales contracts 481 — 481 — $ 27,171 $ 12,943 $ 14,228 $ — Liabilities: Gold zero cost collars $ 24,883 $ — $ 24,883 $ — Provisional metal sales contracts 67 — 67 — $ 24,950 $ — $ 24,950 $ — |
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 in the three and nine months ended September 30, 2021. Three Months Ended September 30, 2021 In thousands Balance at the beginning of the period Initial valuation Revaluation Settlements Balance at the Liabilities: Exchange agreement embedded derivative $ 9,269 $ — $ (9,269) $ — $ — Nine Months Ended September 30, 2021 In thousands Balance at the beginning of the period Initial valuation Revaluation Settlements Balance at the Liabilities: Exchange agreement embedded derivative $ — $ 9,933 $ (9,933) $ — $ — |
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, 2021 and December 31, 2020 is presented in the following table: September 30, 2021 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2029 Senior Notes (1) $ 368,038 $ 354,873 $ — $ 354,873 $ — Revolving Credit Facility (2) $ 20,000 $ 20,000 $ — $ 20,000 $ — (1) Net of unamortized debt issuance costs of $7.0 million (2) Unamortized debt issuance costs of $2.5 million included in Other Non-Current Assets . December 31, 2020 In thousands Book Value Fair Value Level 1 Level 2 Level 3 Liabilities: 2024 Senior Notes (1) $ 227,590 $ 229,874 $ — $ 229,874 $ — Revolving Credit Facility (2) $ — $ — $ — $ — $ — (1) Net of unamortized debt issuance costs of $2.4 million. (2) Unamortized debt issuance costs of $1.5 million included in Other Non-Current Assets . |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative instruments, future settlement | At September 30, 2021, the Company had the following derivative instruments that settle as follows: In thousands except average prices and notional ounces 2021 2022 and Thereafter Provisional gold sales contracts $ 28,520 $ — Average gold price per ounce $ 1,786 $ — Notional ounces 15,966 — At September 30, 2021, the Company had the following derivative cash flow hedge instruments that settle as follows: In thousands except average prices and notional ounces 2021 2022 and Thereafter Gold put options Average gold strike price per ounce $ 1,600 $ 1,630 Notional ounces 39,675 132,000 Gold call options Average gold strike price per ounce $ 1,882 $ 2,038 Notional ounces 39,675 132,000 Foreign currency forward exchange contracts - Mexican Peso Average Mexican Peso exchange rate $ 25.43 $ — Notional US dollar $ 15,000 $ — |
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments: September 30, 2021 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 51 $ 255 December 31, 2020 In thousands Prepaid expenses and other Accrued liabilities and other Provisional metal sales contracts $ 481 $ 67 The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges: September 30, 2021 In thousands Prepaid expenses and other Accrued liabilities and other Gold zero cost collars $ 1,560 $ — Foreign currency forward exchange contracts 3,344 — $ 4,904 $ — December 31, 2020 In thousands Prepaid expenses and other Accrued liabilities and other Gold zero cost collars $ — $ 24,883 Foreign currency forward exchange contracts 13,747 — $ 13,747 $ 24,883 The following table sets forth the pre-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Consolidated Statement of Comprehensive Income (Loss) for the three and nine months ended September 30, 2021 and 2020, respectively (in thousands). Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Amount of Gain (Loss) Recognized in AOCI Gold zero cost collars $ 1,614 $ (24,003) $ 25,590 $ (38,353) Foreign currency forward exchange contracts (265) 2,755 133 10,214 $ 1,349 $ (21,248) $ 25,723 $ (28,139) Amount of (Gain) Loss Reclassified From AOCI to Earnings Gold zero cost collars $ 23 $ 4,563 $ 853 $ 4,563 Foreign currency forward exchange contracts (3,925) (1,921) (10,536) (2,600) $ (3,902) $ 2,642 $ (9,683) $ 1,963 |
Gain losses on derivative instruments | The following represent mark-to-market gains (losses) on derivative instruments in the three and nine months ended September 30, 2021 and 2020, respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Financial statement line Derivative 2021 2020 2021 2020 Revenue Provisional metal sales contracts $ 79 $ (962) $ (618) $ 250 Fair value adjustments, net Exchange agreement embedded derivative 9,269 — 9,933 — $ 9,348 $ (962) $ 9,315 $ 250 |
Other, Net (Tables)
Other, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Pre-development, reclamation, and other consists of the following: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2021 2020 2021 2020 COVID-19 $ 617 $ 4,037 $ 5,937 $ 10,418 Silvertip ongoing carrying costs 5,589 3,913 18,957 11,704 Silvertip temporary suspension costs — 2,768 — 10,107 Gain on modification of right of use lease — — — (4,051) Asset retirement accretion 3,027 2,968 8,898 8,724 Other 1,273 1,345 3,164 3,359 Pre-development, reclamation and other $ 10,506 $ 15,031 $ 36,956 $ 40,261 |
Schedule of Other Nonoperating Income (Expense) | Other, net consists of the following: Three Months Ended September 30, Nine Months Ended September 30, In thousands 2021 2020 2021 2020 Foreign exchange gain (loss) $ (1,028) $ (599) $ (2,299) $ (665) Gain (loss) on sale of assets (92) (2,476) 4,582 (2,458) VAT write-down (25,982) — (25,982) — Gold zero cost collars novation fee — (3,819) — (3,819) Gain (loss) on sale of Manquiri NSR consideration — — — 365 Gain (loss) on Silvertip contingent consideration — — — 955 Other 384 582 1,309 1,312 Other, net $ (26,718) $ (6,312) $ (22,390) $ (4,310) |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 2021 2020 2021 2020 Net income (loss) available to common stockholders $ (54,768) $ 26,856 $ (20,562) $ 13,747 Weighted average shares: Basic 254,744 240,983 247,675 240,729 Effect of stock-based compensation plans — 2,866 — 1,277 Diluted 254,744 243,849 247,675 242,006 Income (loss) per share: Basic $ (0.21) $ 0.11 $ (0.08) $ 0.06 Diluted (1) $ (0.21) $ 0.11 $ (0.08) $ 0.06 |
Supplemental Guarantor Inform_2
Supplemental Guarantor Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | SUMMARIZED BALANCE SHEET SEPTEMBER 30, 2021 In thousands Coeur Mining, Inc. Guarantor Subsidiaries ASSETS CURRENT ASSETS Cash and cash equivalents $ 5,176 $ 29,719 Receivables (58) 5,259 Ore on leach pads — 74,803 Inventory — 27,573 Prepaid expenses and other 11,621 1,009 16,739 138,363 NON-CURRENT ASSETS Property, plant and equipment, net 1,625 178,584 Mining properties, net — 453,619 Ore on leach pads — 78,302 Restricted assets 1,487 206 Equity and debt securities 139,740 — Net investment in subsidiaries 606,776 60,813 Other 177,117 54,024 TOTAL ASSETS $ 943,484 $ 963,911 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 2,757 $ 72,616 Other accrued liabilities 9,680 40,561 Debt — 24,107 Reclamation — 1,584 12,437 138,868 NON-CURRENT LIABILITIES Debt 388,038 47,035 Reclamation — 96,364 Deferred tax liabilities 293 7,522 Other long-term liabilities 3,344 22,740 Intercompany payable (receivable) (274,366) 251,002 117,309 424,663 STOCKHOLDERS’ EQUITY Common stock 2,569 19,356 Additional paid-in capital 3,734,948 340,700 Accumulated deficit (2,928,683) 40,324 Accumulated other comprehensive income (loss) 4,904 — 813,738 400,380 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 943,484 $ 963,911 SUMMARIZED BALANCE SHEET DECEMBER 31, 2020 In thousands Coeur Mining, Inc. Guarantor Subsidiaries ASSETS CURRENT ASSETS Cash and cash equivalents $ 12,727 $ 28,515 Receivables 381 3,631 Ore on leach pads — 74,866 Inventory — 27,223 Prepaid expenses and other 20,872 1,375 33,980 135,610 NON-CURRENT ASSETS Property, plant and equipment, net 1,946 148,640 Mining properties, net — 353,818 Ore on leach pads — 81,963 Restricted assets 1,482 206 Equity and debt securities 12,943 — Net investment in subsidiaries 514,705 72,785 Other 198,587 51,528 TOTAL ASSETS $ 763,643 $ 844,550 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 1,978 $ 52,177 Other accrued liabilities 36,183 46,023 Debt — 14,506 Reclamation — 1,584 38,161 114,290 NON-CURRENT LIABILITIES Debt 227,592 33,321 Reclamation — 93,349 Deferred tax liabilities 100 8,457 Other long-term liabilities 3,629 29,916 Intercompany payable (receivable) (199,318) 176,914 32,003 341,957 STOCKHOLDERS’ EQUITY Common stock 2,438 20,401 Additional paid-in capital 3,610,297 340,700 Accumulated deficit (2,908,120) 27,202 Accumulated other comprehensive income (loss) (11,136) — 693,479 388,303 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 763,643 $ 844,550 |
Schedule of Comprehensive Income (Loss) | SUMMARIZED STATEMENTS OF INCOME NINE MONTHS ENDED SEPTEMBER 30, 2021 In thousands Coeur Mining, Inc. Guarantor Subsidiaries Revenue $ — $ 384,918 Gross profit (loss) $ (507) $ 62,007 Income (loss) from continuing operations $ (20,560) $ 12,074 Net income (loss) $ (20,560) $ 12,074 |
Additional Balance Sheet Deta_2
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities and other consist of the following: In thousands September 30, 2021 December 31, 2020 Accrued salaries and wages $ 28,788 $ 30,457 Deferred revenue (1) 8,673 16,425 Income and mining taxes 14,078 26,118 Accrued operating costs 8,468 3,327 Unrealized losses on derivatives 255 24,950 Taxes other than income and mining 3,053 3,616 Accrued interest payable 3,273 1,855 Operating lease liabilities 11,202 12,410 Accrued liabilities and other $ 77,790 $ 119,158 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that total the same such amounts shown in the statement of cash flows in the three and nine months ended September 30, 2021 and 2020: In thousands September 30, 2021 September 30, 2020 Cash and cash equivalents $ 85,020 $ 77,148 Restricted cash equivalents 1,771 1,380 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 86,791 $ 78,528 |
Asset And Liabilities Held Fo_2
Asset And Liabilities Held For Sale (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Schedule of Major Classes of Assets and Liabilities | The major classes of assets and liabilities associated with the La Preciosa project as of September 30, 2021 are as follows: In thousands September 30, 2021 Cash and cash equivalents $ 393 Receivables 1,219 Prepaid expenses and other 1,338 Property, plant and equipment, net 1,633 Mining properties, net 49,085 Other 810 TOTAL ASSETS $ 54,478 Accounts payable $ 321 Deferred tax liabilities 11,156 TOTAL LIABILITIES $ 11,477 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Oct. 02, 2014 |
Palmarejo gold production royalty | |||||||
Business Acquisition [Line Items] | |||||||
Aggregate deposit to be received | $ 22,000,000 | ||||||
Production to be sold, percent | 50.00% | ||||||
Price per ounce under agreement | $ 800 | ||||||
Kensington | |||||||
Business Acquisition [Line Items] | |||||||
Revenue liability | $ 7,599,000 | $ 15,004,000 | $ 15,003,000 | $ 9,914,000 | $ 15,006,000 | $ 15,010,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Summary of Unearned Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Oct. 02, 2014 | |
Contract Liabilities | |||||
Deferred Revenue Recognized | $ 307,000 | $ 5,485,000 | $ 15,908,000 | $ 21,167,000 | |
Palmarejo gold production royalty | |||||
Contract Liabilities | |||||
Aggregate deposit to be received | $ 22,000,000 | ||||
Price per ounce under agreement | $ 800 | ||||
Production to be sold, percent | 50.00% | ||||
Franco-Nevada | |||||
Contract Liabilities | |||||
Opening Balance | 8,775,000 | 10,389,000 | 9,376,000 | 11,061,000 | |
Deferred Revenue Recognized | (307,000) | (393,000) | (908,000) | (1,065,000) | |
Closing Balance | 8,468,000 | 9,996,000 | 8,468,000 | 9,996,000 | |
Kensington | |||||
Contract Liabilities | |||||
Opening Balance | 15,004,000 | 15,006,000 | 15,003,000 | 15,010,000 | |
Deferred Revenue, Additions | 95,000 | 108,000 | 15,096,000 | 15,114,000 | |
Deferred Revenue Recognized | 7,500,000 | 5,200,000 | (22,500,000) | (20,210,000) | |
Closing Balance | 7,599,000 | $ 9,914,000 | 7,599,000 | $ 9,914,000 | |
Kensington | December 2020 Prepayment [Member] | |||||
Contract Liabilities | |||||
Opening Balance | $ 15,000,000 | 15,000,000 | |||
Deferred Revenue Recognized | $ 15,000,000 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | ||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | $ 207,969 | $ 229,728 | $ 624,944 | $ 557,144 | ||||||||||
Amortization | 30,962 | 32,216 | 92,872 | 96,254 | ||||||||||
Other operating expenses | 19,249 | 22,788 | 67,720 | 65,554 | ||||||||||
Loss on debt extinguishments | 0 | 0 | (9,173) | 0 | ||||||||||
Fair value adjustments, net, pretax | (26,440) | 2,243 | 7,000 | 3,491 | ||||||||||
Interest expense, net of capitalized interest | (3,237) | (5,096) | (13,240) | (15,989) | ||||||||||
Other, net | [1] | (26,718) | (6,312) | (22,390) | (4,310) | |||||||||
Income and mining tax (expense) benefit | (6,400) | (13,113) | (34,526) | (12,018) | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (54,768) | 26,856 | (20,562) | 13,747 | ||||||||||
NET INCOME (LOSS) | (54,768) | $ 32,146 | $ 2,060 | 26,856 | $ (1,209) | $ (11,900) | (20,562) | 13,747 | ||||||
Assets, Net | 1,327,344 | [2] | 1,207,851 | [2] | 1,327,344 | [2] | 1,207,851 | [2] | $ 1,232,153 | |||||
Capital expenditures | 71,266 | 22,996 | 208,913 | 61,886 | ||||||||||
Palmarejo [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Amortization | 8,747 | 11,912 | 26,077 | 32,357 | ||||||||||
Other operating expenses | 855 | 2,378 | 3,578 | 6,279 | ||||||||||
Loss on debt extinguishments | 0 | |||||||||||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | 0 | ||||||||||
Interest expense, net of capitalized interest | (135) | (201) | (471) | (667) | ||||||||||
Other, net | [1] | (26,868) | (1,168) | (27,904) | (2,866) | |||||||||
Income and mining tax (expense) benefit | (10,702) | (6,841) | (29,601) | (7,938) | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (14,453) | 23,026 | 31,169 | 50,534 | ||||||||||
Assets, Net | [2] | 285,277 | 302,599 | 285,277 | 302,599 | |||||||||
Capital expenditures | 8,506 | 4,998 | 28,284 | 16,611 | ||||||||||
Rochester [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Amortization | 4,671 | 3,278 | 14,754 | 9,194 | ||||||||||
Other operating expenses | 1,433 | 1,376 | 4,325 | 3,835 | ||||||||||
Loss on debt extinguishments | 0 | |||||||||||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | 0 | ||||||||||
Interest expense, net of capitalized interest | (149) | (283) | (851) | (851) | ||||||||||
Other, net | [1] | (99) | (2,502) | (252) | (2,580) | |||||||||
Income and mining tax (expense) benefit | 1,108 | (143) | 937 | (186) | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (10,982) | 4,959 | (17,613) | (1,413) | ||||||||||
Assets, Net | [2] | 496,940 | 325,165 | 496,940 | 325,165 | |||||||||
Capital expenditures | 40,056 | 9,773 | 112,505 | 20,634 | ||||||||||
Kensington | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Amortization | 12,786 | 11,523 | 38,941 | 36,298 | ||||||||||
Other operating expenses | 515 | 3,448 | 5,783 | 7,298 | ||||||||||
Loss on debt extinguishments | 0 | |||||||||||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | 0 | ||||||||||
Interest expense, net of capitalized interest | (194) | (296) | (568) | (819) | ||||||||||
Other, net | [1] | (62) | (34) | (104) | 1 | |||||||||
Income and mining tax (expense) benefit | (65) | (380) | (1,106) | (854) | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 1,002 | 1,749 | 8,384 | 13,767 | ||||||||||
Assets, Net | [2] | 149,774 | 177,700 | 149,774 | 177,700 | |||||||||
Capital expenditures | 6,272 | 5,333 | 19,519 | 14,050 | ||||||||||
Wharf [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Amortization | 3,158 | 4,000 | 8,627 | 9,625 | ||||||||||
Other operating expenses | 539 | 127 | 1,249 | 451 | ||||||||||
Loss on debt extinguishments | 0 | |||||||||||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | 0 | ||||||||||
Interest expense, net of capitalized interest | (39) | (48) | (122) | (149) | ||||||||||
Other, net | [1] | 460 | 7 | 1,112 | (12) | |||||||||
Income and mining tax (expense) benefit | (2,014) | (2,630) | (4,437) | (4,806) | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 18,747 | 28,287 | 45,877 | 45,975 | ||||||||||
Assets, Net | [2] | 73,019 | 76,247 | 73,019 | 76,247 | |||||||||
Capital expenditures | 1,045 | 545 | 3,928 | 1,219 | ||||||||||
Silvertip [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Amortization | 1,258 | 1,185 | 3,529 | 7,761 | ||||||||||
Other operating expenses | 6,090 | 5,916 | 18,609 | 17,770 | ||||||||||
Loss on debt extinguishments | 0 | |||||||||||||
Fair value adjustments, net, pretax | 0 | 0 | 0 | 0 | ||||||||||
Interest expense, net of capitalized interest | 396 | (124) | 622 | (603) | ||||||||||
Other, net | [1] | (124) | 451 | (463) | 2,005 | |||||||||
Income and mining tax (expense) benefit | 0 | 21 | 0 | (234) | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (11,668) | (10,673) | (33,098) | (47,210) | ||||||||||
Assets, Net | [2] | 209,498 | 155,932 | 209,498 | 155,932 | |||||||||
Capital expenditures | 15,099 | 2,065 | 44,011 | 8,630 | ||||||||||
Other Mining Properties [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Amortization | 342 | 318 | 944 | 1,019 | ||||||||||
Other operating expenses | 9,817 | 9,543 | 34,176 | 29,921 | ||||||||||
Loss on debt extinguishments | (9,173) | |||||||||||||
Fair value adjustments, net, pretax | (26,440) | 2,243 | 7,000 | 3,491 | ||||||||||
Interest expense, net of capitalized interest | (3,116) | (4,144) | (11,850) | (12,900) | ||||||||||
Other, net | [1] | (25) | (3,066) | 5,221 | (858) | |||||||||
Income and mining tax (expense) benefit | 5,273 | (3,140) | (319) | 2,000 | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (37,414) | (20,492) | (55,281) | (47,906) | ||||||||||
Assets, Net | [2] | 112,836 | 170,208 | 112,836 | 170,208 | |||||||||
Capital expenditures | 288 | 282 | 666 | 742 | ||||||||||
Gold [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 147,730 | 167,132 | 432,210 | 422,639 | ||||||||||
Gold [Member] | Palmarejo [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 33,237 | 39,416 | 112,036 | 104,732 | ||||||||||
Gold [Member] | Rochester [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 9,923 | 12,860 | 36,389 | 30,508 | ||||||||||
Gold [Member] | Kensington | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 51,881 | 52,357 | 155,154 | 159,200 | ||||||||||
Gold [Member] | Wharf [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 52,689 | 62,499 | 128,631 | 128,199 | ||||||||||
Gold [Member] | Silvertip [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 0 | 0 | 0 | 0 | ||||||||||
Gold [Member] | Other Mining Properties [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 0 | 0 | 0 | 0 | ||||||||||
Product, Silver | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 60,239 | 62,596 | 192,734 | 133,852 | ||||||||||
Product, Silver | Palmarejo [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 41,410 | 42,339 | 127,990 | 89,332 | ||||||||||
Product, Silver | Rochester [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 18,402 | 19,250 | 62,778 | 41,650 | ||||||||||
Product, Silver | Kensington | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 0 | 0 | 0 | 0 | ||||||||||
Product, Silver | Wharf [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 427 | 1,007 | 1,966 | 1,640 | ||||||||||
Product, Silver | Silvertip [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 0 | 0 | 0 | 1,230 | ||||||||||
Product, Silver | Other Mining Properties [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 0 | 0 | 0 | 0 | ||||||||||
Product, Zinc | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 0 | (662) | ||||||||||||
Product, Zinc | Palmarejo [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 0 | 0 | ||||||||||||
Product, Zinc | Rochester [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 0 | 0 | ||||||||||||
Product, Zinc | Kensington | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 0 | 0 | ||||||||||||
Product, Zinc | Wharf [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 0 | 0 | ||||||||||||
Product, Zinc | Silvertip [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 0 | (662) | ||||||||||||
Product, Zinc | Other Mining Properties [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 0 | 0 | ||||||||||||
Product, Lead | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 0 | 1,315 | ||||||||||||
Product, Lead | Palmarejo [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 0 | 0 | ||||||||||||
Product, Lead | Rochester [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 0 | 0 | ||||||||||||
Product, Lead | Kensington | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 0 | 0 | ||||||||||||
Product, Lead | Wharf [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 0 | 0 | ||||||||||||
Product, Lead | Silvertip [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 0 | 1,315 | ||||||||||||
Product, Lead | Other Mining Properties [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 0 | 0 | ||||||||||||
Product, Metal [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 207,969 | 229,728 | 624,944 | 557,144 | ||||||||||
Product, Metal [Member] | Palmarejo [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 74,647 | 81,755 | 240,026 | 194,064 | ||||||||||
Product, Metal [Member] | Rochester [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 28,325 | 32,110 | 99,167 | 72,158 | ||||||||||
Product, Metal [Member] | Kensington | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 51,881 | 52,357 | 155,154 | 159,200 | ||||||||||
Product, Metal [Member] | Wharf [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 53,116 | 63,506 | 130,597 | 129,839 | ||||||||||
Product, Metal [Member] | Silvertip [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 0 | 0 | 0 | 1,883 | ||||||||||
Product, Metal [Member] | Other Mining Properties [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Revenue | 0 | 0 | 0 | 0 | ||||||||||
Product | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Costs applicable to sales | [3] | 134,340 | 112,772 | 375,082 | 321,704 | |||||||||
Product | Palmarejo [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Costs applicable to sales | [3] | 39,016 | 34,251 | 114,922 | 89,050 | |||||||||
Product | Rochester [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Costs applicable to sales | [3] | 31,669 | 19,104 | 93,733 | 54,396 | |||||||||
Product | Kensington | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Costs applicable to sales | [3] | 34,576 | 31,530 | 95,173 | 92,419 | |||||||||
Product | Wharf [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Costs applicable to sales | [3] | 29,079 | 27,887 | 71,254 | 68,182 | |||||||||
Product | Silvertip [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Costs applicable to sales | [3] | 0 | 0 | 0 | 17,657 | |||||||||
Product | Other Mining Properties [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Costs applicable to sales | [3] | 0 | 0 | 0 | 0 | |||||||||
Mineral, Exploration | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Costs applicable to sales | 15,391 | 12,818 | 37,503 | 31,059 | ||||||||||
Mineral, Exploration | Palmarejo [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Costs applicable to sales | 2,777 | 1,978 | 6,304 | 4,373 | ||||||||||
Mineral, Exploration | Rochester [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Costs applicable to sales | 2,394 | 465 | 3,802 | 2,529 | ||||||||||
Mineral, Exploration | Kensington | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Costs applicable to sales | 2,681 | 3,397 | 5,095 | 7,746 | ||||||||||
Mineral, Exploration | Wharf [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Costs applicable to sales | 0 | 534 | 143 | 639 | ||||||||||
Mineral, Exploration | Silvertip [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Costs applicable to sales | 4,592 | 3,920 | 11,119 | 7,073 | ||||||||||
Mineral, Exploration | Other Mining Properties [Member] | ||||||||||||||
Financial information relating to reporting segments | ||||||||||||||
Costs applicable to sales | $ 2,947 | $ 2,524 | $ 11,040 | $ 8,699 | ||||||||||
[1] | See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail | |||||||||||||
[2] | Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests | |||||||||||||
[3] | Excludes amortization. |
Segment Reporting (Details 1)
Segment Reporting (Details 1) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | ||
Segment Reporting [Abstract] | |||||
Assets, Net | $ 1,327,344 | [1] | $ 1,232,153 | $ 1,207,851 | [1] |
Cash and cash equivalents | 85,020 | 92,794 | $ 77,148 | ||
Other assets | 261,669 | 79,030 | |||
TOTAL ASSETS | $ 1,674,033 | $ 1,403,977 | |||
[1] | Segment assets include receivables, prepaids, inventories, property, plant and equipment, and mineral interests |
Segment Reporting (Details 2)
Segment Reporting (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | $ 1,081,103 | $ 1,081,103 | $ 946,929 | ||
Revenues | |||||
Revenue | 207,969 | $ 229,728 | 624,944 | $ 557,144 | |
United States | |||||
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | 633,241 | 633,241 | 503,818 | ||
Revenues | |||||
Revenue | 133,322 | 147,973 | 384,918 | 361,197 | |
Canada | |||||
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | 202,253 | 202,253 | 149,018 | ||
Revenues | |||||
Revenue | 0 | 0 | 0 | 1,883 | |
Mexico | |||||
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | 245,482 | 245,482 | 293,436 | ||
Revenues | |||||
Revenue | 74,647 | $ 81,755 | 240,026 | $ 194,064 | |
Other Foreign Countries [Member] | |||||
Long Lived Assets | |||||
Long Lived Assets in Entity's Country of Domicile | $ 127 | $ 127 | $ 657 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Receivables - current portion | |||
Accounts receivable - trade | $ 4,425 | $ 3,293 | |
Refundable value added tax | 17,365 | 17,080 | |
Income Taxes Receivable | 216 | 530 | |
Accounts receivable - other | 950 | 2,581 | |
Receivables, net current portion | 22,956 | 23,484 | |
Receivables - non-current portion | |||
Refundable value added tax | [1] | 0 | 26,447 |
Total receivables | $ 22,956 | $ 49,931 | |
[1] | (1) Represents VAT that was paid to the Mexican government associated with Coeur Mexicana’s prior royalty agreement with a subsidiary of Franco-Nevada Corporation. While the Company continues to pursue recovery from the Mexican government (including through ongoing litigation and potential international arbitration), the Company wrote down the carrying value of the receivable at September 30, 2021. See Note 17 -- Commitments and Contingencies for additional detail. |
Inventory and Ore on Leach Pa_3
Inventory and Ore on Leach Pads (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Inventory, Finished Goods, Net of Reserves | $ 2,740 | $ 2,909 |
Other Inventory, Net of Reserves | 11,762 | 14,788 |
Inventory, Supplies, Net of Reserves | 37,832 | 33,513 |
Inventory | 52,334 | 51,210 |
Ore on Leach Pad, Current | 74,803 | 74,866 |
Ore on leach pads, noncurrent | 78,302 | 81,963 |
Inventory, Ore Stockpiles on Leach Pads, Gross | 153,105 | 156,829 |
Inventory and Ore on Leach Pads | 222,075 | 213,703 |
Long-Term Inventory Stockpile | $ 16,636 | $ 5,664 |
Inventory and Ore on Leach Pa_4
Inventory and Ore on Leach Pads - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Inventory [Line Items] | ||||
Inventory Write-down | $ 31,249 | $ 1,232 | $ 31,249 | $ 16,821 |
Rochester [Member] | ||||
Inventory [Line Items] | ||||
Inventory Write-down | 6,000 | |||
Rochester [Member] | Amortization | ||||
Inventory [Line Items] | ||||
Inventory Write-down | 700 | |||
Rochester [Member] | Cost of Sales | ||||
Inventory [Line Items] | ||||
Inventory Write-down | $ 5,300 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | May 10, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Equity securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Cost | $ 138,167 | $ 138,167 | $ 7,668 | |||
Debt Securities, Available-for-sale [Abstract] | ||||||
Marketable Securities, Realized Gain (Loss) | 0 | $ 33 | (769) | $ 8,816 | ||
Unrealized gain (loss) on equity securities | (35,709) | $ 2,276 | (3,702) | $ 12,307 | ||
Investment in Marketable Securities (Textual) [Abstract] | ||||||
Marketable Securities, Noncurrent | $ 139,740 | 139,740 | 12,943 | |||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 2,522 | 5,276 | ||||
Equity Securities, FV-NI, Unrealized Gain | 949 | 1 | ||||
Equity and debt securities | ||||||
Investment in Marketable Securities (Textual) [Abstract] | ||||||
Marketable Securities, Noncurrent | 12,943 | |||||
Metalla Royalty & Streaming Ltd. | ||||||
Investment in Marketable Securities (Textual) [Abstract] | ||||||
Proceeds from sale of equity method investments | 900 | |||||
Equity method investment, realized gain on disposal | $ 800 | |||||
Equity method investment, amount sold (in shares) | 83,556 | 83,556 | ||||
Metalla Royalty & Streaming Ltd. | Equity securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Cost | 166 | |||||
Investment in Marketable Securities (Textual) [Abstract] | ||||||
Marketable Securities, Noncurrent | 1,041 | |||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 875 | |||||
Equity Securities, FV-NI, Unrealized Gain | 0 | |||||
Integra Resources Corp. [Member] | Equity securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Cost | $ 9,455 | $ 9,455 | 7,500 | |||
Investment in Marketable Securities (Textual) [Abstract] | ||||||
Marketable Securities, Noncurrent | 8,506 | 8,506 | 11,901 | |||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 0 | 4,401 | ||||
Equity Securities, FV-NI, Unrealized Gain | 949 | 0 | ||||
Other Investments [Member] | Equity securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Cost | 2 | 2 | 2 | |||
Investment in Marketable Securities (Textual) [Abstract] | ||||||
Marketable Securities, Noncurrent | 2 | 2 | 1 | |||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 0 | 0 | ||||
Equity Securities, FV-NI, Unrealized Gain | 0 | 1 | ||||
Victoria Gold Corp | ||||||
Investment in Marketable Securities (Textual) [Abstract] | ||||||
Asset acquisition, percentage of shares acquired | 17.80% | |||||
Asset acquisition, number of common stock shares acquired | 11,067,714 | |||||
Asset acquisition, entity shares issued in exchange agreement (in shares) | 12,785,485 | |||||
Asset acquisition, percentage equity issued for exchange | 4.90% | |||||
Victoria Gold Corp | Equity securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Cost | 128,710 | 128,710 | ||||
Investment in Marketable Securities (Textual) [Abstract] | ||||||
Marketable Securities, Noncurrent | 131,232 | 131,232 | ||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | 2,522 | |||||
Equity Securities, FV-NI, Unrealized Gain | 0 | |||||
Level 3 | Equity securities | ||||||
Investment in Marketable Securities (Textual) [Abstract] | ||||||
Marketable Securities, Noncurrent | $ 0 | $ 0 | ||||
Level 3 | Equity and debt securities | ||||||
Investment in Marketable Securities (Textual) [Abstract] | ||||||
Marketable Securities, Noncurrent | $ 0 |
Leases - Summary of Lease Cost
Leases - Summary of Lease Cost and Cash Flow Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lease Cost | ||||
Operating lease cost | $ 3,180 | $ 3,067 | $ 9,437 | $ 8,969 |
Short-term Lease, Cost | 2,441 | 2,465 | 7,614 | 6,293 |
Finance Lease Cost: | ||||
Amortization of leased assets | 5,141,000 | 4,109,000 | 16,068,000 | 16,506,000 |
Finance Lease, Interest Expense | 1,833,000 | 927,000 | 3,441,000 | 2,852,000 |
Total finance lease cost | 6,974,000 | 5,036,000 | 19,509,000 | 19,358,000 |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | 5,621 | 5,850 | 17,256 | 16,201 |
Financing cash flows from finance leases | $ 7,944,000 | $ 8,557,000 | $ 22,970,000 | $ 20,171,000 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Weighted Average Discount Rate | ||
Weighted-average discount rate - finance leases | 5.11% | 5.37% |
Weighted-average discount rate - operating leases | 5.19% | 5.18% |
Operating Leases | ||
Other assets, non-current | $ 32,754 | $ 40,511 |
Finance Leases | ||
Property and equipment, gross | 113,732 | 104,433 |
Accumulated depreciation | (58,153) | (60,272) |
Property and equipment, net | 55,579 | 44,161 |
Total finance lease liabilities | $ 54,388 | $ 47,911 |
Weighted Average Remaining Lease Term | ||
Weighted-average remaining lease term - finance leases | 1 year 7 months 28 days | 1 year 4 months 9 days |
Weighted-average remaining lease term - operating leases | 3 years 4 months 24 days | 4 years |
Capital Lease Obligations | ||
Finance Leases | ||
Debt, non-current | $ 23,004 | $ 25,837 |
Other Current Liabilities | ||
Operating Leases | ||
Accrued liabilities and other | 11,202 | 12,410 |
Other Noncurrent Liabilities | ||
Operating Leases | ||
Other long-term liabilities | 20,631 | 27,433 |
Other Liabilities | ||
Operating Leases | ||
Total operating lease liabilities | 31,833 | 39,843 |
Capital Lease Obligations | ||
Finance Leases | ||
Debt, current | $ 31,384 | $ 22,074 |
Leases - Summary of Minimum Fut
Leases - Summary of Minimum Future Lease Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Operating leases | ||
2021 | $ 3,107 | |
2022 | 10,994 | |
2023 | 10,432 | |
2024 | 8,887 | |
2025 | 213 | |
Thereafter | 1,165 | |
Total | 34,798 | |
Less: imputed interest | (2,965) | |
Finance leases | ||
2021 | 6,082 | |
2022 | 23,920 | |
2023 | 14,218 | |
2024 | 6,842 | |
2025 | 5,298 | |
Thereafter | 3,386 | |
Total | 59,746 | |
Less: imputed interest | (5,358) | |
Net lease obligation | $ 54,388 | $ 47,911 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |
Long term debt and capital lease obligations | ||||
Current | $ 31,384 | $ 22,074 | ||
Debt | 411,042 | 253,427 | ||
Senior Notes due 2029 | ||||
Long term debt and capital lease obligations | ||||
Net unamortized debt issuance costs | 7,000 | $ 0 | ||
Senior Notes due 2024 | ||||
Long term debt and capital lease obligations | ||||
Net unamortized debt issuance costs | 0 | 2,400 | ||
Senior Notes due 2029 | ||||
Long term debt and capital lease obligations | ||||
Debt | [1] | 368,038 | 0 | |
Senior Notes due 2024 | ||||
Long term debt and capital lease obligations | ||||
Debt | [2] | 0 | 227,590 | |
Revolving Credit Facility | ||||
Long term debt and capital lease obligations | ||||
Debt | [3] | 20,000 | 0 | |
Capital Lease Obligations | ||||
Long term debt and capital lease obligations | ||||
Debt | 23,004 | 25,837 | ||
Senior Notes due 2029 | ||||
Long term debt and capital lease obligations | ||||
Current | [1] | 0 | 0 | |
Senior Notes due 2024 | ||||
Long term debt and capital lease obligations | ||||
Current | [2] | 0 | 0 | |
Revolving Credit Facility | ||||
Long term debt and capital lease obligations | ||||
Current | [3] | 0 | 0 | |
Capital Lease Obligations | ||||
Long term debt and capital lease obligations | ||||
Current | 31,384 | 22,074 | ||
Revolving Credit Facility | ||||
Long term debt and capital lease obligations | ||||
Net unamortized debt issuance costs | $ 2,500 | $ 1,500 | ||
[1] | Net of unamortized debt issuance costs of $7.0 million and $0.0 million at September 30, 2021 and December 31, 2020, respectively. | |||
[2] | Net of unamortized debt issuance costs of $0.0 million and $2.4 million at September 30, 2021 and December 31, 2020, respectively. | |||
[3] | Unamortized debt issuance costs of $2.5 million and $1.5 million at September 30, 2021 and December 31, 2020, respectively, included in Other Non-Current Assets |
Debt (Details Textual)
Debt (Details Textual) - USD ($) | Mar. 31, 2021 | Mar. 01, 2021 | Jun. 01, 2020 | Mar. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 14, 2020 | May 31, 2017 |
Debt Instrument [Line Items] | ||||||||||
Loss on debt extinguishments | $ 0 | $ 0 | $ (9,173,000) | $ 0 | ||||||
Senior Notes due 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 375,000,000 | $ 375,000,000 | ||||||||
Proceeds from Debt | $ 367,500,000 | |||||||||
Loss on debt extinguishments | $ 9,200,000 | |||||||||
Stated interest rate | 5.125% | 5.125% | 5.875% | |||||||
Letters of Credit Outstanding, Amount | $ 230,000,000 | $ 230,000,000 | ||||||||
Debt instrument, redemption price, percentage | 105.125% | |||||||||
Repayments of Senior Debt | $ 127,200,000 | $ 102,800,000 | ||||||||
Debt Instrument, Redemption Price, Per $1000 Of Principal | $ 1,029.38 | |||||||||
Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000,000 | |||||||||
Letters of Credit Outstanding, Amount | $ 35,000,000 | $ 35,000,000 | ||||||||
Line of Credit Facility, Increase (Decrease), Net | $ 100,000,000 | |||||||||
Revolving Credit Facility | Line of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 2.30% | 2.30% | ||||||||
Long-term debt | $ 20,000,000 | $ 20,000,000 |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Disclosure [Abstract] | ||||
Interest paid on Senior Notes due 2024 | $ 0 | $ 3,378 | $ 2,591 | $ 10,134 |
Interest paid on Senior Notes due 2029 | 4,805 | 0 | 11,211 | 0 |
Interest paid on Revolving Credit Facility | 508 | 767 | 1,438 | 2,520 |
Finance Lease, Interest Expense | 1,833 | 927 | 3,441 | 2,852 |
Amortization of Debt Issuance Costs | 415 | 372 | 1,306 | 1,143 |
Interest Expense, Other | 51 | 45 | 225 | 261 |
Interest Costs Capitalized Adjustment | (4,375) | (393) | (6,972) | (921) |
Interest Costs Incurred | $ 3,237 | $ 5,096 | $ 13,240 | $ 15,989 |
Reclamation (Details)
Reclamation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Asset retirement obligation | |||||
Asset retirement obligation - Beginning | $ 141,205 | $ 138,904 | $ 137,120 | $ 134,543 | |
Accretion | 2,984 | 2,924 | 8,769 | 8,591 | |
Settlements | (1,406) | (930) | (3,106) | (2,236) | |
Asset retirement obligation - Ending | 142,783 | $ 140,898 | 142,783 | $ 140,898 | |
Property, Plant and Equipment [Line Items] | |||||
Accrued reclamation liabilities, former mines | $ 2,000 | $ 2,000 | $ 2,200 |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Examination [Line Items] | ||||
Income (loss) before income and mining taxes | $ (48,368) | $ 39,969 | $ 13,964 | $ 25,765 |
Tax (expense) benefit | 6,400 | 13,113 | 34,526 | 12,018 |
United States | ||||
Income Tax Examination [Line Items] | ||||
United States, Income (loss) before tax | (30,247) | 24,592 | (9,131) | 26,132 |
Tax (expense) benefit | 4,078 | (6,003) | (4,775) | (5,913) |
Canada | ||||
Income Tax Examination [Line Items] | ||||
Foreign, Income (loss) before tax | (13,879) | (12,895) | (39,643) | (54,544) |
Tax (expense) benefit | 0 | 0 | 0 | 232 |
Mexico | ||||
Income Tax Examination [Line Items] | ||||
Foreign, Income (loss) before tax | (4,138) | 28,320 | 59,603 | 54,483 |
Tax (expense) benefit | (10,478) | (7,110) | (29,751) | (6,366) |
Other jurisdictions | ||||
Income Tax Examination [Line Items] | ||||
Foreign, Income (loss) before tax | (104) | (48) | 3,135 | (306) |
Tax (expense) benefit | $ 0 | $ 0 | $ 0 | $ 29 |
Income and Mining Taxes - Narra
Income and Mining Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | |||||
Tax (expense) benefit | $ 6,400 | $ 13,113 | $ 34,526 | $ 12,018 | |
Effective Income Tax Rate Reconciliation, Percent | (13.20%) | ||||
Unrecognized Tax Benefits | $ 300 | 300 | $ 700 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 400 | 400 | $ 1,100 | ||
Minimum | |||||
Income Tax Contingency [Line Items] | |||||
Unrecognized income tax liability | 500 | 500 | |||
Maximum | |||||
Income Tax Contingency [Line Items] | |||||
Unrecognized income tax liability | $ 1,500 | $ 1,500 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation cost | $ 11.9 | $ 11.9 | ||
Unrecognized stock-based compensation cost, weighted-average period recognized | 1 year 7 months 6 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 | $ 2.7 | $ 2 | $ 10.2 | $ 6.3 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Grants Awarded (Details) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
February 24, 2021 | Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock | shares | 5,000 |
Grant date fair value of restricted stock | $ / shares | $ 10.40 |
February 24, 2021 | Performance shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance shares | shares | 0 |
Grant date fair value of performance shares | $ / shares | $ 0 |
May 12, 2021 | Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock | shares | 893,329 |
Grant date fair value of restricted stock | $ / shares | $ 9.40 |
May 12, 2021 | Performance shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance shares | shares | 593,577 |
Grant date fair value of performance shares | $ / shares | $ 10.19 |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value adjustments, net | $ (26,440) | $ 2,243 | $ 7,000 | $ 3,491 |
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | 9,269 | 0 | 9,933 | 0 |
Equity Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized gain (loss) on equity securities | (35,709) | 2,276 | (3,702) | 12,307 |
Realized gain (loss) on equity securities | 0 | (33) | 769 | (8,816) |
Exchange agreement embedded derivative | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | $ 9,269 | $ 0 | $ 9,933 | $ 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, 2021 | Dec. 31, 2020 |
Assets: | ||
Assets | $ 144,695 | $ 27,171 |
Liabilities: | ||
Total liabilities | 255 | 24,950 |
Provisional metal sales contracts | ||
Assets: | ||
Fair value of other derivative instruments, net | 51 | 481 |
Liabilities: | ||
Fair value of derivative liability | 255 | 67 |
Gold zero cost collars | ||
Assets: | ||
Fair value of other derivative instruments, net | 1,560 | |
Liabilities: | ||
Fair value of derivative liability | 24,883 | |
Gold zero cost collars | Prepaid expenses and other | Designated as Hedging Instrument | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | |
Gold zero cost collars | Accrued liabilities and other | Designated as Hedging Instrument | ||
Liabilities: | ||
Fair value of derivative liability | 0 | |
Foreign Exchange Forward | ||
Assets: | ||
Fair value of other derivative instruments, net | 3,344 | 13,747 |
Foreign Exchange Forward | Prepaid expenses and other | Designated as Hedging Instrument | ||
Assets: | ||
Fair value of other derivative instruments, net | 13,747 | |
Foreign Exchange Forward | Accrued liabilities and other | Designated as Hedging Instrument | ||
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Embedded Derivative Financial Instruments | ||
Liabilities: | ||
Fair value of derivative liability | 0 | |
Equity Securities | ||
Liabilities: | ||
Marketable Securities, Noncurrent | 139,740 | 12,943 |
Equity and debt securities | ||
Liabilities: | ||
Marketable Securities, Noncurrent | 12,943 | |
Level 1 | ||
Assets: | ||
Assets | 139,740 | 12,943 |
Liabilities: | ||
Total liabilities | 0 | 0 |
Level 1 | Provisional metal sales contracts | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | 0 |
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 1 | Gold zero cost collars | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | |
Liabilities: | ||
Fair value of derivative liability | 0 | |
Level 1 | Foreign Exchange Forward | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | 0 |
Level 1 | Embedded Derivative Financial Instruments | ||
Liabilities: | ||
Fair value of derivative liability | 0 | |
Level 1 | Equity Securities | ||
Liabilities: | ||
Marketable Securities, Noncurrent | 139,740 | |
Level 1 | Equity and debt securities | ||
Liabilities: | ||
Marketable Securities, Noncurrent | 12,943 | |
Level 2 | ||
Assets: | ||
Assets | 4,955 | 14,228 |
Liabilities: | ||
Total liabilities | 255 | 24,950 |
Level 2 | Prepaid expenses and other | Designated as Hedging Instrument | ||
Assets: | ||
Fair value of other derivative instruments, net | 4,904 | 13,747 |
Level 2 | Provisional metal sales contracts | ||
Assets: | ||
Fair value of other derivative instruments, net | 481 | |
Liabilities: | ||
Fair value of derivative liability | 67 | |
Level 2 | Gold zero cost collars | ||
Assets: | ||
Fair value of other derivative instruments, net | 1,560 | |
Liabilities: | ||
Fair value of derivative liability | 24,883 | |
Level 2 | Gold zero cost collars | Accrued liabilities and other | Designated as Hedging Instrument | ||
Liabilities: | ||
Fair value of derivative liability | 0 | 24,883 |
Level 2 | Foreign Exchange Forward | ||
Assets: | ||
Fair value of other derivative instruments, net | 3,344 | 13,747 |
Level 2 | Embedded Derivative Financial Instruments | ||
Liabilities: | ||
Fair value of derivative liability | 0 | |
Level 2 | Equity Securities | ||
Liabilities: | ||
Marketable Securities, Noncurrent | 0 | |
Level 2 | Equity and debt securities | ||
Liabilities: | ||
Marketable Securities, Noncurrent | 0 | |
Level 3 | ||
Assets: | ||
Assets | 0 | 0 |
Liabilities: | ||
Total liabilities | 0 | 0 |
Level 3 | Provisional metal sales contracts | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | 0 |
Liabilities: | ||
Fair value of derivative liability | 0 | 0 |
Level 3 | Gold zero cost collars | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | |
Liabilities: | ||
Fair value of derivative liability | 0 | |
Level 3 | Foreign Exchange Forward | ||
Assets: | ||
Fair value of other derivative instruments, net | 0 | 0 |
Level 3 | Embedded Derivative Financial Instruments | ||
Liabilities: | ||
Fair value of derivative liability | 0 | |
Level 3 | Equity Securities | ||
Liabilities: | ||
Marketable Securities, Noncurrent | $ 0 | |
Level 3 | Equity and debt securities | ||
Liabilities: | ||
Marketable Securities, Noncurrent | $ 0 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Level 3 Financial Assets and Liabilities (Details) - Exchange agreement embedded derivative - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the start of the period | $ 9,269 | $ 0 |
Initial valuation | 0 | 9,933 |
Revaluation | (9,269) | (9,933) |
Settlements | 0 | 0 |
Balance at the end of the period | $ 0 | $ 0 |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary of Assets and Liabilities Carried at Book Value (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | May 31, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Book value | $ 411,042 | $ 253,427 | ||
Senior Notes due 2024 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Book value | [1] | 0 | 227,590 | |
Revolving Credit Facility | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Book value | [2] | 20,000 | 0 | |
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 | 354,873 | 229,874 | ||
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 | 354,873 | 229,874 | ||
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 | Revolving Credit Facility | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of long-term debt | 20,000 | 0 | ||
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 | 20,000 | 0 | ||
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 | 5.125% | 5.875% | ||
Net unamortized debt issuance costs | $ 0 | 2,400 | ||
Revolving Credit Facility | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Net unamortized debt issuance costs | $ 2,500 | $ 1,500 | ||
[1] | Net of unamortized debt issuance costs of $0.0 million and $2.4 million at September 30, 2021 and December 31, 2020, respectively. | |||
[2] | Unamortized debt issuance costs of $2.5 million and $1.5 million at September 30, 2021 and December 31, 2020, respectively, included in Other Non-Current Assets |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | May 31, 2017 |
Senior Notes due 2024 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net unamortized debt issuance costs | $ 0 | $ 2,400,000 | |
Stated interest rate | 5.125% | 5.875% | |
Victoria Gold Corp | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Embedded derivative, fair value | $ 0 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Provisionally Priced Sales (Details) - Gold concentrates sales agreements $ in Thousands | Sep. 30, 2021USD ($)oz$ / oz |
2018 | |
Derivative instruments Settlement | |
Derivative average price | $ / oz | 1,786 |
Notional Amount Derivative | $ | $ 28,520 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 15,966 |
2022 and Thereafter | |
Derivative instruments Settlement | |
Derivative average price | $ / oz | 0 |
Notional Amount Derivative | $ | $ 0 |
Outstanding Provisionally Priced Sales Consists of Gold | oz | 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Classification of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Silver and Gold Concentrate Sales Agreements | Prepaid expenses and other | ||
Fair value of the derivative instruments | ||
Fair value of derivative asset | $ 51 | $ 481 |
Silver and Gold Concentrate Sales Agreements | Accrued liabilities and other | ||
Fair value of the derivative instruments | ||
Fair value of derivative liability | 255 | $ 67 |
Embedded Derivative Financial Instruments | ||
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) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Provisional gain (loss) on derivatives and commodity contracts | $ 79 | $ (962) | $ (618) | $ 250 |
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | 9,269 | 0 | 9,933 | 0 |
Fair value adjustments, net, pretax | (26,440) | 2,243 | 7,000 | 3,491 |
Fair value adjustments, net | $ 9,348 | $ (962) | $ 9,315 | $ 250 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative [Line Items] | ||||
Provisional gain (loss) on derivatives and commodity contracts | $ 79 | $ (962) | $ (618) | $ 250 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 4,600 | |||
Designated as Hedging Instrument | Gold zero cost collars | ||||
Derivative [Line Items] | ||||
After tax gains in AOCI | $ 4,900 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Summary of Classification of Fair Value on Derivatives Designated as Cash Flow Hedges (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Designated as Hedging Instrument | Prepaid expenses and other | Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | $ 4,904 | $ 13,747 |
Gold zero cost collars | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 1,560 | |
Fair value of derivative liability | 24,883 | |
Gold zero cost collars | Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 1,560 | |
Fair value of derivative liability | 24,883 | |
Gold zero cost collars | Designated as Hedging Instrument | Prepaid expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 0 | |
Gold zero cost collars | Designated as Hedging Instrument | Accrued liabilities and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | 0 | |
Gold zero cost collars | Designated as Hedging Instrument | Accrued liabilities and other | Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | 0 | 24,883 |
Foreign Exchange Forward | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 3,344 | 13,747 |
Foreign Exchange Forward | Level 2 | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 3,344 | 13,747 |
Foreign Exchange Forward | Designated as Hedging Instrument | Prepaid expenses and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 13,747 | |
Foreign Exchange Forward | Designated as Hedging Instrument | Accrued liabilities and other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | $ 0 | $ 0 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Summary of Derivative Cash Flow Hedges (Details) - Designated as Hedging Instrument $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($)oz$ / ozRate | |
Gold Put Options - 2020 | |
Derivative [Line Items] | |
Average gold strike price per ounce | $ / oz | 1,600 |
Notional ounces | oz | 39,675 |
Gold Call Options - 2020 | |
Derivative [Line Items] | |
Average gold strike price per ounce | $ / oz | 1,882 |
Notional ounces | oz | 39,675 |
Gold Put Options - 2021 | |
Derivative [Line Items] | |
Average gold strike price per ounce | $ / oz | 1,630 |
Notional ounces | oz | 132,000 |
Gold Call Options - 2021 | |
Derivative [Line Items] | |
Average gold strike price per ounce | $ / oz | 2,038 |
Notional ounces | oz | 132,000 |
Mexican peso forward exchange contracts 2020 | |
Derivative [Line Items] | |
Derivative, forward exchange rate | Rate | 2543.00% |
Derivative, notional amount | $ | $ 15 |
Mexican peso forward exchange contracts 2021 | |
Derivative [Line Items] | |
Derivative, forward exchange rate | Rate | 0.00% |
Derivative, notional amount | $ | $ 0 |
Derivative Financial Instrume_9
Derivative Financial Instruments - Summary of Pre-tax Gains (Losses) On Derivatives Designated as Cash Flow Hedges (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gains (losses) recognized in OCI - effective portion: | $ 1,349 | $ (21,248) | $ 25,723 | $ (28,139) |
Gains (losses) reclassified from AOCI into net income - effective portion: | (3,902) | 2,642 | (9,683) | 1,963 |
Gold zero cost collars | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gains (losses) recognized in OCI - effective portion: | 1,614 | (24,003) | 25,590 | (38,353) |
Gains (losses) reclassified from AOCI into net income - effective portion: | 23 | 4,563 | 853 | 4,563 |
Foreign Exchange Forward | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gains (losses) recognized in OCI - effective portion: | (265) | 2,755 | 133 | 10,214 |
Gains (losses) reclassified from AOCI into net income - effective portion: | $ (3,925) | $ (1,921) | $ (10,536) | $ (2,600) |
Other, Net - Summary of Other N
Other, Net - Summary of Other Non-Operating (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Other Income and Expenses [Abstract] | |||||
Foreign exchange gain (loss) | $ (1,028) | $ (599) | $ (2,299) | $ (665) | |
Gain (loss) on sale of assets and investments | (92) | (2,476) | 4,582 | (2,458) | |
Valued added tax write-down | (25,982) | 0 | (25,982) | 0 | |
Gold zero cost collars novation fee | (3,819) | (3,819) | |||
Gain (loss) on sale of Manquiri consideration | 0 | 0 | 0 | 365 | |
Gain (loss) on Silvertip consideration | 0 | 0 | 0 | 955 | |
Other | 384 | 582 | 1,309 | 1,312 | |
Other, net | [1] | $ (26,718) | $ (6,312) | $ (22,390) | $ (4,310) |
[1] | See Note 14 -- Additional Comprehensive Income (Loss) Detail for additional detail |
Other, Net - Summary of Pre-dev
Other, Net - Summary of Pre-development, reclamation and other (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income and Expenses [Abstract] | ||||
Accretion Expense, Including Asset Retirement Obligations | $ 3,027 | $ 2,968 | $ 8,898 | $ 8,724 |
Other Operating Income (Expense), Net | 1,273 | 1,345 | 3,164 | 3,359 |
Gain (Loss) on Termination of Lease | 0 | 0 | 0 | (4,051) |
Covid-19 Related Costs | 617 | 4,037 | 5,937 | 10,418 |
Care and maintenance costs | 5,589 | 3,913 | 18,957 | 11,704 |
Temporary Suspension Costs | 0 | 2,768 | 0 | 10,107 |
Pre-development, reclamation, and other | $ 10,506 | $ 15,031 | $ 36,956 | $ 40,261 |
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, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share (Textual) [Abstract] | ||||||||
Number of antidilutive shares of common stock equivalents | 1,513,288 | 182,803 | 1,489,158 | 1,722,014 | ||||
Net Income (Loss) Attributable to Coeur Stockholders | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ (54,768) | $ 26,856 | $ (20,562) | $ 13,747 | ||||
NET INCOME (LOSS) | $ (54,768) | $ 32,146 | $ 2,060 | $ 26,856 | $ (1,209) | $ (11,900) | $ (20,562) | $ 13,747 |
Weighted Average Number of Shares Outstanding | ||||||||
Weighted Average Number of Shares Outstanding, Basic | 254,744,000 | 240,983,000 | 247,675,000 | 240,729,000 | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 2,866,000 | 0 | 1,277,000 | ||||
Weighted Average Number of Shares Outstanding, Diluted | 254,744,000 | 243,849,000 | 247,675,000 | 242,006,000 | ||||
Basic EPS | ||||||||
Earnings Per Share, Basic | $ (0.21) | $ 0.11 | $ (0.08) | $ 0.06 | ||||
Diluted EPS | ||||||||
Earnings Per Share, Diluted | $ (0.21) | $ 0.11 | $ (0.08) | $ 0.06 |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Summary of Common Stock Issuance (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Subsidiary, Sale of Stock [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock issued for investment | $ 118,777,000 | ||
Aggregate Value of ATM Program | $ 100,000,000 |
Supplemental Guarantor Inform_3
Supplemental Guarantor Information Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Condensed Financial Statements, Captions [Line Items] | ||||||||
Cash and cash equivalents | $ 85,020 | $ 92,794 | $ 77,148 | |||||
Receivables | 22,956 | 23,484 | ||||||
Ore on leach pads | 74,803 | 74,866 | ||||||
Inventory | 52,334 | 51,210 | ||||||
Prepaid expenses and other | 17,846 | 27,254 | ||||||
Current assets | 307,437 | 269,608 | ||||||
Property, plant and equipment, net | 298,006 | 230,139 | ||||||
Restricted assets | 9,160 | 9,492 | ||||||
Equity securities | 139,740 | 12,943 | ||||||
Other | 58,291 | 56,595 | ||||||
TOTAL ASSETS | 1,674,033 | 1,403,977 | ||||||
Accounts payable | 119,583 | 90,577 | ||||||
Accrued liabilities and other | 77,790 | 119,158 | ||||||
Debt | 31,384 | 22,074 | ||||||
Reclamation | 2,299 | 2,299 | ||||||
Current liabilities | 242,533 | 234,108 | ||||||
Debt | 411,042 | 253,427 | ||||||
Reclamation | 142,456 | 136,975 | ||||||
Deferred tax liabilities | 22,280 | 34,202 | ||||||
Other long-term liabilities | 41,983 | 51,786 | ||||||
Non-current liabilities | 617,761 | 476,390 | ||||||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 256,928,852 issued and outstanding at September 30, 2021 and 243,751,283 at December 31, 2020 | 2,569 | 2,438 | ||||||
Additional paid-in capital | 3,734,948 | 3,610,297 | ||||||
Accumulated deficit | (2,928,682) | (2,908,120) | ||||||
Accumulated other comprehensive income (loss) | 4,904 | (11,136) | ||||||
Stockholders' equity | 813,739 | $ 868,409 | $ 720,506 | 693,479 | $ 664,227 | $ 653,857 | $ 660,644 | $ 667,004 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 1,674,033 | 1,403,977 | ||||||
Coeur Mining, Inc. | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Cash and cash equivalents | 5,176 | 12,727 | ||||||
Receivables | (58) | 381 | ||||||
Ore on leach pads | 0 | 0 | ||||||
Inventory | 0 | 0 | ||||||
Prepaid expenses and other | 11,621 | 20,872 | ||||||
Current assets | 16,739 | 33,980 | ||||||
Property, plant and equipment, net | 1,625 | 1,946 | ||||||
Mining properties, net | 0 | 0 | ||||||
Ore on leach pads | 0 | 0 | ||||||
Restricted assets | 1,487 | |||||||
Equity securities | 139,740 | |||||||
Marketable Securities, Noncurrent | 12,943 | |||||||
Net investment in subsidiaries | 606,776 | 514,705 | ||||||
Other | 177,117 | 198,587 | ||||||
TOTAL ASSETS | 943,484 | 763,643 | ||||||
Accounts payable | 2,757 | 1,978 | ||||||
Accrued liabilities and other | 9,680 | 36,183 | ||||||
Debt | 0 | 0 | ||||||
Reclamation | 0 | 0 | ||||||
Current liabilities | 12,437 | 38,161 | ||||||
Debt | 388,038 | 227,592 | ||||||
Reclamation | 0 | 0 | ||||||
Deferred tax liabilities | 293 | 100 | ||||||
Other long-term liabilities | 3,344 | 3,629 | ||||||
Intercompany payable (receivable) | (274,366) | (199,318) | ||||||
Non-current liabilities | 117,309 | 32,003 | ||||||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 256,928,852 issued and outstanding at September 30, 2021 and 243,751,283 at December 31, 2020 | 2,569 | 2,438 | ||||||
Additional paid-in capital | 3,734,948 | 3,610,297 | ||||||
Accumulated deficit | (2,928,683) | (2,908,120) | ||||||
Accumulated other comprehensive income (loss) | 4,904 | (11,136) | ||||||
Stockholders' equity | 813,738 | 693,479 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 943,484 | 763,643 | ||||||
Guarantor Subsidiaries | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Cash and cash equivalents | 29,719 | 28,515 | ||||||
Receivables | 5,259 | 3,631 | ||||||
Ore on leach pads | 74,803 | 74,866 | ||||||
Inventory | 27,573 | 27,223 | ||||||
Prepaid expenses and other | 1,009 | 1,375 | ||||||
Current assets | 138,363 | 135,610 | ||||||
Property, plant and equipment, net | 178,584 | 148,640 | ||||||
Mining properties, net | 453,619 | 353,818 | ||||||
Ore on leach pads | 78,302 | 81,963 | ||||||
Restricted assets | 206 | |||||||
Equity securities | 0 | |||||||
Marketable Securities, Noncurrent | 0 | |||||||
Net investment in subsidiaries | 60,813 | 72,785 | ||||||
Other | 54,024 | 51,528 | ||||||
TOTAL ASSETS | 963,911 | 844,550 | ||||||
Accounts payable | 72,616 | 52,177 | ||||||
Accrued liabilities and other | 40,561 | 46,023 | ||||||
Debt | 24,107 | 14,506 | ||||||
Reclamation | 1,584 | 1,584 | ||||||
Current liabilities | 138,868 | 114,290 | ||||||
Debt | 47,035 | 33,321 | ||||||
Reclamation | 96,364 | 93,349 | ||||||
Deferred tax liabilities | 7,522 | 8,457 | ||||||
Other long-term liabilities | 22,740 | 29,916 | ||||||
Intercompany payable (receivable) | 251,002 | 176,914 | ||||||
Non-current liabilities | 424,663 | 341,957 | ||||||
Common stock, par value $0.01 per share; authorized 300,000,000 shares, 256,928,852 issued and outstanding at September 30, 2021 and 243,751,283 at December 31, 2020 | 19,356 | 20,401 | ||||||
Additional paid-in capital | 340,700 | 340,700 | ||||||
Accumulated deficit | 40,324 | 27,202 | ||||||
Accumulated other comprehensive income (loss) | 0 | 0 | ||||||
Stockholders' equity | 400,380 | 388,303 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 963,911 | $ 844,550 |
Supplemental Guarantor Inform_4
Supplemental Guarantor Information Condensed Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||
Loss on debt extinguishments | $ 0 | $ 0 | $ (9,173) | $ 0 | ||||
Revenue | 207,969 | 229,728 | 624,944 | 557,144 | ||||
NET INCOME (LOSS) | (54,768) | $ 32,146 | $ 2,060 | 26,856 | $ (1,209) | $ (11,900) | (20,562) | 13,747 |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ (54,768) | $ 26,856 | (20,562) | $ 13,747 | ||||
Coeur Mining, Inc. | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenue | 0 | |||||||
Gross Profit | (507) | |||||||
NET INCOME (LOSS) | (20,560) | |||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (20,560) | |||||||
Guarantor Subsidiaries | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Revenue | 384,918 | |||||||
Gross Profit | 62,007 | |||||||
NET INCOME (LOSS) | 12,074 | |||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ 12,074 |
Commitments and Contigencies (D
Commitments and Contigencies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Oct. 02, 2014 | ||
Business Acquisition [Line Items] | ||||||||||
Palmarejo Gold Stream Agreement, Deferred Revenue Unamortized Balance | $ 8,500,000 | $ 8,500,000 | ||||||||
Deferred Revenue Recognized | 307,000 | $ 5,485,000 | 15,908,000 | $ 21,167,000 | ||||||
Payment for Contingent Consideration Liability, Financing Activities | 0 | 0 | 0 | 18,750,000 | ||||||
Common stock issued for investment | $ 118,777,000 | |||||||||
Value Added Tax Receivable, Noncurrent | [1] | 0 | 0 | $ 26,447,000 | ||||||
Surety Bonds Outstanding | 314,500,000 | 314,500,000 | 311,900,000 | |||||||
Valued added tax write-down | 25,982,000 | 0 | 25,982,000 | 0 | ||||||
Palmarejo gold production royalty | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Production to be sold, percent | 50.00% | |||||||||
Price per ounce under agreement | $ 800 | |||||||||
Aggregate deposit to be received | $ 22,000,000 | |||||||||
Kensington | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Deferred Revenue Recognized | 7,500,000 | 5,200,000 | (22,500,000) | (20,210,000) | ||||||
Revenue liability | 7,599,000 | 15,004,000 | $ 9,914,000 | 7,599,000 | $ 9,914,000 | 15,003,000 | $ 15,006,000 | $ 15,010,000 | ||
Kensington | December 2020 Prepayment [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Deferred Revenue Recognized | 15,000,000 | |||||||||
Revenue liability | 15,000,000 | $ 15,000,000 | ||||||||
Kensington | June 2021 Prepayment | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Deferred Revenue Recognized | 7,500,000 | |||||||||
Revenue liability | $ 7,600,000 | $ 15,000,000 | $ 7,600,000 | |||||||
[1] | (1) Represents VAT that was paid to the Mexican government associated with Coeur Mexicana’s prior royalty agreement with a subsidiary of Franco-Nevada Corporation. While the Company continues to pursue recovery from the Mexican government (including through ongoing litigation and potential international arbitration), the Company wrote down the carrying value of the receivable at September 30, 2021. See Note 17 -- Commitments and Contingencies for additional detail. |
Additional Balance Sheet Deta_3
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |||
Other Accrued Liabilities | $ 8,468 | $ 3,327 | |
Unrealized Gain (Loss) on Derivatives | 255 | 24,950 | |
Accrued Income Taxes, Current | 14,078 | 26,118 | |
Accrual for Taxes Other than Income Taxes, Current | 3,053 | 3,616 | |
Interest Payable, Current | 3,273 | 1,855 | |
Accrued Salaries, Current | 28,788 | 30,457 | |
Deferred Revenue | [1] | 8,673 | 16,425 |
Accrued liabilities and other | $ 77,790 | $ 119,158 | |
[1] | See Note 17 -- Commitments and Contingencies for additional details on deferred revenue liabilities |
Additional Balance Sheet Deta_4
Additional Balance Sheet Detail and Supplemental Cash Flow Information (Details 1) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Supplemental Cash Flow Information [Abstract] | ||||||
Cash and cash equivalents | $ 85,020 | $ 92,794 | $ 77,148 | |||
Restricted Cash Equivalents | 1,771 | 1,380 | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 86,791 | $ 125,458 | $ 94,170 | $ 78,528 | $ 72,308 | $ 57,018 |
Asset And Liabilities Held Fo_3
Asset And Liabilities Held For Sale (Details) $ in Thousands, shares in Millions | Oct. 27, 2021USD ($)$ / ozshares | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Subsequent Event [Line Items] | ||||
Debt | $ 31,384 | $ 22,074 | ||
Subsequent Event | Discontinued Operations, Disposed of by Sale | La Preciosa [Member] | ||||
Subsequent Event [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 15,000 | |||
Disposal Group, Including Discontinued Operation, Consideration, Note Receivable | $ 5,000 | |||
Disposal Group, Including Discontinued Operation, Equity Consideration | shares | 14 | |||
Disposal Group, Including Discontinued Operation, Consideration, Equity Consideration Premium | 25.00% | |||
Disposal Group, Including Discontinued Operation, Deferred Cash Consideration | $ 8,800 | |||
Disposal Group, Including Discontinued Operation, Contingent Consideration, Payments Per Silver Equivalent | $ / oz | 0.25 | |||
Disposal Group, Including Discontinued Operation, Contingent Consideration, Maximum | $ 50,000 | |||
Subsequent Event | Gloria And Abundancia | Discontinued Operations, Disposed of by Sale | La Preciosa [Member] | ||||
Subsequent Event [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Consideration, Royalties On Properties | 1.25% | |||
Subsequent Event | Areas Other Than Gloria And Abundancia | Discontinued Operations, Disposed of by Sale | La Preciosa [Member] | ||||
Subsequent Event [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Consideration, Royalties On Properties | 2.00% | |||
Revolving Credit Facility | ||||
Subsequent Event [Line Items] | ||||
Debt | [1] | $ 0 | $ 0 | |
[1] | Unamortized debt issuance costs of $2.5 million and $1.5 million at September 30, 2021 and December 31, 2020, respectively, included in Other Non-Current Assets |
Asset And Liabilities Held Fo_4
Asset And Liabilities Held For Sale - Major Assets and Liabilities (Details) - La Preciosa [Member] - Discontinued Operations, Disposed of by Sale $ in Thousands | Sep. 30, 2021USD ($) |
Subsequent Event [Line Items] | |
Cash and cash equivalents | $ 393 |
Receivables | 1,219 |
Prepaid expenses and other | 1,338 |
Property, plant and equipment, net | 1,633 |
Mining properties, net | 49,085 |
Other | 810 |
TOTAL ASSETS | 54,478 |
Accounts payable | 321 |
Deferred tax liabilities | 11,156 |
Disposal Group, Including Discontinued Operation, Liabilities | $ 11,477 |