McEwen Mining (MUX) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 04, 2015
Document and Entity Information
Entity Registrant Name	McEwen Mining Inc.
Entity Central Index Key	314,203
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		274,654,010
Exchangeable Common Stock, Shares Outstanding		25,876,164
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
REVENUE:
Gold and silver sales	$ 22,503	$ 8,853	$ 61,545	$ 31,620
Total Revenue	22,503	8,853	61,545	31,620
COSTS AND EXPENSES:
Production costs applicable to sales	11,170	10,997	28,912	30,424
Mine construction costs		567		1,723
Mine development costs	112	31	449	1,754
Exploration costs	1,830	2,306	7,252	7,623
Property holding costs	2,073	2,380	4,061	4,568
General and administrative	2,276	2,549	8,761	8,989
Depreciation	211	239	691	693
Accretion of asset retirement obligation (note 4)	110	100	342	309
Loss (income) on investment in Minera Santa Cruz S.A. net of amortization (note 5)	1,641	4,441	3,964	(150)
Impairment of mineral property interests and property and equipment (note 4)	1,198		29,740	120,398
Gain on sale of assets	(9)	(8)	(13)	(26)
Total costs and expenses	20,612	23,602	84,159	176,305
Operating income (loss)	1,891	(14,749)	(22,614)	(144,685)
OTHER INCOME (EXPENSE):
Interest (expense) income and other (expense) income	(715)	347	2,415	456
Registration taxes		(6,712)		(6,712)
Foreign currency gain (loss)	(162)	(633)	(366)	(932)
Total other income (expense)	(877)	(6,998)	2,049	(7,188)
Loss before income taxes	1,014	(21,747)	(20,565)	(151,873)
Income tax recovery (note 9)	1,619	8,714	15,103	52,705
Net income (loss)	2,633	(13,033)	(5,462)	(99,168)
OTHER COMPREHENSIVE (LOSS) INCOME:
Unrealized (loss) gain on available-for-sale securities, net of taxes	(479)	(2)	(1,126)	1
Comprehensive income (loss)	$ 2,154	$ (13,035)	$ (6,588)	$ (99,167)
Net loss per share (note 10):
Basic (in dollars per share)	$ 0.01	$ (0.04)	$ (0.02)	$ (0.33)
Diluted (in dollars per share)	$ 0.01	$ (0.04)	$ (0.02)	$ (0.33)
Weighted average common shares (thousands):
Basic (in shares)	300,530	297,164	300,420	297,162
Diluted (in shares)	300,530	297,164	300,420	297,162

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 30,902	$ 12,380
Investments (note 2)	855	1,082
Value added taxes receivable	10,855	11,739
Inventories (note 3)	12,425	12,404
Other current assets	1,831	2,096
Total current assets	56,868	39,701
Mineral property interests (note 4)	257,106	287,812
Investment in Minera Santa Cruz S.A. (note 5)	172,506	177,018
Property and equipment, net	17,739	17,896
Other assets (note 14)	531	531
TOTAL ASSETS	504,750	522,958
Current liabilities:
Accounts payable and accrued liabilities	19,227	21,654
Short-term bank indebtedness (note 6)	5,171
Current portion of asset retirement obligation (note 4)	2,514	2,427
Total current liabilities	26,912	24,081
Asset retirement obligation, less current portion (note 4)	5,654	5,044
Deferred income tax liability (note 9)	36,875	51,899
Deferred rent expense	295	319
Other liabilities	400	400
Total liabilities	70,136	81,743
Shareholders' equity:
Common stock, no par value, 500,000 shares authorized; Common: 274,254 as of September 30, 2015 and 271,579 as of December 31, 2014 issued and outstanding Exchangeable: 26,277 shares as of September 30, 2015 and 28,521 shares as of December 31, 2014 issued and outstanding	1,360,655	1,360,668
Accumulated deficit	(925,039)	(919,577)
Accumulated other comprehensive (loss) income	(1,002)	124
Total shareholders' equity	434,614	441,215
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY	$ 504,750	$ 522,958

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
CONSOLIDATED BALANCE SHEETS
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	500,000	500,000
Common, shares issued	274,254	271,579
Common, shares outstanding	274,254	271,579
Exchangeable, shares issued	26,277
Exchangeable, shares outstanding		28,521

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Total
Balance at Dec. 31, 2013	$ 1,354,696	$ (295)	$ (607,634)	$ 746,767
Balance (in shares) at Dec. 31, 2013	297,159,000
Increase (Decrease) in Shareholders' Equity
Stock-based compensation	$ 852			852
Exercise of stock options	$ 1,382			1,382
Exercise of stock options (in shares)	697,000
Unrealized (loss) gain on available-for-sale securities, net of taxes		1		1
Net loss			(99,168)	(99,168)
Balance at Sep. 30, 2014	$ 1,357,934	(294)	(706,802)	650,838
Balance (in shares) at Sep. 30, 2014	298,249,000
Increase (Decrease) in Shareholders' Equity
Shares issued for litigation settlement	$ 1,004			1,004
Shares issued for litigation settlement (in shares)	393,000
Balance at Dec. 31, 2014	$ 1,360,668	124	(919,577)	441,215
Balance (in shares) at Dec. 31, 2014	300,100,000
Increase (Decrease) in Shareholders' Equity
Shares issued for settlement of accounts payable	$ 443			443
Shares issued for settlement of accounts payable (in shares)	430,295
Stock-based compensation	$ 1,047			1,047
Return of capital distribution	(1,503)			(1,503)
Unrealized (loss) gain on available-for-sale securities, net of taxes		(1,126)		(1,126)
Net loss			(5,462)	(5,462)
Balance at Sep. 30, 2015	$ 1,360,655	$ (1,002)	$ (925,039)	$ 434,614
Balance (in shares) at Sep. 30, 2015	300,530,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Cash paid to suppliers and employees	$ (43,168)	$ (51,300)
Cash received from gold and silver sales	59,246	31,620
Dividends received from Minera Santa Cruz S.A.	548	9,483
Lease incentive received		328
Interest received	10	456
Cash provided by (used in) operating activities	16,636	(9,413)
Cash flows from investing activities:
Additions to property and equipment	(535)	(2,691)
Investment in available-for-sale securities	(1,114)
Decrease to restricted time deposits for reclamation bonding		5,181
Deposit for surety bonds for reclamation bonding		(481)
Proceeds from disposal of property and equipment	13	39
Cash (used in) provided by investing activities	(1,636)	2,048
Cash flows from financing activities:
Short-term bank indebtedness (note 6)	5,171
Return of capital distribution paid (note 7)	(1,502)
Exercise of stock options		1,382
Cash provided by financing activities	3,669	1,382
Effect of exchange rate change on cash and cash equivalents	(147)	(716)
Increase (decrease) in cash and cash equivalents	18,522	(6,699)
Cash and cash equivalents, beginning of period	12,380	24,321
Cash and cash equivalents, end of period	30,902	17,622
Reconciliation of net loss to cash used in operating activities:
Net loss	(5,462)	(99,168)
Adjustments to reconcile net loss to from operating activities:
Loss (income) on investment in Minera Santa Cruz S.A. net of amortization	3,964	(150)
Impairment of mineral property interests and property and equipment	29,740	120,398
Gain on sale of assets	(13)	(26)
Recovery of income taxes	(15,103)	(52,705)
Stock-based compensation	1,047	852
Depreciation	691	693
Accretion of asset retirement obligation	697	309
Amortization of mineral property interests and asset retirement obligations	966	923
Foreign exchange loss	147	716
Change in non-cash working capital items:
Increase in VAT taxes receivable, net of collection of $4,256 (2014 - $5,049)	884	717
Increase (decrease) in other assets related to operations	244	(342)
(Decrease) increase in liabilities related to operations	(1,714)	8,887
Dividend received from Minera Santa Cruz S.A.	548	9,483
Cash provided by (used in) operating activities	$ 16,636	$ (9,413)

CONSOLIDATED STATEMENTS OF CAS7

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CONSOLIDATED STATEMENTS OF CASH FLOWS
Collection of IVA taxes receivable	$ 4,256	$ 5,049

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2015
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Basis of Presentation McEwen Mining Inc. (the “Company” or “McEwen Mining”) was organized under the laws of the State of Colorado on July 24, 1979. Since inception, the Company has been engaged in the exploration for, development of, production and sale of gold and silver. The Company operates in Argentina, Mexico, and the United States. It owns a 49% interest in Minera Santa Cruz S.A. (“MSC”), owner and operator of the producing San José Mine in Santa Cruz, Argentina, which is controlled by the majority owner of the joint venture, Hochschild Mining plc (‘‘Hochschild’’). It also owns and operates the producing El Gallo 1 Mine in Sinaloa, Mexico. In addition to its operating properties, the Company also holds interests in numerous exploration stage properties and projects in Argentina, Mexico and the United States. The interim consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures included are adequate to make the information presented not misleading. In management’s opinion, the unaudited Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2015 and 2014, the Consolidated Balance Sheets as at September 30, 2015 (unaudited) and December 31, 2014, the unaudited Consolidated Statement of Changes in Shareholders’ Equity for the nine months ended September 30, 2015 and 2014, and the unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2015 and 2014, contained herein, reflect all adjustments, consisting solely of normal recurring items, which are necessary for the fair presentation of the Company’s financial position, results of operations and cash flows on a basis consistent with that of the Company’s prior audited consolidated financial statements. However, the results of operations for the interim periods may not be indicative of results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the audited financial statements and notes thereto and summary of significant accounting policies included in the Company’s annual report on Form 10-K for the year ended December 31, 2014. Except as noted below, there have been no material changes in the footnotes from those accompanying the audited consolidated financial statements contained in the Company’s Form 10-K for the year ended December 31, 2014. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated. Recently Adopted Accounting Pronouncements Presentation of Financial Statements and Property, Plant and Equipment – Reporting Discontinued Operations and Disclosures of Components of an Entity: In April 2014, Accounting Standards Codification (“ASC”) 205 and ASC 360 guidance were amended to change the requirements for reporting discontinued operations in ASC 205-20. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations only if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results when any of the following occurs: (1) the component of an entity or group of components of an entity meets the criteria in ASC 205-20-45-1E to be classified as held for sale; (2) the component of an entity or group of components of an entity is disposed of by sale; or (3) the component of an entity or group of components of an entity is disposed of other than by sale. The update is effective for the Company’s fiscal year beginning January 1, 2015. The new guidance did not have an impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements Business Combinations – Simplifying the Accounting for Measurement Period Adjustments : In September 2015, the FASB issued amended guidance which requires measurement period adjustments to be recorded in the reporting period in which the adjustment amounts are determined. Previously, such adjustments were required to be retrospectively recorded in prior period financial information. This amended guidance is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date, with earlier application permitted for financial statements that have not been issued. The Company is evaluating the impact that this new guidance will have on the Company’s consolidated financial statements. Revenue from Contracts with Customers – Deferral of the Effective Date: In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09. ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The effective date of this pronouncement is for fiscal years beginning after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is evaluating the impact that this new guidance will have on the Company’s consolidated financial statements. Interest – Imputation of Interest – Simplifying the Presentation of Debt Issuance Costs: In April 2015, the FASB issued ASU 2015-03 which requires entities to present debt issuance costs related to a debt liability as a direct deduction from the carrying amount of that debt liability on the balance sheet as opposed to being presented as a deferred charge. ASU 2015-03 does not contain guidance for debt issuance costs related to line-of-credit arrangements. Consequently, in August 2015, the FASB issued ASU 2015-15 to add paragraphs indicating that the SEC staff would not object to an entity deferring and presenting debt issuance costs related to line-of-credit arrangements as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The effective date of these pronouncements is for fiscal years beginning after December 15, 2015, with early adoption permitted. The Company is evaluating the impact that this new guidance and does not anticipate it to have any impact on the Company’s consolidated financial statements. Inventory – Simplifying the Measurement of Inventory: In July 2015, the FASB issued ASU 2015-11 which provides authoritative guidance requiring inventory to be measured at the lower of cost or net realizable value. The new guidance defines net realizable value as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Current guidance requires inventory to be measured at the lower of cost or market where market could be replacement cost, net realizable value or net realizable value less an approximately normal profit margin. This pronouncement is effective for periods beginning after December 15, 2016, including interim periods within those fiscal years. The guidance is required to be applied prospectively, with early adoption permitted. The Company is evaluating this new guidance and does not expect it to have any impact on the Company’s consolidated financial statements. Presentation of Financial Statements – Going Concern – Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern: In August 2014, ASC 205-40 guidance was amended to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this update shall be effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016, with early application permitted. The Company is evaluating the effect that the updated standard will have on its consolidated financial statements.

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2015
INVESTMENTS
INVESTMENTS	NOTE 2 INVESTMENTS During the nine months ended September 30, 2015, the Company invested an additional $1.1 million of cash in marketable equity securities. As of September 30, 2015, the total cost of all marketable equity securities was $1.8 million (December 31, 2014 - $0.7 million). These securities are classified as available-for-sale securities and are recorded at fair value. As at September 30, 2015, the fair value of these securities was $ 0.8 million, consequently the Company recorded a loss, net of tax, of $1.1 million in other comprehensive income (loss). The loss is recorded to an unrealized income and loss account (accumulated other comprehensive income (loss)) that is reported as a separate line item in the shareholders' equity section of the balance sheet. The gains and losses for available-for-sale securities are not reported on the statement of operations until the securities are sold or if there is an other than temporary de cline in fair value below cost .

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 2015
INVENTORIES
INVENTORIES	NOTE 3 INVENTORIES Inventories at September 30, 2015 and December 31, 2014 consist of the following: September 30, 2015 December 31, 2014 Ore on leach pads $ $ In-process inventory Stockpiles — Precious metals Materials and supplies Inventories $ $

MINERAL PROPERTY INTERESTS AND

MINERAL PROPERTY INTERESTS AND ASSET RETIREMENT OBLIGATIONS	9 Months Ended
	Sep. 30, 2015
MINERAL PROPERTY INTERESTS AND ASSET RETIREMENT OBLIGATIONS
MINERAL PROPERTY INTEREST AND ASSET RETIREMENT OBLIGATIONS	NOTE 4 MINERAL PROPERTY INTERESTS AND ASSET RETIREMENT OBLIGATIONS Mineral Property Interests The Company conducts a review of potential triggering events for all its mineral projects on a quarterly basis. When events or changes in circumstances indicate that the related carrying amounts may not be recoverable, the Company carries out a review and evaluation of its long-lived assets for impairment, in accordance with its accounting policy. During the nine-month period ended September 30, 2015, the Company performed a strategic review of its mineral property interests in Nevada. A decision was made to allow certain non-essential claims and portions of claims, included within the Gold Bar Complex (“Gold Bar” project) and Tonkin Complex (“Tonkin” project), to lapse on the September 1, 2015 renewal date and therefore reduce property holding costs that otherwise would have been incurred in the third quarter of 2015. This resulted in a pre-tax impairment charge of $29.7 million, from which $20.8 m illion was attributed to the Gold Bar project and $8.9 million to the Tonkin Project. An income tax recovery of $10.4 million was also recognized in the Statement of Operations and Comprehensive Income (Loss) for the nine months ended September 30, 2015. During the nine month period ended September 30, 2014, the Company recorded an impairment charge of $120.4 million relating to its Los Azules copper exploration project (“Los Azules Project”). The triggering event identified was the contemporaneous acquisition of a copper project located in Argentina, which shared similarities with the Los Azules Project due to its scale, location, and stage of development. Based on the announcement day value of the similar project, the estimated market value per pound of copper equivalent mineralized material from this transaction was below the carrying value per pound of copper equivalent mineralized material of the Los Azules Project, indicating a potential significant decrease in the market value of the Company’s Los Azules Project, and therefore a requirement to test the Los Azules Project for recoverability. To assist in performing a recoverability test, the Company engaged a third-party valuation firm which determined that the carrying value of the property exceeded its estimated fair value, resulting in an impairment charge of $120.4 million, along with a resulting deferred income tax recovery of $22.5 million, recorded in the Statement of Operations and Comprehensive Income (Loss) for the nine months ended September 30, 2014. Based on the above, impairment changes were recorded on the following mineral property interests for the three and nine months ended September 30, 2015 and 2014: Three months ended September 30, Nine months ended September 30, Name of Property/Complex Segment 2015 2014 2015 2014 Los Azules Project Argentina $ — $ — $ — $ Gold Bar Complex Nevada — — Tonkin Complex Nevada — — — Other United States Properties Nevada — — Total impairment $ $ — $ $ Asset Retirement Obligations The Company is responsible for reclamation of certain past and future disturbances at its properties. The two most significant properties subject to these obligations are the Tonkin property in Nevada and the El Gallo 1 Mine in Mexico. A reconciliation of the Company’s asset retirement obligations for the nine months ended September 30, 2015 and for the year ended December 31, 2014 are as follows: Nine months ended September 30, 2015 Year ended December 31, 2014 Asset retirement obligation liability, beginning balance $ $ Settlements — Accretion of liability Adjustment reflecting updated estimates Asset retirement obligation liability, ending balance $ $ As at September 30, 2015, the current portion of the asset retirement obligation was $2.5 million (December 31, 2014 - $2.4 million). Amortization of Mineral Property Interests and Asset Retirement Costs The definition of proven and probable reserves is set forth in the SEC Industry Guide 7. If proven and probable reserves exist at the Company’s properties, the relevant capitalized mineral property interests and asset retirement costs are charged to expense based on the units of production method and upon commencement of production. Since the Company has not completed feasibility or other studies sufficient to characterize the mineralized material at the El Gallo 1 Mine as proven or probable reserves, the amortization of the capitalized mineral property interests and asset retirement costs are charged to expense based on the straight-line method over the estimated useful life of the mine. For the three and nine months ended September 30, 2015, the Company recorded $0.3 million and $1.0 million, respectively (September 30, 2014, $0.3 million and $1.0 million, respectively), of amortization expense related to the El Gallo 1 Mine , which is included in Production Costs Applicable to Sales in the Statement of Operations and Comprehensive Income (Loss), of which $0.1 million and $0.3 million, respectively, related to the amortization of capitalized asset retirement costs (September 30, 2014 - $0.1 and $0.4, respectively).

INVESTMENT IN MINERA SANTA CRUZ

INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE	9 Months Ended
	Sep. 30, 2015
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE	NOTE 5 INVESTMENT IN MINERA SANTA CRUZ S.A. (“MSC”) – SAN JOSÉ MINE The Company’s 49% attributable share of results of operations from its investment in MSC was a loss of $1 .6 million and $ 4.0 million for the three and nine months ended September 30, 2015, respectively. This compares to a loss of $4.4 million and income of $0.2 million for the three and nine months ended September 30, 2014, respectively . These amounts include the amortization of the fair value increments arising from the purchase price allocation and related income tax recovery. Included in the income tax recovery is the impact of fluctuations in the exchange rate between the Argentine peso and the U.S. dollar on the peso-denominated deferred tax liability associated with the investment in MSC recorded as part of the acquisition of Minera Andes. As a devaluation of the Argentine peso relative to the U.S. dollar results in a recovery of deferred income taxes, the impact has been a reduction in the loss from the Company’s investment in MSC for the three and nine months ended September 30, 2015. During the three and nine months ended September 30, 2015, the Company received $nil and $0.5 million in dividends from MSC, compared to $2.4 million and $9.5 million during the same period in 2014. Changes in the Company’s investment in MSC for the nine months ended September 30, 2015 and year ended December 31, 2014 are as follows: Nine months ended September 30, 2015 Year ended December 31, 2014 Investment in MSC, beginning of the year $ $ Attributable net loss from MSC Amortization of fair value increments Income tax recovery Dividend distribution received Impairment of investment in MSC — Investment in MSC, end of the year $ $ NOTE 5 INVESTMENT IN MINERA SANTA CRUZ S.A. (“MSC”) – SAN JOSÉ MINE (continued) A summary of the operating results from MSC for the three and nine months ended September 30, 2015 and 2014 is as follows: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Minera Santa Cruz S.A. (100%) Net Sales $ $ $ $ Production costs applicable to sales Net (loss) income Portion attributable to McEwen Mining Inc. (49%) Net (loss) income $ $ $ $ Amortization of fair value increments Income tax recovery (Loss) income from investment in MSC, net of amortization $ $ $ $ As of September 30, 2015, MSC had current assets of $96. 6 million, total assets of $503.1 million, current liabilities of $51.3 million and total liabilities of $151.1 million on an unaudited basis. These balances include the adjustments to fair value and amortization of the fair value increments arising from the purchase price allocation, net of impairment charges recorded in the second quarter of 2013 and fourth quarter of 2014. Excluding the fair value increments from the purchase price allocation, net of impairment charges, MSC had current assets of $95.6 million, total assets of $289.7 million, current liabilities of $53.7 million, and total liabilities of $86.1 million as at September 30, 2015.

SHORT-TERM BANK INDEBTEDNESS

SHORT-TERM BANK INDEBTEDNESS	9 Months Ended
	Sep. 30, 2015
SHORT-TERM BANK INDEBTEDNESS
SHORT-TERM BANK INDEBTEDNESS	NOTE 6 SHORT-TERM BANK INDEBTEDNESS On May 29, 2015, Compañía Minera Pangea (“CMP”), a wholly-owned subsidiary of the Company, finalized a line of credit agreement with Banco Nacional de Comercio Exterior (“Banco Nacional”), for an amount up to 90,000,000 Mexican pesos (approximately $5.9 million as of May 29, 2015), which is secured by CMP’s VAT receivable balance. The applicable interest rate is equal to: (i) two and one-half percent ( 2.5% ) per annum plus (ii) the 91 day Interbank Equilibrium Interest Rate (“TIIE”) rate, as published by the Bank of Mexico, payable quarterly. As of September 30, 2015, the 91 day TIIE rate was 3.31% . Interest payments are due quarterly and a final payment of all principal and any accrued interest is due twenty-four ( 24 ) months following the date of the first withdrawal. CMP is permitted to prepay any amounts owed without penalty . Upon signing the agreement, CMP paid a 1% commission on the total value of the simple credit agreement to Banco Nacional. On June 1, 2015, CMP drew down the entire 90,000,000 Mexican pesos, equivalent to $5.8 million as of September 30, 2015 from the line of credit, and realized a foreign exchange gain of approximately $0.1 million during the period. During the three months ended September 30, 2015, CMP collected 3,045,190 Mexican pesos (equivalent to $0.2 million as of September 30, 2015) of VAT receivable , from which 454,111 Mexican pesos were applied against the accrued interest and the remaining 2,591,079 Mexican pesos (approximately $0.2 million as of September 30, 2015) were applied against the principal. The Company has guaranteed CMP’s obligations under the line of credit.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2015
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	NOTE 7 SHAREHOLDERS’ EQUITY During the nine months ended September 30, 2015, 2.2 million exchangeable shares were converted into common stock (2014 – 2.6 million). At September 30, 2015, total outstanding exchangeable shares not exchanged and not owned by the Company or its subsidiaries totaled 26.3 million (December 31, 2014 – 28.5 million). During the nine months ended September 30, 2015, there were no exercises of stock options under the Equity Incentive Plan. This compares to 697,300 shares of common stock issued upon exercise of stock options during the same period of 2014, at a weighted average exercise price of $1.98 per share for proceeds of $1.4 million. During the nine months ended September 30, 2015, the Company issued 430,295 shares of common stock under an agreement with one of its mining contractors to settle parts of its accounts payable for services rendered above a defined tonnage threshold. The fair value of the common stock at the time of issuance was $ 0.4 million. The agreement with this mining contractor expired and was renegotiated during the period. Under the revised agreement, the Company can no longer make share payments and instead is required to pay in cash. On June 18, 2015, the Board of Directors declared an annual return of capital distribution of $0.01 per share of common stock, payable semi-annually. The first semi-annual return of capital distribution payment of $0.005 was paid on August 17, 2015 to shareholders of record as of the close of business on July 31, 2015. The aggregate total semi-annual return of capital distribution paid was $1.5 million. Return of capital distribution is paid to shareholders of the Company’s shares of common stock and to holders of exchangeable shares.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2015
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 8 STOCK-BASED COMPENSATION During the nine months ended September 30, 2015, the Company granted stock options to certain employees for an aggregate of 0.1 million shares of common stock at a weighted average exercise price of $1.07 per share. The options vest equally over a three -year period if the individual remains affiliated with the Company (subject to acceleration of vesting in certain events) and are exercisable for a period of 5 years from the date of issue. During the three and nine months period ended September 30, 2014, the Company granted stock options to certain employees and directors for an aggregate of 1.7 million shares of common stock at a weighted average exercise price of $2.90 per share. A summary of the assumptions used to calculate the fair value of the stock options granted, using the Black-Scholes model for the three and nine months ended September 30, 2015 and 2014 is as follows: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Risk-free interest rate — % % % % Dividend yield — % % % % Volatility factor of the expected market price of common stock — % % % % Weighted-average expected life of option — 3.5 years 3.5 years 3.5 years Weighted-average grant date fair value — During the three and nine months ended September 30, 2015, the Company recorded stock option expense of $0.3 million and $1.0 million respectively. This compares to $0.2 million and $0.9 million for the three and nine months ended September 30, 2014.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2015
INCOME TAXES
INCOME TAXES	NOTE 9 INCOME TAXES The Company’s income tax expense differs from the amount computed by applying the U.S. federal and state statutory corporate income tax rate of 35% to losses before taxes primarily as a result of valuation allowances being applied to losses, changes in the de ferred tax liability associated with mineral property interests acquired in the Minera Andes acquisition and changes due to impairment of mineral property interests. The deferred tax liability is impacted by fluctuations in the foreign exchange rate between the Argentine peso and U.S. dollar. For the three and nine months ended September 30, 2015, the Company recorded an income tax recovery as a result of the Argentine peso devaluation of $0.9 million and $2.9 million, respectively, compared to $2.3 million and $23.7 million for the three and nine months ended September 30, 2014, respectively. For the nine months ended September 30, 2015, the Company recorded an income tax recovery of $10.4 million (September 30, 2014 - $22.5 million) as a result of impairment of mineral property interests, described in Note 4, Mineral Property Interests and Asset Retirement Obligations.

INCOME (LOSS) PER SHARE

INCOME (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2015
INCOME (LOSS) PER SHARE
LOSS PER SHARE	NOTE 10 INCOME (LOSS) PER SHARE Basic net income (loss) per share is computed by dividing the net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed similarly except that the weighted average number of common shares is increased to reflect all dilutive instruments. Below is a reconciliation of the basic weighted average number of common shares and exchangeable shares the computations for basic income (loss) per share for the three and nine months ended September 30, 2015 and 2014: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands, except per share) Net income (loss) $ $ $ $ Weighted average common shares (thousands): Net income (loss) per share: $ $ $ $ For the three months ended September 30, 2015, options to purchase 4.5 million shares of common stock outstanding at September 30, 2015 at an average exercise price of $3.34 per share were not included in the computation of diluted weighted average shares because the exercise price exceeded the average price of the Company’s common stock for the three months ended September 30, 2015. For the three months ended September 30, 2015, no options with average exercise price below the average price of the Company’s common stock during that period, compared to 0.9 million outstanding options to purchase shares of common stock for the three months ended September 30, 2014, which were not included in the computation of diluted weighted average shares in the three months ended September 30, 2014 because their effect would have been anti-dilutive.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2015
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 11 RELATED PARTY TRANSACTIONS For the three and nine months ended September 30, 2015, the Company incurred and paid $29,732 and $44,869 , respectively, to an entity affiliated with the Company’s Chairman and Chief Executive Officer for the use of an aircraft, compared to $25,237 and $63,755 for the three and nine months ended September 30, 2014, respectively.

SEGMENTED INFORMATION

SEGMENTED INFORMATION	9 Months Ended
	Sep. 30, 2015
SEGMENTED INFORMATION
SEGMENTED INFORMATION	NOTE 12 SEGMENTED INFORMATION McEwen Mining is a mining and minerals exploration, development and production company focused on precious metals in Argentina, Mexico and the United States. The Company identifies its reportable segments as those consolidated operations that are currently engaged in the exploration for and production of precious metals. Operations not actively engaged in the exploration for, or production of precious metals, are aggregated at the corporate level for segment reporting purposes. The financial information relating to the Company’s operating segments as of, and for the three and nine months ended September 30, 2015 and 2014 is as follows: Corporate & Argentina Mexico U.S. Other Total For the three months ended September 30, 2015 Gold and silver sales $ — $ $ — $ — $ Production costs applicable to sales — — — Mine construction costs — — — — — Mine development costs — — — Exploration costs General and administrative expenses Impairment of mineral property interests and property and equipment — — — Loss on investment in Minera Santa Cruz S.A. (net of amortization) — — — Operating (loss) income For the nine months ended September 30, 2015 Gold and silver sales $ — $ $ — $ — $ Production costs applicable to sales — — — Mine construction costs — — — — — Mine development costs — — — Exploration costs General and administrative expenses Impairment of mineral property interests and property and equipment — — — Loss on investment in Minera Santa Cruz S.A. (net of amortization) — — — Operating (loss) income As at September 30, 2015 Investment in Minera Santa Cruz S.A. $ $ — $ — $ — $ Mineral property interests — Total assets NOTE 12 SEGMENTED INFORMATION (continued) Corporate & Argentina Mexico U.S. Other Total For the three months ended September 30, 2014 Gold and silver sales $ — $ $ — $ — $ Production costs applicable to sales — — — Mine construction costs — — — Mine development costs — — — Exploration costs General and administrative expenses Loss on investment in Minera Santa Cruz S.A. (net of amortization) — — — Operating loss For the nine months ended September 30, 2014 Gold and silver sales $ — $ $ — $ — $ Production costs applicable to sales — — — Mine construction costs — — — Mine development costs — — — Exploration costs General and administrative expenses Income on investment in Minera Santa Cruz S.A. (net of amortization) — — — Impairment of mineral property interests and property and equipment — — — Operating loss As at September 30, 2014 Investment in Minera Santa Cruz S.A. $ $ — $ — $ — $ Mineral property interests — Total assets

FAIR VALUE ACCOUNTING

FAIR VALUE ACCOUNTING	9 Months Ended
	Sep. 30, 2015
FAIR VALUE ACCOUNTING
FAIR VALUE ACCOUNTING	NOTE 13 FAIR VALUE ACCOUNTING Fair value accounting establishes 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 and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). NOTE 13 FAIR VALUE ACCOUNTING (continued) Assets and liabilities measured at fair value on a recurring basis The following table identifies the fair value of the Company’s financial assets and liabilities as reported in the Consolidated Balance Sheets at September 30, 2015 and December 31, 2014 by level within the fair value hierarchy. As required by accounting guidance, 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 as at September 30, 2015 Total Level 1 Level 2 Level 3 Assets: Investments $ $ $ — $ — $ $ $ — $ — Fair Value as at December 31 2014 Total Level 1 Level 2 Level 3 Assets: Investments $ $ $ — $ — $ $ $ — $ — Liabilities: Portion of accounts payable and accrued liabilities recorded at fair value $ $ $ — $ — $ $ $ — $ — The Company's investments are marketable equity securities which are exchange traded, and which are valued using quoted market prices in active markets and are classified within Level 1 of the fair value hierarchy. The fair value of the investments is calculated as the quoted market price of the marketable equity security multiplied by the number of shares held by the Company . As at December 31, 2014, accounts payable included an accrual of $0.4 million for the fair value of accounts payable that were required to be settled with approximately 319,640 shares of the Company’s common stock. The Company settled this payable during the nine month period ended in September 30, 2015 as discussed in Note 7, Shareholders’ Equity . The fair value of other financial assets and liabilities approximate their carrying values due to their short-term nature and historically negligible credit losses.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2015
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	NOTE 14 COMMITMENTS AND CONTINGENCIES Surety Bonds As part of its ongoing business and operations, the Company is required to provide bonding for its environmental reclamation obligations in the United States, as discussed in Note 4, Mineral Properties and Asset Retirement Obligations. These surety bonds are available for draw down by the Bureau of Land Management, in the event the Company does not perform its reclamation obligations. When the specific reclamation requirements are met, the beneficiary of the surety bonds will cancel and/or return the instrument to the issuing entity. The Company believes it is in compliance with all applicable bonding obligations and will be able to satisfy future bonding requirements, through existing or alternative means, as they arise. As at September 30, 2015, there were $ 4.9 million of outstanding surety bonds (December 31, 2014 - $4.8 million ) . The annual financing fees are 1.5% of the value of the surety bonds, with a required initial deposit of 10% ( $0.5 million), which is included in Other Assets in the Consolidated Balance Sheet.

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2015
INVENTORIES
Schedule of inventories	September 30, 2015 December 31, 2014 Ore on leach pads $ $ In-process inventory Stockpiles — Precious metals Materials and supplies Inventories $ $

MINERAL PROPERTY INTERESTS AN23

MINERAL PROPERTY INTERESTS AND ASSET RETIREMENT OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 2015
MINERAL PROPERTY INTERESTS AND ASSET RETIREMENT OBLIGATIONS
Schedule of impairment charges on mineral property	Three months ended September 30, Nine months ended September 30, Name of Property/Complex Segment 2015 2014 2015 2014 Los Azules Project Argentina $ — $ — $ — $ Gold Bar Complex Nevada — — Tonkin Complex Nevada — — — Other United States Properties Nevada — — Total impairment $ $ — $ $
Schedule of reconciliation of asset retirement obligations	Nine months ended September 30, 2015 Year ended December 31, 2014 Asset retirement obligation liability, beginning balance $ $ Settlements — Accretion of liability Adjustment reflecting updated estimates Asset retirement obligation liability, ending balance $ $

INVESTMENT IN MINERA SANTA CR24

INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE (Tables)	9 Months Ended
	Sep. 30, 2015
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Schedule of change in the entity's investment in MSC	Nine months ended September 30, 2015 Year ended December 31, 2014 Investment in MSC, beginning of the year $ $ Attributable net loss from MSC Amortization of fair value increments Income tax recovery Dividend distribution received Impairment of investment in MSC — Investment in MSC, end of the year $ $
Summary of MSC's financial information from operations	Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Minera Santa Cruz S.A. (100%) Net Sales $ $ $ $ Production costs applicable to sales Net (loss) income Portion attributable to McEwen Mining Inc. (49%) Net (loss) income $ $ $ $ Amortization of fair value increments Income tax recovery (Loss) income from investment in MSC, net of amortization $ $ $ $

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2015
STOCK-BASED COMPENSATION
Schedule of weighted-average assumptions used for estimation of the fair value of the options granted under the Plan at the date of grant, using the Black-Scholes Option Valuation Model	Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Risk-free interest rate — % % % % Dividend yield — % % % % Volatility factor of the expected market price of common stock — % % % % Weighted-average expected life of option — 3.5 years 3.5 years 3.5 years Weighted-average grant date fair value —

INCOME (LOSS) PER SHARE (Tables

INCOME (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2015
INCOME (LOSS) PER SHARE
Schedule of reconciliation of the basic weighted average number of common shares and the computations for basic loss per share	Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands, except per share) Net income (loss) $ $ $ $ Weighted average common shares (thousands): Net income (loss) per share: $ $ $ $

SEGMENTED INFORMATION (Tables)

SEGMENTED INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2015
SEGMENTED INFORMATION
Schedule of the financial information relating to the Company's segments	Corporate & Argentina Mexico U.S. Other Total For the three months ended September 30, 2015 Gold and silver sales $ — $ $ — $ — $ Production costs applicable to sales — — — Mine construction costs — — — — — Mine development costs — — — Exploration costs General and administrative expenses Impairment of mineral property interests and property and equipment — — — Loss on investment in Minera Santa Cruz S.A. (net of amortization) — — — Operating (loss) income For the nine months ended September 30, 2015 Gold and silver sales $ — $ $ — $ — $ Production costs applicable to sales — — — Mine construction costs — — — — — Mine development costs — — — Exploration costs General and administrative expenses Impairment of mineral property interests and property and equipment — — — Loss on investment in Minera Santa Cruz S.A. (net of amortization) — — — Operating (loss) income As at September 30, 2015 Investment in Minera Santa Cruz S.A. $ $ — $ — $ — $ Mineral property interests — Total assets NOTE 12 SEGMENTED INFORMATION (continued) Corporate & Argentina Mexico U.S. Other Total For the three months ended September 30, 2014 Gold and silver sales $ — $ $ — $ — $ Production costs applicable to sales — — — Mine construction costs — — — Mine development costs — — — Exploration costs General and administrative expenses Loss on investment in Minera Santa Cruz S.A. (net of amortization) — — — Operating loss For the nine months ended September 30, 2014 Gold and silver sales $ — $ $ — $ — $ Production costs applicable to sales — — — Mine construction costs — — — Mine development costs — — — Exploration costs General and administrative expenses Income on investment in Minera Santa Cruz S.A. (net of amortization) — — — Impairment of mineral property interests and property and equipment — — — Operating loss As at September 30, 2014 Investment in Minera Santa Cruz S.A. $ $ — $ — $ — $ Mineral property interests — Total assets

FAIR VALUE ACCOUNTING (Tables)

FAIR VALUE ACCOUNTING (Tables)	9 Months Ended
	Sep. 30, 2015
FAIR VALUE ACCOUNTING
Schedule of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy	Fair Value as at September 30, 2015 Total Level 1 Level 2 Level 3 Assets: Investments $ $ $ — $ — $ $ $ — $ — Fair Value as at December 31 2014 Total Level 1 Level 2 Level 3 Assets: Investments $ $ $ — $ — $ $ $ — $ — Liabilities: Portion of accounts payable and accrued liabilities recorded at fair value $ $ $ — $ — $ $ $ — $ —

NATURE OF OPERATIONS AND SUMM29

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Sep. 30, 2015
MSC
THE COMPANY
Ownership interest (as a percent)	49.00%

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
INVESTMENTS
Cash investments in marketable equity securities	$ 1,100
Cost of purchase of marketable equity securities	1,800	$ 700
Market value of available-sale-securities	855	$ 1,082
Fair value of securities	800
Unrealized loss on available-for-sale securities	$ 1,100

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
INVENTORIES
Ore on leach pads	$ 5,293	$ 6,221
In-process inventory	3,174	2,302
Stockpiles	1,149
Precious metals	1,585	2,403
Materials and supplies	1,224	1,478
Inventories	$ 12,425	$ 12,404

MINERAL PROPERTY INTERESTS AN32

MINERAL PROPERTY INTERESTS AND ASSET RETIREMENT OBLIGATIONS (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015USD ($)item	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)item	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Minerals Property Interests [Line Items]
Impairment charges	$ 1,198		$ 29,740	$ 120,398
Recovery of deferred income tax	10,400		10,400	22,500
Income tax recovery	(1,619)	$ (8,714)	(15,103)	(52,705)
Changes in the asset retirement obligations
Amortization of mineral property interests and asset retirement obligations			966	923
Asset retirement obligation liability, beginning balance			7,471	7,247	$ 7,247
Settlements					(52)
Accretion of liability	110	100	342	309	407
Adjustment reflecting updated estimates			355		(131)
Asset retirement obligation liability, ending balance	8,168		8,168		7,471
Current portion of the asset retirement obligation	2,514		2,514		2,427
MSC
Minerals Property Interests [Line Items]
Income tax recovery	1,630	1,770	6,282	9,653	$ 10,503
Gold Bar Project | Nevada
Minerals Property Interests [Line Items]
Impairment charges	1,161		20,847
Tonkin Project | Nevada
Minerals Property Interests [Line Items]
Impairment charges			8,856
Los Azules Copper Project
Minerals Property Interests [Line Items]
Impairment charges		120,400		120,400
Recovery of deferred income tax		22,500		22,500
Income tax recovery	$ 10,400		$ 10,400
Los Azules Copper Project | Argentina
Minerals Property Interests [Line Items]
Impairment charges				120,398
Tonkin property and El Gallo 1 mine portion of the El Gallo Complex
Changes in the asset retirement obligations
Number of most significant properties subject to reclamation obligations | item	2		2
El Gallo mine
Changes in the asset retirement obligations
Amortization of mineral property interests and asset retirement obligations	$ 300	300	$ 1,000	1,000
Amortization of capitalized asset retirement costs	100	$ 100	300	$ 400
Other United States Properties | Nevada
Minerals Property Interests [Line Items]
Impairment charges	$ 37		$ 37

INVESTMENT IN MINERA SANTA CR33

INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Income (Loss) from Equity Method Investments	$ (1,641)	$ (4,441)	$ (3,964)	$ 150
Dividends received			$ 548	9,483
MSC
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Ownership interest (as a percent)	49.00%		49.00%
Income (Loss) from Equity Method Investments	$ (1,641)	(4,441)	$ (3,964)	150
Dividends received		$ 2,400	$ 500	$ 9,500

INVESTMENT IN MINERA SANTA CR34

INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE - Changes in the company's investment in MSC (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Change in the investment in MSC
Investment in MSC, beginning balance			$ 177,018
Income tax recovery	$ (1,619)	$ (8,714)	(15,103)	$ (52,705)
Investment in MSC, ending balance	172,506	203,614	172,506	203,614	$ 177,018
MSC
Change in the investment in MSC
Investment in MSC, beginning balance			177,018	212,947	212,947
Attributable net (loss) income from MSC	(1,654)	(2,689)	(2,541)	149	(2,597)
Amortization of fair value increments	(1,617)	(3,522)	(7,705)	(9,652)	(13,190)
Income tax recovery	1,630	$ 1,770	6,282	$ 9,653	10,503
Dividends received			(548)		(9,483)
Impairment of investment in MSC					(21,162)
Investment in MSC, ending balance	$ 172,506		$ 172,506		$ 177,018

INVESTMENT IN MINERA SANTA CR35

INVESTMENT IN MINERA SANTA CRUZ S.A. (''MSC'') - SAN JOSE MINE - Summary of the operating results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Income tax recovery	$ (1,619)	$ (8,714)	$ (15,103)	$ (52,705)
(Loss) income on investment in MSC, net of amortization	(1,641)	(4,441)	(3,964)	150
MSC
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Net sales	45,357	38,263	141,106	148,386
Production costs applicable to sales	(41,767)	(36,136)	(119,940)	(117,620)
Net (loss) income	$ (3,375)	(5,488)	$ (5,185)	304
Ownership interest (as a percent)	49.00%		49.00%
Net (loss) income	$ (1,654)	(2,689)	$ (2,541)	149	$ (2,597)
Amortization of fair value increments	(1,617)	(3,522)	(7,705)	(9,652)	(13,190)
Income tax recovery	1,630	1,770	6,282	9,653	$ 10,503
(Loss) income on investment in MSC, net of amortization	$ (1,641)	$ (4,441)	$ (3,964)	$ 150

INVESTMENT IN MINERA SANTA CR36

INVESTMENT IN MINERA SANTA CRUZ S.A. (''MSC'') - SAN JOSE MINE - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	$ 56,868	$ 39,701
Total assets	504,750	522,958	$ 783,460
Current liabilities	26,912	24,081
Total liabilities	70,136	$ 81,743
MSC
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	96,600
Total assets	503,100
Current liabilities	51,300
Total liabilities	151,100
MSC | Current Period Values Excluding Fair Value Increments And Impairment Charge
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE
Current assets	95,600
Total assets	289,700
Current liabilities	53,700
Total liabilities	$ 86,100

SHORT-TERM BANK INDEBTEDNESS (D

SHORT-TERM BANK INDEBTEDNESS (Details) $ in Millions	May. 29, 2015MXN	May. 29, 2015MXN	Sep. 30, 2015MXN	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)	May. 29, 2015USD ($)
SHORT TERM BANK INDEBTEDNESS
Term of line of credit		24 months
VAT collected			MXN 3,045,190	$ 0.2
Interest payment			454,111
Principal payment			2,591,079	0.2
Line of Credit. | Secured Debt
SHORT TERM BANK INDEBTEDNESS
Maximum borrowing amount	MXN 90,000,000	MXN 90,000,000	MXN 90,000,000		$ 5.8	$ 5.9
Foreign exchange gain | $				$ 0.1
Applicable interest rate (as a percent)	2.50%
Commission fee (as a percent)	1.00%
Line of Credit. | TIIE (Interbank Equilibrium Interest Rate) | Secured Debt
SHORT TERM BANK INDEBTEDNESS
Interest rate basis	91 day Interbank Equilibrium Interest Rate ("TIIE")		91 day TIIE rate	91 day TIIE rate
Stated interest rate (as a percent)			3.31%		3.31%

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) $ / shares in Units, $ in Thousands	Jul. 31, 2015$ / shares	Jun. 18, 2015$ / shares	Sep. 30, 2015USD ($)item$ / sharesshares	Sep. 30, 2014USD ($)shares	Dec. 31, 2014shares
Exchangeable shares converted into common stock			2,200,000	2,600,000
Exchangeable, shares outstanding			26,300,000		28,500,000
Common stock issued			274,254		271,579
Proceed from exercised stock options | $				$ 1,382
Number of mining contractors with which the entity has entered into an agreement | item			1
Fair Value of common stock at issuance | $			$ 443
Common Stock
Shares of common stock issued upon exercise of stock options				697,000
Shares issued for settlement of accounts payable (in shares)			430,295
Annual return of capital declared (in dollars per share) | $ / shares		$ 0.01
First semi-annual return of capital payable (in dollars per share) | $ / shares	$ 0.005
Fair Value of common stock at issuance | $			$ 443
Common Stock | Equity Incentive Plan [Member]
Shares of common stock issued upon exercise of stock options			0	697,300
Weighted average exercise price of stock options (in dollars per share) | $ / shares			$ 1.98

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
STOCK BASED COMPENSATION
Stock option expense	$ 0.3	$ 0.2	$ 1	$ 0.9
Principal assumptions used in applying the Black-Scholes option pricing model for the awards
Risk-free interest rate (as a percent)		1.01%	1.10%	1.01%
Dividend yield (as a percent)		0.00%	0.00%	0.00%
Volatility factor of the expected market price of common stock (as a percent)		70.00%	74.00%	70.00%
Weighted-average expected life of option		3 years 6 months	3 years 6 months	3 years 6 months
Weighted-average grant date fair value (in dollars per share)		$ 1.45	$ 0.56	$ 1.45
Certain employees and directors
STOCK BASED COMPENSATION
Stock options granted (in shares)			0.1	1.7
Exercise price of options granted (in dollars per share)			$ 1.07	$ 2.90
Vesting period of options			3 years
Exercisable period of options			5 years

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
INCOME TAXES
U.S. federal and state statutory corporate income tax rate (as a percent)			35.00%
Recovery of income taxes related to Argentine peso devaluation	$ 0.9	$ 2.3	$ 2.9	$ 23.7
Deferred Income Tax on Impairment of Mineral Properties	$ 10.4		$ 10.4	$ 22.5

INCOME (LOSS) PER SHARE (Detail

INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share
Net income (loss)	$ 2,633	$ (13,033)	$ (5,462)	$ (99,168)
Weighted average number of common shares	300,530	297,164	300,420	297,162
Net income (loss) per share	$ 0.01	$ (0.04)	$ (0.02)	$ (0.33)
Weighted average common shares (thousands):
Diluted (in shares)	300,530	297,164	300,420	297,162
Net income (loss) per share:
Diluted (in dollars per share)	$ 0.01	$ (0.04)	$ (0.02)	$ (0.33)
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Options outstanding not included in the computation of diluted weighted average shares because their effect would have been anti-dilutive (in shares)	4,500
Average exercise price of options outstanding (in dollars per share)	$ 3.34
Other options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Options outstanding not included in the computation of diluted weighted average shares because their effect would have been anti-dilutive (in shares)		900

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Entity Affiliated With Related Party | Chairman and Chief Executive Officer
RELATED PARTY TRANSACTIONS
Amount of expenses incurred and paid	$ 0	$ 25,237	$ 44,869	$ 63,755

SEGMENTED INFORMATION (Details)

SEGMENTED INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Operating Segment Reporting
Gold and silver sales	$ 22,503	$ 8,853	$ 61,545	$ 31,620
Production costs applicable to sales	(11,170)	(10,997)	(28,912)	(30,424)
Mine construction costs		(567)		(1,723)
Mine development costs	(112)	(31)	(449)	(1,754)
Exploration costs	(1,830)	(2,306)	(7,252)	(7,623)
General and administrative expenses	(2,276)	(2,549)	(8,761)	(8,989)
Income (loss) on investment in Minera Santa Cruz S.A. (net of amortization)	(1,641)	(4,441)	(3,964)	150
Impairment of mineral property interests and property and equipment	(1,198)		(29,740)	(120,398)
Gain (loss) on sale of assets	9	8	13	26
Operating (loss) income	1,891	(14,749)	(22,614)	(144,685)
Income tax recovery	1,619	8,714	15,103	52,705
Investment in Minera Santa Cruz S.A.	172,506	203,614	172,506	203,614	$ 177,018
Mineral property interests	257,106	521,526	257,106	521,526	287,812
Total assets	504,750	783,460	504,750	783,460	$ 522,958
Argentina
Operating Segment Reporting
Exploration costs	(268)	(190)	(1,190)	(940)
General and administrative expenses	(166)	(210)	(486)	(563)
Income (loss) on investment in Minera Santa Cruz S.A. (net of amortization)	(1,641)	(4,441)	(3,964)	150
Impairment of mineral property interests and property and equipment				(120,398)
Operating (loss) income	(2,224)	(4,915)	(6,077)	(122,474)
Investment in Minera Santa Cruz S.A.	172,506	203,614	172,506	203,614
Mineral property interests	202,889	337,806	202,889	337,806
Total assets	377,917	544,628	377,917	544,628
Mexico
Operating Segment Reporting
Gold and silver sales	22,503	8,853	61,545	31,620
Production costs applicable to sales	(11,170)	(10,997)	(28,912)	(30,424)
Mine construction costs		(567)		(1,723)
Mine development costs	(112)	(31)	(449)	(1,754)
Exploration costs	(788)	(1,201)	(3,662)	(4,077)
General and administrative expenses	(391)	(910)	(2,405)	(2,418)
Operating (loss) income	8,837	(5,936)	23,047	(11,134)
Mineral property interests	9,730	11,018	9,730	11,018
Total assets	56,938	58,865	56,938	58,865
United States
Operating Segment Reporting
Exploration costs	(718)	(851)	(2,172)	(2,368)
General and administrative expenses	(45)	(50)	(153)	(163)
Impairment of mineral property interests and property and equipment	(1,198)		(29,740)
Operating (loss) income	(2,933)	(2,392)	(33,460)	(4,846)
Mineral property interests	44,487	172,702	44,487	172,702
Total assets	45,058	173,259	45,058	173,259
Corporate & Other
Operating Segment Reporting
Exploration costs	(56)	(64)	(228)	(238)
General and administrative expenses	(1,674)	(1,379)	(5,717)	(5,845)
Operating (loss) income	(1,789)	(1,506)	(6,124)	(6,231)
Total assets	$ 24,837	$ 6,708	$ 24,837	$ 6,708

FAIR VALUE ACCOUNTING (Details)

FAIR VALUE ACCOUNTING (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Liabilities:
Shares of common stock required to be issued as part of settlement	319,640
Recurring
Assets:
Investments	$ 855	$ 1,082
Assets	855	1,082
Liabilities:
Accounts payable and accrued liabilities		355
Liabilities		355
Recurring | Level 1
Assets:
Investments	855	1,082
Assets	$ 855	1,082
Liabilities:
Accounts payable and accrued liabilities		355
Liabilities		$ 355

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
COMMITMENTS AND CONTINGENCIES.
Outstanding surety bonds	$ 4.9	$ 4.8
Percentage of annual fees on surety bonds	1.50%
Percentage of upfront deposit on surety bonds	10.00%
Surety bonds upfront deposit amount	$ 0.5