Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-35455 | |
Entity Registrant Name | SSR MINING INC. | |
Entity Incorporation, State or Country Code | A1 | |
Entity Tax Identification Number | 98-0211014 | |
Entity Address, Address Line Two | Suite 1300 | |
Entity Address, Address Line One | 6900 E. Layton Ave | |
Entity Address, City or Town | Denver | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80237 | |
City Area Code | 303 | |
Local Phone Number | 292-1299 | |
Title of 12(b) Security | Common shares without par value | |
Trading Symbol | SSRM | |
Security Exchange Name | NASDAQ | |
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 | 206,607,962 | |
Entity Central Index Key | 0000921638 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 166,627 | $ 322,846 | $ 841,656 | $ 1,066,280 |
Operating Costs and Expenses: | ||||
Production costs | 106,452 | 154,521 | 424,900 | 483,330 |
Depreciation, depletion, and amortization | 21,555 | 51,958 | 134,145 | 161,731 |
General and administrative expense | 12,714 | 11,970 | 48,421 | 34,936 |
Exploration, evaluation, and reclamation costs | 18,320 | 11,058 | 39,422 | 32,310 |
Care and maintenance | 41,800 | 0 | 41,800 | 0 |
Impairment of long-lived and other assets | 0 | 5 | 0 | 22,354 |
Other operating expenses, net | 1,479 | 675 | 2,696 | 6,060 |
Gain on sale of assets | (629) | 0 | (629) | 0 |
Operating income (loss) | (35,064) | 92,659 | 150,901 | 325,559 |
Other income (expense): | ||||
Interest expense | (4,541) | (4,732) | (13,109) | (14,567) |
Other income (expense) | 9,153 | (6,853) | 6,389 | (8,646) |
Foreign exchange gain (loss) | (11,577) | (1,595) | (19,733) | (2,904) |
Total other income (expense) | (6,965) | (13,180) | (26,453) | (26,117) |
Income (loss) before income and mining taxes | (42,029) | 79,479 | 124,448 | 299,442 |
Income and mining tax benefit (expense) | 13,808 | (14,285) | (8,775) | (27,483) |
Equity income (loss) of affiliates | (151) | (1,015) | (422) | (2,536) |
Net income (loss) | (28,372) | 64,179 | 115,251 | 269,423 |
Net loss (income) attributable to non-controlling interest | 2,579 | (7,119) | (14,995) | (28,782) |
Net income (loss) attributable to SSR Mining shareholders | $ (25,793) | $ 57,060 | $ 100,256 | $ 240,641 |
Net income (loss) per share attributable to SSR Mining shareholders | ||||
Basic (in dollars per share) | $ (0.12) | $ 0.27 | $ 0.48 | $ 1.11 |
Diluted (in dollars per share) | $ (0.12) | $ 0.26 | $ 0.46 | $ 1.06 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating activities | ||
Net income | $ 115,251 | $ 269,423 |
Adjustments for: | ||
Depreciation, depletion, and amortization | 134,145 | 161,731 |
Amortization of debt discount | 725 | 703 |
Reclamation costs | 4,436 | 3,616 |
Deferred income taxes | (70,340) | (34,410) |
Stock-based compensation | 3,354 | 4,831 |
Equity (income) loss of affiliates | 422 | 2,536 |
Unrealized loss (gain) on derivative instruments | 645 | (4,936) |
Change in fair value of marketable securities | 3,836 | 6,472 |
Non-cash fair value adjustment on acquired inventories | 8,283 | 49,205 |
Loss (gain) on sale of mineral properties, plant and equipment | 1,213 | (462) |
Impairment of long-lived and other assets | 0 | 22,354 |
Non-cash care and maintenance | 10,733 | 0 |
Net change in operating assets and liabilities | (169,904) | (56,683) |
Net cash provided by operating activities | 42,799 | 424,380 |
Investing activities | ||
Additions to mineral properties, plant and equipment | (116,155) | (128,924) |
Purchases of marketable securities | (7,989) | (8,013) |
Proceeds from sale of marketable securities | 10,736 | 4,592 |
Proceeds from repayment of note receivable | 8,358 | 0 |
Proceeds from sale of mineral properties, plant and equipment | 35,067 | 2,500 |
Other investing activities | 0 | (654) |
Net cash used in investing activities | (69,983) | (130,499) |
Financing activities | ||
Repayment of debt, principal | (53,359) | (52,500) |
Repurchase of common shares | (100,040) | (148,074) |
Proceeds from exercise of stock options | 2,628 | 7,476 |
Principal payments on finance leases | (9,126) | (7,677) |
Non-controlling interest dividend | (34,520) | (55,464) |
Dividends paid | (44,411) | (32,684) |
Other financing activities | 194 | (1,466) |
Net cash used in financing activities | (238,634) | (290,389) |
Effect of foreign exchange rate changes on cash and cash equivalents | (3,002) | (1,102) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (268,820) | 2,390 |
Cash, cash equivalents, and restricted cash beginning of period | 1,052,865 | 895,921 |
Cash, cash equivalents, and restricted cash end of period | 784,045 | 898,311 |
Reconciliation of cash, cash equivalents, and restricted cash: | ||
Cash and cash equivalents | 748,476 | 863,016 |
Restricted cash | 35,569 | 35,295 |
Total cash, cash equivalents, and restricted cash | $ 784,045 | $ 898,311 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 748,476 | $ 1,017,562 |
Marketable securities | 53,830 | 40,431 |
Trade and other receivables | 136,820 | 121,356 |
Inventories | 468,262 | 389,416 |
Prepaids and other current assets | 23,348 | 31,549 |
Total current assets | 1,430,736 | 1,600,314 |
Mineral properties, plant and equipment, net | 3,190,936 | 3,249,764 |
Inventories | 214,620 | 221,617 |
Restricted cash | 35,569 | 35,303 |
Equity method investments | 4,496 | 4,918 |
Goodwill | 49,786 | 49,786 |
Deferred income tax assets | 6,119 | 8,501 |
Other non-current assets | 62,996 | 41,235 |
Total assets | 4,995,258 | 5,211,438 |
LIABILITIES | ||
Accounts payable | 43,840 | 34,844 |
Accrued liabilities and other | 110,162 | 165,108 |
Finance lease liabilities | 3,828 | 12,439 |
Current portion of debt | 89,251 | 71,491 |
Total current liabilities | 247,081 | 283,882 |
Debt | 226,259 | 295,493 |
Finance lease liabilities | 103,422 | 105,965 |
Reclamation liabilities | 140,382 | 122,660 |
Deferred income tax liabilities | 260,297 | 338,788 |
Other non-current liabilities | 23,239 | 12,133 |
Total liabilities | 1,000,680 | 1,158,921 |
EQUITY | ||
Common shares – unlimited authorized common shares with no par value; 206,599 and 211,879 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | 3,056,924 | 3,140,189 |
Retained earnings (deficit) | 442,323 | 397,667 |
SSR Mining’s shareholders’ equity | 3,499,247 | 3,537,856 |
Non-controlling interest | 495,331 | 514,661 |
Total equity | 3,994,578 | 4,052,517 |
Total liabilities and equity | $ 4,995,258 | $ 5,211,438 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common shares, issued (in shares) | 206,599 | 211,879 |
Common shares, outstanding (in shares) | 206,599 | 211,879 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Equity - USD ($) shares in Thousands, $ in Thousands | Total | Total equity attributable to equity holders of SSR Mining | Common shares | Retained earnings (accumulated deficit) | Non-controlling interest |
Beginning balance (in shares) at Dec. 31, 2020 | 219,607 | ||||
Beginning balance at Dec. 31, 2020 | $ 3,847,177 | $ 3,334,898 | $ 3,242,821 | $ 92,077 | $ 512,279 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of stock options (in shares) | 364 | ||||
Exercise of stock options | 2,750 | 2,750 | $ 2,750 | ||
Settlement of RSUs and PSUs (in shares) | 92 | ||||
Settlement of RSUs and PSUs | 89 | 89 | $ 89 | ||
Equity-settled stock-based compensation | 1,037 | 1,037 | 1,037 | ||
Transfer of cash-settled RSUs | 8,802 | 8,802 | 8,802 | ||
Reclassification of contingently redeemable shares | 3,311 | 3,311 | $ 3,311 | ||
Dividends paid to equity holders of SSR Mining | (10,992) | (10,992) | (10,992) | ||
Dividends paid to non-controlling interest | (38,084) | (38,084) | |||
Other | (18) | (18) | (18) | ||
Net income (loss) | 127,451 | 108,861 | 108,861 | 18,590 | |
Ending balance (in shares) at Mar. 31, 2021 | 220,063 | ||||
Ending balance at Mar. 31, 2021 | 3,941,523 | 3,448,738 | $ 3,258,810 | 189,928 | 492,785 |
Beginning balance at Dec. 31, 2020 | 3,311 | ||||
Contingently redeemable shares | |||||
Reclassification of contingently redeemable shares | (3,311) | ||||
Ending balance at Mar. 31, 2021 | 0 | ||||
Beginning balance (in shares) at Dec. 31, 2020 | 219,607 | ||||
Beginning balance at Dec. 31, 2020 | 3,847,177 | 3,334,898 | $ 3,242,821 | 92,077 | 512,279 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 269,423 | ||||
Ending balance (in shares) at Sep. 30, 2021 | 211,807 | ||||
Ending balance at Sep. 30, 2021 | 3,904,391 | 3,418,614 | $ 3,138,017 | 280,597 | 485,777 |
Beginning balance at Dec. 31, 2020 | 3,311 | ||||
Ending balance at Sep. 30, 2021 | 0 | ||||
Beginning balance (in shares) at Mar. 31, 2021 | 220,063 | ||||
Beginning balance at Mar. 31, 2021 | 3,941,523 | 3,448,738 | $ 3,258,810 | 189,928 | 492,785 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Repurchase of common shares (in shares) | (4,000) | ||||
Repurchase of common shares | (70,254) | (70,254) | $ (58,654) | (11,600) | |
Exercise of stock options (in shares) | 79 | ||||
Exercise of stock options | 850 | 850 | $ 850 | ||
Settlement of RSUs and PSUs (in shares) | 157 | ||||
Settlement of RSUs and PSUs | 406 | 406 | $ 406 | ||
Equity-settled stock-based compensation | 1,594 | 1,594 | $ 1,594 | ||
Dividends paid to equity holders of SSR Mining | (10,974) | (10,974) | (10,974) | ||
Other | (204) | (204) | (204) | ||
Net income (loss) | 77,792 | 74,719 | 74,719 | 3,073 | |
Ending balance (in shares) at Jun. 30, 2021 | 216,299 | ||||
Ending balance at Jun. 30, 2021 | 3,940,733 | 3,444,875 | $ 3,203,006 | 241,869 | 495,858 |
Beginning balance at Mar. 31, 2021 | 0 | ||||
Ending balance at Jun. 30, 2021 | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Repurchase of common shares (in shares) | (4,801) | ||||
Repurchase of common shares | (77,820) | (77,820) | $ (70,398) | (7,422) | |
Exercise of stock options (in shares) | 309 | ||||
Exercise of stock options | 3,877 | 3,877 | $ 3,877 | ||
Settlement of RSUs and PSUs | (78) | (78) | (78) | ||
Equity-settled stock-based compensation | 1,610 | 1,610 | $ 1,610 | ||
Transfer of equity-settled RSUs | 0 | ||||
Dividends paid to equity holders of SSR Mining | (10,718) | (10,718) | (10,718) | ||
Dividends paid to non-controlling interest | (17,380) | (17,380) | |||
Other | (12) | (192) | (192) | 180 | |
Net income (loss) | 64,179 | 57,060 | 57,060 | 7,119 | |
Ending balance (in shares) at Sep. 30, 2021 | 211,807 | ||||
Ending balance at Sep. 30, 2021 | 3,904,391 | 3,418,614 | $ 3,138,017 | 280,597 | 485,777 |
Ending balance at Sep. 30, 2021 | $ 0 | ||||
Beginning balance (in shares) at Dec. 31, 2021 | 211,879 | 211,879 | |||
Beginning balance at Dec. 31, 2021 | $ 4,052,517 | 3,537,856 | $ 3,140,189 | 397,667 | 514,661 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of stock options (in shares) | 166 | ||||
Exercise of stock options | 2,433 | 2,433 | $ 2,433 | ||
Settlement of RSUs and PSUs (in shares) | 512 | ||||
Settlement of RSUs and PSUs | 0 | ||||
Equity-settled stock-based compensation | 823 | 823 | $ 823 | ||
Dividends declared to equity holders of SSR Mining | (15,015) | (15,015) | (15,015) | ||
Dividends paid to non-controlling interest | (30,773) | (30,773) | |||
Net income (loss) | 76,106 | 67,563 | 67,563 | 8,543 | |
Ending balance (in shares) at Mar. 31, 2022 | 212,557 | ||||
Ending balance at Mar. 31, 2022 | $ 4,086,091 | 3,593,660 | $ 3,143,445 | 450,215 | 492,431 |
Beginning balance (in shares) at Dec. 31, 2021 | 211,879 | 211,879 | |||
Beginning balance at Dec. 31, 2021 | $ 4,052,517 | 3,537,856 | $ 3,140,189 | 397,667 | 514,661 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | $ 115,251 | ||||
Ending balance (in shares) at Sep. 30, 2022 | 206,599 | 206,599 | |||
Ending balance at Sep. 30, 2022 | $ 3,994,578 | 3,499,247 | $ 3,056,924 | 442,323 | 495,331 |
Beginning balance (in shares) at Mar. 31, 2022 | 212,557 | ||||
Beginning balance at Mar. 31, 2022 | 4,086,091 | 3,593,660 | $ 3,143,445 | 450,215 | 492,431 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Repurchase of common shares (in shares) | (798) | ||||
Repurchase of common shares | (14,667) | (14,667) | $ (11,711) | (2,956) | |
Exercise of stock options (in shares) | 14 | ||||
Exercise of stock options | 242 | 242 | $ 242 | ||
Settlement of RSUs and PSUs (in shares) | 69 | ||||
Settlement of RSUs and PSUs | 0 | ||||
Equity-settled stock-based compensation | 1,033 | 1,033 | $ 1,033 | ||
Dividends paid to equity holders of SSR Mining | (15,085) | (15,085) | (15,085) | ||
Net income (loss) | 67,519 | 58,488 | 58,488 | 9,031 | |
Ending balance (in shares) at Jun. 30, 2022 | 211,842 | ||||
Ending balance at Jun. 30, 2022 | 4,125,133 | 3,623,671 | $ 3,133,009 | 490,662 | 501,462 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Repurchase of common shares (in shares) | (5,255) | ||||
Repurchase of common shares | (85,373) | (85,373) | $ (77,138) | (8,235) | |
Settlement of RSUs and PSUs (in shares) | 12 | ||||
Settlement of RSUs and PSUs | 0 | ||||
Equity-settled stock-based compensation | 1,053 | 1,053 | $ 1,053 | ||
Dividends paid to equity holders of SSR Mining | (14,311) | (14,311) | (14,311) | ||
Dividends paid to non-controlling interest | (3,747) | (3,747) | |||
Contributions from non-controlling interest | 195 | 195 | |||
Net income (loss) | $ (28,372) | (25,793) | (25,793) | (2,579) | |
Ending balance (in shares) at Sep. 30, 2022 | 206,599 | 206,599 | |||
Ending balance at Sep. 30, 2022 | $ 3,994,578 | $ 3,499,247 | $ 3,056,924 | $ 442,323 | $ 495,331 |
THE COMPANY
THE COMPANY | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
THE COMPANY | THE COMPANY SSR Mining Inc. and its subsidiaries (collectively, "SSR Mining," or the "Company”) is incorporated under the laws of the Province of British Columbia, Canada. The Company's common shares are listed on the Toronto Stock Exchange (TSX) in Canada and the Nasdaq Global Select Market (Nasdaq) in the U.S. under the symbol "SSRM" and the Australian Securities Exchange (ASX) in Australia under the symbol "SSR." SSR Mining is a precious metals mining company with four producing assets located in the United States, Türkiye, Canada and Argentina. The Company is principally engaged in the operation, acquisition, exploration and development of precious metal resource properties located in Türkiye and the Americas. The Company produces gold doré as well as copper, silver, lead and zinc concentrates. The Company’s diversified asset portfolio is comprised of high-margin, long-life assets located in some of the world's most prolific metal districts.The Company’s focus is on safe, profitable gold and silver production from its Çöpler Gold Mine ("Çöpler") in Erzincan, Türkiye, Marigold mine ("Marigold") in Nevada, USA, Seabee Gold Operation ("Seabee") in Saskatchewan, Canada, and Puna Operations ("Puna") in Jujuy, Argentina, and to advance, as market and project conditions permit, its principal development projects and commercial production. In December 2021, Türkiye began the move to change its internationally recognized official name in English from Turkey to Türkiye. In June 2022, the United Nations announced it would recognize the new name. The Company is pleased to adopt the new name. At the end of the second quarter of 2022, Türkiye’s Ministry of Environment, Urbanization and Climate Change (“Ministry of Environment”) temporarily suspended operations at the Çöpler mine pending implementation of improvement initiatives requested as a result of a leak of leach solution on June 21, 2022. The Company completed these initiatives and received the required regulatory approvals from Türkiye’s Government authorities on September 22, 2022 and all operations were subsequently restarted at the Çöpler mine. During the temporary suspension, Care and maintenance expense was recorded in the Statements of Operations which represents direct costs and depreciation incurred at Çöpler. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Risks and Uncertainties As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, lead and zinc. The prices of these metals are volatile and affected by many factors beyond the Company’s control, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Mineral properties, plant and equipment ; Inventories ; Deferred income tax assets ; and Goodwill are sensitive to the outlook for commodity prices. A decline in the Company’s price outlook could result in material impairment charges related to these assets. Basis of Presentation The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States. Therefore, this information should be read in conjunction with SSR Mining Inc.’s Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed on February 23, 2022. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. The results for the nine month period ended September 30, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Reclassifications Certain amounts and disclosures in prior years have been reclassified to conform to the current year presentation. Recently Issued Accounting Pronouncements In September 2022, the Financial Accounting Standards Board (“FASB”) issued ASU 2022-04, “Liabilities - Supplier Finance Programs: Disclosure of Supplier Finance Program Obligations,” which makes changes to add certain disclosure requirements for a buyer in a supplier finance program. The amendments require a buyer that uses supplier finance programs to make annual disclosures about the program’s key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period, and associated rollforward information. Only the amount outstanding at the end of the period must be disclosed in interim periods. The amendments are effective for all entities for fiscal years beginning after December 15, 2022 on a retrospective basis, including interim periods within those fiscal years, except for the requirement to disclose rollforward information, which is effective prospectively for fiscal years beginning after December 15, 2023. Early adoption is permitted upon issuance of the update. The provisions of this new pronouncement are being reviewed, but it is not expected this guidance will have a material impact on the Consolidated Financial Statements. |
ACQUISITIONS AND DIVESTITURES
ACQUISITIONS AND DIVESTITURES | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS AND DIVESTITURES | ACQUISITIONS AND DIVESTITURES Acquisitions On April 14, 2022, the Company completed the purchase of all the issued and outstanding common shares of Taiga Gold Corporation (“Taiga Gold”), which holds the exploration and evaluation stage resources in Saskatchewan, Canada in proximity to the Company’s Seabee mine and Fisher project. The transaction was accounted for as an asset acquisition for total consideration of $24.8 million. The total consideration was allocated to the assets acquired and liabilities assumed based on their estimated fair values on the acquisition date, which consisted primarily of cash and cash equivalents of $4.7 million, exploration and evaluation assets of $27.8 million, and a related deferred tax liability of $7.5 million. Divestitures On July 6, 2022, the Company completed the sale of the Pitarrilla project in Durango, Mexico, included in the Exploration, evaluation and development properties segment, to Endeavour Silver Corp. ("Endeavour Silver"). The consideration received included cash o f $35.0 million , Endeavour Silver common shares with a fair value on the closing date of $25.6 million (8,577,380 s hares at $2.99 per share), and 1.25% net smelter returns royalty on the Pitarrilla property. A gain of $0.6 million was recognized, included in Gain on sale of assets |
OPERATING_SEGMENTS
OPERATING SEGMENTS | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENTS | OPERATING SEGMENTS The Company currently has four producing mines and a portfolio of precious and base metal dominant projects. Each individual operating mine site and the Company's exploration, evaluation and development properties are considered reportable segments. Operating results of operating segments are reviewed by the Company's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segments and to assess their performance. The following tables provide a summary of financial information related to the Company's segments (in thousands): Three Months Ended September 30, 2022 Çöpler Marigold Seabee Puna Exploration, evaluation and development properties Corporate and other (1) Total Revenue $ 4,245 $ 84,216 $ 33,346 $ 44,820 $ — $ — $ 166,627 Production costs $ 306 $ 53,684 $ 17,894 $ 34,568 $ — $ — $ 106,452 Depletion, depreciation, and amortization $ 242 $ 8,794 $ 9,187 $ 3,332 $ — $ — $ 21,555 Exploration, evaluation, and reclamation costs $ 1,142 $ 958 $ 4,535 $ 3,825 $ 6,718 $ 1,142 $ 18,320 Care and maintenance expense (2) 41,800 — — — — — 41,800 Operating income $ (39,461) 20,780 1,731 3,024 (6,090) (15,048) (35,064) Capital expenditures $ 4,663 16,974 10,131 3,445 — — 35,213 Total assets as of September 30, 2022 $ 2,061,425 574,230 564,508 305,057 867,563 622,475 4,995,258 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. (2) Care and maintenance expense represents direct costs and depreciation incurred at Çöpler during the temporary suspension of operations. Three Months Ended September 30, 2021 Çöpler Marigold Seabee Puna Exploration, evaluation and development properties Corporate and other (1) Total Revenue $ 145,217 $ 95,607 $ 40,966 $ 41,056 $ — $ — $ 322,846 Production costs $ 65,773 $ 50,281 $ 15,077 $ 23,390 $ — $ — $ 154,521 Depletion, depreciation, and amortization $ 29,442 $ 8,023 $ 10,023 $ 4,470 $ — $ — $ 51,958 Exploration, evaluation, and reclamation costs $ 2,575 $ 569 $ 3,621 $ 442 $ 3,476 $ 375 $ 11,058 Impairment of long-lived and other assets $ — $ — $ — $ — $ 5 $ — $ 5 Operating income $ 46,880 $ 36,734 $ 12,253 $ 12,599 $ (3,481) $ (12,326) $ 92,659 Capital expenditures $ 7,875 $ 8,126 $ 10,926 $ 2,385 $ — $ — $ 29,312 Total assets as of September 30, 2021 $ 2,246,665 $ 526,179 $ 470,978 $ 275,240 $ 1,009,938 $ 581,167 $ 5,110,167 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. Nine Months Ended September 30, 2022 Çöpler Marigold Seabee Puna Exploration, evaluation and development properties Corporate and other (1) Total Revenue $ 250,395 $ 238,534 $ 203,313 $ 149,414 $ — $ — $ 841,656 Production costs $ 125,985 $ 142,841 $ 53,319 $ 102,755 $ — $ — $ 424,900 Depletion, depreciation, and amortization $ 57,836 $ 24,077 $ 38,936 $ 13,296 $ — $ — $ 134,145 Exploration, evaluation, and reclamation costs $ 2,834 $ 2,746 $ 9,881 $ 6,437 $ 15,575 $ 1,949 $ 39,422 Care and maintenance expense (2) $ 41,800 $ — $ — $ — $ — $ — $ 41,800 Operating income (loss) $ 20,270 $ 68,869 $ 101,167 $ 26,693 $ (14,948) $ (51,150) $ 150,901 Capital expenditures $ 15,449 50,540 31,897 7,920 — — 105,806 Total assets as of September 30, 2022 $ 2,061,425 574,230 564,508 305,057 867,563 622,475 4,995,258 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. (2) Care and maintenance expense represents direct costs and depreciation incurred at Çöpler during the temporary suspension of operations. Nine Months Ended September 30, 2021 Çöpler Marigold Seabee Puna Exploration, evaluation and development properties Corporate and other (1) Total Revenue $ 437,393 $ 321,113 $ 153,800 $ 153,974 $ — $ — $ 1,066,280 Production costs $ 201,927 $ 155,582 $ 47,105 $ 78,716 $ — $ — $ 483,330 Depletion, depreciation, and amortization $ 89,385 $ 25,438 $ 32,145 $ 14,763 $ — $ — $ 161,731 Exploration, evaluation, and reclamation costs $ 9,232 $ 2,262 $ 9,977 $ 1,308 $ 8,752 $ 779 $ 32,310 Impairment of long-lived and other assets $ — $ — $ — $ — $ 22,354 $ — $ 22,354 Operating income (loss) $ 131,746 $ 137,934 $ 64,554 $ 57,411 $ (31,106) $ (34,980) $ 325,559 Capital expenditures $ 27,629 $ 43,412 $ 33,493 $ 7,906 $ — $ — $ 112,440 Total assets as of September 30, 2021 $ 2,246,665 $ 526,179 $ 470,978 $ 275,240 $ 1,009,938 $ 581,167 $ 5,110,167 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. Geographic Area The following are non-current assets, excluding Goodwill, Restricted cash and Deferred income taxes , by location as of September 30, 2022 and December 31, 2021 (in thousands): September 30, 2022 December 31, 2021 Türkiye $ 2,717,094 $ 2,744,707 Canada 313,833 292,264 United States 319,059 307,857 Argentina 121,995 123,834 Mexico 576 48,345 Peru 491 527 Total $ 3,473,048 $ 3,517,534 The following is revenue information by geographic area based on the location for the three and nine months ended September 30 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Türkiye $ 4,245 $ 145,217 $ 250,395 $ 437,393 Canada 33,346 40,966 203,313 153,800 United States 84,216 95,607 238,534 321,113 Argentina 44,820 41,056 149,414 153,974 Total $ 166,627 $ 322,846 $ 841,656 $ 1,066,280 |
REVENUE
REVENUE | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE The following table represents revenues by product (in thousands): Three Months Ended September 30, 2022 2021 Gold doré sales Çöpler $ 4,250 $ 139,895 Marigold 84,183 95,593 Seabee 33,326 40,948 Concentrate sales Puna 48,698 43,930 Other (1) Çöpler (5) 5,322 Marigold 33 14 Seabee 20 18 Puna (3,878) (2,874) Total $ 166,627 $ 322,846 Nine Months Ended September 30, 2022 2021 Gold doré sales Çöpler $ 248,193 $ 432,071 Marigold 238,438 321,039 Seabee 203,216 153,721 Concentrate sales Puna 149,884 156,836 Other (1) Çöpler 2,202 5,322 Marigold 96 74 Seabee 97 79 Puna (470) (2,862) Total $ 841,656 $ 1,066,280 (1) Other revenue includes: changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré. Revenue by metal Revenue by metal type for the three and nine months ended September 30 are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Gold $ 121,759 $ 276,436 $ 689,847 $ 906,831 Silver 39,340 36,502 112,043 131,840 Lead 8,365 4,918 28,393 18,258 Zinc 993 2,510 9,448 6,738 Other (3,830) 2,480 1,925 2,613 Total $ 166,627 $ 322,846 $ 841,656 $ 1,066,280 Provisional metal sales For the three months ended September 30, 2022 and 2021, the change in the fair value of the Company's embedded derivatives relating to provisional concentrate metal sales was an increase (decrease) of $1.3 million and $(2.8) million, respectively, and for the nine months ended September 30, 2022 and 2021, was an increase (decrease) of $2.6 million and $(2.5) million, respectively. The changes in fair value have been recorded in Revenue . |
INCOME AND MINING TAXES
INCOME AND MINING TAXES | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME AND MINING TAXES | INCOME AND MINING TAXESThe Company’s consolidated effective income tax rate was 7.1% for the first nine months of 2022 compared to 9.2% for the first nine months of 2021.The primary driver of the change in the effective rate is foreign currency fluctuations, particularly with the devaluation of the Turkish Lira relative to the USD, as well as changes in book income in foreign jurisdictions with varying tax rates and an uncertain tax position. The Company’s statutory tax rate for the period is 27.0%. The effective rate differs from the statutory rate primarily due to foreign exchange and jurisdictional mix of earnings with different tax rates. Unrecognized Tax Benefits The Company records uncertain tax positions on the basis on a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions meeting the “more-likely-than-not” recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, inclusive of interest and penalties, is as follows (in thousands): Nine Months Ended September 30, 2022 2021 Balance as of January 1 $ — $ — Increase associated with tax positions taken during the current year — — Increase (decrease) associated with tax positions taken during a prior year (1) 9.2 — Settlements — — Decrease associated with lapses in statutes of limitation — — Balance as of September 30 $ 9.2 $ — (1) Of the gross unrecognized tax benefits, $9.2 million were recognized as current liabilities in Condensed Consolidated Balance Sheet as of September, 30, 2022. As of September 30, 2022 and December 31, 2021, $9.2 million and $0, respectively, represent the amount of unrecognized tax benefits, inclusive of interest and penalties that, if recognized, would impact the Company’s effective income tax rate. As of September 30, 2022, the total amount of accrued income-tax-related interest and penalties included in the Condensed Consolidated Balance Sheets was $5.2 million. The Company believes it is reasonably possible that total amount of the unrecognized tax benefit of $9.2 million will be settled in the next 12 months. During the nine months ended September 30, 2022, the Company recorded $6.6 million of interest and penalties in Income and mining tax benefit (expense) in the Condensed Consolidated Statements of Operations. No amounts were accrued during the nine months ended September 30, 2021. |
OTHER OPERATING EXPENSES, NET
OTHER OPERATING EXPENSES, NET | 9 Months Ended |
Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |
OTHER OPERATING EXPENSES, NET | OTHER OPERATING EXPENSES, NET The following table includes the components of Other operating expenses, net : Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Alacer transaction and integration costs $ — $ 611 $ — $ 5,815 Pitarrilla transaction costs 1,561 — 1,561 — SEC conversion costs — 64 1,255 245 Other (82) — (120) — Total $ 1,479 $ 675 $ 2,696 $ 6,060 |
OTHER INCOME (EXPENSE)
OTHER INCOME (EXPENSE) | 9 Months Ended |
Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME (EXPENSE) | OTHER INCOME (EXPENSE) The following table includes the components of Other income (expense) : Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Interest income $ 5,344 $ 514 $ 9,143 $ 1,479 Change in fair value of marketable securities (37) (4,524) (3,836) (6,472) Gain (loss) on sale of mineral properties, plant, and equipment (501) (1,152) (1,842) 462 Other 4,347 (1,691) 2,924 (4,115) Total $ 9,153 $ (6,853) $ 6,389 $ (8,646) |
INCOME (LOSS) PER SHARE
INCOME (LOSS) PER SHARE | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
INCOME (LOSS) PER SHARE | INCOME (LOSS) PER SHARE The Company calculates basic net income (loss) per share using, as the denominator, the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share uses, as its denominator, the weighted average number of common shares outstanding during the period plus the effect of potential dilutive shares during the period. Potential dilutive common shares include stock options, Restricted Share Units (“RSUs”), RSU Replacement Units, and convertible notes for periods in which the Company has reported net income (loss). The calculations of basic and diluted net income (loss) per share attributable to stockholders of the Company for the three and nine months ended September 30, 2022 and 2021 are based on the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income (loss) $ (28,372) $ 64,179 $ 115,251 $ 269,423 Net (income) loss attributable to non-controlling interest 2,579 (7,119) (14,995) (28,782) Net income (loss) attributable to shareholders of SSR Mining (25,793) 57,060 100,256 240,641 Interest saving on convertible notes, net of tax — 1,226 3,677 3,662 Net income (loss) used in the calculation of diluted net income per share $ (25,793) $ 58,286 $ 103,933 $ 244,303 Weighted average number of common shares issued 207,983 213,426 210,986 217,392 Adjustments for dilutive instruments: Stock options — 46 5 53 Restricted share units — 40 59 55 Convertible notes — 12,177 12,493 12,152 Diluted weighted average number of shares outstanding 207,983 225,689 223,543 229,652 Net income (loss) per share attributable to common shareholders Basic $ (0.12) $ 0.27 $ 0.48 $ 1.11 Diluted $ (0.12) $ 0.26 $ 0.46 $ 1.06 |
FAIR VALUE MEASUREMENTS AND FIN
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS | FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS 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 or 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, quoted prices for similar assets or liabilities in active markets, quoted prices or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability and model-based valuation techniques (e.g. the Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities; 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). 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. The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy (in thousands): Fair value at September 30, 2022 Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Cash $ 748,476 $ — $ — $ 748,476 Restricted cash 35,569 — — 35,569 Marketable securities 64,616 — — 64,616 Trade receivables — 136,820 — 136,820 Derivative asset — 341 — 341 Deferred consideration — — 23,201 23,201 $ 848,661 $ 137,161 $ 23,201 $ 1,009,023 Fair value at December 31, 2021 Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Cash $ 1,017,562 $ — $ — $ 1,017,562 Restricted cash 35,303 — — 35,303 Marketable securities 46,923 — — 46,923 Trade receivables — 72,634 — 72,634 Derivative asset — 987 — 987 Deferred consideration — — 22,610 22,610 $ 1,099,788 $ 73,621 $ 22,610 $ 1,196,019 (1) Marketable securities of publicly quoted companies, consisting of investments, are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges. (2) The Company manages a portion of its exposure to fluctuation in diesel prices and foreign currency exchange rates through hedges. The Company’s derivative asset and liabilities are valued using pricing models with inputs derived from observable market data, including quoted prices in active markets. The Company’s provisional metal sales contracts, included in Trade and other receivables in the Consolidated Balance Sheets, are valued using inputs derived from observable market data, including quoted commodity forward prices. The inputs do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. (3) Certain items of deferred consideration are included in Level 3, as certain assumptions used in the calculation of the fair value are not based on observable market data. The following table reconciles the beginning and ending balances for financial instruments that are recognized at fair value using significant unobservable inputs (Level 3) in the consolidated financial statements (in thousands): Nine Months Ended September 30, 2022 2021 Balance as of January 1 $ 22,610 $ 21,460 Revaluations 591 297 Acquisition of deferred consideration — 481 Deferred consideration moved to held for sale — (20,691) Balance as of September 30 $ 23,201 $ 1,547 Fair values of financial assets and liabilities not already measured at fair value The fair value of the 2019 Notes and Term Loan as compared to the carrying amounts were as follows (in thousands): September 30, 2022 December 31, 2021 Level Carrying amount Fair value Carrying amount Fair value 2019 Notes (1) 1 $ 226,259 $ 248,285 $ 225,534 $ 286,207 Term Loan (2) 2 87,500 89,514 140,000 144,871 Total borrowings $ 313,759 $ 337,799 $ 365,534 $ 431,078 (1) The fair value disclosed for the Company's 2019 Notes is included in Level 1 as the basis of valuation uses a quoted price in an active market. (2) The fair value disclosed for the Company's Term Loan is included in Level 2 as the fair value is determined by an independent third-party pricing source. |
TRADE AND OTHER RECEIVABLES
TRADE AND OTHER RECEIVABLES | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
TRADE AND OTHER RECEIVABLES | TRADE AND OTHER RECEIVABLES Trade and other receivables was composed of the following (in thousands): September 30, 2022 December 31, 2021 Trade receivables $ 81,042 $ 86,124 Value added tax receivables 21,952 20,723 Income tax receivable 21,835 9,374 Other taxes receivable 5,838 1,866 Other 6,153 3,269 Total $ 136,820 $ 121,356 No provision for credit loss was recognized as of September 30, 2022 or December 31, 2021. All trade receivables are expected to be settled within twelve months. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES The components of Inventories for the periods ended September 30, 2022 and December 31, 2021 are as follows (in thousands): September 30, 2022 December 31, 2021 Materials and supplies $ 104,693 $ 79,372 Stockpiled ore 45,272 27,589 Leach pad inventory 286,870 243,627 Work-in-process 7,871 4,951 Finished goods 23,556 33,877 Total current inventories $ 468,262 $ 389,416 Stockpiled ore 213,245 220,324 Materials and supplies 1,375 1,293 Total non-current inventories $ 214,620 $ 221,617 |
MINERAL PROPERTIES, PLANT AND E
MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET | MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET The components of Mineral properties, plant and equipment, net are as follows (in thousands): September 30, 2022 December 31, 2021 Plant and equipment (1) $ 1,776,441 $ 1,762,833 Construction in process 50,853 36,841 Mineral properties subject to depletion 1,411,884 1,331,615 Mineral properties not yet subject to depletion 668,356 141,629 Exploration and evaluation assets 345,511 927,176 Total mineral properties, plant, and equipment 4,253,045 4,200,094 Accumulated depreciation, plant and equipment (594,008) (529,635) Accumulated depreciation, mineral properties (468,101) (420,695) Mineral properties, plant, and equipment, net $ 3,190,936 $ 3,249,764 (1) As of September 30, 2022 and December 31, 2021, plant and equipment includes finance lease right-of-use assets with a carrying amount of $103.0 million and $114.9 million, respectively. No impairment was recognized for the three and nine months ended September 30, 2022 . During the nine month period ended September 30, 2021, the Company recognized an impairment loss of $22.4 million as a result of the agreement entered into subsequent to June 30, 2021 to sell a portfolio of royalty interests and deferred payments (the “Royalty Sales Agreement”) to EMX Royalty Corporation (“EMX”). The $22.4 million impairment loss was recognized in the Company's Exploration, evaluation and development properties segment. |
ACCRUED LIABILITIES AND OTHER
ACCRUED LIABILITIES AND OTHER | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILITIES AND OTHER | ACCRUED LIABILITIES AND OTHER Accrued liabilities and other are comprised of the following items (in thousands): September 30, 2022 December 31, 2021 Accrued liabilities $ 59,665 $ 51,544 Royalties payable 14,075 32,383 Stock-based compensation liabilities 10,119 22,652 Income taxes payable 22,310 52,206 Lease liabilities 1,847 2,238 Other 2,146 4,085 Total accrued liabilities and other $ 110,162 $ 165,108 |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The following tables summarize the Company’s debt balances (in thousands): September 30, 2022 December 31, 2021 2019 Notes (1) $ 226,259 $ 225,534 Term Loan 87,500 140,000 Other 1,751 1,450 Total carrying amount $ 315,510 $ 366,984 Current Portion $ 89,251 $ 71,491 Non-Current Portion $ 226,259 $ 295,493 (1) Amount is net of discount and debt issuance costs of $3.7 million and $4.5 million, respectively. Convertible Debt 2019 Notes On March 19, 2019, the Company issued $230.0 million of 2.50% convertible senior notes due in 2039 (the “2019 Notes”) for net proceeds of $222.9 million after payment of commissions and expenses related to the offering of $7.1 million. The 2019 Notes mature on April 1, 2039 and bear an interest rate of 2.50% per annum, payable semi-annually in arrears on April 1 and October 1 of each yea r. The 2019 Notes are convertible into the Company's common shares at a fixed conversion rate, subject to certain anti-dilution adjustments. In addition, if certain fundamental changes occur, holders of the 2019 Notes may be entitled to an increased conversion rate. The Company had a conversion price change on its 2019 Notes during the quarter ended September 30, 2022. As a result of ongoing dividends and in accordance with the 2019 Notes Agreement, the conversion price for the 2019 Notes was adjusted to 55.4018 common shares per $ 1,000 principal amount of the 2019 Notes effective on August 11, 2022. Prior to April 1, 2023, the Company may not redeem the 2019 Notes, except in the event of certain changes in Canadian tax law. On or after April 1, 2023 and prior to April 1, 2026, the Company may redeem all or part of the 2019 Notes for cash, but only if the last reported sales price of its common shares for 20 or more trading days in a period of 30 consecutive trading days exceeds 130% of the conversion price in effect on each such trading day. On or after April 1, 2026, the Company may redeem the 2019 Notes in full or in part, for cash. Holders of the 2019 Notes have the right to require the Company to repurchase all or part of their 2019 Notes on April 1 of each of 2026, 2029 and 2034, or upon certain fundamental corporate changes. The repurchase price will be equal to par plus accrued and unpaid interest. The Company does not have any financial covenants in relation to the 2019 Notes. Term Loan On September 16, 2020, in connection with the acquisition of the Çöpler mine , the Company assumed a term loan (the "Term Loan"), with a fair value of $245.0 million as of the date of acquisition, with a syndicate of lenders (BNP Paribas (Suisse) SA, ING Bank NV, Societe Generale Corporate & Investment Banking and UniCredit S.P.A.). The Term Loan bears interest at the London Inter-bank Offered Rate ("LIBOR") plus a fixed interest rate margin in the range of 3.50% to 3.70% depending on the tranche. The Term Loan has no mandatory hedging or cash sweep requirements, no prepayment penalties, and final repayment is scheduled in the fourth quarter of 2023. Restricted cash accounts must be maintained while the Term Loan is outstanding. As of September 30, 2022 and December 31, 2021, $33.2 million and $32.9 million of restricted cash relates to the Term Loan, respectively. Restricted cash is classified as a non-current asset in the Consolidated Balance Sheets. As a result of the temporarily suspended operations at the Çöpler mine during most of the third quarter of 2022, the Company was not in compliance with certain financial covenants in relation to the Term Loan as of September 30, 2022. The Company is in discussions with the lenders to obtain a waiver for the non-compliance event. If the Company is unable to obtain a waiver, the lenders may accelerate the repayment schedule and the entire balance of the Term Loan would become due, at which time the Company would use available cash to repay the outstanding borrowings in full. All future remaining principal and interest payment amounts under the Term Loan remain unchanged. As of September 30, 2022, the Company reclassified $17.5 million of the Term Loan, which is scheduled to be repaid in the fourth quarter of 2023, to Current portion of debt as a result of the noncompliance with financial covenants. With this reclassification, the entire balance of the Term Loan is included in Current portion of debt . Amended Credit Agreement On June 7, 2021, the Company amended its existing Credit Agreement to extend the maturity to June 8, 2025 and increase the Credit Agreement to $200.0 million with a $100.0 million accordion feature (the "Amended Credit Agreement"). Amounts drawn under the Amended Credit Agreement are subject to variable interest rates at LIBOR plus an applicable margin ranging from 2% to 3%, based on the Company's net leverage ratio. As of September 30, 2022, the Company was in compliance with its covenants. As of September 30, 2022, no borrowings were outstanding on the Amended Credit Agreement, $199.1 million of borrowing capacity was available and outstanding letters of credit totaled $0.9 million. The Company was in compliance with its externally imposed financial covenants in relation to the Amended Credit Agreement. |
EQUITY
EQUITY | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
EQUITY | EQUITY Repurchase of common shares On June 20, 2022, the Company received approval of its Normal Course Issuer Bid (the "NCIB") to purchase for cancellation up to 10.6 million of its common shares through the facilities of the TSX, Nasdaq or other Canadian and U.S. marketplaces over a twelve month period beginning June 20, 2022 and ending June 19, 2023. During the three months ended September 30, 2022, the Company purchased 5,255,284 of its outstanding common shares pursuant to the NCIB at an average share price of $16.25 per share for total consideration of $85.4 million. All shares were cancelled upon purchase. The difference of $8.2 million between the total amount paid and the amount deducted from common shares of $77.1 million was recorded as a direct charge to retained earnings. The amount deducted from common shares was determined based on the average paid in capital per common share outstanding prior to the repurchase date. During the nine months ended September 30, 2022, the Company purchased 6,053,126 of its outstanding common shares pursuant to the NCIB at an average share price of $16.53 per share for total consideration of $100.0 million. All shares were cancelled upon purchase. The difference of $11.2 million between the total amount paid and the |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 9 Months Ended |
Sep. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Net change in operating assets and liabilities during the nine months ended September 30 were as follows (in thousands): Nine Months Ended September 30, 2022 2021 Decrease (increase) in operating assets: Trade and other receivables $ (20,164) $ (12,108) Inventories (80,493) (38,802) Other operating assets 768 30,736 Increase (decrease) in operating liabilities: Accounts payable 9,320 (13,123) Accrued liabilities (50,787) (13,687) Reclamation liabilities — (94) Other operating liabilities (28,548) (9,605) $ (169,904) $ (56,683) Other cash information during the nine months ended September 30 were as follows (in thousands): Nine Months Ended September 30, 2022 2021 Interest paid $ (20,177) $ (11,110) Interest received $ 9,143 $ 2,346 Income taxes paid $ (130,788) $ (50,314) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES General Estimated losses from loss contingencies are accrued by a charge to income when information is available prior to the issuance of the financial statements that indicates it is probable that a liability could be incurred, and the amount of the loss can by reasonably estimated. Legal expenses associated with the loss contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred. Environmental matters The Company uses surety bonds to support certain environmental bonding obligations. As of September 30, 2022 and December 31, 2021, the Company had surety bonds totaling $117.3 million and $117.0 million outstanding, respectively. Other Commitments and Contingencies |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTSIn October 2022, the Company entered into an agreement to acquire an additional 30% ownership interest in the Kartaltepe Mining Joint Venture at the Çöpler District from partner Lidya Mining for total consideration of $150.0 million in cash. The transaction is expected to be completed in the fourth quarter of 2022. Upon completion of the transaction, the Company will own 80% of the Çöpler District. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Risks and Uncertainties | Risks and Uncertainties As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, lead and zinc. The prices of these metals are volatile and affected by many factors beyond the Company’s control, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Mineral properties, plant and equipment ; Inventories ; Deferred income tax assets ; and Goodwill are sensitive to the outlook for commodity prices. A decline in the Company’s price outlook could result in material impairment charges related to these assets. |
Basis of Presentation | Basis of Presentation The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States. Therefore, this information should be read in conjunction with SSR Mining Inc.’s Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed on February 23, 2022. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. The results for the nine month period ended September 30, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. |
Reclassifications | Reclassifications Certain amounts and disclosures in prior years have been reclassified to conform to the current year presentation. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In September 2022, the Financial Accounting Standards Board (“FASB”) issued ASU 2022-04, “Liabilities - Supplier Finance Programs: Disclosure of Supplier Finance Program Obligations,” which makes changes to add certain disclosure requirements for a buyer in a supplier finance program. The amendments require a buyer that uses supplier finance programs to make annual disclosures about the program’s key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period, and associated rollforward information. Only the amount outstanding at the end of the period must be disclosed in interim periods. The amendments are effective for all entities for fiscal years beginning after December 15, 2022 on a retrospective basis, including interim periods within those fiscal years, except for the requirement to disclose rollforward information, which is effective prospectively for fiscal years beginning after December 15, 2023. Early adoption is permitted upon issuance of the update. The provisions of this new pronouncement are being reviewed, but it is not expected this guidance will have a material impact on the Consolidated Financial Statements. |
OPERATING_SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables provide a summary of financial information related to the Company's segments (in thousands): Three Months Ended September 30, 2022 Çöpler Marigold Seabee Puna Exploration, evaluation and development properties Corporate and other (1) Total Revenue $ 4,245 $ 84,216 $ 33,346 $ 44,820 $ — $ — $ 166,627 Production costs $ 306 $ 53,684 $ 17,894 $ 34,568 $ — $ — $ 106,452 Depletion, depreciation, and amortization $ 242 $ 8,794 $ 9,187 $ 3,332 $ — $ — $ 21,555 Exploration, evaluation, and reclamation costs $ 1,142 $ 958 $ 4,535 $ 3,825 $ 6,718 $ 1,142 $ 18,320 Care and maintenance expense (2) 41,800 — — — — — 41,800 Operating income $ (39,461) 20,780 1,731 3,024 (6,090) (15,048) (35,064) Capital expenditures $ 4,663 16,974 10,131 3,445 — — 35,213 Total assets as of September 30, 2022 $ 2,061,425 574,230 564,508 305,057 867,563 622,475 4,995,258 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. (2) Care and maintenance expense represents direct costs and depreciation incurred at Çöpler during the temporary suspension of operations. Three Months Ended September 30, 2021 Çöpler Marigold Seabee Puna Exploration, evaluation and development properties Corporate and other (1) Total Revenue $ 145,217 $ 95,607 $ 40,966 $ 41,056 $ — $ — $ 322,846 Production costs $ 65,773 $ 50,281 $ 15,077 $ 23,390 $ — $ — $ 154,521 Depletion, depreciation, and amortization $ 29,442 $ 8,023 $ 10,023 $ 4,470 $ — $ — $ 51,958 Exploration, evaluation, and reclamation costs $ 2,575 $ 569 $ 3,621 $ 442 $ 3,476 $ 375 $ 11,058 Impairment of long-lived and other assets $ — $ — $ — $ — $ 5 $ — $ 5 Operating income $ 46,880 $ 36,734 $ 12,253 $ 12,599 $ (3,481) $ (12,326) $ 92,659 Capital expenditures $ 7,875 $ 8,126 $ 10,926 $ 2,385 $ — $ — $ 29,312 Total assets as of September 30, 2021 $ 2,246,665 $ 526,179 $ 470,978 $ 275,240 $ 1,009,938 $ 581,167 $ 5,110,167 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. Nine Months Ended September 30, 2022 Çöpler Marigold Seabee Puna Exploration, evaluation and development properties Corporate and other (1) Total Revenue $ 250,395 $ 238,534 $ 203,313 $ 149,414 $ — $ — $ 841,656 Production costs $ 125,985 $ 142,841 $ 53,319 $ 102,755 $ — $ — $ 424,900 Depletion, depreciation, and amortization $ 57,836 $ 24,077 $ 38,936 $ 13,296 $ — $ — $ 134,145 Exploration, evaluation, and reclamation costs $ 2,834 $ 2,746 $ 9,881 $ 6,437 $ 15,575 $ 1,949 $ 39,422 Care and maintenance expense (2) $ 41,800 $ — $ — $ — $ — $ — $ 41,800 Operating income (loss) $ 20,270 $ 68,869 $ 101,167 $ 26,693 $ (14,948) $ (51,150) $ 150,901 Capital expenditures $ 15,449 50,540 31,897 7,920 — — 105,806 Total assets as of September 30, 2022 $ 2,061,425 574,230 564,508 305,057 867,563 622,475 4,995,258 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. (2) Care and maintenance expense represents direct costs and depreciation incurred at Çöpler during the temporary suspension of operations. Nine Months Ended September 30, 2021 Çöpler Marigold Seabee Puna Exploration, evaluation and development properties Corporate and other (1) Total Revenue $ 437,393 $ 321,113 $ 153,800 $ 153,974 $ — $ — $ 1,066,280 Production costs $ 201,927 $ 155,582 $ 47,105 $ 78,716 $ — $ — $ 483,330 Depletion, depreciation, and amortization $ 89,385 $ 25,438 $ 32,145 $ 14,763 $ — $ — $ 161,731 Exploration, evaluation, and reclamation costs $ 9,232 $ 2,262 $ 9,977 $ 1,308 $ 8,752 $ 779 $ 32,310 Impairment of long-lived and other assets $ — $ — $ — $ — $ 22,354 $ — $ 22,354 Operating income (loss) $ 131,746 $ 137,934 $ 64,554 $ 57,411 $ (31,106) $ (34,980) $ 325,559 Capital expenditures $ 27,629 $ 43,412 $ 33,493 $ 7,906 $ — $ — $ 112,440 Total assets as of September 30, 2021 $ 2,246,665 $ 526,179 $ 470,978 $ 275,240 $ 1,009,938 $ 581,167 $ 5,110,167 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | The following are non-current assets, excluding Goodwill, Restricted cash and Deferred income taxes , by location as of September 30, 2022 and December 31, 2021 (in thousands): September 30, 2022 December 31, 2021 Türkiye $ 2,717,094 $ 2,744,707 Canada 313,833 292,264 United States 319,059 307,857 Argentina 121,995 123,834 Mexico 576 48,345 Peru 491 527 Total $ 3,473,048 $ 3,517,534 |
Revenue from External Customers by Geographic Areas | The following is revenue information by geographic area based on the location for the three and nine months ended September 30 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Türkiye $ 4,245 $ 145,217 $ 250,395 $ 437,393 Canada 33,346 40,966 203,313 153,800 United States 84,216 95,607 238,534 321,113 Argentina 44,820 41,056 149,414 153,974 Total $ 166,627 $ 322,846 $ 841,656 $ 1,066,280 |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table represents revenues by product (in thousands): Three Months Ended September 30, 2022 2021 Gold doré sales Çöpler $ 4,250 $ 139,895 Marigold 84,183 95,593 Seabee 33,326 40,948 Concentrate sales Puna 48,698 43,930 Other (1) Çöpler (5) 5,322 Marigold 33 14 Seabee 20 18 Puna (3,878) (2,874) Total $ 166,627 $ 322,846 Nine Months Ended September 30, 2022 2021 Gold doré sales Çöpler $ 248,193 $ 432,071 Marigold 238,438 321,039 Seabee 203,216 153,721 Concentrate sales Puna 149,884 156,836 Other (1) Çöpler 2,202 5,322 Marigold 96 74 Seabee 97 79 Puna (470) (2,862) Total $ 841,656 $ 1,066,280 (1) Other revenue includes: changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré. Revenue by metal type for the three and nine months ended September 30 are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Gold $ 121,759 $ 276,436 $ 689,847 $ 906,831 Silver 39,340 36,502 112,043 131,840 Lead 8,365 4,918 28,393 18,258 Zinc 993 2,510 9,448 6,738 Other (3,830) 2,480 1,925 2,613 Total $ 166,627 $ 322,846 $ 841,656 $ 1,066,280 |
INCOME AND MINING TAXES (Tables
INCOME AND MINING TAXES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, inclusive of interest and penalties, is as follows (in thousands): Nine Months Ended September 30, 2022 2021 Balance as of January 1 $ — $ — Increase associated with tax positions taken during the current year — — Increase (decrease) associated with tax positions taken during a prior year (1) 9.2 — Settlements — — Decrease associated with lapses in statutes of limitation — — Balance as of September 30 $ 9.2 $ — (1) Of the gross unrecognized tax benefits, $9.2 million were recognized as current liabilities in Condensed Consolidated Balance Sheet as of September, 30, 2022. |
OTHER OPERATING EXPENSES, NET (
OTHER OPERATING EXPENSES, NET (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | The following table includes the components of Other operating expenses, net : Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Alacer transaction and integration costs $ — $ 611 $ — $ 5,815 Pitarrilla transaction costs 1,561 — 1,561 — SEC conversion costs — 64 1,255 245 Other (82) — (120) — Total $ 1,479 $ 675 $ 2,696 $ 6,060 |
OTHER INCOME (EXPENSE) (Tables)
OTHER INCOME (EXPENSE) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income (Expense) | The following table includes the components of Other income (expense) : Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Interest income $ 5,344 $ 514 $ 9,143 $ 1,479 Change in fair value of marketable securities (37) (4,524) (3,836) (6,472) Gain (loss) on sale of mineral properties, plant, and equipment (501) (1,152) (1,842) 462 Other 4,347 (1,691) 2,924 (4,115) Total $ 9,153 $ (6,853) $ 6,389 $ (8,646) |
INCOME (LOSS) PER SHARE (Tables
INCOME (LOSS) PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The calculations of basic and diluted net income (loss) per share attributable to stockholders of the Company for the three and nine months ended September 30, 2022 and 2021 are based on the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income (loss) $ (28,372) $ 64,179 $ 115,251 $ 269,423 Net (income) loss attributable to non-controlling interest 2,579 (7,119) (14,995) (28,782) Net income (loss) attributable to shareholders of SSR Mining (25,793) 57,060 100,256 240,641 Interest saving on convertible notes, net of tax — 1,226 3,677 3,662 Net income (loss) used in the calculation of diluted net income per share $ (25,793) $ 58,286 $ 103,933 $ 244,303 Weighted average number of common shares issued 207,983 213,426 210,986 217,392 Adjustments for dilutive instruments: Stock options — 46 5 53 Restricted share units — 40 59 55 Convertible notes — 12,177 12,493 12,152 Diluted weighted average number of shares outstanding 207,983 225,689 223,543 229,652 Net income (loss) per share attributable to common shareholders Basic $ (0.12) $ 0.27 $ 0.48 $ 1.11 Diluted $ (0.12) $ 0.26 $ 0.46 $ 1.06 |
FAIR VALUE MEASUREMENTS AND F_2
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy (in thousands): Fair value at September 30, 2022 Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Cash $ 748,476 $ — $ — $ 748,476 Restricted cash 35,569 — — 35,569 Marketable securities 64,616 — — 64,616 Trade receivables — 136,820 — 136,820 Derivative asset — 341 — 341 Deferred consideration — — 23,201 23,201 $ 848,661 $ 137,161 $ 23,201 $ 1,009,023 Fair value at December 31, 2021 Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Cash $ 1,017,562 $ — $ — $ 1,017,562 Restricted cash 35,303 — — 35,303 Marketable securities 46,923 — — 46,923 Trade receivables — 72,634 — 72,634 Derivative asset — 987 — 987 Deferred consideration — — 22,610 22,610 $ 1,099,788 $ 73,621 $ 22,610 $ 1,196,019 (1) Marketable securities of publicly quoted companies, consisting of investments, are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges. (2) The Company manages a portion of its exposure to fluctuation in diesel prices and foreign currency exchange rates through hedges. The Company’s derivative asset and liabilities are valued using pricing models with inputs derived from observable market data, including quoted prices in active markets. The Company’s provisional metal sales contracts, included in Trade and other receivables in the Consolidated Balance Sheets, are valued using inputs derived from observable market data, including quoted commodity forward prices. The inputs do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. (3) Certain items of deferred consideration are included in Level 3, as certain assumptions used in the calculation of the fair value are not based on observable market data. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table reconciles the beginning and ending balances for financial instruments that are recognized at fair value using significant unobservable inputs (Level 3) in the consolidated financial statements (in thousands): Nine Months Ended September 30, 2022 2021 Balance as of January 1 $ 22,610 $ 21,460 Revaluations 591 297 Acquisition of deferred consideration — 481 Deferred consideration moved to held for sale — (20,691) Balance as of September 30 $ 23,201 $ 1,547 |
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value | The fair value of the 2019 Notes and Term Loan as compared to the carrying amounts were as follows (in thousands): September 30, 2022 December 31, 2021 Level Carrying amount Fair value Carrying amount Fair value 2019 Notes (1) 1 $ 226,259 $ 248,285 $ 225,534 $ 286,207 Term Loan (2) 2 87,500 89,514 140,000 144,871 Total borrowings $ 313,759 $ 337,799 $ 365,534 $ 431,078 (1) The fair value disclosed for the Company's 2019 Notes is included in Level 1 as the basis of valuation uses a quoted price in an active market. (2) The fair value disclosed for the Company's Term Loan is included in Level 2 as the fair value is determined by an independent third-party pricing source. |
TRADE AND OTHER RECEIVABLES (Ta
TRADE AND OTHER RECEIVABLES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Trade and other receivables was composed of the following (in thousands): September 30, 2022 December 31, 2021 Trade receivables $ 81,042 $ 86,124 Value added tax receivables 21,952 20,723 Income tax receivable 21,835 9,374 Other taxes receivable 5,838 1,866 Other 6,153 3,269 Total $ 136,820 $ 121,356 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | The components of Inventories for the periods ended September 30, 2022 and December 31, 2021 are as follows (in thousands): September 30, 2022 December 31, 2021 Materials and supplies $ 104,693 $ 79,372 Stockpiled ore 45,272 27,589 Leach pad inventory 286,870 243,627 Work-in-process 7,871 4,951 Finished goods 23,556 33,877 Total current inventories $ 468,262 $ 389,416 Stockpiled ore 213,245 220,324 Materials and supplies 1,375 1,293 Total non-current inventories $ 214,620 $ 221,617 |
Schedule of Inventory, Noncurrent | The components of Inventories for the periods ended September 30, 2022 and December 31, 2021 are as follows (in thousands): September 30, 2022 December 31, 2021 Materials and supplies $ 104,693 $ 79,372 Stockpiled ore 45,272 27,589 Leach pad inventory 286,870 243,627 Work-in-process 7,871 4,951 Finished goods 23,556 33,877 Total current inventories $ 468,262 $ 389,416 Stockpiled ore 213,245 220,324 Materials and supplies 1,375 1,293 Total non-current inventories $ 214,620 $ 221,617 |
MINERAL PROPERTIES, PLANT AND_2
MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Mineral Properties, Plant and Equipment | The components of Mineral properties, plant and equipment, net are as follows (in thousands): September 30, 2022 December 31, 2021 Plant and equipment (1) $ 1,776,441 $ 1,762,833 Construction in process 50,853 36,841 Mineral properties subject to depletion 1,411,884 1,331,615 Mineral properties not yet subject to depletion 668,356 141,629 Exploration and evaluation assets 345,511 927,176 Total mineral properties, plant, and equipment 4,253,045 4,200,094 Accumulated depreciation, plant and equipment (594,008) (529,635) Accumulated depreciation, mineral properties (468,101) (420,695) Mineral properties, plant, and equipment, net $ 3,190,936 $ 3,249,764 (1) As of September 30, 2022 and December 31, 2021, plant and equipment includes finance lease right-of-use assets with a carrying amount of $103.0 million and $114.9 million, respectively. |
ACCRUED LIABILITIES AND OTHER (
ACCRUED LIABILITIES AND OTHER (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Liabilities and Other | Accrued liabilities and other are comprised of the following items (in thousands): September 30, 2022 December 31, 2021 Accrued liabilities $ 59,665 $ 51,544 Royalties payable 14,075 32,383 Stock-based compensation liabilities 10,119 22,652 Income taxes payable 22,310 52,206 Lease liabilities 1,847 2,238 Other 2,146 4,085 Total accrued liabilities and other $ 110,162 $ 165,108 |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following tables summarize the Company’s debt balances (in thousands): September 30, 2022 December 31, 2021 2019 Notes (1) $ 226,259 $ 225,534 Term Loan 87,500 140,000 Other 1,751 1,450 Total carrying amount $ 315,510 $ 366,984 Current Portion $ 89,251 $ 71,491 Non-Current Portion $ 226,259 $ 295,493 (1) Amount is net of discount and debt issuance costs of $3.7 million and $4.5 million, respectively. |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Net change in operating assets and liabilities during the nine months ended September 30 were as follows (in thousands): Nine Months Ended September 30, 2022 2021 Decrease (increase) in operating assets: Trade and other receivables $ (20,164) $ (12,108) Inventories (80,493) (38,802) Other operating assets 768 30,736 Increase (decrease) in operating liabilities: Accounts payable 9,320 (13,123) Accrued liabilities (50,787) (13,687) Reclamation liabilities — (94) Other operating liabilities (28,548) (9,605) $ (169,904) $ (56,683) Other cash information during the nine months ended September 30 were as follows (in thousands): Nine Months Ended September 30, 2022 2021 Interest paid $ (20,177) $ (11,110) Interest received $ 9,143 $ 2,346 Income taxes paid $ (130,788) $ (50,314) |
THE COMPANY (Details)
THE COMPANY (Details) | Sep. 30, 2022 mine |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of producing mines | 4 |
ACQUISITIONS AND DIVESTITURES -
ACQUISITIONS AND DIVESTITURES - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jul. 06, 2022 | Apr. 14, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Business Acquisition [Line Items] | ||||||
Gain on sale of assets | $ 629 | $ 0 | $ 629 | $ 0 | ||
Disposal Group, Disposed of by Sale | Pitarrilla Project | ||||||
Business Acquisition [Line Items] | ||||||
Consideration in cash | $ 35,000 | |||||
Consideration in equity | $ 25,600 | |||||
Consideration in equity (in shares) | 8,577,380 | |||||
Share price | $ 2.99 | |||||
Gain on sale of assets | $ 600 | |||||
Disposal Group, Disposed of by Sale | Pitarrilla Project | Smelter | ||||||
Business Acquisition [Line Items] | ||||||
Royalty fee, percentage | 1.25% | |||||
Taiga Gold Corp | ||||||
Business Acquisition [Line Items] | ||||||
Asset combination, consideration transferred | $ 24,800 | |||||
Asset acquisition, cash and equivalents | 4,700 | |||||
Asset acquisition, exploration and evaluation assets | 27,800 | |||||
Asset acquisition, deferred tax liability | $ 7,500 |
OPERATING_SEGMENTS - Narrative
OPERATING SEGMENTS - Narrative (Details) | Sep. 30, 2022 mine |
Segment Reporting [Abstract] | |
Number of producing mines | 4 |
OPERATING_SEGMENTS - Disaggrega
OPERATING SEGMENTS - Disaggregation of Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 166,627 | $ 322,846 | $ 841,656 | $ 1,066,280 | |
Production costs | 106,452 | 154,521 | 424,900 | 483,330 | |
Depletion, depreciation, and amortization | 21,555 | 51,958 | 134,145 | 161,731 | |
Exploration, evaluation, and reclamation costs | 18,320 | 11,058 | 39,422 | 32,310 | |
Care and maintenance expense | 41,800 | 0 | 41,800 | 0 | |
Impairment of long-lived and other assets | 0 | 5 | 0 | 22,354 | |
Operating income | (35,064) | 92,659 | 150,901 | 325,559 | |
Capital expenditures | 35,213 | 29,312 | 105,806 | 112,440 | |
Assets | 4,995,258 | 5,110,167 | 4,995,258 | 5,110,167 | $ 5,211,438 |
Operating segments | Çöpler | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 4,245 | 145,217 | 250,395 | 437,393 | |
Production costs | 306 | 65,773 | 125,985 | 201,927 | |
Depletion, depreciation, and amortization | 242 | 29,442 | 57,836 | 89,385 | |
Exploration, evaluation, and reclamation costs | 1,142 | 2,575 | 2,834 | 9,232 | |
Care and maintenance expense | 41,800 | 41,800 | |||
Impairment of long-lived and other assets | 0 | 0 | |||
Operating income | (39,461) | 46,880 | 20,270 | 131,746 | |
Capital expenditures | 4,663 | 7,875 | 15,449 | 27,629 | |
Assets | 2,061,425 | 2,246,665 | 2,061,425 | 2,246,665 | |
Operating segments | Marigold | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 84,216 | 95,607 | 238,534 | 321,113 | |
Production costs | 53,684 | 50,281 | 142,841 | 155,582 | |
Depletion, depreciation, and amortization | 8,794 | 8,023 | 24,077 | 25,438 | |
Exploration, evaluation, and reclamation costs | 958 | 569 | 2,746 | 2,262 | |
Care and maintenance expense | 0 | 0 | |||
Impairment of long-lived and other assets | 0 | 0 | |||
Operating income | 20,780 | 36,734 | 68,869 | 137,934 | |
Capital expenditures | 16,974 | 8,126 | 50,540 | 43,412 | |
Assets | 574,230 | 526,179 | 574,230 | 526,179 | |
Operating segments | Seabee | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 33,346 | 40,966 | 203,313 | 153,800 | |
Production costs | 17,894 | 15,077 | 53,319 | 47,105 | |
Depletion, depreciation, and amortization | 9,187 | 10,023 | 38,936 | 32,145 | |
Exploration, evaluation, and reclamation costs | 4,535 | 3,621 | 9,881 | 9,977 | |
Care and maintenance expense | 0 | 0 | |||
Impairment of long-lived and other assets | 0 | 0 | |||
Operating income | 1,731 | 12,253 | 101,167 | 64,554 | |
Capital expenditures | 10,131 | 10,926 | 31,897 | 33,493 | |
Assets | 564,508 | 470,978 | 564,508 | 470,978 | |
Operating segments | Puna | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 44,820 | 41,056 | 149,414 | 153,974 | |
Production costs | 34,568 | 23,390 | 102,755 | 78,716 | |
Depletion, depreciation, and amortization | 3,332 | 4,470 | 13,296 | 14,763 | |
Exploration, evaluation, and reclamation costs | 3,825 | 442 | 6,437 | 1,308 | |
Care and maintenance expense | 0 | 0 | |||
Impairment of long-lived and other assets | 0 | 0 | |||
Operating income | 3,024 | 12,599 | 26,693 | 57,411 | |
Capital expenditures | 3,445 | 2,385 | 7,920 | 7,906 | |
Assets | 305,057 | 275,240 | 305,057 | 275,240 | |
Operating segments | Exploration, evaluation and development properties | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Production costs | 0 | 0 | 0 | 0 | |
Depletion, depreciation, and amortization | 0 | 0 | 0 | 0 | |
Exploration, evaluation, and reclamation costs | 6,718 | 3,476 | 15,575 | 8,752 | |
Care and maintenance expense | 0 | 0 | |||
Impairment of long-lived and other assets | 5 | 22,354 | |||
Operating income | (6,090) | (3,481) | (14,948) | (31,106) | |
Capital expenditures | 0 | 0 | 0 | 0 | |
Assets | 867,563 | 1,009,938 | 867,563 | 1,009,938 | |
Corporate and other | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Production costs | 0 | 0 | 0 | 0 | |
Depletion, depreciation, and amortization | 0 | 0 | 0 | 0 | |
Exploration, evaluation, and reclamation costs | 1,142 | 375 | 1,949 | 779 | |
Care and maintenance expense | 0 | 0 | |||
Impairment of long-lived and other assets | 0 | 0 | |||
Operating income | (15,048) | (12,326) | (51,150) | (34,980) | |
Capital expenditures | 0 | 0 | 0 | 0 | |
Assets | $ 622,475 | $ 581,167 | $ 622,475 | $ 581,167 |
OPERATING_SEGMENTS - Non-curren
OPERATING SEGMENTS - Non-current Assets by Geographical Area (Details) - Operating segments - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | $ 3,473,048 | $ 3,517,534 |
Türkiye | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 2,717,094 | 2,744,707 |
Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 313,833 | 292,264 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 319,059 | 307,857 |
Argentina | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 121,995 | 123,834 |
Mexico | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 576 | 48,345 |
Peru | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | $ 491 | $ 527 |
OPERATING_SEGMENTS - Revenue by
OPERATING SEGMENTS - Revenue by Geographical Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 166,627 | $ 322,846 | $ 841,656 | $ 1,066,280 |
Türkiye | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 4,245 | 145,217 | 250,395 | 437,393 |
Canada | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 33,346 | 40,966 | 203,313 | 153,800 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 84,216 | 95,607 | 238,534 | 321,113 |
Argentina | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 44,820 | $ 41,056 | $ 149,414 | $ 153,974 |
REVENUE - Revenue by Product (D
REVENUE - Revenue by Product (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 166,627 | $ 322,846 | $ 841,656 | $ 1,066,280 |
Gold doré sales | Çöpler | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,250 | 139,895 | 248,193 | 432,071 |
Gold doré sales | Marigold | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 84,183 | 95,593 | 238,438 | 321,039 |
Gold doré sales | Seabee | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 33,326 | 40,948 | 203,216 | 153,721 |
Concentrate sales | Puna | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 48,698 | 43,930 | 149,884 | 156,836 |
Other | Çöpler | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (5) | 5,322 | 2,202 | 5,322 |
Other | Marigold | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 33 | 14 | 96 | 74 |
Other | Seabee | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 20 | 18 | 97 | 79 |
Other | Puna | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ (3,878) | $ (2,874) | $ (470) | $ (2,862) |
REVENUE - Revenue by Metal (Det
REVENUE - Revenue by Metal (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 166,627 | $ 322,846 | $ 841,656 | $ 1,066,280 |
Gold | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 121,759 | 276,436 | 689,847 | 906,831 |
Silver | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 39,340 | 36,502 | 112,043 | 131,840 |
Lead | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 8,365 | 4,918 | 28,393 | 18,258 |
Zinc | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 993 | 2,510 | 9,448 | 6,738 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ (3,830) | $ 2,480 | $ 1,925 | $ 2,613 |
REVENUE - Narrative (Details)
REVENUE - Narrative (Details) - Concentrate Metal Sales Agreement oz in Thousands, lb in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) $ / pound $ / Ounce | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) oz lb $ / pound $ / Ounce | Sep. 30, 2021 USD ($) | |
Disaggregation of Revenue [Line Items] | ||||
Embedded derivative, increase (decrease) of value | $ | $ 1.3 | $ (2.8) | $ 2.6 | $ (2.5) |
Silver | ||||
Disaggregation of Revenue [Line Items] | ||||
Notional ounce/tonnes | oz | 3,670 | |||
Average price per ounce/tonnes | $ / Ounce | 20.60 | 20.60 | ||
Zinc | ||||
Disaggregation of Revenue [Line Items] | ||||
Notional ounce/tonnes | lb | 2,170 | |||
Average price per ounce/tonnes | $ / pound | 1.48 | 1.48 | ||
Lead | ||||
Disaggregation of Revenue [Line Items] | ||||
Notional ounce/tonnes | lb | 15,670 | |||
Average price per ounce/tonnes | $ / pound | 0.88 | 0.88 |
INCOME AND MINING TAXES - Narra
INCOME AND MINING TAXES - Narrative (Details) - USD ($) | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate reconciliation, rate | 7.10% | 9.20% | ||
Effective income tax rate reconciliation, statutory rate | 27% | |||
Unrecognized tax benefits that would impact effective tax rate | $ 9,200,000 | $ 0 | ||
Unrecognized tax benefits, income tax penalties and interest accrued | 5,200,000 | $ 0 | ||
Unrecognized tax benefits | 9,200,000 | $ 0 | $ 0 | $ 0 |
Unrecognized tax benefits, income tax penalties and interest expense | $ 6,600,000 |
INCOME AND MINING TAXES - Unrec
INCOME AND MINING TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 0 | $ 0 |
Increase associated with tax positions taken during the current year | 0 | 0 |
Increase (decrease) associated with tax positions taken during a prior year | 9.2 | 0 |
Settlements | 0 | 0 |
Decrease associated with lapses in statutes of limitation | 0 | 0 |
Ending balance | $ 9.2 | $ 0 |
OTHER OPERATING EXPENSES, NET_2
OTHER OPERATING EXPENSES, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | ||||
Alacer transaction and integration costs | $ 0 | $ 611 | $ 0 | $ 5,815 |
Pitarrilla transaction costs | 1,561 | 0 | 1,561 | 0 |
SEC conversion costs | 0 | 64 | 1,255 | 245 |
Other | (82) | 0 | (120) | 0 |
Other operating expenses, net | $ 1,479 | $ 675 | $ 2,696 | $ 6,060 |
OTHER INCOME (EXPENSE) (Details
OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | ||||
Interest income | $ 5,344 | $ 514 | $ 9,143 | $ 1,479 |
Change in fair value of marketable securities | (37) | (4,524) | (3,836) | (6,472) |
Gain (loss) on sale of mineral properties, plant, and equipment | (501) | (1,152) | (1,842) | 462 |
Other | 4,347 | (1,691) | 2,924 | (4,115) |
Total | $ 9,153 | $ (6,853) | $ 6,389 | $ (8,646) |
INCOME (LOSS) PER SHARE - Calcu
INCOME (LOSS) PER SHARE - Calculation of Basic and Diluted Net Income (Los) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||||||
Net income | $ (28,372) | $ 67,519 | $ 76,106 | $ 64,179 | $ 77,792 | $ 127,451 | $ 115,251 | $ 269,423 |
Net loss (income) attributable to non-controlling interest | 2,579 | (7,119) | (14,995) | (28,782) | ||||
Net income (loss) attributable to shareholders of SSR Mining | (25,793) | 57,060 | 100,256 | 240,641 | ||||
Interest saving on convertible notes, net of tax | 0 | 1,226 | 3,677 | 3,662 | ||||
Net income (loss) used in the calculation of diluted net income per share | $ (25,793) | $ 58,286 | $ 103,933 | $ 244,303 | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||
Weighted average number of common shares issued (in shares) | 207,983 | 213,426 | 210,986 | 217,392 | ||||
Adjustments for dilutive instruments, convertible notes (in shares) | 0 | 12,177 | 12,493 | 12,152 | ||||
Diluted weighted average number of shares outstanding (in shares) | 207,983 | 225,689 | 223,543 | 229,652 | ||||
Net income (loss) per share attributable to common shareholders | ||||||||
Basic (in dollars per share) | $ (0.12) | $ 0.27 | $ 0.48 | $ 1.11 | ||||
Diluted (in dollars per share) | $ (0.12) | $ 0.26 | $ 0.46 | $ 1.06 | ||||
Stock options | ||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||
Adjustments for dilutive instruments, share based compensation (in shares) | 0 | 46 | 5 | 53 | ||||
Restricted share units | ||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||
Adjustments for dilutive instruments, share based compensation (in shares) | 0 | 40 | 59 | 55 |
INCOME (LOSS) PER SHARE - Narra
INCOME (LOSS) PER SHARE - Narrative (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2022 USD ($) shares | |
Earnings Per Share [Abstract] | |
Interest saving on convertible notes, net of tax | $ | $ 1.2 |
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | shares | 12,542 |
FAIR VALUE MEASUREMENTS AND F_3
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash | $ 748,476 | $ 1,017,562 |
Restricted cash | 35,569 | 35,303 |
Marketable securities | 64,616 | 46,923 |
Trade receivables | 136,820 | 72,634 |
Derivative asset | 341 | 987 |
Deferred consideration | 23,201 | 22,610 |
Total assets | 1,009,023 | 1,196,019 |
Level 1 | ||
Assets: | ||
Cash | 748,476 | 1,017,562 |
Restricted cash | 35,569 | 35,303 |
Marketable securities | 64,616 | 46,923 |
Trade receivables | 0 | 0 |
Derivative asset | 0 | 0 |
Deferred consideration | 0 | 0 |
Total assets | 848,661 | 1,099,788 |
Level 2 | ||
Assets: | ||
Cash | 0 | 0 |
Restricted cash | 0 | 0 |
Marketable securities | 0 | 0 |
Trade receivables | 136,820 | 72,634 |
Derivative asset | 341 | 987 |
Deferred consideration | 0 | 0 |
Total assets | 137,161 | 73,621 |
Level 3 | ||
Assets: | ||
Cash | 0 | 0 |
Restricted cash | 0 | 0 |
Marketable securities | 0 | 0 |
Trade receivables | 0 | 0 |
Derivative asset | 0 | 0 |
Deferred consideration | 23,201 | 22,610 |
Total assets | $ 23,201 | $ 22,610 |
FAIR VALUE MEASUREMENTS AND F_4
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Fair Value of Significant Unobservable Inputs (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Balance as of January 1 | $ 22,610,000 | $ 21,460 |
Revaluations | 591,000 | 297 |
Acquisition of deferred consideration | 0 | 481 |
Deferred consideration moved to held for sale | 0 | (20,691) |
Balance as of September 30 | $ 23,201 | $ 1,547 |
FAIR VALUE MEASUREMENTS AND F_5
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Carrying amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 313,759 | $ 365,534 |
Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 337,799 | 431,078 |
Level 1 | Senior Notes | 2019 Notes | Carrying amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 226,259 | 225,534 |
Level 1 | Senior Notes | 2019 Notes | Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 248,285 | 286,207 |
Level 2 | Term Loan | Carrying amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 87,500 | 140,000 |
Level 2 | Term Loan | Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 89,514 | $ 144,871 |
TRADE AND OTHER RECEIVABLES (De
TRADE AND OTHER RECEIVABLES (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Trade receivables | $ 81,042,000 | $ 86,124,000 |
Value added tax receivables | 21,952,000 | 20,723,000 |
Income tax receivable | 21,835,000 | 9,374,000 |
Other taxes receivable | 5,838,000 | 1,866,000 |
Other | 6,153,000 | 3,269,000 |
Total | 136,820,000 | 121,356,000 |
Provision for credit loss | $ 0 | $ 0 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory [Line Items] | ||
Work-in-process | $ 7,871 | $ 4,951 |
Finished goods | 23,556 | 33,877 |
Total current inventories | 468,262 | 389,416 |
Total non-current inventories | 214,620 | 221,617 |
Materials and supplies | ||
Inventory [Line Items] | ||
Raw materials | 104,693 | 79,372 |
Total non-current inventories | 1,375 | 1,293 |
Stockpiled ore | ||
Inventory [Line Items] | ||
Raw materials | 45,272 | 27,589 |
Total non-current inventories | 213,245 | 220,324 |
Leach pad inventory | ||
Inventory [Line Items] | ||
Raw materials | $ 286,870 | $ 243,627 |
MINERAL PROPERTIES, PLANT AND_3
MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total mineral properties, plant, and equipment | $ 4,253,045 | $ 4,200,094 |
Accumulated depreciation, plant and equipment | (594,008) | (529,635) |
Accumulated depreciation, mineral properties | (468,101) | (420,695) |
Mineral properties, plant, and equipment, net | 3,190,936 | 3,249,764 |
Finance lease, right-of-use asset, before accumulated amortization | 103,000 | 114,900 |
Plant and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total mineral properties, plant, and equipment | 1,776,441 | 1,762,833 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Total mineral properties, plant, and equipment | 50,853 | 36,841 |
Mineral properties subject to depletion | ||
Property, Plant and Equipment [Line Items] | ||
Total mineral properties, plant, and equipment | 1,411,884 | 1,331,615 |
Mineral properties not yet subject to depletion | ||
Property, Plant and Equipment [Line Items] | ||
Total mineral properties, plant, and equipment | 668,356 | 141,629 |
Exploration and evaluation assets | ||
Property, Plant and Equipment [Line Items] | ||
Total mineral properties, plant, and equipment | $ 345,511 | $ 927,176 |
MINERAL PROPERTIES, PLANT AND_4
MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disposal Group, Disposed of by Sale | Royalty Portfolio | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss on impairment | $ 0 | $ 0 | $ 22,400,000 |
ACCRUED LIABILITIES AND OTHER_2
ACCRUED LIABILITIES AND OTHER (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued liabilities | $ 59,665 | $ 51,544 |
Royalties payable | 14,075 | 32,383 |
Stock-based compensation liabilities | 10,119 | 22,652 |
Income taxes payable | 22,310 | 52,206 |
Lease liabilities | $ 1,847 | $ 2,238 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total accrued liabilities and other | Total accrued liabilities and other |
Other | $ 2,146 | $ 4,085 |
Total accrued liabilities and other | $ 110,162 | $ 165,108 |
DEBT - Components of Debt (Deta
DEBT - Components of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total carrying amount | $ 315,510 | $ 366,984 |
Current Portion | 89,251 | 71,491 |
Non-Current Portion | 226,259 | 295,493 |
2019 Notes | Convertible Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 226,259 | 225,534 |
Discount and debt issuance costs | 3,700 | 4,500 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 87,500 | 140,000 |
Current Portion | 17,500 | |
Other | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,751 | $ 1,450 |
DEBT - Convertible Debt (Detail
DEBT - Convertible Debt (Details) - 2019 Notes - Senior Notes | Aug. 11, 2022 | Mar. 19, 2019 USD ($) day |
Debt Instrument [Line Items] | ||
Face amount | $ 230,000,000 | |
Interest rate, stated percentage | 2.50% | |
Proceeds from issuance of debt | $ 222,900,000 | |
Commissions and expenses related to offering of debt | $ 7,100,000 | |
Convertible, conversion ratio | 0.0554018 | |
Convertible, threshold trading days | day | 20 | |
Convertible, threshold consecutive trading days | day | 30 | |
Convertible, threshold percentage of stock price trigger | 130% |
DEBT - Term Loan (Details)
DEBT - Term Loan (Details) - USD ($) $ in Thousands | Sep. 16, 2020 | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||
Restricted cash | $ 35,569 | $ 35,303 | |
Current portion of debt | 89,251 | 71,491 | |
Term Loan | |||
Debt Instrument [Line Items] | |||
Current portion of debt | 17,500 | ||
Term Loan | Alacer | |||
Debt Instrument [Line Items] | |||
Face amount | $ 245,000 | ||
Restricted cash | $ 33,200 | $ 32,900 | |
Term Loan | London Interbank Offered Rate (LIBOR) | Minimum | Alacer | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.50% | ||
Term Loan | London Interbank Offered Rate (LIBOR) | Maximum | Alacer | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.70% |
DEBT - Credit Agreement (Detail
DEBT - Credit Agreement (Details) - USD ($) | Jun. 07, 2021 | Sep. 30, 2022 |
Debt Instrument [Line Items] | ||
Line of credit | $ 0 | |
Remaining borrowing capacity | 199,100,000 | |
Letters of credit outstanding, amount | $ 900,000 | |
Revolving Credit Agreement | Line of Credit | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | |
Line of credit facility, accordion feature | $ 100,000,000 | |
Revolving Credit Agreement | Line of Credit | Minimum | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2% | |
Revolving Credit Agreement | Line of Credit | Maximum | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3% |
EQUITY (Details)
EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jun. 20, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchase program, stock repurchased during period | $ 85,373 | $ 14,667 | $ 77,820 | $ 70,254 | ||
Common shares | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchase program, repurchase of common shares (in shares) | 5,255,000 | 798,000 | 4,801,000 | 4,000,000 | ||
Stock repurchase program, stock repurchased during period | $ 77,138 | $ 11,711 | $ 70,398 | $ 58,654 | ||
Retained earnings (accumulated deficit) | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchase program, stock repurchased during period | $ 8,235 | $ 2,956 | $ 7,422 | $ 11,600 | ||
Normal Course Issuer Bid | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchase program, common shares authorized to be repurchased (in shares) | 10,600,000 | |||||
Stock repurchase program, period in force | 12 months | |||||
Stock repurchase program, repurchase of common shares (in shares) | 5,255,284 | 6,053,126 | ||||
Stock repurchased and retired during period, cost per share (in dollars per share) | $ 16.25 | $ 16.53 | ||||
Stock repurchase program, stock repurchased during period | $ 85,400 | $ 100,000 | ||||
Normal Course Issuer Bid | Common shares | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchase program, stock repurchased during period | 8,200 | 11,200 | ||||
Normal Course Issuer Bid | Retained earnings (accumulated deficit) | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchase program, stock repurchased during period | $ 77,100 | $ 88,800 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION - Operating Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Decrease (increase) in operating assets: | ||
Trade and other receivables | $ (20,164) | $ (12,108) |
Inventories | (80,493) | (38,802) |
Other operating assets | 768 | 30,736 |
Increase (decrease) in operating liabilities: | ||
Accounts payable | 9,320 | (13,123) |
Accrued liabilities | (50,787) | (13,687) |
Reclamation liabilities | 0 | (94) |
Other operating liabilities | (28,548) | (9,605) |
Net change in operating assets and liabilities | $ (169,904) | $ (56,683) |
SUPPLEMENTAL CASH FLOW INFORM_4
SUPPLEMENTAL CASH FLOW INFORMATION - Other Cash Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Supplemental Cash Flow Information [Abstract] | ||
Interest paid | $ (20,177) | $ (11,110) |
Interest received | 9,143 | 2,346 |
Income taxes paid | $ (130,788) | $ (50,314) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Surety Bond | ||
Loss Contingencies [Line Items] | ||
Environmental bonding obligation, outstanding | $ 117.3 | $ 117 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Kartaltepe Mining Joint Venture - Forecast $ in Millions | 3 Months Ended |
Dec. 31, 2022 USD ($) | |
Subsequent Event [Line Items] | |
Additional ownership interests acquired percentage | 30% |
Payments to acquire interest in joint venture | $ 150 |
Ownership interests including additional ownership interests acquired percentage | 80% |