Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K/A | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,537,761,233 | ||
Entity Common Stock, Shares Outstanding | 206,762,854 | ||
Documents Incorporated by Reference | Designated portions of the registrant’s definitive Proxy Statement for its 2023 Annual Meeting of Shareholders, which is to be filed subsequent to the date hereof, are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Entity Central Index Key | 0000921638 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Firm ID | 271 |
Auditor Location | Vancouver, Canada |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Income Statement [Abstract] | ||||
Revenue | $ 1,148,033 | $ 1,474,199 | $ 853,089 | |
Operating Costs and Expenses: | ||||
Cost of sales | [1] | 607,942 | 671,374 | 444,538 |
Depreciation, depletion, and amortization | 181,447 | 227,959 | 109,258 | |
General and administrative expense | 71,660 | 56,594 | 33,569 | |
Exploration, evaluation, and reclamation costs | 52,846 | 42,382 | 27,043 | |
Care and maintenance | 41,800 | 0 | 29,593 | |
Impairment of long-lived and other assets | 0 | 20,275 | 0 | |
Other operating expenses, net | 2,070 | 11,240 | 20,813 | |
Operating income | 190,268 | 444,375 | 188,275 | |
Other income (expense): | ||||
Interest expense | (19,116) | (19,097) | (13,876) | |
Gain on acquisition of Kartaltepe | 81,852 | 0 | 0 | |
Other income (expense) | 20,291 | (14,149) | 31,124 | |
Foreign exchange gain (loss) | (32,460) | 3,629 | (3,732) | |
Total other income (expense) | 50,567 | (29,617) | 13,516 | |
Income before income and mining taxes | 240,835 | 414,758 | 201,791 | |
Income and mining tax benefit (expense) | (30,068) | 14,116 | (43,203) | |
Equity loss of affiliates | (339) | (2,952) | (1,426) | |
Net income | 210,428 | 425,922 | 157,162 | |
Net income attributable to non-controlling interest | (16,288) | (57,846) | (5,627) | |
Net income attributable to SSR Mining shareholders | $ 194,140 | $ 368,076 | $ 151,535 | |
Net income per share attributable to SSR Mining shareholders | ||||
Basic (in dollars per share) | $ 0.92 | $ 1.70 | $ 1 | |
Diluted (in dollars per share) | $ 0.89 | $ 1.63 | $ 0.96 | |
[1]Excludes depreciation, depletion, and amortization. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Operating activities | ||||
Net income | $ 210,428 | $ 425,922 | $ 157,162 | |
Adjustments for: | ||||
Depletion, depreciation, and amortization | 181,447 | 227,959 | 109,258 | |
Amortization of debt discount | 976 | 948 | 938 | |
Reclamation accretion expense | 6,035 | 4,821 | 3,815 | |
Deferred income taxes | (67,932) | (130,570) | 20,659 | |
Stock-based compensation | 6,473 | 14,799 | 15,851 | |
Equity loss of affiliates | 339 | 2,952 | 1,426 | |
Unrealized loss (gain) on derivative instruments | 982 | (5,093) | 5,215 | |
Change in fair value of marketable securities | (602) | 10,741 | (21,368) | |
Non-cash fair value adjustment on acquired inventories | 13,853 | 65,939 | 51,930 | |
Loss (gain) on sale of mineral properties, plant and equipment | 1,501 | (412) | 2,804 | |
Gain on acquisition of Kartaltepe | (81,852) | 0 | 0 | |
Impairment of long-lived and other assets | 0 | 20,275 | 0 | |
Non-cash care and maintenance | 10,733 | 0 | 0 | |
Loss (gain) on foreign exchange | 25,785 | 0 | 0 | |
Net change in operating assets and liabilities | (147,270) | (29,295) | (40,592) | |
Net cash provided by (used in) operating activities | 160,896 | 608,986 | 307,098 | |
Investing activities | ||||
Additions to mineral properties, plant and equipment | (137,515) | (164,810) | (138,990) | |
Acquisitions, net | [1] | (170,064) | 0 | 303,388 |
Purchases of marketable securities | (9,004) | (10,086) | (29,550) | |
Proceeds on Royalty Portfolio sale | 0 | 32,600 | 0 | |
Proceeds from sales of marketable securities | 35,631 | 11,396 | 97,098 | |
Proceeds from repayment of note receivable | 8,358 | 0 | 0 | |
Proceeds from sale of mineral properties, plant and equipment | 35,067 | 2,505 | 8,537 | |
Other investing activities | 1,245 | (742) | (60) | |
Net cash provided by (used in) investing activities | (236,282) | (129,137) | 240,423 | |
Financing activities | ||||
Repayment of debt, principal | (71,155) | (70,000) | (35,000) | |
Redemption of convertible notes | 0 | 0 | (114,994) | |
Proceeds from issuance of debt | 0 | 0 | 3,087 | |
Purchase of common shares | (100,040) | (148,075) | 0 | |
Proceeds from exercise of stock options | 2,628 | 8,778 | 6,545 | |
Principal payments on finance leases | (10,091) | (10,441) | (3,623) | |
Non-controlling interest dividend | (34,520) | (55,464) | 0 | |
Dividends paid | (58,799) | (43,233) | 0 | |
Settlement of restricted and performance share units | 0 | 408 | (14,389) | |
Other financing activities | 195 | (1,742) | 0 | |
Net cash provided by (used in) financing activities | (271,782) | (319,769) | (158,374) | |
Effect of foreign exchange rate changes on cash and cash equivalents | (16,591) | (3,136) | 789 | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (363,759) | 156,944 | 389,936 | |
Cash, cash equivalents, and restricted cash, beginning of year | 1,052,865 | 895,921 | 505,985 | |
Cash, cash equivalents, and restricted cash, end of year | 689,106 | 1,052,865 | 895,921 | |
Reconciliation of cash, cash equivalents, and restricted cash: | ||||
Cash and cash equivalents | 655,453 | 1,017,562 | 860,633 | |
Restricted cash | 33,653 | 35,303 | 35,288 | |
Total cash, cash equivalents, and restricted cash | $ 689,106 | $ 1,052,865 | $ 895,921 | |
[1] Acquisitions, net for the year ended December 31, 2022 is comprised of $24.8 million cash paid in the acquisition of Taiga Gold Corp., net of $4.7 million of cash and cash equivalents acquired, and $150.0 million cash paid in the acquisition of an additional 30% ownership in Kartaltepe. Acquisitions, net for the year ended December 31, 2020 is comprised of $303.4 million of cash, cash equivalents, and restricted cash acquired as part of the Alacer acquisition. Refer to Note 3 for further details. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2020 USD ($) | |
Alacer Acquisition | |
Business combination, cash and equivalents and restricted cash | $ 303.4 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 655,453 | $ 1,017,562 |
Marketable securities | 40,280 | 40,431 |
Trade and other receivables | 117,675 | 121,356 |
Inventories | 501,607 | 389,416 |
Restricted cash | 33,653 | 0 |
Prepaids and other current assets | 27,767 | 31,549 |
Total current assets | 1,376,435 | 1,600,314 |
Mineral properties, plant and equipment, net | 3,549,446 | 3,249,764 |
Inventories | 218,999 | 221,617 |
Restricted cash | 0 | 35,303 |
Equity method investments | 395 | 4,918 |
Goodwill | 49,786 | 49,786 |
Deferred income tax assets | 1,915 | 8,501 |
Other non-current assets | 57,681 | 41,235 |
Total assets | 5,254,657 | 5,211,438 |
LIABILITIES | ||
Accounts payable | 78,929 | 34,844 |
Accrued liabilities and other | 124,654 | 165,108 |
Finance lease liabilities | 3,872 | 12,439 |
Current portion of debt | 71,797 | 71,491 |
Total current liabilities | 279,252 | 283,882 |
Debt | 226,510 | 295,493 |
Finance lease liabilities | 102,434 | 105,965 |
Reclamation liabilities | 153,972 | 122,660 |
Deferred income tax liabilities | 342,401 | 338,788 |
Other non-current liabilities | 23,889 | 12,133 |
Total liabilities | 1,128,458 | 1,158,921 |
EQUITY | ||
Common shares – unlimited authorized common shares with no par value; 206,653 and 211,879 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively | 3,057,920 | 3,140,189 |
Retained earnings | 521,817 | 397,667 |
SSR Mining’s shareholders’ equity | 3,579,737 | 3,537,856 |
Non-controlling interest | 546,462 | 514,661 |
Total equity | 4,126,199 | 4,052,517 |
Total liabilities and equity | $ 5,254,657 | $ 5,211,438 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common shares, issued (in shares) | 206,653 | 211,879 |
Common shares, outstanding (in shares) | 206,653 | 211,879 |
Consolidated Statement of Chang
Consolidated Statement of Changes of 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, 2019 | 123,084 | ||||
Beginning balance at Dec. 31, 2019 | $ 1,043,176 | $ 1,043,176 | $ 1,103,591 | $ (60,415) | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Acquisition of Alacer (in shares) | 95,700 | ||||
Acquisition of Alacer | 2,649,355 | 2,142,703 | $ 2,142,703 | 506,652 | |
Exercise of stock options (in shares) | 825 | ||||
Exercise of stock options | 6,545 | 6,545 | $ 6,545 | ||
Settlement of RSUs and PSUs | (14,389) | (14,389) | (15,557) | 1,168 | |
Transfer of cash-settled RSUs | (3,238) | (3,238) | (4,138) | 900 | |
Equity-settled stock-based compensation | 8,677 | 8,677 | 8,677 | ||
Reclassification of contingently redeemable shares | 288 | 288 | $ 288 | ||
Other (in shares) | (2) | ||||
Other | (399) | (399) | $ 712 | (1,111) | |
Net income | 157,162 | 151,535 | 151,535 | 5,627 | |
Ending balance (in shares) at Dec. 31, 2020 | 219,607 | ||||
Ending balance at Dec. 31, 2020 | 3,847,177 | 3,334,898 | $ 3,242,821 | 92,077 | 512,279 |
Beginning balance at Dec. 31, 2019 | 3,599 | ||||
Contingently redeemable shares | |||||
Reclassification of contingently redeemable shares | (288) | ||||
Ending balance at Dec. 31, 2020 | 3,311 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Repurchase of common shares (in shares) | (8,801) | ||||
Repurchase of common shares | (148,075) | (148,075) | $ (129,052) | (19,023) | |
Exercise of stock options (in shares) | 818 | ||||
Exercise of stock options | 8,778 | 8,778 | $ 8,778 | ||
Settlement of RSUs and PSUs (in shares) | 255 | ||||
Settlement of RSUs and PSUs | 408 | 408 | $ 408 | ||
Transfer of equity-settled RSUs | 8,802 | 8,802 | 8,802 | ||
Equity-settled stock-based compensation | 5,121 | 5,121 | 5,121 | ||
Reclassification of contingently redeemable shares | 3,311 | 3,311 | $ 3,311 | ||
Dividends paid to shareholders of SSR Mining | (43,233) | (43,233) | (43,233) | ||
Dividends paid to non-controlling interest | (55,464) | (55,464) | |||
Other | (230) | (230) | (230) | ||
Net income | $ 425,922 | 368,076 | 368,076 | 57,846 | |
Ending balance (in shares) at Dec. 31, 2021 | 211,879 | 211,879 | |||
Ending balance at Dec. 31, 2021 | $ 4,052,517 | 3,537,856 | $ 3,140,189 | 397,667 | 514,661 |
Contingently redeemable shares | |||||
Reclassification of contingently redeemable shares | (3,311) | ||||
Ending balance at Dec. 31, 2021 | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Repurchase of common shares (in shares) | (6,053) | ||||
Repurchase of common shares | $ (100,040) | (100,040) | $ (88,849) | (11,191) | |
Exercise of stock options (in shares) | 180 | 180 | |||
Exercise of stock options | $ 2,675 | 2,675 | $ 2,675 | ||
Settlement of RSUs and PSUs (in shares) | 647 | ||||
Equity-settled stock-based compensation | 3,905 | 3,905 | $ 3,905 | ||
Dividends paid to shareholders of SSR Mining | (58,799) | (58,799) | (58,799) | ||
Acquisition of non-controlling interest | 48,591 | 48,591 | |||
Dividends paid to non-controlling interest | (34,520) | (34,520) | |||
Contributions from non-controlling interest | 1,442 | 1,442 | |||
Net income | $ 210,428 | 194,140 | 194,140 | 16,288 | |
Ending balance (in shares) at Dec. 31, 2022 | 206,653 | 206,653 | |||
Ending balance at Dec. 31, 2022 | $ 4,126,199 | $ 3,579,737 | $ 3,057,920 | $ 521,817 | $ 546,462 |
Ending balance at Dec. 31, 2022 | $ 0 |
THE COMPANY
THE COMPANY | 12 Months Ended |
Dec. 31, 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 United States 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 silver and 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 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 | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies used in the preparation of these consolidated financial statements are as follows: 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 particularly 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. Use of estimates These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of the Company's Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management’s estimates and assumptions relate to mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production depreciation; reclamation liabilities; valuation of assets acquired and liabilities assumed in business combinations, asset acquisitions or the initial consolidation of variable interest entities ("VIEs"); estimates of fair value for certain reporting units and asset impairments (including impairments of long-lived assets and goodwill); estimates of recoverable metal in stockpile and leach pad inventories; estimates of the net realizable value of inventory, stockpiled ore and leach pad inventory; and estimates of deferred tax assets and liabilities. The Company has based its estimates on historical experience and various other assumptions that it believes to be reasonable. Accordingly, actual results may differ materially from these estimates under different assumptions or conditions. Changes in facts and circumstances may alter such estimates and affect the results of operations and financial position in future periods. Principles of consolidation These consolidated financial statements include the accounts of SSR Mining Inc., its wholly owned subsidiaries, and VIEs in which it is the primary beneficiary. Intercompany assets, liabilities, equity, income, expenses, and cash flows between SSR Mining Inc. and its subsidiaries have been eliminated on consolidation. Investments in joint ventures in which the Company has significant influence and VIEs where the Company is not the primary beneficiary are accounted for under the equity method of accounting. Operating segments The Company has five reportable segments for financial reporting purposes: Çöpler, Marigold, Seabee, Puna and exploration, evaluation and development properties. Çöpler, Marigold, Seabee and Puna segments represent the Company's four operating mine sites. The exploration, evaluation and development properties segment represents a portfolio of prospective exploration tenures, both near or adjacent to the existing operations (near-mine) and greenfield standalone prospects, across Türkiye, the U.S., Canada, Mexico, and Peru. For further information refer to Note 4. Business combinations The Company recognizes and measures the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, while transaction and integration costs are expensed as incurred. Any excess of the purchase consideration when compared to the fair value of the net tangible and intangible assets acquired, if any, is recorded as goodwill. For material acquisitions, the Company engages third-party valuation specialists to assist with the determination of the fair value of assets acquired, liabilities assumed, non-controlling interest, if any, and goodwill, based on recognized business valuation methodologies. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, and non-controlling interest, if any, in a business combination. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition date, and not later than one year from the acquisition date, the Company will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period the adjustment arises. Foreign currency transactions The functional and reporting currency of SSR Mining and each of its subsidiaries is the USD. Accordingly, foreign currency transactions and balances of the Company’s subsidiaries are remeasured as follows: (i) monetary assets and liabilities denominated in currencies other than the USD (“foreign currencies”) are remeasured into USD at the exchange rates prevailing at the balance sheet date; and (ii) non-monetary assets denominated in foreign currencies and measured at other than fair value are remeasured using the rates of exchange at the transaction date. Foreign exchange gains and losses are recognized in Foreign exchange gain (loss) in the Consolidated Statements of Operations. Unrealized foreign exchange gains and losses on cash and cash equivalent balances denominated in foreign currencies are disclosed separately in the Consolidated Statements of Cash Flows. Cash and cash equivalents Cash and cash equivalents include cash on hand and held at banks and short-term investments with an original maturity of three months or less, which are readily convertible into a known amount of cash. Restricted cash is presented separately in Restricted cash in the Consolidated Balance Sheets. Restricted cash is deposited at banks and financial institutions and includes both a debt service reserve account and reclamation reserve account. Inventories Stockpiled ore, leach pad inventory, work-in-process inventory, and finished goods are valued at the lower of average cost or net realizable value (“NRV”). NRV is calculated using the estimated price at the time of sale based on prevailing and forecasted metal prices, less estimated future costs to convert the inventory into saleable form, depreciation, and all associated selling costs. Any write-downs of inventory to NRV are recognized within Cost of sales and Depreciation, depletion, and amortization in the Consolidated Statements of Operations. Stockpiled ore represents ore that has been extracted from the mine and is available for further processing. The cost of stockpiled ore is derived from the current mining costs incurred up to the point of stockpiling the ore and is removed at the weighted average cost as ore is processed. Quantities of stockpiled ore are verified by periodic surveys. Stockpiled ore that is not expected to be processed within the next twelve months is classified as non-current. Leach pad inventory represents ore that has been mined and placed on leach pads where a solution is applied to the surface of the heap to dissolve the gold and by-products. The resulting solution is further processed in a plant to recover the gold. The cost of leach pad inventory is derived from current mining and leaching costs and is removed at the weighted average cost per recoverable ounce of gold on the leach pads as ounces of gold are recovered. Estimates of recoverable gold in the leach pads are calculated based on the quantities of ore placed on the leach pads (measured tonnes added to the leach pads), the grade of ore placed on the leach pads (based on assay data), and an estimated recovery percentage (based on estimated recovery assumptions from the block model). The nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, estimates are refined based on actual results and engineering studies over time. The final recovery of gold from leach pads will not be known until the leaching process is concluded at the end of the mine life. Ore on leach pads that is not expected to be recovered within the next twelve months is classified as non-current. Work-in-process inventory represents material that is currently in the process of being converted to a saleable product, whether being processed in a mill or following recovery from a leach pad. Work-in-process inventory is determined based on assays of the material fed into the process and the projected recoveries of the respective processing plants. Work-in-process inventory is valued at the lower of average cost of the material fed into the process plus the in-process conversion costs, including applicable depreciation relating to the process facilities, or NRV. Finished goods inventory includes metal concentrates at site and in transit, doré at a site or a refinery, or gold bullion and are valued at the lower of the average cost of the respective in-process inventories incurred prior to the refining process, plus applicable refining costs, or NRV. Costs are transferred from finished goods inventory and recorded as Cost of sales and Depreciation, depletion and amortization in the Consolidated Statements of Operations upon sale. Materials and supplies inventories are measured at the lower of average cost or NRV. A regular review is undertaken to determine the extent of any reserve for obsolescence. Mineral properties, plant and equipment Mineral properties Mineral properties are capitalized at fair value at the acquisition date. Mineral properties may include mineral reserves, mineral resources and exploration potential. Mineral reserves represent the estimate of ore that can be economically and legally extracted from the Company's mining properties. Production stage mineral properties are operating properties that contain proven and probable reserves and are amortized using the units-of-production method based on the estimated recoverable ounces or pounds in proven and probable reserves. Development stage mineral properties are those under development that contain proven and probable reserves. Exploration stage mineral properties are those that potentially contain mineral resources, consisting of (i) areas adjacent to existing mineral resources and mineralization located within the immediate mine area; (ii) areas outside of immediate mine areas that are not part of mineral resources; and (iii) greenfield exploration potential that is not associated with any other production, development, or exploration stage property. Mineral properties in the development and exploration stage are not amortized until the property is converted to the production stage. Mineral exploration costs, including costs associated with prospecting, sampling, mapping, diamond drilling and other work involved in searching for mineral resources are charged to Exploration, evaluation and reclamation costs as incurred. Mine development Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Capitalization of mine development project costs that meet the definition of an asset begins once mineralization is classified as proven and probable reserves. Drilling and related costs are capitalized for an ore body where proven and probable reserves exist, and the activities are directed at obtaining additional information about the ore body or converting mineralized material to proven and probable reserves. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of Cost of sales . The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. Where multiple open pits exist at a mining complex utilizing common processing facilities, pre-stripping costs are capitalized for each pit. The removal, production, and sale of de minimis saleable materials may occur during the development phase of an open pit mine and are assigned incremental mining costs related to the removal of that material. The production phase of an open pit mine commences when saleable minerals, beyond a de minimis amount, are produced. Stripping costs incurred during the production phase of a mine are variable cost of sales that are included as a component of inventory to be recognized in Cost of sales in the same period as the revenue from the sale of inventory. Mine development costs are amortized using the units-of-production method based on estimated recoverable ounces or pounds in proven and probable reserves. To the extent that these costs benefit an entire ore body, they are amortized over the estimated life of the ore body. Costs incurred to access specific ore blocks or areas that only provide benefit over the life of that area are amortized over the estimated life of that specific ore block or area. Plant and equipment Expenditures for new facilities or equipment and expenditures that extend the useful lives of existing facilities or equipment are capitalized and recorded at cost. Facilities and equipment acquired as part of a finance lease are capitalized and recorded as right-of-use ("ROU") assets based on the contractual lease terms. The carrying amounts of plant and equipment are depreciated to their estimated residual value over the estimated useful lives of the specific assets or the estimated life-of-mine ("LOM"), if shorter. Depreciation starts on the date when the asset is available for its intended use. Construction in process assets are not depreciated until available for their intended use. The major categories of plant and equipment are depreciated on a straight-line basis using the estimated lives indicated below: Vehicles 5 years - 7 years Mining equipment 3 years - 20 years Mobile equipment components 2 years - 7 years Buildings 5 years - 20 years Mine plant equipment 3 years - 20 years Underground infrastructure 4 years - 6 years ROU assets - plant and equipment (1) 10 years - 20 years (1) For ROU assets, the depreciation period indicated above represents the period from lease commencement date to the earlier of the end of the useful life of the underlying asset or the end of the lease term. Impairment of long-lived assets The Company assesses the carrying value of its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts of such assets may not be recoverable. Events or circumstances that could indicate that the carrying value of an asset or asset group may not be recoverable include, but are not limited to, significant adverse changes in the business climate including changes in future metal prices, significant changes to the extent or manner in which the asset is being used or its physical condition including significant decreases in production or mineral reserves, and significant decreases in the market price of the assets. In evaluating long-lived assets for recoverability, estimates of undiscounted future cash flows of the Company's mines are used. An impairment is considered to exist if total estimated undiscounted future cash flows are less than the carrying amount of the asset. Once it is determined that an impairment exists, an impairment loss is recognized based on the difference between the estimated fair value of the long-lived assets and their carrying amounts. Fair value is typically determined through the use of an income approach utilizing estimates of discounted future cash flows. Future cash flows are derived from current business plans which are developed using short and long-term metal price assumptions; estimates of costs; and resource, reserve and exploration potential estimates, including timing and costs to develop and produce the material and are considered Level 3 fair value measurements. The Company believes its estimates and models used to determine fair value are similar to what a market participant would use. Goodwill Under the acquisition method of accounting for business combinations, the identifiable assets acquired and liabilities assumed are recognized at their estimated fair value as of the date of acquisition. The excess of the fair value of consideration paid over the fair value of the identifiable net assets acquired is recognized as Goodwill and allocated to the reporting units. Goodwill is allocated to reporting units and assessed for impairment annually as of December 31 and when events or circumstances indicate that the carrying value of a reporting unit exceeds its fair value. In testing for goodwill impairment, the Company may elect to perform a qualitative assessment to determine whether the existence of events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the Company does not elect to perform a qualitative assessment or it is determined that it is more likely than not that the fair value is less than the carrying value, then a quantitative goodwill impairment test is performed by determining the fair value of the reporting unit. The fair value of a reporting unit is determined using either the income approach by utilizing estimates of discounted future cash flows or the market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. If the carrying amount of a reporting unit exceeds the fair value, an impairment loss is recognized in the current period in an amount equal to the excess. Stock-based compensation The Company determines the fair value on the grant date for stock-based compensation awards and expenses the awards in the Consolidated Statements of Operations over the vesting period on a straight-line basis. Based on the terms of the award, and the Company’s intent and past practice for settlement in cash or shares, the awards are classified as liabilities or equity. The Company recognizes forfeitures as they occur. Cash-settled stock-based compensation arrangements; including Deferred Share Units (“DSUs”), DSU Replacement Units, Performance Stock Units (“PSUs”), and PSU Replacement Units are remeasured at fair value at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period. For equity-settled stock options, the fair value at the grant date is estimated using the Black-Scholes option pricing model. For Restricted Share Units (“RSUs”) and RSU Replacement Units, the fair value at the grant date is estimated based on the quoted market price of the Company’s common stock. Income taxes The income and mining tax expense for the period is comprised of current tax expense and deferred tax expense, and is recognized in the Consolidated Statements of Operations. Current income tax Current tax for each of the Company's taxable entities is based on the local taxable profit for the period at the local statutory tax rates enacted at the date of the Consolidated Balance Sheets as well as the available double tax treaty rates as ratified. Management periodically evaluates positions taken in tax returns in situations in which applicable tax regulation is subject to interpretation. The Company establishes provisions where appropriate on the basis of amounts expected to be paid to tax authorities. Any uncertain tax positions must meet a more-likely-than-not realization threshold to be recognized and any potential accrued interest and penalties related to unrecognized tax benefits are recognized within Income tax benefit (expense) . Deferred tax Deferred income taxes are accounted for using the asset and liability method. Under this method, deferred tax assets and liabilities are determined by applying the enacted statutory tax rates in effect at the end of a reporting period to the cumulative temporary differences between the tax bases of assets and liabilities and their reported amounts in the Company’s consolidated financial statements. Deferred income tax assets are recognized for all deductible temporary differences to the extent that it is more likely than not that taxable profits will be available to be utilized against those deductible temporary differences. A valuation allowance for deferred tax assets is established when it is more likely than not that some portion of the benefit from deferred tax assets will not be realized. The extent to which deductible temporary differences, unused tax losses and other income tax deductions are expected to be realized are reassessed at the end of each reporting period. The effect on deferred taxes of a change in tax rates is recognized in income during the period that the enactment is effective. Deferred tax assets are recognized for investment incentive tax credits in Türkiye in the period earned as expenditures that are more likely than not to be accepted as eligible spend occur and it is more likely than not that taxable profits will be available to be utilized against those credits, which can be applied to current and future year income tax payments. The Company accounts for the investment incentive tax credit in Türkiye using the flow-through method. Under this method, the investment incentive tax credit is treated as a reduction of income taxes in the year in which the credit arises. Deferred income tax liabilities are not recognized for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, unless it becomes apparent that the excess book over tax basis difference is expected to reverse in the foreseeable future. Accordingly, deferred income tax assets and liabilities are recognized for future withholding taxes payable where it has been determined that the amount would reasonably be payable in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset the current tax assets against the current tax liabilities, when they relate to income taxes levied by the same taxation authority, and the Company intends to settle its current tax assets and liabilities on a net basis. Mining taxes and other tax arrangements Mining taxes or royalties and other arrangements are treated as taxation arrangements when they have the characteristics of an income tax. This is the case when they are imposed under government authority and the amount payable is calculated by reference to an income measure. Obligations arising from royalty arrangements that do not satisfy these criteria are recognized as current liabilities and included within Cost of sales . Investments The Company has investments in debt securities and marketable equity securities. The Company determines the appropriate classification of debt securities at the time of purchase and re-evaluates such determinations at each reporting date. Current investments include marketable equity securities and held to maturity and available for sale debt securities. Marketable equity securities are carried at fair value. Held to maturity securities, classified based on the intent and ability to hold the securities to maturity, are carried at amortized cost. Marketable debt securities are categorized as available for sale and carried at fair value. Gains and losses on the sale of securities are recognized on a specific identification basis. Unrealized gains and losses are included in Other income (expense) on the Consolidated Statements of Operations. Derivative financial instruments The Company is exposed to various market risks, including the effect of changes in metal prices and foreign exchange rates, and from time to time uses derivatives to manage financial exposures that occur in the normal course of business. The Company recognizes derivatives as either assets, presented in the Consolidated Balance Sheets in Prepaid and other current assets or Other non-current assets , or liabilities, presented in the Consolidated Balance Sheets in Accrued liabilities and other or Other non-current liabilities , and measures those instruments at fair value. These are considered Level 2 fair value measurements. Changes in the value of derivative instruments are recorded each period in Cost of sales or Other income (expense) on the Consolidated Statements of Operations. Management applies judgment in estimating the fair value of instruments that are highly sensitive to assumptions regarding commodity prices, market volatilities, and foreign currency exchange rates. The Company currently does not apply hedge accounting. Reclamation liabilities The Company recognizes a liability for the fair value of estimated future reclamation costs when incurred. The liability is accreted over time through periodic charges to Exploration, evaluation and reclamation costs in the Consolidated Statements of Operations. In addition, the asset retirement cost is capitalized as part of the asset's carrying value and amortized over the life of the related asset. Reclamation liabilities are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of reclamation costs. Changes in the estimate of reclamation costs may result from changes in legal or regulatory requirements, increased obligations arising from additional mining and exploration activities, and changes to cost estimates. Changes in reclamation estimates at mines that are not currently operating, as the mine or portion of the mine site has entered the closure phase and has no substantive future economic value, are reflected in Exploration, evaluation and reclamation costs in the Consolidated Statements of Operations. The estimated reclamation obligation is based on when spending for an existing disturbance is expected to occur. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at each mine site. Leases The Company has entered into lease contracts under which it is the lessee. The Company determines whether an arrangement is, or contains, a lease based on the substance of the arrangement at its inception. If the contract is determined to be a lease, the Company classifies the lease as either an operating or financing lease. Operating lease right of use ("ROU") assets are included in Other non-current assets and lease obligations are included in Accrued liabilities and other and Other non-current liabilities in the Consolidated Balance Sheets. Finance lease ROU assets are included in Mineral properties, plant and equipment and lease obligations are included in Finance lease liabilities in the Consolidated Balance Sheets. ROU assets represent the Company’s right to use the underlying assets for the lease term and the corresponding lease liabilities represent its obligations to make lease payments arising from the leases. Operating and finance lease ROU assets and liabilities are recognized at the commencement date based on the present value of the expected lease payments over the lease term. When the rate of interest implicit in the lease cannot be readily determined, the Company uses its incremental borrowing rate in determining the present value of future lease payments. Operating lease costs are recognized on a straight-line basis over the lease term. Finance lease costs are recognized based on the effective interest method for the lease liability and straight-line amortization of the ROU asset, resulting in more cost being recognized in earlier periods. Variable lease payments are recognized in the period in which they are incurred. The Company has elected certain practical expedients including the short-term lease recognition exemption for all classes of underlying assets. Accordingly, leases with a term of one year or less have not and will not be recognized on the Consolidated Balance Sheets. The Company has also elected the practical expedient to not separate lease and non-lease components such as taxes and common area maintenance charges, in certain classes of assets such as its office facilities. Most of the Company’s leasing arrangements include extension and termination options, all of which provide the Company flexibility in retaining the underlying facilities and equipment, as well as some protection from future price variability. The Company has applied judgment to determine the lease term, which is the non-cancelable period in the contract, plus the period beyond that cancellation period that the Company believes it is reasonably certain it will need the equipment for operational purposes. Revenue recognition The Company generates revenue by selling gold, copper, silver, lead and zinc produced from its mining operations. The majority of the Company’s sales come from the sale of refined gold bullion; however, the end product at the Company’s gold operations is generally doré bars. The Company also sells silver-lead and zinc concentrate to smelters for further treatment and refining. Gold sales Doré is sent to refiners to produce bullion that meets the required market standard of 99.95% gold. Under the terms of the Company’s refining agreements, the doré bars are refined for a fee, and the Company’s share of the refined gold and separately recovered silver is credited to its bullion account. Doré produced at Marigold and Seabee is sold primarily to bullion banks in the London spot market. Doré produced at Çöpler is sold primarily on the Istanbul Gold Exchange. Under legislation commenced in Türkiye in 2018, the Central Bank of the Republic of Türkiye has the first right of refusal for all gold produced by mining operations in Türkiye. The Company generally recognizes revenue for gold from doré production when it satisfies the performance obligation of transferring gold bullion credits to the customer, as this is the point at which the customer obtains the ability to direct the use of and hold the remaining benefits of ownership of the asset. The transaction price is fixed on the date of sale based on the London Bullion Market Association's (“LBMA”) gold fix price or spot price and number of ounces delivered. Payment is due upon delivery of gold bullion credits to the customer’s account. Concentrate sales Metals produced at Puna are sold in concentrate form to smelters and traders. The Company recognizes revenue for silver-lead and zinc concentrate, net of treatment and refining costs, when it satisfies the performance obligation of transferring control of the concentrate to the customer. This generally occurs as material passes over the vessel’s rail at the port of loading or unloading, as the customer has the risk of loss and ability to direct the use of and obtain substantially all of the remaining benefits of the material. The Company has elected to account for shipping and handling costs for concentrate contracts as fulfillment activities and not as promised goods or services; therefore, these activities are not considered separate performance obligations. The initial sales price of concentrate metal sales is determined on a provisional basis at the date of sale as the final selling price is subject to movements in the monthly average London Metal Exchange (“LME”) or LBMA prices up to the date of final pricing. The period between provisional invoicing and final pricing, or settlement period, is typically between 30 and 120 days. The Company’s |
ACQUISITIONS AND DIVESTITURES
ACQUISITIONS AND DIVESTITURES | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS AND DIVESTITURES | ACQUISITIONS AND DIVESTITURES Acquisitions Acquisition of additional 30% ownership in Kartaltepe On November 17, 2022, the Company, through its wholly owned subsidiary Alacer Gold Madencilik A.S., completed the acquisition of an additional 30% ownership in Kartaltepe Madencilik Sanayi ve Ticaret Anonim Şirketi (“Kartaltepe”) from joint venture partner Lidya Madencilik Sanayi ve Ticaret A.Ş (“Lidya”) (the “Transaction) for total consideration of $150.0 million in cash. The Company previously owned 50% of Kartaltepe and accounted for its interest as an equity method investment with a reported amount of $4.2 million. Upon completion of the Transaction, the Company now owns 80% of Kartaltepe and is considered the primary beneficiary of the VIE and will consolidate Kartaltepe under ASC 810. The Company's acquisition of Kartaltepe is included in the Çöpler mine operating segment. The Transaction provides increased exposure for the Company to potential exploration success on the geologically prospective Kartaltepe licenses, including Çakmaktepe Extension, Çakmaktepe, and the Mavialtin Porphyry Belt. Additionally, the Transaction is expected to deliver material synergies through the remainder of Ҫӧpler’s mine life. The Company concluded that Kartaltepe was not a business based on its assessment under ASC 805 and accounted for the acquisition as an initial consolidation of a VIE that is not a business under ASC 810. As a result of the Transaction the Company recognized a gain of $81.9 million during the fourth quarter of 2022, included in Gain on acquisition of Kartaltepe in the Consolidated Statements of Operations. The gain represents the difference between: (i) the fair value of consideration paid, the fair value of the non-controlling interests, and the reported amount of the previously held interest and (ii) the total amount of the net assets recognized at fair value. At acquisition, the Company recognized all assets acquired and liabilities assumed at an aggregate fair value of $284.7 million, primarily consisting of $361.6 million in Mineral properties, plant and equipment, net 1 and $72.3 million in Deferred tax liabilities 2 on the Consolidated Balance Sheets. The fair value of Lidya’s 20% interest of $48.6 million was recognized as Non-controlling interest on the Consolidated Balance Sheets. The Company retained a third-party appraiser to assist in determining the fair value of the assets acquired, liabilities assumed, and non-controlling interest as of the acquisition date. The fair value estimates were based on income and market valuation methods 1 . Fair value is a market-based measurement and does not include entity-specific synergies. Acquisition of Taiga Gold Corp. On April 14, 2022, the Company completed the purchase of all the issued and outstanding common shares of Taiga Gold Corp. (“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. The assets are included in the Seabee mine operating segment. Acquisition of Alacer Gold Corporation On September 16, 2020 (“Acquisition Date”), the Company acquired all of the issued and outstanding common shares of Alacer Gold Corp. ("Alacer"). The acquisition of Alacer created a diversified portfolio of high quality, long-life mines across four mining-friendly jurisdictions. The Company acquired all of the issued and outstanding common shares of Alacer, with Alacer shareholders receiving 0.3246 of the Company’s common stock for every one Alacer share (the "Exchange Ratio"). The transaction resulted in the issuance of 95,699,911 of the Company’s common stock to the former shareholders of Alacer. All outstanding RSUs, PSUs and DSUs of Alacer that were not exercised prior to the Acquisition Date were replaced with the Company units (the RSU Replacement Units, the PSU Replacement Units, and the DSU Replacement Units, respectively), with the number of such securities issued adjusted by the Exchange Ratio. Upon closing of the transaction, the Company and former Alacer shareholders owned 57% and 43%, respectively, of the shares of the combined entity. Upon the completion of the transaction, Alacer became a wholly-owned subsidiary of the Company. Alacer holds an 80% interest in Anagold Madencilik Sanayi ve Ticaret Anonim Şirketi ("Anagold"), the owner and operator of Çöpler, a large-scale open pit gold mine in east-central Türkiye. The 20% non-controlling interest in Anagold is held by Lidya. Based upon the September 15, 2020 closing stock price of the Company's common stock, the total purchase price consideration of the acquisition was $2.2 billion The Company incurred transaction and integration costs of $6.9 million and $20.8 million which included $11.0 million for severance and termination payments to executives, for the years ended December 31, 2021 and 2020, respectively. These costs were recognized in Other operating expenses, net in the Consolidated Statements of Operations. The acquisition of Alacer was accounted for as a business combination which requires the measurement of acquired assets and liabilities assumed at their respective fair values at the date of acquisition. The Acquisition Date fair value of the consideration transferred consists of the following (in thousands): Share consideration (1) $ 2,127,284 RSU, PSU and DSU consideration (2) 52,363 Total consideration $ 2,179,647 (1) The fair value of 95,699,911 common shares issued to Alacer shareholders was determined using the Company's common share price of $22.22 per share on September 15, 2020. (2) The fair value of 3,570,261 RSU, 3,463,023 PSU and 1,158,071 DSU consideration units issued was determined using the Alacer share price of $7.21 on September 15, 2020, adjusted for the Exchange Ratio. Of the amount relating to the RSU, PSU and DSU consideration, $15.4 million was recognized in equity and $23.8 million and $13.2 million were recognized in Accrued liabilities and other and Other non-current liabilities, respectively. The table below presents the fair values of the assets acquired and liabilities assumed at the Acquisition Date (in thousands): ASSETS Cash and cash equivalents $ 270,445 Trade and other receivables 17,218 Inventories 224,992 Prepaids and other current assets 6,039 Mineral properties, plant and equipment 2,789,832 Inventories 124,775 Restricted cash 32,943 Equity method investments 9,148 Other non-current assets 9,575 Total assets $ 3,484,967 LIABILITIES Accounts payable and accrued liabilities $ 71,861 Current portion of debt 70,000 Debt 175,000 Reclamation liabilities (1) 26,154 Lease liabilities - non-current 114,820 Deferred income tax liabilities (2) 337,752 Other non-current liabilities 3,081 Non-controlling interest (3) 506,652 Total liabilities 1,305,320 Total net assets $ 2,179,647 (1) The fair value of reclamation costs is based on the expected amounts and timing of cash flows for closure activities and discounted to present value using a credit-adjusted risk-free rate as of the Acquisition Date. Key assumptions include the costs and timing of key closure activities based on the life of mine plans. (2) Deferred income tax liabilities are net of a deferred income tax asset of $182.9 million relating to investment incentive tax credits at Çöpler and includes a deferred income tax liability of $29.2 million for withholding tax on distributable earnings of the Turkish entities. (3) The fair value of non-controlling interest is measured based on a discounted cash flow model. The fair values of inventories were determined based on an NRV approach, whereby the future estimated cash flows from sales of payable metal produced are adjusted for costs to complete. The fair values of mineral properties have been estimated using discounted cash flow models and the fair values of plant and equipment have been estimated using a depreciated replacement cost approach. A market approach was used to estimate the fair values of certain exploration assets with reference to a public company comparable analysis. Expected future cash flows are based on estimates of future metal prices, production based on current estimates of mineral reserves and recoverable mineral resources, future operating costs and capital expenditures, and discount rates. The amount of net deferred tax liabilities recognized includes an amount recognized for deferred tax assets relating to investment incentive tax credits for which the Company has determined it is more likely than not to be accepted as eligible spend occurs and it is more likely than not that taxable profits will be available to utilize against those credits. Consolidated revenue for the year ended December 31, 2020 includes revenue from the assets acquired in the acquisition of Alacer of $205.5 million. Consolidated net income for the year ended December 31, 2020 includes net income attributable to SSR Mining shareholders from Alacer of $24.1 million. Pro forma financial information The following table provides unaudited pro forma financial information for the year ended December 31, 2020, as if Alacer had been acquired as of January 1, 2020 (in thousands): Years Ended December 31, 2020 Revenue $ 1,215,145 Net income attributable to SSR Mining shareholders $ 264,390 Divestitures Divestiture of Pitarrilla 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 of $35.0 million, Endeavour Silver common shares with a fair value on the closing date of $25.6 million (8,577,380 shares at $2.99 per share), and a 1.25% net smelter returns royalty on the Pitarrilla property. A gain of $0.6 million was recognized, included in Other operating expenses, net in the Consolidated Statements of Operations, calculated as the difference between the consideration received and the carrying amount of the net assets sold. Divestiture of royalty assets impairment loss |
OPERATING_SEGMENTS
OPERATING SEGMENTS | 12 Months Ended |
Dec. 31, 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): Year Ended December 31, 2022 Çöpler Marigold Seabee Puna Exploration, evaluation Corporate and other (1) Total Revenue $ 355,070 $ 348,817 $ 244,692 $ 199,454 $ — $ — $ 1,148,033 Cost of sales (2) $ 189,825 $ 206,014 $ 74,679 $ 137,424 $ — $ — $ 607,942 Depletion, depreciation and amortization $ 76,628 $ 34,255 $ 49,445 $ 21,119 $ — $ — $ 181,447 Exploration, evaluation and reclamation costs $ 3,684 $ 3,746 $ 14,104 $ 7,098 $ 22,465 $ 1,749 $ 52,846 Care and maintenance (3) $ 41,800 $ — $ — $ — $ — $ — $ 41,800 Operating income (loss) $ 40,340 $ 104,802 $ 106,453 $ 33,546 $ (21,839) $ (73,034) $ 190,268 Capital expenditures $ 35,729 $ 58,795 $ 38,193 $ 10,446 $ — $ — $ 143,163 Total assets as of December 31, 2022 $ 2,465,066 $ 630,795 $ 581,574 $ 315,059 $ 857,709 $ 404,454 $ 5,254,657 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. (2) Excludes depreciation, depletion, and amortization. (3) Care and maintenance expense represents direct costs and depreciation incurred at Çöpler during the temporary suspension of operations in the third quarter of 2022. Year Ended December 31, 2021 Çöpler Marigold Seabee Puna Exploration, evaluation Corporate and other (1) Total Revenue $ 607,887 $ 426,391 $ 213,860 $ 226,061 $ — $ — $ 1,474,199 Cost of sales (2) $ 264,889 $ 219,035 $ 66,354 $ 121,096 $ — $ — $ 671,374 Depletion, depreciation and amortization $ 125,220 $ 35,410 $ 45,334 $ 21,995 $ — $ — $ 227,959 Exploration. evaluation, and reclamation costs $ 10,868 $ 2,979 $ 11,867 $ 1,764 $ 13,027 $ 1,877 $ 42,382 Impairment of long-lived and other assets $ — $ — $ — $ — $ 20,275 $ — $ 20,275 Operating income (loss) $ 201,302 $ 169,070 $ 90,332 $ 79,043 $ (33,302) $ (62,070) $ 444,375 Capital expenditures $ 34,699 $ 55,861 $ 40,553 $ 10,458 $ — $ — $ 141,571 Total assets as of December 31, 2021 $ 2,290,367 $ 566,015 $ 479,370 $ 293,470 $ 923,204 $ 659,012 $ 5,211,438 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. (2) Excludes depreciation, depletion, and amortization. Year Ended December 31, 2020 Çöpler Marigold Seabee Puna Exploration, evaluation Corporate and other (1) Total Revenue $ 205,535 $ 409,799 $ 135,230 $ 102,525 $ — $ — $ 853,089 Cost of sales (2) $ 121,614 $ 216,358 $ 40,575 $ 65,991 $ — $ — $ 444,538 Depletion, depreciation and amortization $ 33,793 $ 34,619 $ 28,341 $ 12,505 $ — $ — $ 109,258 Exploration, evaluation and reclamation costs $ 3,560 $ 3,742 $ 6,390 $ (373) $ 13,186 $ 538 $ 27,043 Care and maintenance expense (3) $ — $ — $ 13,644 $ 15,949 $ — $ — $ 29,593 Operating income (loss) $ 46,546 $ 154,645 $ 46,152 $ 6,937 $ (13,186) $ (52,819) $ 188,275 Capital expenditures $ 22,883 $ 55,567 $ 32,782 $ 10,962 $ — $ — $ 122,194 Total assets as of December 31, 2020 $ 2,254,320 $ 601,804 $ 454,484 $ 225,033 $ 1,018,801 $ 622,902 $ 5,177,344 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. (2) Excludes depreciation, depletion, and amortization. (3) Care and maintenance expense consists of operating costs and depreciation incurred while a site is placed into care and maintenance or operating at reduced levels in response to the COVID-19 pandemic. Geographic area The following are non-current assets, excluding Goodwill , Restricted cash and Deferred income taxes , by location as of December 31 (in thousands): December 31, 2022 2021 Türkiye $ 3,064,482 $ 2,744,707 Canada 311,937 292,264 United States 321,423 307,857 Argentina 127,661 123,834 Mexico 536 48,345 Peru 482 527 Total $ 3,826,521 $ 3,517,534 The following is revenue information by geographic area based on the location of production for the years ended December 31, (in thousands): Years Ended December 31, 2022 2021 2020 Türkiye $ 355,070 $ 607,887 $ 205,535 Canada 244,692 213,860 135,230 United States 348,817 426,391 409,799 Argentina 199,454 226,061 102,525 Total $ 1,148,033 $ 1,474,199 $ 853,089 |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE The following table represents revenues by product (in thousands): Years Ended December 31, 2022 2021 2020 Gold doré sales Çöpler $ 352,740 $ 600,790 $ 205,535 Marigold 348,692 426,288 409,746 Seabee 244,581 213,766 135,177 Concentrate sales Puna 201,859 229,959 105,350 Other (1) Çöpler 2,330 7,097 — Marigold 125 103 53 Seabee 111 94 53 Puna (2,405) (3,898) (2,825) Total $ 1,148,033 $ 1,474,199 $ 853,089 (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 years ended December 31, are as follows (in thousands): Years Ended December 31, 2022 2021 2020 Gold $ 946,013 $ 1,240,844 $ 750,458 Silver 153,280 183,378 92,260 Lead 37,519 33,070 8,815 Zinc 11,060 13,511 4,275 Other 161 3,396 (2,719) Total $ 1,148,033 $ 1,474,199 $ 853,089 During 2022, sales to Central Bank of Türkiye, CIBC, and Bank of Montreal accounted for 31%, 28% and 16% of the Company's total revenues, respectively. During 2021, sales to Central Bank of Türkiye and CIBC accounted for 41% and 30% of the Company's total revenues, respectively. During 2020, sales to CIBC, Central Bank of Türkiye, and Bank of Montreal accounted for 45%, 24%, and 14%, of the Company's total revenues, respectively. Provisional metal sales For the years ended December 31, 2022, 2021 and 2020, changes in the fair value of the Company's embedded derivatives relating to provisional concentrate metal sales was an increase of $2.8 million, a decrease of $(1.0) million and a decrease of $(1.5) million respectively, which has been recorded in Revenue . |
RECLAMATION_LIABILITIES
RECLAMATION LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Asset Retirement Obligation [Abstract] | |
RECLAMATION LIABILITIES | RECLAMATION LIABILITIES The Company is subject to various domestic and international laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. Estimated future reclamation costs are based principally on current legal and regulatory requirements. Changes in Reclamation liabilities during the years ended December 31 were as follows (in thousands): 2022 2021 Balance, beginning of year $ 125,044 $ 104,744 Reclamation expenditures (1,221) (243) Accretion expense 6,035 4,821 Additions, changes in estimate and other 34,189 15,722 Balance, end of year $ 164,047 $ 125,044 Less: current portion (10,075) (2,384) Non-current reclamation liabilities $ 153,972 $ 122,660 During the year ended December 31, 2022, reclamation adjustments related to changes in estimate were primarily comprised of $3.8 million at Çöpler, $3.6 million at Marigold, $12.5 million at Seabee, and $12.9 million at Puna. These adjustments were related to increases in unit cost rates for labor and equipment as well as additional scope of reclamation and closure activities due to disturbance. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
EQUITY | EQUITY The Company has awards outstanding under its 2017, 2020 and 2021 Share Compensation Plans which include stock options, DSUs, RSUs and PSUs up to an aggregate total of 4.5% of the Company’s issued and outstanding common stock. There are 8,177,272 shares available for issuance under the Share Compensation Plans. Stock-based compensation expense Stock-based compensation expense has been recognized as follows (in thousands): Years Ended December 31, 2022 2021 2020 Cost of sales (1) $ 797 $ 1,105 $ 2,164 General and administrative expense 5,579 11,867 8,500 Exploration, evaluation and reclamation expense 97 105 169 Other operating expenses, net — 1,722 5,018 $ 6,473 $ 14,799 $ 15,851 (1) Excludes depreciation, depletion, and amortization. Stock options The Company grants stock options to executives and eligible employees. Stock options issued under the Company’s incentive plans vest over three years and are exercisable over a period of time not to exceed the earlier of seven years after the grant date and the latest date permitted under the rules of the regulatory authorities. The exercise price of each option is set at the date of grant and shall not be less than the closing market price of the Company's common stock at the date of grant. New shares from treasury are issued on the exercise of stock options. The following table summarizes the changes in stock options outstanding during the year ended December 31, 2022 (in thousands except per share amounts): Number of Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Balance as of January 1, 2022 261 $ 16.32 Granted — — Exercised (180) 13.68 Forfeited (4) 21.13 Expired (4) 21.48 Balance as of December 31, 2022 73 18.53 4.0 $ 60 Vested and exercisable at December 31, 2022 64 18.08 3.9 $ 60 There were no stock options granted in 2022 or 2021. The fair value of stock options granted during the year ended December 31, 2020 were determined using the Black-Scholes option pricing model. The following table includes the assumptions used and other information related to stock options during the years ended December 31: 2022 2021 2020 Expected dividend yield (%) N/A N/A — Risk-free interest rate (%) N/A N/A 1.31 Expected life (years) N/A N/A 4.20 Expected volatility (%) N/A N/A 45.80 Weighted-average grant-date fair value (per option) N/A $ N/A $ 17.76 Intrinsic value of options exercised (in thousands) $ 840 $ 4,814 $ 9,780 Fair value of options vested (in thousands) $ 337 $ 1,430 $ 5,006 As of December 31, 2022, there was an insignificant amount of unrecognized compensation cost related to unvested stock options expected to be recognized over a weighted average period of approximately 0.2 years. During the year ended December 31, 2022, the amount of cash received from stock option exercises was $2.6 million and the tax benefit from stock options exercised was $0.2 million. Deferred share units Non-executive directors may elect to receive all or a portion of their annual compensation in the form of DSUs which are linked to the value of the Company's common stock. DSUs are issued on a quarterly basis at the market value of the Company's common stock at the date of grant. DSUs vest immediately and are redeemable in cash. 50% of a director's DSUs will be automatically redeemed on each of the following dates: (i) three months following the date the eligible director ceases to be a director of the Company and (ii) the earlier of fifteen months following, or December 31 of the calendar year following the date the eligible director ceases to be a director of the Company. In connection with the acquisition of Alacer, the Company issued DSU Replacement Units to replace the outstanding DSUs of Alacer. Each DSU Replacement Unit entitles the director to receive a payment in cash for the equivalent value of one common share on the date the director ceases to be a director. The fair value of the outstanding DSUs and DSU Replacement Units at the end of each reporting period was recognized as a liability and included in Accrued liabilities and other . During the years ended December 31, 2022, 2021, and 2020 total cash paid to settle DSUs and DSU Replacement Units was $3.4 million, $2.7 million, and $3.1 million, respectively. As of December 31, 2022, 2021, and 2020, the fair value of DSUs and DSU Replacement Units granted and vested was $1.2 million, $1.4 million, and $10.7 million, respectively. The following table summarizes the changes in DSUs and DSU Replacement Units outstanding during the year ended December 31, 2022 (in thousands except per share amounts): Number of Shares Weighted Grant Date Fair Value Per Share Aggregate Intrinsic Value Balance as of January 1, 2022 682 $ 23.95 Granted 69 17.31 Exercised/Released (229) 15.74 Canceled/Forfeited — — Reinvested 10 15.13 Balance as of December 31, 2022 532 26.46 $ 8,331 Restricted share units The Company grants RSUs to executives and eligible employees which vest over a period of three years. In connection with the acquisition of Alacer, the Company issued RSU Replacement Units, with terms similar to RSUs, to replace the outstanding unexcercised RSUs of Alacer which vest over a period of three years. On February 10, 2021, the Company’s Board of Directors indicated its intention to settle all RSUs and RSU Replacement Units in common shares when vested. As of the years ended December 31, 2022 and 2021, RSUs and RSU Replacement Units are classified as equity and presented in Common shares . During the years ended December 31, 2022, 2021 and 2020, total cash paid to settle RSUs and RSU Replacement Units was $— million, $0 million, and $4.6 million, respectively. The fair value of RSUs and RSU Replacement Units granted was $7.3 million, $7.2 million, and $25.4 million, for the years ended December 31, 2022, 2021 and 2020, respectively. The fair value of RSUs and RSU Replacement Units vested was $14.0 million, $3.3 million, and $14.1 million, during the years ended December 31, 2022, 2021, and 2020, respectively. As of December 31, 2022, there was $5.3 million of total unrecognized compensation cost related to unvested RSUs and RSU Replacement Units expected to be recognized over approximately 2.7 years. The following table summarizes the changes in RSUs and RSU Replacement Units outstanding during the year ended December 31, 2022 (in thousands except per share amounts): Number of Shares Weighted Average Grant Date Fair Value Aggregate intrinsic value Balance as of January 1, 2022 869 $ 23.10 Granted 412 17.83 Exercised/Released (650) 21.48 Canceled/Forfeited (62) 17.63 Reinvested 10 18.18 Balance as of December 31, 2022 579 21.49 $ 9,071 Performance share units PSUs are granted to senior executives and vest after a performance period of three years. The vesting of these awards is based on the Company's actual production and return on investment compared to budget and total shareholder return in comparison to its peer group. Awards vested range from 0% to 200% of initial PSUs granted. In connection with the acquisition of Alacer, the Company issued PSU Replacement Units to replace the outstanding unexcercised PSUs of Alacer. Each PSU Replacement Unit entitles the participant, at the end of the applicable performance period, to receive a payment in cash for the equivalent value of common shares earned, provided: (i) the participant continues to be employed or engaged by the Company or any of its affiliates; and (ii) all other terms and conditions of the grant have been satisfied, including the performance metrics associated with each PSU Replacement Unit. The vesting of these awards is based on actual production and costs against budget, and the performance of the Company's share price relative to its peer group. Awards vested range from 0% to 200% of initial PSU Replacement Units granted. On February 10, 2021, the Company's Board of Directors indicated its intention to settle all PSUs and PSU Replacement Units issued under the Company's plans in cash when vested. As of the years ended December 31, 2022 and 2021, PSUs and PSU Replacement Units were classified as liabilities and included in Accrued liabilities and other . During the years ended December 31, 2022, 2021 and 2020, total cash paid to settle PSUs and PSU Replacement Units was $10.5 million, $14.3 million, and $12.0 million, respectively. The fair value of PSUs and PSU Replacement Units granted was $5.5 million, $11.5 million, and $24.8 million for the years ended December 31, 2022, 2021, and 2020, respectively. The fair value of PSUs and PSU Replacement Units vested was $9.4 million, $17.4 million, and $4.4 million, during the years ended December 31, 2022, 2021, and 2020, respectively. As of December 31, 2022, there was $4.7 million of total unrecognized compensation cost related to unvested PSUs and PSU Replacement Units expected to be recognized over approximately 2.2 years. The following table summarizes the changes in PSUs and PSU Replacement Units outstanding during the year ended December 31, 2022: Number of Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Balance as of January 1, 2022 800 $ 25.34 Granted 305 18.06 Exercised/Released (432) 21.83 Canceled/Forfeited (36) 19.07 Reinvested 12 18.98 Balance as of December 31, 2022 649 24.49 $ 10,182 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 year ended December 31, 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 amount deducted from common shares of $88.8 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 year ended December 31, 2021, the Company purchased 8,800,700 of its outstanding common shares pursuant to the NCIB at an average share price of $16.82 per share for total consideration of $148.1 million. All shares were cancelled upon purchase. The difference of $19.0 million between the total amount paid and the amount deducted from common shares of $129.1 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. |
INCOME AND MINING TAXES
INCOME AND MINING TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME AND MINING TAXES | INCOME AND MINING TAXES The following tables represent the major components of Income before taxes and Income and mining tax benefit (expense) recognized in the Consolidated Statements of Operations (in thousands): Years Ended December 31, 2022 2021 2020 Income before income and mining taxes components: United States $ 75,762 $ 138,230 $ 119,654 Canada (21,831) 26,752 26,207 Türkiye 108,373 186,971 41,385 Other Foreign 78,531 62,805 14,545 Total income before incomes taxes $ 240,835 $ 414,758 $ 201,791 Years Ended December 31, 2022 2021 2020 Current income tax provision: United States $ 15,149 $ 15,603 $ 13,945 Canada 33,408 27,672 5,720 Türkiye 23,515 49,851 1,805 Other Foreign 25,928 23,328 1,074 Total current income tax provision 98,000 116,454 22,544 Deferred income tax provision (benefit): United States 7,092 13,288 8,265 Canada (4,183) (230) 765 Türkiye (57,227) (131,456) 19,205 Other foreign (13,614) (12,172) (7,576) Total deferred income tax provision (benefit) (67,932) (130,570) 20,659 Total income tax provision (benefit) $ 30,068 $ (14,116) $ 43,203 Income and mining tax expense differs from the amount that would be computed by applying the Canadian statutory rate of 27% for each of the years ended December 31, 2022, 2021 and 2020, respectively, to income before income and mining taxes. The reasons for the differences are as follows (in thousands): Years Ended December 31, 2022 2021 2020 Income before income and mining taxes $ 240,835 $ 414,758 $ 201,791 Statutory tax rate 27 % 27 % 27 % Expected income and mining tax expense 65,025 111,985 54,484 Increase (decrease) attributable to: Non-taxable items (11,358) (4,379) (22,236) Foreign exchange and inflation (20,531) (124,946) (676) Differences in foreign and future tax rates (13,248) 738 (10,641) Investment incentive tax credits (10,126) (14,082) 1,983 Mining taxes and overseas withholding tax 38,251 17,528 17,006 Impact of gain on acquisition of Kartaltepe (18,826) — — Change in estimates in respect of prior years (3,630) (2,046) (1,616) Changes in recognition of deferred tax assets 2,602 1,086 3,550 Other 1,909 — 1,349 Total income and mining tax expense $ 30,068 $ (14,116) $ 43,203 The significant components of Deferred income tax assets and Deferred income tax liabilities were (in thousands): December 31, 2022 2021 Deferred income tax assets Deductible temporary differences relating to: Marketable securities $ 2,397 $ 634 Reclamation liabilities 31,080 27,608 Lease liabilities 28,730 23,895 Deductibility of other taxes 10,224 9,299 Stock-based compensation 2,931 7,247 Other items 13,286 16,595 88,648 85,278 Investment incentive tax credits (1) 18,772 46,354 Tax loss carryforwards 43,384 25,395 Less: Valuation allowance (61,101) (38,496) Total deferred income tax assets $ 89,703 $ 118,531 Deferred income tax liabilities Taxable temporary differences relating to: Marketable securities $ — $ (270) Inventories (49,004) (17,768) Mineral properties, plant and equipment (332,886) (365,793) Convertible notes (95) (359) Mineral tax (41,803) (38,452) Foreign withholding tax — (17,080) Other items (6,401) (9,096) Total deferred income tax liabilities $ (430,189) $ (448,818) Balance sheet presentation Deferred income tax assets $ 1,915 $ 8,501 Deferred income tax liabilities (342,401) (338,788) Deferred income tax liabilities, net $ (340,486) $ (330,287) (1) The Company receives investment incentive tax credits for qualifying capital expenditures at Çöpler. The application of these tax credits, which are denominated in Turkish Lira, reduced income and mining tax expense and cash tax payments for the year ended December 31, 2022 and are expected to offset future cash tax payments. Reviews of eligible expenditures for tax credits by local tax authorities occur periodically and can result in adjustments to the recognition of investment incentive tax credits. As of December 31, 2022, the Company had deferred tax liabilities related to investments in subsidiaries that were not recognized as the Company controls the dividend policy of its subsidiaries (i.e., the Company controls the timing of reversal of the related taxable temporary differences and is satisfied that they will not reverse in the foreseeable future). It is not practicable to determine the amount of the unrecognized deferred tax liabilities at this time. Valuation of deferred tax assets The Company recognizes tax benefits on losses or other deductible amounts generated in countries where it determines that it is more likely than not that taxable profits will be available to be utilized against those temporary differences. The Company's deferred tax valuation allowance related primarily to tax losses in jurisdictions which do not meet the “more-likely-than-not” standard under current accounting guidance due to insufficient positive taxable income to utilize available tax losses. When there is a change in judgment concerning the recovery of deferred tax assets in future periods, a valuation allowance is recorded into earnings during the quarter in which the change in judgment occurs. The Company has not made any judgement changes with respect to its already established positions. The valuation allowance increased in 2022 by $22.6 million mainly related to an increase in net operating and capital loss carryforwards in entities where the Company does not expect to realize a future tax benefit. Tax loss carryforwards As of December 31, 2022, the Company had the following estimated tax operating and capital losses (in thousands) available to reduce future taxable income, including both losses for which deferred tax assets are utilized to offset applicable deferred tax liabilities and losses for which deferred tax assets have a valuation allowance against. Losses expire at various dates and amounts between 2023 and 2042. December 31, 2022 Expiration Year Mexico $ 511 2023-2032 Canada $ 179,935 2040-2042 U.S.A. $ 7,382 2023-Indefinite Argentina $ 5,692 2026-2027 Türkiye $ 7,621 2026-2027 Peru $ 263 Indefinite Unrecognized tax benefits The Company records uncertain tax positions on the basis of 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 during the years ended December 31 (in thousands): 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) 9,200 — Settlements (626) — Decrease associated with lapses in statutes of limitation — — Balance as of December 31 $ 8,574 $ — (1) Of the gross unrecognized tax benefits, $8.6 million were recognized as current liabilities in Condensed Consolidated Balance Sheet as of December, 31, 2022. As of December 31, 2022 and December 31, 2021, $8.6 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 December 31, 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 the total amount of the unrecognized tax benefit of $8.6 million will be settled in the next 12 months. During the year ended December 31, 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 year ended December 31, 2021. The Company files income tax returns in the U.S. federal jurisdiction, Canada, Türkiye, Argentina and various state, provincial and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. Federal, state and local, and non-US income tax examinations for years before 2017. The Company is currently litigating with respect to withholding tax on distributions from its Turkish operation. |
OTHER OPERATING EXPENSES, NET
OTHER OPERATING EXPENSES, NET | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
OTHER OPERATING EXPENSES, NET | OTHER OPERATING EXPENSES, NET The following table includes the components of Other operating expense, net : Years Ended December 31, 2022 2021 2020 Alacer transaction and integration costs $ — $ 8,595 $ 20,813 Pitarrilla transaction costs 1,561 — — SEC Conversion costs 1,255 2,645 — Gain on sale of Pitarrilla and other (746) — — Total $ 2,070 $ 11,240 $ 20,813 |
OTHER INCOME (EXPENSE)
OTHER INCOME (EXPENSE) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME (EXPENSE) | OTHER INCOME (EXPENSE) The following table includes the components of Other income (expense) : Years Ended December 31, 2022 2021 2020 Interest income $ 16,311 $ 1,939 $ 6,545 Change in fair value of marketable securities 602 (10,741) 21,368 Gain (loss) on derivative instruments — (12) 383 Gain (loss) on sale of mineral properties, plant, and equipment (2,130) 412 (2,804) Other 5,508 (5,747) 5,632 Total $ 20,291 $ (14,149) $ 31,124 |
INCOME (LOSS) PER SHARE
INCOME (LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
INCOME (LOSS) PER SHARE | INCOME (LOSS) PER SHARE The Company calculates basic net income per share using, as the denominator, the weighted average number of common shares outstanding during the period. Diluted net income 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 per share attributable to SSR Mining shareholders for the years ended December 31 were based on the following (in thousands): Years Ended December 31, 2022 2021 2020 Net income $ 210,428 $ 425,922 $ 157,162 Net income attributable to non-controlling interest (16,288) (57,846) (5,627) Net income attributable to SSR Mining shareholders 194,140 368,076 151,535 Interest saving on convertible notes, net of tax 4,910 4,889 4,883 Net income used in the calculation of diluted net income per share $ 199,050 $ 372,965 $ 156,418 Weighted average number of common shares issued 209,883 215,993 151,144 Adjustments for dilutive instruments: Stock options 5 38 453 Restricted share units 39 58 1 Convertible notes 12,554 12,152 12,101 Diluted weighted average number of shares outstanding 222,481 228,241 163,699 Net income per share attributable to SSR Mining shareholders Basic $ 0.92 $ 1.70 $ 1.00 Diluted $ 0.89 $ 1.63 $ 0.96 |
FAIR VALUE MEASUREMENTS AND FIN
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 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 December 31, 2022 Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Cash $ 655,453 $ — $ — $ 655,453 Restricted cash 33,653 — — 33,653 Marketable securities 44,841 — — 44,841 Trade receivables — 117,675 — 117,675 Deferred consideration — — 24,369 24,369 $ 733,947 $ 117,675 $ 24,369 $ 875,991 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) At times, the Company manages a portion of its exposure to fluctuation in diesel prices and foreign currency exchange rates through hedges; however, as of December 31, 2022 the Company does not have any outstanding hedge positions. In periods when the Company has open hedge positions, the 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): 2022 2021 Beginning Balance as of January 1 $ 22,610 $ 21,460 Revaluations 1,759 930 Acquisition of deferred consideration — 20,911 Disposition of deferred consideration — (20,691) Ending balance as of December 31 $ 24,369 $ 22,610 The fair value of the deferred consideration was estimated using the discounted cash flow method. The discount rate used to calculate the Company's deferred consideration assets was between 11.0% and 12.5% at December 31, 2022 and between 8.0% and 12.5% at December 31, 2021. Increases to the discount rate will cause a decrease in the estimated value of the deferred consideration. The timing of achievement of development milestones were considered in determining the fair value of the deferred consideration. 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: December 31, 2022 2021 Level Carrying amount Fair value Carrying amount Fair value 2019 Notes (1) 1 $ 226,510 $ 257,025 $ 225,534 $ 286,207 Term Loan (2) 2 70,000 71,419 140,000 144,871 Total borrowings $ 296,510 $ 328,444 $ 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. |
TRADE AND OTHER RECEIVABLES
TRADE AND OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
TRADE AND OTHER RECEIVABLES | TRADE AND OTHER RECEIVABLES Trade and other receivables was composed of the following (in thousands): December 31, 2022 2021 Trade receivables $ 62,563 $ 86,124 Value added tax receivables 30,893 20,723 Income tax receivable 14,316 9,374 Other taxes receivable 6,750 1,866 Other 3,153 3,269 Total $ 117,675 $ 121,356 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES The components of Inventories were as follows (in thousands): December 31, 2022 2021 Materials and supplies $ 103,380 $ 79,372 Stockpiled ore 54,504 27,589 Leach pad inventory 300,715 243,627 Work-in-process 7,549 4,951 Finished goods 35,459 33,877 Total current inventories $ 501,607 $ 389,416 Stockpiled ore 217,154 220,324 Materials and supplies 1,845 1,293 Total non-current inventories $ 218,999 $ 221,617 As of December 31, 2022 and 2021, the Company has recognized a reserve of $11.8 million and $8.1 million for obsolete materials and supplies inventory, respectively. No write-downs of stockpiled ore inventories were recognized for the years ended December 31, 2022 and 2021. During the year ended December 31, 2020, the Company recognized write-downs of stockpiled ore inventories of $12.1 million classified as components of Cost of sales and Depreciation, depletion and amortization . |
MINERAL PROPERTIES, PLANT AND E
MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 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 were as follows (in thousands): December 31, 2022 2021 Plant and equipment (1) $ 1,793,914 $ 1,762,833 Construction in process 58,704 36,841 Mineral properties subject to depletion 1,452,850 1,331,615 Mineral properties not yet subject to depletion 848,281 141,629 Exploration and evaluation assets 515,070 927,176 Total mineral properties, plant, and equipment 4,668,819 4,200,094 Accumulated depreciation, plant and equipment (621,323) (529,635) Accumulated depreciation, mineral properties (498,050) (420,695) Mineral properties, plant, and equipment, net $ 3,549,446 $ 3,249,764 |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | GOODWILL The excess of the fair value of consideration paid over the fair value of the identifiable net assets acquired is recognized as goodwill and allocated to the reporting units. The Company has goodwill which arose from the acquisition of Seabee in 2016. Balance of Goodwill recorded at Seabee (in thousands): December 31, 2022 2021 Goodwill $ 49,786 $ 49,786 |
ACCRUED LIABILITIES AND OTHER
ACCRUED LIABILITIES AND OTHER | 12 Months Ended |
Dec. 31, 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): December 31, 2022 2021 Accrued liabilities $ 68,254 $ 51,544 Royalties payable 16,012 32,383 Stock-based compensation liabilities 10,493 22,652 Income taxes payable 16,374 52,206 Lease liabilities 1,976 2,238 Reclamation liabilities 10,075 2,384 Other 1,470 1,701 Total accrued liabilities and other $ 124,654 $ 165,108 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The following tables summarize the Company’s debt balances (in thousands): December 31, 2022 2021 2019 Notes (1) $ 226,510 $ 225,534 Term Loan 70,000 140,000 Other 1,797 1,450 Total carrying amount $ 298,307 $ 366,984 Current portion $ 71,797 $ 71,491 Non-current portion $ 226,510 $ 295,493 (1) Amount is net of discount and debt issuance costs of $3.5 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 year. The 2019 Notes are conv ertible 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. As a result of ongoing dividends and in accordance with the 2019 Notes agreement, during the fourth quarter of 2022 the conversion rate was adjusted to 55.6750 common shares per $1,000 principal amount of 2019 Notes converted. 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 stock for 20###or more trading days in a period of 30###consecutive trading days exceeds 130% of the c onversion 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 at 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 December 31, 2022 and 2021, $33.7 million and $32.9 million of restricted cash relates to the Term Loan, respectively. Restricted cash is classified as a current asset in the Consolidated Balance Sheets as of December 31, 2022. Under the terms of the Term Loan, the Company is required to comply with the following financial covenants: ▪ historic and forecast debt service cover ratio greater than or equal to 1.20:1 ; ▪ loan life cover ratio greater than or equal to 1.30:1 ; and ▪ minimum tail reserves as a percentage of total reserves greater than or equal to 30%. 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. During the fourth quarter of 2022, the Company received a waiver for the non-compliance event. The Company is in compliance with its financial covenants in relation to the Term Loan as of December 31, 2022 . Amended Credit Agreement On June 7, 2021, the Company amended its existing Credit Facility to extend its 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 2.0% to 3.0%, based on the Company's net leverage r atio. The Amended Credit Agreement contains fallback language that replaces LIBOR with an alternative benchmark rate based on either SOFR or another alternative benchmark rate when LIBOR ceases to exist. Undrawn amounts are subject to a standby fee ranging from 0.4% to 0.6%, based on the Company's net leverage ratio. The Amended Credit Agreement also pr ovides for non-financial letters of credit at 66.0% of the applicable margin. All debts, liabilities and obligations under the Credit Facility are guaranteed by the Company's material subsidiaries and secured by certain of the Company's assets and material subsidiaries, and pledges of the securities of the Company's material subsidiaries, excluding Alacer entities. In connection with the Credit Agreement, the Company must also maintain certain net tangible worth and ratios for interest coverage and net leverage. As of December 31, 2022, the Company was in compliance with these covenants. As of December 31, 2022, no borrowings were outstanding on the Amended Credit Agreement, $196.6 million of borrowing capacity was available and outstanding letters of credit total ed $3.4 m illion. Scheduled minimum debt repayments are as follows (in thousands): 2023 $ 70,033 2024 $ — 2025 $ — 2026 $ — 2027 $ — Thereafter $ 230,000 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
LEASES | LEASESThe Company’s operating leases consist primarily of leases for office space, vehicles, and plant and mining equipment. These leases have a range of terms between one year to eleven years with renewal terms included in the contracts. Some are automatic renewals, and some are at the option of the Company. There are no restrictions placed upon the lessee by entering into these leases. The Company's principal finance lease relates to its right to use the oxygen plant supplied by Air Liquide Gaz Sanayi ve Ticaret A.S. (the "Air Liquide Plant") at Çöpler which was assumed on the acquisition of Alacer (see Note 3). The Air Liquide Plant is used for the production, transportation and delivery of oxygen and liquid oxygen to support mining operations at Çöpler. Under the terms of the Air Liquide Plant lease, the Company pays variable monthly lease payments that depend on an index. In addition, the Company is subject to variable payments based on consumption and use which have been accounted for as non-lease components and included in Cost of sales . The Air Liquide Plant lease contains a non-cancellable period of 15 years ending in 2033 with options to extend for consecutive 2-year periods. The lease term used in the measurement of the Company's lease liability and right-of-use asset includes four consecutive 2-year extension periods ending in 2041 for which the Company is reasonably certain to exercise its option in line with the Çöpler LOM. The Company uses its incremental borrowing rate as the discount rate to determine the present value of the lease payments, as the leases do not have readily determinable implicit discount rates. The Company’s incremental borrowing rate is the rate of interest that it would have to borrow on a collateralized basis over a similar term and amount in a similar economic environment to pay its lease obligations. The Company determines the incremental borrowing rates for its leases by adjusting the local risk-free interest rate with a credit risk premium corresponding to its credit rating. From time to time, the Company may enter into arrangements for the construction or purchase of an asset and then enter into a financing arrangement to lease the asset. The Company recognizes leased assets and liabilities under these arrangements when it obtain control of the asset. The components of the Company’s leases presented in the Consolidated Balance Sheets were as follows (in thousands): December 31, 2022 2021 Finance lease right-of-use assets, net (included in Mineral properties, plant and equipment, net ) $ 101,705 $ 114,882 Operating lease right-of-use assets (included in Other non-current assets ) 17,946 7,530 Total lease right-of-use-assets $ 119,651 $ 122,412 Short-term finance lease liabilities (included in Finance lease liabilities ) $ 3,872 $ 12,439 Short-term operating lease liabilities (included in Accrued liabilities and other ) 1,976 2,238 Long-term finance lease liabilities (included in Finance Lease liabilities ) 102,434 105,965 Long-term operating lease liabilities (included in Other non-current liabilities ) 16,969 5,525 Total lease liabilities $ 125,251 $ 126,167 The components of the Company’s leases presented in the Consolidated Statements of Operations for the years ended December 31 were as follows (in thousands): Years Ended December 31, 2022 2021 2020 Operating leases $ 4,134 $ 2,986 $ 1,260 Finance leases: Amortization of lease cost 5,346 2,517 92 Interest expense on lease liabilities 4,830 274 12 Variable and short-term leases 1,740 10,661 3,615 Total $ 16,050 $ 16,438 $ 4,979 For finance leases, amortization and interest expense is included in Interest expense . For operating leases, lease expense is included in Cost of sales for entities with production and General and administrative expense for corporate entities. The components of the Company’s leases presented in the statements of cash flows for the years ended December 31 were as follows (in thousands): Years Ended December 31, 2022 2021 2020 Operating leases within cash flows from operating activities $ 4,134 $ 2,986 $ 1,260 Finance leases within cash flows from financing activities $ 10,091 $ 10,441 $ 3,623 The following is a schedule of weighted-average discount rates used to determine lease liabilities and remaining lease terms for the years ended December 31: Years Ended December 31, 2022 2021 Weighted-average remaining lease term - operating leases (in years) 8.4 5.5 Weighted-average remaining lease term - finance leases (in years) 18.1 19.1 Weighted-average discount rate - operating leases 5.2 % 8.6 % Weighted-average discount rate - finance leases 4.5 % 4.5 % The following is a schedule of future minimum lease payments under noncancellable finance and operating leases as of December 31, 2022 (in thousands): Operating Leases Finance Leases 2023 $ 2,683 $ 8,532 2024 2,780 8,532 2025 2,659 8,532 2026 2,709 8,532 2027 2,708 8,532 Thereafter 9,371 112,416 Total minimum lease payments $ 22,910 $ 155,076 Less: amounts representing interest 3,965 48,770 Present value of net minimum lease payments 18,945 106,306 Less: current portion of lease liabilities 1,976 3,872 Long-term lease liabilities $ 16,969 $ 102,434 |
LEASES | LEASESThe Company’s operating leases consist primarily of leases for office space, vehicles, and plant and mining equipment. These leases have a range of terms between one year to eleven years with renewal terms included in the contracts. Some are automatic renewals, and some are at the option of the Company. There are no restrictions placed upon the lessee by entering into these leases. The Company's principal finance lease relates to its right to use the oxygen plant supplied by Air Liquide Gaz Sanayi ve Ticaret A.S. (the "Air Liquide Plant") at Çöpler which was assumed on the acquisition of Alacer (see Note 3). The Air Liquide Plant is used for the production, transportation and delivery of oxygen and liquid oxygen to support mining operations at Çöpler. Under the terms of the Air Liquide Plant lease, the Company pays variable monthly lease payments that depend on an index. In addition, the Company is subject to variable payments based on consumption and use which have been accounted for as non-lease components and included in Cost of sales . The Air Liquide Plant lease contains a non-cancellable period of 15 years ending in 2033 with options to extend for consecutive 2-year periods. The lease term used in the measurement of the Company's lease liability and right-of-use asset includes four consecutive 2-year extension periods ending in 2041 for which the Company is reasonably certain to exercise its option in line with the Çöpler LOM. The Company uses its incremental borrowing rate as the discount rate to determine the present value of the lease payments, as the leases do not have readily determinable implicit discount rates. The Company’s incremental borrowing rate is the rate of interest that it would have to borrow on a collateralized basis over a similar term and amount in a similar economic environment to pay its lease obligations. The Company determines the incremental borrowing rates for its leases by adjusting the local risk-free interest rate with a credit risk premium corresponding to its credit rating. From time to time, the Company may enter into arrangements for the construction or purchase of an asset and then enter into a financing arrangement to lease the asset. The Company recognizes leased assets and liabilities under these arrangements when it obtain control of the asset. The components of the Company’s leases presented in the Consolidated Balance Sheets were as follows (in thousands): December 31, 2022 2021 Finance lease right-of-use assets, net (included in Mineral properties, plant and equipment, net ) $ 101,705 $ 114,882 Operating lease right-of-use assets (included in Other non-current assets ) 17,946 7,530 Total lease right-of-use-assets $ 119,651 $ 122,412 Short-term finance lease liabilities (included in Finance lease liabilities ) $ 3,872 $ 12,439 Short-term operating lease liabilities (included in Accrued liabilities and other ) 1,976 2,238 Long-term finance lease liabilities (included in Finance Lease liabilities ) 102,434 105,965 Long-term operating lease liabilities (included in Other non-current liabilities ) 16,969 5,525 Total lease liabilities $ 125,251 $ 126,167 The components of the Company’s leases presented in the Consolidated Statements of Operations for the years ended December 31 were as follows (in thousands): Years Ended December 31, 2022 2021 2020 Operating leases $ 4,134 $ 2,986 $ 1,260 Finance leases: Amortization of lease cost 5,346 2,517 92 Interest expense on lease liabilities 4,830 274 12 Variable and short-term leases 1,740 10,661 3,615 Total $ 16,050 $ 16,438 $ 4,979 For finance leases, amortization and interest expense is included in Interest expense . For operating leases, lease expense is included in Cost of sales for entities with production and General and administrative expense for corporate entities. The components of the Company’s leases presented in the statements of cash flows for the years ended December 31 were as follows (in thousands): Years Ended December 31, 2022 2021 2020 Operating leases within cash flows from operating activities $ 4,134 $ 2,986 $ 1,260 Finance leases within cash flows from financing activities $ 10,091 $ 10,441 $ 3,623 The following is a schedule of weighted-average discount rates used to determine lease liabilities and remaining lease terms for the years ended December 31: Years Ended December 31, 2022 2021 Weighted-average remaining lease term - operating leases (in years) 8.4 5.5 Weighted-average remaining lease term - finance leases (in years) 18.1 19.1 Weighted-average discount rate - operating leases 5.2 % 8.6 % Weighted-average discount rate - finance leases 4.5 % 4.5 % The following is a schedule of future minimum lease payments under noncancellable finance and operating leases as of December 31, 2022 (in thousands): Operating Leases Finance Leases 2023 $ 2,683 $ 8,532 2024 2,780 8,532 2025 2,659 8,532 2026 2,709 8,532 2027 2,708 8,532 Thereafter 9,371 112,416 Total minimum lease payments $ 22,910 $ 155,076 Less: amounts representing interest 3,965 48,770 Present value of net minimum lease payments 18,945 106,306 Less: current portion of lease liabilities 1,976 3,872 Long-term lease liabilities $ 16,969 $ 102,434 |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Net change in operating assets and liabilities during the years ended December 31 were as follows (in thousands): Years Ended December 31, 2022 2021 2020 Decrease (increase) in operating assets: Trade and other receivables $ (11,704) $ (38,138) $ 5,132 Inventories (108,183) (20,848) (21,660) Other operating assets (6,121) (1,516) 17,781 Increase (decrease) in operating liabilities: Accounts payable 40,815 (6,882) 7,761 Accrued liabilities and other (60,856) 38,332 (47,159) Reclamation liabilities (1,221) (243) (2,447) $ (147,270) $ (29,295) $ (40,592) Other cash information during the years ended December 31 were as follows (in thousands): Years Ended December 31, 2022 2021 2020 Interest paid $ (22,579) $ (12,512) $ (13,638) Interest received $ 6,633 $ 5,315 $ 3,665 Income taxes paid $ (145,549) $ (58,000) $ (43,744) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 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 be 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 December 31, 2022 and 2021, the Company had surety bonds totaling $117.4 million and $117.0 million outstanding, respectively. Other commitments and contingencies |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 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 particularly 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. |
Use of estimates | Use of estimates These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of the Company's Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management’s estimates and assumptions relate to mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of-production depreciation; reclamation liabilities; valuation of assets acquired and liabilities assumed in business combinations, asset acquisitions or the initial consolidation of variable interest entities ("VIEs"); estimates of fair value for certain reporting units and asset impairments (including impairments of long-lived assets and goodwill); estimates of recoverable metal in stockpile and leach pad inventories; estimates of the net realizable value of inventory, stockpiled ore and leach pad inventory; and estimates of deferred tax assets and liabilities. The Company has based its estimates on historical experience and various other assumptions that it believes to be reasonable. Accordingly, actual results may differ materially from these estimates under different assumptions or conditions. Changes in facts and circumstances may alter such estimates and affect the results of operations and financial position in future periods. |
Principles of consolidation | Principles of consolidation These consolidated financial statements include the accounts of SSR Mining Inc., its wholly owned subsidiaries, and VIEs in which it is the primary beneficiary. Intercompany assets, liabilities, equity, income, expenses, and cash flows between SSR Mining Inc. and its subsidiaries have been eliminated on consolidation. Investments in joint ventures in which the Company has significant influence and VIEs where the Company is not the primary beneficiary are accounted for under the equity method of accounting. |
Operating segments | Operating segments The Company has five reportable segments for financial reporting purposes: Çöpler, Marigold, Seabee, Puna and exploration, evaluation and development properties. Çöpler, Marigold, Seabee and Puna segments represent the Company's four operating mine sites. The exploration, evaluation and development properties segment represents a portfolio of prospective exploration tenures, both near or adjacent to the existing operations (near-mine) and greenfield standalone prospects, across Türkiye, the U.S., Canada, Mexico, and Peru. For further information refer to Note 4. |
Business combinations | Business combinations The Company recognizes and measures the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, while transaction and integration costs are expensed as incurred. Any excess of the purchase consideration when compared to the fair value of the net tangible and intangible assets acquired, if any, is recorded as goodwill. For material acquisitions, the Company engages third-party valuation specialists to assist with the determination of the fair value of assets acquired, liabilities assumed, non-controlling interest, if any, and goodwill, based on recognized business valuation methodologies. An income, market or cost valuation method may be utilized to estimate the fair value of the assets acquired, liabilities assumed, and non-controlling interest, if any, in a business combination. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition date, and not later than one year from the acquisition date, the Company will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period the adjustment arises. |
Foreign currency transactions | Foreign currency transactions The functional and reporting currency of SSR Mining and each of its subsidiaries is the USD. Accordingly, foreign currency transactions and balances of the Company’s subsidiaries are remeasured as follows: (i) monetary assets and liabilities denominated in currencies other than the USD (“foreign currencies”) are remeasured into USD at the exchange rates prevailing at the balance sheet date; and (ii) non-monetary assets denominated in foreign currencies and measured at other than fair value are remeasured using the rates of exchange at the transaction date. Foreign exchange gains and losses are recognized in Foreign exchange gain (loss) in the Consolidated Statements of Operations. Unrealized foreign exchange gains and losses on cash and cash equivalent balances denominated in foreign currencies are disclosed separately in the Consolidated Statements of Cash Flows. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include cash on hand and held at banks and short-term investments with an original maturity of three months or less, which are readily convertible into a known amount of cash. Restricted cash is presented separately in Restricted cash |
Inventories | Inventories Stockpiled ore, leach pad inventory, work-in-process inventory, and finished goods are valued at the lower of average cost or net realizable value (“NRV”). NRV is calculated using the estimated price at the time of sale based on prevailing and forecasted metal prices, less estimated future costs to convert the inventory into saleable form, depreciation, and all associated selling costs. Any write-downs of inventory to NRV are recognized within Cost of sales and Depreciation, depletion, and amortization in the Consolidated Statements of Operations. Stockpiled ore represents ore that has been extracted from the mine and is available for further processing. The cost of stockpiled ore is derived from the current mining costs incurred up to the point of stockpiling the ore and is removed at the weighted average cost as ore is processed. Quantities of stockpiled ore are verified by periodic surveys. Stockpiled ore that is not expected to be processed within the next twelve months is classified as non-current. Leach pad inventory represents ore that has been mined and placed on leach pads where a solution is applied to the surface of the heap to dissolve the gold and by-products. The resulting solution is further processed in a plant to recover the gold. The cost of leach pad inventory is derived from current mining and leaching costs and is removed at the weighted average cost per recoverable ounce of gold on the leach pads as ounces of gold are recovered. Estimates of recoverable gold in the leach pads are calculated based on the quantities of ore placed on the leach pads (measured tonnes added to the leach pads), the grade of ore placed on the leach pads (based on assay data), and an estimated recovery percentage (based on estimated recovery assumptions from the block model). The nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, estimates are refined based on actual results and engineering studies over time. The final recovery of gold from leach pads will not be known until the leaching process is concluded at the end of the mine life. Ore on leach pads that is not expected to be recovered within the next twelve months is classified as non-current. Work-in-process inventory represents material that is currently in the process of being converted to a saleable product, whether being processed in a mill or following recovery from a leach pad. Work-in-process inventory is determined based on assays of the material fed into the process and the projected recoveries of the respective processing plants. Work-in-process inventory is valued at the lower of average cost of the material fed into the process plus the in-process conversion costs, including applicable depreciation relating to the process facilities, or NRV. Finished goods inventory includes metal concentrates at site and in transit, doré at a site or a refinery, or gold bullion and are valued at the lower of the average cost of the respective in-process inventories incurred prior to the refining process, plus applicable refining costs, or NRV. Costs are transferred from finished goods inventory and recorded as Cost of sales and Depreciation, depletion and amortization in the Consolidated Statements of Operations upon sale. |
Mineral properties, plant and equipment | Mineral properties, plant and equipment Mineral properties Mineral properties are capitalized at fair value at the acquisition date. Mineral properties may include mineral reserves, mineral resources and exploration potential. Mineral reserves represent the estimate of ore that can be economically and legally extracted from the Company's mining properties. Production stage mineral properties are operating properties that contain proven and probable reserves and are amortized using the units-of-production method based on the estimated recoverable ounces or pounds in proven and probable reserves. Development stage mineral properties are those under development that contain proven and probable reserves. Exploration stage mineral properties are those that potentially contain mineral resources, consisting of (i) areas adjacent to existing mineral resources and mineralization located within the immediate mine area; (ii) areas outside of immediate mine areas that are not part of mineral resources; and (iii) greenfield exploration potential that is not associated with any other production, development, or exploration stage property. Mineral properties in the development and exploration stage are not amortized until the property is converted to the production stage. Mineral exploration costs, including costs associated with prospecting, sampling, mapping, diamond drilling and other work involved in searching for mineral resources are charged to Exploration, evaluation and reclamation costs as incurred. Mine development Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, the removal of overburden to initially expose an ore body at open pit surface mines and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure at underground mines. Capitalization of mine development project costs that meet the definition of an asset begins once mineralization is classified as proven and probable reserves. Drilling and related costs are capitalized for an ore body where proven and probable reserves exist, and the activities are directed at obtaining additional information about the ore body or converting mineralized material to proven and probable reserves. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of Cost of sales . The cost of removing overburden and waste materials to access the ore body at an open pit mine prior to the production phase are referred to as “pre-stripping costs.” Pre-stripping costs are capitalized during the development of an open pit mine. Where multiple open pits exist at a mining complex utilizing common processing facilities, pre-stripping costs are capitalized for each pit. The removal, production, and sale of de minimis saleable materials may occur during the development phase of an open pit mine and are assigned incremental mining costs related to the removal of that material. The production phase of an open pit mine commences when saleable minerals, beyond a de minimis amount, are produced. Stripping costs incurred during the production phase of a mine are variable cost of sales that are included as a component of inventory to be recognized in Cost of sales in the same period as the revenue from the sale of inventory. Mine development costs are amortized using the units-of-production method based on estimated recoverable ounces or pounds in proven and probable reserves. To the extent that these costs benefit an entire ore body, they are amortized over the estimated life of the ore body. Costs incurred to access specific ore blocks or areas that only provide benefit over the life of that area are amortized over the estimated life of that specific ore block or area. Plant and equipment Expenditures for new facilities or equipment and expenditures that extend the useful lives of existing facilities or equipment are capitalized and recorded at cost. Facilities and equipment acquired as part of a finance lease are capitalized and recorded as right-of-use ("ROU") assets based on the contractual lease terms. The carrying amounts of plant and equipment are depreciated to their estimated residual value over the estimated useful lives of the specific assets or the estimated life-of-mine ("LOM"), if shorter. Depreciation starts on the date when the asset is available for its intended use. Construction in process assets are not depreciated until available for their intended use. The major categories of plant and equipment are depreciated on a straight-line basis using the estimated lives indicated below: Vehicles 5 years - 7 years Mining equipment 3 years - 20 years Mobile equipment components 2 years - 7 years Buildings 5 years - 20 years Mine plant equipment 3 years - 20 years Underground infrastructure 4 years - 6 years ROU assets - plant and equipment (1) 10 years - 20 years |
Impairment of long-lived assets | Impairment of long-lived assets The Company assesses the carrying value of its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts of such assets may not be recoverable. Events or circumstances that could indicate that the carrying value of an asset or asset group may not be recoverable include, but are not limited to, significant adverse changes in the business climate including changes in future metal prices, significant changes to the extent or manner in which the asset is being used or its physical condition including significant decreases in production or mineral reserves, and significant decreases in the market price of the assets. In evaluating long-lived assets for recoverability, estimates of undiscounted future cash flows of the Company's mines are used. An impairment is considered to exist if total estimated undiscounted future cash flows are less than the carrying amount of the asset. Once it is determined that an impairment exists, an impairment loss is recognized based on the difference between the estimated fair value of the long-lived assets and their carrying amounts. Fair value is typically determined through the use of an income approach utilizing estimates of discounted future cash flows. Future cash flows are derived from current business plans which are developed using short and long-term metal price assumptions; estimates of costs; and resource, reserve and exploration potential estimates, including timing and costs to develop and produce the material and are considered Level 3 fair value measurements. The Company believes its estimates and models used to determine fair value are similar to what a market participant would use. |
Goodwill | Goodwill Under the acquisition method of accounting for business combinations, the identifiable assets acquired and liabilities assumed are recognized at their estimated fair value as of the date of acquisition. The excess of the fair value of consideration paid over the fair value of the identifiable net assets acquired is recognized as Goodwill and allocated to the reporting units. |
Stock-based compensation | Stock-based compensation The Company determines the fair value on the grant date for stock-based compensation awards and expenses the awards in the Consolidated Statements of Operations over the vesting period on a straight-line basis. Based on the terms of the award, and the Company’s intent and past practice for settlement in cash or shares, the awards are classified as liabilities or equity. The Company recognizes forfeitures as they occur. Cash-settled stock-based compensation arrangements; including Deferred Share Units (“DSUs”), DSU Replacement Units, Performance Stock Units (“PSUs”), and PSU Replacement Units are remeasured at fair value at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period. For equity-settled stock options, the fair value at the grant date is estimated using the Black-Scholes option pricing model. For Restricted Share Units (“RSUs”) and RSU Replacement Units, the fair value at the grant date is estimated based on the quoted market price of the Company’s common stock. |
Income taxes | Income taxes The income and mining tax expense for the period is comprised of current tax expense and deferred tax expense, and is recognized in the Consolidated Statements of Operations. Current income tax Current tax for each of the Company's taxable entities is based on the local taxable profit for the period at the local statutory tax rates enacted at the date of the Consolidated Balance Sheets as well as the available double tax treaty rates as ratified. Management periodically evaluates positions taken in tax returns in situations in which applicable tax regulation is subject to interpretation. The Company establishes provisions where appropriate on the basis of amounts expected to be paid to tax authorities. Any uncertain tax positions must meet a more-likely-than-not realization threshold to be recognized and any potential accrued interest and penalties related to unrecognized tax benefits are recognized within Income tax benefit (expense) . Deferred tax Deferred income taxes are accounted for using the asset and liability method. Under this method, deferred tax assets and liabilities are determined by applying the enacted statutory tax rates in effect at the end of a reporting period to the cumulative temporary differences between the tax bases of assets and liabilities and their reported amounts in the Company’s consolidated financial statements. Deferred income tax assets are recognized for all deductible temporary differences to the extent that it is more likely than not that taxable profits will be available to be utilized against those deductible temporary differences. A valuation allowance for deferred tax assets is established when it is more likely than not that some portion of the benefit from deferred tax assets will not be realized. The extent to which deductible temporary differences, unused tax losses and other income tax deductions are expected to be realized are reassessed at the end of each reporting period. The effect on deferred taxes of a change in tax rates is recognized in income during the period that the enactment is effective. Deferred tax assets are recognized for investment incentive tax credits in Türkiye in the period earned as expenditures that are more likely than not to be accepted as eligible spend occur and it is more likely than not that taxable profits will be available to be utilized against those credits, which can be applied to current and future year income tax payments. The Company accounts for the investment incentive tax credit in Türkiye using the flow-through method. Under this method, the investment incentive tax credit is treated as a reduction of income taxes in the year in which the credit arises. Deferred income tax liabilities are not recognized for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, unless it becomes apparent that the excess book over tax basis difference is expected to reverse in the foreseeable future. Accordingly, deferred income tax assets and liabilities are recognized for future withholding taxes payable where it has been determined that the amount would reasonably be payable in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset the current tax assets against the current tax liabilities, when they relate to income taxes levied by the same taxation authority, and the Company intends to settle its current tax assets and liabilities on a net basis. Mining taxes and other tax arrangements Mining taxes or royalties and other arrangements are treated as taxation arrangements when they have the characteristics of an income tax. This is the case when they are imposed under government authority and the amount payable is calculated by reference to an income measure. Obligations arising from royalty arrangements that do not satisfy these criteria are recognized as current liabilities and included within Cost of sales . |
Investments | Investments The Company has investments in debt securities and marketable equity securities. The Company determines the appropriate classification of debt securities at the time of purchase and re-evaluates such determinations at each reporting date. Current investments include marketable equity securities and held to maturity and available for sale debt securities. Marketable equity securities are carried at fair value. Held to maturity securities, classified based on the intent and ability to hold the securities to maturity, are carried at amortized cost. Marketable debt securities are categorized as available for sale and carried at fair value. Gains and losses on the sale of securities are recognized on a specific identification basis. Unrealized gains and losses are included in Other income (expense) on the Consolidated Statements of Operations. |
Derivative financial instruments | Derivative financial instruments The Company is exposed to various market risks, including the effect of changes in metal prices and foreign exchange rates, and from time to time uses derivatives to manage financial exposures that occur in the normal course of business. The Company recognizes derivatives as either assets, presented in the Consolidated Balance Sheets in Prepaid and other current assets or Other non-current assets , or liabilities, presented in the Consolidated Balance Sheets in Accrued liabilities and other or Other non-current liabilities , and measures those instruments at fair value. These are considered Level 2 fair value measurements. Changes in the value of derivative instruments are recorded each period in Cost of sales or Other income (expense) |
Reclamation liabilities | Reclamation liabilities The Company recognizes a liability for the fair value of estimated future reclamation costs when incurred. The liability is accreted over time through periodic charges to Exploration, evaluation and reclamation costs in the Consolidated Statements of Operations. In addition, the asset retirement cost is capitalized as part of the asset's carrying value and amortized over the life of the related asset. Reclamation liabilities are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of reclamation costs. Changes in the estimate of reclamation costs may result from changes in legal or regulatory requirements, increased obligations arising from additional mining and exploration activities, and changes to cost estimates. Changes in reclamation estimates at mines that are not currently operating, as the mine or portion of the mine site has entered the closure phase and has no substantive future economic value, are reflected in Exploration, evaluation and reclamation costs in the Consolidated Statements of Operations. The estimated reclamation obligation is based on when spending for an existing disturbance is expected to occur. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at each mine site. |
Leases | Leases The Company has entered into lease contracts under which it is the lessee. The Company determines whether an arrangement is, or contains, a lease based on the substance of the arrangement at its inception. If the contract is determined to be a lease, the Company classifies the lease as either an operating or financing lease. Operating lease right of use ("ROU") assets are included in Other non-current assets and lease obligations are included in Accrued liabilities and other and Other non-current liabilities in the Consolidated Balance Sheets. Finance lease ROU assets are included in Mineral properties, plant and equipment and lease obligations are included in Finance lease liabilities in the Consolidated Balance Sheets. ROU assets represent the Company’s right to use the underlying assets for the lease term and the corresponding lease liabilities represent its obligations to make lease payments arising from the leases. Operating and finance lease ROU assets and liabilities are recognized at the commencement date based on the present value of the expected lease payments over the lease term. When the rate of interest implicit in the lease cannot be readily determined, the Company uses its incremental borrowing rate in determining the present value of future lease payments. Operating lease costs are recognized on a straight-line basis over the lease term. Finance lease costs are recognized based on the effective interest method for the lease liability and straight-line amortization of the ROU asset, resulting in more cost being recognized in earlier periods. Variable lease payments are recognized in the period in which they are incurred. The Company has elected certain practical expedients including the short-term lease recognition exemption for all classes of underlying assets. Accordingly, leases with a term of one year or less have not and will not be recognized on the Consolidated Balance Sheets. The Company has also elected the practical expedient to not separate lease and non-lease components such as taxes and common area maintenance charges, in certain classes of assets such as its office facilities. |
Revenue recognition | Revenue recognition The Company generates revenue by selling gold, copper, silver, lead and zinc produced from its mining operations. The majority of the Company’s sales come from the sale of refined gold bullion; however, the end product at the Company’s gold operations is generally doré bars. The Company also sells silver-lead and zinc concentrate to smelters for further treatment and refining. Gold sales Doré is sent to refiners to produce bullion that meets the required market standard of 99.95% gold. Under the terms of the Company’s refining agreements, the doré bars are refined for a fee, and the Company’s share of the refined gold and separately recovered silver is credited to its bullion account. Doré produced at Marigold and Seabee is sold primarily to bullion banks in the London spot market. Doré produced at Çöpler is sold primarily on the Istanbul Gold Exchange. Under legislation commenced in Türkiye in 2018, the Central Bank of the Republic of Türkiye has the first right of refusal for all gold produced by mining operations in Türkiye. The Company generally recognizes revenue for gold from doré production when it satisfies the performance obligation of transferring gold bullion credits to the customer, as this is the point at which the customer obtains the ability to direct the use of and hold the remaining benefits of ownership of the asset. The transaction price is fixed on the date of sale based on the London Bullion Market Association's (“LBMA”) gold fix price or spot price and number of ounces delivered. Payment is due upon delivery of gold bullion credits to the customer’s account. Concentrate sales Metals produced at Puna are sold in concentrate form to smelters and traders. The Company recognizes revenue for silver-lead and zinc concentrate, net of treatment and refining costs, when it satisfies the performance obligation of transferring control of the concentrate to the customer. This generally occurs as material passes over the vessel’s rail at the port of loading or unloading, as the customer has the risk of loss and ability to direct the use of and obtain substantially all of the remaining benefits of the material. The Company has elected to account for shipping and handling costs for concentrate contracts as fulfillment activities and not as promised goods or services; therefore, these activities are not considered separate performance obligations. The initial sales price of concentrate metal sales is determined on a provisional basis at the date of sale as the final selling price is subject to movements in the monthly average London Metal Exchange (“LME”) or LBMA prices up to the date of final pricing. The period between provisional invoicing and final pricing, or settlement period, is typically between 30 and 120 days. The Company’s accounts receivable from provisionally priced sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of concentrates measured at the forward price at the time of sale. The embedded derivative is adjusted to fair value through Revenue |
Income per share | Income per share Basic net income per share is calculated by dividing the net income or loss attributable to common stockholders of the Company by the weighted average number of common shares outstanding during the period. Diluted net income per share is determined by including the basic weighted average number of common shares outstanding adjusted for the effects of all potential dilutive shares of common stock, unless their effect would be anti-dilutive. |
Reclassifications | ReclassificationsCertain amounts and disclosures in prior years have been reclassified to conform to the current year presentation. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Mineral Properties, Plant and Equipment | The major categories of plant and equipment are depreciated on a straight-line basis using the estimated lives indicated below: Vehicles 5 years - 7 years Mining equipment 3 years - 20 years Mobile equipment components 2 years - 7 years Buildings 5 years - 20 years Mine plant equipment 3 years - 20 years Underground infrastructure 4 years - 6 years ROU assets - plant and equipment (1) 10 years - 20 years (1) For ROU assets, the depreciation period indicated above represents the period from lease commencement date to the earlier of the end of the useful life of the underlying asset or the end of the lease term. The components of Mineral properties, plant and equipment, net were as follows (in thousands): December 31, 2022 2021 Plant and equipment (1) $ 1,793,914 $ 1,762,833 Construction in process 58,704 36,841 Mineral properties subject to depletion 1,452,850 1,331,615 Mineral properties not yet subject to depletion 848,281 141,629 Exploration and evaluation assets 515,070 927,176 Total mineral properties, plant, and equipment 4,668,819 4,200,094 Accumulated depreciation, plant and equipment (621,323) (529,635) Accumulated depreciation, mineral properties (498,050) (420,695) Mineral properties, plant, and equipment, net $ 3,549,446 $ 3,249,764 |
ACQUISITIONS AND DIVESTITURES (
ACQUISITIONS AND DIVESTITURES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The Acquisition Date fair value of the consideration transferred consists of the following (in thousands): Share consideration (1) $ 2,127,284 RSU, PSU and DSU consideration (2) 52,363 Total consideration $ 2,179,647 (1) The fair value of 95,699,911 common shares issued to Alacer shareholders was determined using the Company's common share price of $22.22 per share on September 15, 2020. |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The table below presents the fair values of the assets acquired and liabilities assumed at the Acquisition Date (in thousands): ASSETS Cash and cash equivalents $ 270,445 Trade and other receivables 17,218 Inventories 224,992 Prepaids and other current assets 6,039 Mineral properties, plant and equipment 2,789,832 Inventories 124,775 Restricted cash 32,943 Equity method investments 9,148 Other non-current assets 9,575 Total assets $ 3,484,967 LIABILITIES Accounts payable and accrued liabilities $ 71,861 Current portion of debt 70,000 Debt 175,000 Reclamation liabilities (1) 26,154 Lease liabilities - non-current 114,820 Deferred income tax liabilities (2) 337,752 Other non-current liabilities 3,081 Non-controlling interest (3) 506,652 Total liabilities 1,305,320 Total net assets $ 2,179,647 (1) The fair value of reclamation costs is based on the expected amounts and timing of cash flows for closure activities and discounted to present value using a credit-adjusted risk-free rate as of the Acquisition Date. Key assumptions include the costs and timing of key closure activities based on the life of mine plans. (2) Deferred income tax liabilities are net of a deferred income tax asset of $182.9 million relating to investment incentive tax credits at Çöpler and includes a deferred income tax liability of $29.2 million for withholding tax on distributable earnings of the Turkish entities. (3) The fair value of non-controlling interest is measured based on a discounted cash flow model. |
Business Acquisition, Pro Forma Information | The following table provides unaudited pro forma financial information for the year ended December 31, 2020, as if Alacer had been acquired as of January 1, 2020 (in thousands): Years Ended December 31, 2020 Revenue $ 1,215,145 Net income attributable to SSR Mining shareholders $ 264,390 |
OPERATING_SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 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): Year Ended December 31, 2022 Çöpler Marigold Seabee Puna Exploration, evaluation Corporate and other (1) Total Revenue $ 355,070 $ 348,817 $ 244,692 $ 199,454 $ — $ — $ 1,148,033 Cost of sales (2) $ 189,825 $ 206,014 $ 74,679 $ 137,424 $ — $ — $ 607,942 Depletion, depreciation and amortization $ 76,628 $ 34,255 $ 49,445 $ 21,119 $ — $ — $ 181,447 Exploration, evaluation and reclamation costs $ 3,684 $ 3,746 $ 14,104 $ 7,098 $ 22,465 $ 1,749 $ 52,846 Care and maintenance (3) $ 41,800 $ — $ — $ — $ — $ — $ 41,800 Operating income (loss) $ 40,340 $ 104,802 $ 106,453 $ 33,546 $ (21,839) $ (73,034) $ 190,268 Capital expenditures $ 35,729 $ 58,795 $ 38,193 $ 10,446 $ — $ — $ 143,163 Total assets as of December 31, 2022 $ 2,465,066 $ 630,795 $ 581,574 $ 315,059 $ 857,709 $ 404,454 $ 5,254,657 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. (2) Excludes depreciation, depletion, and amortization. (3) Care and maintenance expense represents direct costs and depreciation incurred at Çöpler during the temporary suspension of operations in the third quarter of 2022. Year Ended December 31, 2021 Çöpler Marigold Seabee Puna Exploration, evaluation Corporate and other (1) Total Revenue $ 607,887 $ 426,391 $ 213,860 $ 226,061 $ — $ — $ 1,474,199 Cost of sales (2) $ 264,889 $ 219,035 $ 66,354 $ 121,096 $ — $ — $ 671,374 Depletion, depreciation and amortization $ 125,220 $ 35,410 $ 45,334 $ 21,995 $ — $ — $ 227,959 Exploration. evaluation, and reclamation costs $ 10,868 $ 2,979 $ 11,867 $ 1,764 $ 13,027 $ 1,877 $ 42,382 Impairment of long-lived and other assets $ — $ — $ — $ — $ 20,275 $ — $ 20,275 Operating income (loss) $ 201,302 $ 169,070 $ 90,332 $ 79,043 $ (33,302) $ (62,070) $ 444,375 Capital expenditures $ 34,699 $ 55,861 $ 40,553 $ 10,458 $ — $ — $ 141,571 Total assets as of December 31, 2021 $ 2,290,367 $ 566,015 $ 479,370 $ 293,470 $ 923,204 $ 659,012 $ 5,211,438 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. (2) Excludes depreciation, depletion, and amortization. Year Ended December 31, 2020 Çöpler Marigold Seabee Puna Exploration, evaluation Corporate and other (1) Total Revenue $ 205,535 $ 409,799 $ 135,230 $ 102,525 $ — $ — $ 853,089 Cost of sales (2) $ 121,614 $ 216,358 $ 40,575 $ 65,991 $ — $ — $ 444,538 Depletion, depreciation and amortization $ 33,793 $ 34,619 $ 28,341 $ 12,505 $ — $ — $ 109,258 Exploration, evaluation and reclamation costs $ 3,560 $ 3,742 $ 6,390 $ (373) $ 13,186 $ 538 $ 27,043 Care and maintenance expense (3) $ — $ — $ 13,644 $ 15,949 $ — $ — $ 29,593 Operating income (loss) $ 46,546 $ 154,645 $ 46,152 $ 6,937 $ (13,186) $ (52,819) $ 188,275 Capital expenditures $ 22,883 $ 55,567 $ 32,782 $ 10,962 $ — $ — $ 122,194 Total assets as of December 31, 2020 $ 2,254,320 $ 601,804 $ 454,484 $ 225,033 $ 1,018,801 $ 622,902 $ 5,177,344 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. (2) Excludes depreciation, depletion, and amortization. |
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 December 31 (in thousands): December 31, 2022 2021 Türkiye $ 3,064,482 $ 2,744,707 Canada 311,937 292,264 United States 321,423 307,857 Argentina 127,661 123,834 Mexico 536 48,345 Peru 482 527 Total $ 3,826,521 $ 3,517,534 |
Revenue from External Customers by Geographic Areas | The following is revenue information by geographic area based on the location of production for the years ended December 31, (in thousands): Years Ended December 31, 2022 2021 2020 Türkiye $ 355,070 $ 607,887 $ 205,535 Canada 244,692 213,860 135,230 United States 348,817 426,391 409,799 Argentina 199,454 226,061 102,525 Total $ 1,148,033 $ 1,474,199 $ 853,089 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table represents revenues by product (in thousands): Years Ended December 31, 2022 2021 2020 Gold doré sales Çöpler $ 352,740 $ 600,790 $ 205,535 Marigold 348,692 426,288 409,746 Seabee 244,581 213,766 135,177 Concentrate sales Puna 201,859 229,959 105,350 Other (1) Çöpler 2,330 7,097 — Marigold 125 103 53 Seabee 111 94 53 Puna (2,405) (3,898) (2,825) Total $ 1,148,033 $ 1,474,199 $ 853,089 (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 years ended December 31, are as follows (in thousands): Years Ended December 31, 2022 2021 2020 Gold $ 946,013 $ 1,240,844 $ 750,458 Silver 153,280 183,378 92,260 Lead 37,519 33,070 8,815 Zinc 11,060 13,511 4,275 Other 161 3,396 (2,719) Total $ 1,148,033 $ 1,474,199 $ 853,089 |
RECLAMATION_LIABILITIES (Tables
RECLAMATION LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Asset Retirement Obligation [Abstract] | |
Schedule of Change in Asset Retirement Obligation | Changes in Reclamation liabilities during the years ended December 31 were as follows (in thousands): 2022 2021 Balance, beginning of year $ 125,044 $ 104,744 Reclamation expenditures (1,221) (243) Accretion expense 6,035 4,821 Additions, changes in estimate and other 34,189 15,722 Balance, end of year $ 164,047 $ 125,044 Less: current portion (10,075) (2,384) Non-current reclamation liabilities $ 153,972 $ 122,660 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | Stock-based compensation expense has been recognized as follows (in thousands): Years Ended December 31, 2022 2021 2020 Cost of sales (1) $ 797 $ 1,105 $ 2,164 General and administrative expense 5,579 11,867 8,500 Exploration, evaluation and reclamation expense 97 105 169 Other operating expenses, net — 1,722 5,018 $ 6,473 $ 14,799 $ 15,851 (1) Excludes depreciation, depletion, and amortization. |
Schedule of Stock Options Roll Forward | The following table summarizes the changes in stock options outstanding during the year ended December 31, 2022 (in thousands except per share amounts): Number of Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Balance as of January 1, 2022 261 $ 16.32 Granted — — Exercised (180) 13.68 Forfeited (4) 21.13 Expired (4) 21.48 Balance as of December 31, 2022 73 18.53 4.0 $ 60 Vested and exercisable at December 31, 2022 64 18.08 3.9 $ 60 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table includes the assumptions used and other information related to stock options during the years ended December 31: 2022 2021 2020 Expected dividend yield (%) N/A N/A — Risk-free interest rate (%) N/A N/A 1.31 Expected life (years) N/A N/A 4.20 Expected volatility (%) N/A N/A 45.80 Weighted-average grant-date fair value (per option) N/A $ N/A $ 17.76 Intrinsic value of options exercised (in thousands) $ 840 $ 4,814 $ 9,780 Fair value of options vested (in thousands) $ 337 $ 1,430 $ 5,006 |
Share-based Payment Arrangement, Deferred Share Units, Activity | The following table summarizes the changes in DSUs and DSU Replacement Units outstanding during the year ended December 31, 2022 (in thousands except per share amounts): Number of Shares Weighted Grant Date Fair Value Per Share Aggregate Intrinsic Value Balance as of January 1, 2022 682 $ 23.95 Granted 69 17.31 Exercised/Released (229) 15.74 Canceled/Forfeited — — Reinvested 10 15.13 Balance as of December 31, 2022 532 26.46 $ 8,331 |
Share-based Payment Arrangement, Restricted Stock Units, Activity | The following table summarizes the changes in RSUs and RSU Replacement Units outstanding during the year ended December 31, 2022 (in thousands except per share amounts): Number of Shares Weighted Average Grant Date Fair Value Aggregate intrinsic value Balance as of January 1, 2022 869 $ 23.10 Granted 412 17.83 Exercised/Released (650) 21.48 Canceled/Forfeited (62) 17.63 Reinvested 10 18.18 Balance as of December 31, 2022 579 21.49 $ 9,071 |
Share-based Payment Arrangement, Performance Shares, Activity | The following table summarizes the changes in PSUs and PSU Replacement Units outstanding during the year ended December 31, 2022: Number of Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Balance as of January 1, 2022 800 $ 25.34 Granted 305 18.06 Exercised/Released (432) 21.83 Canceled/Forfeited (36) 19.07 Reinvested 12 18.98 Balance as of December 31, 2022 649 24.49 $ 10,182 |
INCOME AND MINING TAXES (Tables
INCOME AND MINING TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The following tables represent the major components of Income before taxes and Income and mining tax benefit (expense) recognized in the Consolidated Statements of Operations (in thousands): Years Ended December 31, 2022 2021 2020 Income before income and mining taxes components: United States $ 75,762 $ 138,230 $ 119,654 Canada (21,831) 26,752 26,207 Türkiye 108,373 186,971 41,385 Other Foreign 78,531 62,805 14,545 Total income before incomes taxes $ 240,835 $ 414,758 $ 201,791 Years Ended December 31, 2022 2021 2020 Current income tax provision: United States $ 15,149 $ 15,603 $ 13,945 Canada 33,408 27,672 5,720 Türkiye 23,515 49,851 1,805 Other Foreign 25,928 23,328 1,074 Total current income tax provision 98,000 116,454 22,544 Deferred income tax provision (benefit): United States 7,092 13,288 8,265 Canada (4,183) (230) 765 Türkiye (57,227) (131,456) 19,205 Other foreign (13,614) (12,172) (7,576) Total deferred income tax provision (benefit) (67,932) (130,570) 20,659 Total income tax provision (benefit) $ 30,068 $ (14,116) $ 43,203 |
Schedule of Components of Income Tax Expense (Benefit) | The following tables represent the major components of Income before taxes and Income and mining tax benefit (expense) recognized in the Consolidated Statements of Operations (in thousands): Years Ended December 31, 2022 2021 2020 Income before income and mining taxes components: United States $ 75,762 $ 138,230 $ 119,654 Canada (21,831) 26,752 26,207 Türkiye 108,373 186,971 41,385 Other Foreign 78,531 62,805 14,545 Total income before incomes taxes $ 240,835 $ 414,758 $ 201,791 Years Ended December 31, 2022 2021 2020 Current income tax provision: United States $ 15,149 $ 15,603 $ 13,945 Canada 33,408 27,672 5,720 Türkiye 23,515 49,851 1,805 Other Foreign 25,928 23,328 1,074 Total current income tax provision 98,000 116,454 22,544 Deferred income tax provision (benefit): United States 7,092 13,288 8,265 Canada (4,183) (230) 765 Türkiye (57,227) (131,456) 19,205 Other foreign (13,614) (12,172) (7,576) Total deferred income tax provision (benefit) (67,932) (130,570) 20,659 Total income tax provision (benefit) $ 30,068 $ (14,116) $ 43,203 |
Schedule of Effective Income Tax Rate Reconciliation | The reasons for the differences are as follows (in thousands): Years Ended December 31, 2022 2021 2020 Income before income and mining taxes $ 240,835 $ 414,758 $ 201,791 Statutory tax rate 27 % 27 % 27 % Expected income and mining tax expense 65,025 111,985 54,484 Increase (decrease) attributable to: Non-taxable items (11,358) (4,379) (22,236) Foreign exchange and inflation (20,531) (124,946) (676) Differences in foreign and future tax rates (13,248) 738 (10,641) Investment incentive tax credits (10,126) (14,082) 1,983 Mining taxes and overseas withholding tax 38,251 17,528 17,006 Impact of gain on acquisition of Kartaltepe (18,826) — — Change in estimates in respect of prior years (3,630) (2,046) (1,616) Changes in recognition of deferred tax assets 2,602 1,086 3,550 Other 1,909 — 1,349 Total income and mining tax expense $ 30,068 $ (14,116) $ 43,203 |
Schedule of Deferred Tax Assets and Liabilities | The significant components of Deferred income tax assets and Deferred income tax liabilities were (in thousands): December 31, 2022 2021 Deferred income tax assets Deductible temporary differences relating to: Marketable securities $ 2,397 $ 634 Reclamation liabilities 31,080 27,608 Lease liabilities 28,730 23,895 Deductibility of other taxes 10,224 9,299 Stock-based compensation 2,931 7,247 Other items 13,286 16,595 88,648 85,278 Investment incentive tax credits (1) 18,772 46,354 Tax loss carryforwards 43,384 25,395 Less: Valuation allowance (61,101) (38,496) Total deferred income tax assets $ 89,703 $ 118,531 Deferred income tax liabilities Taxable temporary differences relating to: Marketable securities $ — $ (270) Inventories (49,004) (17,768) Mineral properties, plant and equipment (332,886) (365,793) Convertible notes (95) (359) Mineral tax (41,803) (38,452) Foreign withholding tax — (17,080) Other items (6,401) (9,096) Total deferred income tax liabilities $ (430,189) $ (448,818) Balance sheet presentation Deferred income tax assets $ 1,915 $ 8,501 Deferred income tax liabilities (342,401) (338,788) Deferred income tax liabilities, net $ (340,486) $ (330,287) (1) The Company receives investment incentive tax credits for qualifying capital expenditures at Çöpler. The application of these tax credits, which are denominated in Turkish Lira, reduced income and mining tax expense and cash tax payments for the year ended December 31, 2022 and are expected to offset future cash tax payments. Reviews of eligible expenditures for tax credits by local tax authorities occur periodically and can result in adjustments to the recognition of investment incentive tax credits. |
Summary of Operating Loss Carryforwards | As of December 31, 2022, the Company had the following estimated tax operating and capital losses (in thousands) available to reduce future taxable income, including both losses for which deferred tax assets are utilized to offset applicable deferred tax liabilities and losses for which deferred tax assets have a valuation allowance against. Losses expire at various dates and amounts between 2023 and 2042. December 31, 2022 Expiration Year Mexico $ 511 2023-2032 Canada $ 179,935 2040-2042 U.S.A. $ 7,382 2023-Indefinite Argentina $ 5,692 2026-2027 Türkiye $ 7,621 2026-2027 Peru $ 263 Indefinite |
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 during the years ended December 31 (in thousands): 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) 9,200 — Settlements (626) — Decrease associated with lapses in statutes of limitation — — Balance as of December 31 $ 8,574 $ — (1) Of the gross unrecognized tax benefits, $8.6 million were recognized as current liabilities in Condensed Consolidated Balance Sheet as of December, 31, 2022. |
OTHER OPERATING EXPENSES, NET (
OTHER OPERATING EXPENSES, NET (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | The following table includes the components of Other operating expense, net : Years Ended December 31, 2022 2021 2020 Alacer transaction and integration costs $ — $ 8,595 $ 20,813 Pitarrilla transaction costs 1,561 — — SEC Conversion costs 1,255 2,645 — Gain on sale of Pitarrilla and other (746) — — Total $ 2,070 $ 11,240 $ 20,813 |
OTHER INCOME (EXPENSE) (Tables)
OTHER INCOME (EXPENSE) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income (Expense) | The following table includes the components of Other income (expense) : Years Ended December 31, 2022 2021 2020 Interest income $ 16,311 $ 1,939 $ 6,545 Change in fair value of marketable securities 602 (10,741) 21,368 Gain (loss) on derivative instruments — (12) 383 Gain (loss) on sale of mineral properties, plant, and equipment (2,130) 412 (2,804) Other 5,508 (5,747) 5,632 Total $ 20,291 $ (14,149) $ 31,124 |
INCOME (LOSS) PER SHARE (Tables
INCOME (LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The calculations of basic and diluted net income per share attributable to SSR Mining shareholders for the years ended December 31 were based on the following (in thousands): Years Ended December 31, 2022 2021 2020 Net income $ 210,428 $ 425,922 $ 157,162 Net income attributable to non-controlling interest (16,288) (57,846) (5,627) Net income attributable to SSR Mining shareholders 194,140 368,076 151,535 Interest saving on convertible notes, net of tax 4,910 4,889 4,883 Net income used in the calculation of diluted net income per share $ 199,050 $ 372,965 $ 156,418 Weighted average number of common shares issued 209,883 215,993 151,144 Adjustments for dilutive instruments: Stock options 5 38 453 Restricted share units 39 58 1 Convertible notes 12,554 12,152 12,101 Diluted weighted average number of shares outstanding 222,481 228,241 163,699 Net income per share attributable to SSR Mining shareholders Basic $ 0.92 $ 1.70 $ 1.00 Diluted $ 0.89 $ 1.63 $ 0.96 |
FAIR VALUE MEASUREMENTS AND F_2
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2022 Level 1 (1) Level 2 (2) Level 3 (3) Total Assets: Cash $ 655,453 $ — $ — $ 655,453 Restricted cash 33,653 — — 33,653 Marketable securities 44,841 — — 44,841 Trade receivables — 117,675 — 117,675 Deferred consideration — — 24,369 24,369 $ 733,947 $ 117,675 $ 24,369 $ 875,991 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) At times, the Company manages a portion of its exposure to fluctuation in diesel prices and foreign currency exchange rates through hedges; however, as of December 31, 2022 the Company does not have any outstanding hedge positions. In periods when the Company has open hedge positions, the 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): 2022 2021 Beginning Balance as of January 1 $ 22,610 $ 21,460 Revaluations 1,759 930 Acquisition of deferred consideration — 20,911 Disposition of deferred consideration — (20,691) Ending balance as of December 31 $ 24,369 $ 22,610 |
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: December 31, 2022 2021 Level Carrying amount Fair value Carrying amount Fair value 2019 Notes (1) 1 $ 226,510 $ 257,025 $ 225,534 $ 286,207 Term Loan (2) 2 70,000 71,419 140,000 144,871 Total borrowings $ 296,510 $ 328,444 $ 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. |
TRADE AND OTHER RECEIVABLES (Ta
TRADE AND OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Trade and other receivables was composed of the following (in thousands): December 31, 2022 2021 Trade receivables $ 62,563 $ 86,124 Value added tax receivables 30,893 20,723 Income tax receivable 14,316 9,374 Other taxes receivable 6,750 1,866 Other 3,153 3,269 Total $ 117,675 $ 121,356 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | The components of Inventories were as follows (in thousands): December 31, 2022 2021 Materials and supplies $ 103,380 $ 79,372 Stockpiled ore 54,504 27,589 Leach pad inventory 300,715 243,627 Work-in-process 7,549 4,951 Finished goods 35,459 33,877 Total current inventories $ 501,607 $ 389,416 Stockpiled ore 217,154 220,324 Materials and supplies 1,845 1,293 Total non-current inventories $ 218,999 $ 221,617 |
Schedule of Inventory, Noncurrent | The components of Inventories were as follows (in thousands): December 31, 2022 2021 Materials and supplies $ 103,380 $ 79,372 Stockpiled ore 54,504 27,589 Leach pad inventory 300,715 243,627 Work-in-process 7,549 4,951 Finished goods 35,459 33,877 Total current inventories $ 501,607 $ 389,416 Stockpiled ore 217,154 220,324 Materials and supplies 1,845 1,293 Total non-current inventories $ 218,999 $ 221,617 |
MINERAL PROPERTIES, PLANT AND_2
MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Mineral Properties, Plant and Equipment | The major categories of plant and equipment are depreciated on a straight-line basis using the estimated lives indicated below: Vehicles 5 years - 7 years Mining equipment 3 years - 20 years Mobile equipment components 2 years - 7 years Buildings 5 years - 20 years Mine plant equipment 3 years - 20 years Underground infrastructure 4 years - 6 years ROU assets - plant and equipment (1) 10 years - 20 years (1) For ROU assets, the depreciation period indicated above represents the period from lease commencement date to the earlier of the end of the useful life of the underlying asset or the end of the lease term. The components of Mineral properties, plant and equipment, net were as follows (in thousands): December 31, 2022 2021 Plant and equipment (1) $ 1,793,914 $ 1,762,833 Construction in process 58,704 36,841 Mineral properties subject to depletion 1,452,850 1,331,615 Mineral properties not yet subject to depletion 848,281 141,629 Exploration and evaluation assets 515,070 927,176 Total mineral properties, plant, and equipment 4,668,819 4,200,094 Accumulated depreciation, plant and equipment (621,323) (529,635) Accumulated depreciation, mineral properties (498,050) (420,695) Mineral properties, plant, and equipment, net $ 3,549,446 $ 3,249,764 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Balance of Goodwill recorded at Seabee (in thousands): December 31, 2022 2021 Goodwill $ 49,786 $ 49,786 |
ACCRUED LIABILITIES AND OTHER (
ACCRUED LIABILITIES AND OTHER (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Liabilities and Other | Accrued liabilities and other are comprised of the following items (in thousands): December 31, 2022 2021 Accrued liabilities $ 68,254 $ 51,544 Royalties payable 16,012 32,383 Stock-based compensation liabilities 10,493 22,652 Income taxes payable 16,374 52,206 Lease liabilities 1,976 2,238 Reclamation liabilities 10,075 2,384 Other 1,470 1,701 Total accrued liabilities and other $ 124,654 $ 165,108 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following tables summarize the Company’s debt balances (in thousands): December 31, 2022 2021 2019 Notes (1) $ 226,510 $ 225,534 Term Loan 70,000 140,000 Other 1,797 1,450 Total carrying amount $ 298,307 $ 366,984 Current portion $ 71,797 $ 71,491 Non-current portion $ 226,510 $ 295,493 (1) Amount is net of discount and debt issuance costs of $3.5 million and $4.5 million, respectively. |
Schedule of Maturities of Long-term Debt | Scheduled minimum debt repayments are as follows (in thousands): 2023 $ 70,033 2024 $ — 2025 $ — 2026 $ — 2027 $ — Thereafter $ 230,000 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease, Cost | The components of the Company’s leases presented in the Consolidated Balance Sheets were as follows (in thousands): December 31, 2022 2021 Finance lease right-of-use assets, net (included in Mineral properties, plant and equipment, net ) $ 101,705 $ 114,882 Operating lease right-of-use assets (included in Other non-current assets ) 17,946 7,530 Total lease right-of-use-assets $ 119,651 $ 122,412 Short-term finance lease liabilities (included in Finance lease liabilities ) $ 3,872 $ 12,439 Short-term operating lease liabilities (included in Accrued liabilities and other ) 1,976 2,238 Long-term finance lease liabilities (included in Finance Lease liabilities ) 102,434 105,965 Long-term operating lease liabilities (included in Other non-current liabilities ) 16,969 5,525 Total lease liabilities $ 125,251 $ 126,167 The components of the Company’s leases presented in the Consolidated Statements of Operations for the years ended December 31 were as follows (in thousands): Years Ended December 31, 2022 2021 2020 Operating leases $ 4,134 $ 2,986 $ 1,260 Finance leases: Amortization of lease cost 5,346 2,517 92 Interest expense on lease liabilities 4,830 274 12 Variable and short-term leases 1,740 10,661 3,615 Total $ 16,050 $ 16,438 $ 4,979 The components of the Company’s leases presented in the statements of cash flows for the years ended December 31 were as follows (in thousands): Years Ended December 31, 2022 2021 2020 Operating leases within cash flows from operating activities $ 4,134 $ 2,986 $ 1,260 Finance leases within cash flows from financing activities $ 10,091 $ 10,441 $ 3,623 The following is a schedule of weighted-average discount rates used to determine lease liabilities and remaining lease terms for the years ended December 31: Years Ended December 31, 2022 2021 Weighted-average remaining lease term - operating leases (in years) 8.4 5.5 Weighted-average remaining lease term - finance leases (in years) 18.1 19.1 Weighted-average discount rate - operating leases 5.2 % 8.6 % Weighted-average discount rate - finance leases 4.5 % 4.5 % |
Lessee, Operating Lease, Liability, Maturity | The following is a schedule of future minimum lease payments under noncancellable finance and operating leases as of December 31, 2022 (in thousands): Operating Leases Finance Leases 2023 $ 2,683 $ 8,532 2024 2,780 8,532 2025 2,659 8,532 2026 2,709 8,532 2027 2,708 8,532 Thereafter 9,371 112,416 Total minimum lease payments $ 22,910 $ 155,076 Less: amounts representing interest 3,965 48,770 Present value of net minimum lease payments 18,945 106,306 Less: current portion of lease liabilities 1,976 3,872 Long-term lease liabilities $ 16,969 $ 102,434 |
Finance Lease, Liability, Fiscal Year Maturity | The following is a schedule of future minimum lease payments under noncancellable finance and operating leases as of December 31, 2022 (in thousands): Operating Leases Finance Leases 2023 $ 2,683 $ 8,532 2024 2,780 8,532 2025 2,659 8,532 2026 2,709 8,532 2027 2,708 8,532 Thereafter 9,371 112,416 Total minimum lease payments $ 22,910 $ 155,076 Less: amounts representing interest 3,965 48,770 Present value of net minimum lease payments 18,945 106,306 Less: current portion of lease liabilities 1,976 3,872 Long-term lease liabilities $ 16,969 $ 102,434 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Net change in operating assets and liabilities during the years ended December 31 were as follows (in thousands): Years Ended December 31, 2022 2021 2020 Decrease (increase) in operating assets: Trade and other receivables $ (11,704) $ (38,138) $ 5,132 Inventories (108,183) (20,848) (21,660) Other operating assets (6,121) (1,516) 17,781 Increase (decrease) in operating liabilities: Accounts payable 40,815 (6,882) 7,761 Accrued liabilities and other (60,856) 38,332 (47,159) Reclamation liabilities (1,221) (243) (2,447) $ (147,270) $ (29,295) $ (40,592) Other cash information during the years ended December 31 were as follows (in thousands): Years Ended December 31, 2022 2021 2020 Interest paid $ (22,579) $ (12,512) $ (13,638) Interest received $ 6,633 $ 5,315 $ 3,665 Income taxes paid $ (145,549) $ (58,000) $ (43,744) |
THE COMPANY (Details)
THE COMPANY (Details) | Dec. 31, 2022 mine |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of producing mines | 4 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 mine segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | segment | 5 |
Number of operating mines | mine | 4 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Mineral Properties, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Vehicles | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated lives | 5 years |
Vehicles | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated lives | 7 years |
Mining equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated lives | 3 years |
Mining equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated lives | 20 years |
Mobile equipment components | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated lives | 2 years |
Mobile equipment components | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated lives | 7 years |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated lives | 5 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated lives | 20 years |
Mine plant equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated lives | 3 years |
Mine plant equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated lives | 20 years |
Underground infrastructure | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated lives | 4 years |
Underground infrastructure | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated lives | 6 years |
ROU assets - plant and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated lives | 10 years |
ROU assets - plant and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated lives | 20 years |
ACQUISITIONS AND DIVESTITURES -
ACQUISITIONS AND DIVESTITURES - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Nov. 17, 2022 USD ($) | Jul. 06, 2022 USD ($) $ / shares shares | Apr. 14, 2022 USD ($) | Oct. 21, 2021 USD ($) | Sep. 16, 2020 USD ($) | Sep. 15, 2020 USD ($) shares | Dec. 31, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Nov. 16, 2022 USD ($) | |
Business Acquisition [Line Items] | ||||||||||||
Equity method investments | $ 395 | $ 395 | $ 4,918 | |||||||||
Gain on acquisition of Kartaltepe | 81,852 | 0 | $ 0 | |||||||||
Mineral properties, plant and equipment, net | 3,549,446 | 3,549,446 | 3,249,764 | |||||||||
Deferred income tax liabilities | 342,401 | 342,401 | 338,788 | |||||||||
Non-controlling interest | 546,462 | 546,462 | 514,661 | |||||||||
Other operating expenses, net | 0 | 8,595 | 20,813 | |||||||||
Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Impairment of long-lived and other assets | |||||||||||
Pitarrilla Project | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Consideration in cash | $ 35,000 | |||||||||||
Consideration in equity | $ 25,600 | |||||||||||
Consideration in equity (in shares) | shares | 8,577,380 | |||||||||||
Share price (in dollars per share) | $ / shares | $ 2.99 | |||||||||||
Gain on sale of assets | $ 600 | |||||||||||
Pitarrilla Project | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Smelter | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Royalty fee, percentage | 1.25% | |||||||||||
Royalty Portfolio | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Consideration in cash | $ 87,900 | |||||||||||
Carrying value | 83,900 | |||||||||||
Loss on impairment | $ 22,300 | |||||||||||
Gain on disposal | 2,100 | |||||||||||
Transaction costs | $ 300 | |||||||||||
Royalty Portfolio | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Measurement Input, Discount Rate | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Deferred consideration, rate | 0.125 | |||||||||||
Alacer | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Percentage of voting interests acquired | 57% | |||||||||||
Percentage of voting interests held by former shareholders | 43% | |||||||||||
Consideration transferred | $ 2,200,000 | |||||||||||
Other operating expenses, net | $ 6,900 | 20,800 | ||||||||||
Severance and termination payments | 11,000 | |||||||||||
Revenue | 205,500 | |||||||||||
Net income | $ 24,100 | |||||||||||
Alacer | Common shares | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Equity interests issued and issuable, entity shares issued per acquiree, ratio | 0.3246 | |||||||||||
Equity interest issued or issuable, number of shares (in shares) | shares | 95,699,911 | |||||||||||
Consideration transferred | $ 2,179,647 | |||||||||||
Taiga Gold Corporation | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Asset acquisition, consideration transferred | $ 24,800 | 24,800 | ||||||||||
Asset acquisition, cash and equivalents | 4,700 | $ 4,700 | ||||||||||
Asset acquisition, exploration and evaluation assets | 27,800 | |||||||||||
Asset acquisition, deferred tax liability | $ 7,500 | |||||||||||
Kartaltepe | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Gain on acquisition of Kartaltepe | $ 81,900 | |||||||||||
Variable interest entity, initial measurement, recognized identifiable assets acquired and liabilities assumed, net | $ 284,700 | |||||||||||
Kartaltepe | Lidya’s | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Non-controlling interest | $ 48,600 | |||||||||||
Ownership percentage by noncontrolling owners | 20% | |||||||||||
Kartaltepe | Variable Interest Entity, Primary Beneficiary | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Ownership percentage | 80% | |||||||||||
Anagold | Alacer | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Ownership percentage by parent | 80% | |||||||||||
Lidya’s | Alacer | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Ownership percentage by noncontrolling owners | 20% | |||||||||||
Kartaltepe | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Additional ownership percentage acquired | 30% | 30% | 30% | |||||||||
Payments to acquire interest in joint venture | $ 150,000 | $ 150,000 | ||||||||||
Ownership percentage | 50% | |||||||||||
Equity method investments | $ 4,200 | |||||||||||
Kartaltepe | Variable Interest Entity, Primary Beneficiary | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Mineral properties, plant and equipment, net | 361,600 | |||||||||||
Deferred income tax liabilities | $ 72,300 |
ACQUISITIONS AND DIVESTITURES_2
ACQUISITIONS AND DIVESTITURES - Consideration Transferred (Details) - Alacer Gold Corporation - USD ($) $ / shares in Units, $ in Thousands | Sep. 16, 2020 | Sep. 15, 2020 |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Total consideration | $ 2,200,000 | |
Alacer Gold Corporation | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Share price (in dollars per share) | $ 7.21 | |
RSU, PSU and DSU consideration | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
RSU, PSU and DSU consideration | $ 52,363 | |
Restricted share units | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
RSU, PSU and DSU consideration | $ 15,400 | |
Equity interest issuable, number of shares (in shares) | 3,570,261 | |
Performance shares | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
RSU, PSU and DSU consideration | $ 23,800 | |
Equity interest issuable, number of shares (in shares) | 3,463,023 | |
Deferred share units | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
RSU, PSU and DSU consideration | $ 13,200 | |
Equity interest issuable, number of shares (in shares) | 1,158,071 | |
Common shares | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ||
Equity consideration | 2,127,284 | |
Total consideration | $ 2,179,647 | |
Equity interest issued or issuable, number of shares (in shares) | 95,699,911 | |
Share price (in dollars per share) | $ 22.22 |
ACQUISITIONS AND DIVESTITURES_3
ACQUISITIONS AND DIVESTITURES - Assets Acquired and Liabilities Assumed (Details) - Alacer Gold Corporation $ in Thousands | Sep. 16, 2020 USD ($) |
ASSETS | |
Cash and cash equivalents | $ 270,445 |
Trade and other receivables | 17,218 |
Inventories | 224,992 |
Prepaids and other current assets | 6,039 |
Mineral properties, plant and equipment | 2,789,832 |
Inventories | 124,775 |
Restricted cash | 32,943 |
Equity method investments | 9,148 |
Other non-current assets | 9,575 |
Total assets | 3,484,967 |
LIABILITIES | |
Accounts payable and accrued liabilities | 71,861 |
Current portion of debt | 70,000 |
Debt | 175,000 |
Reclamation liabilities | 26,154 |
Lease liabilities - non-current | 114,820 |
Deferred income tax liabilities | 337,752 |
Other non-current liabilities | 3,081 |
Non-controlling interest | 506,652 |
Total liabilities | 1,305,320 |
Total net assets | 2,179,647 |
Investment incentive tax credits | 182,900 |
Withheld tax on distributable earnings of the Turkish entities | $ 29,200 |
ACQUISITIONS AND DIVESTITURES_4
ACQUISITIONS AND DIVESTITURES - Pro Forma (Details) - Alacer Gold Corporation $ in Thousands | 12 Months Ended |
Dec. 31, 2020 USD ($) | |
Business Acquisition [Line Items] | |
Revenue | $ 1,215,145 |
Net income attributable to SSR Mining shareholders | $ 264,390 |
OPERATING_SEGMENTS - Narrative
OPERATING SEGMENTS - Narrative (Details) | Dec. 31, 2022 mine |
Segment Reporting [Abstract] | |
Number of producing mines | 4 |
OPERATING_SEGMENTS - Disaggrega
OPERATING SEGMENTS - Disaggregation of Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 1,148,033 | $ 1,474,199 | $ 853,089 | |
Cost of sales | [1] | 607,942 | 671,374 | 444,538 |
Depreciation, depletion, and amortization | 181,447 | 227,959 | 109,258 | |
Exploration, evaluation, and reclamation costs | 52,846 | 42,382 | 27,043 | |
Care and maintenance | 41,800 | 0 | 29,593 | |
Impairment of long-lived and other assets | 0 | 20,275 | 0 | |
Operating income (loss) | 190,268 | 444,375 | 188,275 | |
Capital expenditures | 143,163 | 141,571 | 122,194 | |
Assets | 5,254,657 | 5,211,438 | 5,177,344 | |
Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Cost of sales | 0 | 0 | 0 | |
Depreciation, depletion, and amortization | 0 | 0 | 0 | |
Exploration, evaluation, and reclamation costs | 1,749 | 1,877 | 538 | |
Care and maintenance | 0 | 0 | ||
Impairment of long-lived and other assets | 0 | |||
Operating income (loss) | (73,034) | (62,070) | (52,819) | |
Capital expenditures | 0 | 0 | 0 | |
Assets | 404,454 | 659,012 | 622,902 | |
Çöpler | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 355,070 | 607,887 | 205,535 | |
Cost of sales | 189,825 | 264,889 | 121,614 | |
Depreciation, depletion, and amortization | 76,628 | 125,220 | 33,793 | |
Exploration, evaluation, and reclamation costs | 3,684 | 10,868 | 3,560 | |
Care and maintenance | 41,800 | 0 | ||
Impairment of long-lived and other assets | 0 | |||
Operating income (loss) | 40,340 | 201,302 | 46,546 | |
Capital expenditures | 35,729 | 34,699 | 22,883 | |
Assets | 2,465,066 | 2,290,367 | 2,254,320 | |
Marigold | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 348,817 | 426,391 | 409,799 | |
Cost of sales | 206,014 | 219,035 | 216,358 | |
Depreciation, depletion, and amortization | 34,255 | 35,410 | 34,619 | |
Exploration, evaluation, and reclamation costs | 3,746 | 2,979 | 3,742 | |
Care and maintenance | 0 | 0 | ||
Impairment of long-lived and other assets | 0 | |||
Operating income (loss) | 104,802 | 169,070 | 154,645 | |
Capital expenditures | 58,795 | 55,861 | 55,567 | |
Assets | 630,795 | 566,015 | 601,804 | |
Seabee | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 244,692 | 213,860 | 135,230 | |
Cost of sales | 74,679 | 66,354 | 40,575 | |
Depreciation, depletion, and amortization | 49,445 | 45,334 | 28,341 | |
Exploration, evaluation, and reclamation costs | 14,104 | 11,867 | 6,390 | |
Care and maintenance | 0 | 13,644 | ||
Impairment of long-lived and other assets | 0 | |||
Operating income (loss) | 106,453 | 90,332 | 46,152 | |
Capital expenditures | 38,193 | 40,553 | 32,782 | |
Assets | 581,574 | 479,370 | 454,484 | |
Puna | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 199,454 | 226,061 | 102,525 | |
Cost of sales | 137,424 | 121,096 | 65,991 | |
Depreciation, depletion, and amortization | 21,119 | 21,995 | 12,505 | |
Exploration, evaluation, and reclamation costs | 7,098 | 1,764 | (373) | |
Care and maintenance | 0 | 15,949 | ||
Impairment of long-lived and other assets | 0 | |||
Operating income (loss) | 33,546 | 79,043 | 6,937 | |
Capital expenditures | 10,446 | 10,458 | 10,962 | |
Assets | 315,059 | 293,470 | 225,033 | |
Exploration, evaluation and development properties | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Cost of sales | 0 | 0 | 0 | |
Depreciation, depletion, and amortization | 0 | 0 | 0 | |
Exploration, evaluation, and reclamation costs | 22,465 | 13,027 | 13,186 | |
Care and maintenance | 0 | 0 | ||
Impairment of long-lived and other assets | 20,275 | |||
Operating income (loss) | (21,839) | (33,302) | (13,186) | |
Capital expenditures | 0 | 0 | 0 | |
Assets | $ 857,709 | $ 923,204 | $ 1,018,801 | |
[1]Excludes depreciation, depletion, and amortization. |
OPERATING_SEGMENTS - Non-curren
OPERATING SEGMENTS - Non-current Assets by Geographical Area (Details) - Operating segments - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | $ 3,826,521 | $ 3,517,534 |
Türkiye | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 3,064,482 | 2,744,707 |
Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 311,937 | 292,264 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 321,423 | 307,857 |
Argentina | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 127,661 | 123,834 |
Mexico | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 536 | 48,345 |
Peru | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | $ 482 | $ 527 |
OPERATING_SEGMENTS - Revenue by
OPERATING SEGMENTS - Revenue by Geographical Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 1,148,033 | $ 1,474,199 | $ 853,089 |
Türkiye | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 355,070 | 607,887 | 205,535 |
Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 244,692 | 213,860 | 135,230 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 348,817 | 426,391 | 409,799 |
Argentina | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 199,454 | $ 226,061 | $ 102,525 |
REVENUE - Revenue by Product (D
REVENUE - Revenue by Product (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 1,148,033 | $ 1,474,199 | $ 853,089 |
Gold doré sales | Çöpler | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 352,740 | 600,790 | 205,535 |
Gold doré sales | Marigold | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 348,692 | 426,288 | 409,746 |
Gold doré sales | Seabee | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 244,581 | 213,766 | 135,177 |
Concentrate sales | Puna | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 201,859 | 229,959 | 105,350 |
Other | Çöpler | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,330 | 7,097 | 0 |
Other | Marigold | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 125 | 103 | 53 |
Other | Seabee | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 111 | 94 | 53 |
Other | Puna | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ (2,405) | $ (3,898) | $ (2,825) |
REVENUE - Revenue by Metal (Det
REVENUE - Revenue by Metal (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 1,148,033 | $ 1,474,199 | $ 853,089 |
Gold | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 946,013 | 1,240,844 | 750,458 |
Silver | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 153,280 | 183,378 | 92,260 |
Lead | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 37,519 | 33,070 | 8,815 |
Zinc | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 11,060 | 13,511 | 4,275 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 161 | $ 3,396 | $ (2,719) |
REVENUE - Narrative (Details)
REVENUE - Narrative (Details) oz in Millions, lb in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) lb oz $ / Ounce $ / pound | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Concentrate Metal Sales Agreement | |||
Disaggregation of Revenue [Line Items] | |||
Embedded derivative, increase (decrease) of value | $ | $ 2.8 | $ (1) | $ (1.5) |
Silver | Concentrate Metal Sales Agreement | |||
Disaggregation of Revenue [Line Items] | |||
Notional ounce/tonnes | oz | 4.4 | ||
Average price per ounce/tonnes (in dollars per share) | $ / Ounce | 20.59 | ||
Zinc | Concentrate Metal Sales Agreement | |||
Disaggregation of Revenue [Line Items] | |||
Notional ounce/tonnes | lb | 2 | ||
Average price per ounce/tonnes (in dollars per share) | $ / pound | 1.39 | ||
Lead | Concentrate Metal Sales Agreement | |||
Disaggregation of Revenue [Line Items] | |||
Notional ounce/tonnes | lb | 19.1 | ||
Average price per ounce/tonnes (in dollars per share) | $ / pound | 0.91 | ||
Customer Concentration Risk | Revenue Benchmark | Central Bank of Türkiye | Gold Dore | |||
Disaggregation of Revenue [Line Items] | |||
Concentration risk, percentage | 31% | 41% | 24% |
Customer Concentration Risk | Revenue Benchmark | CIBC | Gold Dore | |||
Disaggregation of Revenue [Line Items] | |||
Concentration risk, percentage | 28% | 30% | 45% |
Customer Concentration Risk | Revenue Benchmark | Bank of Montreal | Gold Dore | |||
Disaggregation of Revenue [Line Items] | |||
Concentration risk, percentage | 16% | 14% |
RECLAMATION_LIABILITIES - Chang
RECLAMATION LIABILITIES - Change in Reclamation Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reclamation Liabilities [Roll Forward] | |||
Balance, beginning of year | $ 125,044 | $ 104,744 | |
Reclamation expenditures | (1,221) | (243) | |
Accretion expense | 6,035 | 4,821 | $ 3,815 |
Additions, changes in estimate and other | 34,189 | 15,722 | |
Balance, end of year | 164,047 | 125,044 | $ 104,744 |
Less: current portion | (10,075) | (2,384) | |
Non-current reclamation liabilities | $ 153,972 | $ 122,660 |
RECLAMATION_LIABILITIES - Narra
RECLAMATION LIABILITIES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Çöpler | ||
Segment Reporting Information [Line Items] | ||
Reclamation adjustments, changes in estimates | $ 3.8 | $ 4.7 |
Marigold | ||
Segment Reporting Information [Line Items] | ||
Reclamation adjustments, changes in estimates | 3.6 | 4.8 |
Seabee | ||
Segment Reporting Information [Line Items] | ||
Reclamation adjustments, changes in estimates | 12.5 | |
Puna | ||
Segment Reporting Information [Line Items] | ||
Reclamation adjustments, changes in estimates | $ 12.9 | $ 5.6 |
EQUITY - Narrative (Details)
EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jun. 20, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of outstanding stock maximum | 4.50% | |||
Number of shares available for issuance (in shares) | 8,177,272 | |||
Granted (in shares) | 0 | 0 | ||
Proceeds from exercise of stock options | $ 2,628 | $ 8,778 | $ 6,545 | |
Proceeds from stock options exercised, tax benefit | 200 | |||
Stock repurchase program, stock repurchased during period | $ 100,040 | $ 148,075 | ||
Common shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock repurchase program, repurchase of common shares (in shares) | 6,053,000 | 8,801,000 | ||
Stock repurchase program, stock repurchased during period | $ 88,849 | $ 129,052 | ||
Retained earnings (Accumulated Deficit) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock repurchase program, stock repurchased during period | $ 11,191 | $ 19,023 | ||
Normal Course Issuer Bid | ||||
Share-based Compensation Arrangement by Share-based Payment Award [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) | 6,053,126 | 8,800,700 | ||
Stock repurchased and retired during period, cost per share (in dollars per share) | $ 16.53 | $ 16.82 | ||
Stock repurchase program, stock repurchased during period | $ 100,000 | $ 148,100 | ||
Normal Course Issuer Bid | Common shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock repurchase program, stock repurchased during period | 11,200 | 19,000 | ||
Normal Course Issuer Bid | Retained earnings (Accumulated Deficit) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock repurchase program, stock repurchased during period | $ 88,800 | 129,100 | ||
Restricted share units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Unrecognized compensation not yet recognized, period | 2 years 8 months 12 days | |||
Cash used to settle award | $ 0 | 0 | 4,600 | |
Granted, fair value | 7,300 | 7,200 | 25,400 | |
Vested, fair value | 14,000 | 3,300 | 14,100 | |
Unrecognized compensation not yet recognized | $ 5,300 | |||
Restricted share units | Alacer Gold Corporation | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Expiration period | 7 years | |||
Unrecognized compensation not yet recognized, period | 2 months 12 days | |||
Deferred share units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of automatic redemption | 50% | |||
Conversion ratio | 1 | |||
Cash used to settle award | $ 3,400 | 2,700 | 3,100 | |
Granted and vested, fair value | $ 1,200 | 1,400 | 10,700 | |
Deferred share units | Eligible director ceases to be a director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Redemption period | 3 months | |||
Deferred share units | December 31 of the calendar year following the date the eligible director ceases to be a director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Redemption period | 15 months | |||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation not yet recognized, period | 2 years 2 months 12 days | |||
Cash used to settle award | $ 10,500 | 14,300 | 12,000 | |
Granted, fair value | 5,500 | 11,500 | 24,800 | |
Vested, fair value | 9,400 | $ 17,400 | $ 4,400 | |
Unrecognized compensation not yet recognized | $ 4,700 | |||
Performance Shares | Senior Executives | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Performance Shares | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance target, percentage | 0% | |||
Performance Shares | Minimum | Alacer Gold Corporation | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance target, percentage | 0% | |||
Performance Shares | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance target, percentage | 200% | |||
Performance Shares | Maximum | Alacer Gold Corporation | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance target, percentage | 200% |
EQUITY - Compensation Expense (
EQUITY - Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense, after tax | $ 6,473 | $ 14,799 | $ 15,851 |
Cost of sales | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 797 | 1,105 | 2,164 |
General and administrative expense | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 5,579 | 11,867 | 8,500 |
Exploration, evaluation and reclamation expense | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 97 | 105 | 169 |
Other operating expenses, net | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | $ 0 | $ 1,722 | $ 5,018 |
EQUITY - Stock Option Activity
EQUITY - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Options | ||
Beginning balance (in shares) | 261,000 | |
Granted (in shares) | 0 | 0 |
Exercised (in shares) | (180,000) | |
Forfeited (in shares) | (4,000) | |
Expired (in shares) | (4,000) | |
Ending balance (in shares) | 73,000 | 261,000 |
Vested and exercisable (in shares) | 64,000 | |
Weighted Average Exercise Price Per Share | ||
Beginning balance (in dollars per share) | $ 16.32 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 13.68 | |
Forfeited (in dollars per share) | 21.13 | |
Expired (in dollars per share) | 21.48 | |
Ending balance (in dollars per share) | 18.53 | $ 16.32 |
Vested and exercisable (in dollars per share) | $ 18.08 | |
Weighted Average Remaining Contractual Term (years) and Aggregate Intrinsic Value | ||
Options outstanding, weighted average remaining contractual term (years) | 4 years | |
Options vested and exercisable, weighted average remaining contractual term (years) | 3 years 10 months 24 days | |
Options outstanding, aggregate intrinsic value | $ 60 | |
Options vested and exercisable, aggregate intrinsic value | $ 60 |
EQUITY - Stock Option Assumptio
EQUITY - Stock Option Assumption (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant-date fair value (per option) (in dollars per share) | $ 17.76 | ||
Intrinsic value of options exercised | $ 840 | $ 4,814 | $ 9,780 |
Fair value of options vested | $ 337 | $ 1,430 | $ 5,006 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield (%) | 0% | ||
Risk-free interest rate (%) | 1.31% | ||
Expected life (years) | 4 years 2 months 12 days | ||
Expected volatility (%) | 45.80% |
EQUITY - Deferred Share Units A
EQUITY - Deferred Share Units Activity (Details) - Deferred share units $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Number of Shares | |
Beginning balance (in shares) | shares | 682 |
Granted (in shares) | shares | 69 |
Exercised/Released (in shares) | shares | (229) |
Canceled/Forfeited (in shares) | shares | 0 |
Reinvested (in shares) | shares | 10 |
Ending balance (in shares) | shares | 532 |
Weighted Grant Date Fair Value Per Share | |
Beginning balance (in dollars per share) | $ / shares | $ 23.95 |
Granted (in dollars per share) | $ / shares | 17.31 |
Exercised/Released (in dollars per share) | $ / shares | 15.74 |
Canceled/Forfeited (in dollars per share) | $ / shares | 0 |
Reinvested (in dollars per share) | $ / shares | 15.13 |
Ending balance (in dollars per share) | $ / shares | $ 26.46 |
Outstanding, aggregate intrinsic value | $ | $ 8,331 |
EQUITY - Restricted Share Units
EQUITY - Restricted Share Units Activity (Details) - Restricted share units $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Number of Shares | |
Beginning balance (in shares) | shares | 869 |
Granted (in shares) | shares | 412 |
Exercised/Released (in shares) | shares | (650) |
Canceled/Forfeited (in shares) | shares | (62) |
Reinvested (in shares) | shares | 10 |
Ending balance (in shares) | shares | 579 |
Weighted Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 23.10 |
Granted (in dollars per share) | $ / shares | 17.83 |
Exercised/Released (in dollars per share) | $ / shares | 21.48 |
Canceled/Forfeited (in dollars per share) | $ / shares | 17.63 |
Reinvested (in dollars per share) | $ / shares | 18.18 |
Ending balance (in dollars per share) | $ / shares | $ 21.49 |
Outstanding, aggregate intrinsic value | $ | $ 9,071 |
EQUITY - Performance Share Unit
EQUITY - Performance Share Units Activity (Details) - PSUs and PSU Replacement Units $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Number of Shares | |
Beginning balance (in shares) | shares | 800 |
Granted (in shares) | shares | 305 |
Exercised/Released (in shares) | shares | (432) |
Canceled/Forfeited (in shares) | shares | (36) |
Reinvested (in shares) | shares | 12 |
Ending balance (in shares) | shares | 649 |
Weighted Grant Date Fair Value Per Share | |
Beginning balance (in dollars per share) | $ / shares | $ 25.34 |
Granted (in dollars per share) | $ / shares | 18.06 |
Exercised/Released (in dollars per share) | $ / shares | 21.83 |
Canceled/Forfeited (in dollars per share) | $ / shares | 19.07 |
Reinvested (in dollars per share) | $ / shares | 18.98 |
Ending balance (in dollars per share) | $ / shares | $ 24.49 |
Outstanding, aggregate intrinsic value | $ | $ 10,182 |
INCOME AND MINING TAXES - Incom
INCOME AND MINING TAXES - Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | |||
Income before income and mining taxes | $ 240,835 | $ 414,758 | $ 201,791 |
United States | |||
Income Tax Contingency [Line Items] | |||
Income before income and mining taxes | 75,762 | 138,230 | 119,654 |
Canada | |||
Income Tax Contingency [Line Items] | |||
Income before income and mining taxes | (21,831) | 26,752 | 26,207 |
Türkiye | |||
Income Tax Contingency [Line Items] | |||
Income before income and mining taxes | 108,373 | 186,971 | 41,385 |
Other Foreign | |||
Income Tax Contingency [Line Items] | |||
Income before income and mining taxes | $ 78,531 | $ 62,805 | $ 14,545 |
INCOME AND MINING TAXES - Inc_2
INCOME AND MINING TAXES - Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current income tax provision: | |||
Current income tax provision | $ 98,000 | $ 116,454 | $ 22,544 |
Deferred income tax provision (benefit): | |||
Current income tax provision (benefit) | (67,932) | (130,570) | 20,659 |
Total income tax provision (benefit) | 30,068 | (14,116) | 43,203 |
United States | |||
Current income tax provision: | |||
Current income tax provision | 15,149 | 15,603 | 13,945 |
Deferred income tax provision (benefit): | |||
Current income tax provision (benefit) | 7,092 | 13,288 | 8,265 |
Canada | |||
Current income tax provision: | |||
Current income tax provision | 33,408 | 27,672 | 5,720 |
Deferred income tax provision (benefit): | |||
Current income tax provision (benefit) | (4,183) | (230) | 765 |
Türkiye | |||
Current income tax provision: | |||
Current income tax provision | 23,515 | 49,851 | 1,805 |
Deferred income tax provision (benefit): | |||
Current income tax provision (benefit) | (57,227) | (131,456) | 19,205 |
Other Foreign | |||
Current income tax provision: | |||
Current income tax provision | 25,928 | 23,328 | 1,074 |
Deferred income tax provision (benefit): | |||
Current income tax provision (benefit) | $ (13,614) | $ (12,172) | $ (7,576) |
INCOME AND MINING TAXES - Effec
INCOME AND MINING TAXES - Effective Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Income before income and mining taxes | $ 240,835 | $ 414,758 | $ 201,791 |
Statutory tax rate | 27% | 27% | 27% |
Expected income and mining tax expense | $ 65,025 | $ 111,985 | $ 54,484 |
Increase (decrease) attributable to: | |||
Non-taxable items | (11,358) | (4,379) | (22,236) |
Foreign exchange and inflation | (20,531) | (124,946) | (676) |
Differences in foreign and future tax rates | (13,248) | 738 | (10,641) |
Investment incentive tax credits | (10,126) | (14,082) | 1,983 |
Mining taxes and overseas withholding tax | 38,251 | 17,528 | 17,006 |
Impact of gain on acquisition of Kartaltepe | (18,826) | 0 | 0 |
Change in estimates in respect of prior years | (3,630) | (2,046) | (1,616) |
Changes in recognition of deferred tax assets | 2,602 | 1,086 | 3,550 |
Other | 1,909 | 0 | 1,349 |
Total income tax provision (benefit) | $ 30,068 | $ (14,116) | $ 43,203 |
INCOME AND MINING TAXES - Defer
INCOME AND MINING TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deductible temporary differences relating to: | ||
Marketable securities | $ 2,397 | $ 634 |
Reclamation liabilities | 31,080 | 27,608 |
Lease liabilities | 28,730 | 23,895 |
Deductibility of other taxes | 10,224 | 9,299 |
Stock-based compensation | 2,931 | 7,247 |
Other items | 13,286 | 16,595 |
Deferred tax assets, gross | 88,648 | 85,278 |
Investment incentive tax credits | 18,772 | 46,354 |
Tax loss carryforwards | 43,384 | 25,395 |
Less: Valuation allowance | (61,101) | (38,496) |
Total deferred income tax assets | 89,703 | 118,531 |
Taxable temporary differences relating to: | ||
Marketable securities | 0 | (270) |
Inventories | (49,004) | (17,768) |
Mineral properties, plant and equipment | (332,886) | (365,793) |
Convertible notes | (95) | (359) |
Mineral tax | (41,803) | (38,452) |
Foreign withholding tax | 0 | (17,080) |
Other items | (6,401) | (9,096) |
Total deferred income tax liabilities | (430,189) | (448,818) |
Balance sheet presentation | ||
Deferred income tax assets | 1,915 | 8,501 |
Deferred income tax liabilities | (342,401) | (338,788) |
Deferred income tax liabilities, net | $ (340,486) | $ (330,287) |
INCOME AND MINING TAXES - Narra
INCOME AND MINING TAXES - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Valuation allowance, deferred tax asset, increase, amount | $ 22,600,000 | ||
Unrecognized tax benefits that would impact effective tax rate | 8,600,000 | $ 0 | |
Unrecognized tax benefits, income tax penalties and interest accrued | 5,200,000 | 0 | |
Unrecognized tax benefits | 8,574,000 | $ 0 | $ 0 |
Unrecognized tax benefits, income tax penalties and interest expense | $ 6,600,000 |
INCOME AND MINING TAXES - Tax O
INCOME AND MINING TAXES - Tax Operating Losses (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Mexico | |
Operating Loss Carryforwards [Line Items] | |
Tax operating losses | $ 511 |
Canada | |
Operating Loss Carryforwards [Line Items] | |
Tax operating losses | 179,935 |
U.S.A. | |
Operating Loss Carryforwards [Line Items] | |
Tax operating losses | 7,382 |
Argentina | |
Operating Loss Carryforwards [Line Items] | |
Tax operating losses | 5,692 |
Türkiye | |
Operating Loss Carryforwards [Line Items] | |
Tax operating losses | 7,621 |
Peru | |
Operating Loss Carryforwards [Line Items] | |
Tax operating losses | $ 263 |
INCOME AND MINING TAXES - Unrec
INCOME AND MINING TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 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 | 9,200 | 0 |
Settlements | (626) | 0 |
Decrease associated with lapses in statutes of limitation | 0 | 0 |
Ending balance | $ 8,574 | $ 0 |
OTHER OPERATING EXPENSES, NET_2
OTHER OPERATING EXPENSES, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |||
Alacer transaction and integration costs | $ 0 | $ 8,595 | $ 20,813 |
Pitarrilla transaction costs | 1,561 | 0 | 0 |
SEC Conversion costs | 1,255 | 2,645 | 0 |
Gain on sale of Pitarrilla and other | (746) | 0 | 0 |
Other operating expenses, net | $ 2,070 | $ 11,240 | $ 20,813 |
OTHER INCOME (EXPENSE) (Details
OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |||
Interest income | $ 16,311 | $ 1,939 | $ 6,545 |
Change in fair value of marketable securities | 602 | (10,741) | 21,368 |
Gain (loss) on derivative instruments | 0 | (12) | 383 |
Gain (loss) on sale of mineral properties, plant, and equipment | (2,130) | 412 | (2,804) |
Other | 5,508 | (5,747) | 5,632 |
Other income (expense) | $ 20,291 | $ (14,149) | $ 31,124 |
INCOME (LOSS) PER SHARE - Calcu
INCOME (LOSS) PER SHARE - Calculation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Net income | $ 210,428 | $ 425,922 | $ 157,162 |
Net income attributable to non-controlling interest | 16,288 | 57,846 | 5,627 |
Net income attributable to SSR Mining shareholders | 194,140 | 368,076 | 151,535 |
Interest saving on convertible notes, net of tax | 4,910 | 4,889 | 4,883 |
Net income used in the calculation of diluted net income per share | $ 199,050 | $ 372,965 | $ 156,418 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Weighted average number of common shares issued (in shares) | 209,883 | 215,993 | 151,144 |
Adjustments for dilutive instruments, convertible notes (in shares) | 12,554 | 12,152 | 12,101 |
Diluted weighted average number of shares outstanding (in shares) | 222,481 | 228,241 | 163,699 |
Net income per share attributable to SSR Mining shareholders | |||
Basic (in dollars per share) | $ 0.92 | $ 1.70 | $ 1 |
Diluted (in dollars per share) | $ 0.89 | $ 1.63 | $ 0.96 |
Stock options | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Adjustments for dilutive instruments (in shares) | 5 | 38 | 453 |
Restricted share units | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Adjustments for dilutive instruments (in shares) | 39 | 58 | 1 |
FAIR VALUE MEASUREMENTS AND F_3
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash | $ 655,453 | $ 1,017,562 |
Restricted cash | 33,653 | 35,303 |
Marketable securities | 44,841 | 46,923 |
Trade receivables | 117,675 | 72,634 |
Derivative asset | $ 987 | |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Trade and other receivables | |
Deferred consideration | 24,369 | $ 22,610 |
Total assets | 875,991 | 1,196,019 |
Level 1 | ||
Assets: | ||
Cash | 655,453 | 1,017,562 |
Restricted cash | 33,653 | 35,303 |
Marketable securities | 44,841 | 46,923 |
Trade receivables | 0 | 0 |
Derivative asset | 0 | |
Deferred consideration | 0 | 0 |
Total assets | 733,947 | 1,099,788 |
Level 2 | ||
Assets: | ||
Cash | 0 | 0 |
Restricted cash | 0 | 0 |
Marketable securities | 0 | 0 |
Trade receivables | 117,675 | 72,634 |
Derivative asset | 987 | |
Deferred consideration | 0 | 0 |
Total assets | 117,675 | 73,621 |
Level 3 | ||
Assets: | ||
Cash | 0 | 0 |
Restricted cash | 0 | 0 |
Marketable securities | 0 | 0 |
Trade receivables | 0 | 0 |
Derivative asset | 0 | |
Deferred consideration | 24,369 | 22,610 |
Total assets | $ 24,369 | $ 22,610 |
FAIR VALUE MEASUREMENTS AND F_4
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Fair Value of Significant Unobservable Inputs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning Balance as of January 1 | $ 22,610 | $ 21,460 |
Revaluations | 1,759 | 930 |
Acquisition of deferred consideration | 0 | 20,911 |
Disposition of deferred consideration | 0 | (20,691) |
Ending balance as of December 31 | $ 24,369 | $ 22,610 |
Fair Value Recurring Basis Unobservable Input Reconciliation Asset Gain Loss Statement Of Income Extensible List Not Disclosed Flag | Revaluations | Revaluations |
FAIR VALUE MEASUREMENTS AND F_5
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Narrative (Details) - Measurement Input, Discount Rate - Valuation Technique, Discounted Cash Flow | Dec. 31, 2022 | Dec. 31, 2021 |
Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Deferred consideration, measurement input | 11% | 8% |
Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Deferred consideration, measurement input | 12.50% | 12.50% |
FAIR VALUE MEASUREMENTS AND F_6
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Carrying amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 296,510 | $ 365,534 |
Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 328,444 | 431,078 |
Level 1 | Senior Notes | 2019 Notes | Carrying amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 226,510 | 225,534 |
Level 1 | Senior Notes | 2019 Notes | Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 257,025 | 286,207 |
Level 2 | Term Loan | Carrying amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 70,000 | 140,000 |
Level 2 | Term Loan | Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 71,419 | $ 144,871 |
TRADE AND OTHER RECEIVABLES (De
TRADE AND OTHER RECEIVABLES (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Trade receivables | $ 62,563,000 | $ 86,124,000 |
Value added tax receivables | 30,893,000 | 20,723,000 |
Income tax receivable | 14,316,000 | 9,374,000 |
Other taxes receivable | 6,750,000 | 1,866,000 |
Other | 3,153,000 | 3,269,000 |
Total | 117,675,000 | 121,356,000 |
Provision for credit loss | $ 0 | $ 0 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventory [Line Items] | |||
Work-in-process | $ 7,549,000 | $ 4,951,000 | |
Finished goods | 35,459,000 | 33,877,000 | |
Total current inventories | 501,607,000 | 389,416,000 | |
Total non-current inventories | 218,999,000 | 221,617,000 | |
Inventory reserves for obsolete materials and supplies inventory | 11,800,000 | 8,100,000 | |
Inventory write-down | 0 | 0 | $ 12,100,000 |
Materials and supplies | |||
Inventory [Line Items] | |||
Raw materials | 103,380,000 | 79,372,000 | |
Total non-current inventories | 1,845,000 | 1,293,000 | |
Stockpiled ore | |||
Inventory [Line Items] | |||
Raw materials | 54,504,000 | 27,589,000 | |
Total non-current inventories | 217,154,000 | 220,324,000 | |
Leach pad inventory | |||
Inventory [Line Items] | |||
Raw materials | $ 300,715,000 | $ 243,627,000 |
MINERAL PROPERTIES, PLANT AND_3
MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total mineral properties, plant, and equipment | $ 4,668,819 | $ 4,200,094 |
Accumulated depreciation, plant and equipment | (621,323) | (529,635) |
Accumulated depreciation, mineral properties | (498,050) | (420,695) |
Mineral properties, plant, and equipment, net | 3,549,446 | 3,249,764 |
Finance lease, right-of-use asset, before accumulated amortization | 101,700 | 114,900 |
Plant and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total mineral properties, plant, and equipment | 1,793,914 | 1,762,833 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Total mineral properties, plant, and equipment | 58,704 | 36,841 |
Mineral properties subject to depletion | ||
Property, Plant and Equipment [Line Items] | ||
Total mineral properties, plant, and equipment | 1,452,850 | 1,331,615 |
Mineral properties not yet subject to depletion | ||
Property, Plant and Equipment [Line Items] | ||
Total mineral properties, plant, and equipment | 848,281 | 141,629 |
Exploration and evaluation assets | ||
Property, Plant and Equipment [Line Items] | ||
Total mineral properties, plant, and equipment | $ 515,070 | $ 927,176 |
GOODWILL (Details)
GOODWILL (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 49,786 | $ 49,786 |
ACCRUED LIABILITIES AND OTHER_2
ACCRUED LIABILITIES AND OTHER (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued liabilities | $ 68,254 | $ 51,544 |
Royalties payable | 16,012 | 32,383 |
Stock-based compensation liabilities | 10,493 | 22,652 |
Income taxes payable | 16,374 | 52,206 |
Lease liabilities | 1,976 | 2,238 |
Reclamation liabilities | 10,075 | 2,384 |
Other | 1,470 | 1,701 |
Total accrued liabilities and other | $ 124,654 | $ 165,108 |
DEBT - Components of Debt (Deta
DEBT - Components of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total carrying amount | $ 298,307 | $ 366,984 |
Current portion | 71,797 | 71,491 |
Non-current portion | 226,510 | 295,493 |
2019 Notes | Convertible Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 226,510 | 225,534 |
Discount and debt issuance costs | 3,500 | 4,500 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 70,000 | 140,000 |
Other | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,797 | $ 1,450 |
DEBT - Convertible Debt (Detail
DEBT - Convertible Debt (Details) | 3 Months Ended | 12 Months Ended | |||
Mar. 19, 2019 USD ($) day | Dec. 31, 2022 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | |||||
Proceeds from issuance of debt | $ 0 | $ 0 | $ 3,087,000 | ||
2019 Notes | Senior Notes | |||||
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 | 0.055675 | ||||
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) $ in Thousands | Sep. 16, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Debt Instrument [Line Items] | |||
Restricted cash | $ 0 | $ 35,303 | |
Alacer | Term Loan | |||
Debt Instrument [Line Items] | |||
Face amount | $ 245,000 | ||
Restricted cash | $ 33,700 | $ 32,900 | |
Historic and forecast debt service cover ratio, minimum | 1.20 | ||
Loan life cover ratio, minimum | 1.30 | ||
Tail reserves as a percentage of total reserves, minimum | 30% | ||
Alacer | Term Loan | Minimum | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.50% | ||
Alacer | Term Loan | Maximum | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.70% |
DEBT - Amended Credit Agreement
DEBT - Amended Credit Agreement (Details) - USD ($) | Jun. 07, 2021 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Line of credit | $ 0 | |
Remaining borrowing capacity | 196,600,000 | |
Letters of credit outstanding, amount | $ 3,400,000 | |
Revolving Credit Facility | 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 | |
Basis spread on variable rate | 66% | |
Revolving Credit Facility | Line of Credit | Minimum | ||
Debt Instrument [Line Items] | ||
Standby fee percentage | 0.40% | |
Revolving Credit Facility | Line of Credit | Minimum | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2% | |
Revolving Credit Facility | Line of Credit | Maximum | ||
Debt Instrument [Line Items] | ||
Standby fee percentage | 0.60% | |
Revolving Credit Facility | Line of Credit | Maximum | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3% |
DEBT - Scheduled Minimum Debt R
DEBT - Scheduled Minimum Debt Repayments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 70,033 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Thereafter | $ 230,000 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 renewalOption | |
Air Liquide Gaz Sanayi ve Ticaret A.S. (Air Liquide Plant) | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, term of contract | 15 years |
Lessee, operating lease, renewal term | 2 years |
Lessee, operating lease, number of renewal options | 4 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, term of contract | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating lease, term of contract | 11 years |
LEASES - Balance Sheet (Details
LEASES - Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Finance lease right-of-use assets, net (included in Mineral properties, plant and equipment, net) | $ 101,705 | $ 114,882 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Mineral properties, plant and equipment, net | Mineral properties, plant and equipment, net |
Operating lease right-of-use assets (included in Other non-current assets) | $ 17,946 | $ 7,530 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other non-current assets | Other non-current assets |
Total lease right-of-use-assets | $ 119,651 | $ 122,412 |
Short-term finance lease liabilities (included in Finance lease liabilities) | 3,872 | 12,439 |
Short-term operating lease liabilities (included in Accrued liabilities and other) | $ 1,976 | $ 2,238 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities and other | Accrued liabilities and other |
Long-term finance lease liabilities (included in Finance Lease liabilities) | $ 102,434 | $ 105,965 |
Long-term operating lease liabilities (included in Other non-current liabilities) | $ 16,969 | $ 5,525 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other non-current liabilities | Other non-current liabilities |
Total lease liabilities | $ 125,251 | $ 126,167 |
LEASES - Statement of Operation
LEASES - Statement of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating leases | $ 4,134 | $ 2,986 | $ 1,260 |
Finance leases: | |||
Amortization of lease cost | 5,346 | 2,517 | 92 |
Interest expense on lease liabilities | 4,830 | 274 | 12 |
Variable and short-term leases | 1,740 | 10,661 | 3,615 |
Total | $ 16,050 | $ 16,438 | $ 4,979 |
LEASES - Cash Flow (Details)
LEASES - Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating leases within cash flows from operating activities | $ 4,134 | $ 2,986 | $ 1,260 |
Finance leases within cash flows from financing activities | $ 10,091 | $ 10,441 | $ 3,623 |
LEASES - Weighted-average Remai
LEASES - Weighted-average Remaining Lease Terms and Discount Rates (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Weighted-average remaining lease term - operating leases (in years) | 8 years 4 months 24 days | 5 years 6 months |
Weighted-average remaining lease term - finance leases (in years) | 18 years 1 month 6 days | 19 years 1 month 6 days |
Weighted-average discount rate - operating leases | 5.20% | 8.60% |
Weighted-average discount rate - finance leases | 4.50% | 4.50% |
LEASES - Maturity (Details)
LEASES - Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Leases | ||
2023 | $ 2,683 | |
2024 | 2,780 | |
2025 | 2,659 | |
2026 | 2,709 | |
2027 | 2,708 | |
Thereafter | 9,371 | |
Total minimum lease payments | 22,910 | |
Less: amounts representing interest | 3,965 | |
Present value of net minimum lease payments | 18,945 | |
Less: current portion of lease liabilities | 1,976 | $ 2,238 |
Long-term lease liabilities | 16,969 | 5,525 |
Finance Leases | ||
2023 | 8,532 | |
2024 | 8,532 | |
2025 | 8,532 | |
2026 | 8,532 | |
2027 | 8,532 | |
Thereafter | 112,416 | |
Total minimum lease payments | 155,076 | |
Less: amounts representing interest | 48,770 | |
Present value of net minimum lease payments | 106,306 | |
Less: current portion of lease liabilities | 3,872 | 12,439 |
Long-term lease liabilities | $ 102,434 | $ 105,965 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION - Operating Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Decrease (increase) in operating assets: | |||
Trade and other receivables | $ (11,704) | $ (38,138) | $ 5,132 |
Inventories | (108,183) | (20,848) | (21,660) |
Other operating assets | (6,121) | (1,516) | 17,781 |
Increase (decrease) in operating liabilities: | |||
Accounts payable | 40,815 | (6,882) | 7,761 |
Accrued liabilities and other | (60,856) | 38,332 | (47,159) |
Reclamation liabilities | (1,221) | (243) | (2,447) |
Net change in operating assets and liabilities | $ (147,270) | $ (29,295) | $ (40,592) |
SUPPLEMENTAL CASH FLOW INFORM_4
SUPPLEMENTAL CASH FLOW INFORMATION - Other Cash Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid | $ (22,579) | $ (12,512) | $ (13,638) |
Interest received | 6,633 | 5,315 | 3,665 |
Income taxes paid | $ (145,549) | $ (58,000) | $ (43,744) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Surety Bond | ||
Loss Contingencies [Line Items] | ||
Environmental bonding obligation, outstanding | $ 117.4 | $ 117 |