Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019 | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | SSR MINING INC. |
Entity Central Index Key | 0000921638 |
Current Fiscal Year End Date | --12-31 |
Document Type | 40-F |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 503,647 | $ 419,212 |
Trade and other receivables | 87,306 | 42,841 |
Marketable securities | 66,453 | 29,542 |
Inventories | 237,570 | 232,748 |
Other | 4,686 | 8,776 |
Current assets | 899,662 | 733,119 |
Non-current assets | ||
Mineral properties, plant and equipment | 769,462 | 701,175 |
Deferred income tax assets | 63 | 7,523 |
Goodwill | 49,786 | 49,786 |
Other | 31,134 | 29,535 |
Total assets | 1,750,107 | 1,521,138 |
Current liabilities | ||
Accounts payable and accrued liabilities | 111,125 | 83,043 |
Reclamation and closure cost provision | 8,766 | 211 |
Current portion of debt | 114,280 | 0 |
Current liabilities | 234,171 | 83,254 |
Non-current liabilities | ||
Deferred income tax liabilities | 127,815 | 107,909 |
Reclamation and closure cost provision | 75,469 | 61,961 |
Debt | 169,769 | 247,551 |
Other | 8,929 | 14,487 |
Total liabilities | 616,153 | 515,162 |
Shareholders' equity | ||
Share capital | 1,083,766 | 1,055,417 |
Other reserves | 19,762 | (16,303) |
Equity component of convertible notes | 106,425 | 68,347 |
Deficit | (75,999) | (133,314) |
Total shareholders' equity attributable to SSR Mining shareholders | 1,133,954 | 974,147 |
Non-controlling interest | 0 | 31,829 |
Total equity | 1,133,954 | 1,005,976 |
Total liabilities and equity | $ 1,750,107 | $ 1,521,138 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Profit or loss [abstract] | ||
Revenue | $ 606,850 | $ 420,675 |
Production costs | (329,810) | (245,111) |
Depletion and depreciation | (106,157) | (98,719) |
Cost of sales | (435,967) | (343,830) |
Income from mine operations | 170,883 | 76,845 |
General and administrative expenses | (30,929) | (32,941) |
Exploration, evaluation and reclamation expenses | (17,616) | (14,009) |
Operating income | 122,338 | 29,895 |
Interest and other finance income | 11,910 | 11,761 |
Interest expense and other finance costs | (31,598) | (33,630) |
Loss on redemption of convertible debt | (5,423) | 0 |
Other (expense) income | (5,739) | (9,092) |
Foreign exchange (loss) gain | (5,359) | 9,156 |
Income before income taxes | 86,129 | 8,090 |
Income tax expense | (30,372) | (8,121) |
Net income (loss) | 55,757 | (31) |
Attributable to: | ||
Equity holders of SSR Mining | 57,315 | 6,379 |
Non-controlling interest | $ (1,558) | $ (6,410) |
Net income per share attributable to equity holders of SSR Mining | ||
Basic (usd per share) | $ 0.47 | $ 0.05 |
Diluted (usd per share) | $ 0.47 | $ 0.05 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of comprehensive income [abstract] | ||
Net income (loss) | $ 55,757 | $ (31) |
Items that will not be reclassified to net income: | ||
Gain (loss) on marketable securities, at FVTOCI, net of tax (expense) recovery of ($4,811) and $6,059 | 29,819 | (37,686) |
Items that may be subsequently reclassified to net income: | ||
Unrealized gain (loss) on effective portion of derivative, net of tax (expense) recovery of ($702) and $850 | 2,226 | (2,907) |
Total other comprehensive income (loss) | 32,045 | (40,593) |
Total comprehensive income (loss) | 87,802 | (40,624) |
Attributable to: | ||
Equity holders of SSR Mining | 89,360 | (34,214) |
Non-controlling interest | $ (1,558) | $ (6,410) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of comprehensive income [abstract] | ||
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss | $ (4,811) | $ 6,059 |
Income tax relating to components of other comprehensive income that will be reclassified to profit or loss | $ (702) | $ 850 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity $ in Thousands | USD ($)shares | Common SharesUSD ($)shares | Other reservesUSD ($) | Equity component of convertible notesUSD ($) | DeficitUSD ($) | Total equity attributable to equity holders of SSR MiningUSD ($) | Non-controlling interestUSD ($) |
Beginning balance (in shares) at Dec. 31, 2017 | shares | 119,841,000 | ||||||
Beginning balance at Dec. 31, 2017 | $ 1,023,928 | $ 1,047,233 | $ 24,998 | $ 68,347 | $ (139,693) | $ 1,000,885 | $ 23,043 |
Exercise of stock options (in shares) | shares | 899,050 | 899,000 | |||||
Exercise of stock options | $ 5,320 | $ 8,184 | (2,864) | 5,320 | |||
Equity-settled share-based compensation | 2,156 | 2,156 | 2,156 | ||||
Funding from non-controlling interest | 15,196 | 15,196 | |||||
Total comprehensive income (loss) for the year | (40,624) | (40,593) | 6,379 | (34,214) | (6,410) | ||
Ending balance (in shares) at Dec. 31, 2018 | shares | 120,740,000 | ||||||
Ending balance at Dec. 31, 2018 | $ 1,005,976 | $ 1,055,417 | (16,303) | 68,347 | (133,314) | 974,147 | 31,829 |
Exercise of stock options (in shares) | shares | 1,093,844 | 1,098,000 | |||||
Exercise of stock options | $ 7,327 | $ 10,131 | (2,804) | 7,327 | |||
Acquisition of non-controlling interest (in shares) | shares | 1,246,000 | ||||||
Acquisition of non-controlling interest | (14,300) | $ 18,218 | 1,463 | 19,681 | (33,981) | ||
Equity-settled share-based compensation | 4,005 | 4,005 | 4,005 | ||||
Transfer of equity-settled Performance Share Units | 1,356 | 1,356 | 1,356 | ||||
Equity value of convertible debt issued | 42,903 | 42,903 | 42,903 | ||||
Equity value of convertible debt redeemed | (4,825) | (4,825) | (4,825) | ||||
Funding from non-controlling interest | 3,710 | 3,710 | |||||
Total comprehensive income (loss) for the year | 87,802 | 32,045 | 57,315 | 89,360 | (1,558) | ||
Ending balance (in shares) at Dec. 31, 2019 | shares | 123,084,000 | ||||||
Ending balance at Dec. 31, 2019 | $ 1,133,954 | $ 1,083,766 | $ 19,762 | $ 106,425 | $ (75,999) | $ 1,133,954 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | ||
Net income (loss) for the year | $ 55,757 | $ (31) |
Adjustments for: | ||
Depreciation and depletion | 108,247 | 100,479 |
Interest and other finance income | (11,910) | (11,761) |
Interest expense | 30,010 | 32,325 |
Income tax expense | 30,372 | 8,121 |
Non-cash foreign exchange loss (gain) | 2,162 | (13,002) |
Loss on redemption of convertible debt | 5,423 | 0 |
Other | 11,541 | 6,883 |
Net changes in non-cash working capital items | (61,046) | (30,934) |
Cash generated from operating activities before interest and taxes | 170,556 | 92,080 |
Moratorium paid | (3,862) | (5,683) |
Interest paid | (11,646) | (13,831) |
Income taxes paid | (20,850) | (12,797) |
Cash generated by operating activities | 134,198 | 59,769 |
Cash flows from investing activities | ||
Expenditures on mineral properties, plant and equipment | (135,768) | (158,031) |
Purchase of marketable securities | (3,435) | (23,057) |
Loan to joint venture partner | (1,967) | (8,032) |
Net proceeds from sale of marketable securities | 3,308 | 63,445 |
Interest received | 9,697 | 9,219 |
Acquisition of non-controlling interest | (2,415) | 0 |
Other | 252 | 526 |
Cash used in investing activities | (130,328) | (115,930) |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 7,237 | 5,320 |
Funding from non-controlling interest | 3,710 | 15,196 |
Redemption of convertible notes | (152,250) | 0 |
Issuance of convertible notes | 230,000 | 0 |
Convertible notes issuance costs | (7,068) | 0 |
Lease payments | (1,076) | 0 |
Cash generated by financing activities | 80,553 | 20,516 |
Effect of foreign exchange rate changes on cash and cash equivalents | 12 | (5,007) |
Increase (decrease) in cash and cash equivalents | 84,435 | (40,652) |
Cash and cash equivalents, beginning of year | 419,212 | 459,864 |
Cash and cash equivalents, end of year | $ 503,647 | $ 419,212 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2019 | |
Nature Of Operations [Abstract] | |
NATURE OF OPERATIONS | NATURE OF OPERATIONS SSR Mining Inc. ("we", "us", "our" or "SSR Mining") is a company incorporated under the laws of the Province of British Columbia, Canada and our shares are publicly listed on the Toronto Stock Exchange in Canada and the NASDAQ Global Market in the United States. Together with our subsidiaries, we (the “Group”) are principally engaged in the operation, acquisition, exploration and development of precious metal resource properties located in the Americas. We have three producing mines and a portfolio of precious metal dominant projects located throughout the Americas. SSR Mining Inc. is the ultimate parent of the Group. Our address is Suite 800, 1055 Dunsmuir Street, PO Box 49088, Vancouver, British Columbia, V7X 1G4. Our focus is on safe, profitable gold and silver production from our Marigold mine in Nevada, U.S., Seabee Gold Operation in Saskatchewan, Canada and our Puna Operations in Jujuy, Argentina, and to advance, as market and project conditions permit, our other principal development projects towards development and commercial production. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Significant 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: a) Basis of preparation These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. These statements were authorized for issue by our Board of Directors on February 20, 2020 . b) Basis of measurement These consolidated financial statements have been prepared on the historical cost basis, except for those assets and liabilities that are measured at revalued amounts or fair values at the end of each reporting period. c) Basis of consolidation These consolidated financial statements incorporate the financial statements of SSR Mining Inc. and all of our subsidiaries. Subsidiaries are all entities (including structured entities) over which we have control. We control an entity when we are exposed to, or have rights to, variable returns from our involvement with the entity and have the ability to affect those returns through our power over the entity. Subsidiaries are included in the consolidated financial results of the Company from the effective date of acquisition of control up to the effective date of loss of control. The principal subsidiaries of SSR Mining Inc. and their geographic locations at December 31, 2019 were as follows: Subsidiary Location Ownership Principal project or purpose Marigold Mining Company USA 100% Marigold SGO Mining Inc. Canada 100% Seabee Gold Operation Puna Operations Inc. (1) (2) Canada 100% Puna Operations SSR Durango, S.A. de C.V. Mexico 100% Pitarrilla Intertrade Metals Limited Partnership Canada 100% Sales and marketing (1) On September 18, 2019, we acquired the remaining 25% interest in Puna Operations Inc. ("Puna Operations") from Golden Arrow Resources Corporation ("Golden Arrow"), increasing our ownership from 75% to 100% (note 4). (2) Mina Pirquitas Sociedad Anonima, a subsidiary of Puna Operations Inc., is the Argentine operating company. Intercompany assets, liabilities, equity, income, expenses and cash flows between the SSR Mining and our subsidiaries are eliminated. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) d) Foreign currency translation The functional and presentation currency of SSR Mining and each of our subsidiaries is the U.S. dollar. Accordingly, foreign currency transactions and balances of the Company’s subsidiaries are translated as follows: (i) monetary assets and liabilities denominated in currencies other than the U.S. dollar (“foreign currencies”) are translated into U.S. dollars at the exchange rates prevailing at the balance sheet date; (ii) non-monetary assets denominated in foreign currencies and measured at other than fair value are translated using the rates of exchange at the transaction dates; (iii) non-monetary assets denominated in foreign currencies that are measured at fair value are translated using the rates of exchange at the dates those fair values are determined; and (iv) income statement items denominated in foreign currencies are principally translated using daily exchange rates, except for depletion and depreciation which is translated at historical exchange rates. Foreign exchange gains and losses are recognized in net (loss) earnings and presented in the consolidated statements of income (loss) in accordance with the nature of the transactions to which the foreign currency gains and losses relate. 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. e) Revenue recognition Our primary source of revenue is the sale of gold bullion or doré and metal-bearing concentrate. Revenue relating to the sale of metals is recognized when control of the metal or related services are transferred to the customer in an amount that reflects the consideration we expect to receive in exchange for those products or services. In determining whether we have satisfied a performance obligation, we consider the indicators of the transfer of control, which include, but are not limited to, whether: it is probable that the economic benefits associated with the sale will flow to us; we have a present right to payment; we have transferred physical possession of the asset to the customer; the customer has the significant risks and rewards of ownership of the asset; and the customer has legal title to the asset. Gold bullion and doré sales Gold bullion and doré is sold primarily to bullion banks in the London spot market. The sales price is fixed on the date of sale based on the gold spot price. Generally, we record revenue from sales of gold bullion at the time of physical delivery, which is also the date that title to the gold passes and cash is received. Concentrate sales The initial sales price of our 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 or London Bullion Market Association 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. We recognize revenues under these contracts at the point that control passes to the customer, which is when the risk and rewards of ownership pass over to the customer, typically at port of loading or port of unloading. Upon transfer of control of the concentrate, we recognize revenue based on the estimated prices for the estimated month of settlement and initial assay results. The associated receivable is subsequently remeasured to fair value by reference to forward market prices at each period end until final settlement, with the impact of changes in the forward market prices recognized in other revenue in the consolidated statements of income (loss) as they occur. Refining and treatment charges are netted against revenues from metal concentrate sales. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) f) 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 90 days or less, which are readily convertible into a known amount of cash and excludes any restricted cash that is not available for use by us. g) Inventories Stockpiled ore, leach pad inventory and finished goods are valued at the lower of average cost and estimated net realizable value (“NRV”). Cost includes all direct costs incurred in production including direct labour and materials, freight, depreciation and depletion and directly attributable overhead costs. NRV is calculated using the estimated price at the time of sale based on prevailing and forecast metal prices less estimated future production costs to convert the inventory into saleable form and all associated selling costs. Any write-downs of inventory to NRV are recognized within cost of sales in the consolidated statements of income (loss). If there is a subsequent increase in the value of inventory, the previous write-downs to NRV are reversed up to cost to the extent that the related inventory has not been sold. Stockpiled ore inventory represents ore that has been extracted from the mine and is available for further processing. The cost of stockpiled ore inventory is derived from the current mining costs incurred up to the point of stockpiling the ore and is removed at average cost as ore is processed. Quantities of stockpiled ore are verified by periodic surveys. The recovery of gold and by-products from oxide ore is achieved through a heap leaching process at our Marigold mine. Under this method, ore is stacked on leach pads and treated with a chemical solution that dissolves the gold contained within the ore. The resulting pregnant solution is further processed in a plant where the gold is recovered. The cost of leach pad inventory is derived from current mining and leaching costs and removed as ounces of gold are recovered at the average cost per recoverable ounce of gold on the leach pads. 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. Finished goods inventory includes metal concentrates at site and in transit, doré at a site or refinery, or bullion in a metal account. Materials and supplies inventories are valued at the lower of average cost and NRV. Costs include acquisition, freight and other directly attributable costs. A regular review is undertaken to determine the extent of any provision for obsolescence. Inventory that is not planned to be processed or used within one year is classified as non-current. h) Mineral properties, plant and equipment (i) Mineral properties Mineral properties contain Mineral Reserves or Mineral Resources and exploration potential. The value associated with Mineral Resources and exploration potential is the value beyond Proven and Probable Mineral Reserves. Mineral Reserves represent the estimate of ore that can be economically and legally extracted from our mining properties. Mineral Resources represent property interests that contain potentially economic mineralized material such as Inferred Mineral Resources within pits; Measured, Indicated and Inferred Mineral Resources with insufficient drill spacing to qualify as Proven and Probable Mineral Reserves; and Inferred Mineral Resources in close proximity to Proven and Probable Mineral Reserves. Exploration potential represents the estimated potential mineralized material contained within: (i) areas adjacent to existing Mineral Reserves and mineralization located within the immediate mine area; (ii) areas outside of immediate mine areas that are not part of Measured, Indicated, or Inferred Mineral Resources; and (iii) greenfields exploration potential that is not associated with any other production, development, or exploration stage property. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) h) Mineral properties, plant and equipment (continued) (i) Mineral properties (continued) Capitalized costs of mineral properties include the following: ▪ Costs of acquiring exploration and development stage properties in asset acquisitions, or the value attributed to properties acquired in a business combination; ▪ Economically recoverable exploration and evaluation expenses; ▪ Expenditures incurred to develop mining properties, net of proceeds from pre-production sales, prior to reaching operating levels intended by management; ▪ Certain costs incurred during production; ▪ Estimates of reclamation and closure costs; and ▪ Borrowing costs incurred that are attributable to qualifying mineral properties. Acquisition of mineral properties The costs of acquiring exploration and development stage properties, including transaction costs, in an asset purchase are capitalized as an exploration and evaluation asset or a mineral property at cost. The value attributed to acquiring mineral properties at an operating mine in a business combination is recognized as a mineral property. The value attributed to acquiring exploration potential in a business combination is recognized as an exploration and evaluation asset. Exploration and evaluation expenditures Exploration expenditures are the costs incurred in the initial search for mineral deposits with economic potential or in the process of obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with acquiring the rights to explore, prospecting, sampling, mapping, diamond drilling and other work involved in searching for Mineral Resources, as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Evaluation expenditures are costs incurred to establish the technical and commercial viability of developing mineral deposits identified through exploration activities or by acquisition. Evaluation expenditures include the cost of: (i) further defining the volume and grade of deposits through drilling of core samples, trenching and sampling activities in an ore body; (ii) determining the optimal methods of extraction and metallurgical and treatment processes; (iii) studies related to surveying, transportation and infrastructure requirements; (iv) permitting activities; and (v) economic evaluations to determine whether development of mineralized material is commercially justified including preliminary economic assessments, pre-feasibility and final feasibility studies. Exploration and evaluation expenditures are expensed until it has been determined that a property is technically feasible and commercially viable, in which case subsequent evaluation costs incurred to develop a mineral property are capitalized. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) h) Mineral properties, plant and equipment (continued) (i) Mineral properties (continued) Development expenditures Once we have met the criteria for capitalization of exploration and evaluation expenditures, the carrying value of the exploration and evaluation asset is reclassified as a mineral property. All costs, including pre-operating costs are capitalized until the point that the mineral property is capable of operating as intended by us. This is determined by: (i) completion of operational commissioning of major mine and plant components; (ii) operating results being achieved consistently for a period of time; (iii) indicators that these operating results will be continued; and (iv) other factors being present, including one or more of the following: a significant portion of the plant/mill capacity being achieved; a significant portion of available funding being directed towards operating activities; a predetermined, reasonable period of time being passed; or significant milestones for the development of the mineral property being achieved. In open pit mining operations, it is necessary to incur costs to remove waste material in order to access the ore body, which is known as stripping, with the stripping ratio being the ratio of waste material to ore. Stripping costs incurred prior to the production stage of a mining property (pre-stripping costs) are capitalized as part of the carrying amount of the related mining property. Once the mineral property is capable of operating as intended, further operating costs, including depreciation and depletion, are included within inventory as incurred. Costs incurred during production During the production phase of an underground mine, mine development costs incurred to maintain current production are included in mine operating costs. These costs include the development and access (tunnelling) costs of production drifts to develop the ore body in the current production cycle. Development costs incurred to build new shafts, declines and ramps that enable permanent access to ore underground are capitalized as incurred. Capitalized underground development costs are depleted using the units-of-production method, as described below. During the production phase of an open pit mine, stripping costs incurred that provide improved access to ore that will be produced in future periods and that would not have otherwise been accessible are capitalized (as a "deferred stripping asset").The costs qualifying for capitalization are those costs directly incurred to perform the stripping activity that improves access to the identified component of ore, plus an allocation of directly attributable overhead costs, and which are determined using a strip ratio methodology. The strip ratio represents the ratio of the estimated total volume of waste material to the estimated total quantity of economically recoverable ore of the Mineral Reserves for which access has been improved. The deferred stripping asset is included as part of the carrying amount of the mineral property. Capitalized stripping costs are amortized based on the estimated recoverable ounces contained in Mineral Reserves that directly benefit from the stripping activities. Costs for waste removal that do not give rise to future economic benefits are included in production costs in the period in which they are incurred. Measurement Mineral properties are recorded at cost less accumulated depletion and impairment losses. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) h) Mineral properties, plant and equipment (continued) (i) Mineral properties (continued) Depletion of mineral properties Our mineral properties are classified as either those subject to depletion or not yet subject to depletion. On acquisition of a mineral property, we prepare an estimate of the fair value attributable to Mineral Reserves, Mineral Resources and exploration potential attributable to the property. The fair value attributable to Mineral Resources is classified as mineral properties not yet subject to depletion. As Mineral Resources are converted into Mineral Reserves at operating properties, a portion of the asset balance is reclassified as subject to depletion using an average cost per ounce. Mineral properties subject to depletion are depleted using the units-of-production method. In applying the units-of-production method over the recoverable ounces to which the asset specifically relates, depletion is calculated using the recoverable ounces extracted from the mine in the period as a percentage of the total recoverable ounces expected to be extracted in current and future periods based on the Mineral Reserves. We review the estimated total recoverable ounces contained in depletable Mineral Reserves annually and when events and circumstances indicate that such a review should be made. Changes to estimated total recoverable ounces contained in depletable Mineral Reserves are accounted for prospectively. No amortization is charged during the evaluation and development phases as the asset is not available for use. (ii) Plant and equipment Plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. The cost of an item of plant and equipment includes the purchase price or construction cost, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, and for qualifying assets, the associated borrowing costs. Where an item of plant and equipment is comprised of major components with different useful lives, the components are accounted for as separate items of plant and equipment. Costs incurred for major overhaul of existing equipment and sustaining capital are capitalized as plant and equipment and are subject to depreciation once they are available for use. Major overhauls include improvement programs that increase the productivity or extend the useful life of an asset beyond that initially envisaged. The costs of routine maintenance and repairs that do not constitute improvement programs are accounted for as a cost of inventory. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) h) Mineral properties, plant and equipment (continued) (ii) Plant and equipment (continued) Depreciation of plant and equipment The carrying amounts of plant and equipment are depreciated to their estimated residual value over the estimated useful lives of the specific assets concerned, or the estimated life-of-mine ("LOM"), if shorter. Depreciation starts on the date when the asset is available for its intended use. The major categories of plant and equipment are depreciated on a straight-line basis using the estimated lives indicated below: Vehicles 5 - 7 years Mining equipment 5 - 20 years Mobile equipment components 2 - 9 years Buildings LOM Mine plant equipment LOM Underground infrastructure LOM Assets under construction are not depreciated until available for their intended use. We conduct a review of residual values, useful lives and depreciation methods employed for plant and equipment annually, and when events and circumstances indicate that such a review should be made. Any changes in estimates that arise from this review are accounted for prospectively. (iii) Impairment At the end of each reporting period, we review our mineral properties, plant and equipment to determine whether there is any indication that these assets are impaired. If any such indication exists, an estimate of the recoverable amount is undertaken If the asset’s carrying amount exceeds its recoverable amount then an impairment loss is recognized in the consolidated statements of income (loss). Impairment is normally assessed at the cash-generating unit ("CGU") level, which is identified as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets. Each individual mining interest that is an operating mine is typically a CGU. The recoverable amount of a mine site is the greater of an asset’s fair value less costs to dispose (“FVLCTD”) and value in use (“VIU”). FVLCTD is defined as the amount that would be obtained from the sale of the asset in an orderly transaction between market participants at the measurement date. VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and from its ultimate disposal. The fair value of mine sites is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset, including any expansion prospects. Mineral properties, plant and equipment that have been impaired are tested for possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed. When an impairment loss reverses in a subsequent period, the revised carrying amount shall not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset previously, less subsequent depletion and depreciation. Reversals of impairment losses are recognized in net earnings in the period in which the reversals occur. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) i) Goodwill Under the acquisition method of accounting, the 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 CGUs. Goodwill arises principally because of the following factors: (i) the ability to capture buyer-specific synergies arising upon a transaction; (ii) the ability to increase Mineral Reserves and Mineral Resources through exploration activities, and (iii) the requirement to record a deferred tax liability for the difference between the assigned values and the tax bases of the assets acquired and liabilities assumed. Goodwill is not amortized. We perform an annual impairment test for goodwill and when events or changes in circumstances indicate that the related carrying amount may not be recoverable. If the carrying amount of a CGU to which goodwill has been allocated exceeds the recoverable amount, an impairment loss is recognized for the amount in excess. The impairment loss is allocated first to reduce the carrying amount of goodwill allocated to the CGU to $nil and then to the other assets of the CGU based on the relative carrying amounts of those assets. Impairment losses recognized for goodwill are not reversed in subsequent periods should its value recover. j) Share-based payments The fair value of estimated number of stock options and other equity-settled share-based payment arrangements that will eventually vest, determined at the date of grant, is recognized as a share-based compensation expense in the consolidated statements of income (loss) over the vesting period, with a corresponding increase to equity. We estimate the fair value of stock options granted using the Black-Scholes option pricing model and estimate the expected forfeiture rate at the date of grant. Share-based payment arrangements considered to be cash-settled include our Directors’ Deferred Share Unit (“DSU”) Plan, our Restricted Share Unit (“RSU”) Plan, our Performance Share Unit (“PSU”) Plan and our 2017 Share Compensation Plan, which replaces our RSU Plan and PSU Plan. The fair values of these arrangements are recognized as share-based compensation expenses in the consolidated statements of income (loss) over the vesting period, with a corresponding increase to accrued liabilities. The fair value of DSUs and RSUs is estimated based on the quoted market price of our common shares and are remeasured at each reporting period. The fair value of PSUs is estimated using a Monte Carlo valuation model. Under our 2017 Share Compensation Plan, we have the option to settle vested PSUs in either cash or common shares. On February 22, 2019, our Board of Directors indicated its intention to settle the PSUs issued under our 2017 Share Compensation Plan, when vested, in common shares of SSR Mining. Prior to this date, based on our past history of settling PSUs in cash, we had accounted for our obligations as a liability. The impact of this change is discussed in note 17(e). When awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognized is proportionately reversed. k) Taxation The income tax expense for the period is comprised of current and deferred tax, and is recognized in the consolidated statements of income (loss) except to the extent that it relates to items recognized directly in shareholders’ equity, in which case the tax is recognized in equity. Current income tax Current tax for each of our taxable entities is based on the local taxable profit for the period at the local statutory tax rates enacted or substantively enacted at the date of the consolidated statements of financial position. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) k) Taxation (continued) Deferred tax Deferred income tax assets and liabilities are recognized, using the liability method, for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, unused tax losses and other income tax deductions. Deferred income tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available to be utilized against those deductible temporary differences. 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. Deferred income tax assets and liabilities are measured using enacted or substantively enacted tax rates expected to apply when the related deferred income tax assets are realized or the deferred income tax liabilities are settled. The measurement of deferred income tax assets and liabilities reflects the tax consequences that would follow from the manner in which we expect, at the reporting date, to recover and settle the carrying amounts of its assets and liabilities, respectively. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in the period in which the change is substantively enacted. Deferred income tax assets and liabilities are not recognized if the temporary difference arises on the initial recognition of assets and liabilities in a transaction other than a business combination, that at the time of the transaction, affects neither the taxable nor the accounting profit or loss. Deferred income tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the timing of the reversal of the temporary difference is controlled by us and it is probable that the temporary difference will not reverse in the foreseeable future. We recognize deferred income taxes relating to the impact of changes in foreign exchange rates on the tax bases of non-monetary assets and liabilities which are denominated in currencies other than our functional currency. The resultant changes in deferred taxes are recognized in deferred income tax expense/recovery in the consolidated statements of earnings (loss). We recognize foreign exchange gains and losses on current income tax receivable and payable balances denominated in currencies other than our functional currency in the consolidated statements of earnings (loss). 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 we intend to settle our current tax assets and liabilities on a net basis. Royalties and other tax arrangements Royalties and other arrangements are treated as taxation arrangements when they have the characteristics of income tax. This is considered to be 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. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) l) Income per share Income per share calculations are based on the weighted average number of common shares outstanding during the period. For calculations of diluted income per share, the weighted average number of common shares outstanding are adjusted to include the effects of all potentially dilutive share equivalents, such as stock options and convertible notes, whereby proceeds from the potential exercise of dilutive stock options with exercise prices that are below the average market price of the underlying shares are assumed to be used in purchasing our common shares at their average market price for the period. m) Financial instruments Measurement – initial recognition Financial assets and financial liabilities are recognized in our consolidated statements of financial position when we become a party to the contractual provisions of the instrument. On initial recognition, all financial assets and financial liabilities are recorded at fair value, net of attributable transaction costs, except for financial assets and liabilities classified as at fair value through profit or loss (“FVTPL”). The directly attributable transaction costs of financial assets and liabilities classified as at FVTPL are expensed in the period in which they are incurred. Subsequent measurement of financial assets and liabilities depends on the classifications of such assets and liabilities. Classification of financial assets Amortized cost: Financial assets that meet the following conditions are measured subsequently at amortized cost: (i) The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows, and (ii) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. Interest income is recognized using the effective interest method. Our financial assets at amortized cost primarily include cash and cash equivalents, short-term investments and interest and other receivables included in other current and non-current financial assets in the consolidated statements of financial position. Fair value through other comprehensive income ("FVTOCI"): Financial assets that meet the following conditions are measured at FVTOCI: (i) The financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and (ii) The contractual terms of the financial asset give rise on specified dates to cash f |
AREAS OF JUDGMENT AND ESTIMATIO
AREAS OF JUDGMENT AND ESTIMATION UNCERTAINTY | 12 Months Ended |
Dec. 31, 2019 | |
AREAS OF JUDGMENT AND ESTIMATION UNCERTAINTY [Abstract] | |
AREAS OF JUDGMENT AND ESTIMATION UNCERTAINTY | AREAS OF JUDGMENT AND ESTIMATION UNCERTAINTY In preparing our consolidated financial statements, we make judgments in applying our accounting policies. The judgments that have the most significant effect on the amounts recognized in our consolidated financial statements are outlined below. In addition, the preparation of consolidated financial statements in conformity with IFRS requires the use of estimates that affect the amounts reported and disclosed in the consolidated financial statements and related notes. These estimates are based on management’s best knowledge of the relevant facts and circumstances, having regard to previous experience, but actual results may differ materially from the amounts included in the consolidated financial statements. We have outlined below information about assumptions and other sources of estimation uncertainty as at December 31, 2019 that have a risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next year. a) Areas of Judgment Assessment of impairment indicators Judgment is required in assessing whether certain factors would be considered an indicator of impairment. We consider both internal and external information to determine whether there is an indicator of impairment present and, accordingly, whether impairment testing is required. The information we consider in assessing whether there is an indicator of impairment includes, but is not limited to, market and economic conditions, commodity prices, reserves and resources, mine plans and operating results, market transactions for similar assets and our market capitalization. 3. AREAS OF JUDGMENT AND ESTIMATION UNCERTAINTY (continued) a) Areas of Judgment (continued) Assessment of impairment indicators (continued) At December 31, 2019, we assessed whether there were indicators of impairment present for our mineral properties, plant and equipment. As part of our assessment, we noted that total sustaining capital expenditures estimated in Puna Operations' 2019 LOM plan, which was completed in the fourth quarter of 2019, were significantly higher than the sustaining capital expenditures estimated in the 2016 Puna Operations Technical Report. The increase in the estimate of total sustaining capital expenditures over the LOM was considered to be an indicator of impairment. As a result, we performed an impairment assessment of Puna Operations as at December 31, 2019 (note 24). Functional currency We have determined the functional currency of each of our subsidiaries is the U.S. dollar. The determination of a subsidiary’s functional currency requires significant judgment to determine the primary economic environment. We reconsider the functional currency of our entities if there is a change in events and conditions which determined the primary economic environment. Determination of commencement of commercial production The determination of when a mine is in the condition necessary for it to be capable of operating in the manner intended by management (referred to as "commercial production") is a matter of significant judgment which impacts when we recognize revenue, operating costs and depreciation and depletion in our consolidated statements of income (loss). In making this determination, management considers whether (a) the major capital expenditures to bring the mine to the condition necessary for it to be capable of operating in the manner intended was complete; (b) ramping up to nameplate design capacity has been achieved for the operations; (c) the mine and mill were meeting performance design criteria such as mining rates, haulage targets, hourly throughput and process recovery; and (d) a saleable product could be produced. Deferred tax assets and liabilities Judgment is required in assessing whether deferred tax assets and certain deferred tax liabilities are recognized on the balance sheet and what tax rate is expected to be applied in the year when the related temporary differences reverse. We also evaluate the recoverability of deferred tax assets based on an assessment of our ability to use the underlying future tax deductions. Deferred tax liabilities arising from temporary differences on investments in subsidiaries are recognized unless the reversal of the temporary differences is not expected to occur in the foreseeable future and can be controlled by us. Judgment is also required on the application of income tax legislation. We are subject to assessments by various taxation authorities, which may interpret legislation differently. These judgments are subject to risk and uncertainty and could result in an adjustment to the deferred tax provision and a corresponding credit or charge to profit. 3. AREAS OF JUDGMENT AND ESTIMATION UNCERTAINTY (continued) b) Sources of Estimation Uncertainty Recoverable amount of Puna Operations CGU When impairment testing is required, discounted cash flow models are used to determine the recoverable amount of the applicable assets. In addition, if available, market transactions for comparable assets are considered in determining the recoverable amount of assets. The projected discounted cash flows are significantly affected by changes in assumptions related to metal prices, production based on current estimates of recoverable Mineral Reserves, future operating costs and capital expenditures, the discount rate and the foreign exchange rate. These inputs are based on our best estimates of what an independent market participant would consider appropriate. Changes in these inputs may impact the results of the impairment testing and the resulting carrying values of assets. As described in note 3(a), we determined there was an indicator of impairment present at Puna Operations at December 31, 2019 and, therefore, we performed an impairment assessment. At December 31, 2019, the carrying amount of Puna Operations CGU was $141.9 million (December 31, 2018 - $131.0 million ). We concluded there was no impairment (see note 24). Recoverable amount of goodwill A discounted cash flow model is used to determine the recoverable amount of the Seabee Gold Operation CGU when performing the annual impairment test for goodwill. The projected cash flows are significantly affected by assumptions related to metal prices, production based on current estimates of recoverable Mineral Reserves and Mineral Resources, future operating costs and capital expenditures, the discount rate and a Canadian dollar ("CAD") to U.S. dollar ("USD") foreign exchange rate. Note 10 outlines the significant inputs used when performing our goodwill impairment testing. These inputs are based on our best estimates of what an independent market participant would consider appropriate. There is a risk that changes in these inputs may result in a material adjustment to the carrying value of goodwill within the next year. The carrying amount of goodwill was $ 49.8 million at December 31, 2019 and 2018. Mineral Reserves and Mineral Resources We estimate Mineral Reserves and Mineral Resources based on information prepared by qualified persons as defined by NI 43-101. Mineral Reserves are used in the calculation of depletion, depreciation, in performing impairment testing and for forecasting the timing of the payment of reclamation and closure costs, and future taxes. In assessing the LOM for accounting purposes, Mineral Resources are only taken into account where there is a high degree of confidence of economic extraction. There are numerous uncertainties inherent in estimating Mineral Reserves, and assumptions that are valid at the time of estimation may change significantly when new information becomes available. Changes in the forecast prices of commodities, exchange rates, production costs or recovery rates may, ultimately, result in Mineral Reserves estimates being revised. Such changes in Mineral Reserves could impact depletion and depreciation rates, asset carrying values and the provision for reclamation and closure costs. 3. AREAS OF JUDGMENT AND ESTIMATION UNCERTAINTY (continued) b) Sources of Estimation Uncertainty (continued) Valuation of inventory The measurement of inventory, including the determination of its NRV, especially as it relates to ore in stockpiles and leach paid inventory, involves the use of estimates. The NRV of inventory is calculated as the estimated price at the time of sale based on prevailing and forecast metal prices less estimated future production costs to convert the inventory into saleable form and associated selling costs. In addition, in determining the value of the leach pad inventory, we make estimates of quantities and grades of ore stacked on leach pads and in-process, and the recoverable gold in this material to determine the total inventory. Changes in these estimates can result in a change in carrying amounts of inventory, as well as cost of sales. The determination of forecast sales price, recovery rates, grade, assumed contained metal in stockpiles and leach pad inventory and production and selling costs requires significant assumptions that may impact the stated value of our inventory. Depletion and depreciation We use the units of production method to deplete mineral properties, whereby depletion is calculated using the quantity of ounces extracted from the mine in the period as a percentage of the total quantity of ounces expected to be extracted in current and future periods. Other assets are depreciated, net of residual value, using the straight-line method over the useful life of the equipment. The calculation of the unit of production rate and the useful life and residual values of capital assets, and therefore the annual depletion and depreciation expense, could be materially affected by changes in the underlying estimates. Changes in estimates can be the result of changes in our mine plans, differences between estimated and actual costs of mining and differences in the gold price used in the estimation of Mineral Reserves. Estimate of reclamation and closure costs Our provision for reclamation and closure cost obligations represents management's best estimate of the present value of the future cash outflows required to settle the liability which reflects estimates of future costs, the timing of the cash flows associated with the future costs, inflation and movements in foreign exchange rates when liabilities are anticipated to be settled in a currency other than the United States dollar. Cost estimates can vary in response to many factors including changes to the relevant legal requirements, whether closure plans achieve intended reclamation goals, the emergence of new restoration techniques or experience at other mine sites, local inflation rates and foreign exchange rates. The expected timing of expenditures can also change, for example, in response to changes in Mineral Reserves, production rates or economic conditions. Our assumptions are reviewed at the end of each reporting period and adjusted to reflect management's current best estimate and changes in any of the above factors can result in a material change to the provision recognized by us. At December 31, 2019, our total provision for reclamation and closure cost obligations was $84.2 million (December 31, 2018 - $62.2 million ). |
ACQUISITION OF NON-CONTROLLING
ACQUISITION OF NON-CONTROLLING INTEREST | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations 1 [Abstract] | |
ACQUISITION OF NON-CONTROLLING INTEREST | ACQUISITION OF NON-CONTROLLING INTEREST On May 31, 2017, we formed a jointly owned company with Golden Arrow called Puna Operations for the development of the Chinchillas property. The jointly owned company, holding the Pirquitas and Chinchillas properties, was owned 75% by SSR Mining and operated by SSR Mining. On September 18, 2019, we acquired Golden Arrow's 25% interest in Puna Operations for aggregate consideration of $32,364,000 , consisting of $2,261,000 of cash, the extinguishment of the loan to Golden Arrow and related interest of $11,369,000 , the issuance of $18,218,000 of our common shares, and the transfer of shares in Golden Arrow we owned, with a fair value of $516,000 , for cancellation. As the acquisition did not result in a change of control, the acquisition was accounted for as an equity transaction whereby the non-controlling interest of $33,981,000 in Puna Operations recognized by us prior to the acquisition was adjusted to nil in our consolidated statements of financial position. Further, the difference of $1,617,000 between the carrying value of the non-controlling interest in Puna Operations at the time of acquisition and the fair value of the consideration paid to Golden Arrow of $32,364,000 million was recognized in equity. In addition, transaction costs we incurred in connection with the transaction of $154,000 were recognized as a reduction of equity. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2019 | |
Cash and cash equivalents [abstract] | |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS December 31, 2019 December 31, 2018 Cash $ 164,470 $ 209,518 Short-term investments 339,177 209,694 $ 503,647 $ 419,212 |
TRADE AND OTHER RECEIVABLES
TRADE AND OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other receivables [abstract] | |
TRADE AND OTHER RECEIVABLES | TRADE AND OTHER RECEIVABLES December 31, 2019 December 31, 2018 Trade receivables $ 54,164 $ 11,287 Value added tax receivables 10,944 12,811 Prepayments and deposits 15,478 10,880 Income tax receivable 3,489 2,947 Other taxes receivable 2,368 4,274 Other 863 642 $ 87,306 $ 42,841 No provision for credit loss was recognized at December 31, 2019 or 2018. All trade receivables are expected to be settled within twelve months. Credit risk is further discussed in note 26(b). |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Detailed Information About Marketable Securities [Abstract] | |
MARKETABLE SECURITIES | MARKETABLE SECURITIES December 31, 2019 December 31, 2018 Balance, beginning of year $ 29,542 $ 114,001 Additions 5,355 25,456 Disposals (3,534 ) (63,445 ) Gain (loss) recognized on acquisition at fair value 757 (2,782 ) Fair value adjustments 34,333 (43,688 ) Balance, end of year $ 66,453 $ 29,542 Additions to marketable securities for the year ended December 31, 2019 includes the purchase of 0.8 million common shares of SilverCrest Metals Inc. ("SilverCrest") for total consideration of $3.4 million . During 2018 , we purchased 8.2 million common shares of SilverCrest for total consideration of $23.1 million and sold our remaining position of 9.0 million common shares of Pretium Resources Inc. ("Pretium") for pre-tax cash proceeds of approximately $63.4 million . The fair value adjustments in 2019 and 2018 relate primarily to the changes in the value of SilverCrest common shares and Pretium common shares, respectively. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of inventories [Abstract] | |
INVENTORIES | INVENTORIES December 31, 2019 December 31, 2018 Finished goods $ 14,141 $ 23,433 Stockpiled ore 18,155 18,195 Leach pad inventory 171,768 162,335 Materials and supplies 35,354 30,791 239,418 234,754 Non-current materials and supplies (1,848 ) (2,006 ) $ 237,570 $ 232,748 As at December 31, 2019 , we have recognized a provision of $3,297,000 ( 2018 - $3,436,000 ) for obsolete materials and supplies inventory. |
MINERAL PROPERTIES, PLANT AND E
MINERAL PROPERTIES, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2019 | |
Property, plant and equipment [abstract] | |
MINERAL PROPERTIES, PLANT AND EQUIPMENT | MINERAL PROPERTIES, PLANT AND EQUIPMENT December 31, 2019 Plant and equipment (1) (2) Mineral properties subject to depletion Mineral properties not yet subject to depletion Exploration and evaluation assets Total Cost Balance, beginning of year $ 621,882 $ 463,548 $ 101,990 $ 91,228 $ 1,278,648 Additions 82,151 42,373 7,145 35,275 166,944 Disposals (12,457 ) (2,962 ) — (434 ) (15,853 ) Change in reclamation and closure cost provision — 7,580 — 1,072 8,652 Transfers — 28,839 (28,839 ) — — Balance, end of year 691,576 539,378 80,296 127,141 1,438,391 Accumulated depreciation and depletion Balance, beginning of year (338,153 ) (239,320 ) — — (577,473 ) Depreciation and depletion (48,226 ) (55,783 ) — — (104,009 ) Disposals 10,981 1,572 12,553 Balance, end of year (375,398 ) (293,531 ) — — (668,929 ) Net book value at December 31, 2019 $ 316,178 $ 245,847 $ 80,296 $ 127,141 $ 769,462 9. MINERAL PROPERTIES, PLANT AND EQUIPMENT (continued) December 31, 2018 Plant and equipment (1)(2) Mineral properties subject to depletion Mineral properties not yet subject to depletion Exploration and evaluation assets Total Cost Balance, beginning of year $ 545,090 $ 393,273 $ 121,854 $ 91,579 $ 1,151,796 Additions 102,275 33,371 13,771 956 150,373 Disposals (16,331 ) — — (1,307 ) (17,638 ) Removal of fully depreciated/depleted assets (9,152 ) — — — (9,152 ) Change in reclamation and closure cost provision — 3,269 — — 3,269 Transfers — 33,635 (33,635 ) — — Balance, end of year 621,882 463,548 101,990 91,228 1,278,648 Accumulated depreciation and depletion Balance, beginning of year (315,261 ) (177,906 ) — — (493,167 ) Depreciation and depletion (44,772 ) (61,414 ) — — (106,186 ) Disposals 12,728 — — — 12,728 Removal of fully depreciated/depleted assets 9,152 — 9,152 Balance, end of year (338,153 ) (239,320 ) — — (577,473 ) Net book value at December 31, 2018 $ 283,729 $ 224,228 $ 101,990 $ 91,228 $ 701,175 (1) Includes assets under construction of $28,208,000 at December 31, 2019 ( 2018 - $44,858,000 ). (2) On January 1, 2019, we adopted IFRS 16. At December 31, 2019 , plant and equipment includes right-of-use assets with a cost of $4,584,000 and related accumulated amortization of $1,082,000 . |
OTHER ASSETS - NON-CURRENT
OTHER ASSETS - NON-CURRENT | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
OTHER ASSETS - NON-CURRENT | OTHER ASSETS - NON-CURRENT December 31, 2019 December 31, 2018 Deferred consideration on sale of mineral properties $ 12,332 $ 11,289 Value added tax receivables 10,472 5,991 Other taxes receivable 3,143 — Restricted cash 2,339 2,035 Non-current inventories (note 8) 1,848 2,006 Loan receivable from joint venture partner (note 4) — 8,214 Other investments 1,000 — $ 31,134 $ 29,535 |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Assets [Abstract] | |
GOODWILL | GOODWILL In connection with the acquisition of the Seabee Gold Operation in 2016, we recognized goodwill of $49,786,000 . In accordance with IAS 36 - Impairment of Assets, we performed the annual goodwill impairment test at December 31, 2019. For the purposes of the goodwill impairment test, the recoverable amount of the Seabee Gold Operation, which is considered to be the CGU, has been determined using a FVLCTD calculation. A discounted cash flow model is used to determine the FVLCTD amount of the Seabee Gold Operation CGU. The projected cash flows are significantly affected by assumptions related to metal prices, production based on current estimates of recoverable Mineral Reserves and Mineral Resources, future operating costs and capital expenditures, the discount rate and CAD to USD foreign exchange rate. These inputs are based on our best estimates of what an independent market participant would consider appropriate. Projected cash flows under the discounted cash flow model are after-tax and discounted using an estimated weighted average cost of capital of a market participant adjusted for asset specific risks. Commodity prices and the foreign exchange rate used to project cash flows were based on observable market or publicly available data, including forward prices and analyst forecasts. The discounted cash flow model uses a long-term gold price of $1,392 per ounce and a long-term foreign exchange rate of $1.29 CAD to USD $1.00. The model also uses a post-tax real discount rate adjusted for asset specific risks of 5.6% . At December 31, 2019, the calculated recoverable amount of the Seabee Gold Operation CGU exceeded the carrying value, and therefore no impairment charge has been recorded. |
CURRENT AND DEFERRED INCOME TAX
CURRENT AND DEFERRED INCOME TAX | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
CURRENT AND DEFERRED INCOME TAX | CURRENT AND DEFERRED INCOME TAX The following table represents the major components of income tax expense (recovery) recognized in the consolidated statement of income (loss) for the years ended December 31, 2019 and 2018: Years ended December 31 2019 2018 Current tax expense $ 24,796 $ 8,043 Deferred tax expense 5,576 78 Total income tax expense $ 30,372 $ 8,121 Income tax expense differs from the amount that would be computed by applying the Canadian statutory rate of 27% ( 2018 - 27% ) to income before income taxes. The reasons for the differences are as follows: Years ended December 31 2019 2018 Income before taxes $ 86,129 $ 8,090 Statutory tax rate 27.00 % 27.00 % Expected income tax $ 23,254 $ 2,184 Increase (decrease) attributable to: Non-deductible (taxable) items (17,654 ) 25,408 Foreign exchange 15,058 (13,714 ) Differences in foreign and future tax rates (3,309 ) (1,086 ) Mining and overseas withholding tax 10,249 4,955 Expired losses 738 2,928 Restructuring of Argentine operations — 114,100 Change in tax estimates with respect to prior years (2,316 ) 1,501 Changes in recognition of deferred tax assets 3,952 (128,066 ) Other 400 (89 ) Total income tax expense $ 30,372 $ 8,121 Restructuring of Argentine Operations In May 2018, we restructured our Argentine operations by recharacterizing our intercompany loan to equity and transferring the Chinchillas assets into the same wholly-owned subsidiary of Puna Operations that holds the Pirquitas plant. The restructuring was designed to increase the efficiency and administration of the operation and reduce the risk related to historic tax positions. The restructuring resulted in the elimination of previously unrecognized deferred tax assets resulting in a movement in deferred tax not recognized of $125.7 million and a change to tax expense of $114.1 million reflecting the recharacterization of the intercompany loan to equity, an increase in tax basis of mining assets, and current tax expense of $4.7 million in 2018. 12. CURRENT AND DEFERRED INCOME TAX (continued) The significant components of deferred income tax assets and deferred income tax liabilities as at December 31, 2019 and 2018 are presented below: As at December 31 2019 2018 Deferred income tax assets Deductible temporary differences relating to: Marketable securities $ — $ 1,038 Inventories 2,241 — Reclamation and closure cost provision 4,760 3,354 Deductibility of other taxes 9,242 9,445 Other items 9,917 10,124 26,160 23,961 Tax loss carry forwards and tax credits 9,919 15,361 Total deferred income tax assets $ 36,079 $ 39,322 Deferred income tax liabilities Taxable temporary differences relating to: Marketable securities (4,118 ) — Inventories (4,138 ) (3,511 ) Mineral properties, plant and equipment (98,438 ) (92,686 ) Convertible notes (15,046 ) (2,236 ) Mineral and foreign withholding tax (40,462 ) (41,143 ) Other items (1,629 ) (132 ) Total deferred income tax liabilities $ (163,831 ) $ (139,708 ) Balance sheet presentation Deferred income tax assets $ 63 $ 7,523 Deferred income tax liabilities (127,815 ) (107,909 ) Deferred income tax liabilities, net $ (127,752 ) $ (100,386 ) 12. CURRENT AND DEFERRED INCOME TAX (continued) As at December 31, 2019 , an aggregate deferred tax liability of $13,952,000 ( December 31, 2018 - $17,617,000 ) for temporary differences of $46,507,000 ( December 31, 2018 - $58,724,000 ) related to investments in subsidiaries was not recognized as we control the dividend policy of our subsidiaries (i.e., we control the timing of reversal of the related taxable temporary differences and we are satisfied that they will not reverse in the foreseeable future). We recognize tax benefits on losses or other deductible amounts generated in countries where we determine that it is probable that taxable profits will be available to be utilized against those temporary differences. Our unrecognized deductible temporary differences and unused tax losses for which no deferred tax asset is recognized consist of the following amounts: Years ended December 31 2019 2018 Mineral properties, plant and equipment $ 4,850 $ 3,330 Reclamation and closure cost provision 46,418 30,677 Tax loss carry forwards and tax credits 15,192 7,962 Mineral and foreign withholding tax 616 567 Other items 6,913 3,883 Unrecognized deductible temporary differences $ 73,989 $ 46,419 At December 31, 2019 , we had the following estimated tax operating losses 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 are not recognized as listed in the table above. Losses expire at various dates and amounts between 2020 and 2039. As at December 31, 2019 Argentina $ 1,193 Mexico 43,517 Peru 71 Canada 2,541 U.S.A. 7,433 Tax operating losses $ 54,755 |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other payables [abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | ACCOUNTS PAYABLE AND ACCRUED LIABILITIES December 31, 2019 December 31, 2018 Trade payables $ 33,579 $ 15,896 Accrued liabilities (1) 54,911 43,596 Income taxes payable 12,767 8,463 Royalties payable 3,528 4,542 Moratorium liability (note 16) 3,537 4,570 Derivative liabilities — 2,798 Accrued interest on convertible notes (note 14(a)) 2,803 3,178 $ 111,125 $ 83,043 (1) Accrued liabilities includes $446,000 recognized for lease liabilities under IFRS 16. |
RECLAMATION AND CLOSURE COST PR
RECLAMATION AND CLOSURE COST PROVISION | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |
RECLAMATION AND CLOSURE COST PROVISION | RECLAMATION AND CLOSURE COST PROVISION Changes to the reclamation and closure cost provision during the years ended December 31 were as follows: 2019 2018 Balance, beginning of year $ 62,172 $ 58,330 Obligations assumed on acquisition of mining properties (1) 12,990 — Reclamation expenditures (3,568 ) (852 ) Accretion expense (note 21) 3,743 3,459 Foreign exchange gain (loss) 308 (504 ) Revisions in estimates and obligations 8,658 1,739 Obligations related to divested mining properties (68 ) — Balance, end of year 84,235 62,172 Less: current portion (8,766 ) (211 ) Non-current reclamation and closure cost provision $ 75,469 $ 61,961 (1) On June 27, 2019, we acquired 8,900 hectares of land contiguous to the Marigold mine in Nevada, U.S., net of a 0.5% net smelter returns royalty. The consideration included $22,000,000 in cash and the assumption of related non-current environmental and reclamation obligations then valued at approximately $12,990,000 . 15. RECLAMATION AND CLOSURE COST PROVISION (continued) The reclamation and closure cost provision is calculated as the present value of estimated future net cash outflows based on the following key assumptions: ▪ Discount rates used in discounting the estimated reclamation and closure cost provision range between 1.8% and 9.9% for the year ended December 31, 2019 (2018 - 2.3% and 9.9% ). ▪ The majority of the expenditures are expected to occur between 2029 and 2038. ▪ A 1% change in the discount rate would increase or decrease the provision on a consolidated basis by approximately $11,087,000 , while holding other assumptions consistent. |
DEBT AND CREDIT FACILITY
DEBT AND CREDIT FACILITY | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
DEBT AND CREDIT FACILITY | DEBT AND CREDIT FACILITY a) Debt December 31, 2019 December 31, 2018 2013 Notes $ 114,280 $ 247,551 2019 Notes 169,769 — Total carrying amount of convertible debt 284,049 247,551 Less: current portion of debt $ (114,280 ) $ — Non-current portion of debt outstanding $ 169,769 $ 247,551 On March 19, 2019, we issued $230,000,000 of unsecured convertible senior notes due in 2039 (the “2019 Notes”) for net proceeds of $222,932,000 after payment of commissions and expenses related to the offering of $7,067,000 . 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 convertible into our common shares at a fixed conversion rate, subject to certain anti-dilution adjustments. In addition, if certain fundamental changes occur, holders of the 2019 Notes may be entitled to an increased conversion rate. The 2019 Notes are convertible into our common shares at an initial conversion rate of 54.1082 common shares per $1,000 principal amount of 2019 Notes converted, representing an initial conversion price of $18.48 per common share. Prior to April 1, 2023, we 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 we may redeem all or part of the 2019 Notes for cash, but only if the last reported sales price of our common shares for 20 or more trading days in a period of 30 consecutive trading days exceeds 130% of the conversion price in effect on each such trading day. On or after April 1, 2026, we may redeem the 2019 Notes in full or in part, for cash. Holders of the 2019 Notes have the right to require us 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 100% of the 2019 Notes, plus accrued and unpaid interest to the repurchase date. The proceeds of the 2019 Notes have been bifurcated between their debt and equity components. The fair value of the debt portion of $169,365,000 was estimated using a discounted cash flow model method based on an expected life of seven years and a discount rate of 7.5% . The residual of $44,766,000 ( $60,635,000 less deferred tax liability of $15,869,000 ) was allocated to equity. The debt portion has been recorded at amortized cost, net of transaction costs, and is being accreted to face value over the expected life using the effective interest method. 14. DEBT AND CREDIT FACILITY (continued) a) Debt (continued) The transaction costs of the issuance of the 2019 Notes of $7,068,000 have been allocated on a pro rata basis with $5,205,000 to debt and $1,863,000 to equity. At December 31, 2018, we had $265,000,000 of senior convertible unsecured notes (the "2013 Notes") outstanding. On March 19, 2019, the Company repurchased $150,000,000 of the 2013 Notes for a cash payment of $152,250,000 . The redemption amount was bifurcated into the debt and equity components of the 2013 Notes purchased. The fair value of the debt portion of $148,000,000 was estimated using a discounted cash flow model based on a maturity date of February 1, 2020 and a discount rate of 4.95% . The difference between this amount and the book value of the redeemed 2013 Notes of $5,423,000 was recognized in the consolidated statements of income (loss) along with the related tax recovery of $1,687,000 and the residual of $4,825,000 was allocated to equity. At December 30, 2019, holders of our 2013 Notes had the right to surrender their 2013 Notes for purchase by us at their option (the "Put Option") pursuant to the terms of the Indenture governing the 2013 Notes (the "Indenture") any time before January 31, 2020. As of December 30, 2019, there was $115,000,000 aggregate principal amount of the 2013 Notes outstanding. On January 31, 2020, as of the expiration of the Put Option, $49,000 aggregate principal amount of the 2013 Notes were validly surrendered for purchase. The remaining outstanding 2013 Notes are callable by us at par, plus accrued and unpaid interest thereon, if any, at any time at our election giving due notice, in accordance with the terms and conditions of the Indenture. On February 13, 2020, we provided notice of redemption to call the remaining outstanding 2013 Notes. We will redeem all of our outstanding 2013 Notes on March 30, 2020 totaling an aggregate principal amount of $114,947,000 at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest, unless any of the outstanding 2013 Notes are converted into common shares of the Company in accordance with the terms of the 2013 Notes. Following the redemption of the 2013 Notes, no 2013 Notes will remain outstanding. The table below provides a summary of changes in the debt balance: December 31, 2019 December 31, 2018 Balance, beginning of year $ 250,729 $ 236,358 Accretion of discount 14,320 14,371 Interest accrued 8,729 7,619 Interest paid (9,104 ) (7,619 ) Redemption of 2013 Notes (141,982 ) — Issuance of 2019 Notes 164,160 — Balance, end of year 286,852 250,729 Accrued interest outstanding (note 14) (2,803 ) (3,178 ) Carrying value of Notes outstanding $ 284,049 $ 247,551 Classified as: Current $ 114,280 $ — Non-current 169,769 247,551 $ 284,049 $ 247,551 14. DEBT AND CREDIT FACILITY (continued) b) Credit facility On August 4, 2015, we entered into a $75,000,000 senior secured revolving credit facility (the "Credit Facility") with a syndicate of banks. The Credit Facility may be used for reclamation bonding, working capital and other general corporate purposes. During 2017, we extended the maturity of our Credit Facility to June 8, 2020, and concurrently reduced applicable margins, increased covenant flexibility and added a $25,000,000 accordion feature. Amounts that are borrowed under the Credit Facility will incur variable interest at London Interbank Offered Rate plus an applicable margin ranging from 2.25% to 3.75% determined based on our net leverage ratio. The Credit Facility also provides for financial letters of credit at 66% of the applicable margin and undrawn fees are 22.5% of the applicable margin. All debts, liabilities and obligations under the Credit Facility are guaranteed by our material subsidiaries and secured by certain of our assets, certain of our material subsidiaries, and pledges of the securities of our material subsidiaries. In connection with the Credit Facility, we must also maintain certain net tangible worth and ratios for interest coverage and net leverage. As at December 31, 2019 we were in compliance with these covenants. As at December 31, 2019 , we had utilized $580,000 ( December 31, 2018 - $8,000,000 ) of the Credit Facility to support certain obligations arising under workers compensation insurance. |
SHARE CAPITAL AND SHARE-BASED P
SHARE CAPITAL AND SHARE-BASED PAYMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Share-Based Payment Arrangements [Abstract] | |
SHARE CAPITAL AND SHARE-BASED PAYMENTS | SHARE CAPITAL AND SHARE-BASED PAYMENTS a) Authorized capital We have unlimited authorized common shares with no par value. The 2017 Share Compensation Plan provides for treasury settlement up to an aggregate total of 6.5% of our issued and outstanding common shares. b) Stock options Our existing incentive plan, approved by our shareholders, under which options to purchase common shares may be granted to officers, employees and others at the discretion of the Board of Directors. The exercise price of each option is set at the date of grant and shall not be less than the closing market price of our stock on the award date. The expiry date for all grants may not exceed the earlier of 7 years after the grant date and the latest date permitted under the rules of the regulatory authorities. Currently, the vesting periods range up to three years, and the term is seven years. New shares from treasury are issued on the exercise of stock options. The changes in stock options issued during the years ended December 31, 2019 and 2018 are as follows : 2019 2018 Number of stock options Weighted average exercise price (C$/option) Number of stock options Weighted average exercise price (C$/option) Outstanding, beginning of year 2,638,749 10.35 2,976,360 9.35 Granted 514,355 16.81 668,664 11.84 Exercised (1,093,844 ) (8.78 ) (899,050 ) (7.79 ) Expired (193,167 ) (18.90 ) (56,700 ) (14.15 ) Forfeited (63,470 ) (12.81 ) (50,525 ) (12.70 ) Outstanding, end of year 1,802,623 12.14 2,638,749 10.35 During the year ended December 31, 2019 , options granted to officers and employees had exercise prices ranging from C$16.50 to C$17.63 ( December 31, 2018 - C$11.07 to C$13.39 ) and expiry dates ranging from January 1, 2026 to April 1, 2026. As of December 31, 2019 , incentive stock options constitute 1.5% ( 2018 - 2.2% ) of issued and outstanding common share capital. The aggregate intrinsic value of vested share options (market value less exercise price) at December 31, 2019 was $17,831,000 ( December 31, 2018 - $11,898,000 ). 17. SHARE CAPITAL AND SHARE-BASED PAYMENTS (continued) The weighted average fair value of stock options granted during the year ended December 31, 2019 and year ended December 31, 2018 were estimated to be C$6.22 and C$5.06 per stock option, respectively, at the grant date using the Black-Scholes option pricing model, based on the following assumptions: Years ended December 31 2019 2018 Forfeiture rate (%) 3.0 3.0 Dividend yield (%) — — Average risk-free interest rate (%) 1.78 1.88 Expected life (years) 4.2 4.2 Volatility (%) 45.8 55.8 Option pricing models require the input of highly subjective assumptions. The expected life of the options considered such factors as the average length of time similar option grants in the past have remained outstanding prior to exercise and the vesting period of the grants. Volatility was estimated based upon historical price observations over the expected term. Changes in the subjective input assumptions can materially affect the estimated fair value of the options. The weighted average share price, at the date of grant, of stock options granted in 2019 was C$16.81 ( 2018 - C$11.84 ). The weighted average share price at the date of the exercise of stock options in 2019 was C$18.37 ( 2018 - C$14.13 ). The following table summarizes information about stock options outstanding and exercisable at December 31, 2019 : Stock options outstanding Stock options exercisable Exercise prices (C$) Stock options outstanding Weighted average remaining contractual life (years) Stock options exercisable Weighted average exercise price (C$/option) 5.83 - 10.18 438,514 2.8 438,514 7.01 10.19 - 11.63 357,458 4.0 130,022 11.04 11.64 - 15.31 503,876 4.3 218,753 12.69 15.32 - 17.63 502,775 6.0 — — 1,802,623 4.4 787,289 9.25 c) 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 our common shares. DSUs are issued on a quarterly basis under the terms of the DSU Plan, at the market value of our common shares at the date of grant. DSUs vest immediately and are redeemable in cash on the date the director ceases to be our director. 2019 2018 Years ended December 31 Number of DSUs Number of DSUs Outstanding, beginning of year 533,698 608,763 Granted 79,919 107,318 Redeemed — (182,383 ) Outstanding, end of year 613,617 533,698 17. SHARE CAPITAL AND SHARE-BASED PAYMENTS (continued) c) Deferred Share Units (continued) DSUs granted in the year ended December 31, 2019 had a weighted average fair value of C$17.90 per unit at the date of grant ( 2018 - C$12.49 ). DSUs are cash-settled instruments and, therefore, the fair value of the outstanding DSUs at the end of each reporting period is recognized as an accrued liability with the associated compensation expense recorded in general and administrative expenses. As at December 31, 2019 , the fair value of outstanding DSUs was C$24.99 per unit ( December 31, 2018 - C$16.50 per unit). At December 31, 2019 , an accrued liability of $11,807,000 ( 2018 - $6,455,000 ) relating to DSUs has been recognized. d) Restricted Share Units RSUs are granted to employees based on the value of our share price at the date of grant. The awards have a graded vesting schedule over a three -year period. The terms of the plan provide the Board of Directors the discretion to elect to settle the units in either cash or shares. To date, RSUs have been cash-settled and, therefore, are recognized as a liability, with fair value re-measurement at each reporting period. The associated compensation expense is recorded in general and administrative expenses unless directly attributable to our operations, whereby it is included in production costs, or exploration, evaluation and reclamation expense. 2019 2018 Years ended December 31 Number of RSUs Number of RSUs Outstanding, beginning of year 425,095 541,006 Granted 195,530 322,935 Settled (200,671 ) (276,983 ) Forfeited (63,794 ) (161,863 ) Outstanding, end of year 356,160 425,095 RSUs granted in the year ended December 31, 2019 had a weighted average fair value of C$18.14 per unit at the date of grant ( 2018 - C$11.47 per unit). RSUs settled in the year ended December 31, 2019 were settled at a fair value of C$17.67 per unit ( 2018 - C$12.33 ). As at December 31, 2019 , the fair value of outstanding RSUs was C$24.99 per unit ( December 31, 2018 - C$16.50 per unit). At December 31, 2019 , an accrued liability of $4,003,000 ( 2018 - $2,949,000 ) relating to RSUs has been recognized. e) 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 our total shareholder return in comparison to our peer group and awards vested range from 0% to 200% of initial PSUs granted. Under the terms of our 2017 Share Compensation Plan, our Board of Directors have the discretion to elect to settle PSUs in either cash or shares. On February 22, 2019, our Board of Directors indicated its intention to settle all of the PSUs issued under our 2017 Share Compensation Plan, when vested, in common shares of SSR Mining. Prior to this date, based on our past history of settling PSUs in cash, we had accounted for our obligations as a liability. As a result of this change, the value of the relevant outstanding PSUs was fixed at that date and the existing liability of $1,764,000 ( $1,284,000 , net of tax) was transferred to the share-based compensation reserve of shareholders' equity. The unamortized value of $4,652,000 relating to these PSUs will be amortized over the remaining vesting periods. 17. SHARE CAPITAL AND SHARE-BASED PAYMENTS (continued) e) Performance Share Units (continued) PSUs granted prior to those under the 2017 Share Compensation Plan were accounted for as cash-settled and, therefore, were recognized as a liability, with fair value re-measurement at each reporting period. The associated compensation cost is recorded in general and administrative expenses. 2019 2018 Years ended December 31 Number of PSUs Number of PSUs Outstanding, beginning of year 311,100 391,432 Granted 144,500 174,900 Settled (122,300 ) (255,232 ) Forfeited (24,800 ) — Outstanding, end of year 308,500 311,100 PSUs granted in the year ended December 31, 2019 had a weighted average fair value of C$15.22 per unit at the date of grant ( 2018 - C$10.72 per unit). PSUs settled in the year ended December 31, 2019 were settled at a value of C$23.43 per unit ( December 31, 2018 - C$23.09 ). As at December 31, 2019 , the estimated weighted average value was C$39.60 per unit ( 2018 - C$26.76 per unit). At December 31, 2019 , an accrued liability of $3,729,000 ( 2018 - $7,230,000 ) related to PSUs has been recognized. f) Share-based compensation Total share-based compensation, including all equity and cash-settled arrangements, for the years ended December 31, 2019 and 2018 has been recognized in the consolidated financial statements as follows: Years ended December 31 2019 2018 Equity-settled Production costs $ 250 $ 160 General and administrative expense 3,715 1,958 Exploration, evaluation and reclamation expense 40 39 Cash-settled Production costs 1,201 1,024 General and administrative expense 9,099 11,412 Exploration, evaluation and reclamation expense 119 125 $ 14,424 $ 14,718 |
OTHER RESERVES
OTHER RESERVES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |
OTHER RESERVES | OTHER RESERVES Total other reserves for the years ended December 31, 2019 and 2018 has been recognized in the consolidated financial statements as follows: Years ended December 31 2019 2018 Foreign currency translation reserve At beginning and end of year $ 781 $ 781 Revaluation reserves At beginning of year (37,240 ) 3,353 Gain (loss) on marketable securities at FVTOCI, net of tax 29,819 (37,686 ) Unrealized gain (loss) on effective portion of derivative, net of tax 2,226 (2,907 ) At end of year (5,195 ) (37,240 ) Share-based compensation reserve At beginning of year 49,696 50,404 Stock options exercised (2,804 ) (2,864 ) Transfer of equity-settled PSUs 1,356 — Share-based compensation 4,005 2,156 At end of year 52,253 49,696 Other At beginning of year (29,540 ) (29,540 ) Acquisition of non-controlling interest (note 4) 1,463 — At end of year (28,077 ) (29,540 ) Total Other Reserves $ 19,762 $ (16,303 ) |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of revenue from contracts with customers [Abstract] | |
REVENUE | REVENUE Years ended December 31 2019 2018 Gold bullion and doré sales $ 461,463 $ 365,996 Concentrate sales 144,861 57,461 Other (1) 526 (2,782 ) $ 606,850 $ 420,675 (1) Other revenue includes the impact of changes in the fair value of concentrate trade receivables classified as FVTPL. |
GENERAL AND ADMINISTRATIVE EXPE
GENERAL AND ADMINISTRATIVE EXPENSES | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
GENERAL AND ADMINISTRATIVE EXPENSES | GENERAL AND ADMINISTRATIVE EXPENSES Years ended December 31 2019 2018 Salaries and benefits $ 11,041 $ 12,157 Share-based compensation 12,814 13,371 Consulting and professional fees 2,391 3,036 Travel expense 1,100 1,044 Depreciation and amortization 460 194 Other expenses 3,123 3,139 $ 30,929 $ 32,941 |
OTHER LIABILITIES - NON-CURRENT
OTHER LIABILITIES - NON-CURRENT | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities [Abstract] | |
OTHER LIABILITIES - NON-CURRENT | OTHER LIABILITIES - NON-CURRENT December 31, 2019 December 31, 2018 Moratorium liability $ 5,583 $ 14,487 Lease liabilities 3,346 — $ 8,929 $ 14,487 On March 31, 2017, we entered into the tax moratorium system in Argentina resolving the dispute concerning export duties payable. The tax moratorium system outlines the terms of repayment, including the total amount of the obligation and the interest rate on outstanding amounts. Outstanding Argentine peso amounts are subject to interest at a minimum rate of 1.5% per month. With our entry into the tax moratorium system for resolution of our export duty dispute, we are no longer challenging the legality of the application of the export duty other than with respect to our right for reimbursement of $6,646,000 of export duties paid prior to entering into the tax moratorium system. |
FINANCE INCOME AND EXPENSES
FINANCE INCOME AND EXPENSES | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
FINANCE INCOME AND EXPENSES | FINANCE INCOME AND EXPENSES a) Interest and other finance income Years ended December 31 2019 2018 Interest income $ 11,111 $ 9,219 Accretion income on deferred consideration 799 2,542 $ 11,910 $ 11,761 b) Interest expense and other finance expenses Years ended December 31 2019 2018 Interest expense on convertible notes (note 14) $ (23,049 ) $ (21,990 ) Accretion of reclamation and closure cost provision (note 15) (3,743 ) (3,459 ) Interest expense on moratorium liability (2,542 ) (6,212 ) Other (2,264 ) (1,969 ) $ (31,598 ) $ (33,630 ) |
OTHER (EXPENSE) INCOME
OTHER (EXPENSE) INCOME | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
OTHER (EXPENSE) INCOME | OTHER (EXPENSE) INCOME Years ended December 31 2019 2018 Write-down/loss on disposal of mineral properties, plant and equipment $ (1,018 ) $ (5,344 ) Gain (loss) on derivatives 2,243 (2,782 ) Write-down of deferred consideration asset (3,677 ) — Other (3,287 ) (966 ) $ (5,739 ) $ (9,092 ) |
INCOME PER SHARE
INCOME PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
Earnings per share [abstract] | |
INCOME PER SHARE | INCOME PER SHARE The calculations of basic and diluted income per share attributable to our equity holders for the years ended December 31, 2019 and 2018 are based on the following: Years ended December 31 2019 2018 Basic weighted average number of shares outstanding (thousands) 121,769 120,137 Adjustments for dilutive instruments: Stock options (thousands) 892 1,217 Diluted weighted average number of shares outstanding (thousands) 122,661 121,354 The outstanding 2013 Notes and 2019 Notes that could potentially dilute basic earnings per share in the future were not included in the calculation of diluted income per share for the year ended December 31, 2019 because they were anti-dilutive. |
OPERATING SEGMENTS
OPERATING SEGMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Operating Segments [Abstract] | |
OPERATING SEGMENTS | OPERATING SEGMENTS Operating results of operating segments are reviewed by our chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segments and to assess their performance. We consider each individual operating mine site as a reportable operating segment for financial reporting purposes. In addition, exploration and evaluation projects have been aggregated into a single reportable segment as they all have similar characteristics and do not exceed the quantitative thresholds for individual disclosure. The following is a summary of the reported amounts of income from mine operations, operating income (loss), income (loss) before income taxes and the carrying amounts of assets and liabilities by operating segment: Year ended and at December 31, 2019 Marigold mine Seabee Gold Operation Puna Operations (1) Exploration, evaluation and development properties Other reconciling items (2) Total Revenue $ 315,320 $ 146,141 $ 145,389 $ — $ — $ 606,850 Production costs (183,782 ) (48,470 ) (97,558 ) — — (329,810 ) Depletion and depreciation (52,291 ) (36,368 ) (17,498 ) — — (106,157 ) Cost of sales (236,073 ) (84,838 ) (115,056 ) — — (435,967 ) Income from mine operations 79,247 61,303 30,333 — — 170,883 Exploration, evaluation and reclamation expenses (4,139 ) (8,511 ) (818 ) (3,501 ) (647 ) (17,616 ) Operating income (loss) 73,829 52,371 27,578 (3,549 ) (27,891 ) 122,338 Income (loss) before income tax 58,269 40,851 12,652 (2,937 ) (22,706 ) 86,129 Total assets $ 524,113 $ 484,750 $ 270,633 $ 115,191 $ 355,420 $ 1,750,107 Non-current assets 249,962 310,578 155,049 114,327 20,529 850,445 Total liabilities (119,413 ) (97,131 ) (70,676 ) (6,216 ) (322,717 ) (616,153 ) 24. OPERATING SEGMENTS (continued) Year ended and at December 31, 2018 Marigold mine Seabee Gold Operation Puna Operations Exploration, evaluation and development properties Other reconciling items (1) Total Revenue $ 250,341 $ 115,655 $ 54,679 $ — $ — $ 420,675 Production costs (143,380 ) (46,054 ) (55,677 ) — — (245,111 ) Depletion and depreciation (56,748 ) (38,818 ) (3,153 ) — — (98,719 ) Cost of sales (200,128 ) (84,872 ) (58,830 ) — — (343,830 ) Income (loss) from mine operations 50,213 30,783 (4,151 ) — — 76,845 Exploration, evaluation and reclamation expenses (769 ) (7,703 ) 919 (2,857 ) (3,599 ) (14,009 ) Operating income (loss) 43,399 20,657 (8,457 ) (2,801 ) (22,903 ) 29,895 Income (loss) before income tax 26,239 20,204 (9,066 ) (2,751 ) (26,536 ) 8,090 Total assets $ 478,187 $ 448,891 $ 185,298 $ 71,830 $ 336,932 $ 1,521,138 Non-current assets 235,242 321,802 121,890 69,263 39,822 788,019 Total liabilities (79,210 ) (93,017 ) (62,243 ) (6,330 ) (274,362 ) (515,162 ) (1) Other reconciling items refer to items that are not reported as part of segment performance as they are managed on a corporate basis. Impairment assessment - Puna Operations At December 31, 2019, we performed an assessment of our Puna Operations to identify any potential indicators of impairment. We determined that there was an indicator of potential impairment on the $141.9 million carrying value of Puna Operations, which resulted in us assessing the recoverable amount of the CGU. The recoverable amount of Puna Operations CGU was determined to be the FVLCTD, which is based upon the estimated future after-tax cash flows of the CGU. The cash flows were determined based on cash flow projections over the projection period of 2020 to 2026, which incorporate our estimates of metal prices, production based on current estimates of recoverable Mineral Reserves and future operating costs and capital expenditures. We used a long-term silver price of $17.81 per ounce in the cash flow projections, based on market consensus forecasts. Projected cash flows under the FVLCTD model are after-tax and discounted at 9.3% using an estimated weighted average cost of capital of a market participant adjusted for project and country specific risks. We concluded that the FVLCTD exceeded the carrying value of Puna Operations CGU and therefore, no impairment was required. Additionally, we performed a sensitivity analysis over the inputs determined to be most sensitive within the FVLCTD model. The average silver price would have had to decrease by more than approximately 15.0% for Puna Operations to be impaired. 24. OPERATING SEGMENTS (continued) Revenue by metal Our Marigold mine and Seabee Gold Operation produce gold in doré form. Doré is unrefined gold bullion bars usually consisting of in excess of 90% gold that is refined to pure gold bullion prior to sale to our customers, which are typically bullion banks. Puna Operations produces silver/lead and zinc concentrates, which are sold to smelters or traders for further refining. During 2019 , one customer accounted for 42% ( 2018 - 51% ) of our concentrate revenue. The following table provides a summary of revenue by metal: Years ended December 31 2019 2018 Gold 76 % 87 % Silver 19 % 12 % Lead 3 % — % Zinc 2 % 1 % 100 % 100 % Non-current assets The following table provides a summary of non-current assets, excluding financial instruments and deferred income taxes, by location: At December 31 2019 2018 Canada $ 326,272 $ 357,783 United States 285,686 236,054 Argentina 154,986 113,534 Mexico 67,160 66,749 Other 607 575 $ 834,711 $ 774,695 |
FINANCIAL INSTRUMENTS AND FAIR
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Financial Instruments And Fair Value Measurement [Abstract] | |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Our financial instruments include cash and cash equivalents, trade receivables, marketable securities, other financial assets, trade and other payables, moratorium and our 2013 Notes and 2019 Notes. a) Financial assets and liabilities by category At December 31, 2019 Amortized cost FVTPL FVTOCI (1) Total Financial assets Cash and cash equivalents (note 5) $ 503,647 $ — $ — $ 503,647 Trade receivables (2) (note 6) — 54,164 — 54,164 Marketable securities (note 7) — — 66,453 66,453 Other current and non-current financial assets 13,337 4,627 1,000 18,964 Total financial assets $ 516,984 $ 58,791 $ 67,453 $ 643,228 Financial liabilities Trade and other payables $ 78,819 $ 19,539 $ — $ 98,358 Other non-current financial liabilities 8,929 — — 8,929 Debt (note 14(a)) 284,049 — — 284,049 Total financial liabilities $ 371,797 $ 19,539 $ — $ 391,336 At December 31, 2018 Amortized cost FVTPL FVTOCI (1) Total Financial assets Cash and cash equivalents (note 5) $ 419,212 $ — $ — $ 419,212 Trade receivables (2) (note 6) — 11,287 — 11,287 Marketable securities (note 7) — — 29,542 29,542 Other financial assets 25,172 3,711 — 28,883 Total financial assets $ 444,384 $ 14,998 $ 29,542 $ 488,924 Financial liabilities Trade and other payables $ 58,695 $ 15,885 $ — $ 74,580 Other non-current financial liabilities 14,487 — — 14,487 Debt (note 14(a)) 247,551 — — 247,551 Total financial liabilities $ 320,733 $ 15,885 $ — $ 336,618 (1) Investments in equity securities were designated as FVTOCI upon initial recognition as the management of the equity securities in not considered to be part of our core operations. Securities in the portfolio are disposed of when they no longer meet our long-term investment strategy. (2) Trade receivables are classified as FVTPL due to the derivative identified through provisional pricing arrangements discussed in note 2(e). 25. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (continued) b) Fair value of financial instruments Fair values of financial assets and liabilities measured at fair value The categories of the fair value hierarchy that reflect the significance of inputs used in making fair value measurements are as follows: Level 1 - quoted prices in active markets for identical assets or liabilities; Level 2 - inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and Level 3 - inputs for the asset or liability that are not based on observable market data. The levels in the fair value hierarchy into which our financial assets and liabilities that are measured and recognized on the Consolidated Statements of Financial Position at fair value on a recurring basis were categorized as follows: Fair value at December 31, 2019 Level 1 (1) Level 2 (2) Level 3 (3) Total Trade receivables (note 6) $ — $ 54,164 $ — $ 54,164 Marketable securities (note 7) 66,453 — — 66,453 Other financial assets 2,339 2,641 647 5,627 Accrued liabilities — (19,539 ) — (19,539 ) $ 68,792 $ 37,266 $ 647 $ 106,705 Fair value at December 31, 2018 Level 1 (1) Level 2 (2) Level 3 (3) Total Trade receivables (note 6) $ — $ 11,287 $ — $ 11,287 Marketable securities (note 7) 29,542 — — 29,542 Other financial assets 2,035 — 1,676 3,711 Accrued liabilities — (16,649 ) — (16,649 ) $ 31,577 $ (5,362 ) $ 1,676 $ 27,891 (1) Marketable securities of publicly quoted companies, consisting of FVTOCI investments are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges. (2) Trade receivables relating to sales of concentrate are included in Level 2 as the basis of valuation uses quoted commodity forward prices. Accrued liabilities relating to DSUs, RSUs, and PSUs and derivative assets and liabilities are included in Level 2 as the basis of valuation uses quoted prices in active markets. (3) Certain items of deferred consideration from the sale of exploration and evaluation assets are included in Level 3, as certain assumptions used in the calculation of the fair value are not based on observable market data as detailed in note 2(m). During the years ended December 31, 2019 and 2018, no amounts were transferred between Levels. 25. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (continued) b) Fair value of financial instruments (continued) Fair values of financial assets and liabilities not already measured at fair value The fair value of our 2013 Notes and 2019 Notes as compared to the carrying amounts were as follows: December 31, 2019 December 31, 2018 Level Carrying amount Fair value Carrying amount Fair value 2013 Notes (1) 1 $ (114,280 ) $ (116,581 ) $ (247,551 ) $ (263,675 ) 2019 Notes (1) 1 (169,769 ) (297,735 ) — — Total convertible notes $ (284,049 ) $ (414,316 ) $ (247,551 ) $ (263,675 ) (1) The fair value disclosed for our 2013 Notes and 2019 Notes is included in Level 1 as the basis of valuation uses a quoted price in an active market. The fair value of the convertible notes represents both the debt and equity components of the convertible notes (note 14). |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
FINANCIAL RISK MANAGEMENT | FINANCIAL RISK MANAGEMENT We are exposed to a variety of financial risks as a result of our operations, including market risk (which includes price risk, currency risk and interest rate risk), credit risk and liquidity risk. Our overall risk management strategy seeks to reduce potential adverse effects on our financial performance. Risk management is carried out under policies approved by our Board of Directors. We may, from time to time, use foreign exchange contracts, commodity price contracts, equity hedges and interest rate swaps to manage our exposure to fluctuations in foreign currency, metal and energy prices, marketable securities values and interest rates. We do not have a practice of trading derivatives. Our use of derivatives is limited to specific programs to manage fluctuations in foreign exchange, diesel prices and marketable securities risks, which are subject to the oversight of our Board of Directors. The risks associated with our financial instruments, and the policies on how we mitigate those risks are set out below. This is not intended to be a comprehensive discussion of all risks. a) Market Risk This is the risk that the fair values of financial instruments will fluctuate owing to changes in market prices. The significant market risks to which we are exposed are price risk, currency risk and interest rate risk. (i) Price Risk This is the risk that the fair values or future cash flows of our financial instruments will fluctuate because of changes in market prices. Income from mine operations in the next year depends on the metal prices for gold and silver, lead and zinc and also prices of input commodities such as diesel. These prices are affected by numerous factors that are outside of our control, such as: ▪ global or regional consumption patterns; ▪ the supply of, and demand for, these commodities; ▪ speculative activities; ▪ the availability and costs of substitutes; ▪ inflation; and ▪ political and economic conditions, including interest rates and currency values. 26. FINANCIAL RISK MANAGEMENT (continued) a) Market Risk (continued) (i) Price Risk (continued) The principal financial instruments that we hold which are impacted by commodity prices are our concentrate trade receivables. The majority of our sales agreements are subject to pricing terms that settle within one to four months after delivery of concentrate, and this adjustment period represents our trade receivable exposure to variations in commodity prices. We have not hedged the price of any metal as part of our overall corporate strategy. We hedge a portion of our diesel consumption with the objective of securing future costs. We executed swap and option contracts under a risk management policy approved by our Board of Directors. In addition, due to the ice road supply at the Seabee Gold Operation, we purchase annual consumable supplies in advance at prices which are generally fixed at time of purchase, not during period of use. A 10% increase or decrease in the silver prices as at December 31, 2019 , with all other variables held constant, would have resulted in a $2,260,000 ( December 31, 2018 - $891,000 ) increase or decrease to our trade receivables and after-tax net income. As we do not have trade receivables for gold sales, movements in gold prices do not impact the value of any financial instruments. The costs relating to our production activities vary depending on market prices on consumables including diesel fuel and electricity. During 2019 , in accordance with our risk management policy, we have used swaps and options to manage a portion of our cost of diesel. As at December 31, 2019, the fair value of derivative instruments related to our diesel hedges was ( $348,000 ) (December 31, 2018 - ( $1,908,000 )). Marigold Mine Our instruments are based on the Ultra Low Sulphur Gulf Coast Diesel Index for diesel consumed at the Marigold mine. As at December 31, 2019 , we have hedged the following future anticipated usage at the Marigold mine: 2020 2021 Gallons hedged (in thousands) 4,200 600 Portion of forecast diesel hedged 41.2 % 5.9 % Floor price ($/gallon) 1.72 1.50 Cap price ($/gallon) 2.22 2.19 As at December 31, 2019 , the spot price of diesel was $1.95 per gallon. If and when it is determined to be favourable, we may execute additional diesel fuel hedges under our risk management policy. Seabee Gold Operation As at December 31, 2019 , we have not hedged future anticipated diesel usage at the Seabee Gold Operation. If and when it is determined to be favourable, we may execute additional diesel fuel hedges under our risk management policy. 25. FINANCIAL RISK MANAGEMENT (continued) a) Market Risk (continued) (i) Price Risk (continued) Marketable Securities We hold certain investments in marketable securities which are measured at fair value, being the closing share price of each equity investment at the balance sheet date. We are exposed to changes in share prices which would result in gains and losses being recognized in OCI. A 10% change in prices would have a $5,748,000 impact on total comprehensive income at December 31, 2019 ( December 31, 2018 - $2,555,000 ). We did not hedge any securities in 2019 or 2018 . (ii) Currency Risk Currency risk is the risk that the fair values or future cash flows of our financial instruments and other assets and liabilities will fluctuate because of changes in foreign currency rates. Our financial instruments are exposed to currency risk where those instruments are denominated in currencies that are not the same as the functional currency of the entity that holds them; foreign exchange gains and losses in these situations impact earnings. The following are the most significant areas of exposure to currency risk, shown in thousands of U.S. dollars: December 31, 2019 Canadian dollar Argentine peso Cash $ 4,786 $ 146 Value added tax receivable 148 19,023 Other financial assets — 1,250 Trade and other payables (excluding income taxes) (26,695 ) (13,411 ) Reclamation and closure cost provision (6,239 ) — Moratorium — (9,120 ) Total $ (28,000 ) $ (2,112 ) December 31, 2018 Canadian dollar Argentine peso Cash $ 7,982 $ 1,604 Value added tax receivable 145 17,039 Other financial assets — 1,098 Trade and other payables (excluding income taxes) (22,974 ) (9,908 ) Reclamation and closure cost provision (5,752 ) — Moratorium — (19,057 ) Total $ (20,599 ) $ (9,224 ) We monitor and manage this risk with the objective of ensuring our company-wide exposure to negative fluctuations in currencies against the U.S. dollar is managed. 26. FINANCIAL RISK MANAGEMENT (continued) a) Market Risk (continued) (ii) Currency Risk (continued) Over the course of 2019 , the Argentine peso continued to devalue by approximately 59% compared to 102% in 2018 . We have a net Argentine peso liability position which has resulted in foreign exchange gains as a result of the devaluation of the Argentine peso. The Canadian dollar was relatively stable through most of 2019 , ending the year having appreciated by 5.0% ( 2018 - depreciated by 8.7% ) and closing at $1.30 Canadian dollar per one U.S. dollar. We have a net Canadian dollar liability position which has resulted in foreign exchange losses as a result of the strengthening of the Canadian dollar. Our Seabee Gold Operation has exposure to Canadian dollar operating and capital costs. Under our risk management policy, we have entered into options to manage this exposure. As at December 31, 2019 , we had the following hedge positions outstanding: 2020 2021 Notional amount (in thousands of Canadian dollars) 54,000 — Portion of forecast exposure hedged 39.1 % — % Floor level (Canadian dollars per $1 U.S. dollar) 1.2757 — Cap level (Canadian dollars per $1 U.S. dollar) 1.3683 — As at December 31, 2019 , the fair value of derivative instruments related to our foreign currency hedges was $350,000 (December 31, 2018 ( $890,000 )). We assessed the impact of a 10% change in the U.S. dollar exchange rate relative to the Canadian dollar and a 25% change in the U.S. dollar exchange rate relative to the Argentina peso as at December 31, 2019 and 2018 on financial assets and liabilities, with all other variables held constant. The respective changes in each currency would have resulted in the following impact to our total comprehensive income: Years ended December 31 2019 2018 Canadian dollar $ 2,044 $ 1,504 Argentine peso 370 1,614 (iii) Interest Rate Risk Interest rate risk is the risk that the fair values or future cash flows of our financial instruments will fluctuate because of changes in market interest rates. Interest rate risk arises from the interest rate impact on our cash and cash equivalents and our moratorium liability because these are the only financial instruments we hold that are impacted by interest based on variable market interest rates. The 2013 Notes and 2019 Notes have a fixed interest rate and are not exposed to fluctuations in interest rates. A change in interest rates would impact the fair value of the 2013 Notes and 2019 Notes, but because we record the 2013 Notes and 2019 Notes at amortized cost, there would be no impact on our financial results. We monitor our exposure to interest rates closely and have not entered into any derivative contracts to manage our risk. As at December 31, 2019 , the weighted average interest rate earned on our cash and cash equivalents was 1.8% ( December 31, 2018 - 2.4% ). With other variables unchanged, a 1.0% change in the annualized interest rate would impact after-tax net income by $3,274,000 ( December 31, 2018 - $3,372,000 ). 26. FINANCIAL RISK MANAGEMENT (continued) b) Credit Risk Credit risk is the risk that a third party might fail to discharge its obligations under the terms of a financial contract. Our credit risk is limited to the following instruments: (i) Credit risk related to financial institutions and cash deposits Under our investment policy, investments are made only in highly-rated financial institutions and corporate and government securities. We diversify our holdings and consider the risk of loss associated with investments to be low. (ii) Credit risk related to trade receivables We are exposed to credit risk through our trade receivables on concentrate sales, which are principally with internationally-recognized counterparties. Payments of receivables are scheduled, routine and received within a contractually agreed time frame. We manage this risk through provisional payments of at least 75% of the value of the concentrate shipped, through transacting with multiple counterparties and retaining title to the concentrate for the majority of our sales until we receive the first provisional payment. (iii) Credit risk related to other financial assets Our credit risk with respect to other financial assets includes deferred consideration following the sales of various mineral properties. We have security related to these payments in the event of default. We also have credit risk through our significant value-added tax ("VAT") receivables and other receivables balance that is collectible from the government of Argentina. The balance is expected to be recoverable in full, however due to legislative rules and the complex collection process, a significant portion of the asset is classified as non-current until government approval of the recovery claim is approved. Our maximum exposure to credit risk as at December 31, 2019 and December 31, 2018 was as follows: December 31, 2019 December 31, 2018 Cash and cash equivalents $ 503,647 $ 419,212 Value added tax receivable 21,416 18,802 Trade receivables and other assets 54,164 11,287 Other financial assets 17,964 28,883 $ 597,191 $ 478,184 At December 31, 2019 , no amounts were held as collateral except those discussed above related to other financial assets. 26. FINANCIAL RISK MANAGEMENT (continued) c) Liquidity Risk Liquidity risk is the risk that we will not be able to meet our obligations associated with financial liabilities as they fall due. We manage our liquidity risk through a rigorous planning, budgeting and forecasting process, which is reviewed and updated on a regular basis, to help determine the funding requirements to support our current operations, expansion and development plans, and by managing our capital structure as described in note 26(d). Our objective is to ensure that there are sufficient committed financial resources to meet our business requirements for a minimum of twelve months. To supplement corporate liquidity, we have a credit facility (note 14(b)) of which we utilized $580,000 ( December 31, 2018 - $8,000,000 ) to secure certain obligations arising under workers' compensation insurance. In addition, we use surety bonds to support certain environmental bonding obligations. As at December 31, 2019 , we had surety bonds totaling $84,431,000 outstanding ( December 31, 2018 - $54,053,000 ). We enter into contracts that give rise to commitments in the normal course of business for future minimum payments. The following table summarizes the remaining contractual maturities of our financial liabilities, operating and capital commitments, shown in contractual undiscounted cash flows: Payments due by period (as at December 31, 2019) Less than one year 1 - 3 years 4-5 years After 5 years Total Accounts payable and accrued liabilities $ 92,018 $ — $ — $ — $ 92,018 Moratorium liability 3,537 5,583 — — 9,120 Convertible notes (principal portion) (note 14) 115,000 — — 230,000 345,000 Interest payments on convertible notes (note 14) 7,403 11,500 11,500 8,625 39,028 Reclamation and closure costs 9,556 5,694 — 115,438 130,688 Operating expenditure commitments 6,539 1,137 980 2,440 11,096 Capital expenditure commitments 13,311 — — — 13,311 Total contractual obligations $ 247,364 $ 23,914 $ 12,480 $ 356,503 $ 640,261 We believe working capital at December 31, 2019 , together with future cash flows from operations, are sufficient to support our commitments through 2020 . 26. FINANCIAL RISK MANAGEMENT (continued) d) Capital management Our objectives when managing capital are: ▪ to safeguard our ability to continue as a going concern in order to develop and operate our current projects and pursue strategic growth initiatives; and ▪ to maintain a flexible capital structure and minimize the cost of capital. In assessing our capital structure, we include in our assessment the components of shareholders’ equity and our 2013 Notes and 2019 Notes. In order to facilitate the management of capital requirements, we prepare annual budgets and periodic forecasts and continuously monitor and review actual and forecasted cash flows. The annual budgets are monitored and approved by the Board of Directors. To maintain or adjust the capital structure, we may, from time to time, issue new shares, issue new debt, repay debt or dispose of non-core assets. We expect our current capital resources will be sufficient to carry out our exploration plans and support operations through the current operating period. As of December 31, 2019 , we were in compliance with our externally-imposed financial covenants in relation to the credit facility (note 14(b)). We do not have any financial covenants in relation to our 2013 Notes and 2019 Notes (note 14). |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
Related Party [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Key management includes our directors (executive and non-executive) and other key officers, including the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer. The compensation paid or payable to key management for employee services is shown below: Years ended December 31 2019 2018 Salaries and other short-term employee benefits $ 3,401 $ 2,589 Post-employment benefits 134 83 Termination benefits — 1,379 Share-based compensation (1) 12,370 10,819 Total compensation $ 15,905 $ 14,870 (1) Share-based compensation includes fair value adjustments on cumulative DSU and PSU positions as reported in the consolidated statements of income (loss). |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Cash Flow Statement [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Changes in working capital items during the years ended December 31, 2019 and 2018 are as follows: Years ended December 31 2019 2018 Trade and other receivables $ (66,344 ) $ (4,234 ) Inventories (10,872 ) (40,144 ) Accounts payable and accrued liabilities 19,663 18,753 Provisions - current (3,493 ) (5,309 ) $ (61,046 ) $ (30,934 ) 28. SUPPLEMENTAL CASH FLOW INFORMATION (continued) Adjustments for non-cash other operating activities during the years ended December 31, 2019 and 2018 are as follows: Years ended December 31 2019 2018 Share-based payments $ 4,005 $ 2,157 Gain on sale of mineral properties, plant and equipment (10 ) — Change in reclamation and closure cost provision — 1,580 Write-down/loss on mineral properties, plant and equipment 1,018 2,771 Other 6,528 375 $ 11,541 $ 6,883 Non-cash investing and financing transactions during December 31, 2019 and 2018 were as follows: Years ended December 31 2019 2018 Reclamation and closure cost provision assumed in land acquisition $ (12,990 ) $ — Transfer of equity-settled PSUs 1,356 — Marketable securities received as consideration for sale of exploration and evaluation assets (note 7) — 1,751 Extinguishment of loan receivable in connection with the acquisition of non-controlling interest (note 4) 11,369 — Non-cash consideration for acquisition of non-controlling interest (note 4) (30,101 ) — Transfer of share-based payment reserve upon exercise of stock options (2,804 ) (2,864 ) $ (33,170 ) $ (1,113 ) |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Basis of measurement | Basis of measurement These consolidated financial statements have been prepared on the historical cost basis, except for those assets and liabilities that are measured at revalued amounts or fair values at the end of each reporting period. |
Basis of consolidation | Basis of consolidation These consolidated financial statements incorporate the financial statements of SSR Mining Inc. and all of our subsidiaries. Subsidiaries are all entities (including structured entities) over which we have control. We control an entity when we are exposed to, or have rights to, variable returns from our involvement with the entity and have the ability to affect those returns through our power over the entity. Subsidiaries are included in the consolidated financial results of the Company from the effective date of acquisition of control up to the effective date of loss of control. The principal subsidiaries of SSR Mining Inc. and their geographic locations at December 31, 2019 were as follows: Subsidiary Location Ownership Principal project or purpose Marigold Mining Company USA 100% Marigold SGO Mining Inc. Canada 100% Seabee Gold Operation Puna Operations Inc. (1) (2) Canada 100% Puna Operations SSR Durango, S.A. de C.V. Mexico 100% Pitarrilla Intertrade Metals Limited Partnership Canada 100% Sales and marketing (1) On September 18, 2019, we acquired the remaining 25% interest in Puna Operations Inc. ("Puna Operations") from Golden Arrow Resources Corporation ("Golden Arrow"), increasing our ownership from 75% to 100% (note 4). (2) Mina Pirquitas Sociedad Anonima, a subsidiary of Puna Operations Inc., is the Argentine operating company. Intercompany assets, liabilities, equity, income, expenses and cash flows between the SSR Mining and our subsidiaries are eliminated. |
Foreign currency translation | Foreign currency translation The functional and presentation currency of SSR Mining and each of our subsidiaries is the U.S. dollar. Accordingly, foreign currency transactions and balances of the Company’s subsidiaries are translated as follows: (i) monetary assets and liabilities denominated in currencies other than the U.S. dollar (“foreign currencies”) are translated into U.S. dollars at the exchange rates prevailing at the balance sheet date; (ii) non-monetary assets denominated in foreign currencies and measured at other than fair value are translated using the rates of exchange at the transaction dates; (iii) non-monetary assets denominated in foreign currencies that are measured at fair value are translated using the rates of exchange at the dates those fair values are determined; and (iv) income statement items denominated in foreign currencies are principally translated using daily exchange rates, except for depletion and depreciation which is translated at historical exchange rates. Foreign exchange gains and losses are recognized in net (loss) earnings and presented in the consolidated statements of income (loss) in accordance with the nature of the transactions to which the foreign currency gains and losses relate. 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. |
Revenue recognition | Revenue recognition Our primary source of revenue is the sale of gold bullion or doré and metal-bearing concentrate. Revenue relating to the sale of metals is recognized when control of the metal or related services are transferred to the customer in an amount that reflects the consideration we expect to receive in exchange for those products or services. In determining whether we have satisfied a performance obligation, we consider the indicators of the transfer of control, which include, but are not limited to, whether: it is probable that the economic benefits associated with the sale will flow to us; we have a present right to payment; we have transferred physical possession of the asset to the customer; the customer has the significant risks and rewards of ownership of the asset; and the customer has legal title to the asset. Gold bullion and doré sales Gold bullion and doré is sold primarily to bullion banks in the London spot market. The sales price is fixed on the date of sale based on the gold spot price. Generally, we record revenue from sales of gold bullion at the time of physical delivery, which is also the date that title to the gold passes and cash is received. Concentrate sales The initial sales price of our 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 or London Bullion Market Association 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. We recognize revenues under these contracts at the point that control passes to the customer, which is when the risk and rewards of ownership pass over to the customer, typically at port of loading or port of unloading. Upon transfer of control of the concentrate, we recognize revenue based on the estimated prices for the estimated month of settlement and initial assay results. The associated receivable is subsequently remeasured to fair value by reference to forward market prices at each period end until final settlement, with the impact of changes in the forward market prices recognized in other revenue in the consolidated statements of income (loss) as they occur. Refining and treatment charges are netted against revenues from metal concentrate sales. |
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 90 days or less, which are readily convertible into a known amount of cash and excludes any restricted cash that is not available for use by us. |
Inventory | Inventories Stockpiled ore, leach pad inventory and finished goods are valued at the lower of average cost and estimated net realizable value (“NRV”). Cost includes all direct costs incurred in production including direct labour and materials, freight, depreciation and depletion and directly attributable overhead costs. NRV is calculated using the estimated price at the time of sale based on prevailing and forecast metal prices less estimated future production costs to convert the inventory into saleable form and all associated selling costs. Any write-downs of inventory to NRV are recognized within cost of sales in the consolidated statements of income (loss). If there is a subsequent increase in the value of inventory, the previous write-downs to NRV are reversed up to cost to the extent that the related inventory has not been sold. Stockpiled ore inventory represents ore that has been extracted from the mine and is available for further processing. The cost of stockpiled ore inventory is derived from the current mining costs incurred up to the point of stockpiling the ore and is removed at average cost as ore is processed. Quantities of stockpiled ore are verified by periodic surveys. The recovery of gold and by-products from oxide ore is achieved through a heap leaching process at our Marigold mine. Under this method, ore is stacked on leach pads and treated with a chemical solution that dissolves the gold contained within the ore. The resulting pregnant solution is further processed in a plant where the gold is recovered. The cost of leach pad inventory is derived from current mining and leaching costs and removed as ounces of gold are recovered at the average cost per recoverable ounce of gold on the leach pads. 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. Finished goods inventory includes metal concentrates at site and in transit, doré at a site or refinery, or bullion in a metal account. Materials and supplies inventories are valued at the lower of average cost and NRV. Costs include acquisition, freight and other directly attributable costs. A regular review is undertaken to determine the extent of any provision for obsolescence. Inventory that is not planned to be processed or used within one year is classified as non-current. |
Mineral properties | (i) Mineral properties Mineral properties contain Mineral Reserves or Mineral Resources and exploration potential. The value associated with Mineral Resources and exploration potential is the value beyond Proven and Probable Mineral Reserves. Mineral Reserves represent the estimate of ore that can be economically and legally extracted from our mining properties. Mineral Resources represent property interests that contain potentially economic mineralized material such as Inferred Mineral Resources within pits; Measured, Indicated and Inferred Mineral Resources with insufficient drill spacing to qualify as Proven and Probable Mineral Reserves; and Inferred Mineral Resources in close proximity to Proven and Probable Mineral Reserves. Exploration potential represents the estimated potential mineralized material contained within: (i) areas adjacent to existing Mineral Reserves and mineralization located within the immediate mine area; (ii) areas outside of immediate mine areas that are not part of Measured, Indicated, or Inferred Mineral Resources; and (iii) greenfields exploration potential that is not associated with any other production, development, or exploration stage property. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) h) Mineral properties, plant and equipment (continued) (i) Mineral properties (continued) Capitalized costs of mineral properties include the following: ▪ Costs of acquiring exploration and development stage properties in asset acquisitions, or the value attributed to properties acquired in a business combination; ▪ Economically recoverable exploration and evaluation expenses; ▪ Expenditures incurred to develop mining properties, net of proceeds from pre-production sales, prior to reaching operating levels intended by management; ▪ Certain costs incurred during production; ▪ Estimates of reclamation and closure costs; and ▪ Borrowing costs incurred that are attributable to qualifying mineral properties. Acquisition of mineral properties The costs of acquiring exploration and development stage properties, including transaction costs, in an asset purchase are capitalized as an exploration and evaluation asset or a mineral property at cost. The value attributed to acquiring mineral properties at an operating mine in a business combination is recognized as a mineral property. The value attributed to acquiring exploration potential in a business combination is recognized as an exploration and evaluation asset. |
Exploration and evaluation expenditures | Exploration and evaluation expenditures Exploration expenditures are the costs incurred in the initial search for mineral deposits with economic potential or in the process of obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with acquiring the rights to explore, prospecting, sampling, mapping, diamond drilling and other work involved in searching for Mineral Resources, as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Evaluation expenditures are costs incurred to establish the technical and commercial viability of developing mineral deposits identified through exploration activities or by acquisition. Evaluation expenditures include the cost of: (i) further defining the volume and grade of deposits through drilling of core samples, trenching and sampling activities in an ore body; (ii) determining the optimal methods of extraction and metallurgical and treatment processes; (iii) studies related to surveying, transportation and infrastructure requirements; (iv) permitting activities; and (v) economic evaluations to determine whether development of mineralized material is commercially justified including preliminary economic assessments, pre-feasibility and final feasibility studies. Exploration and evaluation expenditures are expensed until it has been determined that a property is technically feasible and commercially viable, in which case subsequent evaluation costs incurred to develop a mineral property are capitalized. |
Development expenditures | Development expenditures Once we have met the criteria for capitalization of exploration and evaluation expenditures, the carrying value of the exploration and evaluation asset is reclassified as a mineral property. All costs, including pre-operating costs are capitalized until the point that the mineral property is capable of operating as intended by us. This is determined by: (i) completion of operational commissioning of major mine and plant components; (ii) operating results being achieved consistently for a period of time; (iii) indicators that these operating results will be continued; and (iv) other factors being present, including one or more of the following: a significant portion of the plant/mill capacity being achieved; a significant portion of available funding being directed towards operating activities; a predetermined, reasonable period of time being passed; or significant milestones for the development of the mineral property being achieved. In open pit mining operations, it is necessary to incur costs to remove waste material in order to access the ore body, which is known as stripping, with the stripping ratio being the ratio of waste material to ore. Stripping costs incurred prior to the production stage of a mining property (pre-stripping costs) are capitalized as part of the carrying amount of the related mining property. Once the mineral property is capable of operating as intended, further operating costs, including depreciation and depletion, are included within inventory as incurred. |
Costs incurred during production | Costs incurred during production During the production phase of an underground mine, mine development costs incurred to maintain current production are included in mine operating costs. These costs include the development and access (tunnelling) costs of production drifts to develop the ore body in the current production cycle. Development costs incurred to build new shafts, declines and ramps that enable permanent access to ore underground are capitalized as incurred. Capitalized underground development costs are depleted using the units-of-production method, as described below. During the production phase of an open pit mine, stripping costs incurred that provide improved access to ore that will be produced in future periods and that would not have otherwise been accessible are capitalized (as a "deferred stripping asset").The costs qualifying for capitalization are those costs directly incurred to perform the stripping activity that improves access to the identified component of ore, plus an allocation of directly attributable overhead costs, and which are determined using a strip ratio methodology. The strip ratio represents the ratio of the estimated total volume of waste material to the estimated total quantity of economically recoverable ore of the Mineral Reserves for which access has been improved. The deferred stripping asset is included as part of the carrying amount of the mineral property. Capitalized stripping costs are amortized based on the estimated recoverable ounces contained in Mineral Reserves that directly benefit from the stripping activities. Costs for waste removal that do not give rise to future economic benefits are included in production costs in the period in which they are incurred. |
Measurement | Measurement Mineral properties are recorded at cost less accumulated depletion and impairment losses. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) h) Mineral properties, plant and equipment (continued) (i) Mineral properties (continued) Depletion of mineral properties Our mineral properties are classified as either those subject to depletion or not yet subject to depletion. On acquisition of a mineral property, we prepare an estimate of the fair value attributable to Mineral Reserves, Mineral Resources and exploration potential attributable to the property. The fair value attributable to Mineral Resources is classified as mineral properties not yet subject to depletion. As Mineral Resources are converted into Mineral Reserves at operating properties, a portion of the asset balance is reclassified as subject to depletion using an average cost per ounce. Mineral properties subject to depletion are depleted using the units-of-production method. In applying the units-of-production method over the recoverable ounces to which the asset specifically relates, depletion is calculated using the recoverable ounces extracted from the mine in the period as a percentage of the total recoverable ounces expected to be extracted in current and future periods based on the Mineral Reserves. We review the estimated total recoverable ounces contained in depletable Mineral Reserves annually and when events and circumstances indicate that such a review should be made. Changes to estimated total recoverable ounces contained in depletable Mineral Reserves are accounted for prospectively. No amortization is charged during the evaluation and development phases as the asset is not available for use. |
Plant and equipment | Plant and equipment Plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. The cost of an item of plant and equipment includes the purchase price or construction cost, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, and for qualifying assets, the associated borrowing costs. Where an item of plant and equipment is comprised of major components with different useful lives, the components are accounted for as separate items of plant and equipment. Costs incurred for major overhaul of existing equipment and sustaining capital are capitalized as plant and equipment and are subject to depreciation once they are available for use. Major overhauls include improvement programs that increase the productivity or extend the useful life of an asset beyond that initially envisaged. The costs of routine maintenance and repairs that do not constitute improvement programs are accounted for as a cost of inventory. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) h) Mineral properties, plant and equipment (continued) (ii) Plant and equipment (continued) Depreciation of plant and equipment The carrying amounts of plant and equipment are depreciated to their estimated residual value over the estimated useful lives of the specific assets concerned, or the estimated life-of-mine ("LOM"), if shorter. Depreciation starts on the date when the asset is available for its intended use. The major categories of plant and equipment are depreciated on a straight-line basis using the estimated lives indicated below: Vehicles 5 - 7 years Mining equipment 5 - 20 years Mobile equipment components 2 - 9 years Buildings LOM Mine plant equipment LOM Underground infrastructure LOM Assets under construction are not depreciated until available for their intended use. We conduct a review of residual values, useful lives and depreciation methods employed for plant and equipment annually, and when events and circumstances indicate that such a review should be made. Any changes in estimates that arise from this review are accounted for prospectively. |
Impairment | Impairment At the end of each reporting period, we review our mineral properties, plant and equipment to determine whether there is any indication that these assets are impaired. If any such indication exists, an estimate of the recoverable amount is undertaken If the asset’s carrying amount exceeds its recoverable amount then an impairment loss is recognized in the consolidated statements of income (loss). Impairment is normally assessed at the cash-generating unit ("CGU") level, which is identified as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets. Each individual mining interest that is an operating mine is typically a CGU. The recoverable amount of a mine site is the greater of an asset’s fair value less costs to dispose (“FVLCTD”) and value in use (“VIU”). FVLCTD is defined as the amount that would be obtained from the sale of the asset in an orderly transaction between market participants at the measurement date. VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and from its ultimate disposal. The fair value of mine sites is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset, including any expansion prospects. Mineral properties, plant and equipment that have been impaired are tested for possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed. When an impairment loss reverses in a subsequent period, the revised carrying amount shall not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset previously, less subsequent depletion and depreciation. Reversals of impairment losses are recognized in net earnings in the period in which the reversals occur. |
Basis of preparation | Basis of preparation These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. These statements were authorized for issue by our Board of Directors on February 20, 2020 . |
Goodwill | Goodwill Under the acquisition method of accounting, the 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 CGUs. Goodwill arises principally because of the following factors: (i) the ability to capture buyer-specific synergies arising upon a transaction; (ii) the ability to increase Mineral Reserves and Mineral Resources through exploration activities, and (iii) the requirement to record a deferred tax liability for the difference between the assigned values and the tax bases of the assets acquired and liabilities assumed. Goodwill is not amortized. We perform an annual impairment test for goodwill and when events or changes in circumstances indicate that the related carrying amount may not be recoverable. If the carrying amount of a CGU to which goodwill has been allocated exceeds the recoverable amount, an impairment loss is recognized for the amount in excess. The impairment loss is allocated first to reduce the carrying amount of goodwill allocated to the CGU to $nil and then to the other assets of the CGU based on the relative carrying amounts of those assets. Impairment losses recognized for goodwill are not reversed in subsequent periods should its value recover. |
Share-based payments | Share-based payments The fair value of estimated number of stock options and other equity-settled share-based payment arrangements that will eventually vest, determined at the date of grant, is recognized as a share-based compensation expense in the consolidated statements of income (loss) over the vesting period, with a corresponding increase to equity. We estimate the fair value of stock options granted using the Black-Scholes option pricing model and estimate the expected forfeiture rate at the date of grant. Share-based payment arrangements considered to be cash-settled include our Directors’ Deferred Share Unit (“DSU”) Plan, our Restricted Share Unit (“RSU”) Plan, our Performance Share Unit (“PSU”) Plan and our 2017 Share Compensation Plan, which replaces our RSU Plan and PSU Plan. The fair values of these arrangements are recognized as share-based compensation expenses in the consolidated statements of income (loss) over the vesting period, with a corresponding increase to accrued liabilities. The fair value of DSUs and RSUs is estimated based on the quoted market price of our common shares and are remeasured at each reporting period. The fair value of PSUs is estimated using a Monte Carlo valuation model. Under our 2017 Share Compensation Plan, we have the option to settle vested PSUs in either cash or common shares. On February 22, 2019, our Board of Directors indicated its intention to settle the PSUs issued under our 2017 Share Compensation Plan, when vested, in common shares of SSR Mining. Prior to this date, based on our past history of settling PSUs in cash, we had accounted for our obligations as a liability. The impact of this change is discussed in note 17(e). When awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognized is proportionately reversed. |
Taxation | Taxation The income tax expense for the period is comprised of current and deferred tax, and is recognized in the consolidated statements of income (loss) except to the extent that it relates to items recognized directly in shareholders’ equity, in which case the tax is recognized in equity. Current income tax Current tax for each of our taxable entities is based on the local taxable profit for the period at the local statutory tax rates enacted or substantively enacted at the date of the consolidated statements of financial position. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) k) Taxation (continued) Deferred tax Deferred income tax assets and liabilities are recognized, using the liability method, for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, unused tax losses and other income tax deductions. Deferred income tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available to be utilized against those deductible temporary differences. 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. Deferred income tax assets and liabilities are measured using enacted or substantively enacted tax rates expected to apply when the related deferred income tax assets are realized or the deferred income tax liabilities are settled. The measurement of deferred income tax assets and liabilities reflects the tax consequences that would follow from the manner in which we expect, at the reporting date, to recover and settle the carrying amounts of its assets and liabilities, respectively. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in the period in which the change is substantively enacted. Deferred income tax assets and liabilities are not recognized if the temporary difference arises on the initial recognition of assets and liabilities in a transaction other than a business combination, that at the time of the transaction, affects neither the taxable nor the accounting profit or loss. Deferred income tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the timing of the reversal of the temporary difference is controlled by us and it is probable that the temporary difference will not reverse in the foreseeable future. We recognize deferred income taxes relating to the impact of changes in foreign exchange rates on the tax bases of non-monetary assets and liabilities which are denominated in currencies other than our functional currency. The resultant changes in deferred taxes are recognized in deferred income tax expense/recovery in the consolidated statements of earnings (loss). We recognize foreign exchange gains and losses on current income tax receivable and payable balances denominated in currencies other than our functional currency in the consolidated statements of earnings (loss). 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 we intend to settle our current tax assets and liabilities on a net basis. Royalties and other tax arrangements Royalties and other arrangements are treated as taxation arrangements when they have the characteristics of income tax. This is considered to be 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. |
Income per share | Income per share Income per share calculations are based on the weighted average number of common shares outstanding during the period. For calculations of diluted income per share, the weighted average number of common shares outstanding are adjusted to include the effects of all potentially dilutive share equivalents, such as stock options and convertible notes, whereby proceeds from the potential exercise of dilutive stock options with exercise prices that are below the average market price of the underlying shares are assumed to be used in purchasing our common shares at their average market price for the period. |
Financial instruments | Financial instruments Measurement – initial recognition Financial assets and financial liabilities are recognized in our consolidated statements of financial position when we become a party to the contractual provisions of the instrument. On initial recognition, all financial assets and financial liabilities are recorded at fair value, net of attributable transaction costs, except for financial assets and liabilities classified as at fair value through profit or loss (“FVTPL”). The directly attributable transaction costs of financial assets and liabilities classified as at FVTPL are expensed in the period in which they are incurred. Subsequent measurement of financial assets and liabilities depends on the classifications of such assets and liabilities. Classification of financial assets Amortized cost: Financial assets that meet the following conditions are measured subsequently at amortized cost: (i) The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows, and (ii) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. Interest income is recognized using the effective interest method. Our financial assets at amortized cost primarily include cash and cash equivalents, short-term investments and interest and other receivables included in other current and non-current financial assets in the consolidated statements of financial position. Fair value through other comprehensive income ("FVTOCI"): Financial assets that meet the following conditions are measured at FVTOCI: (i) The financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and (ii) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Our FVTOCI financial assets include our equity instruments designated as FVTOCI. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) m) Financial instruments (continued) Equity instruments designated as FVTOCI: On initial recognition, we may make an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments that would otherwise be measured at FVTPL to present subsequent changes in fair value in other comprehensive income. Designation at FVTOCI is not permitted if the equity investment is held for trading or if it is contingent consideration recognized by an acquirer in a business combination. Investments in equity instruments at FVTOCI are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognized in other comprehensive income ("OCI"). The cumulative gain or loss is not reclassified to profit or loss on disposal of the equity instrument, instead, it is transferred to retained earnings. We have designated all investments in equity instruments that are not held for trading as FVTOCI (see note 3). Financial assets measured subsequently at FVTPL: By default, all other financial assets are measured subsequently at FVTPL. We, at initial recognition, may also irrevocably designate a financial asset as measured at FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases. Financial assets measured at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in profit or loss to the extent they are not part of a designated hedging relationship. Fair value is determined in the manner described in note 25(b). Our financial assets at FVTPL include its account receivable arising from sales of concentrate and derivative assets not designated as hedging instruments. Financial liabilities and equity Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of SSR Mining after deducting all its liabilities. Equity instruments issued by us are recognized at the proceeds received, net of direct issue costs. Repurchase of our own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, or cancellation of our own equity instruments. No gain or loss is recognized on the issue of our own equity instruments, unless the equity is issued to settle a liability. Classification of financial liabilities Financial liabilities that are not contingent consideration in a business combination, held for trading or designated as at FVTPL, are measured at amortized cost using effective interest method. Derivative instruments designated as cash flow hedges We designate certain derivatives as hedging instruments in respect of foreign currency risk and commodity price risk as cash flow hedges. On initial designation of the derivative as a cash flow hedge, we document the relationship between the hedging instrument and hedged item, along with our risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, we document whether the hedging instrument is effective in offsetting changes in cash flows of the hedged item attributable to the hedged risk. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) m) Financial instruments (continued) The changes in the fair value of derivatives that are designated and determined to be effective in offsetting forecasted cash flows is recognized in OCI. The gain or loss relating to the ineffective portion is recognized immediately as gain (loss) on derivatives in other (expense) income, net, in the consolidated statements of comprehensive income (loss). When the forecasted transaction impacts earnings, the cumulative gains or losses that were recorded in Accumulated other comprehensive income (loss) ("AOCI") are reclassified to earnings in the same line item as the recognized hedged item. When the forecasted transaction that is hedged results in the recognition of a non-financial asset, the cumulative gains or losses that were recorded in AOCI are reclassified and included in the carrying amount of the asset. When a derivative designated as a cash flow hedge expires or is sold and the forecasted transaction is still expected to occur, any cumulative gain or loss relating to the derivative that is recorded in AOCI at that time remains in AOCI and is recognized in the consolidated statements of income (loss) when the forecasted transaction occurs, in the same line item as the recognized hedged item. When the forecasted transaction that is hedged results in the recognition of a non-financial asset, the cumulative gains or losses that were recorded in AOCI are removed from equity and included in the carrying amount of the asset. This transfer does not affect OCI. We discontinue hedge accounting only when the hedging relationship (or part thereof) ceases to meet the qualifying criteria. This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognized in OCI at that time remains in equity and is reclassified to the consolidated statements of income (loss) when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss is reclassified immediately to the consolidated statements of income (loss). Non-hedge derivatives Derivative instruments that do not qualify as cash flow hedges are recorded at fair value with changes in fair value recognized in net earnings. Impairment We recognize a loss allowance for expected credit losses on its financial assets. At each reporting date, we measure the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, we measure the loss allowance for the financial asset at an amount equal to twelve month expected credit losses. |
Provisions for reclamation and closure cost provision | Provisions Provisions are liabilities that are uncertain in timing or amount. We record a provision when and only when: (i) We have a present obligation (legal or constructive) as a result of a past event; (ii) It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and (iii) A reliable estimate can be made of the amount of the obligation. Constructive obligations are obligations that derive from our actions where: (i) By an established pattern of past practice, published policies or a sufficiently specific current statement, we have indicated to other parties that we will accept certain responsibilities; and (ii) As a result, we have created a valid expectation on the part of those other parties that we will discharge those responsibilities. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) n) Provisions (continued) Provisions are reviewed at the end of each reporting period and adjusted or reversed to reflect management’s current best estimate of the expenditure required to settle the present obligation at the end of the reporting period. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed. Provisions are reduced by actual expenditures for which the provision was originally recognized. Where discounting has been used, the carrying amount of a provision is accreted during the period to reflect the passage of time. This accretion expense is included in finance costs in the consolidated statements of income (loss). Reclamation and closure cost provision We record a provision for the estimated future costs of reclamation and closure of operating, closed and inactive mines and development projects when environmental disturbance occurs or a constructive obligation arises. The provision for our Company’s reclamation and closure costs is accreted over time to reflect the unwinding of the discount with the accretion expense included in finance costs in the consolidated statements of income (loss). The provision for reclamation and closure costs is remeasured at the end of each reporting period for changes in estimates or circumstances. Changes in estimates or circumstances include changes in legal or regulatory requirements, increased obligations arising from additional mining and exploration activities, changes to cost estimates and changes to risk-free interest rates. Reclamation and closure cost obligations relating to operating mines and development projects are initially recorded with a corresponding increase to the carrying amounts of related mining properties. Changes to the obligations which may arise as a result of changes in estimates and assumptions are also accounted for as changes in the carrying amounts of related mining properties, except where a reduction in the obligation is greater than the capitalized reclamation and closure costs, in which case, the capitalized reclamation and closure costs are reduced to nil and the remaining adjustment is included in production costs in the consolidated statements of income (loss). The provisions for reclamation and closure costs related to inactive and closed mines are included in production costs in the consolidated statements of income (loss) on initial recognition and subsequently when remeasured. |
Leases | Leases On January 1, 2019, we adopted IFRS 16 - Leases ("IFRS 16"), described further in note 2(t). We elected to apply IFRS 16 using a modified retrospective approach, therefore the comparative information has not been restated and continues to be reported under IAS 17 - Leases and the associated interpretive guidance ("IAS 17"). Under IAS 17, leases which transfer substantially all of the benefits and risks incidental to the ownership of property are accounted for as finance leases. Finance leases are capitalized at the lease commencement at the lower of the fair market value of the leased property and the net present value of the minimum lease payments. Each lease payment is allocated between the liability and finance charge. The property, plant and equipment acquired under finance leases are depreciated over the shorter of the asset’s useful life and the lease term. All other leases are accounted for as operating leases wherein rental payments are expensed as incurred. |
Change in accounting policies | Current accounting changes New standards issued and adopted IFRS 16 We adopted the requirements of IFRS 16, which replaced IAS 17, as of January 1, 2019. IFRS 16 applies a control model to the identification of leases, distinguishing between a lease and a service contract on the basis of whether the customer controls the asset. Control is considered to exist if the customer has the right to obtain substantially all of the economic benefits from the use of an identified asset and the right to direct the use of that asset. For those assets determined to meet the definition of a lease, IFRS 16 introduces significant changes to the accounting by lessees, introducing a single, on-balance sheet accounting model that is similar to the accounting for finance leases under IAS 17, with limited exceptions for short-term leases or leases of low value assets. We elected to apply IFRS 16 using a modified retrospective approach by recognizing the cumulative effect of adopting IFRS 16 as an adjustment to the opening consolidated statements of financial position at January 1, 2019. Therefore, the comparative information has not been restated and continues to be reported under IAS 17. In addition, in applying IFRS 16 for the first time, we elected to account for operating leases with a remaining lease term of less than twelve months as at January 1, 2019 as short-term leases. Our lease accounting policy under IFRS 16 is provided below. At inception of a contract, we assess whether a contract is, or contains, a lease. A contract is, or contains, a lease of the contract conveys the right to control the use of an identified asset over a period of time in exchange for consideration. We assess whether the contract involves the use of an identified asset during the term of the contract and if we have the right to direct the use of the asset. As a lessee, we recognize a right-of-use asset, which is included in mineral properties, plant and equipment, and a lease liability at the commencement date of the lease. The right-of-use asset is initially measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any decommissioning and restoration costs, less any lease incentives received. A lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. The lease liability is subsequently measured at amortized cost using the effective interest method. Lease payments included in the measure of the lease liability comprise: fixed payments; variable lease payments that depend on an index or a rate; amounts expected to be payable under any residual value guarantee, and the exercise price under any purchase option that we would be reasonably certain to exercise; lease payments in any optional renewal period if we are reasonably certain to exercise an extension option; and penalties for any early termination of a lease unless we are reasonably certain not to terminate early. We have elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of twelve months or less and leases of low-value assets. Payments associated with short-term leases and all leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the we are reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset's useful life. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) p) Current accounting changes (continued) IFRS 16 (continued) On adoption of IFRS 16, we recognized right-of-use assets of $4.3 million within mineral properties, plant and equipment and lease liabilities of $4.3 million as at January 1, 2019. The weighted average incremental borrowing rate for lease liabilities initially recognized as of January 1, 2019 was 7.5% . IFRIC 23 - Uncertainty over Income Tax Treatments IFRIC 23 - Uncertainty over Income Tax Treatments (the "Interpretation") provides guidance on the accounting for current and deferred tax liabilities and assets in circumstances in which there is uncertainty over income tax treatments. The Interpretation requires: (a) an entity to contemplate whether uncertain tax treatments should be considered separately, or together as a group, based on which approach provides better predictions of the resolution; (b) an entity to determine if it is probable that the tax authorities will accept the uncertain tax treatment; and (c) if it is not probable that the uncertain tax treatment will be accepted, measure the tax uncertainty based on the most likely amount or expected value, depending on whichever method better predicts the resolution of the uncertainty. We adopted the Interpretation in our consolidated financial statements for the annual period beginning on January 1, 2019. The adoption of the Interpretation did not impact the consolidated financial statements. q) Future accounting changes At this time, we do not expect future accounting changes to impact our significant accounting policies. |
Areas of judgment and estimation uncertainty | AREAS OF JUDGMENT AND ESTIMATION UNCERTAINTY In preparing our consolidated financial statements, we make judgments in applying our accounting policies. The judgments that have the most significant effect on the amounts recognized in our consolidated financial statements are outlined below. In addition, the preparation of consolidated financial statements in conformity with IFRS requires the use of estimates that affect the amounts reported and disclosed in the consolidated financial statements and related notes. These estimates are based on management’s best knowledge of the relevant facts and circumstances, having regard to previous experience, but actual results may differ materially from the amounts included in the consolidated financial statements. We have outlined below information about assumptions and other sources of estimation uncertainty as at December 31, 2019 that have a risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next year. a) Areas of Judgment Assessment of impairment indicators Judgment is required in assessing whether certain factors would be considered an indicator of impairment. We consider both internal and external information to determine whether there is an indicator of impairment present and, accordingly, whether impairment testing is required. The information we consider in assessing whether there is an indicator of impairment includes, but is not limited to, market and economic conditions, commodity prices, reserves and resources, mine plans and operating results, market transactions for similar assets and our market capitalization. 3. AREAS OF JUDGMENT AND ESTIMATION UNCERTAINTY (continued) a) Areas of Judgment (continued) Assessment of impairment indicators (continued) At December 31, 2019, we assessed whether there were indicators of impairment present for our mineral properties, plant and equipment. As part of our assessment, we noted that total sustaining capital expenditures estimated in Puna Operations' 2019 LOM plan, which was completed in the fourth quarter of 2019, were significantly higher than the sustaining capital expenditures estimated in the 2016 Puna Operations Technical Report. The increase in the estimate of total sustaining capital expenditures over the LOM was considered to be an indicator of impairment. As a result, we performed an impairment assessment of Puna Operations as at December 31, 2019 (note 24). Functional currency We have determined the functional currency of each of our subsidiaries is the U.S. dollar. The determination of a subsidiary’s functional currency requires significant judgment to determine the primary economic environment. We reconsider the functional currency of our entities if there is a change in events and conditions which determined the primary economic environment. Determination of commencement of commercial production The determination of when a mine is in the condition necessary for it to be capable of operating in the manner intended by management (referred to as "commercial production") is a matter of significant judgment which impacts when we recognize revenue, operating costs and depreciation and depletion in our consolidated statements of income (loss). In making this determination, management considers whether (a) the major capital expenditures to bring the mine to the condition necessary for it to be capable of operating in the manner intended was complete; (b) ramping up to nameplate design capacity has been achieved for the operations; (c) the mine and mill were meeting performance design criteria such as mining rates, haulage targets, hourly throughput and process recovery; and (d) a saleable product could be produced. Deferred tax assets and liabilities Judgment is required in assessing whether deferred tax assets and certain deferred tax liabilities are recognized on the balance sheet and what tax rate is expected to be applied in the year when the related temporary differences reverse. We also evaluate the recoverability of deferred tax assets based on an assessment of our ability to use the underlying future tax deductions. Deferred tax liabilities arising from temporary differences on investments in subsidiaries are recognized unless the reversal of the temporary differences is not expected to occur in the foreseeable future and can be controlled by us. Judgment is also required on the application of income tax legislation. We are subject to assessments by various taxation authorities, which may interpret legislation differently. These judgments are subject to risk and uncertainty and could result in an adjustment to the deferred tax provision and a corresponding credit or charge to profit. 3. AREAS OF JUDGMENT AND ESTIMATION UNCERTAINTY (continued) b) Sources of Estimation Uncertainty Recoverable amount of Puna Operations CGU When impairment testing is required, discounted cash flow models are used to determine the recoverable amount of the applicable assets. In addition, if available, market transactions for comparable assets are considered in determining the recoverable amount of assets. The projected discounted cash flows are significantly affected by changes in assumptions related to metal prices, production based on current estimates of recoverable Mineral Reserves, future operating costs and capital expenditures, the discount rate and the foreign exchange rate. These inputs are based on our best estimates of what an independent market participant would consider appropriate. Changes in these inputs may impact the results of the impairment testing and the resulting carrying values of assets. As described in note 3(a), we determined there was an indicator of impairment present at Puna Operations at December 31, 2019 and, therefore, we performed an impairment assessment. At December 31, 2019, the carrying amount of Puna Operations CGU was $141.9 million (December 31, 2018 - $131.0 million ). We concluded there was no impairment (see note 24). Recoverable amount of goodwill A discounted cash flow model is used to determine the recoverable amount of the Seabee Gold Operation CGU when performing the annual impairment test for goodwill. The projected cash flows are significantly affected by assumptions related to metal prices, production based on current estimates of recoverable Mineral Reserves and Mineral Resources, future operating costs and capital expenditures, the discount rate and a Canadian dollar ("CAD") to U.S. dollar ("USD") foreign exchange rate. Note 10 outlines the significant inputs used when performing our goodwill impairment testing. These inputs are based on our best estimates of what an independent market participant would consider appropriate. There is a risk that changes in these inputs may result in a material adjustment to the carrying value of goodwill within the next year. The carrying amount of goodwill was $ 49.8 million at December 31, 2019 and 2018. Mineral Reserves and Mineral Resources We estimate Mineral Reserves and Mineral Resources based on information prepared by qualified persons as defined by NI 43-101. Mineral Reserves are used in the calculation of depletion, depreciation, in performing impairment testing and for forecasting the timing of the payment of reclamation and closure costs, and future taxes. In assessing the LOM for accounting purposes, Mineral Resources are only taken into account where there is a high degree of confidence of economic extraction. There are numerous uncertainties inherent in estimating Mineral Reserves, and assumptions that are valid at the time of estimation may change significantly when new information becomes available. Changes in the forecast prices of commodities, exchange rates, production costs or recovery rates may, ultimately, result in Mineral Reserves estimates being revised. Such changes in Mineral Reserves could impact depletion and depreciation rates, asset carrying values and the provision for reclamation and closure costs. 3. AREAS OF JUDGMENT AND ESTIMATION UNCERTAINTY (continued) b) Sources of Estimation Uncertainty (continued) Valuation of inventory The measurement of inventory, including the determination of its NRV, especially as it relates to ore in stockpiles and leach paid inventory, involves the use of estimates. The NRV of inventory is calculated as the estimated price at the time of sale based on prevailing and forecast metal prices less estimated future production costs to convert the inventory into saleable form and associated selling costs. In addition, in determining the value of the leach pad inventory, we make estimates of quantities and grades of ore stacked on leach pads and in-process, and the recoverable gold in this material to determine the total inventory. Changes in these estimates can result in a change in carrying amounts of inventory, as well as cost of sales. The determination of forecast sales price, recovery rates, grade, assumed contained metal in stockpiles and leach pad inventory and production and selling costs requires significant assumptions that may impact the stated value of our inventory. Depletion and depreciation We use the units of production method to deplete mineral properties, whereby depletion is calculated using the quantity of ounces extracted from the mine in the period as a percentage of the total quantity of ounces expected to be extracted in current and future periods. Other assets are depreciated, net of residual value, using the straight-line method over the useful life of the equipment. The calculation of the unit of production rate and the useful life and residual values of capital assets, and therefore the annual depletion and depreciation expense, could be materially affected by changes in the underlying estimates. Changes in estimates can be the result of changes in our mine plans, differences between estimated and actual costs of mining and differences in the gold price used in the estimation of Mineral Reserves. Estimate of reclamation and closure costs Our provision for reclamation and closure cost obligations represents management's best estimate of the present value of the future cash outflows required to settle the liability which reflects estimates of future costs, the timing of the cash flows associated with the future costs, inflation and movements in foreign exchange rates when liabilities are anticipated to be settled in a currency other than the United States dollar. Cost estimates can vary in response to many factors including changes to the relevant legal requirements, whether closure plans achieve intended reclamation goals, the emergence of new restoration techniques or experience at other mine sites, local inflation rates and foreign exchange rates. The expected timing of expenditures can also change, for example, in response to changes in Mineral Reserves, production rates or economic conditions. Our assumptions are reviewed at the end of each reporting period and adjusted to reflect management's current best estimate and changes in any of the above factors can result in a material change to the provision recognized by us. At December 31, 2019, our total provision for reclamation and closure cost obligations was $84.2 million (December 31, 2018 - $62.2 million ). |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Principal subsidiaries | The principal subsidiaries of SSR Mining Inc. and their geographic locations at December 31, 2019 were as follows: Subsidiary Location Ownership Principal project or purpose Marigold Mining Company USA 100% Marigold SGO Mining Inc. Canada 100% Seabee Gold Operation Puna Operations Inc. (1) (2) Canada 100% Puna Operations SSR Durango, S.A. de C.V. Mexico 100% Pitarrilla Intertrade Metals Limited Partnership Canada 100% Sales and marketing (1) On September 18, 2019, we acquired the remaining 25% interest in Puna Operations Inc. ("Puna Operations") from Golden Arrow Resources Corporation ("Golden Arrow"), increasing our ownership from 75% to 100% (note 4). (2) Mina Pirquitas Sociedad Anonima, a subsidiary of Puna Operations Inc., is the Argentine operating company. |
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 - 7 years Mining equipment 5 - 20 years Mobile equipment components 2 - 9 years Buildings LOM Mine plant equipment LOM Underground infrastructure LOM |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash and cash equivalents [abstract] | |
Schedule of cash and cash equivalents | December 31, 2019 December 31, 2018 Cash $ 164,470 $ 209,518 Short-term investments 339,177 209,694 $ 503,647 $ 419,212 |
TRADE AND OTHER RECEIVABLES (Ta
TRADE AND OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other receivables [abstract] | |
Schedule of trade and other receivables | December 31, 2019 December 31, 2018 Trade receivables $ 54,164 $ 11,287 Value added tax receivables 10,944 12,811 Prepayments and deposits 15,478 10,880 Income tax receivable 3,489 2,947 Other taxes receivable 2,368 4,274 Other 863 642 $ 87,306 $ 42,841 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Detailed Information About Marketable Securities [Abstract] | |
Disclosure of the movement in marketable securities | December 31, 2019 December 31, 2018 Balance, beginning of year $ 29,542 $ 114,001 Additions 5,355 25,456 Disposals (3,534 ) (63,445 ) Gain (loss) recognized on acquisition at fair value 757 (2,782 ) Fair value adjustments 34,333 (43,688 ) Balance, end of year $ 66,453 $ 29,542 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of inventories [Abstract] | |
Schedule of inventory | December 31, 2019 December 31, 2018 Finished goods $ 14,141 $ 23,433 Stockpiled ore 18,155 18,195 Leach pad inventory 171,768 162,335 Materials and supplies 35,354 30,791 239,418 234,754 Non-current materials and supplies (1,848 ) (2,006 ) $ 237,570 $ 232,748 |
MINERAL PROPERTIES, PLANT AND_2
MINERAL PROPERTIES, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | December 31, 2019 Plant and equipment (1) (2) Mineral properties subject to depletion Mineral properties not yet subject to depletion Exploration and evaluation assets Total Cost Balance, beginning of year $ 621,882 $ 463,548 $ 101,990 $ 91,228 $ 1,278,648 Additions 82,151 42,373 7,145 35,275 166,944 Disposals (12,457 ) (2,962 ) — (434 ) (15,853 ) Change in reclamation and closure cost provision — 7,580 — 1,072 8,652 Transfers — 28,839 (28,839 ) — — Balance, end of year 691,576 539,378 80,296 127,141 1,438,391 Accumulated depreciation and depletion Balance, beginning of year (338,153 ) (239,320 ) — — (577,473 ) Depreciation and depletion (48,226 ) (55,783 ) — — (104,009 ) Disposals 10,981 1,572 12,553 Balance, end of year (375,398 ) (293,531 ) — — (668,929 ) Net book value at December 31, 2019 $ 316,178 $ 245,847 $ 80,296 $ 127,141 $ 769,462 9. MINERAL PROPERTIES, PLANT AND EQUIPMENT (continued) December 31, 2018 Plant and equipment (1)(2) Mineral properties subject to depletion Mineral properties not yet subject to depletion Exploration and evaluation assets Total Cost Balance, beginning of year $ 545,090 $ 393,273 $ 121,854 $ 91,579 $ 1,151,796 Additions 102,275 33,371 13,771 956 150,373 Disposals (16,331 ) — — (1,307 ) (17,638 ) Removal of fully depreciated/depleted assets (9,152 ) — — — (9,152 ) Change in reclamation and closure cost provision — 3,269 — — 3,269 Transfers — 33,635 (33,635 ) — — Balance, end of year 621,882 463,548 101,990 91,228 1,278,648 Accumulated depreciation and depletion Balance, beginning of year (315,261 ) (177,906 ) — — (493,167 ) Depreciation and depletion (44,772 ) (61,414 ) — — (106,186 ) Disposals 12,728 — — — 12,728 Removal of fully depreciated/depleted assets 9,152 — 9,152 Balance, end of year (338,153 ) (239,320 ) — — (577,473 ) Net book value at December 31, 2018 $ 283,729 $ 224,228 $ 101,990 $ 91,228 $ 701,175 (1) Includes assets under construction of $28,208,000 at December 31, 2019 ( 2018 - $44,858,000 ). (2) On January 1, 2019, we adopted IFRS 16. At December 31, 2019 , plant and equipment includes right-of-use assets with a cost of $4,584,000 and related accumulated amortization of $1,082,000 . |
OTHER ASSETS - NON-CURRENT (Tab
OTHER ASSETS - NON-CURRENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Schedule of Other Assets | December 31, 2019 December 31, 2018 Deferred consideration on sale of mineral properties $ 12,332 $ 11,289 Value added tax receivables 10,472 5,991 Other taxes receivable 3,143 — Restricted cash 2,339 2,035 Non-current inventories (note 8) 1,848 2,006 Loan receivable from joint venture partner (note 4) — 8,214 Other investments 1,000 — $ 31,134 $ 29,535 |
CURRENT AND DEFERRED INCOME T_2
CURRENT AND DEFERRED INCOME TAX (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Disclosure of current tax expense, deferred tax expense and total income tax expense | The reasons for the differences are as follows: Years ended December 31 2019 2018 Income before taxes $ 86,129 $ 8,090 Statutory tax rate 27.00 % 27.00 % Expected income tax $ 23,254 $ 2,184 Increase (decrease) attributable to: Non-deductible (taxable) items (17,654 ) 25,408 Foreign exchange 15,058 (13,714 ) Differences in foreign and future tax rates (3,309 ) (1,086 ) Mining and overseas withholding tax 10,249 4,955 Expired losses 738 2,928 Restructuring of Argentine operations — 114,100 Change in tax estimates with respect to prior years (2,316 ) 1,501 Changes in recognition of deferred tax assets 3,952 (128,066 ) Other 400 (89 ) Total income tax expense $ 30,372 $ 8,121 The following table represents the major components of income tax expense (recovery) recognized in the consolidated statement of income (loss) for the years ended December 31, 2019 and 2018: Years ended December 31 2019 2018 Current tax expense $ 24,796 $ 8,043 Deferred tax expense 5,576 78 Total income tax expense $ 30,372 $ 8,121 |
Disclosure of temporary difference, unused tax losses and unused tax credits | The significant components of deferred income tax assets and deferred income tax liabilities as at December 31, 2019 and 2018 are presented below: As at December 31 2019 2018 Deferred income tax assets Deductible temporary differences relating to: Marketable securities $ — $ 1,038 Inventories 2,241 — Reclamation and closure cost provision 4,760 3,354 Deductibility of other taxes 9,242 9,445 Other items 9,917 10,124 26,160 23,961 Tax loss carry forwards and tax credits 9,919 15,361 Total deferred income tax assets $ 36,079 $ 39,322 Deferred income tax liabilities Taxable temporary differences relating to: Marketable securities (4,118 ) — Inventories (4,138 ) (3,511 ) Mineral properties, plant and equipment (98,438 ) (92,686 ) Convertible notes (15,046 ) (2,236 ) Mineral and foreign withholding tax (40,462 ) (41,143 ) Other items (1,629 ) (132 ) Total deferred income tax liabilities $ (163,831 ) $ (139,708 ) Balance sheet presentation Deferred income tax assets $ 63 $ 7,523 Deferred income tax liabilities (127,815 ) (107,909 ) Deferred income tax liabilities, net $ (127,752 ) $ (100,386 ) |
Disclosure of unrecognized deductible temporary differences for which no deferred tax asset is recognized | Our unrecognized deductible temporary differences and unused tax losses for which no deferred tax asset is recognized consist of the following amounts: Years ended December 31 2019 2018 Mineral properties, plant and equipment $ 4,850 $ 3,330 Reclamation and closure cost provision 46,418 30,677 Tax loss carry forwards and tax credits 15,192 7,962 Mineral and foreign withholding tax 616 567 Other items 6,913 3,883 Unrecognized deductible temporary differences $ 73,989 $ 46,419 |
Disclosure of estimated tax operating losses available to reduce future taxable income | At December 31, 2019 , we had the following estimated tax operating losses 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 are not recognized as listed in the table above. Losses expire at various dates and amounts between 2020 and 2039. As at December 31, 2019 Argentina $ 1,193 Mexico 43,517 Peru 71 Canada 2,541 U.S.A. 7,433 Tax operating losses $ 54,755 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other payables [abstract] | |
Schedule of accounts payable and accrued liabilities | December 31, 2019 December 31, 2018 Trade payables $ 33,579 $ 15,896 Accrued liabilities (1) 54,911 43,596 Income taxes payable 12,767 8,463 Royalties payable 3,528 4,542 Moratorium liability (note 16) 3,537 4,570 Derivative liabilities — 2,798 Accrued interest on convertible notes (note 14(a)) 2,803 3,178 $ 111,125 $ 83,043 (1) Accrued liabilities includes $446,000 recognized for lease liabilities under IFRS 16. |
RECLAMATION AND CLOSURE COST _2
RECLAMATION AND CLOSURE COST PROVISION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |
Disclosure Of Changes In The Reclamation And Closure Cost Provision | Changes to the reclamation and closure cost provision during the years ended December 31 were as follows: 2019 2018 Balance, beginning of year $ 62,172 $ 58,330 Obligations assumed on acquisition of mining properties (1) 12,990 — Reclamation expenditures (3,568 ) (852 ) Accretion expense (note 21) 3,743 3,459 Foreign exchange gain (loss) 308 (504 ) Revisions in estimates and obligations 8,658 1,739 Obligations related to divested mining properties (68 ) — Balance, end of year 84,235 62,172 Less: current portion (8,766 ) (211 ) Non-current reclamation and closure cost provision $ 75,469 $ 61,961 (1) On June 27, 2019, we acquired 8,900 hectares of land contiguous to the Marigold mine in Nevada, U.S., net of a 0.5% net smelter returns royalty. The consideration included $22,000,000 in cash and the assumption of related non-current environmental and reclamation obligations then valued at approximately $12,990,000 . |
DEBT AND CREDIT FACILITY (Table
DEBT AND CREDIT FACILITY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
Disclosure of debt | The table below provides a summary of changes in the debt balance: December 31, 2019 December 31, 2018 Balance, beginning of year $ 250,729 $ 236,358 Accretion of discount 14,320 14,371 Interest accrued 8,729 7,619 Interest paid (9,104 ) (7,619 ) Redemption of 2013 Notes (141,982 ) — Issuance of 2019 Notes 164,160 — Balance, end of year 286,852 250,729 Accrued interest outstanding (note 14) (2,803 ) (3,178 ) Carrying value of Notes outstanding $ 284,049 $ 247,551 Classified as: Current $ 114,280 $ — Non-current 169,769 247,551 $ 284,049 $ 247,551 December 31, 2019 December 31, 2018 2013 Notes $ 114,280 $ 247,551 2019 Notes 169,769 — Total carrying amount of convertible debt 284,049 247,551 Less: current portion of debt $ (114,280 ) $ — Non-current portion of debt outstanding $ 169,769 $ 247,551 |
SHARE CAPITAL AND SHARE-BASED_2
SHARE CAPITAL AND SHARE-BASED PAYMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-Based Payment Arrangements [Abstract] | |
Disclosure of number and weighted average exercise prices of share options | The changes in stock options issued during the years ended December 31, 2019 and 2018 are as follows : 2019 2018 Number of stock options Weighted average exercise price (C$/option) Number of stock options Weighted average exercise price (C$/option) Outstanding, beginning of year 2,638,749 10.35 2,976,360 9.35 Granted 514,355 16.81 668,664 11.84 Exercised (1,093,844 ) (8.78 ) (899,050 ) (7.79 ) Expired (193,167 ) (18.90 ) (56,700 ) (14.15 ) Forfeited (63,470 ) (12.81 ) (50,525 ) (12.70 ) Outstanding, end of year 1,802,623 12.14 2,638,749 10.35 |
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period | The weighted average fair value of stock options granted during the year ended December 31, 2019 and year ended December 31, 2018 were estimated to be C$6.22 and C$5.06 per stock option, respectively, at the grant date using the Black-Scholes option pricing model, based on the following assumptions: Years ended December 31 2019 2018 Forfeiture rate (%) 3.0 3.0 Dividend yield (%) — — Average risk-free interest rate (%) 1.78 1.88 Expected life (years) 4.2 4.2 Volatility (%) 45.8 55.8 |
Disclosure of range of exercise prices of outstanding share options | The following table summarizes information about stock options outstanding and exercisable at December 31, 2019 : Stock options outstanding Stock options exercisable Exercise prices (C$) Stock options outstanding Weighted average remaining contractual life (years) Stock options exercisable Weighted average exercise price (C$/option) 5.83 - 10.18 438,514 2.8 438,514 7.01 10.19 - 11.63 357,458 4.0 130,022 11.04 11.64 - 15.31 503,876 4.3 218,753 12.69 15.32 - 17.63 502,775 6.0 — — 1,802,623 4.4 787,289 9.25 |
Disclosure of number and weighted average exercise prices of other equity instruments | 2019 2018 Years ended December 31 Number of RSUs Number of RSUs Outstanding, beginning of year 425,095 541,006 Granted 195,530 322,935 Settled (200,671 ) (276,983 ) Forfeited (63,794 ) (161,863 ) Outstanding, end of year 356,160 425,095 2019 2018 Years ended December 31 Number of DSUs Number of DSUs Outstanding, beginning of year 533,698 608,763 Granted 79,919 107,318 Redeemed — (182,383 ) Outstanding, end of year 613,617 533,698 2019 2018 Years ended December 31 Number of PSUs Number of PSUs Outstanding, beginning of year 311,100 391,432 Granted 144,500 174,900 Settled (122,300 ) (255,232 ) Forfeited (24,800 ) — Outstanding, end of year 308,500 311,100 |
Explanation of effect of share-based payments on entity's profit or loss | Total share-based compensation, including all equity and cash-settled arrangements, for the years ended December 31, 2019 and 2018 has been recognized in the consolidated financial statements as follows: Years ended December 31 2019 2018 Equity-settled Production costs $ 250 $ 160 General and administrative expense 3,715 1,958 Exploration, evaluation and reclamation expense 40 39 Cash-settled Production costs 1,201 1,024 General and administrative expense 9,099 11,412 Exploration, evaluation and reclamation expense 119 125 $ 14,424 $ 14,718 |
OTHER RESERVES (Tables)
OTHER RESERVES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |
Disclosure of Other Reserves | Total other reserves for the years ended December 31, 2019 and 2018 has been recognized in the consolidated financial statements as follows: Years ended December 31 2019 2018 Foreign currency translation reserve At beginning and end of year $ 781 $ 781 Revaluation reserves At beginning of year (37,240 ) 3,353 Gain (loss) on marketable securities at FVTOCI, net of tax 29,819 (37,686 ) Unrealized gain (loss) on effective portion of derivative, net of tax 2,226 (2,907 ) At end of year (5,195 ) (37,240 ) Share-based compensation reserve At beginning of year 49,696 50,404 Stock options exercised (2,804 ) (2,864 ) Transfer of equity-settled PSUs 1,356 — Share-based compensation 4,005 2,156 At end of year 52,253 49,696 Other At beginning of year (29,540 ) (29,540 ) Acquisition of non-controlling interest (note 4) 1,463 — At end of year (28,077 ) (29,540 ) Total Other Reserves $ 19,762 $ (16,303 ) |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of revenue from contracts with customers [Abstract] | |
Information about relationship between disclosure of disaggregated revenue from contracts with customers and revenue information for reportable segments [text block] | Years ended December 31 2019 2018 Gold bullion and doré sales $ 461,463 $ 365,996 Concentrate sales 144,861 57,461 Other (1) 526 (2,782 ) $ 606,850 $ 420,675 (1) Other revenue includes the impact of changes in the fair value of concentrate trade receivables classified as FVTPL. |
GENERAL AND ADMINISTRATIVE EX_2
GENERAL AND ADMINISTRATIVE EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
Disclosure of general and administrative expense | Years ended December 31 2019 2018 Salaries and benefits $ 11,041 $ 12,157 Share-based compensation 12,814 13,371 Consulting and professional fees 2,391 3,036 Travel expense 1,100 1,044 Depreciation and amortization 460 194 Other expenses 3,123 3,139 $ 30,929 $ 32,941 |
OTHER LIABILITIES - NON-CURRE_2
OTHER LIABILITIES - NON-CURRENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities [Abstract] | |
Schedule of Other Liabilities | December 31, 2019 December 31, 2018 Moratorium liability $ 5,583 $ 14,487 Lease liabilities 3,346 — $ 8,929 $ 14,487 |
FINANCE INCOME AND EXPENSES (Ta
FINANCE INCOME AND EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
Disclosure of interest income and other finance income | Interest and other finance income Years ended December 31 2019 2018 Interest income $ 11,111 $ 9,219 Accretion income on deferred consideration 799 2,542 $ 11,910 $ 11,761 |
Disclosure of interest expense and other finance expenses | Interest expense and other finance expenses Years ended December 31 2019 2018 Interest expense on convertible notes (note 14) $ (23,049 ) $ (21,990 ) Accretion of reclamation and closure cost provision (note 15) (3,743 ) (3,459 ) Interest expense on moratorium liability (2,542 ) (6,212 ) Other (2,264 ) (1,969 ) $ (31,598 ) $ (33,630 ) |
OTHER (EXPENSE) INCOME (Tables)
OTHER (EXPENSE) INCOME (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
Other income (expense) | Years ended December 31 2019 2018 Write-down/loss on disposal of mineral properties, plant and equipment $ (1,018 ) $ (5,344 ) Gain (loss) on derivatives 2,243 (2,782 ) Write-down of deferred consideration asset (3,677 ) — Other (3,287 ) (966 ) $ (5,739 ) $ (9,092 ) |
INCOME PER SHARE (Tables)
INCOME PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings per share [abstract] | |
Schedule of calculations of basic and diluted earnings (loss) per share | The calculations of basic and diluted income per share attributable to our equity holders for the years ended December 31, 2019 and 2018 are based on the following: Years ended December 31 2019 2018 Basic weighted average number of shares outstanding (thousands) 121,769 120,137 Adjustments for dilutive instruments: Stock options (thousands) 892 1,217 Diluted weighted average number of shares outstanding (thousands) 122,661 121,354 |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Operating Segments [Abstract] | |
Disclosure of Segment Reporting Information, by Segment | The following is a summary of the reported amounts of income from mine operations, operating income (loss), income (loss) before income taxes and the carrying amounts of assets and liabilities by operating segment: Year ended and at December 31, 2019 Marigold mine Seabee Gold Operation Puna Operations (1) Exploration, evaluation and development properties Other reconciling items (2) Total Revenue $ 315,320 $ 146,141 $ 145,389 $ — $ — $ 606,850 Production costs (183,782 ) (48,470 ) (97,558 ) — — (329,810 ) Depletion and depreciation (52,291 ) (36,368 ) (17,498 ) — — (106,157 ) Cost of sales (236,073 ) (84,838 ) (115,056 ) — — (435,967 ) Income from mine operations 79,247 61,303 30,333 — — 170,883 Exploration, evaluation and reclamation expenses (4,139 ) (8,511 ) (818 ) (3,501 ) (647 ) (17,616 ) Operating income (loss) 73,829 52,371 27,578 (3,549 ) (27,891 ) 122,338 Income (loss) before income tax 58,269 40,851 12,652 (2,937 ) (22,706 ) 86,129 Total assets $ 524,113 $ 484,750 $ 270,633 $ 115,191 $ 355,420 $ 1,750,107 Non-current assets 249,962 310,578 155,049 114,327 20,529 850,445 Total liabilities (119,413 ) (97,131 ) (70,676 ) (6,216 ) (322,717 ) (616,153 ) 24. OPERATING SEGMENTS (continued) Year ended and at December 31, 2018 Marigold mine Seabee Gold Operation Puna Operations Exploration, evaluation and development properties Other reconciling items (1) Total Revenue $ 250,341 $ 115,655 $ 54,679 $ — $ — $ 420,675 Production costs (143,380 ) (46,054 ) (55,677 ) — — (245,111 ) Depletion and depreciation (56,748 ) (38,818 ) (3,153 ) — — (98,719 ) Cost of sales (200,128 ) (84,872 ) (58,830 ) — — (343,830 ) Income (loss) from mine operations 50,213 30,783 (4,151 ) — — 76,845 Exploration, evaluation and reclamation expenses (769 ) (7,703 ) 919 (2,857 ) (3,599 ) (14,009 ) Operating income (loss) 43,399 20,657 (8,457 ) (2,801 ) (22,903 ) 29,895 Income (loss) before income tax 26,239 20,204 (9,066 ) (2,751 ) (26,536 ) 8,090 Total assets $ 478,187 $ 448,891 $ 185,298 $ 71,830 $ 336,932 $ 1,521,138 Non-current assets 235,242 321,802 121,890 69,263 39,822 788,019 Total liabilities (79,210 ) (93,017 ) (62,243 ) (6,330 ) (274,362 ) (515,162 ) (1) Other reconciling items refer to items that are not reported as part of segment performance as they are managed on a corporate basis. |
Disclosure of Revenue by Product | The following table provides a summary of revenue by metal: Years ended December 31 2019 2018 Gold 76 % 87 % Silver 19 % 12 % Lead 3 % — % Zinc 2 % 1 % 100 % 100 % |
Disclosure of Long-lived Assets by Geographic Areas | The following table provides a summary of non-current assets, excluding financial instruments and deferred income taxes, by location: At December 31 2019 2018 Canada $ 326,272 $ 357,783 United States 285,686 236,054 Argentina 154,986 113,534 Mexico 67,160 66,749 Other 607 575 $ 834,711 $ 774,695 |
FINANCIAL INSTRUMENTS AND FAI_2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Financial Instruments And Fair Value Measurement [Abstract] | |
Disclosure of financial assets | The fair value of our 2013 Notes and 2019 Notes as compared to the carrying amounts were as follows: December 31, 2019 December 31, 2018 Level Carrying amount Fair value Carrying amount Fair value 2013 Notes (1) 1 $ (114,280 ) $ (116,581 ) $ (247,551 ) $ (263,675 ) 2019 Notes (1) 1 (169,769 ) (297,735 ) — — Total convertible notes $ (284,049 ) $ (414,316 ) $ (247,551 ) $ (263,675 ) (1) The fair value disclosed for our 2013 Notes and 2019 Notes is included in Level 1 as the basis of valuation uses a quoted price in an active market. The fair value of the convertible notes represents both the debt and equity components of the convertible notes (note 14). Financial assets and liabilities by category At December 31, 2019 Amortized cost FVTPL FVTOCI (1) Total Financial assets Cash and cash equivalents (note 5) $ 503,647 $ — $ — $ 503,647 Trade receivables (2) (note 6) — 54,164 — 54,164 Marketable securities (note 7) — — 66,453 66,453 Other current and non-current financial assets 13,337 4,627 1,000 18,964 Total financial assets $ 516,984 $ 58,791 $ 67,453 $ 643,228 Financial liabilities Trade and other payables $ 78,819 $ 19,539 $ — $ 98,358 Other non-current financial liabilities 8,929 — — 8,929 Debt (note 14(a)) 284,049 — — 284,049 Total financial liabilities $ 371,797 $ 19,539 $ — $ 391,336 At December 31, 2018 Amortized cost FVTPL FVTOCI (1) Total Financial assets Cash and cash equivalents (note 5) $ 419,212 $ — $ — $ 419,212 Trade receivables (2) (note 6) — 11,287 — 11,287 Marketable securities (note 7) — — 29,542 29,542 Other financial assets 25,172 3,711 — 28,883 Total financial assets $ 444,384 $ 14,998 $ 29,542 $ 488,924 Financial liabilities Trade and other payables $ 58,695 $ 15,885 $ — $ 74,580 Other non-current financial liabilities 14,487 — — 14,487 Debt (note 14(a)) 247,551 — — 247,551 Total financial liabilities $ 320,733 $ 15,885 $ — $ 336,618 (1) Investments in equity securities were designated as FVTOCI upon initial recognition as the management of the equity securities in not considered to be part of our core operations. Securities in the portfolio are disposed of when they no longer meet our long-term investment strategy. (2) Trade receivables are classified as FVTPL due to the derivative identified through provisional pricing arrangements discussed in note 2(e). |
Disclosure of financial liabilities | The fair value of our 2013 Notes and 2019 Notes as compared to the carrying amounts were as follows: December 31, 2019 December 31, 2018 Level Carrying amount Fair value Carrying amount Fair value 2013 Notes (1) 1 $ (114,280 ) $ (116,581 ) $ (247,551 ) $ (263,675 ) 2019 Notes (1) 1 (169,769 ) (297,735 ) — — Total convertible notes $ (284,049 ) $ (414,316 ) $ (247,551 ) $ (263,675 ) (1) The fair value disclosed for our 2013 Notes and 2019 Notes is included in Level 1 as the basis of valuation uses a quoted price in an active market. The fair value of the convertible notes represents both the debt and equity components of the convertible notes (note 14). Financial assets and liabilities by category At December 31, 2019 Amortized cost FVTPL FVTOCI (1) Total Financial assets Cash and cash equivalents (note 5) $ 503,647 $ — $ — $ 503,647 Trade receivables (2) (note 6) — 54,164 — 54,164 Marketable securities (note 7) — — 66,453 66,453 Other current and non-current financial assets 13,337 4,627 1,000 18,964 Total financial assets $ 516,984 $ 58,791 $ 67,453 $ 643,228 Financial liabilities Trade and other payables $ 78,819 $ 19,539 $ — $ 98,358 Other non-current financial liabilities 8,929 — — 8,929 Debt (note 14(a)) 284,049 — — 284,049 Total financial liabilities $ 371,797 $ 19,539 $ — $ 391,336 At December 31, 2018 Amortized cost FVTPL FVTOCI (1) Total Financial assets Cash and cash equivalents (note 5) $ 419,212 $ — $ — $ 419,212 Trade receivables (2) (note 6) — 11,287 — 11,287 Marketable securities (note 7) — — 29,542 29,542 Other financial assets 25,172 3,711 — 28,883 Total financial assets $ 444,384 $ 14,998 $ 29,542 $ 488,924 Financial liabilities Trade and other payables $ 58,695 $ 15,885 $ — $ 74,580 Other non-current financial liabilities 14,487 — — 14,487 Debt (note 14(a)) 247,551 — — 247,551 Total financial liabilities $ 320,733 $ 15,885 $ — $ 336,618 (1) Investments in equity securities were designated as FVTOCI upon initial recognition as the management of the equity securities in not considered to be part of our core operations. Securities in the portfolio are disposed of when they no longer meet our long-term investment strategy. (2) Trade receivables are classified as FVTPL due to the derivative identified through provisional pricing arrangements discussed in note 2(e). |
Disclosure of fair value of financial instruments | The levels in the fair value hierarchy into which our financial assets and liabilities that are measured and recognized on the Consolidated Statements of Financial Position at fair value on a recurring basis were categorized as follows: Fair value at December 31, 2019 Level 1 (1) Level 2 (2) Level 3 (3) Total Trade receivables (note 6) $ — $ 54,164 $ — $ 54,164 Marketable securities (note 7) 66,453 — — 66,453 Other financial assets 2,339 2,641 647 5,627 Accrued liabilities — (19,539 ) — (19,539 ) $ 68,792 $ 37,266 $ 647 $ 106,705 Fair value at December 31, 2018 Level 1 (1) Level 2 (2) Level 3 (3) Total Trade receivables (note 6) $ — $ 11,287 $ — $ 11,287 Marketable securities (note 7) 29,542 — — 29,542 Other financial assets 2,035 — 1,676 3,711 Accrued liabilities — (16,649 ) — (16,649 ) $ 31,577 $ (5,362 ) $ 1,676 $ 27,891 (1) Marketable securities of publicly quoted companies, consisting of FVTOCI investments are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges. (2) Trade receivables relating to sales of concentrate are included in Level 2 as the basis of valuation uses quoted commodity forward prices. Accrued liabilities relating to DSUs, RSUs, and PSUs and derivative assets and liabilities are included in Level 2 as the basis of valuation uses quoted prices in active markets. (3) Certain items of deferred consideration from the sale of exploration and evaluation assets are included in Level 3, as certain assumptions used in the calculation of the fair value are not based on observable market data as detailed in note 2(m). |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
Disclosure of information about terms and conditions of hedging instruments and market risk | As at December 31, 2019 , we had the following hedge positions outstanding: 2020 2021 Notional amount (in thousands of Canadian dollars) 54,000 — Portion of forecast exposure hedged 39.1 % — % Floor level (Canadian dollars per $1 U.S. dollar) 1.2757 — Cap level (Canadian dollars per $1 U.S. dollar) 1.3683 — Our instruments are based on the Ultra Low Sulphur Gulf Coast Diesel Index for diesel consumed at the Marigold mine. As at December 31, 2019 , we have hedged the following future anticipated usage at the Marigold mine: 2020 2021 Gallons hedged (in thousands) 4,200 600 Portion of forecast diesel hedged 41.2 % 5.9 % Floor price ($/gallon) 1.72 1.50 Cap price ($/gallon) 2.22 2.19 |
Disclosure of nature and extent of risks arising from financial instruments | The following are the most significant areas of exposure to currency risk, shown in thousands of U.S. dollars: December 31, 2019 Canadian dollar Argentine peso Cash $ 4,786 $ 146 Value added tax receivable 148 19,023 Other financial assets — 1,250 Trade and other payables (excluding income taxes) (26,695 ) (13,411 ) Reclamation and closure cost provision (6,239 ) — Moratorium — (9,120 ) Total $ (28,000 ) $ (2,112 ) December 31, 2018 Canadian dollar Argentine peso Cash $ 7,982 $ 1,604 Value added tax receivable 145 17,039 Other financial assets — 1,098 Trade and other payables (excluding income taxes) (22,974 ) (9,908 ) Reclamation and closure cost provision (5,752 ) — Moratorium — (19,057 ) Total $ (20,599 ) $ (9,224 ) |
Disclosure of sensitivity analysis for types of market risk | The respective changes in each currency would have resulted in the following impact to our total comprehensive income: Years ended December 31 2019 2018 Canadian dollar $ 2,044 $ 1,504 Argentine peso 370 1,614 |
Disclosure of credit risk exposure | Our maximum exposure to credit risk as at December 31, 2019 and December 31, 2018 was as follows: December 31, 2019 December 31, 2018 Cash and cash equivalents $ 503,647 $ 419,212 Value added tax receivable 21,416 18,802 Trade receivables and other assets 54,164 11,287 Other financial assets 17,964 28,883 $ 597,191 $ 478,184 |
Disclosure of liquidity risk | We enter into contracts that give rise to commitments in the normal course of business for future minimum payments. The following table summarizes the remaining contractual maturities of our financial liabilities, operating and capital commitments, shown in contractual undiscounted cash flows: Payments due by period (as at December 31, 2019) Less than one year 1 - 3 years 4-5 years After 5 years Total Accounts payable and accrued liabilities $ 92,018 $ — $ — $ — $ 92,018 Moratorium liability 3,537 5,583 — — 9,120 Convertible notes (principal portion) (note 14) 115,000 — — 230,000 345,000 Interest payments on convertible notes (note 14) 7,403 11,500 11,500 8,625 39,028 Reclamation and closure costs 9,556 5,694 — 115,438 130,688 Operating expenditure commitments 6,539 1,137 980 2,440 11,096 Capital expenditure commitments 13,311 — — — 13,311 Total contractual obligations $ 247,364 $ 23,914 $ 12,480 $ 356,503 $ 640,261 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party [Abstract] | |
Disclosure of Key Management Compensation | The compensation paid or payable to key management for employee services is shown below: Years ended December 31 2019 2018 Salaries and other short-term employee benefits $ 3,401 $ 2,589 Post-employment benefits 134 83 Termination benefits — 1,379 Share-based compensation (1) 12,370 10,819 Total compensation $ 15,905 $ 14,870 (1) Share-based compensation includes fair value adjustments on cumulative DSU and PSU positions as reported in the consolidated statements of income (loss). |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash Flow Statement [Abstract] | |
Schedule of Changes in Working Capital | Changes in working capital items during the years ended December 31, 2019 and 2018 are as follows: Years ended December 31 2019 2018 Trade and other receivables $ (66,344 ) $ (4,234 ) Inventories (10,872 ) (40,144 ) Accounts payable and accrued liabilities 19,663 18,753 Provisions - current (3,493 ) (5,309 ) $ (61,046 ) $ (30,934 ) |
Schedule of Noncash other Operating Activities | Adjustments for non-cash other operating activities during the years ended December 31, 2019 and 2018 are as follows: Years ended December 31 2019 2018 Share-based payments $ 4,005 $ 2,157 Gain on sale of mineral properties, plant and equipment (10 ) — Change in reclamation and closure cost provision — 1,580 Write-down/loss on mineral properties, plant and equipment 1,018 2,771 Other 6,528 375 $ 11,541 $ 6,883 |
Schedule of Noncash Investing and Financing Transactions | Non-cash investing and financing transactions during December 31, 2019 and 2018 were as follows: Years ended December 31 2019 2018 Reclamation and closure cost provision assumed in land acquisition $ (12,990 ) $ — Transfer of equity-settled PSUs 1,356 — Marketable securities received as consideration for sale of exploration and evaluation assets (note 7) — 1,751 Extinguishment of loan receivable in connection with the acquisition of non-controlling interest (note 4) 11,369 — Non-cash consideration for acquisition of non-controlling interest (note 4) (30,101 ) — Transfer of share-based payment reserve upon exercise of stock options (2,804 ) (2,864 ) $ (33,170 ) $ (1,113 ) |
NATURE OF OPERATIONS (Details)
NATURE OF OPERATIONS (Details) | Dec. 31, 2019segment |
Nature Of Operations [Abstract] | |
Number of operating segments (in segments) | 3 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principal Subsidiaries (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Sep. 18, 2019 | Sep. 17, 2019 | |
Marigold Mining Company | |||
Disclosure of transactions between related parties [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | ||
SGO Mining Inc. (formerly Claude Resources Inc.) | |||
Disclosure of transactions between related parties [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | ||
Puna Operations Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | ||
SSR Durango, S.A. de C.V. | |||
Disclosure of transactions between related parties [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | ||
Intertrade Metals Limited Partnership | |||
Disclosure of transactions between related parties [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | ||
Puna Operations Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Percentage of voting equity interests acquired | 25.00% | ||
Percentage of voting interests | 100.00% | 75.00% |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - IFRS 16 $ in Millions | Jan. 01, 2019USD ($) |
Disclosure of detailed information about property, plant and equipment [line items] | |
Right-of-use assets | $ 4.3 |
Lease liabilities | $ 4.3 |
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 7.50% |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum | Vehicles | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of property, plant and equipment | 5 years |
Minimum | Mining equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of property, plant and equipment | 5 years |
Minimum | Mobile equipment components | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of property, plant and equipment | 2 years |
Maximum | Vehicles | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of property, plant and equipment | 7 years |
Maximum | Mining equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of property, plant and equipment | 20 years |
Maximum | Mobile equipment components | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of property, plant and equipment | 9 years |
AREAS OF JUDGMENT AND ESTIMAT_2
AREAS OF JUDGMENT AND ESTIMATION UNCERTAINTY (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of changes in accounting estimates [line items] | |||
Goodwill | $ 49,786 | $ 49,786 | |
Provision for reclamation and closure costs | 84,200 | 62,172 | $ 58,330 |
Puna Operations Inc. | |||
Disclosure of changes in accounting estimates [line items] | |||
Carrying value | $ 141,900 | $ 131,000 |
ACQUISITION OF NON-CONTROLLIN_2
ACQUISITION OF NON-CONTROLLING INTEREST (Details) - USD ($) | Sep. 18, 2019 | May 31, 2017 | Dec. 31, 2019 | Jun. 27, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about business combination [line items] | |||||
Consideration transferred, acquisition-date fair value | $ 12,990,000 | ||||
Cash transferred | $ 22,000,000 | ||||
Non-controlling interest | $ 0 | $ 31,829,000 | |||
Puna Operations Inc. | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 25.00% | ||||
Consideration transferred, acquisition-date fair value | $ 32,364,000 | ||||
Cash transferred | 2,261,000 | ||||
Consideration transferred, cancellation of debt and related interests | 11,369,000 | ||||
Equity interests of acquirer | 18,218,000 | ||||
Consideration transferred, transfer of shares for cancellation, fair value | 516,000 | ||||
Non-controlling interest | 33,981,000 | $ 0 | |||
Acquisition-related costs for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination | 154,000 | ||||
Puna Operations Inc. | |||||
Disclosure of detailed information about business combination [line items] | |||||
Proportion of ownership interest in joint venture | 75.00% | ||||
Non-controlling interests difference in carrying value and fair value | $ 1,617,000 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents [abstract] | |||
Cash | $ 164,470 | $ 209,518 | |
Short-term investments | 339,177 | 209,694 | |
Cash and cash equivalents | $ 503,647 | $ 419,212 | $ 459,864 |
TRADE AND OTHER RECEIVABLES (De
TRADE AND OTHER RECEIVABLES (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other receivables [abstract] | ||
Trade receivables | $ 54,164 | $ 11,287 |
Value added tax receivables | 10,944 | 12,811 |
Prepayments and deposits | 15,478 | 10,880 |
Income tax receivable | 3,489 | 2,947 |
Other taxes receivable | 2,368 | 4,274 |
Other | 863 | 642 |
Trade and other receivables | $ 87,306 | $ 42,841 |
MARKETABLE SECURITIES (Details)
MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Investments [Line Items] | ||
Investment in marketable securities | $ 3,435 | $ 23,057 |
Net proceeds from sale of marketable securities | 3,308 | 63,445 |
Marketable Securities [Roll Forward] | ||
Balance, beginning of year | 29,542 | 114,001 |
Additions | 5,355 | 25,456 |
Disposals | (3,534) | (63,445) |
Gain (loss) recognized on acquisition at fair value | 757 | (2,782) |
Fair value adjustments | 34,333 | (43,688) |
Balance, end of year | $ 66,453 | $ 29,542 |
SilverCrest | ||
Investments [Line Items] | ||
Increase (decrease) in number of shares owned (in shares) | 0.8 | 8.2 |
Investment in marketable securities | $ 3,400 | $ 23,100 |
Pretium Resources Inc | ||
Investments [Line Items] | ||
Increase (decrease) in number of shares owned (in shares) | (9) | |
Net proceeds from sale of marketable securities | $ 63,400 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of inventories [Abstract] | ||
Finished goods | $ 14,141 | $ 23,433 |
Stockpiled ore | 18,155 | 18,195 |
Leach pad inventory | 171,768 | 162,335 |
Materials and supplies | 35,354 | 30,791 |
Inventories | 239,418 | 234,754 |
Non-current materials and supplies | (1,848) | (2,006) |
Current inventories | 237,570 | 232,748 |
Inventory write-down | $ 3,297 | $ 3,436 |
MINERAL PROPERTIES, PLANT AND_3
MINERAL PROPERTIES, PLANT AND EQUIPMENT - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | $ 701,175 | |
Ending balance | 769,462 | $ 701,175 |
Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 1,278,648 | 1,151,796 |
Additions | 166,944 | 150,373 |
Disposals | (15,853) | (17,638) |
Removal of fully depreciated/depleted assets | (9,152) | |
Change in reclamation and closure cost provision | 8,652 | 3,269 |
Transfers | 0 | 0 |
Ending balance | 1,438,391 | 1,278,648 |
Accumulated depreciation and amortisation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (577,473) | (493,167) |
Depreciation and depletion | (104,009) | (106,186) |
Disposals | 12,553 | 12,728 |
Removal of fully depreciated/depleted assets | 9,152 | |
Ending balance | (668,929) | (577,473) |
Plant and equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 283,729 | |
Ending balance | 316,178 | 283,729 |
Plant and equipment | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 621,882 | 545,090 |
Additions | 82,151 | 102,275 |
Disposals | (12,457) | (16,331) |
Removal of fully depreciated/depleted assets | (9,152) | |
Change in reclamation and closure cost provision | 0 | 0 |
Transfers | 0 | 0 |
Ending balance | 691,576 | 621,882 |
Plant and equipment | Accumulated depreciation and amortisation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (338,153) | (315,261) |
Depreciation and depletion | (48,226) | (44,772) |
Disposals | 10,981 | 12,728 |
Removal of fully depreciated/depleted assets | 9,152 | |
Ending balance | (375,398) | (338,153) |
Mineral properties subject to depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 224,228 | |
Ending balance | 245,847 | 224,228 |
Mineral properties subject to depreciation | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 463,548 | 393,273 |
Additions | 42,373 | 33,371 |
Disposals | (2,962) | 0 |
Removal of fully depreciated/depleted assets | 0 | |
Change in reclamation and closure cost provision | 7,580 | 3,269 |
Transfers | 28,839 | 33,635 |
Ending balance | 539,378 | 463,548 |
Mineral properties subject to depreciation | Accumulated depreciation and amortisation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (239,320) | (177,906) |
Depreciation and depletion | (55,783) | (61,414) |
Disposals | 1,572 | 0 |
Removal of fully depreciated/depleted assets | 0 | |
Ending balance | (293,531) | (239,320) |
Mineral properties not yet subject to depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 101,990 | |
Ending balance | 80,296 | 101,990 |
Mineral properties not yet subject to depreciation | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 101,990 | 121,854 |
Additions | 7,145 | 13,771 |
Disposals | 0 | 0 |
Removal of fully depreciated/depleted assets | 0 | |
Change in reclamation and closure cost provision | 0 | 0 |
Transfers | (28,839) | (33,635) |
Ending balance | 80,296 | 101,990 |
Mineral properties not yet subject to depreciation | Accumulated depreciation and amortisation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 0 | 0 |
Depreciation and depletion | 0 | 0 |
Disposals | 0 | |
Ending balance | 0 | 0 |
Exploration and evaluation assets | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 91,228 | |
Ending balance | 127,141 | 91,228 |
Exploration and evaluation assets | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 91,228 | 91,579 |
Additions | 35,275 | 956 |
Disposals | (434) | (1,307) |
Removal of fully depreciated/depleted assets | 0 | |
Change in reclamation and closure cost provision | 1,072 | 0 |
Transfers | 0 | 0 |
Ending balance | 127,141 | 91,228 |
Exploration and evaluation assets | Accumulated depreciation and amortisation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 0 | 0 |
Depreciation and depletion | 0 | 0 |
Disposals | 0 | |
Ending balance | $ 0 | $ 0 |
MINERAL PROPERTIES, PLANT AND_4
MINERAL PROPERTIES, PLANT AND EQUIPMENT - Additional Information for Rollforward (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
IFRS 16 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Right-of-use assets | $ 4,300 | ||
Plant and equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Construction in progress | $ 28,208 | $ 44,858 | |
Plant and equipment | IFRS 16 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Right-of-use assets | 4,584 | ||
Right-of-use asset, amortization | $ 1,082 |
OTHER ASSETS - NON-CURRENT - Sc
OTHER ASSETS - NON-CURRENT - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Assets [Abstract] | ||
Deferred consideration on sale of mineral properties | $ 12,332 | $ 11,289 |
Value added tax receivables | 10,472 | 5,991 |
Other taxes receivable | 3,143 | 0 |
Restricted cash | 2,339 | 2,035 |
Non-current inventories | 1,848 | 2,006 |
Loan receivable from joint venture partner | 0 | 8,214 |
Other investments | 1,000 | 0 |
Other non-current assets | $ 31,134 | $ 29,535 |
GOODWILL (Details)
GOODWILL (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)$ / $$ / ounce | Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($) | |
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | $ 49,786 | $ 49,786 | |
Seabee Gold Operation | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | $ 49,786 | ||
Seabee Gold Operation | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Commodity price applied to cash flow projections (in USD per ounce) | $ / ounce | 1,392 | ||
Foreign exchange rate applied to cash flow projections (in CAD per USD) | $ / $ | 1.29 | ||
Discount rate applied to cash flow projections | 5.60% |
CURRENT AND DEFERRED INCOME T_3
CURRENT AND DEFERRED INCOME TAX - Income Tax Differences (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | ||
Current tax expense | $ 24,796 | $ 8,043 |
Deferred tax expense | 5,576 | 78 |
Total income tax expense | 30,372 | 8,121 |
Income before taxes | $ 86,129 | $ 8,090 |
Statutory tax rate | 27.00% | 27.00% |
Expected income tax | $ 23,254 | $ 2,184 |
Non-deductible (taxable) items | (17,654) | 25,408 |
Foreign exchange | 15,058 | (13,714) |
Differences in foreign and future tax rates | (3,309) | (1,086) |
Mining and overseas withholding tax | 10,249 | 4,955 |
Expired losses | 738 | 2,928 |
Restructuring of Argentine operations | 0 | 114,100 |
Change in tax estimates with respect to prior years | (2,316) | 1,501 |
Changes in recognition of deferred tax assets | 3,952 | (128,066) |
Other | $ 400 | $ (89) |
CURRENT AND DEFERRED INCOME T_4
CURRENT AND DEFERRED INCOME TAX - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Statutory tax rate | 27.00% | 27.00% |
Changes in recognition of deferred tax assets | $ 3,952 | $ (128,066) |
Deferred income tax liabilities | 127,815 | 107,909 |
Temporary differences associated with investments in subsidiaries | 46,507 | 58,724 |
Investments in Subsidiaries | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax liabilities | $ 13,952 | 17,617 |
Argentine Operation | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Changes in recognition of deferred tax assets | 125,700 | |
Change to tax expense from restructuring activities | 114,100 | |
Current tax expense | $ 4,700 |
CURRENT AND DEFERRED INCOME T_5
CURRENT AND DEFERRED INCOME TAX - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax assets | $ 36,079 | $ 39,322 |
Net deferred tax liabilities | (163,831) | (139,708) |
Deferred tax assets | 63 | 7,523 |
Deferred tax liabilities | (127,815) | (107,909) |
Deferred income tax liabilities, net | (127,752) | (100,386) |
Marketable securities | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax assets | 0 | 1,038 |
Net deferred tax liabilities | (4,118) | 0 |
Inventory | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax assets | 2,241 | 0 |
Net deferred tax liabilities | (4,138) | (3,511) |
Reclamation and closure cost provision | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax assets | 4,760 | 3,354 |
Property, plant and equipment | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax liabilities | (98,438) | (92,686) |
Convertible notes | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax liabilities | (15,046) | (2,236) |
Mining and foreign withholding tax | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax liabilities | (40,462) | (41,143) |
Deductibility of other taxes | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax assets | 9,242 | 9,445 |
Other | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax assets | 9,917 | 10,124 |
Net deferred tax liabilities | (1,629) | (132) |
Temporary differences | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax assets | 26,160 | 23,961 |
Tax loss carry forwards and tax credits | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax assets | $ 9,919 | $ 15,361 |
CURRENT AND DEFERRED INCOME T_6
CURRENT AND DEFERRED INCOME TAX - Unrecognized Deductible Temporary Differences (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deductible temporary differences | $ 73,989 | $ 46,419 |
Property, plant and equipment | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deductible temporary differences | 4,850 | 3,330 |
Close down and restoration provision | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deductible temporary differences | 46,418 | 30,677 |
Carry forward tax loss and tax credits | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deductible temporary differences | 15,192 | 7,962 |
Mineral and foreign withholding tax | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deductible temporary differences | 616 | 567 |
Other | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deductible temporary differences | $ 6,913 | $ 3,883 |
CURRENT AND DEFERRED INCOME T_7
CURRENT AND DEFERRED INCOME TAX - Tax Operating Losses (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax operating losses | $ 54,755 |
Argentina | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax operating losses | 1,193 |
Mexico | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax operating losses | 43,517 |
Peru | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax operating losses | 71 |
Canada | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax operating losses | 2,541 |
U.S.A. | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax operating losses | $ 7,433 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other payables [abstract] | ||
Trade payables | $ 33,579 | $ 15,896 |
Accrued liabilities | 54,911 | 43,596 |
Income taxes payable | 12,767 | 8,463 |
Royalties payable | 3,528 | 4,542 |
Moratorium liability | 3,537 | 4,570 |
Derivative liabilities | 0 | 2,798 |
Accrued interest on convertible notes | 2,803 | 3,178 |
Trade and other current payables | 111,125 | 83,043 |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||
Accrued liabilities | 54,911 | $ 43,596 |
IFRS 16 | ||
Trade and other payables [abstract] | ||
Accrued liabilities | 446 | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||
Accrued liabilities | $ 446 |
RECLAMATION AND CLOSURE COST _3
RECLAMATION AND CLOSURE COST PROVISION - Changes in the reclamation and closure cost provision (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 27, 2019USD ($)hectares | |
Reconciliation of changes in other provisions [abstract] | |||
Balance, beginning of year | $ 62,172 | $ 58,330 | |
Obligations assumed on acquisition of mining properties | 12,990 | 0 | |
Reclamation expenditures | (3,568) | (852) | |
Accretion expense | 3,743 | 3,459 | |
Foreign exchange gain (loss) | 308 | (504) | |
Revisions in estimates and obligations | 8,658 | 1,739 | |
Obligations related to divested mining properties | (68) | 0 | |
Balance, ending of year | 84,200 | 62,172 | |
Less: current portion | (8,766) | (211) | |
Non-current reclamation and closure cost provision | $ 75,469 | $ 61,961 | |
Hectares of land acquired (in hectares) | hectares | 8,900 | ||
Net smelter royalty, percentage | 0.50% | ||
Cash transferred | $ 22,000 | ||
Consideration transferred, fair value | $ 12,990 |
RECLAMATION AND CLOSURE COST _4
RECLAMATION AND CLOSURE COST PROVISION - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of other provisions [line items] | ||
Change in the discount rate | 1.00% | |
Increase (decrease) through change in discount rate, other provisions | $ 11,087 | |
Minimum | Reclamation and closure cost provision | ||
Disclosure of other provisions [line items] | ||
Discount rate applied to cash flow projections | 1.80% | 2.30% |
Maximum | Reclamation and closure cost provision | ||
Disclosure of other provisions [line items] | ||
Discount rate applied to cash flow projections | 9.90% | 9.90% |
DEBT AND CREDIT FACILITY - Outs
DEBT AND CREDIT FACILITY - Outstanding Debt (Details) - USD ($) | Dec. 31, 2019 | Mar. 19, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | |||
Carrying amount | $ 284,049,000 | $ 247,551,000 | |
Current portion of non-current borrowings | (114,280,000) | 0 | |
Non-current portion of non-current borrowings | 169,769,000 | 247,551,000 | |
Convertible Note | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying amount | 284,049,000 | 247,551,000 | |
2013 Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying amount | 114,280,000 | 247,551,000 | |
Non-current portion of non-current borrowings | 115,000,000 | 265,000,000 | |
2019 Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying amount | $ 169,769,000 | $ 230,000,000 | $ 0 |
DEBT AND CREDIT FACILITY - Narr
DEBT AND CREDIT FACILITY - Narrative (Details) - USD ($) | Mar. 20, 2020 | Jan. 31, 2020 | Mar. 19, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 04, 2015 |
Investments [Line Items] | |||||||
Borrowings | $ 284,049,000 | $ 247,551,000 | |||||
Payments for debt issue costs | $ 7,068,000 | 0 | |||||
Debt instrument, redemption price, percentage | 100.00% | ||||||
Debt instrument, fair value disclosure | $ 286,852,000 | 250,729,000 | $ 236,358,000 | ||||
Equity component of convertible notes | 106,425,000 | 68,347,000 | |||||
Debt | 169,769,000 | 247,551,000 | |||||
Redemption of convertible notes | 152,250,000 | 0 | |||||
Loss on redemption of convertible debt | 5,423,000 | 0 | |||||
Redemption of convertible instruments | 4,825,000 | ||||||
2019 Notes | |||||||
Investments [Line Items] | |||||||
Borrowings | $ 230,000,000 | $ 169,769,000 | 0 | ||||
Proceeds from convertible debt | 222,932,000 | ||||||
Payments for debt issue costs | $ 7,067,000 | ||||||
Debt instrument, interest rate, stated percentage | 2.50% | ||||||
Debt conversion, converted instrument, shares issued | 54.1082 | ||||||
Debt instrument, convertible, conversion price (in usd per share) | $ 18.48 | ||||||
Number of trading days sale price exceeds conversion price | 20 days | ||||||
Number of consecutive trading days | 30 days | ||||||
Debt instrument, convertible, threshold percentage of stock price trigger | 130.00% | ||||||
Debt instrument, redemption price, percentage | 100.00% | ||||||
Debt instrument, fair value disclosure | $ 169,365,000 | ||||||
Debt instrument, term | 7 years | ||||||
Fair value inputs, discount rate | 7.50% | ||||||
Equity component of convertible notes, gross | $ 44,766,000 | ||||||
Equity component of convertible notes | 60,635,000 | ||||||
Reserve of equity component of convertible instruments, deferred tax liability | 15,869,000 | ||||||
Debt issuance costs, net | 7,068,000 | ||||||
Debt issuance costs, allocation, debt portion | 5,205,000 | ||||||
Debt issuance costs, allocation, equity portion | 1,863,000 | ||||||
2013 Notes | |||||||
Investments [Line Items] | |||||||
Borrowings | 114,280,000 | 247,551,000 | |||||
Debt instrument, fair value disclosure | 148,000,000 | ||||||
Fair value inputs, discount rate | 4.95% | ||||||
Debt | 115,000,000 | 265,000,000 | |||||
Debt instrument, repurchase amount | $ 150,000,000 | ||||||
Redemption of convertible notes | $ 152,250,000 | 141,982,000 | 0 | ||||
Loss on redemption of convertible debt | 5,423,000 | ||||||
Debt, tax recovery | 1,687,000 | ||||||
2013 Notes | Debt related event | |||||||
Investments [Line Items] | |||||||
Borrowing costs capitalised | $ 49,000 | ||||||
Redemption of convertible notes | $ 114,947,000 | ||||||
Revolving Credit Facility | |||||||
Investments [Line Items] | |||||||
Notional amount | $ 75,000,000 | ||||||
Borrowing capacity, accordion feature | $ 25,000,000 | ||||||
Line of credit facility, financial letters of credit, percentage | 66.00% | ||||||
Line of credit facility, undrawn fees, percentage | 22.50% | ||||||
Revolving Credit Facility | Minimum | London Interbank Offered Rate (LIBOR) | |||||||
Investments [Line Items] | |||||||
Borrowings, adjustment to interest rate basis | 2.25% | ||||||
Revolving Credit Facility | Maximum | London Interbank Offered Rate (LIBOR) | |||||||
Investments [Line Items] | |||||||
Borrowings, adjustment to interest rate basis | 3.75% | ||||||
Letter of Credit | |||||||
Investments [Line Items] | |||||||
Borrowings | $ 580,000 | $ 8,000,000 | |||||
Equity component of convertible notes | |||||||
Investments [Line Items] | |||||||
Redemption of convertible instruments | 4,825,000 | ||||||
Equity component of convertible notes | 2013 Notes | |||||||
Investments [Line Items] | |||||||
Redemption of convertible instruments | $ 4,825,000 |
DEBT AND CREDIT FACILITY - Summ
DEBT AND CREDIT FACILITY - Summary of Changes in Debt (Details) - USD ($) | Mar. 19, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt [Roll Forward] | |||
Balance, beginning of year | $ 250,729,000 | $ 236,358,000 | |
Accretion of discount | 14,320,000 | 14,371,000 | |
Interest accrued | 8,729,000 | 7,619,000 | |
Interest paid | (9,104,000) | (7,619,000) | |
Redemption of 2013 Notes | (152,250,000) | 0 | |
Issuance of 2019 Notes | 230,000,000 | 0 | |
Balance, end of year | 286,852,000 | 250,729,000 | |
Accrued interest outstanding | (2,803,000) | (3,178,000) | |
Current | 114,280,000 | 0 | |
Non-current | 169,769,000 | 247,551,000 | |
2013 Notes | |||
Debt [Roll Forward] | |||
Redemption of 2013 Notes | $ (152,250,000) | (141,982,000) | 0 |
Balance, end of year | 148,000,000 | ||
Non-current | 115,000,000 | 265,000,000 | |
2019 Notes | |||
Debt [Roll Forward] | |||
Issuance of 2019 Notes | 164,160,000 | $ 0 | |
Balance, end of year | $ 169,365,000 |
SHARE CAPITAL AND SHARE-BASED_3
SHARE CAPITAL AND SHARE-BASED PAYMENTS - Narrative (Details) $ / shares in Units, $ in Thousands | Feb. 21, 2019USD ($) | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2019CAD ($)$ / shares | Dec. 31, 2018CAD ($)$ / shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Maximum percentage of options authorized to be issued through incentive plan | 6.50% | |||||
Maximum term options granted | 7 years | |||||
Percentage of incentive stock options to issued and outstanding common share capital | 1.50% | 1.50% | 2.20% | 1.50% | 2.20% | |
Aggregate intrinsic value of vested share options | $ 17,831 | $ 17,831 | $ 11,898 | |||
Weighted average fair value of stock options granted (C$ per share) | $ 6.22 | $ 5.06 | ||||
Weighted average share price at date of grant (C$ per share) | $ / shares | $ 16.81 | $ 11.84 | ||||
Weighted average share price at date of exercise of stock options (C$ per share) | $ / shares | $ 18.37 | $ 14.13 | ||||
Transfer of equity-settled PSU | $ 1,356 | |||||
Stock options | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Vesting period | 3 years | |||||
Deferred Share Units | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Weighted average fair value at grant date (C$ per unit) | $ 17.90 | $ 12.49 | ||||
Weighted average fair value (C$ per unit) | $ / shares | $ 24.99 | $ 16.50 | ||||
Liabilities from share-based payment transactions | $ 11,807 | $ 11,807 | $ 6,455 | |||
Restricted Share Units | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Vesting period | 3 years | |||||
Weighted average fair value at grant date (C$ per unit) | $ 18.14 | $ 11.47 | ||||
Weighted average fair value (C$ per unit) | $ / shares | $ 24.99 | $ 16.50 | ||||
Liabilities from share-based payment transactions | $ 4,003 | $ 4,003 | $ 2,949 | |||
Fair value of units settled (C$ per unit) | $ / shares | $ 17.67 | $ 12.33 | ||||
Performance Share Units | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Vesting period | 3 years | |||||
Weighted average fair value at grant date (C$ per unit) | $ 15.22 | $ 10.72 | ||||
Weighted average fair value (C$ per unit) | $ / shares | $ 39.60 | $ 26.76 | ||||
Liabilities from share-based payment transactions | $ 3,729 | $ 3,729 | $ 7,230 | |||
Fair value of units settled (C$ per unit) | $ / shares | $ 23.43 | $ 23.09 | ||||
Transfer of equity-settled PSU | $ 1,764 | |||||
Transfer of equity settled, performance stock units, net | 1,284 | |||||
Unamortized value | $ 4,652 | |||||
Minimum | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exercise price, share options granted | $ / shares | 16.50 | 11.07 | ||||
Minimum | Performance Share Units | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Vesting rights, percentage | 0.00% | |||||
Maximum | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exercise price, share options granted | $ / shares | $ 17.63 | $ 13.39 | ||||
Maximum | Stock options | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Vesting period | 7 years | |||||
Maximum | Performance Share Units | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Vesting rights, percentage | 200.00% |
SHARE CAPITAL AND SHARE-BASED_4
SHARE CAPITAL AND SHARE-BASED PAYMENTS - Changes in Stock Options Issued (Details) | 12 Months Ended | |
Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | |
Share-Based Payment Arrangements [Abstract] | ||
Outstanding, beginning balance (in shares) | shares | 2,638,749 | 2,976,360 |
Granted (in shares) | shares | 514,355 | 668,664 |
Exercised (in shares) | shares | (1,093,844) | (899,050) |
Expired (in shares) | shares | (193,167) | (56,700) |
Forfeited (in shares) | shares | (63,470) | (50,525) |
Outstanding, ending balance (in shares) | shares | 1,802,623 | 2,638,749 |
Beginning balance (C$ per share) | $ / shares | $ 10.35 | $ 9.35 |
Granted (C$ per share) | $ / shares | 16.81 | 11.84 |
Exercised (C$ per share) | $ / shares | (8.78) | (7.79) |
Expired (C$ per share) | $ / shares | (18.90) | (14.15) |
Forfeited (C$ per share) | $ / shares | (12.81) | (12.70) |
Ending balance (C$ per share) | $ / shares | $ 12.14 | $ 10.35 |
SHARE CAPITAL AND SHARE-BASED_5
SHARE CAPITAL AND SHARE-BASED PAYMENTS - Valuation Assumptions (Details) - year | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-Based Payment Arrangements [Abstract] | ||
Forfeiture rate (%) | 3.00% | 3.00% |
Dividend yield (%) | 0.00% | 0.00% |
Average risk-free interest rate (%) | 1.78% | 1.88% |
Expected life (years) | 4.2 | 4.2 |
Volatility (%) | 45.80% | 55.80% |
SHARE CAPITAL AND SHARE-BASED_6
SHARE CAPITAL AND SHARE-BASED PAYMENTS - Stock Options Outstanding and Exercisable (Details) | 12 Months Ended | ||
Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares | Dec. 31, 2017shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Stock options outstanding (in shares) | shares | 1,802,623 | 2,638,749 | 2,976,360 |
Weighted average remaining contractual life (years) | 4 years 4 months 24 days | ||
Stock options exercisable (in shares) | shares | 787,289 | ||
Weighted average exercise price (C$/option) | $ 9.25 | ||
5.83 - 10.18 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Stock options outstanding (in shares) | shares | 438,514 | ||
Weighted average remaining contractual life (years) | 2 years 9 months 18 days | ||
Stock options exercisable (in shares) | shares | 438,514 | ||
Weighted average exercise price (C$/option) | $ 7.01 | ||
10.19 - 11.63 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Stock options outstanding (in shares) | shares | 357,458 | ||
Weighted average remaining contractual life (years) | 4 years | ||
Stock options exercisable (in shares) | shares | 130,022 | ||
Weighted average exercise price (C$/option) | $ 11.04 | ||
11.64 - 15.31 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Stock options outstanding (in shares) | shares | 503,876 | ||
Weighted average remaining contractual life (years) | 4 years 3 months 19 days | ||
Stock options exercisable (in shares) | shares | 218,753 | ||
Weighted average exercise price (C$/option) | $ 12.69 | ||
15.32 - 17.63 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Stock options outstanding (in shares) | shares | 502,775 | ||
Weighted average remaining contractual life (years) | 6 years | ||
Stock options exercisable (in shares) | shares | 0 | ||
Weighted average exercise price (C$/option) | $ 0 | ||
Minimum | 5.83 - 10.18 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price, share options outstanding (C$ per share) | 5.83 | ||
Minimum | 10.19 - 11.63 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price, share options outstanding (C$ per share) | 10.19 | ||
Minimum | 11.64 - 15.31 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price, share options outstanding (C$ per share) | 11.64 | ||
Minimum | 15.32 - 17.63 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price, share options outstanding (C$ per share) | 15.32 | ||
Maximum | 5.83 - 10.18 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price, share options outstanding (C$ per share) | 10.18 | ||
Maximum | 10.19 - 11.63 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price, share options outstanding (C$ per share) | 11.63 | ||
Maximum | 11.64 - 15.31 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price, share options outstanding (C$ per share) | 15.31 | ||
Maximum | 15.32 - 17.63 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price, share options outstanding (C$ per share) | $ 17.63 |
SHARE CAPITAL AND SHARE-BASED_7
SHARE CAPITAL AND SHARE-BASED PAYMENTS - Activity of Outstanding Units Other than Options (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Share Units | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding, January 1 (in units) | 533,698,000 | 608,763,000 |
Granted (in units) | 79,919,000 | 107,318,000 |
Redeemed / Settled (in units) | 0 | (182,383,000) |
Outstanding, December 31 (in units) | 613,617,000 | 533,698,000 |
Restricted Share Units | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding, January 1 (in units) | 425,095,000 | 541,006,000 |
Granted (in units) | 195,530,000 | 322,935,000 |
Redeemed / Settled (in units) | (200,671,000) | (276,983,000) |
Forfeited (in units) | (63,794,000) | (161,863,000) |
Outstanding, December 31 (in units) | 356,160,000 | 425,095,000 |
Performance Share Units | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding, January 1 (in units) | 311,100,000 | 391,432,000 |
Granted (in units) | 144,500,000 | 174,900,000 |
Redeemed / Settled (in units) | (122,300,000) | (255,232,000) |
Forfeited (in units) | (24,800,000) | 0 |
Outstanding, December 31 (in units) | 308,500,000 | 311,100,000 |
SHARE CAPITAL AND SHARE-BASED_8
SHARE CAPITAL AND SHARE-BASED PAYMENTS - Share-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Equity-settled | $ (2,243) | $ 2,782 |
Share-based compensation | 14,424 | 14,718 |
Production costs | ||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Equity-settled | 250 | 160 |
Cash-settled | 1,201 | 1,024 |
General and administrative expense | ||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Equity-settled | 3,715 | 1,958 |
Cash-settled | 9,099 | 11,412 |
Exploration, evaluation and reclamation expense | ||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Equity-settled | 40 | 39 |
Cash-settled | $ 119 | $ 125 |
OTHER RESERVES (Details)
OTHER RESERVES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of reserves within equity [line items] | ||
Beginning balance | $ 1,005,976 | $ 1,023,928 |
Gain (loss) on marketable securities at FVTOCI, net of tax | 29,819 | (37,686) |
Unrealized gain (loss) on effective portion of derivative, net of tax | 2,226 | (2,907) |
Stock options exercised | 7,327 | 5,320 |
Transfer of equity-settled PSU | 1,356 | |
Share-based compensation | 4,005 | 2,156 |
Acquisition of non-controlling interest | (14,300) | |
Ending balance | 1,133,954 | 1,005,976 |
Other reserves | ||
Disclosure of reserves within equity [line items] | ||
Beginning balance | (16,303) | 24,998 |
Stock options exercised | (2,804) | (2,864) |
Transfer of equity-settled PSU | 1,356 | |
Share-based compensation | 4,005 | 2,156 |
Acquisition of non-controlling interest | 1,463 | |
Ending balance | 19,762 | (16,303) |
Foreign currency translation reserve | ||
Disclosure of reserves within equity [line items] | ||
Beginning balance | 781 | 781 |
Ending balance | 781 | |
Revaluation reserves | ||
Disclosure of reserves within equity [line items] | ||
Beginning balance | (37,240) | 3,353 |
Gain (loss) on marketable securities at FVTOCI, net of tax | 29,819 | (37,686) |
Unrealized gain (loss) on effective portion of derivative, net of tax | 2,226 | (2,907) |
Ending balance | (5,195) | (37,240) |
Share-based compensation reserve | ||
Disclosure of reserves within equity [line items] | ||
Beginning balance | 49,696 | 50,404 |
Stock options exercised | (2,804) | (2,864) |
Transfer of equity-settled PSU | 0 | |
Share-based compensation | 4,005 | 2,156 |
Ending balance | 52,253 | 49,696 |
Other | ||
Disclosure of reserves within equity [line items] | ||
Beginning balance | (29,540) | (29,540) |
Acquisition of non-controlling interest | 1,463 | 0 |
Ending balance | $ (28,077) | $ (29,540) |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | $ 606,850 | $ 420,675 |
Gold bullion and doré sales | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 461,463 | 365,996 |
Concentrate sales | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 144,861 | 57,461 |
Other | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | $ 526 | $ (2,782) |
GENERAL AND ADMINISTRATIVE EX_3
GENERAL AND ADMINISTRATIVE EXPENSES - General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Analysis of income and expense [abstract] | ||
Salaries and benefits | $ 11,041 | $ 12,157 |
Share-based compensation | 12,814 | 13,371 |
Consulting and professional fees | 2,391 | 3,036 |
Travel expense | 1,100 | 1,044 |
Depreciation and amortization | 460 | 194 |
Other expenses | 3,123 | 3,139 |
General and administrative expense | $ 30,929 | $ 32,941 |
OTHER LIABILITIES - NON-CURRE_3
OTHER LIABILITIES - NON-CURRENT (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 |
Other Liabilities [Abstract] | |||
Moratorium liability | $ 5,583 | $ 14,487 | |
Lease liabilities | 3,346 | 0 | |
Non-current provisions | $ 8,929 | $ 14,487 | |
Tax moratorium liability, interest rate | 1.50% | ||
Export duties paid | $ 6,646 |
FINANCE INCOME AND EXPENSES - I
FINANCE INCOME AND EXPENSES - Interest earned and other finance income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Analysis of income and expense [abstract] | ||
Interest income | $ 11,111 | $ 9,219 |
Accretion income on deferred consideration | 799 | 2,542 |
Total interest earned and other finance income | $ 11,910 | $ 11,761 |
FINANCE INCOME AND EXPENSES -_2
FINANCE INCOME AND EXPENSES - Interest expense and other financial expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Analysis of income and expense [abstract] | ||
Interest expense on convertible notes | $ (23,049) | $ (21,990) |
Accretion of close down and restoration provision | (3,743) | (3,459) |
Interest expense on moratorium liability | (2,542) | (6,212) |
Other | (2,264) | (1,969) |
Total interest expense and other finance expenses | $ (31,598) | $ (33,630) |
OTHER (EXPENSE) INCOME (Details
OTHER (EXPENSE) INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Analysis of income and expense [abstract] | ||
Write-down/loss on disposal of mineral properties, plant and equipment | $ (1,018) | $ (5,344) |
Gain (loss) on derivatives | 2,243 | (2,782) |
Write-down of deferred consideration asset | (3,677) | 0 |
Other | (3,287) | (966) |
Other (expense) income | $ (5,739) | $ (9,092) |
INCOME PER SHARE (Details)
INCOME PER SHARE (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings per share [abstract] | ||
Weighted average number of shares outstanding (thousands) (in shares) | 121,769 | 120,137 |
Adjustments for dilutive instruments: | ||
Stock options (thousands) (in shares) | 892 | 1,217 |
Diluted weighted average number of shares outstanding (thousands) (in shares) | 122,661 | 121,354 |
OPERATING SEGMENTS - Segment Re
OPERATING SEGMENTS - Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of operating segments [line items] | ||
Revenue | $ 606,850 | $ 420,675 |
Production costs | (329,810) | (245,111) |
Depletion and depreciation | (106,157) | (98,719) |
Cost of sales | (435,967) | (343,830) |
Income from mine operations | 170,883 | 76,845 |
Exploration, evaluation and reclamation expenses | (17,616) | (14,009) |
Operating income (loss) | 122,338 | 29,895 |
Income (loss) before income tax | 86,129 | 8,090 |
Total assets | 1,750,107 | 1,521,138 |
Non-current assets | 850,445 | 788,019 |
Total liabilities | (616,153) | (515,162) |
Operating segments | Marigold mine | ||
Disclosure of operating segments [line items] | ||
Revenue | 315,320 | 250,341 |
Production costs | (183,782) | (143,380) |
Depletion and depreciation | (52,291) | (56,748) |
Cost of sales | (236,073) | (200,128) |
Income from mine operations | 79,247 | 50,213 |
Exploration, evaluation and reclamation expenses | (4,139) | (769) |
Operating income (loss) | 73,829 | 43,399 |
Income (loss) before income tax | 58,269 | 26,239 |
Total assets | 524,113 | 478,187 |
Non-current assets | 249,962 | 235,242 |
Total liabilities | (119,413) | (79,210) |
Operating segments | Seabee Gold Operation | ||
Disclosure of operating segments [line items] | ||
Revenue | 146,141 | 115,655 |
Production costs | (48,470) | (46,054) |
Depletion and depreciation | (36,368) | (38,818) |
Cost of sales | (84,838) | (84,872) |
Income from mine operations | 61,303 | 30,783 |
Exploration, evaluation and reclamation expenses | (8,511) | (7,703) |
Operating income (loss) | 52,371 | 20,657 |
Income (loss) before income tax | 40,851 | 20,204 |
Total assets | 484,750 | 448,891 |
Non-current assets | 310,578 | 321,802 |
Total liabilities | (97,131) | (93,017) |
Operating segments | Puna Operations | ||
Disclosure of operating segments [line items] | ||
Revenue | 145,389 | 54,679 |
Production costs | (97,558) | (55,677) |
Depletion and depreciation | (17,498) | (3,153) |
Cost of sales | (115,056) | (58,830) |
Income from mine operations | 30,333 | (4,151) |
Exploration, evaluation and reclamation expenses | (818) | 919 |
Operating income (loss) | 27,578 | (8,457) |
Income (loss) before income tax | 12,652 | (9,066) |
Total assets | 270,633 | 185,298 |
Non-current assets | 155,049 | 121,890 |
Total liabilities | (70,676) | (62,243) |
Operating segments | Exploration, evaluation and development properties | ||
Disclosure of operating segments [line items] | ||
Revenue | 0 | 0 |
Production costs | 0 | 0 |
Depletion and depreciation | 0 | 0 |
Cost of sales | 0 | 0 |
Income from mine operations | 0 | 0 |
Exploration, evaluation and reclamation expenses | (3,501) | (2,857) |
Operating income (loss) | (3,549) | (2,801) |
Income (loss) before income tax | (2,937) | (2,751) |
Total assets | 115,191 | 71,830 |
Non-current assets | 114,327 | 69,263 |
Total liabilities | (6,216) | (6,330) |
Other reconciling items | ||
Disclosure of operating segments [line items] | ||
Revenue | 0 | 0 |
Production costs | 0 | 0 |
Depletion and depreciation | 0 | 0 |
Cost of sales | 0 | 0 |
Income from mine operations | 0 | 0 |
Exploration, evaluation and reclamation expenses | (647) | (3,599) |
Operating income (loss) | (27,891) | (22,903) |
Income (loss) before income tax | (22,706) | (26,536) |
Total assets | 355,420 | 336,932 |
Non-current assets | 20,529 | 39,822 |
Total liabilities | $ (322,717) | $ (274,362) |
OPERATING SEGMENTS - Narrative
OPERATING SEGMENTS - Narrative (Details) - Puna Operations Inc. $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)$ / ounce | |
Disclosure of operating segments [line items] | |
Carrying value | $ | $ 141.9 |
Silver | |
Disclosure of operating segments [line items] | |
Discounted cash flow, price per ounce (usd per oz) | $ / ounce | 17.81 |
Discount rate applied to cash flow projections | 9.30% |
Sensitivity of changing the silver price | 15.00% |
OPERATING SEGMENTS - Revenue by
OPERATING SEGMENTS - Revenue by Product (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of products and services [line items] | ||
Revenue (as a percent) | 100.00% | 100.00% |
Gold | ||
Disclosure of products and services [line items] | ||
Revenue (as a percent) | 76.00% | 87.00% |
Silver | ||
Disclosure of products and services [line items] | ||
Revenue (as a percent) | 19.00% | 12.00% |
Lead | ||
Disclosure of products and services [line items] | ||
Revenue (as a percent) | 3.00% | 0.00% |
Zinc | ||
Disclosure of products and services [line items] | ||
Revenue (as a percent) | 2.00% | 1.00% |
Customer One | ||
Disclosure of products and services [line items] | ||
Revenue (as a percent) | 42.00% | 51.00% |
OPERATING SEGMENTS - Long Lived
OPERATING SEGMENTS - Long Lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 834,711 | $ 774,695 |
Canada | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 326,272 | 357,783 |
United States | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 285,686 | 236,054 |
Argentina | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 154,986 | 113,534 |
Mexico | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 67,160 | 66,749 |
Other | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 607 | $ 575 |
FINANCIAL INSTRUMENTS AND FAI_3
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities by Category (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | $ 391,336 | $ 336,618 |
Disclosure of financial assets [line items] | ||
Financial assets | 643,228 | 488,924 |
Trade and other payables | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 98,358 | 74,580 |
Other non-current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 8,929 | 14,487 |
Debt | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 284,049 | 247,551 |
Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Financial assets | 503,647 | 419,212 |
Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 54,164 | 11,287 |
Marketable securities | ||
Disclosure of financial assets [line items] | ||
Financial assets | 66,453 | 29,542 |
Other current and non-current financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets | 18,964 | |
Other financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets | 28,883 | |
Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 371,797 | 320,733 |
Amortized cost | Trade and other payables | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 78,819 | 58,695 |
Amortized cost | Other non-current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 8,929 | 14,487 |
Amortized cost | Debt | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 284,049 | 247,551 |
FVTPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 19,539 | 15,885 |
FVTPL | Trade and other payables | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 19,539 | 15,885 |
FVTPL | Other non-current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
FVTPL | Debt | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
FVTOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
FVTOCI | Trade and other payables | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
FVTOCI | Other non-current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
FVTOCI | Debt | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 516,984 | 444,384 |
Amortized cost | Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Financial assets | 503,647 | 419,212 |
Amortized cost | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Amortized cost | Marketable securities | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Amortized cost | Other current and non-current financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets | 13,337 | |
Amortized cost | Other financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets | 25,172 | |
FVTPL | ||
Disclosure of financial assets [line items] | ||
Financial assets | 58,791 | 14,998 |
FVTPL | Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
FVTPL | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 54,164 | 11,287 |
FVTPL | Marketable securities | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
FVTPL | Other current and non-current financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets | 4,627 | |
FVTPL | Other financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets | 3,711 | |
FVTOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 67,453 | 29,542 |
FVTOCI | Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
FVTOCI | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
FVTOCI | Marketable securities | ||
Disclosure of financial assets [line items] | ||
Financial assets | 66,453 | 29,542 |
FVTOCI | Other current and non-current financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets | $ 1,000 | |
FVTOCI | Other financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets | $ 0 |
FINANCIAL RISK MANAGEMENT - Nar
FINANCIAL RISK MANAGEMENT - Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)$ / $ | Dec. 31, 2018USD ($) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Borrowings | $ 284,049 | $ 247,551 |
Letter of Credit | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Borrowings | 580 | 8,000 |
Surety Bonds | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Borrowings | $ 84,431 | 54,053 |
Commodity price risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 10.00% | |
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, Impact on OCI | $ 5,748 | 2,555 |
Commodity price risk | Silver | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 10.00% | |
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on earnings (loss) | $ 2,260 | 891 |
Commodity price risk | Gulf Coast diesel index commodity swaps and options | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Average hedging price | 1.95 | |
Commodity price risk | Diesel hedge | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Fair value of hedges | $ 348 | 1,908 |
Currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 10.00% | |
Fair value of hedges | $ 350 | $ 890 |
Average hedging price | $ / $ | 1.30 | |
Currency risk | Argentine peso | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Percentage of increase (decrease) in value of currency | (59.00%) | (102.00%) |
Currency risk | Canadian dollar | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Percentage of increase (decrease) in value of currency | 5.00% | (8.70%) |
Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 1.00% | |
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on earnings (loss) | $ 3,274 | $ 3,372 |
Weighted average interest rate earned on cash and cash equivalent | 1.80% | 2.40% |
FINANCIAL RISK MANAGEMENT - Mar
FINANCIAL RISK MANAGEMENT - Market Price Risk (Details) - Commodity price risk - Gulf Coast diesel index commodity swaps and options gal in Thousands | Dec. 31, 2020gal$ / gal | Dec. 31, 2019gal$ / gal |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Gallons hedged | gal | 600 | 4,200 |
Portion of forecast diesel hedged | 5.90% | 41.20% |
Average hedging price | 1.95 | |
Floor price | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average hedging price | 1.50 | 1.72 |
Cap price | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average hedging price | 2.19 | 2.22 |
FINANCIAL INSTRUMENTS AND FAI_4
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Fair Values Of Financial Assets And Liabilities Measured At Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of fair value measurement of assets [line items] | ||
Assets | $ 1,750,107 | $ 1,521,138 |
Liabilities | (616,153) | (515,162) |
Recurring measurements | ||
Disclosure of fair value measurement of assets [line items] | ||
Net assets (liabilities) | 106,705 | 27,891 |
Recurring measurements | Quoted prices in active market | ||
Disclosure of fair value measurement of assets [line items] | ||
Net assets (liabilities) | 68,792 | 31,577 |
Recurring measurements | Significant other observable inputs | ||
Disclosure of fair value measurement of assets [line items] | ||
Net assets (liabilities) | 37,266 | (5,362) |
Recurring measurements | Significant unobservable inputs | ||
Disclosure of fair value measurement of assets [line items] | ||
Net assets (liabilities) | 647 | 1,676 |
Derivative assets | ||
Disclosure of fair value measurement of assets [line items] | ||
Liabilities | (16,649) | |
Derivative assets | Recurring measurements | ||
Disclosure of fair value measurement of assets [line items] | ||
Liabilities | (19,539) | |
Derivative assets | Recurring measurements | Quoted prices in active market | ||
Disclosure of fair value measurement of assets [line items] | ||
Liabilities | 0 | 0 |
Derivative assets | Recurring measurements | Significant other observable inputs | ||
Disclosure of fair value measurement of assets [line items] | ||
Liabilities | (19,539) | (16,649) |
Derivative assets | Recurring measurements | Significant unobservable inputs | ||
Disclosure of fair value measurement of assets [line items] | ||
Liabilities | 0 | 0 |
Trade receivables | Recurring measurements | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 54,164 | 11,287 |
Trade receivables | Recurring measurements | Quoted prices in active market | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 0 | 0 |
Trade receivables | Recurring measurements | Significant other observable inputs | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 54,164 | 11,287 |
Trade receivables | Recurring measurements | Significant unobservable inputs | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 0 | 0 |
Marketable securities | Recurring measurements | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 66,453 | 29,542 |
Marketable securities | Recurring measurements | Quoted prices in active market | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 66,453 | 29,542 |
Marketable securities | Recurring measurements | Significant other observable inputs | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 0 | 0 |
Marketable securities | Recurring measurements | Significant unobservable inputs | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 0 | 0 |
Other financial assets | Recurring measurements | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 5,627 | 3,711 |
Other financial assets | Recurring measurements | Quoted prices in active market | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 2,339 | 2,035 |
Other financial assets | Recurring measurements | Significant other observable inputs | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 2,641 | 0 |
Other financial assets | Recurring measurements | Significant unobservable inputs | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | $ 647 | $ 1,676 |
FINANCIAL RISK MANAGEMENT - M_2
FINANCIAL RISK MANAGEMENT - Market Currency Risk (Details) - Currency risk - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Canadian dollar | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure | $ (28,000) | $ (20,599) |
Canadian dollar | Cash | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure | 4,786 | 7,982 |
Canadian dollar | Value added tax receivable | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure | 148 | 145 |
Canadian dollar | Other financial assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure | 0 | 0 |
Canadian dollar | Trade and other payables (excluding income taxes) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure | (26,695) | (22,974) |
Canadian dollar | Reclamation and closure cost provision | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure | (6,239) | (5,752) |
Canadian dollar | Moratorium | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure | 0 | 0 |
Argentine peso | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure | (2,112) | (9,224) |
Argentine peso | Cash | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure | 146 | 1,604 |
Argentine peso | Value added tax receivable | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure | 19,023 | 17,039 |
Argentine peso | Other financial assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure | 1,250 | 1,098 |
Argentine peso | Trade and other payables (excluding income taxes) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure | (13,411) | (9,908) |
Argentine peso | Reclamation and closure cost provision | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure | 0 | 0 |
Argentine peso | Moratorium | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure | $ (9,120) | $ (19,057) |
FINANCIAL RISK MANAGEMENT - Cur
FINANCIAL RISK MANAGEMENT - Currency Risk Positions (Details) - Currency risk $ in Thousands | Dec. 31, 2020CAD ($)$ / $ | Dec. 31, 2019CAD ($)$ / $ |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ | $ 0 | $ 54,000 |
Portion of forecast exposure hedged | 0.00% | 39.10% |
Hedging price ($/gallon and $/litre) | 1.30 | |
Floor price | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Hedging price ($/gallon and $/litre) | 0 | 1.2757 |
Cap price | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Hedging price ($/gallon and $/litre) | 0 | 1.3683 |
FINANCIAL INSTRUMENTS AND FAI_5
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Fair Values Of Financial Assets And Liabilities Not Measured At Fair Value (details) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial liabilities [line items] | ||
Total liabilities | $ (616,153) | $ (515,162) |
Non-recurring fair value measurement | Convertible notes | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | (284,049) | (247,551) |
Non-recurring fair value measurement | Convertible notes | Fair value | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | (414,316) | (263,675) |
2013 Notes | Non-recurring fair value measurement | Convertible notes | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | (114,280) | (247,551) |
2013 Notes | Non-recurring fair value measurement | Convertible notes | Fair value | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | (116,581) | (263,675) |
2019 Notes | Non-recurring fair value measurement | Convertible notes | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | (169,769) | 0 |
2019 Notes | Non-recurring fair value measurement | Convertible notes | Fair value | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | $ (297,735) | $ 0 |
FINANCIAL RISK MANAGEMENT - Sen
FINANCIAL RISK MANAGEMENT - Sensitivity Analysis of Currency Risk (Details) - Currency risk - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Canadian dollar | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, Impact on OCI | $ 2,044 | $ 1,504 |
Argentine peso | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, Impact on OCI | $ 370 | $ 1,614 |
FINANCIAL RISK MANAGEMENT - Cre
FINANCIAL RISK MANAGEMENT - Credit Risk (Details) - Credit risk - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | $ 597,191 | $ 478,184 |
Cash and cash equivalents | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 503,647 | 419,212 |
Value added tax receivable | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 21,416 | 18,802 |
Trade receivables and other assets | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 54,164 | 11,287 |
Other financial assets | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | $ 17,964 | $ 28,883 |
FINANCIAL RISK MANAGEMENT - Liq
FINANCIAL RISK MANAGEMENT - Liquidity Risk (Details) - Liquidity risk $ in Thousands | Dec. 31, 2019USD ($) |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Accounts payable and accrued liabilities | $ 92,018 |
Moratorium liability | 9,120 |
Convertible notes | 345,000 |
Interest payments on convertible notes | 39,028 |
Reclamation and Closure Cost Provision | 130,688 |
Operating Expenditure Commitments | 11,096 |
Capital commitments | 13,311 |
Total contractual obligations | 640,261 |
Less than one year | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Accounts payable and accrued liabilities | 92,018 |
Moratorium liability | 3,537 |
Convertible notes | 115,000 |
Interest payments on convertible notes | 7,403 |
Reclamation and Closure Cost Provision | 9,556 |
Operating Expenditure Commitments | 6,539 |
Capital commitments | 13,311 |
Total contractual obligations | 247,364 |
1 - 3 years | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Accounts payable and accrued liabilities | 0 |
Moratorium liability | 5,583 |
Convertible notes | 0 |
Interest payments on convertible notes | 11,500 |
Reclamation and Closure Cost Provision | 5,694 |
Operating Expenditure Commitments | 1,137 |
Capital commitments | 0 |
Total contractual obligations | 23,914 |
4-5 years | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Accounts payable and accrued liabilities | 0 |
Moratorium liability | 0 |
Convertible notes | 0 |
Interest payments on convertible notes | 11,500 |
Reclamation and Closure Cost Provision | 0 |
Operating Expenditure Commitments | 980 |
Capital commitments | 0 |
Total contractual obligations | 12,480 |
After 5 years | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Accounts payable and accrued liabilities | 0 |
Moratorium liability | 0 |
Convertible notes | 230,000 |
Interest payments on convertible notes | 8,625 |
Reclamation and Closure Cost Provision | 115,438 |
Operating Expenditure Commitments | 2,440 |
Capital commitments | 0 |
Total contractual obligations | $ 356,503 |
RELATED PARTY TRANSACTIONS - Ke
RELATED PARTY TRANSACTIONS - Key Management Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party [Abstract] | ||
Salaries and other short-term employee benefits | $ 3,401 | $ 2,589 |
Post-employment benefits | 134 | 83 |
Termination benefits | 0 | 1,379 |
Share-based compensation | 12,370 | 10,819 |
Total compensation | $ 15,905 | $ 14,870 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION - Changes in Working Capital Items (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flow Statement [Abstract] | ||
Trade and other receivables | $ (66,344) | $ (4,234) |
Inventories | (10,872) | (40,144) |
Accounts payable and accrued liabilities | 19,663 | 18,753 |
Provisions - current | (3,493) | (5,309) |
Change in working capital | $ (61,046) | $ (30,934) |
SUPPLEMENTAL CASH FLOW INFORM_4
SUPPLEMENTAL CASH FLOW INFORMATION - Non-cash Other Operating Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flow Statement [Abstract] | ||
Share-based payments | $ 4,005 | $ 2,157 |
Gain on sale of mineral properties, plant and equipment | (10) | 0 |
Change in reclamation and closure cost provision | 0 | 1,580 |
Write-down/loss on mineral properties, plant and equipment | 1,018 | 2,771 |
Other | 6,528 | 375 |
Other non-cash items | $ 11,541 | $ 6,883 |
SUPPLEMENTAL CASH FLOW INFORM_5
SUPPLEMENTAL CASH FLOW INFORMATION - Non-cash Investing and Financing Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flow Statement [Abstract] | ||
Reclamation and closure cost provision assumed in land acquisition | $ (12,990) | $ 0 |
Transfer of equity-settled PSUs | 1,356 | 0 |
Marketable securities received as consideration for sale of exploration and evaluation assets | 0 | 1,751 |
Extinguishment of loan receivable in connection with the acquisition of non-controlling interest | 11,369 | 0 |
Non-cash consideration for acquisition of non-controlling interest | (30,101) | 0 |
Transfer of share-based payment reserve upon exercise of stock options | (2,804) | (2,864) |
Other non-cash items | $ (33,170) | $ (1,113) |