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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2017
Financial instruments [Abstract] |
Disclosure of financial instruments at fair value through profit or loss | The Company’s financial assets and liabilities classified as at FVTPL are as follows:
|  | December 31, 2017 |  |  | December 31, 2016 |
Current derivative assets: |  |  |  |  |  |
Warrants |  | $ | 1,092 |  |  | $ | — |
|  | $ | 1,092 |  |  | $ | — |
|  | December 31, 2017 |  |  | December 31, 2016 |
Current derivative liabilities: |  |  |  |  |  |
Zinc contracts |  | $ | 716 |  |  | $ | 1,769 |
Lead Contracts |  | 243 |  |  | 54 |
Copper contracts |  | 891 |  |  | — |
Foreign currency contracts |  | 56 |  |  | 992 |
|  | $ | 1,906 |  |  | $ | 2,815 |
In addition, trade and other receivables include accounts receivable arising from sales of metal concentrates and have been designated and classified as at FVTPL. The total trade and other receivables are as follows:
|  | December 31, 2017 |  |  | December 31, 2016 |
Trade receivables from provisional concentrates sales |  | $ | 51,952 |  |  | $ | 44,960 |
Advances to suppliers(1) |  | 14,327 |  |  | 28,762 |
Not arising from sale of metal concentrates(2) |  | 43,467 |  |  | 56,395 |
Trade and other receivables |  | $ | 109,746 |  |  | $ | 130,117 |
(1) | Advances to suppliers are not classified as financial instruments.
(2) | Accounted for at amortized cost.
The net gains (losses) on derivatives for the year ended December 31, 2017 and 2016 were comprised of the following:
|  | Year ended December 31,
|  | 2017 |  |  | 2016 |
Gains (losses) on commodity and diesel fuel swap and foreign currency contracts: |  |  |  |  |
Realized losses on foreign currency, diesel fuel swap and commodity contracts |  | $ | (304 | ) |  | $ | (4,965 | )
Unrealized gains on foreign currency, diesel fuel swap and commodity contracts |  | 910 |  |  | 21 |
|  | $ | 606 |  |  | $ | (4,944 | )
Gain on derivatives: |  |  |  |  |
Gain on warrants |  | $ | 64 |  |  | $ | — |
|  | $ | 64 |  |  | $ | — |
Disclosure of available-for-sale financial assets | The unrealized net gains on available-for-sale investments recognized in other comprehensive income for the year ended December 31, were as follows:
|  | Year ended December 31,
|  | 2017 |  |  | 2016 |
Unrealized net gains on available for sale securities |  | $ | 810 |  |  | $ | 912 |
Reclassification adjustment for realized losses (gains) on equity securities to earnings |  | 361 |  |  | (20 | )
|  | $ | 1,171 |  |  | $ | 892 |
Disclosure of credit risk exposure | Cash and cash equivalents, trade accounts receivable and other receivables that represent the maximum credit risk to the Company consist of the following:
|  | December 31, 2017 |  |  | December 31, 2016 |
Cash and cash equivalents |  | $ | 175,953 |  |  | $ | 180,881 |
Short-term investments |  | 51,590 |  |  | 36,729 |
Trade accounts receivable(1) |  | 51,952 |  |  | 44,960 |
Royalty receivable(1) |  | 60 |  |  | 20 |
Employee loans(1) |  | 491 |  |  | 1,048 |
(1) | Included in Trade and other receivables.
Disclosure of exposure to currency risk through financial assets and liabilities | The Company is exposed to currency risk through the following financial assets and liabilities, and deferred income tax assets and liabilities denominated in foreign currencies:
At December 31, 2017 |  | Cash and short-term investments |  | Other current and non-current assets |  | Income taxes receivable (payable), current and non- current |  | Accounts payable and accrued liabilities and non- current liabilities |  | Deferred tax assets and liabilities
Canadian Dollar |  | $ | 25,062 |  |  | $ | 529 |  |  | $ | (713 | ) |  | $ | (348 | ) |  | $ | — |
Mexican Peso |  | 5,188 |  |  | 22,809 |  |  | (242 | ) |  | (26,013 | ) |  | (141,870 | )
Argentinian Peso |  | 4,239 |  |  | 19,720 |  |  | 837 |  |  | (28,685 | ) |  | — |
Bolivian Boliviano |  | 4,659 |  |  | 495 |  |  | (3,840 | ) |  | (13,954 | ) |  | (10,076 | )
European Euro |  | 24 |  |  | — |  |  | (780 | ) |  | — |  |  | — |
Peruvian Nuevo Sol |  | 2,274 |  |  | 1,026 |  |  | (4,402 | ) |  | (13,478 | ) |  | (16,603 | )
|  | $ | 41,446 |  |  | $ | 44,579 |  |  | $ | (9,140 | ) |  | $ | (82,478 | ) |  | $ | (168,549 | )
At December 31, 2016 |  | Cash and short-term investments |  | Other current and non-current assets |  | Income taxes receivable (payable), current and non- current |  | Accounts payable and accrued liabilities and non- current liabilities |  | Deferred tax assets and liabilities
Canadian Dollar |  | $ | 6,513 |  |  | $ | 338 |  |  | $ | (45 | ) |  | $ | (142 | ) |  | $ | (356 | )
Mexican Peso |  | 9,416 |  |  | 29,079 |  |  | 5,884 |  |  | (45,388 | ) |  | (150,394 | )
Argentinian Peso |  | 3,485 |  |  | 24,062 |  |  | 367 |  |  | (27,245 | ) |  | — |
Bolivian Boliviano |  | 4,329 |  |  | 184 |  |  | (3,365 | ) |  | (13,476 | ) |  | (8,464 | )
European Euro |  | 37 |  |  | — |  |  | (262 | ) |  | — |  |  | (53 | )
Peruvian Nuevo Sol |  | 817 |  |  | 2,158 |  |  | (11,031 | ) |  | (8,913 | ) |  | (9,867 | )
|  | $ | 24,597 |  |  | $ | 55,821 |  |  | $ | (8,452 | ) |  | $ | (95,164 | ) |  | $ | (169,134 | )
Disclosure of maturity analysis for derivative financial liabilities | The following table summarizes the remaining contractual maturities of the Company's financial and non-financial liabilities, shown in contractual undiscounted cash flow:
Payments due by period 2017
|  | Total |  | Within 1 year(1) |  | 2 - 3 years |  | 4- 5 years |  | After 5 years
Current liabilities |  | $ | 136,506 |  |  | $ | 136,506 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Credit Facility |  | 2,750 |  |  | 1,200 |  |  | 1,550 |  |  | — |  |  | — |
Loan obligation |  | 3,000 |  |  | 3,000 |  |  | — |  |  | — |  |  | — |
Finance lease obligations(2) |  | 7,724 |  |  | 5,879 |  |  | 1,845 |  |  | — |  |  | — |
Severance accrual |  | 5,176 |  |  | 1,092 |  |  | 2,273 |  |  | 760 |  |  | 1,051 |
Employee compensation(3) |  | 6,709 |  |  | 3,815 |  |  | 2,894 |  |  | — |  |  | — |
Loss on commodity contracts |  | 1,906 |  |  | 1,906 |  |  | — |  |  | — |  |  | — |
Provisions(4) |  | 4,097 |  |  | 2,681 |  |  | 546 |  |  | 627 |  |  | 243 |
Income taxes payable |  | 26,131 |  |  | 26,131 |  |  | — |  |  | — |  |  | — |
Total contractual obligations(4) |  | $ | 193,999 |  |  | $ | 182,210 |  |  | $ | 9,108 |  |  | $ | 1,387 |  |  | $ | 1,294 |
Payments due by period 2016
|  | Total |  | Within 1 year(1) |  | 2 - 3 years |  | 4- 5 years |  | After 5 years
Current liabilities |  | $ | 141,002 |  |  | $ | 141,002 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Credit Facility |  | 38,440 |  |  | 960 |  |  | 1,280 |  |  | 36,200 |  |  | — |
Finance lease obligations(2) |  | 7,321 |  |  | 3,720 |  |  | 3,601 |  |  | — |  |  | — |
Severance accrual |  | 3,986 |  |  | 689 |  |  | 658 |  |  | 365 |  |  | 2,274 |
Employee compensation(3) |  | 6,918 |  |  | 3,996 |  |  | 2,922 |  |  | — |  |  | — |
Loss on commodity contracts |  | 2,815 |  |  | 2,815 |  |  | — |  |  | — |  |  | — |
Provisions(4) |  | 4,719 |  |  | 3,262 |  |  | 562 |  |  | 629 |  |  | 266 |
Income taxes payable |  | 25,911 |  |  | 25,911 |  |  | — |  |  | — |  |  | — |
Total contractual obligations(4) |  | $ | 231,112 |  |  | $ | 182,355 |  |  | $ | 9,023 |  |  | $ | 37,194 |  |  | $ | 2,540 |
(1) | Includes all current liabilities in the consolidated statement of financial position at December 31, 2017 and December 31, 2016 plus items presented separately in this table that are expected to be paid but not accrued in the books of the Company. A reconciliation of the current liabilities balance in the statement of financial position to the total contractual obligations within one year, per the contractual maturities schedule is shown in the table below.
December 31, 2017 |  |  |  | Future interest component |  | Within 1 year
Current portion of: |  |  |  |  |  |  |  |  |
Accounts payable and other liabilities |  | $ | 136,506 |  |  | $ | — |  |  | $ | 136,506 |
Credit facility |  | — |  |  | 1,200 |  |  | 1,200 |
Loan obligation |  | 3,000 |  |  | — |  |  | 3,000 |
Current portion of finance lease |  | 5,734 |  |  | 145 |  |  | 5,879 |
Current severance liability |  | 1,092 |  |  | — |  |  | 1,092 |
Employee Compensation & RSU’s |  | 2,100 |  |  | 1,715 |  |  | 3,815 |
Unrealized loss on commodity contracts |  | 1,906 |  |  | — |  |  | 1,906 |
Provisions(4) |  | 2,681 |  |  | — |  |  | 2,681 |
Income tax payable |  | 26,131 |  |  | — |  |  | 26,131 |
Total contractual obligations within one year(4) |  | $ | 179,150 |  |  | $ | 3,060 |  |  | $ | 182,210 |
December 31, 2016 |  |  |  | Future interest component |  | Within 1 year
Current portion of: |  |  |  |  |  |
Accounts payable and other liabilities |  | $ | 141,002 |  |  | $ | — |  |  | $ | 141,002 |
Credit facility |  | — |  |  | 960 |  |  | 960 |
Current portion of finance lease |  | 3,559 |  |  | 161 |  |  | 3,720 |
Current severance liability |  | 689 |  |  | — |  |  | 689 |
Employee Compensation & RSU’s |  | 1,812 |  |  | 2,184 |  |  | 3,996 |
Unrealized loss on commodity contracts |  | 2,815 |  |  | — |  |  | 2,815 |
Provisions(4) |  | 3,262 |  |  | — |  |  | 3,262 |
Income tax payable |  | 25,911 |  |  | — |  |  | 25,911 |
Total contractual obligations within one year(4) |  | $ | 179,050 |  |  | $ | 3,305 |  |  | $ | 182,355 |
(2) | Includes lease obligations in the amount of $7.7 million (2016 - $7.3 million) with a net present value of $7.6 million (2016 - $7.1 million) discussed further in Note 17.
(3) | Includes RSU obligation in the amount of $4.1 million (2016 - $4.8 million) that will be settled in cash. The RSUs vest in two instalments, 50% in December 2017 and 50% in December 2018.
(4) | Amounts above do not include payments related to the Company’s anticipated closure and decommissioning obligation (current $5.6 million, long-term $59.8 million) discussed in Note 16 (2016 - current $5.2 million, long-term $50.4 million), the deferred credit arising from the Aquiline acquisition ($20.8 million) (2016 - $20.8 million) discussed in Note 19, and deferred tax liabilities of $171.2 million (2016 - $170.9 million).
Disclosure of assets and liabilities in the fair value hierarchy | At December 31, 2017 and 2016, the levels in the fair value hierarchy into which the Company’s financial assets and liabilities are measured and recognized on the Consolidated Statements of Financial Position at fair value are categorized as follows:
|  | Fair Value at December 31, 2017
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets and Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  | $ | 51,590 |  |  | $ | 51,590 |  |  | $ | — |  |  | $ | — |
Trade receivables from provisional concentrate sales |  | 51,952 |  |  | — |  |  | 51,952 |  |  | — |
Warrants |  | 1,092 |  |  | — |  |  | 1,092 |  |  | — |
Zinc contracts |  | (716 | ) |  | — |  |  | (716 | ) |  | — |
Lead contracts |  | (243 | ) |  | — |  |  | (243 | ) |  | — |
Copper contracts |  | (891 | ) |  | — |  |  | (891 | ) |  | — |
Foreign currency contracts |  | (56 | ) |  | — |  |  | (56 | ) |  | — |
|  | $ | 102,728 |  |  | $ | 51,590 |  |  | $ | 51,138 |  |  | $ | — |
|  | Fair Value at December 31, 2016
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets and Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  | $ | 36,729 |  |  | $ | 36,729 |  |  | $ | — |  |  | $ | — |
Trade receivables from provisional concentrate sales |  | 44,960 |  |  | — |  |  | 44,960 |  |  | — |
Zinc contracts |  | (1,769 | ) |  | — |  |  | (1,769 | ) |  | — |
Lead contracts |  | (54 | ) |  |  |  | (54 | ) |  |
Foreign currency contracts |  | (992 | ) |  | — |  |  | (992 | ) |  | — |
|  | $ | 78,874 |  |  | $ | 36,729 |  |  | $ | 42,145 |  |  | $ | — |

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