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Segmented Information | 12 Months Ended
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Dec. 31, 2023
Disclosure of entity's operating segments [Abstract] |
Segmented Information | 29. SEGMENTED INFORMATION
The Company reviews its segment reporting to ensure it reflects the operational structure of the Company and enables the Company's Chief Operating Decision Maker to review operating segment performance. We have determined that each producing mine and significant development property represents an operating segment. The Company has organized its reportable and operating segments by significant revenue streams and geographic regions. From the Acquisition (Note 8) on March 31, 2023, the Company included the following mines: Jacobina, El Peñon and Minera Florida in the Gold Segment, Cerro Moro in the Silver Segment, and the MARA project in the Other Segment. These mines and projects are included in the segmented disclosures below. Significant information relating to the Company’s reportable operating segments is summarized in the table below:
For the year ended December 31, 2023 |  |  |  |  |
Segment/Country | Operation | Revenue | Production costs and royalties | Depreciation | Mine operating earnings (losses) |  | Capital expenditures(1)
Silver Segment: |  |  |  |  |  |  |
Mexico | La Colorada | $ | 122.5 |  | $ | 128.1 |  | $ | 22.1 |  | $ | (27.7) |  |  | $ | 63.9 |
Peru | Huaron | 145.4 |  | 105.2 |  | 12.9 |  | 27.3 |  |  | 36.2 |
| Morococha (2) | — |  | — |  | — |  | — |  |  | 2.1 |
Bolivia | San Vicente | 91.5 |  | 69.8 |  | 9.5 |  | 12.2 |  |  | 3.8 |
Argentina | Manantial Espejo (2) | 37.7 |  | 32.4 |  | 2.0 |  | 3.3 |  |  | 0.2 |
| Cerro Moro | 214.1 |  | 160.7 |  | 23.1 |  | 30.3 |  |  | 25.4 |
Guatemala | Escobal | — |  | — |  | — |  | — |  |  | 2.1 |
Total Silver Segment | 611.2 |  | 496.2 |  | 69.6 |  | 45.4 |  |  | 133.7 |
Gold Segment: |  |  |  |  |  |  |
Mexico | Dolores | 267.5 |  | 132.6 |  | 114.3 |  | 20.6 |  |  | 8.7 |
Peru | Shahuindo | 284.7 |  | 143.7 |  | 45.3 |  | 95.7 |  |  | 57.1 |
| La Arena | 190.2 |  | 122.4 |  | 32.4 |  | 35.4 |  |  | 21.2 |
Canada | Timmins | 260.6 |  | 201.4 |  | 39.8 |  | 19.4 |  |  | 46.9 |
Brazil | Jacobina | 287.5 |  | 129.9 |  | 86.9 |  | 70.7 |  |  | 69.9 |
Chile | El Peñon | 259.4 |  | 184.2 |  | 54.2 |  | 21.0 |  |  | 18.6 |
| Minera Florida | 154.8 |  | 124.7 |  | 33.3 |  | (3.2) |  |  | 22.3 |
Total Gold Segment | 1,704.7 |  | 1,038.9 |  | 406.2 |  | 259.6 |  |  | 244.7 |
Other segment: |  |  |  |  |  |  |
Canada | Pas Corp | — |  | — |  | 0.4 |  | (0.4) |  |  | 4.5 |
| Yamana Corp | 0.2 |  | — |  | 5.8 |  | (5.6) |  |  | 1.5 |
Argentina | MARA (2) | — |  | — |  | 0.1 |  | (0.1) |  |  | 35.9 |
| Other | — |  | — |  | 2.1 |  | (2.1) |  |  | 2.7 |
Total |  | $ | 2,316.1 |  | $ | 1,535.1 |  | $ | 484.2 |  | $ | 296.8 |  |  | $ | 423.0 |
(1)Includes payments for mineral properties, plant and equipment and payment of equipment leases. (2)Manantial Espejo was placed on care and maintenance in January 2023. Morococha and MARA were sold in September 2023 (Note 9).
For the year ended December 31, 2022 |  |  |  |  |
Segment/Country | Operation | Revenue | Production costs and royalties | Depreciation | Mine operating earnings (losses) |  | Capital expenditures(1)
Silver Segment: |  |  |  |  |  |  |
Mexico | La Colorada | $ | 155.0 |  | $ | 98.7 |  | $ | 20.2 |  | $ | 36.1 |  |  | $ | 91.7 |
Peru | Huaron | 145.7 |  | 100.5 |  | 11.8 |  | 33.4 |  |  | 15.5 |
| Morococha (2) | 22.1 |  | 20.6 |  | 2.3 |  | (0.8) |  |  | 1.3 |
Bolivia | San Vicente | 76.9 |  | 59.5 |  | 8.8 |  | 8.6 |  |  | 7.1 |
Argentina | Manantial Espejo (2) | 105.1 |  | 112.7 |  | 23.1 |  | (30.7) |  |  | 4.3 |
Guatemala | Escobal | — |  | — |  | — |  | — |  |  | 1.6 |
Total Silver Segment | 504.8 |  | 392.0 |  | 66.2 |  | 46.6 |  |  | 121.5 |
Gold Segment: |  |  |  |  |  |  |
Mexico | Dolores | 303.9 |  | 301.9 |  | 129.8 |  | (127.8) |  |  | 35.8 |
Peru | Shahuindo | 266.4 |  | 146.2 |  | 44.5 |  | 75.7 |  |  | 44.6 |
| La Arena | 175.9 |  | 103.9 |  | 34.7 |  | 37.3 |  |  | 48.0 |
Canada | Timmins | 243.7 |  | 186.3 |  | 38.6 |  | 18.8 |  |  | 37.7 |
Total Gold Segment | 989.9 |  | 738.3 |  | 247.6 |  | 4.0 |  |  | 166.1 |
Other segment: |  |  |  |  |  |  |
Canada | Pas Corp | — |  | — |  | 0.4 |  | (0.4) |  |  | 0.3 |
Argentina | Navidad | — |  | — |  | — |  | — |  |  | 0.1 |
| Other | — |  | — |  | 1.8 |  | (1.8) |  |  | 1.5 |
Total |  | $ | 1,494.7 |  | $ | 1,130.3 |  | $ | 316.0 |  | $ | 48.4 |  |  | $ | 289.5 |
(1)Includes payments for mineral properties, plant and equipment and payment of equipment leases. (2)Morococha and Manantial Espejo were placed on care and maintenance in February 2022 and January 2023, respectively.
At December 31, 2023 |  |  |
Segment/Country | Operation | Assets | Liabilities | Net assets
Silver Segment: |  |  |  |
Mexico | La Colorada | $ | 428.0 |  | $ | 43.8 |  | $ | 384.2 |
Peru | Huaron | 149.5 |  | 61.0 |  | 88.5 |
Bolivia | San Vicente | 78.6 |  | 45.0 |  | 33.6 |
Argentina | Manantial Espejo(1) | 2.2 |  | 18.5 |  | (16.3) |
Guatemala | Pas Guatemala | 290.0 |  | 16.4 |  | 273.6 |
Argentina | Cerro Moro | 208.2 |  | 104.0 |  | 104.2 |
Total Silver Segment |  | 1,156.5 |  | 288.7 |  | 867.8 |
Gold Segment: |  |  |  |
Mexico | Dolores | 372.5 |  | 141.7 |  | 230.8 |
Peru | Shahuindo | 604.0 |  | 178.2 |  | 425.8 |
| La Arena | 383.7 |  | 156.6 |  | 227.1 |
Canada | Timmins | 395.1 |  | 78.5 |  | 316.6 |
Brazil | Jacobina | 2,508.2 |  | 437.5 |  | 2,070.7 |
Chile | El Peñon | 776.0 |  | 205.6 |  | 570.4 |
| Minera Florida | 219.6 |  | 103.7 |  | 115.9 |
Total Gold Segment |  | 5,259.1 |  | 1,301.8 |  | 3,957.3 |
Other segment: |  |  |  |
Canada | Pas Corp | 134.1 |  | 24.3 |  | 109.8 |
| Yamana Corp | 304.3 |  | 725.9 |  | (421.6) |
Argentina | Navidad | 192.1 |  | 14.3 |  | 177.8 |
| Other | 167.0 |  | 85.6 |  | 81.4 |
Total |  | $ | 7,213.1 |  | $ | 2,440.6 |  | $ | 4,772.5 |
(1)Manantial Espejo was placed on care and maintenance in January 2023.
At December 31, 2022 |  |  |
Segment/Country | Operation | Assets | Liabilities | Net assets
Silver Segment: |  |  |  |
Mexico | La Colorada | $ | 375.4 |  | $ | 52.0 |  | $ | 323.4 |
Peru | Huaron | 122.5 |  | 51.5 |  | 71.0 |
| Morococha(1) | 102.2 |  | 31.2 |  | 71.0 |
Bolivia | San Vicente | 82.5 |  | 47.4 |  | 35.1 |
Argentina | Manantial Espejo(1) | 47.8 |  | 40.5 |  | 7.3 |
Guatemala | Escobal | 291.1 |  | 19.4 |  | 271.7 |
Total Silver Segment |  | 1,021.5 |  | 242.0 |  | 779.5 |
Gold Segment: |  |  |  |
Mexico | Dolores | 415.1 |  | 155.8 |  | 259.3 |
Peru | Shahuindo | 602.4 |  | 199.6 |  | 402.8 |
| La Arena | 368.3 |  | 155.1 |  | 213.2 |
Canada | Timmins | 382.0 |  | 68.0 |  | 314.0 |
Total Gold Segment |  | 1,767.8 |  | 578.5 |  | 1,189.3 |
Other segment: |  |  |  |
Canada | Pas Corp | 179.0 |  | 182.9 |  | (3.9) |
Argentina | Navidad | 193.9 |  | 2.6 |  | 191.3 |
| Other | 86.3 |  | 40.9 |  | 45.4 |
|  | $ | 3,248.5 |  | $ | 1,046.9 |  | $ | 2,201.6 |
(1)Morococha and Manantial Espejo were placed on care and maintenance in February 2022 and January 2023, respectively.
Product Revenue | 2023 | 2022
Refined silver and gold | $ | 1,954.4 |  | $ | 1,106.8 |
Zinc concentrate | 83.2 |  | 98.3 |
Lead concentrate | 163.5 |  | 167.7 |
Copper concentrate | 54.6 |  | 65.1 |
Silver concentrate | 60.4 |  | 56.8 |
Total | $ | 2,316.1 |  | $ | 1,494.7 |
The Company has 29 customers that account for 100% of the concentrate and silver and gold sales revenue. The Company has 3 customers that accounted for 21%, 21% and 12% of total sales in 2023, and 3 customers that accounted for 28%, 14% and 12% of total sales in 2022. The loss of certain of these customers or curtailment of purchases by such customers could have a material adverse effect on the Company’s financial performance, financial position, and cash flows.

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