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SEGMENTED INFORMATION | 12 Months Ended
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Dec. 31, 2018
Disclosure of operating segments [abstract] |
Disclosure of entity's operating segments [text block] | 19. SEGMENTED INFORMATION (a) Segment revenues and results The Company manages its reportable operating segments by operating mines, development projects and exploration projects. Operating results of reportable operating segments are reviewed by the Company's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segments and to assess their performance. The results from operations for these reportable operating segments are summarized in the following tables:
Year ended December 31, 2018
(in millions of U.S. dollars) | Rainy River | New Afton | Cerro San Pedro | Corporate | Other (1) | Discontinued Operations (3) | Total
OPERATING SEGMENT RESULTS |  |  |  |  |  |  |
Gold revenues | 270.6 | 83.8 | 13.8 | - | - | - | 368.2
Copper revenues | - | 226.1 | - | - | - | - | 226.1
Silver revenues | 3.8 | 4.2 | 2.2 | - | - | - | 10.2
Total revenues (2) | 274.4 | 314.1 | 16.0 | - | - | - | 604.5
Operating expenses | 179.9 | 104.3 | 41.2 | - | - | - | 325.4
Depreciation and depletion | 78.3 | 158.2 | 3.4 | - | - | - | 239.9
Revenue less cost of goods sold | 16.2 | 51.6 | (28.6) | - | - | - | 39.2
Corporate administration | - | - | - | 23.2 | - | - | 23.2
Corporate restructuring (4) | - | - | - | 4.1 | - | - | 4.1
Share-based payment expenses | - | - | - | 0.7 | - | - | 0.7
Asset impairment | 836.6 | - | - | - | 218.2 | - | 1,054.8
Exploration and business development | 0.5 | 0.5 | - | 1.9 | 0.1 | - | 3.0
(Loss) income from operations | (820.9) | 51.1 | (28.6) | (29.9) | (218.3) | - | (1,046.6)
Finance income | 0.2 | 0.1 | 0.1 | 1.1 | - | - | 1.5
Finance costs | (3.0) | (1.4) | (0.8) | (63.6) | (0.2) | - | (69.0)
Other gains (losses) | 12.1 | (0.8) | (0.5) | 7.1 | 0.2 | - | 18.1
(Loss) earnings before taxes | (811.6) | 49.0 | (29.8) | (85.3) | (218.3) | - | (1,096.0)
Income tax recovery (expense) | (39.6) | 31.3 | 0.1 | 0.9 | 32.5 | - | 25.2
(Loss) earnings from continuing operations | (851.2) | 80.3 | (29.7) | (84.4) | (185.8) | - | (1,070.8)
Loss from discontinued operations, net of tax | - | - | - | - | - | (154.9) | (154.9)
Net (loss) earnings | (851.2) | 80.3 | (29.7) | (84.4) | (185.8) | (154.9) | (1,225.7)
| 1. | Other includes balances relating to the development and exploration properties that have no revenues or operating costs.
| 2. | Segmented revenue reported above represents revenue generated from external customers. There were no inter-segment sales in the year ended December 31, 2018.
| 3. | Refer to Note 15 for further information on discontinued operations.
| 4. | In 2018, the Company recognized a restructuring charge of approximately $4.1 million in severance and other termination benefits related to changes at the executive leadership level of the organization.
Year ended December 31, 2017
(in millions of U.S. dollars) | Rainy River | New Afton | Cerro San Pedro | Corporate | Other (1) | Discontinued Operations (3) | Total
OPERATING SEGMENT RESULTS |  |  |  |  |  |  |
Gold revenues | 33.6 | 94.1 | 42.5 | - | - | - | 170.2
Copper revenues | - | 203.8 | - | - | - | - | 203.8
Silver revenues | 0.7 | 4.1 | 9.9 | - | - | - | 14.7
Total revenues (2) | 34.3 | 302.0 | 52.4 | - | - | - | 388.7
Operating expenses | 38.5 | 107.1 | 52.7 | - | - | - | 198.3
Depreciation and depletion | 14.1 | 139.3 | 6.7 | - | - | - | 160.1
Revenue less cost of goods sold | (18.3) | 55.6 | (7.0) | - | - | - | 30.3
Corporate administration | - | - | - | 23.7 | - | - | 23.7
Corporate restructuring (4) | - | - | - | 4.2 | - | - | 4.2
Share-based payment expenses | - | - | - | 5.1 | - | - | 5.1
Asset impairment | 268.4 | - | - | - | - | - | 268.4
Exploration and business development | 2.2 | 1.4 | - | 0.6 | 2.2 | - | 6.4
(Loss) income from operations | (288.9) | 54.2 | (7.0) | (33.6) | (2.2) | - | (277.5)
Finance income | - | - | 0.2 | 0.9 | - | - | 1.1
Finance costs | (1.7) | (1.0) | (0.5) | (9.4) | (0.2) | - | (12.8)
Other gains (losses) | 12.2 | 2.4 | (1.2) | 0.3 | 32.9 | - | 46.6
(Loss) earnings before taxes | (278.4) | 55.6 | (8.5) | (41.8) | 30.5 | - | (242.6)
Income tax (expense) recovery | 86.0 | (0.2) | (0.7) | 2.9 | (3.4) | - | 84.6
(Loss) earnings from continuing operations | (192.4) | 55.4 | (9.2) | (38.9) | 27.1 | - | (158.0)
Earnings from discontinued operations, net of tax | - | - | - | - | - | 50.0 | 50.0
Net earnings (loss) | (192.4) | 55.4 | (9.2) | (38.9) | 27.1 | 50.0 | (108.0)
| 1. | Other includes balances relating to the development and exploration properties that have no revenues or operating costs.
| 2. | Segmented revenue reported above represents revenue generated from external customers. There were no inter-segment sales in the year ended December 31, 2017.
| 3. | Refer to Note 15 for further information on discontinued operations
| 4. | In 2017, the Company recognized a restructuring charge of approximately $4.2 million in severance and other termination benefits related to restructuring its corporate office workforce.
(b) Segmented assets and liabilities The following table presents the segmented assets and liabilities:
| Total assets | Total liabilities | Capital expenditures (1)
| As at December 31 | As at December 31 | As at December 31 | As at December 31 | Year ended December 31
(in millions of U.S. dollars) | 2018 | 2017 | 2018 | 2017 | 2018 | 2017
SEGMENTED ASSETS AND LIABILITIES |  |  |  |  |  |
Rainy River | 986.0 | 1,774.2 | 313.6 | 454.4 | 170.6 | 499.3
New Afton | 730.9 | 874.5 | 61.4 | 147.8 | 35.9 | 42.2
Mesquite | - | 482.3 | - | 96.3 | - | -
Cerro San Pedro | 12.8 | 43.9 | 25.8 | 26.7 | - | 0.7
Blackwater | 341.4 | 560.8 | 16.4 | 56.9 | 7.3 | 11.3
Other (2) | 98.5 | 172.6 | 793.1 | 1,032.9 | 0.1 | 0.7
| 2,169.6 | 3,908.3 | 1,210.3 | 1,815.0 | 213.9 | 554.2
Assets and liabilities held for sale and capital expenditures from discontinued operations (Note 15) | - | 109.0 | - | 62.8 | 13.2 | 47.5
Total assets, liabilities and capital expenditures | 2,169.6 | 4,017.3 | 1,210.3 | 1,877.8 | 227.1 | 601.7
| 1. | Capital expenditures per consolidated statement of cash flows.
| 2. | Other includes corporate balance and exploration properties.
(c) Geographical information The Company operates in two principal geographical areas - Canada (country of domicile) and Mexico. The Company previously operated in the United States and Australia. The Company's revenue by location of operations and information about the Company’s non-current assets by location of assets are detailed below for the years ended December 31, 2018 and 2017.
Revenue (1) | Non-current assets (2)
(in millions of U.S. dollars) | 2018 | 2017 | 2018 | 2017
REVENUE AND NON-CURRENT ASSETS BY LOCATION |  |  |  |
Canada | 588.5 | 336.3 | 1,868.3 | 2,971.0
United States (3) | - | - | - | 302.4
Australia (3) | - | - | - | 85.3
Mexico | 16.0 | 52.4 | - | 5.1
Other | - | - | - | 0.6
Total | 604.5 | 388.7 | 1,868.3 | 3,364.4
| 1. | Presented based on the location in which the sale originated.
| 2. | Non-current assets exclude financial instruments (investments, reclamation deposits and other) and deferred tax assets.
| 3. | For the years ended December 31, 2018 and 2017, revenue from Peak Mines and Mesquite is included in earnings from discontinued operations.
(d) Information about major customers The following table presents sales to individual customers exceeding 10% of annual sales for the following periods. The following five customers represent 79% (2017 – three customers representing 68%) of the Company’s sales revenue for the years ended December 31.
| Year ended December 31
(in millions of U.S. dollars) | 2018
CUSTOMER | REPORTING SEGMENT |
1 | Rainy River | 137.9
2 | New Afton | 109.9
3 | New Afton | 94.2
4 | Rainy River | 78.0
5 | New Afton | 70.7
Total sales to customers exceeding 10% of annual sales (2) | 490.7
| Year ended December 31
(in millions of U.S. dollars) | 2017
CUSTOMER | REPORTING SEGMENT |
1 | New Afton | 125.5
2 | New Afton | 99.8
3 | Rainy River (1) | 34.3
| Cerro San Pedro (1) | 4.4
Total sales to customers exceeding 10% of annual sales (2) | 264.0
| 1. | For the year ended December 31, 2017, Rainy River and Cerro San Pedro sold to the same customer.
| 2. | Amounts presented exclude sales generated from Peak Mines and Mesquite, which have been classified as discontinued operations.
The Company is not economically dependent on a limited number of customers for the sale of its product because gold and other metals can be sold through numerous commodity market traders worldwide. Refer to Note 21(a) for further discussion on the Company’s exposure to credit risk.

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