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OPERATING SEGMENTS | 12 Months Ended
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Dec. 31, 2020
Operating Segments [Abstract] |
OPERATING SEGMENTS | OPERATING SEGMENTS Operating results of operating segments are reviewed by the Company's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segments and to assess their performance. Each individual operating mine site is considered to be a reportable operating segment for financial reporting purposes. In connection with the acquisition of Alacer, the Company added Çöpler as a new operating segment for the year ended December 31, 2020. Çöpler is an operating mine site, therefore it is considered a reportable segment for financial reporting purposes. 25.OPERATING SEGMENTS (continued) 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, 2020 | Çöpler (1) | Marigold | Seabee | Puna (2) | Exploration, evaluation and development properties | Other reconciling items (3) | Total
Revenue | $ | 205,536 |  | $ | 409,798 |  | $ | 135,230 |  | $ | 102,525 |  | $ | — |  | $ | — |  | $ | 853,089 |
Production costs | (120,618) |  | (196,409) |  | (41,308) |  | (60,317) |  | — |  | — |  | (418,652) |
Depletion and depreciation | (34,053) |  | (47,844) |  | (28,233) |  | (15,665) |  | — |  | — |  | (125,795) |
Cost of sales | (154,671) |  | (244,253) |  | (69,541) |  | (75,982) |  | — |  | — |  | (544,447) |
Income from mine operations | 50,865 |  | 165,545 |  | 65,689 |  | 26,543 |  | — |  | — |  | 308,642 |
Exploration, evaluation and reclamation (expense) recovery | (3,558) |  | (2,462) |  | (6,108) |  | 2,144 |  | (11,874) |  | (539) |  | (22,397) |
Care and maintenance expense (4) | — |  | — |  | (13,643) |  | (15,950) |  | — |  | — |  | (29,593) |
Transaction and integration expense | — |  | — |  | — |  | — |  | — |  | (20,813) |  | (20,813) |
Operating income (loss) | 47,213 |  | 162,648 |  | 45,811 |  | 11,222 |  | (11,874) |  | (52,307) |  | 202,713 |
Income (loss) before income tax | 41,253 |  | 159,641 |  | 46,304 |  | (2,410) |  | (12,678) |  | (50,789) |  | 181,321 |
As at December 31, 2020 |  |  |  |  |  |  |
Total assets | $ | 2,486,927 |  | $ | 642,106 |  | $ | 455,249 |  | $ | 241,079 |  | $ | 1,038,498 |  | $ | 381,127 |  | $ | 5,244,986 |
Non-current assets | 2,030,998 |  | 277,196 |  | 311,552 |  | 143,694 |  | 1,036,507 |  | 20,517 |  | 3,820,464 |
Total liabilities | (735,225) |  | (121,328) |  | (90,780) |  | (50,130) |  | (29,710) |  | (277,910) |  | (1,305,083) |
Year ended and at December 31, 2019 | Marigold | Seabee | Puna (2) | Exploration, evaluation and development properties | Other reconciling items (3) | 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 expense | (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) |
(1)The reported statements of income amounts reflect results from the date of acquisition of Alacer on September 16, 2020 through December 31, 2020 (note 4(a)). (2)Cost of sales at Puna include a write-down of metal inventories to NRV of $8.6 million for the year ended December 31, 2020 (December 31, 2019 - $3.6 million). (3)Other reconciling items refer to items that are not reported as part of segment performance as they are managed on a corporate basis. 25.OPERATING SEGMENTS (continued) (4)On March 20, 2020 and March 25, 2020, due to the COVID-19 pandemic, the Company temporarily suspended operations at Puna and Seabee, respectively. From and after such dates, the Company continued to perform care and maintenance activities and incurred incremental costs as a result. These incremental costs do not relate to producing or selling metal concentrate or gold, and therefore they have been identified and presented separately within operating income (loss). Revenue by metal Çöpler, Marigold and Seabee 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. The Company mainly sells gold bullion to customers, which are typically bullion banks. Puna produces silver-lead and zinc concentrates, which are sold to smelters or traders for further refining. During 2020, revenues from two customers included within the Marigold and Seabee operating segments accounted for 45% and 14% (2019 - 37% and 17%) of the Company's total revenues, respectively, and revenues from one customer included within the Çöpler operating segment accounted for 24% (2019 - nil) of the Company's total revenues. The following table provides a summary of revenue by metal:
Years ended December 31 | 2020 | 2019
Gold | 88 | % | 76 | %
Silver | 10 | % | 19 | %
Lead | 1 | % | 3 | %
Zinc | 1 | % | 2 | %
| 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 | 2020 | 2019
Turkey | $ | 2,902,093 |  | $ | — |
Canada | 323,599 |  | 326,272 |
United States | 318,036 |  | 285,686 |
Argentina | 143,695 |  | 154,986 |
Mexico | 67,677 |  | 67,160 |
Peru | 11,244 |  | 607 |
| $ | 3,766,344 |  | $ | 834,711 |
Impairment assessment - Puna At December 31, 2019, the Company performed an assessment of Puna to identify indicators of potential impairment. The Company determined that there was an indicator of potential impairment on the $141.9 million carrying amount of Puna, which resulted in the Company assessing the recoverable amount of the CGU. The recoverable amount of the Puna 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 management's estimates of metal prices, production based on current estimates of Mineral Reserves and future operating costs and capital expenditures. The Company 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 the Company's estimated weighted average cost of capital adjusted for project and country specific risks. The Company concluded that the FVLCTD exceeded the carrying amount of the Puna CGU and therefore, no impairment was required. Additionally, the Company 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 to be impaired.

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