XML 353 R12.htm IDEA: XBRL DOCUMENT v3.22.0.1
REVENUE
12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE 
The following table represents revenues by product (in thousands): 
Years Ended December 31,
 
2021
2020
2019
Gold doré sales
Copler
$600,790 $205,535 $— 
Marigold
426,288 409,746 315,350 
Seabee
213,766 135,177 146,016 
Concentrate sales
Puna
229,959 105,350 144,839 
Other (1)
Copler
7,097 — — 
Marigold
103 53 69 
Seabee
94 53 49 
Puna
(3,898)(2,825)527 
Total
$1,474,199 $853,089 $606,850 
(1)Other revenue includes: changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré.  
Revenue by metal
Revenue by metal type for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands): 
Years Ended December 31,
2021
2020
2019
Gold 
$
1,240,844 
$
750,458 
$
461,366 
Silver 183,378 92,260 115,640 
Lead 33,070 8,815 19,541 
Zinc 13,511 4,275 9,658 
Other
3,396 (2,719)645 
Total   
$
1,474,199 
$
853,089 
$
606,850 
Çöpler, Marigold and Seabee produce gold doré. During 2021, sales to Istanbul Gold Refinery and CIBC accounted for 41% and 30% of the Company's total revenues, respectively. During 2020, sales to CIBC, Istanbul Gold Refinery, and Bank of Montreal accounted for 45%, 24%, and 14%, of the Company's total revenues, respectively. During 2019, sales to CIBC, Bank of Nova Scotia, and Bank of Montreal accounted for 37%, 22%, and 17% of the Company's total revenues, respectively.
Puna sells lead and zinc concentrate with high silver content to smelters and traders located in Asia and Europe. The concentrates are sold under supply contracts updated annually or as needed through spot sales, with processing fees based on the demand for these concentrates in the global marketplace.
Provisional metal sales
For the years ending December 31, 2021 and 2020, changes in the fair value of the Company's embedded derivatives relating to provisional concentrate metal sales was an increase (decrease) of $(1.0) million $(1.5) million, respectively, which has been recorded in Revenue.
At December 31, 2021, the Company had silver sales of 3.90 million ounces at an average price of $23.49 per ounces, zinc sales of 6.33 million pounds at an average price of $1.46 per pound, and lead sales of 19.23 million pounds at an average price of $1.02 per pound, subject to final pricing over the next several months.