XML 56 R10.htm IDEA: XBRL DOCUMENT
v2.4.0.6

GOLD AND SILVER BULLION | 6 Months Ended
--- | ---
Jun. 30, 2012
GOLD AND SILVER BULLION |
GOLD AND SILVER BULLION |
NOTE 4 GOLD AND SILVER BULLION The Company invested a portion of its cash in physical gold and silver bullion. Below is the balance of its holdings of gold and silver as at June 30, 2012 and December 31, 2011.
|  | June 30, 2012 |  | December 31, 2011 |
|  | Gold |  | Silver |  | Gold |  | Silver |
|  | (dollars in thousands, except ounces and per ounce) |
# of ounces |  | 3,223 |  | 326,512 |  | 5,656 |  | 552,812 |
Average cost per ounce |  | $ | 1,278.63 |  | $ | 27.08 |  | $ | 1,278.63 |  | $ | 28.18 |
Total cost |  | $ | 4,121 |  | $ | 8,842 |  | $ | 7,232 |  | $ | 15,578 |
Fair value per ounce |  | $ | 1,598.50 |  | $ | 27.08 |  | $ | 1,574.50 |  | $ | 28.18 |
Total fair value |  | $ | 5,152 |  | $ | 8,842 |  | $ | 8,905 |  | $ | 15,578 |
The fair value of gold and silver was based on the daily London P.M. fix as at June 30, 2012 and December 31, 2011. Since ASC Topic 815 does not consider gold and silver to be readily convertible to cash, the Company carries these assets at the lower of cost or market. During the first half of 2012, the Company sold 2,433 ounces of gold and 226,299 ounces of silver with a cost of $3.1 million and $6.4 million, respectively. As at June 30, 2012, the Company’s average cost per ounce for silver was $28.18 as compared to its fair value of $27.08. As a result of the fair value being lower than the carrying value, the Company reduced its average cost per ounce to fair value and recorded an unrealized loss of $0.4 million in its statements of operations and comprehensive loss for the three and six month periods ended June 30, 2012. Changes in the Company’s holdings of gold and silver for the six months ended June 30, 2012 and year ended December 31, 2011 are as follows (in thousands):
|  | Six Months Ended June 30, |  | Year Ended December 31, |
|  | 2012 |  | 2011 |
|  | Gold |  | Silver |  | Total |  | Gold |  | Silver |  | Total |
Opening Balance |  | $ | 7,232 |  | $ | 15,578 |  | $ | 22,810 |  | $ | 4,569 |  | $ | — |  | $ | 4,569 |
Purchases |  | — |  | — |  | — |  | 7,387 |  | 23,912 |  | 31,299 |
Proceeds from sale |  | (4,026 | ) | (7,304 | ) | (11,330 | ) | (6,218 | ) | (5,521 | ) | (11,739 | )
Gain on sale |  | 915 |  | 927 |  | 1,842 |  | 1,494 |  | 581 |  | 2,075 |
Unrealized loss |  | — |  | (359 | ) | (359 | ) | — |  | (3,394 | ) | (3,394 | )
Ending Balance |  | $ | 4,121 |  | $ | 8,842 |  | $ | 12,963 |  | $ | 7,232 |  | $ | 15,578 |  | $ | 22,810 |

X
- Details
Name: | mux_GoldAndSilverBullionDisclosureAbstact
Namespace Prefix: | mux_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition This element represents the entire disclosure related to investments in gold and silver bullion. + References No definition available. + Details
Name: | mux_InvestmentsInGoldAndSilverBullionDisclosureTextBlock
Namespace Prefix: | mux_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration