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SEGMENTED INFORMATION
 6 Months Ended
Jun. 30, 2014
SEGMENTED INFORMATION  
SEGMENTED INFORMATION

NOTE 11   SEGMENTED INFORMATION

 

McEwen Mining is a mining and minerals exploration, development and production company focused on precious metals in Argentina, Mexico and the United States.  The Company identifies its reportable segments as those consolidated operations that are currently engaged in the exploration for and production of precious metals.  Operations not actively engaged in the exploration for, or production of precious metals, are aggregated at the corporate level for segment reporting purposes.

 

The financial information relating to the Company’s operating segments as of, and for the three and six months ended June 30, 2014 and 2013 is as follows:

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

Argentina

 

Mexico

 

U.S.

 

& Other

 

Total

 

 

 

(in thousands)

 

For the three months ended June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

Gold and silver sales

 

$

—

 

$
11,637

 

$

—

 

$

—

 

$
11,637

 

Production costs applicable to sales

 

—

 
(10,900

)

—

 

—

 
(10,900

)

Mine construction costs

 

—

 
(217

)

—

 

—

 
(217

)

Mine development costs

 

—

 
(155

)

—

 

—

 
(155

)

Exploration costs

 
(249

)
(1,488

)
(831

)
(69

)
(2,637

)

Impairment of mineral property interests and property and equipment

 
(120,398

)

—

 

—

 

—

 
(120,398

)

Loss on investment in Minera Santa Cruz S.A. (net of amortization)

 
(2,438

)

—

 

—

 

—

 
(2,438

)

Operating loss

 
(123,817

)
(2,150

)
(1,025

)
(2,382

)
(129,374

)

 

 

 

 

 

 

 

 

 

 

 

 

For the six months ended June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

Gold and silver sales

 

$

—

 

$
22,767

 

$

—

 

$

—

 

$
22,767

 

Production costs applicable to sales

 

—

 
(19,427

)

—

 

—

 
(19,427

)

Mine construction costs

 

—

 
(1,156

)

—

 

—

 
(1,156

)

Mine development costs

 

—

 
(1,723

)

—

 

—

 
(1,723

)

Exploration costs

 
(750

)
(2,876

)
(1,517

)
(174

)
(5,317

)

Impairment of mineral property interests and property and equipment

 
(120,398

)

—

 

—

 

—

 
(120,398

)

Income on investment in Minera Santa Cruz S.A. (net of amortization)

 
4,591

 

—

 

—

 

—

 
4,591

 

Operating loss

 
(117,559

)
(5,198

)
(2,454

)
(4,725

)
(129,936

)

 

 

 

 

 

 

 

 

 

 

 

 

As at June 30, 2014

 

 

 

 

 

 

 

 

 

 

 

Investment in Minera Santa Cruz S.A.

 
210,425

 

—

 

—

 

—

 
210,425

 

Mineral property interests

 
337,805

 
11,341

 
172,738

 

—

 
521,884

 

Total assets

 
551,324

 
59,649

 
176,415

 
8,882

 
796,270

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

Argentina

 

Mexico

 

U.S.

 

& Other

 

Total

 

 

 

(in thousands)

 

For the three months ended June 30, 2013

 

 

 

 

 

 

 

 

 

 

 

Gold and silver sales

 

$

—

 

$
10,459

 

$

—

 

$

—

 

$
10,459

 

Production costs applicable to sales

 

—

 
(8,278

)

—

 

—

 
(8,278

)

Mine development costs

 

—

 
(98

)

—

 

—

 
(98

)

Exploration costs

 
(2,017

)
(1,949

)
(870

)
(53

)
(4,889

)

Income on investment in Minera Santa Cruz S.A. (net of amortization)

 
(1,551

)

—

 

—

 

—

 
(1,551

)

Impairment of investment in MSC

 
(95,878

)

—

 

—

 

—

 
(95,878

)

Impairment of mineral property interests and property and equipment

 
(27,729

)

—

 

—

 

—

 
(27,729

)

Gain on sale of assets

 
(326

)

—

 
(6,468

)
3

 
(6,791

)

Operating loss

 
(129,703

)
(970

)
(6,110

)
(2,871

)
(139,654

)

 

 

 

 

 

 

 

 

 

 

 

 

For the six months ended June 30, 2013

 

 

 

 

 

 

 

 

 

 

 

Gold and silver sales

 

$

—

 

$
23,957

 

$

—

 

$

—

 

$
23,957

 

Production costs applicable to sales

 

—

 
(18,871

)

—

 

—

 
(18,871

)

Mine development costs

 

—

 
(569

)

—

 

—

 
(569

)

Exploration costs

 
(13,479

)
(4,434

)
(1,450

)
(126

)
(19,489

)

Loss on investment in Minera Santa Cruz S.A. (net of amortization)

 
(1,788

)

—

 

—

 

—

 
(1,788

)

Impairment of investment in MSC

 
(95,878

)

—

 

—

 

—

 
(95,878

)

Impairment of mineral property interests and property and equipment

 
(27,729

)

—

 

—

 

—

 
(27,729

)

Gain on sale of assets

 
(326

)

—

 
(6,468

)
3

 
(6,791

)

Operating loss

 
(141,615

)
(3,020

)
(7,055

)
(6,331

)
(158,021

)

 

 

 

 

 

 

 

 

 

 

 

 

As at December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

Investment in Minera Santa Cruz S.A.

 
212,947

 

—

 

—

 

—

 
212,947

 

Mineral property interests

 
458,203

 
11,984

 
172,781

 

—

 
642,968

 

Total assets

 
674,269

 
54,131

 
177,248

 
17,418

 
923,066