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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAXES

Schedule of tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities

		2014			2013
		(in thousands)
Deferred tax assets:
Alternative minimum tax (AMT) credit carryforward		$	41		$	41
Net operating loss carryforward			108,070			98,734
Mineral properties			14,797			19,884
Other temporary differences			6,859			6,302
Capital loss carryforward			241			241
​	​	​	​	​	​	​	​
Total gross deferred tax assets			130,008			125,202
Less: valuation allowance			(129,794	)		(125,202	)
​	​	​	​	​	​	​	​
Net deferred tax assets		$	214		$	—
​	​	​	​	​	​	​	​
Deferred tax liabilities:
Investments			(214	)		—
Acquired mineral property interests			(51,899	)		(158,855	)
​	​	​	​	​	​	​	​
Total deferred tax liabilities		$	(52,113	)	$	(158,855	)
​	​	​	​	​	​	​	​
Total net deferred tax liability		$	(51,899	)	$	(158,855	)
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

Schedule of reconciliation of the tax provision at statutory U.S. Federal and State income tax rates to the actual tax provision recorded in the financial statement

Expected tax recovery at		2014			2013			2012
		(in thousands)
US Federal and State tax recovery at statutory rate		$	(142,499	)	$	(68,377	)	$	(31,925	)
Reconciling items:
Equity pickup in MSC			1,849			(2,924	)		(7,292	)
Impact of Mexican tax reform			754			(1,921	)		—
Prior year true ups/acquisitions			8,330			(19,016	)		781
Adjustment for foreign tax rates			(2,557	)		8,680			3,245
Tax rate changes			—			(187	)		(1,869	)
Imputed interest			198			171			135
Other permanent differences			(7,552	)		22,090			(3,259	)
Unrealized foreign exchange rate (loss)/gain			19,447			(28,317	)		(21,263	)
NOL expired			10,268			1,711			(2,696	)
Valuation allowance			4,592			34,725			36,899
​	​	​	​	​	​	​	​	​	​	​
Tax Recovery		$	(107,170	)	$	(53,365	)	$	(27,244	)
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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