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INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE (Tables)
 3 Months Ended
Mar. 31, 2015
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE  
Schedule of change in the entity's investment in MSC

 

 

Three months ended

 

Year ended

 

 

 

March 31, 2015

 

December 31, 2014

 

 

 

(in thousands)

 

Investment in MSC, beginning balance

 

$
177,018

 

$
212,947

 

Attributable net income (loss) from MSC

 
604

 
(2,597

)

Amortization of fair value increments

 
(2,687

)
(13,190

)

Income tax recovery

 
2,412

 
10,503

 

Dividend distribution received

 

—

 
(9,483

)

Impairment of investment in MSC

 

—

 
(21,162

)

Investment in MSC, ending balance

 

$
177,347

 

$
177,018

 

 

Summary of MSC's financial information from operations

 

 

Three months ended March 31,

 

 

 

2015

 

2014

 

 

 

(in thousands)

 

Minera Santa Cruz S.A. (100%)

 

 

 

 

 

Net sales

 

$
45,891

 

$
56,889

 

Production costs applicable to sales

 
(36,863

)
(39,637

)

Net income

 
1,232

 
6,182

 

 

 

 

 

 

 

Portion attributable to McEwen Mining Inc. (49%)

 

 

 

 

 

Net income on investment in MSC

 

$
604

 

$
3,029

 

Amortization of fair value increments

 
(2,687

)
(2,701

)

Income tax recovery

 
2,412

 
6,701

 

Income from investment in MSC, net of amortization

 

$
329

 

$
7,029