XML 16 R25.htm IDEA: XBRL DOCUMENT v3.2.0.727
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE (Tables)
 6 Months Ended
Jun. 30, 2015
INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE  
Schedule of change in the entity's investment in MSC

 

 

Six months ended

 

Year ended

 

 

 

June 30, 2015

 

December 31, 2014

 

 

 

(in thousands)

 

Investment in MSC, beginning balance

 

$
177,018

 

$
212,947

 

Attributable net (loss) income from MSC

 
(887

)
(2,597

)

Amortization of fair value increments

 
(6,088

)
(13,190

)

Income tax recovery

 
4,652

 
10,503

 

Dividends received

 
(548

)
(9,483

)

Impairment of investment in MSC

 

—

 
(21,162

)

 

 

 

 

 

 

Investment in MSC, ending balance

 

$
174,147

 

$
177,018

 

 

 

 

 

 

 

 

 

 

Summary of MSC's financial information from operations

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

 

 

(in thousands)

 

(in thousands)

 

Minera Santa Cruz S.A. (100%)

 

 

 

 

 

 

 

 

 

Net sales

 

$
49,858

 

$
53,234

 

$
95,749

 

$
110,123

 

Production costs applicable to sales

 
(41,310

)
(41,847

)
(78,173

)
(81,484

)

Net (loss) income

 
(3,042

)
(390

)
(1,810

)
5,792

 

 

 

 

 

 

 

 

 

 

 

Portion attributable to McEwen Mining Inc. (49%)

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$
(1,491

)

$
(191

)

$
(887

)

$
2,838

 

Amortization of fair value increments

 
(3,401

)
(3,429

)
(6,088

)
(6,130

)

Income tax recovery

 
2,240

 
1,182

 
4,652

 
7,883

 

 

 

 

 

 

 

 

 

 

 

(Loss) income on investment in MSC, net of amortization

 

$
(2,652

)

$
(2,438

)

$
(2,323

)

$
4,591