XML 48 R13.htm IDEA: XBRL DOCUMENT v3.3.0.814

SHORT-TERM BANK INDEBTEDNESS	9 Months Ended
	Sep. 30, 2015
SHORT-TERM BANK INDEBTEDNESS
SHORT-TERM BANK INDEBTEDNESS	NOTE 6   SHORT-TERM BANK INDEBTEDNESS On May 29, 2015, Compañía Minera Pangea (“CMP”), a wholly-owned subsidiary of the Company, finalized a line of credit agreement with Banco Nacional de Comercio Exterior (“Banco Nacional”), for an amount up to 90,000,000 Mexican pesos (approximately $5.9 million as of May 29, 2015), which is secured by CMP’s VAT receivable balance.  The applicable interest rate is equal to: (i) two and one-half percent (2.5%) per annum plus (ii) the 91 day Interbank Equilibrium Interest Rate (“TIIE”) rate, as published by the Bank of Mexico, payable quarterly. As of September 30, 2015, the 91 day TIIE rate was 3.31%.  Interest payments are due quarterly and a final payment of all principal and any accrued interest is due twenty-four (24) months following the date of the first withdrawal. CMP is permitted to prepay any amounts owed without penalty.  Upon signing the agreement, CMP paid a 1% commission on the total value of the simple credit agreement to Banco Nacional.  On June 1, 2015, CMP drew down the entire 90,000,000 Mexican pesos, equivalent to $5.8 million as of September 30, 2015 from the line of credit, and realized a foreign exchange gain of approximately $0.1 million during the period.  During the three months ended September 30, 2015, CMP collected 3,045,190 Mexican pesos (equivalent to $0.2 million as of September 30, 2015) of VAT receivable, from which 454,111 Mexican pesos were applied against the accrued interest and the remaining 2,591,079 Mexican pesos (approximately $0.2 million as of September 30, 2015) were applied against the principal.  The Company has guaranteed CMP’s obligations under the line of credit.

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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



-Publisher FASB



-Name Accounting Standards Codification



-Topic 505



-SubTopic 10



-Section 50



-Paragraph 3



-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644



Reference 2: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 210



-SubTopic 10



-Section S99



-Paragraph 1



-Subparagraph (SX 210.5-02.19,20,22)



-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682



Reference 3: http://www.xbrl.org/2003/role/presentationRef



-Publisher SEC



-Name Regulation S-X (SX)



-Number 210



-Section 02



-Paragraph 19, 20, 22



-Article 5

+ Details

Name:	us-gaap_DebtDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration