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OPERATING SEGMENT REPORTING | 3 Months Ended
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Mar. 31, 2018
OPERATING SEGMENT REPORTING |
OPERATING SEGMENT REPORTING | NOTE 12 OPERATING SEGMENT REPORTING McEwen Mining is a mining and minerals exploration company focused on precious metals in Argentina, Mexico, Canada, and the United States. The Company’s chief operating decisions maker (“CODM”) reviews the operating results, assesses performance and makes decisions about allocation of resources to these segments at the geographic region level or major mine/project where the economic characteristics of the individual mines or projects are not alike. As a result, these operating segments also represent the Company’s reportable segments. The Company’s business activities that are not considered operating segments and not provided to the CODM for review are included in Corporate and other and are provided in this note for reconciliation purposes. The CODM reviews segment (loss) income, defined as gold and silver sales less production costs applicable to sales, mine development costs, exploration costs, property holding costs and general and administrative expenses for all segments except for the MSC segment which is evaluated based on the attributable equity income. Gold and silver sales and production costs applicable to sales for the reportable segments are reported net of intercompany transactions. Significant information relating to the Company’s reportable operating segments is summarized in the tables below:
Three months ended March 31, 2018 |  | Mexico |  | MSC |  | Los Azules |  | USA |  |  | Canada |  | Total
Gold and silver sales |  | $ | 25,417 |  | $ | — |  | $ | — |  | $ | — |  | $ | 15,624 |  | $ | 41,041
Other revenue |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 244 |  |  | 244
Production costs applicable to sales |  |  | (13,608) |  |  | — |  |  | — |  |  | — |  |  | (12,786) |  |  | (26,394)
Mine development costs |  |  | (380) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (380)
Exploration costs |  |  | (971) |  |  | — |  |  | (3,207) |  |  | (2,000) |  |  | (5,276) |  |  | (11,454)
Property holding costs |  |  | (1,149) |  |  | — |  |  | (40) |  |  | (179) |  |  | (43) |  |  | (1,411)
General and administrative costs |  |  | (829) |  |  | — |  |  | (278) |  |  | (863) |  |  | (88) |  |  | (2,058)
Income (loss) from investment in Minera Santa Cruz S.A. (net of amortization) |  |  | — |  |  | (212) |  |  | — |  |  | — |  |  | — |  |  | (212)
Segment income (loss) |  | $ | 8,480 |  | $ | (212) |  | $ | (3,525) |  | $ | (3,042) |  | $ | (2,325) |  | $ | (624)
Corporate and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,129)
Revision of estimates and accretion of reclamation obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (294)
Depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (360)
Interest and other expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (134)
Loss on sale of marketable equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (734)
Unrealized fair value loss on marketable equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,137)
Unrealized loss on derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (864)
Foreign currency gain |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 927
Net loss before income and mining taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (6,349)
Three months ended March 31, 2017 |  | Mexico |  | MSC |  | Los Azules |  | USA |  | Canada |  | Total
Gold and silver sales |  | $ | 14,833 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 14,833
Production costs applicable to sales |  |  | (6,984) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6,984)
Mine development costs |  |  | (155) |  |  | — |  |  | — |  |  | (960) |  |  | — |  |  | (1,115)
Exploration costs |  |  | (1,539) |  |  | — |  |  | (6,301) |  |  | (484) |  |  | — |  |  | (8,324)
Property holding costs |  |  | (982) |  |  | — |  |  | (1) |  |  | (205) |  |  | — |  |  | (1,188)
General and administrative costs |  |  | (839) |  |  | — |  |  | (208) |  |  | (426) |  |  | — |  |  | (1,473)
Income (loss) from investment in Minera Santa Cruz S.A. (net of amortization) |  |  | — |  |  | 190 |  |  | — |  |  | — |  |  | — |  |  | 190
Segment income (loss) |  | $ | 4,334 |  | $ | 190 |  | $ | (6,510) |  | $ | (2,075) |  | $ | — |  | $ | (4,061)
Corporate and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other exploration costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (120)
General and administrative costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,820)
Depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (327)
Revision of estimates and accretion of reclamation obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (105)
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (68)
Gain on sale of assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11
Unrealized gain on derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,791
Foreign currency gain |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25
Net loss before income and mining taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (5,674)
Geographic information
|  | Long-lived Assets as at |  | Revenue(1)
|  | March 31, |  | December 31, |  | Three months ended March 31,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Canada |  | $ | 86,187 |  | $ | 85,179 |  | $ | 15,868 |  | $ | —
Mexico |  |  | 33,377 |  |  | 35,446 |  |  | 25,417 |  |  | 14,833
USA(2) |  |  | 52,467 |  |  | 43,086 |  |  | — |  |  | —
Argentina(3) |  |  | 336,491 |  |  | 341,554 |  |  | — |  |  | —
Total consolidated |  | $ | 508,522 |  | $ | 505,265 |  | $ | 41,285 |  | $ | 14,833
| (1) |  | Presented based on the location from which the product originated.
| (2) |  | The USA segment includes construction in progress of $14.8 million related to the Gold Bar mine construction. Of the $14.8 million, $8.8 million was incurred in the three months ended March 31, 2018. The balance of the construction in progress is expected to increase throughout the year 2018, until the Gold Bar mine is placed into operation.
| (3) |  | Includes Investment in MSC of $145 million as of March 31, 2018 (December 31, 2017 - $151.0 million).

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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