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INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE (Tables)

9 Months Ended

Sep. 30, 2019

INVESTMENT IN MINERA SANTA CRUZ S.A. ("MSC") - SAN JOSE MINE

Summary of MSC's financial information from operations


		Three months ended September 30,						Nine months ended September 30,
		2019			2018			2019			2018
Minera Santa Cruz S.A. (100%)
Revenue from gold and silver sales		$	70,908		$	47,814		$	179,708		$	150,748
Production costs applicable to sales			(51,238)			(48,193)			(140,474)			(135,007)
Other operating expenses			(8,221)			(5,164)			(27,064)			(12,776)
Other expenses			(5,298)			(4,106)			(8,596)			(12,360)
Net income (loss) before tax		$	6,151		$	(9,649)		$	3,574		$	(9,395)
Current and deferred tax expense			(4,512)			(889)			(8,350)			(7,965)
Net income (loss)		$	1,639		$	(10,538)		$	(4,776)		$	(17,360)

Portion attributable to McEwen Mining Inc. (49%)
Net income (loss)		$	803		$	(5,164)		$	(2,339)		$	(8,506)
Amortization of fair value increments			(2,551)			(2,537)			(6,923)			(7,135)
Income tax recovery			1,420			2,728			2,487			8,191
Loss from investment in MSC, net of amortization		$	(328)		$	(4,973)		$	(6,775)		$	(7,450)

Schedule of change in the entity's investment in MSC


		September 30, 2019			December 31, 2018
Investment in MSC, beginning of period		$	127,814		$	150,064
Attributable net loss from MSC			(2,339)			(10,065)
Amortization of fair value increments			(6,923)			(9,730)
Income tax recovery			2,487			7,930
Dividend distribution received			(4,045)			(10,385)
Investment in MSC, end of period		$	116,994		$	127,814

Summary of key assets and liabilities, before and after adjustments to fair value


As at September 30, 2019		Balance excluding FV increments			Adjustments			Balance including FV increments
Current assets		$	72,664		$	113		$	72,777
Total assets			185,522			124,112			309,634

Current liabilities		$	(45,881)		$	10,114		$	(35,767)
Total liabilities			(74,128)			3,257			(70,871)