XML 26 R9.htm IDEA: XBRL DOCUMENT
v3.22.1

OPERATING SEGMENT REPORTING | 12 Months Ended
--- | ---
Dec. 31, 2021
OPERATING SEGMENT REPORTING |
OPERATING SEGMENT REPORTING | NOTE 3 OPERATING SEGMENT REPORTING McEwen Mining is a mining and minerals production and exploration company focused on precious metals in the United States, Canada, Mexico, and Argentina. The Company’s chief operating decision 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 within a geographic region 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 are included in General and Administrative and other and are provided in this note for reconciliation purposes. The CODM reviews segment income or loss, defined as gold and silver sales less production costs applicable to sales, depreciation and depletion, advanced projects, and exploration costs, for all segments except for the MSC segment which is evaluated based on the attributable equity income or loss pickup. Gold and silver sales and production costs applicable to sales for the reportable segments are reported net of intercompany transactions. Capital expenditures include costs capitalized in mineral property interests and plant and equipment in the respective periods. Significant information relating to the Company’s reportable operating segments for the periods presented is summarized in the tables below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended December 31, 2021 |  | USA |  | ​ | Canada | ​ | Mexico | ​ | MSC |  | Los Azules |  | Total
Revenue from gold and silver sales | ​ | $ | 79,205 | ​ | $ | 50,704 | ​ | $ | 6,632 | ​ | $ | — | ​ | $ | — | ​ | $ | 136,541
Production costs applicable to sales | ​ | ​ | (73,991) | ​ | ​ | (32,961) | ​ | ​ | (12,272) | ​ | ​ | — | ​ | ​ | — | ​ |  | (119,224)
Depreciation and depletion | ​ | ​ | (8,502) | ​ | ​ | (15,296) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (23,798)
Gross profit (loss) | ​ | ​ | (3,288) | ​ | ​ | 2,447 | ​ | ​ | (5,640) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (6,481)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Advanced projects | ​ | ​ | (440) | ​ | ​ | (2,635) | ​ | ​ | (4,345) | ​ | ​ | — | ​ | $ | (5,019) | ​ |  | (12,439)
Exploration | ​ | ​ | (5,875) | ​ | ​ | (15,017) | ​ | ​ | (14) | ​ | ​ | — | ​ | ​ | (1,698) | ​ |  | (22,604)
Impairment of mineral property interests and plant and equipment (Note 8) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Loss from investment in Minera Santa Cruz S.A. | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (7,533) | ​ | ​ | — | ​ |  | (7,533)
Other operating | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Segment loss | ​ | $ | (9,603) | ​ | $ | (15,205) | ​ | $ | (9,999) | ​ | $ | (7,533) | ​ | $ | (6,717) | ​ | $ | (49,056)
General and Administrative and other | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (15,143)
Loss before income and mining taxes | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | $ | (64,199)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 2,416 | ​ | $ | 33,617 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 36,033
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended December 31, 2020 |  | USA |  | Canada |  | Mexico |  | MSC |  | Los Azules |  | Total
Revenue from gold and silver sales | ​ | $ | 48,884 | ​ | $ | 41,452 | ​ | $ | 14,453 | ​ | $ | — | ​ | $ | — | ​ | $ | 104,789
Production costs applicable to sales | ​ | ​ | (58,465) | ​ | ​ | (34,639) | ​ | ​ | (15,723) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (108,827)
Depreciation and depletion | ​ | ​ | (11,785) | ​ | ​ | (10,883) | ​ | ​ | (242) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (22,910)
Gross (loss) profit | ​ | ​ | (21,366) | ​ | ​ | (4,070) | ​ | ​ | (1,512) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (26,948)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Advanced projects | ​ | ​ | (1,071) | ​ | ​ | (6,088) | ​ | ​ | (4,522) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (11,681)
Exploration | ​ | ​ | (6,777) | ​ | ​ | (6,450) | ​ | ​ | (513) | ​ | ​ | — | ​ | ​ | (2,121) | ​ | ​ | (15,861)
Impairment of mineral property interests and plant and equipment (Note 8) | ​ | ​ | (83,805) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (83,805)
Loss from investment in Minera Santa Cruz S.A. | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,517) | ​ | ​ | — | ​ | ​ | (1,517)
Other operating | ​ | ​ | (1,390) | ​ | ​ | (578) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,968)
Segment loss | ​ | $ | (114,409) | ​ | $ | (17,186) | ​ | $ | (6,547) | ​ | $ | (1,517) | ​ | $ | (2,121) | ​ | $ | (141,780)
General and Administrative and other | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (11,935)
Loss before income and mining taxes | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | $ | (153,715)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 4,821 | ​ | $ | 9,104 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 13,925
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended December 31, 2019 |  | USA |  | Canada |  | Mexico |  | MSC |  | Los Azules |  | Total
Revenue from gold and silver sales | ​ | $ | 43,847 | ​ | $ | 50,058 | ​ | $ | 23,114 | ​ | $ | — | ​ | $ | — | ​ | $ | 117,019
Production costs applicable to sales | ​ | ​ | (33,614) | ​ | ​ | (31,121) | ​ | ​ | (18,545) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (83,280)
Depreciation and depletion | ​ | ​ | (10,934) | ​ | ​ | (13,271) | ​ | ​ | (548) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (24,753)
Gross profit | ​ | ​ | (701) | ​ | ​ | 5,666 | ​ | ​ | 4,021 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8,986
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Advanced projects | ​ | ​ | (649) | ​ | ​ | (1,636) | ​ | ​ | (7,235) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (9,520)
Exploration | ​ | ​ | (8,554) | ​ | ​ | (25,779) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (3,411) | ​ | ​ | (37,744)
Loss from investment in Minera Santa Cruz S.A. | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (8,754) | ​ | ​ | — | ​ | ​ | (8,754)
Segment (loss) income | ​ | $ | (9,904) | ​ | $ | (21,749) | ​ | $ | (3,214) | ​ | $ | (8,754) | ​ | $ | (3,411) | ​ | $ | (47,032)
General and Administrative and other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (16,559)
Loss before income and mining taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (63,591)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 18,806 | ​ | $ | 11,464 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 30,270
​ Geographic information Geographic information includes the following long-lived assets balances and revenues presented for the Company’s operating segments: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Long-lived Assets | ​ | Revenue (1)
​ | ​ | December 31, | ​ | December 31, | ​ | Year ended December 31,
​ |  | 2021 |  | 2020 |  | 2021 | ​ | 2020 | ​ | 2019
USA | ​ | $ | 37,878 | ​ | $ | 46,801 | ​ | $ | 79,205 | ​ | $ | 48,884 | ​ | $ | 43,847
Canada | ​ | ​ | 93,294 | ​ | ​ | 78,986 | ​ | ​ | 50,704 | ​ | ​ | 41,452 | ​ | ​ | 50,058
Mexico | ​ | ​ | 26,561 | ​ | ​ | 20,021 | ​ | ​ | 6,632 | ​ | ​ | 14,453 | ​ | ​ | 23,114
Argentina (2) | ​ | ​ | 282,583 | ​ | ​ | 299,816 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total consolidated | ​ | $ | 440,316 | ​ | $ | 445,624 | ​ | $ | 136,541 | ​ | $ | 104,789 | ​ | $ | 117,019
(1) | Presented based on the location from which the product originated.
(2) | Includes Investment in MSC of $90.9 million as of December 31, 2021 (December 31, 2020 - $108.3 million).
(3) | Total excludes $0.4 million (December 31, 2020 - $0.6 million) related to the Company’s ROU office lease asset as the business activities related to corporate are not considered to be a part of the operating segments.
As gold and silver can be sold through numerous gold and silver market traders worldwide, the Company is not economically dependent on a limited number of customers for the sale of its product. In 2021, 2020 and 2019, sales to Bank of Nova Scotia and Asahi Refining Inc. were $nil and $134.7 million (98.8%), $33.0 million (32%) and $67.0 million (64%), and $103.6 million (89%) and $4.9 million (4%), respectively, of the total gold and silver sales.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration