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INVESTMENT IN MSC - SAN JOSE MINE (Tables) | 12 Months Ended
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Dec. 31, 2022
INVESTMENT IN MSC - SAN JOSE MINE |
Summary of MSC's financial information from operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, | ​
​ | ​ | 2022 | ​ | 2021 | ​ | ​ | 2020 |
Minera Santa Cruz S.A. (100%) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue from gold and silver sales | ​ | $ | 254,698 | ​ | $ | 271,863 | ​ | $ | 219,020 | ​
Production costs applicable to sales | ​ | ​ | (182,195) | ​ | ​ | (196,033) | ​ | ​ | (138,182) | ​
Depreciation and depletion | ​ | ​ | (32,200) | ​ | ​ | (39,948) | ​ | ​ | (29,809) | ​
Gross profit | ​ | ​ | 40,303 | ​ | ​ | 35,882 | ​ | ​ | 51,029 | ​
Exploration | ​ | ​ | (8,946) | ​ | ​ | (10,602) | ​ | ​ | (10,446) | ​
Other expenses(1) | ​ | ​ | (19,715) | ​ | ​ | (17,077) | ​ | ​ | (30,515) | ​
Net income before tax | ​ | $ | 11,642 | ​ | $ | 8,203 | ​ | $ | 10,068 | ​
Current and deferred tax recovery (expense) | ​ | ​ | 1,221 | ​ | ​ | (7,934) | ​ | ​ | (4,466) | ​
Net income | ​ | $ | 12,863 | ​ | $ | 269 | ​ | $ | 5,602 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Portion attributable to McEwen Mining Inc. (49%) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 6,303 | ​ | $ | 132 | ​ | $ | 2,745 | ​
Amortization of fair value increments | ​ |  | (4,155) | ​ |  | (8,331) | ​ |  | (5,390) | ​
Income tax recovery | ​ | ​ | 628 | ​ | ​ | 666 | ​ | ​ | 1,128 | ​
Income (loss) from investment in MSC, net of amortization | ​ | $ | 2,776 | ​ | $ | (7,533) | ​ | $ | (1,517) | ​
(1) | Other expenses include foreign exchange, accretion of asset retirement obligations and other finance related expenses.
Schedule of change in the entity's investment in MSC | Changes in the Company’s investment in MSC for the year ended December 31, 2022 and 2021 is as follows:
​ | ​ | ​ | ​ | ​ | ​
​ | December 31, 2022 |  | December 31, 2021
Investment in MSC, beginning of period | $ | 90,961 | ​ | $ | 108,326
Attributable net income from MSC | ​ | 6,303 | ​ | ​ | 132
Amortization of fair value increments |  | (4,155) | ​ |  | (8,331)
Income tax recovery | ​ | 628 | ​ | ​ | 666
Dividend distribution received |  | (286) | ​ |  | (9,832)
Investment in MSC, end of period | $ | 93,451 | ​ | $ | 90,961
​
Summary of key assets and liabilities, before and after adjustments to fair value | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As at December 31, 2022 | ​ | Balance excluding FV increments | ​ | Adjustments | ​ | Balance including FV increments
Current assets | ​ | $ | 98,956 | ​ | $ | 1,103 | ​ | $ | 100,059
Total assets | ​ | $ | 204,671 | ​ | $ | 81,434 | ​ | $ | 286,105
Current liabilities | ​ | $ | (60,584) | ​ | $ | — | ​ | $ | (60,584)
Total liabilities | ​ | $ | (82,185) | ​ | $ | (1,295) | ​ | $ | (83,480)
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As at December 31, 2021 | ​ | Balance excluding FV increments | ​ | Adjustments | ​ | Balance including FV increments
Current assets | ​ | $ | 89,876 | ​ | $ | 469 | ​ | $ | 90,345
Total assets | ​ | $ | 180,302 | ​ | $ | 89,975 | ​ | $ | 270,277
Current liabilities | ​ | $ | (51,244) | ​ | $ | — | ​ | $ | (51,244)
Total liabilities | ​ | $ | (82,075) | ​ | $ | (2,577) | ​ | $ | (84,652)

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