XML 67 R9.htm IDEA: XBRL DOCUMENT
v3.24.0.1

OPERATING SEGMENT REPORTING | 12 Months Ended
--- | ---
Dec. 31, 2023
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 and base 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 McEwen Copper and MSC segments which are 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, 2023 |  | USA |  | ​ | Canada | ​ | Mexico | ​ | MSC |  | McEwen Copper (1) | ​ | Total
Revenue from gold and silver sales | ​ | $ | 83,409 | ​ | $ | 81,295 | ​ | $ | 1,527 | ​ | $ | — | ​ | $ | — | ​ | $ | 166,231
Production costs applicable to sales | ​ | ​ | (67,335) | ​ | ​ | (51,895) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ |  | (119,230)
Depreciation and depletion | ​ | ​ | (7,130) | ​ | ​ | (22,091) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (29,221)
Gross profit | ​ | ​ | 8,944 | ​ | ​ | 7,309 | ​ | ​ | 1,527 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 17,780
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Advanced projects | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (6,292) | ​ | ​ | — | ​ | ​ | (76,345) | ​ |  | (82,637)
Exploration | ​ | ​ | (6,225) | ​ | ​ | (13,556) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (386) | ​ |  | (20,167)
Income (loss) from equity investments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 62 | ​ | ​ | (57,821) | ​ |  | (57,759)
Segment loss | ​ | $ | 2,719 | ​ | $ | (6,247) | ​ | $ | (4,765) | ​ | $ | 62 | ​ | $ | (134,552) | ​ | $ | (142,783)
Gain on deconsolidation of McEwen Copper Inc. | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 222,157
General and administrative and other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (12,338)
Income before income and mining taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 67,036
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 9,028 | ​ | $ | 9,131 | ​ | $ | 1,258 | ​ | $ | — | ​ | $ | 6,781 | ​ | $ | 26,198
(1) | Includes the consolidated results for McEwen Copper for the period from January 1, 2023 to October 10, 2023 and the loss from the equity accounted investment for the period from October 11, 2023 to December 31, 2023.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended December 31, 2022 |  | USA |  | Canada |  | Mexico |  | MSC |  | McEwen Copper | ​ | Total
Revenue from gold and silver sales | ​ | $ | 47,926 | ​ | $ | 60,848 | ​ | $ | 1,643 | ​ | $ | — | ​ | $ | — | ​ | $ | 110,417
Production costs applicable to sales | ​ | ​ | (43,500) | ​ | ​ | (36,845) | ​ | ​ | (10,915) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (91,260)
Depreciation and depletion | ​ | ​ | (4,737) | ​ | ​ | (14,964) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (19,701)
Gross (loss) profit | ​ | ​ | (311) | ​ | ​ | 9,039 | ​ | ​ | (9,272) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (544)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Advanced projects | ​ | ​ | (52) | ​ | ​ | (1,206) | ​ | ​ | (4,322) | ​ | ​ | — | ​ | ​ | (61,148) | ​ | ​ | (66,728)
Exploration | ​ | ​ | (4,828) | ​ | ​ | (9,443) | ​ | ​ | (2) | ​ | ​ | — | ​ | ​ | (700) | ​ | ​ | (14,973)
Income from equity investments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,776 | ​ | ​ | — | ​ | ​ | 2,776
Segment (loss) income | ​ | $ | (5,191) | ​ | $ | (1,610) | ​ | $ | (13,596) | ​ | $ | 2,776 | ​ | $ | (61,848) | ​ | $ | (79,469)
General and administrative and other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (819)
Loss before income and mining taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (80,288)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 5,374 | ​ | $ | 15,317 | ​ | $ | 2,800 | ​ | $ | — | ​ | $ | 2,743 | ​ | $ | 26,234
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended December 31, 2021 |  | USA |  | Canada |  | Mexico |  | MSC |  | McEwen Copper | ​ | Total
Revenue from gold and silver sales | ​ | $ | 79,205 | ​ | $ | 50,704 | ​ | $ | 6,632 | ​ | $ | — | ​ | $ | — | ​ | $ | 136,541
Production costs applicable to sales | ​ | ​ | (73,990) | ​ | ​ | (32,961) | ​ | ​ | (12,272) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (119,223)
Depreciation and depletion | ​ | ​ | (8,502) | ​ | ​ | (15,296) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (23,798)
Gross (loss) profit | ​ | ​ | (3,287) | ​ | ​ | 2,447 | ​ | ​ | (5,640) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (6,480)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Advanced projects | ​ | ​ | (440) | ​ | ​ | (2,635) | ​ | ​ | (4,345) | ​ | ​ | — | ​ | ​ | (5,019) | ​ | ​ | (12,439)
Exploration | ​ | ​ | (5,875) | ​ | ​ | (15,017) | ​ | ​ | (14) | ​ | ​ | — | ​ | ​ | (1,698) | ​ | ​ | (22,604)
Loss from equity investments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (7,533) | ​ | ​ | — | ​ | ​ | (7,533)
Segment loss | ​ | $ | (9,602) | ​ | $ | (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
​ Geographic Information Geographic information includes the following long-lived assets balances and revenues presented for the Company’s operating segments: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Non-current Assets | ​ | ​ | Revenue (1)
​ | ​ | December 31, | ​ | December 31, | ​ | ​ | Year ended December 31,
​ |  | 2023 |  | 2022 |  |  | 2023 | ​ | 2022 | ​ | 2021
USA | ​ | $ | 71,234 | ​ | $ | 70,577 | ​ | ​ | $ | 83,409 | ​ | $ | 47,926 | ​ | $ | 79,205
Canada | ​ | ​ | 83,674 | ​ | ​ | 91,552 | ​ | ​ | ​ | 81,295 | ​ | ​ | 60,848 | ​ | ​ | 50,704
Mexico | ​ | ​ | 30,304 | ​ | ​ | 29,219 | ​ | ​ | ​ | 1,527 | ​ | ​ | 1,643 | ​ | ​ | 6,632
Argentina (2), (3) | ​ | ​ | 419,366 | ​ | ​ | 255,718 | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total Consolidated | ​ | $ | 604,578 | ​ | $ | 447,066 | ​ | ​ | $ | 166,231 | ​ | $ | 110,417 | ​ | $ | 136,541
(1) | Presented based on the location from which the product originated.
(2) | Includes Investment in MSC of $93.2 million as of December 31, 2023 (December 31, 2022 - $93.5 million).
(3) | Includes Investment in McEwen Copper of $326.1 million as of December 31, 2023 (December 31, 2022 - $nil).
​ As gold and silver can be sold through numerous gold and silver markets worldwide, the Company is not economically dependent on a limited number of customers for the sale of its product. The following is a summary of revenue from gold and silver sales for significant customers for the years ended December 31, 2023, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ |  | 2023 | ​ | ​ | 2022 | ​ | ​ | 2021
Auramet International LLC (“Auramet”) | $ | 136,911 | ​ | $ | 50,580 | ​ | $ | —
Asahi Refining Inc. | ​ | 24,639 | ​ | ​ | 57,835 | ​ | ​ | 134,395
Other | ​ | 4,681 | ​ | ​ | 2,002 | ​ | ​ | 2,146
Revenue from gold and silver sales | $ | 166,231 | ​ | $ | 110,417 | ​ | $ | 136,541
​

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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration