| Summary of MSC's financial information from operations |
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Year Ended
December 31, 2013 |
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Period ended
December 31, 2012 |
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(in thousands)
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Minera Santa Cruz S.A. (100%) |
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Sales |
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$ |
240,723 |
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$ |
290,848 |
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Production costs applicable to sales |
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(190,281 |
) |
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(155,915 |
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Income from operations before extraordinary items |
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4,338 |
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51,634 |
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Net income |
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4,338 |
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51,634 |
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Portion attributable to McEwen Mining Inc. (49%) |
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Net income on investment in MSC |
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$ |
2,126 |
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$ |
25,301 |
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Amortization of fair value increments |
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(1,280 |
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(4,466 |
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Income on investment in MSC, net of amortization |
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$ |
846 |
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$ |
20,835 |
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| Schedule of change in the entity's investment in MSC |
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2013 |
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2012 |
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(in thousands)
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Investment in MSC, beginning of the year |
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$ |
273,948 |
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$ |
— |
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Fair value of investment in MSC from acquisition of Minera Andes |
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— |
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262,883 |
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Income from equity investment |
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2,126 |
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25,301 |
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Amortization of fair value increments |
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(1,280 |
) |
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(4,466 |
) |
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Dividend distribution |
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(1,826 |
) |
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(9,770 |
) |
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Impairment of investment in MSC |
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(95,878 |
) |
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— |
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Contribution of Santa Cruz exploration properties, net of tax |
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35,857 |
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— |
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Investment in MSC, end of the year |
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$ |
212,947 |
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$ |
273,948 |
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