|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| Cash flows (used in) from operating activities: |
|
|
|
| Cash paid to suppliers and employees |
$ (91,931) |
$ (87,061) |
$ (59,087) |
| Cash received from gold and silver sales |
45,982 |
5,557 |
|
| Investment in gold and silver bullion |
|
|
(31,299) |
| Proceeds from sale of gold and silver bullion |
1,467 |
23,836 |
11,739 |
| Dividend received from Minera Santa Cruz S.A. |
1,826 |
9,770 |
|
| Interest received |
262 |
228 |
94 |
| Cash used in operating activities |
(42,394) |
(47,670) |
(78,553) |
| Cash flows (used in) provided by investing activities: |
|
|
|
| Cash and short-term investments received from acquisition of Minera Andes Inc. |
|
36,337 |
|
| Short-term investments (net) |
|
3,933 |
(3,933) |
| Acquisition of mineral property interests |
(150) |
(712) |
(10,059) |
| Additions to property and equipment |
(4,306) |
(1,879) |
(7,973) |
| Proceeds from disposal of mineral property interests and property and equipment |
1,455 |
3,143 |
51 |
| Investment in marketable equity securities |
|
|
(284) |
| Proceeds from sale of marketable securities |
|
409 |
1,853 |
| Increase (decrease) in restricted investments securing reclamation obligations |
|
6 |
(413) |
| Cash (used in) provided by investing activities |
(3,001) |
41,237 |
(20,758) |
| Cash flows from financing activities: |
|
|
|
| Sale of common stock for cash, net of issuance costs |
|
60,419 |
105,415 |
| Exercise of stock options |
171 |
3,885 |
773 |
| Cash provided by financing activities |
171 |
64,304 |
106,188 |
| Effect of exchange rate change on cash and cash equivalents |
(1,376) |
(366) |
(279) |
| (Decrease) increase in cash and cash equivalents |
(46,600) |
57,505 |
6,598 |
| Cash and cash equivalents, beginning of period |
70,921 |
13,416 |
6,818 |
| Cash and cash equivalents, end of period |
24,321 |
70,921 |
13,416 |
| Reconciliation of net loss to cash used in operating activities: |
|
|
|
| Net loss |
(147,742) |
(66,654) |
(61,872) |
| Adjustments to reconcile net loss from operating activities: |
|
|
|
| Income on investment in Minera Santa Cruz S.A., net of amortization |
(846) |
(20,835) |
|
| Impairment of investment in Minera Santa Cruz S.A. |
95,878 |
|
|
| Impairment of mineral property interests and property and equipment |
62,963 |
18,468 |
|
| Loss (gain) on sale of assets |
6,743 |
(1,110) |
(36) |
| Loss (gain) on sale of marketable securities |
|
70 |
(19) |
| Recovery of income taxes |
(53,365) |
(27,244) |
(180) |
| (Gain) loss on litigation settlement |
(560) |
3,830 |
|
| Investment in gold and silver bullion |
|
|
(31,299) |
| Proceeds from sale of gold and silver bullion |
1,467 |
23,836 |
11,739 |
| Loss (gain) on sale of gold and silver bullion |
223 |
(3,075) |
(2,075) |
| Unrealized loss on silver bullion |
|
359 |
3,394 |
| Other-than-temporary impairment on marketable equity securities |
|
1,993 |
|
| Stock-based compensation |
1,382 |
3,405 |
2,671 |
| Accretion of asset retirement obligation |
461 |
447 |
524 |
| Depreciation |
942 |
1,033 |
577 |
| Amortization of mineral property interests and asset retirement obligations |
1,530 |
|
|
| Foreign exchange loss |
1,376 |
366 |
279 |
| Other operating adjustments and write-downs |
|
|
82 |
| Change in non-cash working capital items: |
|
|
|
| Increase in other assets related to operations |
(1,318) |
(2,175) |
(5,042) |
| Dividend receivable obtained from acquisition of Minera Andes Inc. |
|
9,363 |
|
| Increase in liabilities related to operations |
(11,528) |
10,253 |
2,704 |
| Cash used in operating activities |
$ (42,394) |
$ (47,670) |
$ (78,553) |