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