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10-Q Filing

MCEWEN INC. CIK: 314203 Q1 2013
Filing Information
Form Type 10-Q
Accession Number 0001104659-13-038912
Period End Date 20130331
Filing Date 20130508
Fiscal Year 2013
Fiscal Period Q1
XBRL Instance mux-20130331.xml
Filing Contents
Balance Sheet 67 line items
Line Item Tag Value Unit Period
Gold and silver bullion, market value (in dollars) GoldBullionInvestmentsMarketValue $2.06M USD Point-in-time
Gold and silver bullion, market value (in dollars) GoldBullionInvestmentsMarketValue $1.98M USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare - USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare - USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $45.12M USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 500.00M shares Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 500.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $13.42M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $41.13M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $70.92M USD Point-in-time
Investment in gold and silver bullion (market value - 2013 - $1,983; 2012 - $2,062) InvestmentInPhysicalCommodities $1.69M USD Point-in-time
Investment in gold and silver bullion (market value - 2013 - $1,983; 2012 - $2,062) InvestmentInPhysicalCommodities $1.69M USD Point-in-time
Common, shares issued CommonStockSharesIssued 212.65M shares Point-in-time
Common, shares issued CommonStockSharesIssued 215.34M shares Point-in-time
Common, shares outstanding CommonStockSharesOutstanding 215.34M shares Point-in-time
IVA taxes receivable ValueAddedTaxReceivableCurrent $7.89M USD Point-in-time
IVA taxes receivable ValueAddedTaxReceivableCurrent $9.15M USD Point-in-time
Common, shares outstanding CommonStockSharesOutstanding 212.65M shares Point-in-time
Inventories - note 3 InventoryNet $7.26M USD Point-in-time
Exchangeable, shares issued ExchangeableCommonStockSharesIssued 83.38M shares Point-in-time
Inventories - note 3 InventoryNet $6.69M USD Point-in-time
Exchangeable, shares issued ExchangeableCommonStockSharesIssued 81.75M shares Point-in-time
Other current assets OtherAssetsCurrent $5.29M USD Point-in-time
Exchangeable, shares outstanding ExchangeableCommonStockSharesOutstanding 83.38M shares Point-in-time
Exchangeable, shares outstanding ExchangeableCommonStockSharesOutstanding 81.75M shares Point-in-time
Other current assets OtherAssetsCurrent $2.90M USD Point-in-time
Total current assets AssetsCurrent $66.68M USD Point-in-time
Total current assets AssetsCurrent $91.92M USD Point-in-time
Mineral property interests - note 4 MineralPropertyInterestsNet $767.07M USD Point-in-time
Mineral property interests - note 4 MineralPropertyInterestsNet $766.67M USD Point-in-time
Restrictive time deposits for reclamation bonding - note 4 RestrictedCashAndInvestmentsNoncurrent $5.18M USD Point-in-time
Restrictive time deposits for reclamation bonding - note 4 RestrictedCashAndInvestmentsNoncurrent $5.18M USD Point-in-time
Investment in Minera Santa Cruz S.A. - note 5 InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $273.71M USD Point-in-time
Investment in Minera Santa Cruz S.A. - note 5 InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $273.95M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $12.66M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $12.77M USD Point-in-time
Other assets OtherAssetsNoncurrent $54.00K USD Point-in-time
Other assets OtherAssetsNoncurrent $54.00K USD Point-in-time
TOTAL ASSETS Assets $1.15B USD Point-in-time
TOTAL ASSETS Assets $1.12B USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrent $12.64M USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrent $21.23M USD Point-in-time
Litigation settlement liability LitigationReserveCurrent $3.83M USD Point-in-time
Current portion of asset retirement obligation - note 4 AssetRetirementObligationCurrent $130.00K USD Point-in-time
Current portion of asset retirement obligation - note 4 AssetRetirementObligationCurrent $1.27M USD Point-in-time
Total current liabilities LiabilitiesCurrent $13.92M USD Point-in-time
Total current liabilities LiabilitiesCurrent $25.20M USD Point-in-time
Asset retirement obligation, less current portion - note 4 AssetRetirementObligationsNoncurrent $6.23M USD Point-in-time
Asset retirement obligation, less current portion - note 4 AssetRetirementObligationsNoncurrent $5.20M USD Point-in-time
Deferred income tax liability - note 2 DeferredTaxLiabilitiesNoncurrent $229.52M USD Point-in-time
Deferred income tax liability - note 2 DeferredTaxLiabilitiesNoncurrent $223.06M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $400.00K USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $400.00K USD Point-in-time
Total liabilities Liabilities $261.35M USD Point-in-time
Total liabilities Liabilities $242.58M USD Point-in-time
Common stock, no par value, 500,000 shares authorized; Common: 215,337 shares as of March 31, 2013 and 212,646 shares as of December 31, 2012 issued and outstanding Exchangeable: 81,749 shares as of March 31, 2013 and 83,379 shares as of December 31, 2012 issued and outstanding CommonStockValue $1.35B USD Point-in-time
Common stock, no par value, 500,000 shares authorized; Common: 215,337 shares as of March 31, 2013 and 212,646 shares as of December 31, 2012 issued and outstanding Exchangeable: 81,749 shares as of March 31, 2013 and 83,379 shares as of December 31, 2012 issued and outstanding CommonStockValue $1.35B USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-470.87M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-459.89M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $-294.00K USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $-294.00K USD Point-in-time
Total shareholders' equity StockholdersEquity $219.30M USD Point-in-time
Total shareholders' equity StockholdersEquity $889.59M USD Point-in-time
Total shareholders' equity StockholdersEquity $873.74M USD Point-in-time
Total shareholders' equity StockholdersEquity $882.39M USD Point-in-time
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY LiabilitiesAndStockholdersEquity $1.15B USD Point-in-time
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY LiabilitiesAndStockholdersEquity $1.12B USD Point-in-time
Income Statement 46 line items
Line Item Tag Value Unit Period
Gold and silver sales RevenueMineralSales $13.50M USD 1 Quarter
(Loss) income on investment in Minera Santa Cruz S.A., net of amortization - note 5 IncomeLossFromEquityMethodInvestments $-237.00K USD 1 Quarter
(Loss) income on investment in Minera Santa Cruz S.A., net of amortization - note 5 IncomeLossFromEquityMethodInvestments $3.05M USD 1 Quarter
Total Revenue Revenues $3.05M USD 1 Quarter
Total Revenue Revenues $13.26M USD 1 Quarter
Production costs applicable to sales CostOfGoodsSold $10.59M USD 1 Quarter
Mine construction costs OtherConstructionCosts $4.36M USD 1 Quarter
Mine development costs ConstructionAndDevelopmentCosts $471.00K USD 1 Quarter
Exploration costs ExplorationExpenseMining $14.60M USD 1 Quarter
Exploration costs ExplorationExpenseMining $11.78M USD 1 Quarter
Property holding costs CostOfPropertyRepairsAndMaintenance $1.57M USD 1 Quarter
Property holding costs CostOfPropertyRepairsAndMaintenance $1.38M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $4.19M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $4.73M USD 1 Quarter
Acquisition costs BusinessCombinationAcquisitionRelatedCosts $1.40M USD 1 Quarter
Accretion of asset retirement obligation AssetRetirementObligationAccretionExpense $113.00K USD 1 Quarter
Accretion of asset retirement obligation AssetRetirementObligationAccretionExpense $447.00K USD Annual
Accretion of asset retirement obligation AssetRetirementObligationAccretionExpense $112.00K USD 1 Quarter
Depreciation DepreciationDepletionAndAmortization $282.00K USD 1 Quarter
Depreciation DepreciationDepletionAndAmortization $221.00K USD 1 Quarter
Gain on sale of assets GainLossOnSaleOfPropertyPlantEquipment $2.00K USD 1 Quarter
Total costs and expenses CostsAndExpenses $24.17M USD 1 Quarter
Total costs and expenses CostsAndExpenses $31.63M USD 1 Quarter
Operating loss OperatingIncomeLoss $-21.12M USD 1 Quarter
Operating loss OperatingIncomeLoss $-18.37M USD 1 Quarter
Interest income InvestmentIncomeInterest $71.00K USD 1 Quarter
Interest income InvestmentIncomeInterest $125.00K USD 1 Quarter
Gain on litigation settlement IncreaseDecreaseInFairValueOfUnhedgedDerivativeInstruments $560.00K USD 1 Quarter
Gain on sale of gold and silver bullion GainLossOnSaleOfInvestments $1.41M USD 1 Quarter
Foreign currency gain (loss) ForeignCurrencyTransactionGainLossBeforeTax $-33.00K USD 1 Quarter
Foreign currency gain (loss) ForeignCurrencyTransactionGainLossBeforeTax $291.00K USD 1 Quarter
Total other income NonoperatingIncomeExpense $1.50M USD 1 Quarter
Total other income NonoperatingIncomeExpense $922.00K USD 1 Quarter
Loss before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $-19.62M USD 1 Quarter
Loss before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $-17.45M USD 1 Quarter
Recovery of income taxes IncomeTaxExpenseBenefit $-2.27M USD 1 Quarter
Recovery of income taxes IncomeTaxExpenseBenefit $-6.46M USD 1 Quarter
Net loss NetIncomeLossAvailableToCommonStockholdersBasic $-10.98M USD 1 Quarter
Net loss NetIncomeLossAvailableToCommonStockholdersBasic $-17.35M USD 1 Quarter
Unrealized loss on available-for-sale securities, net of taxes OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $-376.00K USD 1 Quarter
Comprehensive loss ComprehensiveIncomeNetOfTax $-17.73M USD 1 Quarter
Comprehensive loss ComprehensiveIncomeNetOfTax $-10.98M USD 1 Quarter
Net loss - basic and diluted (in dollars per share) EarningsPerShareBasicAndDiluted $-0.07 USD 1 Quarter
Net loss - basic and diluted (in dollars per share) EarningsPerShareBasicAndDiluted $-0.04 USD 1 Quarter
- basic and diluted (in shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 296.78M shares 1 Quarter
- basic and diluted (in shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 233.99M shares 1 Quarter
Cash Flow Statement 59 line items
Line Item Tag Value Unit Period
Cash paid to suppliers and employees PaymentsToSuppliersAndEmployees $16.51M USD 1 Quarter
Cash paid to suppliers and employees PaymentsToSuppliersAndEmployees $38.19M USD 1 Quarter
Cash received from gold and silver sales ProceedsFromCustomers $13.13M USD 1 Quarter
Interest received ProceedsFromInterestReceived $71.00K USD 1 Quarter
Interest received ProceedsFromInterestReceived $125.00K USD 1 Quarter
Cash used in operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $-24.99M USD 1 Quarter
Cash used in operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $-16.39M USD 1 Quarter
Cash and short-term investments received from acquisition of Minera Andes Inc. CashAcquiredFromAcquisition $36.34M USD 1 Quarter
Short-term investments (net) ProceedsFromSaleOfShortTermInvestments $838.00K USD 1 Quarter
Acquisition of mineral property interests PaymentsToAcquireMiningAssets $150.00K USD 1 Quarter
Acquisition of mineral property interests PaymentsToAcquireMiningAssets $392.00K USD 1 Quarter
Additions to property and equipment PaymentsToAcquirePropertyPlantAndEquipment $175.00K USD 1 Quarter
Additions to property and equipment PaymentsToAcquirePropertyPlantAndEquipment $1.27M USD 1 Quarter
Proceeds from disposal of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $2.00K USD 1 Quarter
Proceeds from sale of gold and silver bullion ProceedsFromSaleOfOtherInvestments $6.30M USD 1 Quarter
Cash (used in) provided by investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $41.81M USD 1 Quarter
Cash (used in) provided by investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-325.00K USD 1 Quarter
Exercise of stock options ProceedsFromStockOptionsExercised $34.00K USD 1 Quarter
Exercise of stock options ProceedsFromStockOptionsExercised $2.52M USD 1 Quarter
Cash provided by financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $34.00K USD 1 Quarter
Cash provided by financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $2.52M USD 1 Quarter
Effect of exchange rate change on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations $-218.00K USD 1 Quarter
Effect of exchange rate change on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations $-514.00K USD 1 Quarter
(Decrease) increase in cash and cash equivalents NetCashProvidedByUsedInContinuingOperations $-25.80M USD 1 Quarter
(Decrease) increase in cash and cash equivalents NetCashProvidedByUsedInContinuingOperations $27.72M USD 1 Quarter
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $45.12M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $13.42M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $41.13M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $70.92M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $45.12M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $13.42M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $41.13M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $70.92M USD Point-in-time
Net loss NetIncomeLossAvailableToCommonStockholdersBasic $-10.98M USD 1 Quarter
Net loss NetIncomeLossAvailableToCommonStockholdersBasic $-17.35M USD 1 Quarter
Loss (income) on investment in Minera Santa Cruz S.A. (net of amortization) IncomeLossFromEquityMethodInvestments $-237.00K USD 1 Quarter
Loss (income) on investment in Minera Santa Cruz S.A. (net of amortization) IncomeLossFromEquityMethodInvestments $3.05M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-6.46M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-2.27M USD 1 Quarter
Gain on litigation settlement GainOnLitigationSettlement $560.00K USD 1 Quarter
Gain on sale of gold and silver bullion GainLossOnSaleOfInvestments $1.41M USD 1 Quarter
Gain on sale of assets GainLossOnSaleOfPropertyPlantEquipment $2.00K USD 1 Quarter
Stock-based compensation StockOptionPlanExpense $378.00K USD 1 Quarter
Stock-based compensation StockOptionPlanExpense $1.57M USD 1 Quarter
Accretion of asset retirement obligation AssetRetirementObligationAccretionExpense $113.00K USD 1 Quarter
Accretion of asset retirement obligation AssetRetirementObligationAccretionExpense $447.00K USD Annual
Accretion of asset retirement obligation AssetRetirementObligationAccretionExpense $112.00K USD 1 Quarter
Depreciation DepreciationDepletionAndAmortization $282.00K USD 1 Quarter
Depreciation DepreciationDepletionAndAmortization $221.00K USD 1 Quarter
Amortization of mineral property interests and asset retirement obligations MineralPropertyInterestsAndAssetRetirementObligationsAmortization $669.00K USD 1 Quarter
Foreign exchange loss ForeignCurrencyTransactionGainLossUnrealized $-218.00K USD 1 Quarter
Foreign exchange loss ForeignCurrencyTransactionGainLossUnrealized $-514.00K USD 1 Quarter
Increase in other assets related to operations IncreaseDecreaseInOtherOperatingAssets $561.00K USD 1 Quarter
Increase in other assets related to operations IncreaseDecreaseInOtherOperatingAssets $2.02M USD 1 Quarter
Dividend receivable obtained from acquisition of Minera Andes Inc. NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1 $9.36M USD 1 Quarter
Decrease in liabilities related to operations IncreaseDecreaseInOperatingLiabilities $-1.77M USD 1 Quarter
Decrease in liabilities related to operations IncreaseDecreaseInOperatingLiabilities $-8.62M USD 1 Quarter
Cash used in operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $-24.99M USD 1 Quarter
Cash used in operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $-16.39M USD 1 Quarter
Stockholders Equity 24 line items
Line Item Tag Value Unit Period
Balance StockholdersEquity $219.30M USD Point-in-time
Balance StockholdersEquity $889.59M USD Point-in-time
Balance StockholdersEquity $873.74M USD Point-in-time
Balance StockholdersEquity $882.39M USD Point-in-time
Stock-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $378.00K USD 1 Quarter
Stock-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $1.57M USD 1 Quarter
Issuance of exchangeable shares to acquire Minera Andes Inc. ExchangeableStockIssuedDuringPeriodValueAcquisitions $664.67M USD 1 Quarter
Assumption of stock options in connection with the acquisition of Minera Andes Inc. StockIssuedDuringPeriodValueStockOptionsAssumedInAcquisitionOfBusiness $3.17M USD 1 Quarter
Exercise of stock options StockIssuedDuringPeriodValueStockOptionsExercised $34.00K USD 1 Quarter
Exercise of stock options StockIssuedDuringPeriodValueStockOptionsExercised $15.00K USD 1 Quarter
Exercise of stock options (in shares) StockIssuedDuringPeriodSharesStockOptionsExercised 20,000.00 shares 1 Quarter
Exercise of stock options (in shares) StockIssuedDuringPeriodSharesStockOptionsExercised 1.00M shares Point-in-time
Exercise of stock options assumed from Minera Andes Inc. acquisition StockIssuedDuringPeriodValueAcquisitions $2.50M USD 1 Quarter
Shares issued for litigation settlement StockIssuedDuringPeriodValueIssuedForLitigationSettlemet $3.27M USD 1 Quarter
Shares issued for Mexico mining concessions StockIssuedDuringPeriodValuePurchaseOfAssets $226.00K USD 1 Quarter
Shares issued for Mexico mining concessions StockIssuedDuringPeriodValuePurchaseOfAssets $96.00K USD 1 Quarter
Shares issued for Mexico mining concessions (in shares) StockIssuedDuringPeriodSharesPurchaseOfAssets 41,500.00 shares 1 Quarter
Unrealized loss on marketable equity securities, net of taxes OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $-376.00K USD 1 Quarter
Net loss (As adjusted - note 5) NetIncomeLossAvailableToCommonStockholdersBasic $-10.98M USD 1 Quarter
Net loss (As adjusted - note 5) NetIncomeLossAvailableToCommonStockholdersBasic $-17.35M USD 1 Quarter
Balance StockholdersEquity $219.30M USD Point-in-time
Balance StockholdersEquity $889.59M USD Point-in-time
Balance StockholdersEquity $873.74M USD Point-in-time
Balance StockholdersEquity $882.39M USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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