Income and Mining Tax Benefit

3 Months Ended

Mar. 31, 2013

Income Tax Disclosure [Abstract]

Income and Mining Tax Benefit

Income and Mining Tax Benefit

Income and mining taxes for the three months ended March 31, 2013 and March 31, 2012, was a benefit of $3.2 million and $12.1 million, respectively. The tax benefit for the three months ended March 31, 2013 differs from the tax that would result from applying the Canadian federal and provincial income tax rates primarily due to the US percentage depletion benefit and the pre-tax Endako Mine book loss, which has no tax benefit as a result of a valuation allowance recognized, in part, as a result of the asset impairment in the fourth quarter of 2012. The tax benefit for the three months ended March 31, 2012 differs from the tax that would result from applying the Canadian federal and provincial income tax rates primarily due to the US percentage depletion benefit and the pre-tax book loss, attributable primarily to Canadian operations, for the first quarter of 2012. The tax benefit for the three months ended March 31, 2012 was also impacted by an immaterial correction of $1.8 million related to the British Columbia mineral tax associated with TCM's share of the expansion costs at the Endako Mine. The adjustment relates to the quarter ended December 31, 2011.