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Income and Mining Tax Benefit
9 Months Ended
Sep. 30, 2013
Income Tax Disclosure [Abstract]  
Income and Mining Tax Benefit
Income and Mining Tax Expense (Benefit)
Income and mining taxes for the three months ended September 30, 2013 and 2012 was an expense of $4.2 million and a benefit of $16.0 million, respectively. Income and mining taxes for the nine months ended September 30, 2013 and 2012 was an expense of $3.0 million and a benefit of $38.9 million, respectively. The tax expense for the three and nine months ended September 30, 2013 differs from the tax that would result from applying the Canadian federal and provincial income tax rates primarily due to the following items: the US percentage depletion benefit; 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; and the increase in our deferred tax liabilities as a result of an increase in the British Columbia provincial income tax rate. The tax expense for the nine months ended September 30, 2013 also differs due to the reduction of a valuation allowance, in part, as a result of the tax treatment of interest expense. The tax expense for the three and nine months ended September 30, 2013 included $0.4 million loss on foreign exchange. The tax benefit for the three and nine months ended September 30, 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 a non-taxable loss due to the goodwill impairment. The tax benefit for the nine months ended September 30, 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 mill expansion costs at Endako Mine. The adjustment relates to the three months ended December 31, 2011.