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Other Financial Assets
12 Months Ended
Dec. 31, 2019
Other Assets, Noncurrent [Abstract]  
Other Financial Assets

The Company has short-term investments in equity securities which are recorded at fair value through other comprehensive income/(loss). As of the year ended December 31, 2019, the value of the short-term investments in equity decreased to $8. The change in the fair value of $3 for the year ended December 31, 2019 is recorded as other comprehensive loss in the Company’s consolidated statement of operations and comprehensive income/(loss).

 

The Company has a performance bond that was originally required to secure the Company’s rights to explore the La Josefina property. It is a step-up US dollar denominated 2.5% coupon bond, paying quarterly, issued by the Government of Argentina with a face value of $600 and a maturity date of 2035. The bond trades in the secondary market in Argentina. The bond was originally purchased for $247. As of the year ended December 31, 2019, the value of the bond increased to $326. The change in the face value of the performance bond of $25 for the year ended December 31, 2019 ended is recorded as other comprehensive income/(loss) in the Company’s consolidated statement of operations and comprehensive income/(loss).

 

Since Cerro Cazador S.A. (“CCSA”) fulfilled its exploration expenditure requirement mandated by the agreement with Fomicruz, the performance bond was no longer required to secure the La Josefina project. Therefore, in September 2010 the Company used the bond to secure the La Valenciana project, an additional Fomicruz exploration project. As of December 31, 2019, there are no restrictions on the performance bond.