Acquisitions

3 Months Ended

Mar. 31, 2015

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

On February 20, 2015, the Company completed its acquisition of the Wharf gold mine located near Lead, South Dakota, from a subsidiary of Goldcorp in exchange for $103.0 million in cash. The transaction was accounted for as a business combination which requires that assets acquired and liabilities assumed be recognized at their respective fair values at the acquisition date.  At March 31, 2015, the purchase price allocation remains preliminary as the Company completes its assessment of property, certain legal and tax matters, obligations, deferred taxes, and acquired working capital. The Company incurred $2.0 million of acquisition costs, which are included in Pre-development, reclamation, and other on the Condensed Consolidated Statements of Comprehensive Income (Loss).

The following summarizes the preliminary allocation of purchase price to the fair value of assets acquired and liabilities assumed at the date of acquisition (in thousands):

Cash	$	103,000
Liabilities assumed:
Accounts payable and accrued liabilities	5,412
Reclamation	18,270
Deferred income taxes	9,503
Other non-current liabilities	3,750
Total liabilities assumed	36,935
Total consideration	$	139,935

Assets acquired:
Cash	$	982
Receivables	3,125
Inventory	2,807
Ore on leach pads	12,710
Other current assets	2,924
Property, plant, and equipment	30,054
Mining properties, net	83,367
Other non-current assets	3,966
Total assets acquired	$	139,935

The following table presents the unaudited pro forma summary of the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2015 and 2014, as if the acquisition had occurred on January 1, 2015. The following unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of the results of operations as they would have been had the transaction occurred on the assumed date, nor is it necessarily an indication of trends in future results for a number of reasons, including, but not limited to, differences between the assumptions used to prepare the pro forma information, potential synergies, and cost savings from operating efficiencies.

	Three months ended March 31,
In thousands	2015			2014
Revenue	$	170,956		$	178,917
Income (loss) before income and mining taxes	(33,271		)	(36,673		)
Net income (loss)	(33,340		)	(31,957		)