FAIR VALUE MEASUREMENT (Tables)

3 Months Ended

Mar. 31, 2014

FAIR VALUE MEASUREMENT

Financial assets and liabilities measured at fair value using the fair value hierarchy

• The following table sets out the Company's financial assets and liabilities measured at fair value as at March 31, 2014 using the fair value hierarchy:

	Level 1		Level 2		Level 3		Total
Financial assets:
Trade receivables(i)	$	—	$	74,411	$	—	$	74,411
Available-for-sale securities(ii)		100,572		5,246		—		105,818
Fair value of derivative financial instruments(iii)		—		11,677		—		11,677
	$	100,572	$	91,334	$	—	$	191,906
Financial liabilities:
Fair value of derivative financial instruments(iii)	$	—	$	1,878	$	—	$	1,878

• The following table sets out the Company's financial assets and liabilities measured at fair value as at December 31, 2013 using the fair value hierarchy:

	Level 1		Level 2		Level 3		Total
Financial assets:
Trade receivables(i)	$	—	$	67,300	$	—	$	67,300
Available-for-sale securities(ii)		74,581		—		—		74,581
Fair value of derivative financial instruments(iii)		—		5,590		—		5,590
	$	74,581	$	72,890	$	—	$	147,471
Financial liabilities:
Fair value of derivative financial instruments(iii)	$	—	$	467	$	—	$	467

• Notes:

  (i)

  Trade receivables from provisional invoices for concentrate sales are valued using quoted forward rates derived from observable market data based on the month of expected settlement (classified within Level 2 of the fair value hierarchy).
  
  

  (ii)

  Available-for-sale securities representing shares of publicly traded entities are recorded at fair value using quoted market prices (classified within Level 1 of the fair value hierarchy). Available-for-sale securities representing shares of non-publicly traded entities are recorded at fair value using quoted market prices (classified within Level 2 of the fair value hierarchy).
  
  

  (iii)

  Derivative financial instruments are recorded at fair value using external broker-dealer quotations (classified within Level 2 of the fair value hierarchy).