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FAIR VALUE MEASUREMENT (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2014 using the fair value hierarchy:

   
   Level 1   Level 2   Level 3   Total  
 

Financial assets:

                          
 

Trade receivables(i)

   $ —   $ 57,800   $ —   $ 57,800  
 

Available-for-sale securities(ii)

     66,211     5,327     —     71,538  
 

Fair value of derivative financial instruments(iii)

     —     14,710     —     14,710  
                     
 

 

   $ 66,211   $ 77,837   $ —   $ 144,048  
                     
 

Financial liabilities:

                          
 

Fair value of derivative financial instruments(iii)

   $ 33,385   $ 1,333   $ —   $ 34,718  
                     

  • 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 external broker-dealer quotations (classified within Level 2 of the fair value hierarchy).


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

    Derivative financial instruments classified within Level 1 of the fair value hierarchy relate to common shares held in depositary relating to convertible debentures acquired from Osisko (see note 10 for details). These financial liabilities constitute contracts to issue publicly-traded shares for which quoted market prices approximate the fair value of the derivative financial instruments.