XML 35 R7.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Cash paid to suppliers and employees $ (52,340) $ (55,260) $ (68,993)
Cash received from gold and silver sales 59,517 70,178 43,812
Dividends received from Minera Santa Cruz S.A. (note 6) 17,738 548 9,483
Lease incentive received     (328)
Interest paid (5) (156)  
Interest received 276 287 464
Cash provided by (used in) operating activities 25,186 15,597 (14,906)
Cash flows from investing activities:      
Acquisition of mineral property interests (note 5) (5,985)    
Proceeds from reimbursement of equipment deposit (note 7) 994    
Additions to property and equipment (note 7) (1,174) (777) (2,788)
Proceeds from disposal of property and equipment (note 7)   13 38
Acquisition of investments (note 3) (4,419) (1,114) (446)
Proceeds from sale of investments (note 3) 470    
Decrease in restricted time deposits for reclamation bonding     5,183
Deposits for surety bonds for reclamation bonding     (481)
Cash provided by (used) in investing activities (10,114) (1,878) 1,506
Cash flows from financing activities:      
Proceeds from short-term bank indebtedness (note 8)   5,171  
Repayment of short-term bank indebtedness (note 8) (3,395) (1,776)  
Return of capital distribution (note 11) (2,986) (1,503)  
Share repurchase (note 11) (582) (1,769)  
Proceeds from exercise of stock options (note 11) 3,730   2,292
Cash provided by (used in) provided from financing activities (3,233) 123 2,292
Effect of exchange rate change on cash and cash equivalents (273) (348) (833)
Increase (decrease) in cash and cash equivalents 11,566 13,494 (11,941)
Cash and cash equivalents, beginning of period 25,874 12,380 24,321
Cash and cash equivalents, end of period 37,440 25,874 12,380
Reconciliation of net income (loss) to cash provided by operating activities:      
Net income (loss) 21,055 (20,450) (311,943)
Adjustments to reconcile net income (loss) from operating activities:      
(Income) loss from investment in Minera Santa Cruz S.A., net of amortization (note 6) (12,951) (2,414) 5,284
Impairment of investment in Minera Santa Cruz S.A., net of amortization   11,777 21,162
Impairment of mineral property interests and property and equipment (note 5)   50,600 353,736
Other-than-temporary impairment on marketable equity securities (note 3) 882 0  
Loss (gain) on disposal of fixed assets (note 7) (517) 13 26
Lease incentive     (328)
Recovery of deferred income taxes (note 10) (3,749) (24,560) (107,170)
Stock-based compensation 1,039 1,305 1,324
Depreciation 1,169 942 979
Revision of estimates and accretion of reclamation obligations (note 9) 595 429 407
Adjustment to the asset retirement obligation estimate (note 9) 1,530 135  
Amortization of mineral property interests and asset retirement obligations 2,413 1,288 1,236
Foreign exchange loss 273 348 833
Gain on sale of marketable securities (note 3) (22)    
Unrealized gain on derivative instrument (note 3) (1,379)    
Change in non-cash working capital items:      
Shares issued to supplier for settlement of accounts payable   443 1,004
Decrease (increase) in VAT taxes receivable, net of collection of $9,523 (2015 - $6,025 and 2014 - $5,049) 5,813 1,707 (148)
Increase in other assets related to operations (11,156) (3,003) (3,638)
Increase (decrease) in liabilities related to operations 1,419 (3,485) 10,891
Shares issued to terminate back-in-right     1,352
Dividends received from Minera Santa Cruz S.A. (note 6) 17,738 548 9,483
Cash provided by (used in) operating activities $ 25,186 $ 15,597 $ (14,906)