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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities    
Net income (loss) for the year $ 55,757 $ (31)
Adjustments for:    
Depreciation and depletion 108,247 100,479
Interest and other finance income (11,910) (11,761)
Interest expense 30,010 32,325
Income tax expense 30,372 8,121
Non-cash foreign exchange loss (gain) 2,162 (13,002)
Loss on redemption of convertible debt 5,423 0
Other 11,541 6,883
Net changes in non-cash working capital items (61,046) (30,934)
Cash generated from operating activities before interest and taxes 170,556 92,080
Moratorium paid (3,862) (5,683)
Interest paid (11,646) (13,831)
Income taxes paid (20,850) (12,797)
Cash generated by operating activities 134,198 59,769
Cash flows from investing activities    
Expenditures on mineral properties, plant and equipment (135,768) (158,031)
Purchase of marketable securities (3,435) (23,057)
Loan to joint venture partner (1,967) (8,032)
Net proceeds from sale of marketable securities 3,308 63,445
Interest received 9,697 9,219
Acquisition of non-controlling interest (2,415) 0
Other 252 526
Cash used in investing activities (130,328) (115,930)
Cash flows from financing activities    
Proceeds from exercise of stock options 7,237 5,320
Funding from non-controlling interest 3,710 15,196
Redemption of convertible notes (152,250) 0
Issuance of convertible notes 230,000 0
Convertible notes issuance costs (7,068) 0
Lease payments (1,076) 0
Cash generated by financing activities 80,553 20,516
Effect of foreign exchange rate changes on cash and cash equivalents 12 (5,007)
Increase (decrease) in cash and cash equivalents 84,435 (40,652)
Cash and cash equivalents, beginning of year 419,212 459,864
Cash and cash equivalents, end of year $ 503,647 $ 419,212