McEwen Mining Inc. | 2013 | FY | 3


 


Year Ended
December 31, 2013
Period ended
December 31, 2012

(in thousands)

Minera Santa Cruz S.A. (100%)

Sales

$ 240,723 $ 290,848

Production costs applicable to sales

(190,281 ) (155,915 )

Income from operations before extraordinary items

4,338 51,634

Net income

4,338 51,634

Portion attributable to McEwen Mining Inc. (49%)



Net income on investment in MSC

$ 2,126 $ 25,301

Amortization of fair value increments

(1,280 ) (4,466 )

Income on investment in MSC, net of amortization

$ 846 $ 20,835

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2013 2012

(in thousands)

Investment in MSC, beginning of the year

$ 273,948 $

Fair value of investment in MSC from acquisition of Minera Andes

262,883

Income from equity investment

2,126 25,301

Amortization of fair value increments

(1,280 ) (4,466 )

Dividend distribution

(1,826 ) (9,770 )

Impairment of investment in MSC

(95,878 )

Contribution of Santa Cruz exploration properties, net of tax

35,857

Investment in MSC, end of the year

$ 212,947 $ 273,948

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