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
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​

mux:EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementTableTextBlock

 


 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
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​

us-gaap:EquityMethodInvestmentsTextBlock