0 million letters of credit guaranteed by this

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Unformatted text preview: rantee facility to increase the amount from $136.0 million to $200.0 million and extend the maturity date to March 31, 2015. All other terms and conditions under this agreement remained the same. As at December 31, 2012, the amount outstanding under this facility was $164.1 million (December 31, 2011 - $135.1 million). FS48 KINROSS GOLD 2012 ANNUAL REPORT In addition, at December 31, 2012, the Company had approximately $44.3 million (December 31, 2011 - $41.0 million) in letters of credit outstanding, in respect of its operations in Brazil, Mauritania and Ghana. These letters of credit have been issued pursuant to arrangements with certain international banks. From time to time, the Company’s operations in Brazil may borrow US dollars from Brazilian banks on a short-term unsecured basis to meet working capital requirements. As at December 31, 2012 and December 31, 2011, $nil was outstanding under such borrowings. KINROSS GOLD 2012 ANNUAL REPORT FS49 14. PROVISIONS Balance at January 1, 2012 Additions Reductions Reclamation spending Accretion Reclamation expenses Balance at December 31, 2012 Reclamation and remediation obligations (i) $ 598.6 $ 124.0 (12.4) (17.7) 17.5 10.8 $ 720.8 $ Current portion Non-current portion $ i. 36.0 684.8 7 20.8 $ Other Total 36.6 $ 18.7 (12.7) 42.6 $ 635.2 142.7 (25.1) (17.7) 17.5 10.8 763.4 6.0 36.6 42.6 $ 42.0 721.4 763.4 Reclamation and remediation obligations The Company conducts its operations so as to protect the public health and the environment, and to comply with all applicable laws and regulations governing protection of the environment. Reclamation and remediation obligations arise throughout the life of each mine. The Company estimates future reclamation costs based on the level of current mining activity and estimates of costs required to fulfill the Company’s future obligation. The above table details the items that affect the reclamation and remediation obligations. The additions and reductions reflect changes in estimated costs, timing of expenditures and discount rates at individual sites. Also included in re...
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This document was uploaded on 03/30/2014.

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