06 16959 1 337 1 9531 131 2572 10 13 03 15 0 2 935

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Unformatted text preview: 1.5% (0%) 2% 93.5% 85.4% 93.8% 83.9% 578,252 578,235 $ (74,811) (77,090) (11%) (12%) 6,032 6,038 $ 6 53,063 6 55,325 6 ,590 6 ,740 (558) (702) (8%) (10%) 1 49.2 2 5.1 (15.8) 1 39.9 1 8.6 5 .6 1 15.7 20% 10% (13%) 36% 209% nm 30% 910.3 2 72.9 107.7 529.7 27.5 6.7 495.5 $ $ 7 61.1 2 47.8 1 23.5 3 89.8 8 .9 1 .1 3 79.8 $ $ (a) As of April 27, 2011, Kinross increased its ownership in Kupol from 75% to 100%. (b) Tonnes of ore mined/processed, production and sales represents 100%. (c) "Gold equivalent ounces" include silver ounces produced and sold converted to a gold equivalent based on a ratio of the average spot market prices for the commodities for each year. The ratios were: 2012 - 53.56:1, 2011 44.65:1. (d) "nm" means not meaningful. The Company acquired a 75% interest in the Kupol project in Far Eastern Russia on February 27, 2007 through the acquisition of Bema. The remaining 25% interest was acquired from the State Unitary Enterprise of the Chukotka Autonomous Okrug on April 27, 2011. 2012 vs. 2011 Tonnes of ore mined were 2% lower compared with 2011 due to the completion of open pit mining in 2011. Tonnes of ore processed increased by 5% compared with 2011 due to higher mill throughput. Gold and silver grades decreased by 10% and 13%, respectively, compared with 2011 consistent with plan. Gold equivalent ounces produced were 11% lower compared with 2011, largely due to lower grades, lower silver production and a less favourable gold equivalent ratio, offset partially by higher tonnes processed. Metal sales were higher by 20% compared with 2011 due to higher metal prices realized, partially offset by the lower gold equivalent ounces sold. Metal prices realized were lower in 2011 due to the impact of gold hedges that were acquired with the Bema acquisition. Production cost of sales increased by 10% compared with 2011, largely due to higher unit costs associated with processing lower grade ore and higher input costs relating to labour and diesel, partially offset by a decrease in gold equivalent ounces sold. Depreciation, depletion and amortization were 13% lower compare...
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This document was uploaded on 03/30/2014.

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