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Unformatted text preview: r remaining non-cancelable lease terms in excess of one year are $11.1 million, $7.0
million, $7.1 million, $7.1 million and $7.0 million for each year from 2013 to 2017, respectively, and $14.3
million thereafter. Purchase commitments
At December 31, 2012, the Company had future commitments of approximately $90.3 million (December 31,
2011 – $103.6 million) for capital expenditures.
Estimated losses from contingencies are accrued by a charge to earnings when information available prior to the
issuance of the financial statements indicates that it is likely that a future event will confirm that an asset has
been impaired or a liability incurred at the date of the financial statements and the amount of the loss can be
reasonably estimated. KINROSS GOLD 2012 ANNUAL REPORT FS61 Cerro Casale contingency
The Company was obligated to pay $40 million to Barrick when a production decision is made relating to the
Cerro Casale project. During the first quarter of 2010, this contingent liability was reduced to $20 million in
accordance with the agreement with Barrick under which the Company sold one-half of its 50% interest in the
Cerro Casale project.
Other legal matters
The Company is from time to time involved in legal proceedings, arising in the ordinary course of its business.
Typically, and currently, except in the case of the actions described below, the amount of ultimate liability with
respect to these actions will not, in the opinion of management, materially affect Kinross' financial position,
results of operations or cash flows.
A putative securities class action complaint was filed on February 16, 2012 (the “U.S. Complaint”), entitled Bo
Young Cha v. Kinross Gold Corporation et al., in the United States District Court for the Southern District of New
York (the “Court”). The U.S. Complaint named as defendants the Company, Tye Burt, former President and CEO,
Paul Barry, former Executive Vice President and Chief Financial Officer, Glen Master...
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This document was uploaded on 03/30/2014.
- Spring '14