57 890 change 1 1836 1 1454 2 02 884 change 1 1742 2

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Unformatted text preview: 9,568 $ $ 2 00,619 1 96,961 (15,285) (17,393) (8%) (9%) 297.0 $ 1 59.7 75.4 3,416.3 (3,354.4) 74.6 37.8 (3,466.8) $ 3 08.9 $ 1 38.2 6 3.5 2 ,490.1 (2,382.9) 2 4.8 1 2.3 (2,420.0) $ (11.9) 2 1.5 1 1.9 9 26.2 (971.5) 4 9.8 2 5.5 (1,046.8) (4%) 16% 19% 37% (41%) 201% 207% (43%) (a) Includes 11,047,000 tonnes placed on the dump leach pad during 2012 compared with 8,845,000 tonnes placed on the dump leach pad during 2011. (b) Amount represents mill grade and recovery only. Ore placed on the dump leach pad had an average grade of 0.53 grams per tonne during 2012 and 0.59 grams per tonne during 2011. Due to the nature of dump leach operations, point-in-time recovery rates are not meaningful. On September 17, 2010, Kinross acquired all of the outstanding common shares of Red Back that it did not previously own. 2012 vs. 2011 Tonnes of ore mined increased by 99% compared with 2011 due to increased mining activity and equipment required to access the main West Branch ore body. During 2012, tonnes of ore processed were 19% higher compared with 2011, largely due to an increase in tonnes placed on the dump leach pad. Gold grades declined by 22% compared with 2011, primarily due to variability in the gold grades encountered in the Piment zone. Gold equivalent ounces produced were lower by 8% compared with 2011, primarily due to lower gold grades and lower mill tonnes processed, as a result of ore hardness, partially offset by an increase in tonnes delivered to the dump leach pad and the impact of the Adsorption, Desorption and Refining plant, which was commissioned during the year. During 2012, metal sales decreased by 4% compared with 2011 due to a decline in gold equivalent ounces sold, partially offset by an increase in metal prices realized. Production cost of sales increased by 16% compared with 2011 due to lower grades, higher labour, maintenance, consumable and energy costs associated with increased mining activity and the overall expansion of the site. Depreciation, depletion and amortization were higher by 19% compared with 2011, mainly due to an increase in the depreciable a...
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