During 2012 kinross was active on 39 mine sites near

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Unformatted text preview: ended December 31, (in millions) General and administrative 2012 $ 2012 vs 2011 2011 179.1 $ Change 1 73.6 $ % Change 5 .5 3% General and administrative costs include expenses related to the overall management of the business which are not part of direct mine operating costs. These are costs that are incurred at corporate offices located in Canada, the United States, Brazil, the Russian Federation, Chile, and the Canary Islands. For 2012, general and administrative costs were $179.1 million an increase of 3% compared with 2011 and included severance costs of $28.4 million. Other income (expense) – net Years ended December 31, 2012 2011 (in millions) Gains on acquisition/disposition of assets and investments - net $ Impairment of investments 7.1 $ (24.3) Foreign exchange gains (losses) (2.1) Net non-hedge derivative gains 18.0 Other income (expense) (0.9) $ (2.2) $ Change 2 4.8 $ 2012 vs 2011 % Change (17.7) (71%) (24.3) (100%) 1 1.3 (13.4) (119%) 5 9.1 (41.1) (70%) 5 .9 (6.8) (115%) (103.3) (102%) - 1 01.1 $ Other income (expense) – net decreased from income of $101.1 million in 2011 to an expense of $2.2 million in 2012. The discussion below details the significant changes in other income (expense) for 2012 compared with 2011. Gains on acquisition/disposition of assets and investments – net The Company recorded a net gain $7.1 million on the acquisition/disposition of assets and investments compared with a net gain of $24.8 million in 2011. The net gain of $7.1 million included gains of $6.3 million realized on the disposition of certain of its available-for-sale investments. The net gain in 2011 included a gain of $30.9 million on the sale of the Company’s interest in Harry Winston. Impairment of investments During 2012, the Company recognized an impairment charge of $24.3 million on certain of its available-forsale investments due to a significant or prolonged decline in their fair values. No such charges were recognized during 2011. Foreign exchange gains (losses) During 2012, foreign exchange losses were $2.1 million...
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This document was uploaded on 03/30/2014.

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