Fs24 kinross gold 2012 annual report 6 acquisitions

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Unformatted text preview: ould be impacted. In addition, future changes in tax laws could limit the ability of the Company to obtain tax deductions in future periods from deferred income and resource tax assets. FS24 KINROSS GOLD 2012 ANNUAL REPORT 6. ACQUISITIONS AND DISPOSITIONS i. Disposition of interest in Crixás Gold Mine On June 28, 2012, the Company completed the sale of its 50% interest in the Crixás gold mine (Serra Grande) to a subsidiary of AngloGold Ashanti Ltd. (“AngloGold”) for gross cash proceeds of $220.0 million, resulting in an after-tax gain on disposal of $33.8 million. AngloGold previously owned the remaining 50% of the Crixás gold mine and is the operator of the mine. As Crixás was an operating segment of the Company, clearly distinguished operationally and for financial reporting purposes from the rest of the Company, the disposal was considered a discontinued operation. Results, including the gain on disposal, and cash flows of the discontinued operation have been presented separately in the consolidated statements of operations and cash flows, and the comparative periods have been recast accordingly. Earnings from discontinued operations Years ended December 31, 2012 Results of discontinued operations Revenues Expenses Earnings before taxes Income tax expense Net earnings before disposals Gain on sale of discontinued operations Income tax on sale of discontinued operations Earnings from discontinued operations after tax Earnings per share from discontinued operations attributable to common shareholders Basic Diluted $ $ $ $ December 31, 2011 53.7 $ 37.2 16.5 (6.4) 10.1 96.2 (62.4) 43.9 $ 0.04 0.04 1 00.8 6 7.0 3 3.8 (14.0) 1 9.8 1 9.8 $ $ 0 .01 0 .01 The Company’s interest in the significant assets and liabilities of the Crixás mine at the date of disposal was as follows: J une 28, 2012 Cash and cash equivalents Accounts receivable and other assets Inventories Property, plant and equipment Goodwill Deferred charges and other long-term assets Accounts payable and accr...
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This document was uploaded on 03/30/2014.

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