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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
Earnings from discontinued operations
Results of discontinued operations
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
Diluted $ $
$ December 31,
2011 53.7 $
0.04 1 00.8
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
J une 28,
Cash and cash equivalents
Accounts receivable and other assets
Property, plant and equipment
Deferred charges and other long-term assets
Accounts payable and accr...
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This document was uploaded on 03/30/2014.
- Spring '14