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Unformatted text preview: Crixás USA Brazil 50% 0% 50% 50% Chile 25% 25% Dvoinoye / Kupol Corporate and Other On April 27, 2011, Kinross’ ownership in Chukotka Minin g and Geological Company (“CMGC”) increased to 100%. See Note 6(iii). (b) Includes Sociedad Contractual Minera Puren which is proportionately consolidated in the La Coipa segment. (c) On June 28, 2012, the Company sold its 50% interest in Crixás. See Note 6(i). KINROSS GOLD 2012 ANNUAL REPORT FS9 (a) Subsidiaries Subsidiaries are entities controlled by the Company. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Subsidiaries are included in the consolidated financial statements from the date control is obtained until the date control ceases. Where the Company’s interest in a subsidiary is less than 100%, the Company recognizes non -controlling interests. All intercompany balances, transactions, income, expenses, profits and losses, including unrealized gains and losses have been eliminated on consolidation. (b) Joint Ventures The Company conducts a portion of its business through joint ventures where the venturers are bound by contractual arrangements establishing joint control over the ventures requiring unanimous consent of each of the venturers regarding strategic, financial and operating polices of the venture. The Company undertakes its joint ventures through jointly controlled entities which can include corporations, partnerships or other unincorporated entities in which each venturer has an interest. Jointly controlled entities operate in the same way as other entities, controlling the assets of the venture, earning its own income and incurring liabilities and expenses. The Company’s interests in its jointly controlled entities are accounted for using proportionate consolidation. (c) Associates Associates are entities, including unincorporated entities such as partnerships, over which the Company has significant influence and that are neither subsidiaries nor interests in joint ventures. Significant influence is the ability to participate in the financial and operating policy decisions of the investee without having control or joint contr...
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