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Unformatted text preview: ares issued under the ESPP is based on the average of the last twenty
trading sessions prior to the end of the period.
xv. Metal sales
Metal sales includes sales of refined gold and silver, which are generally physically delivered to customers in the
period in which they are produced, with their sales price based on prevailing spot market metal prices. Revenue
from metal sales is recognized when all the following conditions have been satisfied: The significant risks and rewards of ownership have been transferred; Neither continuing managerial involvement to the degree usually associated with ownership, nor effective
control over the goods sold, has been retained; The amount of revenue can be measured reliably; It is probable that the economic benefits associated with the transaction will flow to the Company; and • The costs incurred or to be incurred in respect of the transaction can be measured reliably. These conditions are generally met when the sales price is fixed and title has passed to the customer.
xvi. Provision for reclamation and remediation
The Company records a liability and corresponding asset for the present value of the estimated costs of legal and
constructive obligations for future site reclamation and closure where the liability is probable and a reasonable
estimate can be made of the obligation. The estimated present value of the obligation is reassessed on an
annual basis or when new material information becomes available. Increases or decreases to the obligation
usually arise due to changes in legal or regulatory requirements, the extent of environmental remediation
required, methods of reclamation, cost estimates, or discount rates. Changes to the provision for reclamation
and remediation obligations related to operating mines, which are not the result of current production of
inventory, are recorded with an offsetting change to the related asset. For properties where mining activities
have ceased or are in reclamation, changes are charged directly to earnings. The present value is determined
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- Spring '14