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Unformatted text preview: tion of these non-GAAP financial measures is included in
Section 11 of this document.
(c) Gold equivalent ounces include silver ounces produced and sold converted to a gold equivalent based on a ratio of the average spot market prices for the
commodities for each year. The ratios were: 2012 - 53.56:1, 2011 - 44.65:1, and 2010 - 60.87:1.
(d) The comparative figures have been recast to exclude Crixás' results due to its disposal on June 28, 2012.
(e) Total gold equivalent ounces and total attributable gold equivalent ounces include Crixás up to June 28, 2012.
(f) "nm" means not meaningful. KINROSS GOLD 2012 ANNUAL REPORT MDA3 Consolidated Financial Performance
Unless otherwise stated, “attributable” production and sales includes only Kinross’ share of Kupol (75% to April
27, 2011, 100% thereafter) and Chirano (90%).
2012 vs. 2011
During 2012, Kinross’ attributable production from continuing operations increased by 3% compared with
2011, primarily due to an increase in production at Fort Knox due to higher tonnage leached, higher mill
grades and recoveries, and the increase in production resulting from the Company’s interest in Kupol
increasing from 75% to 100% on April 27, 2011. In addition, production at Chirano increased due to higher
grades and recoveries. These increases were partially offset by the scheduled decline in grades at Kupol and
Kettle River and a less favourable gold equivalent ratio during 2012 compared with 2011.
Metal sales from continuing operations for 2012 were $4,311.4 million, a 12% increase compared with 2011.
The increase in metal sales was primarily due to higher metal prices realized. The average realized gold price
from continuing operations during 2012 was $1,643 per ounce, an increase of 10% compared with 2011.
During 2012, the price of gold averaged $1,669 per ounce compared with $1,572 per ounce in 2011, an
increase of 6%. The gold hedges that were acquired with the Bema Gold Corporation (“Bema”) acquisition
reduced the average price realized by $20 per ounce during 2012...
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