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Unformatted text preview: ions) 2012 Production cost of sales from continuing operations - as reported
L ess: portion attributable to Kupol non-controlling interest (a) $ (b) $ (21.0)
(18.2) 1,829.3 $ 2,621,343
(a) 1 ,506.9
2 ,637,601 - Attributable gold equivalent ounces sold (63,802) (29,865) L ess: portion attributable to Chirano non-controlling interest Consolidated production cost of sales from continuing operations per equivalent ounce sold
Attributable production cost of sales from continuing operations per equivalent ounce sold 1 ,546.1 (21.5) Gold equivalent ounces sold from continuing operations
L ess: portion attributable to Kupol non-controlling interest $ - L ess: portion attributable to Chirano non-controlling interest
Attributable production cost of sales from continuing operations 2011 1,850.8 (26,269) 2,591,478
$ 7 06 2 ,547,530
$ 5 86 $
7 06 $
(a) "Production cost of sales" is equivalent to "Total cost of sales" per the consolidated financial statements less depreciation, depletion and
amortization and impairment charges.
(b) On April 27, 2011, Kinross acquired the remaining 25% of CMGC, and thereby obtained 100% ownership of Kupol. As such, the results up to
April 27, 2011 reflect 75% and results thereafter reflect 100%. KINROSS GOLD 2012 ANNUAL REPORT MDA57 Attributable Production Cost of Sales per Ounce Sold on a By-Product Basis
Attributable production cost of sales per ounce sold on a by-product basis is a non-GAAP measure which
calculates the Company’s non-gold production as a credit against its per ounce production costs, rather than
converting its non-gold production into gold equivalent ounces and crediting it to total production, as is the
case in co-product accounting. Management believes that this measure provides investors with the ability to
better evaluate Kinross’ production cost of sales per ounce on a comparable basis with other major gold
producers who routinely calculate their cost of sales per ounce using by-product accounting rather than coproduct accounting.
The following table provides a reconciliation of attributable production cost of sales per ounce sold on a byproduct basis for the periods presented:
Years ended December 31,
(in millions) 2012 Production cost of sales from continuing operations - as reported...
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This document was uploaded on 03/30/2014.
- Spring '14