| Consolidated Statements of Cash Flows
(Expressed in thousands of United States dollars)
| |
|
Year ended |
|
Six months ended |
|
Year ended |
| |
|
December 31, |
|
December 31, |
|
June 30, |
| |
|
2007 |
|
2006 |
|
2006 |
| OPERATING ACTIVITIES |
|
|
|
|
|
|
| Net (loss) earnings |
|
$ (31,261) |
|
$ 7,276 |
|
$ (35,596) |
| Add (deduct) items not affecting cash: |
|
|
|
|
|
|
| Depletion and depreciation |
|
8,704 |
|
6,657 |
|
9,762 |
| Other finance charges - amortisation and accretion |
|
5,552 |
|
2,730 |
|
2,945 |
| Equity loss from investment in Intex Resources ASA |
|
404 |
|
- |
|
- |
| Equity earnings from investment in Barberton Mines Limited |
|
- |
|
(153) |
|
(831) |
| Gain on disposal / dilution of investment in Intex Resources ASA (Note 5) |
|
(72,231) |
|
(35,205) |
|
- |
| Gain on disposal of Golden Star Resources (Note 7) |
|
(505) |
|
(597) |
|
(628) |
| Gain on disposals of other investments |
|
- |
|
(6,664) |
|
(2,824) |
| Unrealized loss on forward obligation contract (Note 5) |
|
358 |
|
- |
|
- |
| Unrealized foreign exchange loss (gain) on long-term debt |
|
41,162 |
|
(2,223) |
|
13,230 |
| Stock compensation expense (Note 14(g)) |
|
7,249 |
|
1,972 |
|
1,805 |
| Non-controlling interest |
|
(462) |
|
(31) |
|
(940) |
| Change in non-cash operating working capital items (Note 18(a)) |
|
(13,322) |
|
(3,055) |
|
(14,740) |
| |
|
(54,352) |
|
(29,293) |
|
(27,817) |
| |
|
|
|
|
|
|
| FINANCING ACTIVITIES |
|
|
|
|
|
|
| Net proceeds from issuance of other long-term debt |
|
- |
|
- |
|
97,442 |
| Net proceeds on convertible bonds |
|
- |
|
- |
|
186,780 |
| Net proceeds from issuance of common shares for cash |
|
63,595 |
|
99,733 |
|
232,674 |
| Capital lease payments |
|
- |
|
- |
|
(343) |
| |
|
63,595 |
|
99,733 |
|
516,553 |
| |
|
|
|
|
|
|
| INVESTING ACTIVITIES |
|
|
|
|
|
|
| Proceeds on disposal of investment in Golden Star Resources (Note 7) |
|
1,338 |
|
2,445 |
|
2,946 |
| Proceeds on disposal of investment in Guinor Gold Corporation |
|
- |
|
- |
|
2,552 |
| Proceeds on disposal of investment in Metorex Limited |
|
- |
|
12,224 |
|
- |
| Proceeds on disposal / dilution of investment in Intex Resources ASA, |
|
|
|
|
|
|
| net of cash disposed of (Note 5) |
|
27,517 |
|
80,087 |
|
- |
| Acquisition of minority interest in Nalunaq Gold Mine (Note 4) |
|
(2,614) |
|
- |
|
- |
| Acquisition of Apex Mining Company, net of cash acquired |
|
- |
|
- |
|
(6,570) |
| Acquisition of Guinor Gold Corporation, net of cash acquired |
|
- |
|
- |
|
(346,624) |
| Acquisition of Nugget Pond Asset |
|
- |
|
(62) |
|
- |
| Expenditures on Nalunaq mineral property, plant and equipment |
|
(2,457) |
|
(4,054) |
|
(5,050) |
| Expenditures on Lefa mineral property, plant and equipment |
|
(100,610) |
|
(76,452) |
|
(71,492) |
| Expenditures on Maco mineral property, plant and equipment |
|
(42,446) |
|
(36,435) |
|
(13,217) |
| Expenditures on Nugget Pond processing facility |
|
(2,264) |
|
(762) |
|
- |
| Decrease (increase) in security deposits |
|
616 |
|
(839) |
|
- |
| Increase in long-term restricted cash balances |
|
(1,375) |
|
(489) |
|
- |
| Decrease (increase) in restricted cash |
|
271 |
|
6,969 |
|
(6,194) |
| Expenditures on other mineral property interests |
|
(550) |
|
(819) |
|
(1,561) |
| Dividends received |
|
- |
|
- |
|
1,212 |
| Other |
|
963 |
|
(220) |
|
264 |
| |
|
(121,611) |
|
(18,407) |
|
(443,734) |
| EFFECT OF FOREIGN EXCHANGE TRANSLATION |
|
|
|
|
|
|
| ON CASH AND CASH EQUIVALENTS |
|
492 |
|
(2,578) |
|
758 |
| NET CASH (OUTFLOW) INFLOW |
|
(111,876) |
|
49,455 |
|
45,760 |
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
131,937 |
|
82,482 |
|
36,722 |
| CASH AND CASH EQUIVALENTS, END OF PERIOD |
|
$ 20,061 |
|
$ 131,937 |
|
$ 82,482 |
| |
|
|
|
|
|
|
| SUPPLEMENTAL CASH FLOW INFORMATION (Note 18) |
|
|
|
|
|
|
See accompanying notes to the consolidated financial statements
|
