Consolidated Statements of Cash Flows
(Expressed in thousands of United States dollars - Unaudited)
| |
Three months ended |
|
Nine months ended |
| |
September 30
2007 |
|
September 30
2006 |
|
September 30
2007 |
|
September 30
2006 |
| OPERATING ACTIVITIES |
|
|
|
|
|
|
|
| Net (loss) profit |
$ (51,317) |
|
$ 1,632 |
|
$ (35,288) |
|
$ (35,178) |
| Add (deduct) items not affecting cash: |
|
|
|
|
|
|
|
| Depletion and depreciation |
3,496 |
|
6,446 |
|
7,309 |
|
14,126 |
| Other finance charges - amortisation and accretion |
1,357 |
|
1,378 |
|
4,062 |
|
4,050 |
| Equity loss from investment in Crew Minerals ASA (Note 5) |
(210) |
|
- |
|
(291) |
|
- |
| Equity gain from investment in Barberton Mines Limited |
- |
|
(43) |
|
- |
|
(331) |
| Gain on disposals of other investments |
(505) |
|
(7,177) |
|
(505) |
|
(7,712) |
| Gain on disposal of investment in Crew Minerals ASA |
- |
|
- |
|
(54,051) |
|
- |
| Loss (gain) on forward / future obligation contracts |
4,139 |
|
21 |
|
5,389 |
|
(193) |
| Unrealized foreign exchange loss (gain) on long term debt |
27,326 |
|
(8,768) |
|
42,519 |
|
(6,422) |
| Stock compensation expense |
1,624 |
|
851 |
|
5,774 |
|
2,255 |
| Non-controlling interest |
- |
|
- |
|
(276) |
|
(342) |
| Change in non-cash operating working capital items |
(11,674) |
|
2,315 |
|
(24,974) |
|
(4,116) |
| |
(25,764) |
|
(3,345) |
|
(50,332) |
|
(33,863) |
| |
|
|
|
|
|
|
|
| FINANCING ACTIVITIES |
|
|
|
|
|
|
|
| Net proceeds on other long-term debt |
- |
|
- |
|
- |
|
96,611 |
| Net issuance of common shares for cash |
64,992 |
|
- |
|
65,093 |
|
62,175 |
| Capital lease payments |
- |
|
- |
|
- |
|
(343) |
| |
64,992 |
|
- |
|
65,093 |
|
158,443 |
| |
|
|
|
|
|
|
|
| INVESTING ACTIVITIES |
|
|
|
|
|
|
|
| Proceeds on disposal of investment in Guinor Gold Corporation |
- |
|
- |
|
- |
|
23 |
| Proceeds on disposal of investment in Golden Star Resources |
- |
|
2,445 |
|
1,338 |
|
5,391 |
| Proceeds on disposal of investment in Crew Minerals ASA, net of cash disposed |
(295) |
|
- |
|
5,719 |
|
- |
| Proceeds on disposal of investment in Metorex Ltd |
- |
|
245 |
|
- |
|
245 |
| Acquisition of Guinor Gold Corporation |
- |
|
- |
|
- |
|
(20,559) |
| Acquisition of Apex Mining Company, net of cash acquired |
- |
|
- |
|
- |
|
30 |
| Expenditures on Nalunaq mineral property, plant and equipment |
(1,170) |
|
(1,701) |
|
(3,382) |
|
(3,484) |
| Expenditures on Nugget Pond property and equipment |
175 |
|
- |
|
(2,482) |
|
- |
| Expenditures on Lefa mineral property, plant and equipment |
(19,169) |
|
(46,730) |
|
(65,116) |
|
(111,989) |
| Expenditures on Maco mineral property, plant and equipment |
(14,042) |
|
(15,511) |
|
(29,267) |
|
(26,022) |
| Expenditures on other mineral property interests |
(161) |
|
(14) |
|
(1,446) |
|
(1,272) |
| (Increase) decrease in restricted cash |
4,216 |
|
1,966 |
|
(698) |
|
(4,228) |
| Dividends received |
- |
|
159 |
|
- |
|
994 |
| Other |
- |
|
(1,399) |
|
- |
|
(1,157) |
| |
(30,446) |
|
(60,540) |
|
(95,334) |
|
(162,028) |
| |
|
|
|
|
|
|
|
| EFFECT OF FOREIGN EXCHANGE TRANSLATION ON CASH |
(4,372) |
|
1,394 |
|
(6,862) |
|
3,542 |
| NET CASH INFLOW (OUTFLOW) |
4,410 |
|
(62,491) |
|
(87,435) |
|
(33,906) |
| CASH, BEGINNING OF PERIOD |
40,092 |
|
82,482 |
|
131,937 |
|
53,897 |
| CASH, END OF PERIOD |
$ 44,502 |
|
$ 19,991 |
|
$ 44,502 |
|
$ 19,991 |
|
|
