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Financial assets measured at fair value as at | |||||||||||||||
December 31, 2012 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Available for sale investments | $ | 15,034 | $ | — | $ | — | $ | 15,034 | |||||||
$ | 15,034 | $ | — | $ | — | $ | 15,034 |
Financial liabilities measured at fair value as at | |||||||||||||||
December 31, 2012 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
5% Convertible Debentures | — | — | 99,604 | 99,604 | |||||||||||
$ | — | $ | — | $ | 99,604 | $ | 99,604 |
Fair value measurements using significant unobservable inputs | Level 3 | |||
Balance at December 31, 2011 | $ | — | ||
5% Convertible Debentures transferred into Level 3 | 74,003 | |||
Unrealized loss included in loss on fair value of Convertible Debentures in Statement of Operations | 25,601 | |||
Balance at December 31, 2012 | $ | 99,604 |
Financial assets measured at fair value as at | |||||||||||||||
December 31, 2011 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Available for sale investments | $ | 1,416 | $ | — | $ | — | $ | 1,416 | |||||||
Warrants | — | 555 | — | 555 | |||||||||||
$ | 1,416 | $ | 555 | $ | — | $ | 1,971 |
Financial liabilities measured at fair value as at | |||||||||||||||
December 31, 2011 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
4% Convertible Debentures | $ | 121,625 | $ | — | $ | — | $ | 121,625 | |||||||
$ | 121,625 | $ | — | $ | — | $ | 121,625 |
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For the years ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Riverstone Resources, Inc. - warrants | $ | 162 | $ | (177 | ) | $ | (216 | ) | |||
Gold price derivatives | — | 19,453 | 1,066 | ||||||||
Derivative loss | $ | 162 | $ | 19,276 | $ | 850 |
For the years ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Realized loss | $ | 162 | $ | 19,453 | $ | 1,066 | |||||
Unrealized gain | — | (177 | ) | (216 | ) | ||||||
Derivative loss | $ | 162 | $ | 19,276 | $ | 850 |
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As at December 31, | |||||||
2012 | 2011 | ||||||
Stockpiled ore | $ | 33,130 | $ | 16,773 | |||
In-process | 7,571 | 8,912 | |||||
Materials and supplies | 43,548 | 48,612 | |||||
Finished goods | 5,963 | — | |||||
Total | $ | 90,212 | $ | 74,297 |
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As at December 31, | ||||||||
2012 | 2011 | |||||||
Value added tax refunds | $ | 9,766 | $ | 8,051 | ||||
Other | 2,130 | 2,026 | ||||||
Total | $ | 11,896 | $ | 10,077 |
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As at December 31, 2012 | As at December 31, 2011 | ||||||||||||
TGM | TGM | ||||||||||||
Fair Value | Shares | Fair Value | Shares | ||||||||||
Balance at beginning of year | $ | 1,416 | 2,000,000 | $ | 928 | 1,300,000 | |||||||
Acquisitions | 17,117 | 23,676,301 | 469 | 700,000 | |||||||||
Dispositions | (805 | ) | (1,155,200 | ) | — | — | |||||||
OCI - unrealized (loss)/gain | (2,694 | ) | 19 | ||||||||||
Balance at end of year | $ | 15,034 | 24,521,101 | $ | 1,416 | 2,000,000 |
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As at December 31, 2012 | As at December 31, 2011 | ||||||||||||||||||||||
Cost | Accumulated Depreciation | Net Book Value | Cost | Accumulated Depreciation | Net Book Value | ||||||||||||||||||
Bogoso/Prestea | $ | 189,247 | $ | (112,838 | ) | $ | 76,409 | $ | 179,216 | $ | (109,519 | ) | $ | 69,697 | |||||||||
Bogoso refractory plant | 196,066 | (67,230 | ) | 128,836 | 186,607 | (58,873 | ) | 127,734 | |||||||||||||||
Wassa/HBB | 120,766 | (65,463 | ) | 55,303 | 106,631 | (52,430 | ) | 54,201 | |||||||||||||||
Corporate & other | 1,363 | (925 | ) | 438 | 1,378 | (879 | ) | 499 | |||||||||||||||
Total | $ | 507,442 | $ | (246,456 | ) | $ | 260,986 | $ | 473,832 | $ | (221,701 | ) | $ | 252,131 |
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As at December 31, 2012 | As at December 31, 2011 | ||||||||||||||||||||||
Cost | Accumulated Amortization | Net Book Value | Cost | Accumulated Amortization | Net Book Value | ||||||||||||||||||
Bogoso/Prestea | $ | 128,713 | $ | (64,972 | ) | $ | 63,741 | $ | 119,700 | $ | (60,186 | ) | $ | 59,514 | |||||||||
Bogoso refractory properties | 70,865 | (40,662 | ) | 30,203 | 70,090 | (34,839 | ) | 35,251 | |||||||||||||||
Mampon | 16,095 | — | 16,095 | 16,095 | — | 16,095 | |||||||||||||||||
Wassa/HBB | 352,241 | (234,847 | ) | 117,394 | 314,801 | (180,486 | ) | 134,315 | |||||||||||||||
Other | 32,182 | (7,439 | ) | 24,743 | 27,312 | (2,330 | ) | 24,982 | |||||||||||||||
Total | $ | 600,096 | $ | (347,920 | ) | $ | 252,176 | $ | 547,998 | $ | (277,841 | ) | $ | 270,157 |
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For the years ended December 31, | |||||||
2012 | 2011 | ||||||
Beginning balance | $ | 33,880 | $ | 44,952 | |||
Accretion expense | 2,816 | 3,845 | |||||
Additions and changes in estimates | 3,620 | 11,978 | |||||
Cost of reclamation work performed | (6,203 | ) | (26,895 | ) | |||
Balance at December 31 | $ | 34,113 | $ | 33,880 | |||
Current portion | $ | 9,943 | $ | 8,996 | |||
Long term portion | $ | 24,170 | $ | 24,884 |
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For the years ended December 31, | |||||||
2012 | 2011 | ||||||
Current debt: | |||||||
Equipment financing credit facility | $ | 6,968 | $ | 7,036 | |||
Capital lease | — | 224 | |||||
4% Convertible Debentures | — | 121,199 | |||||
Total current debt | $ | 6,968 | $ | 128,459 | |||
Long term debt: | |||||||
Equipment financing credit facility | $ | 11,232 | $ | 10,759 | |||
5% Convertible Debentures | 99,275 | — | |||||
Total long term debt | $ | 110,507 | $ | 10,759 |
Debt | 2013 | 2014 | 2015 | 2016 | 2017 | Maturity | |||||||||||||||
Equipment financing loans | |||||||||||||||||||||
principal | $ | 6,968 | $ | 4,732 | $ | 3,798 | $ | 2,208 | $ | 494 | 2012 to 2017 | ||||||||||
interest | 1,003 | 604 | 322 | 120 | 9 | ||||||||||||||||
5% Convertible Debentures | |||||||||||||||||||||
principal | — | — | — | — | 77,490 | June 1, 2017 | |||||||||||||||
interest | 3,875 | 3,875 | 3,875 | 3,875 | 1,937 | ||||||||||||||||
Total | $ | 11,846 | $ | 9,211 | $ | 7,995 | $ | 6,203 | $ | 79,930 |
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For the years ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Gain on sale of Burkina Faso exploration properties | $ | 22,361 | $ | — | $ | — | |||||
Gain on sale of Saramacca | 9,175 | — | — | ||||||||
Gain on sale of other assets | 41 | 1,350 | 1,171 | ||||||||
Gain on sale of assets | $ | 31,577 | $ | 1,350 | $ | 1,171 |
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As of December 31, | ||||||||
2012 | 2011 | |||||||
Deferred tax assets: | ||||||||
Offering costs | $ | 120 | $ | 595 | ||||
Non-capital loss carryovers | 222,213 | 191,182 | ||||||
Capital loss carryovers | 741 | 907 | ||||||
Mine property costs | 7,118 | 7,154 | ||||||
Reclamation costs | 9,765 | 6,638 | ||||||
Unrealized loss on available for sale investments | 508 | (173 | ) | |||||
Other | 9,609 | 5,061 | ||||||
Valuation allowance | (163,890 | ) | (131,208 | ) | ||||
Future tax assets | 86,184 | 80,156 | ||||||
Deferred tax liabilities: | ||||||||
Mine property costs | 114,595 | 102,948 | ||||||
Derivatives | 4 | 1,094 | ||||||
Other | — | 107 | ||||||
Deferred tax liabilities | 114,599 | 104,149 | ||||||
Net deferred tax liabilities | $ | 28,415 | $ | 23,993 |
As at December 31, | ||||||||
2012 | 2011 | |||||||
Canada | $ | 42,832 | $ | 46,254 | ||||
U.S. | 15 | 228 | ||||||
Ghana | 121,043 | 84,067 | ||||||
Burkina Faso | — | 659 | ||||||
Total valuation allowance | $ | 163,890 | $ | 131,208 |
For the years ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Current expense: | |||||||||||
Canada | $ | — | $ | — | $ | — | |||||
Foreign | 12,393 | 2,669 | 1,487 | ||||||||
Deferred tax expense: | |||||||||||
Canada | — | — | — | ||||||||
Foreign | 4,423 | 8,315 | 3,990 | ||||||||
Total expense | $ | 16,816 | $ | 10,984 | $ | 5,477 |
For the years ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Net income /(loss) before tax | $ | 6,601 | $ | 8,482 | $ | (9,128 | ) | |||||
Statutory tax rate | 25.0 | % | 26.5 | % | 28.5 | % | ||||||
Tax expense/(benefit) at statutory rate | $ | 1,650 | $ | 2,248 | $ | (2,601 | ) | |||||
Foreign tax rates | (6,193 | ) | (7,340 | ) | (7,548 | ) | ||||||
Change in tax rates | (22,145 | ) | 3,395 | 659 | ||||||||
Expired loss carryovers | 6,144 | — | — | |||||||||
Ghana investment allowance | 300 | (513 | ) | (761 | ) | |||||||
Non-deductible stock option compensation | 1,303 | 884 | 848 | |||||||||
Non-deductible expenses | 270 | 376 | 543 | |||||||||
Nondeductible convertible debenture | 6,096 | — | — | |||||||||
Loss carryover not previously recognized | 627 | (1,189 | ) | 2,321 | ||||||||
Ghana property basis not previously recognized | (3,523 | ) | (1,385 | ) | 912 | |||||||
Change in future tax assets due to exchange rates | (445 | ) | 738 | (1,864 | ) | |||||||
Change in valuation allowance | 31,932 | 10,881 | 10,907 | |||||||||
National Tax Levy | — | 2,669 | 1,488 | |||||||||
Other | 800 | 220 | 573 | |||||||||
Income tax expense /(recovery) | $ | 16,816 | $ | 10,984 | $ | 5,477 |
Canada | Ghana | |||||||
2013 | $ | — | $ | 46,294 | ||||
2014 | — | — | ||||||
2015 | 3,831 | — | ||||||
2016 | — | 31,233 | ||||||
2026 | 15,800 | — | ||||||
2027 | 16,096 | — | ||||||
2028 | 14,468 | — | ||||||
2029 | 22,248 | — | ||||||
2030 | 20,421 | — | ||||||
2031 | 38,314 | — | ||||||
Indefinite | 5,930 | 459,423 | ||||||
Total | $ | 137,108 | $ | 536,950 |
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For the years ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Total stock compensation expense | $ | 6,111 | $ | 3,385 | $ | 2,975 |
For the years ended December 31, | |||||
2012 | 2011 | 2010 | |||
Expected volatility | 57.11% to 87.50% | 66.06% to 70.29% | 68.67% to 77.37% | ||
Risk-free interest rate | 0.36% to 1.91% | 0.90% to 2.26% | 1.18% to 2.58% | ||
Expected lives | 3 to 8 years | 6 to 9 years | 6 to 9 years | ||
Dividend yield | 0% | 0% | 0% |
Options (‘000) | Weighted– Average Exercise price (Cdn$) | Weighted– Average Remaining Contractual Term (Years) | Aggregate intrinsic value Cdn($000) | ||||||||
Outstanding as of December 31, 2011 | 8,539 | 3.18 | 7.0 | 95 | |||||||
Granted | 5,164 | 1.94 | 6.4 | — | |||||||
Exercised | (203 | ) | 1.45 | 3.5 | 125 | ||||||
Forfeited, canceled and expired | (1,163 | ) | 2.74 | 6.0 | — | ||||||
Outstanding as of December 31, 2012 | 12,337 | 2.74 | 6.2 | 541 | |||||||
Exercisable as of December 31, 2012 | 7,920 | 3.04 | 5.7 | 356 |
Options (‘000) | Weighted– Average Exercise price (Cdn$) | Weighted– Average Remaining Contractual Term (Years) | Aggregate intrinsic value Cdn($000) | ||||||||
Outstanding as of December 31, 2010 | 6,724 | 3.35 | 7.0 | 9,001 | |||||||
Granted | 2,288 | 2.67 | 9.3 | — | |||||||
Exercised | (159 | ) | 1.78 | 4.6 | — | ||||||
Forfeited, canceled and expired | (314 | ) | 3.67 | 6.8 | — | ||||||
Outstanding as of December 31, 2011 | 8,539 | 3.18 | 7.0 | 95 | |||||||
Exercisable as of December 31, 2011 | 6,233 | 3.30 | 6.2 | 95 |
Options (‘000) | Weighted– Average Exercise price (Cdn$) | Weighted– Average Remaining Contractual Term (Years) | Aggregate intrinsic value Cdn($000) | ||||||||
Outstanding as of December 31, 2009 | 7,283 | 3.19 | 7.0 | 4,221 | |||||||
Granted | 1,599 | 3.77 | 9.3 | — | |||||||
Exercised | (1,149 | ) | 2.11 | 5.4 | 2,423 | ||||||
Forfeited, canceled and expired | (1,009 | ) | 4.27 | — | — | ||||||
Outstanding as of December 31, 2010 | 6,724 | 3.35 | 7.0 | 9,001 | |||||||
Exercisable as of December 31, 2010 | 4,622 | 3.48 | 6.3 | 5,770 |
Options outstanding | Options exercisable | |||||||||||||
Range of exercise prices (Cdn$) | Number outstanding at December 31, 2012 (000) | Weighted- average remaining contractual life (years) | Weighted- average exercise price (Cdn$) | Number exercisable at December 31, 2012 (000) | Weighted- average exercise price (Cdn$) | |||||||||
1.00 to 2.50 | 5,984 | 6.6 | 1.88 | 2,641 | 1.80 | |||||||||
2.51 to 4.00 | 5,187 | 6.2 | 3.23 | 4,158 | 3.30 | |||||||||
4.01 to 7.00 | 1,166 | 3.7 | 4.99 | 1,121 | 5.00 | |||||||||
12,337 | 6.2 | 2.74 | 7,920 | 3.04 |
Options outstanding | Options exercisable | |||||||||||||
Range of exercise prices (Cdn$) | Number outstanding at December 31, 2011 (000) | Weighted- average remaining contractual life (years) | Weighted- average exercise price (Cdn$) | Number exercisable at December 31, 2011 (000) | Weighted- average exercise price (Cdn$) | |||||||||
1.00 to 2.50 | 1,619 | 7.2 | 1.66 | 1,215 | 1.64 | |||||||||
2.51 to 4.00 | 5,688 | 7.3 | 3.22 | 3,901 | 3.32 | |||||||||
4.01 to 7.00 | 1,232 | 4.8 | 5.00 | 1,117 | 5.02 | |||||||||
8,539 | 6.9 | 3.18 | 6,233 | 3.29 |
Options outstanding | Options exercisable | |||||||||||||
Range of exercise prices (Cdn$) | Number outstanding at December 31, 2010 (000) | Weighted- average remaining contractual life (years) | Weighted- average exercise price (Cdn$) | Number exercisable at December 31, 2010 (000) | Weighted- average exercise price (Cdn$) | |||||||||
1.00 to 2.50 | 1,472 | 7.5 | 1.61 | 804 | 1.53 | |||||||||
2.51 to 4.00 | 3,965 | 7.2 | 3.43 | 2,845 | 3.44 | |||||||||
4.01 to 7.00 | 1,287 | 6.0 | 4.98 | 973 | 5.10 | |||||||||
6,724 | 7.0 | 3.35 | 4,622 | 3.48 |
Number of options (000) | Weighted average grant date fair value (Cdn$) | |||||
Non-vested at January 1, 2012 | 2,307 | 1.91 | ||||
Granted | 5,164 | 1.21 | ||||
Vested | (2,658 | ) | 1.43 | |||
Forfeited, canceled and expired | (396 | ) | 1.65 | |||
Non-vested at December 31, 2012 | 4,417 | 1.4 | ||||
Number of options (000) | Weighted average grant date fair value (Cdn$) | |||||
Non-vested at January 1, 2011 | 2,102 | 1.90 | ||||
Granted | 2,288 | 1.78 | ||||
Vested | (1,988 | ) | 1.81 | |||
Forfeited, canceled and expired | (95 | ) | 2.14 | |||
Non-vested at December 31, 2011 | 2,307 | 1.91 | ||||
Number of options (000) | Weighted average grant date fair value (Cdn$) | |||||
Non-vested at January 1, 2010 | 2,125 | 1.49 | ||||
Granted | 1,599 | 2.54 | ||||
Vested | (1,491 | ) | 1.94 | |||
Forfeited, canceled and expired | (131 | ) | 1.73 | |||
Non-vested at December 31, 2010 | 2,102 | 1.9 |
Number of Deferred Share Units | Amount (US$'000) | ||||||
As of December 31, 2011 | 22,147 | $ | 49 | ||||
Grants | 394,922 | 592 | |||||
Exercises | (29,010 | ) | (39 | ) | |||
As of December 31, 2012 | 388,059 | $ | 602 |
Number of Deferred Share Units | Amount (US$'000) | ||||||
As of December 31, 2010 | — | $ | — | ||||
Grants | 22,147 | 49 | |||||
Exercises | — | — | |||||
As of December 31, 2011 | 22,147 | $ | 49 |
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Africa | ||||||||||||||||||||||||
As at and for years ended December 31, | Bogoso/ Prestea | Wassa/ HBB | Other | South America | Corporate | Total | ||||||||||||||||||
2012 | ||||||||||||||||||||||||
Revenues | $ | 286,619 | $ | 263,921 | $ | — | $ | — | $ | — | $ | 550,540 | ||||||||||||
Net income/(loss) attributable to Golden Star | 2,113 | 18,441 | (2,857 | ) | (542 | ) | (26,645 | ) | (9,490 | ) | ||||||||||||||
Depreciation | 33,506 | 65,328 | 24 | 1 | 67 | 98,926 | ||||||||||||||||||
Income tax expense | — | (16,816 | ) | — | — | — | (16,816 | ) | ||||||||||||||||
Capital expenditures | 39,216 | 49,248 | 28 | — | 3 | 88,495 | ||||||||||||||||||
Long-lived assets | 343,027 | 171,197 | 741 | — | 67 | 515,032 | ||||||||||||||||||
Total assets | 435,745 | 230,096 | 3,491 | 150 | 56,394 | 725,876 | ||||||||||||||||||
2011 | ||||||||||||||||||||||||
Revenues | $ | 222,542 | $ | 248,465 | $ | — | $ | — | $ | — | $ | 471,007 | ||||||||||||
Net (loss)/income attributable to Golden Star | (11,959 | ) | 32,781 | (1,065 | ) | (2,299 | ) | (19,533 | ) | (2,075 | ) | |||||||||||||
Depreciation | 29,353 | 42,240 | — | 2 | 103 | 71,698 | ||||||||||||||||||
Income tax expense | — | (10,984 | ) | — | — | — | (10,984 | ) | ||||||||||||||||
Capital expenditures | 59,410 | 41,898 | 1 | — | 71 | 101,380 | ||||||||||||||||||
Long-lived assets | 339,671 | 187,015 | 736 | 1 | 131 | 527,554 | ||||||||||||||||||
Total assets | 415,168 | 256,113 | 1,616 | 855 | 53,926 | 727,678 | ||||||||||||||||||
2010 | ||||||||||||||||||||||||
Revenues | 206,448 | 226,245 | — | — | — | 432,693 | ||||||||||||||||||
Net income/(loss) attributable to Golden Star | 694 | 16,880 | (3,001 | ) | 6,463 | (32,265 | ) | (11,229 | ) | |||||||||||||||
Depreciation | 36,511 | 62,160 | — | 3 | 101 | 98,775 | ||||||||||||||||||
Income tax expense | — | (5,477 | ) | — | — | — | (5,477 | ) | ||||||||||||||||
Capital expenditures | 36,035 | 26,856 | 2,211 | — | 89 | 65,191 | ||||||||||||||||||
Long-lived assets | 300,377 | 185,045 | 772 | 3 | 163 | 486,360 | ||||||||||||||||||
Total assets | 360,555 | 240,662 | 5,848 | (251 | ) | 146,412 | 753,226 |
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For the years ended December 31, | |||||||||||
Changes in working capital: | 2012 | 2011 | 2010 | ||||||||
Decrease/(increase) in accounts receivable | $ | (870 | ) | $ | 1,839 | $ | (4,022 | ) | |||
Decrease in inventories | (11,682 | ) | (9,030 | ) | (14,351 | ) | |||||
(Increase)/decrease in deposits and prepayments | (4,256 | ) | (1,250 | ) | 235 | ||||||
Increase in accounts payable and accrued liabilities | 5,016 | 2,335 | 27,607 | ||||||||
Other | (202 | ) | (1,747 | ) | 481 | ||||||
Total changes in working capital | $ | (11,994 | ) | $ | (7,853 | ) | $ | 9,950 |
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2012 Quarters ended | 2011 Quarters ended | |||||||||||||||||||||||||||||||
($ millions, except per share data) | Dec | Sept | Jun | Mar | Dec | Sept | Jun | Mar | ||||||||||||||||||||||||
Revenues | $ | 149.7 | $ | 133.5 | $ | 136.3 | $ | 131.0 | $ | 118.8 | $ | 125.9 | $ | 109.8 | $ | 116.5 | ||||||||||||||||
Net income/(loss) | 9.1 | (30.2 | ) | 2.5 | 9.1 | 7.2 | (10.2 | ) | (5.0 | ) | 5.9 | |||||||||||||||||||||
Net earnings/(loss) per share | ||||||||||||||||||||||||||||||||
Basic | $ | 0.04 | $ | (0.12 | ) | $ | 0.01 | $ | 0.04 | $ | 0.03 | $ | (0.04 | ) | $ | (0.02 | ) | $ | 0.02 | |||||||||||||
Diluted | 0.03 | (0.12 | ) | 0.01 | 0.04 | 0.03 | (0.04 | ) | (0.02 | ) | 0.02 |
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Fair value measurements using significant unobservable inputs | Level 3 | |||
Balance at December 31, 2011 | $ | — | ||
5% Convertible Debentures transferred into Level 3 | 74,003 | |||
Unrealized loss included in loss on fair value of Convertible Debentures in Statement of Operations | 25,601 | |||
Balance at December 31, 2012 | $ | 99,604 |
Financial assets measured at fair value as at | |||||||||||||||
December 31, 2012 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Available for sale investments | $ | 15,034 | $ | — | $ | — | $ | 15,034 | |||||||
$ | 15,034 | $ | — | $ | — | $ | 15,034 |
Financial liabilities measured at fair value as at | |||||||||||||||
December 31, 2012 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
5% Convertible Debentures | — | — | 99,604 | 99,604 | |||||||||||
$ | — | $ | — | $ | 99,604 | $ | 99,604 |
Financial assets measured at fair value as at | |||||||||||||||
December 31, 2011 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Available for sale investments | $ | 1,416 | $ | — | $ | — | $ | 1,416 | |||||||
Warrants | — | 555 | — | 555 | |||||||||||
$ | 1,416 | $ | 555 | $ | — | $ | 1,971 |
Financial liabilities measured at fair value as at | |||||||||||||||
December 31, 2011 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
4% Convertible Debentures | $ | 121,625 | $ | — | $ | — | $ | 121,625 | |||||||
$ | 121,625 | $ | — | $ | — | $ | 121,625 |
|
For the years ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Riverstone Resources, Inc. - warrants | $ | 162 | $ | (177 | ) | $ | (216 | ) | |||
Gold price derivatives | — | 19,453 | 1,066 | ||||||||
Derivative loss | $ | 162 | $ | 19,276 | $ | 850 |
For the years ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Realized loss | $ | 162 | $ | 19,453 | $ | 1,066 | |||||
Unrealized gain | — | (177 | ) | (216 | ) | ||||||
Derivative loss | $ | 162 | $ | 19,276 | $ | 850 |
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As at December 31, | |||||||
2012 | 2011 | ||||||
Stockpiled ore | $ | 33,130 | $ | 16,773 | |||
In-process | 7,571 | 8,912 | |||||
Materials and supplies | 43,548 | 48,612 | |||||
Finished goods | 5,963 | — | |||||
Total | $ | 90,212 | $ | 74,297 |
|
As at December 31, | ||||||||
2012 | 2011 | |||||||
Value added tax refunds | $ | 9,766 | $ | 8,051 | ||||
Other | 2,130 | 2,026 | ||||||
Total | $ | 11,896 | $ | 10,077 |
|
As at December 31, 2012 | As at December 31, 2011 | ||||||||||||
TGM | TGM | ||||||||||||
Fair Value | Shares | Fair Value | Shares | ||||||||||
Balance at beginning of year | $ | 1,416 | 2,000,000 | $ | 928 | 1,300,000 | |||||||
Acquisitions | 17,117 | 23,676,301 | 469 | 700,000 | |||||||||
Dispositions | (805 | ) | (1,155,200 | ) | — | — | |||||||
OCI - unrealized (loss)/gain | (2,694 | ) | 19 | ||||||||||
Balance at end of year | $ | 15,034 | 24,521,101 | $ | 1,416 | 2,000,000 |
|
As at December 31, 2012 | As at December 31, 2011 | ||||||||||||||||||||||
Cost | Accumulated Depreciation | Net Book Value | Cost | Accumulated Depreciation | Net Book Value | ||||||||||||||||||
Bogoso/Prestea | $ | 189,247 | $ | (112,838 | ) | $ | 76,409 | $ | 179,216 | $ | (109,519 | ) | $ | 69,697 | |||||||||
Bogoso refractory plant | 196,066 | (67,230 | ) | 128,836 | 186,607 | (58,873 | ) | 127,734 | |||||||||||||||
Wassa/HBB | 120,766 | (65,463 | ) | 55,303 | 106,631 | (52,430 | ) | 54,201 | |||||||||||||||
Corporate & other | 1,363 | (925 | ) | 438 | 1,378 | (879 | ) | 499 | |||||||||||||||
Total | $ | 507,442 | $ | (246,456 | ) | $ | 260,986 | $ | 473,832 | $ | (221,701 | ) | $ | 252,131 |
|
As at December 31, 2012 | As at December 31, 2011 | ||||||||||||||||||||||
Cost | Accumulated Amortization | Net Book Value | Cost | Accumulated Amortization | Net Book Value | ||||||||||||||||||
Bogoso/Prestea | $ | 128,713 | $ | (64,972 | ) | $ | 63,741 | $ | 119,700 | $ | (60,186 | ) | $ | 59,514 | |||||||||
Bogoso refractory properties | 70,865 | (40,662 | ) | 30,203 | 70,090 | (34,839 | ) | 35,251 | |||||||||||||||
Mampon | 16,095 | — | 16,095 | 16,095 | — | 16,095 | |||||||||||||||||
Wassa/HBB | 352,241 | (234,847 | ) | 117,394 | 314,801 | (180,486 | ) | 134,315 | |||||||||||||||
Other | 32,182 | (7,439 | ) | 24,743 | 27,312 | (2,330 | ) | 24,982 | |||||||||||||||
Total | $ | 600,096 | $ | (347,920 | ) | $ | 252,176 | $ | 547,998 | $ | (277,841 | ) | $ | 270,157 |
|
For the years ended December 31, | |||||||
2012 | 2011 | ||||||
Beginning balance | $ | 33,880 | $ | 44,952 | |||
Accretion expense | 2,816 | 3,845 | |||||
Additions and changes in estimates | 3,620 | 11,978 | |||||
Cost of reclamation work performed | (6,203 | ) | (26,895 | ) | |||
Balance at December 31 | $ | 34,113 | $ | 33,880 | |||
Current portion | $ | 9,943 | $ | 8,996 | |||
Long term portion | $ | 24,170 | $ | 24,884 |
|
For the years ended December 31, | |||||||
2012 | 2011 | ||||||
Current debt: | |||||||
Equipment financing credit facility | $ | 6,968 | $ | 7,036 | |||
Capital lease | — | 224 | |||||
4% Convertible Debentures | — | 121,199 | |||||
Total current debt | $ | 6,968 | $ | 128,459 | |||
Long term debt: | |||||||
Equipment financing credit facility | $ | 11,232 | $ | 10,759 | |||
5% Convertible Debentures | 99,275 | — | |||||
Total long term debt | $ | 110,507 | $ | 10,759 |
Debt | 2013 | 2014 | 2015 | 2016 | 2017 | Maturity | |||||||||||||||
Equipment financing loans | |||||||||||||||||||||
principal | $ | 6,968 | $ | 4,732 | $ | 3,798 | $ | 2,208 | $ | 494 | 2012 to 2017 | ||||||||||
interest | 1,003 | 604 | 322 | 120 | 9 | ||||||||||||||||
5% Convertible Debentures | |||||||||||||||||||||
principal | — | — | — | — | 77,490 | June 1, 2017 | |||||||||||||||
interest | 3,875 | 3,875 | 3,875 | 3,875 | 1,937 | ||||||||||||||||
Total | $ | 11,846 | $ | 9,211 | $ | 7,995 | $ | 6,203 | $ | 79,930 |
|
For the years ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Gain on sale of Burkina Faso exploration properties | $ | 22,361 | $ | — | $ | — | |||||
Gain on sale of Saramacca | 9,175 | — | — | ||||||||
Gain on sale of other assets | 41 | 1,350 | 1,171 | ||||||||
Gain on sale of assets | $ | 31,577 | $ | 1,350 | $ | 1,171 |
|
As of December 31, | ||||||||
2012 | 2011 | |||||||
Deferred tax assets: | ||||||||
Offering costs | $ | 120 | $ | 595 | ||||
Non-capital loss carryovers | 222,213 | 191,182 | ||||||
Capital loss carryovers | 741 | 907 | ||||||
Mine property costs | 7,118 | 7,154 | ||||||
Reclamation costs | 9,765 | 6,638 | ||||||
Unrealized loss on available for sale investments | 508 | (173 | ) | |||||
Other | 9,609 | 5,061 | ||||||
Valuation allowance | (163,890 | ) | (131,208 | ) | ||||
Future tax assets | 86,184 | 80,156 | ||||||
Deferred tax liabilities: | ||||||||
Mine property costs | 114,595 | 102,948 | ||||||
Derivatives | 4 | 1,094 | ||||||
Other | — | 107 | ||||||
Deferred tax liabilities | 114,599 | 104,149 | ||||||
Net deferred tax liabilities | $ | 28,415 | $ | 23,993 |
As at December 31, | ||||||||
2012 | 2011 | |||||||
Canada | $ | 42,832 | $ | 46,254 | ||||
U.S. | 15 | 228 | ||||||
Ghana | 121,043 | 84,067 | ||||||
Burkina Faso | — | 659 | ||||||
Total valuation allowance | $ | 163,890 | $ | 131,208 |
For the years ended December 31, | |||||||||||
2012 | 2011 | 2010 | |||||||||
Current expense: | |||||||||||
Canada | $ | — | $ | — | $ | — | |||||
Foreign | 12,393 | 2,669 | 1,487 | ||||||||
Deferred tax expense: | |||||||||||
Canada | — | — | — | ||||||||
Foreign | 4,423 | 8,315 | 3,990 | ||||||||
Total expense | $ | 16,816 | $ | 10,984 | $ | 5,477 |
For the years ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Net income /(loss) before tax | $ | 6,601 | $ | 8,482 | $ | (9,128 | ) | |||||
Statutory tax rate | 25.0 | % | 26.5 | % | 28.5 | % | ||||||
Tax expense/(benefit) at statutory rate | $ | 1,650 | $ | 2,248 | $ | (2,601 | ) | |||||
Foreign tax rates | (6,193 | ) | (7,340 | ) | (7,548 | ) | ||||||
Change in tax rates | (22,145 | ) | 3,395 | 659 | ||||||||
Expired loss carryovers | 6,144 | — | — | |||||||||
Ghana investment allowance | 300 | (513 | ) | (761 | ) | |||||||
Non-deductible stock option compensation | 1,303 | 884 | 848 | |||||||||
Non-deductible expenses | 270 | 376 | 543 | |||||||||
Nondeductible convertible debenture | 6,096 | — | — | |||||||||
Loss carryover not previously recognized | 627 | (1,189 | ) | 2,321 | ||||||||
Ghana property basis not previously recognized | (3,523 | ) | (1,385 | ) | 912 | |||||||
Change in future tax assets due to exchange rates | (445 | ) | 738 | (1,864 | ) | |||||||
Change in valuation allowance | 31,932 | 10,881 | 10,907 | |||||||||
National Tax Levy | — | 2,669 | 1,488 | |||||||||
Other | 800 | 220 | 573 | |||||||||
Income tax expense /(recovery) | $ | 16,816 | $ | 10,984 | $ | 5,477 |
Canada | Ghana | |||||||
2013 | $ | — | $ | 46,294 | ||||
2014 | — | — | ||||||
2015 | 3,831 | — | ||||||
2016 | — | 31,233 | ||||||
2026 | 15,800 | — | ||||||
2027 | 16,096 | — | ||||||
2028 | 14,468 | — | ||||||
2029 | 22,248 | — | ||||||
2030 | 20,421 | — | ||||||
2031 | 38,314 | — | ||||||
Indefinite | 5,930 | 459,423 | ||||||
Total | $ | 137,108 | $ | 536,950 |
|
For the years ended December 31, | ||||||||||||
2012 | 2011 | 2010 | ||||||||||
Total stock compensation expense | $ | 6,111 | $ | 3,385 | $ | 2,975 |
For the years ended December 31, | |||||
2012 | 2011 | 2010 | |||
Expected volatility | 57.11% to 87.50% | 66.06% to 70.29% | 68.67% to 77.37% | ||
Risk-free interest rate | 0.36% to 1.91% | 0.90% to 2.26% | 1.18% to 2.58% | ||
Expected lives | 3 to 8 years | 6 to 9 years | 6 to 9 years | ||
Dividend yield | 0% | 0% | 0% |
Options (‘000) | Weighted– Average Exercise price (Cdn$) | Weighted– Average Remaining Contractual Term (Years) | Aggregate intrinsic value Cdn($000) | ||||||||
Outstanding as of December 31, 2011 | 8,539 | 3.18 | 7.0 | 95 | |||||||
Granted | 5,164 | 1.94 | 6.4 | — | |||||||
Exercised | (203 | ) | 1.45 | 3.5 | 125 | ||||||
Forfeited, canceled and expired | (1,163 | ) | 2.74 | 6.0 | — | ||||||
Outstanding as of December 31, 2012 | 12,337 | 2.74 | 6.2 | 541 | |||||||
Exercisable as of December 31, 2012 | 7,920 | 3.04 | 5.7 | 356 |
Options (‘000) | Weighted– Average Exercise price (Cdn$) | Weighted– Average Remaining Contractual Term (Years) | Aggregate intrinsic value Cdn($000) | ||||||||
Outstanding as of December 31, 2010 | 6,724 | 3.35 | 7.0 | 9,001 | |||||||
Granted | 2,288 | 2.67 | 9.3 | — | |||||||
Exercised | (159 | ) | 1.78 | 4.6 | — | ||||||
Forfeited, canceled and expired | (314 | ) | 3.67 | 6.8 | — | ||||||
Outstanding as of December 31, 2011 | 8,539 | 3.18 | 7.0 | 95 | |||||||
Exercisable as of December 31, 2011 | 6,233 | 3.30 | 6.2 | 95 |
Options (‘000) | Weighted– Average Exercise price (Cdn$) | Weighted– Average Remaining Contractual Term (Years) | Aggregate intrinsic value Cdn($000) | ||||||||
Outstanding as of December 31, 2009 | 7,283 | 3.19 | 7.0 | 4,221 | |||||||
Granted | 1,599 | 3.77 | 9.3 | — | |||||||
Exercised | (1,149 | ) | 2.11 | 5.4 | 2,423 | ||||||
Forfeited, canceled and expired | (1,009 | ) | 4.27 | — | — | ||||||
Outstanding as of December 31, 2010 | 6,724 | 3.35 | 7.0 | 9,001 | |||||||
Exercisable as of December 31, 2010 | 4,622 | 3.48 | 6.3 | 5,770 |
Options outstanding | Options exercisable | |||||||||||||
Range of exercise prices (Cdn$) | Number outstanding at December 31, 2012 (000) | Weighted- average remaining contractual life (years) | Weighted- average exercise price (Cdn$) | Number exercisable at December 31, 2012 (000) | Weighted- average exercise price (Cdn$) | |||||||||
1.00 to 2.50 | 5,984 | 6.6 | 1.88 | 2,641 | 1.80 | |||||||||
2.51 to 4.00 | 5,187 | 6.2 | 3.23 | 4,158 | 3.30 | |||||||||
4.01 to 7.00 | 1,166 | 3.7 | 4.99 | 1,121 | 5.00 | |||||||||
12,337 | 6.2 | 2.74 | 7,920 | 3.04 |
Options outstanding | Options exercisable | |||||||||||||
Range of exercise prices (Cdn$) | Number outstanding at December 31, 2011 (000) | Weighted- average remaining contractual life (years) | Weighted- average exercise price (Cdn$) | Number exercisable at December 31, 2011 (000) | Weighted- average exercise price (Cdn$) | |||||||||
1.00 to 2.50 | 1,619 | 7.2 | 1.66 | 1,215 | 1.64 | |||||||||
2.51 to 4.00 | 5,688 | 7.3 | 3.22 | 3,901 | 3.32 | |||||||||
4.01 to 7.00 | 1,232 | 4.8 | 5.00 | 1,117 | 5.02 | |||||||||
8,539 | 6.9 | 3.18 | 6,233 | 3.29 |
Options outstanding | Options exercisable | |||||||||||||
Range of exercise prices (Cdn$) | Number outstanding at December 31, 2010 (000) | Weighted- average remaining contractual life (years) | Weighted- average exercise price (Cdn$) | Number exercisable at December 31, 2010 (000) | Weighted- average exercise price (Cdn$) | |||||||||
1.00 to 2.50 | 1,472 | 7.5 | 1.61 | 804 | 1.53 | |||||||||
2.51 to 4.00 | 3,965 | 7.2 | 3.43 | 2,845 | 3.44 | |||||||||
4.01 to 7.00 | 1,287 | 6.0 | 4.98 | 973 | 5.10 | |||||||||
6,724 | 7.0 | 3.35 | 4,622 | 3.48 |
Number of options (000) | Weighted average grant date fair value (Cdn$) | |||||
Non-vested at January 1, 2012 | 2,307 | 1.91 | ||||
Granted | 5,164 | 1.21 | ||||
Vested | (2,658 | ) | 1.43 | |||
Forfeited, canceled and expired | (396 | ) | 1.65 | |||
Non-vested at December 31, 2012 | 4,417 | 1.4 | ||||
Number of options (000) | Weighted average grant date fair value (Cdn$) | |||||
Non-vested at January 1, 2011 | 2,102 | 1.90 | ||||
Granted | 2,288 | 1.78 | ||||
Vested | (1,988 | ) | 1.81 | |||
Forfeited, canceled and expired | (95 | ) | 2.14 | |||
Non-vested at December 31, 2011 | 2,307 | 1.91 | ||||
Number of options (000) | Weighted average grant date fair value (Cdn$) | |||||
Non-vested at January 1, 2010 | 2,125 | 1.49 | ||||
Granted | 1,599 | 2.54 | ||||
Vested | (1,491 | ) | 1.94 | |||
Forfeited, canceled and expired | (131 | ) | 1.73 | |||
Non-vested at December 31, 2010 | 2,102 | 1.9 |
Number of Deferred Share Units | Amount (US$'000) | ||||||
As of December 31, 2011 | 22,147 | $ | 49 | ||||
Grants | 394,922 | 592 | |||||
Exercises | (29,010 | ) | (39 | ) | |||
As of December 31, 2012 | 388,059 | $ | 602 |
Number of Deferred Share Units | Amount (US$'000) | ||||||
As of December 31, 2010 | — | $ | — | ||||
Grants | 22,147 | 49 | |||||
Exercises | — | — | |||||
As of December 31, 2011 | 22,147 | $ | 49 |
|
Africa | ||||||||||||||||||||||||
As at and for years ended December 31, | Bogoso/ Prestea | Wassa/ HBB | Other | South America | Corporate | Total | ||||||||||||||||||
2012 | ||||||||||||||||||||||||
Revenues | $ | 286,619 | $ | 263,921 | $ | — | $ | — | $ | — | $ | 550,540 | ||||||||||||
Net income/(loss) attributable to Golden Star | 2,113 | 18,441 | (2,857 | ) | (542 | ) | (26,645 | ) | (9,490 | ) | ||||||||||||||
Depreciation | 33,506 | 65,328 | 24 | 1 | 67 | 98,926 | ||||||||||||||||||
Income tax expense | — | (16,816 | ) | — | — | — | (16,816 | ) | ||||||||||||||||
Capital expenditures | 39,216 | 49,248 | 28 | — | 3 | 88,495 | ||||||||||||||||||
Long-lived assets | 343,027 | 171,197 | 741 | — | 67 | 515,032 | ||||||||||||||||||
Total assets | 435,745 | 230,096 | 3,491 | 150 | 56,394 | 725,876 | ||||||||||||||||||
2011 | ||||||||||||||||||||||||
Revenues | $ | 222,542 | $ | 248,465 | $ | — | $ | — | $ | — | $ | 471,007 | ||||||||||||
Net (loss)/income attributable to Golden Star | (11,959 | ) | 32,781 | (1,065 | ) | (2,299 | ) | (19,533 | ) | (2,075 | ) | |||||||||||||
Depreciation | 29,353 | 42,240 | — | 2 | 103 | 71,698 | ||||||||||||||||||
Income tax expense | — | (10,984 | ) | — | — | — | (10,984 | ) | ||||||||||||||||
Capital expenditures | 59,410 | 41,898 | 1 | — | 71 | 101,380 | ||||||||||||||||||
Long-lived assets | 339,671 | 187,015 | 736 | 1 | 131 | 527,554 | ||||||||||||||||||
Total assets | 415,168 | 256,113 | 1,616 | 855 | 53,926 | 727,678 | ||||||||||||||||||
2010 | ||||||||||||||||||||||||
Revenues | 206,448 | 226,245 | — | — | — | 432,693 | ||||||||||||||||||
Net income/(loss) attributable to Golden Star | 694 | 16,880 | (3,001 | ) | 6,463 | (32,265 | ) | (11,229 | ) | |||||||||||||||
Depreciation | 36,511 | 62,160 | — | 3 | 101 | 98,775 | ||||||||||||||||||
Income tax expense | — | (5,477 | ) | — | — | — | (5,477 | ) | ||||||||||||||||
Capital expenditures | 36,035 | 26,856 | 2,211 | — | 89 | 65,191 | ||||||||||||||||||
Long-lived assets | 300,377 | 185,045 | 772 | 3 | 163 | 486,360 | ||||||||||||||||||
Total assets | 360,555 | 240,662 | 5,848 | (251 | ) | 146,412 | 753,226 |
|
For the years ended December 31, | |||||||||||
Changes in working capital: | 2012 | 2011 | 2010 | ||||||||
Decrease/(increase) in accounts receivable | $ | (870 | ) | $ | 1,839 | $ | (4,022 | ) | |||
Decrease in inventories | (11,682 | ) | (9,030 | ) | (14,351 | ) | |||||
(Increase)/decrease in deposits and prepayments | (4,256 | ) | (1,250 | ) | 235 | ||||||
Increase in accounts payable and accrued liabilities | 5,016 | 2,335 | 27,607 | ||||||||
Other | (202 | ) | (1,747 | ) | 481 | ||||||
Total changes in working capital | $ | (11,994 | ) | $ | (7,853 | ) | $ | 9,950 |
|
2012 Quarters ended | 2011 Quarters ended | |||||||||||||||||||||||||||||||
($ millions, except per share data) | Dec | Sept | Jun | Mar | Dec | Sept | Jun | Mar | ||||||||||||||||||||||||
Revenues | $ | 149.7 | $ | 133.5 | $ | 136.3 | $ | 131.0 | $ | 118.8 | $ | 125.9 | $ | 109.8 | $ | 116.5 | ||||||||||||||||
Net income/(loss) | 9.1 | (30.2 | ) | 2.5 | 9.1 | 7.2 | (10.2 | ) | (5.0 | ) | 5.9 | |||||||||||||||||||||
Net earnings/(loss) per share | ||||||||||||||||||||||||||||||||
Basic | $ | 0.04 | $ | (0.12 | ) | $ | 0.01 | $ | 0.04 | $ | 0.03 | $ | (0.04 | ) | $ | (0.02 | ) | $ | 0.02 | |||||||||||||
Diluted | 0.03 | (0.12 | ) | 0.01 | 0.04 | 0.03 | (0.04 | ) | (0.02 | ) | 0.02 |
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