| Debt
|
|
|
|
|
|
|
|
|
|
Financial assets measured at fair value as at | |||||||||||||||
March 31, 2012 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Available for sale investments | $ | 14,368 | $ | — | $ | — | $ | 14,368 | |||||||
$ | 14,368 | $ | — | $ | — | $ | 14,368 |
Financial liabilities measured at fair value as at | |||||||||||||||
March 31, 2012 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Convertible debentures | $ | 123,750 | $ | — | $ | — | $ | 123,750 | |||||||
$ | 123,750 | $ | — | $ | — | $ | 123,750 |
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 | ||||||||||||
Convertible debentures | $ | 121,625 | $ | — | $ | — | $ | 121,625 | |||||||
$ | 121,625 | $ | — | $ | — | $ | 121,625 |
|
For the three months ended | |||||||
March 31, | |||||||
2012 | 2011 | ||||||
Riverstone Resources, Inc. - warrants | $ | 162 | $ | (274 | ) | ||
Gold price derivatives | — | 4,523 | |||||
Derivative (gain)/loss | $ | 162 | $ | 4,249 |
For the three months ended | |||||||
March 31, | |||||||
2012 | 2011 | ||||||
Realized (gain)/loss | $ | (393 | ) | $ | — | ||
Unrealized (gain)/loss | 555 | 4,249 | |||||
Derivative (gain)/loss | $ | 162 | $ | 4,249 |
|
As of | As of | ||||||
March 31, | December 31, | ||||||
2012 | 2011 | ||||||
Stockpiled ore | $ | 17,648 | $ | 16,773 | |||
In-process | 12,534 | 8,912 | |||||
Materials and supplies | 47,173 | 48,612 | |||||
Finished goods | — | — | |||||
Total | $ | 77,355 | $ | 74,297 |
|
As of March 31, 2012 | As of December 31, 2011 | ||||||||||||
Riverstone | Riverstone | ||||||||||||
Fair Value | Shares | Fair Value | Shares | ||||||||||
Balance at beginning of period | $ | 1,416 | 2,000,000 | $ | 928 | 1,300,000 | |||||||
Acquisitions | 17,117 | 23,676,301 | 469 | 700,000 | |||||||||
OCI - unrealized gain/(loss) | (4,165 | ) | — | 19 | — | ||||||||
Balance at end of period | $ | 14,368 | 25,676,301 | $ | 1,416 | 2,000,000 |
|
As of March 31, 2012 | As of December 31, 2011 | ||||||||||||||||||||||
Property, Plant and Equipment at Cost | Accumulated Depreciation | Property, Plant and Equipment Net Book Value | Property, Plant and Equipment at Cost | Accumulated Depreciation | Property, Plant and Equipment Net Book Value | ||||||||||||||||||
Bogoso/Prestea | $ | 179,771 | $ | (109,552 | ) | $ | 70,219 | $ | 179,216 | $ | (109,519 | ) | $ | 69,697 | |||||||||
Bogoso refractory plant | 193,590 | (60,986 | ) | 132,604 | 186,607 | (58,873 | ) | 127,734 | |||||||||||||||
Wassa/HBB | 108,945 | (55,179 | ) | 53,766 | 106,631 | (52,430 | ) | 54,201 | |||||||||||||||
Corporate & other | 1,344 | (874 | ) | 470 | 1,378 | (879 | ) | 499 | |||||||||||||||
Total | $ | 483,650 | $ | (226,591 | ) | $ | 257,059 | $ | 473,832 | $ | (221,701 | ) | $ | 252,131 |
|
As of March 31, 2012 | As of December 31, 2011 | ||||||||||||||||||||||
Mining Properties | Accumulated Amortization | Mining Properties, Net Book | Mining Properties | Accumulated Amortization | Mining Properties, Net Book | ||||||||||||||||||
Bogoso/Prestea | $ | 122,359 | $ | (61,495 | ) | $ | 60,864 | $ | 119,700 | $ | (60,186 | ) | $ | 59,514 | |||||||||
Bogoso refractory | 70,286 | (36,338 | ) | 33,948 | 70,090 | (34,839 | ) | 35,251 | |||||||||||||||
Mampon | 16,095 | — | 16,095 | 16,095 | — | 16,095 | |||||||||||||||||
Wassa/HBB | 322,163 | (189,184 | ) | 132,979 | 314,801 | (180,486 | ) | 134,315 | |||||||||||||||
Other | 29,600 | (3,181 | ) | 26,419 | 27,312 | (2,330 | ) | 24,982 | |||||||||||||||
Total | $ | 560,503 | $ | (290,198 | ) | $ | 270,305 | $ | 547,998 | $ | (277,841 | ) | $ | 270,157 |
|
For the three months ended | |||||||
March 31, | |||||||
2012 | 2011 | ||||||
Beginning balance | $ | 33,880 | $ | 44,952 | |||
Accretion expense | 703 | 933 | |||||
Additions and change in estimates | — | 3,748 | |||||
Cost of reclamation work performed | (2,575 | ) | (3,883 | ) | |||
Balance at March 31 | $ | 32,008 | $ | 45,750 | |||
Current portion | $ | 8,626 | $ | 23,220 | |||
Long term portion | $ | 23,382 | $ | 22,530 |
|
As of | As of | ||||||
March 31, 2012 | December 31, 2011 | ||||||
Current debt: | |||||||
Equipment financing credit facility | $ | 7,801 | $ | 7,036 | |||
Capital lease | — | 224 | |||||
Convertible Debentures | 122,092 | 121,199 | |||||
Total current debt | $ | 129,893 | $ | 128,459 | |||
Long term debt: | |||||||
Equipment financing credit facility | $ | 15,104 | $ | 10,759 | |||
Total long term debt | $ | 15,104 | $ | 10,759 |
Nine Months | |||||||||||||||||||||||||
Debt | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | Maturity | ||||||||||||||||||
Equipment financing loans | |||||||||||||||||||||||||
principal | $ | 5,920 | $ | 6,571 | $ | 4,515 | $ | 3,567 | $ | 1,961 | $ | 371 | |||||||||||||
interest | 1,045 | 941 | 556 | 288 | 101 | 6 | 2012 to 2017 | ||||||||||||||||||
Convertible debentures | |||||||||||||||||||||||||
principal | 125,000 | — | — | — | — | — | November 30, 2012 | ||||||||||||||||||
interest | 5,000 | — | — | — | — | — | |||||||||||||||||||
Total | $ | 136,965 | $ | 7,512 | $ | 5,071 | $ | 3,855 | $ | 2,062 | $ | 377 |
|
For the three months ended March 31, | |||||||
2012 | 2011 | ||||||
Current tax expense | |||||||
Canada | $ | — | $ | — | |||
Foreign | — | (899 | ) | ||||
Deferred tax expense | |||||||
Canada | — | — | |||||
Foreign | (12,531 | ) | (3,406 | ) | |||
Total tax expense | $ | (12,531 | ) | $ | (4,305 | ) |
|
|
For the three months ended March 31, | |||||||
2012 | 2011 | ||||||
Mining operations costs | $ | 100,849 | $ | 88,479 | |||
Operations costs to metal inventory | (3,450 | ) | (2,690 | ) | |||
Mining related depreciation and amortization | 19,043 | 21,029 | |||||
Accretion of asset retirement obligations | 703 | 933 | |||||
Total cost of sales | $ | 117,145 | $ | 107,751 |
|
For the three months ended March 31, | |||||||
2012 | 2011 | ||||||
Total stock compensation expense | $ | 2,579 | $ | 1,342 |
For the three months ended March 31, | |||
2012 | 2011 | ||
Expected volatility | 67.07 to 87.50% | 66.34 to 69.79% | |
Risk-free interest rate | 0.36 to 0.84% | 2.26 to 2.26% | |
Expected lives | 4.3 to 7.4 years | 5.6 to 8.5 years | |
Dividend yield | 0% | 0% |
Options (‘000) | Weighted– Average Exercise price (Cdn$) | Weighted– Average Remaining Contractual Term (Years) | Aggregate intrinsic value Cdn($000) | ||||||||
Outstanding as of December 31, 2011 | 8,539 | 3.18 | 7.0 | 95 | |||||||
Granted | 4,537 | 2.02 | 7.0 | — | |||||||
Exercised | (78 | ) | 1.16 | — | 81 | ||||||
Forfeited, canceled and expired | (340 | ) | 3.13 | 7.8 | — | ||||||
Outstanding as of March 31, 2012 | 12,658 | 2.79 | 6.8 | 358 | |||||||
Exercisable as of March 31, 2012 | 8,235 | 3.03 | 6.3 | 337 |
Options (‘000) | Weighted– Average Exercise price (Cdn$) | 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 | 1,718 | 2.83 | 10.0 | — | |||||||
Exercised | (48 | ) | 2.73 | 7.0 | 132 | ||||||
Forfeited, canceled and expired | — | — | — | — | |||||||
Outstanding as of March 31, 2011 | 8,393 | 3.25 | 7.4 | 1,896 | |||||||
Exercisable as of March 31, 2011 | 5,765 | 3.36 | 6.6 | 1,386 |
|
Africa | ||||||||||||||||||||||||
As of and for the three months ended March 31 | Bogoso/ Prestea | Wassa/ HBB | Other | South America | Corporate | Total | ||||||||||||||||||
2012 | ||||||||||||||||||||||||
Revenues | $ | 69,595 | $ | 61,425 | $ | — | $ | — | $ | — | $ | 131,020 | ||||||||||||
Net income/(loss) attributable to Golden Star | 5,472 | 852 | (1,111 | ) | (122 | ) | 4,022 | 9,113 | ||||||||||||||||
Income tax expense | — | (12,531 | ) | — | — | — | (12,531 | ) | ||||||||||||||||
Capital expenditure | 14,957 | 9,708 | — | — | — | 24,665 | ||||||||||||||||||
Total assets | 422,912 | 242,007 | 1,189 | 855 | 85,103 | 752,066 | ||||||||||||||||||
2011 | ||||||||||||||||||||||||
Revenues | $ | 42,488 | $ | 74,018 | $ | — | $ | — | $ | — | $ | 116,506 | ||||||||||||
Net income/(loss) attributable to Golden Star | (7,604 | ) | 10,641 | (705 | ) | (97 | ) | 3,693 | 5,928 | |||||||||||||||
Income tax benefit | — | (4,305 | ) | — | — | — | (4,305 | ) | ||||||||||||||||
Capital expenditure | 8,342 | 10,313 | 97 | — | — | 18,752 | ||||||||||||||||||
Total assets | 359,528 | 239,022 | 2,323 | 68 | 131,334 | 732,275 |
|
|
|