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Financial assets measured at fair value as at | |||||||||||||||
March 31, 2013 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Available for sale investments | $ | 9,416 | $ | — | $ | — | $ | 9,416 | |||||||
$ | 9,416 | $ | — | $ | — | $ | 9,416 |
Financial liabilities measured at fair value as at | |||||||||||||||
March 31, 2013 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
5% Convertible Debentures | — | — | 91,628 | 91,628 | |||||||||||
$ | — | $ | — | $ | 91,628 | $ | 91,628 |
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 |
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As of | As of | ||||||
March 31, | December 31, | ||||||
2013 | 2012 | ||||||
Stockpiled ore | $ | 30,218 | $ | 33,130 | |||
In-process | 11,422 | 7,571 | |||||
Materials and supplies | 48,610 | 43,548 | |||||
Finished goods | 2,600 | 5,963 | |||||
Total | $ | 92,850 | $ | 90,212 |
|
As of March 31, 2013 | As of December 31, 2012 | ||||||||||||
TGM | TGM | ||||||||||||
Fair Value | Shares | Fair Value | Shares | ||||||||||
Balance at beginning of period | $ | 15,034 | 24,521,101 | $ | 1,416 | 2,000,000 | |||||||
Acquisitions | — | — | 17,117 | 23,676,301 | |||||||||
Dispositions | — | — | (805 | ) | (1,155,200 | ) | |||||||
OCI - unrealized loss | (5,618 | ) | (2,694 | ) | |||||||||
Balance at end of period | $ | 9,416 | 24,521,101 | $ | 15,034 | 24,521,101 |
|
As of March 31, 2013 | December 31, 2012 | ||||||||||||||||||||||
Cost | Accumulated Depreciation | Net Book Value | Cost | Accumulated Depreciation | Net Book Value | ||||||||||||||||||
Bogoso/Prestea | $ | 192,744 | $ | (115,168 | ) | $ | 77,576 | $ | 189,247 | $ | (112,838 | ) | $ | 76,409 | |||||||||
Bogoso refractory plant | 195,559 | (68,973 | ) | 126,586 | 196,066 | (67,230 | ) | 128,836 | |||||||||||||||
Wassa/HBB | 121,360 | (68,817 | ) | 52,543 | 120,766 | (65,463 | ) | 55,303 | |||||||||||||||
Corporate & other | 1,334 | (942 | ) | 392 | 1,363 | (925 | ) | 438 | |||||||||||||||
Total | $ | 510,997 | $ | (253,900 | ) | $ | 257,097 | $ | 507,442 | $ | (246,456 | ) | $ | 260,986 |
|
As of March 31, 2013 | December 31, 2012 | ||||||||||||||||||||||
Cost | Accumulated Amortization | Net Book Value | Cost | Accumulated Amortization | Net Book Value | ||||||||||||||||||
Bogoso/Prestea | $ | 132,922 | $ | (64,634 | ) | $ | 68,288 | $ | 128,713 | $ | (64,972 | ) | $ | 63,741 | |||||||||
Bogoso refractory plant | 70,867 | (41,814 | ) | 29,053 | 70,865 | (40,662 | ) | 30,203 | |||||||||||||||
Mampon | 16,095 | — | 16,095 | 16,095 | — | 16,095 | |||||||||||||||||
Wassa/HBB | 362,135 | (243,297 | ) | 118,838 | 352,241 | (234,847 | ) | 117,394 | |||||||||||||||
Other | 32,183 | (9,119 | ) | 23,064 | 32,182 | (7,439 | ) | 24,743 | |||||||||||||||
Total | $ | 614,202 | $ | (358,864 | ) | $ | 255,338 | $ | 600,096 | $ | (347,920 | ) | $ | 252,176 |
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For the three months ended | |||||||
March 31, | |||||||
2013 | 2012 | ||||||
Beginning balance | $ | 34,113 | $ | 33,880 | |||
Accretion expense | 634 | 703 | |||||
Additions and changes in estimates | — | — | |||||
Cost of reclamation work performed | (883 | ) | (2,575 | ) | |||
Balance at the end of the period | $ | 33,864 | $ | 32,008 | |||
Current portion | $ | 9,096 | $ | 8,626 | |||
Long term portion | $ | 24,768 | $ | 23,382 |
|
As of | As of | ||||||
March 31, | December 31, | ||||||
2013 | 2012 | ||||||
Current debt: | |||||||
Equipment financing credit facility | $ | 6,441 | $ | 6,968 | |||
Total current debt | $ | 6,441 | $ | 6,968 | |||
Long term debt: | |||||||
Equipment financing credit facility | $ | 9,881 | $ | 11,232 | |||
5% Convertible Debentures | 91,628 | 99,275 | |||||
Total long term debt | $ | 101,509 | $ | 110,507 |
Nine Months | |||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | Maturity | ||||||||||||||||
Equipment financing loans | |||||||||||||||||||||
Principal | $ | 5,085 | $ | 4,732 | $ | 3,798 | $ | 2,208 | $ | 499 | 2013 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 | $ | 9,963 | $ | 9,211 | $ | 7,995 | $ | 6,203 | $ | 79,935 |
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For the three months ended March 31, | |||||||
2013 | 2012 | ||||||
Current expense: | |||||||
Canada | $ | — | $ | — | |||
Foreign | 10,306 | — | |||||
Deferred tax expense: | |||||||
Canada | — | — | |||||
Foreign | (3,173 | ) | 12,531 | ||||
Total expense | $ | 7,133 | $ | 12,531 |
|
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For the three months ended March 31, | |||||||
2013 | 2012 | ||||||
Gain on sale of Burkina Properties | $ | — | $ | 22,385 | |||
Gain/(loss) on sale of other assets | 72 | (15 | ) | ||||
Total gain on sale of assets | $ | 72 | $ | 22,370 |
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For the three months ended March 31, | |||||||
2013 | 2012 | ||||||
Total stock compensation expense | $ | 1,694 | $ | 2,579 |
For the three months ended March 31, | |||
2013 | 2012 | ||
Expected volatility | 56.11 to 68.19% | 67.07 to 87.50% | |
Risk-free interest rate | 1.17 to 1.62% | 0.36 to 0.84% | |
Expected lives | 3 to 7 years | 4 to 7 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, 2012 | 12,337 | 2.74 | 6.2 | 541 | |||||||
Granted | 2,694 | 1.71 | 6.2 | — | |||||||
Exercised | (90 | ) | 1.70 | 5.9 | 18 | ||||||
Forfeited, canceled and expired | (751 | ) | 2.85 | 5.2 | — | ||||||
Outstanding as of March 31, 2013 | 14,190 | 2.55 | 6.0 | 223 | |||||||
Exercisable as of March 31, 2013 | 9,996 | 2.81 | 5.9 | 117 |
Number of Deferred Share Units | |||
As of December 31, 2012 | 388,059 | ||
Grants | 112,654 | ||
Exercises | — | ||
As of March 31, 2013 | 500,713 |
Number of SARs ('000) | |||
As of December 31, 2012 | 1,079 | ||
Grants | 1,940 | ||
Exercises | — | ||
Canceled | (87 | ) | |
As of March 31, 2013 | 2,932 |
|
Africa | ||||||||||||||||||||||||
As of and for the three months ended March 31, | Bogoso/ Prestea | Wassa/ HBB | Other | South America | Corporate | Total | ||||||||||||||||||
2013 | ||||||||||||||||||||||||
Gold revenues | $ | 57,953 | $ | 74,957 | $ | — | $ | — | $ | — | $ | 132,910 | ||||||||||||
Mine operating expenses | 64,092 | 35,973 | — | — | — | 100,065 | ||||||||||||||||||
Operating costs from/(to) metal inventory | 58 | 1,121 | — | — | — | 1,179 | ||||||||||||||||||
Royalties | 2,900 | 3,753 | — | — | — | 6,653 | ||||||||||||||||||
Mining related depreciation and amortization | 8,265 | 11,876 | — | — | — | 20,141 | ||||||||||||||||||
Accretion of asset retirement obligations | 378 | 256 | — | — | — | 634 | ||||||||||||||||||
Cost of sales | 75,693 | 52,979 | — | — | — | 128,672 | ||||||||||||||||||
Mine operating margin | (17,740 | ) | 21,978 | — | — | — | 4,238 | |||||||||||||||||
Income tax expense | — | 7,133 | — | — | — | 7,133 | ||||||||||||||||||
Net income/(loss) attributable to Golden Star | (18,306 | ) | 12,535 | (388 | ) | (136 | ) | (264 | ) | (6,559 | ) | |||||||||||||
Capital expenditures | 7,707 | 9,952 | — | — | — | 17,659 | ||||||||||||||||||
Total assets | 433,214 | 221,683 | 1,831 | 208 | 47,742 | 704,678 | ||||||||||||||||||
2012 | ||||||||||||||||||||||||
Gold revenues | $ | 69,595 | $ | 61,425 | $ | — | $ | — | $ | — | $ | 131,020 | ||||||||||||
Mine operating expenses | 55,129 | 39,155 | — | — | — | 94,284 | ||||||||||||||||||
Operating costs from/(to) metal inventory | (551 | ) | (2,899 | ) | — | — | — | (3,450 | ) | |||||||||||||||
Royalties | 3,483 | 3,082 | — | — | — | 6,565 | ||||||||||||||||||
Mining related depreciation and amortization | 8,149 | 10,894 | — | — | — | 19,043 | ||||||||||||||||||
Accretion of asset retirement obligations | 381 | 322 | — | — | — | 703 | ||||||||||||||||||
Cost of sales | 66,591 | 50,554 | — | — | — | 117,145 | ||||||||||||||||||
Mine operating margin | 3,004 | 10,871 | — | — | — | 13,875 | ||||||||||||||||||
Income tax expense | — | 12,531 | — | — | — | 12,531 | ||||||||||||||||||
Net income/(loss) attributable to Golden Star | 5,472 | 852 | (1,111 | ) | (122 | ) | 4,022 | 9,113 | ||||||||||||||||
Capital expenditures | 14,957 | 9,708 | — | — | — | 24,665 | ||||||||||||||||||
Total assets | 422,912 | 242,007 | 1,189 | 855 | 85,103 | 752,066 |
|
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Financial assets measured at fair value as at | |||||||||||||||
March 31, 2013 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Available for sale investments | $ | 9,416 | $ | — | $ | — | $ | 9,416 | |||||||
$ | 9,416 | $ | — | $ | — | $ | 9,416 |
Financial liabilities measured at fair value as at | |||||||||||||||
March 31, 2013 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
5% Convertible Debentures | — | — | 91,628 | 91,628 | |||||||||||
$ | — | $ | — | $ | 91,628 | $ | 91,628 |
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 |
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As of | As of | ||||||
March 31, | December 31, | ||||||
2013 | 2012 | ||||||
Stockpiled ore | $ | 30,218 | $ | 33,130 | |||
In-process | 11,422 | 7,571 | |||||
Materials and supplies | 48,610 | 43,548 | |||||
Finished goods | 2,600 | 5,963 | |||||
Total | $ | 92,850 | $ | 90,212 |
|
As of March 31, 2013 | As of December 31, 2012 | ||||||||||||
TGM | TGM | ||||||||||||
Fair Value | Shares | Fair Value | Shares | ||||||||||
Balance at beginning of period | $ | 15,034 | 24,521,101 | $ | 1,416 | 2,000,000 | |||||||
Acquisitions | — | — | 17,117 | 23,676,301 | |||||||||
Dispositions | — | — | (805 | ) | (1,155,200 | ) | |||||||
OCI - unrealized loss | (5,618 | ) | (2,694 | ) | |||||||||
Balance at end of period | $ | 9,416 | 24,521,101 | $ | 15,034 | 24,521,101 |
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As of March 31, 2013 | December 31, 2012 | ||||||||||||||||||||||
Cost | Accumulated Depreciation | Net Book Value | Cost | Accumulated Depreciation | Net Book Value | ||||||||||||||||||
Bogoso/Prestea | $ | 192,744 | $ | (115,168 | ) | $ | 77,576 | $ | 189,247 | $ | (112,838 | ) | $ | 76,409 | |||||||||
Bogoso refractory plant | 195,559 | (68,973 | ) | 126,586 | 196,066 | (67,230 | ) | 128,836 | |||||||||||||||
Wassa/HBB | 121,360 | (68,817 | ) | 52,543 | 120,766 | (65,463 | ) | 55,303 | |||||||||||||||
Corporate & other | 1,334 | (942 | ) | 392 | 1,363 | (925 | ) | 438 | |||||||||||||||
Total | $ | 510,997 | $ | (253,900 | ) | $ | 257,097 | $ | 507,442 | $ | (246,456 | ) | $ | 260,986 |
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As of March 31, 2013 | December 31, 2012 | ||||||||||||||||||||||
Cost | Accumulated Amortization | Net Book Value | Cost | Accumulated Amortization | Net Book Value | ||||||||||||||||||
Bogoso/Prestea | $ | 132,922 | $ | (64,634 | ) | $ | 68,288 | $ | 128,713 | $ | (64,972 | ) | $ | 63,741 | |||||||||
Bogoso refractory plant | 70,867 | (41,814 | ) | 29,053 | 70,865 | (40,662 | ) | 30,203 | |||||||||||||||
Mampon | 16,095 | — | 16,095 | 16,095 | — | 16,095 | |||||||||||||||||
Wassa/HBB | 362,135 | (243,297 | ) | 118,838 | 352,241 | (234,847 | ) | 117,394 | |||||||||||||||
Other | 32,183 | (9,119 | ) | 23,064 | 32,182 | (7,439 | ) | 24,743 | |||||||||||||||
Total | $ | 614,202 | $ | (358,864 | ) | $ | 255,338 | $ | 600,096 | $ | (347,920 | ) | $ | 252,176 |
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For the three months ended | |||||||
March 31, | |||||||
2013 | 2012 | ||||||
Beginning balance | $ | 34,113 | $ | 33,880 | |||
Accretion expense | 634 | 703 | |||||
Additions and changes in estimates | — | — | |||||
Cost of reclamation work performed | (883 | ) | (2,575 | ) | |||
Balance at the end of the period | $ | 33,864 | $ | 32,008 | |||
Current portion | $ | 9,096 | $ | 8,626 | |||
Long term portion | $ | 24,768 | $ | 23,382 |
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As of | As of | ||||||
March 31, | December 31, | ||||||
2013 | 2012 | ||||||
Current debt: | |||||||
Equipment financing credit facility | $ | 6,441 | $ | 6,968 | |||
Total current debt | $ | 6,441 | $ | 6,968 | |||
Long term debt: | |||||||
Equipment financing credit facility | $ | 9,881 | $ | 11,232 | |||
5% Convertible Debentures | 91,628 | 99,275 | |||||
Total long term debt | $ | 101,509 | $ | 110,507 |
Nine Months | |||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | Maturity | ||||||||||||||||
Equipment financing loans | |||||||||||||||||||||
Principal | $ | 5,085 | $ | 4,732 | $ | 3,798 | $ | 2,208 | $ | 499 | 2013 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 | $ | 9,963 | $ | 9,211 | $ | 7,995 | $ | 6,203 | $ | 79,935 |
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For the three months ended March 31, | |||||||
2013 | 2012 | ||||||
Current expense: | |||||||
Canada | $ | — | $ | — | |||
Foreign | 10,306 | — | |||||
Deferred tax expense: | |||||||
Canada | — | — | |||||
Foreign | (3,173 | ) | 12,531 | ||||
Total expense | $ | 7,133 | $ | 12,531 |
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For the three months ended March 31, | |||||||
2013 | 2012 | ||||||
Gain on sale of Burkina Properties | $ | — | $ | 22,385 | |||
Gain/(loss) on sale of other assets | 72 | (15 | ) | ||||
Total gain on sale of assets | $ | 72 | $ | 22,370 |
|
For the three months ended March 31, | |||||||
2013 | 2012 | ||||||
Total stock compensation expense | $ | 1,694 | $ | 2,579 |
For the three months ended March 31, | |||
2013 | 2012 | ||
Expected volatility | 56.11 to 68.19% | 67.07 to 87.50% | |
Risk-free interest rate | 1.17 to 1.62% | 0.36 to 0.84% | |
Expected lives | 3 to 7 years | 4 to 7 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, 2012 | 12,337 | 2.74 | 6.2 | 541 | |||||||
Granted | 2,694 | 1.71 | 6.2 | — | |||||||
Exercised | (90 | ) | 1.70 | 5.9 | 18 | ||||||
Forfeited, canceled and expired | (751 | ) | 2.85 | 5.2 | — | ||||||
Outstanding as of March 31, 2013 | 14,190 | 2.55 | 6.0 | 223 | |||||||
Exercisable as of March 31, 2013 | 9,996 | 2.81 | 5.9 | 117 |
Number of Deferred Share Units | |||
As of December 31, 2012 | 388,059 | ||
Grants | 112,654 | ||
Exercises | — | ||
As of March 31, 2013 | 500,713 |
Number of SARs ('000) | |||
As of December 31, 2012 | 1,079 | ||
Grants | 1,940 | ||
Exercises | — | ||
Canceled | (87 | ) | |
As of March 31, 2013 | 2,932 |
|
Africa | ||||||||||||||||||||||||
As of and for the three months ended March 31, | Bogoso/ Prestea | Wassa/ HBB | Other | South America | Corporate | Total | ||||||||||||||||||
2013 | ||||||||||||||||||||||||
Gold revenues | $ | 57,953 | $ | 74,957 | $ | — | $ | — | $ | — | $ | 132,910 | ||||||||||||
Mine operating expenses | 64,092 | 35,973 | — | — | — | 100,065 | ||||||||||||||||||
Operating costs from/(to) metal inventory | 58 | 1,121 | — | — | — | 1,179 | ||||||||||||||||||
Royalties | 2,900 | 3,753 | — | — | — | 6,653 | ||||||||||||||||||
Mining related depreciation and amortization | 8,265 | 11,876 | — | — | — | 20,141 | ||||||||||||||||||
Accretion of asset retirement obligations | 378 | 256 | — | — | — | 634 | ||||||||||||||||||
Cost of sales | 75,693 | 52,979 | — | — | — | 128,672 | ||||||||||||||||||
Mine operating margin | (17,740 | ) | 21,978 | — | — | — | 4,238 | |||||||||||||||||
Income tax expense | — | 7,133 | — | — | — | 7,133 | ||||||||||||||||||
Net income/(loss) attributable to Golden Star | (18,306 | ) | 12,535 | (388 | ) | (136 | ) | (264 | ) | (6,559 | ) | |||||||||||||
Capital expenditures | 7,707 | 9,952 | — | — | — | 17,659 | ||||||||||||||||||
Total assets | 433,214 | 221,683 | 1,831 | 208 | 47,742 | 704,678 | ||||||||||||||||||
2012 | ||||||||||||||||||||||||
Gold revenues | $ | 69,595 | $ | 61,425 | $ | — | $ | — | $ | — | $ | 131,020 | ||||||||||||
Mine operating expenses | 55,129 | 39,155 | — | — | — | 94,284 | ||||||||||||||||||
Operating costs from/(to) metal inventory | (551 | ) | (2,899 | ) | — | — | — | (3,450 | ) | |||||||||||||||
Royalties | 3,483 | 3,082 | — | — | — | 6,565 | ||||||||||||||||||
Mining related depreciation and amortization | 8,149 | 10,894 | — | — | — | 19,043 | ||||||||||||||||||
Accretion of asset retirement obligations | 381 | 322 | — | — | — | 703 | ||||||||||||||||||
Cost of sales | 66,591 | 50,554 | — | — | — | 117,145 | ||||||||||||||||||
Mine operating margin | 3,004 | 10,871 | — | — | — | 13,875 | ||||||||||||||||||
Income tax expense | — | 12,531 | — | — | — | 12,531 | ||||||||||||||||||
Net income/(loss) attributable to Golden Star | 5,472 | 852 | (1,111 | ) | (122 | ) | 4,022 | 9,113 | ||||||||||||||||
Capital expenditures | 14,957 | 9,708 | — | — | — | 24,665 | ||||||||||||||||||
Total assets | 422,912 | 242,007 | 1,189 | 855 | 85,103 | 752,066 |
|
For the three months ended March 31, | ||||||||
2013 | 2012 | |||||||
Decrease/(increase) in accounts receivable | $ | (84 | ) | $ | (1,969 | ) | ||
(Increase)/decrease in inventories | (3,289 | ) | (2,012 | ) | ||||
(Increase)/decrease in deposits | 1,237 | (1,305 | ) | |||||
(Decrease)/increase in accounts payable and accrued liabilities | 1,322 | 3,018 | ||||||
Other | (1,501 | ) | (774 | ) | ||||
Total Changes in working capital | $ | (2,315 | ) | $ | (3,042 | ) |
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