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As at December 31, 2012, the Company had $76 million outstanding debt under its $150 million revolving credit facility with the European Bank for Reconstruction and Development ("EBRD") leaving a balance of $74 million undrawn at December 31, 2012. The drawn amount is due to be repaid on August 8, 2013, or at the Company's discretion, repayment of the loaned funds could be extended until February 2014.
Net cash and short-term investments decreased to $382.1 million from $568.2 million at December 31, 2011.
Operations Update - Summary of Key Operating Results---------------------------------------------------------------------------- Three Months Ended Year Ended December 31 December 31----------------------------------------------------------------------------Kumtor Operating Results 2012 2011 % Change 2012 2011 % Change----------------------------------------------------------------------------Revenue - $ millions 317.8 239.7 33% 533.6 941.1 (43%)----------------------------------------------------------------------------Gold sold - ounces 185,936 141,897 31% 314,987 599,494 (47%)----------------------------------------------------------------------------Average realized gold price - $/oz 1,709 1,689 1% 1,694 1,570 8%----------------------------------------------------------------------------Cost of sales - $ millions (1) 137.3 96.9 42% 311.1 332.6 (6%)----------------------------------------------------------------------------Cost of sales - $/oz sold (3) 738 683 8% 988 555 78%----------------------------------------------------------------------------Tonnes mined - 000s 38,185 37,124 3% 147,610 150,605 (2%)----------------------------------------------------------------------------Tonnes ore mined - 000s 4,463 1,095 308% 4,955 6,020 (18%)----------------------------------------------------------------------------Tonnes milled - 000s 1,547 1,450 7% 4,756 5,815 (18%)----------------------------------------------------------------------------Average mill head grade - g/t (2) 5.13 3.80 35% 2.79 3.79 (26%)----------------------------------------------------------------------------Recovery - % 77.7 77.6 0% 75.6 80.8 (6%)----------------------------------------------------------------------------Gold produced - ounces 189,438 138,696 37% 315,238 583,156 (46%)--------------------------------------------------------------------------------------------------------------------------------------------------------Operating cash cost (3) (4) - $/oz produced 341 580 (41%) 655 482 36%----------------------------------------------------------------------------Total production cost (3) (4)-$/oz produced 1,021 808 26% 1,175 673 75%----------------------------------------------------------------------------All-in cash cost (pre-tax) (3) (5)- $/oz produced 760 769 (1%) 1,808 768 135%--------------------------------------------------------------------------------------------------------------------------------------------------------Capital expenditures - $ millions 83.9 28.5 195% 399.9 180.7 121%--------------------------------------------------------------------------------------------------------------------------------------------------------Boroo Operating Results----------------------------------------------------------------------------Revenue - $ millions 50.6 8.3 512% 127.2 79.3 60%----------------------------------------------------------------------------Gold sold - ounces 29,425 4,807 512% 75,546 50,764 49%----------------------------------------------------------------------------Average realized gold price - $/oz 1,720 1,719 0% 1,684 1,562 8%----------------------------------------------------------------------------Cost of sales - $ millions (1) 27.9 7.2 286% 76.4 49.7 54%----------------------------------------------------------------------------Cost of sales - $/oz sold (3) 948.0 1,504 (37%) 1,011.0 979 3%----------------------------------------------------------------------------Total tonnes mined - 000s 0 0 - 6,338 0 100%----------------------------------------------------------------------------Tonnes mined heap leach - 000s 0 0 - 143 0 100%----------------------------------------------------------------------------Tonnes stacked heap leach - 000s 456 100% - 456 0 100%----------------------------------------------------------------------------Tonnes ore mined direct mill feed -000's 0 0 - 907 0 100%----------------------------------------------------------------------------Tonnes ore milled - 000s 581 629 (8%) 2,382 2,340 2%----------------------------------------------------------------------------Average mill head grade - g/t (2) 2.07 1.09 90% 1.32 1.11 19%----------------------------------------------------------------------------Recovery - % 58.3 66.5 (12%) 64.0 68.9 (7%)----------------------------------------------------------------------------Gold produced - ounces 29,878 12,866 132% 71,838 59,224 21%--------------------------------------------------------------------------------------------------------------------------------------------------------Operating cash cost (3) - $/oz produced 479 849 (44%) 699 694 1%----------------------------------------------------------------------------Total production cost (3)-$/oz produced 846 951 (11%) 999 828 21%----------------------------------------------------------------------------All-in cash cost (pre-tax) (3) (5)- $/oz produced 502 940 (47%) 820 800 3%--------------------------------------------------------------------------------------------------------------------------------------------------------Capital expenditures (Boroo) - $ millions 0.7 1.1 (39%) 9.8 6.3 55%----------------------------------------------------------------------------Capital expenditures (Gatsuurt) - $ millions 0.1 0.0 504% 0.4 0.3 39%----------------------------------------------------------------------------
