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The production statistics are as follows:
-------------------------------------------------------------------------- Q4 2012 Q3 2012 Q2 2012 Q1 2012 Q4 2011 ----------------------------------------Tonnes Mined (000's)- Ore 3,553 4,853 3,234 4,037 3,549- Waste 7,847 9,215 9,545 8,458 10,590- Overburden 627 1,409 1,740 1,954 1,823 ----------------------------------------Total 12,027 15,477 14,519 14,449 15,962Tonnes Milled (000's) 4,088 3,757 3,236 2,965 2,935Grade (g Au/t) 0.87 0.97 0.99 1.05 0.96Recovery (%) 88.8 88.7 89.2 91.2 88.3Gold production (oz) 101,544 103,753 92,003 91,178 79,718--------------------------------------------------------------------------
Mill operating statistics continue to show progress in all categories.
--------------------------------------------------------------------------- Total Tonnes per Available Operating Tonnage Tonnes per Operating Hours Hours (%) Produced (t) Hour Day---------------------------------------------------------------------------Q2 2011 2,184 1,793 82 2,481,196 1,384 29,894Q3 2011 2,208 1,890 86 3,086,324 1,633 36,742Q4 2011 2,208 1,995 90 2,934,803 1,471 33,733Q1 2012 2,184 1,890 87 2,965,456 1,569 35,728Q2 2012 2,184 1,960 90 3,236,281 1,651 38,074Q3 2012 2,208 2,071 94 3,756,768 1,814 43,181Q4 2012 2,208 2,052 93 4,088,021 1,992 47,535---------------------------------------------------------------------------
Ore Reserves - Canadian Malartic
The table below shows the reserve and resource statement for the Canadian Malartic mine as at January 1, 2013:
Reserve and resource estimates with a lower cut-off grade of 0.31 to 0.34 g/t Au
Tonnes Grade AuCategory (M) (g/t Au) (M oz)--------------------------------------------------------------------------Proven Reserves 48.8 0.89 1.4Probable Reserves 261.8 1.04 8.7 ------------------------------------Proven & Probable Reserves 310.6 1.01 10.1Measured and Indicated Resources 347.3 1.05 11.7Inferred Resources 49.6 0.75 1.2
Compared to the reserves reported in January 2012, there is a reduction of tonnes in part due to the 2012 production, but there is an increase in grade from 0.99 g/t to 1.01 g/t Au.
Earnings
The fourth quarter had several non-cash items which adversely affected the earnings including:
-- i. Provision for impairment of marketable securities held in exploration companies of $10.9 million. The impairment was related to Ryan Gold Corp. in which the Company holds a 9.5% interest. Ryan Gold took an impairment charge on their main exploration property during 2012;-- ii. A reduction in value of $0.66 per share of Queenston Mining Inc. acquired from Agnico-Eagle Mines Limited on November 28, 2012. Under IFRS, the value has to be reduced to the value attributed at the closing of the transaction;-- iii. An increase in tax provision following the position taken by the tax authorities in the valuation of certain credits. In 2011, the tax recovery was related to a tax benefit recognized following the successful commencement of operations at Canadian Malartic.
