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Our one-team approach for safety and health execution on the project has led to the current lost-time injury frequency of less than 0.23 injuries per 200,000 work hours worked since the Full Notice to Proceed was issued in May 2012.
Capital spending
The following table provides a breakdown of capital expenditures on a 100 percent basis.
---------------------------------------------------------------------------- three months ended year ended December 31 December 31 objective(US$ millions) 2012 2011 2012 2011 2013----------------------------------------------------------------------------Capital spending since issuance of full notice to proceed (FNTP) $243 $- $593 $- $2,147Interest paid on senior unsecured notes 70 - 70 - 169Changes in working capital - - (81) (5) (75)Capital spending prior to FNTP - 42 $131 134 -----------------------------------------------------------------------------Capital spending in the consolidated statements of cash flows $313 $42 $713 $129 $2,241----------------------------------------------------------------------------
We expect completion to take approximately 44 months from the point we issued Full Notice to Proceed. The schedule below provides the expected timing of capital spending by year.
---------------------------------------------------------------------------- Franco- Total Inmet's Nevada's expenditures share after Stream KPMC's(US$ millions) (100% basis) Stream funding 20% share----------------------------------------------------------------------------Cumulative spending at December 31, 2012 $593 $313 $- $280(1)Future capital spending:2013 2,147 1,435 283 4292014 2,527 1,516 506 5052015 914 520 211 183----------------------------------------------------------------------------Total direct costs $6,181 $3,784 $1,000 $1,397----------------------------------------------------------------------------(1) Includes KPMC's $161 million payment to acquire a 20% interest in MPSA, which increased KPMC's share of total project funding to $1.4 billion and reduced Inmet's share by an equal and offsetting amount.
Capital commitments
Since construction commenced in May 2012, contracts have been awarded for mass earthworks and quarry development at both the mine and port sites, the tailings management facility, the coastal road joining the mine to the port, permanent and temporary camp construction, the port causeway and commodity berth, infrastructure and the power plant, detailed engineering and procurement of certain equipment for the process plant, the mobile mine equipment fleet, fuel supply, construction camp catering and the mine pre-stripping. The total value of commitments that MPSA has entered into since the start of full construction is approximately $4.1 billion, representing 67 percent of estimated capital expenditures. MPSA expects to award the construction contract for the mineral processing plant during the third quarter of 2013.
