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Our available liquidity also includes $2,077 million of bonds and other securities ($607 million at December 31, 2011), providing a total of $3,618 billion in capital available to finance our growth strategy as at December 31, 2012.
OPERATING ACTIVITIES
Key components of the change in operating cash flows
---------------------------------------------------------------------------- three months ended year ended(millions) December 31 December 31----------------------------------------------------------------------------Higher earnings from operations (see page 5) $23 $137Add back higher depreciation included in earnings from operations 3 22Lower income tax expense - 18Higher corporate development and administrative costs (7) (12)Realized foreign exchange loss on cash held by Inmet Corporate (15) 22Changes in working capital (see note 17 on page 52) 51 (38)Other (9) 2----------------------------------------------------------------------------Higher operating cash flow, compared to 2011 $46 $151----------------------------------------------------------------------------
Operating cash flows this quarter and year to date were higher than in 2011 primarily due to higher earnings from operations before non-cash charges. The increase this quarter was also due to a reduction in net working capital, mainly due to the timing of income tax payments made by Pyhasalmi, and payments received from Cayeli's customers.
This year, the increase in net working capital reflects higher accounts receivable at Las Cruces associated with higher copper cathode sales during 2012 and the timing of collections from customers.
2013 outlook for cash from operating activities
The table below shows expected operating cash flow from our operations, based on our outlook for metal prices and production (see page 15), and the assumptions in Results of our operations (starting on page 15).
2013 estimated operating cash flow by operation
----------------------------------------(millions)----------------------------------------Cayeli $120Las Cruces 386Pyhasalmi 84---------------------------------------- $590----------------------------------------
INVESTING AND FINANCING
Capital spending
---------------------------------------------------------------------------- three months ended year ended December 31 December 31 objective(millions) 2012 2011 2012 2011 2013----------------------------------------------------------------------------Cayeli $8 $3 $18 $13 $18Las Cruces 18 10 43 52 49Pyhasalmi 3 2 9 7 8Cobre Panama 313 42 713 129 2,241Corporate and other - - 3 1 10---------------------------------------------------------------------------- $342 $57 $786 $202 $2,326----------------------------------------------------------------------------
