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The table below shows the significant components of our accounts payable and accrued liabilities balance.
---------------------------------------------------------------------------- December December December 31, 2012 31, 2011 31, 2010----------------------------------------------------------------------------Accounts payables and accrued liabilities $258,024 $117,725 $91,778Amounts payable related to metal sales 3,788 737 573Income taxes payable 20,864 20,134 39,658---------------------------------------------------------------------------- $282,676 $138,596 $132,009----------------------------------------------------------------------------
8. Provisions
We recorded an additional $14 million of asset retirement obligations this year ($10 million this quarter), for liabilities at our closed properties. $7 million of this increase is the result of a decrease in the discount rates we applied in determining the liabilities. Additionally, we recognized $7 million due to an increase in our estimated closure costs, primarily at Troilus for on-going treatment of tailings and associate labour costs. We also recognized liabilities of $20 million at Cobre Panama as a result of development activities that took place during the year.
In 2011, we recorded increased asset retirement obligations of $16 million: $5 million for additional closure liabilities at Troilus, and $11 million from a decrease in the discount rates we applied.
9. Long-term debt
---------------------------------------------------------------------------- December 31, December 31, December 31, 2012 2011 2010----------------------------------------------------------------------------Senior unsecured notes(a):8.75% notes $1,449,315 $ - $ -7.5% notes 492,674 - - -------------------------------------- 1,941,989 - - --------------------------------------Promissory note 17,870 16,581 16,091---------------------------------------------------------------------------- 1,959,859 16,581 16,091----------------------------------------------------------------------------Less current portion:Promissory note 17,870 - -----------------------------------------------------------------------------Total long-term debt $1,941,989 $16,581 $16,091----------------------------------------------------------------------------
(a) On May 18, 2012, we issued $1,500 million aggregate principal amount of 8.75 percent senior unsecured notes (8.75 percent Notes) due June 2020. The 8.75 percent Notes were priced at 98.584 percent of their face value, yielding proceeds of $1,445 million net of the discount and directly attributable transaction costs.
We may redeem, prior to June 1, 2016, up to 35 percent of the 8.75 percent Notes with the net proceeds of certain equity offerings at a redemption price equal to 108.75 percent of the principal amount plus accrued interest. Prior to June 1, 2016, we may redeem the 8.75 percent Notes in whole or in part at 100 percent of their principal amount, plus accrued interest, plus a premium that effectively compensates the holder fully for lost interest between the redemption date and June 1, 2016. We may redeem the 8.75 percent Notes at any time on or after June 1, 2016 at the redemption prices and periods set forth below, plus accrued and unpaid interest:
June 1, 2016 104.375 percentJune 1, 2017 102.188 percentJune 1, 2018 and thereafter 100.000 percent
