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11. Accumulated other comprehensive loss
Accumulated other comprehensive loss includes:
---------------------------------------------------------------------------- December December December 31, 2012 31, 2011 31, 2010----------------------------------------------------------------------------Unrealized losses on gold forward sales contracts sales (net of tax of $nil) (December 31, 2011 - $nil, December 31, 2010 - $2,350) $ - $ - ($5,481)Unrealized gains (losses) on bonds and other securities (net of tax of $91) (December 31, 2011 - $91, December 31, 2010 - $76) 421 (534) (438)Currency translation adjustment (85,834) (159,010) (173,408)----------------------------------------------------------------------------Accumulated other comprehensive loss ($85,413) ($159,544) ($179,327)----------------------------------------------------------------------------
Currency translation adjustments
The table below is breakdown of our currency translation adjustments.
---------------------------------------------------------------------------- December December December 31, 2012 31, 2011 31, 2010----------------------------------------------------------------------------Pyhasalmi (euro functional currency) ($18,981) ($27,378) ($23,580)Las Cruces (euro functional currency) (63,557) (103,071) (90,456)Cayeli (US dollar functional currency) (12,003) (15,068) (20,243)Cobre Panama (US dollar functional currency) 8,707 (13,493) (28,757)Ok Tedi (US dollar functional currency) - - (10,372)---------------------------------------------------------------------------- ($85,834) ($159,010) ($173,408)----------------------------------------------------------------------------
12. Sale of 20 percent interest in Cobre Panama
On April 25, 2012, Korea Panama Mining Corporation (KPMC) completed its acquisition of a 20 percent interest in Minera Panama, owner and developer of Cobre Panama. KPMC acquired its interest for $161 million in cash, representing, together with US $30 million it already paid, its 20 percent share of development costs to that date. As we continued to control Minera Panama after the closing of this transaction, the sale was treated as a capital transaction with the $8 million difference between 20 percent of our book value of Cobre Panama and the consideration received recognized in retained earnings.
13. Investment and other income
---------------------------------------------------------------------------- three months ended year ended December December 31 31 2012 2011 2012 2011----------------------------------------------------------------------------Interest income $3,818 $4,668 $15,144 $16,099Foreign exchange gain (loss) (19,608) (8,327) 6,270 10,446Dividend and royalty income 759 1,460 2,988 2,944Other (1,248) (1,684) (196) 259---------------------------------------------------------------------------- ($16,279) ($3,883) $24,206 $29,748----------------------------------------------------------------------------Foreign exchange gain (loss) is a result of:---------------------------------------------------------------------------- three months ended year ended December 31 December 31 2012 2011 2012 2011----------------------------------------------------------------------------Translation of US dollar cash held in euro based entities ($14,771) $ - ($15,998) $ -Translation of US dollar cash held by Corporate prior to June 2012 - 5 27,338 (8,001)Translation of US dollar senior unsecured notes prior to June 2012 - - (16,884) -Translation of US dollar bonds and other securities prior to June 2012 - (8,321) 4,330 11,232Translation of Cdn dollar cash held by Corporate subsequent to May 2012 (357) - 2,231 -Translation of Cdn dollar bonds and other securities subsequent to May 2012 (2,067) - 7,912 -Translation of other monetary assets and liabilities (2,413) (11) (2,659) 7,215---------------------------------------------------------------------------- ($19,608) ($8,327) $6,270 $10,446----------------------------------------------------------------------------
