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As the management does review segment assets and liabilities, the Group has continued to disclose this information in a manner consistent with the consolidated statement financial position. The measure of the statement of cash flows information has not been disclosed for each reportable segment as this information is not regularly provided.
Mines under construction
USD'000 ---------------Cost as at December 31, 2010 74,950Transferred from exploration and evaluation assets 1,142Transferred to exploration and evaluation assets (1,457)Transferred to property, plant and equipment (554)Additions 180,210Net exchange differences (11,515)Write-offs (5,894)Other (88) ---------------Cost as at December 31, 2011 236,794Transferred from property, plant and equipment 578Transferred to property, plant and equipment (216,899)Additions 580,080Transferred to inventories (5,070)Net exchange differences 38,567Capitalized borrowing costs(i) 44,029 ---------------Cost as at December 31, 2012 678,079 --------------- ---------------
(i)100% for the first quarter, 97% for the second quarter, 96% for the third quarter and 89% for the fourth quarter of the effective interest charges related to the Bonds (effective rate of 15.2%), net of interest income resulting from the bond escrow accounts, has been capitalized for a total amount of USD 44.2 million for the twelve months ended December 31, 2012. In the fourth quarter, USD 0.2 million of the capitalized interest has been amortized. In addition, USD 2.9 million of effective interest charges related to the Standard Bank bridge loan 2011 - 2012 has been capitalized, representing a capitalization rate of 94% (effective interest rate on the bridge loan of 120%).
Mines under construction' are not depreciated until construction is completed. This is signified by the formal commissioning of the mine for production.
Upon completion of the mine construction, the assets are transferred into property, plant and equipment or mine properties and are subjected to normal depreciation at their estimated useful lives, in accordance to IAS 16.
Amounts written off are classified under caption 'Other operating expenses'. The management has performed an impairment test on the cost incurred in the year under review and has concluded that no amount to be written off.
Property, plant and equipment
USD'000 ---------------Cost as at December 31, 2010 5,075Additions 7,303Disposals (9)Transferred from Mines under construction 554Transferred to intangible assets (88)Impairment (1,443)Net exchange differences (749) ---------------Cost as at December 31, 2011 10,643Additions 13,661Disposals (164)Transferred from Mines under construction 216,899Transferred to Mines under construction (578)Net exchange differences 657 ---------------Cost as at December 31, 2012 241,118 --------------- ---------------Accumulated depreciation as at December 31, 2010 (941)Additions (415)Reclassification 4Net exchange differences 54Accumulated depreciation as at December 31, 2011 (1,298)Additions (4,560)Disposals 155Transferred to intangible assets, net 11Net exchange differences (164)Accumulated depreciation as at December 31, 2012 (5,856)Net book value as at December 31, 2011 9,345Net book value as at December 31, 2012 235,262
