The adoption of the following new IFRS pronouncements did not affect our financial results or disclosures as no changes were required to our existing accounting treatment. These pronouncements did not have an effect on our consolidated financial statements for the current period or prior periods. Please refer to Note 11(c) to our condensed interim consolidated financial statements for the three months ended March 31, 2013 for more details on these pronouncements.
Consolidated financial statements
IFRS 10, Consolidated Financial Statements establishes principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities. This IFRS defines the principle of control and establishes control as the basis for determining which entities are consolidated in an entity's financial statements.
If an arrangement results in joint control, IFRS 11, Joint Arrangements ("IFRS 11") classifies joint arrangements as either joint operations or joint ventures, depending on the rights and obligations of the parties involved. We also adopted IAS 28®, Investments in Associates and Joint Ventures ("IAS 28"), which included amendments to address the accounting for joint ventures.
We completed an analysis of all of our joint arrangements to determine the appropriate accounting treatment under IFRS 11 and to assess whether there would be any changes required from our previous accounting policy of proportionate consolidation for our jointly controlled entities. Based on our analysis, we have concluded that all of our joint arrangements are joint operations under IFRS 11 and, accordingly, we have recorded the assets, liabilities, revenues and expenses in relation to our interest in each joint operation. The adoption of IFRS 11 did not have an effect on our consolidated financial statements for the current period or prior periods presented for comparative purposes.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws. All statements other than statements of historical fact are forward-looking statements. These forward-looking statements, principally under the heading "Outlook," but also elsewhere in this document, include estimates, forecasts, and statements as to management's expectations with respect to, among other things, anticipated costs and production at our business units and individual operations and expectation that we will meet our production guidance, sales volume and selling prices for our products (including settlement of coal contracts with customers), plans and expectations for our development projects, including resulting increases in forecast operating costs and costs of product sold, expected production, expected progress, costs and outcomes of our various projects and investments, including but not limited to those described in the discussions of our operations, the potential savings that may be realized under our cost reduction program, the sensitivity of our profit to changes in commodity prices and exchange rates, the impact of potential production disruptions, the impact of currency exchange rates, future trends for the company, progress in development of mineral properties, increased coal and copper production as a result of our expansion plans, timing of completion, and results of our mill optimization project program at Highland Valley Copper, head grade expectations for Antamina, statements under the heading "Copper Development Projects," including the expected timing of re-filing the SEIA for Quebrada Blanca Phase 2, the timing of the feasibility study and drilling for Relincho, statements under the heading "Coal" regarding expected first quarter sales levels, cost of product sold, annual transportation costs and depreciation and amortization expense, the timing of permit approval, production and anticipated costs and production levels from the Quintette coal mine, timing and results of the Neptune Bulk Terminals coal throughput capacity expansion, the impact of measures to manage selenium discharges and costs and spending related thereto, timing of construction of our new acid plant at Trail, the statements under the heading "Energy" regarding timing of project sanction and approval decisions, production permitting decisions, timing of final supplemental information requests on our Frontier project and our responses the review process on Frontier thereto, anticipated capital expenditures and demand and market outlook for commodities. These forward-looking statements involve numerous assumptions, risks and uncertainties and actual results may vary materially.
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