The Company recorded an income tax expense of $53.2 million in the first quarter of 2013 compared to $54.2 million in the same quarter of 2012. The income tax provision for the first quarter of 2013 reflects a current income tax expense of $52.2 million compared to tax expense of $59.8 million in the same quarter of 2012, and a deferred income tax expense of $1.0 million compared to tax recovery of $5.6 million. The adjusted tax rate for the first quarter of 2013 is 29.3% compared to 26.2% for the first quarter of 2012.
Cash and cash equivalents as at March 31, 2013 were $342.6 million compared to $349.6 million as at December 31, 2012. Cash flows generated from operations before changes in non-cash working capital items for the three months ended March 31, 2013 were $214.2 million, slightly lower than the $220.4 million generated for same period of 2012. Lower cash flows generated from operations were due to the decline in metal prices and higher cash taxes paid. Cash flows from operations after taking into effect changes in working capital items for the period ended March 31, 2013 were inflows of $173.8 million, compared to inflows of $287.9 million for the quarter ended March 31, 2012, which reflects a decrease in trade payables due to timing of payments.
As at March 31, 2013, the Company had drawn down $100 million from its revolving credit facility, and had $1.0 billion in available funds to continue to invest in future growth.
Operating Results for the three months ended March 31, 2013
Total production for the Company was 291,312 GEO for the quarter, representing an increase of 4% over the same quarter of 2012. Total production included the Company's attributable production from the Alumbrera mine of 8,222 GEO and production during commissioning of Ernesto/Pau-a-Pique of 4,109 GEO, compared with total production of 278,832 GEO, including commissioning production of 8,959 GEO from Mercedes in the quarter ended March 31, 2012.
Commercial production for the first quarter was 287,203 GEO, representing a 6% increase over the commercial production of 269,873 GEO in the same quarter of 2012. The increase was mainly due to the contribution a full quarter of commercial production from Mercedes in Mexico, increased production from El Penon, Minera Florida and Fazenda Brasileiro, partly offset by the setback in production at Jacobina and slower production ramp-ups at Chapada and Gualcamayo.
By-product cash costs for the quarter averaged $383 per GEO, compared with $292 per GEO in the first quarter of 2012. By-product cash costs were impacted by lower copper market prices, lower copper credit contribution by Alumbrera due to lower copper sales volume, planned lower gold grades at certain mines and higher input costs during the period. The average market price for copper in the first quarter of 2013 was 5% lower than the average of the first three months of 2012. By-product cash costs for the first quarter of 2013 exceeded the Company's previous guidance for a 2013 year-average of below $365 per GEO, which assumed a copper price of $4.00 per pound compared to average market price for the first quarter of $3.60 per pound and the Company's average realized price of $3.58 per pound.
Co-product cash costs for the quarter were $587 per GEO compared with $518 per GEO for the first quarter of 2012.
All-in sustaining cash costs were $856 per GEO on a by-product basis which reflects a realized credit for copper of $3.58 per pound.
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