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The significant capital expansion and development program is expected to be funded using available unrestricted cash of $1,778.1 million at March 31, 2013, future cash flows from operations and debt facilities. At March 31, 2013, the undrawn facilities that were available are the $232.5 million Kevitsa debt facility, the $1.0 billion Kansanshi senior term and revolving facility, and $361.6 million of the FQM (Akubra) debt facility.
Hedging program
As at March 31, 2013, the following derivative positions were outstanding:
-------------------------------------------------------------------------- Average price-------------------------------------------------------------------------- Open Positions Maturities (tonnes/ounces) Contract Market Through--------------------------------------------------------------------------Embedded derivatives in provisional sales contracts: Copper 53,145 $3.55/lb $3.44/lb July 2013 Nickel 1,683 7.82/lb 7.50/lb June 2013 Gold 20,422 1,595/oz 1,598/oz June 2013--------------------------------------------------------------------------Commodity contracts: Copper 53,789 $3.55/lb $3.44/lb July 2013 Nickel 2,959 7.82/lb 7.50/lb June 2013 Gold 20,993 1,595/oz 1,598/oz June 2013--------------------------------------------------------------------------
As at December 31, 2012, the following derivative positions were outstanding:
-------------------------------------------------------------------------- Average price-------------------------------------------------------------------------- Open Positions Maturities (tonnes/ounces) Contract Market Through--------------------------------------------------------------------------Embedded derivatives in provisional sales contracts: Copper 50,191 $3.61/lb $3.59/lb March 2013 Nickel 3,996 7.81/lb 7.70/lb February 2013 Gold 19,462 1,705/oz 1,676/oz March 2013--------------------------------------------------------------------------Commodity contracts: Copper 53,453 $3.61/lb $3.59/lb March 2013 Nickel 3,315 7.81/lb 7.70/lb February 2013 Gold 21,253 1,705/oz 1,676/oz March 2013--------------------------------------------------------------------------
A summary of the fair values of unsettled derivative financial instruments for commodity contracts recorded on the consolidated balance sheet:
------------------------------------------------------------------------- March 31, December 31, 2013 2012-------------------------------------------------------------------------Commodity contracts: Asset position $29.1 $5.0 Liability position (1.1) (2.4)-------------------------------------------------------------------------
