69
CONSOLIDATED FINANCIAL STATEMENTS
DRIVING GROWTH FROM WITHIN
Consolidated Statements of Cash Flows
FOR THE YEARS ENDED DECEMBER 31,
(Expressed in thousands of US Dollars)
Notes
2014
2013
OPERATING ACTIVITIES
Net income (loss) for the year
$ 15,602
$ (19,100)
Items not involving cash
Depletion and depreciation
23,517
20,304
Accretion of provisions
744
539
Income taxes
17,277
9,130
Share-based payments
5,586
3,221
Write-off of mineral properties
–
570
Impairment of mineral properties, plant and equipment
–
30,000
Impairment of inventories
121
62
Loss on disposal of mineral properties, plant and equipment
66
78
Accrued interest on long term loans receivable and payable
(27)
(61)
Other
11
8
62,897
44,751
Changes in non-cash working capital items
Accounts receivable and other assets
(4,521)
8,538
Prepaid expenses
(49)
(340)
Due from related parties
–
4
Inventories
282
(2,648)
Trade and other payables
4,910
(1,339)
Due to related parties
(10)
(31)
Provisions
(171)
(139)
Cash provided by operating activities before interest and income taxes
63,338
48,796
Income taxes paid
(3,417)
(4,430)
Interest expense paid
(4)
(20)
Interest income received
275
608
Net cash provided by operating activities
60,192
44,954
INVESTING ACTIVITIES
Purchase of short term investments
(65,657)
(27,241)
Redemptions of short term investments
47,641
15,178
Expenditures on mineral properties, plant and equipment
17
(38,943)
(60,507)
Advances of deposits on long term assets
(4,667)
(7,984)
Receipts of deposits on long term assets
4,599
8,846
Proceeds on disposal of mineral properties, plant and equipment
67
49
Net cash used in investing activities
(56,960)
(71,659)
FINANCING ACTIVITIES
Net proceeds on issuance of common shares
8,458
707
Repayment of finance lease obligations
(227)
(449)
Net cash provided by financing activities
8,231
258
Effect of exchange rate changes on cash and cash equivalents
(300)
(569)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
11,463
(26,447)
Cash and cash equivalents – beginning of year
31,704
58,720
CASH AND CASH EQUIVALENTS – END OF YEAR
$ 42,867
$ 31,704
Supplemental cash flow information
14
The accompanying notes are an integral part of these consolidated financial statements.
