Abbot Group Plc : Prelim Results for the 12 months ended 31 Dec 2013

12 February 2014 Preliminary Results for the 12 months ended 31 December 2013 (Unaudited) Based on IFRS and expressed in US Dollars (US$) African Barrick Gold plc ("ABG'') reports full year 2013 results "2013 was a year of significant change within ABG as we undertook a major Operational Review to ensure the business was set up to deliver increasing value in a lower gold price environment," said Brad Gordon, Chief Executive Officer of African Barrick Gold. "We achieved production ahead of guidance and cash costs 10% below guidance with a US$500 per ounce reduction in our all-in sustaining cost ("AISC") compared to Q4 2012. As a result of mine planning changes and lower gold price assumptions we have incurred non-cash impairment charges at a number of our assets, but we expect positive cash flow generation at each of our sites going forward. For 2014 we expect increased production of 650,000 to 690,000 ounces of gold at reduced cash costs of US$740 to US$790 per ounce sold and reduced AISC of US$1,100 to US$1,175 per ounce sold driven by sustainable cost savings and updated mine plans." Full Year Operational 2013 Highlights Production of 641,931 ounces with full year sales of 649,742 ounces, 3% and 7% respectively, higher than 2012 Cash costs2 of US$827 per ounce sold, 12% below 2012 All-in sustaining costs2 of US$1,362 per ounce sold, down 14% on 2012 Operational Review delivered US$129 million in cost reductions by the end of 2013 Rescheduled Buzwagi life of mine plan to enable positive cash flow generation Deferred Gokona Cut 3 at North Mara whilst investigating opportunity to mine underground Bulyanhulu CIL Expansion project construction close to completion, commissioning continuing through Q2 2014 As a result of revised life of mine plans and lower future gold price assumptions our total reserve base has reduced by 3.9 million ounces to 12.7 million ounces Full Year Financial Highlights Revenue of US$929 million and EBITDA2 of US$240 million Deferral of Gokona Cut 3 to drive cash flow led to a year-end non-cash impairment charge of US$96 million at North Mara Total impairment charges of US$823 million for 2013 leading to a net loss of US$781 million for the year Adjusted net earnings2 of US$106 million (US25.9 cents per share) Cash position of US$282 million as at 31 December 2013 Proposed final dividend of US2.0 cents per share; total dividend for 2013 of US3.0 cents per share Three months ended 31 December (Unaudited, in US$'000 unless otherwise stated) 2013 20124 Revenue 221,603 275,281 EBITDA2 44,866 75,139 Adjusted EBITDA2 58,460 81,815 Net (loss)/ earnings (97,700) (34,753) Basic (loss)/ earnings per share (EPS) (cents) (23.8) (8.5) Adjusted net earnings2 27,891 11,260 Adjusted net earnings per share (AEPS) (cents)2 6.8 2.7 Dividend per share (cents) 2.0 12.3 Cash and cash equivalents 282,409 401,348 Cash generated from operating activities 48,193 96,372 Operating cash flow per share (cents)2 11.7 23.5 Capital expenditure5 91,190 114,876 Drawdown of long term debt (Borrowings) 32,000 - Equity 1,927,362 2,778,290 Year ended 31 December (Unaudited, in US$'000 unless otherwise stated) 2013 20124 Revenue 929,004 1,011,738 EBITDA2 240,407 336,282 Adjusted EBITDA2 275,874 342,958 Net (loss)/ earnings (781,101) 62,780 Basic (loss)/ earnings per share (EPS) (cents) (190.4) 15.3 Adjusted net earnings2 106,277 108,793 Adjusted net earnings per share (AEPS) (cents)2 25.9 26.5 Dividend per share (cents) 3.0 16.3 Cash and cash equivalents 282,409 401,348 Cash generated from operating activities 187,115 268,733 Operating cash flow per share (cents)2 45.6 65.5 Capital expenditure5 385,069 331,885 Drawdown of long term debt (Borrowings) 142,000 - Equity 1,927,362 2,778,290 CEO Statement I joined ABG in August 2013 as I saw a significant opportunity at the company. From the outside I believed that the company had great assets, talented people and that Tanzania was a stable place to operate. Since joining, I have immersed myself in the business and now believe I underestimated how big an opportunity we have within the company. We have a portfolio of exceptional assets, with Bulyanhulu being a truly world class deposit. North Mara continues to provide positive results and is a high grade open pit mine with excellent potential to go underground. Buzwagi, which historically has had a number of challenges, has been rescheduled and will generate cash flow for us going forward. I have also been impressed by the knowledge and experience we have within the organisation and the pool of skilled labour available in Tanzania. As a result, during the year we have been able to further increase the proportion of Tanzanians in our workforce to over 93%. We have also enhanced the leadership group with additional operational expertise to drive continued operational efficiencies while increasing our production base. I have operated in a number of jurisdictions across the world and believe that Tanzania compares well to many of them. In this regard, I have enjoyed fruitful initial dialogues with the Government, something which I will continue to progress throughout 2014, as I seek to ensure that ABG receives the recognition and support it requires given our position as the largest investor and private sector employer in the country. Year in Review 2013 was a year of significant change within ABG as we undertook a major Operational Review to ensure the business was set up to thrive in a lower gold price environment. Under the leadership of our now Chief Financial Officer Andrew Wray, we identified over US$185 million of cost savings across the business ranging from reductions in capital spend, exploration, corporate overheads and organisational structures. The Operational Review has been a great success and we had removed US$129 million of cost from the business by the end of 2013. This enabled us to deliver a year-on-year reduction in all-in sustaining costs ("AISC") of 14% to US$1,362, with fourth quarter AISC of US$1,171 per ounce, representing a 30% reduction on the same period 12 months ago. Our traditional measure of cash costs reduced by 12% to US$827 per ounce for the full year, and our exit rate was 19% lower than the previous year at US$774 per ounce. On the production front, 2013 marked a turning point as we saw production increase year-on-year by 3% to 641,931 ounces, 7% ahead of the top of our guidance range. If we exclude Tulawaka, which stopped operating early in the year, our three core mines increased production by 7%, when compared to 2012. This was driven by strong performances at North Mara and Buzwagi, up 33% and 10% respectively year-on-year, as a result of improved grade at North Mara and increased throughput at Buzwagi. This more than offset the weaker first half performance from Bulyanhulu as a result of both labour shortages and equipment availabilities. The dramatic drop in the gold price over the year meant that the stronger production and cost performance against 2012 did not fully translate into improved financial performance with our average realised gold price of US$1,379 per ounce being 17% lower than the 2012 average of US$1,668 per ounce. As a result, revenues from ongoing operations dropped to US$929 million (down 8%), with EBITDA of US$240 million. Earnings were further impacted by total non-cash impairment charges of US$1,061 million as a result of the impact of a lower gold price assumption and significant changes to mine plans, which led to a loss of 190.4 cents per share. On an adjusted basis, earnings were 25.9 cents per share. Operational Review We achieved total Operational Review savings of US$129 million against a target of over US$100 million by the end of 2013.The delivery on the cost savings is highlighted by the consistent reduction in our AISC over the year and improved cash flow generation from our sustaining operations quarter on quarter supported by delivering a strong production profile throughout the year. We remain committed and on track to deliver against the US$185 million target set out earlier in the year, as our guidance reflects. We are simultaneously intensifying the ongoing review in our core mining areas, which were largely outside the scope of the Operational Review, and we are confident that this will deliver further efficiencies and cost savings throughout 2014 and beyond. Progress against each of the key areas of the Operational Review is detailed below: Capital discipline We achieved US$58 million of sustaining capital expenditure savings in 2013 inclusive of land purchases. We continue to assess all future capital expenditure to identify further opportunities to deploy our capital more effectively and improve the capital intensity of the business. We have planned for a further US$10-15 million savings in 2014 in respect of sustaining capital as reflected in our guidance. Corporate overhead cost reductions We have made excellent progress simplifying the corporate structure and the reduction in size of our support offices as confirmed by savings of US$18 million achieved in 2013. Headcount in our corporate offices has already been reduced by 39%, and this will rise to 52% by the end of 2014, which has driven lower travel and associated costs. We are in the process of transitioning specific support functions from our Johannesburg office to Tanzania in order to achieve improved operational efficiencies and further localisation in our main country of operation. A further reduction of US$3 million is expected to be achieved in 2014. Exploration We achieved a total saving of US$25 million in 2013. We have focused our exploration programme on potential high return programmes at Bulyanhulu and on two targets in the North Mara region while we undertook extensive low cost sampling and anomaly testing in Kenya in order to prepare for future programmes. In 2014 our main focus areas will be at Bulyanhulu and in Kenya. We expect 2014 expenditure to be in line with 2013. Operating Cost Reductions We achieved US$28 million of savings on an annualised, like for like basis. Major savings to date have been in camp services, consumables and security, as well as in the reduction of our overall workforce which, excluding Tulawaka, has reduced by 12%. This includes a 29% reduction of international workers from 411 to 290 employees as part of our efforts to increase localisation in Tanzania. 2014 will see an increased focus on maintenance and external services while delivering increased labour savings on the back of our existing restructuring plans. As a result we expect our savings over 2014 to be in line with our previous guidance. Mine Planning Key to the improvements made over the year were the decisions we took regarding mine planning at each of the assets. We have reviewed each of the mine plans in light of a reduced reserve price of US$1,300 per ounce and re-designed the plans to ensure that each of the mines are able to generate positive cash flows. At Buzwagi, in June 2013 we re-engineered the life of mine plan to substantially reduce the amount of waste movement required and optimise the grade of the mine. This resulted in a reduction of reserve life, together with a reduction in carrying value to US$253 million as at 31 December 2013, but which also drives a significant improvement in AISC and has positioned the mine to deliver positive cash flows for the next five years. At North Mara, during the year we made several changes to the life of mine plan which will substantially reduce the strip ratio, volume of material to be moved and ultimate footprint of the asset. Part of this was the decision in October to defer Gokona Cut 3, which contains 628koz of North Mara's reserve base, while we finalise a feasibility study into the alternative of mining out this reserve by underground methods. This deferral, together with our final reserve calculations, has resulted in a year-end non- cash post tax impairment of US$96 million which, together with the mid-year impairment of US$128 million, leaves North Mara with a carrying value of US$367 million. We are confident that the outcome of the underground study will be positive, and together with the other changes made, will ensure strong free cash flow generation together with an optimised footprint to alleviate some of the social pressures and land access issues experienced at the mine. At Bulyanhulu, we reviewed the mining methods for the future life of mine plan and believe that greater efficiencies and value will be generated by moving to a much higher proportion of mechanised mining. Specifically, this involves changing the predominant stoping method from "cut and fill" to "long hole". This change, together with the revised gold price assumptions, has resulted in a reduction in reserve ounces and overall grade whilst improving both the cost and safety profile of the mine. Notwithstanding the reduction in reserve base, Bulyanhulu remains a long life, high grade asset, as demonstrated by recently released exploration results, and we are confident it will deliver an increasing production profile at lower costs. The priority at Bulyanhulu is to turn what is undoubtedly a world class deposit into a truly world class mine. The carrying value of the asset remains at US$1.1 billion. Senior Leadership Team Changes During 2013 there were a number of changes to the Senior Leadership team at ABG. I joined as Chief Executive Officer in August and, with my primary focus to ensure that the mines deliver consistent and improved operational performance, I took on direct responsibility for operations in September. In the same month I appointed Andrew Wray as Chief Financial Officer, who prior to this had been Head of Corporate Development and Investor Relations at ABG and instrumental in transitioning ABG to a public company. More recently he led the company-wide Operational Review and with his skills and experience he will add significant value as CFO at what is a critical time for us as we continue to focus on cost containment. In December 2013, Michelle Ash joined as Executive General Manager Planning and Business Improvement from BHP Mitsubishi. Michelle will utilise her 20 years of experience in the Mining and Manufacturing sectors to identify and drive business improvement projects across the company. She will take direct responsibility for leading the next phase of the Operational Review and co-ordinating integrated business planning across all functions and sites. Following these changes, I believe we now have the leadership team in place to drive this company forward. Transfer of Tulawaka We took the decision to close the Tulawaka mine in early 2013 and as part of this process we commenced discussions with STAMICO, the Tanzanian State Mining Corporation, regarding the ultimate use of the site. In November we reached agreement with STAMICO whereby it would acquire Tulawaka and certain exploration licenses surrounding the mine for consideration of US$4.5 million and the grant of a 2% net smelter royalty on future production in excess of 500,000 ounces, capped at US$500,000. In addition, as part of the terms of sale, STAMICO has agreed to assume the remaining closure fund and all remaining past and future closure and rehabilitation liabilities for Tulawaka. In February 2014 the transaction completed resulting in a cash payment of US$11.6 million by ABG to STAMICO, this being equal to the amount of the remaining closure fund, less transaction consideration payable. Taxation During 2013 we saw a build up in the indirect tax receivable driven by the abolition of VAT Relief in Q4 2012 in contravention of our Mineral Development Agreements. Following positive discussions an escrow arrangement for VAT on imports was agreed in Q3 2013 to ensure quicker and more regular refunds to us. We saw the first payments from this account during Q4 2013 as well as an increase in the level of outstanding refunds, which meant that overall refunds to us in the quarter totalled US$26.7 million, which exceeded VAT incurred in the same period by US$3.4 million. In addition, we are continuing discussions with respect to instigating a similar mechanism for VAT on domestic goods. This is a key priority for us as are our efforts to recover outstanding amounts owing to ensure that we do not see further outflows in 2014 while starting to recover the balance outstanding. As at 31 December 2013, outstanding amounts stood at US$95.0 million. In addition, the remaining balance subject to the Memorandum of Settlement in 2011, after discounting adjustments, amounts to US$64.8 million and will be offset against future corporate taxes. Corporate Responsibility Maintaining our social licence to operate remains critical to the business, and we made good progress on this in 2013. At North Mara the impact of the infrastructure projects for the provision of clean water, medical care, schools and roads are being felt across the communities and our positive impact is being recognised both locally and nationally. The Maendeleo Fund continues to support projects around each of our mines and has been especially active in 2013 in providing support to in excess of 40 projects. Overall we made an investment of US$15.5 million in corporate responsibility projects during the year (2012: US$14.4 million). From a safety perspective we saw a reduction of 18% in our total reportable injury frequency rate and zero fatalities, which is encouraging, but we are determined to continue to reduce injuries to zero and ensure each of our employees goes home safe and healthy every day. Final dividend for 2013 The Directors are pleased to recommend the payment of a final dividend of US2.0 cents per Ordinary Share for 2013. In accordance with our policy, this represents two thirds of the total dividend of US3.0 cents for 2013, which we feel is appropriate in order to maintain the strength of our balance sheet whilst maintaining the discipline of paying a dividend. Subject to shareholders approving this recommendation at the AGM on 24 April 2014, the final dividend will be paid on 23 May 2014 to shareholders on the register on 2 May 2014. The ex-dividend date is 30 April 2014. Outlook ABG enters 2014 with a single focus - operational delivery. We have a portfolio of high quality assets and our plan is to deliver a continued and sustainable reduction in costs together with production growth. Our balance sheet remains strong and we will continue to take the steps required to ensure we are able to deliver free cash flow from the operations, which can then be appropriately applied between exploration, capital projects and returns to shareholders. For 2014 we expect to see increased production of between 650,000 and 690,000 ounces of gold. At the mine level, at Bulyanhulu our expectation is for increased production quarter-on-quarter as we move through the year due to increased throughput and grade, together with the additional ounces from the CIL Expansion in the second half of the year. At Buzwagi, production will also increase due to improved grades as a result of the mine planning changes. North Mara will see higher throughput, although with the planned head grade returning to levels close to the reserve grade at the mine we expect to see a corresponding reduction in production. As a result of the Operational Review and further ongoing improvements to the business we are targeting further reductions to our unit costs and we estimate the cash cost per ounce for the year, including royalties, will be between US$740-US$790 per ounce sold, a reduction of up to 10% on 2013. For 2014 we have further reduced the sustaining capital budget with sustaining capital expected to be down up to 20% on 2013 at US$90-US$100 million and capital development inclusive of deferred stripping down by up to 47% to US$90-US$100 million. The reduction in capital expenditure, together with reduced corporate overheads, means that we estimate AISC per ounce for the year will be between US$1,100-US$1,175 per ounce sold, a reduction of up to 19% on 2013. Expansionary capital will consist of US$50 million of remaining spend to complete construction of the Bulyanhulu CIL Expansion project, which will all be incurred in the first half of 2014. In addition, as noted above, the completion of the transfer of Tulawaka to STAMICO in Q1 2014 has resulted in an upfront one-off payment of US$11.6 million. Overall, our key objectives for 2014 are: achieving Group production of between 650,000-690,000 ounces reducing total cash cost, including royalties, to between US$740-US$790 per ounce sold reducing AISC to between US$1,100-US$1,175 per ounce sold reducing total capital expenditure to US$230-US$250 million, comprising US$90-US$100 million of sustaining capital including land, US$90-US$100 million of capital development inclusive of deferred stripping and US$50 million of expansion capital reducing total inventory levels delivering on and expanding the stated objectives and targets of the Operational Review commissioning the Bulyanhulu CIL Expansion completing positive feasibility studies at Gokona Underground and Bulyanhulu Upper East optimising Group throughput and recoveries further improving our safety record continuing the development of our sustainability practices attracting and retaining the best people in Africa Finally, I would like to thank all of my colleagues for their commitment, enthusiasm and hard work throughout what has been a year of considerable change. I am excited by what I have seen at ABG and believe we have a great opportunity to make this company a leader in Africa. I would also like to thank our Board for their support, guidance and commitment through the year and I am very much looking forward to 2014 and beyond. Brad Gordon, Chief Executive Officer Key statistics Three months ended 31 December Year ended 31 December (Unaudited) 2013 20124 2013 20124 Tonnes mined (thousands of tonnes) 11,570 13,942 54,100 48,301 Ore tonnes mined (thousands of tonnes) 2,151 2,266 7,250 7,070 Ore tonnes processed (thousands of tonnes) 1,817 2,067 7,979 7,698 Process recovery rate (percent) 88.5% 90.0% 88.5% 88.3% Head grade (grams per tonne) 3.2 3.0 2.8 2.9 Attributable gold production (ounces)1 165,374 180,684 641,931 626,212 Attributable gold sold (ounces)1 168,177 159,585 649,742 609,252 Copper production (thousands of pounds) 3,548 4,266 11,970 12,875 Copper sold (thousands of pounds) 3,010 3,239 11,570 11,523 Cash cost per tonne milled2 (US$) 72 74 67 74 Per ounce data (US$) Average spot gold price3 1,276 1,722 1,411 1,669 Average realised gold price2 1,251 1,700 1,379 1,668 Total cash cost2 774 958 827 941 All-in sustaining cost2 1,171 1,675 1,362 1,585 Average realised copper price (US$/lb) 3.31 3.42 3.24 3.57 Financial results - restated to reflect Tulawaka as a discontinued operation Three months ended Year ended 31 31 December December (Unaudited) 2013 20124 2013 20124 (US$'000) Revenue 221,603 275,281 929,004 1,011,738 Cost of sales (169,770) (198,415) (713,806) (720,036) Gross profit 51,833 76,866 215,198 291,702 Corporate administration (8,898) (12,731) (32,157) (47,640) Exploration and evaluation costs (5,979) (9,217) (16,927) (26,752) Corporate social responsibility expenses (3,667) (4,107) (12,237) (13,051) Impairment charges (133,320) - (1,044,310) - Other charges (8,995) (12,527) (30,424) (17,071) (Loss)/profit before net finance cost (109,026) 38,284 (920,857) 187,188 Finance income 598 418 1,670 2,056 Finance expense (2,462) (2,516) (9,552) (10,079) (Loss)/ profit before taxation (110,890) 36,186 (928,739) 179,165 Tax credit/ (expense) 19,232 (33,231) 187,959 (78,693) Net (loss)/ profit from continuing operations (91,658) 2,955 (740,780) 100,472 Discontinued operations: Net loss from discontinued operations (8,684) (48,998) (57,653) (48,979) Net (Loss)/ profit for the period (100,342) (46,043) (798,443) 51,493 Attributed to: Owners of the parent (net (loss)/ earnings) (97,700) (34,753) (781,101) 62,780 - Continuing operations (91,658) 2,955 (740,780) 100,472 - Discontinued operations (6,042) (37,708) (40,321) (37,692) Non-controlling interests (2,642) (11,290) (17,332) (11,287) - Discontinued operations (2,642) (11,290) (17,332) (11,287) Reconciliation of Group Financial Performance split by Continuing and Discontinued Operations Year ended 31 December 2013 Continuing Discontinued operations operations Total Revenue 929,004 13,514 942,518 Cost of sales (713,806) (30,368) (744,174) Gross profit/(loss) 215,198 (16,854) 198,344 Corporate administration (32,157) (1,311) (33,468) Exploration and evaluation costs (16,927) - (16,927) Corporate social responsibility expenses (12,237) (3,259) (15,496) Impairment charges (1,044,310) (16,701) (1,061,011) Other charges (30,424) (19,442) (49,866) (Loss)/profit before net finance expense and taxation (920,857) (57,567) (978,424) Finance income 1,670 30 1,700 Finance expense (9,552) (116) (9,668) (Loss)/ profit before taxation (928,739) (57,653) (986,392) Tax credit/ (expense) 187,959 - 187,959 Net (loss)/profit for the year (740,780) (57,653) (798,433) Year ended 31 December 20124 Continuing Discontinued operations operations Total Revenue 1,011,738 75,601 1,087,339 Cost of sales (720,036) (77,823) (797,859) Gross profit/(loss) 291,702 (2,222) 289,480 Corporate administration (47,640) (3,928) (51,568) Exploration and evaluation costs (26,752) (2,208) (28,960) Corporate social responsibility expenses (13,051) (1,394) (14,445) Impairment charges - (44,536) (44,536) Other charges (17,071) (600) (17,671) (Loss)/profit before net finance expense and taxation 187,188 (54,888) 132,300 Finance income 2,056 46 2,102 Finance expense (10,079) (226) (10,305) (Loss)/ profit before taxation 179,165 (55,068) 124,097 Tax credit/ (expense) (78,693) 6,089 (72,604) Net (loss)/profit for the year 100,472 (48,979) 51,493 1 Production and sold ounces reflect equity ounces which exclude 30% of Tulawaka's production and sales base. 2 Average realised gold price, total cash cost per ounce, all-in sustaining cost per ounce, cash cost per tonne milled, EBITDA, adjusted EBITDA, adjusted net earnings, adjusted net earnings per share and operating cash flow per share are non-IFRS financial performance measures with no standard meaning under IFRS. Refer to "Non IFRS measures"' on page 28 for definitions. 3 Reflect the London PM fix price. 4 Restated for the impact of capitalised stripping due to the adoption of IFRIC 20 and the reclassification of Tulawaka as a discontinued operation. 5 Excludes non-cash reclamation asset adjustments and includes finance lease purchases. For further information, please visit our website: www.africanbarrickgold.com, or contact: African Barrick Gold plc [phone] Brad Gordon, Chief Executive Officer Andrew Wray, Chief Financial Officer Giles Blackham, Investor Relations Manager Bell Pottinger [phone] Daniel Thöle About ABG ABG is Tanzania's largest gold producer and one of the largest gold producers in Africa. We have three producing mines, all located in Northwest Tanzania, and several exploration projects at various stages of development in Tanzania and Kenya. We have a high-quality asset base, solid growth opportunities and a clear strategy of optimising, expanding and growing our business. Maintaining our licence to operate through acting responsibly in relation to our people, the environment and the communities in which we operate is central to achieving our objectives. ABG is a UK public company with its headquarters in London. We are listed on the Main Market of the London Stock Exchange under the symbol ABG and have a secondary listing on the Dar es Salaam Stock Exchange. Historically, and prior to our initial public offering (IPO), our operations comprised the Tanzanian gold mining business of Barrick Gold Corporation, our majority shareholder. ABG reports in US dollars in accordance with IFRS as adopted by the European Union, unless otherwise stated in this report. Conference call A conference call will be held for analysts and investors on 12 February 2014 at Noon London time. The access details for the conference call are as follows: Participant dial in: [phone] / [phone] Password: ABG A recording of the conference call will be made available at www.africanbarrickgold.com after the call. FORWARD- LOOKING STATEMENTS This report includes "forward-looking statements" that express or imply expectations of future events or results. Forward-looking statements are statements that are not historical facts. These statements include, without limitation, financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future production, operations, costs, projects, and statements regarding future performance. Forward-looking statements are generally identified by the words "plans," "expects," "anticipates," "believes," "intends," "estimates" and other similar expressions. All forward-looking statements involve a number of risks, uncertainties and other factors, many of which are beyond the control of ABG, which could cause actual results and developments to differ materially from those expressed in, or implied by, the forward-looking statements contained in this report. Factors that could cause or contribute to differences between the actual results, performance and achievements of ABG include, but are not limited to, changes or developments in political, economic or business conditions or national or local legislation or regulation in countries in which ABG conducts - or may in the future conduct - business, industry trends, competition, fluctuations in the spot and forward price of gold or certain other commodity prices (such as copper and diesel), currency fluctuations (including the US dollar, South African rand, Kenyan shilling and Tanzanian shilling exchange rates), ABG's ability to successfully integrate acquisitions, ABG's ability to recover its reserves or develop new reserves, including its ability to convert its resources into reserves and its mineral potential into resources or reserves, and to process its mineral reserves successfully and in a timely manner, ABG's ability to complete land acquisitions required to support its mining activities, operational or technical difficulties which may occur in the context of mining activities, delays and technical challenges associated with the completion of projects, risk of trespass, theft and vandalism, changes in ABG's business strategy including, ABG's further implementation of the Operational Review, as well as risks and hazards associated with the business of mineral exploration, development, mining and production and risks and factors affecting the gold mining industry in general. Although ABG's management believes that the expectations reflected in such forward-looking statements are reasonable, ABG cannot give assurances that such statements will prove to be correct. Accordingly, investors should not place reliance on forward-looking statements contained in this report. Any forward-looking statements in this report only reflect information available at the time of preparation. Subject to the requirements of the Disclosure and Transparency Rules and the Listing Rules or applicable law, ABG explicitly disclaims any obligation or undertaking publicly to update or revise any forward-looking statements in this report, whether as a result of new information, future events or otherwise. Nothing in this report should be construed as a profit forecast or estimate and no statement made should be interpreted to mean that ABG's profits or earnings per share for any future period will necessarily match or exceed the historical published profits or earnings per share of ABG. AFRICAN BARRICK GOLD LSE: ABG TABLE OF CONTENTS 2013 Operating Overview 10 Exploration and Development Review 14 Financial Review 17 Non-IFRS measures 28 Risk Review 30 Directors 31 Condensed financial information: - Consolidated Income Statement and Consolidated Statement of 32/ Comprehensive Income 33 - Consolidated Balance Sheet 34 - Consolidated Statement of Changes in Equity 35 - Consolidated Statement of Cash Flows 36 - Notes to the condensed financial information 37 Reserves and Resources 55 2013 Operating Overview We made excellent progress across our assets in 2013, delivering total production of 641,931 ounces, a year-on-year increase of 3% and 7% ahead of guidance as well as reducing cash costs by 12% against 2012, 10% below the bottom of our guidance range. Production at North Mara of 256,732 ounces was 33% higher than that of the prior year. Head grade and mill recovery were positively impacted by an increase both in ore tonnes mined and in grade, predominantly driven by mining from the Gokona pit due to a change in the mine plan incorporating positive grade reconciliations. At Bulyanhulu, gold production of 198,286 ounces was 16% lower than the prior year mainly due to lower tonnes mined as a result of reduced equipment availability and staff shortages in the first half of the year. This was further impacted by a 3% decrease in grade due to paste fill delays in H1 2013 impacting on the availability of high grade stopes. This has since been addressed and paste filling has recovered to expected levels. At Buzwagi, gold production for the full year of 181,984 ounces was 10% higher than the prior year driven by increased throughput as a result of improved plant reliability as it operated at nameplate capacity during 2013. The impact of the revised mine plan was evident in the second half of the year as we saw a significant reduction in total tonnes mined. At Tulawaka, we produced 4,929 ounces on an attributable basis with production ceasing in the first half of the year as a result of our decision to close the mine. In June 2013 we commenced closure of the site before agreeing its transfer to STAMICO, the Tanzanian state mining company in November 2013. This transfer has subsequently been completed during February 2014. Total tonnes mined amounted to 54.1 million tonnes, an increase of 12% from 48.3 million in 2012. This was predominantly H1 weighted prior to the impact of the changes to the Buzwagi and North Mara mine plans which reduced material movement. Ore tonnes mined from open pits amounted to 6.4 million tonnes compared to 6.0 million in 2012. Increased ore tonnes from North Mara due to positive reserve model reconciliations were partially offset by a reduction of tonnes mined at Buzwagi. Underground tonnes hoisted were negatively impacted by operational issues at Bulyanhulu and amounted to 0.9 million tonnes compared to 1.0 million tonnes in 2012. Ore tonnes processed amounted to 7.9 million tonnes, an improvement of 4% from 2012 driven by increased throughput at Buzwagi due to process plant improvements. Head grade for the year of 2.8 grams per tonne (g/t) was 3% lower than 2.9 g/t in 2012. This was due to a reduction in grade at Bulyanhulu due to limited availability of high grade stopes, an increased proportion of group throughput coming from Buzwagi, our lowest grade mine, partially offset by an increase of 40% in the grade at North Mara. Our cash costs for the year were 12% lower than 2012, and amounted to US$827 per ounce sold. The decrease was primarily due to: increased capitalised mining expenditure at Buzwagi and North Mara (US$73/oz); reduced labour costs driven by a reduction in expat labour (US$26/oz); and the impact of the increased production base (US$14/oz). This was partially offset by increased contracted services, maintenance and consumable usage as a result of increased activity at each of the mines. Our all-in sustaining cost for the year was 14% lower than 2012, and amounted to US$1,362 per ounce sold. The decrease was predominantly due to the lower cash costs as explained above together with lower sustaining capital and corporate costs. Cash costs of US$67 per tonne milled for the year have reduced by 9% on 2012 (US$74 per tonne), primarily as a result of the above factors. Gold sales amounted to 649,742 ounces, 1% ahead of production due to the sales of ounces held over from 2012. Our copper production for the year of 12.0 million pounds was 7% lower than 2012 (12.9 million pounds), which reflected the lower production base at Bulyanhulu but which was partially offset by higher production at Buzwagi. We made further improvements in the Group Total Reportable Injury Frequency Rate ("TRIFR") which reduced by 18% to 0.68. We suffered zero fatalities in the year. Bulyanhulu Key statistics Three months ended 31 December (Unaudited) 2013 2012 Underground ore tonnes hoisted Kt 222 214 Ore milled Kt 229 230 Head grade g/t 7.9 7.2 Mill recovery % 91.2% 89.8% Ounces produced oz 53,186 47,684 Ounces sold oz 56,735 46,306 Cash cost per ounce sold US$/oz 776 971 AISC per ounce sold US$/oz 1,118 1,596 Cash cost per tonne milled US$/t 193 196 Copper production Klbs 1,348 1,206 Copper sold Klbs 1,304 1,293 Breakdown of Capital expenditure - Sustaining capital US$('000) 4,333 10,936 - Capitalised development US$('000) 10,750 12,235 - Expansionary capital US$('000) 41,581 30,185 56,664 53,356 - Non-cash reclamation asset adjustments US$('000) (5) (2,950) Capital expenditure US$('000) 56,659 50,406 Year ended 31 December (Unaudited) 2013 2012 Underground ore tonnes hoisted Kt 872 959 Ore milled Kt 871 1,012 Head grade g/t 7.8 8.0 Mill recovery % 90.9% 90.6% Ounces produced oz 198,286 236,183 Ounces sold oz 195,304 235,410 Cash cost per ounce sold US$/oz 890 803 AISC per ounce sold US$/oz 1,344 1,245 Cash cost per tonne milled US$/t 200 187 Copper production Klbs 4,855 6,102 Copper sold Klbs 4,508 5,895 Breakdown of Capital expenditure - Sustaining capital US$('000) 25,193 35,193 - Capitalised development US$('000) 45,428 45,605 - Expansionary capital US$('000) 114,912 36,814 185,533 117,612 - Non-cash reclamation asset adjustments US$('000) (10,044) (43) Capital expenditure US$('000) 175,489 117,569 Operating performance For the full year 2013, gold production of 198,286 ounces at Bulyanhulu was 16% lower than the prior year mainly due to lower tonnes mined as a result of reduced equipment availability and staff shortages noted in the first half of the year. This was further impacted by a 3% decrease in grade due to paste fill delays in H1 2013 impacting on the availability of high grade stopes. This has since been addressed and paste filling has recovered to expected levels. Gold ounces sold for the year of 195,304 ounces were 17% below that of the prior year primarily due to the lower production base. For the full year, copper production of 4.9 million pounds was 20% lower than the prior year's production of 6.1 million due to the reduced throughput and grade profile. Cash costs for the year of US$890 per ounce sold were 11% higher than the prior year of US$803. Cash costs were negatively impacted by lower production levels and the resultant lower co-product revenue. This was partially offset by lower maintenance, consumable usage and labour costs and lower sales related costs due to lower sales volumes and a lower realised gold price. Cash costs per tonne milled increased to US$200 in 2013 (US$187 in 2012) as a result of the lower throughput and costs outlined above. AISC per ounce sold for the year of US$1,344 was 8% higher than 2012 of US$1,245. This was driven by the higher cash cost base, and increased capital expenditures per ounce as a result of reduced production, which more than offset the 28% reduction in sustaining capital expenditure. Capital expenditure for the year, excluding reclamation asset adjustments, of US$185.5 million was 58% higher than the prior year of US$117.6 million mainly driven by the expansionary capital spend on the CIL expansion project (US$104.9 million) and investment in equipment (US$5.2 million) and capitalised evaluation costs (US$2.3 million) relating to the Upper East project. Key capital expenditure also included capitalised underground development (US$45.4 million), mining equipment related to critical underground equipment (US$10.2 million) and investments in tailings and infrastructure (US$10.7 million). Total capital expenditure of US$175.5 million was positively impacted by a negative non-cash reclamation adjustment of US$10.0 million, due to the increase in risk-free interest rates. The CIL Expansion project, which is expected to add approximately 40,000 ounces of gold per annum for the first six years of operation, remains on track for completion at the end of Q1 2014 with commissioning continuing through Q2 2014. There is approximately US$50 million of remaining capital expenditure to be incurred in 2014. In addition, there are approximately US$15 million of payments to be made in H1 2014 which were accrued during 2013. In addition, the revised feasibility study for the Upper East Zone will be completed shortly and presented to the Board. Following the changes to the mine plan as a result of moving to a higher proportion of mechanised mining and a revised gold price assumption the underground reserves base at Bulyanhulu now stands at 9.0 million ounces at a grade of 9.5 grams per tonne, with another 0.3 million ounces at a grade of 1.23 grams per tonne attributable to surface tailings. Buzwagi Key statistics Three months ended 31 Year ended 31 December December (Unaudited) 2013 20121 2013 20121 Tonnes mined Kt 7,244 7,906 32,177 28,563 Ore tonnes mined Kt 1,250 1,325 3,753 4,233 Ore milled Kt 945 1,062 4,400 3,715 Head grade g/t 1.9 2.1 1.5 1.6 Mill recovery % 88.8% 90.9% 88.2% 87.3% Ounces produced oz 51,830 64,829 181,984 165,770 Ounces sold oz 50,382 51,264 187,348 155,322 Cash cost per ounce sold US$/oz 941 853 945 1,066 AISC per ounce sold US$/oz 1,300 1,539 1,506 1,798 Cash cost per tonne milled US$/t 50 41 40 45 Copper production Klbs 2,200 3,059 7,115 6,773 Copper sold Klbs 1,706 1,945 7,062 5,628 Breakdown of Capital Expenditure - Sustaining capital US$('000) 4,309 19,893 31,589 56,441 - Capitalised development US$('000) 10,812 10,492 60,136 39,455 - Expansionary capital US$('000) - 62 - 62 15,121 30,447 91,725 95,958 - Non-cash reclamation asset adjustments US$('000) (2,318) 7,498 (9,230) 10,494 Capital expenditure US$('000) 12,803 37,945 82,495 106,452 1 Restated for the impact of capitalised stripping due to the adoption of IFRIC 20. Operating performance Gold production for the full year of 181,984 ounces was 10% higher than the prior year driven by increased throughput as a result of improved plant reliability as it operated at nameplate capacity during 2013. Gold sold for the year amounted to 187,348 ounces, 21% above that of the prior year period due to the increased production base and the sale of concentrate on hand from Q4 2012. For the full year, copper production of 7.1 million pounds was 5% higher than in 2012 driven by the increased throughput, slightly offset by lower copper grades. Cash costs for the year of US$945 per ounce sold were 11% lower than the prior year of US$1,066. Cash costs were positively impacted by increased production levels and resultant co-product revenue, lower labour costs, due to a significant reduction in the international workforce and increased capitalised stripping costs in H1 2013. This was partially offset by higher consumables, energy and fuel costs and contracted services due to the increased mining activity and throughput in H1 2013, and higher cost overheads as a result of warehouse related costs driven by inventory drawdowns. Cash costs per tonne milled decreased to US$40 in 2013 (US$45 in 2012) as a result of the costs outlined above. AISC per ounce sold for the year of US$1,506 was 16% lower than 2012 of US$1,798. This was driven by the lower cash cost base, lower sustaining capital expenditure and lower corporate administration costs, partly offset by higher capitalised development costs. Capital expenditure for the year, before reclamation asset adjustments, of US$91.7 million was 4% lower than the prior year of US$95.9 million, with increased capitalised stripping in H1 2013 more than offset by lower sustaining capital expenditure over the year. The significant change to the mine plan reduced the levels of waste movement and therefore capitalised stripping in H2 2013. Key capital expenditure included capitalised stripping costs (US$60.1 million), investments in tailings and infrastructure (US$15.7 million) and mining equipment driven by component change outs (US$13.9 million). Total capital expenditure of US$82.5 million was positively impacted by a negative non-cash reclamation adjustment of US$9.2 million, due to the increase in risk-free interest rates combined with a reduction in closure costs estimates. Following the changes to the mine plan made in July 2013 at Buzwagi, the reserve base of the asset now stands at 1.1 million ounces at a grade of 1.45 grams per tonne. North Mara Key statistics Three months ended 31 Year ended 31 December December (Unaudited) 2013 20121 2013 20121 Tonnes mined Kt 4,104 5,788 21,027 18,391 Ore tonnes mined Kt 678 694 2,601 1,711 Ore milled Kt 643 740 2,643 2,786 Head grade g/t 3.4 3.0 3.5 2.5 Mill recovery % 86.0% 88.7% 86.8% 85.4% Ounces produced oz 60,358 63,236 256,732 193,231 Ounces sold oz 61,050 56,800 260,945 186,600 Cash cost per ounce sold US$/oz 636 949 659 953 AISC per ounce sold US$/oz 1,075 1,671 1,227 1,693 Cash cost per tonne milled US$/t 60 73 65 64 Breakdown of Capital Expenditure - Sustaining capital US$('000) 3,562 17,176 38,386 47,759 - Capitalised development US$('000) 13,651 3,955 65,594 28,139 - Expansionary capital US$('000) 445 5,534 949 10,091 17,658 26,665 104,929 85,989 - Non-cash reclamation asset adjustments US$('000) (4,506) 5,805 (11,271) 7,540 Capital Expenditure US$('000) 13,152 32,470 93,658 93,529 1 Restated for the impact of capitalised stripping due to the adoption of IFRIC 20. Operating performance Production for the full year of 256,732 ounces was 33% higher than that of the prior year. Head grade and mill recovery were positively impacted by an increase in ore tonnes mined and grade, predominantly driven by mining from the Gokona pit due to a change in the mine plan. Gold ounces sold for the full year of 260,945 ounces were 2% higher than production due to the sale of ounces on hand from Q4 2012, and 40% higher than that of 2012 due to the increased production base. Cash costs for the year of US$659 per ounce sold were 31% lower than the prior year of US$953. Cash costs were positively impacted by increased production levels and increased capitalised stripping costs. This was partially offset by higher contracted services and maintenance costs due to planned equipment and plant maintenance. Cash costs per tonne milled for the year were in line with 2012 at US$65 (US$64 in 2012). AISC per ounce sold for the year of US$1,227 was 28% lower than 2012 of US$1,693 due to the reasons outlined above combined with a reduction in capital expenditure per ounce due to the increased production base. Capital expenditure for the year, before reclamation asset adjustments, of US$104.9 million was 22% higher than the prior year of US$86.0 million, due to increased capitalised development offset by lower sustaining capital expenditure and lower expansionary expenditure (2012 included capitalised drilling costs related to Gokona and Nyabirama underground projects). The deferral of Cut 3 at Gokona in Q4 2013 led to a reduction in tonnes moved and an associated reduction in capitalised development for the fourth quarter. Key capital expenditure included capitalised stripping costs (US$65.6 million), investments in tailings and infrastructure (US$14.7 million) and investment in mining equipment driven by component change outs (US$13.6 million). Total capital expenditure of US$93.7 million was positively impacted by a negative non-cash reclamation adjustment of US$11.3 million, due to the increase in risk-free interest rates. We have completed all the conditions required for the lifting of the Environmental Protection Order at North Mara and have received a formal discharge permit from the Lake Victoria Water Board. The removal of the EPO allows ABG to discharge clean water once it has been treated in the water treatment plant at the mine. Following the changes to the mine plan made in July 2013 at North Mara, the reserve base of the asset now stands at 2.2 million ounces at a grade of 3.17 grams per tonne. Exploration and Development Review Overall, 2013 was a successful year of execution and delivery across our greenfield and brownfield exploration projects. During the year, US$16.9 million of exploration activities were expensed, with a further amount of US$4.0 million relating to exploration and evaluation activities being capitalised. Key highlights include the successful drilling results from brownfield exploration projects at Bulyanhulu from both surface and underground drilling and from greenfield exploration programmes at our Kenyan joint venture properties in western Kenya. At the Bulyanhulu mine, during the year we commenced surface and underground brownfield exploration drilling programmes. Surface drilling is targeting resource extensions of the Bulyanhulu system between 400 metres and 1.2 kilometres west of the mine, while underground drilling is targeting resource expansion of the East Zone on the Reef 2 system. By year end the drilling programmes on the targets at Bulyanhulu had already delivered positive results from both surface and underground drill holes. The focus for 2014 will be to complete the surface and underground drill programmes according to plan and budget by Q3 2014 and assess the success of the programmes and any requirement for further drilling. In Kenya, throughout the year we have continued extensive regional mapping, soil sampling and reconnaissance Aircore geochemical drilling across our two joint venture projects, the Advance Gold JV Properties and the West Kenya JV Properties. These programmes will continue into 2014 and seek to identify and advance the best targets within our large land package, so as to be positioned to commence drill testing in 2015. Soil sampling to date has delineated and expanded more than 50 existing and new kilometer-scale gold-in-soil anomalies. On the Advance Gold JV Properties we have completed drilling of Aircore holes with over 20% of the holes assayed to date returning anomalous gold intercepts of greater than 0.1 g/t gold. Additionally, in recognition of the increasing maturity of some of our exploration properties, reduced exploration budgets, and regulatory requirements we have embarked on a process of rationalising our exploration portfolio in both Tanzania and Kenya. During 2013, we reduced our land holdings in Tanzania from 2,534sq km to 1,808 sq km, and handed over management of several joint ventures to our partners. In Kenya, we expect to reduce our current land holding on completion of the current regional soil sampling programmes. We believe that through this process we will continue to focus on the best projects within our portfolio, while at the same time free up exploration funds to diversify our portfolio outside our current operating areas. Brownfield Exploration In 2013, near-mine brownfield exploration successfully identified extensions to known resources. The brownfield exploration programme was entirely focused on the Bulyanhulu ore body where initial surface and underground diamond core drilling has returned excellent results from step-out resource drilling on both Reef 1 and Reef 2 mineralised systems. Bulyanhulu Deeps West In Q4 2013, we commenced drilling of three deep diamond core holes west of the Bulyanhulu mine, targeting the extension of Reef 1 gold mineralisation. The ongoing programme is comprised of approximately 20,000 metres of diamond core from three parent holes with up to 25 daughter holes utilising directional wedging and navigational drilling. The holes are predominantly testing the extensions of the Reef 1 structure from 400 metres to 1,200 metres west of the current Bulyanhulu resource where historic drilling has shown indications of further gold mineralisation. The drilling is targeting a potential new economic zone and plunge extensions of the Main Zone of Reef 1 at depths of between 1km and 2.5km vertical. As at year end 2013, a total of 4,652 metres of diamond core had been drilled from the surface holes. Two rigs are involved in this surface drilling program, which will continue well into 2014. Encouragingly, the results from the first two holes to intersect Reef 1, located approximately 400m west of the current resource area, both returned significant intersections including: BGMDD0054W1: 1.64m @ 11.7g/t Au from 1,434m incl. 0.68m @ 23.8g/t Au from 1,435m BGMDD0054W2: 4.00m @ 8.42g/t from 1,637m incl. 1.0m @ 24.3g/t Au from 1,638m Additionally, these surface holes also intersected the Reef 2 structure, which consists of multiple narrow reefs, and BGMDD0054W2 returned several significant intersections including: BGMDD0054W2: 1.95m @ 26.58g/t Au from 1,033m incl. 0.57m @ 48.2g/t Au from 1,033m BGMDD0054W2: 1.45m @ 12.39g/t Au from 1,070m These holes are potentially significant in demonstrating that reserve grade gold mineralisation and average reef widths continue west of the mine which would open the potential for a significant expansion of the footprint of Bulyanhulu on both Reef 1 and Reef 2. The drilling programme will continue through 2014 and will comprise a further 15,000 metres of diamond core drilling from the three planned drill sites. This programme will form an important part of our assessment of how to most effectively develop the mine over the long term. Bulyanhulu East Deeps Underground Drilling - Reef 2 The East Deeps drilling programme is targeting down dip mineralisation of the Bulyanhulu Reef 2 system which is outside the current resource model. The programme is being drilled from several underground drill platforms and is aimed at adding high grade gold resources on the East Zone. Drilling commenced in Q3 2013 with a total of 2,725 metres of diamond core completed from two holes by year end, and with the results received from one hole returning the following significant intersections: UX4700-407: 1.28m @ 76.7g/t Au from 1,203m including 0.71m @ 108g/t Au from 1,204m Whilst the ultimate target was Reef 2 mineralisation, due to the location of the drill pad, the hole also intersected Reef 1, returning 0.50m @ 62.8g/t Au from 134.7m. The Reef 2 significant intersection has proved continuity at depth of the mineralisation with high grade. Should this be confirmed by further results, this has the potential to add significantly to the mine resource and increase the life of mine. An additional 3 holes are targeted for completion during early 2014 at which time the programme will be reviewed before more drilling is undertaken. Greenfield Exploration Throughout 2013, we have continued our focus on identifying new greenfields exploration opportunities to complement our existing exploration portfolio. Collectively, the greenfield exploration programmes we have undertaken have further strengthened our portfolio of exploration projects, with the potential for new discoveries in the short to medium term. At the same time we continue to look throughout Africa for opportunities to further enhance and diversify our exploration portfolio through low cost joint ventures or option agreements.. In Tanzania, during the year, we continued to intersect wide zones of low grade gold mineralisation, including several zones of higher grade mineralisation (> 2g/t Au) at the Ochuna prospect (formerly the Dett prospect) west of the North Mara mine, and scout drilling at the Tagota prospect northwest of the North Mara mine also intersected significant gold mineralisation. We have made good progress on our Kenyan joint venture projects (Advance Gold JV and West Kenya JV) throughout the year with more than 50 gold-in-soil anomalies generated from an extensive soil sampling programme. In addition, initial Aircore drilling across several gold-in-soil anomalies on the Advance Gold JV properties has returned significant gold mineralisation, requiring infill and follow-up drilling. In 2014, we will continue our focus on advancing the best early stage prospects and targets on the Kenyan joint venture properties ready for drill testing. Tanzania Ochuna Ochuna is a large gold system hosted in granitic and sedimentary rocks located approximately 45 kilometres west of the North Mara gold mine. Historic drilling programmes intersected very wide zones of low grade mineralization (0.6-0.9g/t gold) extending from the surface to depths greater than 300 metres. The 2013 drilling programmes targeted higher-grade zones within this anomalous gold system. Two phases of drilling were completed during the year, with 17 reverse circulation and diamond core holes completed for 3,280 metres. Broad zones of > 1g/t Au, including discrete, structurally controlled, higher grade zones (>1.5g /t gold), were intersected by this drilling including: DTD0014 - 95m @ 1.08g/t Au from 67m, including 41m @ 1.52g/t Au from 68m DTD0017 - 85m @ 1.44g/t Au from 140m, including 56m @ 1.67g/t Au from 144m DTD0018 - 73m @ 1.84g/t Au from 181m, including 43m @ 2.46g/t Au from 198m DTD0019 - 111m @ 1.16g/t Au from 72m, including 36m @ 1.51g/t Au from 94m DTD0020 - 134m @ 1.00g/t Au from 111m, including 26m @ 2.21g/t Au from 159m DTD0025 - 78m @ 1.60g/t Au from 163m, including 48m @ 2.29g/t Au from 193m DTRCD0142 - 52m @ 1.05g/t Au from 174m, including 23m @ 1.45g/t Au from 203m DTRCD0143 - 45m @ 1.25g/t Au from 244m, including 18m @ 1.71g/t Au from 244m Geology and mineralisation models were being updated at year end in order to complete a preliminary global resource estimate and decide on future targeting and drilling. In addition to positive drill results for 2013, preliminary metallurgical test work was carried out by ALS Ammtec in Perth and returned encouraging results. Two composite samples obtained from purpose drilled HQ diamond core holes, DTDM0021 and DTDM0022, were submitted to ALS Ammtec for gravity/leach test work. All samples were of primary (not oxidised) mineralisation. Leach tests were carried out in bottle with roll agitation, and were carried out on -150, -106, -75 and -53µm (micron) grinds. As expected, the -75µm grind produced optimal results including: Sample #1 returned a calculated head grade of 2.47g/t Au, gravity recovery of 58.2% Au, 24hr NaCN leach of 93.5% Au and tail grade of 0.16g/t Au Sample #2 returned a calculated head grade of 1.35g/t Au, gravity recovery 24.9% Au, 24hrs NaCN leach of 88.8% Au and tail grade of 0.16g/t Au. Recovery for Samples 1 and 2 after two hours were 87.4% Au and 81.2% Au respectively, indicating that the bulk of the leachable gold is liberated very quickly. Additionally, further test work included heap leach test work on low grade material, however this work showed that the low grade (<1g au)="" ochuna="" mineralisation="" is="" not="" amenable="" to="" heap="" leach="" processes.="" tagota="" at="" the="" tagota="" project,="" approximately="" 35km="" northwest="" of="" the="" gokona="" open="" pit,="" initial="" scout="" drilling="" has="" returned="" positive="" drill="" results="" targeting="" gold="" mineralisation="" in="" basement="" rocks="" beneath="" a="" varying="" thickness="" of="" younger="" volcanic="" cover="" rocks="" (phonolite).="" given="" the="" "blind"="" nature="" of="" this="" target="" beneath="" up="" to="" 40="" metres="" of="" cover="" rocks,="" this="" outcome="" is="" extremely="" encouraging.="" the="" drill="" programme="" consisted="" of="" eight="" reverse="" circulation="" (rc)="" drill="" holes,="" and="" two="" diamond="" core="" drill="" holes="" were="" completed="" for="" a="" total="" of="" 1,477="" metres.="" the="" target="" is="" a="" large="" circular="" magnetic="" feature="" interpreted="" to="" be="" a="" 2.5km="" x="" 2.5km="" intrusive="" complex="" with="" artisanal="" mines="" around="" the="" exposed="" outer="" perimeter,="" and="" thought="" to="" be="" a="" similar="" setting="" to="" the="" ochuna="" gold="" system.="" drilling="" encountered="" the="" interpreted="" geology,="" being="" predominantly="" an="" altered="" felsic-to-intermediate="" intrusion="" (syenite)="" with="" disseminated="" sulphides="" and="" interpreted="" stock-work="" style="" quartz="" veining.="" gold="" mineralisation="" was="" intersected="" in="" four="" holes="" close="" to="" the="" interpreted="" centre="" of="" the="" intrusion="" adjacent="" to="" an="" interpreted="" northeast="" trending="" lineament="" in="" geophysical="" data,="" with="" results="" including:="" tgrc0006:="" 63m="" @="" 1.01g/t="" au="" from="" 44m="" tgrc0007:="" 34m="" @="" 1.08g/t="" au="" from="" 81m="" tgrcd0009:="" 49m="" @="" 0.89g/t="" au="" from="" 92m="" including="" 10m="" @="" 1.48g/t="" au="" from="" 109m="" tgrcd0010:="" 9m="" @="" 1.03g/t="" au="" from="" 80m,="" including="" 3m="" @="" 2.25g/t="" au="" from="" 85m="" given="" the="" limited="" number="" of="" holes,="" the="" very="" broad="" spaced="" nature="" of="" the="" drilling,="" and="" the="" fact="" beneath="" 10-60="" metres="" of="" phonolite="" cover="" was="" being="" targeted,="" these="" results="" are="" very="" encouraging.="" completion="" of="" several="" follow-up="" diamond="" core="" holes="" adjacent="" to="" the="" current="" intersections="" is="" planned,="" to="" investigate="" the="" potential="" for="" higher="" grade="" extensions="" to="" the="" mineralisation="" identified="" to="" date.="" kenya="" west="" kenya="" joint="" venture="" projects="" exploration="" activities="" in="" kenya="" during="" 2013="" focused="" on="" grassroots="" target="" generation="" with="" mapping,="" soil="" sampling,="" rock="" chip="" sampling="" and="" aircore="" drilling="" throughout="" the="" kakamega="" and="" lake="" zone="" gold="" camps.="" key="" highlights="" include="" the="" delineation="" of="" more="" than="" 50="" gold-in-soil="" anomalies="" and="" the="" confirmation="" of="" significant="" gold="" mineralisation="" in="" aircore="" drill="" holes="" which="" were="" testing="" some="" of="" the="" gold-in-soil="" anomalies.="" advanced="" drilling="" on="" several="" historic="" prospects="" intersected="" mineralisation="" but="" confirmed="" they="" were="" not="" of="" an="" economic="" size="" and="" grade="" targeted="" by="" abg.="" a="" total="" of="" 15,656="" soil="" samples="" were="" collected="" in="" 2013="" focussing="" on="" prospective="" lithologies="" and="" structures.="" broad="" (400="" metre="" and="" 800="" metre)="" spaced="" grids="" were="" undertaken="" with="" over="" 50="" (≥="" 40ppb)="" gold-in-soil="" anomalies="" now="" identified.="" follow="" up="" aircore="" drill="" testing="" of="" selected="" soil="" anomalies="" in="" kakamega="" dome="" gold="" camp="" on="" broad="" spacing="" (400="" metre="" and="" 800="" metre)="" commenced="" in="" the="" second="" half="" of="" 2013="" with="" a="" total="" of="" 325="" holes="" completed="" for="" 12,494="" metres.="" results="" received="" during="" 2013="" included="" 68="" significant="" intercepts="" (≥0.1="" g/t="" au)="" from="" composite="" sampling.notable="" intersections="" included:="" kdac0074="" 3m="" @="" 2.46="" g/t="" au="" from="" 5m.="" kdac0125="" 3m="" @="" 3.35="" g/t="" au="" from="" 29m="" kdac0152="" 6m="" @="" 30.9="" g/t="" au="" from="" 29m="" kdac0161="" 3.5m="" @="" 4.20="" g/t="" au="" from="" 47m="" during="" the="" first="" half="" of="" 2014="" we="" will="" continue="" to="" focus="" on="" the="" completion="" of="" the="" regional="" soil="" sampling="" and="" first-pass="" aircore="" drilling="" programmes,="" and="" with="" the="" integration="" of="" ongoing="" geological="" mapping,="" litho-geochemistry="" and="" ground="" geophysical="" surveys="" we="" plan="" to="" develop="" priority="" targets="" for="" drill="" testing.="" the="" highest="" potential="" targets="" that="" evolve="" from="" this="" process="" will="" be="" selected="" for="" drill="" testing="" using="" reverse="" circulation="" and="" diamond="" core="" drilling.="" financial="" review="" the="" positive="" impact="" of="" the="" operational="" review="" and="" the="" challenging="" gold="" price="" environment="" in="" 2013="" is="" reflected="" in="" the="" abg="" group's="" financial="" results="" for="" the="" year="" which="" are="" also="" restated="" to="" exclude="" tulawaka="" as="" it="" is="" now="" a="" discontinued="" operation:="" revenue="" of="" us$929.0="" million="" was="" us$82.7="" million="" lower="" than="" 2012="" driven="" by="" a="" 17%="" decrease="" in="" the="" average="" realised="" gold="" price="" to="" us$1,377="" per="" ounce="" sold="" (us$1,669="" per="" ounce="" sold="" in="" the="" prior="" year="" period),="" which="" more="" than="" offset="" an="" increase="" of="" 66,265="" ounces="" (11%)="" in="" sales="" volumes.="" cash="" costs="" decreased="" to="" us$827="" per="" ounce="" sold="" from="" us$941="" in="" 2012,="" driven="" by="" higher="" production,="" lower="" labour="" costs="" and="" higher="" capitalised="" development="" costs.="" this="" was="" driven="" by="" the="" operational="" review="" process.="" all-in="" sustaining="" costs="" decreased="" to="" us$1,362="" per="" ounce="" sold="" from="" us$1,585="" in="" 2012="" due="" to="" lower="" cash="" costs,="" sustaining="" capital="" expenditures,="" corporate="" administration="" costs="" and="" partially="" offset="" by="" increased="" capitalised="" development="" costs.="" ebitda="" decreased="" by="" 29%="" to="" us$240.4="" million,="" driven="" by="" lower="" revenue="" and="" increase="" in="" other="" charges,="" partly="" offset="" by="" lower="" direct="" mining="" costs,="" corporate="" administration="" costs="" and="" exploration="" costs.="" adjusted="" net="" earnings="" of="" us$106.3="" million,="" were="" 2%="" lower="" than="" 2012.="" adjusted="" earnings="" per="" share,="" mainly="" excluding="" a="" us$1,061.0="" million="" non-cash="" impairment="" adjustment,="" operational="" review="" costs="" and="" tulawaka="" non-operational="" costs,="" amounted="" to="" us25.9="" cents,="" down="" from="" us26.5="" cents="" in="" 2012.="" operational="" cash="" flow="" of="" us$187.1="" million="" was="" 30%="" lower="" than="" 2012,="" mainly="" due="" to="" lower="" ebitda="" and="" increased="" working="" capital="" investment,="" including="" the="" impact="" of="" vat="" relief="" abolishment="" in="" q4="" 2012.="" the="" following="" review="" provides="" a="" detailed="" analysis="" of="" our="" consolidated="" 2013="" results="" and="" the="" main="" factors="" affecting="" financial="" performance.="" it="" should="" be="" read="" in="" conjunction="" with="" the="" condensed="" financial="" information="" and="" accompanying="" notes="" on="" pages="" 32="" to="" 54,="" which="" have="" been="" prepared="" in="" accordance="" with="" international="" financial="" reporting="" standards="" as="" adopted="" for="" use="" in="" the="" european="" union="" (ifrs).="" prior="" year="" comparative="" financial="" information="" has="" been="" restated="" for="" the="" impact="" of="" capitalised="" stripping="" due="" to="" the="" adoption="" of="" ifric="" 20,="" 'stripping="" costs="" in="" the="" production="" phase="" of="" a="" surface="" mine'="" and="" the="" classification="" of="" tulawaka="" as="" a="" discontinued="" operation.="" refer="" to="" note="" 5="" of="" the="" consolidated="" financial="" information="" for="" further="" details.="" market="" overview="" our="" financial="" results="" are="" impacted="" by="" external="" drivers="" in="" the="" form="" of="" commodity="" prices,="" exchange="" rates="" and="" the="" cost="" of="" energy.="" their="" impact="" in="" 2013="" and="" our="" positioning="" going="" into="" 2014="" are="" set="" out="" below.="" the="" market="" price="" of="" gold="" has="" a="" significant="" impact="" on="" abg's="" operating="" earnings="" and="" its="" ability="" to="" generate="" cash="" flows.="" gold="" price="" volatility="" was="" elevated="" during="" 2013="" with="" gold="" declining="" from="" a="" high="" of="" us$1,694="" per="" ounce="" on="" 2nd="" january="" to="" a="" low="" of="" us$1,192="" per="" ounce="" on="" 28th="" june="" and="" closing="" the="" year="" at="" us$1,205.="" market="" gold="" prices="" averaged="" us$1,411="" per="" ounce="" in="" 2013,="" a="" 15%="" decline="" from="" the="" prior="" year="" average="" of="" us$1,669.="" the="" price="" of="" gold="" has="" been="" influenced="" by="" low="" interest="" rates="" worldwide,="" investment="" demand="" and="" the="" monetary="" policies="" implemented="" by="" major="" world="" central="" banks,="" in="" particular="" the="" united="" states.="" significant="" exchange="" traded="" fund="" ("etf")="" outflows="" were="" the="" key="" directional="" driver="" in="" 2013="" with="" circa="" 28moz="" sold="" out="" of="" etfs,="" representing="" around="" 30%="" of="" annual="" mine="" supply.="" this="" was="" in="" part="" met="" by="" strong="" physical="" demand="" in="" asia="" with="" jewellery="" demand="" in="" china="" contributing="" to="" one="" third="" of="" the="" world="" market.="" gold="" is="" still="" viewed="" as="" a="" portfolio="" diversifier="" by="" central="" banks,="" which="" now="" hold="" approximately="" 11%="" of="" global="" bullion="" reserves.="" as="" the="" us="" economy="" improved="" during="" 2013,="" bond="" yields="" climbed,="" equities="" performed="" well="" and="" the="" dollar="" appreciated="" which="" together="" with="" short-termspeculation="" on="" how="" the="" us="" federal="" reserve="" will="" adjust="" its="" monetary="" policy,="" caused="" gold="" prices="" to="" be="" extremely="" volatile="" during="" 2013.="" this="" culminated="" in="" the="" decision="" of="" the="" us="" federal="" reserve="" to="" taper="" its="" bond="" purchase="" programme="" by="" us$10="" billion="" per="" month="" from="" january="" 2014.="" we="" continued="" our="" policy="" of="" no="" gold="" hedging="" during="" 2013.="" copper="" abg="" also="" produces="" copper="" as="" a="" co-product="" which="" is="" recognised="" as="" a="" part="" of="" revenue.="" copper="" traded="" between="" us$3.01="" and="" us$3.74="" per="" pound="" in="" 2013.="" the="" average="" market="" copper="" price="" for="" 2013="" was="" us$3.32="" compared="" with="" us$3.61="" per="" pound="" in="" 2012.="" key="" external="" drivers="" of="" the="" copper="" prices="" include="" consumption="" by="" china,="" the="" world's="" largest="" consumer,="" the="" us="" growth="" outlook,="" existing="" stock="" levels="" and="" supply="" growth="" which="" is="" expected="" to="" peak="" in="" 2014.="" during="" 2013="" we="" utilised="" a="" forward="" strategy="" whereby="" 75%="" of="" our="" estimated="" copper="" production="" was="" hedged="" at="" an="" average="" of="" us$3.72="" per="" pound,="" resulting="" in="" a="" realised="" gain="" of="" us$3.3="" million="" for="" the="" year.="" utilising="" option="" collar="" strategies,="" we="" have="" put="" in="" place="" floor="" protection="" on="" 75%="" of="" our="" expected="" copper="" production="" for="" 2014="" at="" an="" average="" floor="" price="" of="" us$3.12="" per="" pound="" and="" an="" average="" ceiling="" price="" of="" us$3.41="" per="" pound.="" fuel="" brent="" crude="" oil="" traded="" between="" us$98="" and="" us$119="" per="" barrel="" and="" averaged="" us$109="" per="" barrel="" (2012:="" us$112="" per="" barrel).="" we="" consumed="" approximately="" 610,000="" barrels="" of="" diesel="" in="" 2013="" (2012:="" 625,000).="" diesel="" fuel="" is="" refined="" from="" crude="" oil="" and="" is="" therefore="" subject="" to="" the="" same="" price="" volatility="" affecting="" crude="" oil="" prices="" and="" has="" a="" significant="" impact="" on="" our="" production="" costs.="" crude="" oil="" has="" been="" impacted="" by="" political="" instability="" which="" has="" resulted="" in="" supply="" outages="" most="" notably="" in="" iran="" and="" northern="" africa="" which="" was="" in="" part="" offset="" by="" increased="" us="" production="" and="" opec's="" ability="" to="" balance="" supply="" through="" saudi="" arabia.="" our="" overall="" oil="" exposure="" is="" heavily="" impacted="" by="" grid="" power="" reliability="" across="" all="" three="" operations="" and="" mining="" activity="" at="" our="" open="" pit="" mines.="" during="" 2013="" we="" utilised="" an="" option="" collar="" strategy="" to="" hedge="" 75%="" of="" our="" estimated="" diesel="" consumption="" at="" an="" average="" floor="" price="" of="" us$89="" per="" barrel="" and="" average="" capped="" price="" of="" us$109="" per="" barrel.="" in="" 2014="" we="" have="" continued="" this="" strategy="" and="" put="" in="" place="" protection="" on="" approximately="" 33%="" of="" our="" expected="" 2014="" consumption="" with="" an="" average="" floor="" and="" capped="" price="" of="" us$88="" and="" us$105="" per="" barrel="" respectively.="" currency="" exchange="" rates="" a="" portion="" of="" abg's="" expenditure="" is="" incurred="" in="" currencies="" other="" than="" us="" dollars.="" the="" exposure="" relating="" to="" other="" currencies="" is="" approximately="" 28%="" of="" the="" company's="" total="" expenditure,="" of="" which="" the="" main="" contributing="" currencies="" are="" the="" tanzanian="" shilling="" and="" the="" south="" african="" rand.="" in="" 2013,="" the="" rand="" declined="" significantly="" against="" the="" us="" dollar="" as="" the="" us="" dollar="" strengthened,="" domestic="" factors="" persisted="" and="" investors="" shunned="" riskier="" rand-denominated="" assets.="" the="" tanzanian="" shilling="" remained="" relatively="" unchanged="" as="" the="" bank="" of="" tanzania="" imposed="" exchange="" controls="" throughout="" the="" year.="" we="" have="" put="" in="" place="" floor="" protection="" on="" approximately="" 75%="" and="" 20%="" of="" our="" expected="" rand="" operating="" expenditures="" for="" 2014="" and="" 2015="" respectively,="" with="" average="" floors="" of="" zar9.60="" and="" zar10.43.="" in="" light="" of="" potential="" rand="" weakness="" we="" have="" average="" ceilings="" of="" zar11.03="" and="" zar12.80="" for="" 2014="" and="" 2015="" respectively.="" hedges="" in="" relation="" to="" the="" bulyanhulu="" cil="" expansion="" project="" for="" 2014="" have="" an="" average="" floor="" protection="" of="" zar8.90="" and="" ceiling="" protection="" of="" zar9.80.="" these="" hedges="" are="" in="" place="" until="" april="" 2014.="" financial="" performance="" discontinued="" operation="" -="" tulawaka="" on="" 15="" november="" 2013,="" abg="" announced="" that="" an="" agreement="" was="" reached="" with="" stamico,="" the="" tanzanian="" state="" mining="" corporation,="" whereby="" stamico="" will="" acquire="" the="" tulawaka="" gold="" mine="" ("tulawaka")="" and="" certain="" exploration="" licenses="" surrounding="" tulawaka="" for="" a="" consideration="" of="" us$4.5="" million="" and="" the="" grant="" of="" a="" 2%="" net="" smelter="" royalty="" on="" future="" production="" in="" excess="" of="" 500,000="" ounces,="" capped="" at="" us$500,000.="" as="" part="" of="" the="" agreement,="" stamico="" will="" take="" ownership="" and="" management="" of="" the="" rehabilitation="" fund="" established="" as="" part="" of="" the="" closure="" plan="" for="" the="" mine,="" in="" return="" for="" the="" assumption="" of="" all="" remaining="" past="" and="" future="" closure="" and="" rehabilitation="" liabilities="" for="" tulawaka,="" and="" will="" indemnify="" the="" other="" parties="" to="" the="" agreement="" in="" relation="" to="" these="" liabilities.="" this="" resulted="" in="" a="" cash="" payment="" by="" abg="" to="" stamico="" of="" the="" balance="" of="" the="" rehabilitation="" fund,="" less="" the="" transaction="" consideration="" on="" completion.="" tulawaka="" is="" 100%="" owned="" by="" the="" tulawaka="" joint="" venture,="" in="" which="" abg="" holds="" a="" 70%="" economic="" interest="" through="" a="" wholly="" owned="" subsidiary,="" with="" mdn="" inc="" holding="" the="" remaining="" 30%="" of="" the="" joint="" venture.="" production="" at="" tulawaka="" ceased="" in="" q2="" 2013.="" the="" transaction="" completed="" on="" 4="" february="" 2014,="" resulting="" in="" a="" cash="" payment="" of="" us$11.6="" million="" to="" stamico.="" the="" financial="" results="" of="" tulawaka="" have="" been="" presented="" as="" discontinued="" operations="" in="" the="" consolidated="" financial="" statements.="" the="" comparative="" results="" in="" the="" consolidated="" income="" statement="" have="" been="" presented="" as="" if="" tulawaka="" had="" been="" discontinued="" from="" the="" start="" of="" the="" comparative="" period,="" effectively="" excluding="" the="" net="" result="" relating="" to="" tulawaka="" from="" individual="" income="" statement="" lines="" and="" aggregating="" it="" in="" one="" line="" called="" "loss="" from="" discontinued="" operation".="" the="" assets="" and="" liabilities="" that="" are="" to="" be="" sold="" to="" stamico="" have="" been="" presented="" as="" held="" for="" sale.="" below="" is="" a="" reconciliation="" showing="" group="" financial="" performance="" on="" a="" line="" by="" line="" basis.="" year="" ended="" 31="" december="" 2013="" continuing="" discontinued="" operations="" operations="" total="" revenue="" 929,004="" 13,514="" 942,518="" cost="" of="" sales="" (713,806)="" (30,368)="" (744,174)="" gross="" profit/(loss)="" 215,198="" (16,854)="" 198,344="" corporate="" administration="" (32,157)="" (1,311)="" (33,468)="" exploration="" and="" evaluation="" costs="" (16,927)="" -="" (16,927)="" corporate="" social="" responsibility="" expenses="" (12,237)="" (3,259)="" (15,496)="" impairment="" charges="" (1,044,310)="" (16,701)="" (1,061,011)="" other="" charges="" (30,424)="" (19,442)="" (49,866)="" (loss)/profit="" before="" net="" finance="" expense="" and="" taxation="" (920,857)="" (57,567)="" (978,424)="" finance="" income="" 1,670="" 30="" 1,700="" finance="" expense="" (9,552)="" (116)="" (9,668)="" (loss)/="" profit="" before="" taxation="" (928,739)="" (57,653)="" (986,392)="" tax="" credit/="" (expense)="" 187,959="" -="" 187,959="" net="" (loss)/="" profit="" for="" the="" year="" (740,780)="" (57,653)="" (798,433)="" year="" ended="" 31="" december="" 20121="" continuing="" discontinued="" operations="" operations="" total="" revenue="" 1,011,738="" 75,601="" 1,087,339="" cost="" of="" sales="" (720,036)="" (77,823)="" (797,859)="" gross="" profit/(loss)="" 291,702="" (2,222)="" 289,480="" corporate="" administration="" (47,640)="" (3,928)="" (51,568)="" exploration="" and="" evaluation="" costs="" (26,752)="" (2,208)="" (28,960)="" corporate="" social="" responsibility="" expenses="" (13,051)="" (1,394)="" (14,445)="" impairment="" charges="" -="" (44,536)="" (44,536)="" other="" charges="" (17,071)="" (600)="" (17,671)="" (loss)/profit="" before="" net="" finance="" expense="" and="" taxation="" 187,188="" (54,888)="" 132,300="" finance="" income="" 2,056="" 46="" 2,102="" finance="" expense="" (10,079)="" (226)="" (10,305)="" (loss)/="" profit="" before="" taxation="" 179,165="" (55,068)="" 124,097="" tax="" credit/="" (expense)="" (78,693)="" 6,089="" (72,604)="" net="" (loss)/="" profit="" for="" the="" year="" 100,472="" (48,979)="" 51,493="" 1="" restated="" for="" the="" impact="" of="" capitalised="" stripping="" due="" to="" the="" adoption="" of="" ifric="" 20="" and="" the="" classification="" of="" tulawaka="" as="" a="" discontinued="" operation.="" the="" financial="" performance="" below="" is="" stated="" for="" continuing="" operations.="" revenue="" revenue="" for="" the="" year="" of="" us$929.0="" million="" was="" 8%="" lower="" than="" the="" prior="" year="" period="" of="" us$1,011.7="" million.="" year-on-year="" realised="" gold="" prices="" decreased="" by="" 18%="" to="" us$1,377="" per="" ounce="" sold="" from="" us$1,669="" in="" 2012,="" which="" more="" than="" offset="" the="" higher="" sales="" volumes="" of="" 66,265="" ounces.="" the="" increase="" in="" sales="" ounces="" was="" primarily="" due="" to="" the="" higher="" production="" base="" and="" sale="" of="" opening="" stock="" on="" hand="" from="" 2012.="" included="" in="" total="" revenue="" was="" co-product="" revenue="" of="" us$43.0="" million="" for="" the="" year,="" which="" decreased="" by="" 10%="" from="" the="" prior="" year="" (us$48.0="" million)="" due="" to="" the="" lower="" copper="" prices="" as="" similar="" volumes="" were="" sold="" than="" in="" 2012="" .="" the="" 2013="" average="" realised="" copper="" price="" of="" us$3.24="" per="" pound="" compared="" unfavourably="" to="" the="" prior="" year="" of="" us$3.57="" per="" pound,="" and="" was="" driven="" by="" global="" market="" factors="" regarding="" supply="" and="" demand.="" cost="" of="" sales="" cost="" of="" sales="" was="" us$713.8="" million="" for="" the="" year="" ended="" 31="" december="" 2013,="" representing="" a="" decrease="" of="" 1%="" on="" the="" prior="" year="" period="" (us$720.0="" million).="" the="" key="" aspects="" impacting="" the="" cost="" of="" sales="" during="" the="" year="" were:="" lower="" direct="" mining="" costs="" as="" a="" result="" of:="" increased="" capitalised="" development="" costs="" as="" buzwagi="" and="" north="" mara="" focused="" on="" the="" removal="" of="" waste="" in="" order="" to="" access="" higher="" grade="" zones="" in="" the="" first="" half="" of="" the="" year;="" lower="" labour="" costs="" due="" to="" the="" impact="" of="" the="" operational="" review;="" lower="" shared="" services="" costs="" back="" charges,="" lower="" travel="" costs="" and="" lower="" camp="" costs="" all="" as="" a="" result="" of="" savings="" materialised="" through="" the="" operational="" review;="" this="" was="" partially="" offset="" by:="" increased="" warehouse="" related="" costs="" driven="" by="" inventory="" drawdown,="" mainly="" at="" buzwagi,="" and="" increased="" inventory="" obsolescence="" provisions="" at="" north="" mara="" and="" bulyanhulu;="" and="" increased="" contracted="" services="" costs="" at="" north="" mara="" due="" to="" the="" increased="" mining="" activity,="" and="" at="" buzwagi="" due="" to="" increased="" mining="" activity="" in="" h1="" 2013;="" and="" lower="" third="" party="" smelting="" and="" refining="" fees="" at="" bulyanhulu="" due="" to="" the="" lower="" concentrate="" production="" in="" combination="" with="" lower="" negotiated="" costs,="" partly="" offset="" by="" an="" increase="" in="" concentrate="" production="" at="" buzwagi.="" the="" table="" below="" provides="" a="" breakdown="" of="" cost="" of="" sales:="" three="" months="" ended="" 31="" (us$'000)="" december="" (unaudited)="" 2013="" 20121="" cost="" of="" sales="" direct="" mining="" costs="" 126,826="" 138,251="" third="" party="" smelting="" and="" refining="" fees="" 5,160="" 4,437="" royalty="" expense="" 9,396="" 12,695="" depreciation="" and="" amortisation="" 28,388="" 43,032="" total="" 169,770="" 198,415="" year="" ended="" 31="" (us$'000)="" december="" (unaudited)="" 2013="" 20121="" cost="" of="" sales="" direct="" mining="" costs="" 508,166="" 521,338="" third="" party="" smelting="" and="" refining="" fees="" 16,790="" 18,005="" royalty="" expense="" 40,871="" 41,078="" depreciation="" and="" amortisation="" 147,979="" 139,615="" total="" 713,806="" 720,036="" 1="" restated="" for="" the="" impact="" of="" capitalised="" stripping="" due="" to="" the="" adoption="" of="" ifric="" 20="" and="" the="" classification="" of="" tulawaka="" as="" a="" discontinued="" operation.="" a="" detailed="" breakdown="" of="" direct="" mining="" expenses="" is="" shown="" in="" the="" table="" below:="" (us$'000)="" three="" months="" ended="" 31="" december="" year="" ended="" 31="" december="" (unaudited)="" 2013="" 20121="" 2013="" 20121="" direct="" mining="" costs="" labour="" 36,757="" 41,042="" 152,870="" 158,658="" energy="" and="" fuel="" 30,565="" 35,930="" 133,797="" 129,992="" consumables="" 24,612="" 26,187="" 104,188="" 101,151="" maintenance="" 21,970="" 22,436="" 90,926="" 89,120="" contracted="" services="" 24,723="" 22,545="" 96,957="" 83,134="" general="" administration="" costs="" 27,842="" 20,609="" 92,902="" 77,947="" capitalised="" mining="" costs="" (39,643)="" (30,498)="" (163,474)="" (118,664)="" total="" direct="" mining="" costs="" 126,826="" 138,251="" 508,166="" 521,338="" 1="" restated="" for="" the="" impact="" of="" capitalised="" stripping="" due="" to="" the="" adoption="" of="" ifric="" 20="" and="" the="" classification="" of="" tulawaka="" as="" a="" discontinued="" operation.="" direct="" mining="" costs="" of="" us$508.2="" million="" were="" 3%="" lower="" than="" 2012="" of="" us$521.3="" million.="" individual="" cost="" components="" comprised:="" labour="" costs="" were="" 4%="" lower="" in="" 2013,="" mainly="" as="" a="" result="" of="" the="" lower="" headcount,="" specifically="" international="" employees,="" at="" buzwagi="" driven="" by="" localisation="" efforts="" and="" the="" impact="" of="" the="" operational="" review,="" and="" lower="" overtime="" costs="" at="" bulyanhulu="" driven="" by="" labour="" optimisation.="" energy="" and="" fuel="" expenses="" increased="" by="" 3%="" from="" 2012,="" driven="" primarily="" by="" increased="" mining="" activity="" at="" north="" mara="" and="" buzwagi="" and="" increased="" throughput="" at="" buzwagi.="" consumables="" costs="" increased="" by="" 3%="" primarily="" due="" to="" increased="" reagents="" and="" chemicals="" consumption="" as="" a="" result="" of="" higher="" throughput="" at="" buzwagi,="" and="" mining="" consumables="" costs="" at="" north="" mara="" driven="" by="" the="" increased="" mining="" activity,="" partly="" offset="" by="" lower="" consumables="" usage="" as="" a="" result="" of="" the="" lower="" development="" activity="" at="" bulyanhulu="" and="" lower="" unit="" costs="" negotiated.="" maintenance="" costs="" increased="" by="" 2%="" primarily="" driven="" by="" increased="" mining="" activity="" at="" north="" mara="" partly="" offset="" by="" lower="" development="" activity="" at="" bulyanhulu.="" contracted="" services="" increased="" by="" 17%,="" mainly="" driven="" by="" increased="" marc="" charges="" at="" north="" mara,="" as="" a="" result="" of="" the="" increased="" mining="" activity,="" and="" increased="" marc="" costs="" at="" buzwagi="" due="" to="" the="" increased="" mining="" activity="" in="" h1="" 2013.="" a="" saving="" was,="" however,="" achieved="" in="" h2="" 2013="" at="" buzwagi="" due="" to="" the="" reduced="" mine="" plan="" and="" the="" renegotiated="" maintenance="" rates="" associated="" with="" marc="" contracts.="" general="" administration="" costs="" increased="" by="" 19%,="" mainly="" at="" buzwagi="" driven="" mainly="" by="" freight="" costs="" associated="" with="" inventory="" consumed="" and="" at="" north="" mara="" and="" bulyanhulu="" due="" to="" the="" aging="" of="" supplies="" resulting="" in="" an="" increase="" in="" the="" stock="" obsolescence="" provision.="" this="" was="" partially="" offset="" by="" lower="" shared="" services="" cost="" back="" charges,="" lower="" travel="" and="" aviation="" costs="" and="" lower="" camp="" costs="" driven="" by="" savings="" materialised="" from="" the="" operational="" review.="" capitalised="" direct="" mining="" costs,="" which="" consists="" of="" capitalised="" development="" costs="" and="" the="" change="" in="" inventory="" charge,="" is="" made="" up="" as="" follows:="" (us$'000)="" three="" months="" ended="" 31="" december="" year="" ended="" 31="" december="" (unaudited)="" 2013="" 20121="" 2013="" 2012="" capitalised="" direct="" mining="" costs="" capitalised="" development="" costs="" (35,254)="" (27,751)="" (173,245)="" (116,994)="" (investment="" in)/="" drawdown="" of="" inventory="" (4,389)="" (2,747)="" 9,771="" (1,670)="" total="" capitalised="" direct="" mining="" costs="" (39,643)="" (30,498)="" (163,474)="" (118,664)="" 1="" restated="" for="" the="" impact="" of="" capitalised="" stripping="" due="" to="" the="" adoption="" of="" ifric="" 20="" and="" the="" classification="" of="" tulawaka="" as="" a="" discontinued="" operation..="" capitalised="" development="" costs="" were="" 48%="" higher="" than="" 2012,="" as="" north="" mara,="" and="" buzwagi="" focused="" on="" the="" removal="" of="" waste="" in="" order="" to="" access="" higher="" grade="" zones="" in="" the="" first="" part="" of="" the="" year.="" this="" was="" partly="" offset="" by="" lower="" waste="" stripping="" at="" buzwagi="" in="" the="" second="" half="" of="" the="" year="" as="" a="" result="" of="" the="" implementation="" of="" the="" reduced="" mine="" plan;="" this="" resulted="" in="" a="" reduction="" in="" the="" strip="" ratio.="" the="" drawdown="" in="" inventory="" was="" us$11.4="" million="" higher="" than="" in="" 2012="" due="" to="" the="" lower="" average="" cost="" valuation="" as="" a="" result="" of="" lower="" direct="" mining="" costs="" in="" 2013,="" and="" the="" drawdown="" of="" ore="" and="" gold="" in="" circuit="" ounces="" at="" buzwagi="" due="" to="" the="" higher="" throughput="" in="" h1="" 2013.="" corporate="" administration="" costs="" corporate="" administration="" expenses="" totalled="" us$32.2="" million="" for="" the="" year="" ended="" 31="" december="" 2013.="" this="" equated="" to="" a="" 33%="" decrease="" from="" the="" prior="" year="" period="" of="" us$47.6="" million.="" the="" decrease="" is="" predominantly="" due="" to="" the="" impact="" of="" the="" operational="" review="" which="" led="" to="" corporate="" offices="" and="" lower="" share="" based="" payment="" expenses="" given="" the="" overall="" lower="" share="" price="" performance="" as="" shown="" in="" the="" table="" below.="" three="" months="" ended="" 31="" december="" year="" ended="" 31="" december="" (us$'000)="" 2013="" 20121="" 2013="" 20121="" (unaudited)="" corporate="" administration="" costs="" 8,178="" 10,669="" 33,705="" 44,514="" stock="" based="" compensation="" 625="" 1,860="" (1,813)="" 2,359="" world="" gold="" council="" fees="" 95="" 202="" 265="" 767="" total="" corporate="" administration="" 8,898="" 12,731="" 32,157="" 47,640="" 1="" restated="" for="" the="" classification="" of="" tulawaka="" as="" a="" discontinued="" operation.="" exploration="" and="" evaluation="" costs="" for="" 2013,="" us$16.9="" million="" was="" incurred,="" 37%="" lower="" than="" the="" us$26.8="" million="" spent="" in="" 2012.="" the="" decrease="" reflects="" an="" overall="" reduction="" in="" exploration="" spend="" and="" a="" focus="" on="" key="" projects.="" the="" key="" focus="" areas="" for="" the="" year="" were="" exploration="" programmes="" at="" the="" west="" kenya="" joint="" venture="" project="" (us$4.4="" million),="" drilling="" at="" north="" mara="" focusing="" on="" the="" ochuna="" projects="" (us$2.7="" million),="" drilling="" at="" bulyanhulu="" deep="" central="" reefs="" 1="" and="" 2="" (us$3.0="" million),="" nyanzaga="" (us$0.8="" million)="" and="" project="" feasibility="" study="" costs="" (us$1.3="" million).="" in="" addition,="" exploration="" and="" evaluation="" costs="" of="" us$4.0="" million="" have="" been="" capitalised="" in="" 2013="" (2012:="" us$13.7="" million).="" corporate="" social="" responsibility="" expenses="" corporate="" social="" responsibility="" expenses="" costs="" incurred="" amounted="" to="" us$12.2="" million="" for="" the="" year="" compared="" to="" the="" prior="" year="" of="" us$13.1="" million.="" during="" the="" year="" we="" have="" seen="" increased="" investment="" in="" site="" focused="" projects="" specifically="" related="" to="" village="" benefit="" implementation="" agreements="" ("vbias")="" at="" north="" mara="" and="" larger="" contributions="" to="" general="" community="" projects="" funded="" from="" the="" abg="" maendeleo="" fund.="" of="" the="" total="" spend="" for="" 2013,="" us$8.6="" million="" was="" spent="" on="" abg="" maendeleo="" fund="" projects="" (us$3.6="" million="" in="" 2012)="" and="" us$4.3="" million="" was="" spent="" on="" vbia's="" at="" north="" mara="" (us$3.5="" million="" in="" 2012).="" included="" in="" the="" loss="" from="" discontinued="" operations="" is="" us$3.3="" million="" relating="" to="" tulawaka,="" mainly="" as="" a="" result="" of="" abg="" maendeleo="" fund="" projects="" (us$1.4="" million="" in="" 2012).="" this="" was="" incurred="" through="" the="" construction="" of="" dams="" and="" water="" facilities,="" school="" facilities="" and="" roads.="" in="" total,="" corporate="" social="" responsibility="" expenses="" amount="" to="" us$15.5="" million="" (2012:="" us$14.4="" million),="" of="" which="" us$11.3="" million="" (2012:="" us$3.6="" million)="" relates="" to="" abg="" maendeleo="" fund="" projects.="" other="" charges="" other="" charges="" amounted="" to="" us$30.4="" million="" for="" the="" year,="" 78%="" higher="" than="" 2012="" (us$17.1="" million).="" the="" main="" contributors="" to="" the="" charge="" were:="" (i)="" costs="" relating="" to="" the="" operational="" review,="" including="" external="" services="" and="" retrenchment="" costs="" of="" us$13.3="" million;="" (ii)="" residual="" expenses="" incurred="" as="" a="" part="" of="" the="" cng="" offer="" process="" totalling="" us$3.2="" million,="" the="" bulk="" of="" which="" were="" incurred="" in="" h1="" 2013;="" (iii)="" disallowed="" indirect="" tax="" claims="" and="" other="" indirect="" tax="" related="" expenses="" of="" us$1.5="" million="" as="" part="" of="" the="" continued="" reconciliation="" process="" with="" the="" tra="" and="" retrospective="" legislation="" changes;="" (v)="" abg's="" entry="" into="" zero="" cost="" collar="" contracts="" as="" part="" of="" a="" programme="" to="" protect="" it="" against="" copper,="" silver,="" rand="" and="" fuel="" cost="" market="" volatility="" and,="" due="" to="" the="" fact="" that="" these="" do="" not="" qualify="" for="" hedge="" accounting,="" resulted="" in="" a="" combined="" mark-to-market="" revaluation="" loss="" of="" us$7.2="" million,="" mainly="" due="" to="" the="" devaluation="" of="" the="" rand;="" (vi)="" legal="" costs="" of="" us$3.1="" million;="" and="" (vii)="" discounting="" adjustments="" of="" long="" term="" indirect="" taxes="" of="" us$1.4="" million.="" the="" impact="" of="" the="" hedge="" loss="" above="" was="" partially="" offset="" by="" cost="" savings="" on="" certain="" rand="" denominated="" cost="" elements="" due="" to="" the="" weakening="" of="" the="" rand.="" included="" in="" the="" loss="" from="" discontinued="" operations="" are="" other="" charges="" of="" us$19.4="" million="" relating="" mainly="" to="" non-operational="" costs="" of="" us$15.1="" million="" and="" retrenchment="" costs="" of="" us$3.0="" million,="" both="" relating="" to="" tulawaka.="" refer="" to="" note="" 10="" of="" the="" consolidated="" financial="" statements.="" finance="" expense="" and="" income="" finance="" expense="" of="" us$9.6="" million="" was="" 5%="" lower="" than="" 2012="" (us$10.1="" million)="" due="" to="" lower="" volumes="" of="" discounted="" concentrate="" shipments.="" the="" key="" drivers="" were="" us$3.1="" million="" (us$3.0="" million="" in="" 2012)="" relating="" to="" the="" servicing="" of="" the="" us$150="" million="" undrawn="" revolving="" credit="" facility,="" and="" accretion="" expenses="" relating="" to="" the="" discounting="" of="" the="" environmental="" reclamation="" liability="" (us$4.5="" million).="" other="" costs="" include="" bank="" charges="" and="" interest="" on="" finance="" leases.="" interest="" costs="" relating="" to="" the="" project="" financing="" on="" the="" cil="" expansion="" project="" are="" capitalised="" to="" the="" cost="" of="" the="" asset="" due="" to="" the="" facility="" being="" directly="" attributable="" to="" the="" asset.="" during="" 2013="" us$2.4="" million="" of="" borrowing="" costs="" have="" been="" capitalised="" to="" the="" project.="" finance="" income="" relates="" predominantly="" to="" interest="" charged="" on="" non-current="" receivables="" and="" interest="" received="" on="" money="" market="" funds.="" refer="" to="" note="" 11="" of="" the="" consolidated="" financial="" statements="" for="" details.="" impairment="" charges="" as="" a="" result="" of="" the="" substantial="" decrease="" in="" the="" gold="" price="" during="" 2013,="" the="" gold="" price="" used="" to="" calculate="" the="" carrying="" value="" of="" our="" assets="" as="" well="" as="" the="" reserves="" and="" resources="" estimations="" was="" reduced="" to="" us$1,300="" per="" ounce="" sold.="" in="" addition,="" we="" also="" made="" changes="" to="" the="" mine="" plans="" at="" each="" of="" our="" assets,="" resulting="" in="" reduced="" mine="" lives="" at="" both="" buzwagi="" and="" north="" mara.="" this="" required="" us="" to="" review="" each="" of="" our="" cash="" generating="" units="" (cgus)="" for="" any="" impairment="" trigger="" and="" to="" reassess="" the="" operating="" performance="" of="" each="" cgu="" in="" order="" to="" ensure="" optimised="" returns="" and="" cash="" flows="" in="" the="" lower="" gold="" price="" environment.="" each="" of="" the="" operating="" mines="" and="" the="" exploration="" business="" are="" classified="" as="" separate="" cgus.="" the="" impairment="" review="" resulted="" in="" a="" post="" tax="" impairment="" to="" the="" long-lived="" assets="" at="" buzwagi="" of="" us$529.7="" million="" and="" supplies="" inventory="" of="" us$13.0="" million="" (2012:="" no="" impairment="" charge)="" and="" at="" north="" mara="" in="" a="" post-tax="" impairment="" to="" goodwill="" of="" us$21.0="" million,="" long="" lived="" assets="" of="" us$193.4="" million="" and="" supplies="" of="" us$10.0="" million="" (2012:="" no="" impairment="" charge).="" in="" addition,="" the="" goodwill="" and="" acquired="" exploration="" potential="" intangible="" asset="" that="" arose="" on="" the="" acquisition="" of="" tusker="" gold="" ltd,="" and="" subsequent="" investment="" in="" the="" asset,="" has="" been="" impaired="" by="" us$22.0="" million="" and="" us$24.6="" million="" respectively.="" on="" a="" gross="" basis,="" and="" before="" taking="" into="" account="" the="" impact="" of="" deferred="" tax,="" the="" total="" impairment="" charge="" amounted="" to="" us$690.5="" million="" at="" buzwagi,="" us$307.3="" million="" at="" north="" mara="" and="" us$46.6="" million="" relating="" to="" nyanzaga.="" refer="" to="" note="" 8="" of="" the="" consolidated="" financial="" statements="" for="" details.="" taxation="" matters="" the="" taxation="" credit="" increased="" to="" us$188.0="" million="" for="" the="" year,="" compared="" to="" a="" charge="" of="" us$78.7="" million="" in="" 2012.="" the="" 2013="" credit="" consists="" predominantly="" of="" deferred="" tax.="" the="" increased="" tax="" credit="" was="" driven="" by="" the="" tax="" impact="" of="" us$238.0="" million="" relating="" to="" impairment="" charges="" as="" discussed="" above.="" this="" was="" partially="" offset="" by="" net="" deferred="" tax="" charges="" of="" us$50.0="" million.="" the="" effective="" tax="" rate="" in="" 2013="" amounted="" to="" 20%="" compared="" to="" 44%="" in="" 2012.="" the="" decrease="" is="" mainly="" driven="" by="" temporary="" differences="" (including="" tax="" losses)="" of="" us$84.9="" million="" for="" which="" no="" deferred="" income="" tax="" assets="" were="" recognised,="" primarily="" relating="" to="" buzwagi,="" abg="" exploration="" ltd="" and="" abg="" plc="" stand="" alone="" assessed="" losses.="" net="" earnings="" from="" continuing="" operations="" as="" a="" result="" of="" the="" factors="" discussed="" above,="" the="" net="" loss="" from="" continuing="" operations="" for="" the="" year="" was="" us$740.8="" million,="" against="" the="" prior="" year="" period="" profit="" of="" us$100.5="" million.="" decreased="" revenue="" and="" increased="" impairment="" and="" other="" charges="" as="" explained="" above="" contributed="" to="" the="" variance.="" this="" was="" offset="" by="" lower="" corporate="" administration="" and="" exploration="" and="" evaluation="" costs.="" adjusted="" earnings,="" after="" excluding="" impairment="" and="" other="" one-off="" type="" charges,="" amounted="" to="" us$106.3="" million,="" in="" line="" with="" the="" prior="" year="" period.="" the="" net="" loss="" from="" discontinued="" operations="" amounted="" to="" us$57.7="" million="" (us$17.3="" million="" relating="" to="" non-controlling="" interests)="" for="" the="" year="" ended="" 31="" december="" 2013,="" against="" the="" prior="" year="" net="" loss="" of="" us$49.0="" million="" (us$11.3="" million="" relating="" to="" non-controlling="" interests).="" this="" resulted="" in="" a="" total="" net="" loss="" for="" the="" group="" of="" us$781.1="" million="" (us$62.8="" million="" profit="" in="" 2012).="" loss="" per="" share="" the="" loss="" per="" share="" for="" the="" year="" ended="" 31="" december="" 2013="" from="" continuing="" operations="" amounted="" to="" us180.6="" cents,="" a="" decrease="" of="" us205.1="" cents="" from="" the="" prior="" year="" period="" earnings="" of="" us24.5="" cents.="" the="" decrease="" was="" driven="" by="" an="" increased="" net="" loss="" with="" no="" change="" in="" the="" underlying="" issued="" shares.="" adjusted="" net="" earnings="" of="" us25.9="" cents="" per="" share,="" after="" excluding="" impairment="" and="" other="" one-off="" type="" charges,="" was="" 2%="" lower="" than="" the="" prior="" year="" period.="" key="" financial="" performance="" indicators="" and="" reconciliations="" cash="" costs="" with="" respect="" to="" cash="" costs="" per="" ounce="" sold="" in="" the="" year="" ended="" 31="" december="" 2013,="" there="" was="" a="" 12%="" decrease="" from="" the="" comparable="" period="" in="" 2012="" from="" us$941="" per="" ounce="" sold="" to="" us$827="" per="" ounce="" sold.="" refer="" to="" the="" operating="" overview="" on="" page10="" and="" cost="" of="" sales="" explanations="" as="" part="" of="" the="" financial="" review="" detailing="" the="" year-on-year="" change.="" the="" table="" below="" provides="" a="" reconciliation="" between="" cost="" of="" sales="" and="" total="" cash="" cost="" to="" calculate="" the="" cash="" cost="" per="" ounce="" sold.="" three="" months="" year="" ended="" 31="" (us$'000)="" ended="" 31="" december="" december="" (unaudited)="" 2013="" 20121="" 2013="" 20121="" total="" cost="" of="" sales="" 169,770="" 198,415="" 713,806="" 720,036="" deduct:="" depreciation="" and="" amortisation="" (28,388)="" (43,032)="" (147,979)="" (139,615)="" deduct:="" co-product="" revenue="" (11,181)="" (12,801)="" (43,014)="" (47,888)="" total="" cash="" cost="" 130,201="" 142,582="" 522,813="" 532,533="" total="" ounces="" sold2="" 168,167="" 154,370="" 643,597="" 577,332="" cash="" cost="" per="" ounce="" 774="" 924="" 812="" 922="" additional="" contribution="" from="" discontinued="" operations="" -="" 34="" 15="" 19="" attributable="" cash="" cost="" per="" ounce3="" 774="" 958="" 827="" 941="" 1="" restated="" for="" the="" impact="" of="" capitalised="" stripping="" due="" to="" the="" adoption="" of="" ifric="" 20="" and="" the="" classification="" of="" tulawaka="" as="" a="" discontinued="" operation.="" 2="" reflects="" 100%="" of="" ounces="" sold="" from="" continuing="" operations.="" 3="" cash="" cost="" per="" ounce="" is="" a="" non-ifrs="" financial="" performance="" measure="" with="" no="" standard="" meaning="" under="" ifrs.="" refer="" to="" "non="" ifrs="" measures"'="" on="" page="" 28="" for="" definitions.="" refer="" to="" note="" 6="" to="" the="" consolidated="" financial="" information="" for="" a="" reconciliation="" to="" all-in="" sustaining="" costs="" per="" ounce="" sold.="" ebitda="" ebitda="" for="" the="" year="" ended="" 31="" december="" 2013="" decreased="" by="" 29%="" to="" us$240.4="" million="" compared="" to="" the="" prior="" year="" period="" of="" us$336.3="" million="" as="" a="" result="" of="" the="" lower="" revenue="" base="" and="" increased="" other="" charges.="" a="" reconciliation="" between="" net="" profit="" for="" the="" period="" and="" ebitda="" is="" presented="" below:="" three="" months="" ended="" 31="" (us$'000)="" december="" year="" ended="" 31="" december="" (unaudited)="" 2013="" 20121="" 2013="" 20121="" net(loss)/="" profit="" for="" the="" period="" (100,342)="" (46,043)="" (798,433)="" 51,493="" plus="" income="" tax="" (credit)/="" expense="" (19,232)="" 27,146="" (187,959)="" 72,604="" plus="" depreciation="" and="" amortisation="" 29,258="" 47,676="" 157,820="" 159,446="" plus:="" impairment="" charges/write-offs="" 133,320="" 44,223="" 1,061,011="" 44,536="" plus="" finance="" expense="" 2,476="" 2,565="" 9,668="" 10,305="" less="" finance="" income="" (614)="" (428)="" (1,700)="" (2,102)="" ebitda2="" 44,866="" 75,139="" 240,407="" 336,282="" 1="" restated="" for="" the="" impact="" of="" capitalised="" stripping="" due="" to="" the="" adoption="" of="" ifric="" 20.="" 2="" ebitda="" is="" a="" non-ifrs="" financial="" performance="" measures="" with="" no="" standard="" meaning="" under="" ifrs.="" refer="" to="" "non="" ifrs="" measures"'="" on="" page="" 28="" for="" definitions.="" adjusted="" net="" earnings="" in="" 2013="" abg="" has="" calculated="" adjusted="" net="" earnings="" by="" excluding="" one-off="" costs="" or="" credits="" relating="" to="" non-routine="" transactions="" from="" net="" profit="" attributed="" to="" owners="" of="" the="" parent.="" adjusted="" net="" earnings="" and="" adjusted="" earnings="" per="" share="" have="" been="" calculated="" by="" excluding="" the="" following:="" (us$'000)="" three="" months="" ended="" 31="" december="" (unaudited)="" 2013="" 20121="" net="" (loss)/="" earnings="" (97,700)="" (34,753)="" adjusted="" for:="" impairment="" charges="" 133,320="" 44,536="" operational="" review="" charges="" 6,132="" -="" tulawaka="" non-operational="" costs,="" including="" de-recognition="" of="" deferred="" tax="" 9,469="" -="" cng="" related="" costs="" 614="" 6,676="" discounting="" of="" indirect="" taxes="" -="" 4,185="" prior="" year="" bulyanhulu="" tax="" positions="" recognised="" -="" 8,855="" tax="" impact="" of="" the="" above="" (23,944)="" (18,239)="" adjusted="" net="" earnings="" 27,891="" 11,260="" (us$'000)="" year="" ended="" 31="" december="" (unaudited)="" 2013="" 20121="" net="" (loss)/="" earnings="" (781,101)="" 62,780="" adjusted="" for:="" impairment="" charges="" 1,061,011="" 44,536="" operational="" review="" charges="" 13,251="" -="" tulawaka="" non-operational="" costs,="" including="" de-recognition="" of="" deferred="" tax="" 35,418="" -="" cng="" related="" costs="" 4,145="" 6,676="" discounting="" of="" indirect="" taxes="" 1,375="" 4,185="" prior="" year="" bulyanhulu="" tax="" positions="" recognised="" -="" 8,855="" tax="" impact="" of="" the="" above="" (227,822)="" (18,239)="" adjusted="" net="" earnings="" 106,277="" 108,793="" 1="" restated="" for="" the="" impact="" of="" capitalised="" stripping="" due="" to="" the="" adoption="" of="" ifric="" 20.="" 2="" adjusted="" net="" earnings="" is="" a="" non-ifrs="" financial="" performance="" measures="" with="" no="" standard="" meaning="" under="" ifrs.="" refer="" to="" "non="" ifrs="" measures"'="" on="" page="" 28="" for="" definitions.="" adjusted="" net="" earnings="" per="" share="" for="" the="" group="" for="" the="" full="" year="" 2013="" amounted="" to="" us25.9="" cents="" compared="" to="" us26.5="" cents="" in="" 2012.="" financial="" position="" abg="" had="" year-end="" cash="" and="" cash="" equivalents="" of="" us$282.4="" million="" (us$401.3="" million="" in="" 2012).="" the="" group's="" cash="" and="" cash="" equivalents="" are="" with="" counterparties="" whom="" the="" group="" considers="" to="" have="" an="" appropriate="" credit="" rating.="" location="" of="" credit="" risk="" is="" determined="" by="" physical="" location="" of="" the="" bank="" branch="" or="" counterparty.="" investments="" are="" held="" mainly="" in="" united="" states="" dollars="" and="" cash="" and="" cash="" equivalents="" in="" other="" foreign="" currencies="" are="" maintained="" for="" operational="" requirements.="" in="" january="" 2013="" we="" concluded="" negotiations="" with="" a="" group="" of="" commercial="" banks="" (standard="" bank,="" standard="" chartered,="" and="" absa)="" for="" the="" provision="" of="" an="" export="" credit="" backed="" term="" loan="" facility="" ("facility")="" for="" an="" amount="" of="" us$142="" million.="" the="" facility="" has="" been="" put="" in="" place="" to="" fund="" a="" substantial="" portion="" of="" the="" construction="" costs="" of="" the="" new="" bulyanhulu="" cil="" expansion="" project="" ("project").="" the="" facility="" is="" collateralised="" by="" the="" project,="" has="" a="" term="" of="" seven="" years="" and,="" the="" spread="" over="" libor="" is="" 250="" basis="" points.="" the="" facility="" is="" repayable="" in="" equal="" instalments="" over="" the="" term="" of="" the="" facility="" after="" a="" two="" year="" repayment="" holiday="" period.="" the="" interest="" rate="" has="" been="" fixed="" at="" an="" effective="" rate="" of="" 3.6%="" through="" the="" use="" of="" an="" interest="" rate="" swap.="" the="" interest="" charged="" on="" the="" facility="" is="" capitalised="" to="" the="" project="" until="" the="" project="" has="" been="" successfully="" commissioned.="" the="" full="" value="" of="" the="" facility="" has="" been="" drawn="" as="" at="" year="" end.="" net="" cash="" amounted="" to="" us$140.4="" million,="" after="" deducting="" the="" cil="" finance="" facility.="" the="" above="" compliments="" the="" existing="" undrawn="" revolving="" credit="" facility="" of="" us$150="" million="" which="" runs="" until="" november="" 2016.="" goodwill="" and="" intangible="" assets="" decreased="" by="" us$67.6="" million="" from="" december="" 2012="" due="" to="" impairment="" charges="" relating="" to="" nyanzaga="" and="" north="" mara.="" the="" net="" book="" value="" of="" property,="" plant="" and="" equipment="" decreased="" from="" us$2.0="" billion="" in="" december="" 2012="" to="" us$1.3="" billion="" in="" december="" 2013.="" the="" main="" capital="" expenditure="" drivers="" have="" been="" explained="" in="" the="" cash="" flow="" used="" in="" the="" investing="" activities="" section="" below,="" and="" have="" been="" offset="" by="" depreciation="" charges="" of="" us$141.2="" million="" and="" pre-tax="" impairment="" charges="" of="" us$906.8="" million="" at="" buzwagi,="" north="" mara="" and="" tulawaka.="" refer="" to="" notes="" 8="" and="" 14="" to="" the="" consolidated="" financial="" statements="" for="" detail.="" total="" indirect="" tax="" receivables,="" net="" of="" a="" discount="" provision="" applied="" to="" the="" non-current="" portion,="" increased="" from="" us$98.8="" million="" at="" 31="" december="" 2012="" to="" us$159.8="" million="" at="" 31="" december="" 2013.="" the="" increase="" was="" mainly="" due="" to="" the="" impact="" of="" vat="" relief="" abolishment="" in="" q4="" 2012="" resulting="" in="" a="" build-up="" of="" indirect="" tax="" receivables="" of="" about="" us$61.0million="" (after="" offsetting="" refunds="" of="" us$32.4="" million).="" the="" net="" deferred="" tax="" position="" decreased="" from="" a="" liability="" of="" us$172.7="" million="" as="" at="" 31="" december="" 2012="" to="" an="" asset="" of="" us$14.9="" million.="" this="" was="" mainly="" driven="" by="" the="" reduction="" in="" deferred="" tax="" liabilities="" as="" a="" result="" of="" the="" impairments="" at="" north="" mara,="" buzwagi="" and="" tusker/nyanzaga="" which="" decreased="" the="" net="" asset="" base.="" the="" tax="" effect="" on="" the="" tax="" losses="" carried="" forward="" is="" an="" increase="" from="" us$319.5="" million="" as="" at="" 31="" december="" 2012="" to="" us$355.8="" million.="" us$84.9="" million="" of="" deferred="" tax="" assets="" were="" not="" recognised="" as="" at="" 31="" december="" 2013="" of="" which="" us$59.4="" million="" relates="" to="" buzwagi="" as="" a="" result="" of="" the="" change="" in="" the="" life="" of="" mine="" plan="" which="" reduced="" taxable="" income.="" net="" assets="" attributable="" to="" owners="" of="" the="" parent="" decreased="" from="" us$2.8="" billion="" in="" december="" 2012="" to="" us$1.9="" billion="" in="" december="" 2013.="" the="" decrease="" reflects="" the="" current="" year="" loss="" attributable="" to="" owners="" of="" the="" parent="" of="" us$781.1="" million="" and="" the="" payment="" of="" the="" final="" 2012="" and="" 2013="" interim="" dividends="" of="" us$54.5="" million="" to="" shareholders="" during="" 2013.="" cash="" flow="" generation="" and="" capital="" management="" cash="" flow="" -="" continuing="" and="" discontinued="" operations="" for="" the="" three="" months="" ended="" 31="" for="" the="" year="" ended="" december="" 31="" december="" (us$'000)="" (unaudited)="" 2013="" 20121="" 2013="" 20121="" cash="" flow="" from="" operating="" activities="" 48,193="" 96,372="" 187,115="" 268,733="" cash="" used="" in="" investing="" activities="" (84,865)="" (144,655)="" (386,850)="" (371,485)="" cash="" provided="" by/(used="" in)="" financing="" activities="" 30,487="" (2,611)="" 82,322="" (79,439)="" decrease="" in="" cash="" (6,185)="" (50,894)="" (117,413)="" (182,191)="" foreign="" exchange="" difference="" on="" cash="" (69)="" (205)="" (1,526)="" (615)="" opening="" cash="" balance="" 288,663="" 452,447="" 401,348="" 584,154="" closing="" cash="" balance="" 282,409="" 401,348="" 282,409="" 401,348="" 1="" restated="" for="" the="" impact="" of="" capitalised="" stripping="" due="" to="" the="" adoption="" of="" ifric="" 20.="" cash="" flow="" from="" operating="" activities="" was="" us$187.1="" million="" for="" the="" year,="" a="" decrease="" of="" us$81.6="" million,="" when="" compared="" to="" the="" prior="" year="" (2012:="" us$="" 268,733="" million).="" the="" decrease="" primarily="" related="" to="" decreased="" ebitda="" combined="" with="" an="" outflow="" associated="" with="" working="" capital="" of="" us$41.2="" million.="" the="" working="" capital="" movement="" related="" to="" an="" increase="" in="" other="" current="" assets="" of="" us$34.5="" million="" mainly="" driven="" by="" high="" vat="" receivables="" owed="" from="" the="" tanzanian="" government="" and="" a="" decrease="" in="" trade="" payables="" of="" us$32.1="" million="" due="" to="" the="" lower="" overall="" cost="" base="" and="" the="" payment="" of="" tulawaka="" related="" payables.="" this="" was="" offset="" by="" a="" decrease="" in="" gold="" inventory="" on="" hand="" of="" us$23.7="" million,="" excluding="" the="" non-cash="" impairment,="" mainly="" due="" to="" the="" lower="" average="" cost="" valuation="" as="" a="" result="" of="" lower="" direct="" mining="" costs;="" a="" decrease="" in="" trade="" receivables="" of="" us$20.0="" million="" mainly="" due="" to="" the="" lower="" gold="" price="" and="" the="" timing="" of="" concentrate="" shipments;="" and="" a="" drawdown="" on="" supplies="" us$10.8="" million="" driven="" by="" the="" inventory="" optimisation="" process.="" cash="" flow="" used="" in="" investing="" activities="" was="" us$386.9="" million="" for="" the="" year.="" total="" cash="" capital="" expenditure="" for="" the="" year="" of="" us$373.1="" million="" increased="" by="" 15%="" from="" the="" prior="" year="" (2012:="" us$323.5="" million),="" driven="" by="" both="" increased="" expansion="" capital="" expenditure="" related="" to="" the="" bulyanhulu="" cil="" expansion="" project="" and="" increased="" capitalised="" development="" expenditure,="" slightly="" offset="" by="" lower="" sustaining="" capital="" expenditure.="" a="" breakdown="" of="" total="" capital="" and="" other="" investing="" capital="" activities="" for="" the="" year="" ended="" is="" provided="" below:="" (us$'000)="" for="" the="" year="" ended="" 31="" december="" (unaudited)="" 2013="" 20124="" sustaining="" capital="" 84,474="" 153,158="" expansionary="" capital="" 117,469="" 49,889="" capitalised="" development="" 171,158="" 120,458="" total="" cash="" capital="" 373,101="" 323,505="" non-cash="" rehabilitation="" asset="" adjustment="" (30,740)="" 19,242="" non-cash="" sustaining="" capital3="" 11,967="" 8,380="" total="" capital="" expenditure="" 354,328="" 351,127="" other="" investing="" capital="" -="" amkl="" acquisition1="" -="" 22,039="" -="" non-current="" asset="" movement2="" 13,749="" 25,941="" 1="" the="" amkl="" acquisition="" relates="" to="" the="" acquisition="" of="" the="" subsidiary,="" net="" of="" cash="" for="" us$22.0="" million="" (inclusive="" of="" exploration="" funding="" us$1.3="" million).="" 2="" non-current="" asset="" movements="" relates="" to="" the="" investment="" in="" the="" land="" acquisitions="" reflected="" as="" prepaid="" operating="" leases="" and="" tanzania="" government="" receivables.="" 3="" total="" non-cash="" sustaining="" capital="" relates="" to="" the="" capital="" finance="" leases="" at="" buzwagi="" for="" drill="" rigs="" and="" also="" includes="" capital="" accruals="" excluded="" from="" cash="" sustaining="" capital.="" 4="" restated="" for="" the="" impact="" of="" capitalised="" stripping="" due="" to="" the="" adoption="" of="" ifric="" 20.="" sustaining="" capital="" sustaining="" capital="" expenditure="" included="" the="" investment="" in="" mine="" equipment="" of="" us$37.7="" million,="" which="" mainly="" related="" to="" component="" change="" outs="" at="" north="" mara="" and="" buzwagi,="" critical="" underground="" equipment="" at="" bulyanhulu,="" and="" investment="" in="" tailings="" and="" infrastructure="" at="" bulyanhulu="" (us$10.7="" million),="" north="" mara="" (us$14.7="" million)="" and="" buzwagi="" (us$15.7="" million).="" expansionary="" capital="" expansionary="" capital="" expenditure="" consisted="" of="" the="" bulyanhulu="" cil="" expansion="" project="" of="" (us$104.9="" million),="" investment="" in="" equipment="" (us$5.2="" million)="" and="" capitalised="" exploration="" and="" evaluation="" costs="" (us$4.2="" million)="" mainly="" relating="" to="" the="" bulyanhulu.="" capitalised="" development="" capitalised="" development="" capital="" includes="" capitalised="" stripping="" for="" north="" mara="" (us$65.6="" million)="" and="" buzwagi="" (us$60.1="" million)="" and="" bulyanhulu="" capitalised="" underground="" development="" of="" us$45.4="" million.="" non-cash="" capital="" non-cash="" capital="" for="" the="" year="" was="" a="" credit="" of="" us$18.8="" million="" and="" consisted="" of="" negative="" reclamation="" asset="" adjustments="" (us$30.7="" million),="" offset="" by="" the="" year-on-year="" increase="" in="" capital="" accruals="" (us$10.0="" million)="" and="" capital="" finance="" leases="" related="" to="" drill="" rigs="" at="" buzwagi="" (us$1.9="" million).="" the="" reclamation="" adjustments="" were="" driven="" by="" lower="" us="" risk="" free="" rates="" driving="" lower="" discount="" rates,="" and="" lower="" closure="" cost="" estimates,="" and="" was="" slightly="" offset="" by="" additional="" disturbance="" as="" a="" result="" of="" mining="" activity="" during="" the="" year.="" other="" investing="" capital="" during="" the="" year="" north="" mara="" incurred="" land="" purchases="" totalling="" us$15.5="" million="" and="" bulyanhulu="" incurred="" land="" purchases="" of="" us$1.0="" million.="" this="" was="" offset="" by="" a="" reduction="" in="" other="" long="" term="" assets="" of="" us$2.8="" million.="" cash="" flow="" from="" financing="" activities="" for="" the="" year="" ended="" 31="" december="" 2013="" was="" us$82.3="" million,="" an="" increase="" of="" us$161.7="" million="" on="" the="" prior="" year="" (us$79.4="" million="" outflow).="" the="" inflow="" primarily="" relates="" to="" the="" drawdown="" on="" the="" bulyanhulu="" cil="" expansion="" project="" debt="" facility="" of="" us$142.0="" million,="" offset="" by="" the="" payment="" of="" the="" 2012="" final="" and="" 2013="" interim="" dividends="" of="" us$54.5="" million="" and="" finance="" lease="" payments="" of="" us$5.1="" million.="" dividend="" an="" interim="" dividend="" of="" us1.0="" cents="" per="" share="" was="" paid="" to="" shareholders="" on="" 23="" september="" 2013.="" the="" directors="" recommend="" the="" payment="" of="" a="" final="" dividend="" of="" us2.0="" cents="" per="" share,="" subject="" to="" the="" shareholders="" approving="" this="" recommendation="" at="" the="" agm.="" significant="" judgements="" in="" applying="" accounting="" policies="" and="" key="" sources="" of="" estimation="" uncertainty="" many="" of="" the="" amounts="" included="" in="" the="" consolidated="" financial="" statements="" require="" management="" to="" make="" judgements="" and/or="" estimates.="" these="" judgements="" and="" estimates="" are="" continuously="" evaluated="" and="" are="" based="" on="" management's="" experience="" and="" best="" knowledge="" of="" the="" relevant="" facts="" and="" circumstances,="" but="" actual="" results="" may="" differ="" from="" the="" amounts="" included="" in="" the="" consolidated="" financial="" information="" included="" in="" this="" release.="" information="" about="" such="" judgements="" and="" estimation="" is="" included="" in="" the="" accounting="" policies="" and/or="" notes="" to="" the="" consolidated="" financial="" statements,="" and="" the="" key="" areas="" are="" summarised="" below.="" areas="" of="" judgement="" and="" key="" sources="" of="" estimation="" uncertainty="" that="" have="" the="" most="" significant="" effect="" on="" the="" amounts="" recognised="" in="" the="" consolidated="" financial="" statements="" include:="" estimates="" of="" the="" quantities="" of="" proven="" and="" probable="" gold="" reserves;="" the="" capitalisation="" of="" production="" stripping="" costs;="" the="" capitalisation="" of="" exploration="" and="" evaluation="" expenditures;="" review="" of="" goodwill,="" tangible="" and="" intangible="" assets'="" carrying="" value,="" the="" determination="" of="" whether="" these="" assets="" are="" impaired="" and="" the="" measurement="" of="" impairment="" charges="" or="" reversals;="" the="" estimated="" fair="" values="" of="" cash="" generating="" units="" for="" impairment="" tests,="" including="" estimates="" of="" future="" costs="" to="" produce="" proven="" and="" probable="" reserves,="" future="" commodity="" prices,="" foreign="" exchange="" rates="" and="" discount="" rates;="" the="" estimated="" useful="" lives="" of="" tangible="" and="" long-lived="" assets="" and="" the="" measurement="" of="" depreciation="" expense;="" property,="" plant="" and="" equipment="" held="" under="" finance="" leases;="" recognition="" of="" a="" provision="" for="" environmental="" rehabilitation="" and="" the="" estimation="" of="" the="" rehabilitation="" costs="" and="" timing="" of="" expenditure;="" whether="" to="" recognise="" a="" liability="" for="" loss="" contingencies="" and="" the="" amount="" of="" any="" such="" provision;="" whether="" to="" recognise="" a="" provision="" for="" accounts="" receivable="" and="" the="" impact="" of="" discounting="" the="" non-current="" element;="" recognition="" of="" deferred="" income="" tax="" assets,="" amounts="" recorded="" for="" uncertain="" tax="" positions,="" the="" measurement="" of="" income="" tax="" expense="" and="" indirect="" taxes;="" determination="" of="" the="" cost="" incurred="" in="" the="" productive="" process="" of="" ore="" stockpiles,="" gold="" in="" process,="" gold="" doré/bullion="" and="" concentrate,="" as="" well="" as="" the="" associated="" net="" realisable="" value="" and="" the="" split="" between="" the="" long="" term="" and="" short="" term="" portions;="" determination="" of="" fair="" value="" of="" derivative="" instruments;="" and="" determination="" of="" fair="" value="" of="" stock="" options="" and="" cash-settled="" share="" based="" payments.="" going="" concern="" statement="" the="" abg="" group's="" business="" activities,="" together="" with="" factors="" likely="" to="" affect="" its="" future="" development,="" performance="" and="" position="" are="" set="" out="" in="" the="" operational="" and="" financial="" review="" sections="" of="" this="" report.="" the="" financial="" position="" of="" the="" abg="" group,="" its="" cash="" flows,="" liquidity="" position="" and="" borrowing="" facilities="" are="" described="" in="" the="" preceding="" paragraphs="" of="" this="" financial="" review.="" at="" 31="" december="" 2013,="" the="" group="" had="" cash="" and="" cash="" equivalents="" of="" us$282.4="" million="" with="" a="" further="" us$150="" million="" available="" under="" the="" undrawn="" revolving="" credit="" facility="" which="" has="" been="" further="" extended="" until="" november="" 2016.="" total="" borrowings="" at="" the="" end="" of="" the="" year="" amounted="" to="" us$142="" million,="" of="" which="" the="" first="" repayment="" is="" only="" repayable="" from="" 2015.="" included="" in="" other="" receivables="" are="" amounts="" due="" to="" the="" group="" relating="" to="" indirect="" taxes="" of="" us$95.0="" million="" which="" are="" expected="" to="" be="" received="" within="" 12="" months,="" but="" these="" will="" be="" offset="" to="" an="" extent="" by="" new="" claims="" submitted="" for="" input="" taxes="" incurred="" during="" 2014.="" the="" refunds="" remain="" dependent="" on="" processing="" and="" payments="" of="" refunds="" by="" the="" government="" of="" tanzania.="" we="" expect="" that="" the="" above,="" in="" combination="" with="" the="" expected="" operational="" cash="" flow="" generated="" during="" the="" year,="" will="" be="" sufficient="" to="" cover="" the="" capital="" requirements="" and="" other="" commitments="" for="" the="" foreseeable="" future.="" in="" assessing="" the="" abg="" group's="" going="" concern="" status="" the="" directors="" have="" taken="" into="" account="" the="" above="" factors,="" including="" the="" financial="" position="" of="" the="" abg="" group="" and="" in="" particular="" its="" significant="" cash="" position,="" the="" current="" gold="" and="" copper="" price="" and="" market="" expectations="" for="" the="" same="" in="" the="" medium="" term,="" and="" the="" abg="" group's="" capital="" expenditure="" and="" financing="" plans.="" after="" making="" appropriate="" enquiries,="" the="" directors="" consider="" that="" abg="" and="" the="" abg="" group="" as="" a="" whole="" has="" adequate="" resources="" to="" continue="" in="" operational="" existence="" for="" the="" foreseeable="" future="" and="" that="" it="" is="" appropriate="" to="" adopt="" the="" going="" concern="" basis="" in="" preparing="" the="" financial="" statements.="" non-ifrs="" measures="" abg="" has="" identified="" certain="" measures="" in="" this="" report="" that="" are="" not="" measures="" defined="" under="" ifrs.="" non-ifrs="" financial="" measures="" disclosed="" by="" management="" are="" provided="" as="" additional="" information="" to="" investors="" in="" order="" to="" provide="" them="" with="" an="" alternative="" method="" for="" assessing="" abg's="" financial="" condition="" and="" operating="" results.="" these="" measures="" are="" not="" in="" accordance="" with,="" or="" a="" substitute="" for,="" ifrs,="" and="" may="" be="" different="" from="" or="" inconsistent="" with="" non-ifrs="" financial="" measures="" used="" by="" other="" companies.="" these="" measures="" are="" explained="" further="" below.="" average="" realised="" gold="" price="" per="" ounce="" sold="" is="" a="" non-ifrs="" financial="" measure="" which="" excludes="" from="" gold="" revenue:="" unrealised="" mark-to-market="" gains="" and="" losses="" on="" provisional="" pricing="" from="" copper="" and="" gold="" sales="" contracts;="" and="" export="" duties.="" cash="" costs="" per="" ounce="" sold="" is="" a="" non-ifrs="" financial="" measure.="" cash="" costs="" include="" all="" costs="" absorbed="" into="" inventory,="" as="" well="" as="" royalties,="" and="" production="" taxes,="" and="" exclude="" capitalised="" production="" stripping="" costs,="" inventory="" purchase="" accounting="" adjustments,="" unrealised="" gains/losses="" from="" non-hedge="" currency="" and="" commodity="" contracts,="" depreciation="" and="" amortisation="" and="" corporate="" social="" responsibility="" charges.="" cash="" cost="" is="" calculated="" net="" of="" co-product="" revenue.="" refer="" to="" page="" 19="" for="" a="" reconciliation="" to="" cost="" of="" sales.="" the="" presentation="" of="" these="" statistics="" in="" this="" manner="" allows="" abg="" to="" monitor="" and="" manage="" those="" factors="" that="" impact="" production="" costs="" on="" a="" monthly="" basis.="" abg="" calculates="" cash="" costs="" based="" on="" its="" equity="" interest="" in="" production="" from="" its="" mines.="" cash="" costs="" per="" ounce="" sold="" are="" calculated="" by="" dividing="" the="" aggregate="" of="" these="" costs="" by="" gold="" ounces="" sold.="" cash="" costs="" and="" cash="" costs="" per="" ounce="" sold="" are="" calculated="" on="" a="" consistent="" basis="" for="" the="" periods="" presented.="" all-in="" sustaining="" cost="" (aisc)="" is="" a="" non-ifrs="" financial="" measure.="" the="" measure="" is="" in="" accordance="" with="" the="" world="" gold="" council's="" guidance="" issued="" in="" june="" 2013.="" it="" is="" calculated="" by="" taking="" cash="" costs="" per="" ounce="" sold="" and="" adding="" corporate="" administration="" costs,="" reclamation="" and="" remediation="" costs="" for="" operating="" mines,="" corporate="" social="" responsibility="" expenses,="" mine="" exploration="" and="" study="" costs,="" capitalised="" stripping="" and="" underground="" development="" costs="" and="" sustaining="" capital="" expenditure.="" this="" is="" then="" divided="" by="" the="" total="" ounces="" sold.="" a="" reconciliation="" between="" cash="" cost="" per="" ounce="" sold="" and="" aisc="" is="" presented="" below:="" (unaudited)="" three="" months="" ended="" 31="" december="" 2013="" three="" months="" ended="" 31="" december="" 2012="" abg="" group="" abg="" group="" ongoing="" ongoing="" (us$/oz="" sold)="" bulyanhulu="" north="" mara="" buzwagi="" operations="" bulyanhulu="" north="" mara="" buzwagi="" operations="" cash="" cost="" per="" ounce="" sold="" 776="" 636="" 941="" 774="" 971="" 949="" 853="" 924="" corporate="" administration="" 68="" 41="" 46="" 53="" 84="" 53="" 53="" 82="" rehabilitation="" 4="" 24="" 8="" 12="" 13="" 48="" 26="" 30="" mine="" exploration="" 2="" 8="" 1="" 4="" 20="" 58="" 7="" 30="" csr="" expenses="" 2="" 46="" 4="" 22="" 7="" 48="" 6="" 27="" capitalised="" development="" 189="" 224="" 215="" 209="" 264="" 75="" 205="" 175="" sustaining="" capital="" 77="" 96="" 85="" 89="" 237="" 440="" 389="" 354="" total="" continuing="" operations="" 1,118="" 1,075="" 1,300="" 1,163="" 1,596="" 1,671="" 1,539="" 1,622="" discontinued="" operations="" 8="" 53="" total="" 1,171="" 1,675="" (unaudited)="" year="" ended="" 31="" december="" 2013="" year="" ended="" 31="" december="" 2012="" abg="" group="" abg="" group="" ongoing="" ongoing="" (us$/oz="" sold)="" bulyanhulu="" north="" mara="" buzwagi="" operations="" bulyanhulu="" north="" mara="" buzwagi="" operations="" cash="" cost="" per="" ounce="" sold="" 890="" 659="" 945="" 812="" 803="" 953="" 1,066="" 922="" corporate="" administration="" 72="" 38="" 51="" 50="" 75="" 78="" 78="" 83="" rehabilitation="" 7="" 29="" 15="" 18="" 10="" 48="" 23="" 26="" mine="" exploration="" 3="" 12="" 2="" 6="" 9="" 31="" 6="" 16="" csr="" expenses="" 6="" 31="" 4="" 19="" 5="" 39="" 8="" 23="" capitalised="" development="" 233="" 251="" 321="" 266="" 194="" 151="" 254="" 196="" sustaining="" capital="" 133="" 207="" 168="" 175="" 149="" 393="" 363="" 296="" total="" continuing="" operations="" 1,344="" 1,227="" 1,506="" 1,346="" 1,245="" 1,693="" 1,798="" 1,561="" discontinued="" operations="" 16="" 24="" total="" 1,362="" 1,585="" aisc="" is="" intended="" to="" provide="" additional="" information="" on="" the="" total="" sustaining="" cost="" for="" each="" ounce="" sold,="" taking="" into="" account="" expenditure="" incurred="" in="" addition="" to="" direct="" mining="" costs,="" depreciation="" and="" selling="" costs.="" ebitda="" is="" a="" non-ifrs="" financial="" measure.="" abg="" calculates="" ebitda="" as="" net="" profit="" or="" loss="" for="" the="" period="" excluding:="" income="" tax="" expense;="" finance="" expense;="" finance="" income;="" depreciation="" and="" amortisation;="" impairment="" charges="" of="" goodwill="" and="" other="" long-lived="" assets;="" and="" discontinued="" operations.="" ebitda="" is="" intended="" to="" provide="" additional="" information="" to="" investors="" and="" analysts.="" it="" does="" not="" have="" any="" standardised="" meaning="" prescribed="" by="" ifrs="" and="" should="" not="" be="" considered="" in="" isolation="" or="" as="" a="" substitute="" for="" measures="" of="" performance="" prepared="" in="" accordance="" with="" ifrs.="" ebitda="" excludes="" the="" impact="" of="" cash="" costs="" of="" financing="" activities="" and="" taxes,="" and="" the="" effects="" of="" changes="" in="" operating="" working="" capital="" balances,="" and="" therefore="" is="" not="" necessarily="" indicative="" of="" operating="" profit="" or="" cash="" flow="" from="" operations="" as="" determined="" under="" ifrs.="" other="" companies="" may="" calculate="" ebitda="" differently.="" adjusted="" ebitda="" is="" a="" non-ifrs="" financial="" measure.="" it="" is="" calculated="" by="" excluding="" one-off="" costs="" or="" credits="" relating="" to="" non-routine="" transactions="" from="" ebitda.="" it="" excludes="" other="" credits="" and="" charges="" that,="" individually="" or="" in="" aggregate,="" if="" of="" a="" similar="" type,="" are="" of="" a="" nature="" or="" size="" that="" requires="" explanation="" in="" order="" to="" provide="" additional="" insight="" into="" the="" underlying="" business="" performance.="" ebit="" is="" a="" non-ifrs="" financial="" measure="" and="" reflects="" ebitda="" adjusted="" for="" depreciation="" and="" amortisation="" and="" goodwill="" impairment="" charges.="" adjusted="" net="" earnings="" is="" a="" non-ifrs="" financial="" measure.="" it="" is="" calculated="" by="" excluding="" one-off="" costs="" or="" credits="" relating="" to="" non-routine="" transactions="" from="" net="" profit="" attributed="" to="" owners="" of="" the="" parent.="" it="" includes="" other="" credit="" and="" charges="" that,="" individually="" or="" in="" aggregate,="" if="" of="" a="" similar="" type,="" are="" of="" a="" nature="" or="" size="" that="" requires="" explanation="" in="" order="" to="" provide="" additional="" insight="" into="" the="" underlying="" business="" performance.="" refer="" to="" page="" 23="" for="" a="" reconciliation="" to="" net="" earnings.="" adjusted="" net="" earnings="" per="" share="" is="" a="" non-ifrs="" financial="" measure="" and="" is="" calculated="" by="" dividing="" adjusted="" net="" earnings="" by="" the="" weighted="" average="" number="" of="" ordinary="" shares="" in="" issue.="" cash="" cost="" per="" tonne="" milled="" is="" a="" non-ifrs="" financial="" measure.="" cash="" costs="" include="" all="" costs="" absorbed="" into="" inventory,="" as="" well="" as="" royalties="" and="" production="" taxes,="" and="" exclude="" capitalised="" production="" stripping="" costs,="" inventory="" purchase="" accounting="" adjustments,="" unrealised="" gains/losses="" from="" non-hedge="" currency="" and="" commodity="" contracts,="" depreciation="" and="" amortisation="" and="" corporate="" social="" responsibility="" charges.="" cash="" cost="" is="" calculated="" net="" of="" co-product="" revenue.="" abg="" calculates="" cash="" costs="" based="" on="" its="" equity="" interest="" in="" production="" from="" its="" mines.="" cash="" costs="" per="" tonne="" milled="" are="" calculated="" by="" dividing="" the="" aggregate="" of="" these="" costs="" by="" total="" tonnes="" milled.="" cash="" margin="" is="" a="" non-ifrs="" financial="" measure.="" the="" cash="" cost="" margin="" is="" the="" average="" realised="" gold="" price="" per="" ounce="" less="" the="" cash="" cost="" per="" ounce="" sold.="" operating="" cash="" flow="" per="" share="" is="" a="" non-ifrs="" financial="" measure="" and="" is="" calculated="" by="" dividing="" net="" cash="" generated="" by="" operating="" activities="" by="" the="" weighted="" average="" number="" of="" ordinary="" shares="" in="" issue.="" mining="" statistical="" information="" the="" following="" describes="" certain="" line="" items="" used="" in="" the="" abg="" group's="" discussion="" of="" key="" performance="" indicators:="" open="" pit="" material="" mined="" -="" measures="" in="" tonnes="" the="" total="" amount="" of="" open="" pit="" ore="" and="" waste="" mined.="" underground="" ore="" tonnes="" hoisted="" -="" measures="" in="" tonnes="" the="" total="" amount="" of="" underground="" ore="" mined="" and="" hoisted.="" total="" tonnes="" mined="" includes="" open="" pit="" material="" plus="" underground="" ore="" tonnes="" hoisted.="" strip="" ratio="" -="" measures="" the="" ratio="" of="" waste-to-ore="" for="" open="" pit="" material="" mined.="" ore="" milled="" -="" measures="" in="" tonnes="" the="" amount="" of="" ore="" material="" processed="" through="" the="" mill.="" head="" grade="" -="" measures="" the="" metal="" content="" of="" mined="" ore="" going="" into="" a="" mill="" for="" processing.="" milled="" recovery="" -="" measures="" the="" proportion="" of="" valuable="" metal="" physically="" recovered="" in="" the="" processing="" of="" ore.="" it="" is="" generally="" stated="" as="" a="" percentage="" of="" the="" metal="" recovered="" compared="" to="" the="" total="" metal="" originally="" present.="" total="" production="" costs="" -="" measures="" the="" total="" cost="" of="" production="" and="" is="" an="" aggregate="" of="" total="" cash="" costs="" as="" well="" as="" production="" specific="" depreciation="" and="" amortisation.="" risk="" review="" we="" have="" made="" a="" number="" of="" further="" developments="" in="" the="" identification="" and="" management="" of="" our="" risk="" profile="" throughout="" 2013.="" while="" the="" overall="" makeup="" of="" our="" principal="" risks="" has="" not="" significantly="" changed="" from="" 2012,="" there="" have="" been="" changes="" in="" certain="" risk="" profiles="" as="" a="" result="" of="" developments="" in="" our="" operating="" environment="" and="" continuing="" uncertainties="" and="" trends="" within="" the="" wider="" global="" economy="" and/or="" the="" mining="" industry.="" where="" appropriate,="" risk="" ratings="" have="" been="" reviewed="" against="" risk="" management="" controls="" and="" other="" mitigating="" factors.="" our="" principal="" risks="" fall="" within="" four="" broad="" categories:="" strategic="" risks,="" financial="" risks,="" external="" risks="" and="" operational="" risks="" and="" can="" be="" further="" summarised="" as="" follows:="" single="" country="" risk:="" whilst="" abg's="" focus="" remains="" on="" our="" current="" operations="" within="" tanzania,="" we="" continue="" to="" assess="" potential="" growth="" opportunities="" in="" other="" territories="" to="" enhance="" our="" existing="" portfolio="" and="" strengthen="" the="" business="" through="" geographic="" diversification="" in="" order="" to="" mitigate="" the="" effects="" that="" significant="" in-country="" developments="" could="" have="" on="" our="" operations="" and="" business.="" reserves="" and="" resources="" estimates:="" abg's="" reserves="" and="" resources="" statements="" are="" estimates="" based="" on="" a="" range="" of="" assumptions,="" including="" geological,="" metallurgical="" and="" technical="" factors,="" such="" that="" no="" assurances="" can="" be="" given="" that="" anticipated="" tonnages="" or="" grades="" will="" be="" achieved.="" we="" seek="" to="" manage="" the="" varying="" nature="" of="" estimates="" through="" our="" life="" of="" mine="" planning="" procedures,="" periodic="" reviews="" of="" such="" estimates="" and="" by="" ensuring="" that="" our="" reserves="" and="" resources="" estimates="" are="" calculated="" and="" reported="" in="" accordance="" with="" the="" requirements="" of="" ni="" 43-101="" of="" the="" canadian="" institute="" of="" mining="" and="" metallurgy="" and="" petroleum.="" commodity="" prices:="" abg's="" financial="" performance="" is="" highly="" dependent="" on="" the="" price="" of="" gold="" and,="" to="" a="" lesser="" extent,="" the="" price="" of="" copper="" and="" silver.="" fluctuations="" in="" the="" pricing="" of="" these="" commodities,="" which="" are="" largely="" attributable="" to="" factors="" beyond="" abg's="" control,="" may="" have="" a="" corresponding="" impact="" on="" abg's="" financial="" position,="" particularly="" in="" the="" context="" of="" rapid="" pricing="" fluctuations.="" we="" seek="" to="" mitigate="" the="" impact="" of="" such="" pricing="" fluctuations="" via="" hedging="" arrangements="" for="" certain="" operating="" cost="" exposures="" (copper,="" silver="" and="" diesel)="" and="" through="" continuous="" monitoring="" of="" our="" exposure="" to="" commodity="" price="" fluctuations="" as="" part="" of="" financial="" and="" treasury="" planning="" and="" controls="" procedures.="" costs="" and="" capital="" expenditure:="" continued="" industry="" cost="" pressures,="" particularly="" as="" regards="" labour,="" capital="" equipment="" and="" energy="" costs="" affect="" abg's="" ability="" to="" manage="" operating="" costs="" and="" capital="" expenditure.="" we="" seek="" to="" manage="" factors="" which="" could="" impact="" costs="" and="" capital="" expenditure="" levels="" through="" the="" ongoing="" implementation="" of="" cost="" controls,="" particularly="" in="" the="" context="" of="" our="" operational="" review,="" and="" by="" maintaining="" a="" conservative="" balance="" sheet="" and="" strict="" cash="" flow="" planning="" processes="" to="" mitigate="" liquidity="" risks.="" political,="" legal="" and="" regulatory="" developments:="" abg's="" ability="" to="" conduct="" its="" business="" is="" dependent="" on="" stable="" and="" consistent="" interpretation="" and="" application="" of="" laws="" and="" regulations="" applicable="" to="" mining="" activities,="" particularly="" in="" tanzania.="" changes="" to="" existing="" laws="" and="" regulations,="" a="" more="" stringent="" application="" or="" interpretation="" of="" regulations="" or="" inconsistencies="" and="" irregularities="" in="" regulatory="" interpretation="" by="" relevant="" government="" authorities="" could="" adversely="" affect="" the="" progression="" of="" abg's="" operations="" and="" development="" projects.="" for="" this="" reason,="" we="" actively="" monitor="" legal="" and="" regulatory="" developments="" in="" countries="" in="" which="" we="" have="" operational="" or="" development="" interests="" and="" we="" maintain="" open="" channels="" of="" dialogue="" with="" government="" and="" legal="" policy="" makers="" in="" our="" host="" countries,="" particularly="" in="" tanzania.="" taxation="" reviews:="" abg's="" financial="" position="" could="" be="" adversely="" affected="" if="" revisions="" to="" royalty="" or="" corporate="" tax="" regimes="" were="" introduced="" in="" tanzania="" that="" go="" beyond="" the="" fiscal="" stability="" agreements="" contained="" in="" our="" mineral="" development="" agreements.="" in="" addition,="" abg="" has="" a="" number="" of="" ongoing="" discussions="" with="" the="" tanzanian="" revenue="" authority="" and="" ministry="" of="" finance="" as="" regards="" certain="" outstanding="" tax="" assessments="" and="" unresolved="" tax="" disputes,="" particularly="" in="" the="" context="" of="" vat="" relief.="" abg's="" financial="" condition="" continues="" to="" be="" impacted="" as="" a="" result="" of="" the="" ongoing="" nature="" of="" these="" discussions="" and="" may="" be="" further="" adversely="" affected="" if="" we="" do="" not="" achieve="" a="" successful="" resolution="" to="" these="" discussions.="" to="" date,="" we="" have="" negotiated="" and="" agreed="" a="" memorandum="" of="" understanding="" for="" the="" treatment="" of="" certain="" outstanding="" indirect="" tax="" refunds="" in="" respect="" of="" fuel="" levies="" and="" vat="" and,="" more="" recently,="" we="" have="" agreed="" to="" the="" use="" of="" an="" escrow="" arrangement="" in="" order="" to="" safeguard="" the="" recoverability="" vat="" payments="" on="" imports.="" utilities="" supply:="" power="" stoppages,="" fluctuations="" and="" disruptions="" in="" electrical="" power="" supply="" or="" other="" utilities="" impact="" our="" ability="" to="" operate="" continuously="" and="" can="" also="" result="" in="" increased="" costs,="" particularly="" as="" regards="" power="" supply="" costs,="" due="" to="" the="" need="" to="" use="" alternative="" power="" sources="" in="" order="" to="" mitigate="" the="" impact="" of="" electricity="" shortages.="" we="" have="" made="" a="" number="" of="" investments="" in="" power="" generation="" capabilities,="" such="" that="" we="" have="" capacity="" for="" the="" self="" generation="" of="" power="" to="" maintain="" critical="" systems="" across="" sites="" and="" we="" seek="" to="" employ="" practices="" to="" alternative="" power="" use="" that="" provide="" for="" cost="" saving="" efficiencies="" whenever="" possible.="" community="" relations:="" a="" failure="" to="" adequately="" engage="" or="" manage="" relations="" with="" local="" communities="" and="" stakeholders="" affects="" our="" social="" licence="" to="" operate="" and="" can="" have="" a="" direct="" and="" negative="" impact="" on="" our="" ability="" to="" operate.="" for="" this="" reason="" we="" look="" to="" progress="" a="" range="" of="" community="" relations="" initiatives,="" notably="" through="" the="" investments="" made="" by="" the="" abg="" maendeleo="" fund,="" in="" order="" to="" foster="" relationships="" with="" our="" local="" communities.="" land="" acquisition:="" the="" progression="" of="" mining="" activities="" at="" certain="" abg="" operations="" is="" dependent="" upon="" abg's="" ability="" to="" complete="" land="" acquisitions="" to="" support="" life="" of="" mine="" plans="" successfully="" and="" in="" a="" timely="" manner.="" increases="" in="" the="" cost="" of="" such="" land="" acquisitions="" and/or="" delays="" in="" completing="" such="" activities="" could="" have="" a="" material="" adverse="" effect="" on="" operating="" conditions,="" particularly="" at="" north="" mara.="" we="" seek="" to="" address="" issues="" relating="" to="" land="" acquisition="" in="" collaboration="" with="" the="" tanzanian="" government="" and="" monitor="" land="" footprint="" requirements="" as="" part="" of="" life="" of="" mine="" planning="" activities.="" loss="" of="" critical="" processes:="" failures="" or="" unavailability="" of="" operational="" infrastructure,="" for="" example="" as="" a="" result="" of="" equipment="" failure="" or="" disruption="" or="" deficiencies="" in="" core="" supply="" chain="" availability,="" could="" adversely="" affect="" production="" output="" and/or="" impact="" exploration="" and="" development="" activities.="" for="" this="" reason,="" part="" of="" the="" operational="" review="" has="" examined="" opportunities="" to="" enhance="" existing="" supply="" chain="" management="" practices="" in="" the="" context="" of="" improving="" overall="" management="" of="" inventory="" levels.="" environmental="" hazards="" and="" rehabilitation:="" abg's="" operations="" are="" subject="" to="" environmental="" hazards="" as="" a="" result="" of="" the="" processes="" and="" chemicals="" used="" in="" its="" extraction="" and="" production="" methods.="" abg="" may="" be="" liable="" for="" losses="" and="" costs="" associated="" with="" environmental="" hazards="" at="" its="" operations,="" have="" its="" licences="" and="" permits="" withdrawn="" or="" suspended="" as="" a="" result="" of="" such="" hazards,="" or="" may="" be="" forced="" to="" undertake="" extensive="" clean-up="" and="" remediation="" action.="" we="" use="" a="" number="" of="" environmental="" management="" systems="" and="" controls="" across="" the="" business="" to="" provide="" for="" appropriate="" environmental="" practices,="" including="" the="" adoption="" of="" specific="" environmental="" management="" plans="" for="" each="" of="" our="" operations="" and="" the="" use="" of="" environmental="" and="" social="" impact="" assessments="" for="" potential="" projects.="" we="" also="" monitor="" our="" activities="" against="" key="" international="" standards,="" such="" as="" the="" international="" cyanide="" code.="" employer,="" contractor="" and="" industrial="" relations:="" abg's="" business="" depends="" on="" our="" ability="" to="" attract="" and="" retain="" skilled="" employees="" and="" to="" maintain="" good="" relations="" generally="" with="" its="" employees="" and="" employee="" representative="" groups,="" such="" as="" trade="" unions.="" a="" loss="" in="" skilled="" employees="" and/or="" a="" breakdown="" in="" employee="" relations="" could="" result="" in="" a="" decrease="" in="" production="" levels="" and/or="" increased="" costs="" and/or="" general="" disruptions="" to="" operations.="" as="" part="" of="" ongoing="" employer="" commitments,="" abg="" looks="" for="" opportunities="" to="" expand="" its="" existing="" vocational="" training="" programmes="" and="" is="" committed="" to="" furthering="" the="" nationalisation="" of="" its="" workforce="" in="" order="" to="" strengthen="" and="" build="" capacity="" within="" the="" tanzanian="" mining="" industry.="" security,="" trespass="" and="" vandalism:="" abg="" faces="" certain="" risks="" in="" dealing="" with="" fraud="" and="" corruption="" and="" wider="" security-related="" matters="" relating="" to="" trespass,="" theft="" and="" vandalism="" and="" unauthorised="" small-scale="" mining="" in="" proximity="" to="" its="" operations="" and="" on="" specific="" areas="" covered="" by="" abg's="" exploration="" and="" mining="" licences,="" all="" of="" which="" may="" have="" an="" adverse="" effect="" upon="" abg's="" operations="" and="" financial="" condition.="" as="" part="" of="" strategic="" reviews="" we="" are="" looking="" to="" enhance="" and="" progress="" our="" security="" management="" procedures="" for="" improved="" alignment="" with="" operational="" requirements.="" where="" appropriate,="" we="" also="" work="" in="" collaboration="" with="" local="" law="" enforcement="" to="" address="" security-related="" threats="" and="" concerns.="" organisational="" restructuring:="" abg's="" organisational="" restructuring="" (including="" the="" transfer="" of="" certain="" support="" functions="" from="" south="" africa="" to="" tanzania)="" and="" related="" transitional="" periods="" may="" negatively="" impact="" the="" delivery="" of="" key="" operational="" support="" services="" and="" could="" also="" result="" in="" deteriorations="" in="" certain="" financial="" and="" operational="" controls.="" to="" mitigate="" this,="" we="" are="" establishing="" specific="" change="" management="" procedures="" for="" use="" in="" implementing="" the="" restructuring="" and="" will="" also="" maintain="" our="" current="" management="" structures="" for="" financial="" reporting,="" treasury,="" planning="" and="" internal="" audit,="" these="" being="" key="" elements="" of="" our="" internal="" controls="" and="" risk="" management="" framework.="" directors="" the="" directors="" serving="" on="" the="" board="" during="" the="" year="" will="" be="" listed="" in="" abg's="" annual="" report.="" a="" list="" of="" current="" directors="" is="" maintained="" on="" abg's="" website:="" www.africanbarrickgold.com="" condensed="" financial="" information="" consolidated="" income="" statement="" for="" the="" for="" the="" year="" year="" ended="" ended="" (unaudited)="" 31="" december="" 31="" december="" (in="" thousands="" of="" united="" states="" dollars,="" except="" per="" share="" amounts)="" notes="" 2013="" 2012="" (restated)="" continuing="" operations="" revenue="" 7="" 929,004="" 1,011,738="" cost="" of="" sales="" (713,806)="" (720,036)="" gross="" profit="" 215,198="" 291,702="" corporate="" administration="" (32,157)="" (47,640)="" exploration="" and="" evaluation="" costs="" 9="" (16,927)="" (26,752)="" corporate="" social="" responsibility="" expenses="" (12,237)="" (13,051)="" impairment="" charges="" 8="" (1,044,310)="" -="" other="" charges="" 10="" (30,424)="" (17,071)="" (loss)/profit="" before="" net="" finance="" expense="" and="" taxation="" (920,857)="" 187,188="" finance="" income="" 11="" 1,670="" 2,056="" finance="" expense="" 11="" (9,552)="" (10,079)="" (loss)/profit="" before="" taxation="" (928,739)="" 179,165="" tax="" credit/(expense)="" 12="" 187,959="" (78,693)="" net="" (loss)/profit="" from="" continuing="" operations="" (740,780)="" 100,472="" discontinued="" operations="" net="" loss="" from="" discontinued="" operations="" 5="" (57,653)="" (48,979)="" net="" (loss)/profit="" for="" the="" year="" (798,433)="" 51,493="" net="" (loss)/profit="" attributable="" to:="" owners="" of="" the="" parent="" (net="" (loss)/="" earnings)="" -="" continuing="" operations="" (740,780)="" 100,472="" -="" discontinued="" operations="" (40,321)="" (37,692)="" non-controlling="" interests="" -="" discontinued="" operations="" (17,332)="" (11,287)="" (loss)/earnings="" per="" share:="" -="" basic="" and="" dilutive="" (loss)/earnings="" per="" share="" (cents)="" from="" continuing="" operations="" 13="" (180.6)="" 24.5="" -="" basic="" and="" dilutive="" (loss)/earnings="" per="" share="" (cents)="" from="" discontinued="" operations="" 13="" (9.8)="" (9.2)="" the="" notes="" on="" pages="" 37="" to="" 54="" are="" an="" integral="" part="" of="" this="" financial="" information.="" consolidated="" statement="" of="" comprehensive="" income="" for="" the="" year="" for="" the="" ended="" year="" ended="" 31="" 31="" (unaudited)="" december="" december="" 2012="" (in="" thousands="" of="" united="" states="" dollars)="" 2013="" (restated)="" net="" (loss)/profit="" for="" the="" year="" (798,433)="" 51,493="" other="" comprehensive="" income:="" items="" that="" may="" be="" subsequently="" reclassified="" to="" profit="" or="" loss:="" changes="" in="" fair="" value="" of="" cash="" flow="" hedges="" 1,570="" 363="" total="" comprehensive="" (loss)/income="" for="" the="" year="" (796,863)="" 51,856="" attributed="" to:="" -="" owners="" of="" the="" parent="" (779,531)="" 63,143="" -="" non-controlling="" interests="" (17,332)="" (11,287)="" the="" notes="" on="" pages="" 37="" to="" 54="" are="" an="" integral="" part="" of="" this="" financial="" information.="" consolidated="" balance="" sheet="" as="" at="" 31="" as="" at="" (unaudited)="" december="" 31="" december="" (in="" thousands="" of="" united="" states="" dollars)="" notes="" 2013="" 2012="" (restated)="" assets="" non-current="" assets="" goodwill="" and="" intangible="" assets="" 15="" 211,190="" 278,221="" property,="" plant="" and="" equipment="" 14="" 1,280,671="" 1,975,040="" deferred="" tax="" assets="" 16="" 50,787="" 2,399="" non-current="" portion="" of="" inventory="" 72,689="" 115,553="" derivative="" financial="" instruments="" 3,253="" 467="" other="" assets="" 137,191="" 137,565="" 1,755,781="" 2,509,245="" current="" assets="" inventories="" 253,676="" 332,232="" trade="" and="" other="" receivables="" 17="" 24,210="" 44,227="" derivative="" financial="" instruments="" 1,366="" 2,207="" other="" current="" assets="" 17="" 113,945="" 44,314="" cash="" and="" cash="" equivalents="" 282,409="" 401,348="" 675,606="" 824,328="" assets="" of="" disposal="" group="" classified="" as="" held="" for="" sale="" 596="" -="" total="" assets="" 2,431,983="" 3,333,573="" equity="" and="" liabilities="" share="" capital="" and="" share="" premium="" 929,199="" 929,199="" other="" reserves="" 992,915="" 1,826,511="" total="" owners'="" equity="" 1,922,114="" 2,755,710="" non-controlling="" interests="" 5,248="" 22,580="" total="" equity="" 1,927,362="" 2,778,290="" non-current="" liabilities="" borrowings="" 18="" 142,000="" -="" deferred="" tax="" liabilities="" 16="" 35,862="" 175,115="" derivative="" financial="" instruments="" 1,207="" 294="" provisions="" 19="" 132,237="" 180,548="" other="" non-current="" liabilities="" 10,101="" 21,064="" 321,407="" 377,021="" current="" liabilities="" trade="" and="" other="" payables="" 147,896="" 169,904="" derivative="" financial="" instruments="" 5,074="" 429="" provisions="" 19="" 1,028="" 1,040="" other="" current="" liabilities="" 12,456="" 6,889="" 166,454="" 178,262="" liabilities="" of="" disposal="" group="" classified="" as="" held="" for="" sale="" 16,760="" -="" total="" liabilities="" 504,621="" 555,283="" total="" equity="" and="" liabilities="" 2,431,983="" 3,333,573="" the="" notes="" on="" pages="" 37="" to="" 54="" are="" an="" integral="" part="" of="" this="" financial="" information.="" consolidated="" statement="" of="" changes="" in="" equity="" cash="" flow="" share="" share="" contributed="" surplus="" hedging="" (unaudited)="" notes="" capital="" premium="" ther="" reserve="" reserve="" (in="" thousands="" of="" united="" states="" dollars)="" balance="" at="" 1="" january="" 2012="" 62,097="" 867,102="" 1,368,713="" -="" total="" comprehensive="" income/(loss)="" for="" the="" year="" 4="" -="" -="" -="" 363="" dividends="" to="" equity="" holders="" of="" the="" company="" -="" -="" -="" -="" stock="" option="" grants="" -="" -="" -="" -="" distributions="" to="" non-controlling="" interests="" -="" -="" -="" -="" balance="" at="" 31="" december="" 2012="" 62,097="" 867,102="" 1,368,713="" 363="" total="" comprehensive="" income/(loss)="" for="" the="" year="" -="" -="" -="" 1,570="" dividends="" to="" equity="" holders="" of="" the="" company="" -="" -="" -="" -="" stock="" option="" grants="" -="" -="" -="" -="" balance="" at="" 31="" december="" 2013="" 62,097="" 867,102="" 1,368,713="" 1,933="" consolidated="" statement="" of="" changes="" in="" equity="" stock="" retained="" earnings="" total="" total="" non-="" option="" (accumulated="" owners'="" controlling="" total="" (unaudited)="" reserve="" losses)="" equity="" interests="" equity="" (in="" thousands="" of="" united="" states="" dollars)="" balance="" at="" 1="" january="" 2012="" 2,041="" 461,278="" 2,761,231="" 37,473="" 2,798,704="" total="" comprehensive="" income/(loss)="" for="" the="" year="" -="" 62,780="" 63,143="" (11,287)="" 51,856="" dividends="" to="" equity="" holders="" of="" the="" company="" -="" (70,125)="" (70,125)="" -="" (70,125)="" stock="" option="" grants="" 1,461="" -="" 1,461="" -="" 1,461="" distributions="" to="" non-controlling="" interests="" -="" -="" -="" (3,606)="" (3,606)="" balance="" at="" 31="" december="" 2012="" 3,502="" 453,933="" 2,755,710="" 22,580="" 2,778,290="" total="" comprehensive="" income/(loss)="" for="" the="" year="" -="" (781,101)="" (779,531)="" (17,332)="" (796,863)="" dividends="" to="" equity="" holders="" of="" the="" company="" -="" (54,541)="" (54,541)="" -="" (54,541)="" stock="" option="" grants="" 476="" -="" 476="" -="" 476="" balance="" at="" 31="" december="" 2013="" 3,978="" (381,709)="" 1,922,114="" 5,248="" 1,927,362="" the="" notes="" on="" pages="" 37="" to="" 54="" are="" an="" integral="" part="" of="" this="" financial="" information.="" consolidated="" cash="" flow="" statement="" for="" the="" for="" the="" year="" year="" ended="" ended="" (unaudited)="" 31="" december="" 31="" december="" (in="" thousands="" of="" united="" states="" dollars)="" 2013="" 2012="" (restated)="" cash="" flows="" from="" operating="" activities="" net="" (loss)/profit="" for="" the="" year="" (798,433)="" 51,493="" adjustments="" for:="" tax="" (credit)/="" expense="" (187,959)="" 72,604="" depreciation="" and="" amortisation="" 141,159="" 168,228="" finance="" items="" 7,968="" 8,203="" impairment="" charges="" 1,061,011="" 44,536="" profit="" on="" disposal="" of="" property,="" plant="" and="" equipment="" (175)="" (616)="" working="" capital="" adjustments="" (41,165)="" (74,070)="" other="" non-cash="" items="" 8,181="" 3,088="" cash="" generated="" from="" operations="" before="" interest="" and="" tax="" 190,587="" 273,466="" finance="" income="" 1,700="" 2,102="" finance="" expenses="" (5,172)="" (6,284)="" income="" tax="" paid="" -="" (551)="" net="" cash="" generated="" by="" operating="" activities="" 187,115="" 268,733="" cash="" flows="" from="" investing="" activities="" purchase="" of="" property,="" plant="" and="" equipment="" (373,101)="" (323,505)="" investments="" in="" other="" assets="" (8,289)="" (24,473)="" acquisition="" of="" subsidiary,="" net="" of="" cash="" acquired="" (588)="" (22,039)="" other="" investing="" activities="" (4,872)="" (1,468)="" net="" cash="" used="" in="" investing="" activities="" (386,850)="" (371,485)="" cash="" flows="" from="" financing="" activities="" loans="" received="" 142,000="" -="" dividends="" paid="" (54,541)="" (70,125)="" distributions="" to="" non-controlling="" interest="" holders="" -="" (3,606)="" finance="" lease="" instalments="" (5,137)="" (5,708)="" net="" cash="" generated="" by/(used="" in)="" financing="" activities="" 82,322="" (79,439)="" net="" decrease="" in="" cash="" and="" cash="" equivalents="" (117,413)="" (182,191)="" net="" foreign="" exchange="" difference="" (1,526)="" (615)="" cash="" and="" cash="" equivalents="" at="" 1="" january="" 401,348="" 584,154="" cash="" and="" cash="" equivalents="" at="" 31="" december="" 282,409="" 401,348="" the="" notes="" on="" pages="" 37="" to="" 54="" are="" an="" integral="" part="" of="" this="" financial="" information.="" notes="" to="" the="" condensed="" financial="" information="" general="" information="" african="" barrick="" gold="" plc="" (the="" "company",="" "abg"="" or="" collectively="" with="" its="" subsidiaries="" the="" "group")="" was="" incorporated="" on="" 12="" january="" 2010="" and="" re-registered="" as="" a="" public="" limited="" company="" on="" 12="" march="" 2010="" under="" the="" companies="" act="" 2006.="" it="" is="" registered="" in="" england="" and="" wales="" with="" registered="" number="" 7123187.="" on="" 24="" march="" 2010="" the="" company's="" shares="" were="" admitted="" to="" the="" official="" list="" of="" the="" united="" kingdom="" listing="" authority="" ("ukla")="" and="" to="" trading="" on="" the="" main="" market="" of="" the="" london="" stock="" exchange,="" hereafter="" referred="" to="" as="" the="" initial="" public="" offering="" ("ipo").="" the="" address="" of="" its="" registered="" office="" is="" no.1="" cavendish="" place,="" london,="" w1g="" 0qf.="" barrick="" gold="" corporation="" ("bgc")="" currently="" owns="" approximately="" 73.9%="" of="" the="" shares="" of="" the="" company="" and="" is="" the="" ultimate="" parent="" and="" controlling="" party="" of="" the="" group.="" the="" financial="" statements="" of="" bgc="" can="" be="" obtained="" from="" www.barrick.com.="" the="" condensed="" consolidated="" financial="" information="" for="" the="" year="" ended="" 31="" december="" 2013="" was="" approved="" for="" issue="" by="" the="" board="" of="" directors="" of="" the="" company="" on="" 11="" february="" 2014.="" the="" condensed="" consolidated="" financial="" information="" does="" not="" comprise="" statutory="" accounts="" within="" the="" meaning="" of="" section="" 434="" of="" the="" companies="" act="" 2006.="" the="" condensed="" consolidated="" financial="" information="" is="" unaudited.="" the="" group's="" primary="" business="" is="" the="" mining,="" processing="" and="" sale="" of="" gold.="" the="" group="" has="" three="" operating="" mines="" located="" in="" tanzania.="" the="" group="" also="" has="" a="" portfolio="" of="" exploration="" projects="" located="" in="" kenya.="" basis="" of="" preparation="" of="" the="" condensed="" financial="" information="" the="" financial="" information="" set="" out="" above="" does="" not="" constitute="" the="" group's="" statutory="" accounts="" for="" the="" year="" ended="" 31="" december="" 2013,="" but="" is="" derived="" from="" the="" group's="" full="" financial="" accounts,="" which="" are="" in="" the="" process="" of="" being="" audited.="" the="" group's="" full="" financial="" accounts="" will="" be="" prepared="" under="" international="" financial="" reporting="" standards="" as="" adopted="" by="" the="" european="" union.="" the="" financial="" statements="" are="" prepared="" on="" a="" going="" concern="" basis.="" the="" condensed="" consolidated="" financial="" information="" has="" been="" prepared="" under="" the="" historical="" cost="" convention="" basis,="" as="" modified="" by="" the="" revaluation="" of="" financial="" assets="" and="" financial="" liabilities="" (including="" derivative="" instruments)="" at="" fair="" value="" through="" profit="" and="" loss.="" the="" financial="" statements="" are="" presented="" in="" us="" dollars="" (us$)="" and="" all="" monetary="" results="" are="" rounded="" to="" the="" nearest="" thousand="" dollars="" (us)="" except="" when="" otherwise="" indicated.="" where="" a="" change="" in="" the="" presentational="" format="" between="" the="" prior="" year="" and="" current="" year="" condensed="" consolidated="" financial="" information="" has="" been="" made="" during="" the="" period,="" comparative="" figures="" have="" been="" restated="" accordingly.="" the="" following="" presentational="" changes="" were="" made="" during="" the="" current="" year:="" application="" of="" ifric="" 20="" "stripping="" costs="" in="" the="" production="" phase="" of="" a="" surface="" mine".="" refer="" to="" note="" 4="" for="" a="" discussion="" of="" the="" change="" in="" accounting="" policy.="" presentation="" of="" the="" results="" of="" discontinued="" operations="" due="" to="" the="" agreement="" to="" transfer="" tulawaka="" mine="" to="" stamico,="" the="" tanzanian="" state="" mining="" corporation.="" refer="" to="" note="" 5="" for="" a="" discussion="" of="" the="" transaction.="" accounting="" policies="" accounting="" policies="" have="" remained="" consistent="" with="" the="" prior="" year="" except="" for="" the="" adoption="" of="" new="" standards.="" new="" and="" amended="" standards="" adopted="" by="" the="" group="" the="" following="" new="" standards="" and="" amendments="" to="" standards="" are="" applicable="" and="" were="" adopted="" by="" the="" group="" for="" the="" first="" time="" for="" the="" financial="" year="" beginning="" 1="" january="" 2013.="" ias="" 1,="" 'financial="" statement="" presentation'="" regarding="" other="" comprehensive="" income.="" the="" main="" change="" resulting="" from="" these="" amendments="" is="" a="" requirement="" for="" entities="" to="" group="" items="" presented="" in="" 'other="" comprehensive="" income'="" (oci)="" on="" the="" basis="" of="" whether="" they="" are="" potentially="" subsequently="" reclassifiable="" to="" profit="" or="" loss.="" refer="" to="" the="" statement="" of="" comprehensive="" income="" for="" disclosure="" of="" the="" required="" classification.="" the="" accounting="" policy="" for="" stripping="" costs="" has="" been="" updated="" to="" reflect="" the="" impact="" of="" ifric="" 20,="" 'stripping="" costs="" in="" the="" production="" phase="" of="" a="" surface="" mine'.="" refer="" to="" note="" 4="" for="" details="" on="" the="" change="" in="" accounting="" policy.="" ifrs="" 13,="" 'fair="" value="" measurement',="" aims="" to="" improve="" consistency="" and="" reduce="" complexity="" by="" providing="" a="" precise="" definition="" of="" fair="" value="" and="" a="" single="" source="" of="" fair="" value="" measurement="" and="" disclosure="" requirements="" for="" use="" across="" ifrss.="" annual="" improvements="" 2011="" -="" effective="" for="" periods="" beginning="" on="" or="" after="" 1="" january="" 2013.="" amendment="" to="" ifrs="" 7,="" financial="" instruments:="" disclosures'="" -="" effective="" for="" periods="" beginning="" on="" or="" after="" 1="" january="" 2013.="" amendment="" to="" ias="" 12,="" 'income="" tax'="" -="" effective="" for="" periods="" beginning="" on="" or="" after="" 1="" january="" 2013.="" new="" and="" amended="" standards,="" and="" interpretations="" not="" yet="" adopted="" the="" following="" standards="" and="" amendments="" to="" existing="" standards="" have="" been="" published="" and="" are="" mandatory="" for="" the="" group's="" accounting="" periods="" beginning="" on="" or="" after="" 1="" january="" 2013="" or="" later="" periods,="" but="" are="" currently="" not="" relevant="" to="" the="" group:="" ifrs="" 9,="" 'financial="" instruments',="" addresses="" the="" classification,="" measurement="" and="" recognition="" of="" financial="" assets="" and="" financial="" liabilities.="" ifrs="" 9="" was="" issued="" in="" november="" 2009="" and="" october="" 2010="" and="" replaces="" the="" parts="" of="" ias="" 39="" that="" relate="" to="" the="" classification="" and="" measurement="" of="" financial="" instruments.="" ifrs="" 9="" requires="" financial="" assets="" to="" be="" classified="" into="" two="" measurement="" categories:="" those="" measured="" at="" fair="" value="" and="" those="" measured="" at="" amortised="" cost.="" the="" determination="" is="" made="" at="" initial="" recognition.="" the="" classification="" depends="" on="" the="" entity's="" business="" model="" for="" managing="" its="" financial="" instruments="" and="" the="" contractual="" cash="" flow="" characteristics="" of="" the="" instrument.="" for="" financial="" liabilities,="" the="" standard="" retains="" most="" of="" the="" ias="" 39="" requirements.="" the="" main="" change="" is="" that="" in="" cases="" where="" the="" fair="" value="" option="" is="" taken="" for="" financial="" liabilities,="" the="" comprehensive="" income="" rather="" than="" the="" income="" statement="" is="" affected,="" unless="" this="" creates="" an="" accounting="" mismatch.="" the="" impact="" of="" ifrs="" 9="" is="" not="" expected="" to="" be="" material="" to="" the="" group.="" ifrs="" 9="" is="" not="" yet="" endorsed="" by="" the="" european="" union.="" the="" effective="" date="" is="" after="" 1="" january="" 2015.="" ifric="" 21,="" 'levies',="" sets="" out="" the="" accounting="" for="" an="" obligation="" to="" pay="" a="" levy="" that="" is="" not="" income="" tax.="" the="" interpretation="" addresses="" the="" obligating="" event="" that="" gives="" rise="" to="" pay="" a="" levy="" and="" when="" a="" liability="" should="" be="" recognised.="" the="" impact="" is="" not="" expected="" to="" be="" material="" to="" the="" group.="" ifric="" 21="" is="" not="" yet="" endorsed="" by="" the="" european="" union.="" ifrs="" 10,="" 'consolidated="" financial="" statements'="" builds="" on="" existing="" principles="" by="" identifying="" the="" concept="" of="" control="" as="" the="" determining="" factor="" in="" whether="" an="" entity="" should="" be="" included="" within="" the="" consolidated="" financial="" statements="" of="" the="" parent="" company.="" the="" standard="" provides="" additional="" guidance="" to="" assist="" in="" the="" determination="" of="" control="" where="" this="" is="" difficult="" to="" assess.="" the="" standard="" is="" not="" mandatory="" for="" the="" group="" until="" 1="" january="" 2014,="" and="" the="" impact="" is="" not="" expected="" to="" be="" material.="" ifrs="" 11,="" 'joint="" arrangements'="" focuses="" on="" rights="" and="" obligations="" of="" the="" parties="" to="" the="" arrangement="" rather="" than="" its="" legal="" form.="" proportional="" consolidation="" of="" joint="" arrangements="" is="" no="" longer="" permitted.="" the="" standard="" is="" not="" mandatory="" for="" the="" group="" until="" 1="" january="" 2014="" and="" is="" not="" expected="" to="" have="" an="" impact="" on="" the="" group.="" ifrs="" 12,="" 'disclosures="" of="" interests="" in="" other="" entities'="" includes="" the="" disclosure="" requirements="" for="" all="" forms="" of="" interests="" in="" other="" entities="" including="" joint="" arrangements,="" associates,="" structured="" entities="" and="" other="" off-balance="" sheet="" vehicles.="" the="" standard="" is="" not="" mandatory="" for="" the="" group="" until="" 1="" january="" 2014.="" the="" standard="" is="" expected="" to="" impact="" the="" group="" with="" regards="" disclosure="" of="" restrictions="" on="" its="" ability="" to="" access="" assets.="" change="" in="" accounting="" policy="" during="" october="" 2011,="" the="" international="" accounting="" standards="" board="" issued="" ifric="" 20,="" "stripping="" costs="" in="" the="" production="" phase="" of="" a="" surface="" mine".="" the="" interpretation="" applies="" to="" waste="" removal="" costs="" incurred="" in="" surface="" mining="" activity="" during="" the="" production="" phase="" of="" a="" mine="" and="" addresses="" the="" recognition="" of="" production="" stripping="" costs="" as="" an="" asset,="" initial="" measurement="" of="" the="" stripping="" activity="" asset="" and="" the="" subsequent="" measurement="" of="" the="" stripping="" activity="" asset.="" the="" stripping="" cost="" accounting="" policy="" has="" been="" changed="" to="" align="" with="" the="" requirements="" of="" ifric="" 20.="" stripping="" costs="" are="" now="" capitalised="" if="" the="" stripping="" activity="" provides="" economic="" benefit="" to="" an="" identifiable="" component="" of="" the="" ore="" body.="" depreciation="" of="" capitalised="" costs="" for="" the="" components="" is="" calculated="" over="" the="" reserves="" of="" the="" ore="" body="" that="" have="" been="" made="" accessible="" through="" the="" stripping="" activity.="" the="" previous="" accounting="" policies="" required="" accounting="" for="" stripping="" costs="" by="" reference="" to="" ore="" reserves="" from="" each="" separate="" pit,="" where="" the="" revised="" policy="" requires="" accounting="" for="" each="" identifiable="" component="" of="" the="" ore="" body.="" ifric="" 20="" is="" applicable="" for="" annual="" periods="" beginning="" on="" or="" after="" 1="" january="" 2013.="" the="" application="" of="" ifric="" 20="" resulted="" in="" the="" restatement="" of="" 2012="" results.="" the="" impact="" on="" the="" consolidated="" income="" statement,="" consolidated="" statement="" of="" financial="" position="" and="" consolidated="" statements="" of="" cash="" flows="" for="" the="" year="" ended="" 31="" december="" 2012="" is="" set="" out="" below:="" (in="" thousands="" of="" united="" states="" dollars)="" restated1="" previously="" reported="" variance="" consolidated="" income="" statement="" net="" adjustments:="" direct="" mining="" costs="" 576,070="" 581,483="" (5,413)="" depreciation="" and="" amortisation2="" 159,446="" 158,883="" 563="" tax="" expense="" 72,604="" 71,063="" 1,541="" total="" 808,120="" 811,429="" (3,309)="" consolidated="" balance="" sheet="" net="" adjustments:="" mineral="" properties="" and="" mine="" development="" costs="" 819,063="" 807,947="" 11,116="" inventory="" 447,785="" 454,051="" (6,266)="" deferred="" tax="" liabilities="" 175,114="" 173,574="" 1,540="" consolidated="" cash="" flow="" statement="" cash="" flows="" provided="" by="" operating="" activities="" 268,733="" 257,903="" 10,830="" cash="" flows="" used="" in="" investing="" activities="" (371,485)="" (360,655)="" (10,830)="" 1="" represents="" values="" for="" the="" total="" group="" including="" discontinued="" operations.="" 2="" depreciation="" and="" amortisation="" includes="" the="" depreciation="" component="" of="" the="" cost="" of="" inventory="" sold.="" discontinued="" operations="" and="" disposal="" group="" assets="" and="" liabilities="" held="" for="" sale="" on="" 15="" november="" 2013="" abg="" announced="" that="" an="" agreement="" was="" reached="" with="" stamico,="" the="" tanzanian="" state="" mining="" corporation,="" whereby="" stamico="" will="" acquire="" the="" tulawaka="" gold="" mine="" ("tulawaka")="" and="" certain="" exploration="" licenses="" surrounding="" tulawaka="" for="" consideration="" of="" us$4.5="" million="" and="" the="" grant="" of="" a="" 2%="" net="" smelter="" royalty="" on="" future="" production="" in="" excess="" of="" 500,000="" ounces,="" capped="" at="" us$500,000.="" as="" part="" of="" the="" agreement,="" stamico="" will="" take="" ownership="" and="" management="" of="" the="" rehabilitation="" fund="" established="" as="" part="" of="" the="" closure="" plan="" for="" the="" mine,="" in="" return="" for="" the="" assumption="" of="" all="" remaining="" past="" and="" future="" closure="" and="" rehabilitation="" liabilities="" for="" tulawaka,="" and="" will="" indemnify="" the="" other="" parties="" to="" the="" agreement="" in="" relation="" to="" these="" liabilities.="" this="" has="" resulted="" in="" a="" cash="" payment="" of="" us$11.6="" million="" in="" february="" 2014="" by="" abg="" to="" stamico="" for="" the="" balance="" of="" the="" rehabilitation="" fund,="" less="" the="" transaction="" consideration.="" tulawaka="" is="" 100%="" owned="" by="" the="" tulawaka="" joint="" venture,="" in="" which="" abg="" holds="" a="" 70%="" economic="" interest="" through="" a="" wholly="" owned="" subsidiary,="" with="" mdn="" inc="" holding="" the="" remaining="" 30%="" of="" the="" joint="" venture.="" production="" at="" tulawaka="" ceased="" in="" q2="" 2013.="" the="" financial="" results="" of="" tulawaka="" have="" been="" presented="" as="" discontinued="" operations="" in="" the="" condensed="" consolidated="" financial="" statements.="" the="" comparative="" results="" in="" the="" condensed="" consolidated="" income="" statement="" have="" been="" presented="" as="" if="" tulawaka="" had="" been="" discontinued="" from="" the="" start="" of="" the="" comparative="" period.="" the="" assets="" and="" liabilities="" that="" are="" to="" be="" sold="" to="" stamico="" have="" been="" presented="" as="" held="" for="" sale.="" below="" is="" a="" summary="" of="" the="" results="" of="" tulawaka="" for="" the="" year="" ended="" 31="" december:="" (in="" thousands="" of="" united="" states="" dollars)="" 2013="" 2012="" results="" of="" discontinued="" operations="" revenue="" 13,514="" 75,601="" cost="" of="" sales="" (30,368)="" (77,823)="" gross="" loss="" (16,854)="" (2,222)="" corporate="" administration="" (1,311)="" (3,928)="" exploration="" and="" evaluation="" costs="" -="" (2,208)="" corporate="" social="" responsibility="" expenses1="" (3,259)="" (1,394)="" impairment="" charges="" (16,701)="" (44,536)="" other="" charges2="" (19,442)="" (600)="" loss="" before="" net="" finance="" expense="" and="" taxation="" (57,567)="" (54,888)="" finance="" income="" 30="" 46="" finance="" expense="" (116)="" (226)="" loss="" before="" taxation="" (57,653)="" (55,068)="" tax="" credit="" -="" 6,089="" net="" loss="" for="" the="" year="" (57,653)="" (48,979)="" below="" is="" a="" summary="" of="" cash="" flows="" from="" discontinued="" operations="" for="" year="" ended="" 31="" december:="" (in="" thousands="" of="" united="" states="" dollars)="" 2013="" 2012="" operating="" cash="" flows="" (31,811)="" 5,104="" investing="" cash="" flows="" (8,702)="" (22,400)="" financing="" cash="" flows="" -="" -="" total="" cash="" flows="" (40,513)="" (17,296)="" 1="" corporate="" social="" responsibility="" expenses="" relate="" to="" projects="" supported="" from="" the="" abg="" maendeleo="" fund.="" 2="" included="" in="" other="" charges="" are="" non-operational="" costs="" incurred="" since="" the="" cessation="" of="" operations="" of="" us$18.1="" million.="" below="" is="" a="" summary="" of="" tulawaka's="" assets="" and="" liabilities="" at="" 31="" december="" classified="" as="" disposal="" group="" held="" for="" sale:="" (in="" thousands="" of="" united="" states="" dollars)="" 2013="" property,="" plant="" and="" equipment="" 239="" inventories="" 357="" disposal="" group="" assets="" held="" for="" sale="" 596="" provisions="" 16,760="" disposal="" group="" liabilities="" held="" for="" sale="" 16,760="" net="" assets="" and="" liabilities="" of="" disposal="" group="" held="" for="" sale="" (16,164)="" segment="" reporting="" the="" group="" has="" only="" one="" primary="" product="" produced="" in="" a="" single="" geographic="" location,="" being="" gold="" produced="" in="" tanzania.="" in="" addition="" the="" group="" produces="" copper="" and="" silver="" as="" a="" co-product.="" reportable="" operating="" segments="" are="" based="" on="" the="" internal="" reports="" provided="" to="" the="" chief="" operating="" decision="" maker="" ("codm")="" to="" evaluate="" segment="" performance,="" decide="" how="" to="" allocate="" resources="" and="" make="" other="" operating="" decisions.="" after="" applying="" the="" aggregation="" criteria="" and="" quantitative="" thresholds="" contained="" in="" ifrs="" 8,="" the="" group's="" reportable="" operating="" segments="" were="" determined="" to="" be:="" north="" mara="" gold="" mine;="" bulyanhulu="" gold="" mine;="" buzwagi="" gold="" mine;="" a="" separate="" corporate="" and="" exploration="" segment,="" which="" primarily="" consists="" of="" costs="" related="" to="" other="" charges="" and="" corporate="" social="" responsibility="" expenses,="" as="" well="" as="" discontinued="" operations="" (tulawaka="" gold="" mine).="" segment="" results="" and="" carrying="" values="" include="" items="" directly="" attributable="" to="" the="" segment="" as="" well="" as="" those="" that="" can="" be="" allocated="" on="" a="" reasonable="" basis.="" segment="" carrying="" values="" are="" disclosed="" and="" calculated="" as="" shareholders="" equity="" after="" adding="" back="" debt="" and="" intercompany="" liabilities,="" and="" subtracting="" cash="" and="" intercompany="" assets.="" capital="" expenditures="" comprise="" of="" additions="" to="" property,="" plant="" and="" equipment.="" the="" group="" has="" also="" included="" segment="" cash="" costs="" and="" all-in="" sustaining="" cost="" per="" ounce="" sold.="" segment="" information="" for="" the="" reportable="" operating="" segments="" of="" the="" group="" for="" the="" periods="" ended="" 31="" december="" 2013="" and="" 31="" december="" 2012="" is="" set="" out="" below.="" for="" the="" year="" ended="" 31="" december="" 2013="" north="" continuing="" discontinued="" (in="" thousands="" of="" united="" states="" dollars)="" mara="" bulyanhulu="" buzwagi="" other="" operations="" operations7="" total="" gold="" revenue="" 364,574="" 262,539="" 258,879="" -="" 885,992="" 13,483="" 899,475="" co-product="" revenue="" 819="" 16,882="" 25,311="" -="" 43,012="" 31="" 43,043="" total="" segment="" revenue="" 365,393="" 279,421="" 284,190="" -="" 929,004="" 13,514="" 942,518="" segment="" cash="" operating="" cost1="" (172,894)="" (190,647)="" (202,286)="" -="" (565,827)="" (20,527)="" (586,354)="" corporate="" administration="" and="" exploration="" (13,026)="" (14,661)="" (20,976)="" (421)="" (49,084)="" (1,311)="" (50,395)="" other="" charges="" and="" corporate="" social="" responsibility="" expenses="" (11,961)="" (5,827)="" (4,730)="" (20,143)="" (42,661)="" (22,701)="" (65,362)="" ebitda2="" 167,512="" 68,286="" 56,198="" (20,564)="" 271,432="" (31,025)="" 240,407="" impairment="" charges="" (307,259)="" -="" (690,478)="" (46,573)="" (1,044,310)="" (16,701)="" (1,061,011)="" depreciation="" and="" amortisation8="" (68,565)="" (35,867)="" (39,906)="" (3,641)="" (147,979)="" (9,841)="" (157,820)="" ebit2="" (208,312)="" 32,419="" (674,186)="" (70,778)="" (920,857)="" (57,567)="" (978,424)="" finance="" income="" 327="" 662="" 406="" 275="" 1,670="" 30="" 1,700="" finance="" expense="" (2,501)="" (1,482)="" (2,446)="" (3,123)="" (9,552)="" (116)="" (9,668)="" loss="" before="" taxation="" (210,486)="" 31,599="" (676,226)="" (73,626)="" (928,739)="" (57,653)="" (986,392)="" tax="" credit="" 44,283="" (13,977)="" 146,990="" 10,663="" 187,959="" -="" 187,959="" net="" loss="" for="" the="" year="" (166,203)="" 17,622="" (529,236)="" (62,963)="" (740,780)="" (57,653)="" (798,433)="" capital="" expenditure:="" sustaining="" 38,386="" 25,193="" 31,589="" 690="" 95,858="" 583="" 96,441="" expansionary="" 949="" 114,912="" -="" 1,608="" 117,469="" -="" 117,469="" capitalised="" development="" 65,594="" 45,428="" 60,136="" 171,158="" -="" 171,158="" reclamation="" asset="" reduction="" (11,271)="" (10,044)="" (9,230)="" -="" (30,545)="" (195)="" (30,740)="" total="" capital="" expenditure="" 93,658="" 175,489="" 82,495="" 2,298="" 353,940="" 388="" 354,328="" segmental="" cash="" operating="" cost="" 172,894="" 190,647="" 202,286="" -="" 565,827="" 20,527="" 586,354="" deduct:="" co-product="" revenue="" (819)="" (16,882)="" (25,311)="" -="" (43,012)="" (31)="" (43,043)="" total="" cash="" costs="" 172,075="" 173,765="" 176,975="" -="" 522,815="" 20,496="" 543,311="" sold="" ounces3="" 260,945="" 195,304="" 187,348="" -="" 643,597="" 8,778="" 652,375="" cash="" cost="" per="" ounce="" sold2="" 659="" 890="" 945="" -="" 812="" 2,335="" 833="" attributable="" to="" outside="" interests4="" (6)="" total="" attributable="" cash="" cost="" per="" ounce="" sold2="" 827="" cash="" costs="" per="" ounce="" sold2="" 659="" 890="" 945="" -="" 812="" 2,335="" 833="" corporate="" administration="" charges="" 38="" 72="" 51="" (2)="" 50="" 149="" 51="" rehabilitation="" -="" accretion="" and="" depreciation="" 29="" 7="" 15="" -="" 18="" 86="" 19="" mine="" site="" exploration="" costs="" 12="" 3="" 2="" -="" 6="" 6="" 6="" corporate="" social="" responsibility="" expenses="" 31="" 6="" 4="" 3="" 19="" 371="" 24="" capitalised="" stripping/="" ug="" development="" 251="" 233="" 321="" -="" 266="" -="" 262="" sustaining="" capital="" expenditure="" 207="" 133="" 168="" 1="" 175="" 66="" 173="" attributable="" to="" outside="" interests4="" (6)="" all-in="" sustaining="" cost="" per="" ounce="" sold2="" 1,227="" 1,344="" 1,506="" 2="" 1,346="" 3,013="" 1,362="" segment="" carrying="" value6="" 367,326="" 1,116,142="" 253,344="" 81,005="" 1,817,817="" 10,489="" 1,828,306="" for="" the="" year="" ended="" 31="" december="" 2012="" (restated)="" north="" continuing="" discontinued="" (in="" thousands="" of="" united="" states="" dollars)="" mara="" bulyanhulu="" buzwagi="" other="" operations="" operations7="" total="" gold="" revenue="" 310,549="" 393,347="" 259,954="" -="" 963,850="" 75,458="" 1,039,308="" co-product="" revenue="" 549="" 24,311="" 23,028="" -="" 47,888="" 143="" 48,031="" total="" segment="" revenue="" 311,098="" 417,658="" 282,982="" -="" 1,011,738="" 75,601="" 1,087,339="" segment="" cash="" operating="" cost1,5="" (178,419)="" (213,350)="" (188,652)="" -="" (580,421)="" (57,992)="" (638,413)="" corporate="" administration="" and="" exploration="" (20,276)="" (19,848)="" (33,906)="" (361)="" (74,391)="" (6,136)="" (80,527)="" other="" charges="" and="" corporate="" social="" responsibility="" expenses="" (12,920)="" 40="" (4,944)="" (12,299)="" (30,123)="" (1,994)="" (32,117)="" ebitda2="" 99,483="" 184,500="" 55,480="" (12,660)="" 326,803="" 9,479="" 336,282="" impairment="" charges="" -="" -="" -="" -="" -="" (44,536)="" (44,536)="" depreciation="" and="" amortisation5,8="" (55,272)="" (33,064)="" (47,636)="" (3,643)="" (139,615)="" (19,831)="" (159,446)="" ebit2="" 44,211="" 151,436="" 7,844="" (16,303)="" 187,188="" (54,888)="" 132,300="" finance="" income="" 415="" 684="" 457="" 500="" 2,056="" 46="" 2,102="" finance="" expense="" (2,036)="" (2,304)="" (2,558)="" (3,181)="" (10,079)="" (226)="" (10,305)="" profit/(loss)="" before="" taxation="" 42,590="" 149,816="" 5,743="" (18,984)="" 179,165="" (55,068)="" 124,097="" tax="" (credit)/="" expense5="" (17,977)="" (54,591)="" (9,429)="" 3,304="" (78,693)="" 6,089="" (72,604)="" net="" profit/(loss)="" for="" the="" year="" 24,613="" 95,225="" (3,686)="" (15,680)="" 100,472="" (48,979)="" 51,493="" capital="" expenditure:="" sustaining="" 47,759="" 35,193="" 56,441="" 8,988="" 148,381="" 13,157="" 161,538="" expansionary="" 10,091="" 36,814="" 62="" -="" 46,967="" 2,922="" 49,889="" capitalised="" development5="" 28,139="" 45,605="" 39,456="" -="" 113,200="" 7,258="" 120,458="" reclamation="" asset="" addition/(reduction)="" 7,540="" (43)="" 10,494="" -="" 17,991="" 1,251="" 19,242="" total="" capital="" expenditure="" 93,529="" 117,569="" 106,453="" 8,988="" 326,539="" 24,588="" 351,127="" segmental="" cash="" operating="" cost="" 178,419="" 213,350="" 188,652="" -="" 580,421="" 57,992="" 638,413="" deduct:="" co-product="" revenue="" (549)="" (24,311)="" (23,028)="" -="" (47,888)="" (143)="" (48,031)="" total="" cash="" costs="" 177,870="" 189,039="" 165,624="" -="" 532,533="" 57,849="" 590,382="" sold="" ounces3="" 186,600="" 235,410="" 155,322="" -="" 577,332="" 45,600="" 622,932="" cash="" cost="" per="" ounce="" sold2="" 953="" 803="" 1,066="" -="" 922="" 1,269="" 948="" attributable="" to="" outside="" interests4="" (7)="" total="" attributable="" cash="" cost="" per="" ounce="" sold2="" 941="" cash="" costs="" per="" ounce="" sold2="" 953="" 803="" 1,066="" -="" 922="" 1,269="" 948="" corporate="" administration="" charges="" 78="" 75="" 78="" 6="" 83="" 86="" 85="" rehabilitation="" -="" accretion="" and="" depreciation="" 48="" 10="" 23="" -="" 26="" 134="" 34="" mine="" site="" exploration="" costs="" 31="" 9="" 6="" -="" 16="" 48="" 18="" corporate="" social="" responsibility="" expenses="" 39="" 5="" 8="" 6="" 23="" 31="" 24="" capitalised="" stripping/="" ug="" development="" 151="" 194="" 254="" -="" 196="" 159="" 198="" sustaining="" capital="" expenditure="" 393="" 149="" 363="" 10="" 295="" 289="" 302="" attributable="" to="" outside="" interests4="" (24)="" all-in="" sustaining="" cost="" per="" ounce="" sold2="" 1,693="" 1,245="" 1,798="" 22="" 1,561="" 2,016="" 1,585="" segment="" carrying="" value6="" 573,980="" 978,045="" 721,296="" 119,086="" 2,392,407="" 11,043="" 2,403,450="" 1="" the="" codm="" reviews="" cash="" operating="" costs="" for="" the="" four="" operating="" mine="" sites="" separately="" from="" corporate="" administration="" costs="" and="" exploration="" costs.="" consequently,="" the="" group="" has="" reported="" these="" costs="" in="" this="" manner.="" 2="" these="" are="" non-ifrs="" financial="" performance="" measures="" with="" no="" standard="" meaning="" under="" ifrs.="" refer="" to="" 'non="" ifrs="" measures'="" on="" page="" 28="" for="" definitions.="" 3="" reflects="" 100%="" of="" ounces="" sold.="" 4="" reflects="" the="" adjustment="" for="" non-controlling="" interest="" at="" tulawaka.="" 5="" 2012="" restated="" due="" to="" the="" adoption="" of="" ifric="" 20.="" 6="" segment="" carrying="" values="" are="" calculated="" as="" shareholders="" equity="" after="" adding="" back="" debt="" and="" intercompany="" liabilities,="" and="" subtracting="" cash="" and="" intercompany="" assets="" and="" include="" outside="" shareholders'="" interests.="" 7="" represents="" tulawaka,="" which="" has="" been="" discontinued.="" 8="" depreciation="" and="" amortisation="" includes="" the="" depreciation="" component="" of="" the="" cost="" of="" inventory="" sold.="" revenue="" for="" the="" year="" ended="" 31="" for="" the="" year="" ended="" 31="" december="" december="" (in="" thousands="" of="" united="" states="" 2013="" dollars)="" 2012="" (restated)3="" gold="" doré="" sales="" 659,760="" 634,363="" gold="" concentrate="" sales¹="" 226,231="" 329,487="" copper="" concentrate="" sales¹="" 37,539="" 41,123="" silver="" sales="" 5,474="" 6,765="" total="" 929,004="" 1,011,738="" concentrate="" sales="" includes="" provisional="" price="" adjustments="" to="" the="" accounts="" receivable="" balance="" due="" to="" changes="" in="" market="" gold,="" silver="" and="" copper="" prices="" prior="" to="" final="" settlement="" as="" follows:="" us$12.2="" million="" for="" the="" year="" ended="" 31="" december="" 2013="" (us$3.7="" million="" for="" the="" year="" ended="" 31="" december="" 2012).="" for="" the="" year="" ended="" 31="" for="" the="" year="" ended="" 31="" (in="" thousands="" of="" united="" states="" dollars)="" december="" december="" revenue="" by="" location="" of="" customer2="" 2013="" 2012="" (restated)3="" europe="" switzerland="" 257,914="" 492,460="" germany="" 73,126="" 114,471="" asia="" india="" 403,956="" 143,796="" china="" 117,099="" 162,140="" japan="" 76,909="" 98,871="" total="" revenue="" 929,004="" 1,011,738="" revenue="" by="" location="" of="" customer="" is="" determined="" based="" on="" the="" country="" to="" which="" the="" gold="" is="" delivered.="" 2012="" restated="" due="" to="" the="" classification="" of="" tulawaka="" as="" a="" discontinued="" operation.="" refer="" to="" note="" 5="" for="" a="" discussion.="" included="" in="" revenues="" for="" the="" year="" ended="" 31="" december="" 2013="" are="" revenues="" of="" approximately="" us$681="" million="" (2012:="" us$856="" million)="" which="" arose="" from="" sales="" to="" four="" of="" the="" group's="" largest="" customers.="" no="" other="" customers="" individually="" account="" for="" more="" than="" 10%="" of="" the="" group's="" revenues.="" impairment="" charges="" in="" accordance="" with="" ias="" 36="" "impairment="" of="" assets"="" and="" ias="" 38="" "intangible="" assets"="" a="" review="" for="" impairment="" of="" goodwill="" is="" undertaken="" annually,="" or="" at="" any="" time="" an="" indicator="" of="" impairment="" is="" considered="" to="" exist,="" and="" in="" accordance="" with="" ias="" 16="" "property,="" plant="" and="" equipment"="" a="" review="" for="" impairment="" of="" long-lived="" assets="" is="" undertaken="" at="" any="" time="" an="" indicator="" of="" impairment="" is="" considered="" to="" exist.="" the="" prevailing="" gold="" price="" fell="" significantly="" during="" the="" second="" quarter="" of="" 2013="" due="" to="" macro-economic="" factors,="" mainly="" as="" a="" result="" of="" positive="" economic="" news="" from="" the="" united="" states="" of="" america.="" this="" forced="" a="" review="" of="" the="" gold="" price="" outlook="" used="" for="" long="" term="" planning="" and="" reserve="" estimation.="" management="" expect="" weak="" investment="" demand="" to="" drive="" continued="" volatility="" and="" hold="" gold="" prices="" to="" an="" average="" of="" us$1,300="" per="" ounce,="" a="" price="" we="" consider="" a="" market="" participant="" would="" use="" to="" calculate="" the="" carrying="" value="" of="" our="" assets.="" given="" the="" impact="" of="" the="" lower="" gold="" price="" outlook="" and="" the="" impact="" on="" the="" reserves,="" lom="" plans="" and="" margins="" of="" the="" operating="" mines,="" operating="" performance="" was="" reassessed="" in="" order="" to="" ensure="" optimised="" returns="" and="" cash="" flows="" for="" each="" cash="" generating="" unit.="" cash="" generating="" units="" are="" determined="" on="" the="" same="" basis="" as="" operating="" segments.="" refer="" to="" note="" 6="" for="" further="" details.="" at="" bulyanhulu,="" goodwill="" and="" property,="" plant="" and="" equipment="" was="" reviewed="" for="" impairment="" due="" to="" a="" reduction="" in="" total="" reserves.="" the="" impairment="" review="" did="" not="" indicate="" a="" need="" for="" impairment="" because="" the="" recoverable="" amount="" was="" calculated="" as="" higher="" than="" the="" carrying="" values.="" as="" reported="" in="" the="" consolidated="" financial="" statements="" for="" the="" year="" ended="" 31="" december="" 2012,="" buzwagi's="" cost="" structure="" combined="" with="" the="" grade="" profile="" made="" it="" most="" susceptible="" to="" changes="" in="" the="" gold="" price.="" at="" buzwagi,="" in="" june="" 2013="" the="" mine="" plan="" was="" re-engineered="" to="" substantially="" reduce="" the="" amount="" of="" waste="" movement="" required="" and="" optimise="" the="" grade="" of="" the="" mine.="" this="" resulted="" in="" a="" reduction="" of="" reserve="" life,="" but="" drove="" a="" significant="" improvement="" in="" all-in="" sustaining="" cost="" and="" set="" the="" mine="" up="" to="" deliver="" positive="" cash="" flows="" for="" the="" next="" five="" years.="" as="" a="" result="" of="" the="" changes="" we="" recorded="" a="" mid="" year="" post-tax="" impairment="" to="" the="" long-lived="" assets="" at="" buzwagi="" of="" us$677.5="" million="" and="" supplies="" inventory="" of="" us$13.0="" million="" (2012:="" no="" impairment="" charge).="" at="" north="" mara,="" several="" changes="" were="" made="" to="" the="" plan="" during="" the="" year="" which="" will="" substantially="" reduce="" the="" strip="" ratio,="" volume="" of="" material="" to="" be="" moved="" and="" ultimate="" footprint="" of="" the="" asset.="" in="" june="" 2013,="" the="" mine="" plan="" was="" re-engineered="" to="" remove="" uneconomic="" ounces="" from="" nyabirama="" stage="" 5="" and="" gokona="" stage="" 4="" and="" to="" improve="" the="" overall="" return="" from="" the="" mine.="" further="" to="" this,="" in="" october="" it="" was="" decided="" to="" defer="" gokona="" cut="" 3,="" which="" contains="" 628koz="" of="" north="" mara's="" reserve="" base,="" whilst="" an="" underground="" feasibility="" study="" into="" the="" alternative="" of="" mining="" out="" this="" reserve="" is="" finalised.="" abg="" is="" confident="" that="" the="" outcome="" of="" the="" underground="" study="" will="" be="" positive="" and="" together="" with="" the="" other="" changes="" made="" will="" ensure="" strong="" free="" cash="" flow="" generation="" for="" north="" mara="" together="" with="" an="" optimised="" footprint="" to="" alleviate="" some="" of="" the="" other="" pressures="" encountered="" at="" the="" mine.="" the="" reserve="" base="" has="" also="" been="" adjusted="" in="" line="" with="" the="" lower="" gold="" price="" assumption="" at="" 31="" december="" 2013.="" the="" impact="" of="" the="" deferral="" of="" gokona="" stage="" 3="" combined="" with="" the="" updated="" reserve="" estimates="" resulted="" in="" a="" year="" end="" post="" tax="" impairment="" of="" us$96.3="" million="" in="" addition="" to="" the="" mid="" year="" post-tax="" impairment="" to="" goodwill="" of="" us$21.0="" million="" and="" long-lived="" assets="" of="" us$152.9="" million="" (2012:="" no="" impairment="" charge).="" at="" tulawaka,="" a="" review="" of="" the="" supplies="" balance="" on="" hand="" at="" the="" end="" of="" june="" 2013="" prompted="" a="" supplies="" inventory="" impairment="" of="" us$16.7="" million.="" at="" 30="" june="" 2013,="" the="" recoverable="" amount="" for="" nyanzaga="" was="" calculated="" on="" a="" fair="" value="" less="" cost="" to="" dispose="" basis,="" using="" a="" comparable="" enterprise="" value="" for="" companies="" holding="" similar="" assets="" to="" arrive="" at="" a="" value="" per="" ounce.="" given="" the="" volatility="" in="" the="" market="" and="" the="" lack="" of="" comparable="" transactions="" in="" the="" current="" gold="" price="" environment,="" the="" value="" of="" this="" exploration="" asset="" is="" highly="" judgemental.="" due="" to="" the="" valuation="" being="" below="" the="" carrying="" value,="" we="" recorded="" mid="" year="" impairments="" relating="" to="" the="" goodwill="" and="" acquired="" exploration="" potential="" intangible="" asset="" that="" arose="" on="" the="" acquisition="" of="" tusker="" gold="" ltd="" of="" us$22.0="" million="" and="" subsequent="" investment="" in="" the="" asset="" of="" us$24.6="" million.="" the="" review="" compared="" the="" recoverable="" amount="" of="" assets="" for="" the="" cash="" generating="" units="" ("cgu")="" to="" the="" carrying="" value="" of="" the="" cgu's="" including="" goodwill.="" the="" recoverable="" amount="" of="" an="" asset="" is="" assessed="" by="" reference="" to="" the="" higher="" of="" value="" in="" use="" ("viu"),="" being="" the="" net="" present="" value="" ("npv")="" of="" future="" cash="" flows="" expected="" to="" be="" generated="" by="" the="" asset,="" and="" fair="" value="" less="" costs="" to="" dispose="" ("fvlcd").="" the="" fvlcd="" of="" a="" cgu="" is="" based="" on="" an="" estimate="" of="" the="" amount="" that="" the="" group="" may="" obtain="" in="" a="" sale="" transaction="" on="" an="" arm's="" length="" basis.="" there="" is="" no="" active="" market="" for="" the="" group's="" cgus.="" consequently,="" fvlcd="" is="" derived="" using="" discounted="" cash="" flow="" techniques="" (npv="" of="" expected="" future="" cash="" flows="" of="" a="" cgu),="" which="" incorporate="" market="" participant="" assumptions.="" cost="" to="" dispose="" is="" based="" on="" management's="" best="" estimates="" of="" future="" selling="" costs="" at="" the="" time="" of="" calculating="" fvlcd.="" costs="" attributable="" to="" the="" disposal="" of="" a="" cgu="" are="" not="" considered="" significant.="" the="" expected="" future="" cash="" flows="" utilised="" in="" the="" npv="" model="" are="" derived="" from="" estimates="" of="" projected="" future="" revenues,="" future="" cash="" costs="" of="" production="" and="" capital="" expenditures="" contained="" in="" the="" lom="" plan="" for="" each="" cgu.="" the="" group's="" lom="" plans="" reflect="" proven="" and="" probable="" reserves="" and="" are="" based="" on="" detailed="" research,="" analysis="" and="" modeling="" to="" optimise="" the="" internal="" rate="" of="" return="" for="" each="" cgu.="" the="" discount="" rate="" applied="" to="" calculate="" the="" present="" value="" is="" based="" upon="" the="" real="" weighted="" average="" cost="" of="" capital="" applicable="" to="" the="" cgu.="" the="" discount="" rate="" reflects="" equity="" risk="" premiums="" over="" the="" risk-free="" rate,="" the="" impact="" of="" the="" remaining="" economic="" life="" of="" the="" cgu="" and="" the="" risks="" associated="" with="" the="" relevant="" cash="" flows="" based="" on="" the="" country="" in="" which="" the="" cgu="" is="" located.="" these="" risk="" adjustments="" are="" based="" on="" observed="" equity="" risk="" premiums,="" historical="" country="" risk="" premiums="" and="" average="" credit="" default="" swap="" spreads="" for="" the="" period.="" the="" viu="" of="" a="" cgu="" is="" generally="" lower="" than="" its="" fvlcd,="" due="" primarily="" to="" the="" fact="" that="" the="" optimisation="" of="" the="" mine="" plans="" has="" been="" taken="" into="" account="" when="" determining="" its="" fvlcd.="" consequently,="" the="" recoverable="" amount="" of="" a="" cgu="" for="" impairment="" testing="" purposes="" is="" determined="" based="" on="" its="" fvlcd.="" the="" key="" economic="" assumptions="" used="" in="" the="" reviews="" at="" 30="" june="" and="" 31="" december="" 2013="" were:="" for="" the="" year="" ended="" 31="" for="" the="" year="" ended="" 31="" december="" december="" 2013="" 2012="" gold="" price="" per="" ounce="" (applied="" to="" all="" periods)="" us$1,300="" us$1,700="" south="" african="" rand="" (us$:zar)="" 9.50="" 8.00="" tanzanian="" shilling="" (us$:tzs)="" 1,300="" 1,600="" long-term="" oil="" price="" per="" barrel="" us$120="" us$110="" discount="" rate="" 5%="" 4.16%-5.66%="" npv="" multiples="" 1.00="" 0.90-1.30="" on="" a="" gross="" basis,="" and="" before="" taking="" into="" account="" the="" impact="" of="" deferred="" tax,="" the="" total="" impairment="" charge="" for="" 2013="" amounted="" to="" us$690.5="" million="" at="" buzwagi,="" us$307.3="" million="" at="" north="" mara,="" us$46.6="" million="" relating="" to="" nyanzaga="" and="" us$16.7="" million="" at="" tulawaka.="" for="" the="" year="" ended="" 31="" for="" the="" year="" ended="" 31="" december="" december="" (in="" thousands="" of="" united="" states="" dollars)="" 2013="" 2012="" buzwagi="" 690,478="" -="" north="" mara="" 307,258="" -="" tulawaka1="" 16,701="" 44,536="" tusker/nyanzaga="" 46,573="" -="" gross="" impairment="" charge="" 1,061,010="" 44,536="" comprising:="" impairment="" of="" goodwill="" 43,069="" 13,805="" impairment="" of="" intangible="" assets="" 24,550="" -="" impairment="" of="" property,="" plant="" and="" equipment="" 906,822="" 30,731="" impairment="" of="" non-current="" inventory="" 47,830="" -="" impairment="" of="" supplies="" inventory="" 38,739="" -="" gross="" impairment="" charge="" 1,061,010="" 44,536="" deferred="" income="" tax="" (238,008)="" -="" impairment="" charge,="" net="" of="" tax="" 823,002="" 44,536="" 1="" included="" in="" the="" loss="" from="" discontinued="" operations="" for="" purposes="" of="" testing="" for="" impairment="" of="" non-current="" assets,="" a="" reasonably="" possible="" change="" in="" the="" key="" assumptions="" used="" to="" estimate="" the="" recoverable="" amount="" for="" cgu's="" could="" result="" in="" an="" additional="" impairment="" charge.="" the="" carrying="" value="" of="" the="" net="" assets="" relating="" to="" north="" mara="" are="" most="" sensitive="" to="" changes="" in="" key="" assumptions="" in="" respect="" of="" gold="" price="" and="" a="" us$100="" per="" ounce="" decrease="" in="" isolation,="" would="" lead="" to="" an="" additional="" impairment="" at="" north="" mara="" of="" us$99.0="" million.="" at="" the="" same="" time,="" a="" similar="" decrease="" would="" not="" result="" in="" an="" impairment="" at="" buzwagi.="" however,="" should="" the="" gold="" price="" decline="" further,="" the="" mine="" plans="" would="" again="" be="" reassessed="" in="" order="" to="" optimise="" returns="" and="" cash="" flows.="" exploration="" and="" evaluation="" costs="" the="" following="" represents="" a="" summary="" of="" exploration="" and="" evaluation="" expenditures="" incurred="" at="" each="" mine="" site="" and="" significant="" exploration="" targets="" (if="" applicable).="" for="" the="" year="" ended="" 31="" for="" the="" year="" ended="" 31="" december="" december="" (in="" thousands="" of="" united="" states="" dollars)="" 2013="" 2012="" (restated)2="" expensed="" during="" the="" year:="" north="" mara="" 3,099="" 5,814="" buzwagi="" 366="" 967="" bulyanhulu="" 656="" 2,215="" other1="" 12,806="" 17,756="" total="" expensed="" 16,927="" 26,752="" capitalised="" during="" the="" year:="" north="" mara="" 410="" 5,259="" bulyanhulu="" 1,945="" 5,191="" nyanzaga="" 1,608="" 3,241="" total="" capitalised="" 3,963="" 13,691="" total="" 20,890="" 40,443="" 1="" -="" included="" in="" "other"="" are="" the="" exploration="" activities="" conducted="" through="" abg="" exploration="" africa="" limited="" and="" abg="" exploration="" kenya="" limited.="" all="" primary="" greenfield="" exploration="" and="" evaluation="" activities="" are="" conducted="" in="" this="" company.="" 2="" -="" 2012="" restated="" due="" to="" the="" classification="" of="" tulawaka="" as="" a="" discontinued="" operation.="" refer="" to="" note="" 5="" for="" a="" discussion.="" previously,="" total="" exploration="" and="" evaluation="" for="" 2012="" amounted="" to="" u$45.5="" million.="" other="" charges="" for="" the="" year="" for="" the="" year="" ended="" ended="" 31="" december="" 31="" december="" (in="" thousands="" of="" united="" states="" dollars)="" 2013="" 2012="" (restated)3="" other="" expenses="" operational="" review="" costs="" (including="" restructuring="" cost)="" 13,305="" -="" discounting="" of="" indirect="" tax="" receivables="" 1,375="" 4,185="" unrealised="" non-hedge="" derivative="" losses="" 7,203="" 1,719="" bad="" debt="" expense="" 1,369="" 65="" disallowed="" indirect="" taxes="" 1,463="" 2,952="" legal="" costs="" 3,138="" 1,655="" cng="" related="" costs="" (residual)="" 3,246="" 6,378="" government="" levies="" and="" charges="" 2,387="" -="" other="" 3,617="" 4,547="" total="" 37,103="" 21,501="" other="" income="" profit="" on="" disposal="" of="" property,="" plant="" and="" equipment="" (99)="" (660)="" foreign="" exchange="" gains="" (3,622)="" (3,770)="" insurance="" theft="" claim="" (2,958)="" -="" total="" (6,679)="" (4,430)="" total="" other="" charges="" 30,424="" 17,071="" finance,="" income="" and="" expenses="" finance="" income="" for="" the="" year="" ended="" for="" the="" year="" ended="" 31="" december="" 31="" december="" (in="" thousands="" of="" united="" states="" dollars)="" 2013="" 2012="" (restated)3="" interest="" on="" time="" deposits="" 937="" 1,185="" other="" 733="" 871="" total="" 1,670="" 2,056="" finance="" expense="" for="" the="" year="" ended="" for="" the="" year="" ended="" 31="" december="" 31="" december="" (in="" thousands="" of="" united="" states="" dollars)="" 2013="" 2012="" (restated)3="" unwinding="" of="" discount1="" 4,468="" 3,949="" revolving="" credit="" facility="" charges2="" 3,050="" 3,014="" interest="" on="" cil="" facility="" 2,413="" -="" interest="" on="" finance="" leases="" 658="" 841="" bank="" charges="" 756="" 1,062="" other="" 620="" 1,213="" 11,965="" 10,079="" capitalised="" during="" the="" year="" (2,413)="" -="" total="" 9,552="" 10,079="" the="" unwinding="" of="" discount="" is="" calculated="" on="" the="" environmental="" rehabilitation="" provision.="" included="" in="" credit="" facility="" charges="" are="" the="" amortisation="" of="" the="" fees="" related="" to="" the="" revolving="" credit="" facility="" as="" well="" as="" the="" monthly="" interest="" and="" facility="" fees.="" 2012="" restated="" due="" to="" the="" classification="" of="" tulawaka="" as="" a="" discontinued="" operation.="" refer="" to="" note="" 5="" for="" a="" discussion.="" tax="" (credit)/="" expense="" for="" the="" year="" ended="" for="" the="" year="" ended="" 31="" december="" 31="" december="" (in="" thousands="" of="" united="" states="" dollars)="" 2013="" 2012="" (restated)1="" current="" tax:="" current="" tax="" on="" profits="" for="" the="" year="" -="" -="" adjustments="" in="" respect="" of="" prior="" years="" 40="" 120="" total="" current="" tax="" 40="" 120="" deferred="" tax:="" origination="" and="" reversal="" of="" temporary="" differences="" (187,999)="" 78,573="" total="" deferred="" tax="" (187,999)="" 78,573="" income="" tax="" expense="" (187,959)="" 78,693="" 1="" -="" 2012="" restated="" due="" to="" the="" application="" of="" ifric="" 20.="" refer="" to="" note="" 4="" for="" a="" discussion="" of="" the="" change="" in="" accounting="" policy.="" the="" tax="" on="" the="" group's="" profit="" before="" tax="" differs="" from="" the="" theoretical="" amount="" that="" would="" arise="" using="" the="" weighted="" average="" tax="" rate="" applicable="" to="" the="" profits="" of="" the="" consolidated="" entities="" as="" follows:="" for="" the="" year="" for="" the="" year="" ended="" 31="" ended="" 31="" december="" december="" (in="" thousands="" of="" united="" states="" dollars)="" 2013="" 2012="" (restated)1="" (loss)/profit="" before="" tax="" (928,739)="" 179,165="" tax="" calculated="" at="" domestic="" tax="" rates="" applicable="" to="" profits="" in="" the="" respective="" countries="" (292,917)="" 55,025="" tax="" effects="" of:="" (non-taxable="" income)="" expenses="" not="" deductible="" for="" tax="" purposes="" 13,111="" 1,333="" tax="" losses="" for="" which="" no="" deferred="" income="" tax="" asset="" was="" recognised="" 84,904="" 18,831="" prior="" year="" adjustments="" 5,572="" 6,691="" effect="" of="" tax="" rates="" in="" foreign="" jurisdictions="" 1,371="" (3,187)="" tax="" charge="" (187,959)="" 78,693="" 1="" -="" 2012="" restated="" due="" to="" the="" application="" of="" ifric="" 20.="" refer="" to="" note="" 4="" for="" a="" discussion="" of="" the="" change="" in="" accounting="" policy.="" tax="" periods="" remain="" open="" to="" review="" by="" the="" tanzanian="" revenue="" authority="" (tra)="" in="" respect="" of="" income="" taxes="" for="" five="" years="" following="" the="" date="" of="" the="" filing="" of="" the="" corporate="" tax="" return,="" during="" which="" time="" the="" authorities="" have="" the="" right="" to="" raise="" additional="" tax="" assessments="" including="" penalties="" and="" interest.="" under="" certain="" circumstances="" the="" reviews="" may="" cover="" longer="" periods.="" because="" a="" number="" of="" tax="" periods="" remain="" open="" to="" review="" by="" tax="" authorities,="" there="" is="" a="" risk="" that="" transactions="" that="" have="" not="" been="" challenged="" in="" the="" past="" by="" the="" authorities="" may="" be="" challenged="" by="" them="" in="" the="" future,="" and="" this="" may="" result="" in="" the="" raising="" of="" additional="" tax="" assessments="" plus="" penalties="" and="" interest.="" (loss)/="" earnings="" per="" share="" (eps)="" basic="" eps="" is="" calculated="" by="" dividing="" the="" net="" profit="" for="" the="" year="" attributable="" to="" owners="" of="" the="" company="" by="" the="" weighted="" average="" number="" of="" ordinary="" shares="" in="" issue="" during="" the="" year.="" diluted="" earnings="" per="" share="" is="" calculated="" by="" adjusting="" the="" weighted="" average="" number="" of="" ordinary="" shares="" outstanding="" to="" assume="" conversion="" of="" all="" dilutive="" potential="" ordinary="" shares.="" the="" company="" has="" dilutive="" potential="" ordinary="" shares="" in="" the="" form="" of="" stock="" options.="" the="" weighted="" average="" number="" of="" shares="" is="" adjusted="" for="" the="" number="" of="" shares="" granted="" assuming="" the="" exercise="" of="" stock="" options.="" at="" 31="" december="" 2013="" and="" 31="" december="" 2012,="" earnings="" per="" share="" have="" been="" calculated="" as="" follows:="" for="" the="" for="" the="" year="" year="" ended="" ended="" 31="" december="" 31="" december="" (in="" thousands="" of="" united="" states="" dollars="" except="" per="" share="" amounts)="" 2013="" 2012="" (restated)1="" (loss)/earnings="" net="" (loss)/profit="" from="" continuing="" operations="" attributable="" to="" owners="" of="" the="" parent="" (740,780)="" 100,472="" net="" (loss)/profit="" from="" discontinued="" operations="" attributable="" to="" owners="" of="" the="" parent="" (40,321)="" (37,692)="" weighted="" average="" number="" of="" ordinary="" shares="" in="" issue="" 410,085,499="" 410,085,499="" adjusted="" for="" dilutive="" effect="" of="" stock="" options="" -="" -="" weighted="" average="" number="" of="" ordinary="" shares="" for="" diluted="" earnings="" per="" share="" 410,085,499="" 410,085,499="" (loss)/earnings="" per="" share="" basic="" and="" dilutive="" (loss)/earnings="" per="" share="" from="" continuing="" operations="" (cents)="" (180.6)="" 24.5="" basic="" and="" dilutive="" (loss)/earnings="" per="" share="" from="" discontinued="" operations="" (cents)="" (9.8)="" (9.2)="" 1="" -="" 2012="" restated="" due="" to="" the="" application="" of="" ifric="" 20.="" refer="" to="" note="" 4="" for="" a="" discussion="" of="" the="" change="" in="" accounting="" policy.="" property,="" plant="" and="" equipment="" mineral="" properties="" and="" mine="" assets="" under="" for="" the="" year="" ended="" 31="" december="" 2013="" plant="" and="" development="" construction="" (in="" thousands="" of="" united="" states="" dollars)="" equipment="" costs="" ¹="" total="" at="" 1="" january="" 2013,="" net="" of="" accumulated="" depreciation="" 945,118="" 819,063="" 210,859="" 1,975,040="" additions="" -="" -="" 354,328="" 354,328="" disposals/write-downs="" (477)="" -="" -="" (477)="" impairments2="" (582,669)="" (287,276)="" (36,877)="" (906,822)="" depreciation="" (84,350)="" (56,809)="" -="" (141,159)="" transfers="" between="" categories="" 18,677="" 121,427="" (140,104)="" -="" reclassification="" to="" disposal="" group="" assets="" held="" for="" sale="" -="" (239)="" -="" (239)="" at="" 31="" december="" 2013="" 296,299="" 596,166="" 388,206="" 1,280,671="" at="" 1="" january="" 2013="" cost="" 1,475,374="" 1,250,088="" 210,859="" 2,936,321="" accumulated="" depreciation="" (530,256)="" (431,025)="" -="" (961,281)="" net="" carrying="" amount="" 945,118="" 819,063="" 210,859="" 1,975,040="" at="" 31="" december="" 2013="" cost="" 1,397,456="" 1,315,918="" 425,083="" 3,138,457="" accumulated="" depreciation="" and="" impairment="" (1,101,157)="" (719,752)="" (36,877)="" (1,857,786)="" net="" carrying="" amount="" 296,299="" 596,166="" 388,206="" 1,280,671="" mineral="" properties="" and="" for="" the="" year="" ended="" 31="" december="" 2012="" mine="" assets="" under="" (restated)="" plant="" and="" development="" construction="" (in="" thousands="" of="" united="" states="" dollars)="" equipment="" costs="" ¹="" total="" at="" 1="" january="" 2012,="" net="" of="" accumulated="" depreciation="" 894,869="" 765,519="" 162,859="" 1,823,247="" additions="" -="" -="" 351,127="" 351,127="" disposals/write-downs="" (4,028)="" -="" -="" (4,028)="" impairments2="" (16,714)="" (14,017)="" -="" (30,731)="" depreciation="" (99,359)="" (65,216)="" -="" (164,575)="" transfers="" between="" categories="" 170,350="" 132,777="" (303,127)="" -="" at="" 31="" december="" 2012="" 945,118="" 819,063="" 210,859="" 1,975,040="" at="" 1="" january="" 2012="" cost="" 1,316,602="" 1,117,311="" 162,859="" 2,596,772="" accumulated="" depreciation="" (421,733)="" (351,792)="" -="" (773,525)="" net="" carrying="" amount="" 894,869="" 765,519="" 162,859="" 1,823,247="" at="" 31="" december="" 2012="" cost="" 1,475,374="" 1,250,088="" 210,859="" 2,936,321="" accumulated="" depreciation="" and="" impairment="" (530,256)="" (431,025)="" -="" (961,281)="" net="" carrying="" amount="" 945,118="" 819,063="" 210,859="" 1,975,040="" 1="" assets="" under="" construction="" represents="" (a)="" sustaining="" capital="" expenditures="" incurred="" constructing="" property,="" plant="" and="" equipment="" related="" to="" operating="" mines="" and="" advance="" deposits="" made="" towards="" the="" purchase="" of="" property,="" plant="" and="" equipment;="" and="" (b)="" expansionary="" expenditure="" allocated="" to="" a="" project="" on="" a="" business="" combination="" or="" asset="" acquisition,="" and="" the="" subsequent="" costs="" incurred="" to="" develop="" the="" mine.="" once="" these="" assets="" are="" ready="" for="" their="" intended="" use,="" the="" balance="" is="" transferred="" to="" plant="" and="" equipment="" and/or="" mineral="" properties="" and="" mine="" development="" costs.="" 2="" the="" impairment="" relates="" to="" long="" lived="" assets="" at="" buzwagi,="" north="" mara="" and="" tulawaka.="" refer="" to="" note="" 8="" for="" further="" details.="" leases="" property,="" plant="" and="" equipment="" includes="" assets="" relating="" to="" the="" design="" and="" construction="" costs="" of="" power="" transmission="" lines="" and="" related="" infrastructure.="" at="" completion,="" ownership="" was="" transferred="" to="" tanesco="" in="" exchange="" for="" amortised="" repayment="" in="" the="" form="" of="" reduced="" electricity="" supply="" charges.="" no="" future="" lease="" payment="" obligations="" are="" payable="" under="" these="" finance="" leases.="" property,="" plant="" and="" equipment="" also="" includes="" emergency="" back-up="" generators="" leased="" at="" the="" buzwagi="" mine="" under="" a="" three-year="" lease="" agreement,="" with="" an="" option="" to="" purchase="" the="" equipment="" at="" the="" end="" of="" the="" lease="" term,="" and="" spinning="" power="" generators="" leased="" under="" a="" one-year="" lease="" agreement,="" with="" an="" option="" to="" extend="" the="" lease="" for="" 36="" months="" and="" an="" option="" to="" purchase="" the="" equipment="" at="" the="" end="" of="" the="" lease="" term.="" these="" leases="" have="" been="" classified="" as="" finance="" leases.="" property,="" plant="" and="" equipment="" also="" includes="" five="" drill="" rigs="" purchased="" under="" short-term="" finance="" leases.="" the="" following="" amounts="" were="" included="" in="" property,="" plant="" and="" equipment="" where="" the="" group="" is="" a="" lessee="" under="" a="" finance="" lease:="" as="" at="" as="" at="" 31="" december="" 31="" december="" (in="" thousands="" of="" united="" states="" dollars)="" 2013="" 2012="" cost="" -="" capitalised="" finance="" leases="" 70,764="" 68,846="" accumulated="" depreciation="" (16,430)="" (14,603)="" net="" carrying="" amount="" 54,334="" 54,243="" goodwill="" and="" intangible="" assets="" for="" the="" year="" ended="" 31="" december="" 2013="" acquired="" exploration="" and="" (in="" thousands="" of="" united="" states="" dollars)="" goodwill="" evaluation="" properties="" total="" at="" 1="" january,="" net="" of="" accumulated="" impairment="" 170,831="" 107,390="" 278,221="" additions1="" 136="" 452="" 588="" impairment2="" (43,069)="" (24,550)="" (67,619)="" at="" 31="" december="" 2013="" 127,898="" 83,292="" 211,190="" at="" 31="" december="" 2013="" cost="" 401,250="" 107,842="" 509,092="" accumulated="" impairment="" (273,352)="" (24,550)="" (297,902)="" net="" carrying="" amount="" 127,898="" 83,292="" 211,190="" for="" the="" year="" ended="" 31="" december="" 2012="" acquired="" exploration="" and="" (in="" thousands="" of="" united="" states="" dollars)="" goodwill="" evaluation="" properties="" total="" at="" 1="" january,="" net="" of="" accumulated="" impairment="" 178,420="" 80,093="" 258,513="" additions="" 6,216="" 27,297="" 33,513="" impairment="" (13,805)="" -="" (13,805)="" at="" 31="" december="" 2012="" 170,831="" 107,390="" 278,221="" at="" 31="" december="" 2012="" cost="" 401,114="" 107,390="" 508,504="" accumulated="" impairment="" (230,283)="" -="" (230,283)="" net="" carrying="" amount="" 170,831="" 107,390="" 278,221="" 1="" additions="" to="" acquired="" exploration="" and="" evaluation="" properties="" and="" goodwill="" relate="" to="" additional="" costs="" related="" to="" the="" final="" valuation="" of="" the="" acquisition="" of="" african="" barrick="" gold="" exploration="" (kenya)="" ltd.="" 2="" the="" annual="" impairment="" review="" resulted="" in="" an="" impairment="" of="" us$21="" million="" to="" goodwill="" in="" north="" mara="" and="" us$22="" million="" and="" us$24.6="" million="" to="" goodwill="" and="" acquired="" exploration="" and="" evaluation="" properties="" in="" tusker/nyanzaga="" respectively="" (2012:="" us$13.8="" million="" impairment="" to="" goodwill="" in="" tulawaka).="" the="" key="" assumptions="" to="" which="" the="" calculation="" of="" fair="" value="" less="" costs="" to="" dispose="" for="" all="" cgus="" are="" most="" sensitive="" are="" described="" in="" note="" 8.="" refer="" to="" note="" 8="" for="" further="" details.="" goodwill="" and="" accumulated="" impairment="" losses="" by="" operating="" segments:="" for="" the="" year="" ended="" 31="" december="" 2013="" (in="" thousands="" of="" united="" states="" dollars)="" north="" mara="" bulyanhulu="" discontinued="" operation="" other="" total="" at="" 1="" january="" 2013="" 21,046="" 121,546="" -="" 28,239="" 170,831="" impairments="" (21,046)="" -="" -="" (22,023)="" (43,069)="" additions="" -="" -="" -="" 136="" 136="" at="" 31="" december="" 2013="" -="" 121,546="" -="" 6,352="" 127,898="" cost="" 237,524="" 121,546="" 13,805="" 28,375="" 401,250="" accumulated="" impairments="" (237,524)="" -="" (13,805)="" (22,023)="" (273,352)="" for="" the="" year="" ended="" 31="" december="" 2012="" (in="" thousands="" of="" united="" states="" dollars)="" north="" mara="" bulyanhulu="" discontinued="" operation="" other="" total="" at="" 1="" january="" 2012="" 21,046="" 121,546="" 13,805="" 22,023="" 178,420="" additions="" -="" -="" -="" 6,216="" 6,216="" impairments="" -="" -="" (13,805)="" -="" (13,805)="" at="" 31="" december="" 2012="" 21,046="" 121,546="" -="" 28,239="" 170,831="" cost="" 237,524="" 121,546="" 13,805="" 28,239="" 401,114="" accumulated="" impairments="" (216,478)="" -="" (13,805)="" -="" (230,283)="" deferred="" tax="" assets="" and="" liabilities="" unrecognised="" deferred="" tax="" assets="" deferred="" tax="" assets="" have="" not="" been="" recognised="" in="" respect="" of="" the="" following="" items:="" as="" at="" as="" at="" 31="" december="" 31="" december="" (in="" thousands="" of="" united="" states="" dollars)="" 2013="" 2012="" tax="" losses="" 254,711="" 335,677="" total="" 254,711="" 335,677="" the="" above="" tax="" losses,="" which="" translate="" into="" deferred="" tax="" assets="" of="" approximately="" us$85="" million="" (2012:="" us$98="" million),="" have="" not="" been="" recognised="" in="" respect="" of="" these="" items="" due="" to="" uncertainties="" regarding="" availability="" of="" tax="" losses,="" or="" there="" being="" uncertainty="" regarding="" future="" taxable="" income="" against="" which="" these="" assets="" can="" be="" utilised.="" recognised="" deferred="" tax="" assets="" and="" liabilities="" deferred="" tax="" assets="" and="" liabilities="" are="" attributable="" to="" the="" following:="" balance="" sheet="" classifications="" balance="" sheet="" classification="" assets="" liabilities="" net="" (in="" thousands="" of="" united="" states="" 2013="" 2012="" 2013="" 2012="" 2013="" 2012="" dollars)="" property,="" plant="" and="" equipment1="" -="" -="" 297,421="" 500,331="" 297,421="" 500,331="" provisions="" (11,756)="" (11,244)="" -="" -="" (11,756)="" (11,244)="" interest="" deferrals="" (22,960)="" (19,494)="" 286="" 562="" (22,674)="" (18,932)="" tusker="" acquisition="" -="" -="" 7,340="" 17,313="" 7,340="" 17,313="" aviva="" acquisition="" -="" -="" 4,565="" 6,216="" 4,565="" 6,216="" tax="" loss="" carry-forwards="" (289,821)="" (320,968)="" -="" -="" (289,821)="" (320,968)="" net="" deferred="" tax="" (assets)/="" liabilities="" (324,537)="" (351,706)="" 309,612="" 524,422="" (14,925)="" 172,716="" legal="" entities="" legal="" entities="" assets="" liabilities="" net="" (in="" thousands="" of="" united="" states="" dollars)="" 2013="" 2012="" 2013="" 2012="" 2013="" 2012="" north="" mara="" gold="" mine="" ltd1="" -="" -="" 10,098="" 54,381="" 10,098="" 54,381="" bulyanhulu="" gold="" mine="" ltd="" -="" (383)="" 13,594="" -="" 13,594="" (383)="" pangea="" minerals="" ltd1="" (48,066)="" -="" -="" 98,925="" (48,066)="" 98,924="" other="" (2,721)="" (2,016)="" 12,170="" 21,809="" 9,449="" 19,794="" net="" deferred="" tax="" (assets)/liabilities="" (50,787)="" (2,399)="" 35,862="" 175,115="" (14,925)="" 172,716="" 1="" -="" 2012="" restated="" due="" to="" the="" application="" of="" ifric="" 20.="" refer="" to="" note="" 4="" for="" a="" discussion="" of="" the="" change="" in="" accounting="" policy.="" uncertainties="" regarding="" availability="" of="" tax="" losses="" in="" respect="" of="" enquiries="" raised="" and="" additional="" tax="" assessments="" issued="" by="" the="" tra,="" have="" been="" measured="" using="" the="" single="" best="" estimate="" of="" likely="" outcome="" approach="" resulting="" in="" the="" recognition="" of="" substantially="" all="" the="" related="" deferred="" tax="" assets="" and="" liabilities.="" alternative="" acceptable="" measurement="" policies="" (e.g.="" on="" a="" weighted="" average="" expected="" outcome="" basis)="" could="" result="" in="" a="" change="" to="" deferred="" tax="" assets="" and="" liabilities="" being="" recognised,="" and="" the="" deferred="" tax="" charge="" in="" the="" income="" statement.="" no="" deferred="" tax="" has="" been="" recognised="" in="" respect="" of="" temporary="" differences="" associated="" with="" investments="" in="" subsidiaries="" where="" the="" group="" is="" in="" a="" position="" to="" control="" the="" timing="" of="" the="" reversal="" of="" the="" temporary="" differences,="" and="" it="" is="" probable="" that="" such="" differences="" will="" not="" reverse="" in="" the="" foreseeable="" future.="" the="" aggregate="" amount="" of="" temporary="" differences="" associated="" with="" such="" investments="" in="" subsidiaries="" is="" represented="" by="" the="" contribution="" of="" those="" investments="" to="" the="" group's="" retained="" earnings="" and="" amounted="" to="" us$327="" million="" (2012:="" us$134="" million).="" trade="" receivables="" and="" other="" current="" assets="" as="" at="" as="" at="" 31="" december="" 31="" december="" (in="" thousands="" of="" united="" states="" dollars)="" 2013="" 2012="" trade="" and="" other="" receivables:="" amounts="" due="" from="" doré="" and="" concentrate="" sales="" 16,204="" 33,103="" other="" receivables¹="" 10,102="" 12,079="" due="" from="" related="" parties="" 37="" 393="" less:="" provision="" for="" doubtful="" debt="" on="" other="" receivables="" (2,133)="" (1,348)="" total="" trade="" receivables="" 24,210="" 44,227="" 1="" other="" receivables="" relates="" to="" employee="" and="" supplier="" backcharge-related="" receivables.="" trade="" receivables="" other="" than="" concentrate="" receivables="" are="" non-interest="" bearing="" and="" are="" generally="" on="" 30-90="" day="" terms.="" concentrate="" receivables="" are="" generally="" on="" 60-120="" day="" terms="" depending="" on="" the="" terms="" per="" contract.="" trade="" receivables="" are="" amounts="" due="" from="" customers="" in="" the="" ordinary="" course="" of="" business.="" if="" collection="" is="" expected="" in="" one="" year="" or="" less,="" they="" are="" classified="" as="" current="" assets;="" if="" not,="" they="" are="" presented="" as="" non-current="" assets.="" the="" carrying="" value="" of="" trade="" receivables="" recorded="" in="" the="" financial="" statements="" represents="" the="" maximum="" exposure="" to="" credit="" risk.="" the="" group="" does="" not="" hold="" any="" collateral="" as="" security.="" trade="" receivables="" are="" recognised="" initially="" at="" fair="" value="" and="" subsequently="" measured="" at="" amortised="" cost="" using="" the="" effective="" interest="" method,="" less="" any="" provisions="" for="" impairment.="" a="" provision="" for="" impairment="" of="" trade="" receivables="" is="" established="" when="" there="" is="" objective="" evidence="" that="" the="" group="" will="" not="" be="" able="" to="" collect="" all="" amounts="" due="" according="" to="" the="" original="" terms="" of="" the="" receivables.="" as="" at="" as="" at="" 31="" december="" 31="" december="" (in="" thousands="" of="" united="" states="" dollars)="" 2013="" 2012="" indirect="" taxes="" receivable2="" 159,824="" 98,678="" other="" receivables="" and="" advance="" payments³="" 18,912="" 18,291="" 178,736="" 116,969="" less:="" indirect="" taxes="" receivable="" classified="" as="" non-current="" (64,791)="" (72,655)="" other="" current="" assets="" 113,945="" 44,314="" 2="" to="" reflect="" the="" time="" value="" of="" money="" the="" long-term="" portion="" of="" this="" receivable="" has="" been="" discounted="" at="" a="" rate="" of="" 5%="" (2012:="" 5%).="" 3="" other="" receivables="" and="" advance="" payments="" relate="" to="" prepayments="" for="" insurance="" and="" income="" taxes="" offset="" against="" outstanding="" refunds="" for="" vat="" and="" fuel="" levies="" and="" current="" amounts="" receivable="" from="" the="" nssf="" of="" us$7.0="" million="" (2012:="" us$6.4="" million).="" borrowings="" at="" the="" beginning="" of="" the="" year="" a="" us$142="" million="" facility="" was="" put="" in="" place="" to="" fund="" the="" bulk="" of="" the="" costs="" of="" the="" construction="" of="" one="" of="" abg's="" key="" growth="" projects,="" the="" bulyanhulu="" cil="" expansion="" project="" ("project").="" the="" facility="" is="" collateralised="" by="" the="" project,="" has="" a="" term="" of="" seven="" years="" with="" a="" spread="" over="" libor="" of="" 250="" basis="" points.="" the="" interest="" rate="" has="" been="" fixed="" at="" 3.6%="" through="" the="" use="" of="" an="" interest="" rate="" swap.="" the="" 7="" year="" facility="" is="" repayable="" in="" equal="" instalments="" over="" the="" term="" of="" the="" facility,="" after="" a="" two="" year="" repayments="" holiday="" period.="" the="" full="" facility="" of="" $142="" million="" was="" drawn="" at="" the="" end="" of="" the="" year.="" interest="" accrued="" to="" the="" value="" of="" $0.7="" million="" was="" included="" in="" accounts="" payable="" at="" year="" end.="" interest="" incurred="" on="" the="" borrowings="" as="" well="" as="" hedging="" losses="" on="" the="" interest="" rate="" swap="" have="" been="" capitalised="" as="" an="" asset.="" provisions="" rehabilitation¹="" other²="" total="" (in="" thousands="" of="" united="" states="" dollars)="" 2013="" 2012="" 2013="" 2012="" 2013="" 2012="" at="" 1="" january="" 180,548="" 157,582="" 1,040="" 1,034="" 181,588="" 158,616="" change="" in="" estimate="" (30,740)="" 19,242="" 524="" 6="" (30,216)="" 19,248="" utilised="" during="" the="" year="" (5,843)="" (297)="" -="" -="" (5,843)="" (297)="" unwinding="" of="" discount="" 4,496="" 4,021="" -="" -="" 4,496="" 4,021="" reclassification="" to="" disposal="" group="" liabilities="" held="" for="" sale="" (16,760)="" -="" (16,760)="" -="" at="" 31="" december="" 131,701="" 180,548="" 1,564="" 1,040="" 133,265="" 181,588="" current="" portion="" -="" -="" (1,028)="" (1,040)="" (1,028)="" (1,040)="" non-current="" portion="" 131,701="" 180,548="" 536="" -="" 132,237="" 180,548="" 1="" rehabilitation="" provisions="" relate="" to="" the="" decommissioning="" costs="" expected="" to="" be="" incurred="" for="" the="" operating="" mines.="" this="" expenditure="" arises="" at="" different="" times="" over="" the="" lom="" for="" the="" different="" mine="" sites="" and="" is="" expected="" to="" be="" utilised="" in="" terms="" of="" cash="" outflows="" between="" years="" 2014="" and="" 2050="" and="" beyond,="" varying="" from="" mine="" site="" to="" mine="" site.="" 2="" other="" provisions="" relate="" to="" provisions="" for="" legal="" and="" tax-related="" liabilities="" where="" the="" outcome="" is="" not="" yet="" certain="" but="" it="" is="" expected="" that="" it="" will="" lead="" to="" a="" probable="" outflow="" of="" economic="" benefits="" in="" future.="" rehabilitation="" obligations="" arise="" from="" the="" acquisition,="" development,="" construction="" and="" normal="" operation="" of="" mining="" property,="" plant="" and="" equipment,="" due="" to="" government="" controls="" and="" regulations="" that="" protect="" the="" environment="" on="" the="" closure="" and="" reclamation="" of="" mining="" properties.="" the="" major="" parts="" of="" the="" carrying="" amount="" of="" the="" obligation="" relate="" to="" tailings="" and="" heap="" leach="" pad="" closure/="" rehabilitation;="" demolition="" of="" buildings/mine="" facilities;="" ongoing="" water="" treatment;="" and="" ongoing="" care="" and="" maintenance="" of="" closed="" mines.="" the="" fair="" values="" of="" rehabilitation="" provisions="" are="" measured="" by="" discounting="" the="" expected="" cash="" flows="" using="" a="" discount="" factor="" that="" reflects="" the="" credit-adjusted="" risk-free="" rate="" of="" interest.="" abg="" prepares="" estimates="" of="" the="" timing="" and="" amount="" of="" expected="" cash="" flows="" when="" an="" obligation="" is="" incurred="" and="" updates="" expected="" cash="" flows="" to="" reflect="" changes="" in="" facts="" and="" circumstances.="" the="" principal="" factors="" that="" can="" cause="" expected="" cash="" flows="" to="" change="" are:="" the="" construction="" of="" new="" processing="" facilities;="" changes="" in="" the="" quantities="" of="" material="" in="" reserves="" and="" a="" corresponding="" change="" in="" the="" lom="" plan;="" changing="" ore="" characteristics="" that="" impact="" required="" environmental="" protection="" measures="" and="" related="" costs;="" changes="" in="" water="" quality="" that="" impact="" the="" extent="" of="" water="" treatment="" required;="" and="" changes="" in="" laws="" and="" regulations="" governing="" the="" protection="" of="" the="" environment.="" each="" year="" abg="" assesses="" cost="" estimates="" and="" other="" assumptions="" used="" in="" the="" valuation="" of="" the="" rehabilitation="" provision="" at="" each="" mineral="" property="" to="" reflect="" events,="" changes="" in="" circumstances="" and="" new="" information="" available.="" changes="" in="" these="" cost="" estimates="" and="" assumptions="" are="" recorded="" as="" an="" adjustment="" to="" the="" carrying="" amount="" of="" the="" corresponding="" asset.="" rehabilitation="" provisions="" are="" adjusted="" to="" reflect="" the="" passage="" of="" time="" (accretion)="" calculated="" by="" applying="" the="" discount="" factor="" implicit="" in="" the="" initial="" fair-value="" measurement="" to="" the="" beginning-of-period="" carrying="" amount="" of="" the="" provision.="" settlement="" gains/losses="" will="" be="" recorded="" in="" other="" (income)="" expense.="" other="" environmental="" remediation="" costs="" that="" are="" not="" rehabilitation="" provisions="" are="" expensed="" as="" incurred.="" commitments="" and="" contingencies="" the="" group="" is="" subject="" to="" various="" laws="" and="" regulations="" which,="" if="" not="" observed,="" could="" give="" rise="" to="" penalties.="" as="" at="" 31="" december="" 2013,="" the="" group="" has="" the="" following="" commitments="" and/="" or="" contingencies="" legal="" contingencies="" as="" at="" 31="" december="" 2013,="" the="" group="" was="" a="" defendant="" in="" approximately="" 333="" lawsuits.="" the="" plaintiffs="" are="" claiming="" damages="" and="" interest="" thereon="" for="" the="" loss="" caused="" by="" the="" group="" due="" to="" one="" or="" more="" of="" the="" following:="" unlawful="" eviction,="" termination="" of="" services,="" wrongful="" termination="" of="" contracts="" of="" service,="" non-payment="" for="" services,="" defamation,="" negligence="" by="" act="" or="" omission="" in="" failing="" to="" provide="" a="" safe="" working="" environment,="" unpaid="" overtime="" and="" public="" holiday="" compensation.="" the="" total="" amounts="" claimed="" from="" lawsuits="" in="" which="" specific="" monetary="" damages="" are="" sought="" amounted="" to="" us$142.8="" million.="" the="" group's="" legal="" counsel="" is="" defending="" the="" group's="" current="" position,="" and="" the="" outcome="" of="" the="" lawsuits="" cannot="" presently="" be="" determined.="" however,="" in="" the="" opinion="" of="" the="" directors="" and="" group's="" legal="" counsel,="" no="" material="" liabilities="" are="" expected="" to="" materialise="" from="" these="" lawsuits.="" consequently="" no="" provision="" has="" been="" set="" aside="" against="" the="" claims="" in="" the="" books="" of="" account.="" included="" in="" the="" total="" amounts="" claimed="" is="" an="" appeal="" by="" the="" tra="" intended="" for="" a="" tax="" assessment="" of="" us$21.3="" million="" in="" respect="" of="" the="" acquisition="" of="" tusker="" gold="" limited.="" the="" case="" was="" awarded="" in="" favour="" of="" abg="" however="" the="" tra="" has="" served="" a="" notice="" of="" appeal.="" the="" calculated="" tax="" assessment="" is="" based="" on="" the="" sales="" price="" of="" the="" nyanzaga="" property="" of="" us$71="" million="" multiplied="" by="" the="" tax="" rate="" of="" 30%.="" management="" is="" of="" the="" opinion="" that="" the="" assessment="" is="" invalid="" due="" to="" the="" fact="" that="" the="" acquisition="" was="" for="" tusker="" gold="" limited,="" a="" company="" incorporated="" in="" australia.="" the="" shareholding="" of="" the="" tanzanian="" related="" entities="" did="" not="" change="" and="" the="" tusker="" gold="" limited="" group="" structure="" remains="" the="" same="" as="" prior="" to="" the="" acquisition.="" also="" included="" in="" the="" total="" amounts="" claimed="" are="" tra="" claims="" to="" the="" value="" of="" $41.3="" million="" for="" withholding="" tax="" on="" historic="" offshore="" dividend="" payments="" paid="" by="" abg="" plc="" to="" its="" shareholders.="" in="" addition="" to="" the="" claim,="" there="" are="" six="" other="" withholding="" tax="" claims="" which="" have="" not="" been="" quantified.="" these="" claims="" are="" made="" on="" the="" basis="" that="" abg="" is="" resident="" in="" tanzania="" for="" tax="" purposes.="" management="" are="" of="" the="" opinion="" that="" the="" claims="" do="" not="" have="" substance="" and="" that="" it="" will="" be="" successfully="" defended.="" tax-related="" contingencies="" i.="" on="" 26="" october="" 2009="" the="" tra="" issued="" a="" demand="" notice="" against="" the="" group="" for="" an="" amount="" relating="" to="" withholding="" tax="" on="" technical="" services="" provided="" to="" bulyanhulu="" gold="" mine="" ltd.="" the="" claim="" amounts="" to="" us$5.4="" million.="" management="" is="" of="" the="" opinion="" that="" the="" group="" complied="" with="" all="" of="" the="" withholding="" tax="" requirements,="" and="" that="" there="" will="" be="" no="" amount="" payable,="" therefore="" no="" provision="" has="" been="" raised.="" ii.="" the="" tra="" has="" issued="" a="" number="" of="" tax="" assessments="" to="" the="" group="" relating="" to="" past="" taxation="" years="" from="" 2002="" onwards.="" the="" group="" believes="" that="" these="" assessments="" are="" incorrect="" and="" has="" filed="" objections="" to="" each="" of="" them.="" the="" group="" is="" attempting="" to="" resolve="" these="" matters="" by="" means="" of="" discussions="" with="" the="" tra="" or="" through="" the="" tanzanian="" appeals="" process.="" during="" the="" year="" under="" review="" the="" board="" ruled="" in="" favour="" of="" bgml="" in="" relation="" to="" 7="" of="" 10="" issues="" raised="" by="" the="" tra="" in="" final="" assessments="" for="" 2000="" -="" 2006="" years="" under="" review.="" the="" tra="" filed="" a="" notice="" of="" intention="" to="" appeal="" against="" the="" ruling="" of="" the="" board,="" while="" abg="" has="" filed="" a="" counter="" appeal="" in="" respect="" of="" bgml="" to="" the="" appeals="" tribunal="" for="" all="" 3="" items="" that="" were="" lost.="" the="" positions="" that="" were="" ruled="" against="" bgml="" were="" sufficiently="" provided="" for="" in="" prior="" year="" results="" and="" management="" is="" of="" the="" opinion="" that="" open="" issues="" will="" not="" result="" in="" any="" material="" liabilities="" to="" the="" group.="" exploration="" and="" development="" agreements="" -="" mining="" licences="" pursuant="" to="" agreements="" with="" the="" government="" of="" the="" united="" republic="" of="" tanzania,="" the="" group="" was="" issued="" special="" mining="" licences="" for="" bulyanhulu,="" buzwagi,="" north="" mara="" and="" tulawaka="" mines="" and="" mining="" licences="" for="" building="" materials="" at="" bulyanhulu="" and="" buzwagi="" mines.="" the="" agreement="" requires="" the="" group="" to="" pay="" to="" the="" government="" of="" tanzania="" annual="" rents="" of="" us$5,000="" per="" annum="" per="" square="" kilometre="" for="" as="" long="" as="" the="" group="" holds="" the="" special="" mining="" licences="" and="" us$2,000="" per="" annum="" per="" square="" kilometre="" for="" so="" long="" as="" the="" group="" holds="" the="" mining="" licences="" for="" building="" materials.="" the="" total="" commitment="" for="" 2014="" for="" the="" remaining="" special="" mining="" licences="" and="" mining="" licences="" for="" building="" materials="" amount="" to="" us$0.65="" million="" (2012:="" us$0.8="" million).="" subsequent="" to="" year-end,="" the="" transferral="" of="" the="" tulawaka="" special="" mining="" license="" to="" stamico="" was="" approved.="" purchase="" commitments="" at="" 31="" december="" 2013,="" the="" group="" had="" purchase="" obligations="" for="" supplies="" and="" consumables="" of="" approximately="" us$48="" million="" (2012:="" us$65="" million).="" capital="" commitments="" in="" addition="" to="" entering="" into="" various="" operational="" commitments="" in="" the="" normal="" course="" of="" business,="" the="" group="" entered="" into="" contracts="" for="" capital="" expenditure="" of="" approximately="" us$6="" million="" in="" 2013="" (2012:="" us$51="" million).="" post="" balance="" sheet="" events="" a="" final="" dividend="" of="" us2.0="" cents="" per="" share="" has="" been="" proposed,="" which="" will="" result="" in="" a="" total="" dividend="" of="" us2.0="" cents="" per="" share="" for="" 2013.="" the="" final="" dividend="" is="" to="" be="" proposed="" at="" the="" annual="" general="" meeting="" on="" 24="" april="" 2014.="" these="" financial="" statements="" do="" not="" reflect="" this="" dividend="" payable.="" abg="" will="" declare="" the="" final="" dividend="" in="" us="" dollars.="" unless="" a="" shareholder="" has="" elected="" or="" elects="" to="" receive="" dividends="" in="" us="" dollars,="" dividends="" will="" be="" paid="" in="" pounds="" sterling="" with="" the="" us="" dollar="" amount="" being="" converted="" into="" pounds="" sterling="" at="" exchange="" rates="" prevailing="" on="" or="" around="" 9="" may="" 2014.="" currency="" elections="" must="" be="" made="" by="" return="" of="" currency="" election="" forms.="" the="" deadline="" for="" the="" return="" of="" currency="" election="" forms="" is="" 6="" may="" 2014.="" reserves="" and="" resources="" mineral="" reserves="" and="" mineral="" resources="" estimates="" contained="" in="" this="" report="" have="" been="" calculated="" as="" at="" 31="" december="" 2013="" in="" accordance="" with="" national="" instrument="" 43-101="" as="" required="" by="" canadian="" securities="" regulatory="" authorities,="" unless="" otherwise="" stated.="" canadian="" institute="" of="" mining,="" metallurgy="" and="" petroleum="" (cim)="" definitions="" were="" followed="" for="" mineral="" reserves="" and="" resources.="" calculations="" have="" been="" reviewed,="" verified="" (including="" estimation="" methodology,="" sampling,="" analytical="" and="" test="" data)="" and="" compiled="" by="" abg="" personnel="" under="" the="" supervision="" of="" abg="" qualified="" persons:="" nic="" schoeman,="" general="" manager="" technical="" services,="" ray="" swanson,="" mineral="" resource="" manager,="" and="" samuel="" eshun,="" chief="" mine="" planning="" engineer.="" however,="" the="" figures="" stated="" are="" estimates="" and="" no="" assurances="" can="" be="" given="" that="" the="" indicated="" quantities="" of="" metal="" will="" be="" produced.="" in="" addition,="" totals="" stated="" may="" not="" add="" up="" due="" to="" rounding.="" mineral="" reserves="" have="" been="" calculated="" using="" an="" assumed="" long-term="" average="" gold="" price="" of="" us$1,300.00="" per="" ounce,="" a="" silver="" price="" of="" us$21.00="" per="" ounce="" and="" a="" copper="" price="" of="" us$3.00="" per="" pound.="" reserve="" calculations="" incorporate="" current="" and="" r="" expected="" mine="" plans="" and="" cost="" levels="" at="" each="" property.="" mineral="" resources="" at="" abg="" mines="" have="" been="" calculated="" using="" an="" assumed="" long-term="" average="" gold="" price="" of="" us$1,500.00="" per="" ounce,="" a="" silver="" price="" of="" us$24.00="" per="" ounce="" and="" a="" copper="" price="" of="" us$3.50="" per="" pound.="" resources="" have="" been="" estimated="" using="" varying="" cut-off="" grades,="" depending="" on="" the="" type="" of="" mine="" or="" project,="" its="" maturity="" and="" ore="" types="" at="" each="" property.="" reserve="" estimates="" are="" dynamic="" and="" are="" influenced="" by="" changing="" economic="" conditions,="" technical="" issues,="" environmental="" regulations="" and="" any="" other="" relevant="" new="" information="" and="" therefore="" these="" can="" vary="" from="" year="" to="" year.="" resource="" estimates="" can="" also="" change="" and="" tend="" to="" be="" influenced="" mostly="" by="" new="" information="" pertaining="" to="" the="" understanding="" of="" the="" deposit="" and="" secondly="" the="" conversion="" to="" ore="" reserves.="" in="" addition,="" estimates="" of="" inferred="" mineral="" resources="" may="" not="" form="" the="" basis="" of="" an="" economic="" analysis="" and="" it="" cannot="" be="" assumed="" that="" all="" or="" any="" part="" of="" an="" inferred="" mineral="" resource="" will="" ever="" be="" upgraded="" to="" a="" higher="" category.="" therefore,="" investors="" are="" cautioned="" not="" to="" assume="" that="" all="" or="" any="" part="" of="" an="" inferred="" mineral="" resource="" exists,="" that="" it="" can="" be="" economically="" or="" legally="" mined,="" or="" that="" it="" will="" ever="" be="" upgraded="" to="" a="" higher="" category.="" likewise,="" investors="" are="" cautioned="" not="" to="" assume="" that="" all="" or="" any="" part="" of="" measured="" or="" indicated="" mineral="" resources="" will="" ever="" be="" upgraded="" to="" mineral="" reserves.="" tulawaka="" mineral="" reserves="" and="" resources="" are="" stated="" as="" abg's="" 70%="" attributable="" portion.="" see="" www.africanbarrickgold.com="" for="" mine="" gold="" reserves="" &="" resources="" contained="" copper="" reported="" within="" gold="" reserves="" &="" resources="" contained="" silver="" reported="" within="" gold="" reserves="" &="" resources="" mine="" gold="" reserves,="">