Consolidated Financial Statements
Stockhouse mangles the formating. Here is the link to the PDF file:
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Baja Mining Corp.
Consolidated Balance Sheets
As at December 31, 2010 and 2009
(expressed in thousands of Canadian dollars, unless stated otherwise)
See accompanying notes to the consolidated financial statements.
On behalf of the Board
/s/ Robert Mouat _____________________ Director __/s/ C. Thomas Ogryzlo_______________________ Director
2010
2009
Assets
Current assets
Cash and cash equivalents
48,144
6,255
Short term deposits
-
16,349
Other receivables
3,338
904
Deposits and prepaid expenses
782
90
52,264
23,598
Restricted cash (note 3)
102,786
-
Other receivables
480
-
Deferred financing costs (note 4)
32,482
6,602
Mineral properties (note 5)
203,222
149,045
Property, plant and equipment (note 6)
7,078
1,687
398,312
180,932
Liabilities
Current liabilities
Accounts payable and accrued liabilities
14,888
3,846
Current portion of environmental liabilities (note 7)
328
352
Income taxes payable (note 13)
-
850
15,216
5,048
Environmental liabilities (note 7)
462
472
Subordinated long-term debt (note 9)
79,073
46,202
Derivative liabilities (note 10)
72,337
-
167,088
51,722
Shareholders’ Equity
Share capital (note 11(b))
297,876
109,979
Share purchase warrants (note 11(c))
20,068
16,077
Contributed surplus (note 11(f))
82,772
91,924
Deficit
(169,492)
(88,770)
231,224
129,210
398,312
180,932
Senior long-term debt facilities (note 8)
Commitments and contingencies (note 15)
Subsequent events (note 20)
Baja Mining Corp.
Consolidated Statements of Operations and Comprehensive Loss
For the years ended December 31, 2010 and 2009
(expressed in thousands of Canadian dollars, unless stated otherwise)
See accompanying notes to the consolidated financial statements.
2010
2009
Expenses
Amortization and accretion
918
792
General and administration
1,743
922
Management and directors fees (note 12)
1,180
294
Professional and consulting fees
1,759
828
Research
651
238
Shareholders information
993
509
Stock-based compensation expense (note 11(e))
948
1,583
Wages and subcontracting
3,846
2,204
Loss before other items
(12,038)
(7,370)
Loss on disposal of property, plant & equipment
-
(1,454)
Finance and development costs expensed
-
(1,033)
Foreign exchange gain
2,253
1,412
Net interest income and other
400
139
Change in estimate – refundable deposit liability (note 9(c))
1,165
-
Fair value adjustment related to derivative instruments (note 10)
(72,337)
-
Loss before income tax
(80,557)
(8,306)
Income tax (note 13)
(165)
386
Loss and comprehensive
loss for the year
(80,722)
(7,920)
Basic and diluted loss per
share for the year
(0.48)
(0.06)
Weighted average number of shares
outstanding – basic and diluted
169,750,830
143,196,227
Baja Mining Corp.
Consolidated Statements of Changes in Shareholders’ Equity
For the years ended December 31, 2010 and 2009
(expressed in thousands of Canadian dollars, unless stated otherwise)
See accompanying notes to the consolidated financial statements.
2010
2009
Share capital
Balance – beginning of period
109,979
109,611
Shares issued in bought deal financings
201,558
-
Share issuance costs
(11,038)
-
Shares issued on exercise of stock options
583
116
Fair value of Louis Dreyfus put option (note 11(b)(iii))
(3,726)
-
Fair value of stock options exercised
520
252
Balance – end of period
297,876
109,979
Share purchase warrants
Balance – beginning of period
16,077
16,077
Broker warrants issued
297
-
Warrants issued for equity cost overrun facility (note 11(b)(iii))
3,726
-
Warrants expired during the period
(32)
-
Balance – end of period
20,068
16,077
Contributed Surplus
Balance – beginning of period
91,924
89,349
Fair value of stock options granted
1,452
2,827
Fair value of stock options exercised
(520)
(252)
Fair value of warrants expired
32
-
Modification of loans from non-controlling interest
(10,116)
-
Balance – end of period
82,772
91,924
Deficit
Balance – beginning of period
(88,770)
(80,850)
Loss and comprehensive loss for the period
(80,722)
(7,920)
Balance – end of period
(169,492)
(88,770)
Total Shareholders’ Equity
231,224
129,210
Baja Mining Corp.
Consolidated Statements of Cash Flows
For the years ended December 31, 2010 and 2009
(expressed in thousands of Canadian dollars, unless stated otherwise)
See accompanying notes to the consolidated financial statements.
2010
2009
Cash flows from operating activities
Loss for the year
(80,722)
(7,920)
Items not affecting cash
Amortization and accretion
918
792
Stock-based compensation expense
948
1,583
Unrealized foreign exchange
(730)
(7,954)
Finance and development costs expensed
-
1,033
Loss on disposal of property, plant & equipment
-
1,454
Income tax recovery
165
(386)
Change in estimate – refundable deposit liability
(1,165)
-
Fair value adjustment related to derivative instruments
72,337
-
(8,249)
(11,398)
Income tax paid
(850)
-
Special warrants liability payment
(354)
(406)
Reclamation funding undertaken in the period
-
(517)
Net changes in working capital balances:
Other receivables
(2,434)
2,433
Deposits and prepaids
(692)
199
Accounts payable and accrued liabilities
1,541
(329)
(11,038)
(10,018)
Cash flows from investing activities
Redemption of (investment in) short term deposits
16,349
(15,349)
Expenditure on mineral properties
(44,911)
(32,038)
Acquisition of property, plant and equipment
(4,717)
(242)
Disposal of property, plant & equipment
-
1,898
Increase in restricted cash
(105,300)
-
Other long-term receivables
(480)
-
(139,059)
(45,731)
Cash flows from financing activities
Net proceeds from issuance of common shares
191,400
116
Expenditure on deferred financing costs
(24,052)
(356)
Loans from non-controlling interest (note 9(d))
24,638
3,009
191,986
2,769
Increase (decrease) in cash and cash equivalents
41,889
(52,980)
Cash and cash equivalents - Beginning of year
6,255
59,235
Cash and cash equivalents - End of year
48,144
6,255
Supplemental cash flow information (note 16)