Financial Position and Liquidity Our financial position and liquidity remains strong. Our total debt balance was $7.2 billion at December 31, 2012  compared with $7.0 billion at the end of 2011 and $4.9 billion at the end of 2010. Our debt positions and credit ratios are summarized in the following table. December 31, December 31, December 31,  2012 2011 2010 Fixed rate term notes  $ 7,119 $ 6,698 $ 4,694 Other 113 219 281 Total debt  (US$ in millions) 7,232 6,917 4,975 Canadian $ equivalent at year-end exchange rate  7,195 7,035 4,948 Less cash balances (3,267) (4,405) (832) Net debt $ 3,928 $ 2,630 $ 4,116 Debt to debt-plus-equity 29% 28% 24% Net debt to net debt-plus-equity  18% 13% 21% Average interest rate at year-end  4.8% 6.9% 7.6% The cost of funds under our credit facilities depends in part on our credit ratings. Moody’s currently rates us at Baa2  with a stable outlook, Standard & Poor’s rates us at BBB with a stable outlook, Dominion Bond Rating Service rates  us as BBB with a stable trend and Fitch Ratings rates Teck as BBB with a stable outlook. The costs under our credit  facilities would change if certain of our credit ratings were to change.  Our primary sources of liquidity and capital resources are our cash and temporary investments, cash flow provided  from operations and funds available under our committed and uncommitted bank credit facilities, of which  approximately $1.1 billion is currently available. Cash flow from operations was $2.8 billion in 2012 compared with $4.0 billion in 2011 and $3.3 billion in 2010.  The decreased cash flow from operations in 2012 was due mainly to lower gross profits at our operations from falling  commodity prices. The increase in 2011 compared with 2010 was due mainly to the higher gross profits at our  operations from rising commodity prices. Operating Cash Flow Investing Activities Capital expenditures were $1.8 billion in 2012 and included $709 million on sustaining capital and $1.1 billion on  development projects. The largest components of sustaining expenditures were $327 million at our coal operations,  primarily related to new and replacement mobile equipment; $99 million at Trail Operations; $35 million at Red Dog;  $51 million at Quebrada Blanca and $69 million at Highland Valley Copper. Development expenditures included  $314 million at Teck Coal as part of our plans to increase coal production to over 30 million tonnes, $111 million  for our share of the Antamina expansion project, $226 million for Highland Valley Copper’s mill optimization project,  $192 million for the Quebrada Blanca Phase 2 hypogene project, $16 million at Carmen de Andacollo and $60 million  related to our oil sands properties. Investments in 2012 included $432 million for the acquisition of SilverBirch Energy Corporation, which gave us full  ownership of the Frontier oil sands project, including the Equinox property, $197 million for interests in a number of  publicly traded companies and $122 million for our share of the costs of our equity accounted investment in Fort Hills.  Investments in 2011 totalled $463 million, of which $300 million was for publicly traded companies and $54 million  was for our share of the Fort Hills costs. Investments in 2010 were $46 million, with no individually significant items. Generations 57