<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
FOR THE FISCAL YEAR END DECEMBER 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from __________to ___________
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
Commission file number 1-9620
AMAX GOLD INC.
(Exact name of registrant as specified in its charter)
DELAWARE 06-1199974
- ----------------------------------- -----------------------------------
(State or other jurisdiction of (IRS Employers Identification No.)
incorporation or organization)
9100 East Mineral Circle, Englewood, Colorado 80155
- --------------------------------------------- ----------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area (303) 643-5500
code ----------------------
<PAGE>
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
FINANCIAL STATEMENTS
DECEMBER 31, 1996 AND 1995
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
June 18, 1997
To The Participants and Administrator of the
Thrift Plan for Employees of
Amax Gold Inc. and Its Subsidiaries
In our opinion, the accompanying statements of net assets available for benefits
with fund information and the related statement of changes in net assets
available for benefits with fund information present fairly, in all material
respects, the net assets available for benefits of the Thrift Plan for Employees
of Amax Gold Inc. and Its Subsidiaries (the "Plan") at December 31, 1996 and
1995, and the changes in its net assets available for benefits for the year
ended December 31, 1996, in conformity with generally accepted accounting
principles. These financial statements are the responsibility of the Plan's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these statements in
accordance with generally accepted auditing standards which require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for the opinion expressed
above.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included in
Schedules I and II is presented for purposes of additional analysis and is not a
required part of the basic financial statements but is supplemental information
required by the Department of Labor's Rules & Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974. The fund
information in the statements of net assets available for benefits and the
statement of changes in net assets available for benefits is presented for
purposes of additional analysis rather than to present the net assets available
for benefits and the changes in net assets available for benefits of each fund.
Schedules I and II and the fund information have been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
<PAGE>
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1996
<TABLE>
<CAPTION>
Common Partici- Prime Equity
Stock pant Reserve Index International
Total Fund Loans Fund Fund Stock Fund
----------- ----------- -------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments:
Amax Gold Inc. common stock ....................... $ 1,727,170 $ 1,727,170 $ -- $ -- $ -- $ --
Mutual funds ...................................... 11,744,772 -- -- 55,828 2,478,242 518,963
Participant loans ................................. 502,460 -- 502,460 -- -- --
Receivables:
Interest ......................................... 3,381 218 -- 123 525 105
Participant
contributions and
loan repayments ................................. 85,449 1,527 (14,739) 3,886 16,340 8,125
Employer contributions ........................... 58,571 58,571 -- -- -- --
----------- ----------- -------- ----------- ----------- -----------
Total assets ...................................... 14,121,803 1,787,486 487,721 59,837 2,495,107 527,193
----------- ----------- -------- ----------- ----------- -----------
LIABILITIES ....................................... -- -- -- -- -- --
----------- ----------- -------- ----------- ----------- -----------
Net assets available
for benefits ..................................... $14,121,803 $ 1,787,486 $487,721 $ 59,837 $ 2,495,107 $ 527,193
=========== =========== ======== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
Spectrum Stable Equity New Science & Spectrum
Income Value Income Horizons Technology Growth
Fund Fund Fund Fund Fund Fund
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments:
Amax Gold Inc. common stock ....................... $ -- $ -- $ -- $ -- $ -- $ --
Mutual funds ...................................... 816,710 4,913,643 322,738 2,369,179 190,897 78,572
Participant loans ................................. -- -- -- -- -- --
Receivables:
Interest ......................................... 307 1,291 84 588 139 1
Participant
contributions and
loan repayments ................................. 6,928 27,551 7,247 22,947 3,732 1,905
Employer contributions ........................... -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total assets ...................................... 823,945 4,942,485 330,069 2,392,714 194,768 80,478
----------- ----------- ----------- ----------- ----------- -----------
LIABILITIES ....................................... -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Net assets available
for benefits ..................................... $ 823,945 $ 4,942,485 $ 330,069 $ 2,392,714 $ 194,768 $ 80,478
=========== =========== =========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these statements.
<PAGE>
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1995
<TABLE>
<CAPTION>
Common Partici- Prime New America Capital
Stock pant Reserve Growth Apprecia-
Total Fund Loans Fund Fund tion Fund
------------ ---------- -------------- ----------- ----------- ---------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments:
Amax Gold Inc.
common stock ........ $ 1,511,615 $ 1,511,615 $ -- $ -- $ -- $ --
Mutual funds .......... 10,760,774 -- -- 12,811 1,779,471 243,545
Participant loans ..... 646,077 -- 646,077 -- -- --
Receivables:
Interest ............. 3,515 272 -- -- 291 80
Participant
contributions and
loan repayments ..... 104,501 2,320 (17,997) 15,121 17,988 4,638
Employer contributions 51,093 51,093 -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total assets .......... 13,077,575 1,565,300 628,080 27,932 1,797,750 248,263
----------- ----------- ----------- ----------- ----------- -----------
LIABILITIES ........... -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Net assets available
for benefits ......... $13,077,575 $ 1,565,300 $ 628,080 $ 27,932 $ 1,797,750 $ 248,263
=========== =========== =========== =========== =========== ===========
Equity Spectrum Stable
Index International Income Value
Fund Stock Fund Fund Fund
----------- ----------- ----------- ------------
ASSETS
Investments:
Amax Gold Inc. ........
common stock ........ $ -- $ -- $ -- $ --
Mutual funds .......... 2,081,718 353,490 853,553 5,436,186
Participant loans ..... -- -- -- --
Receivables:
Interest ............. 386 93 241 2,152
Participant
contributions and
loan repayments ..... 19,879 5,977 8,744 47,831
Employer contributions -- -- -- --
----------- ----------- ----------- -----------
Total assets .......... 2,101,983 359,560 862,538 5,486,169
----------- ----------- ----------- -----------
LIABILITIES ........... -- -- -- --
----------- ----------- ----------- -----------
Net assets available
for benefits ......... $ 2,101,983 $ 359,560 $ 862,538 $ 5,486,169
=========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these statements.
<PAGE>
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
YEAR ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION>
Common Partici- Prime New America Capital
Stock pant Reserve Growth Apprecia-
Total Fund Loans Fund Fund tion Fund
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Investment Income:
Interest and dividends ..... $ 727,328 $ -- $ -- $ 2,084 $ -- $ --
Net realized gain (loss) on
investments ............... 818,741 (10,546) -- -- 684,921 36,075
Net change in unrealized
appreciation/depreciation
in fair value of
investments ............... (412,139) (185,543) -- -- (368,234) (8,552)
Employer contributions ...... 596,764 596,764 -- -- -- --
Participant contributions
and loan repayments ....... 1,247,553 85,130 (221,682) 34,003 78,584 22,155
Transfers between Plan
funds and loans ........... -- 42,614 229,527 (435) (2,004,657) (278,883)
Employee withdrawals ........ (1,934,019) (306,233) (148,204) (3,747) (188,364) (19,058)
------------ ------------ ------------ ------------ ------------ -----------
Net increase (decrease) ..... 1,044,228 222,186 (140,359) 31,905 (1,797,750) (248,263)
Net assets available
for benefits:
Beginning of year 13,077,575 1,565,300 628,080 27,932 1,797,750 248,263
------------ ------------ ------------ ------------ ------------ ------------
End of year ................. $ 14,121,803 $ 1,787,486 $ 487,721 $ 59,837 $ -- $ --
============ ============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Spectrum Stable Equity New Science & Spectrum
Equity Index International Income Value Income Horizons Technology Growth
Fund Stock Fund Fund Fund Fund Fund Fund Fund
------------ --------- ---------- ------------ ----- -------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment Income:
Interest and dividends ..... $ 87,074 $ 13,902 $ 64,637 $ 303,725 $ 13,351 $ 216,434 $ 20,660 $ 5,461
Net realized gain (loss) on
investments ............... 87,659 5,290 9,496 -- 4,416 1,432 (2) --
Net change in unrealized
appreciation/depreciation
in fair value of
investments ............... 282,130 43,434 (12,032) -- 5,827 (158,050) (12,247) 1,128
Employer contributions ...... -- -- -- -- -- -- -- --
Participant contributions
and loan repayments ....... 215,996 96,346 130,039 492,344 54,482 218,146 35,797 6,213
Transfers between Plan
funds and loans ........... (3,332) 62,155 (63,339) (634,475) 291,748 2,140,718 150,683 67,676
Employee withdrawals ........ (276,403) (53,494) (167,394) (705,278) (39,755) (25,966) (123) --
----------- ------------ ------------ ------------ ------------ ------------ ------------ ----------
Net increase (decrease) ..... 393,124 167,633 (38,593) (543,684) 330,069 2,392,714 194,768 80,478
Net assets available
for benefits:
Beginning of year ........... 2,101,983 359,560 862,538 5,486,169 -- -- -- --
----------- ------------ ------------ ------------ ------------ ------------ ------------ -----------
End of year ................. $ 2,495,107 $ 527,193 $ 823,945 $ 4,942,485 $ 330,069 $ 2,392,714 $ 194,768 $ 80,478
============ ============ ============ ============ ============ ============ ============ ===========
</TABLE>
The accompanying notes are an integral part of these statements.
<PAGE>
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF THE PLAN
The following description of the Thrift Plan for Employees of Amax Gold Inc. and
Its Subsidiaries (the "Plan") provides only general information. Refer to the
Plan document for a more complete description of the Plan's provisions.
GENERAL
The Plan is a defined contribution plan maintained by the Company for salaried
employees ("Eligible Employees" or "Participants"). The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 ("ERISA").
ADMINISTRATION
The Plan is administered by the Benefits Committee, which is comprised of five
Amax Gold officers. Internal costs to administer the Plan are paid by the
Company. Other Plan administrative expenses are paid either by the Plan or by
the Company. During 1996, Plan administrative expenses were paid by Amax Gold.
ENROLLMENT
Eligible employees can enroll in the Plan at any time.
CONTRIBUTIONS
Effective April 1, 1994, participants can make contributions of up to 16 percent
of basic compensation. Amax Gold contributes an amount equal to 75 percent of
the first six percent of each Participant's contribution, which is invested 100
percent in Amax Gold common stock.
Participant rollover contributions are permitted at the discretion of the
Committee provided all legal requirements are satisfied.
VESTING
Participants are immediately vested in their employee contributions and the
earnings attributable to those contributions. All Participants are immediately
100 percent vested in the employer contributions to the Plan and the earnings
attributable to those contributions.
LOANS
Participants may borrow from their Plan accounts. Loans are in the form of cash
and may not exceed 50 percent of a Participant's vested account balance or
$50,000, reduced by the Participant's highest loan balance in the preceding
twelve months. Participants are charged a reasonable rate of interest on
outstanding loans as determined by the Benefits Committee. In general, loan
terms may not exceed five years.
Loan repayments are made through regular payroll deductions. A Participant may
prepay all of the outstanding loan balance; however, partial prepayments are not
allowed.
DISTRIBUTIONS
Participants may withdraw all or a portion of vested contributions subject to
certain conditions as specified in the Plan document.
<PAGE>
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
PARTICIPANT'S TAX STATUS
Participant contributions to the Plan may be deferred, at the election of the
Participant, for federal income tax purposes, subject to certain limitations.
Employer contributions and all earnings under the Plan are deferred for federal
income tax purposes. The amounts deferred under the Plan may become subject to
federal income tax when withdrawn. Participants may also choose to make after-
tax contributions to the Plan.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements of the Plan are presented on the accrual basis.
VALUATION OF ASSETS
Plan investments are valued at net asset value as determined by the Trustee,
based on the quoted market prices of the underlying investments.
Participant loans are valued at principal amount, which approximates fair market
value.
Transfers of assets into the Plan are made at fair market value. The cost of
investments sold or transferred is determined on a Participant level by the
average cost method. Assets transferred out of the Plan are reported at market
value with the difference between cost and market reported as realized gains or
losses.
3. INVESTMENTS
INVESTMENT OPTIONS
Effective April 1, 1994, T. Rowe Price became the recordkeeper and Trustee of
the Plan. Participants may elect to invest their contributions to the Plan in
Amax Gold common stock or the following T. Rowe Price funds: a money market
fund (Prime Reserve Fund); a bond fund (Spectrum Income Fund); a portfolio of
guaranteed investment contracts, bank investment contracts and structured
investment contracts (Stable Value Fund); and six equity funds (Equity Index
Fund, International Stock Fund, Equity Income Fund, New Horizons Fund, Science
and Technology Fund and Spectrum Growth Fund).
Effective April 1, 1996, the Capital Appreciation Fund and the New America
Growth Fund were eliminated as investment options under the Plan. As of that
date, the Equity Income Fund, the New Horizons Fund, the Spectrum Growth Fund
and the Science and Technology Fund became available to Participant's as
investment options. As of May 1, 1996, Participant contributions directed to
the Capital Appreciation Fund were invested in the Equity Income Fund while
Participant contributions directed to the New America Growth Fund were invested
in the New Horizons Fund. On November 1, 1996, the balances remaining in the
Capital Appreciation Fund and the New America Growth Fund were transferred to
the Equity Income Fund and the New Horizons Fund, respectively.
As of December 31, 1996, the number of Participants who held assets in the
various investment options were as follows: 435 in Amax Gold common stock, 51
in the Prime Reserve Fund, 203 in the Equity Index Fund, 222 in the Stable Value
Fund, 110 in the International Stock Fund, 164 in the Spectrum Income Fund, 96
in the Equity Income Fund, 231 in the New Horizons Fund, 54 in the Science and
Technology Fund and 32 in the Spectrum Growth Fund.
<PAGE>
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
INVESTMENTS HELD
Investments held by the Trustee as of December 31, 1996 and 1995, consisted of
the following:
<TABLE>
<CAPTION>
Cost Fair Value
----------- -----------
<S> <C> <C>
December 31, 1996:
Amax Gold Inc. common stock held in
Common Stock Fund (270,929 shares)/(a)/ $ 1,735,807 $ 1,727,170
Participant loans 502,460 502,460
Prime Reserve Fund (55,828 units) 55,828 55,828
Equity Index Fund (121,841 units)/(a)/ 1,753,168 2,478,242
International Stock Fund (37,606 units) 470,300 518,963
Spectrum Income Fund (72,921 units)/(a)/ 779,079 816,710
Stable Value Fund (4,913,643 units)/(a)/ 4,913,643 4,913,643
Equity Income Fund (14,318 units) 316,912 322,738
New Horizons Fund (108,828 units)/(a)/ 2,527,229 2,369,179
Science and Technology Fund (6,425 units) 203,144 190,897
Spectrum Growth Fund (5,193 units) 77,443 78,572
----------- -----------
$13,335,013 $13,974,402
=========== ===========
December 31, 1995:
Amax Gold Inc. common stock held in
Common Stock Fund (208,499 shares)/(a)/ $ 1,334,709 $ 1,511,615
Participant loans/(a)/ 646,077 646,077
Prime Reserve Fund (12,811 units) 12,811 12,811
New America Growth Fund (50,973 units)/(a)/ 1,411,237 1,779,471
Capital Appreciation Fund (17,816 units) 234,994 243,545
Equity Index Fund (120,960 units)/(a)/ 1,638,775 2,081,718
International Stock Fund (28,903 units) 348,260 353,490
Spectrum Income Fund (75,939 units)/(a)/ 803,890 853,553
Stable Value Fund (5,436,186 units)/(a)/ 5,436,186 5,436,186
----------- -----------
$11,866,939 $12,918,466
=========== ===========
</TABLE>
/(a)/ Individual investments representing 5 percent or more of net assets
available for benefits as of December 31, 1996 or 1995.
4. NET REALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) from investment transactions for the year ended
December 31, 1996, were as follows:
<TABLE>
<CAPTION>
Capital
Common New America Appreciation
Stock Fund Growth Fund Fund
------------ ------------- ----------------
<S> <C> <C> <C> <C>
1996 Proceeds $393,810 $2,340,942 $342,256
Cost 404,356 1,656,021 306,181
-------- ---------- ---------------
Net gain (loss) $(10,546) $ 684,921 $ 36,075
======== ========== ===============
</TABLE>
<PAGE>
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
<TABLE>
<S> <C> <C> <C>
Equity International Spectrum
Index Fund Stock Fund Income Fund
---------- ------------- -------------
1996 Proceeds $402,795 $ 77,800 $263,916
Cost 315,136 72,510 254,420
-------- ---------- -------------
Net gain (loss) $ 87,659 $ 5,290 $ 9,496
======== ========== =============
Equity New Science and
Income Fund Horizons Fund Technology Fund
----------- ------------- ---------------
1996 Proceeds $ 41,204 $ 56,150 $ 123
Cost 36,788 54,718 125
-------- ---------- --------
Net gain (loss) $ 4,416 $ 1,432 $ (2)
======== ========== ========
</TABLE>
5. UNREALIZED APPRECIATION/DEPRECIATION OF INVESTMENTS
Net unrealized appreciation/depreciation of investments amounted to $639,388 and
$1,051,527 at December 31, 1996 and 1995, respectively. The change in net
unrealized appreciation/depreciation resulted in a Plan loss of $(412,139) in
1996.
6. TAX STATUS
Amax Gold received a favorable determination letter dated September 10, 1996
from the Internal Revenue Service as to the qualified status of the Plan.
Management of the Company is of the opinion that the Plan continues to fulfill
the requirements of a qualified plan and that the trust which forms a part of
the Plan is not subject to tax. Accordingly, no provision for federal or state
income taxes has been provided.
7. PLAN AMENDMENTS
On May 5, 1995, the Company entered into an agreement with its affiliate, Cyprus
Amax. This agreement, which has an effective date of March 1, 1994, states that
both the Plan and the Cyprus Amax Minerals Company Savings Plan and Trust will
recognize the service of an employee transferred from the other company for
purposes of eligibility, vesting and entitlement to share in Company
contributions.
During 1996, the Company amended the Plan document to make certain changes
required by the Internal Revenue Service for its favorable determination letter.
8. SUBSEQUENT EVENTS
Effective January 1, 1997, the Plan was amended to increase the maximum amount
of Participant's contributions which are matched from six percent to eight
percent. The total Participant contribution allowed remains at 16 percent of
basic compensation. In addition, effective January 1, 1997, the Plan was
amended to decrease the Company contribution to 50 percent of the first eight
percent of the Participant's contribution from 75 percent of the first six
percent. The Company may, at its sole discretion, contribute additional
amounts.
<PAGE>
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
9. DIFFERENCES BETWEEN FINANCIAL STATEMENTS AND FORM 5500
Gains (losses) on the sale of investments as reported in the statement of
changes in net assets available for benefits with Fund Information have been
determined on a participant level using the average cost method. For purposes
of the Department of Labor's Form 5500, gains (losses) on such sales have been
calculated based upon the market value at the beginning of the Plan year in
accordance with the requirements of the Form 5500.
In addition, in accordance with guidance issued by the American Institute of
Certified Public Accountants, the Plan does not recognize as a liability amounts
elected to be withdrawn but not yet distributed as of year end. However, such
amounts must be included on the Form 5500. As of December 31, 1996 and 1995
there were no benefits payable due to timing of the distributions by the
Trustee.
<PAGE>
Schedule I
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
ASSETS HELD FOR INVESTMENT
DECEMBER 31, 1996
<TABLE>
<CAPTION>
Party in Description Historical Current
Interest Issuer of Investment Cost Value
- -------- ----------------- ----------------------- ---------- ----------
<S> <C> <C> <C> <C>
Yes Amax Gold Inc. Amax Gold Inc. $1,735,807 $1,727,170
Common Stock
No par value
(270,929 shares)
Yes Participant Loans Interest rate 502,460 502,460
7.0% - 11.5%
Yes T. Rowe Price Prime Reserve Fund 55,828 55,828
(55,828 units)
Yes T. Rowe Price Equity Index Fund 1,753,168 2,478,242
(121,841 units)
Yes T. Rowe Price International Stock 470,300 518,963
Fund (37,606 units)
Yes T. Rowe Price Spectrum Income 779,079 816,710
Fund (72,921 units)
Yes T. Rowe Price Stable Value Fund 4,913,643 4,913,643
(4,913,643 units)
Yes T. Rowe Price Equity Income Fund 316,912 322,738
(14,318 units)
Yes T. Rowe Price New Horizons Fund 2,527,229 2,369,179
(108,828 units)
Yes T. Rowe Price Science and Technology 203,144 190,897
Fund (6,425 units)
Yes T. Rowe Price Spectrum Growth Fund 77,443 78,572
(5,193 units)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Schedule II
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
SCHEDULE OF REPORTABLE TRANSACTIONS/(a)/
YEAR ENDED DECEMBER 31, 1996
Current Value
Total Total Total of Asset on
Number of Number of Purchase Selling Cost of Transaction Net Gain(Loss)
Description of Assets Purchases Sales Price Price Asset Date on Sales
- --------------------- --------- --------- --------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Amax Gold Common Stock 41 - $ 801,653 $ - $ 801,653 $ 801,653 $ -
Amax Gold Common Stock - 51 400,797 390,010 400,797 390,010 (10,787)
T. Rowe Price Stable
Value Fund 33 - 747,637 - 747,637 747,637 -
T. Rowe Price Stable
Value Fund - 60 1,270,180 1,270,180 1,270,180 1,270,180 -
T. Rowe Price New
Horizons Fund 39 - 2,566,442 - 2,566,442 2,566,442 -
T. Rowe Price New
Horizons Fund - 13 39,526 40,645 39,526 40,645 1,119
T. Rowe Price Equity
Index Fund 50 - 386,893 - 386,893 386,893 -
T. Rowe Price Equity
Index Fund - 37 282,664 360,158 282,664 360,158 77,494
T. Rowe Price New America
Growth Fund 60 - 244,626 - 244,626 244,626 -
T. Rowe Price New America
Growth Fund - 17 1,655,865 2,340,784 1,655,865 2,340,784 684,919
</TABLE>
/(a)/ Transactions or series of transactions in excess of 5 percent of the
current value of the Plan's assets as of January 1, 1996 as defined in
Section 2520.103-6 of the Department of labor Rules and Regulations for
Reporting and Disclosure under ERISA.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THRIFT PLAN FOR EMPLOYEES OF
AMAX GOLD INC. AND ITS SUBSIDIARIES
By /s/ David L. Mueller
----------------------------------
David L. Mueller
Vice President and Controller
Amax Gold Inc.
Dated: June 26, 1997
<PAGE>
EXHIBIT 23
THRIFT PLAN FOR EMPLOYEES OF AMAX GOLD INC. AND ITS SUBSIDIARIES
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statements on Form S-8 (Nos. 33-53665 and 33-54553) of the Thrift Plan for
Employees of Amax Gold Inc. and Its Subsidiaries of our report dated June 18,
1997, appearing on page 2 of this Form 11-K of Amax Gold Inc. for the year ended
December 31, 1996.
PRICE WATERHOUSE LLP
Denver, Colorado
June 26, 1997
