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## Notes to Consolidated Financial Statements  Years ended December 31, 2012 and 2011 

## 25. Joint Ventures (continued) 

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We have purchase and shipping commitments of approximately $235 million over the next five years relating to our interests in joint ventures. 

## 26. Accounting for Financial Instruments 

a) Financial Risk Management 

Our activities expose us to a variety of financial risks, which include foreign exchange risk, interest rate risk, commodity price risk, credit risk, liquidity risk and other risks associated with capital markets. From time to time, we may use foreign exchange, commodity price and interest rate contracts to manage exposure to fluctuations in these variables. We do not have a practice of trading derivatives. Our use of derivatives is based on established practices and parameters to mitigate risk and is subject to the oversight of our Hedging Committee and our Board of Directors. 

## Liquidity Risk 

Liquidity risk arises from our general and capital financing needs. We have planning, budgeting and forecasting processes to help determine our funding requirements to meet various contractual and other obligations. Note 17 details our available credit facilities as at December 31, 2012. 

Contractual undiscounted cash flow requirements for financial liabilities as at December 31, 2012 are as follows: 

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