XML 77 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
Segmented information
 12 Months Ended
Dec. 31, 2017
Statement [Line Items]  
Segmented information [Text Block]
30.

Segmented information

The Group is an integrated metals producer. When making decisions on expansions, opening or closing mines, as well as day to day operations, management evaluates the profitability of the overall operation of the Group. The Group's main mining operations are located in Manitoba and Saskatchewan (Canada) and Cusco (Peru) and are included in the Manitoba segment and Peru segment, respectively. The Manitoba and Peru segments generate the Group's revenue. The Manitoba segment sells copper concentrate (containing copper, gold and silver), zinc metal and other products. The Peru segment consists of the Group's Constancia operation and sells copper concentrate. The Group’s Arizona segment consists of the Group’s Rosemont project in Arizona. Corporate and other activities include the Group’s exploration activities in Chile. The exploration entities are not individually significant, as they do not meet the minimum quantitative thresholds. Corporate activities are not considered a segment and are included as a reconciliation to total consolidated results. Accounting policies for each reported segment are the same as the Company.  Results from operating activities represents the profit earned by each segment without allocation of corporate costs. This is the measure reported to the chief operating decision-maker, the Group's President and Chief Executive Officer, for the purposes of resource allocation and the assessment of segment performance. Total assets and liabilities do not reflect intercompany balances, which have been eliminated on consolidation.

    Year ended December 31, 2017     
                        Corporate        
                        and other        
      Manitoba     Peru     Arizona     activities     Total  
  Revenue from external customers $ 704,777   $ 657,776   $   -   $   -   $ 1,362,553  
  Cost of sales                              
       Mine operating costs   392,863     302,865     -     -     695,728  
       Depreciation and amortization   118,770     174,110     -     -     292,880  
  Gross profit   193,144     180,801     -     -     373,945  
  Selling and administrative expenses   -     -     -     42,283     42,283  
  Exploration and evaluation   5,649     1,442     -     8,383     15,474  
  Other operating (income) and expenses   (56 )   (6,612 )   517     (6,289 )   (12,440 )
  Asset impairment   11,320     -     -     -     11,320  
  Results from operating activities $ 176,231   $ 185,971   $ (517 ) $ (44,377 ) $ 317,308  
  Finance income                           (2,849 )
  Finance expenses                           103,028  
  Other finance losses                           18,401  
  Profit before tax                           198,728  
  Tax expense                           34,829  
                                 
  Profit for the year                         $ 163,899  
   Year ended December 31, 2016    
                        Corporate        
                        and other        
      Manitoba     Peru     Arizona     activities     Total  
  Revenue from external customers $ 512,671   $ 616,007   $   -   $   -   $ 1,128,678  
  Cost of sales                              
       Mine operating costs   318,037     289,133     -     -     607,170  
       Depreciation and amortization   120,531     178,099     -     -     298,630  
  Gross profit   74,103     148,775     -     -     222,878  
  Selling and administrative expenses   -     -     -     37,774     37,774  
  Exploration and evaluation   1,228     1,262     -     2,252     4,742  
  Other operating expense (income)   5,490     7,790     618     (3,312 )   10,586  
  Results from operating activities $ 67,385   $ 139,723   $ (618 ) $ (36,714 ) $ 169,776  
  Finance income                           (2,792 )
  Finance expenses                           167,071  
  Other finance gains                           (108 )
  Profit before tax                           5,605  
  Tax expense                           40,798  
  Loss for the year                         $ (35,193 )

  December 31, 2017  
                        Corporate        
                        and other        
      Manitoba     Peru     Arizona     activities     Total  
  Total assets $ 743,019   $ 2,666,775 $     856,589   $ 382,346   $ 4,648,729  
  Total liabilities   525,515     806,217     110,945     1,061,797     2,504,474  
  Property, plant and equipment   619,476     2,420,561     836,759     4,098     3,880,894  

    Year ended December 31, 2017      
                        Corporate        
                        and other        
      Manitoba     Peru     Arizona     activities     Total  
  Additions to property, plant and equipment $   97,936   $ 143,372   $ 18,507     - $     259,815  
   December 31, 2016     
                        Corporate        
                        and other        
      Manitoba     Peru     Arizona     activities     Total  
  Total assets $ 769,561   $ 2,720,441 $     822,498   $ 144,056 $     4,456,556  
  Total liabilities   528,326     876,056     158,236     1,130,726     2,693,344  
  Property, plant and equipment   606,348     2,452,917     800,542     6,016     3,865,823  

  Year ended December 31, 2016  
                        Corporate        
                        and other        
      Manitoba     Peru     Arizona     activities     Total  
  Additions to property, plant and equipment $ 65,521   $ 125,489   $ 25,856   $ 19   $ 216,885  

Geographical Segments

The following tables represent revenue information regarding the Group’s geographical segments for the years ended December 31:

      2017     2016  
  Revenue by customer location 1            
  Canada $ 421,247   $ 372,439  
  United States   236,467     146,419  
  Switzerland   159,085     256,377  
  Germany   144,684     39,703  
  China   145,935     139,200  
  Peru   101,033     68,964  
  Philippines   120,199     70,933  
  Other   33,903     34,643  
    $ 1,362,553   $ 1,128,678  

1 Presented based on the ultimate destination of the product if known. If the eventual destination of the product sold through traders is not known then revenue is allocated to the location of the customer's business office and not the ultimate destination of the product.

During the year ended December 31, 2017, four customers accounted for approximately 27%, 11%, 11%, and 5%, respectively, of total revenue during the year. Revenue from these customers has been presented in the Manitoba and Peru operating segments. During the year ended December 31, 2016, five customers accounted for approximately 27%, 22%, 13%, 12%, and 6%, respectively, of total revenue during the year. Revenue from these customers has been presented in the Manitoba and Peru operating segment.