U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 40-F
(Amendment No. 1)
¨ Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934
or
x Annual
report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended December 31, 2017 | Commission File Number 001-31722 |
New Gold Inc.
(Exact name of Registrant as specified in its charter)
British Columbia (Province or other jurisdiction of incorporation or organization) |
1000 (Primary Standard Industrial Classification Code Number) |
Not Applicable (I.R.S. Employer Identification Number) |
Suite 3510 Brookfield Place, 181 Bay Street
Toronto, Ontario, Canada M5J 2T3
(416) 324-6000
(Address and telephone number of Registrant’s principal executive offices)
CT Corporation System 111 Eighth Avenue, New York, NY 10011 (212) 894-8940 |
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class: | Name of Each Exchange On Which Registered: |
Common Shares, no par value | NYSE American |
Securities registered pursuant to Section 12(g) of the Act: None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
For annual reports, indicate by check mark the information filed with this form:
¨ Annual Information Form | ¨ Audited Annual Financial Statements |
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:
At December 31, 2017, the Registrant had outstanding
578,635,838 common shares without par value.
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. x Yes ¨ No
Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). x Yes ¨ No
Indicate by check mark
whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
Emerging
growth company ¨
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ¨
EXPLANATORY NOTE
New Gold Inc. (the “Registrant” or the “Company”) is filing this Amendment No. 1 on Form 40-F/A (“Amendment No. 1”) to the Company’s Annual Report on Form 40-F, dated March 29, 2018 (the “Original Form 40-F”) for the sole purpose of submitting Exhibit 101 to the Form 40-F as required by General Instruction B(15)(a)(iii) of Form 40-F and Rule 405 of Regulation S-T. Exhibit 101 was omitted from the Registrant’s Original Form 40-F in accordance with the 30-day grace period provided under Rule 405(a)(2)(ii) or Regulation S-T.
Except as set forth above, this Amendment No. 1 does not modify or update any of the disclosures in the Original Form 40-F. This Amendment No. 1 speaks as of the time of filing the Original Form 40-F, and does not reflect events that may have occurred subsequent to such filing.
SIGNATURES
Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.
NEW GOLD INC.
By: | /s/ Paula Myson | |
Name: | Paula Myson | |
Title: | Chief Financial Officer |
Date: April 10, 2018
EXHIBIT INDEX
The following documents are being filed with the Commission as exhibits to this annual report on Form 40-F.
*Previously filed.
Document And Entity Information |
12 Months Ended |
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Dec. 31, 2017
shares
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Document Information [Line Items] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2017 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | New Gold Inc. /FI |
Entity Central Index Key | 0000800166 |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Common Stock, Shares Outstanding | 578,635,838 |
CONSOLIDATED INCOME STATEMENTS - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Income Statement [Abstract] | ||||||||||||||||||
Revenues | $ 604.4 | $ 522.8 | ||||||||||||||||
Operating expenses | 321.0 | 275.5 | ||||||||||||||||
Depreciation and depletion | 220.3 | 200.1 | ||||||||||||||||
Revenue less cost of goods sold | 63.1 | 47.2 | ||||||||||||||||
Corporate administration | 23.7 | 22.9 | ||||||||||||||||
Corporate restructuring | [1] | 4.2 | 0.0 | |||||||||||||||
Share-based payment expenses | 5.1 | 8.3 | ||||||||||||||||
Asset impairment | 268.4 | 6.4 | ||||||||||||||||
Exploration and business development | 6.4 | 4.1 | ||||||||||||||||
(Loss) earnings from operations | (244.7) | 5.5 | ||||||||||||||||
Finance income | 1.1 | 1.4 | ||||||||||||||||
Finance costs | (13.2) | (9.9) | ||||||||||||||||
Other gains (losses) | 39.2 | (7.7) | ||||||||||||||||
Loss before taxes | (217.6) | (10.7) | ||||||||||||||||
Income tax recovery | 115.9 | 2.1 | ||||||||||||||||
Loss from continuing operations | [2] | (101.7) | (8.6) | |||||||||||||||
Profit (loss) from discontinued operations | (6.3) | 1.6 | ||||||||||||||||
Net loss | $ (22.3) | $ 4.1 | $ (13.9) | $ 25.6 | $ (108.0) | $ (7.0) | ||||||||||||
Loss from continuing operations per share | ||||||||||||||||||
Basic | $ (0.18) | $ (0.02) | ||||||||||||||||
Diluted | (0.18) | (0.02) | ||||||||||||||||
Loss per share | ||||||||||||||||||
Basic | $ (0.04) | $ 0.01 | $ (0.03) | $ 0.05 | (0.19) | (0.01) | ||||||||||||
Diluted | $ (0.04) | [3] | $ 0.01 | [3] | $ (0.03) | [3] | $ 0.05 | [3] | $ (0.19) | $ (0.01) | [3] | |||||||
Weighted average number of shares outstanding (in millions) | ||||||||||||||||||
Basic | 513.3 | 513.0 | 511.2 | 509.6 | 564.7 | 511.8 | ||||||||||||
Diluted | 513.3 | 515.8 | 511.2 | 510.7 | 564.7 | 511.8 | ||||||||||||
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CONSOLIDATED INCOME STATEMENTS (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|||
Income Statement [Abstract] | ||||
Expense of restructuring activities | [1] | $ 4.2 | $ 0.0 | |
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CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Current assets | |||||||
Cash and cash equivalents | $ 216.2 | $ 185.9 | |||||
Trade and other receivables | 27.1 | 37.1 | |||||
Inventories | 193.2 | 150.4 | |||||
Current income tax receivable | 12.9 | 12.5 | |||||
Derivative assets | 0.0 | 18.0 | |||||
Prepaid expenses and other | 5.6 | 6.1 | |||||
Total current assets | 455.0 | 410.0 | |||||
Non-current inventories | [1] | 78.7 | 103.3 | ||||
Mining interests | 3,200.4 | 3,191.3 | [2] | ||||
Deferred tax assets | 171.6 | 224.9 | |||||
Other | 2.6 | 3.5 | |||||
Assets before non-current assets or disposal groups classified as held for sale | 3,908.3 | 3,933.0 | [2] | ||||
Assets held for sale | 109.0 | 0.0 | |||||
Total assets | 4,017.3 | 3,933.0 | [2] | ||||
Current liabilities | |||||||
Trade and other payables | 178.2 | 169.2 | |||||
Current income tax payable | 0.0 | 6.2 | |||||
Deferred benefit - Peak sale prepayment | 3.0 | 0.0 | |||||
Total current liabilities | 181.2 | 175.4 | |||||
Reclamation and closure cost obligations | 121.5 | 81.0 | |||||
Gold stream obligation | 249.0 | 246.5 | |||||
Provisions | 2.6 | 12.0 | |||||
Long-term debt | 1,007.7 | 889.5 | |||||
Deferred tax liabilities | 250.3 | 455.2 | |||||
Other | 2.7 | 0.2 | |||||
Liabilities excluding liabilities included in disposal groups classified as held for sale | 1,815.0 | 1,859.8 | [2] | ||||
Liabilities held for sale | 62.8 | 0.0 | |||||
Total liabilities | 1,877.8 | 1,859.8 | [2] | ||||
Equity | |||||||
Common shares | 3,036.5 | 2,859.0 | |||||
Contributed surplus | 103.2 | 100.5 | |||||
Other reserves | (38.9) | (33.0) | |||||
Deficit | (961.3) | (853.3) | |||||
Total equity | 2,139.5 | 2,073.2 | |||||
Total liabilities and equity | $ 4,017.3 | $ 3,933.0 | |||||
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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITIES - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||
Balance, beginning of period | $ 2,073.2 | ||||||||
Common share issuance | [1] | 166.6 | |||||||
Change in fair value of hedging instruments (net of tax) | (0.1) | $ 10.3 | |||||||
Gain (loss) on revaluation of gold stream obligation (net of tax) | [2] | 7.6 | 67.8 | ||||||
Net earnings | $ (22.3) | $ 25.6 | (108.0) | (7.0) | |||||
Balance, end of period | 2,073.2 | 2,139.5 | 2,073.2 | ||||||
COMMON SHARES | |||||||||
Balance, beginning of period | 2,841.0 | 2,859.0 | 2,841.0 | ||||||
Common share issuance | 176.1 | 17.6 | |||||||
Exercise of options and vested PSUs | 1.4 | 0.4 | |||||||
Balance, end of period | 2,859.0 | 3,036.5 | 2,859.0 | ||||||
CONTRIBUTED SURPLUS | |||||||||
Balance, beginning of period | 102.3 | 100.5 | 102.3 | ||||||
Exercise of options and vested PSUs | (0.8) | (6.9) | |||||||
Equity settled share-based payments | 3.5 | 5.4 | |||||||
Reclassification of share-based payments | 0.0 | (0.3) | |||||||
Balance, end of period | 100.5 | 103.2 | 100.5 | ||||||
OTHER RESERVES | |||||||||
Balance, beginning of period | 2.6 | (33.0) | 2.6 | ||||||
Change in fair value of hedging instruments (net of tax) | (0.1) | 10.3 | |||||||
Gain (loss) on revaluation of gold stream obligation (net of tax) | (5.8) | (45.9) | |||||||
Balance, end of period | (33.0) | (38.9) | (33.0) | ||||||
DEFICIT | |||||||||
Balance, beginning of period | $ (846.3) | (853.3) | (846.3) | ||||||
Net earnings | (108.0) | (7.0) | |||||||
Balance, end of period | $ (853.3) | $ (961.3) | $ (853.3) | ||||||
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CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Millions |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
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OPERATING ACTIVITIES | ||||||||||
Loss from continuing operations | [1] | $ (101.7) | $ (8.6) | |||||||
Adjustments for: | ||||||||||
Foreign exchange gains | (43.8) | (12.0) | ||||||||
Reclamation and closure costs paid | (1.4) | (2.4) | ||||||||
Gain on disposal of El Morro stream | (33.0) | 0.0 | ||||||||
Impairment of assets and inventory write-down | 268.4 | 30.9 | ||||||||
Depreciation and depletion | 220.6 | 200.3 | ||||||||
Other non-cash adjustments | 46.4 | 28.3 | ||||||||
Income tax recovery | (115.9) | (2.1) | ||||||||
Finance income | (1.1) | (1.4) | ||||||||
Finance costs | 13.2 | 9.9 | ||||||||
Cash flows from (used in) operations before changes in working capital | 251.7 | 242.9 | ||||||||
Change in non-cash operating working capital | 40.9 | (20.3) | ||||||||
Income taxes paid | (17.6) | 2.4 | ||||||||
Operating cash flows generated from continuing operations | [1] | 275.0 | 225.0 | |||||||
Operating cash flows generated from discontinued operations | 67.2 | 57.2 | ||||||||
Cash generated from operations | 342.2 | 282.2 | ||||||||
INVESTING ACTIVITIES | ||||||||||
Mining interests | [2] | (567.0) | (555.9) | [3] | ||||||
Gold price option contract investment costs | (0.9) | (3.5) | ||||||||
Proceeds from the sale of assets | 65.3 | 0.7 | ||||||||
Prepayment received on Peak sale, net of transaction costs | 2.6 | 0.0 | ||||||||
Tax on proceeds from disposal of El Morro | 0.0 | (0.9) | ||||||||
Interest received | 1.0 | 1.4 | ||||||||
Investing cash flows used by continuing operations | [1] | (499.0) | (558.2) | |||||||
Investing cash flows used by discontinued operations | (34.6) | (10.4) | ||||||||
Cash used by investing activities | (533.6) | (568.6) | ||||||||
FINANCING ACTIVITIES | ||||||||||
Proceeds received from exercise of options | 0.6 | 9.7 | ||||||||
Net proceeds received from issuance of common shares | 164.7 | 0.0 | ||||||||
Financing initiation costs | 0.0 | (1.0) | ||||||||
Issuance of senior unsecured notes, net of transaction costs | 294.6 | 0.0 | ||||||||
Repayment of senior unsecured notes | (305.3) | 0.0 | ||||||||
Drawdown of Credit Facility | 130.0 | 100.0 | ||||||||
Cash settlement of gold stream obligation | (1.1) | 0.0 | ||||||||
Interest paid | (63.7) | (55.3) | ||||||||
Proceeds from gold stream agreement | 0.0 | 75.0 | ||||||||
Cash generated by financing activities | 219.8 | 128.4 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 1.9 | 8.4 | ||||||||
Change in cash and cash equivalents | 30.3 | (149.6) | ||||||||
Cash and cash equivalents, beginning of period | 185.9 | 335.5 | ||||||||
Cash and cash equivalents, end of period | 216.2 | 185.9 | ||||||||
Cash and cash equivalents are comprised of: | ||||||||||
Cash | 161.3 | 135.7 | ||||||||
Short-term money market instruments | 54.9 | 50.2 | ||||||||
Cash and cash equivalents | $ 216.2 | $ 185.9 | ||||||||
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DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 | ||
Description of Business and Nature of Operations [Abstract] | ||
Description of business and nature of operations [text block] | 1. Description of business and nature of operations New Gold Inc. (“New Gold” or the “Company”) is an intermediate gold mining company engaged in the development and operation of mineral properties. The assets of the Company, directly or through its subsidiaries, are comprised of the Rainy River Mine in Canada (“Rainy River”), which achieved commercial production on November 1, 2017, the New Afton Mine in Canada (“New Afton”), the Mesquite Mine in the United States (“Mesquite”), the Cerro San Pedro Mine in Mexico (“Cerro San Pedro”) and the Peak Mines in Australia (“Peak Mines”) which has been classified as a discontinued operation as at and for the year ended December 31, 2017. The Company also owns the Blackwater project in Canada (“Blackwater”). The Company is a corporation governed by the Business Corporations Act (British Columbia). The Company’s shares are listed on the Toronto Stock Exchange and the New York Stock Exchange American under the symbol NGD. The Company’s registered office is located at 1100 Melville Street, Suite 610, Vancouver, British Columbia, V6E 4A6, Canada. |
SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of significant accounting policies [text block] | 2. Significant accounting policies (a) Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board (“IASB”), referred to as “IFRS”. These consolidated financial statements were approved by the Board of Directors of the Company on February 20, 2018. (b) Basis of preparation The consolidated financial statements have been prepared on the historical cost basis except for those assets and liabilities that are measured at fair values at the end of each reporting period. Additionally, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information. (c) Basis of consolidation Subsidiaries These consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (“Subsidiaries”). Control exists when the Company is exposed, or has rights, to variable returns from its involvement with the Subsidiary and has the ability to affect those returns through its power over the Subsidiary. Associates Associates are those entities in which the Company has significant influence over the financial and operating policies but not control and that is not a Subsidiary (“Associates”). Significant influence is normally presumed to exist when the Company holds between 20 and 50 percent of the voting power of another entity. The Company’s share of net assets and net earnings or loss is accounted for in the consolidated financial statements using the equity method. The principal Subsidiaries of the Company are as follows:
(d) Business combinations and asset acquisitions A business combination is an acquisition of assets and liabilities that constitute a business. A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return to the company and its shareholders in the form of improved earnings, lower costs or other economic benefits. Business combinations are accounted for using the acquisition method whereby identifiable assets acquired and liabilities assumed, including contingent liabilities, are recorded at 100% of their acquisition-date fair values. The acquisition date is the date the Company obtains control over the acquiree, which is generally the date that consideration is transferred and the Company acquires the assets and assumes the liabilities of the acquiree. The Company considers all relevant facts and circumstances in determining the acquisition date. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Company, the liabilities, including contingent consideration, incurred and payable by the Company to former owners of the acquiree and the equity interests issued by the Company. The measurement date for equity interests issued by the Company is the acquisition date. Acquisition-related costs, other than costs to issue debt or equity securities, of the Company, including investment banking fees, legal fees, accounting fees, valuation fees, and other professional or consulting fees are expensed as incurred. The costs to issue equity securities of the Company as consideration for the acquisition are reduced from share capital as share issue costs. The Company accounts for the purchase of assets and assumption of liabilities as an acquisition of net assets when the transactions do not qualify as a business combination under IFRS 3, Business Combinations, as the significant inputs and processes that constitute a business are not identified. The purchase consideration is allocated to the fair value of the assets acquired and liabilities assumed based on management’s best estimates and available information at the time of the acquisition. Acquisition-related costs, other than costs to issue debt or equity securities, of the Company, including investment banking fees, legal fees, accounting fees, valuation fees, and other professional or consulting fees are capitalized as part of the asset acquisition. (e) Cash and cash equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of acquisition to be cash equivalents. These highly liquid investments only comprise short-term Canadian and United States government treasury bills and other evidences of indebtedness and treasury bills of the Canadian provinces with a minimum credit rating of R-1 mid from the Dominion Bond Rating Service or an equivalent rating from Standard & Poor’s and Moody’s. In addition, the Company invests in bankers’ acceptances and other evidences of indebtedness of certain financial institutions, including Canadian banks. (f) Inventories Finished goods, work-in-process, heap leach ore and stockpiled ore are valued at the lower of weighted average production cost or net realizable value. Production costs include the cost of raw materials, direct labour, mine-site overhead expenses and depreciation and depletion of mining interests. Net realizable value is calculated as the estimated price at the time of sale based on prevailing and long-term metal prices less estimated future production costs to convert the inventories into saleable form. At operations where ore extracted contains significant amount of metals other than gold, primarily copper or silver, cost is allocated between the joint products on a pro rata basis. The recovery of gold and silver from certain ores is achieved through the heap leaching process. Under this method, ore is placed on leach pads where it is treated with a chemical solution which dissolves the gold contained in ore. The resulting “pregnant” solution is further processed in a plant where the gold is recovered. For accounting purposes, costs are added to ore on leach pads for current mining and leaching costs, including applicable depreciation, depletion and amortization relating to mining interests. Costs are removed from ore on leach pads as ounces of gold and silver are recovered based on the average cost per recoverable ounce on the leach pad. Estimates of recoverable gold and silver on the leach pads are calculated from the quantities of ore placed on the leach pads (measured tonnes added to the leach pads), the grade of ore placed on the leach pads (based on assay data), and a recovery percentage (based on ore type). Although the quantities of recoverable gold and silver placed on each leach pad are reconciled by comparing the grades of ore placed on the leach pad to the quantities actually recovered, the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. The recovery of gold and silver from the leach pad is not known until the leaching process has concluded. In the event that the Company determines, based on engineering estimates, that a quantity of gold or other metal (silver) contained in ore on leach pads is to be recovered over a period exceeding 12 months, that portion is classified as long-term. Work-in-process inventory represents materials that are currently in the process of being converted into finished goods. The average production cost of finished goods represents the average cost of work-in-process inventories incurred prior to the refining process, plus applicable refining, selling, shipping costs and associated royalties. Supplies are valued at the lower of weighted average cost and net realizable value. (g) Mining interests Mining interests includes mining properties and related plant and equipment. Capitalized costs are depreciated and depleted using either a unit-of-production method over the estimated economic life of the mine to which they relate, or for plant and equipment, using the straight-line method over their estimated useful lives, if shorter than the mine life. Mining properties The costs associated with mining properties are separately allocated to mineral reserves and mineral resources, and include acquired interests in production, development and exploration stage properties representing the fair value at the time they were acquired. Mining properties include costs directly attributable to bringing a mineral asset into the state where it is capable of operating in the manner intended by management. The determination of development costs to be capitalized during the production stage of a mine operation requires the use of judgments and estimates. The value associated with mineral resources and exploration potential is the value beyond proven and probable mineral reserves assigned through acquisition. The mineral resource value represents the property interests that are believed to potentially contain economic mineralized material such as measured, indicated, and inferred mineral resources with insufficient drill spacing to qualify as proven and probable mineral reserves, and inferred mineral resources in close proximity to proven and probable mineral reserves. Exploration potential represents the estimated mineralized material contained within (i) areas adjacent to existing reserves and mineralization located within the immediate mine area; (ii) areas outside of immediate mine areas that are not part of measured, indicated, or inferred resources; and (iii) Greenfields exploration potential that is not associated with any other production, development, or exploration stage property, as described above. At least annually or when otherwise appropriate, and subsequent to its review and evaluation for impairment, value from the non-depletable category is transferred to the depletable category as a result of an analysis of the conversion of mineral resources or exploration potential into mineral reserves. The Company estimates its mineral reserves and mineral resources based on information compiled by appropriately qualified persons. The estimation of recoverable reserves will be impacted by forecast commodity prices, exchange rates, production costs and recoveries amongst other factors. Changes in the reserve or resource estimates may impact the carrying value of assets and depreciation and impairment charges recorded in the consolidated income statement. A mining property is considered to be capable of operating in a manner intended by management when it commences commercial production. The critical judgments included in the determination of the commencement of commercial production are described in Note 3(a)(i). Upon commencement of commercial production, a mining property is depleted on a unit-of-production method. Unit-of-production depletion rates are determined based on the estimated recoverable proven and probable mineral reserves at the mine. Costs related to property acquisitions are capitalized until the viability of the mineral property is determined. When either external or internal triggering events determined that a property is not economically recoverable, the capitalized costs are written off. The costs associated with the acquisition of land holdings are included within mining interest and are not depleted. Exploration and evaluation Exploration and evaluation costs are expensed until the probability that future economic benefits will flow to the entity and the asset cost or value can be measured reliably. Management uses the following criteria to determine the economic recoverability and probability of future economic benefits:
Further development expenditures are capitalized to the property. Drilling and related costs incurred on sites without an existing mine and on areas outside the boundary of a known mineral deposit which contains proven and probable reserves are exploration expenditures and are expensed as incurred to the date of establishing that property costs are economically recoverable. Further development expenditures, subsequent to the establishment of economic recoverability, are capitalized to the property. Property, plant and equipment Plant and equipment consists of buildings and fixtures, and surface and underground fixed and mobile equipment. Depreciation and depletion rates of major categories of asset costs Mining assets are depleted using a unit-of-production method based on the estimated economically recoverable reserves, to which they relate. Management reviews the estimated total recoverable ounces contained in depletable reserves at each financial year end, and when events and circumstances indicate that such a review should be made. Plant and equipment is depreciated using the straight-line method over their estimated useful lives, or the remaining life of the mine if shorter.
Capitalized borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset that necessarily takes a substantial period of time to get ready for its intended use are capitalized until such time as the assets are substantially ready for their intended use. Other borrowing costs are recognized as an expense in the period in which they are incurred. Where funds are borrowed specifically to finance a project, the amount capitalized represents the actual borrowing costs incurred. Where the funds used to finance a project form part of general borrowings, the amount capitalized is calculated using a weighted average of interest rates applicable to relevant general borrowings of the Company during the period, to a maximum of actual borrowing costs incurred. Capitalization of interest is suspended during extended periods in which active development is interrupted. Stripping costs in surface mining As part of its operations, the Company incurs stripping costs both during the development phase and production phase of its operations. Stripping costs incurred as part of development stage mining activities incurred by the Company are deferred and capitalized as part of mining properties. Stripping costs incurred during the production stage are incurred in order to produce inventory or to improve access to ore which will be mined in the future. Where the costs are incurred to produce inventory, the production stripping costs are accounted for as a cost of producing those inventories. Where the costs are incurred to improve access to ore which will be mined in the future, the costs are deferred and capitalized to the Statement of Financial Position as a stripping activity asset (included in mining interest) if the following criteria are met: improved access to the ore body is probable; the component of the ore body can be accurately identified; and the costs relating to the stripping activity associated with the component can be reliably measured. If these criteria are not met, the costs are expensed in the period in which they are incurred. The stripping activity asset is subsequently depleted using the units-of-production depletion method over the life of the identified component of the ore body to which access has been improved as a result of the stripping activity. Derecognition Upon sale or abandonment, the cost of the asset and related accumulated depreciation or depletion are removed from the accounts and any gains or losses thereon are recognized in net earnings. (h) Impairment of long-lived assets The Company reviews and evaluates its mining interests for indicators of impairment at the end of each reporting period. Impairment assessments are conducted at the level of cash-generating units (“CGU”). A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Each operating mine and development project represents a separate CGU as each mine site or development project has the ability or the potential to generate cash inflows that are separately identifiable and independent of each other. If an indication of impairment exists, the recoverable amount of the CGU is estimated. An impairment loss is recognized when the carrying amount of the CGU is in excess of its recoverable amount. The recoverable amount of a mine site is the greater of its fair value less costs to dispose and value in use. In determining the recoverable amounts of the Company’s mine sites, the Company uses the fair value less costs to dispose as this will generally be greater than or equal to the value in use. When there is no binding sales agreement, fair value less costs to dispose is estimated as the discounted future after-tax cash flows expected to be derived from a mine site, less an amount for costs to dispose estimated based on similar past transactions. The inputs used in the fair value measurement constitute Level 3 inputs under the fair value hierarchy. When discounting estimated future cash flows, the Company uses an after-tax discount rate that would approximate what market participants would assign. Estimated cash flows are based on expected future production, metal selling prices, operating costs and capital costs. If the recoverable amount of a mine site is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable amount. The carrying amount of each mine site includes the carrying amounts of mining properties, plant and equipment, and certain deferred tax balances. Impairment losses are recognized as expenses in the period they are incurred. The allocation of an impairment loss, if any, for a particular mine site to its mining properties and plant and equipment is based on the relative book values of these assets at the date of impairment. The Company assesses at the end of each reporting period whether there is any indication that an impairment loss recognized in prior periods for a long-lived asset may no longer exist or may have decreased. If any such indication exists, the Company estimates the recoverable amount of that CGU. A reversal of an impairment loss is recognized up to the lesser of the recoverable amount or the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the CGU in prior years. Reversals of impairment losses are recognized in net earnings in the period the reversals occur. (i) Reclamation and closure cost obligations The Company’s mining and exploration activities are subject to various governmental laws and regulations relating to the protection of the environment. The Company has made, and intends to make in the future, expenditures to comply with such laws and regulations. The Company has recorded a liability and corresponding asset for the estimated future cost of reclamation and closure, including site rehabilitation and long-term treatment and monitoring costs These costs represent management’s best estimates which incorporate assumptions on the effects of inflation, movements in foreign exchange rates and the effects of country and other specific risks associated with the related liabilities. The costs are discounted to net present value using the risk free rate applicable to the future cash outflows. Such estimates are, however, subject to change based on negotiations with regulatory authorities, changes in laws and regulations or changes to market inputs to the decommissioning model. The present value of estimated costs is recorded in the period in which the asset is installed or the environment is disturbed and a reasonable estimate of future costs and discount rates can be made. The provision is discounted using a risk-free rate and estimates of future cash flows are adjusted to reflect risk. After the initial measurement, the obligation is adjusted to reflect the passage of time and changes in the estimated future cash flows underlying the obligation. The increase in the provision due to the passage of time is recognized in finance costs, whereas increases and decreases due to changes in the estimated future cash flows are included in inventory or capitalized and depreciated over the life of the related asset unless the amount deducted from the cost exceeds the carrying value of the asset, in which case the excess is recorded in net earnings. Actual costs incurred upon settlement of the site restoration obligation are charged against the provision to the extent the provision was established for those costs. Upon settlement of the liability, a gain or loss may be recorded in net earnings. (j) Income taxes The income tax expense or benefit for the period consists of two components: current and deferred. Current Tax The tax currently payable is based on taxable earnings for the year. Taxable earnings differ from earnings before taxes due to items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. Current tax is calculated using tax rates and laws that were enacted or substantively enacted at the Statement of Financial Position date in each of the jurisdictions and includes any adjustments for taxes payable or recovery in respect of prior periods. Deferred Tax Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated statement of financial position and the corresponding tax bases used in the computation of taxable net earnings. Deferred tax is calculated based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates that are expected to apply in the year of realization or settlement based on tax rates and laws enacted or substantively enacted at the Statement of Financial Position date. Deferred tax liabilities are generally recorded for all taxable temporary differences. Deferred tax liabilities are recognized for taxable temporary differences arising on investments in Subsidiaries and Associates except where the reversal of the temporary difference can be controlled and it is probable that the difference will not reverse in the foreseeable future. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable earnings will be available against which those deductible temporary differences can be utilized. The carrying amount of the deferred tax assets are reviewed at each Statement of Financial Position date and are reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. The Company records foreign exchange gains and losses representing the impacts of movements in foreign exchange rates on the tax bases of non-monetary assets and liabilities which are denominated in foreign currencies. Foreign exchange gains and losses relating to deferred income taxes are included within foreign exchange gains in the consolidated income statement. Current and deferred tax for the year Current and deferred tax are recognized in net earnings except when they arise as a result of items recognized in other comprehensive income or directly in equity in the current or prior periods, in which case the related current and deferred income taxes are also recognized in other comprehensive income or directly in equity, respectively. Government assistance and tax credits Any federal or provincial tax credits received by the Company, with respect to exploration or development work conducted on any of its properties, are credited as a reduction to the carrying costs of the property to which the credits related. The Company records these tax credits when there is reasonable assurance with regard to collections and assessments as well as reasonable assurance that the Company will comply with the conditions associated to them and that the grants will be received. (k) Foreign currency translation The individual financial statements of each Subsidiary are presented in the currency of the primary economic environment in which that entity operates (its functional currency). The functional currency of the Company and the presentation currency of the consolidated financial statements is the United States dollar (“U.S. dollar”). Management determines the functional currency by examining the primary economic environment of each operating mine, development and exploration project. The Company considers the following factors in determining its functional currency:
When preparing the consolidated financial statements of the Company, the Company translates non-U.S. dollar balances into U.S. dollars as follows:
(l) Earnings (loss) per share Earnings (loss) per share calculations are based on the weighted average number of common shares and common share equivalents issued and outstanding during the year. Diluted earnings per share are calculated using the treasury stock method. This requires the calculation of diluted earnings per share by assuming that outstanding stock options and share purchase warrants (“Warrants”) with an average market price that exceeds the average exercise prices of the options and warrants for the year, are exercised and the assumed proceeds are used to repurchase shares of the Company at the average market price of the common share for the year. (m) Revenue recognition Revenue from the sale of metals and metals in concentrate is recognized when all the following conditions are satisfied:
Revenue from the sale of metals in concentrate may be subject to adjustment upon final settlement of estimated metal prices, weights and assays. Revenue is recognized based on the estimated fair value of the total consideration receivable. Adjustments to revenue for metal prices and other adjustments are recorded at each period end and on final settlement. Refining and treatment charges are netted against revenue for sales of metal concentrate. (n) Share-based payments The Company maintains a Restricted Share Unit (“RSU”) plan, a Performance Share Unit (“PSU”) plan and a stock option plan for employees as well as a Deferred Share Unit (“DSU”) plan for directors. Cash-settled transactions which include RSUs, DSUs and the cash settled portion of the PSUs, are initially measured at fair value and recognized as an obligation at the grant date. The liabilities are re-measured to fair value at each reporting date up to and including the settlement date, with changes in fair value recognized in net earnings or capitalized to the Company’s development projects as appropriate. The fair value of RSUs and PSUs determined at the grant date is recognized over the vesting period in accordance with the vesting terms and conditions. The Company values the liabilities based on the Company’s share price and in addition for PSUs, the correlation between the Company’s total return performance relative to the S&P/TSX Global Gold Index Total Return Index Value. The non-current portion of RSU, DSU and PSU liabilities are included in provisions on the consolidated statement of financial position. Equity-settled transactions which include the equity settled portion of the PSUs and the stock option plan are measured by reference to the fair value of the awards that are expected to vest at the grant date. Fair value for stock options is determined using a Black-Scholes option-pricing model, which relies on estimates of the future risk-free interest rate, future dividend payments, future share price volatility and the expected average life of the options. Fair value for the equity settled portion of the PSUs is determined using a Monte Carlo options pricing model, which relies on estimates of the future risk-free interest rate, future dividend payments, future share price volatility and the correlation between the Company’s total return performance relative to the S&P/TSX Global Gold Index Total Return Index Value. The Company believes these models adequately capture the substantive features of the option awards and PSUs, and are appropriate to calculate their fair values. The fair value determined at grant date is recognized over the vesting period in accordance with vesting terms and conditions, with a corresponding increase to contributed surplus. Changes to the estimated number of awards that will eventually vest are accounted for prospectively. (o) Financial assets Financial assets are initially measured at fair value and are subsequently measured at either amortized cost or fair value, depending on the classification of the financial assets. The classification of assets is driven by the Company’s business model for managing financial assets and their contractual cash flow characteristics. The fair value of financial instruments traded in active markets is based on quoted market prices at the date of the statement of financial position. The quoted market price used for financial assets held by the Company is the last bid price of the day. The Company has categorized its financial assets in accordance with International Financial Reporting Standard 9 (2013), Financial Instruments (“IFRS 9”) into one of the following two categories:
(p) Financial liabilities Financial liabilities are accounted for as amortized cost except for those at FVTPL which includes liabilities designated as FVTPL and derivatives. Financial liabilities classified as FVTPL or those which are designated as FVTPL under the fair value option are measured at fair value with unrealized gains and losses recognized in net earnings. In cases where financial liabilities are designated as FVTPL, the part of a fair value change due to an entity's own credit risk is recorded in other comprehensive income rather than the statements of operations. Financial liabilities at amortized cost are initially measured at fair value net of transaction costs, and subsequently measured at amortized cost. The Company has classified its financial liabilities in accordance with IFRS 9 into one of the following two categories:
(q) Derivative instruments, including hedge accounting Derivative instruments, including embedded derivatives, are recorded at fair value on initial recognition and at each subsequent reporting period. Any gains or losses arising from changes in fair value on derivatives that do not qualify for hedge accounting are recorded in net earnings. Hedge accounting Gains and losses for the effective portion of hedging instruments are included in other comprehensive income. Gains and losses for any ineffective portion of hedging instruments are included in net earnings. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to net earnings or mineral interest, as appropriate in the period when the hedged item is recognized in net earnings in the same line of the consolidated income statement. The Company previously held diesel fuel swap contracts and Canadian dollars and designated this cash to fund the construction of Rainy River. The Company has designated these instruments as a cash-flow hedge under IFRS 9. The impact of applying hedge accounting is disclosed in Note 14. Gold Stream Obligation The Company has a gold stream agreement with RGLD Gold AG, a wholly owned subsidiary of Royal Gold Inc. (“Royal Gold”). For accounting purposes, the Company has determined that the gold stream obligation represents a financing contract with embedded derivatives. The value of the embedded derivatives changes in response to changes in metal prices and in the number of ounces expected to be delivered. As the gold stream obligation has embedded derivatives that would otherwise need to be accounted for separately at FVTPL, the Company has designated the deposit received from Royal Gold as a financial liability at FVTPL, with initial and subsequent measurement at fair value, as permitted under IFRS 9. Transaction costs directly attributable to the gold stream obligation were expensed through profit and loss. Fair value of the gold stream obligation on initial recognition was determined by the amount of the cash advance received. Subsequent fair value is calculated on each reporting date with gains and losses recorded in net earnings. Fair value adjustments as a result of the Company’s own credit risk will be recorded in the Consolidated Statement of Comprehensive Loss, as required by IFRS 9 (2013) for financial liabilities designated as at FVTPL. Components of the adjustment to fair value at each reporting date include:
Provisional pricing Certain products are “provisionally priced” whereby the selling price is subject to final adjustment up to 150 days after delivery to the customer. The final price is based on the market price at the relevant quotation point stipulated in the contract. As is customary in the industry, revenue on provisionally priced sales is recognized based on estimates of the fair value of the consideration receivable based on relevant forward market prices. At each reporting date, provisionally priced metal is marked to market based on the forward selling price for the quotational period stipulated in the contract. For this purpose, the selling price can be measured reliably for those products, such as gold and copper, for which there exists active and freely traded commodity markets. The marking to market of provisionally priced sales contracts is recorded as an adjustment to revenue. Gold and copper price option contracts In order to increase cash flow certainty, the Company holds copper price option contracts and previously held gold price option contracts, purchasing put options and selling call options. These are treated as derivative financial instruments and marked to market at each reporting period on the consolidated statement of financial position with changes in fair value recognized in other gains and losses. Realized gains and losses as a result of the exercise of the Company’s call and put options up to an amount not exceeding the Company’s production of gold ounces or copper pounds for the reporting period are recorded as an adjustment to revenue. The exercise of options on gold ounces or copper pounds in excess of the Company’s production for the reporting period are recorded as other gains and losses. Gold and copper swaps In order to mitigate a portion of the metal price exposure associated with the time lag between the provisional and final determination of concentrate sales, the Company has entered into cash settled derivative gold and copper contracts to swap future contracted monthly average metal prices for fixed metal prices. At each reporting date, these gold and copper swap agreements are marked to market based on corresponding forward gold and copper prices. The marking to market of gold and copper swap agreements is recorded as an adjustment to revenue. Copper forward contracts The Company previously held copper swap contracts at a fixed price, settling against the London Metals Exchange (“LME”) monthly average price. These are treated as derivative financial instruments and marked to market at each reporting period on the consolidated statement of financial position with changes in fair value recognized in other gains and losses. Realized gains and losses as a result of the exercise of the Company’s copper forward contracts up to an amount not exceeding the Company’s production of copper pounds for the reporting period are recorded as an adjustment to revenue. Gains and losses in excess of the Company’s copper production for the reporting period are recorded as other gains and losses. Share purchase warrants The Company’s warrants with Canadian dollar exercise prices are classified as derivative liabilities and accordingly, they are recorded at fair value at each reporting period, with the gains or losses recorded in net earnings for the period. In the second quarter of 2017, the Company’s warrants expired, unexercised. (r) Trade and other receivables Trade and other receivables are carried at amortized cost less impairment. Trade and other receivables are impaired if they are determined to be uncollectible. (s) Leases Leases are classified as finance leases when the terms of the lease transfer substantially all the risks and rewards incidental to ownership of the leased asset to the lessee. All other leases are classified as operating leases. Operating lease payments are recognized as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. |
CRITICAL JUDGMENTS AND ESTIMATION UNCERTAINTIES |
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Disclosure of accounting judgements and estimates [text block] | 3. Critical judgments and estimation uncertainties The preparation of the Company’s consolidated financial statements in conformity with IFRS requires the Company’s management to make judgments, estimates and assumptions about the future events that affect the amounts reported in the consolidated financial statements and related notes to the financial statements. Estimates and assumptions are continually evaluated and are based on management’s experience and other facts and circumstances. Revisions to estimates and the resulting effects on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively. The areas which require management to make significant judgments, estimates and assumptions in determining carrying values include, but are not limited to: (a) Critical judgments in the application of accounting policies (i) Commencement of commercial production Prior to the period when a mine has reached management’s intended operating levels, costs incurred as part of the development of the related mining property are capitalized and any mineral sales during the commissioning period are offset against the costs capitalized. The Company defines the commencement of commercial production as the date that a mine has achieved a consistent level of production. Depletion of capitalized costs for mining properties begins when operating levels intended by management have been reached. There are a number of factors the Company considers when determining if conditions exist for the commencement of commercial production of an operating mine. Management examines the following when making that judgment:
The list is not exhaustive and each specific circumstance is taken into account before making the decision. (ii) Functional currency The functional currency for each of the Company’s Subsidiaries and Associates is the currency of the primary economic environment in which the entity operates. The Company has determined the functional currency of each entity as the U.S. dollar. Determination of the functional currency may involve certain judgments to determine the primary economic environment and the Company reconsiders the functional currency of its entities if there is a change in events and conditions which determines the primary economic environment. (iii) Determination of economic viability Management has determined that exploratory drilling, evaluation, development and related costs incurred on the Blackwater project, and New Afton C-zone project have future economic benefits and are economically recoverable. In making this judgment, management has assessed various criteria including, but not limited to, the geologic and metallurgic information, history of conversion of mineral deposits to proven and probable mineral reserves, operating management expertise, existing permits, the expectation of receiving additional permits and life-of-mine (“LOM”) plans. (iv) Carrying value of long-lived assets and impairment charges In determining whether the impairment of the carrying value of an asset is necessary, management first determines whether there are external or internal indicators that would signal the need to test for impairment. These indicators consist of but are not limited to the prolonged significant decline in commodity prices, per ounce multiples, unfavourable changes to the legal environment in which the entity operates, significant adverse change to LOM plans and the factors which lead to the carrying amount of the Company’s net assets exceeding its market capitalization. If an impairment indicator is identified, the Company compares the carrying value of the asset against the recoverable amount. These determinations and their individual assumptions require that management make a decision based on the best available information at each reporting period. As at December 31, 2017, indicators of impairment existed for Rainy River as the Company announced higher expected operating expenses and capital expenditures over the first nine years of operations. The results of the impairment assessment, including the significant estimates and assumptions used, are set out in Note 11. (v) Determination of CGU In determining a CGU, management had to examine the smallest identifiable group of assets that generates cash inflows that are largely independent of cash inflows from other assets or groups of assets. The Company has determined that each mine site and development project qualifies as an individual CGU. Each of these assets generates or will have the ability to generate cash inflows that are independent of the other assets and therefore qualifies as an individual asset for impairment testing purposes. (vi) Classification of Gold Stream Instruments The Company holds gold stream agreements with counterparties for the purchase and delivery of gold and silver. Management has assessed these gold stream agreements under the scope of IFRS 9, Financial Instruments as to whether or not the agreements constitute a financial instrument. As the gold stream obligation has embedded derivatives that would otherwise need to be accounted for separately at FVTPL, Management has designated the deposit received from Royal Gold as a financial liability at FVTPL, with initial and subsequent measurement at fair value, as permitted under IFRS 9. (b) Key sources of estimation uncertainty in the application of accounting policies (i) Revenue recognition Revenue from sales of concentrate is recorded when the rights and rewards of ownership pass to the buyer. Variations between the prices set in the contracts and final settlement prices may be caused by changes in the market prices and result in an embedded derivative in the accounts receivable. The embedded derivative is recorded at fair value each reporting period until final settlement occurs, with changes in the fair value being recorded as revenue. For changes in metal quantities upon receipt of new information and assays, the provisional sales quantities are adjusted as well. (ii) Inventory valuation Management values inventory at the weighted average production costs or net realizable value (“NRV”). Weighted average production costs include expenditures incurred and depreciation and depletion of assets used in mining and processing activities that are deferred and accumulated as the cost of ore in stockpiles, ore on leach pad, work-in-process and finished metals inventories. The allocation of costs to ore in stockpiles, ore on leach pads and in-process inventories and the determination of NRV involve the use of estimates. Costs are removed from the leach pad based on the average cost per recoverable ounce of gold and silver on the leach pad as gold and silver are recovered. Estimates of recoverable gold and silver on the leach pads are calculated from the quantities of ore placed on the pads, the grade of ore placed on the leach pads and an estimated percentage of recovery. Timing and ultimate recovery of gold and silver contained on leach pads can vary significantly from the estimates. (iii) Mineral reserves and resources The figures for mineral reserves and mineral resources are determined in accordance with National Instrument 43-101, “Standards of Disclosure for Mineral Projects”, issued by the Canadian Securities Administrators. There are numerous estimates in determining the mineral reserves and estimates. Such estimation is a subjective process, and the accuracy of any mineral reserve or resource estimate is a function of the quantity and quality of available data and of the assumptions made and judgments used in engineering and geological interpretation. Differences between management’s assumptions including economic assumptions, such as metal prices and market conditions, could have a material effect in the future on the Company’s financial position and results of operations. (iv) Estimated recoverable ounces The carrying amounts of the Company’s mining properties are depleted based on recoverable ounces. Changes to estimates of recoverable ounces and depletable costs including changes resulting from revisions to the Company’s mine plans and changes in metal price forecasts can result in a change to future depletion rates. (v) Deferred income taxes In assessing the probability of realizing income tax assets recognized, management makes estimates related to expectations of future taxable income, applicable tax planning opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified. Estimates of future taxable income are based on forecasted cash flows from operations and the application of existing tax laws in each jurisdiction. Forecasted cash flows from operations are based on LOM projections internally developed and reviewed by management. The Company considers tax planning opportunities that are within the Company’s control, are feasible and implementable without significant obstacles. Examination by applicable tax authorities is supported based on individual facts and circumstances of the relevant tax position examined in light of all available evidence. Where applicable tax laws and regulations are either unclear or subject to ongoing varying interpretations, it is possible that changes in these estimates can occur that materially affect the amounts of income tax asset recognized. At the end of each reporting period, the Company reassesses unrecognized income tax assets. (vi) Reclamation and closure cost obligations The Company’s provision for reclamation and closure cost obligations represents management’s best estimate of the present value of the future cash outflows required to settle the liability which reflects estimates of future costs, inflation, movements in foreign exchange rates and assumptions of risks associated with the future cash outflows, and the applicable risk-free interest rates for discounting the future cash outflows. Changes in the above factors can result in a change to the provision recognized by the Company. |
FUTURE CHANGES IN ACCOUNTING POLICIES |
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Future changes in accounting policies [Abstract] | ||
Disclosure Of Future Changes In Accounting Policies Explanatory [text block] | 4. Future changes in accounting policies Revenue On May 28, 2014, the IASB issued IFRS 15, Revenue from Contracts with Customers (“IFRS 15”). This standard outlines a single comprehensive model with prescriptive guidance for entities to use in accounting for revenue arising from contracts with its customers. IFRS 15 uses a control-based approach to recognize revenue which is a change from the risk and reward approach under the current standard. This standard replaces IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations. The effective date is for reporting periods beginning on or after January 1, 2018 with early application permitted. The Company will adopt IFRS 15 effective January 1, 2018 applying the retrospective method of transition. The Company has evaluated the potential impact of applying IFRS 15, analyzing its sale agreements. The standard requires entities to apportion revenue earned from contracts to individual promises or performance obligations, on a relative standalone selling price basis. For the Company's concentrate sales, the seller may contract for and pay the shipping and insurance costs necessary to bring the goods to the named destination. Therefore, where material, a portion of the revenue earned under these contracts, representing the obligation to fulfill the shipping and insurance services, will be deferred and recognized over time as the obligations are fulfilled, along with the associated costs. Based on the Company’s assessment, the impact of this change on the amount of revenue recognized in a year is not expected to be significant. As a result, the Company does not anticipate any changes in the amounts of the revenue recognized or a significant change in the timing of revenue recognition under the new standard. Leases On January 6, 2016, the IASB issued IFRS 16, Leases (“IFRS 16”). This standard specifies the methodology to recognize, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. This standard replaces IAS 17 Leases. The effective date is for reporting periods beginning on or after January 1, 2019 with early adoption permitted. The Company is assessing the effect of adoption of IFRS 16 on its consolidated financial statements. |
REVISION TO PRIOR-YEAR COMPARATIVES |
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Revision to prior year comparatives [text block] | 5. Revision to prior-year comparatives In the first quarter of 2017, the Company identified an immaterial error relating to depletion of its New Afton mining interest for the year ended December 31, 2016 resulting in a reduction in 2016 net earnings of $9.7 million. The quarterly impact on the comparative consolidated income statement is outlined in the table below. The resulting overstatement of the mining interests balance of $15.4 million, overstatement of deferred tax liability of $5.3 million, and understatement of inventories totalling $0.4 million as at December 31, 2016 has been revised in the comparative consolidated statements of financial position and changes in equity, and the associated notes to the consolidated financial statements. There has been no change to the cash flows from operating, investing, and financing activities in the comparative consolidated statements of cash flow.
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EXPENSES |
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Disclosure of expenses [text block] | 6. Expenses (a) Operating expenses by nature
(b) Finance costs and income
(c) Other gains (losses)
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TRADE AND OTHER RECEIVABLES |
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Disclosure of trade and other receivables [text block] | 7. Trade and other receivables
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TRADE AND OTHER PAYABLES |
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Disclosure of trade and other payables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of trade and other payables [text block] | 8. Trade and other payables
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INVENTORIES |
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Disclosure of inventories [text block] | 9. Inventories
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MINING INTERESTS |
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Disclosure of detailed information about property, plant and equipment [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of property, plant and equipment [text block] | 10. Mining interests
The Company capitalized interest of $51.3 million for the year ended December 31, 2017 (2016 - $49.4 million) to qualifying development projects. The Company’s annualized capitalization rate is 5.44% (2016 6.70%). Disposal of El Morro gold stream asset In February 2017, the Company disposed of its El Morro gold stream asset for proceeds of $65.0 million which resulted in a net gain of $33.0 million. Carrying amount by property as at December 31, 2017:
Carrying amount by property as at December 31, 2016:
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IMPAIRMENT |
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Disclosure of impairment loss and reversal of impairment loss [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of impairment of assets [text block] | 11. Impairment In accordance with the Company’s accounting policies, the recoverable amount of an asset or CGU is estimated when an indication of impairment exists. As at December 31, 2017, indicators of impairment existed at the Rainy River CGU. In January 2018, the Company announced higher expected operating expenses and capital expenditures over Rainy River’s first nine years of operations. The Company has identified the revised operating expense and capital expenditure estimates at Rainy River as an indicator of impairment as at December 31, 2017. For the year ended December 31, 2017, the Company recorded an after-tax impairment loss of $181.0 million within net loss, as noted below:
In the prior year, indicators of impairment existed at the Rainy River CGU and for the Company’s 3% NSR royalty on the production of the Rio Figueroa property (“Rio Figueroa NSR”). The Company had identified the revised capital cost and three-month delay at the Rainy River project and the lack of activity on the Rio Figueroa project as indicators of impairment in the prior year and performed an impairment assessment to determine the recoverable amount of these CGUs at December 31, 2016. In the prior year, an impairment loss of $6.4 million was recorded relating to Rio Figueroa NSR. No impairment loss was recorded at Rainy River in the prior year as the carrying value exceeded the recoverable amount as at December 31, 2016. For the year ended December 31, 2016, the Company recorded an impairment charge of $6.4 million within net loss, as noted below:
(i) Methodology and key assumptions Impairment is recognized when the carrying amount of a CGU exceeds its recoverable amount. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Each operating mine and development project represents a separate CGU as each mine site or project has the ability to, or the potential to, generate cash inflows that are separately identifiable and independent of each other. The Company has the following CGUs: New Afton, Mesquite, Peak Mines, Cerro San Pedro, Rainy River, and Blackwater. Other assets consist of corporate assets and exploration properties. As outlined in Note 2, the Company uses fair value less cost of disposal to determine the recoverable amount of an asset as it believes that this will generally result in a value greater than or equal to the value in use. When there is no binding sales agreement, fair value less costs of disposal is estimated as the discounted future after-tax cash flows expected to be derived from a mine site, less an amount for costs to sell estimated based on similar past transactions. The inputs used in the fair value measurement constitute Level 3 inputs under the fair value hierarchy. (a) Rainy River CGU: Key estimates and judgments include production levels, operating costs and other capital expenditures reflected in the Company’s LOM plans, the value of in-situ ounces and land holdings, as well as economic factors beyond management’s control, such as gold and silver prices, discount rates and foreign exchange rates. The Company considers this approach to be consistent with the valuation approach taken by market participants. Life-of-Mine plans Estimated cash flows are based on LOM plans which estimate expected future production, commodity prices, exchange assumptions, operating costs and capital costs. The current LOM plan is 14 years. LOM plans use proven and probable mineral reserves only and do not utilize mineral resource estimates for a CGU. When options exist for the future extraction and processing of these resources, an estimate of the value of the unmined mineral resources (also referred to as in-situ ounces) is included in the determination of fair value. In-situ ounces In-situ ounces are excluded from the LOM plans due to the need to continually reassess the economic returns on and timing of specific production options in the current economic environment. The value of in-situ ounces has been estimated based on an enterprise value per equivalent resource ounce, with the enterprise value based on the market capitalization of a subset of publicly traded companies. Discount rates When discounting estimated future cash flows, the Company uses a real after-tax discount rate that is designed to approximate what market participants would assign. This discount rate is calculated using the Capital Assets Pricing Model (“CAPM”). The CAPM includes market participants’ estimates for equity risk premium, cost of debt, target debt to equity, risk-free rates and inflation. For the December 31, 2017 impairment analysis, a real discount rate of 4.00% was used (2016 - real discount rate of 5.50%). Commodity prices and exchange rates Commodity prices and exchange rates are estimated with reference to external market forecasts. The rates applied have been estimated using consensus commodity prices and exchange rate forecasts. For impairment analysis, the following commodity prices and exchange rate assumptions were used:
Significant judgments and assumptions are required in making estimates of fair value. It should be noted that CGU valuations are subject to variability in key assumptions including, but not limited to, long-term gold prices, currency exchange rates, discount rates, production, operating and capital costs. Any variation in one or more of the assumptions used to estimate fair value could result in a change in a CGU’s fair value. (b) Rio Figueroa NSR: Key estimates and judgments used in the fair value less cost of disposal calculation are estimates of production levels, probability of the project being developed and economic factors beyond management’s control, such as copper prices and discount rates. (ii) Impact of impairment tests The Company calculated the recoverable amount of the Rainy River CGU using the fair value less cost of disposal method as noted above. For the year ended December 31, 2017, the Company recorded pre-tax impairment losses of $268.4 million, $181.0 million net of tax, within net loss. The fair value of the Rainy River CGU was negatively impacted by higher expected operating expenses and capital expenditures over the LOM. For the year ended December 31, 2016, the Company recorded impairment losses of $6.4 million related to the Rio Figueroa NSR, within net loss. (iii) Sensitivity analysis After effecting the impairment for the Rainy River CGU, the fair value of this CGU is assessed as being equal to its respective carrying amount as at December 31, 2017. Any variation in the key assumptions used to determine fair value would result in a change of the assessed fair value. It is estimated that changes in the key assumptions would have the following approximate impact on the fair value of the Rainy River CGU at December 31, 2017:
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LONG-TERM DEBT |
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Long Term Debts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of debt instruments [text block] | 12. Long-term debt Long-term debt consists of the following:
(a) Senior Unsecured Notes due November 15, 2022 In 2012, the Company issued $500.0 million of senior unsecured notes (“2022 Unsecured Notes”). As at December 31, 2017, the face value was $500.0 million. The 2022 Unsecured Notes are denominated in U.S. dollars, mature and become due and payable on November 15, 2022, and bear interest at the rate of 6.25% per annum. Interest is payable in arrears in equal semi-annual instalments on May 15 and November 15 of each year. The Company incurred transaction costs of $9.9 million which have been offset against the carrying amount of the 2022 Unsecured Notes and are being amortized to net earnings using the effective interest method. The 2022 Unsecured Notes are subject to a minimum interest coverage incurrence covenant of earnings before interest, taxes, depreciation, amortization, impairment, and other non-cash adjustments to interest of 2:1. The test is applied on a pro-forma basis prior to the Company incurring additional debt, entering into business combinations or acquiring significant assets, or certain other corporate actions. There are no maintenance covenants. The 2022 Unsecured Notes are redeemable by the Company in whole or in part:
(b) Senior Unsecured Notes due May 15, 2025 and Senior Unsecured Notes due April 15, 2020 On May 18, 2017, the Company issued $300.0 million of senior unsecured notes (“2025 Unsecured Notes”) for net cash proceeds of $294.6 million after transaction costs. The proceeds were used to redeem and purchase for cancellation the $300.0 million principal amount of the previously outstanding senior unsecured notes (“2020 Unsecured Notes”) for which the Company was required to pay a redemption premium of $5.3 million. As a result, total costs paid relating to this refinancing were $10.7 million. Additionally, the Company was required to pay $2.8 million of accrued interest on the 2020 Unsecured Notes on redemption and cancellation. This refinancing transaction did not meet the criteria associated with an extinguishment under IFRS 9 as the discounted present value of the cash flows of the 2025 Unsecured Notes was less than 10% different from the present value of the remaining cash flows of the 2020 Unsecured Notes. As a result, the Company recognized a gain on the modification of its financial liability. Transaction costs relating to the 2025 Unsecured Notes have been offset against the carrying amount and are being amortized to net earnings using the effective interest method. The 2025 Unsecured Notes bear interest at the rate of 6.375% per annum. Interest is payable in arrears in equal semi-annual instalments on May 15 and November 15 of each year. The 2025 Unsecured Notes are subject to a minimum interest coverage incurrence covenant of earnings before interest, taxes, depreciation, amortization, impairment, and other non-cash adjustments to interest of 2:1. The test is applied on a pro-forma basis prior to the Company incurring additional debt, entering into business combinations or acquiring significant assets, or certain other corporate actions. There are no maintenance covenants. The 2025 Unsecured Notes are redeemable by the Company in whole or in part:
(c) Credit Facility The Company holds a $400.0 million revolving credit facility (the “Credit Facility”) with a maturity date of August 2020. Net debt is used to calculate leverage for the purpose of covenant tests and pricing levels. The Credit Facility contains various covenants customary for a loan facility of this nature, including limits on indebtedness, asset sales and liens. The Credit Facility contains two covenant tests, the minimum interest coverage ratio, earnings before interest, taxes, depreciation, amortization, exploration, impairment, and other non-cash adjustments (“Adjusted EBITDA”) to interest and the maximum leverage ratio (net debt to Adjusted EBITDA), both of which are measured on a rolling four-quarter basis at the end of every quarter. In June 2017, the Company amended the Credit Facility’s net debt to Adjusted EBITDA ("Leverage Ratio") covenant, to increase the maximum Leverage Ratio to 4.0 to 1.0 from January 1, 2018 to March 31, 2018 (previously 3.5 to 1.0). Following that period, the maximum leverage ratio will be 3.5 : 1.0. As at December 31, 2017, the maximum Leverage Ratio is 4.0 : 1.0. Significant financial covenants are as follows:
The interest margin on drawings under the Credit Facility ranges from 1.00% to 3.25% over LIBOR, the Prime Rate or the Base Rate, based on the Company’s net debt to Adjusted EBITDA ratio and the currency and type of credit selected by the Company. Based on the Company’s net debt to Adjusted EBITDA ratio, the rate is 3.25% over LIBOR as at December 31, 2017 (December 31, 2016 3.25%). The standby fees on undrawn amounts under the Credit Facility range from 0.45% to 0.73%, depending on the Company’s net debt to Adjusted EBITDA ratio. Based on the Company’s net debt to adjusted EBITDA ratio, the rate is 0.73% as at December 31, 2017 (December 31, 2016 0.73%). As at December 31, 2017, the Company has drawn $230 million under the Credit Facility and the Credit Facility has been used to issue letters of credit of $138.8 million as at December 31, 2017 (December 31, 2016 - $122.1 million). Of the issued letters of credit, $16.6 million relate to Peak Mines. Letters of credit relate to reclamation bonds, worker’s compensation security and other financial assurances required with various government agencies. The following is a summary of the changes in liabilities arising from financing activities for the year ended December 31, 2017:
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GOLD STREAM OBLIGATION |
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Gold stream obligation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of financial liabilities [text block] | 13. Gold stream obligation In 2015, the Company entered into a $175 million streaming transaction with RGLD Gold AG, a wholly-owned subsidiary of Royal Gold Inc. (“Royal Gold”). Under the terms of the agreement, the Company will deliver to Royal Gold 6.5% of gold production from the Rainy River project up to a total of 230,000 ounces of gold and then 3.25% of the project’s gold production thereafter. The Company will also deliver to Royal Gold 60% of the project’s silver production to a maximum of 3.1 million ounces and then 30% of silver production thereafter. Royal Gold paid $175.0 million in consideration of this transaction. In addition to the upfront deposit, Royal Gold will pay 25% of the average spot gold or silver price at the time each ounce of gold or silver is delivered under the stream. The difference between the spot price of metal and the cash received from Royal Gold will reduce the $175.0 million deposit over the life of the mine. Upon expiry of the 40-year term of the agreement (which may be extended in certain circumstances), any balance of the $175.0 million upfront deposit remaining unpaid will be refunded to Royal Gold. The Company has designated the gold stream obligation as a financial liability at fair value through profit or loss (“FVTPL”) under the scope of IFRS 9 (2013). Accordingly, the Company values the liability at the present value of its expected future cash flows at each reporting period with changes in fair value reflected in the consolidated income statements and consolidated statements of comprehensive loss. The gold stream obligation contained a maximum leverage ratio covenant (net debt to EBITDA) of 3.5 : 1.0, with the exception that the net leverage covenant limit is permitted to be increased to 4.0 : 1.0 for two consecutive quarters, provided that it thereafter returns to a maximum of 3.5 : 1.0. Furthermore, the leverage ratio contained in the above agreement with Royal Gold has also been adjusted to match the revised maximum leverage ratio under the Credit Facility, up to March 31, 2018. The following is a summary of the changes in the Company’s gold stream obligation:
Fair value adjustments represent the net effect on the gold stream obligation of changes in the variables included in the Company’s valuation model between the date of receipt of deposit and the reporting date. These variables include accretion, risk-free interest rate, future metal prices, Company-specific credit spread and expected gold and silver ounces to be delivered. |
DERIVATIVE INSTRUMENTS |
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Disclosure of derivative financial instruments [text block] | 14. Derivative instruments
(a) Hedging instruments
(i) Diesel swap contracts In 2015, the Company entered into diesel swap contracts to hedge diesel cost at Mesquite. Realized gains and losses are reclassified from other comprehensive income to operating expenses as diesel is consumed at the mine site. The Company realized a loss of $0.3 million on settlement of 1.0 million gallons for the year ended December 31, 2017 (2016 loss of $2.5 million on 5.5 million gallons). The hedge was fully settled as at June 30, 2017. (b) Provisionally priced contracts The Company had provisionally priced sales for which price finalization is outstanding at December 31, 2017. Realized and unrealized non-hedged derivative gains (losses) on the provisional pricing of concentrate sales are classified as revenue, with the unsettled provisionally priced concentrate derivatives included in trade and other receivables. The Company enters into gold and copper swap contracts to reduce exposure to gold and copper prices. Realized and unrealized gains (losses) are recorded in revenue, with the unsettled gold and copper swaps included in trade and other receivables. The following tables summarize the realized and unrealized gains (losses) on provisionally priced sales:
The following tables summarize the realized and unrealized gains (losses) on gold and copper swap contracts:
The following table summarizes the net exposure to the impact of movements in market commodity prices for provisionally priced sales:
(c) Gold price option contracts In March 2016, the Company entered into gold price option contracts by purchasing put options at a strike price of $1,200 per ounce and selling call options at a strike price of $1,400 per ounce for 270,000 ounces of gold production between April 2016 and December 2016 (“gold price option contracts”). In September 2016, the Company entered into a second tranche of gold price option contracts by purchasing put options at a strike price of $1,300 per ounce and selling call options at a strike price of $1,400 per ounce for 120,000 ounces of gold production between January 2017 and June 2017. In June 2017, the Company entered into a third tranche of gold price option contracts by purchasing put options at a strike price of $1,250 per ounce and selling call options at a strike price of $1,400 per ounce for 120,000 ounces of gold production between July 2017 and December 2017. The Company incurred investment costs of $0.9 million in June 2017 relating to this third tranche of gold price option contracts. The call options sold and put options purchased are treated as derivative financial instruments and marked to market at each reporting period on the consolidated statement of financial position with changes in fair value recognized in other gains and losses. Realized gains and losses as a result of the exercise of the Company’s call and put options up to an amount not exceeding the Company’s production of gold ounces for the reporting period are recorded as an adjustment to revenue. The exercise of options on gold ounces in excess of the Company’s gold production for the reporting period are recorded as other gains and losses. The Company presents the fair value of its put and call options on a net basis on the consolidated statements of financial position within ‘derivative assets’. For the year ended December 31, 2017, the Company exercised put options for 140,000 ounces and recognized $7.5 million within revenue and earnings from discontinued operations. For the year ended December 31, 2017, the Company recognized a loss of $11.0 million relating to the gold price option contracts, which includes the settlement and loss on revaluation of the gold price option contracts of $13.9 million as per note 6 and $4.6 million included in loss from discontinued operations, net of the amount included in revenue. As at December 31, 2017, the contracts have expired. No further gold price option contracts have been entered into for 2018. (d) Copper forward contracts In November 2016, the Company entered copper swap contracts for 5.3 million pounds of copper per month from January through June 2017 at a fixed price of $2.52 per pound. In February 2017, the Company entered into further copper swap contracts for 7.3 million pounds of copper per month from July 2017 through December 2017 at a fixed price of $2.73 per pound. Copper swaps settle against the London Metals Exchange monthly average price. The copper forward contracts are treated as derivative financial instruments and marked to market at each reporting period on the consolidated statement of financial position with changes in fair value recognized in other gains and losses. Realized gains and losses on settlement of the Company’s copper forward contracts up to an amount not exceeding the Company’s production of copper pounds for the reporting period are recorded as an adjustment to revenue. The settlement on copper pounds in excess of the Company’s copper production for the reporting period are recorded as other gains and losses. The Company presents the fair value of its copper forward contracts on the consolidated statements of financial position within ‘trade and other payables’. As at December 31, 2017, all copper forward contracts have expired. For the year ended December 31, 2017, the Company recognized a loss of $0.3 million related to copper forward contracts. (e) Copper price option contracts In October 2017, the Company entered into copper price option contracts by purchasing put options at a strike price of $3.00 per pound and selling call options at a strike price of $3.37 per pound for 27,600 tonnes (approximately 60 million pounds) of copper production during 2018 (“copper price option contracts”). Consistent with the accounting treatment of the gold price option contracts described above, the call options sold and put options purchased are treated as derivative financial instruments and marked to market at each reporting period on the consolidated statement of financial position with changes in fair value recognized in other gains and losses. Realized gains and losses as a result of the exercise of the Company’s call and put options up to an amount not exceeding the Company’s production of copper pounds for the reporting period are recorded as an adjustment to revenue. The exercise of options on copper pounds in excess of the Company’s copper production for the reporting period are recorded as other gains and losses.
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SHARE CAPITAL |
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Disclosure of classes of share capital [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [text block] | 15. Share capital At December 31, 2017, the Company had unlimited authorized common shares and 578.6 million common shares outstanding. (a) No par value common shares issued
(b) Share-based payment expenses The following table summarizes share-based payment expenses:
(i) Stock options Under the Company’s Stock Option Plan (the “Plan”), the maximum number of shares reserved for exercise of all options granted by the Company under the Plan and for all other security-based compensation arrangements, other than the performance share units, must not exceed 3.5% of the Company’s shares issued and outstanding at the time the options are granted. The exercise price of certain options granted under the Plan is the five-day volume weighted average share price preceding the grant date. Other options have the exercise price equal to the share price on the date of issuance. Options granted under the Plan expire no later than the fifth or seventh anniversary of the date the options were granted and vesting provisions for issued options are determined at the discretion of the Board. Options granted under the Plan are settled for equity. The Company has incorporated an estimated forfeiture rate for stock options that will not vest. The following table presents changes in the Plan:
The weighted average fair value of the stock options granted during the year ended December 31, 2017 was C$1.69 (2016 C$1.67). Options were priced using a Black-Scholes option-pricing model. Expected volatility is measured as the annualized standard deviation of stock price returns, based on historical movements of the Company’s share price. The grant date fair value will be amortized as part of compensation expense over the vesting period. The Company had the following weighted average assumptions in the Black-Scholes option-pricing model:
At December 31, 2017 the Company had 8.7 million stock options that were exercisable with a weighted average exercise price of C$5.65 (2016 8.7 million with a weighted average exercise price of C$6.99). For the year ended December 31, 2017, the weighted average share price on the date of exercise was C$4.16 (2016 C$5.47). The options vest one third per year over a three-year period beginning on the first anniversary of the grant date. The following table summarizes information about the stock options outstanding as at December 31, 2017:
(ii) Performance share units Performance share units (“PSUs”) are issued under the Company’s Long-Term Incentive Plan (“LTIP”). PSUs vest on the entitlement date, as determined by the Board in its discretion, which will not be later than December 31 of the year that is three years after the year of service to which the award relates (the “Entitlement Date” with respect to a PSU). In addition, at the time PSUs are granted, the Board makes the payment of such PSU subject to performance conditions or measures to be achieved by the Company, the Participant or a class of Participants, before the relevant Entitlement Date. For all PSUs granted to date, the number of shares to be issued or the amount of cash to be paid on the Entitlement Date of PSUs will vary based on “Achieved Performance”. The Achieved Performance is a percentage from 50% to 150% that is multiplied by the number of PSUs granted to determine the number of shares to be issued and/or the amount of cash to be paid on the Entitlement Date. Achieved Performance is calculated based on the difference (the “TSR Difference”) between New Gold’s total shareholder return (“TSR”) and the TSR of the S&P/TSX Global Gold Index (the “Index”) (i.e. New Gold’s TSR minus Index TSR) for each of four Measurement Periods (described below). The Measurement Periods are as follows: (i) the first calendar year after the year of service to which the award relates; (ii) the second calendar year after the year of service to which the award relates; (iii) the period beginning at the start of the third calendar year after the year of service to which the award relates, but ending on a date before the relevant Entitlement Date (in order to allow sufficient time to calculate the Achieved Performance and, consequently, the number shares to be issued and/or cash to be paid on the Entitlement Date); and (iv) the period beginning on the first day of the first Measurement Period and ending on the last day of the third Measurement Period. The four Measurement Periods are equally weighted in determining the Achieved Performance for a particular PSU grant. If New Gold’s TSR exceeds the TSR of the Index in a Measurement Period (i.e., the TSR Difference is greater than zero), the Achieved Performance for that period will be over 100%. Similarly, if New Gold’s TSR is less than the TSR of the Index in a Measurement Period (i.e., the TSR Difference is less than zero), the Achieved Performance for that period will be less than 100%. For the PSUs, the minimum Achieved Performance for any Measurement Period is 50% and the maximum is 150%. To achieve the maximum Achieved Performance for a Measurement Period, the TSR Difference must be at least 20% (i.e., New Gold’s TSR minus the Index TSR ≥ 20%). On the Entitlement Date, a PSU may be settled: (i) in cash equal to the five-day volume weighted average price of the Company’s common shares on the TSX multiplied by the number of PSUs and the Achieved Performance; or (ii) by the issuance of the equivalent number of common shares of New Gold as the number of PSUs multiplied by the Achieved Performance, or (iii) a combination of both. The Board may, in its discretion, grant PSUs that can only be satisfied by the issuance of common shares from treasury or by a cash payment or by a combination thereof. The table below presents changes to the number of PSUs outstanding under the LTIP. The LTIP includes PSUs and restricted share units (“RSUs”). (iii) Restricted share units RSUs are granted under the LTIP. Each RSU allows the recipient, subject to certain plan restrictions, to receive cash on the vesting date equal to the volume weighted average trading price of the Company’s common shares on the TSX for the five trading days prior to the vesting date. RSUs vest in three equal annual instalments commencing no later than 12 months from the end of the year for which the performance is being rewarded. As the Company is required to settle RSUs in cash, it will record an accrued liability and record a corresponding compensation expense. The RSU is a financial instrument that will be fair valued at each reporting date based on the five-day volume weighted average price of the Company’s common shares. The changes in fair value will be included in the compensation expense for that period. It is expected that the liability will be included in the determination of net earnings over the next 1.7 years (2016 1.7 years). The table below presents changes to the number of RSUs outstanding under the LTIP. (iv) Deferred share units In 2010, the Company established a deferred share unit (“DSU”) plan for the purposes of strengthening the alignment of interests between eligible directors of the Company and shareholders by linking a portion of the annual director compensation to the future value of the Company’s common shares. A director is only entitled to payment in respect of the DSUs granted to him or her when the director ceases to be a director of the Company for any reason. On termination, the Company is required to redeem each DSU held by the director for payment in cash, being the product of: (i) the number of DSUs held by the director on ceasing to be a director and (ii) the greater of either (a) the weighted average trading price or (b) the average of daily high and low board lot trading prices of the Company’s common shares on the TSX for the five consecutive trading days immediately prior to the date of termination. As the Company is currently required to settle this award in cash, it will record an accrued liability and a corresponding compensation expense. DSUs are financial instruments that will be fair valued at each reporting date based on the Company’s share price. The table below presents changes to the LTIP and DSU plan:
(c) Loss per share The following table sets out the calculation of diluted earnings per share:
The following table lists the equity securities excluded from the calculation of diluted loss per share. Such equity securities were excluded as their respective exercise prices exceeded the average market price of the Company’s common shares of C$4.22 for the year ended December 31, 2017 (2016 C$5.26).
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DISCONTINUED OPERATIONS |
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Disclosure Of DISCONTINUED OPERATIONS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of discontinued operations [text block] | 16. Discontinued operations In July 2017, the Company began a process for the sale of Peak Mines, its gold-copper mine located in Australia and upon commencement of the process met the criteria as a discontinued operation under IFRS 5. In November 2017, the Company entered into a binding agreement to sell Peak Mines and expects a sale within the first quarter of 2018. In conjunction with the agreement, the Company has received a $3.0 million prepayment from the buyer which has been recorded as a deferred benefit within current liabilities on the consolidated statement of financial position. For the year ended December 31, 2017, the net loss from Peak Mines is reported as loss from discontinued operations. Total assets and liabilities of Peak Mines (excluding any assets and liabilities which do not form part of the net assets being sold) are reported as assets and liabilities of held-for-sale, respectively, as at December 31, 2017 without restatement of the prior-year period comparative amounts. Upon classification of Peak Mines as held-for-sale, the Company ceased recognizing depreciation and depletion at Peak Mines for the year ended December 31, 2017. As at December 31, 2017, the Company has measured the asset group at the lower of carrying value and fair value less costs to sell (“FVLCS”). The expected purchase consideration was used as the basis for determining the fair value and an estimate of the disposal costs were used as the basis for the costs to sell. In performing this assessment, the Company concluded that the expected fair value less costs to sell of Peak Mines was lower than the carrying value. As a result, the Company recognized a pre-tax impairment loss of $49.0 million for the year ended December 31, 2017, inclusive of $0.4 million in incurred transaction costs to date (net of tax $34.0 million). This impairment loss was entirely allocated to Peak Mines’ Mining Interests. The net (loss) earnings from Peak Mines for the year ended December 31, 2017 are as follows:
The major classes of assets and liabilities of Peak Mines are as follows:
The following table provides details of the cash flow from operating and investing activities of Peak Mines for the year ended December 31, 2017 and prior-year comparative periods:
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INCOME AND MINING TAXES |
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Income and mining taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of income tax [text block] | 17. Income and mining taxes The following table outlines the composition of income tax expense between current tax and deferred tax:
Income tax expense differs from the amount that would result from applying the Canadian federal and provincial income tax rates to earnings before taxes. The differences result from the following items:
The Company’s statutory tax rate has increased from 25.8% in 2016 to 26.3% in 2017. The increase primarily resulted from an increase in the income tax rate of British Columbia from 11.5% to 12.0%. The following tables provide analysis of the deferred tax assets and liabilities as at December 31, 2017:
The following table outlines the movement in the net deferred tax liabilities:
Deferred income tax assets are recognized for tax loss carry-forwards to the extent that the realization of the related tax benefit through future taxable profits is probable. The Company did not recognize deductible temporary differences on the following losses by country:
In addition to the above, the Company did not recognize net deductible temporary differences and tax credits in the amount of $196.6 million (2016 - $240.9 million) on other temporary differences. The Company has $123.2 million (2016 - $114.6 million) of temporary differences associated with investment in Subsidiaries on which deferred tax liabilities have not been recognized. The Company recognizes deferred taxes by taking into account the effects of local enacted tax legislation. Deferred tax assets are fully recognized when the Company concludes that sufficient positive evidence exists to demonstrate that it is probable that a deferred tax asset will be realized. The main factors that the Company considers, but are not limited to, are:
Future income is impacted by changes in market gold, copper and silver prices as well as forecasted future costs and expenses to produce gold and copper reserves. In addition, the quantities of proven and probable gold and copper reserves, market interest rates and foreign currency exchange rates also impact future levels of taxable income. Any change in any of these factors will result in an adjustment to the recognition of deferred tax assets to reflect the Company's latest assessment of the amount of deferred tax assets that is probable will be realized. On December 22, 2017, the Tax Cuts and Jobs Act (“tax reform”) was signed into law in the United States. Tax reform lowered the U.S. Federal corporate tax rate from 35% to 21% and made numerous other tax law changes. The change in tax law required the Company to remeasure existing net deferred tax liabilities using the lower rate in the period of enactment resulting in an income tax benefit of approximately $32.6 million to reflect these changes in the year ended December 31, 2017. These estimates may require adjustments based on additional guidance that may be issued by the U.S. Government and as further clarification and interpretations become available. Subsequent adjustments would typically be accounted for as a change in estimate. |
RECLAMATION AND CLOSURE COST OBLIGATIONS |
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Disclosure of reclamation and closure cost obligations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of reclamation and closure cost obligations [text block] | 18. Reclamation and closure cost obligations Changes to the reclamation and closure cost obligations are as follows:
Each period the Company reviews cost estimates and other assumptions used in the valuation of the obligations at each of its mining properties and development properties to reflect events, changes in circumstances and new information available. Changes in these cost estimates and assumptions have a corresponding impact on the fair value of the obligation. The fair values of the obligations are measured by discounting the expected cash flows using a discount factor that reflects the risk-free rate of interest. The Company prepares estimates of the timing and amount of expected cash flows when an obligation is incurred. Expected cash flows are updated to reflect changes in facts and circumstances. The principal factors that can cause expected cash flows to change are: the construction of new processing facilities; obligations realized through additional ore bodies mined; changes in the quantities of material in reserves and a corresponding change in the LOM; changing ore characteristics that impact required environmental protection measures and related costs; changes in water quality that impact the extent of water treatment required; and changes in laws and regulations governing the protection of the environment. The fair value of an obligation is recorded when it is incurred. For the year ended December 31, 2017, the Company updated the reclamation and closure cost obligations for each of its mine sites. The impact of these assessments was an increase of $55.2 million (year ended December 31, 2016 $15.5 million), which primarily related to Rainy River and Mesquite. Key drivers of the Rainy River liability increase of $41.4 million include advancement of the processing plant site area, construction of tailings management area, placement of mine rock and other additional obligations related to significant project advancement achieved during the period as the project continued to advance to commercial production. The key driver of the Mesquite liability increase of $6.6 million was increased requirements for reclamation sloping on waste rock, increasing the amount of earthworks required. The majority of the expenditures are expected to occur between 2022 and 2031. The discount rates used in estimating the site reclamation and closure cost obligations were between 1.9% and 6.0% for the year ended December 31, 2017 (2016 1.4% and 6.0%), and the inflation rate used was between 1.7% and 3.3% for the year ended December 31, 2017 (2016 1.0% and 3.3%). Regulatory authorities in certain jurisdictions require that security be provided to cover the estimated reclamation and remediation obligations. As at December 31, 2017, letters of credit totalling $137.8 million (2016 - $113.0 million) and surety bonds totalling $19.6 million (2016 - $14.8 million) had been issued to various regulatory agencies to satisfy financial assurance requirements for this purpose with the increase in 2017 related to the Rainy River project. The letters of credit are secured by the revolving Credit Facility (Note 12 (c)), and the annual fees are 1.50% of the value of the outstanding letters of credit. |
SUPPLEMENTAL CASH FLOW INFORMATION |
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Disclosure Of Supplemental cash flow information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of cash flow statement [text block] | 19. Supplemental cash flow information Supplemental cash flow information (included within operating activities) is as follows:
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SEGMENTED INFORMATION |
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Disclosure of operating segments [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of entity's operating segments [text block] | 20. Segmented information (a) Segment revenues and results The Company manages its reportable operating segments by operating mines, development projects and exploration projects. The results from operations for these reportable operating segments are summarized in the following tables:
(b) Segmented assets and liabilities The following table presents the segmented assets and liabilities:
(c) Geographical information The Company operates in four principal geographical areas - Canada (country of domicile), the United States, Australia, and Mexico. The Company's revenue by location of operations and information about the Company’s non-current assets by location of assets are detailed below for the years ended December 31, 2017 and 2016.
(d) Information about major customers The following table presents sales to individual customers exceeding 10% of annual sales for the following periods. The following three customers represent 79% (2016 71%) of the Company’s concentrate and doré sales revenue for the years ended December 31.
The Company is not economically dependent on a limited number of customers for the sale of its product because gold and other metals can be sold through numerous commodity market traders worldwide. Refer to Note 22(a) for further discussion on the Company’s exposure to credit risk. |
CAPITAL RISK MANAGEMENT |
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Capital risk management [Abstract] | ||||||||||||||||||||||||||
Disclosure Of Capital Risk Management [text block] | 21. Capital risk management The Company manages its capital to ensure that it will be able to continue as a going concern while maximizing the return to stakeholders through the optimization of the debt and equity balance. In the management of capital, the Company includes the components of equity, long-term debt, net of cash and cash equivalents, and investments.
The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying capital instruments. To maintain or adjust the capital structure, the Company may issue new shares, restructure or issue new debt, acquire or dispose of assets or sell its investments. In order to facilitate the management of its capital requirements, the Company prepares annual budgets that are updated as necessary depending on various factors, including successful capital deployment and general industry conditions. The annual budget is approved by the Board of Directors. The Company’s investment policy is to invest its surplus funds in permitted investments consisting of treasury bills, bonds, notes and other evidences of indebtedness of Canada, the United States or any of the Canadian provinces with a minimum credit rating of R-1 mid from the Dominion Bond Rating Service (“DBRS”) or an equivalent rating from Standard & Poor’s and Moody’s and with maturities of 12 months or less at the original date of acquisition. In addition, the Company is permitted to invest in bankers’ acceptances and other evidences of indebtedness of certain financial institutions. All investments must have a maximum term to maturity of 12 months and the average term will generally range from seven days to 90 days. Under the policy, the Company is not permitted to make investments in asset-backed commercial paper. |
FINANCIAL RISK MANAGEMENT |
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Financial risk management [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of financial risk management [text block] | 22. Financial risk management The Company examines the various financial instrument risks to which it is exposed and assesses the impact and likelihood of those risks. These risks may include credit risk, liquidity risk, market risk and other price risks. Where material, these risks are reviewed and monitored by the Board of Directors. (a) Credit risk Credit risk is the risk of an unexpected loss if a party to the Company’s financial instruments fails to meet its contractual obligations. The Company’s financial assets are primarily composed of cash and cash equivalents, and trade and other receivables. Credit risk is primarily associated with trade and other receivables; however, it also arises on cash and cash equivalents, gold and copper price options, and copper forward contracts. To mitigate exposure to credit risk, the Company has established policies to limit the concentration of credit risk, to ensure counterparties demonstrate minimum acceptable credit worthiness, and to ensure liquidity of available funds. The Company closely monitors its financial assets and does not have any significant concentration of credit risk. The Company sells its gold exclusively to large international organizations with strong credit ratings. The historical level of customer defaults is minimal and, as a result, the credit risk associated with gold and copper concentrate trade receivables at December 31, 2017 is not considered to be high. The Company’s maximum exposure to credit risk is as follows:
A significant portion of the Company’s cash and cash equivalents is held in large Canadian financial institutions. Short-term investments (including those presented as part of cash and cash equivalents) are composed of financial instruments issued by Canadian banks with high investment-grade ratings and the governments of Canada and the U.S. The Company employs a restrictive investment policy as detailed in the capital risk management section, which is described in Note 21. The aging of trade and other receivables is as follows:
The Company sells its gold and copper concentrate production from New Afton to four different customers under off-take contracts. The Company sells its gold and copper concentrate production from Peak Mines to one customer under an off-take contract. The Company is not economically dependent on a limited number of customers for the sale of its gold and other metals because gold and other metals can be sold through numerous commodity market traders worldwide. (b) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk through the management of its capital structure and financial leverage, as outlined in Note 21. The following table shows the contractual maturities of debt commitments. The amounts presented represent the future undiscounted principal and interest cash flows, and therefore, do not equate to the carrying amounts on the consolidated statements of financial position.
The Company’s future operating cash flow and cash position are highly dependent on metal prices, including gold, silver and copper, as well as other factors. Taking into consideration the Company’s current cash position, volatile equity markets, and global uncertainty in the capital markets, the Company is continually reviewing expenditures and assessing business opportunities to enhance liquidity in order to ensure adequate liquidity and flexibility to support its growth strategy, including the development of its projects, while continuing production at its current operations. A period of continuous low gold and copper prices may necessitate the deferral of capital expenditures which may impact the timing of development work and project completion, as well as production from mining operations. In addition, in such a price environment, the Company may be required to adopt one or more alternatives to increase liquidity. (c) Currency Risk The Company operates in Canada, the United States, Australia, and Mexico. As a result, the Company has foreign currency exposure with respect to items not denominated in U.S. dollars. The three main types of foreign exchange risk for the Company can be categorized as follows: (i) Transaction exposure The Company’s operations sell commodities and incur costs in different currencies. This creates exposure at the operational level, which may affect the Company’s profitability as exchange rates fluctuate. (ii) Exposure to currency risk The Company is exposed to currency risk through the following assets and liabilities denominated in currencies other than the U.S. dollar: cash and cash equivalents, investments; accounts receivable, accounts payable and accruals, reclamation and closure cost obligations. The currencies of the Company’s financial instruments and other foreign currency denominated liabilities, based on notional amounts, were as follows:
(iii) Translation exposure The Company’s functional and reporting currency is U.S. dollars. The Company’s operations translate their operating results from the host currency to U.S. dollars. Therefore, exchange rate movements in the Canadian dollar, Australian dollar, and Mexican peso can have a significant impact on the Company’s consolidated operating results. A 10% strengthening (weakening) of the U.S. dollar against the following currencies would have decreased (increased) the Company’s net loss from the financial instruments presented by the amounts shown below.
(d) Interest Rate Risk Interest rate risk is the risk that the fair value or the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The majority of the Company’s outstanding debt obligations are fixed and are therefore not exposed to changes in market interest rates. The Credit Facility interest is variable and a 1% change in interest rates would result in a difference of approximately $1.4 million in interest paid for the year ended December 31, 2017. The Company is exposed to interest rate risk on its cash and cash equivalents. Interest earned on cash and cash equivalents is based on prevailing money market and bank account interest rates which may fluctuate. A 1.0% change in the interest rate would result in a difference of approximately $2.0 million in interest earned by the Company for the year ended December 31, 2017. The Company has not entered into any derivative contracts to manage this risk. (e) Metal and Input Price Risk The Company’s earnings, cash flows and financial condition are subject to price risk due to fluctuations in the market price of gold, silver and copper. Gold prices have historically fluctuated widely and are affected by numerous factors beyond the Company’s control, including:
For the year ended December 31, 2017, the Company’s revenue and cash flows were impacted by gold prices in the range of $1,151 to $1,346 per ounce, and by copper prices in the range of $2.49 to $3.27 per pound. Metal price declines could cause continued development of, and production from, the Company’s properties to be uneconomic. There is a time lag between the shipment of gold and copper and final pricing, and changes in pricing can impact the Company’s revenue and working capital position. The Company’s exposure to changes in copper prices has been significantly reduced during 2018 as the Company has entered into copper price option contracts (whereby it sold a series of call option contracts and purchased a series of put option contracts) to reduce exposure to changes in copper prices. The details of the remaining contracts as at December 31, 2017 can be found in Note 14. Reserve calculations and mine plans using significantly lower gold, silver, copper and other metal prices could result in significant reductions in mineral reserve and resource estimates and revisions in the Company’s life-of-mine plans, which in turn could result in material write-downs of its investments in mining properties and increased depletion, reclamation and closure charges. Depending on the price of gold or other metals, the Company may determine that it is impractical to commence or, if commenced, to continue commercial production at a particular site. Metal price fluctuations also create adjustments to the provisional prices of sales made in previous periods that have not yet been subject to final pricing, and these adjustments could have an adverse impact on the Company’s financial results and financial condition. Any of these factors could result in a material adverse effect on the Company’s results of operations and financial condition. The Company is also subject to price risk for fluctuations in the cost of energy, principally electricity and purchased petroleum products. The Company’s costs are affected by the prices of commodities and other inputs it consumes or uses in its operations, such as lime, sodium cyanide and explosives. The prices of such commodities and inputs are influenced by supply and demand trends affecting the mining industry in general and other factors outside the Company’s control. Increases in the price for materials consumed in the Company’s mining and production activities could materially adversely affect its results of operations and financial condition. An increase in gold, copper and silver prices would decrease the Company’s net loss whereas an increase in fuel or restricted share unit vested prices would increase the Company’s net loss. A 10% change in commodity prices would impact the Company’s net earnings before taxes and other comprehensive income before taxes as follows:
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FAIR VALUE MEASUREMENT |
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Fair value measurement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of fair value measurement [text block] | 23. Fair value measurement Fair value is the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In assessing the fair value of a particular contract, the market participant would consider the credit risk of the counterparty to the contract. Consequently, when it is appropriate to do so, the Company adjusts the valuation models to incorporate a measure of credit risk. Fair value represents management's estimates of the current market value at a given point in time. The Company has certain financial assets and liabilities that are held at fair value. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts), or inputs that are derived principally from or corroborated by observable market data or other means. Level 3 inputs are unobservable (supported by little or no market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. There were no transfers among Levels 1, 2 and 3 during the year ended December 31, 2017 or the year ended December 31, 2016. The Company’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as of the date of the event or change in circumstances that caused the transfer. Valuation methodologies for Level 2 and 3 financial assets and liabilities: Provisionally priced contracts and gold and copper swap contracts The fair value of the provisionally priced contracts and the gold and copper swap contracts is calculated using the mark-to-market forward prices of London Metals Exchange gold and copper based on the applicable settlement dates of the outstanding provisionally priced contracts and copper swap contracts. Gold and copper price option contracts and copper forward contracts The fair value of the gold and copper price option contracts and copper forward contracts are calculated using the mark-to-market method based on fair value prices obtained from the counterparties of the gold price option contracts, copper price option contracts and copper forward contracts. Gold stream obligation The fair value of the gold stream obligation is calculated using the risk-free interest rate derived from the fifteen-year U.S. Treasury rate, forward metal prices, company specific credit spread based on the yield on the Company’s 2025 Senior Unsecured Notes, and expected gold and silver ounces to be delivered from the Rainy River project life of mine model. Performance share units (PSU) The fair value of the PSU liability is calculated using the quantity of base options subject to cash settlement, the weighted-average three-year achieved performance ratio (calculated using the annualized return of the Company’s share price compared to the annualized return of the S&P Global Gold Index) and the expected share price at the end of the vesting period. The following table summarizes the Company’s financial assets and liabilities by category and information about financial assets and liabilities measured at fair value on a recurring basis in the statement of financial position categorized by level of significance of the inputs used in making the measurements:
The carrying values and fair values of the Company’s financial instruments are as follows:
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PROVISIONS |
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Disclosure of provisions [text block] | 24. Provisions In addition to the environmental rehabilitation provision in Note 18, provisions include the cash-settled portion of the Company’s PSUs and RSUs as well as employee benefits. The following table presents changes in provisions:
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OPERATING LEASES |
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Disclosure of leases [text block] | 25. Operating leases Non-cancellable operating lease rentals are payable as follows:
For the year ended December 31, 2017, an amount of $9.0 million was recognized as an expense in profit or loss in respect of operating leases (2016 - $7.7 million). |
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Disclosure of information about key management personnel [text block] | 26. Compensation of key management personnel The remuneration of the Company’s key management personnel(1) was as follows:
The remuneration of key executives is determined by the compensation committee having regard to the performance of individuals and market trends. |
COMMITMENTS AND CONTINGENCIES |
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Contractual commitments [Abstract] | ||
Disclosure of commitments and contingent liabilities [text block] | 27. Commitments and contingencies The Company has entered into a number of contractual commitments for capital items relating to operations and development. At December 31, 2017, these commitments totalled $51.4 million, $48.5 million of which is expected to fall due over the next 12 months. This compares to commitments of $130.2 million as at December 31, 2016, $103.2 million of which was expected to fall due over the upcoming year. Certain contractual commitments may contain cancellation clauses; however, the Company discloses its commitments based on management’s intent to fulfill the contracts. |
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Statement of compliance [text block] | (a) Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board (“IASB”), referred to as “IFRS”. These consolidated financial statements were approved by the Board of Directors of the Company on February 20, 2018. |
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Basis of preparation [text block] | (b) Basis of preparation The consolidated financial statements have been prepared on the historical cost basis except for those assets and liabilities that are measured at fair values at the end of each reporting period. Additionally, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information. |
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Basis of consolidation [text block] | (c) Basis of consolidation Subsidiaries These consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (“Subsidiaries”). Control exists when the Company is exposed, or has rights, to variable returns from its involvement with the Subsidiary and has the ability to affect those returns through its power over the Subsidiary. Associates Associates are those entities in which the Company has significant influence over the financial and operating policies but not control and that is not a Subsidiary (“Associates”). Significant influence is normally presumed to exist when the Company holds between 20 and 50 percent of the voting power of another entity. The Company’s share of net assets and net earnings or loss is accounted for in the consolidated financial statements using the equity method. The principal Subsidiaries of the Company are as follows:
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Business combinations and asset acquisitions [text block] | (d) Business combinations and asset acquisitions A business combination is an acquisition of assets and liabilities that constitute a business. A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return to the company and its shareholders in the form of improved earnings, lower costs or other economic benefits. Business combinations are accounted for using the acquisition method whereby identifiable assets acquired and liabilities assumed, including contingent liabilities, are recorded at 100% of their acquisition-date fair values. The acquisition date is the date the Company obtains control over the acquiree, which is generally the date that consideration is transferred and the Company acquires the assets and assumes the liabilities of the acquiree. The Company considers all relevant facts and circumstances in determining the acquisition date. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Company, the liabilities, including contingent consideration, incurred and payable by the Company to former owners of the acquiree and the equity interests issued by the Company. The measurement date for equity interests issued by the Company is the acquisition date. Acquisition-related costs, other than costs to issue debt or equity securities, of the Company, including investment banking fees, legal fees, accounting fees, valuation fees, and other professional or consulting fees are expensed as incurred. The costs to issue equity securities of the Company as consideration for the acquisition are reduced from share capital as share issue costs. The Company accounts for the purchase of assets and assumption of liabilities as an acquisition of net assets when the transactions do not qualify as a business combination under IFRS 3, Business Combinations, as the significant inputs and processes that constitute a business are not identified. The purchase consideration is allocated to the fair value of the assets acquired and liabilities assumed based on management’s best estimates and available information at the time of the acquisition. Acquisition-related costs, other than costs to issue debt or equity securities, of the Company, including investment banking fees, legal fees, accounting fees, valuation fees, and other professional or consulting fees are capitalized as part of the asset acquisition. |
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Cash and cash equivalents [text block] | (e) Cash and cash equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of acquisition to be cash equivalents. These highly liquid investments only comprise short-term Canadian and United States government treasury bills and other evidences of indebtedness and treasury bills of the Canadian provinces with a minimum credit rating of R-1 mid from the Dominion Bond Rating Service or an equivalent rating from Standard & Poor’s and Moody’s. In addition, the Company invests in bankers’ acceptances and other evidences of indebtedness of certain financial institutions, including Canadian banks. |
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Inventories [text block] | (f) Inventories Finished goods, work-in-process, heap leach ore and stockpiled ore are valued at the lower of weighted average production cost or net realizable value. Production costs include the cost of raw materials, direct labour, mine-site overhead expenses and depreciation and depletion of mining interests. Net realizable value is calculated as the estimated price at the time of sale based on prevailing and long-term metal prices less estimated future production costs to convert the inventories into saleable form. At operations where ore extracted contains significant amount of metals other than gold, primarily copper or silver, cost is allocated between the joint products on a pro rata basis. The recovery of gold and silver from certain ores is achieved through the heap leaching process. Under this method, ore is placed on leach pads where it is treated with a chemical solution which dissolves the gold contained in ore. The resulting “pregnant” solution is further processed in a plant where the gold is recovered. For accounting purposes, costs are added to ore on leach pads for current mining and leaching costs, including applicable depreciation, depletion and amortization relating to mining interests. Costs are removed from ore on leach pads as ounces of gold and silver are recovered based on the average cost per recoverable ounce on the leach pad. Estimates of recoverable gold and silver on the leach pads are calculated from the quantities of ore placed on the leach pads (measured tonnes added to the leach pads), the grade of ore placed on the leach pads (based on assay data), and a recovery percentage (based on ore type). Although the quantities of recoverable gold and silver placed on each leach pad are reconciled by comparing the grades of ore placed on the leach pad to the quantities actually recovered, the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. The recovery of gold and silver from the leach pad is not known until the leaching process has concluded. In the event that the Company determines, based on engineering estimates, that a quantity of gold or other metal (silver) contained in ore on leach pads is to be recovered over a period exceeding 12 months, that portion is classified as long-term. Work-in-process inventory represents materials that are currently in the process of being converted into finished goods. The average production cost of finished goods represents the average cost of work-in-process inventories incurred prior to the refining process, plus applicable refining, selling, shipping costs and associated royalties. Supplies are valued at the lower of weighted average cost and net realizable value. |
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Mining interests [text block] | (g) Mining interests Mining interests includes mining properties and related plant and equipment. Capitalized costs are depreciated and depleted using either a unit-of-production method over the estimated economic life of the mine to which they relate, or for plant and equipment, using the straight-line method over their estimated useful lives, if shorter than the mine life. Mining properties The costs associated with mining properties are separately allocated to mineral reserves and mineral resources, and include acquired interests in production, development and exploration stage properties representing the fair value at the time they were acquired. Mining properties include costs directly attributable to bringing a mineral asset into the state where it is capable of operating in the manner intended by management. The determination of development costs to be capitalized during the production stage of a mine operation requires the use of judgments and estimates. The value associated with mineral resources and exploration potential is the value beyond proven and probable mineral reserves assigned through acquisition. The mineral resource value represents the property interests that are believed to potentially contain economic mineralized material such as measured, indicated, and inferred mineral resources with insufficient drill spacing to qualify as proven and probable mineral reserves, and inferred mineral resources in close proximity to proven and probable mineral reserves. Exploration potential represents the estimated mineralized material contained within (i) areas adjacent to existing reserves and mineralization located within the immediate mine area; (ii) areas outside of immediate mine areas that are not part of measured, indicated, or inferred resources; and (iii) Greenfields exploration potential that is not associated with any other production, development, or exploration stage property, as described above. At least annually or when otherwise appropriate, and subsequent to its review and evaluation for impairment, value from the non-depletable category is transferred to the depletable category as a result of an analysis of the conversion of mineral resources or exploration potential into mineral reserves. The Company estimates its mineral reserves and mineral resources based on information compiled by appropriately qualified persons. The estimation of recoverable reserves will be impacted by forecast commodity prices, exchange rates, production costs and recoveries amongst other factors. Changes in the reserve or resource estimates may impact the carrying value of assets and depreciation and impairment charges recorded in the consolidated income statement. A mining property is considered to be capable of operating in a manner intended by management when it commences commercial production. The critical judgments included in the determination of the commencement of commercial production are described in Note 3(a)(i). Upon commencement of commercial production, a mining property is depleted on a unit-of-production method. Unit-of-production depletion rates are determined based on the estimated recoverable proven and probable mineral reserves at the mine. Costs related to property acquisitions are capitalized until the viability of the mineral property is determined. When either external or internal triggering events determined that a property is not economically recoverable, the capitalized costs are written off. The costs associated with the acquisition of land holdings are included within mining interest and are not depleted. Exploration and evaluation Exploration and evaluation costs are expensed until the probability that future economic benefits will flow to the entity and the asset cost or value can be measured reliably. Management uses the following criteria to determine the economic recoverability and probability of future economic benefits:
Further development expenditures are capitalized to the property. Drilling and related costs incurred on sites without an existing mine and on areas outside the boundary of a known mineral deposit which contains proven and probable reserves are exploration expenditures and are expensed as incurred to the date of establishing that property costs are economically recoverable. Further development expenditures, subsequent to the establishment of economic recoverability, are capitalized to the property. Property, plant and equipment Plant and equipment consists of buildings and fixtures, and surface and underground fixed and mobile equipment. Depreciation and depletion rates of major categories of asset costs Mining assets are depleted using a unit-of-production method based on the estimated economically recoverable reserves, to which they relate. Management reviews the estimated total recoverable ounces contained in depletable reserves at each financial year end, and when events and circumstances indicate that such a review should be made. Plant and equipment is depreciated using the straight-line method over their estimated useful lives, or the remaining life of the mine if shorter.
Capitalized borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset that necessarily takes a substantial period of time to get ready for its intended use are capitalized until such time as the assets are substantially ready for their intended use. Other borrowing costs are recognized as an expense in the period in which they are incurred. Where funds are borrowed specifically to finance a project, the amount capitalized represents the actual borrowing costs incurred. Where the funds used to finance a project form part of general borrowings, the amount capitalized is calculated using a weighted average of interest rates applicable to relevant general borrowings of the Company during the period, to a maximum of actual borrowing costs incurred. Capitalization of interest is suspended during extended periods in which active development is interrupted. Stripping costs in surface mining As part of its operations, the Company incurs stripping costs both during the development phase and production phase of its operations. Stripping costs incurred as part of development stage mining activities incurred by the Company are deferred and capitalized as part of mining properties. Stripping costs incurred during the production stage are incurred in order to produce inventory or to improve access to ore which will be mined in the future. Where the costs are incurred to produce inventory, the production stripping costs are accounted for as a cost of producing those inventories. Where the costs are incurred to improve access to ore which will be mined in the future, the costs are deferred and capitalized to the Statement of Financial Position as a stripping activity asset (included in mining interest) if the following criteria are met: improved access to the ore body is probable; the component of the ore body can be accurately identified; and the costs relating to the stripping activity associated with the component can be reliably measured. If these criteria are not met, the costs are expensed in the period in which they are incurred. The stripping activity asset is subsequently depleted using the units-of-production depletion method over the life of the identified component of the ore body to which access has been improved as a result of the stripping activity. Derecognition Upon sale or abandonment, the cost of the asset and related accumulated depreciation or depletion are removed from the accounts and any gains or losses thereon are recognized in net earnings. |
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Impairment of long-lived assets [text block] | (h) Impairment of long-lived assets The Company reviews and evaluates its mining interests for indicators of impairment at the end of each reporting period. Impairment assessments are conducted at the level of cash-generating units (“CGU”). A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Each operating mine and development project represents a separate CGU as each mine site or development project has the ability or the potential to generate cash inflows that are separately identifiable and independent of each other. If an indication of impairment exists, the recoverable amount of the CGU is estimated. An impairment loss is recognized when the carrying amount of the CGU is in excess of its recoverable amount. The recoverable amount of a mine site is the greater of its fair value less costs to dispose and value in use. In determining the recoverable amounts of the Company’s mine sites, the Company uses the fair value less costs to dispose as this will generally be greater than or equal to the value in use. When there is no binding sales agreement, fair value less costs to dispose is estimated as the discounted future after-tax cash flows expected to be derived from a mine site, less an amount for costs to dispose estimated based on similar past transactions. The inputs used in the fair value measurement constitute Level 3 inputs under the fair value hierarchy. When discounting estimated future cash flows, the Company uses an after-tax discount rate that would approximate what market participants would assign. Estimated cash flows are based on expected future production, metal selling prices, operating costs and capital costs. If the recoverable amount of a mine site is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable amount. The carrying amount of each mine site includes the carrying amounts of mining properties, plant and equipment, and certain deferred tax balances. Impairment losses are recognized as expenses in the period they are incurred. The allocation of an impairment loss, if any, for a particular mine site to its mining properties and plant and equipment is based on the relative book values of these assets at the date of impairment. The Company assesses at the end of each reporting period whether there is any indication that an impairment loss recognized in prior periods for a long-lived asset may no longer exist or may have decreased. If any such indication exists, the Company estimates the recoverable amount of that CGU. A reversal of an impairment loss is recognized up to the lesser of the recoverable amount or the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the CGU in prior years. Reversals of impairment losses are recognized in net earnings in the period the reversals occur. |
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Reclamation and closure cost obligations [text block] | (i) Reclamation and closure cost obligations The Company’s mining and exploration activities are subject to various governmental laws and regulations relating to the protection of the environment. The Company has made, and intends to make in the future, expenditures to comply with such laws and regulations. The Company has recorded a liability and corresponding asset for the estimated future cost of reclamation and closure, including site rehabilitation and long-term treatment and monitoring costs These costs represent management’s best estimates which incorporate assumptions on the effects of inflation, movements in foreign exchange rates and the effects of country and other specific risks associated with the related liabilities. The costs are discounted to net present value using the risk free rate applicable to the future cash outflows. Such estimates are, however, subject to change based on negotiations with regulatory authorities, changes in laws and regulations or changes to market inputs to the decommissioning model. The present value of estimated costs is recorded in the period in which the asset is installed or the environment is disturbed and a reasonable estimate of future costs and discount rates can be made. The provision is discounted using a risk-free rate and estimates of future cash flows are adjusted to reflect risk. After the initial measurement, the obligation is adjusted to reflect the passage of time and changes in the estimated future cash flows underlying the obligation. The increase in the provision due to the passage of time is recognized in finance costs, whereas increases and decreases due to changes in the estimated future cash flows are included in inventory or capitalized and depreciated over the life of the related asset unless the amount deducted from the cost exceeds the carrying value of the asset, in which case the excess is recorded in net earnings. Actual costs incurred upon settlement of the site restoration obligation are charged against the provision to the extent the provision was established for those costs. Upon settlement of the liability, a gain or loss may be recorded in net earnings. |
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Income taxes [text block] | (j) Income taxes The income tax expense or benefit for the period consists of two components: current and deferred. Current Tax The tax currently payable is based on taxable earnings for the year. Taxable earnings differ from earnings before taxes due to items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. Current tax is calculated using tax rates and laws that were enacted or substantively enacted at the Statement of Financial Position date in each of the jurisdictions and includes any adjustments for taxes payable or recovery in respect of prior periods. Deferred Tax Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated statement of financial position and the corresponding tax bases used in the computation of taxable net earnings. Deferred tax is calculated based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates that are expected to apply in the year of realization or settlement based on tax rates and laws enacted or substantively enacted at the Statement of Financial Position date. Deferred tax liabilities are generally recorded for all taxable temporary differences. Deferred tax liabilities are recognized for taxable temporary differences arising on investments in Subsidiaries and Associates except where the reversal of the temporary difference can be controlled and it is probable that the difference will not reverse in the foreseeable future. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable earnings will be available against which those deductible temporary differences can be utilized. The carrying amount of the deferred tax assets are reviewed at each Statement of Financial Position date and are reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. The Company records foreign exchange gains and losses representing the impacts of movements in foreign exchange rates on the tax bases of non-monetary assets and liabilities which are denominated in foreign currencies. Foreign exchange gains and losses relating to deferred income taxes are included within foreign exchange gains in the consolidated income statement. Current and deferred tax for the year Current and deferred tax are recognized in net earnings except when they arise as a result of items recognized in other comprehensive income or directly in equity in the current or prior periods, in which case the related current and deferred income taxes are also recognized in other comprehensive income or directly in equity, respectively. Government assistance and tax credits Any federal or provincial tax credits received by the Company, with respect to exploration or development work conducted on any of its properties, are credited as a reduction to the carrying costs of the property to which the credits related. The Company records these tax credits when there is reasonable assurance with regard to collections and assessments as well as reasonable assurance that the Company will comply with the conditions associated to them and that the grants will be received. |
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Foreign currency translation [text block] | (k) Foreign currency translation The individual financial statements of each Subsidiary are presented in the currency of the primary economic environment in which that entity operates (its functional currency). The functional currency of the Company and the presentation currency of the consolidated financial statements is the United States dollar (“U.S. dollar”). Management determines the functional currency by examining the primary economic environment of each operating mine, development and exploration project. The Company considers the following factors in determining its functional currency:
When preparing the consolidated financial statements of the Company, the Company translates non-U.S. dollar balances into U.S. dollars as follows:
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Earnings (loss) per share [text block] | (l) Earnings (loss) per share Earnings (loss) per share calculations are based on the weighted average number of common shares and common share equivalents issued and outstanding during the year. Diluted earnings per share are calculated using the treasury stock method. This requires the calculation of diluted earnings per share by assuming that outstanding stock options and share purchase warrants (“Warrants”) with an average market price that exceeds the average exercise prices of the options and warrants for the year, are exercised and the assumed proceeds are used to repurchase shares of the Company at the average market price of the common share for the year. |
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Revenue recognition [text block] | (m) Revenue recognition Revenue from the sale of metals and metals in concentrate is recognized when all the following conditions are satisfied:
Revenue from the sale of metals in concentrate may be subject to adjustment upon final settlement of estimated metal prices, weights and assays. Revenue is recognized based on the estimated fair value of the total consideration receivable. Adjustments to revenue for metal prices and other adjustments are recorded at each period end and on final settlement. Refining and treatment charges are netted against revenue for sales of metal concentrate. |
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Share-based payments [text block] | (n) Share-based payments The Company maintains a Restricted Share Unit (“RSU”) plan, a Performance Share Unit (“PSU”) plan and a stock option plan for employees as well as a Deferred Share Unit (“DSU”) plan for directors. Cash-settled transactions which include RSUs, DSUs and the cash settled portion of the PSUs, are initially measured at fair value and recognized as an obligation at the grant date. The liabilities are re-measured to fair value at each reporting date up to and including the settlement date, with changes in fair value recognized in net earnings or capitalized to the Company’s development projects as appropriate. The fair value of RSUs and PSUs determined at the grant date is recognized over the vesting period in accordance with the vesting terms and conditions. The Company values the liabilities based on the Company’s share price and in addition for PSUs, the correlation between the Company’s total return performance relative to the S&P/TSX Global Gold Index Total Return Index Value. The non-current portion of RSU, DSU and PSU liabilities are included in provisions on the consolidated statement of financial position. Equity-settled transactions which include the equity settled portion of the PSUs and the stock option plan are measured by reference to the fair value of the awards that are expected to vest at the grant date. Fair value for stock options is determined using a Black-Scholes option-pricing model, which relies on estimates of the future risk-free interest rate, future dividend payments, future share price volatility and the expected average life of the options. Fair value for the equity settled portion of the PSUs is determined using a Monte Carlo options pricing model, which relies on estimates of the future risk-free interest rate, future dividend payments, future share price volatility and the correlation between the Company’s total return performance relative to the S&P/TSX Global Gold Index Total Return Index Value. The Company believes these models adequately capture the substantive features of the option awards and PSUs, and are appropriate to calculate their fair values. The fair value determined at grant date is recognized over the vesting period in accordance with vesting terms and conditions, with a corresponding increase to contributed surplus. Changes to the estimated number of awards that will eventually vest are accounted for prospectively. |
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Financial assets [text block] | (o) Financial assets Financial assets are initially measured at fair value and are subsequently measured at either amortized cost or fair value, depending on the classification of the financial assets. The classification of assets is driven by the Company’s business model for managing financial assets and their contractual cash flow characteristics. The fair value of financial instruments traded in active markets is based on quoted market prices at the date of the statement of financial position. The quoted market price used for financial assets held by the Company is the last bid price of the day. The Company has categorized its financial assets in accordance with International Financial Reporting Standard 9 (2013), Financial Instruments (“IFRS 9”) into one of the following two categories:
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Financial liabilities [text block] | (p) Financial liabilities Financial liabilities are accounted for as amortized cost except for those at FVTPL which includes liabilities designated as FVTPL and derivatives. Financial liabilities classified as FVTPL or those which are designated as FVTPL under the fair value option are measured at fair value with unrealized gains and losses recognized in net earnings. In cases where financial liabilities are designated as FVTPL, the part of a fair value change due to an entity's own credit risk is recorded in other comprehensive income rather than the statements of operations. Financial liabilities at amortized cost are initially measured at fair value net of transaction costs, and subsequently measured at amortized cost. The Company has classified its financial liabilities in accordance with IFRS 9 into one of the following two categories:
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Derivative instruments, including hedge accounting [text block] | (q) Derivative instruments, including hedge accounting Derivative instruments, including embedded derivatives, are recorded at fair value on initial recognition and at each subsequent reporting period. Any gains or losses arising from changes in fair value on derivatives that do not qualify for hedge accounting are recorded in net earnings. Hedge accounting Gains and losses for the effective portion of hedging instruments are included in other comprehensive income. Gains and losses for any ineffective portion of hedging instruments are included in net earnings. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to net earnings or mineral interest, as appropriate in the period when the hedged item is recognized in net earnings in the same line of the consolidated income statement. The Company previously held diesel fuel swap contracts and Canadian dollars and designated this cash to fund the construction of Rainy River. The Company has designated these instruments as a cash-flow hedge under IFRS 9. The impact of applying hedge accounting is disclosed in Note 14. Gold Stream Obligation The Company has a gold stream agreement with RGLD Gold AG, a wholly owned subsidiary of Royal Gold Inc. (“Royal Gold”). For accounting purposes, the Company has determined that the gold stream obligation represents a financing contract with embedded derivatives. The value of the embedded derivatives changes in response to changes in metal prices and in the number of ounces expected to be delivered. As the gold stream obligation has embedded derivatives that would otherwise need to be accounted for separately at FVTPL, the Company has designated the deposit received from Royal Gold as a financial liability at FVTPL, with initial and subsequent measurement at fair value, as permitted under IFRS 9. Transaction costs directly attributable to the gold stream obligation were expensed through profit and loss. Fair value of the gold stream obligation on initial recognition was determined by the amount of the cash advance received. Subsequent fair value is calculated on each reporting date with gains and losses recorded in net earnings. Fair value adjustments as a result of the Company’s own credit risk will be recorded in the Consolidated Statement of Comprehensive Loss, as required by IFRS 9 (2013) for financial liabilities designated as at FVTPL. Components of the adjustment to fair value at each reporting date include:
Provisional pricing Certain products are “provisionally priced” whereby the selling price is subject to final adjustment up to 150 days after delivery to the customer. The final price is based on the market price at the relevant quotation point stipulated in the contract. As is customary in the industry, revenue on provisionally priced sales is recognized based on estimates of the fair value of the consideration receivable based on relevant forward market prices. At each reporting date, provisionally priced metal is marked to market based on the forward selling price for the quotational period stipulated in the contract. For this purpose, the selling price can be measured reliably for those products, such as gold and copper, for which there exists active and freely traded commodity markets. The marking to market of provisionally priced sales contracts is recorded as an adjustment to revenue. Gold and copper price option contracts In order to increase cash flow certainty, the Company holds copper price option contracts and previously held gold price option contracts, purchasing put options and selling call options. These are treated as derivative financial instruments and marked to market at each reporting period on the consolidated statement of financial position with changes in fair value recognized in other gains and losses. Realized gains and losses as a result of the exercise of the Company’s call and put options up to an amount not exceeding the Company’s production of gold ounces or copper pounds for the reporting period are recorded as an adjustment to revenue. The exercise of options on gold ounces or copper pounds in excess of the Company’s production for the reporting period are recorded as other gains and losses. Gold and copper swaps In order to mitigate a portion of the metal price exposure associated with the time lag between the provisional and final determination of concentrate sales, the Company has entered into cash settled derivative gold and copper contracts to swap future contracted monthly average metal prices for fixed metal prices. At each reporting date, these gold and copper swap agreements are marked to market based on corresponding forward gold and copper prices. The marking to market of gold and copper swap agreements is recorded as an adjustment to revenue. Copper forward contracts The Company previously held copper swap contracts at a fixed price, settling against the London Metals Exchange (“LME”) monthly average price. These are treated as derivative financial instruments and marked to market at each reporting period on the consolidated statement of financial position with changes in fair value recognized in other gains and losses. Realized gains and losses as a result of the exercise of the Company’s copper forward contracts up to an amount not exceeding the Company’s production of copper pounds for the reporting period are recorded as an adjustment to revenue. Gains and losses in excess of the Company’s copper production for the reporting period are recorded as other gains and losses. Share purchase warrants The Company’s warrants with Canadian dollar exercise prices are classified as derivative liabilities and accordingly, they are recorded at fair value at each reporting period, with the gains or losses recorded in net earnings for the period. In the second quarter of 2017, the Company’s warrants expired, unexercised. |
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Trade and other receivables [text block] | (r) Trade and other receivables Trade and other receivables are carried at amortized cost less impairment. Trade and other receivables are impaired if they are determined to be uncollectible. |
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Leases [text block] | (s) Leases Leases are classified as finance leases when the terms of the lease transfer substantially all the risks and rewards incidental to ownership of the leased asset to the lessee. All other leases are classified as operating leases. Operating lease payments are recognized as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. |
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Disclosure of subsidiaries [text block] | The principal Subsidiaries of the Company are as follows:
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EXPENSES (Tables) |
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Disclosure of finance income (cost) [text block] | (b) Finance costs and income
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Disclosure of detailed information about other losses gains [text block] | (c) Other gains (losses)
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INVENTORIES (Tables) |
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classes of current inventories [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about inventories [text block] |
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MINING INTERESTS (Tables) |
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Disclosure of detailed information about property, plant and equipment [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [text block] |
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Disclosure of detailed information about segmented assets and liabilities [text block] | Carrying amount by property as at December 31, 2017:
Carrying amount by property as at December 31, 2016:
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IMPAIRMENT (Tables) |
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of impairment loss and reversal of impairment loss [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of impairment loss and reversal of impairment loss [text block] | For the year ended December 31, 2017, the Company recorded an after-tax impairment loss of $181.0 million within net loss, as noted below:
For the year ended December 31, 2016, the Company recorded an impairment charge of $6.4 million within net loss, as noted below:
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Disclosure of impairment analysis, of commodity prices and exchange rate [text block] | the following commodity prices and exchange rate assumptions were used:
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Disclosure Of Detailed Information About Sensitivity Analysis On Key Assumptions Used In Determining Impairment Loss [text block] | Any variation in the key assumptions used to determine fair value would result in a change of the assessed fair value. It is estimated that changes in the key assumptions would have the following approximate impact on the fair value of the Rainy River CGU at December 31, 2017:
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LONG-TERM DEBT (Tables) |
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of financial liabilities [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [text block] | Long-term debt consists of the following:
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Disclosure of detailed information about applicable redemption prices on unsecured notes [text block] | During the 12-month period beginning on November 15 of the years indicated at the redemption prices below, expressed as a percentage of the principal amount of the 2022 Unsecured Notes to be redeemed, plus accrued and unpaid interest, if any, to the redemption date:
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Disclosure of detailed information about applicable redemption prices on 2025 Unsecured Notes [text block] | During the 12-month period beginning on May 15 of the years indicated at the redemption prices below, expressed as a percentage of the principal amount of the 2025 Unsecured Notes to be redeemed, plus accrued and unpaid interest, if any, to the redemption date:
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Detailed information about significant convenants [text block] | Significant financial covenants are as follows:
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Disclosure of reconciliation of liabilities arising from fnancing activities explanatory [text block] | The following is a summary of the changes in liabilities arising from financing activities for the year ended December 31, 2017:
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GOLD STREAM OBLIGATION (Tables) |
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gold stream obligation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Detailed Information About Gold Stream Obligation [Text Block] | The following is a summary of the changes in the Company’s gold stream obligation:
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DERIVATIVE INSTRUMENTS (Tables) |
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Detailed information about derivative assets and derivative liabilities [text block] |
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Disclosure of detailed information about hedging instruments [text block] |
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Detailed information about the realised and unrealised gainlosses on provisionally priced sales [text block] | The following tables summarize the realized and unrealized gains (losses) on provisionally priced sales:
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Detailed information about the realised and unrealised gainlosses on gold and copper swap contracts [text block] | The following tables summarize the realized and unrealized gains (losses) on gold and copper swap contracts:
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Detailed information about the net exposure to the impact of movements in market commodity prices for provisionally priced sales [text block] | The following table summarizes the net exposure to the impact of movements in market commodity prices for provisionally priced sales:
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Detailed information about the remaining contracts of metal option [Text Block] |
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SHARE CAPITAL (Tables) |
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Detailed information of common shares issued and outstanding [text block] | (a) No par value common shares issued
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Disclosure of share-based payment arrangements [text block] | The following table summarizes share-based payment expenses:
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Disclosure of number and weighted average exercise prices of share options [text block] | The following table presents changes in the Plan:
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Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [text block] | The Company had the following weighted average assumptions in the Black-Scholes option-pricing model:
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Disclosure of range of exercise prices of outstanding share options [text block] | The following table summarizes information about the stock options outstanding as at December 31, 2017:
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Disclosure of number and weighted average exercise prices of other equity instruments [text block] | As the Company is currently required to settle this award in cash, it will record an accrued liability and a corresponding compensation expense. DSUs are financial instruments that will be fair valued at each reporting date based on the Company’s share price. The table below presents changes to the LTIP and DSU plan:
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Disclosure of earnings per share [text block] | The following table sets out the calculation of diluted earnings per share:
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Detailed information of antidilutive securities excluded from computation of earnings per share [text block] | The following table lists the equity securities excluded from the calculation of diluted loss per share. Such equity securities were excluded as their respective exercise prices exceeded the average market price of the Company’s common shares of C$4.22 for the year ended December 31, 2017 (2016 C$5.26).
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DISCONTINUED OPERATIONS (Tables) |
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of DISCONTINUED OPERATIONS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about profit loss on discontinued operations [text block] | The net (loss) earnings from Peak Mines for the year ended December 31, 2017 are as follows:
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Disclosure of detailed information about assets and liabilities of disposal group [Text Block] | The major classes of assets and liabilities of Peak Mines are as follows:
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Disclosure of detailed information about cash flows of discontinued operations and prior period comparatives [Text Block] | The following table provides details of the cash flow from operating and investing activities of Peak Mines for the year ended December 31, 2017 and prior-year comparative periods:
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INCOME AND MINING TAXES (Tables) |
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Income and mining taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about major components of income tax expense [Text Block] | The following table outlines the composition of income tax expense between current tax and deferred tax:
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Detailed Information for Reconciliation Of Income Tax Provision [Text Block] | Income tax expense differs from the amount that would result from applying the Canadian federal and provincial income tax rates to earnings before taxes. The differences result from the following items:
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Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | The following tables provide analysis of the deferred tax assets and liabilities as at December 31, 2017:
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Detailed Information Of Movement In Net Deferred Tax Liabilities [Text Block] | The following table outlines the movement in the net deferred tax liabilities:
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RECLAMATION AND CLOSURE COST OBLIGATIONS (Tables) |
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of reclamation and closure cost obligations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Detailed information about reclamation and closure cost obligations [Text Block] | Changes to the reclamation and closure cost obligations are as follows:
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SUPPLEMENTAL CASH FLOW INFORMATION (Tables) |
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Supplemental cash flow information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Detailed information about supplemental cash flow information [Text Block] | Supplemental cash flow information (included within operating activities) is as follows:
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SEGMENTED INFORMATION (Tables) |
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Disclosure of operating segments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of operating segments [text block] | The Company manages its reportable operating segments by operating mines, development projects and exploration projects. The results from operations for these reportable operating segments are summarized in the following tables:
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Disclosure of detailed information about segmented assets and liabilities [text block] | The following table presents the segmented assets and liabilities:
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Disclosure of geographical areas [text block] | The Company operates in four principal geographical areas - Canada (country of domicile), the United States, Australia, and Mexico. The Company's revenue by location of operations and information about the Company’s non-current assets by location of assets are detailed below for the years ended December 31, 2017 and 2016.
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Disclosure of major customers [text block] | The following table presents sales to individual customers exceeding 10% of annual sales for the following periods. The following three customers represent 79% (2016 71%) of the Company’s concentrate and doré sales revenue for the years ended December 31.
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CAPITAL RISK MANAGEMENT (Tables) |
12 Months Ended | |||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||
Capital risk management [Abstract] | ||||||||||||||||||||||||||
Detailed Information Of Capital [Text Block] | In the management of capital, the Company includes the components of equity, long-term debt, net of cash and cash equivalents, and investments.
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FINANCIAL RISK MANAGEMENT (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of financial assets that are either past due or impaired [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of credit risk exposure [text block] | The Company’s maximum exposure to credit risk is as follows:
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Analysis of age of financial assets that are past due but not impaired [text block] | The aging of trade and other receivables is as follows:
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Disclosure of detailed information about contractual maturities of debt commitments [text block] | The following table shows the contractual maturities of debt commitments. The amounts presented represent the future undiscounted principal and interest cash flows, and therefore, do not equate to the carrying amounts on the consolidated statements of financial position.
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Disclosure of detailed information about currencies of financial instruments and other foreign currency denominated liabilities [text block] | The currencies of the Company’s financial instruments and other foreign currency denominated liabilities, based on notional amounts, were as follows:
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Disclosure of detailed information about changes in foreign exchange rates [text block] | A 10% strengthening (weakening) of the U.S. dollar against the following currencies would have decreased (increased) the Company’s net loss from the financial instruments presented by the amounts shown below.
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Disclosure of detailed information about change in commodity prices [text block] | A 10% change in commodity prices would impact the Company’s net earnings before taxes and other comprehensive income before taxes as follows:
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FAIR VALUE MEASUREMENT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial assets and liabilities by category and information about financial assets and liabilities measured at fair value on recurring basis [Text Block] | The following table summarizes the Company’s financial assets and liabilities by category and information about financial assets and liabilities measured at fair value on a recurring basis in the statement of financial position categorized by level of significance of the inputs used in making the measurements:
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Disclosure of detailed information about carrying values and fair values of financial instruments [Text Block] | The carrying values and fair values of the Company’s financial instruments are as follows:
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PROVISIONS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provisions [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about changes in provisions [table text block] | The following table presents changes in provisions:
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OPERATING LEASES (Tables) |
12 Months Ended | ||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||
Disclosure of maturity analysis of operating lease payments [abstract] | |||||||||||||||||||||||
Disclosure of additional information about leasing activities for lessee [text block] | Non-cancellable operating lease rentals are payable as follows:
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COMPENSATION OF KEY MANAGEMENT PERSONNEL (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||
Compensation of directors and other key management personnel [Abstract] | |||||||||||||||||||||||||||||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [text block] | The remuneration of the Company’s key management personnel(1) was as follows:
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SIGNIFICANT ACCOUNTING POLICIES (Details) |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
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Minera San Xavier S.A. de C.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal activity of subsidiary | Mining | |
Method used to account for subsidiary | Consolidated | |
Country of incorporation of subsidiary | Mexico | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Peak Gold Mines Pty Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal activity of subsidiary | Mining | |
Method used to account for subsidiary | Consolidated | |
Country of incorporation of subsidiary | Australia | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Western Mesquite Mines Inc. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Principal activity of subsidiary | Mining | |
Method used to account for subsidiary | Consolidated | |
Country of incorporation of subsidiary | USA | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
SIGNIFICANT ACCOUNTING POLICIES (Details 1) |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Buildings [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 15 |
Buildings [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 17 |
Plant and machinery [Member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 3 |
Plant and machinery [Member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 17 |
Office equipment [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 5 |
Office equipment [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 10 |
Vehicles [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 5 |
Vehicles [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 7 |
Computer equipment [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 3 |
Computer equipment [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 5 |
FUTURE CHANGES IN ACCOUNTING POLICIES (Details Textual) |
Jan. 06, 2016 |
---|---|
Future changes in accounting policies [Abstract] | |
Lease term, maximum | 12 months |
REVISION TO PRIOR-YEAR COMPARATIVES (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Impact on net earnings (Loss) | ||||||||||||||
Net earnings (loss) | $ (22.3) | $ 4.1 | $ (13.9) | $ 25.6 | $ (108.0) | $ (7.0) | ||||||||
Basic weighted average number of shares outstanding | 513.3 | 513.0 | 511.2 | 509.6 | 564.7 | 511.8 | ||||||||
Dilution of securities: | ||||||||||||||
Stock options | 0.0 | 2.8 | 0.0 | 1.1 | 0.0 | |||||||||
Diluted weighted average number of shares outstanding | 513.3 | 515.8 | 511.2 | 510.7 | 564.7 | 511.8 | ||||||||
Net earnings (loss) per share | ||||||||||||||
Basic earnings (loss) per share | $ (0.04) | $ 0.01 | $ (0.03) | $ 0.05 | $ (0.19) | $ (0.01) | ||||||||
Diluted earnings (loss) per share | $ (0.04) | [1] | $ 0.01 | [1] | $ (0.03) | [1] | $ 0.05 | [1] | $ (0.19) | $ (0.01) | [1] | |||
Revision [member] | ||||||||||||||
Impact on net earnings (Loss) | ||||||||||||||
Revision to depreciation and depletion | $ (4.1) | $ (3.4) | $ (4.1) | $ (3.4) | $ (15.0) | |||||||||
Revision to income tax recovery (expense) | 1.7 | 2.4 | (1.0) | 2.2 | 5.3 | |||||||||
Net earnings (loss) | $ (2.4) | $ (1.0) | $ (5.1) | $ (1.2) | $ (9.7) | |||||||||
Net earnings (loss) per share | ||||||||||||||
Basic earnings (loss) per share | $ 0 | $ 0 | $ (0.01) | $ 0 | $ (0.02) | |||||||||
Diluted earnings (loss) per share | [1] | $ 0 | $ 0 | $ (0.01) | $ 0 | $ (0.02) | ||||||||
Before revision [member] | ||||||||||||||
Impact on net earnings (Loss) | ||||||||||||||
Net earnings (loss) | $ (19.9) | $ 5.1 | $ (8.8) | $ 26.8 | $ 2.7 | |||||||||
Net earnings (loss) per share | ||||||||||||||
Basic earnings (loss) per share | $ (0.04) | $ 0.01 | $ (0.02) | $ 0.05 | $ 0.01 | |||||||||
Diluted earnings (loss) per share | [1] | $ (0.04) | $ 0.01 | $ (0.02) | $ 0.05 | $ 0.01 | ||||||||
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REVISION TO PRIOR-YEAR COMPARATIVES (Details Textual) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
REVISION TO PRIOR-YEAR COMPARATIVES [Line Items] | ||||||
Adjustments to reconcile profit (loss) | $ (22.3) | $ 4.1 | $ (13.9) | $ 25.6 | $ (108.0) | $ (7.0) |
Deferred Tax Liabilities, Net | 455.2 | 250.3 | 455.2 | |||
Current inventories | 150.4 | $ 193.2 | 150.4 | |||
Increase (decrease) due to corrections of prior period errors [member] | ||||||
REVISION TO PRIOR-YEAR COMPARATIVES [Line Items] | ||||||
Adjustments to reconcile profit (loss) | (2.4) | $ (1.0) | $ (5.1) | $ (1.2) | (9.7) | |
Adjustment to Mining Interests | 15.4 | 15.4 | ||||
Deferred Tax Liabilities, Net | 5.3 | 5.3 | ||||
Current inventories | $ 0.4 | $ 0.4 |
EXPENSES (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Expenses by nature [abstract] | ||
Raw materials and consumables | $ 143.0 | $ 127.6 |
Salaries and employee benefits | 93.3 | 84.9 |
Contractors | 43.6 | 35.0 |
Repairs and maintenance | 23.9 | 21.1 |
General and administrative | 20.2 | 14.8 |
Operating leases | 2.9 | 7.7 |
Royalties | 8.4 | 6.3 |
Drilling and analytical | 1.3 | 1.3 |
Other | 3.3 | 4.3 |
Total production expenses | 339.9 | 303.0 |
Less: Production expenses capitalized | (23.0) | (39.7) |
Less: Change in inventories and work-in-progress | 4.1 | 12.2 |
Total operating expenses | $ 321.0 | $ 275.5 |
EXPENSES (Details 1) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Finance costs | ||
Interest on senior unsecured notes | $ 54.4 | $ 54.0 |
Interest on Credit Facility | 5.9 | 0.6 |
Accretion expense on decommissioning obligations (Note 18) | 1.3 | 1.4 |
Gain on modification of long-term debt (Note 12) | (3.3) | 0.0 |
Other finance costs | 6.2 | 3.3 |
Interest expense | 64.5 | 59.3 |
Less: amounts included in cost of qualifying assets | (51.3) | (49.4) |
Total finance costs | 13.2 | 9.9 |
Finance income | ||
Interest income | $ 1.1 | $ 1.4 |
EXPENSES (Details 2) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Feb. 28, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Other gains and losses [Abstract] | |||
Unrealized gain on share purchase warrants | $ 1.2 | $ 0.2 | |
Gain on foreign exchange | 43.8 | 12.0 | |
Gain on disposal of El Morro stream | $ 33.0 | 33.0 | 0.0 |
Other gain on disposal of assets | 0.3 | 0.1 | |
(Loss) gain on revaluation of investments | (0.2) | 0.5 | |
Unrealized loss on revaluation of gold stream obligation (Note 13) | (21.8) | (31.1) | |
Settlement and (loss) gain on revaluation of gold price option contracts | (13.9) | 10.5 | |
Loss on revaluation of copper forward contracts and copper price option contracts | (4.4) | 0.3 | |
Other | 1.2 | (0.2) | |
Total other gains (losses) | $ 39.2 | $ (7.7) |
TRADE AND OTHER RECEIVABLES (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Trade and other receivables [abstract] | ||
Trade receivables | $ 3.8 | $ 27.4 |
Sales tax receivable | 22.7 | 11.8 |
Unsettled provisionally priced concentrate derivatives and copper swap contracts (Note 14) | (1.9) | (4.5) |
Other | 2.5 | 2.4 |
Total trade and other receivables | $ 27.1 | $ 37.1 |
TRADE AND OTHER PAYABLES (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Trade and other payables [abstract] | ||
Trade payables | $ 60.9 | $ 32.0 |
Interest payable | 6.9 | 8.6 |
Accruals | 79.2 | 126.4 |
Current portion of reclamation and closure cost obligations (Note 18) | 2.6 | 0.9 |
Current portion of gold stream obligation (Note 13) | 24.5 | 0.0 |
Derivative liabilities (Note 14) | 4.1 | 1.3 |
Total trade and other payables | $ 178.2 | $ 169.2 |
INVENTORIES (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
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---|---|---|---|---|---|---|---|---|---|---|---|
Classes of current inventories [abstract] | |||||||||||
Heap leach ore | [1] | $ 163.1 | $ 185.9 | ||||||||
Work-in-process | [2] | 18.5 | 8.7 | ||||||||
Finished goods | [2],[3] | 16.1 | 11.5 | ||||||||
Stockpile ore | [2] | 23.8 | 6.7 | ||||||||
Supplies | [2] | 50.4 | 40.9 | ||||||||
Inventories | 271.9 | 253.7 | |||||||||
Less: non-current inventories | [4] | (78.7) | (103.3) | ||||||||
Total current inventories | $ 193.2 | $ 150.4 | |||||||||
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INVENTORIES (Details Textual) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|||
Disclosure of inventories [Line Items] | ||||
Operating expense | $ 321.0 | $ 275.5 | ||
Non-current inventories | [1] | 78.7 | 103.3 | |
Cerro San Pedro [Member] | ||||
Disclosure of inventories [Line Items] | ||||
Operating expense | 24.0 | |||
Inventory write-down | 26.6 | |||
Depreciation expense | 2.6 | |||
Inventories recognized [Member] | ||||
Disclosure of inventories [Line Items] | ||||
Operating expense | $ 302.8 | $ 259.1 | ||
|
MINING INTERESTS (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||||||||
Mining Interests [Line Items] | |||||||||||||
Balance | [1] | $ 3,191.3 | |||||||||||
Balance | 3,200.4 | $ 3,191.3 | [1] | ||||||||||
Gross carrying amount [member] | |||||||||||||
Mining Interests [Line Items] | |||||||||||||
Balance | 1,540.2 | 1,459.5 | |||||||||||
Additions | 728.8 | 689.7 | |||||||||||
Disposal of El Morro stream | (32.0) | ||||||||||||
Disposals | (17.0) | (13.6) | |||||||||||
Decrease through classified as held for sale, property, plant and equipment | [2] | (178.5) | |||||||||||
Impairment loss on held-for-sale assets | [2] | (48.6) | |||||||||||
Transfers | 1,219.5 | [3] | 23.7 | ||||||||||
Impairments | (268.4) | [4] | (6.4) | ||||||||||
Balance | 2,353.0 | 1,540.2 | |||||||||||
Accumulated depreciation and amortisation [member] | |||||||||||||
Mining Interests [Line Items] | |||||||||||||
Balance | 734.9 | [1] | 541.8 | ||||||||||
Depreciation for the period | 264.2 | 193.1 | |||||||||||
Disposals | (16.2) | (12.2) | |||||||||||
Decrease through classified as held for sale, property, plant and equipment | [2] | (159.3) | |||||||||||
Balance | 737.3 | 734.9 | [1] | ||||||||||
Mining Properties Non-depletable Including Exploration and Evaluation [Member] | |||||||||||||
Mining Interests [Line Items] | |||||||||||||
Balance | [1] | 1,117.1 | |||||||||||
Balance | 560.9 | 1,117.1 | [1] | ||||||||||
Mining Properties Non-depletable Including Exploration and Evaluation [Member] | Gross carrying amount [member] | |||||||||||||
Mining Interests [Line Items] | |||||||||||||
Balance | 1,117.1 | 1,020.9 | |||||||||||
Additions | 65.8 | 90.2 | |||||||||||
Disposal of El Morro stream | (32.0) | ||||||||||||
Disposals | 0.0 | 0.0 | |||||||||||
Decrease through classified as held for sale, property, plant and equipment | [2] | (9.8) | |||||||||||
Impairment loss on held-for-sale assets | [2] | 0.0 | |||||||||||
Transfers | (580.2) | [3] | 6.0 | ||||||||||
Impairments | 0.0 | [4] | 0.0 | ||||||||||
Balance | 560.9 | 1,117.1 | |||||||||||
Mining Properties Non-depletable Including Exploration and Evaluation [Member] | Accumulated depreciation and amortisation [member] | |||||||||||||
Mining Interests [Line Items] | |||||||||||||
Balance | 0.0 | [1] | 0.0 | ||||||||||
Depreciation for the period | 0.0 | 0.0 | |||||||||||
Disposals | 0.0 | 0.0 | |||||||||||
Decrease through classified as held for sale, property, plant and equipment | [2] | 0.0 | |||||||||||
Balance | 0.0 | 0.0 | [1] | ||||||||||
Plant & equipment [Member] | |||||||||||||
Mining Interests [Line Items] | |||||||||||||
Balance | [1] | 526.4 | |||||||||||
Balance | 965.7 | 526.4 | [1] | ||||||||||
Plant & equipment [Member] | Gross carrying amount [member] | |||||||||||||
Mining Interests [Line Items] | |||||||||||||
Balance | 959.1 | 875.8 | |||||||||||
Additions | 44.5 | 32.6 | |||||||||||
Disposal of El Morro stream | 0.0 | ||||||||||||
Disposals | (17.0) | (13.6) | |||||||||||
Decrease through classified as held for sale, property, plant and equipment | [2] | (161.4) | |||||||||||
Impairment loss on held-for-sale assets | [2] | 0.0 | |||||||||||
Transfers | 554.1 | [3] | 64.3 | ||||||||||
Impairments | 0.0 | [4] | 0.0 | ||||||||||
Balance | 1,379.3 | 959.1 | |||||||||||
Plant & equipment [Member] | Accumulated depreciation and amortisation [member] | |||||||||||||
Mining Interests [Line Items] | |||||||||||||
Balance | 432.7 | [1] | 344.2 | ||||||||||
Depreciation for the period | 102.5 | 100.7 | |||||||||||
Disposals | (16.2) | (12.2) | |||||||||||
Decrease through classified as held for sale, property, plant and equipment | [2] | (105.4) | |||||||||||
Balance | 413.6 | 432.7 | [1] | ||||||||||
Construction in progress [member] | |||||||||||||
Mining Interests [Line Items] | |||||||||||||
Balance | [1] | 741.4 | |||||||||||
Balance | 57.0 | 741.4 | [1] | ||||||||||
Construction in progress [member] | Gross carrying amount [member] | |||||||||||||
Mining Interests [Line Items] | |||||||||||||
Balance | 741.4 | 325.5 | |||||||||||
Additions | 529.7 | 509.9 | |||||||||||
Disposal of El Morro stream | 0.0 | ||||||||||||
Disposals | 0.0 | 0.0 | |||||||||||
Decrease through classified as held for sale, property, plant and equipment | [2] | (0.3) | |||||||||||
Impairment loss on held-for-sale assets | [2] | 0.0 | |||||||||||
Transfers | (1,213.8) | [3] | (94.0) | ||||||||||
Impairments | 0.0 | [4] | 0.0 | ||||||||||
Balance | 57.0 | 741.4 | |||||||||||
Construction in progress [member] | Accumulated depreciation and amortisation [member] | |||||||||||||
Mining Interests [Line Items] | |||||||||||||
Balance | 0.0 | [1] | 0.0 | ||||||||||
Depreciation for the period | 0.0 | 0.0 | |||||||||||
Disposals | 0.0 | 0.0 | |||||||||||
Decrease through classified as held for sale, property, plant and equipment | [2] | 0.0 | |||||||||||
Balance | 0.0 | 0.0 | [1] | ||||||||||
Exploration and evaluation assets [member] | |||||||||||||
Mining Interests [Line Items] | |||||||||||||
Balance | [1] | 1.1 | |||||||||||
Balance | 1.1 | 1.1 | [1] | ||||||||||
Exploration and evaluation assets [member] | Gross carrying amount [member] | |||||||||||||
Mining Interests [Line Items] | |||||||||||||
Balance | 1.1 | 7.5 | |||||||||||
Additions | 0.0 | 0.0 | |||||||||||
Disposal of El Morro stream | 0.0 | ||||||||||||
Disposals | 0.0 | 0.0 | |||||||||||
Decrease through classified as held for sale, property, plant and equipment | [2] | 0.0 | |||||||||||
Impairment loss on held-for-sale assets | [2] | 0.0 | |||||||||||
Transfers | 0.0 | [3] | 0.0 | ||||||||||
Impairments | 0.0 | [4] | (6.4) | ||||||||||
Balance | 1.1 | 1.1 | |||||||||||
Exploration and evaluation assets [member] | Accumulated depreciation and amortisation [member] | |||||||||||||
Mining Interests [Line Items] | |||||||||||||
Balance | 0.0 | [1] | 0.0 | ||||||||||
Depreciation for the period | 0.0 | 0.0 | |||||||||||
Disposals | 0.0 | 0.0 | |||||||||||
Decrease through classified as held for sale, property, plant and equipment | [2] | 0.0 | |||||||||||
Balance | $ 0.0 | $ 0.0 | [1] | ||||||||||
|
MINING INTERESTS (Details 1) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||
---|---|---|---|---|---|---|---|---|
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | $ 3,200.4 | $ 3,191.3 | [1] | |||||
New Afton [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 785.5 | 846.7 | ||||||
Mesquite [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 236.2 | 271.6 | ||||||
Peak Mines [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 121.2 | |||||||
Cerro San Pedro [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 0.6 | 2.0 | ||||||
Rainy River [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 1,621.4 | 1,373.4 | ||||||
Blackwater [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 552.1 | 539.5 | ||||||
El Morro gold stream asset [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 32.0 | |||||||
Other [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | [2] | 4.6 | 4.9 | |||||
Mining Properties Non-depletable Including Exploration and Evaluation [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 560.9 | 1,117.1 | [1] | |||||
Mining Properties Non-depletable Including Exploration and Evaluation [Member] | New Afton [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 22.9 | 20.0 | ||||||
Mining Properties Non-depletable Including Exploration and Evaluation [Member] | Mesquite [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 0.0 | 0.0 | ||||||
Mining Properties Non-depletable Including Exploration and Evaluation [Member] | Peak Mines [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 9.8 | |||||||
Mining Properties Non-depletable Including Exploration and Evaluation [Member] | Cerro San Pedro [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 0.0 | 0.0 | ||||||
Mining Properties Non-depletable Including Exploration and Evaluation [Member] | Rainy River [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 0.5 | 531.0 | ||||||
Mining Properties Non-depletable Including Exploration and Evaluation [Member] | Blackwater [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 537.5 | 524.3 | ||||||
Mining Properties Non-depletable Including Exploration and Evaluation [Member] | El Morro gold stream asset [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 32.0 | |||||||
Mining Properties Non-depletable Including Exploration and Evaluation [Member] | Other [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | [2] | 1.1 | 1.1 | |||||
Plant and Equipment [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 965.7 | 526.4 | [1] | |||||
Plant and Equipment [Member] | New Afton [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 225.7 | 247.1 | ||||||
Plant and Equipment [Member] | Mesquite [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 83.5 | 98.2 | ||||||
Plant and Equipment [Member] | Peak Mines [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 52.5 | |||||||
Plant and Equipment [Member] | Cerro San Pedro [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 0.0 | 0.0 | ||||||
Plant and Equipment [Member] | Rainy River [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 633.6 | 109.6 | ||||||
Plant and Equipment [Member] | Blackwater [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 14.6 | 15.2 | ||||||
Plant and Equipment [Member] | El Morro gold stream asset [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 0.0 | |||||||
Plant and Equipment [Member] | Other [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | [2] | 3.5 | 3.8 | |||||
Construction in progress [member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 57.0 | 741.4 | [1] | |||||
Construction in progress [member] | New Afton [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 15.1 | 5.2 | ||||||
Construction in progress [member] | Mesquite [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 2.7 | 3.1 | ||||||
Construction in progress [member] | Peak Mines [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 0.3 | |||||||
Construction in progress [member] | Cerro San Pedro [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 0.0 | 0.0 | ||||||
Construction in progress [member] | Rainy River [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 39.2 | 732.8 | ||||||
Construction in progress [member] | Blackwater [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 0.0 | 0.0 | ||||||
Construction in progress [member] | El Morro gold stream asset [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 0.0 | |||||||
Construction in progress [member] | Other [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | [2] | 0.0 | 0.0 | |||||
Mining Properties Depletable [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 1,620.5 | 805.3 | [1] | |||||
Mining Properties Depletable [Member] | New Afton [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 521.8 | 574.4 | ||||||
Mining Properties Depletable [Member] | Mesquite [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 150.0 | 170.3 | ||||||
Mining Properties Depletable [Member] | Peak Mines [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 58.6 | |||||||
Mining Properties Depletable [Member] | Cerro San Pedro [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 0.6 | 2.0 | ||||||
Mining Properties Depletable [Member] | Rainy River [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 948.1 | 0.0 | ||||||
Mining Properties Depletable [Member] | Blackwater [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 0.0 | 0.0 | ||||||
Mining Properties Depletable [Member] | El Morro gold stream asset [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | 0.0 | |||||||
Mining Properties Depletable [Member] | Other [Member] | ||||||||
Mining Interests [Line Items] | ||||||||
Property, plant and equipment | [2] | $ 0.0 | $ 0.0 | |||||
|
MINING INTERESTS (Details Textual) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Nov. 30, 2017 |
Feb. 28, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Mining Interests [Line Items] | ||||
Interest costs capitalised | $ 51.3 | $ 49.4 | ||
Capitalisation rate of borrowing costs eligible for capitalisation | 5.44% | 6.70% | ||
Gains on Disposal of El Morro Stream | $ 33.0 | $ 33.0 | $ 0.0 | |
Proceeds from Sale of El Morro stream | 65.0 | |||
Disposals El Morro Stream | $ 32.0 | |||
Gross carrying amount [member] | ||||
Mining Interests [Line Items] | ||||
Increase decrease through transfers from construction in progress, inventories | $ 20.4 |
IMPAIRMENT (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Impairment [Line Items] | ||
Rainy River depletable mining properties | $ 268.4 | $ 6.4 |
Tax recovery | (87.4) | |
Total impairment charge after tax | $ 181.0 |
IMPAIRMENT (Details 1) - Average |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Impairment [Line Items] | ||
Average Exchange rates | 1.24 | 1.31 |
Long term Exchange rates | 1.24 | 1.30 |
Gold [Member] | ||
Impairment [Line Items] | ||
Average Commodity prices | 1,300 | 1,325 |
Long term Commodity Prices | 1,300 | 1,300 |
Silver [Member] | ||
Impairment [Line Items] | ||
Average Commodity prices | 19.16 | 19.66 |
Long term Commodity Prices | 19.25 | 20.00 |
IMPAIRMENT (Details 2) - Individual assets or cash-generating units [member] $ in Millions |
Dec. 31, 2017
USD ($)
|
---|---|
$100 per ounce change in gold price [Member] | |
Impairment [Line Items] | |
Recoverable Amount | $ 235.1 |
0.5% change in discount rate [Member] | |
Impairment [Line Items] | |
Recoverable Amount | 25.9 |
5% change in exchange rate [Member] | |
Impairment [Line Items] | |
Recoverable Amount | 106.5 |
5% change in operating costs [Member] | |
Impairment [Line Items] | |
Recoverable Amount | 90.3 |
5% change in in-situ ounces [Member] | |
Impairment [Line Items] | |
Recoverable Amount | $ 20.2 |
IMPAIRMENT (Details 2) (Parenthetical) - Individual assets or cash-generating units [member] |
12 Months Ended |
---|---|
Dec. 31, 2017
$ / Ounce-oz
| |
Impairment [Line Items] | |
Description of Changes in Gold Price | 100 |
Discount rate applied to cash flow projections | 0.50% |
Description of Changes in Exchange Rate | 5.00% |
Description of Changes in Operating Costs | 5.00% |
Description of Changes in In-Situ Ounces | 5.00% |
IMPAIRMENT (Details Textual) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Impairment [Line Items] | ||
Impairment loss net of deferred tax recovery | $ 181.0 | |
Impairment loss | $ 268.4 | $ 6.4 |
Rio Figueroa NSR [Member] | ||
Impairment [Line Items] | ||
NSR royalty on production, percentage | 3.00% | |
Weighted average [member] | ||
Impairment [Line Items] | ||
Discount rate used in current estimate of value in use | 4.00% | 5.50% |
LONG-TERM DEBT (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||
---|---|---|---|---|---|---|---|---|---|
LONG-TERM DEBT | |||||||||
Non-current portion of non-current borrowings | $ 1,007.7 | $ 889.5 | |||||||
Two Thousand Twenty Two Unsecured Notes [Member] | |||||||||
LONG-TERM DEBT | |||||||||
Non-current portion of non-current borrowings | [1] | 494.3 | 493.4 | ||||||
Revolving credit facility1 [Member] | |||||||||
LONG-TERM DEBT | |||||||||
Non-current portion of non-current borrowings | [2] | 230.0 | 100.0 | ||||||
Two Thousand Twenty Unsecured Notes [Member] | |||||||||
LONG-TERM DEBT | |||||||||
Non-current portion of non-current borrowings | [3] | 0.0 | 296.1 | ||||||
Two Thousand Twenty Five Unsecured Notes [Member] | |||||||||
LONG-TERM DEBT | |||||||||
Non-current portion of non-current borrowings | [3] | $ 283.4 | $ 0.0 | ||||||
|
LONG-TERM DEBT (Details) (Parenthetical) |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Senior unsecured notes - due April 15, 2020 | |
Long Term Debt [Line Items] | |
Borrowings, maturity | April 15, 2020 |
Senior unsecured notes - due November 15, 2022 | |
Long Term Debt [Line Items] | |
Borrowings, maturity | November 15, 2022 |
Senior unsecured notes - due November 15, 2025 | |
Long Term Debt [Line Items] | |
Borrowings, maturity | November 15, 2025 |
LONG-TERM DEBT (Details 1) - 2022 Unsecured Notes [Member] |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
2017 | |
Long Term Debt [Line Items] | |
Redemption price percentage of borrowings | 103.13% |
2018 | |
Long Term Debt [Line Items] | |
Redemption price percentage of borrowings | 102.08% |
2019 | |
Long Term Debt [Line Items] | |
Redemption price percentage of borrowings | 101.04% |
2020 and thereafter | |
Long Term Debt [Line Items] | |
Redemption price percentage of borrowings | 100.00% |
LONG-TERM DEBT (Details 2) - 2025 Unsecured Notes [member] |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Long Term Debt [Line Items] | |
Borrowings Redemption Price Percentage | 100.00% |
2020 | |
Long Term Debt [Line Items] | |
Borrowings Redemption Price Percentage | 104.78% |
2021 | |
Long Term Debt [Line Items] | |
Borrowings Redemption Price Percentage | 103.19% |
2022 | |
Long Term Debt [Line Items] | |
Borrowings Redemption Price Percentage | 101.59% |
2023 and thereafter | |
Long Term Debt [Line Items] | |
Borrowings Redemption Price Percentage | 100.00% |
LONG-TERM DEBT (Details 3) |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Adjusted EBITDA to Interest [Member] | ||
Long Term Debt [Line Items] | ||
Interest Coverage Ratio | 4.7 : 1 | 5.7 : 1 |
Net Debt to Adjusted EBITDA [Member] | ||
Long Term Debt [Line Items] | ||
Leverage Ratio | 3.1 : 1 | 2.6 : 1 |
Applicable Financial Covenant [Member] | Adjusted EBITDA to Interest [Member] | ||
Long Term Debt [Line Items] | ||
Interest Coverage Ratio | >3.0 : 1 | |
Applicable Financial Covenant [Member] | Net Debt to Adjusted EBITDA [Member] | ||
Long Term Debt [Line Items] | ||
Leverage Ratio | <4.0 : 1 |
LONG-TERM DEBT (Details 4) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017
USD ($)
| ||||
Long Term Debt [Line Items] | ||||
Liabilities Arising From Financing Activities | $ 1,144.6 | |||
Borrowings | 424.6 | |||
Repayments | (367.5) | |||
Fair Value changes | 26.1 | |||
Interest & Accretion | 60.3 | |||
Foreign Exchange | 0.0 | |||
Liabilities Arising From Financing Activities | 1,288.1 | |||
Long-term borrowings [member] | ||||
Long Term Debt [Line Items] | ||||
Liabilities Arising From Financing Activities | 889.5 | |||
Borrowings | 424.6 | |||
Repayments | (305.3) | |||
Fair Value changes | (3.3) | |||
Interest & Accretion | 2.2 | |||
Foreign Exchange | 0.0 | |||
Liabilities Arising From Financing Activities | 1,007.7 | |||
Interest Payable [Member] | ||||
Long Term Debt [Line Items] | ||||
Liabilities Arising From Financing Activities | 8.6 | [1] | ||
Borrowings | 0.0 | [1] | ||
Repayments | (59.8) | [1] | ||
Fair Value changes | 0.0 | [1] | ||
Interest & Accretion | 58.1 | [1] | ||
Foreign Exchange | 0.0 | [1] | ||
Liabilities Arising From Financing Activities | 6.9 | [1] | ||
Gold stream obligation [Member] | ||||
Long Term Debt [Line Items] | ||||
Liabilities Arising From Financing Activities | 246.5 | |||
Borrowings | 0.0 | |||
Repayments | (2.4) | |||
Fair Value changes | 29.4 | |||
Interest & Accretion | 0.0 | |||
Foreign Exchange | 0.0 | |||
Liabilities Arising From Financing Activities | $ 273.5 | |||
|
LONG-TERM DEBT (Details Textual) $ in Millions |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
May 18, 2017
USD ($)
|
Apr. 05, 2012
USD ($)
|
Dec. 31, 2018 |
Dec. 31, 2017
USD ($)
Ratio
|
Dec. 31, 2016
USD ($)
|
|
Long Term Debt [Line Items] | |||||
Proceeds from non-current borrowings | $ 294.6 | $ 0.0 | |||
Bottom of range [member] | |||||
Long Term Debt [Line Items] | |||||
Maximum leverage ratio | 3.5 | ||||
Top of range [member] | |||||
Long Term Debt [Line Items] | |||||
Maximum leverage ratio | 4.0 | ||||
2022 Unsecured Notes [Member] | |||||
Long Term Debt [Line Items] | |||||
Proceeds from non-current borrowings | $ 500.0 | ||||
Notional amount | $ 500.0 | ||||
Borrowings, interest rate | 6.25% | ||||
Minimum interest coverage ratio | Ratio | 2 | ||||
Transaction Costs Capitalized | $ 9.9 | ||||
2025 Unsecured Notes [member] | |||||
Long Term Debt [Line Items] | |||||
Proceeds from non-current borrowings | $ 294.6 | 300.0 | |||
Notional amount | $ 300.0 | ||||
Borrowings, interest rate | 6.375% | ||||
Interest Coverage Ratio | minimum interest coverage incurrence covenant of earnings before interest, taxes, depreciation, amortization, impairment, and other non-cash adjustments to interest of 2:1 | ||||
Borrowings Redemption Premium | $ 5.3 | ||||
Borrowing costs incurred | 10.7 | ||||
Interest costs incurred | $ 2.8 | ||||
Borrowings Redemption Price Percentage | 100.00% | ||||
Credit Facility [member] | |||||
Long Term Debt [Line Items] | |||||
Proceeds from non-current borrowings | $ 230.0 | ||||
Maximum leverage ratio | 4.0 | ||||
Letters Of Credit Issued | $ 138.8 | $ 122.1 | |||
Increase Decrease The Capacity for Credit Facility | 400.0 | ||||
Fee and commission expense | 3.9 | ||||
Issued Letters of Credit Related to Discontinued Operations | $ 16.6 | ||||
Credit Facility [member] | Bottom of range [member] | |||||
Long Term Debt [Line Items] | |||||
Maximum leverage ratio | 3.5 | ||||
Standby fees on undrawn amounts under credit facility, Percentage | 0.45% | ||||
Credit Facility Full Interest Rate | 1.00% | ||||
Credit Facility [member] | Top of range [member] | |||||
Long Term Debt [Line Items] | |||||
Maximum leverage ratio | 4.0 | ||||
Standby fees on undrawn amounts under credit facility, Percentage | 0.73% | ||||
Credit Facility Full Interest Rate | 3.25% |
GOLD STREAM OBLIGATION (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||||
Designated financial liabilities at fair value through profit or loss [abstract] | |||||||||||
Balance | $ 246.5 | $ 147.6 | |||||||||
Settlements during the period | [1] | (2.4) | |||||||||
Fair value adjustments related to changes in the Company’s own credit risk | [2] | 7.6 | 67.8 | ||||||||
Other fair value adjustments | [3] | 21.8 | 31.1 | ||||||||
Balance | 273.5 | 246.5 | |||||||||
Less: current portion of gold stream obligation | $ 24.5 | $ 0.0 | |||||||||
Non-current portion of gold stream obligation | $ 246.5 | $ 147.6 | $ 273.5 | $ 246.5 | |||||||
|
GOLD STREAM OBLIGATION (Details Textual) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2017
USD ($)
Ounces
| |
Disclosure of gold stream obligation [Line Items] | |
Transaction price allocated to remaining performance obligations | $ 175.0 |
Gold stream obligation, rate of gold production to be delivered for initial threshold | 6.50% |
Gold stream obligation initial threshold quantity | Ounces | 230,000 |
Gold stream obligation rate of gold production to be delivered after initial threshold | 3.25% |
Gold stream obligation, rate of silver production to be delivered for initial threshold | 60.00% |
Gold stream obligation, silver production, initial threshold quantity | Ounces | 3,100,000 |
Gold stream obligation, rate of silver production to be delivered after initial threshold | 30.00% |
Gold stream obligations, proceeds from gold and silver | $ 2.4 |
Average spot rate of gold or silver | 25.00% |
Term of the agreement | 40 years |
Unpaid accruals | $ 1.3 |
Bottom of range [member] | |
Disclosure of gold stream obligation [Line Items] | |
Maximum leverage ratio | 3.5 |
Top of range [member] | |
Disclosure of gold stream obligation [Line Items] | |
Maximum leverage ratio | 4.0 |
DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||
---|---|---|---|---|---|---|---|---|---|
DERIVATIVE ASSETS | |||||||||
Derivative financial assets | $ 18.0 | ||||||||
DERIVATIVE LIABILITIES | |||||||||
Total derivative liabilities | 5.8 | ||||||||
Gold option contracts | |||||||||
DERIVATIVE ASSETS | |||||||||
Derivative financial assets | |||||||||
Diesel swap contracts | |||||||||
DERIVATIVE ASSETS | |||||||||
Derivative financial assets | |||||||||
Unsettled provisionally priced concentrate derivatives, and swap contracts | |||||||||
DERIVATIVE LIABILITIES | |||||||||
Derivative financial liabilities | [1] | 1.9 | 4.5 | ||||||
Copper forward contracts | |||||||||
DERIVATIVE ASSETS | |||||||||
Derivative financial assets | |||||||||
Share purchase warrants | |||||||||
DERIVATIVE LIABILITIES | |||||||||
Derivative financial liabilities | [2] | 1.3 | |||||||
Copper price option contract | |||||||||
DERIVATIVE LIABILITIES | |||||||||
Derivative financial liabilities | [3] | $ 4.1 | |||||||
|
DERIVATIVE INSTRUMENTS (Details 1) - USD ($) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||
Effective portion of change in fair value of hedging instruments [Abstract] | |||||||
Foreign exchange gain on cash and cash equivalents designated as hedging instruments | $ 0.0 | $ 4.9 | |||||
Reclassification of realized foreign exchange gain on cash and cash equivalents designated as hedging instrument | 0.0 | 3.2 | |||||
Unrealized (loss) gain on diesel swap contracts | [1] | (0.4) | 1.2 | ||||
Realized loss on settlement of diesel swap contracts | [1] | 0.3 | 2.5 | ||||
Deferred income tax related to hedging instruments | [2] | 0.0 | (1.5) | ||||
Total hedging gains (losses) in other comprehensive income | $ (0.1) | $ 10.3 | |||||
|
DERIVATIVE INSTRUMENTS (Details 2) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
GAIN (loss) on the provisional pricing of concentrate sales | ||
Realized | $ 11.9 | $ 9.6 |
Unrealized | 4.2 | 4.5 |
Total gains | 16.1 | 14.1 |
Gold [Member] | ||
GAIN (loss) on the provisional pricing of concentrate sales | ||
Realized | 1.9 | 2.8 |
Unrealized | 0.1 | (1.5) |
Total gains | 2.0 | 1.3 |
Copper [Member] | ||
GAIN (loss) on the provisional pricing of concentrate sales | ||
Realized | 10.0 | 6.8 |
Unrealized | 4.1 | 6.0 |
Total gains | $ 14.1 | $ 12.8 |
DERIVATIVE INSTRUMENTS (Details 3) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
(LOSS) Gain on swap contracts | ||
Realized | $ (18.8) | $ (6.7) |
Unrealized | (6.1) | (8.9) |
Total loss | (24.9) | (15.6) |
Gold [Member] | ||
(LOSS) Gain on swap contracts | ||
Realized | (2.0) | (2.6) |
Unrealized | (0.3) | 1.4 |
Total loss | (2.3) | (1.2) |
Copper [Member] | ||
(LOSS) Gain on swap contracts | ||
Realized | (16.8) | (4.1) |
Unrealized | (5.8) | (10.3) |
Total loss | $ (22.6) | $ (14.4) |
DERIVATIVE INSTRUMENTS (Details 4) lb in Millions |
Dec. 31, 2017
lb
oz
|
Dec. 31, 2016
lb
oz
|
---|---|---|
Volumes subject to final pricing net of outstanding swaps [Abstract] | ||
Gold ounces | oz | 2,000 | 4,000 |
Copper pounds | lb | 1.6 | 3.0 |
DERIVATIVE INSTRUMENTS (Details Textual) $ in Millions |
1 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2017
USD ($)
$ / Ounce-oz
|
Dec. 31, 2017
lb
$ / Pound-lb
gal
|
Jun. 30, 2017
Ounces
lb
$ / Ounce-oz
$ / Pound-lb
|
Dec. 31, 2016
Ounces
$ / Ounce-oz
gal
|
Dec. 31, 2017
USD ($)
$ / Pound-lb
gal
|
Dec. 31, 2016
USD ($)
gal
|
Oct. 31, 2017
lb
|
Sep. 30, 2016
$ / Ounce-oz
|
|
Disclosure of derivative instruments [Line Items] | ||||||||
Volume of diesel considered for settlement | gal | 1.0 | 5.5 | 1.0 | 5.5 | ||||
Gain Loss On Hedging Instrument | $ 0.3 | $ 2.5 | ||||||
Strike price of put options at the time of purchasing | $ / Ounce-oz | 1,200 | |||||||
Strike price of call options at the time of selling | $ / Ounce-oz | 1,400 | |||||||
Volume of gold production | 120,000 | 270,000 | ||||||
Number of ounces exercised through put options | 140,000 | |||||||
Revenue from contracts with customers | $ 7.5 | |||||||
Loss on settlement of gold price option contracts | 11.0 | |||||||
Gain from gold price option contracts | 4.6 | |||||||
Gain loss on revaluation of gold price option contracts | (13.9) | $ 10.5 | ||||||
Loss from Copper forward contracts | $ 0.9 | |||||||
Purchased put options [Member] | ||||||||
Disclosure of derivative instruments [Line Items] | ||||||||
Strike price of options | $ / Ounce-oz | 1,250 | 1,250 | 1,300 | |||||
Strike price of copper price option contracts | lb | 3.00 | |||||||
Written call options [Member] | ||||||||
Disclosure of derivative instruments [Line Items] | ||||||||
Strike price of options | $ / Ounce-oz | 1,400 | 1,400 | 1,400 | |||||
Strike price of copper price option contracts | lb | 3.37 | |||||||
Gold Option Contracts [Member] | ||||||||
Disclosure of derivative instruments [Line Items] | ||||||||
Cash payments for futures contracts, forward contracts, option contracts and swap contracts, classified as investing activities | $ 0.9 | |||||||
Forward Looking Disclosure [Member] | ||||||||
Disclosure of derivative instruments [Line Items] | ||||||||
Volume of gold production | Ounces | 120,000 | |||||||
Volume of copper per month | lb | 7,300,000 | 5,300,000 | ||||||
Fixed price per pound of copper | $ / Pound-lb | 2.73 | 2.52 | 120,000 | |||||
Loss from Copper forward contracts | $ 0.3 |
SHARE CAPITAL (Details) - USD ($) shares in Thousands, $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||
Share capital [Line Items] | |||||||
Balance | 513,709 | 509,469 | |||||
Exercise of options and vested performance share units | 420 | [1] | 3,827 | ||||
Issuance of common shares on equity offering | 61,740 | [2] | 329 | ||||
Issuance of common shares under First Nations agreements | 2,767 | ||||||
Acquisition of Bayfield | 84 | ||||||
Balance | 578,636 | 513,709 | |||||
Balance, beginning of period | $ 2,859.0 | $ 2,841.0 | |||||
Exercise of options and vested performance share units | 1.4 | [1] | 16.3 | ||||
Issuance of common shares on equity offering | [2] | 166.6 | |||||
Issuance of shares under First Nations agreements and land purchases | 9.5 | 1.3 | |||||
Acquisition of Bayfield | 0.4 | ||||||
Balance, end of period | $ 3,036.5 | $ 2,859.0 | |||||
|
SHARE CAPITAL (Details 1) - USD ($) $ in Millions |
12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||||||||||
Share capital [Line Items] | |||||||||||||||
Share-based payment expenses | $ 5.1 | $ 8.3 | |||||||||||||
Stock Options [Member] | |||||||||||||||
Share capital [Line Items] | |||||||||||||||
Share-based payment expenses | [1] | 2.6 | 3.6 | ||||||||||||
Performance Share Units [Member] | |||||||||||||||
Share capital [Line Items] | |||||||||||||||
Share-based payment expenses | [2] | 1.4 | 3.5 | ||||||||||||
Restricted Share Unit [Member] | |||||||||||||||
Share capital [Line Items] | |||||||||||||||
Share-based payment expenses | [3],[4] | 1.2 | 2.7 | ||||||||||||
Deferred Share Units [Member] | |||||||||||||||
Share capital [Line Items] | |||||||||||||||
Share-based payment expenses | [5] | 1.0 | 0.7 | ||||||||||||
Common Shares Under First Nations Agreement [Member] | |||||||||||||||
Share capital [Line Items] | |||||||||||||||
Share-based payment expenses | [6] | $ 2.1 | $ 0.0 | ||||||||||||
|
SHARE CAPITAL (Details 2) Numberofunits in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017
CAD ($)
Numberofunits
|
Dec. 31, 2016
CAD ($)
Numberofunits
|
|
Share capital [Line Items] | ||
Balance | Numberofunits | 14,855 | 16,998 |
Granted | Numberofunits | 1,957 | 2,676 |
Exercised | Numberofunits | (235) | (3,626) |
Forfeited | Numberofunits | (985) | (1,014) |
Expired | Numberofunits | (2,505) | (179) |
Balance | Numberofunits | 13,087 | 14,855 |
Begining balance | $ | $ 5.84 | $ 5.76 |
Granted | $ | 3.88 | 4.42 |
Exercised | $ | 3.31 | 3.49 |
Forfeited | $ | 5.01 | 8.16 |
Expired | $ | 8.87 | 10.74 |
Ending balance | $ | $ 5.08 | $ 5.84 |
SHARE CAPITAL (Details 3) - CAD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Share capital [Line Items] | ||
Fair value | $ 1.69 | $ 1.67 |
Stock Options [Member] | ||
Share capital [Line Items] | ||
Grant price | $ 3.88 | $ 4.44 |
Expected dividend yield | ||
Expected volatility | 54.20% | 49.80% |
Risk-free interest rate | 1.57% | 1.37% |
Expected life of options (in years) | 4.4 | 3.7 |
SHARE CAPITAL (Details 4) |
Dec. 31, 2017
USD ($)
Numberofunits
|
Dec. 31, 2017
CAD ($)
Numberofunits
|
Dec. 31, 2016
CAD ($)
Numberofunits
|
Dec. 31, 2015
CAD ($)
Numberofunits
|
---|---|---|---|---|
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Options outstanding - weighted average remaining contractual life (in years) | 2.4 | 2.4 | ||
Options outstanding - number of options outstanding (in shares) | Numberofunits | 13,087,000 | 13,087,000 | 14,855,000 | 16,998,000 |
Options outstanding - weighted average exercise price (per share) | $ 5.08 | $ 5.84 | $ 5.76 | |
Options exercisable - weighted average remaining contractual life (in years) | 1.6 | 1.6 | ||
Options exercisable - number of options outstanding (in shares) | Numberofunits | 8,665,500 | 8,665,500 | ||
Options exercisable - weighted average exercise price (per share) | $ 5.65 | |||
3.00 - 3.99 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Options outstanding - weighted average remaining contractual life (in years) | 3.5 | 3.5 | ||
Options outstanding - number of options outstanding (in shares) | Numberofunits | 4,925,400 | 4,925,400 | ||
Options outstanding - weighted average exercise price (per share) | $ 3.55 | |||
Options exercisable - weighted average remaining contractual life (in years) | 2.7 | 2.7 | ||
Options exercisable - number of options outstanding (in shares) | Numberofunits | 2,023,000 | 2,023,000 | ||
Options exercisable - weighted average exercise price (per share) | $ 3.35 | |||
3.00 - 3.99 [Member] | Bottom of range [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price (per share) | $ 3.00 | |||
3.00 - 3.99 [Member] | Top of range [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price (per share) | $ 3.99 | |||
4.00 - 4.99 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Options outstanding - weighted average remaining contractual life (in years) | 2.8 | 2.8 | ||
Options outstanding - number of options outstanding (in shares) | Numberofunits | 3,985,300 | 3,985,300 | ||
Options outstanding - weighted average exercise price (per share) | $ 4.52 | |||
Options exercisable - weighted average remaining contractual life (in years) | 2.3 | 2.3 | ||
Options exercisable - number of options outstanding (in shares) | Numberofunits | 2,695,200 | 2,695,200 | ||
Options exercisable - weighted average exercise price (per share) | $ 4.64 | |||
4.00 - 4.99 [Member] | Bottom of range [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price (per share) | $ 4.00 | |||
4.00 - 4.99 [Member] | Top of range [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price (per share) | $ 4.99 | |||
5.00 - 5.99 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Options outstanding - weighted average remaining contractual life (in years) | 2.5 | 2.5 | ||
Options outstanding - number of options outstanding (in shares) | Numberofunits | 622,000 | 622,000 | ||
Options outstanding - weighted average exercise price (per share) | $ 5.64 | |||
Options exercisable - weighted average remaining contractual life (in years) | 1.9 | 1.9 | ||
Options exercisable - number of options outstanding (in shares) | Numberofunits | 392,500 | 392,500 | ||
Options exercisable - weighted average exercise price (per share) | $ 5.6 | |||
5.00 - 5.99 [Member] | Bottom of range [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price (per share) | $ 5.00 | |||
5.00 - 5.99 [Member] | Top of range [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price (per share) | $ 5.99 | |||
6.00 - 6.99 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Options outstanding - weighted average remaining contractual life (in years) | 1.1 | 1.1 | ||
Options outstanding - number of options outstanding (in shares) | Numberofunits | 1,269,000 | 1,269,000 | ||
Options outstanding - weighted average exercise price (per share) | $ 6.34 | |||
Options exercisable - weighted average remaining contractual life (in years) | 1.1 | 1.1 | ||
Options exercisable - number of options outstanding (in shares) | Numberofunits | 1,269,000 | 1,269,000 | ||
Options exercisable - weighted average exercise price (per share) | $ 6.34 | |||
6.00 - 6.99 [Member] | Bottom of range [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price (per share) | $ 6.00 | |||
6.00 - 6.99 [Member] | Top of range [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price (per share) | $ 6.99 | |||
7.00 - 7.99 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Options outstanding - weighted average remaining contractual life (in years) | 0.1 | 0.1 | ||
Options outstanding - number of options outstanding (in shares) | Numberofunits | 1,443,800 | 1,443,800 | ||
Options outstanding - weighted average exercise price (per share) | $ 7.65 | |||
Options exercisable - weighted average remaining contractual life (in years) | 0.1 | 0.1 | ||
Options exercisable - number of options outstanding (in shares) | Numberofunits | 1,443,800 | 1,443,800 | ||
Options exercisable - weighted average exercise price (per share) | $ 7.65 | |||
7.00 - 7.99 [Member] | Bottom of range [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price (per share) | $ 7.00 | |||
7.00 - 7.99 [Member] | Top of range [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price (per share) | $ 7.99 | |||
10.00 - 10.99 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Options outstanding - weighted average remaining contractual life (in years) | 0.1 | 0.1 | ||
Options outstanding - number of options outstanding (in shares) | Numberofunits | 842,000 | 842,000 | ||
Options outstanding - weighted average exercise price (per share) | $ 10.02 | |||
Options exercisable - weighted average remaining contractual life (in years) | 0.1 | 0.1 | ||
Options exercisable - number of options outstanding (in shares) | Numberofunits | 842,000 | 842,000 | ||
Options exercisable - weighted average exercise price (per share) | $ 10.02 | |||
10.00 - 10.99 [Member] | Bottom of range [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price (per share) | $ 10.00 | |||
10.00 - 10.99 [Member] | Top of range [member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price (per share) | $ 10.99 |
SHARE CAPITAL (Details 5) Numberofunits in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017
Numberofunits
|
Dec. 31, 2016
Numberofunits
|
|
Performance Share Units [Member] | ||
Schedule of number and weighted average exercise prices of other equity instruments [Line Items] | ||
Beginning Balance | 3,688 | 3,775 |
Granted | 625 | 849 |
Settled/Exercised | (635) | (542) |
Forfeited | (914) | (394) |
Ending Balance | 2,764 | 3,688 |
Restricted Share Unit [Member] | ||
Schedule of number and weighted average exercise prices of other equity instruments [Line Items] | ||
Beginning Balance | 3,344 | 3,451 |
Granted | 1,134 | 1,577 |
Settled/Exercised | (1,281) | (1,315) |
Forfeited | (669) | (369) |
Ending Balance | 2,528 | 3,344 |
Deferred Share Units [Member] | ||
Schedule of number and weighted average exercise prices of other equity instruments [Line Items] | ||
Beginning Balance | 423 | 375 |
Granted | 283 | 98 |
Settled/Exercised | (50) | |
Forfeited | ||
Ending Balance | 706 | 423 |
SHARE CAPITAL (Details 6) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||||||
Calculation of diluted income loss per share [Abstract] | |||||||||||||||
Loss from continuing operations | [1] | $ (101.7) | $ (8.6) | ||||||||||||
Net earnings (loss) | $ (22.3) | $ 4.1 | $ (13.9) | $ 25.6 | $ (108.0) | $ (7.0) | |||||||||
Basic weighted average number of shares outstanding | 513.3 | 513.0 | 511.2 | 509.6 | 564.7 | 511.8 | |||||||||
Stock options | 0.0 | 2.8 | 0.0 | 1.1 | 0.0 | ||||||||||
Diluted weighted average number of shares outstanding | 513.3 | 515.8 | 511.2 | 510.7 | 564.7 | 511.8 | |||||||||
Loss from continuing operations per share: Basic | $ (0.18) | $ (0.02) | |||||||||||||
Diluted earnings (loss) per share | $ (0.04) | [2] | $ 0.01 | [2] | $ (0.03) | [2] | $ 0.05 | [2] | (0.19) | (0.01) | [2] | ||||
Loss from continuing operations per share: Diluted | (0.18) | (0.02) | |||||||||||||
Basic earnings (loss) per share | $ (0.04) | $ 0.01 | $ (0.03) | $ 0.05 | $ (0.19) | $ (0.01) | |||||||||
|
SHARE CAPITAL (Details 7) - shares shares in Millions |
3 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||
Share capital [Line Items] | ||||||||
Equity securities excluded from the calculation of diluted earnings per share | 0.0 | 2.8 | 0.0 | 1.1 | 0.0 | |||
Stock Options [Member] | ||||||||
Share capital [Line Items] | ||||||||
Equity securities excluded from the calculation of diluted earnings per share | 13.1 | 6.2 | ||||||
Warrants [Member] | ||||||||
Share capital [Line Items] | ||||||||
Equity securities excluded from the calculation of diluted earnings per share | [1] | 0.0 | 27.9 | |||||
|
SHARE CAPITAL (Details Textual) $ / shares in Units, shares in Thousands, $ in Millions |
12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017
USD ($)
|
Mar. 10, 2017
$ / shares
shares
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2017
CAD ($)
Numberofunits
shares
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2016
CAD ($)
Numberofunits
shares
|
Dec. 31, 2015
shares
|
||||||||||
Share capital [Line Items] | ||||||||||||||||
Number of shares outstanding | shares | 578,636 | 513,709 | 509,469 | |||||||||||||
Stock Option Plan, Maximum Authorized Shares Percentage | 3.50% | |||||||||||||||
Weighted average fair value at measurement date, share options granted | $ 1.69 | $ 1.67 | ||||||||||||||
Number of share options exercisable in share-based payment arrangement | Numberofunits | 8,665,500 | |||||||||||||||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 5.65 | |||||||||||||||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ 3.31 | $ 3.49 | ||||||||||||||
Description of vesting requirements for share-based payment arrangement | The options vest one third per year over a three-year period beginning on the first anniversary of the grant date. | The options vest one third per year over a three-year period beginning on the first anniversary of the grant date. | ||||||||||||||
Weighted average remaining contractual life of outstanding share options | 2.4 | |||||||||||||||
Weighted average share price | $ 4.22 | $ 5.26 | ||||||||||||||
Number Of Common Shares Issued On Equity Offering | shares | [1] | 61,700 | ||||||||||||||
Share Price | $ / shares | $ 2.80 | |||||||||||||||
Gross Proceeds From Issuance Of Ordinary Shares | $ 172.9 | |||||||||||||||
Share issue related cost | 8.2 | |||||||||||||||
Deferred tax expense (income) | $ 1.9 | $ (131.0) | $ (10.8) | |||||||||||||
Expense from share-based payment transactions with employees | $ 5.1 | 8.3 | ||||||||||||||
Stock Options [Member] | ||||||||||||||||
Share capital [Line Items] | ||||||||||||||||
Number of share options exercisable in share-based payment arrangement | Numberofunits | 8,700,000 | 8,700,000 | ||||||||||||||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 5.65 | $ 6.99 | ||||||||||||||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ 4.16 | $ 5.47 | ||||||||||||||
Bottom of range [member] | ||||||||||||||||
Share capital [Line Items] | ||||||||||||||||
Achieved Performance Percentage | 50.00% | 50.00% | ||||||||||||||
Top of range [member] | ||||||||||||||||
Share capital [Line Items] | ||||||||||||||||
Achieved Performance Percentage | 150.00% | 150.00% | ||||||||||||||
Restricted Share Unit [Member] | ||||||||||||||||
Share capital [Line Items] | ||||||||||||||||
Adjustments for share-based payments | $ 2.2 | 1.1 | ||||||||||||||
Weighted average remaining contractual life of outstanding share options | 1.7 | 1.7 | ||||||||||||||
Expense from share-based payment transactions with employees | [2],[3] | 1.2 | 2.7 | |||||||||||||
Common Shares Under First Nations Agreement [Member] | ||||||||||||||||
Share capital [Line Items] | ||||||||||||||||
Expense from share-based payment transactions with employees | [4] | $ 2.1 | $ 0.0 | |||||||||||||
Ordinary shares [member] | ||||||||||||||||
Share capital [Line Items] | ||||||||||||||||
Number of shares outstanding | shares | 578,600 | |||||||||||||||
|
DISCONTINUED OPERATIONS (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|||
Disclosure Of DISCONTINUED OPERATIONS [Line Items] | ||||
Revenue | $ 604.4 | $ 522.8 | ||
Operating expense | 321.0 | 275.5 | ||
Revenue less cost of goods sold | 63.1 | 47.2 | ||
Earnings (loss) from operations | (244.7) | 5.5 | ||
Finance costs | 13.2 | 9.9 | ||
Other (losses) gains | 39.2 | (7.7) | ||
Impairment loss on held-for-sale assets | 268.4 | 6.4 | ||
(Loss) earnings from discontinued operations | (6.3) | 1.6 | ||
Discontinued operations [member] | ||||
Disclosure Of DISCONTINUED OPERATIONS [Line Items] | ||||
Revenue | 170.5 | 161.0 | ||
Operating expense | 94.4 | 90.3 | ||
Depreciation and depletion | [1] | 24.6 | 70.3 | |
Revenue less cost of goods sold | 51.5 | 0.4 | ||
Exploration and business development | 4.8 | 6.0 | ||
Earnings (loss) from operations | 46.7 | (5.6) | ||
Finance costs | (0.8) | (0.6) | ||
Other (losses) gains | (2.9) | 3.9 | ||
Impairment loss on held-for-sale assets | (49.0) | 0.0 | ||
Loss before taxes | (6.0) | (2.3) | ||
Income tax (expense) recovery | (0.3) | 3.9 | ||
(Loss) earnings from discontinued operations | $ (6.3) | $ 1.6 | ||
|
DISCONTINUED OPERATIONS (Details 1) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Assets [Abstract] | ||
Trade and other current receivables | $ 27.1 | $ 37.1 |
Inventories | 193.2 | 150.4 |
Current income tax receivable | 12.9 | 12.5 |
Prepaid expenses and other | 5.6 | 6.1 |
Deferred tax assets | 171.6 | 224.9 |
Assets held for sale | 109.0 | 0.0 |
Liabilities [abstract] | ||
Trade and other payables | 178.2 | 169.2 |
Current income tax payable | 0.0 | 6.2 |
Reclamation and closure cost obligations | 121.5 | 81.0 |
Provisions | 2.6 | 12.0 |
Deferred tax liabilities | 5.8 | |
Liabilities held for sale | 62.8 | $ 0.0 |
Discontinued operations [member] | ||
Assets [Abstract] | ||
Trade and other current receivables | 3.4 | |
Inventories | 10.0 | |
Current income tax receivable | ||
Prepaid expenses and other | 1.1 | |
Mining interests | 85.3 | |
Deferred tax assets | 9.2 | |
Assets held for sale | 109.0 | |
Liabilities [abstract] | ||
Trade and other payables | 16.9 | |
Current income tax payable | 7.7 | |
Reclamation and closure cost obligations | 18.0 | |
Provisions | 9.1 | |
Deferred tax liabilities | 11.1 | |
Liabilities held for sale | 62.8 | |
Net assets held for sale | $ 46.2 |
DISCONTINUED OPERATIONS (Details 2) - USD ($) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||
Operating activities | |||||||
Earnings from discontinued operations | $ (6.3) | $ 1.6 | |||||
Adjustments for: | |||||||
Reversal of inventory write-down | 2.8 | (8.8) | |||||
Foreign exchange losses (gains) | (43.8) | (12.0) | |||||
Other non-cash adjustments | 46.4 | 28.3 | |||||
Income tax (recovery) expense | (115.9) | (2.1) | |||||
Finance costs | (13.2) | (9.9) | |||||
Change in non-cash operating working capital | (40.9) | 20.3 | |||||
Income taxes paid | 17.6 | (2.4) | |||||
Cash generated from operations | 342.2 | 282.2 | |||||
Investing activities | |||||||
Mining interests | [1] | 567.0 | 555.9 | [2] | |||
Proceeds from the sale of assets | 65.3 | 0.7 | |||||
Cash used by investing activities | (533.6) | (568.6) | |||||
Change in cash and cash equivalents | 30.3 | (149.6) | |||||
Discontinued operations [member] | |||||||
Operating activities | |||||||
Earnings from discontinued operations | (6.3) | 1.6 | |||||
Adjustments for: | |||||||
Reversal of inventory write-down | (0.4) | 0.0 | |||||
Foreign exchange losses (gains) | (2.1) | 0.3 | |||||
Reclamation and closure costs paid | (0.1) | (0.1) | |||||
Depreciation and depletion | 24.6 | 70.3 | |||||
Other non-cash adjustments | 5.1 | (3.9) | |||||
Income tax (recovery) expense | 0.3 | (3.9) | |||||
Finance costs | 0.8 | 0.6 | |||||
Impairment loss on held-for-sale assets | 49.0 | 0.0 | |||||
Adjustments for fair value losses (gains) | 70.9 | 64.9 | |||||
Change in non-cash operating working capital | 2.1 | 0.7 | |||||
Income taxes paid | (5.8) | (8.4) | |||||
Cash generated from operations | 67.2 | 57.2 | |||||
Investing activities | |||||||
Mining interests | (34.7) | (11.1) | |||||
Proceeds from the sale of assets | 0.1 | 0.7 | |||||
Cash used by investing activities | (34.6) | (10.4) | |||||
Change in cash and cash equivalents | $ 32.6 | $ 46.8 | |||||
|
DISCONTINUED OPERATIONS (Details Textual) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Nov. 30, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Proceeds from disposal of non-current assets or disposal groups classified as held for sale and discontinued operations | $ 3.0 | ||
Impairment loss | $ 268.4 | $ 6.4 | |
Transaction cost | 0.4 | ||
Gain Loss Recognised On Measurement To Fair Value Less Costs To Sell Or On Disposal Of Assets Or Disposal Groups Constituting Discontinued Operation after tax | 34.0 | ||
Discontinued operations [member] | |||
Impairment loss | $ (49.0) | $ 0.0 |
INCOME AND MINING TAXES (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income and mining taxes [Line Items] | |||
Adjustments for current tax of prior periods | $ 0.1 | $ (4.6) | |
Current tax expense (income) and adjustments for current tax of prior periods | 15.1 | 8.7 | |
Adjustments for deferred tax of prior periods | (1.3) | 5.9 | |
Deferred tax expense (income) | $ 1.9 | (131.0) | (10.8) |
Total income tax recovery | (115.9) | (2.1) | |
Canada [Member] | |||
Income and mining taxes [Line Items] | |||
Current tax expense (income) | 2.8 | (1.8) | |
Deferred tax expense (income) | (87.7) | 1.4 | |
Foreign [Member] | |||
Income and mining taxes [Line Items] | |||
Current tax expense (income) | 12.2 | 15.1 | |
Deferred tax expense (income) | $ (42.0) | $ (18.1) |
INCOME AND MINING TAXES (Details 1) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income and mining taxes [Abstract] | ||
Income (loss) before taxes | $ (217.6) | $ (10.7) |
Canadian federal and provincial income tax rates | 26.30% | 25.80% |
Income tax expense (recovery) based on above rates | $ (57.2) | $ (2.8) |
Increase (decrease) due to | ||
Permanent differences | (11.0) | (4.3) |
Different statutory tax rates on earnings of foreign subsidiaries | (11.7) | 0.8 |
Foreign exchange on non-monetary assets and liabilities | (7.4) | (10.1) |
Other foreign exchange differences | (1.6) | 8.2 |
Prior years adjustments relating to tax provision and tax returns | (1.2) | 1.3 |
Canadian mining tax | 10.9 | 0.4 |
Mexican special duty tax | 0.3 | 0.6 |
Withholding tax | 1.3 | 0.3 |
Change in tax rates | (31.5) | 0.0 |
Change in unrecognized deferred tax assets | 2.0 | 1.2 |
Disposal of El Morro gold stream asset | (8.4) | 0.0 |
Other | (0.4) | 2.3 |
Income tax expense (recovery) | $ 115.9 | $ 2.1 |
INCOME AND MINING TAXES (Details 2) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||||||
---|---|---|---|---|---|---|---|---|---|---|
Deferred tax assets | ||||||||||
Deferred tax assets | $ 171.6 | $ 224.9 | ||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | 250.3 | 455.2 | ||||||||
Deferred tax liability (asset) | (78.7) | (230.3) | $ (275.5) | |||||||
Canada [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 141.2 | 173.3 | ||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | (187.5) | (315.8) | ||||||||
Deferred tax liability (asset) | (46.3) | (142.5) | [1] | |||||||
Canada [Member] | Property, plant and equipment,deferred tax assets [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 60.6 | 92.4 | ||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | ||||||||||
Canada [Member] | Investment tax credits government assistance [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 18.2 | 48.1 | ||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | 0.0 | |||||||||
Canada [Member] | Alternative minimum tax credits [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | ||||||||||
Canada [Member] | Decommissioning obligations [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 22.2 | 9.4 | ||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | 0.0 | |||||||||
Canada [Member] | Derivative InstrumentsHedging [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 2.9 | 19.8 | ||||||||
Canada [Member] | Accrued liabilities and provisions [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 1.3 | 2.3 | ||||||||
Canada [Member] | Other deferred tax assets [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 5.6 | 1.3 | ||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | (6.4) | 0.0 | ||||||||
Canada [Member] | Mining interests [Member] | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | (144.5) | (276.5) | ||||||||
Canada [Member] | British Columbia Mining Tax [Member] | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | (36.6) | 0.0 | ||||||||
Canada [Member] | Ontario Mining Tax [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 6.1 | |||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | (35.1) | |||||||||
Canada [Member] | Mexican Mining Royalty [Member] | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | ||||||||||
Canada [Member] | Derivative instruments,deferred liabilities [Member] | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | (4.2) | |||||||||
Canada [Member] | Unused tax losses [member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 0.0 | |||||||||
Canada [Member] | Gold stream obligation [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 24.3 | |||||||||
USA [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 30.4 | 36.7 | ||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | (62.7) | (112.8) | ||||||||
Deferred tax liability (asset) | (32.3) | (76.1) | [1] | |||||||
USA [Member] | Property, plant and equipment,deferred tax assets [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 0.0 | |||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | (24.0) | |||||||||
USA [Member] | Investment tax credits government assistance [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | 0.0 | |||||||||
USA [Member] | Alternative minimum tax credits [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 27.0 | 15.8 | ||||||||
USA [Member] | Decommissioning obligations [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 0.0 | 5.5 | ||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | (5.7) | |||||||||
USA [Member] | Derivative InstrumentsHedging [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 0.0 | (0.1) | ||||||||
USA [Member] | Accrued liabilities and provisions [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | (0.1) | 0.5 | ||||||||
USA [Member] | Other deferred tax assets [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 0.0 | 0.1 | ||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | (3.7) | (16.5) | ||||||||
USA [Member] | Mining interests [Member] | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | (29.3) | (51.1) | ||||||||
USA [Member] | British Columbia Mining Tax [Member] | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | ||||||||||
USA [Member] | Ontario Mining Tax [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | ||||||||||
USA [Member] | Mexican Mining Royalty [Member] | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | ||||||||||
USA [Member] | Derivative instruments,deferred liabilities [Member] | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | 0.0 | |||||||||
USA [Member] | Unused tax losses [member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 3.5 | 14.9 | ||||||||
USA [Member] | Gold stream obligation [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 0.0 | |||||||||
Australia [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 0.0 | [2] | 14.0 | |||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | 0.0 | [2] | (26.1) | |||||||
Deferred tax liability (asset) | 0.0 | [2] | (12.1) | [1] | ||||||
Australia [Member] | Property, plant and equipment,deferred tax assets [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 0.0 | [2] | 6.6 | |||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | [2] | |||||||||
Australia [Member] | Investment tax credits government assistance [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | [2] | |||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | [2] | 0.0 | ||||||||
Australia [Member] | Alternative minimum tax credits [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | [2] | |||||||||
Australia [Member] | Decommissioning obligations [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 0.0 | [2] | 4.1 | |||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | [2] | 0.0 | ||||||||
Australia [Member] | Derivative InstrumentsHedging [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | [2] | 0.0 | ||||||||
Australia [Member] | Accrued liabilities and provisions [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 0.0 | [2] | 3.3 | |||||||
Australia [Member] | Other deferred tax assets [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | [2] | |||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | 0.0 | [2] | (1.3) | |||||||
Australia [Member] | Mining interests [Member] | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | 0.0 | [2] | (24.8) | |||||||
Australia [Member] | British Columbia Mining Tax [Member] | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | [2] | |||||||||
Australia [Member] | Ontario Mining Tax [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | [2] | |||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | ||||||||||
Australia [Member] | Mexican Mining Royalty [Member] | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | [2] | |||||||||
Australia [Member] | Derivative instruments,deferred liabilities [Member] | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | ||||||||||
Australia [Member] | Unused tax losses [member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | [2] | 0.0 | ||||||||
Australia [Member] | Gold stream obligation [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | [2] | 0.0 | ||||||||
Mexico [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 0.0 | 0.9 | ||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | (0.1) | (0.5) | ||||||||
Deferred tax liability (asset) | (0.1) | 0.4 | [1] | |||||||
Mexico [Member] | Property, plant and equipment,deferred tax assets [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 0.0 | |||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | 0.0 | |||||||||
Mexico [Member] | Investment tax credits government assistance [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | 0.0 | |||||||||
Mexico [Member] | Alternative minimum tax credits [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | ||||||||||
Mexico [Member] | Decommissioning obligations [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | 0.0 | |||||||||
Mexico [Member] | Derivative InstrumentsHedging [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 0.0 | |||||||||
Mexico [Member] | Accrued liabilities and provisions [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 0.0 | 0.4 | ||||||||
Mexico [Member] | Other deferred tax assets [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 0.0 | 0.5 | ||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | 0.0 | 5.3 | ||||||||
Mexico [Member] | Mining interests [Member] | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | ||||||||||
Mexico [Member] | British Columbia Mining Tax [Member] | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | ||||||||||
Mexico [Member] | Ontario Mining Tax [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | ||||||||||
Mexico [Member] | Mexican Mining Royalty [Member] | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | (0.1) | (0.4) | ||||||||
Mexico [Member] | Derivative instruments,deferred liabilities [Member] | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | ||||||||||
Mexico [Member] | Unused tax losses [member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | ||||||||||
Mexico [Member] | Gold stream obligation [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 0.0 | |||||||||
Total geographical area [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 171.6 | 224.9 | ||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | (250.3) | (455.2) | ||||||||
Deferred tax liability (asset) | (78.7) | (230.3) | [1] | |||||||
Total geographical area [Member] | Property, plant and equipment,deferred tax assets [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 60.6 | 99.0 | ||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | (24.0) | |||||||||
Total geographical area [Member] | Investment tax credits government assistance [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 18.2 | 48.1 | ||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | 0.0 | |||||||||
Total geographical area [Member] | Alternative minimum tax credits [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 27.0 | 15.8 | ||||||||
Total geographical area [Member] | Decommissioning obligations [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 22.2 | 19.0 | ||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | (5.7) | |||||||||
Total geographical area [Member] | Derivative InstrumentsHedging [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 2.9 | 19.7 | ||||||||
Total geographical area [Member] | Accrued liabilities and provisions [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 1.2 | 6.5 | ||||||||
Total geographical area [Member] | Other deferred tax assets [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 5.6 | 1.9 | ||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | (10.1) | (12.5) | ||||||||
Total geographical area [Member] | Mining interests [Member] | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | (173.8) | (352.4) | ||||||||
Total geographical area [Member] | British Columbia Mining Tax [Member] | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | (36.6) | (50.6) | ||||||||
Total geographical area [Member] | Ontario Mining Tax [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 6.1 | |||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | (35.1) | |||||||||
Total geographical area [Member] | Mexican Mining Royalty [Member] | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | (0.1) | (0.4) | ||||||||
Total geographical area [Member] | Derivative instruments,deferred liabilities [Member] | ||||||||||
Deferred tax liabilities | ||||||||||
Deferred tax liabilities | (4.2) | |||||||||
Total geographical area [Member] | Unused tax losses [member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | 3.5 | $ 14.9 | ||||||||
Total geographical area [Member] | Gold stream obligation [Member] | ||||||||||
Deferred tax assets | ||||||||||
Deferred tax assets | $ 24.3 | |||||||||
|
INCOME AND MINING TAXES (Details 3) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income and mining taxes [Abstract] | ||
Balance at the beginning of the year | $ (230.3) | $ (275.5) |
Recognized in net loss | 139.2 | 20.0 |
Recognized in other comprehensive income | 1.8 | 20.4 |
Recognized as reduction in mineral properties | (43.6) | (6.9) |
Recognized as foreign exchange | 50.3 | 12.0 |
Other | 2.0 | (0.3) |
Reclassified as held-for-sale | (18.2) | 0.0 |
Total movement in the net deferred tax liabilities | $ (78.7) | $ (230.3) |
INCOME AND MINING TAXES (Details Textual) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income and mining taxes [Line Items] | |||
Applicable tax rate | 26.30% | 25.80% | |
Unused tax credits for which no deferred tax asset recognised | $ 196.6 | $ 240.9 | |
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised | 123.2 | 114.6 | |
Increase (decrease) in deferred tax liability (asset) | $ 2.0 | $ 1.2 | |
Tax rate effect from change in tax rate | 11.50% | 12.00% | |
Other temporary differences [member] | |||
Income and mining taxes [Line Items] | |||
Unused tax losses for which no deferred tax asset recognised | $ 20.4 | ||
U.S. Federal Corporate Tax Rate [Member] | |||
Income and mining taxes [Line Items] | |||
Increase (decrease) in deferred tax liability (asset) | $ 32.6 | ||
Scenario, Plan [Member] | |||
Income and mining taxes [Line Items] | |||
Applicable tax rate | 21.00% | 35.00% | |
Canada [Member] | Unused Capital Losses [Member] | |||
Income and mining taxes [Line Items] | |||
Unused Capital Losses For Which No Deferred Tax Assets Recognized | $ 41.3 | ||
Canada [Member] | Unused tax losses [member] | |||
Income and mining taxes [Line Items] | |||
Unused tax losses for which no deferred tax asset recognised | $ 0.6 | ||
Canada [Member] | Bottom of range [member] | Unused tax losses [member] | |||
Income and mining taxes [Line Items] | |||
Description of expiry date of deductible temporary differences, unused tax losses and unused tax credits | 2018 | ||
Canada [Member] | Top of range [member] | Unused tax losses [member] | |||
Income and mining taxes [Line Items] | |||
Description of expiry date of deductible temporary differences, unused tax losses and unused tax credits | 2036 |
RECLAMATION AND CLOSURE COST OBLIGATIONS (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of reclamation and closure cost obligations [Line Items] | ||
Beginning Balance | $ 81.9 | $ 68.8 |
Reclamation and closure costs paid | (1.4) | (2.4) |
Unwinding of discount | 1.3 | 1.4 |
Revisions to expected cash flows | 55.2 | 15.5 |
Foreign exchange movement | 4.9 | (1.5) |
Less: amounts reclassified as held for sale | (18.2) | 0.0 |
Ending Balance | 124.1 | 81.9 |
Less: current portion of closure costs (Note 8) | 2.6 | 0.9 |
Non-current portion of closure costs | 121.5 | 81.0 |
New Afton [Member] | ||
Disclosure of reclamation and closure cost obligations [Line Items] | ||
Beginning Balance | 7.6 | 7.4 |
Reclamation and closure costs paid | ||
Unwinding of discount | 0.2 | 0.1 |
Revisions to expected cash flows | 3.2 | (0.1) |
Foreign exchange movement | 0.2 | |
Less: amounts reclassified as held for sale | ||
Ending Balance | 11.6 | 7.6 |
Less: current portion of closure costs (Note 8) | ||
Non-current portion of closure costs | 11.6 | 7.6 |
Mesquite [Member] | ||
Disclosure of reclamation and closure cost obligations [Line Items] | ||
Beginning Balance | 13.6 | 13.2 |
Reclamation and closure costs paid | ||
Unwinding of discount | 0.3 | 0.2 |
Revisions to expected cash flows | 6.6 | 0.2 |
Foreign exchange movement | ||
Less: amounts reclassified as held for sale | ||
Ending Balance | 20.5 | 13.6 |
Less: current portion of closure costs (Note 8) | (0.2) | |
Non-current portion of closure costs | 20.3 | 13.6 |
Peak Mines [Member] | ||
Disclosure of reclamation and closure cost obligations [Line Items] | ||
Beginning Balance | 13.7 | 14.2 |
Reclamation and closure costs paid | (0.1) | |
Unwinding of discount | 0.4 | 0.3 |
Revisions to expected cash flows | 3.1 | (0.7) |
Foreign exchange movement | 1.1 | (0.1) |
Less: amounts reclassified as held for sale | (18.2) | |
Ending Balance | 13.7 | |
Less: current portion of closure costs (Note 8) | (0.1) | |
Non-current portion of closure costs | 13.6 | |
Cerro San Pedro [Member] | ||
Disclosure of reclamation and closure cost obligations [Line Items] | ||
Beginning Balance | 18.1 | 17.8 |
Reclamation and closure costs paid | (1.0) | (2.6) |
Unwinding of discount | 0.2 | 0.7 |
Revisions to expected cash flows | 1.2 | 4.2 |
Foreign exchange movement | 0.7 | (2.0) |
Less: amounts reclassified as held for sale | ||
Ending Balance | 19.2 | 18.1 |
Less: current portion of closure costs (Note 8) | (2.4) | (0.8) |
Non-current portion of closure costs | 16.8 | 17.3 |
Rainy River [Member] | ||
Disclosure of reclamation and closure cost obligations [Line Items] | ||
Beginning Balance | 20.0 | 7.9 |
Reclamation and closure costs paid | ||
Unwinding of discount | 0.4 | 0.2 |
Revisions to expected cash flows | 41.4 | 11.8 |
Foreign exchange movement | 1.6 | 0.1 |
Less: amounts reclassified as held for sale | ||
Ending Balance | 63.4 | 20.0 |
Less: current portion of closure costs (Note 8) | ||
Non-current portion of closure costs | 63.4 | 20.0 |
Blackwater [Member] | ||
Disclosure of reclamation and closure cost obligations [Line Items] | ||
Beginning Balance | 8.9 | 8.3 |
Reclamation and closure costs paid | (0.1) | |
Unwinding of discount | 0.2 | 0.2 |
Revisions to expected cash flows | (0.3) | 0.1 |
Foreign exchange movement | 0.7 | 0.3 |
Less: amounts reclassified as held for sale | ||
Ending Balance | 9.4 | 8.9 |
Less: current portion of closure costs (Note 8) | 0.0 | |
Non-current portion of closure costs | $ 9.4 | $ 8.9 |
RECLAMATION AND CLOSURE COST OBLIGATIONS (Details Textual) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of reclamation and closure cost obligations [Line Items] | ||
Revisions to expected cash flows related to reclamation obligation | $ 55.2 | $ 15.5 |
Percentage of annual fees of the value of outstanding letters of credit | 1.50% | |
Rainy River [Member] | ||
Disclosure of reclamation and closure cost obligations [Line Items] | ||
Adjustments for increase (decrease) in other liabilities | $ 41.4 | |
Mesquite [Member] | ||
Disclosure of reclamation and closure cost obligations [Line Items] | ||
Adjustments for increase (decrease) in other liabilities | 6.6 | |
Letters Of Credit [Member] | ||
Disclosure of reclamation and closure cost obligations [Line Items] | ||
Exposure to credit risk on loan commitments and financial guarantee contracts | 137.8 | 113.0 |
Surity Bonds [Member] | ||
Disclosure of reclamation and closure cost obligations [Line Items] | ||
Exposure to credit risk on loan commitments and financial guarantee contracts | $ 19.6 | $ 14.8 |
Bottom of range [member] | ||
Disclosure of reclamation and closure cost obligations [Line Items] | ||
Discount rate applied to cash flow projections | 1.90% | 1.40% |
Description of inflation rates applied to cash flow projections | 1.70% | 1.00% |
Top of range [member] | ||
Disclosure of reclamation and closure cost obligations [Line Items] | ||
Discount rate applied to cash flow projections | 6.00% | 6.00% |
Description of inflation rates applied to cash flow projections | 3.30% | 3.30% |
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Change In Non-Cash Operating Working Capital [Abstract] | ||
Trade and other receivables | $ 15.1 | $ (13.8) |
Inventories | 2.8 | (8.8) |
Prepaid expenses and other | (1.5) | 1.8 |
Trade and other payables | 24.5 | 0.5 |
Total change in non-cash operating working capital | 40.9 | (20.3) |
OTHER NON-CASH ADJUSTMENTS | ||
Unrealized loss on share purchase warrants | (1.2) | (0.2) |
Unrealized loss on concentrate contracts | 1.9 | 4.5 |
Equity settled share-based payment expense | 5.7 | 5.4 |
Gain on disposal of assets | (0.3) | (0.1) |
Settlement and loss (gain) on revaluation of gold price option contracts | 13.9 | (10.5) |
Unrealized loss on gold stream obligation | 21.8 | 31.1 |
Unrealized loss on copper forward contracts and copper price option contracts | 4.4 | 0.0 |
Other non-cash adjustments | 0.2 | (1.9) |
Total other non-cash adjustments | $ 46.4 | $ 28.3 |
SEGMENTED INFORMATION (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||||||||||||||
OPERATING SEGMENT RESULTS | |||||||||||||||||||||||
Gold revenues | $ 385.9 | $ 331.8 | |||||||||||||||||||||
Copper revenues | 203.8 | 172.4 | |||||||||||||||||||||
Silver revenues | 14.7 | 18.6 | |||||||||||||||||||||
Total revenues | 604.4 | 522.8 | |||||||||||||||||||||
Operating expenses | 321.0 | 275.5 | |||||||||||||||||||||
Depreciation and depletion | 220.3 | 200.1 | |||||||||||||||||||||
Revenue less cost of goods sold | 63.1 | 47.2 | |||||||||||||||||||||
Corporate administration | 23.7 | 22.9 | |||||||||||||||||||||
Corporate restructuring | [1] | 4.2 | 0.0 | ||||||||||||||||||||
Share-based payment expenses | 5.1 | 8.3 | |||||||||||||||||||||
Asset Impairment | 268.4 | 6.4 | |||||||||||||||||||||
Exploration and business development | 6.4 | 4.1 | |||||||||||||||||||||
Income (loss) from operations | (244.7) | 5.5 | |||||||||||||||||||||
Finance income | 1.1 | 1.4 | |||||||||||||||||||||
Finance costs | (13.2) | (9.9) | |||||||||||||||||||||
Other gains (losses) | 39.2 | (7.7) | |||||||||||||||||||||
(Loss) earnings before taxes | (217.6) | (10.7) | |||||||||||||||||||||
Income tax recovery (expense) | (115.9) | (2.1) | |||||||||||||||||||||
(Loss) earnings (from continuing operations | [2] | (101.7) | (8.6) | ||||||||||||||||||||
Loss from discontinued operations, net of tax | (6.3) | 1.6 | |||||||||||||||||||||
Net (loss) earnings | $ (22.3) | $ 4.1 | $ (13.9) | $ 25.6 | (108.0) | (7.0) | |||||||||||||||||
Corporate [Member] | |||||||||||||||||||||||
OPERATING SEGMENT RESULTS | |||||||||||||||||||||||
Gold revenues | |||||||||||||||||||||||
Copper revenues | |||||||||||||||||||||||
Silver revenues | |||||||||||||||||||||||
Total revenues | [3] | [4] | |||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Depreciation and depletion | |||||||||||||||||||||||
Revenue less cost of goods sold | 0.0 | ||||||||||||||||||||||
Corporate administration | 23.7 | 22.9 | |||||||||||||||||||||
Corporate restructuring | 4.2 | ||||||||||||||||||||||
Share-based payment expenses | 5.1 | 8.3 | |||||||||||||||||||||
Asset Impairment | |||||||||||||||||||||||
Exploration and business development | 0.6 | 0.4 | |||||||||||||||||||||
Income (loss) from operations | (33.6) | (31.6) | |||||||||||||||||||||
Finance income | 0.9 | 0.7 | |||||||||||||||||||||
Finance costs | (9.4) | (7.7) | |||||||||||||||||||||
Other gains (losses) | 0.3 | [5] | (21.8) | ||||||||||||||||||||
(Loss) earnings before taxes | (41.8) | (60.4) | |||||||||||||||||||||
Income tax recovery (expense) | 2.9 | (2.7) | |||||||||||||||||||||
(Loss) earnings (from continuing operations | (38.9) | ||||||||||||||||||||||
Loss from discontinued operations, net of tax | 0.0 | 0.0 | |||||||||||||||||||||
Net (loss) earnings | (38.9) | (63.1) | |||||||||||||||||||||
Other [Member] | |||||||||||||||||||||||
OPERATING SEGMENT RESULTS | |||||||||||||||||||||||
Gold revenues | [6] | ||||||||||||||||||||||
Copper revenues | [6] | ||||||||||||||||||||||
Silver revenues | [6] | ||||||||||||||||||||||
Total revenues | [6] | [3] | [4] | ||||||||||||||||||||
Operating expenses | [6] | ||||||||||||||||||||||
Depreciation and depletion | [6] | ||||||||||||||||||||||
Revenue less cost of goods sold | [6] | 0.0 | |||||||||||||||||||||
Corporate administration | [6] | ||||||||||||||||||||||
Corporate restructuring | 0.0 | ||||||||||||||||||||||
Share-based payment expenses | [6] | ||||||||||||||||||||||
Asset Impairment | [6] | 0.0 | |||||||||||||||||||||
Exploration and business development | [6] | 2.2 | (0.3) | ||||||||||||||||||||
Income (loss) from operations | [6] | (2.2) | (6.1) | ||||||||||||||||||||
Finance income | [6] | ||||||||||||||||||||||
Finance costs | [6] | (0.2) | (0.2) | ||||||||||||||||||||
Other gains (losses) | [6] | 32.9 | [5] | 10.0 | |||||||||||||||||||
(Loss) earnings before taxes | [6] | 30.5 | 3.7 | ||||||||||||||||||||
Income tax recovery (expense) | [6] | (3.4) | (22.5) | ||||||||||||||||||||
(Loss) earnings (from continuing operations | 27.1 | ||||||||||||||||||||||
Loss from discontinued operations, net of tax | 0.0 | 0.0 | |||||||||||||||||||||
Net (loss) earnings | [6] | 27.1 | (18.8) | ||||||||||||||||||||
New Afton [Member] | |||||||||||||||||||||||
OPERATING SEGMENT RESULTS | |||||||||||||||||||||||
Gold revenues | 94.1 | 110.4 | |||||||||||||||||||||
Copper revenues | 203.8 | 172.4 | |||||||||||||||||||||
Silver revenues | 4.1 | 4.4 | |||||||||||||||||||||
Total revenues | 302.0 | [3] | 287.2 | [4] | |||||||||||||||||||
Operating expenses | 107.1 | 104.8 | |||||||||||||||||||||
Depreciation and depletion | 139.3 | 152.3 | |||||||||||||||||||||
Revenue less cost of goods sold | 55.6 | 30.1 | |||||||||||||||||||||
Corporate administration | |||||||||||||||||||||||
Corporate restructuring | 0.0 | ||||||||||||||||||||||
Share-based payment expenses | |||||||||||||||||||||||
Asset Impairment | |||||||||||||||||||||||
Exploration and business development | 1.4 | ||||||||||||||||||||||
Income (loss) from operations | 54.2 | 28.0 | |||||||||||||||||||||
Finance income | |||||||||||||||||||||||
Finance costs | (1.0) | (0.7) | |||||||||||||||||||||
Other gains (losses) | 2.4 | [5] | 5.3 | ||||||||||||||||||||
(Loss) earnings before taxes | 55.6 | 32.6 | |||||||||||||||||||||
Income tax recovery (expense) | (0.2) | 21.9 | |||||||||||||||||||||
(Loss) earnings (from continuing operations | 55.4 | 54.5 | |||||||||||||||||||||
Loss from discontinued operations, net of tax | 0.0 | 0.0 | |||||||||||||||||||||
Net (loss) earnings | 55.4 | 54.5 | |||||||||||||||||||||
Mesquite [Member] | |||||||||||||||||||||||
OPERATING SEGMENT RESULTS | |||||||||||||||||||||||
Gold revenues | 215.7 | 141.7 | |||||||||||||||||||||
Copper revenues | |||||||||||||||||||||||
Silver revenues | |||||||||||||||||||||||
Total revenues | 215.7 | [3] | 141.7 | [4] | |||||||||||||||||||
Operating expenses | 122.7 | 71.5 | |||||||||||||||||||||
Depreciation and depletion | 60.2 | 38.9 | |||||||||||||||||||||
Revenue less cost of goods sold | 32.8 | 31.3 | |||||||||||||||||||||
Corporate administration | |||||||||||||||||||||||
Corporate restructuring | 0.0 | ||||||||||||||||||||||
Share-based payment expenses | |||||||||||||||||||||||
Asset Impairment | |||||||||||||||||||||||
Exploration and business development | 0.0 | 1.9 | |||||||||||||||||||||
Income (loss) from operations | 32.8 | 29.4 | |||||||||||||||||||||
Finance income | |||||||||||||||||||||||
Finance costs | (0.4) | (0.4) | |||||||||||||||||||||
Other gains (losses) | (7.4) | [5] | 5.5 | ||||||||||||||||||||
(Loss) earnings before taxes | 25.0 | 34.5 | |||||||||||||||||||||
Income tax recovery (expense) | 31.3 | (0.1) | |||||||||||||||||||||
(Loss) earnings (from continuing operations | 56.3 | 34.4 | |||||||||||||||||||||
Loss from discontinued operations, net of tax | 0.0 | 0.0 | |||||||||||||||||||||
Net (loss) earnings | 56.3 | 34.4 | |||||||||||||||||||||
Cerro San Pedro [Member] | |||||||||||||||||||||||
OPERATING SEGMENT RESULTS | |||||||||||||||||||||||
Gold revenues | 42.5 | 79.7 | |||||||||||||||||||||
Copper revenues | |||||||||||||||||||||||
Silver revenues | 9.9 | 14.2 | |||||||||||||||||||||
Total revenues | 52.4 | [3] | 93.9 | [4] | |||||||||||||||||||
Operating expenses | 52.7 | 99.2 | |||||||||||||||||||||
Depreciation and depletion | 6.7 | 8.9 | |||||||||||||||||||||
Revenue less cost of goods sold | (7.0) | (14.2) | |||||||||||||||||||||
Corporate administration | |||||||||||||||||||||||
Corporate restructuring | 0.0 | ||||||||||||||||||||||
Share-based payment expenses | |||||||||||||||||||||||
Asset Impairment | |||||||||||||||||||||||
Exploration and business development | |||||||||||||||||||||||
Income (loss) from operations | (7.0) | (14.2) | |||||||||||||||||||||
Finance income | 0.2 | ||||||||||||||||||||||
Finance costs | (0.5) | (0.9) | |||||||||||||||||||||
Other gains (losses) | (1.2) | [5] | (6.7) | ||||||||||||||||||||
(Loss) earnings before taxes | (8.5) | (21.1) | |||||||||||||||||||||
Income tax recovery (expense) | (0.7) | 5.5 | |||||||||||||||||||||
(Loss) earnings (from continuing operations | (9.2) | (15.6) | |||||||||||||||||||||
Loss from discontinued operations, net of tax | 0.0 | 0.0 | |||||||||||||||||||||
Net (loss) earnings | (9.2) | (15.6) | |||||||||||||||||||||
Rainy River [Member] | |||||||||||||||||||||||
OPERATING SEGMENT RESULTS | |||||||||||||||||||||||
Gold revenues | 33.6 | 0.0 | |||||||||||||||||||||
Copper revenues | 0.0 | 0.0 | |||||||||||||||||||||
Silver revenues | 0.7 | 0.0 | |||||||||||||||||||||
Total revenues | 34.3 | [3] | 0.0 | [4] | |||||||||||||||||||
Operating expenses | 38.5 | 0.0 | |||||||||||||||||||||
Depreciation and depletion | 14.1 | 0.0 | |||||||||||||||||||||
Revenue less cost of goods sold | (18.3) | 0.0 | |||||||||||||||||||||
Corporate administration | 0.0 | 0.0 | |||||||||||||||||||||
Corporate restructuring | 0.0 | ||||||||||||||||||||||
Share-based payment expenses | 0.0 | 0.0 | |||||||||||||||||||||
Asset Impairment | 268.4 | 0.0 | |||||||||||||||||||||
Exploration and business development | 2.2 | 0.0 | |||||||||||||||||||||
Income (loss) from operations | (288.9) | 0.0 | |||||||||||||||||||||
Finance income | 0.0 | 0.0 | |||||||||||||||||||||
Finance costs | (1.7) | 0.0 | |||||||||||||||||||||
Other gains (losses) | 12.2 | [5] | 0.0 | ||||||||||||||||||||
(Loss) earnings before taxes | (278.4) | 0.0 | |||||||||||||||||||||
Income tax recovery (expense) | 86.0 | 0.0 | |||||||||||||||||||||
(Loss) earnings (from continuing operations | (192.4) | 0.0 | |||||||||||||||||||||
Loss from discontinued operations, net of tax | 0.0 | 0.0 | |||||||||||||||||||||
Net (loss) earnings | (192.4) | 0.0 | |||||||||||||||||||||
Discontinued operations [member] | |||||||||||||||||||||||
OPERATING SEGMENT RESULTS | |||||||||||||||||||||||
Gold revenues | [7] | 0.0 | 0.0 | ||||||||||||||||||||
Copper revenues | [7] | 0.0 | 0.0 | ||||||||||||||||||||
Silver revenues | [7] | 0.0 | 0.0 | ||||||||||||||||||||
Total revenues | [7] | 0.0 | [3] | 0.0 | [4] | ||||||||||||||||||
Operating expenses | [7] | 0.0 | 0.0 | ||||||||||||||||||||
Depreciation and depletion | [7] | 0.0 | 0.0 | ||||||||||||||||||||
Revenue less cost of goods sold | [7] | 0.0 | 0.0 | ||||||||||||||||||||
Corporate administration | [7] | 0.0 | 0.0 | ||||||||||||||||||||
Corporate restructuring | 0.0 | ||||||||||||||||||||||
Share-based payment expenses | 0.0 | 0.0 | |||||||||||||||||||||
Asset Impairment | [7] | 0.0 | 0.0 | ||||||||||||||||||||
Exploration and business development | [7] | 0.0 | 0.0 | ||||||||||||||||||||
Income (loss) from operations | [7] | 0.0 | 0.0 | ||||||||||||||||||||
Finance income | [7] | 0.0 | 0.0 | ||||||||||||||||||||
Finance costs | [7] | 0.0 | 0.0 | ||||||||||||||||||||
Other gains (losses) | [7] | 0.0 | [5] | 0.0 | |||||||||||||||||||
(Loss) earnings before taxes | [7] | 0.0 | 0.0 | ||||||||||||||||||||
Income tax recovery (expense) | [7] | 0.0 | 0.0 | ||||||||||||||||||||
(Loss) earnings (from continuing operations | 0.0 | 0.0 | |||||||||||||||||||||
Loss from discontinued operations, net of tax | (6.3) | 1.6 | |||||||||||||||||||||
Net (loss) earnings | [7] | $ (6.3) | $ 1.6 | ||||||||||||||||||||
|
SEGMENTED INFORMATION (Details 1) - USD ($) $ in Millions |
12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
[1] | ||||||||||||
SEGMENTED ASSETS AND LIABILITIES | ||||||||||||||
Assets | $ 3,908.3 | $ 3,933.0 | ||||||||||||
Liabilities | 1,815.0 | 1,859.8 | ||||||||||||
Capital expenditure | [2] | 567.0 | 555.9 | |||||||||||
Assets held for sale | [3] | 109.0 | 0.0 | |||||||||||
Liabilities held for sale | [3] | 62.8 | 0.0 | |||||||||||
Capital expenditures held for sale | [2],[3] | 34.7 | 11.1 | |||||||||||
Total assets | 4,017.3 | 3,933.0 | ||||||||||||
Total liabilities | 1,877.8 | 1,859.8 | ||||||||||||
Total capital expenditures | [2] | 601.7 | 567.0 | |||||||||||
New Afton [Member] | ||||||||||||||
SEGMENTED ASSETS AND LIABILITIES | ||||||||||||||
Assets | 874.5 | 961.5 | ||||||||||||
Liabilities | 147.8 | 128.4 | ||||||||||||
Capital expenditure | [2] | 42.2 | 40.9 | |||||||||||
Mesquite [Member] | ||||||||||||||
SEGMENTED ASSETS AND LIABILITIES | ||||||||||||||
Assets | 482.3 | 513.3 | ||||||||||||
Liabilities | 96.3 | 139.9 | ||||||||||||
Capital expenditure | [2] | 12.8 | 35.6 | |||||||||||
Peak Mines [Member] | ||||||||||||||
SEGMENTED ASSETS AND LIABILITIES | ||||||||||||||
Assets | 0.0 | 170.9 | ||||||||||||
Liabilities | 0.0 | 64.4 | ||||||||||||
Capital expenditure | [2] | 0.0 | 0.0 | |||||||||||
Cerro San Pedro [Member] | ||||||||||||||
SEGMENTED ASSETS AND LIABILITIES | ||||||||||||||
Assets | 43.9 | 60.5 | ||||||||||||
Liabilities | 26.7 | 29.8 | ||||||||||||
Capital expenditure | [2] | 0.7 | 1.0 | |||||||||||
Rainy River [Member] | ||||||||||||||
SEGMENTED ASSETS AND LIABILITIES | ||||||||||||||
Assets | 1,774.2 | 1,505.1 | ||||||||||||
Liabilities | 454.4 | 545.6 | ||||||||||||
Capital expenditure | [2] | 499.3 | 466.4 | |||||||||||
Blackwater [Member] | ||||||||||||||
SEGMENTED ASSETS AND LIABILITIES | ||||||||||||||
Assets | 560.8 | 547.8 | ||||||||||||
Liabilities | 56.9 | 55.6 | ||||||||||||
Capital expenditure | [2] | 11.3 | 10.0 | |||||||||||
Other [Member] | ||||||||||||||
SEGMENTED ASSETS AND LIABILITIES | ||||||||||||||
Assets | [4],[5] | 172.6 | 173.9 | |||||||||||
Liabilities | [4],[5] | 1,032.9 | 896.1 | |||||||||||
Capital expenditure | [2],[4],[5] | $ 0.7 | $ 2.0 | |||||||||||
|
SEGMENTED INFORMATION (Details 2) - USD ($) $ in Millions |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||||
REVENUE AND NON-CURRENT ASSETS BY LOCATION | |||||||||
Revenue | $ 604.4 | $ 522.8 | |||||||
Non-current assets | [1] | 3,364.4 | 3,294.6 | ||||||
Canada [Member] | |||||||||
REVENUE AND NON-CURRENT ASSETS BY LOCATION | |||||||||
Revenue | [2] | 336.3 | 287.2 | ||||||
Non-current assets | [1] | 2,971.0 | 2,762.4 | ||||||
United States [Member] | |||||||||
REVENUE AND NON-CURRENT ASSETS BY LOCATION | |||||||||
Revenue | [2] | 215.7 | 141.7 | ||||||
Non-current assets | [1] | 302.4 | 359.2 | ||||||
Australia [Member] | |||||||||
REVENUE AND NON-CURRENT ASSETS BY LOCATION | |||||||||
Revenue | [2],[3] | 0.0 | 0.0 | ||||||
Non-current assets | [1],[3] | 85.3 | 121.2 | ||||||
Mexico [Member] | |||||||||
REVENUE AND NON-CURRENT ASSETS BY LOCATION | |||||||||
Revenue | [2] | 52.4 | 93.9 | ||||||
Non-current assets | [1] | 5.1 | 17.8 | ||||||
Other [Member] | |||||||||
REVENUE AND NON-CURRENT ASSETS BY LOCATION | |||||||||
Revenue | [2] | 0.0 | 0.0 | ||||||
Non-current assets | [1] | $ 0.6 | $ 34.0 | ||||||
|
SEGMENTED INFORMATION (Details 3) - USD ($) $ in Millions |
12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||||||||||
Segmented information [Line Items] | |||||||||||||||
Revenue | $ 604.4 | $ 522.8 | |||||||||||||
Customers [Member] | |||||||||||||||
Segmented information [Line Items] | |||||||||||||||
Revenue | [1] | 474.8 | 371.9 | ||||||||||||
Mesquite [Member] | |||||||||||||||
Segmented information [Line Items] | |||||||||||||||
Revenue | 215.7 | [2] | 141.7 | [3] | |||||||||||
Mesquite [Member] | Customers one [Member] | |||||||||||||||
Segmented information [Line Items] | |||||||||||||||
Revenue | [4] | 210.8 | 138.7 | [5] | |||||||||||
Cerro San Pedro [Member] | |||||||||||||||
Segmented information [Line Items] | |||||||||||||||
Revenue | 52.4 | [2] | 93.9 | [3] | |||||||||||
Cerro San Pedro [Member] | Customers one [Member] | |||||||||||||||
Segmented information [Line Items] | |||||||||||||||
Revenue | [4] | 4.4 | 34.1 | ||||||||||||
New Afton [Member] | |||||||||||||||
Segmented information [Line Items] | |||||||||||||||
Revenue | 302.0 | [2] | 287.2 | [3] | |||||||||||
New Afton [Member] | Customers two [Member] | |||||||||||||||
Segmented information [Line Items] | |||||||||||||||
Revenue | 125.5 | 99.8 | |||||||||||||
New Afton [Member] | Customers three [Member] | |||||||||||||||
Segmented information [Line Items] | |||||||||||||||
Revenue | 99.8 | 99.3 | |||||||||||||
Rainy River [Member] | |||||||||||||||
Segmented information [Line Items] | |||||||||||||||
Revenue | 34.3 | [2] | 0.0 | [3] | |||||||||||
Rainy River [Member] | Customers one [Member] | |||||||||||||||
Segmented information [Line Items] | |||||||||||||||
Revenue | [4] | $ 34.3 | $ 0.0 | ||||||||||||
|
SEGMENTED INFORMATION (Details Textual) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Feb. 28, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Gains on Disposal of El Morro Stream | $ 33.0 | $ 33.0 | $ 0.0 |
Major Customer [Member] | |||
Percentage of entity's revenue | 79.00% | 71.00% |
CAPITAL RISK MANAGEMENT (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Capital risk management [Abstract] | |||
Equity | $ 2,139.5 | $ 2,073.2 | |
Long-term debt | 1,007.7 | 889.5 | |
Gross Capital | 3,147.2 | 2,962.7 | |
Cash and cash equivalents | 216.2 | 185.9 | $ 335.5 |
Total | $ 2,931.0 | $ 2,776.8 |
FINANCIAL RISK MANAGEMENT (Details) - Credit risk [member] - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
CREDIT RISK EXPOSURE | ||
Total financial instrument exposure to credit risk | $ 243.3 | $ 240.9 |
Cash and cash equivalents | ||
CREDIT RISK EXPOSURE | ||
Total financial instrument exposure to credit risk | 216.2 | 185.9 |
Trade receivables | ||
CREDIT RISK EXPOSURE | ||
Total financial instrument exposure to credit risk | 27.1 | 37.1 |
Gold price options | ||
CREDIT RISK EXPOSURE | ||
Total financial instrument exposure to credit risk | 17.6 | |
Copper forward contracts | ||
CREDIT RISK EXPOSURE | ||
Total financial instrument exposure to credit risk | $ 0.3 |
FINANCIAL RISK MANAGEMENT (Details 1) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | $ 27.1 | $ 37.1 | |||
New Afton | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | 1.4 | 22.5 | |||
Mesquite | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | 0.7 | 0.2 | |||
Peak Mines | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | [1] | 1.3 | |||
Cerro San Pedro | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | 6.3 | 5.5 | |||
Rainy River | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | 17.3 | 5.2 | |||
Blackwater | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | 0.4 | 0.3 | |||
Corporate | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | 1.0 | $ 2.1 | |||
0-30 days | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | 9.6 | ||||
0-30 days | New Afton | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | (2.3) | ||||
0-30 days | Mesquite | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | 0.2 | ||||
0-30 days | Peak Mines | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | [1] | ||||
0-30 days | Cerro San Pedro | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | 4.3 | ||||
0-30 days | Rainy River | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | 6.0 | ||||
0-30 days | Blackwater | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | 0.4 | ||||
0-30 days | Corporate | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | 1.0 | ||||
31-60 days | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | 9.0 | ||||
31-60 days | New Afton | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | 3.7 | ||||
31-60 days | Mesquite | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | |||||
31-60 days | Peak Mines | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | [1] | ||||
31-60 days | Cerro San Pedro | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | 0.5 | ||||
31-60 days | Rainy River | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | |||||
31-60 days | Blackwater | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | |||||
31-60 days | Corporate | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | |||||
61-90 days | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | 6.6 | ||||
61-90 days | New Afton | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | |||||
61-90 days | Mesquite | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | |||||
61-90 days | Peak Mines | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | [1] | ||||
61-90 days | Cerro San Pedro | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | 0.5 | ||||
61-90 days | Rainy River | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | |||||
61-90 days | Blackwater | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | |||||
61-90 days | Corporate | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | |||||
91-120 days | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | |||||
91-120 days | New Afton | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | |||||
91-120 days | Mesquite | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | |||||
91-120 days | Peak Mines | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | [1] | ||||
91-120 days | Cerro San Pedro | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | 0.5 | ||||
91-120 days | Rainy River | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | |||||
91-120 days | Blackwater | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | |||||
91-120 days | Corporate | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | |||||
Over 120 days | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | 1.4 | ||||
Over 120 days | New Afton | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | |||||
Over 120 days | Mesquite | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | |||||
Over 120 days | Peak Mines | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | [1] | ||||
Over 120 days | Cerro San Pedro | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | 0.5 | ||||
Over 120 days | Rainy River | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | 0.4 | ||||
Over 120 days | Blackwater | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | |||||
Over 120 days | Corporate | |||||
AGING TRADE AND OTHER RECEIVABLES | |||||
Trade and other current receivables | |||||
|
FINANCIAL RISK MANAGEMENT (Details 2) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
DEBT COMMITMENTS | ||
Trade and other payables | $ 178.2 | $ 169.2 |
Long-term debt | 1,007.7 | 889.5 |
Interest payable on long-term debt | 292.9 | 252.5 |
Gold stream obligation | 290.5 | 277.7 |
Total debt commitments | 1,767.1 | $ 1,599.5 |
Less than 1 year | ||
DEBT COMMITMENTS | ||
Trade and other payables | 153.7 | |
Long-term debt | 0.0 | |
Interest payable on long-term debt | 43.5 | |
Gold stream obligation | 24.7 | |
Total debt commitments | 221.9 | |
1-3 years | ||
DEBT COMMITMENTS | ||
Trade and other payables | 0.0 | |
Long-term debt | 230.0 | |
Interest payable on long-term debt | 100.8 | |
Gold stream obligation | 52.4 | |
Total debt commitments | 383.2 | |
4-5 years | ||
DEBT COMMITMENTS | ||
Trade and other payables | 0.0 | |
Long-term debt | 500.0 | |
Interest payable on long-term debt | 100.8 | |
Gold stream obligation | 54.8 | |
Total debt commitments | 655.6 | |
More than 5 years | ||
DEBT COMMITMENTS | ||
Trade and other payables | 0.0 | |
Long-term debt | 300.0 | |
Interest payable on long-term debt | 47.8 | |
Gold stream obligation | 158.6 | |
Total debt commitments | $ 506.4 |
FINANCIAL RISK MANAGEMENT (Details 3) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Exposure to currency risk | |||
Cash and cash equivalents | $ 216.2 | $ 185.9 | $ 335.5 |
Deferred tax asset | 171.6 | 224.9 | |
Deferred tax liability | (250.3) | (455.2) | |
Reclamation and closure cost obligations | (124.1) | (81.9) | $ (68.8) |
CAD [Member] | Currency risk [member] | |||
Exposure to currency risk | |||
Cash and cash equivalents | 16.6 | 95.3 | |
Trade and other receivables | 19.5 | 8.0 | |
Income tax (payable) receivable | 0.4 | (1.1) | |
Deferred tax asset | 130.5 | 173.3 | |
Trade and other payables | (141.6) | (118.3) | |
Deferred tax liability | (183.9) | (321.1) | |
Reclamation and closure cost obligations | (84.6) | (36.5) | |
Warrants | (1.3) | ||
Employee benefits | (1.1) | ||
Performance share units and restricted share units | (2.6) | (2.8) | |
Total exposure to currency risk | (245.7) | (205.6) | |
AUD [Member] | Currency risk [member] | |||
Exposure to currency risk | |||
Cash and cash equivalents | 5.9 | 4.6 | |
Trade and other receivables | 0.0 | 0.5 | |
Income tax (payable) receivable | 0.0 | (4.5) | |
Deferred tax asset | 0.0 | 14.0 | |
Trade and other payables | 0.0 | (12.0) | |
Deferred tax liability | 0.0 | (26.1) | |
Reclamation and closure cost obligations | 0.0 | (13.6) | |
Warrants | 0.0 | ||
Employee benefits | (7.9) | ||
Performance share units and restricted share units | 0.0 | 0.0 | |
Total exposure to currency risk | 5.9 | (45.0) | |
MXN [Member] | Currency risk [member] | |||
Exposure to currency risk | |||
Cash and cash equivalents | 1.5 | 1.2 | |
Trade and other receivables | 6.2 | 5.5 | |
Income tax (payable) receivable | 4.2 | 3.1 | |
Deferred tax asset | 0.0 | 0.9 | |
Trade and other payables | (11.5) | (16.2) | |
Deferred tax liability | (0.1) | (0.5) | |
Reclamation and closure cost obligations | (11.7) | (12.2) | |
Warrants | 0.0 | ||
Employee benefits | 0.0 | ||
Performance share units and restricted share units | 0.0 | 0.0 | |
Total exposure to currency risk | $ (11.4) | $ (18.2) |
FINANCIAL RISK MANAGEMENT (Details 4) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Canadian dollar | ||
Disclosure of detailed information about financial instruments [line items] | ||
Impact of 10% change in foreign exchange rates | $ 24.6 | $ 20.5 |
Australian dollar | ||
Disclosure of detailed information about financial instruments [line items] | ||
Impact of 10% change in foreign exchange rates | (0.6) | 4.6 |
Mexican peso | ||
Disclosure of detailed information about financial instruments [line items] | ||
Impact of 10% change in foreign exchange rates | $ 1.1 | $ 1.8 |
FINANCIAL RISK MANAGEMENT (Details 5) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Gold price | ||
Financial risk management [Line Items] | ||
Impact on net earnings due to 10 % change in price | $ 52.5 | $ 47.4 |
Impact on other comprehensive income due to 10 % change in price | 0.0 | 0.0 |
Copper price | ||
Financial risk management [Line Items] | ||
Impact on net earnings due to 10 % change in price | 9.0 | 22.1 |
Impact on other comprehensive income due to 10 % change in price | 0.0 | 0.0 |
Silver price | ||
Financial risk management [Line Items] | ||
Impact on net earnings due to 10 % change in price | 1.1 | 1.4 |
Impact on other comprehensive income due to 10 % change in price | 0.0 | 0.0 |
Fuel price | ||
Financial risk management [Line Items] | ||
Impact on net earnings due to 10 % change in price | 4.6 | 3.5 |
Impact on other comprehensive income due to 10 % change in price | $ 0.3 | $ 0.1 |
FINANCIAL RISK MANAGEMENT (Details Textual) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2017
USD ($)
$ / Ounce-oz
$ / Pound-lb
| |
Financial risk management [Line Items] | |
Description of functional currency | U.S. dollars |
Percentage of gains losses on exchange differences on translation recognised in profit or loss | 10.00% |
Percentage of changes in differences on commodity price recognised in net earnings and other comprehensive income | 10.00% |
Gold [Member] | Bottom of range [member] | |
Financial risk management [Line Items] | |
Price per unit | $ / Ounce-oz | 1,151 |
Gold [Member] | Top of range [member] | |
Financial risk management [Line Items] | |
Price per unit | $ / Ounce-oz | 1,346 |
Copper [Member] | Bottom of range [member] | |
Financial risk management [Line Items] | |
Price per unit | $ / Pound-lb | 2.49 |
Copper [Member] | Top of range [member] | |
Financial risk management [Line Items] | |
Price per unit | $ / Pound-lb | 3.27 |
At 1 % change [Member] | |
Financial risk management [Line Items] | |
Interest paid, classified as operating activities | $ | $ 1.4 |
Interest income | $ | $ 2.0 |
FAIR VALUE MEASUREMENT (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
||
---|---|---|---|---|
Long-term debts [Member] | ||||
FINANCIAL LIABILITIES | ||||
Financial liabilities, at fair value | $ 1,064.3 | $ 920.0 | ||
Gold stream obligation [Member] | ||||
FINANCIAL LIABILITIES | ||||
Financial liabilities, at fair value | 273.5 | 246.5 | ||
Cash and cash equivalent [Member] | ||||
FINANCIAL ASSETS | ||||
Financial assets, at fair value | 216.2 | 185.9 | ||
Trade and other receivables [Member] | ||||
FINANCIAL ASSETS | ||||
Financial assets, at fair value | 29.0 | 41.6 | ||
Investment [Member] | ||||
FINANCIAL ASSETS | ||||
Financial assets, at fair value | 1.0 | 1.1 | ||
Financial liabilities at amortised cost, category [member] | Long-term debts [Member] | ||||
FINANCIAL LIABILITIES | ||||
Financial liabilities, at fair value | 1,007.7 | 889.5 | ||
Financial liabilities at amortised cost, category [member] | Trade and other receivables [Member] | ||||
FINANCIAL LIABILITIES | ||||
Financial liabilities, at fair value | [1] | 146.0 | 168.3 | |
Financial liabilities at fair value through profit or loss, category [member] | Level 2 of fair value hierarchy [member] | Copper price option contracts [Member] | ||||
FINANCIAL LIABILITIES | ||||
Financial liabilities, at fair value | 4.1 | 0.0 | ||
Financial liabilities at fair value through profit or loss, category [member] | Level 1 of fair value hierarchy [member] | Warants [Member] | ||||
FINANCIAL LIABILITIES | ||||
Financial liabilities, at fair value | 0.0 | 1.3 | ||
Financial liabilities at fair value through profit or loss, category [member] | Level 1 of fair value hierarchy [member] | Restricted share units [Member] | ||||
FINANCIAL LIABILITIES | ||||
Financial liabilities, at fair value | 0.8 | 0.9 | ||
Financial liabilities at fair value through profit or loss, category [member] | Level 3 of fair value hierarchy [member] | Gold stream obligation [Member] | ||||
FINANCIAL LIABILITIES | ||||
Financial liabilities, at fair value | 273.5 | 246.5 | ||
Financial liabilities at fair value through profit or loss, category [member] | Level 3 of fair value hierarchy [member] | Perfomance share units [Member] | ||||
FINANCIAL LIABILITIES | ||||
Financial liabilities, at fair value | 1.8 | 2.1 | ||
Financial liabilities at fair value through other comprehensive income, category [Member] | Level 2 of fair value hierarchy [member] | Diesel swap contract [Member] | ||||
FINANCIAL LIABILITIES | ||||
Financial liabilities, at fair value | 0.0 | 0.1 | ||
Financial assets at amortised cost, category [member] | Cash and cash equivalent [Member] | ||||
FINANCIAL ASSETS | ||||
Financial assets, at fair value | 216.2 | 185.9 | ||
Financial assets at amortised cost, category [member] | Trade and other receivables [Member] | ||||
FINANCIAL ASSETS | ||||
Financial assets, at fair value | 29.0 | 41.6 | ||
Financial assets at fair value through profit or loss, category [member] | Level 2 of fair value hierarchy [member] | Provisionally priced contracts [Member] | ||||
FINANCIAL ASSETS | ||||
Financial assets, at fair value | 4.2 | 4.5 | ||
Financial assets at fair value through profit or loss, category [member] | Level 2 of fair value hierarchy [member] | Gold and copper swap contracts [Member] | ||||
FINANCIAL ASSETS | ||||
Financial assets, at fair value | (6.1) | (9.0) | ||
Financial assets at fair value through profit or loss, category [member] | Level 2 of fair value hierarchy [member] | Gold price option contracts [Member] | ||||
FINANCIAL ASSETS | ||||
Financial assets, at fair value | 0.0 | 17.6 | ||
Financial assets at fair value through profit or loss, category [member] | Level 2 of fair value hierarchy [member] | Copper forward contract [Member] | ||||
FINANCIAL ASSETS | ||||
Financial assets, at fair value | 0.0 | 0.3 | ||
Financial assets at fair value through profit or loss, category [member] | Level 1 of fair value hierarchy [member] | Investment [Member] | ||||
FINANCIAL ASSETS | ||||
Financial assets, at fair value | $ 1.0 | $ 1.1 | ||
|
FAIR VALUE MEASUREMENT (Details 1) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|
Trade and other payables [Member] | |||||
Financial Liabilities [Abstract] | |||||
Carrying value | [1] | $ 146.0 | $ 168.3 | ||
Fair value | [1] | 146.0 | 168.3 | ||
Long-term debt [Member] | |||||
Financial Liabilities [Abstract] | |||||
Carrying value | 1,007.7 | 889.5 | |||
Fair value | 1,064.3 | 920.0 | |||
Gold stream obligation [Member] | |||||
Financial Liabilities [Abstract] | |||||
Carrying value | 273.5 | 246.5 | |||
Fair value | 273.5 | 246.5 | |||
Diesel swap contracts [Member] | |||||
Financial Liabilities [Abstract] | |||||
Carrying value | 0.1 | ||||
Fair value | 0.1 | ||||
Perfomance share units [Member] | |||||
Financial Liabilities [Abstract] | |||||
Carrying value | 1.8 | 2.1 | |||
Fair value | 1.8 | 2.1 | |||
Restricted share units [Member] | |||||
Financial Liabilities [Abstract] | |||||
Carrying value | 0.8 | 0.9 | |||
Fair value | 0.8 | 0.9 | |||
Share Purchase Warrants [Member] | |||||
Financial Liabilities [Abstract] | |||||
Carrying value | 1.3 | ||||
Fair value | 1.3 | ||||
Copper price option contracts [Member] | |||||
Financial Liabilities [Abstract] | |||||
Carrying value | 4.1 | ||||
Fair value | 4.1 | ||||
Cash and cash equivalents [Member] | |||||
Financial Assets [Abstract] | |||||
Carrying value | 216.2 | 185.9 | |||
Fair value | 216.2 | 185.9 | |||
Trade and other receivables [Member] | |||||
Financial Assets [Abstract] | |||||
Carrying value | 29.0 | 41.6 | |||
Fair value | 29.0 | 41.6 | |||
Provisionally priced contracts [Member] | |||||
Financial Assets [Abstract] | |||||
Carrying value | 4.2 | 4.5 | |||
Fair value | 4.2 | 4.5 | |||
Gold and copper swap contracts [Member] | |||||
Financial Assets [Abstract] | |||||
Carrying value | (6.1) | (9.0) | |||
Fair value | (6.1) | (9.0) | |||
Investments [Member] | |||||
Financial Assets [Abstract] | |||||
Carrying value | 1.0 | 1.1 | |||
Fair value | 1.0 | 1.1 | |||
Gold price options [Member] | |||||
Financial Assets [Abstract] | |||||
Carrying value | 17.6 | ||||
Fair value | 17.6 | ||||
Copper forward contracts [Member] | |||||
Financial Assets [Abstract] | |||||
Carrying value | 0.3 | ||||
Fair value | $ 0.3 | ||||
|
PROVISIONS (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Provisions [Line Items] | ||
Beginning Balance | $ 14.0 | $ 10.3 |
Additional provisions recognized | 7.0 | 9.7 |
Used during the year | (7.5) | (5.9) |
Foreign exchange | 0.6 | (0.3) |
Ending Balance | 14.1 | 14.0 |
Less: reclassified as liabilities held for sale | (10.8) | |
Less: current portion | (0.7) | (2.0) |
Non-current portion of provisions | 2.6 | 12.0 |
Perfomance share units [Member] | ||
Provisions [Line Items] | ||
Beginning Balance | 2.1 | 0.8 |
Additional provisions recognized | 0.4 | 2.1 |
Used during the year | (0.7) | (0.8) |
Foreign exchange | ||
Ending Balance | 1.8 | 2.1 |
Less: reclassified as liabilities held for sale | ||
Less: current portion | ||
Non-current portion of provisions | 1.8 | 2.1 |
Restricted share units [Member] | ||
Provisions [Line Items] | ||
Beginning Balance | 2.9 | 1.6 |
Additional provisions recognized | 3.8 | 5.2 |
Used during the year | (3.5) | (3.8) |
Foreign exchange | (0.1) | |
Ending Balance | 3.2 | 2.9 |
Less: reclassified as liabilities held for sale | (1.7) | |
Less: current portion | (0.7) | (2.0) |
Non-current portion of provisions | 0.8 | 0.9 |
Employee beneits [Member] | ||
Provisions [Line Items] | ||
Beginning Balance | 9.0 | 7.9 |
Additional provisions recognized | 2.8 | 3.3 |
Used during the year | (3.3) | (2.0) |
Foreign exchange | 0.6 | (0.2) |
Ending Balance | 9.1 | 9.0 |
Less: reclassified as liabilities held for sale | (9.1) | |
Less: current portion | ||
Non-current portion of provisions | $ 9.0 |
OPERATING LEASES (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Operating leases [Line Items] | ||
Non-cancellable operating lease rentals | $ 10.2 | $ 2.6 |
Less than 1 year | ||
Operating leases [Line Items] | ||
Non-cancellable operating lease rentals | 2.0 | 1.9 |
Between 1 and 5 years | ||
Operating leases [Line Items] | ||
Non-cancellable operating lease rentals | 5.0 | 0.7 |
More than 5 years | ||
Operating leases [Line Items] | ||
Non-cancellable operating lease rentals | $ 3.2 | $ 0.0 |
OPERATING LEASES (Details Textual) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Operating leases [Abstract] | ||
Minimum operating lease payments recognised as expense | $ 2.9 | $ 7.7 |
COMPENSATION OF KEY MANAGEMENT PERSONNEL (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||
Compensation of directors and other key management personnel [Abstract] | |||||||
Short-term benefits | [1],[2] | $ 2.5 | $ 3.4 | ||||
Post-employment benefits | [1] | ||||||
Other long-term benefits | [1] | ||||||
Share-based payments | [1] | 2.4 | 4.0 | ||||
Termination benefits | [1] | 1.5 | 1.2 | ||||
Total key management personnel remuneration | [1] | $ 6.4 | $ 8.6 | ||||
|
COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Contractual commitments [Line Items] | ||
Contractual capital commitments | $ 51.4 | $ 130.2 |
Due over next twelve months [Member] | ||
Contractual commitments [Line Items] | ||
Contractual capital commitments | $ 48.5 | $ 103.2 |
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