Cover
Cover | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 40-F |
Document Registration Statement | false |
Document Annual Report | true |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Dec. 31, 2021 |
Entity File Number | 001-35936 |
Entity Registrant Name | B2Gold Corp. |
Entity Incorporation, State or Country Code | A1 |
Entity Primary SIC Number | 1040 |
Entity Address, Address Line One | Park Place |
Entity Address, Address Line Two | Suite 3400 - 666 Burrard Street |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Postal Zip Code | V6C 2X8 |
City Area Code | 604 |
Local Phone Number | 681-8371 |
Title of 12(b) Security | Common Shares, no par value |
Trading Symbol | BTG |
Security Exchange Name | NYSEAMER |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Common Stock, Shares Outstanding | 1,056,333,691 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Entity Central Index Key | 0001429937 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | Columbia Center |
Entity Address, Address Line Two | 701 Fifth Avenue, |
Entity Address, Address Line Three | Suite 6100 |
Entity Address, City or Town | Seattle |
Entity Address, State or Province | WA |
Entity Address, Postal Zip Code | 98104-7043 |
City Area Code | 206 |
Local Phone Number | 903-8800 |
Contact Personnel Name | DL Services Inc. |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Vancouver, British Columbia |
Auditor Firm ID | 271 |
CONSOLIDATED STATMENTS OF OPERA
CONSOLIDATED STATMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | ||
Gold revenue | $ 1,762,264 | $ 1,788,928 |
Cost of sales | ||
Production costs (Note 19) | (493,389) | (407,865) |
Depreciation and depletion | (378,892) | (301,491) |
Royalties and production taxes | (121,431) | (121,285) |
Total cost of sales | (993,712) | (830,641) |
Gross profit | 768,552 | 958,287 |
General and administrative | (50,185) | (45,605) |
Share-based payments (Note 12) | (22,571) | (17,129) |
Gains on disposals of property, plant and equipment | 22,463 | 0 |
(Impairment) reversal of impairment of long-lived assets (Note 8) | (5,905) | 174,309 |
Write-down of mineral property interests (Note 8) | (15) | (11,353) |
Community relations | (3,072) | (6,484) |
Foreign exchange losses | (5,895) | (15,301) |
Share of net income of associates (Note 8) | 17,543 | 22,167 |
Other | (6,282) | (5,957) |
Operating income | 714,633 | 1,052,934 |
Interest and financing expense | (11,798) | (15,803) |
Gains (losses) on derivative instruments (Note 14) | 24,373 | (5,706) |
Other | (981) | 3,003 |
Income from operations before taxes | 726,227 | 1,034,428 |
Current income tax, withholding and other taxes (Note 16) | (270,669) | (309,913) |
Deferred income tax recovery (expense) (Note 16) | 5,267 | (52,102) |
Net income | 460,825 | 672,413 |
Attributable to: | ||
Shareholders of the Company | 420,065 | 628,063 |
Non-controlling interests (Note 13) | $ 40,760 | $ 44,350 |
Earnings per share (attributable to shareholders of the Company) | ||
Basic (in USD per share) | $ 0.40 | $ 0.60 |
Diluted (in USD per share) | $ 0.40 | $ 0.59 |
Weighted average number of common shares outstanding (in thousands) | ||
Basic (in shares) | 1,053,809 | 1,043,385 |
Diluted (in shares) | 1,061,542 | 1,056,302 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of comprehensive income [abstract] | ||
Net income | $ 460,825 | $ 672,413 |
Other comprehensive income | ||
Unrealized gain on investments | 2,234 | 6,538 |
Other comprehensive income | 2,234 | 6,538 |
Total comprehensive income | 463,059 | 678,951 |
Other comprehensive income attributable to: | ||
Shareholders of the Company | 2,234 | 6,538 |
Non-controlling interests | 0 | 0 |
Total comprehensive income attributable to: | ||
Shareholders of the Company | 422,299 | 634,601 |
Non-controlling interests | $ 40,760 | $ 44,350 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Of Cash Flows [Line Items] | ||
Net income | $ 460,825 | $ 672,413 |
Operating activities | ||
Mine restoration provisions settled (Note 11) | (343) | (425) |
Non-cash charges, net (Note 17) | 369,556 | 198,058 |
Changes in non-cash working capital (Note 17) | (104,615) | 86,777 |
Changes in long-term value added tax receivables | (1,310) | (6,178) |
Cash provided by operating activities | 724,113 | 950,645 |
Financing activities | ||
Revolving credit facility, drawdowns net of transaction costs (Note 10) | (3,368) | 250,000 |
Repayment of revolving credit facility (Note 10) | 0 | (450,000) |
Equipment loan facilities, drawdowns net of transaction costs (Note 10) | 292,065 | |
Interest and commitment fees paid | (6,232) | (12,451) |
Cash proceeds from stock option exercises (Note 12) | 6,435 | 46,152 |
Dividends paid (Note 12) | (168,372) | (115,266) |
Distributions to non-controlling interests (Note 13) | (36,187) | (9,206) |
Loan repayments from non-controlling interests (Note 13) | 5,312 | 0 |
Principal payments on lease arrangements (Note 10) | (3,889) | (3,637) |
Changes in restricted cash accounts | 870 | 2,572 |
Cash used by financing activities | (234,228) | (278,865) |
Investing activities | ||
Cash proceeds from sale of mineral properties, net of transaction costs (Note 8) | 31,684 | 24,525 |
Purchase of common shares of associate (Note 8) | (5,945) | 0 |
Funding of reclamation accounts | (8,009) | (11,575) |
Other | (1,688) | 1,667 |
Cash used by investing activities | (286,277) | (337,956) |
Increase in cash and cash equivalents | 203,608 | 333,824 |
Effect of exchange rate changes on cash and cash equivalents | (10,294) | 5,265 |
Cash and cash equivalents, beginning of year | 479,685 | 140,596 |
Cash and cash equivalents, end of year | 672,999 | 479,685 |
Equipment loans/finance lease obligations: | ||
Financing activities | ||
Equipment loan facilities, drawdowns net of transaction costs (Note 10) | 0 | 41,416 |
Repayment of equipment loan facilities (Note 10) | (28,797) | (28,445) |
Gramalote Property | ||
Investing activities | ||
Expenditures on mining interests | (23,887) | (19,498) |
Other | ||
Investing activities | ||
Expenditures on mining interests | (56,116) | (48,182) |
Mining property | Fekola Mine | ||
Investing activities | ||
Expenditures on mining interests | (110,637) | (184,037) |
Mining property | Masbate Mine | ||
Investing activities | ||
Expenditures on mining interests | (30,743) | (34,041) |
Mining property | Otjikoto Mine | ||
Investing activities | ||
Expenditures on mining interests | $ (80,936) | $ (66,815) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current | ||
Cash and cash equivalents | $ 672,999 | $ 479,685 |
Accounts receivable, prepaids and other (Note 5) | 32,112 | 21,306 |
Deferred consideration receivable (Note 8) | 41,559 | 0 |
Value-added and other tax receivables | 14,393 | 11,797 |
Inventories (Note 6) | 272,354 | 238,055 |
Assets classified as held for sale (Note 8) | 12,700 | 11,855 |
Current assets | 1,046,117 | 762,698 |
Long-term investments (Note 7) | 32,118 | 9,354 |
Value-added tax receivables | 63,165 | 35,383 |
Mining interests - owned by subsidiaries and joint operations | 2,231,831 | 2,387,020 |
Mining interests - investments in joint ventures and associates | 104,236 | 76,235 |
Other assets (Note 9) | 82,371 | 67,142 |
Deferred income taxes (Note 16) | 1,455 | 24,547 |
Total assets | 3,561,293 | 3,362,379 |
Current | ||
Accounts payable and accrued liabilities | 111,716 | 89,062 |
Current income and other taxes payable | 92,275 | 154,709 |
Current portion of long-term debt (Note 10) | 25,408 | 34,111 |
Current portion of mine restoration provisions (Note 11) | 734 | 0 |
Other current liabilities | 1,056 | 8,211 |
Total current liabilities | 231,189 | 286,093 |
Long-term debt (Note 10) | 49,726 | 75,911 |
Mine restoration provisions (Note 11) | 116,547 | 104,282 |
Deferred income taxes (Note 16) | 187,887 | 220,903 |
Employee benefits obligation | 7,115 | 5,874 |
Other long-term liabilities | 7,822 | 8,726 |
Total liabilities | 600,286 | 701,789 |
Shareholders’ equity | ||
Share capital (Note 12) | 2,422,184 | 2,407,734 |
Contributed surplus | 67,028 | 48,472 |
Accumulated other comprehensive loss | (136,299) | (138,533) |
Retained earnings | 507,381 | 254,343 |
Equity attributable to owners of parent | 2,860,294 | 2,572,016 |
Non-controlling interests (Note 13) | 100,713 | 88,574 |
Total equity | 2,961,007 | 2,660,590 |
Total equity and liabilities | 3,561,293 | 3,362,379 |
Commitments (Note 21) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY shares in Thousands, $ in Thousands | USD ($)shares | Share capitalUSD ($)shares | Contributed surplusUSD ($) | Accumulated other comprehensive lossUSD ($) | Retained earnings (deficit)USD ($) | Non- controlling interestsUSD ($) |
Beginning balance number of shares outstanding (in shares) at Dec. 31, 2019 | shares | 1,030,400 | |||||
Beginning balance equity at Dec. 31, 2019 | $ 2,051,652 | $ 2,339,874 | $ 56,685 | $ (145,071) | $ (261,245) | $ 61,409 |
Net income | 672,413 | 628,063 | 44,350 | |||
Dividends (Note 12) | (115,405) | 696 | (116,101) | |||
Unrealized gain on investments | $ 6,538 | 0 | 6,538 | |||
Shares issued on exercise of stock options (in shares) | shares | 19,265 | 19,265 | ||||
Shares issued on exercise of stock options (Note 12) | $ 44,651 | $ 44,651 | ||||
Shares issued on vesting of RSUs (in shares) | shares | 1,473 | |||||
Shares issued on vesting of RSUs (Note 12) | 0 | $ 3,960 | (3,960) | |||
Transactions with non-controlling interests (Note 13) | (13,559) | 3,626 | (17,185) | |||
Share-based payments (Note 12) | 14,300 | 14,300 | ||||
Transfer to share capital on exercise of stock options | 0 | $ 19,249 | (19,249) | |||
Ending balance number of shares outstanding (in shares) at Dec. 31, 2020 | shares | 1,051,138 | |||||
Ending balance equity at Dec. 31, 2020 | 2,660,590 | $ 2,407,734 | 48,472 | (138,533) | 254,343 | 88,574 |
Net income | 460,825 | 420,065 | 40,760 | |||
Dividends (Note 12) | (168,597) | 1,072 | (169,669) | |||
Unrealized gain on investments | $ 2,234 | 2,234 | ||||
Shares issued on exercise of stock options (in shares) | shares | 3,052 | 3,053 | ||||
Shares issued on exercise of stock options (Note 12) | $ 6,435 | $ 6,435 | ||||
Shares issued on vesting of RSUs (in shares) | shares | 2,143 | |||||
Shares issued on vesting of RSUs (Note 12) | 0 | $ 6,068 | (6,068) | |||
Transactions with non-controlling interests (Note 13) | (25,979) | 2,642 | (28,621) | |||
Share-based payments (Note 12) | 25,499 | 25,499 | ||||
Transfer to share capital on exercise of stock options | 0 | $ 1,947 | (1,947) | |||
Ending balance number of shares outstanding (in shares) at Dec. 31, 2021 | shares | 1,056,334 | |||||
Ending balance equity at Dec. 31, 2021 | $ 2,961,007 | $ 2,422,184 | $ 67,028 | $ (136,299) | $ 507,381 | $ 100,713 |
Nature of operations
Nature of operations | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of General Information About Financial Statements [Abstract] | |
Nature of operations | Nature of operations B2Gold Corp. (“B2Gold” or the “Company”) is a Vancouver-based gold producer with three operating mines. The Company operates the Fekola Mine in Mali, the Masbate Mine in the Philippines and the Otjikoto Mine in Namibia. The Company also has a 50% joint operation interest in the Gramalote Property in Colombia. The Company had an approximately 33% interest in Calibre Mining Corp. ("Calibre"). Subsequent to December 31, 2021, the Company's interest in Calibre was diluted to approximately 25%. The Company also has an approximately 19% interest in BeMetals Corp. ("BeMetals"). In addition, the Company has a portfolio of evaluation and exploration assets in other countries including Mali, Uzbekistan and Finland. On November 30, 2021, the Company completed the sale of its 81% interest in the Kiaka Project in Burkina Faso (see Note 8). B2Gold is a public company listed on the Toronto Stock Exchange under the symbol “BTO”, the NYSE American LLC under the symbol “BTG” and the Namibian Stock Exchange under the symbol “B2G”. B2Gold’s head office is located at Suite 3400, Park Place, 666 Burrard Street, Vancouver, British Columbia, V6C2X8. |
Basis of preparation
Basis of preparation | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Basis Of Preparation Of Financial Statements [Abstract] | |
Basis of preparation | Basis of preparationThese consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). These consolidated financial statements were authorized for issue by the Board of Directors on February 22, 2022. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Summary of significant accounting policies | Summary of significant accounting policies The significant accounting policies used in the preparation of these financial statements are as follows: Principles of consolidation The financial statements of the Company consolidate the accounts of B2Gold and its subsidiaries. All intercompany transactions, balances, and unrealized gains and losses from intercompany transactions are eliminated on consolidation. The Company’s most significant wholly-owned and partially owned subsidiaries are presented below: % interest - Fekola SA (“Fekola”) 80 - B2Gold Namibia (Pty) Ltd. (“Otjikoto”) 90 - Philippines Gold Processing & Refining Corporation (“Masbate”) 100 - Filminera Resources Corporation ("Masbate") 40 Subsidiaries are entities controlled by the Company. Control exists when the Company has power over an investee, when the Company is exposed, or has rights, to variable returns from the investee and when the Company has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated from the date on which control is obtained by B2Gold and are de-consolidated from the date that control ceases. The Company holds its interest in the Masbate Gold Project (which operates the Masbate Mine) through two indirectly-owned subsidiaries. B2Gold has a 100% interest in Philippines Gold Processing & Refining Corporation (“PGPRC”) and a 40% interest in Filminera Resources Corporation (“FRC”). The remaining 60% interest in FRC is held by a Philippines-registered company that is owned by a Philippine shareholder. The Company consolidates the Masbate Gold Project as a result of its ownership interests and the contractual relationship between the entities. FRC owns the majority of the Masbate Gold Project tenements. PGPRC owns the process plant and is responsible for the sale of all gold. PGPRC and FRC have a contractual relationship, which includes PGPRC purchasing all of the ore production from FRC at a price equal to the cost for the ore plus a predetermined margin. For accounting purposes, this contractual relationship gives the Company control to consolidate FRC. The Company’s 50% interest in the Gramalote Property located in Colombia operates as an incorporated joint arrangement with AngloGold Ashanti Limited (“AngloGold”). This joint arrangement is accounted for as a joint operation. The Company and AngloGold jointly control the operations of the Gramalote Property. The Company recognizes its share of the assets and liabilities of this joint operation. The Company's interest in Calibre is accounted for as an investment in associate. The Company does not control this entity, but does exert significant influence over its operations. The Company accounts for its interest in this associate using the equity method. The Company's interest in BeMetals is also accounted for as an investment in associate (Note 8). The Company does not control this entity, but does exert significant influence over its operations. The Company accounts for its interest in this associate using the equity method. The Company established a trust arrangement under its Incentive Plan (Note 12) for the benefit of its directors, officers, employees and service providers. The Company consolidates this trust as it has the power to control its financial and operating policies and obtain the benefits from its activities. Investments in joint arrangements and associates A joint arrangement is a contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The Company considers whether a joint arrangement is a joint operation or joint venture. The parties to a joint operation have the rights to the underlying assets and are exposed to the underlying liabilities of the joint arrangement. The Company accounts for investment in joint operations by recognizing its share of the operations underlying assets, liabilities, revenues and expenses. The parties to a joint venture have an interest in the underlying net assets of the joint arrangement. Investments in joint ventures are accounted for using the equity method. The equity method involves recording the initial investment at cost. Additional funding into an investee is recorded as an increase in the carrying value of the investment. The carrying amount is adjusted by the Company’s share of post-acquisition net income or loss, dilution gains or losses (resulting from changes in ownership interest), depreciation or amortization. An associate is an entity over which the Company has significant influence, but not control. Investments in associates are also accounted for using the equity method. Foreign currency translation Functional and presentation currency Items included in the financial statements of each of the group's entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The consolidated financial statements are presented in United States dollars, which is the Company’s presentation currency. The Company’s mining operations operate within an economic environment where the functional currency is the United States dollar. References to "$" or "US$" are to United States dollars, while references to "Cdn. $" are to Canadian dollars and "Aus. $" are to Australian dollars. Transactions and balances Transactions denominated in foreign currencies are translated into the United States dollar as follows: • Monetary assets and liabilities are translated at the rates of exchange at the Consolidated Balance Sheet date; • Non-monetary assets and liabilities are translated at historical exchange rates prevailing at each transaction date; • Revenue and expenses are translated at the exchange rate at the date of the transaction, except depreciation, depletion and amortization, which are translated at historical exchange rates, and share-based compensation expense, which is translated at the rates of exchange applicable at the date of grant of the share-based compensation; and • Exchange gains and losses on translation are included in earnings. When the gain or loss on certain non-monetary items, such as long-term investments classified as fair value through other comprehensive income (“OCI”) is recognized in OCI, the translation differences are also recognized in OCI. Group companies For any subsidiaries or joint ventures whose functional currency differs from the United States dollar, balances and transactions are translated into the United States dollar as follows: • Assets and liabilities are translated at the rates of exchange at the Consolidated Balance Sheet date; • Revenue and expenses are translated at average exchange rates throughout the reporting period or at rates that approximate the actual exchange rates; items such as depreciation are translated at the monthly average exchange rate; and • Exchange gains and losses on translation are included in OCI. The exchange gains and losses are recognized in earnings upon the substantial disposition, liquidation or closure of the entity that gave rise to such amounts. Financial instruments The Company recognizes financial assets and liabilities on the Consolidated Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. Cash and cash equivalents are classified as financial assets and subsequently measured at amortized cost. Accounts receivable, accounts payable and accrued liabilities Accounts receivable, accounts payable and accrued liabilities are non-interest bearing and are initially measured at fair value, subsequently recorded at amortized cost which approximates fair value due to the short term to maturity. Where necessary, accounts receivable are net of expected credit losses. Accounts receivable are classified as financial assets subsequently measured at amortized cost and accounts payable and accrued liabilities are classified as financial liabilities and subsequently measured at amortized cost. Long-term investments Equity investments in entities that are not subsidiaries, joint ventures or investments in associates are designated as fair value through profit and loss ("FVTPL") unless they are irrevocably designated, on an individual basis, as fair value through other comprehensive income ("FVOCI"). These investments are measured at fair value on acquisition and at each reporting date. Any unrealized holding gains and losses related to long-term investments designated as FVOCI are excluded from net earnings and are included in OCI. Upon disposal, any accumulated gains and losses remain in equity. Lease liabilities Lease liabilities are interest bearing and are initially measured at the present value and subsequently recorded at amortized cost. Debt The Company initially recognizes all financial liabilities at fair value and classifies them as subsequently measured at either FVTPL or amortized cost, as appropriate. For debt subsequently measured at amortized cost, the effective interest rate method is used. Debt classified as FVTPL is measured at fair value on each financial period-end date with gains and losses flowing through the Consolidated Statement of Operations. For debt that is optionally classified as FVTPL, the part of the fair value change related to the Company’s own credit risk is recorded in OCI rather than the Consolidated Statement of Operations. Derivative instruments Derivative instruments, including embedded derivatives, are recorded at FVTPL and accordingly recorded at fair value on the Consolidated Balance Sheet with changes in the fair value being recognized as gains or losses in the Consolidated Statement of Operations. Fair values for derivative instruments are determined using valuation techniques, using assumptions based on market conditions existing at the balance sheet date. Impairment of financial assets held at amortized cost At each reporting date, the Company measures the loss allowance for financial assets held at amortized cost at an amount equal to the lifetime expected credit losses if the credit risk on the financial assets has increased significantly since initial recognition. If at the reporting date, the credit risk on the financial assets has not increased significantly since initial recognition, the Company measures the loss allowances for the financial assets at an amount equal to twelve month expected credit losses. Derecognition of financial assets Financial assets are derecognized when the investments mature or are sold, and substantially all the risks and rewards of ownership have been transferred. Gains and losses on derecognition of financial assets classified as FVTPL or amortized cost are recognized within other non-operating income. Accumulated gains or losses on financial assets classified as FVOCI remain within accumulated other comprehensive income. Inventories Gold and silver bullion, in-process and stockpile inventories are recorded at the lower of average cost and net realizable value. The cost of finished goods and work-in-progress comprises raw materials, direct labour, and other direct costs, as well as stripping in the production stage and related production overheads (based on normal operating capacity) including applicable depreciation on property, plant and equipment. Net realizable value is the estimated selling price less applicable selling expenses and cost to complete. When inventories have been written down to net realizable value, a new assessment of net realizable value is made in each subsequent period. If the circumstances that caused the write down no longer exist, the amount of the write down on inventory not yet sold is reversed. Materials and supplies inventories are valued at the lower of average cost and net realizable value. Cost includes acquisition, freight and other directly attributable costs. Mining interests Mining interests include property, plant and equipment, mineral properties and mine development costs, deferred stripping, exploration and evaluation expenditures, capitalized borrowing costs and impairment. Property, plant and equipment Property, plant and equipment are recorded at cost. Repairs and maintenance expenditures are charged to operations; major improvements and replacements which extend the useful life of an asset are capitalized. Property, plant and equipment are amortized over the life of the mine using the units-of-production (“UOP”) method based on the recoverable ounces from the estimated proven and probable reserves and a portion of the measured and indicated resources that are reasonably expected to be converted to proven and probable reserves. Mobile equipment, tailings dams and other equipment are depreciated on a straight-line basis over three six Mineral property and mine development costs Mineral property and mine development costs are stated at cost less accumulated depreciation and impairment losses. When production commences, these costs are amortized using the UOP method, based on recoverable ounces from the estimated proven and probable reserves plus a portion of measured and indicated resources that are reasonably expected to be converted to proven and probable reserves. Capitalization of development costs incurred ceases when the mine is capable of operating in the manner intended by management. The Company applies judgement in its assessment of when a mine is capable of operating in the manner intended by management which takes account of the design of the mine and the nature of the initial commissioning phase of the mine. During the commissioning phase of a new mine, pre-production expenditures, net of incidental revenue, are capitalized to plant and equipment. In accordance with the amendments to IAS 16, Property, plant and equipment, for new mines commissioned on or after January 1, 2022, revenues and the associated cost of production for any items produced during the commissioning phase are recognized in the Consolidated Statement of Operations. Early adoption of the standard is also permitted, but the Company has chosen not to early adopt. The Company has determined there is no retrospective impact from the adoption of the standard. Non-recoverable costs for projects determined not to be commercially feasible are expensed in the period in which the determination is made or when the carrying value of the project is determined to be impaired. Deferred stripping Stripping costs incurred during the production phase of a mine are considered production costs and are included in the cost of inventory produced during the period in which stripping costs are incurred, unless the stripping activity can be shown to be a betterment of the mineral property. Betterment occurs when stripping activity increases future output of the mine by providing access to additional reserves. Stripping costs incurred to provide access to the ore body for extraction are capitalized as mine development costs and are amortized on a UOP basis over the reserves and resources to which they relate. Exploration and Evaluation Expenditures The Company defers the cost of acquiring, maintaining its interest, exploring and evaluating a mineral property as exploration and evaluation until a decision to develop, abandon or sell the property is made. Once the technical feasibility and commercial viability of the extraction of mineral reserves or resources from a particular mineral property has been determined, exploration and evaluation expenditures are reclassified to “mineral properties and mine development costs”. If no mineable ore body is discovered, such costs are expensed in the period in which it is determined the property has no future economic value. Exploration costs that do not relate to any specific property are expensed as incurred. The establishment of technical feasibility and commercial viability of a mineral property is assessed based on a combination of factors, such as but not limited to: • The extent to which mineral reserves or mineral resources have been identified through a feasibility study or similar level document; • The results of optimization studies and further technical evaluation carried out to mitigate project risks identified in the feasibility study; • The status of environmental permits; and • The status of mining leases or permits. In addition, commercial viability is deemed to be achieved when the Company determines that the project will provide a satisfactory return relative to its perceived risks. Ore reserves and resources may be declared for an undeveloped mining project before its commercial viability has been fully determined. Evaluation costs may continue to be capitalized during the period between declaration of reserves and approval to mine as further work is undertaken in order to refine the development case to maximize the project’s returns. Borrowing costs Borrowing costs attributable to the acquisition or construction of qualifying assets, which take a substantial period of time to make ready for their intended use are added to the cost of the assets, until such time as the assets are substantially complete and ready for their intended use. The amount of borrowing costs capitalized cannot exceed the actual amount of borrowing costs incurred in a period. All other borrowing costs are expensed in the period in which they are incurred. Impairment and reversals of impairment The carrying amounts of long-lived assets are tested for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. If there are indicators of impairment, the recoverable amount of the asset is estimated in order to determine the extent of the impairment. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount and is recorded as an expense in the Consolidated Statement of Operations. The recoverable amount is the higher of an asset’s “fair value less costs of disposal” ("FVLCD") and “value-in-use”. Where the asset does not generate cash flows that are independent from other assets, the recoverable amount of the cash-generating unit to which the asset belongs is determined. FVLCD is determined as the amount that would be obtained from the sale of the asset less costs of disposal in an arm’s length transaction between knowledgeable and willing parties. For mining assets this would generally be determined based on the present value of the estimated future cash flows arising from the continued development, use or eventual disposal of the asset. In assessing these cash flows and discounting them to the present value, assumptions used are those that an independent market participant would consider appropriate. In assessing “value-in-use”, the estimated future cash flows expected to arise from the continuing use of the assets in their present form and from their disposal are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset. Impairment losses are evaluated for potential reversals when events or circumstances warrant such consideration. Where an impairment loss is subsequently reversed, the amount of such reversal is limited such that the revised carrying amount of the asset or cash-generating unit does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or cash-generating unit in the prior years. A reversal of an impairment loss is recognized into earnings immediately. |
Significant accounting judgemen
Significant accounting judgements and estimates | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Judgements And Estimates [Abstract] | |
Significant accounting judgements and estimates | Significant accounting judgements and estimatesThe preparation of these financial statements in conformity with IFRS requires judgements and estimates that affect the amounts reported. Those judgements and estimates concerning the future may differ from actual results. The following are the areas of accounting policy judgement and accounting estimates applied by management that most significantly affect the Company’s financial statements, including those areas of estimation uncertainty that could result in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Areas of judgement Uncertain tax positions The Company’s operations involve the application of complex tax regulations in multiple international jurisdictions. Determining the tax treatment of a transaction requires the Company to apply judgement in its interpretation of the applicable tax law. These positions are not final until accepted by the relevant tax authority. The tax treatment may change based on the result of assessments or audits by the tax authorities often years after the initial filing. The Company recognizes and records potential liabilities for uncertain tax positions based on its assessment of the amount, or range of amounts, of tax that will be due. The Company adjusts these accruals as new information becomes available. Due to the complexity and uncertainty associated with certain tax treatments, the ultimate resolution could result in a payment that is materially different from the Company’s current estimate of the tax liabilities. Capitalization of exploration and evaluation expenditures The application of the Company’s accounting policy for capitalization of exploration and evaluation expenditures requires judgement in determining whether the future economic benefit is likely, either through future exploitation or sale, where properties have not reached a stage which permits a reasonable assessment of the existence of reserves. The deferral policy requires management to make certain judgements about future events or circumstances, in particular whether an economically viable mine can be established. Judgements made may change if new information becomes available. If, after an expenditure is capitalized, information becomes available suggesting that the recovery of expenditure is unlikely, the amount capitalized is written off in the Consolidated Statement of Operations in the period when the new information becomes available. Determination of control or significant influence over investees The assessment of whether the Company has a significant influence or control over an investee requires the application of judgement when assessing factors that could give rise to a significant influence or control. Factors evaluated when making a judgement of control or significant influence over an investee include, but are not limited to, ownership percentage, representation on the board of directors, participation in the policy-making process, material transactions and contractual arrangements between the Company and the investee, interchange of managerial personnel, provision of essential technical information and potential voting rights. In evaluating these factors, the Company determines the level of power over the investee the Company has. Changes in the Company's assessment of the factors used in determining if control or significant influence exists over an investee would impact the accounting treatment of the investment in the investee. Joint arrangements The Company is party to a number of arrangements over which it has determined it does not have control. Judgement is required in determining whether joint control over these arrangements exists, which parties have joint control and whether each arrangement is a joint venture or joint operation. In assessing whether the Company has joint control, the activities of each arrangement are analysed to determine which activities most significantly affect the returns of the arrangement over its life. These activities are determined to be the relevant activities of the arrangement. If unanimous consent is required over the decisions about the relevant activities, the parties whose consent is required would have joint control over the arrangement. The judgements around which activities are considered the relevant activities of the arrangement are subject to analysis by each of the parties to the arrangement and may be interpreted differently. When performing this assessment, the Company generally considers decisions about activities such as managing the asset while it is being designed, developed and constructed, during its operating life and during the closure period. The Company may also consider other activities including, but not limited to, the approval of budgets, expansion and disposition of assets, financing, significant operating and capital expenditures, appointment of key management personnel and representation on the Board of Directors. When circumstances or contractual terms change, the Company reassesses the control group and the relevant activities of the arrangement. If the Company has joint control over an arrangement, an assessment of whether the arrangement is a joint venture or joint operation is required. This assessment is based on whether the Company has rights to the assets, and obligations for the liabilities, relating to the arrangement or whether the Company has rights to the net assets of the arrangement. In making this determination, the Company reviews the legal form of the arrangement, the terms of the contractual arrangement and other relevant facts and circumstances. In a situation where the legal form and the terms of the contractual arrangement does not give the Company rights to the assets and obligations for the liabilities, an assessment of the other relevant facts and circumstances is required. This includes whether the activities of the arrangement are primarily designed for the provision of output to the parties and whether the parties are substantially the only source of cash flows contributing to the arrangement. The consideration of the other relevant facts and circumstances may result in the conclusion that a joint arrangement is a joint operation. This conclusion requires judgement and is specific to each arrangement. Sources of estimation uncertainty COVID-19 estimation uncertainty A global pandemic related to COVID-19 was declared by the World Health Organization in March 2020. The current and expected impacts on global commerce have been and are anticipated to continue to be far-reaching. To date, globally, there has been significant volatility in commodity prices and foreign exchange rates, restrictions on the conduct of business in many jurisdictions, including travel restrictions, and supply chain disruptions. There is significant ongoing global uncertainty surrounding COVID-19 and the extent and duration of the impact that it may have. The areas of estimation uncertainty for the Company which may be impacted include estimates used to determine recoverable reserves and resources, estimates used to determine the recoverable amounts of long-lived assets, estimates used to determine the recoverable amounts of value-added tax receivables and estimates regarding deferred income taxes and valuation allowances. The impact of COVID-19 on the global economic environment, and the local jurisdictions in which the Company operates, could result in changes to the way the Company runs its mines. These changes could result in revenues or costs being different from the Company's expectations. This impact could be material. Mineral reserve and resource estimates Mineral reserves are estimates of the amount of ore that can be economically and legally extracted from the Company’s mining properties. The Company estimates its mineral reserves and mineral resources based on information compiled by appropriately qualified persons relating to the geological data on the size, depth and shape of the ore body, and requires complex geological assessments to interpret the data. The estimation of recoverable mineral reserves is based upon factors such as estimates of foreign exchange rates, commodity prices, future capital requirements, metallurgical recoveries, permitting and production costs along with geological assumptions made in estimating the size, and grade of the ore body. Changes in the mineral reserve or mineral resource estimates may impact the carrying value of mining interests, mine restoration provisions, recognition of deferred tax assets, depreciation and amortization charges and royalties receivable. Impairment of long-lived assets Long-lived assets are tested for impairment, or reversal of a previous impairment, if there is an indicator of impairment or a subsequent reversal. Calculating the estimated recoverable amount of cash generating units for long-lived asset requires management to make estimates and assumptions that include such factors as reserves and resources, future production levels, metallurgical recovery estimates, operating and capital costs, future metal prices and discount rates. Changes in any of these assumptions or estimates used in determining the recoverable amount could impact the analysis. Such changes could be material. Value-added tax receivables The Company incurs indirect taxes, including value-added tax, on purchases of goods and services at its operating mines and development projects. Indirect tax balances are recorded at their estimated recoverable amounts within current or long-term assets, net of provisions, and reflect the Company’s best estimate of their recoverability under existing tax rules in the respective jurisdictions in which they arise. Management’s assessment of recoverability considers the probable outcomes of claimed deductions and/or disputes. The provisions and balance sheet classifications made to date may be subject to change and such change may be material. Current and deferred income taxes The Company is periodically required to estimate the tax basis of assets and liabilities. Where applicable tax laws and regulations are either unclear or subject to varying interpretations, it is possible that changes in these estimates could occur that materially affect the amounts of deferred income tax assets and liabilities recorded in the financial statements. Changes in deferred tax assets and liabilities generally have a direct impact on earnings in the period that the changes occur. Each period, the Company evaluates the likelihood of whether some portion or all of each deferred tax asset will not be realized. This evaluation is based on historic and future expected levels of taxable income and the associated repatriation of retained earnings, the pattern and timing of reversals of taxable temporary timing differences that give rise to deferred tax liabilities, and tax planning initiatives. Levels of future taxable income are affected by, among other things, metal prices, production costs, quantities of proven and probable gold reserves, interest rates and foreign currency exchange rates. The |
Accounts receivable, prepaids a
Accounts receivable, prepaids and other | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accounts receivable, prepaids and other | Accounts receivable, prepaids and other 2021 2020 $ $ Current portion of derivative instruments (Note 14) 12,823 3,252 Supplier advances 7,291 5,208 Prepaid expenses 4,151 4,903 Other receivables 7,847 7,943 32,112 21,306 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventories [Abstract] | |
Inventories | Inventories 2021 2020 $ $ Gold and silver bullion 52,867 39,157 In-process inventory 13,260 7,984 Ore stock-pile inventory 72,242 71,115 Materials and supplies 133,985 119,799 272,354 238,055 Ore stock-pile inventory includes amounts for the Fekola Mine of $52 million (2020 - $44 million), for the Otjikoto Mine of $16 million (2020 – $25 million), and for the Masbate Mine of $4 million (2020 - $2 million). |
Long-term investments
Long-term investments | 12 Months Ended |
Dec. 31, 2021 | |
Available-for-sale financial assets [abstract] | |
Long-term investments | Long-term investments 2021 2020 Cost AOCI Fair value Cost AOCI Fair value $ $ $ $ $ $ West African Resources Ltd. (Note 8) 20,530 759 21,289 — — — St. Augustine Gold & Copper Ltd. 20,193 (11,578) 8,615 20,193 (13,780) 6,413 RTG Mining Inc. 13,400 (12,114) 1,286 13,400 (11,167) 2,233 Libero Copper & Gold Corporation 632 272 904 632 61 693 Goldstone Resources Ltd. 20 4 24 20 (5) 15 54,775 (22,657) 32,118 34,245 (24,891) 9,354 |
Mining interests
Mining interests | 12 Months Ended |
Dec. 31, 2021 | |
Exploration And Evaluation Of Mineral Resources [Abstract] | |
Mining interests | Mining interests 2021 2020 $ $ Property, plant and equipment (depletable) Fekola Mine, Mali Cost 1,645,337 1,516,134 Accumulated depreciation and depletion (609,899) (416,559) 1,035,438 1,099,575 Masbate Mine, Philippines Cost 1,085,687 1,046,577 Accumulated depreciation and depletion (449,675) (361,438) 636,012 685,139 Otjikoto Mine, Namibia Cost 782,208 696,956 Accumulated depreciation and depletion (475,303) (371,138) 306,905 325,818 Exploration and evaluation properties (pre-depletable) Gramalote Property, Colombia, net of impairment 119,866 95,435 Menankoto Property, Mali 33,739 28,991 Bantako North Property, Mali 15,351 6,191 Kiaka Royalty, Burkina Faso 18,488 — Mocoa Royalty, Colombia 10,230 10,230 Finland Properties, Finland 12,561 9,034 Uzbekistan Properties, Uzbekistan 8,802 4,131 Kiaka Project, Burkina Faso — 80,927 Ondundu Property, Namibia — 10,701 Other 11,019 6,688 230,056 252,328 Corporate & other Office, furniture and equipment, net 23,420 24,160 2,231,831 2,387,020 Investments in associates (accounted for using the equity method) Calibre, Nicaragua 93,728 76,235 BeMetals, Various 10,508 — 104,236 76,235 2,336,067 2,463,255 Disposal of Kiaka Project On November 30, 2021, the Company completed the sale of 100% of the issued and outstanding shares of Volta Resources (Cayman) Inc., the holder of an 81% interest in the Kiaka gold project located in Burkina Faso (the “Kiaka Project”) to West African Resources Limited (“WAF”). The measurement of the consideration is as follows: • Cash payment of $0.45 million received on execution of the Kiaka Agreement; • $43 million received on closing of the transaction, comprised of $22.5 million in cash and 22,190,508 WAF ordinary shares (valued at Aus. $1.31 per share using a foreign exchange rate of Aus. $1.41 to $1); • $45 million deferred consideration payable on the earlier of (i) commencement of construction at the Kiaka Project (provided such date will be a minimum of 6 months from the date of the Kiaka Agreement), (ii) completion of a positive feasibility study at the Kiaka Project, and (iii) October 25, 2022, in cash or WAF ordinary shares, at B2Gold’s option but subject to any required WAF shareholder approval to issue WAF ordinary `shares; and • the Company retained a 2.7% net smelter return royalty ("NSR") interest (the "Kiaka Royalty") on the first 2,500,000 ounces of gold produced at the Kiaka Project, and a 0.45% NSR royalty interest on the next 1,500,000 ounces of gold produced at the Kiaka Project valued at $18 million. In determining the value of the Kiaka Royalty of $18 million, the Company applied a market value approach using a comparable transaction method, whereby the value to the Kiaka Royalty was determined based on the dollar value per NSR royalty ounce based on a comparable pool of gold related NSR royalty transactions. Management’s estimate of the fair value of the Kiaka Royalty is classified as level 3 in the fair value hierarchy. For accounting purposes, the Kiaka Royalty has been classified as a Mining Interest on the Consolidated Balance Sheet at December 31, 2021. The gain on the disposal of the Kiaka Project was, $23 million as outlined below: $ Proceeds from sale: Initial payment received upon agreement execution 450 Cash consideration received upon closing 22,500 Common shares of WAF, issued upon closing 20,530 Cash consideration, one year from closing discounted at 10.22% 41,239 NSR royalty 18,488 Transaction costs (248) Total proceeds from sale, net of transaction costs 102,959 Total assets sold 85,656 Total liabilities sold (5,356) Net assets sold 80,300 Gain on disposal of Kiaka Project 22,659 Disposal of Toega Property On November 30, 2021, the Company completed the sale of the Toega Property located in Burkina Faso to WAF. The measurement of consideration is as follows: • $9 million as an initial non-refundable cash payment, received during the year ended December 31, 2020; • $9 million received upon closing; • production payments of in the form of an NSR royalty (the "Toega Royalty") on the first 1.5 million ounces of production from the Toega Property area valued at $3 million. The Toega Royalty is paid at a rate of 2.7% until payments total $22.5 million and then 0.45% thereafter. • $2 million to be received from WAF upon the favourable settlement of a disputed tax assessment. The $9 million non-refundable cash payment was credited to the carrying value of the mineral property during the year ended December 31, 2020. The remaining value of the Toega Property of $12 million was classified as an asset held for sale on the Consolidated Balance Sheet at December 31, 2020. In determining the value of the Toega Royalty of $3 million, the Company applied a market value approach using the comparable transaction method, whereby the value to the Toega Royalty was determined based on the dollar value per NSR royalty ounce based on a comparable pool of gold related NSR royalty transactions. Management’s estimate of the fair value of the Toega Royalty is classified as level 3 in the fair value hierarchy. For accounting purposes, the Toega Royalty has been classified as a Mining Interest on the Consolidated Balance Sheet at December 31, 2021. The loss on the disposal of the Toega Property is outlined below: $ Proceeds from sale: Cash consideration, received upon agreement execution 9,000 Cash consideration, received upon closing 9,000 NSR royalty 2,599 Tax guarantee receivable 1,858 Transaction costs (18) Total proceeds from sale, net of transaction costs 22,439 Total assets sold 23,237 Total liabilities sold (602) Net assets sold 22,635 Loss on disposal of Toega Property (196) Kronk and BeMetals On April 26, 2021, the Company completed the sale of the outstanding common shares of its subsidiary Kronk Resources Inc. ("Kronk") to BeMetals Corp. ("BeMetals"). In exchange for its interest in Kronk, the Company received 16 million shares of BeMetals valued at $5 million. The gain on the sale of $1 million has been recorded in Other Operating Income in the Consolidated Statement of Operations for the year. In connection with the transaction, the Company also purchased 17 million shares of BeMetals valued at Cdn. $0.44 per share for a total cost of $6 million by way of a non-brokered private placement. Upon closing of the transactions, the Company held approximately 19% of the outstanding shares of BeMetals. The Company determined that, effective April 26, 2021, it has significant influence over the decision-making process of BeMetals as a result of its share ownership and having executives of the Company on BeMetals' Board of Directors. Therefore, the Company is using the equity basis of accounting to account for this investment and has included its investment in BeMetals in Mining Interests. The Company adjusts BeMetals financial results, where appropriate, to give effect to uniform accounting policies. The trading price of BeMetals on December 31, 2021 was Cdn $0.24 per share which corresponds to a quoted market value of $6 million (at a closing exchange rate of Cdn $1.27 per US$) for the Company's investment. The following table summarizes the change in the carrying amount of the Company's investment in BeMetals: $ Balance at December 31, 2020 — Share consideration on Kronk sale 4,741 Purchase of BeMetals shares 5,945 Share of net loss for the year (164) Loss on dilution (14) Balance at December 31, 2021 10,508 The equity accounting for BeMetals is based on its most recent published results to September 30, 2021. BeMetals files its financial results in Canadian dollars. The Condensed Interim Consolidated Statement of Financial Position has been converted to United States dollars at a rate of Cdn. $1.27 and the Condensed Statement of Loss and Comprehensive Loss has been converted at a rate of Cdn. $1.25. The following is a summary of the Condensed Interim Consolidated Statement of Financial Position of BeMetals at September 30, 2021 on a 100% basis: Current assets - $7 million, non-current assets - $22 million, total assets - $29 million, and net assets - $29 million. The following is a summary of the Condensed Interim Consolidated Statement of Operations of BeMetals for the nine months ending September 30, 2021 on a 100% basis: Other expenses - $1 million, stock-based compensation - $1 million, and net loss and comprehensive loss - $1 million. Disposal of Ondundu On December 31, 2021, the Company entered into an agreement with Osino Resources Corp. ("Osino") for the sale of the Ondundu Property in Namibia. The measurement of consideration is as follows: • $4 million in cash to be received upon closing; • $5 million of Osino common shares to be received upon closing; • $4 million in cash to be received six months after closing; • $2.5 million to be received upon the earlier of (i) completion of a feasibility study including the Ondundu Property or (ii) first gold production from the property, to which no value has been assigned. As a result of entering into the agreement, the Ondundu Property has been written-down to its fair value less cost to sell resulting in an impairment loss of $6 million being recognized in the Consolidated Statement of Operations for the year ended December 31, 2021. The remaining value of the Ondundu Property of $13 million has been classified as an asset held for sale on the Consolidated Balance Sheet at December 31, 2021. Investment in Calibre At December 31, 2021, the Company owned approximately 33% of the outstanding common shares of Calibre. The trading price of Calibre on December 31, 2021 was Cdn $1.34 per share which corresponds to a quoted market value of $117 million (at a closing exchange rate of Cdn $1.27 per US$) for the Company's investment in Calibre. The following table summarizes the change in the carrying amount of the Company's investment in associate: $ Balance at December 31, 2019 53,471 Share of net income for the year 22,167 Gain on dilution 597 Balance at December 31, 2020 76,235 Share of net income for the year 17,707 Loss on dilution (214) Balance at December 31, 2021 93,728 The equity accounting for Calibre is based on its published results to September 30, 2021 and an estimate of results for the period of October 1, 2021 to December 31, 2021. The following is a summary of the Condensed Interim Consolidated Statement of Financial Position of Calibre at September 30, 2020 on a 100% basis: Current assets - $129 million, non-current assets - $288 million, total assets - $417 million, current liabilities - $45 million, non-current liabilities - $96 million and net assets - $276 million. The following is a summary of the Condensed Interim Consolidated Statement of Operations of Calibre for the nine months ending September 30, 2020 on a 100% basis: Revenues - $240 million, production costs - $125 million, royalties and production taxes - $9 million, depreciation and depletion - $24 million, general and administrative expense - $5 million, stock-based compensation - $2 million, current income tax expense - $20 million, deferred income tax expense - $8 million and net income - $44 million. The Company's equity share of Calibre's estimated net income for the year ended December 31, 2021 was $18 million (2020 - $22 million). Menankoto The Company, through its Malian subsidiary Menankoto SARL (“Menankoto”), applied for the renewal of the Menankoto exploration permit (the “Menankoto Permit”) in early February 2021, which was not granted. After ongoing discussions with the Malian Government were not ultimately successful in resolving the situation, on June 24, 2021 the Company announced that it had formally commenced arbitration proceedings against the Republic of Mali. The arbitration commenced pursuant to the arbitration clause set out in the Menankoto mining convention (the “Convention”) governed by the 2012 Malian Mining Code (“2012 Mining Code”), on the basis that the Republic of Mali breached its obligations under the Convention and under the 2012 Mining Code. On February 2, 2022 the Company announced that B2Gold’s Malian subsidiary had now received the new Menankoto Permit, issued by the Government of Mali in compliance with the procedures and requirements set out under the Malian 2019 Mining Code, which provides for an initial term of three years and two additional three year renewal periods. B2Gold’s Malian subsidiary has now withdrawn the international arbitration proceedings against the Republic of Mali. The Company considered the non-renewal of the Menankoto Permit to be an indicator of impairment for its Menankoto Property, which has a carrying value of $34 million. The Company conducted an impairment analysis whereby the carrying value of the Menankoto Permit was compared to an estimate of its recoverable amount which was determined to be its fair value less costs of disposal (“FVLCD”). FVLCD was determined based on the weighted-average probabilities of renewal of the Menankoto Permit through available legal remedies, the value of the property based on the value per ounce of gold determined by using comparable market transactions, and estimated mineral resources of the Menankoto Property prepared by appropriately qualified persons (management specialists). The Company’s analysis concluded that the Menankoto Property was not impaired. Masbate impairment reversal During the year ended December 31, 2014, the Company recorded a pre-tax impairment charge of $436 million on the carrying value of Masbate Mine property, plant and equipment. The net impairment recorded in the Consolidated Statement Operations, after taking into account a deferred income tax recovery of $131 million, was $305 million. Subsequently, during the year ended December 31, 2019, after reflecting the amount of depreciation that would have been recorded had the assets not been impaired, the Company recorded a pre-tax impairment reversal of $100 million on the carrying value of Masbate Mine property, plant and equipment. The net impairment reversal recorded in the statement operations in 2019, after taking into account a deferred income tax expense of $30 million, was $70 million. During the year-ended December 31, 2020, the long-term consensus gold price continued to be above the long-term gold price assumptions used in the Company’s reserve estimations and life-of-mine plans. Consequently, during the year-ended December 31, 2020, the Company revised its long-term gold price estimate to $1,500 per ounce of gold. The increase in the long-term gold price was an indicator of impairment reversal. The Company performed an impairment reversal test on the Masbate Mine cash-generating unit (“CGU”) as at September 30, 2020. The carrying values of the Masbate Mine property, plant and equipment were compared to the mine’s recoverable amount which was determined to be its FVLCD at September 30, 2020. To estimate the recoverable amount of the Masbate Mine’s CGU for impairment reversal, the Company utilized a discounted cash flow model incorporating estimates and assumptions that included such factors as reserves and resources, future production levels, metallurgical recovery estimates, operating and capital costs, future metal prices and the discount rate. Management’s estimate of the FVLCD of its CGUs is classified as level 3 in the fair value hierarchy. The Company’s estimate of future cash flows is subject to risks and uncertainty and, therefore, could change in the future if the underlying assumptions change. Key assumptions used for the impairment tests were: 2020 2019 Long-term gold price $1,500/ounce $1,350/ounce Silver price $17/ounce $17/ounce Estimated final year of production 2036 2036 Discount rate 5 % 5 % The Company concluded that the carrying values of the Masbate Mine property, plant and equipment at September 30, 2020 was lower than the FVLCD and, combined with the previous impairment reversal, resulted in a complete reversal of the remainder of the original impairment loss recorded in 2014. After reflecting the amount of depreciation that would have been recorded had the assets not been impaired, the Company recorded a pre-tax impairment reversal of $174 million in the Consolidated Statement of Operations for the year ended December 31, 2020. The net impairment reversal recorded in the Consolidated Statement of Operations for the year ended December 31, 2020, after taking into account a deferred income tax expense of $52 million, was $122 million. Other During the year-ended December 31, 2020, the Company wrote-off $11 million relating to non-core properties in Mali, Burkina Faso, Botswana and Ghana. As at December 31, 2021 the Company had recorded leased assets of $25 million under IFRS 16. The leased assets primarily consisted for the corporate office of $21 million (cost of $25 million net of $4 million in accumulated depreciation) included in Corporate & Other and other leased assets of $4 million (cost of $8 million net of accumulated depreciation of $4 million) included with their respective mineral properties. |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets1 [Abstract] | |
Other assets | Other assets 2021 2020 $ $ Low-grade stockpile 34,318 28,322 Reclamation deposits 26,170 19,099 Debt service reserve account (Note 10) 8,701 9,805 Deferred financing costs (Note 10) 8,959 5,449 Derivative instruments at fair value 2,602 1,348 Other 1,621 3,119 82,371 67,142 |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2021 | |
Long-Term Debt1 [Abstract] | |
Long-term debt | Long-term debt 2021 2020 $ $ Equipment loans/finance lease obligations: Fekola equipment loan facilities (net of unamortized transaction costs) 42,408 71,261 Masbate equipment loan facility (net of unamortized transaction costs) 3,865 7,254 Lease liabilities 28,861 31,507 75,134 110,022 Less: current portion (25,408) (34,111) 49,726 75,911 The following is a continuity schedule of the Company's debt balances: Revolving credit facility Equipment loans Lease Liabilities Total $ $ $ $ Balance at December 31, 2019 192,287 59,833 9,731 261,851 Drawdowns 250,000 42,065 — 292,065 Lease liabilities incurred — — 22,879 22,879 Debt repayments (450,000) (28,445) (3,637) (482,082) Foreign exchange losses — 5,054 1,270 6,324 Reclass of deferred financing costs to other assets (Note 9) 6,018 — — 6,018 Deferred transaction costs incurred — (649) — (649) Non-cash interest and financing expense 1,695 657 1,264 3,616 Balance at December 31, 2020 — 78,515 31,507 110,022 Lease liabilities incurred — — 398 398 Debt repayments — (28,797) (3,889) (32,686) Foreign exchange gains — (4,145) (295) (4,440) Deferred transaction costs incurred 5,768 — — 5,768 Reclass of deferred financing costs to other assets (Note 9) (5,768) — — (5,768) Non-cash interest and financing expense — 700 1,140 1,840 Balance at December 31, 2021 — 46,273 28,861 75,134 Less: current portion — (21,117) (4,291) (25,408) — 25,156 24,570 49,726 Revolving credit facility On December 16, 2021, the Company entered into a revised revolving credit facility ("RCF") agreement with its existing syndicate of banks. The maximum available for drawdown under the facility remains at $600 million with an accordion feature, available on the receipt of additional binding commitments, for a further $200 million. The RCF bears interest on a sliding scale of between LIBOR plus 2.00% to 2.50% based on the Company’s consolidated net leverage ratio. Commitment fees for the undrawn portion of the facility are also on a sliding scale basis of between 0.450% and 0.563%. The term of the RCF is four years, maturing on December 16, 2025. Transaction costs on the RCF of $9 million are being amortized over the remainder of the facility term. The Company has provided security on the RCF in the form of a general security interest over the Company’s assets and pledges creating a charge over the shares of certain of the Company’s direct and indirect subsidiaries. In connection with the RCF, the Company must also maintain certain ratios for leverage and interest coverage. As at December 31, 2021, the Company was in compliance with these debt covenants. At December 31, 2021, the Company had drawn $nil on the RCF with the entire facility of $600 million remaining available for future drawdowns. Fekola equipment loan facilities During 2016, the Company entered into a Euro 71 million term equipment facility (the "first equipment facility") with Caterpillar Financial SARL, as Mandated Lead Arranger, and Caterpillar Financial Services Corporation, as original lender. The aggregate principal amount of up to Euro 71 million was available to the Company’s subsidiary, Fekola SA (the “Borrower”) to finance or refinance the mining fleet and other mining equipment at the Company's Fekola Mine in Mali and was fully utilized. The Company is required to maintain a deposit in a debt service reserve account (“DSRA”) equal at all times to the total of the principal, interest and other payments that become payable over the next six months. At December 31, 2021, the balance in the DSRA account was Euro 8 million ($9 million equivalent). At December 31, 2020, the balance in the DSRA account was Euro 8 million ($10 million equivalent). Each equipment loan under the first equipment facility is repayable in 20 equal quarterly installments. The final repayment date shall be five years from the first disbursement under each equipment loan. The interest rate on each loan is a rate per annum equal to EURIBOR plus a margin of 5.10%. The Company and the Company’s subsidiary, Mali Mining Investments Limited, have guaranteed the first equipment facility and security is given over the equipment of the Borrower which has been financed by the first equipment facility, related warranty and insurance, and over the DSRA. On September 29, 2020, the Company entered into a second term equipment facility (the "second equipment facility") with Caterpillar Financial Services Corporation for aggregate principal amount of up to the Euro equivalent of $40 million. The second equipment facility is available to the Company’s majority-owned subsidiary, Fekola SA (the “Borrower”) to finance or refinance up to 75% of the cost of the mining fleet and other mining equipment at the Company's Fekola Mine in Mali. The second equipment facility is available from the date of the agreement and ends on the earlier of the day when the new equipment facility is fully drawn and 12 months from date of the agreement. On October 26, 2020, the Borrower drew down the entire amount under the new equipment facility for proceeds of Euro 36 million. Each equipment loan is repayable in 20 equal quarterly installments. The final repayment date shall be five years from the first disbursement under each equipment loan. The interest rate on each loan is a rate per annum equal to EURIBOR plus a margin of 4.25%. The Company and its wholly-owned subsidiary, Mali Mining Investments Limited, have guaranteed the second equipment facility and security is given over the equipment of the Borrower which has been financed by the second equipment facility, related warranty and insurance. There is no requirement to maintain a DSRA for the second equipment financing. Otjikoto equipment loan facility On March 30, 2020 the Company elected to voluntarily repay the outstanding balance on the Otjikoto equipment loan facility. The facility had an interest rate of LIBOR plus a margin of 3.85% on loans advanced under the facility and a commitment fee of 1.2% per annum on the undrawn balance of the facility, each payable quarterly. Masbate equipment loan facility On June 1, 2017, the Company entered into an $18 million term equipment facility with Caterpillar Financial Services Philippines Inc. The aggregate principal amount is available to the Company’s Philippines subsidiaries to finance or refinance the mining fleet and other mining equipment at the Company's Masbate Mine and is fully utilized. Each equipment loan is repayable in 20 equal quarterly installments. The final repayment date shall be five years from the first disbursement under each equipment loan. The interest rate on each loan is a rate per annum equal to LIBOR plus a margin of 3.85%. The Company has guaranteed the equipment facilities and security is given over the equipment of the Borrower which has been financed by the equipment facility. Lease liabilities For the year ended December 31, 2021, the Company recognized depreciation expense of $4 million (2020 - $3 million) on right-of-use assets recognized under IFRS 16, Leases in the Consolidated Statement of Operations and made payments on these leases of $4 million (2020 - $4 million). The expected timing of undiscounted lease payments at December 31, 2021 for leases accounted for under IFRS 16 is as follows: $ Less than one year 3,763 One to five years 12,501 More than five years 18,964 35,228 For the year ended December 31, 2021, payments totalling $2 million (2020 - $4 million) relating to short-term leases (those with a term of 12 months or less) and $7 million (2020 - $10 million) relating to variable lease payments (including both lease and non-lease components) have been expensed in the Consolidated Statement of Operations. During the year ended December 31, 2020, the Company recognized new lease liabilities totalling $23 million primarily related to new corporate office space. The valuation of the new office lease was based on an initial term of 10 years plus one 5 year extension with average annual rental payments of approximately $2 million per year. There were no significant new leases for the year ended December 31, 2021. The following table summarizes the Company’s scheduled debt repayments on its outstanding debt as at December 31, 2021: 2022 2023 2024 2025 2026 Total $ $ $ $ $ $ Fekola equipment loan facilities: Principal 18,028 10,320 8,334 6,183 — 42,865 Interest (estimated) 1,816 1,063 586 158 — 3,623 Masbate equipment loan facility: Principal 3,076 766 106 — — 3,948 Interest (estimated) 167 26 2 — — 195 Lease liabilities Principal 3,269 2,605 2,144 1,387 1,429 10,834 Interest (estimated) 11 — — — — 11 26,367 14,780 11,172 7,728 1,429 61,476 |
Mine restoration provisions
Mine restoration provisions | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Provisions [Abstract] | |
Mine restoration provisions | Mine restoration provisionsThe Company’s mine restoration provisions consist primarily of costs associated with mine reclamation and closure activities. These activities, which are site specific, generally include costs for earthworks, including detoxification and recontouring, revegetation, water treatment and demolition. In calculating the present value of the Company’s mine restoration provisions as at December 31, 2021, management used a risk-free rate applicable to each location’s functional currency ranging from 1.52% to 1.69% and an inflation rate of 2.5%. The undiscounted cash flows, before inflation adjustments, and including the Company's proportionate share of the reclamation costs for Gramalote, to settle the mine restoration provisions was estimated at approximately $105 million at December 31, 2021 (2020 - $89 million). Due to the nature of mine closure plans, cash expenditures are expected to occur over a significant period of time with the majority of the expenditures expected to occur in the years from 2031 to 2047. The following table shows the movement in the provision for mine restoration provisions: 2021 2020 $ $ Balance, beginning of year 104,282 75,419 Reclamation spending at continuing operations (343) (425) Accretion expense 1,438 917 Change in obligation 12,484 28,371 Liabilities associated with assets sold (580) — Balance, end of year 117,281 104,282 Less: current portion (734) — 116,547 104,282 |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |
Share capital | Share capital The Company’s authorized share capital consists of an unlimited number of common shares and an unlimited number of preferred shares. As at December 31, 2021, the Company had 1,056,333,691 common shares outstanding, including 1,705,000 common shares held in trust under the Company’s Incentive Plan (described below). No preferred shares were outstanding. During the year-ended December 31, 2021, the Company paid a quarterly dividend of $0.04 per share totalling $170 million for the year. The amount has been recognized in retained earnings in the Consolidated Statement of Changes in Equity during the period. During the year-ended December 31, 2020, quarterly dividends totalling $116 million were recognized in retained earnings in the Consolidated Statement of Changes in Equity. Subsequent to December 31, 2021, on February 22, 2022, B2Gold’s Board of Directors declared a cash dividend for the first quarter of 2022 of $0.04 per common share, payable on March 17, 2022 to shareholders of record as of March 9, 2022. During 2021, the Company received $6 million (2020 - $45 million) pursuant to the exercise of 3 million (2020 – 19 million) stock options. Cash proceeds for the year ended December 31, 2020 were $46 million and also included proceeds of $1 million from options exercised during 2019 but for which the shares were still pending issuance at December 31, 2019. Stock options During December 31, 2021, 19,461,000 stock options were granted to employees with exercise prices ranging from Cdn. $4.34 to Cdn. $6.30 per share. These stock options have a term of up to five years and vest over a period of up to five years. The estimated fair value when granted of these options totalling $23 million is being recognized over the vesting period. The fair value was calculated using the Black-Scholes option pricing model based on a risk-free annual interest rate of up to 0.7%, an expected life of approximately 3 years, an expected volatility of approximately 50% and a dividend yield rate of approximately 4%. During 2020, approximately 395,000 stock options were granted to employees and directors with exercise prices ranging from Cdn. $5.02 to Cdn. $8.53 per share. These stock options have a term of up to five years and vest over a period of up to three years. The estimated fair value when granted of these options totalling $1 million is being recognized over the vesting period. The fair value was calculated using the Black-Scholes option pricing model based on a risk-free annual interest rate of up to 1.6%, an expected life of approximately 3 years, an expected volatility of approximately 45% and a dividend yield rate of approximately 1%. Option pricing models require the input of highly subjective assumptions regarding the expected volatility. Changes in assumptions can materially affect the fair value estimate. For the year ended December 31, 2021, share-based payments expense, relating to the vesting of stock options, was $13 million (2020 - $5 million), net of $2 million (2020 - $0 million) capitalized to mining interests. A summary of changes to stock options outstanding is as follows: Number of Weighted- (‘000’s) (in Cdn.$) Outstanding at December 31, 2019 36,066 3.29 Granted 395 6.21 Exercised (19,265) 3.11 Forfeited or expired (343) 3.48 Outstanding at December 31, 2020 16,853 3.56 Granted 19,461 5.45 Exercised (3,052) 2.64 Forfeited or expired (773) 4.58 Outstanding at December 31, 2021 32,489 4.75 During 2021, 3 million (2020 – 19 million) stock options were exercised. The weighted average share price at the time of exercise was Cdn. $5.66 (2020 – Cdn. $7.12). Stock options outstanding and exercisable as at December 31, 2021 are as follows: Range of exercise prices Number of outstanding options Weighted- average years to expiry Weighted-average exercise price Number of exercisable options Weighted-average exercise price 2.94 – 2.99 33 1.749 2.94 33 2.94 3.00 – 3.99 9,733 1.353 3.42 9,518 3.42 4.00 – 4.99 3,615 6.772 4.55 628 4.26 5.00 – 5.99 16,719 4.465 5.35 4,683 5.35 6.00 – 6.99 2,269 4.311 6.25 662 6.24 7.00 – 8.53 120 3.565 8.01 40 8.01 32,489 3.771 4.75 15,564 4.16 Restricted share unit plan The Company has a Restricted Share Unit Plan (the “RSU Plan”) whereby restricted share units (“RSUs”) may be granted to directors, executive officers and employees of the Company. The RSU Plan reflects the Company’s commitment to a long term incentive compensation structure that aligns the interests of its directors, executive officers and employees with the interests of its shareholders. Once vested, each RSU is redeemable for one common share entitling the holder to receive the common share for no additional consideration. During the year ended December 31, 2021, the Company granted approximately 1 million (2020 – 2 million) RSUs to executive officers and employees of the Company. One-third of the RSUs vested one year from the grant date, another one-third will vest two years from the grant date with the remainder vesting three years from the grant date. The total estimated fair value of the RSU granted was approximately $7 million (2020 - $6 million) based on the market value of the Company’s shares at the grant date. The fair value of each RSU is recorded as a share-based payments expense over the vesting period. For the year ended December 31, 2021, share-based payments expense relating to the vesting of RSUs was $6 million (2020 - $7 million). Summary of changes to RSUs outstanding: Number of (‘000’s) Outstanding at December 31, 2019 3,934 Granted 1,777 Vested and converted to common shares (1,473) Reinvested dividend equivalents 96 Outstanding at December 31, 2020 4,334 Granted 1,329 Vested and converted to common shares (2,143) Reinvested dividend equivalents 159 Outstanding at December 31, 2021 3,679 Deferred share unit plan The Company has a Deferred Share Unit plan (the "DSU plan") for the benefit of the directors of the Company. Pursuant to the plan, eligible directors can elect to receive all or part of their total cash compensation in the form of deferred share units ("DSUs"). The number of DSUs granted to an eligible director is determined by dividing the portion of the compensation to be paid in DSUs by the volume weighted average trading price of the common shares on the stock exchange on which the majority of the volume of trading of the shares occurred over the relevant period for the five For the year ended December 31, 2021, the Company issued 0.4 million DSUs (2020 - 0.4 million) with a fair market value of $1 million (2020 - $1 million) to directors of the Company. As at December 31, 2021, there were 2 million DSUs outstanding. For the year ended December 31, 2021, share-based payments recovery relating to DSUs was $1 million (2020 - expense of $3 million). Performance share unit plan The Company has a Performance Share Unit plan (the "PSU plan") for the benefit of officers, employees and eligible consultants. Under the plan, eligible participants will receive shares based on the achievement of certain defined performance measures over a defined period of time. The number of shares receivable shall be 0% to 200% of the performance share units ("PSUs") awarded, with the factor applied being dependent on the extent to which the defined performance measures have been achieved. For the year ended December 31, 2021, the Company granted approximately 1 million (2020 - 2 million) PSUs to employees. The number of shares to be issued will be 0% to 200% of the number of PSUs depending on total shareholder return compared to a group of peer companies over the period January 1, 2021 to December 31, 2023 (2020 - January 1, 2020 to December 31, 2022). The estimated fair value when granted of $7 million (2020 - $8 million) is being recognized over the vesting period. The fair value was calculated using a risk-neutral Monte Carlo simulation based on a correlated Geometric Brownian Motion. The model used historical share price volatility ranging from 32% to 99% (2020 - 25% to 68%) for the group, a Canadian risk-free annual interest rate of 0.81% (2020 - 0.87%), and a United States risk-free annual interest rate of 0.35% (2020 - 0.61%). As at December 31, 2021, 3 million PSUs had been issued under the plan. For the year ended December 31, 2021, share-based payments expense relating to PSUs was $4 million (2020 - $2 million). Restricted phantom unit plan During the year-ended December 31, 2021, the Company set up a Restricted Phantom Unit plan (the "RPU plan") for the benefit of the directors of the Company. Once vested, each restricted phantom unit is redeemable for the cash value of one common share. As the restricted phantom units ("RPUs") are cash settled, they are recorded as a liability at fair market value on the Consolidated Balance Sheet with changes in the fair value being recognized as a share-based payment expense or recovery in the Consolidated Statement of Operations. As at December 31, 2021, no RPUs have been granted under the plan. Incentive plan On June 29, 2007, the Company established the B2Gold Incentive Plan (the “Incentive Plan”) for the benefit of directors, officers, employees and service providers of the Company and issued to the trustees of the Incentive Plan options to acquire 4,955,000 common shares. On October 12, 2007, following the exercise of these options, an aggregate of 4,955,000 common shares were issued to and paid for by the trustees of the Incentive Plan. These shares were held in trust by the trustees pursuant to the terms of the Incentive Plan. The Company is required under IFRS to consolidate the trust. The Company recognizes a share-based compensation expense with respect to these incentive shares, when these shares are granted to the ultimate beneficiaries by the trust. As at December 31, 2021, there are 1,705,000 common shares remaining in the trust. Earnings per share The following is the calculation basic and diluted earnings per share: 2021 2020 $ $ Net income and diluted net income (attributable to shareholders of the Company) 420,065 628,063 Basic weighted average number of common shares outstanding (in thousands) 1,053,809 1,043,385 Effect of dilutive securities: Stock options 4,883 8,541 Restricted share units 1,478 2,461 Performance share units 1,372 1,915 Diluted weighted average number of common shares outstanding (in thousands) 1,061,542 1,056,302 Earnings per share (attributable to shareholders of the Company) Basic $ 0.40 $ 0.60 Diluted $ 0.40 $ 0.59 |
Non-controlling interest
Non-controlling interest | 12 Months Ended |
Dec. 31, 2021 | |
Statement of changes in equity [abstract] | |
Non-controlling interests | Non-controlling interest The following is a continuity schedule of the Company's non-controlling interests: Fekola Masbate Otjikoto Other Total $ $ $ $ $ Balance at December 31, 2019 30,429 16,189 13,877 914 61,409 Share of net income (loss) 35,742 113 9,856 (1,361) 44,350 Interest on loan to non-controlling interest (3,082) — — — (3,082) Distributions to non-controlling interest (11,097) — (3,143) — (14,240) Other — — 137 — 137 Balance at December 31, 2020 51,992 16,302 20,727 (447) 88,574 Share of net income 32,292 351 7,641 476 40,760 Interest on loan to non-controlling interest (3,184) — — — (3,184) Distributions to non-controlling interest (22,011) — (9,142) — (31,153) Repayment of loan by non-controlling interest — — 5,312 — 5,312 Purchase of non-controlling interest — — — 1,099 1,099 Non-controlling interest associated with mineral properties sold (Note 8) — — — (1,084) (1,084) Other — — 389 — 389 Balance at December 31, 2021 59,089 16,653 24,927 44 100,713 As at December 31, 2020, there was $5 million due to the State of Mali for their share of dividends declared by Fekola (Note 17). This amount was included in other current liabilities in the Consolidated Balance Sheets at December 31, 2020 and paid during the year ended December 31, 2021. |
Derivative financial instrument
Derivative financial instruments | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Derivative financial instruments | Derivative financial instruments Fuel derivatives During the year ended December 31, 2021, the Company entered into additional series of forward contracts for the purchase of 27 million litres of gas oil and 41 million litres of fuel oil with scheduled settlement between February 2022 and October 2023. These derivative instruments were not designated as hedges by the Company and were recorded at FVTPL. For the year ended December 31, 2021, the Company recorded an unrealized derivative gain on fuel derivatives of $11 million (2020 – gain of $6 million) and a realized fuel derivative gain of $14 million (2020 - loss of $6 million) in the Consolidated Statement of Operations. The following is a summary, by maturity dates, of the Company’s fuel derivative contracts outstanding as at December 31, 2021: 2022 2023 Total Forward – fuel oil: Litres (thousands) 51,884 21,292 73,176 Average strike price $ 0.32 $ 0.37 $ 0.33 Forward – gas oil: Litres (thousands) 40,171 17,066 57,237 Average strike price $ 0.37 $ 0.43 $ 0.39 The unrealized fair value of these contracts at December 31, 2021 was $15 million (see Notes 5 and 9). Subsequent to December 31, 2021, the Company entered into contracts for a further 1,969,000 litres of fuel oil for delivery between October and December 2023 at a price of $0.43 per litre. Interest rate swaps On January 24, 2019, the Company entered into a series of interest rate swaps with a notional amount of $125 million with settlements scheduled between April 2019 and July 2021. Under these contracts, the Company received a floating rate equal to the 3 month United States dollar LIBOR rate and pays a fixed rate of between 2.36% and 2.67%. During the year ended December 31, 2021, the Company delivered into the last of these contracts and no contracts remain outstanding. |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of fair value measurement [Abstract] | |
Financial instruments | Financial instruments The Company’s financial assets and liabilities consist of cash and cash equivalents, accounts receivable, loan receivable, long-term investments, accounts payable and accrued liabilities, fuel derivative contracts, interest rate swaps, and long-term debt. Fair values The Company’s financial assets and liabilities are classified based on the lowest level of input significant to the fair value measurement based on the fair value hierarchy: Level 1 – quoted prices in active markets for identical assets or liabilities; Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3 – inputs for the asset or liability that are not based on observable market data. As at December 31, 2021, the Company’s financial assets and liabilities measured at fair value are categorized as follows: As at December 31, 2021 As at December 31, 2020 Level 1 Level 2 Level 1 Level 2 $ $ $ $ Long-term investments (Note 7) 32,118 — 9,354 — Fuel derivative contracts (Note 14) — 15,424 — 4,600 Interest rate swaps (Note 14) — — — (2,059) The fair value of the Company’s long-term investments were determined using market quotes from an active market for each investment. The fair value of the Company's fuel derivative contracts and interest rate swaps were determined using prevailing market rates for instruments with similar characteristics. The fair value of the Company's long-term debt also approximates its carrying value as it has a floating interest rate and the Company's credit spread has remained approximately consistent. The fair value of the Company's other financial instruments approximate their carrying value due to their short-term nature. Capital risk management The Company’s objectives when managing its capital is to ensure it will be able to continue as a going concern while maximizing the return to shareholders including the payment of dividends. The selling price of gold and minimizing production costs and capital expenditures are key factors in helping the Company reach its capital risk management objectives. The capital structure of the Company includes shareholders’ equity and debt. Credit risk As at December 31, 2021, the Company’s maximum exposure to credit risk was the book value of cash and cash equivalents, accounts receivable, deferred consideration receivable, value added and other taxes receivable, loans receivable and the carrying value of its derivative portfolio. The Company limits its credit exposure on cash and cash equivalents by holding its deposits mainly with high credit quality financial institutions as determined by credit rating agencies. Liquidity risk The Company manages its liquidity risk through its budgeting and forecasting process. Budgets are prepared annually and forecasts are prepared and reviewed on a regular basis, to help determine the funding requirements to support the Company’s current operations and expansion and development plans and by managing its capital structure as described above. As at December 31, 2021, the Company had cash and cash equivalents of $673 million. Cash provided by operating activities totalled $724 million for the year ended December 31, 2021. As at December 31, 2021, the Company had a $600 million revolving credit facility of which the entire balance of $600 million is undrawn. As at December 31, 2021, the Company had drawn down the full amount under its equipment loan facilities at Fekola and Masbate. As at December 31, 2021, the Company’s significant commitments are disclosed in the table below. In addition, significant commitments are disclosed in Note 10 for debt repayments and Note 21 for capital expenditure commitments. 2022 2023 2024 2025 2026 Total $ $ $ $ $ $ Accounts payable and accrued liabilities 111,716 — — — — 111,716 Fekola equipment loan facilities: Principal 18,028 10,320 8,334 6,183 — 42,865 Interest (estimated) 1,816 1,063 586 158 — 3,623 Masbate equipment loan facility: Principal 3,076 766 106 — — 3,948 Interest (estimated) 167 26 2 — — 195 Lease liabilities Principal 3,269 2,605 2,144 1,387 1,429 10,834 Interest (estimated) 11 — — — — 11 138,083 14,780 11,172 7,728 1,429 173,192 Capital expenditure commitments 59,712 2,401 — — — 62,113 Commitment fees on revolving credit facility 2,700 2,700 2,700 2,588 — 10,688 Other liabilities 1,040 1,565 — — — 2,605 201,535 21,446 13,872 10,316 1,429 248,598 Market risk Market risk includes currency and price risk. The Company’s operations in foreign countries are subject to currency fluctuations and such fluctuations may materially affect the Company’s financial position and results. The Company reports its financial results in United States dollars and incurs expenses in European euros, CFA francs, Namibian dollars, South African rand, Philippine pesos, United States dollars, Canadian dollars and Colombian pesos. As these exchange rates fluctuate against the United States dollar, the Company will experience foreign exchange gains and losses. The Company also holds cash and cash equivalents that are denominated in non-United States dollar currencies which are subject to currency risk. As at December 31, 2021, $514 million of the Company’s $673 million in cash and cash equivalents was held in United States dollars. A 10% movement in foreign exchange rates versus the United States dollar would result in approximately a $16 million change in the Company’s cash position. The Company maintains a portfolio of fuel derivatives that are measured at FVTPL. A 10% change in the forward price of fuel would result in a $6 million change in the value of the fuel derivative portfolio. |
Income and other taxes
Income and other taxes | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of income tax [Abstract] | |
Income and other taxes | Income and other taxes Income tax expense differs from the amount that would result from applying the Canadian federal and provincial income tax rates to earnings from operations before taxes. These differences result from the following items: 2021 2020 $ $ Income from operations before taxes 726,227 1,034,428 Canadian federal and provincial income tax rates 27.00 % 27.00 % Income tax expense at statutory rates 196,081 279,296 Increase (decrease) attributable to: Effects of different foreign statutory tax rates 40,067 54,294 Change due to foreign exchange 28,261 (23,718) Withholding and other taxes 28,249 13,682 Non-deductible expenditures 24,356 29,499 Change in income tax rates (20,143) — Benefit of tax incentives (16,544) (19,185) Use of losses and temporary differences not previously recognized (10,481) — Future withholding tax (3,300) 24,300 Non-taxable portions of gains (4,754) (3,073) Losses for which no tax benefit has been recorded 1,876 4,487 Change in accruals for tax audits 1,200 2,757 Amounts under (over) provided for in prior years 534 (324) Income tax expense 265,402 362,015 Current income tax, withholding and other taxes 270,669 309,913 Deferred income tax (recovery) expense (5,267) 52,102 Income tax expense 265,402 362,015 Included in current income tax expense for the year-ended December 31, 2021, is $39 million (2020 - $49 million), related to the State of Mali's 10% priority dividend on its free carried interest in the Fekola Mine. This priority dividend is accounted for as an income tax in accordance with IAS 12, Income Taxes. During the year ended December 31, 2021, the company recorded a deferred tax recovery of $3 million (2020 - expense of $24 million) related to future withholding tax expected to be incurred on retained earnings the Company is planning to repatriate from its foreign subsidiaries in the foreseeable future. The Company's foreign subsidiaries continue to accumulate earnings in excess of their expected needs for reinvestment. The deferred tax expense will eventually be a current tax expense as dividends from foreign subsidiaries and the associated withholding taxes are paid. Deferred tax liabilities of approximately $112 million (2020 – $99 million) have not been recognized on the repatriation of earnings from foreign subsidiaries where the Company controls the timing of the reversal of the temporary differences but it is probable that such differences will not reverse in the foreseeable future. Total income tax expense attributable to geographical jurisdiction is as follows: 2021 2020 $ $ Mali 216,560 215,115 Philippines (5,044) 83,904 Namibia 45,773 63,879 Other 8,113 (883) 265,402 362,015 The composition of the Company’s net deferred income tax (liabilities) assets and deferred tax expense (recovery) is as follows: Deferred tax Deferred income tax expense/(recovery) As at December 31, 2021 As at December 31, 2020 2021 2020 $ $ $ $ Operating loss carry-forwards 30,735 21,105 (9,630) (7,651) Current assets and liabilities (5,502) 5,005 10,507 2,673 Mining interests (211,581) (226,571) (10,333) 45,341 Mine restoration provisions 29,052 30,445 1,393 (5,535) Future withholding tax (21,000) (24,300) (3,300) 24,300 Unrealized gains (8,097) (3,085) 5,012 (7,033) Other (39) 1,045 1,084 7 (186,432) (196,356) (5,267) 52,102 Represented on the balance sheet as: 2021 2020 $ $ Deferred tax asset (1,455) (24,547) Deferred tax liability 187,887 220,903 Balance, end of year 186,432 196,356 The Company has the following unrecognized deferred tax assets: 2021 2020 $ $ Capital and non-capital tax losses 109,567 117,734 Long-term debt 3,256 6,449 Mining interests and other 600 2,524 Mine restoration provisions 431 — Current assets — 864 113,854 127,571 The Company has not recognized potential deferred tax assets of $114 million (2020 - $128 million) as it is not probable that future taxable profits will be available against which the Company can utilize the potential deferred tax assets. The change for the year in the Company’s net deferred tax liability was as follows: 2021 2020 $ $ Balance, beginning of year 196,356 144,254 Deferred income tax (recovery) expense (5,267) 52,102 Deferred income tax liability related to Kiaka disposal (4,657) — (9,924) 52,102 Balance, end of year 186,432 196,356 At December 31, 2021, the Company had non-capital tax losses which are not recognized as deferred tax assets. The Company recognizes the tax benefit of the non-capital tax losses only to the extent of anticipated future taxable income that can be reduced by non-capital tax losses. The gross amount of the non-capital tax losses for which a tax benefit has not been recorded are $295 million (2020 - $282 million) in Canada which expire between 2027 and 2041, and $1 million (2020 - $17 million) in Colombia which expire between 2031 and 2033. At December 31, 2021 the Company had capital losses in Canada of $310 million which have no expiry date and can be applied against future capital gains. No deferred income tax asset has been recorded with respect to these losses. During the year ended December 31, 2021 the Company paid $324 million (2020 - $217 million) of current income tax, withholding and other taxes in cash. |
Supplementary cash flow informa
Supplementary cash flow information | 12 Months Ended |
Dec. 31, 2021 | |
Statement of cash flows [abstract] | |
Supplementary cash flow information | Supplementary cash flow information Supplementary disclosure of cash flow information is provided in the table below: Non-cash (credits) charges: 2021 2020 $ $ Depreciation and depletion 378,892 301,491 Share-based payments (Note 12) 22,571 17,129 Impairment (reversal of impairment) of long-lived assets, net (Note 8) 5,905 (174,309) Net gain on disposal of Burkina Faso assets (Note 8) (22,463) — Share of net income of associates (Note 8) (17,543) (22,167) Write-down of mineral property interests (Note 8) 15 11,353 Non-cash interest and financing expense 8,797 12,806 Unrealized gains on derivative instruments (Note 14) (12,884) (5,336) Deferred income tax (recovery) expense (Note 16) (5,267) 52,102 Other 11,533 4,989 369,556 198,058 Changes in non-cash working capital: 2021 2020 $ $ Accounts receivable and prepaids 568 3,977 Value-added and other tax receivables (48,820) (727) Inventories (24,042) (24,823) Accounts payable and accrued liabilities 12,078 7,038 Current income and other taxes payable (44,399) 101,312 (104,615) 86,777 Other exploration and development: 2021 2020 $ $ Fekola Mine, exploration (13,014) (14,718) Masbate Mine, exploration (5,013) (8,266) Otjikoto Mine, exploration (4,424) (3,183) Menankoto Property, exploration (4,942) (4,489) Bantako North Property, exploration (9,057) (3,199) Kiaka Project, exploration (4,313) (4,032) Ondundu Property, exploration (188) (922) Finland Properties, exploration (3,527) (2,336) Uzbekistan Properties, exploration (4,456) (1,967) Other (7,182) (5,070) (56,116) (48,182) Non-cash investing and financing activities: 2021 2020 $ $ Change in current liabilities relating to mineral property expenditures 8,762 (2,931) Interest on loan to non-controlling interest 3,746 3,626 Share-based payments, capitalized to mineral property interests 2,124 400 Foreign exchange gains (losses) on Fekola equipment loan facility 4,145 (5,055) Deferred consideration on disposal of Kiaka Project (Note 8) 41,239 — Share consideration received on disposal of Kiaka Project (Note 8) 20,530 — Royalty interest in Kiaka Project (Note 8) 18,488 — Royalty interest in Toega Project (Note 8) 2,599 — Tax guarantee receivable on disposal of Toega Project (Note 8) 1,858 — Share consideration received on disposal of Kronk (Note 8) 4,741 — Change in accrued distributions to non-controlling interests (5,033) 5,033 |
Compensation of key management
Compensation of key management | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Compensation of key management | Compensation of key management Key management includes the Company’s directors, members of the Executive Committee and members of Senior Management. Compensation to key management consisted of: 2021 2020 $ $ Salaries and short-term employee benefits 8,891 8,952 Share-based payments 11,946 9,268 20,837 18,220 |
Production costs by nature
Production costs by nature | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Production costs by nature | Production costs by nature 2021 2020 $ $ Raw materials and consumables 408,219 310,067 Salaries and employee benefits 120,690 112,124 Contractors 32,926 37,183 Equipment rental 3,752 10,266 Other 37,207 26,929 Change in inventories (15,986) (5,707) Capitalized to mining interests (93,419) (82,997) 493,389 407,865 Salaries and employee benefits expense included in general and administrative costs were $28 million for the year ended December 31, 2021 (2020 - $28 million). |
Segmented information
Segmented information | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of entity's operating segments [Abstract] | |
Segmented information | Segmented information The Company’s reportable operating segments for 2021 include its mining operations, namely the Fekola, Masbate and Otjikoto mines. The “Other Mineral Properties” segment consists of the Company’s interests in mineral properties which are at various stages of exploration and development, including the Company's interests in the Gramalote Property and Calibre. The “Corporate and Other” segment includes corporate operations. The Company’s segments are summarized in the following tables: 2021 Fekola Masbate Otjikoto Other Corporate & Other Total $ $ $ $ $ $ External gold revenue 1,024,425 398,879 338,960 — — 1,762,264 Production costs 250,337 146,671 96,381 — — 493,389 Depreciation & depletion 188,601 86,835 103,456 52 2,392 381,336 Impairment of long-lived assets — — — 5,905 — 5,905 Current income tax, withholding and other taxes 190,908 25,750 49,063 37 4,911 270,669 Net income (loss) 263,218 132,615 71,576 9,781 (16,365) 460,825 Capital expenditures 123,651 35,756 85,360 57,552 1,652 303,971 Total assets 1,382,369 786,770 442,280 362,133 587,741 3,561,293 2020 Fekola Masbate Otjikoto Other Corporate & Other Total $ $ $ $ $ External gold revenue 1,113,288 368,473 307,167 — — 1,788,928 Production costs 200,228 131,780 75,857 — — 407,865 Depreciation & depletion 164,591 65,775 71,125 — 1,423 302,914 Reversal of impairment of long-lived assets — 174,309 — — — 174,309 Write-down mineral property interests — — — 11,353 — 11,353 Current income tax, withholding and other taxes 226,059 33,385 50,229 240 — 309,913 Net income (loss) 411,251 234,145 68,075 16,477 (57,535) 672,413 Capital expenditures 198,755 42,307 69,998 41,513 1,295 353,868 Total assets 1,404,135 864,043 450,843 354,577 288,781 3,362,379 The Company’s mining interests are located in the following geographical locations: 2021 2020 $ $ Mining interests Mali 1,084,580 1,134,868 Philippines 636,525 685,139 Namibia 307,434 336,897 Colombia 130,096 105,665 Nicaragua 93,728 76,235 Burkina Faso 21,087 81,382 Canada 23,420 24,160 Finland 12,561 9,034 Other 26,636 9,875 2,336,067 2,463,255 |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Commitments [Abstract] | |
Commitments | Commitments As at December 31, 2021, the Company had the following commitments (in addition to those disclosed elsewhere in these financial statements): • For payments of $38 million for the Wolfshag underground project at the Otjikoto Mine, of which $36 million is expected to be incurred in 2022 and $2 million is expected to be incurred in 2023, and payments of $5 million related to the national power grid connection line, all of which is expected to be incurred in 2022. • For payments of $8 million for mobile equipment, $2 million for the tailings storage facility expansion and $2 million for other capital projects at the Fekola Mine, all of which is expected to be incurred in 2022. • For payments of $3 million for mobile equipment at the Masbate Mine, all of which is expected to be incurred in 2022. • For payments of $4 million for the Gramalote Property, all of which is expected to be incurred in 2022. . |
Mining Interest Schedule
Mining Interest Schedule | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Mining Interest Schedule | Cost Accumulated depreciation Net carrying value Balance at Dec. 31, 2020 Additions Disposals / write-offs Reclass / Mine restoration provision movements Balance at Dec. 31, 2021 Balance at Dec. 31, 2020 Depreciation Disposals / write-offs Balance at Dec. 31, 2021 As at Dec. 31, 2021 As at Dec. 31, 2020 $ $ $ $ $ $ $ $ $ $ $ Property, plant and equipment (depletable) Fekola Mine 1,516,134 126,824 (2,508) 4,887 1,645,337 (416,559) (193,401) 61 (609,899) 1,035,438 1,099,575 Masbate Mine 1,046,577 35,081 (284) 4,313 1,085,687 (361,438) (88,450) 213 (449,675) 636,012 685,139 Otjikoto Mine 696,956 85,571 (3,277) 2,958 782,208 (371,138) (107,383) 3,218 (475,303) 306,905 325,818 3,259,667 247,476 (6,069) 12,158 3,513,232 (1,149,135) (389,234) 3,492 (1,534,877) 1,978,355 2,110,532 Exploration & evaluation properties (pre-depletable) Gramalote Property 95,435 24,392 — 39 119,866 — — — — 119,866 95,435 Menankoto Property 28,991 4,748 — — 33,739 — — — — 33,739 28,991 Bantako North Property 6,191 9,160 — — 15,351 — — — — 15,351 6,191 Kiaka Royalty — 18,488 — — 18,488 — — — — 18,488 — Mocoa Royalty 10,230 — — — 10,230 — — — — 10,230 10,230 Finland Properties 9,034 3,527 — — 12,561 — — — — 12,561 9,034 Uzbekistan Properties 4,131 4,671 — — 8,802 — — — — 8,802 4,131 Kiaka Project 80,927 4,639 (85,566) — — — — — — — 80,927 Ondundu Property 10,701 7,904 (5,905) (12,700) — — — — — — 10,701 Other 6,688 9,514 (5,183) — 11,019 — — — — 11,019 6,688 252,328 87,043 (96,654) (12,661) 230,056 — — — — 230,056 252,328 Corporate Office, furniture & equipment 28,394 1,652 (1,506) — 28,540 (4,234) (2,392) 1,506 (5,120) 23,420 24,160 3,540,389 336,171 (104,229) (503) 3,771,828 (1,153,369) (391,626) 4,998 (1,539,997) 2,231,831 2,387,020 Investments in associates (accounted for using the equity method) Calibre 76,235 17,493 — — 93,728 — — — — 93,728 76,235 BeMetals — 10,508 — — 10,508 — — — — 10,508 — 76,235 28,001 — — 104,236 — — — — 104,236 76,235 3,616,624 364,172 (104,229) (503) 3,876,064 (1,153,369) (391,626) 4,998 (1,539,997) 2,336,067 2,463,255 Cost Accumulated depreciation Net carrying value Balance at Dec. 31, 2019 Additions Disposals / write-offs Reclass / Impairment reversal / Mine restoration provision movements Balance at Dec. 31, 2020 Balance at Dec. 31, 2019 Depreciation Disposals / write-offs Balance at Dec. 31, 2020 As at Dec. 31, 2020 As at Dec. 31, 2019 $ $ $ $ $ $ $ $ $ $ $ Property, plant and equipment (depletable) Fekola Mine 1,322,865 192,924 (7,271) 7,616 1,516,134 (258,580) (164,898) 6,919 (416,559) 1,099,575 1,064,285 Masbate Mine 815,418 42,559 (629) 189,229 1,046,577 (295,616) (66,347) 525 (361,438) 685,139 519,802 Otjikoto Mine 638,664 73,605 (20,016) 4,703 696,956 (323,152) (67,304) 19,318 (371,138) 325,818 315,512 2,776,947 309,088 (27,916) 201,548 3,259,667 (877,348) (298,549) 26,762 (1,149,135) 2,110,532 1,899,599 Exploration & evaluation properties (pre-depletable) Gramalote Property — 7,903 — 87,532 95,435 — — — — 95,435 — Kiaka Project 76,807 4,120 — — 80,927 — — — — 80,927 76,807 Menankoto Property 25,450 3,541 — — 28,991 — — — — 28,991 25,450 Ondundu Property 9,778 923 — — 10,701 — — — — 10,701 9,778 Mocoa Royalty 10,230 — — — 10,230 — — — — 10,230 10,230 Finland Properties 6,697 2,337 — — 9,034 — — — — 9,034 6,697 Bantako North Property 1,689 4,502 — — 6,191 — — — — 6,191 1,689 Uzbekistan Properties 2,164 1,967 — — 4,131 — — — — 4,131 2,164 Other 12,157 5,884 (11,353) — 6,688 — — — — 6,688 12,157 144,972 31,177 (11,353) 87,532 252,328 — — — — 252,328 144,972 Corporate Office, furniture & equipment 4,971 23,423 — — 28,394 (2,811) (1,423) — (4,234) 24,160 2,160 2,926,890 363,688 (39,269) 289,080 3,540,389 (880,159) (299,972) 26,762 (1,153,369) 2,387,020 2,046,731 Investments in joint ventures and associates (accounted for using the equity method) Gramalote Property 77,265 13,124 — (90,389) — — — — — — 77,265 Calibre 53,471 22,764 — 76,235 — — — — 76,235 53,471 130,736 35,888 — (90,389) 76,235 — — — — 76,235 130,736 3,057,626 399,576 (39,269) 198,691 3,616,624 (880,159) (299,972) 26,762 (1,153,369) 2,463,255 2,177,467 |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation The financial statements of the Company consolidate the accounts of B2Gold and its subsidiaries. All intercompany transactions, balances, and unrealized gains and losses from intercompany transactions are eliminated on consolidation. The Company’s most significant wholly-owned and partially owned subsidiaries are presented below: % interest - Fekola SA (“Fekola”) 80 - B2Gold Namibia (Pty) Ltd. (“Otjikoto”) 90 - Philippines Gold Processing & Refining Corporation (“Masbate”) 100 - Filminera Resources Corporation ("Masbate") 40 Subsidiaries are entities controlled by the Company. Control exists when the Company has power over an investee, when the Company is exposed, or has rights, to variable returns from the investee and when the Company has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated from the date on which control is obtained by B2Gold and are de-consolidated from the date that control ceases. The Company holds its interest in the Masbate Gold Project (which operates the Masbate Mine) through two indirectly-owned subsidiaries. B2Gold has a 100% interest in Philippines Gold Processing & Refining Corporation (“PGPRC”) and a 40% interest in Filminera Resources Corporation (“FRC”). The remaining 60% interest in FRC is held by a Philippines-registered company that is owned by a Philippine shareholder. The Company consolidates the Masbate Gold Project as a result of its ownership interests and the contractual relationship between the entities. FRC owns the majority of the Masbate Gold Project tenements. PGPRC owns the process plant and is responsible for the sale of all gold. PGPRC and FRC have a contractual relationship, which includes PGPRC purchasing all of the ore production from FRC at a price equal to the cost for the ore plus a predetermined margin. For accounting purposes, this contractual relationship gives the Company control to consolidate FRC. The Company’s 50% interest in the Gramalote Property located in Colombia operates as an incorporated joint arrangement with AngloGold Ashanti Limited (“AngloGold”). This joint arrangement is accounted for as a joint operation. The Company and AngloGold jointly control the operations of the Gramalote Property. The Company recognizes its share of the assets and liabilities of this joint operation. The Company's interest in Calibre is accounted for as an investment in associate. The Company does not control this entity, but does exert significant influence over its operations. The Company accounts for its interest in this associate using the equity method. The Company's interest in BeMetals is also accounted for as an investment in associate (Note 8). The Company does not control this entity, but does exert significant influence over its operations. The Company accounts for its interest in this associate using the equity method. The Company established a trust arrangement under its Incentive Plan (Note 12) for the benefit of its directors, officers, employees and service providers. The Company consolidates this trust as it has the power to control its financial and operating policies and obtain the benefits from its activities. |
Investments in joint arrangements | Investments in joint arrangements and associates A joint arrangement is a contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The Company considers whether a joint arrangement is a joint operation or joint venture. The parties to a joint operation have the rights to the underlying assets and are exposed to the underlying liabilities of the joint arrangement. The Company accounts for investment in joint operations by recognizing its share of the operations underlying assets, liabilities, revenues and expenses. The parties to a joint venture have an interest in the underlying net assets of the joint arrangement. Investments in joint ventures are accounted for using the equity method. The equity method involves recording the initial investment at cost. Additional funding into an investee is recorded as an increase in the carrying value of the investment. The carrying amount is adjusted by the Company’s share of post-acquisition net income or loss, dilution gains or losses (resulting from changes in ownership interest), depreciation or amortization. An associate is an entity over which the Company has significant influence, but not control. Investments in associates are also accounted for using the equity method. Determination of control or significant influence over investees The assessment of whether the Company has a significant influence or control over an investee requires the application of judgement when assessing factors that could give rise to a significant influence or control. Factors evaluated when making a judgement of control or significant influence over an investee include, but are not limited to, ownership percentage, representation on the board of directors, participation in the policy-making process, material transactions and contractual arrangements between the Company and the investee, interchange of managerial personnel, provision of essential technical information and potential voting rights. In evaluating these factors, the Company determines the level of power over the investee the Company has. Changes in the Company's assessment of the factors used in determining if control or significant influence exists over an investee would impact the accounting treatment of the investment in the investee. Joint arrangements The Company is party to a number of arrangements over which it has determined it does not have control. Judgement is required in determining whether joint control over these arrangements exists, which parties have joint control and whether each arrangement is a joint venture or joint operation. In assessing whether the Company has joint control, the activities of each arrangement are analysed to determine which activities most significantly affect the returns of the arrangement over its life. These activities are determined to be the relevant activities of the arrangement. If unanimous consent is required over the decisions about the relevant activities, the parties whose consent is required would have joint control over the arrangement. The judgements around which activities are considered the relevant activities of the arrangement are subject to analysis by each of the parties to the arrangement and may be interpreted differently. When performing this assessment, the Company generally considers decisions about activities such as managing the asset while it is being designed, developed and constructed, during its operating life and during the closure period. The Company may also consider other activities including, but not limited to, the approval of budgets, expansion and disposition of assets, financing, significant operating and capital expenditures, appointment of key management personnel and representation on the Board of Directors. When circumstances or contractual terms change, the Company reassesses the control group and the relevant activities of the arrangement. If the Company has joint control over an arrangement, an assessment of whether the arrangement is a joint venture or joint operation is required. This assessment is based on whether the Company has rights to the assets, and obligations for the liabilities, relating to the arrangement or whether the Company has rights to the net assets of the arrangement. In making this determination, the Company reviews the legal form of the arrangement, the terms of the contractual arrangement and other relevant facts and circumstances. In a situation where the legal form and the terms of the contractual arrangement does not give the Company rights to the assets and obligations for the liabilities, an assessment of the other relevant facts and circumstances is required. This includes whether the activities of the arrangement are primarily designed for the provision of output to the parties and whether the parties are substantially the only source of cash flows contributing to the |
Foreign currency translation | Foreign currency translation Functional and presentation currency Items included in the financial statements of each of the group's entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The consolidated financial statements are presented in United States dollars, which is the Company’s presentation currency. The Company’s mining operations operate within an economic environment where the functional currency is the United States dollar. References to "$" or "US$" are to United States dollars, while references to "Cdn. $" are to Canadian dollars and "Aus. $" are to Australian dollars. Transactions and balances Transactions denominated in foreign currencies are translated into the United States dollar as follows: • Monetary assets and liabilities are translated at the rates of exchange at the Consolidated Balance Sheet date; • Non-monetary assets and liabilities are translated at historical exchange rates prevailing at each transaction date; • Revenue and expenses are translated at the exchange rate at the date of the transaction, except depreciation, depletion and amortization, which are translated at historical exchange rates, and share-based compensation expense, which is translated at the rates of exchange applicable at the date of grant of the share-based compensation; and • Exchange gains and losses on translation are included in earnings. When the gain or loss on certain non-monetary items, such as long-term investments classified as fair value through other comprehensive income (“OCI”) is recognized in OCI, the translation differences are also recognized in OCI. Group companies For any subsidiaries or joint ventures whose functional currency differs from the United States dollar, balances and transactions are translated into the United States dollar as follows: • Assets and liabilities are translated at the rates of exchange at the Consolidated Balance Sheet date; • Revenue and expenses are translated at average exchange rates throughout the reporting period or at rates that approximate the actual exchange rates; items such as depreciation are translated at the monthly average exchange rate; and • Exchange gains and losses on translation are included in OCI. The exchange gains and losses are recognized in earnings upon the substantial disposition, liquidation or closure of the entity that gave rise to such amounts. |
Financial instruments | Financial instruments The Company recognizes financial assets and liabilities on the Consolidated Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. Cash and cash equivalents are classified as financial assets and subsequently measured at amortized cost. Accounts receivable, accounts payable and accrued liabilities Accounts receivable, accounts payable and accrued liabilities are non-interest bearing and are initially measured at fair value, subsequently recorded at amortized cost which approximates fair value due to the short term to maturity. Where necessary, accounts receivable are net of expected credit losses. Accounts receivable are classified as financial assets subsequently measured at amortized cost and accounts payable and accrued liabilities are classified as financial liabilities and subsequently measured at amortized cost. Long-term investments Equity investments in entities that are not subsidiaries, joint ventures or investments in associates are designated as fair value through profit and loss ("FVTPL") unless they are irrevocably designated, on an individual basis, as fair value through other comprehensive income ("FVOCI"). These investments are measured at fair value on acquisition and at each reporting date. Any unrealized holding gains and losses related to long-term investments designated as FVOCI are excluded from net earnings and are included in OCI. Upon disposal, any accumulated gains and losses remain in equity. Lease liabilities Lease liabilities are interest bearing and are initially measured at the present value and subsequently recorded at amortized cost. Debt The Company initially recognizes all financial liabilities at fair value and classifies them as subsequently measured at either FVTPL or amortized cost, as appropriate. For debt subsequently measured at amortized cost, the effective interest rate method is used. Debt classified as FVTPL is measured at fair value on each financial period-end date with gains and losses flowing through the Consolidated Statement of Operations. For debt that is optionally classified as FVTPL, the part of the fair value change related to the Company’s own credit risk is recorded in OCI rather than the Consolidated Statement of Operations. Derivative instruments Derivative instruments, including embedded derivatives, are recorded at FVTPL and accordingly recorded at fair value on the Consolidated Balance Sheet with changes in the fair value being recognized as gains or losses in the Consolidated Statement of Operations. Fair values for derivative instruments are determined using valuation techniques, using assumptions based on market conditions existing at the balance sheet date. |
Impairment of financial assets | Impairment of financial assets held at amortized cost At each reporting date, the Company measures the loss allowance for financial assets held at amortized cost at an amount equal to the lifetime expected credit losses if the credit risk on the financial assets has increased significantly since initial recognition. If at the reporting date, the credit risk on the financial assets has not increased significantly since initial recognition, the Company measures the loss allowances for the financial assets at an amount equal to twelve month expected credit losses. Derecognition of financial assets Financial assets are derecognized when the investments mature or are sold, and substantially all the risks and rewards of ownership have been transferred. Gains and losses on derecognition of financial assets classified as FVTPL or amortized cost are recognized within other non-operating income. Accumulated gains or losses on financial assets classified as FVOCI remain within accumulated other comprehensive income. |
Inventories | Inventories Gold and silver bullion, in-process and stockpile inventories are recorded at the lower of average cost and net realizable value. The cost of finished goods and work-in-progress comprises raw materials, direct labour, and other direct costs, as well as stripping in the production stage and related production overheads (based on normal operating capacity) including applicable depreciation on property, plant and equipment. Net realizable value is the estimated selling price less applicable selling expenses and cost to complete. When inventories have been written down to net realizable value, a new assessment of net realizable value is made in each subsequent period. If the circumstances that caused the write down no longer exist, the amount of the write down on inventory not yet sold is reversed. Materials and supplies inventories are valued at the lower of average cost and net realizable value. Cost includes acquisition, freight and other directly attributable costs. |
Mining interests | Mining interests Mining interests include property, plant and equipment, mineral properties and mine development costs, deferred stripping, exploration and evaluation expenditures, capitalized borrowing costs and impairment. Property, plant and equipment Property, plant and equipment are recorded at cost. Repairs and maintenance expenditures are charged to operations; major improvements and replacements which extend the useful life of an asset are capitalized. Property, plant and equipment are amortized over the life of the mine using the units-of-production (“UOP”) method based on the recoverable ounces from the estimated proven and probable reserves and a portion of the measured and indicated resources that are reasonably expected to be converted to proven and probable reserves. Mobile equipment, tailings dams and other equipment are depreciated on a straight-line basis over three six Mineral property and mine development costs Mineral property and mine development costs are stated at cost less accumulated depreciation and impairment losses. When production commences, these costs are amortized using the UOP method, based on recoverable ounces from the estimated proven and probable reserves plus a portion of measured and indicated resources that are reasonably expected to be converted to proven and probable reserves. Capitalization of development costs incurred ceases when the mine is capable of operating in the manner intended by management. The Company applies judgement in its assessment of when a mine is capable of operating in the manner intended by management which takes account of the design of the mine and the nature of the initial commissioning phase of the mine. During the commissioning phase of a new mine, pre-production expenditures, net of incidental revenue, are capitalized to plant and equipment. In accordance with the amendments to IAS 16, Property, plant and equipment, for new mines commissioned on or after January 1, 2022, revenues and the associated cost of production for any items produced during the commissioning phase are recognized in the Consolidated Statement of Operations. Early adoption of the standard is also permitted, but the Company has chosen not to early adopt. The Company has determined there is no retrospective impact from the adoption of the standard. Non-recoverable costs for projects determined not to be commercially feasible are expensed in the period in which the determination is made or when the carrying value of the project is determined to be impaired. Deferred stripping Stripping costs incurred during the production phase of a mine are considered production costs and are included in the cost of inventory produced during the period in which stripping costs are incurred, unless the stripping activity can be shown to be a betterment of the mineral property. Betterment occurs when stripping activity increases future output of the mine by providing access to additional reserves. Stripping costs incurred to provide access to the ore body for extraction are capitalized as mine development costs and are amortized on a UOP basis over the reserves and resources to which they relate. Exploration and Evaluation Expenditures The Company defers the cost of acquiring, maintaining its interest, exploring and evaluating a mineral property as exploration and evaluation until a decision to develop, abandon or sell the property is made. Once the technical feasibility and commercial viability of the extraction of mineral reserves or resources from a particular mineral property has been determined, exploration and evaluation expenditures are reclassified to “mineral properties and mine development costs”. If no mineable ore body is discovered, such costs are expensed in the period in which it is determined the property has no future economic value. Exploration costs that do not relate to any specific property are expensed as incurred. The establishment of technical feasibility and commercial viability of a mineral property is assessed based on a combination of factors, such as but not limited to: • The extent to which mineral reserves or mineral resources have been identified through a feasibility study or similar level document; • The results of optimization studies and further technical evaluation carried out to mitigate project risks identified in the feasibility study; • The status of environmental permits; and • The status of mining leases or permits. In addition, commercial viability is deemed to be achieved when the Company determines that the project will provide a satisfactory return relative to its perceived risks. Ore reserves and resources may be declared for an undeveloped mining project before its commercial viability has been fully determined. Evaluation costs may continue to be capitalized during the period between declaration of reserves and approval to mine as further work is undertaken in order to refine the development case to maximize the project’s returns. Borrowing costs Borrowing costs attributable to the acquisition or construction of qualifying assets, which take a substantial period of time to make ready for their intended use are added to the cost of the assets, until such time as the assets are substantially complete and ready for their intended use. The amount of borrowing costs capitalized cannot exceed the actual amount of borrowing costs incurred in a period. All other borrowing costs are expensed in the period in which they are incurred. Impairment and reversals of impairment The carrying amounts of long-lived assets are tested for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. If there are indicators of impairment, the recoverable amount of the asset is estimated in order to determine the extent of the impairment. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount and is recorded as an expense in the Consolidated Statement of Operations. The recoverable amount is the higher of an asset’s “fair value less costs of disposal” ("FVLCD") and “value-in-use”. Where the asset does not generate cash flows that are independent from other assets, the recoverable amount of the cash-generating unit to which the asset belongs is determined. FVLCD is determined as the amount that would be obtained from the sale of the asset less costs of disposal in an arm’s length transaction between knowledgeable and willing parties. For mining assets this would generally be determined based on the present value of the estimated future cash flows arising from the continued development, use or eventual disposal of the asset. In assessing these cash flows and discounting them to the present value, assumptions used are those that an independent market participant would consider appropriate. In assessing “value-in-use”, the estimated future cash flows expected to arise from the continuing use of the assets in their present form and from their disposal are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset. Impairment losses are evaluated for potential reversals when events or circumstances warrant such consideration. Where an impairment loss is subsequently reversed, the amount of such reversal is limited such that the revised carrying amount of the asset or cash-generating unit does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or cash-generating unit in the prior years. A reversal of an impairment loss is recognized into earnings immediately. |
Leases | Leases At the inception of a contract, to determine if it contains a lease, the Company assesses whether it conveys the right to control and obtain substantially all of the economic benefits of an identified asset, for a period of time, in exchange for consideration. Where a contract contains a lease, the Company recognizes a right-of-use asset and a lease liability at the commencement date of the lease. The right-of-use asset is measured at cost less any accumulated depreciation and impairment losses and may be adjusted for any remeasurement of the lease liability. Cost is the amount of the initial lease liability plus any initial direct costs incurred and any lease payments made at or before the commencement date less any incentives received. The right-of-use assets are included in the cost of property, plant and equipment for the associated mining interest on the Consolidated Balance Sheet. They are depreciated, in accordance with the Company's existing accounting policy, over the shorter of the lease term or the life of the asset. The lease liability is initially measured at the present value of future lease payments discounted at the interest rate implicit in the contract. If the implicit rate cannot be determined, the incremental borrowing rate over a similar term and with similar security for the funds necessary to obtain an asset of similar value in a similar economic environment is used. The lease payments include fixed payments less any incentives receivable, variable lease payments that depend on an index or rate and amounts expected to be paid under residual value guarantees. Where the lease contains an extension or purchase option, the costs associated with the option are included if it is reasonably expected to be exercised by the Company. Thereafter, the amount of the lease liability is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of the lease liability is remeasured to reflect any modifications to the contract terms. Lease liabilities are presented as a component of debt on the Consolidated Balance Sheet. The Company has elected not to recognize right-of-use assets and lease liabilities for contracts that have a lease term of 12 months or less or are for the use of low value assets. These contracts are recognized as an expense in the Consolidated Statement of Operations in the period the cost is incurred. In addition, for certain asset classes, the Company has elected to treat both lease and non-lease components as a single lease component for the purposes of applying IFRS 16, Leases . |
Mine restoration provisions | Mine restoration provisions Future obligations to retire an asset including site closure, dismantling, remediation and on-going treatment and monitoring are initially recognized and recorded as a liability based on estimated future cash flows discounted at a risk free rate. The measurement determination is based on estimated future cash flows, the current risk-free discount rate, and an estimated inflation factor. The value of restoration provisions is adjusted at each reporting period for changes to factors including the expected amount of cash flows required to discharge the liability, the timing of such cash flows and the risk-free interest rate. The liability is added to the carrying amount of the associated asset, and this additional carrying amount is depreciated over the life of the asset. The liability is accreted to full value over time through periodic charges to earnings. This unwinding of the discount is expensed in the Consolidated Statement of Operations. As reclamation work is performed or liabilities are otherwise settled, the recorded amount of the liability is reduced. |
Share-based payments | Share-based payments The cost of stock options and other equity-settled share-based payment arrangements is recorded based on the estimated fair-value at the grant date and charged to earnings over the vesting period. |
Current and deferred income taxes | Current and deferred income taxes Income tax comprises current and deferred tax. Income tax is recognized in the Consolidated Statement of Operations except to the extent that it relates to items recognized directly in equity, in which case the income tax is also recognized directly in equity. Taxes on income in interim periods are recorded using the tax rate that would be applicable to expected annual profit. Current tax is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted, at the end of the reporting period. Deferred tax is recognized in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined on a non-discounted basis using tax rates and laws that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the deferred tax asset or liability is reversed. Deferred tax assets are recognized to the extent that it is probable that the assets can be recovered. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except, in the case of subsidiaries, where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. As an exception, deferred tax assets and liabilities are not recognized if the temporary differences arise from the initial recognition of goodwill, or an asset or liability in a transaction (other than in a business combination) that affects neither accounting profit nor taxable profit. Deferred income tax assets and liabilities are presented as non-current. |
Revenue | Revenue Gold revenue is recognized when it is probable that the economic benefits will flow to the Company, delivery has occurred, the sales price is reasonably determinable and collectability is reasonably assured. These criteria are generally met at the time the product is delivered to the customer and, depending on the delivery conditions, title and the risks and rewards of ownership have passed to the customer and acceptance of the product, when contractually required, has been obtained. Gold revenue is measured based on the price specified in the sales contract at the time of sale. Silver revenue is accounted for as a by-product and is recorded as a credit to operating costs. |
Earnings per share | Earnings per share Basic earnings per share is calculated by dividing the net income for the year attributable to shareholders of the Company by the weighted average number of common shares outstanding during the year. Diluted earnings per share is calculated using the treasury share method whereby all “in-the-money” options, warrants and equivalents are assumed to have been exercised at the beginning of the year and the proceeds from the exercise are assumed to have been used to purchase common shares at the average market price during the period. Diluted earnings per share excludes all dilutive potential common shares if their effect is anti-dilutive. |
Uncertain tax positions | Uncertain tax positions The Company’s operations involve the application of complex tax regulations in multiple international jurisdictions. Determining the tax treatment of a transaction requires the Company to apply judgement in its interpretation of the applicable tax law. These positions are not final until accepted by the relevant tax authority. The tax treatment may change based on the result of assessments or audits by the tax authorities often years after the initial filing. The Company recognizes and records potential liabilities for uncertain tax positions based on its assessment of the amount, or range of amounts, of tax that will be due. The Company adjusts these accruals as new information becomes available. Due to the complexity and uncertainty associated with certain tax treatments, the ultimate resolution could result in a payment that is materially different from the Company’s current estimate of the tax liabilities. |
Capitalization of exploration and evaluation expenditures | Capitalization of exploration and evaluation expenditures The application of the Company’s accounting policy for capitalization of exploration and evaluation expenditures requires judgement in determining whether the future economic benefit is likely, either through future exploitation or sale, where properties have not reached a stage which permits a reasonable assessment of the existence of reserves. The deferral policy requires management to make certain judgements about future events or circumstances, in particular whether an economically viable mine can be established. Judgements made may change if new information becomes available. If, after an expenditure is capitalized, information becomes available suggesting that the recovery of expenditure is unlikely, the amount capitalized is written off in the Consolidated Statement of Operations in the period when the new information becomes available. |
COVID-19 estimation uncertainty | COVID-19 estimation uncertainty A global pandemic related to COVID-19 was declared by the World Health Organization in March 2020. The current and expected impacts on global commerce have been and are anticipated to continue to be far-reaching. To date, globally, there has been significant volatility in commodity prices and foreign exchange rates, restrictions on the conduct of business in many jurisdictions, including travel restrictions, and supply chain disruptions. There is significant ongoing global uncertainty surrounding COVID-19 and the extent and duration of the impact that it may have. The areas of estimation uncertainty for the Company which may be impacted include estimates used to determine recoverable reserves and resources, estimates used to determine the recoverable amounts of long-lived assets, estimates used to determine the recoverable amounts of value-added tax receivables and estimates regarding deferred income taxes and valuation allowances. The impact of COVID-19 on the global economic environment, and the local jurisdictions in which the Company operates, could result in changes to the way the Company runs its mines. These changes could result in revenues or costs being different from the Company's expectations. This impact could be material. |
Mineral reserve and resource estimates | Mineral reserve and resource estimates Mineral reserves are estimates of the amount of ore that can be economically and legally extracted from the Company’s mining properties. The Company estimates its mineral reserves and mineral resources based on information compiled by appropriately qualified persons relating to the geological data on the size, depth and shape of the ore body, and requires complex geological assessments to interpret the data. The estimation of recoverable mineral reserves is based upon factors such as estimates of foreign exchange rates, commodity prices, future capital requirements, metallurgical recoveries, permitting and production costs along with geological assumptions made in estimating the size, and grade of the ore body. Changes in the mineral reserve or mineral resource estimates may impact the carrying value of mining interests, mine restoration provisions, recognition of deferred tax assets, depreciation and amortization charges and royalties receivable. |
Impairment of long-lived assets | Impairment of long-lived assets Long-lived assets are tested for impairment, or reversal of a previous impairment, if there is an indicator of impairment or a subsequent reversal. Calculating the estimated recoverable amount of cash generating units for long-lived asset requires management to make estimates and assumptions that include such factors as reserves and resources, future production levels, metallurgical recovery estimates, operating and capital costs, future metal prices and discount rates. Changes in any of these assumptions or estimates used in determining the recoverable amount could impact the analysis. Such changes could be material. |
Value-added tax receivables | Value-added tax receivables The Company incurs indirect taxes, including value-added tax, on purchases of goods and services at its operating mines and development projects. Indirect tax balances are recorded at their estimated recoverable amounts within current or long-term assets, net of provisions, and reflect the Company’s best estimate of their recoverability under existing tax rules in the respective jurisdictions in which they arise. Management’s assessment of recoverability considers the probable outcomes of claimed deductions and/or disputes. The provisions and balance sheet classifications made to date may be subject to change and such change may be material. |
Current and deferred income taxes | Current and deferred income taxes The Company is periodically required to estimate the tax basis of assets and liabilities. Where applicable tax laws and regulations are either unclear or subject to varying interpretations, it is possible that changes in these estimates could occur that materially affect the amounts of deferred income tax assets and liabilities recorded in the financial statements. Changes in deferred tax assets and liabilities generally have a direct impact on earnings in the period that the changes occur. Each period, the Company evaluates the likelihood of whether some portion or all of each deferred tax asset will not be realized. This evaluation is based on historic and future expected levels of taxable income and the associated repatriation of retained earnings, the pattern and timing of reversals of taxable temporary timing differences that give rise to deferred tax liabilities, and tax planning initiatives. Levels of future taxable income are affected by, among other things, metal prices, production costs, quantities of proven and probable gold reserves, interest rates and foreign currency exchange rates. The |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Disclosure of significant subsidiaries | The Company’s most significant wholly-owned and partially owned subsidiaries are presented below: % interest - Fekola SA (“Fekola”) 80 - B2Gold Namibia (Pty) Ltd. (“Otjikoto”) 90 - Philippines Gold Processing & Refining Corporation (“Masbate”) 100 - Filminera Resources Corporation ("Masbate") 40 |
Accounts receivable, prepaids_2
Accounts receivable, prepaids and other (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of accounts receivable, prepaids and other | 2021 2020 $ $ Current portion of derivative instruments (Note 14) 12,823 3,252 Supplier advances 7,291 5,208 Prepaid expenses 4,151 4,903 Other receivables 7,847 7,943 32,112 21,306 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventories [Abstract] | |
Schedule of current inventories | 2021 2020 $ $ Gold and silver bullion 52,867 39,157 In-process inventory 13,260 7,984 Ore stock-pile inventory 72,242 71,115 Materials and supplies 133,985 119,799 272,354 238,055 |
Long-term investments (Tables)
Long-term investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Available-for-sale financial assets [abstract] | |
Schedule of Long-Term Investments | 2021 2020 Cost AOCI Fair value Cost AOCI Fair value $ $ $ $ $ $ West African Resources Ltd. (Note 8) 20,530 759 21,289 — — — St. Augustine Gold & Copper Ltd. 20,193 (11,578) 8,615 20,193 (13,780) 6,413 RTG Mining Inc. 13,400 (12,114) 1,286 13,400 (11,167) 2,233 Libero Copper & Gold Corporation 632 272 904 632 61 693 Goldstone Resources Ltd. 20 4 24 20 (5) 15 54,775 (22,657) 32,118 34,245 (24,891) 9,354 |
Mining interests (Tables)
Mining interests (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Exploration And Evaluation Of Mineral Resources [Abstract] | |
Disclosure of detailed information about property, plant and equipment | 2021 2020 $ $ Property, plant and equipment (depletable) Fekola Mine, Mali Cost 1,645,337 1,516,134 Accumulated depreciation and depletion (609,899) (416,559) 1,035,438 1,099,575 Masbate Mine, Philippines Cost 1,085,687 1,046,577 Accumulated depreciation and depletion (449,675) (361,438) 636,012 685,139 Otjikoto Mine, Namibia Cost 782,208 696,956 Accumulated depreciation and depletion (475,303) (371,138) 306,905 325,818 Exploration and evaluation properties (pre-depletable) Gramalote Property, Colombia, net of impairment 119,866 95,435 Menankoto Property, Mali 33,739 28,991 Bantako North Property, Mali 15,351 6,191 Kiaka Royalty, Burkina Faso 18,488 — Mocoa Royalty, Colombia 10,230 10,230 Finland Properties, Finland 12,561 9,034 Uzbekistan Properties, Uzbekistan 8,802 4,131 Kiaka Project, Burkina Faso — 80,927 Ondundu Property, Namibia — 10,701 Other 11,019 6,688 230,056 252,328 Corporate & other Office, furniture and equipment, net 23,420 24,160 2,231,831 2,387,020 Investments in associates (accounted for using the equity method) Calibre, Nicaragua 93,728 76,235 BeMetals, Various 10,508 — 104,236 76,235 2,336,067 2,463,255 Cost Accumulated depreciation Net carrying value Balance at Dec. 31, 2020 Additions Disposals / write-offs Reclass / Mine restoration provision movements Balance at Dec. 31, 2021 Balance at Dec. 31, 2020 Depreciation Disposals / write-offs Balance at Dec. 31, 2021 As at Dec. 31, 2021 As at Dec. 31, 2020 $ $ $ $ $ $ $ $ $ $ $ Property, plant and equipment (depletable) Fekola Mine 1,516,134 126,824 (2,508) 4,887 1,645,337 (416,559) (193,401) 61 (609,899) 1,035,438 1,099,575 Masbate Mine 1,046,577 35,081 (284) 4,313 1,085,687 (361,438) (88,450) 213 (449,675) 636,012 685,139 Otjikoto Mine 696,956 85,571 (3,277) 2,958 782,208 (371,138) (107,383) 3,218 (475,303) 306,905 325,818 3,259,667 247,476 (6,069) 12,158 3,513,232 (1,149,135) (389,234) 3,492 (1,534,877) 1,978,355 2,110,532 Exploration & evaluation properties (pre-depletable) Gramalote Property 95,435 24,392 — 39 119,866 — — — — 119,866 95,435 Menankoto Property 28,991 4,748 — — 33,739 — — — — 33,739 28,991 Bantako North Property 6,191 9,160 — — 15,351 — — — — 15,351 6,191 Kiaka Royalty — 18,488 — — 18,488 — — — — 18,488 — Mocoa Royalty 10,230 — — — 10,230 — — — — 10,230 10,230 Finland Properties 9,034 3,527 — — 12,561 — — — — 12,561 9,034 Uzbekistan Properties 4,131 4,671 — — 8,802 — — — — 8,802 4,131 Kiaka Project 80,927 4,639 (85,566) — — — — — — — 80,927 Ondundu Property 10,701 7,904 (5,905) (12,700) — — — — — — 10,701 Other 6,688 9,514 (5,183) — 11,019 — — — — 11,019 6,688 252,328 87,043 (96,654) (12,661) 230,056 — — — — 230,056 252,328 Corporate Office, furniture & equipment 28,394 1,652 (1,506) — 28,540 (4,234) (2,392) 1,506 (5,120) 23,420 24,160 3,540,389 336,171 (104,229) (503) 3,771,828 (1,153,369) (391,626) 4,998 (1,539,997) 2,231,831 2,387,020 Investments in associates (accounted for using the equity method) Calibre 76,235 17,493 — — 93,728 — — — — 93,728 76,235 BeMetals — 10,508 — — 10,508 — — — — 10,508 — 76,235 28,001 — — 104,236 — — — — 104,236 76,235 3,616,624 364,172 (104,229) (503) 3,876,064 (1,153,369) (391,626) 4,998 (1,539,997) 2,336,067 2,463,255 Cost Accumulated depreciation Net carrying value Balance at Dec. 31, 2019 Additions Disposals / write-offs Reclass / Impairment reversal / Mine restoration provision movements Balance at Dec. 31, 2020 Balance at Dec. 31, 2019 Depreciation Disposals / write-offs Balance at Dec. 31, 2020 As at Dec. 31, 2020 As at Dec. 31, 2019 $ $ $ $ $ $ $ $ $ $ $ Property, plant and equipment (depletable) Fekola Mine 1,322,865 192,924 (7,271) 7,616 1,516,134 (258,580) (164,898) 6,919 (416,559) 1,099,575 1,064,285 Masbate Mine 815,418 42,559 (629) 189,229 1,046,577 (295,616) (66,347) 525 (361,438) 685,139 519,802 Otjikoto Mine 638,664 73,605 (20,016) 4,703 696,956 (323,152) (67,304) 19,318 (371,138) 325,818 315,512 2,776,947 309,088 (27,916) 201,548 3,259,667 (877,348) (298,549) 26,762 (1,149,135) 2,110,532 1,899,599 Exploration & evaluation properties (pre-depletable) Gramalote Property — 7,903 — 87,532 95,435 — — — — 95,435 — Kiaka Project 76,807 4,120 — — 80,927 — — — — 80,927 76,807 Menankoto Property 25,450 3,541 — — 28,991 — — — — 28,991 25,450 Ondundu Property 9,778 923 — — 10,701 — — — — 10,701 9,778 Mocoa Royalty 10,230 — — — 10,230 — — — — 10,230 10,230 Finland Properties 6,697 2,337 — — 9,034 — — — — 9,034 6,697 Bantako North Property 1,689 4,502 — — 6,191 — — — — 6,191 1,689 Uzbekistan Properties 2,164 1,967 — — 4,131 — — — — 4,131 2,164 Other 12,157 5,884 (11,353) — 6,688 — — — — 6,688 12,157 144,972 31,177 (11,353) 87,532 252,328 — — — — 252,328 144,972 Corporate Office, furniture & equipment 4,971 23,423 — — 28,394 (2,811) (1,423) — (4,234) 24,160 2,160 2,926,890 363,688 (39,269) 289,080 3,540,389 (880,159) (299,972) 26,762 (1,153,369) 2,387,020 2,046,731 Investments in joint ventures and associates (accounted for using the equity method) Gramalote Property 77,265 13,124 — (90,389) — — — — — — 77,265 Calibre 53,471 22,764 — 76,235 — — — — 76,235 53,471 130,736 35,888 — (90,389) 76,235 — — — — 76,235 130,736 3,057,626 399,576 (39,269) 198,691 3,616,624 (880,159) (299,972) 26,762 (1,153,369) 2,463,255 2,177,467 |
Schedule of gain (loss) on sale of mining interest | The gain on the disposal of the Kiaka Project was, $23 million as outlined below: $ Proceeds from sale: Initial payment received upon agreement execution 450 Cash consideration received upon closing 22,500 Common shares of WAF, issued upon closing 20,530 Cash consideration, one year from closing discounted at 10.22% 41,239 NSR royalty 18,488 Transaction costs (248) Total proceeds from sale, net of transaction costs 102,959 Total assets sold 85,656 Total liabilities sold (5,356) Net assets sold 80,300 Gain on disposal of Kiaka Project 22,659 The loss on the disposal of the Toega Property is outlined below: $ Proceeds from sale: Cash consideration, received upon agreement execution 9,000 Cash consideration, received upon closing 9,000 NSR royalty 2,599 Tax guarantee receivable 1,858 Transaction costs (18) Total proceeds from sale, net of transaction costs 22,439 Total assets sold 23,237 Total liabilities sold (602) Net assets sold 22,635 Loss on disposal of Toega Property (196) |
Disclosure of investments accounted for using equity method | The following table summarizes the change in the carrying amount of the Company's investment in BeMetals: $ Balance at December 31, 2020 — Share consideration on Kronk sale 4,741 Purchase of BeMetals shares 5,945 Share of net loss for the year (164) Loss on dilution (14) Balance at December 31, 2021 10,508 The following table summarizes the change in the carrying amount of the Company's investment in associate: $ Balance at December 31, 2019 53,471 Share of net income for the year 22,167 Gain on dilution 597 Balance at December 31, 2020 76,235 Share of net income for the year 17,707 Loss on dilution (214) Balance at December 31, 2021 93,728 |
Disclosure of Significant Unobservable Inputs Used in Fair Value Measurement of Assets | The Company’s estimate of future cash flows is subject to risks and uncertainty and, therefore, could change in the future if the underlying assumptions change. Key assumptions used for the impairment tests were: 2020 2019 Long-term gold price $1,500/ounce $1,350/ounce Silver price $17/ounce $17/ounce Estimated final year of production 2036 2036 Discount rate 5 % 5 % |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets1 [Abstract] | |
Schedule of other assets | 2021 2020 $ $ Low-grade stockpile 34,318 28,322 Reclamation deposits 26,170 19,099 Debt service reserve account (Note 10) 8,701 9,805 Deferred financing costs (Note 10) 8,959 5,449 Derivative instruments at fair value 2,602 1,348 Other 1,621 3,119 82,371 67,142 |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Long-Term Debt1 [Abstract] | |
Disclosure of debt instruments | 2021 2020 $ $ Equipment loans/finance lease obligations: Fekola equipment loan facilities (net of unamortized transaction costs) 42,408 71,261 Masbate equipment loan facility (net of unamortized transaction costs) 3,865 7,254 Lease liabilities 28,861 31,507 75,134 110,022 Less: current portion (25,408) (34,111) 49,726 75,911 |
Disclosure of changes in debt balances | The following is a continuity schedule of the Company's debt balances: Revolving credit facility Equipment loans Lease Liabilities Total $ $ $ $ Balance at December 31, 2019 192,287 59,833 9,731 261,851 Drawdowns 250,000 42,065 — 292,065 Lease liabilities incurred — — 22,879 22,879 Debt repayments (450,000) (28,445) (3,637) (482,082) Foreign exchange losses — 5,054 1,270 6,324 Reclass of deferred financing costs to other assets (Note 9) 6,018 — — 6,018 Deferred transaction costs incurred — (649) — (649) Non-cash interest and financing expense 1,695 657 1,264 3,616 Balance at December 31, 2020 — 78,515 31,507 110,022 Lease liabilities incurred — — 398 398 Debt repayments — (28,797) (3,889) (32,686) Foreign exchange gains — (4,145) (295) (4,440) Deferred transaction costs incurred 5,768 — — 5,768 Reclass of deferred financing costs to other assets (Note 9) (5,768) — — (5,768) Non-cash interest and financing expense — 700 1,140 1,840 Balance at December 31, 2021 — 46,273 28,861 75,134 Less: current portion — (21,117) (4,291) (25,408) — 25,156 24,570 49,726 |
Disclosure of maturity analysis of operating lease payments | The expected timing of undiscounted lease payments at December 31, 2021 for leases accounted for under IFRS 16 is as follows: $ Less than one year 3,763 One to five years 12,501 More than five years 18,964 35,228 |
Disclosure of long-term debt maturities | The following table summarizes the Company’s scheduled debt repayments on its outstanding debt as at December 31, 2021: 2022 2023 2024 2025 2026 Total $ $ $ $ $ $ Fekola equipment loan facilities: Principal 18,028 10,320 8,334 6,183 — 42,865 Interest (estimated) 1,816 1,063 586 158 — 3,623 Masbate equipment loan facility: Principal 3,076 766 106 — — 3,948 Interest (estimated) 167 26 2 — — 195 Lease liabilities Principal 3,269 2,605 2,144 1,387 1,429 10,834 Interest (estimated) 11 — — — — 11 26,367 14,780 11,172 7,728 1,429 61,476 |
Mine restoration provisions (Ta
Mine restoration provisions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Provisions [Abstract] | |
Disclosure of other provisions | The following table shows the movement in the provision for mine restoration provisions: 2021 2020 $ $ Balance, beginning of year 104,282 75,419 Reclamation spending at continuing operations (343) (425) Accretion expense 1,438 917 Change in obligation 12,484 28,371 Liabilities associated with assets sold (580) — Balance, end of year 117,281 104,282 Less: current portion (734) — 116,547 104,282 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |
Disclosure of number and weighted average exercise prices of share options | A summary of changes to stock options outstanding is as follows: Number of Weighted- (‘000’s) (in Cdn.$) Outstanding at December 31, 2019 36,066 3.29 Granted 395 6.21 Exercised (19,265) 3.11 Forfeited or expired (343) 3.48 Outstanding at December 31, 2020 16,853 3.56 Granted 19,461 5.45 Exercised (3,052) 2.64 Forfeited or expired (773) 4.58 Outstanding at December 31, 2021 32,489 4.75 |
Disclosure of range of exercise prices of outstanding share options | Stock options outstanding and exercisable as at December 31, 2021 are as follows: Range of exercise prices Number of outstanding options Weighted- average years to expiry Weighted-average exercise price Number of exercisable options Weighted-average exercise price 2.94 – 2.99 33 1.749 2.94 33 2.94 3.00 – 3.99 9,733 1.353 3.42 9,518 3.42 4.00 – 4.99 3,615 6.772 4.55 628 4.26 5.00 – 5.99 16,719 4.465 5.35 4,683 5.35 6.00 – 6.99 2,269 4.311 6.25 662 6.24 7.00 – 8.53 120 3.565 8.01 40 8.01 32,489 3.771 4.75 15,564 4.16 |
Disclosure of number and weighted average remaining contractual life of outstanding share options | Stock options outstanding and exercisable as at December 31, 2021 are as follows: Range of exercise prices Number of outstanding options Weighted- average years to expiry Weighted-average exercise price Number of exercisable options Weighted-average exercise price 2.94 – 2.99 33 1.749 2.94 33 2.94 3.00 – 3.99 9,733 1.353 3.42 9,518 3.42 4.00 – 4.99 3,615 6.772 4.55 628 4.26 5.00 – 5.99 16,719 4.465 5.35 4,683 5.35 6.00 – 6.99 2,269 4.311 6.25 662 6.24 7.00 – 8.53 120 3.565 8.01 40 8.01 32,489 3.771 4.75 15,564 4.16 |
Disclosure of number and weighted average exercise prices of other equity instruments | Summary of changes to RSUs outstanding: Number of (‘000’s) Outstanding at December 31, 2019 3,934 Granted 1,777 Vested and converted to common shares (1,473) Reinvested dividend equivalents 96 Outstanding at December 31, 2020 4,334 Granted 1,329 Vested and converted to common shares (2,143) Reinvested dividend equivalents 159 Outstanding at December 31, 2021 3,679 |
Earnings per share | The following is the calculation basic and diluted earnings per share: 2021 2020 $ $ Net income and diluted net income (attributable to shareholders of the Company) 420,065 628,063 Basic weighted average number of common shares outstanding (in thousands) 1,053,809 1,043,385 Effect of dilutive securities: Stock options 4,883 8,541 Restricted share units 1,478 2,461 Performance share units 1,372 1,915 Diluted weighted average number of common shares outstanding (in thousands) 1,061,542 1,056,302 Earnings per share (attributable to shareholders of the Company) Basic $ 0.40 $ 0.60 Diluted $ 0.40 $ 0.59 |
Non-controlling Interest (Table
Non-controlling Interest (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement of changes in equity [abstract] | |
Schedule of Non-controlling Interest | The following is a continuity schedule of the Company's non-controlling interests: Fekola Masbate Otjikoto Other Total $ $ $ $ $ Balance at December 31, 2019 30,429 16,189 13,877 914 61,409 Share of net income (loss) 35,742 113 9,856 (1,361) 44,350 Interest on loan to non-controlling interest (3,082) — — — (3,082) Distributions to non-controlling interest (11,097) — (3,143) — (14,240) Other — — 137 — 137 Balance at December 31, 2020 51,992 16,302 20,727 (447) 88,574 Share of net income 32,292 351 7,641 476 40,760 Interest on loan to non-controlling interest (3,184) — — — (3,184) Distributions to non-controlling interest (22,011) — (9,142) — (31,153) Repayment of loan by non-controlling interest — — 5,312 — 5,312 Purchase of non-controlling interest — — — 1,099 1,099 Non-controlling interest associated with mineral properties sold (Note 8) — — — (1,084) (1,084) Other — — 389 — 389 Balance at December 31, 2021 59,089 16,653 24,927 44 100,713 |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Details of derivative instruments | The following is a summary, by maturity dates, of the Company’s fuel derivative contracts outstanding as at December 31, 2021: 2022 2023 Total Forward – fuel oil: Litres (thousands) 51,884 21,292 73,176 Average strike price $ 0.32 $ 0.37 $ 0.33 Forward – gas oil: Litres (thousands) 40,171 17,066 57,237 Average strike price $ 0.37 $ 0.43 $ 0.39 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of fair value measurement [Abstract] | |
Disclosure of fair value measurement of assets | As at December 31, 2021, the Company’s financial assets and liabilities measured at fair value are categorized as follows: As at December 31, 2021 As at December 31, 2020 Level 1 Level 2 Level 1 Level 2 $ $ $ $ Long-term investments (Note 7) 32,118 — 9,354 — Fuel derivative contracts (Note 14) — 15,424 — 4,600 Interest rate swaps (Note 14) — — — (2,059) |
Disclosure of fair value measurement of liabilities | As at December 31, 2021, the Company’s financial assets and liabilities measured at fair value are categorized as follows: As at December 31, 2021 As at December 31, 2020 Level 1 Level 2 Level 1 Level 2 $ $ $ $ Long-term investments (Note 7) 32,118 — 9,354 — Fuel derivative contracts (Note 14) — 15,424 — 4,600 Interest rate swaps (Note 14) — — — (2,059) |
Disclosure of liquidity risk | As at December 31, 2021, the Company’s significant commitments are disclosed in the table below. In addition, significant commitments are disclosed in Note 10 for debt repayments and Note 21 for capital expenditure commitments. 2022 2023 2024 2025 2026 Total $ $ $ $ $ $ Accounts payable and accrued liabilities 111,716 — — — — 111,716 Fekola equipment loan facilities: Principal 18,028 10,320 8,334 6,183 — 42,865 Interest (estimated) 1,816 1,063 586 158 — 3,623 Masbate equipment loan facility: Principal 3,076 766 106 — — 3,948 Interest (estimated) 167 26 2 — — 195 Lease liabilities Principal 3,269 2,605 2,144 1,387 1,429 10,834 Interest (estimated) 11 — — — — 11 138,083 14,780 11,172 7,728 1,429 173,192 Capital expenditure commitments 59,712 2,401 — — — 62,113 Commitment fees on revolving credit facility 2,700 2,700 2,700 2,588 — 10,688 Other liabilities 1,040 1,565 — — — 2,605 201,535 21,446 13,872 10,316 1,429 248,598 |
Income and other taxes (Tables)
Income and other taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of income tax [Abstract] | |
Disclosure of major components of tax expense (income) | These differences result from the following items: 2021 2020 $ $ Income from operations before taxes 726,227 1,034,428 Canadian federal and provincial income tax rates 27.00 % 27.00 % Income tax expense at statutory rates 196,081 279,296 Increase (decrease) attributable to: Effects of different foreign statutory tax rates 40,067 54,294 Change due to foreign exchange 28,261 (23,718) Withholding and other taxes 28,249 13,682 Non-deductible expenditures 24,356 29,499 Change in income tax rates (20,143) — Benefit of tax incentives (16,544) (19,185) Use of losses and temporary differences not previously recognized (10,481) — Future withholding tax (3,300) 24,300 Non-taxable portions of gains (4,754) (3,073) Losses for which no tax benefit has been recorded 1,876 4,487 Change in accruals for tax audits 1,200 2,757 Amounts under (over) provided for in prior years 534 (324) Income tax expense 265,402 362,015 Current income tax, withholding and other taxes 270,669 309,913 Deferred income tax (recovery) expense (5,267) 52,102 Income tax expense 265,402 362,015 |
Disclosure of income tax by geographical jurisdiction | Total income tax expense attributable to geographical jurisdiction is as follows: 2021 2020 $ $ Mali 216,560 215,115 Philippines (5,044) 83,904 Namibia 45,773 63,879 Other 8,113 (883) 265,402 362,015 |
Disclosure of temporary difference, unused tax losses and unused tax credits | The composition of the Company’s net deferred income tax (liabilities) assets and deferred tax expense (recovery) is as follows: Deferred tax Deferred income tax expense/(recovery) As at December 31, 2021 As at December 31, 2020 2021 2020 $ $ $ $ Operating loss carry-forwards 30,735 21,105 (9,630) (7,651) Current assets and liabilities (5,502) 5,005 10,507 2,673 Mining interests (211,581) (226,571) (10,333) 45,341 Mine restoration provisions 29,052 30,445 1,393 (5,535) Future withholding tax (21,000) (24,300) (3,300) 24,300 Unrealized gains (8,097) (3,085) 5,012 (7,033) Other (39) 1,045 1,084 7 (186,432) (196,356) (5,267) 52,102 Represented on the balance sheet as: 2021 2020 $ $ Deferred tax asset (1,455) (24,547) Deferred tax liability 187,887 220,903 Balance, end of year 186,432 196,356 The change for the year in the Company’s net deferred tax liability was as follows: 2021 2020 $ $ Balance, beginning of year 196,356 144,254 Deferred income tax (recovery) expense (5,267) 52,102 Deferred income tax liability related to Kiaka disposal (4,657) — (9,924) 52,102 Balance, end of year 186,432 196,356 |
Disclosure of unrecognized temporary difference, unused tax losses and unused tax credits | The Company has the following unrecognized deferred tax assets: 2021 2020 $ $ Capital and non-capital tax losses 109,567 117,734 Long-term debt 3,256 6,449 Mining interests and other 600 2,524 Mine restoration provisions 431 — Current assets — 864 113,854 127,571 |
Supplementary cash flow infor_2
Supplementary cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement of cash flows [abstract] | |
Disclosure of supplementary cash flow information | Supplementary disclosure of cash flow information is provided in the table below: Non-cash (credits) charges: 2021 2020 $ $ Depreciation and depletion 378,892 301,491 Share-based payments (Note 12) 22,571 17,129 Impairment (reversal of impairment) of long-lived assets, net (Note 8) 5,905 (174,309) Net gain on disposal of Burkina Faso assets (Note 8) (22,463) — Share of net income of associates (Note 8) (17,543) (22,167) Write-down of mineral property interests (Note 8) 15 11,353 Non-cash interest and financing expense 8,797 12,806 Unrealized gains on derivative instruments (Note 14) (12,884) (5,336) Deferred income tax (recovery) expense (Note 16) (5,267) 52,102 Other 11,533 4,989 369,556 198,058 Changes in non-cash working capital: 2021 2020 $ $ Accounts receivable and prepaids 568 3,977 Value-added and other tax receivables (48,820) (727) Inventories (24,042) (24,823) Accounts payable and accrued liabilities 12,078 7,038 Current income and other taxes payable (44,399) 101,312 (104,615) 86,777 Other exploration and development: 2021 2020 $ $ Fekola Mine, exploration (13,014) (14,718) Masbate Mine, exploration (5,013) (8,266) Otjikoto Mine, exploration (4,424) (3,183) Menankoto Property, exploration (4,942) (4,489) Bantako North Property, exploration (9,057) (3,199) Kiaka Project, exploration (4,313) (4,032) Ondundu Property, exploration (188) (922) Finland Properties, exploration (3,527) (2,336) Uzbekistan Properties, exploration (4,456) (1,967) Other (7,182) (5,070) (56,116) (48,182) Non-cash investing and financing activities: 2021 2020 $ $ Change in current liabilities relating to mineral property expenditures 8,762 (2,931) Interest on loan to non-controlling interest 3,746 3,626 Share-based payments, capitalized to mineral property interests 2,124 400 Foreign exchange gains (losses) on Fekola equipment loan facility 4,145 (5,055) Deferred consideration on disposal of Kiaka Project (Note 8) 41,239 — Share consideration received on disposal of Kiaka Project (Note 8) 20,530 — Royalty interest in Kiaka Project (Note 8) 18,488 — Royalty interest in Toega Project (Note 8) 2,599 — Tax guarantee receivable on disposal of Toega Project (Note 8) 1,858 — Share consideration received on disposal of Kronk (Note 8) 4,741 — Change in accrued distributions to non-controlling interests (5,033) 5,033 |
Compensation of key management
Compensation of key management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Disclosure of employee benefits | Key management includes the Company’s directors, members of the Executive Committee and members of Senior Management. Compensation to key management consisted of: 2021 2020 $ $ Salaries and short-term employee benefits 8,891 8,952 Share-based payments 11,946 9,268 20,837 18,220 |
Production costs by nature (Tab
Production costs by nature (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Disclosure of components of cost of sales | 2021 2020 $ $ Raw materials and consumables 408,219 310,067 Salaries and employee benefits 120,690 112,124 Contractors 32,926 37,183 Equipment rental 3,752 10,266 Other 37,207 26,929 Change in inventories (15,986) (5,707) Capitalized to mining interests (93,419) (82,997) 493,389 407,865 |
Segmented information (Tables)
Segmented information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of entity's operating segments [Abstract] | |
Disclosure of operating segments | The Company’s segments are summarized in the following tables: 2021 Fekola Masbate Otjikoto Other Corporate & Other Total $ $ $ $ $ $ External gold revenue 1,024,425 398,879 338,960 — — 1,762,264 Production costs 250,337 146,671 96,381 — — 493,389 Depreciation & depletion 188,601 86,835 103,456 52 2,392 381,336 Impairment of long-lived assets — — — 5,905 — 5,905 Current income tax, withholding and other taxes 190,908 25,750 49,063 37 4,911 270,669 Net income (loss) 263,218 132,615 71,576 9,781 (16,365) 460,825 Capital expenditures 123,651 35,756 85,360 57,552 1,652 303,971 Total assets 1,382,369 786,770 442,280 362,133 587,741 3,561,293 2020 Fekola Masbate Otjikoto Other Corporate & Other Total $ $ $ $ $ External gold revenue 1,113,288 368,473 307,167 — — 1,788,928 Production costs 200,228 131,780 75,857 — — 407,865 Depreciation & depletion 164,591 65,775 71,125 — 1,423 302,914 Reversal of impairment of long-lived assets — 174,309 — — — 174,309 Write-down mineral property interests — — — 11,353 — 11,353 Current income tax, withholding and other taxes 226,059 33,385 50,229 240 — 309,913 Net income (loss) 411,251 234,145 68,075 16,477 (57,535) 672,413 Capital expenditures 198,755 42,307 69,998 41,513 1,295 353,868 Total assets 1,404,135 864,043 450,843 354,577 288,781 3,362,379 The Company’s mining interests are located in the following geographical locations: 2021 2020 $ $ Mining interests Mali 1,084,580 1,134,868 Philippines 636,525 685,139 Namibia 307,434 336,897 Colombia 130,096 105,665 Nicaragua 93,728 76,235 Burkina Faso 21,087 81,382 Canada 23,420 24,160 Finland 12,561 9,034 Other 26,636 9,875 2,336,067 2,463,255 |
Mining Interest Schedule (Table
Mining Interest Schedule (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | 2021 2020 $ $ Property, plant and equipment (depletable) Fekola Mine, Mali Cost 1,645,337 1,516,134 Accumulated depreciation and depletion (609,899) (416,559) 1,035,438 1,099,575 Masbate Mine, Philippines Cost 1,085,687 1,046,577 Accumulated depreciation and depletion (449,675) (361,438) 636,012 685,139 Otjikoto Mine, Namibia Cost 782,208 696,956 Accumulated depreciation and depletion (475,303) (371,138) 306,905 325,818 Exploration and evaluation properties (pre-depletable) Gramalote Property, Colombia, net of impairment 119,866 95,435 Menankoto Property, Mali 33,739 28,991 Bantako North Property, Mali 15,351 6,191 Kiaka Royalty, Burkina Faso 18,488 — Mocoa Royalty, Colombia 10,230 10,230 Finland Properties, Finland 12,561 9,034 Uzbekistan Properties, Uzbekistan 8,802 4,131 Kiaka Project, Burkina Faso — 80,927 Ondundu Property, Namibia — 10,701 Other 11,019 6,688 230,056 252,328 Corporate & other Office, furniture and equipment, net 23,420 24,160 2,231,831 2,387,020 Investments in associates (accounted for using the equity method) Calibre, Nicaragua 93,728 76,235 BeMetals, Various 10,508 — 104,236 76,235 2,336,067 2,463,255 Cost Accumulated depreciation Net carrying value Balance at Dec. 31, 2020 Additions Disposals / write-offs Reclass / Mine restoration provision movements Balance at Dec. 31, 2021 Balance at Dec. 31, 2020 Depreciation Disposals / write-offs Balance at Dec. 31, 2021 As at Dec. 31, 2021 As at Dec. 31, 2020 $ $ $ $ $ $ $ $ $ $ $ Property, plant and equipment (depletable) Fekola Mine 1,516,134 126,824 (2,508) 4,887 1,645,337 (416,559) (193,401) 61 (609,899) 1,035,438 1,099,575 Masbate Mine 1,046,577 35,081 (284) 4,313 1,085,687 (361,438) (88,450) 213 (449,675) 636,012 685,139 Otjikoto Mine 696,956 85,571 (3,277) 2,958 782,208 (371,138) (107,383) 3,218 (475,303) 306,905 325,818 3,259,667 247,476 (6,069) 12,158 3,513,232 (1,149,135) (389,234) 3,492 (1,534,877) 1,978,355 2,110,532 Exploration & evaluation properties (pre-depletable) Gramalote Property 95,435 24,392 — 39 119,866 — — — — 119,866 95,435 Menankoto Property 28,991 4,748 — — 33,739 — — — — 33,739 28,991 Bantako North Property 6,191 9,160 — — 15,351 — — — — 15,351 6,191 Kiaka Royalty — 18,488 — — 18,488 — — — — 18,488 — Mocoa Royalty 10,230 — — — 10,230 — — — — 10,230 10,230 Finland Properties 9,034 3,527 — — 12,561 — — — — 12,561 9,034 Uzbekistan Properties 4,131 4,671 — — 8,802 — — — — 8,802 4,131 Kiaka Project 80,927 4,639 (85,566) — — — — — — — 80,927 Ondundu Property 10,701 7,904 (5,905) (12,700) — — — — — — 10,701 Other 6,688 9,514 (5,183) — 11,019 — — — — 11,019 6,688 252,328 87,043 (96,654) (12,661) 230,056 — — — — 230,056 252,328 Corporate Office, furniture & equipment 28,394 1,652 (1,506) — 28,540 (4,234) (2,392) 1,506 (5,120) 23,420 24,160 3,540,389 336,171 (104,229) (503) 3,771,828 (1,153,369) (391,626) 4,998 (1,539,997) 2,231,831 2,387,020 Investments in associates (accounted for using the equity method) Calibre 76,235 17,493 — — 93,728 — — — — 93,728 76,235 BeMetals — 10,508 — — 10,508 — — — — 10,508 — 76,235 28,001 — — 104,236 — — — — 104,236 76,235 3,616,624 364,172 (104,229) (503) 3,876,064 (1,153,369) (391,626) 4,998 (1,539,997) 2,336,067 2,463,255 Cost Accumulated depreciation Net carrying value Balance at Dec. 31, 2019 Additions Disposals / write-offs Reclass / Impairment reversal / Mine restoration provision movements Balance at Dec. 31, 2020 Balance at Dec. 31, 2019 Depreciation Disposals / write-offs Balance at Dec. 31, 2020 As at Dec. 31, 2020 As at Dec. 31, 2019 $ $ $ $ $ $ $ $ $ $ $ Property, plant and equipment (depletable) Fekola Mine 1,322,865 192,924 (7,271) 7,616 1,516,134 (258,580) (164,898) 6,919 (416,559) 1,099,575 1,064,285 Masbate Mine 815,418 42,559 (629) 189,229 1,046,577 (295,616) (66,347) 525 (361,438) 685,139 519,802 Otjikoto Mine 638,664 73,605 (20,016) 4,703 696,956 (323,152) (67,304) 19,318 (371,138) 325,818 315,512 2,776,947 309,088 (27,916) 201,548 3,259,667 (877,348) (298,549) 26,762 (1,149,135) 2,110,532 1,899,599 Exploration & evaluation properties (pre-depletable) Gramalote Property — 7,903 — 87,532 95,435 — — — — 95,435 — Kiaka Project 76,807 4,120 — — 80,927 — — — — 80,927 76,807 Menankoto Property 25,450 3,541 — — 28,991 — — — — 28,991 25,450 Ondundu Property 9,778 923 — — 10,701 — — — — 10,701 9,778 Mocoa Royalty 10,230 — — — 10,230 — — — — 10,230 10,230 Finland Properties 6,697 2,337 — — 9,034 — — — — 9,034 6,697 Bantako North Property 1,689 4,502 — — 6,191 — — — — 6,191 1,689 Uzbekistan Properties 2,164 1,967 — — 4,131 — — — — 4,131 2,164 Other 12,157 5,884 (11,353) — 6,688 — — — — 6,688 12,157 144,972 31,177 (11,353) 87,532 252,328 — — — — 252,328 144,972 Corporate Office, furniture & equipment 4,971 23,423 — — 28,394 (2,811) (1,423) — (4,234) 24,160 2,160 2,926,890 363,688 (39,269) 289,080 3,540,389 (880,159) (299,972) 26,762 (1,153,369) 2,387,020 2,046,731 Investments in joint ventures and associates (accounted for using the equity method) Gramalote Property 77,265 13,124 — (90,389) — — — — — — 77,265 Calibre 53,471 22,764 — 76,235 — — — — 76,235 53,471 130,736 35,888 — (90,389) 76,235 — — — — 76,235 130,736 3,057,626 399,576 (39,269) 198,691 3,616,624 (880,159) (299,972) 26,762 (1,153,369) 2,463,255 2,177,467 |
Nature of operations (Details)
Nature of operations (Details) | Nov. 30, 2021 | Apr. 26, 2021 | Oct. 15, 2019 | Dec. 31, 2021operating_mine |
Entity Information [Line Items] | ||||
Number of operating mines | 3 | |||
Calibre, Nicaragua | ||||
Entity Information [Line Items] | ||||
Proportion of ownership interest in associate | 33.00% | |||
BeMetals | ||||
Entity Information [Line Items] | ||||
Proportion of ownership interest in associate | 19.00% | |||
Mining property | Calibre, Nicaragua | ||||
Entity Information [Line Items] | ||||
Proportion of ownership interest in associate | 33.00% | |||
Expected proportion of ownership interest in associate, diluted | 0.25 | |||
Mining property | BeMetals | ||||
Entity Information [Line Items] | ||||
Proportion of ownership interest in associate | 19.00% | |||
Burkina Faso | Mining property | ||||
Entity Information [Line Items] | ||||
Percentage of ownership interest in subsidiary | 81.00% | |||
COLOMBIA | Mining property | ||||
Entity Information [Line Items] | ||||
Proportion of ownership interest in joint operation (in percentage) | 50.00% |
Summary of significant accoun_4
Summary of significant accounting policies - Schedule of Subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Fekola Mine | |
Disclosure of subsidiaries [line items] | |
Percentage of ownership interest in subsidiary | 80.00% |
Otjikoto Mine | |
Disclosure of subsidiaries [line items] | |
Percentage of ownership interest in subsidiary | 90.00% |
Philippines Gold Processing & Refining Corporation (“Masbate”) | |
Disclosure of subsidiaries [line items] | |
Percentage of ownership interest in subsidiary | 100.00% |
Filminera Resources Corporation ("Masbate") | |
Disclosure of subsidiaries [line items] | |
Percentage of ownership interest in subsidiary | 40.00% |
Summary of significant accoun_5
Summary of significant accounting policies - Narrative (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Mobile Equipment, Tailings Dam and Equipment | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives of property, plant and equipment | 3 years |
Mobile Equipment, Tailings Dam and Equipment | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives of property, plant and equipment | 6 years |
Philippines Gold Processing & Refining Corporation (“Masbate”) | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of ownership interest in subsidiary | 100.00% |
Filminera Resources Corporation ("Masbate") | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of ownership interest in subsidiary | 40.00% |
Proportion of ownership interests held by non-controlling interests (in percentage) | 60.00% |
Gramalote Property | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Proportion of ownership interest in joint operation (in percentage) | 50.00% |
Accounts receivable, prepaids_3
Accounts receivable, prepaids and other - Schedule of Accounts Receivable, Prepaids and Other (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Current portion of derivative instruments (Note 14) | $ 12,823 | $ 3,252 |
Supplier advances | 7,291 | 5,208 |
Prepaid expenses | 4,151 | 4,903 |
Other receivables | 7,847 | 7,943 |
Accounts receivable, prepaids and other | $ 32,112 | $ 21,306 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory1 [Line Items] | ||
Gold and silver bullion | $ 52,867 | $ 39,157 |
In-process inventory | 13,260 | 7,984 |
Ore stock-pile inventory | 72,242 | 71,115 |
Materials and supplies | 133,985 | 119,799 |
Total Inventories | 272,354 | 238,055 |
Fekola Mine | ||
Inventory1 [Line Items] | ||
Ore stock-pile inventory | 52,000 | 44,000 |
Otjikoto Mine | ||
Inventory1 [Line Items] | ||
Ore stock-pile inventory | 16,000 | 25,000 |
Masbate Mine | ||
Inventory1 [Line Items] | ||
Ore stock-pile inventory | $ 4,000 | $ 2,000 |
Long-term investments - Schedul
Long-term investments - Schedule of Long-Term Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial assets [line items] | ||
Investments | $ 32,118 | $ 9,354 |
Accumulated other comprehensive loss | (136,299) | (138,533) |
West African Resources Ltd. (Note 8) | ||
Disclosure of financial assets [line items] | ||
Investments | 21,289 | 0 |
Accumulated other comprehensive loss | 759 | 0 |
St. Augustine Gold & Copper Ltd. | ||
Disclosure of financial assets [line items] | ||
Investments | 8,615 | 6,413 |
Accumulated other comprehensive loss | (11,578) | (13,780) |
RTG Mining Inc. | ||
Disclosure of financial assets [line items] | ||
Investments | 1,286 | 2,233 |
Accumulated other comprehensive loss | (12,114) | (11,167) |
Libero Copper & Gold Corporation | ||
Disclosure of financial assets [line items] | ||
Investments | 904 | 693 |
Accumulated other comprehensive loss | 272 | 61 |
Goldstone Resources Ltd. | ||
Disclosure of financial assets [line items] | ||
Investments | 24 | 15 |
Accumulated other comprehensive loss | 4 | (5) |
Investments in Equity Instruments Designated At Fair Value Through Other Comprehensive Income | ||
Disclosure of financial assets [line items] | ||
Accumulated other comprehensive loss | (22,657) | (24,891) |
Cost | ||
Disclosure of financial assets [line items] | ||
Investments | 54,775 | 34,245 |
Cost | West African Resources Ltd. (Note 8) | ||
Disclosure of financial assets [line items] | ||
Investments | 20,530 | 0 |
Cost | St. Augustine Gold & Copper Ltd. | ||
Disclosure of financial assets [line items] | ||
Investments | 20,193 | 20,193 |
Cost | RTG Mining Inc. | ||
Disclosure of financial assets [line items] | ||
Investments | 13,400 | 13,400 |
Cost | Libero Copper & Gold Corporation | ||
Disclosure of financial assets [line items] | ||
Investments | 632 | 632 |
Cost | Goldstone Resources Ltd. | ||
Disclosure of financial assets [line items] | ||
Investments | $ 20 | $ 20 |
Mining interests - Schedule of
Mining interests - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | $ 2,231,831 | $ 2,387,020 | $ 2,046,731 |
Investments in associates accounted for using equity method | 104,236 | 76,235 | |
Total property, plant and equipment and joint ventures accounted for using the equity method | 2,336,067 | 2,463,255 | 2,177,467 |
Property, plant and equipment (depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 1,978,355 | 2,110,532 | 1,899,599 |
Exploration and evaluation properties (pre-depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 230,056 | 252,328 | 144,972 |
Office, furniture and equipment, net | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 23,420 | 24,160 | 2,160 |
Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 3,771,828 | 3,540,389 | 2,926,890 |
Total property, plant and equipment and joint ventures accounted for using the equity method | 3,876,064 | 3,616,624 | 3,057,626 |
Cost | Property, plant and equipment (depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 3,513,232 | 3,259,667 | 2,776,947 |
Cost | Exploration and evaluation properties (pre-depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 230,056 | 252,328 | 144,972 |
Cost | Office, furniture and equipment, net | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 28,540 | 28,394 | 4,971 |
Accumulated depreciation and depletion | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | (1,539,997) | (1,153,369) | (880,159) |
Accumulated depreciation and depletion | Property, plant and equipment (depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | (1,534,877) | (1,149,135) | (877,348) |
Accumulated depreciation and depletion | Office, furniture and equipment, net | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | (5,120) | (4,234) | (2,811) |
Fekola Mine, Mali | Property, plant and equipment (depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 1,035,438 | 1,099,575 | 1,064,285 |
Fekola Mine, Mali | Cost | Property, plant and equipment (depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 1,645,337 | 1,516,134 | 1,322,865 |
Fekola Mine, Mali | Accumulated depreciation and depletion | Property, plant and equipment (depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | (609,899) | (416,559) | (258,580) |
Masbate Mine, Philippines | Property, plant and equipment (depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 636,012 | 685,139 | 519,802 |
Masbate Mine, Philippines | Cost | Property, plant and equipment (depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 1,085,687 | 1,046,577 | 815,418 |
Masbate Mine, Philippines | Cost | Property, plant and equipment (depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 1,085,687 | 1,046,577 | |
Masbate Mine, Philippines | Accumulated depreciation and depletion | Property, plant and equipment (depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | (449,675) | (361,438) | (295,616) |
Otjikoto Mine, Namibia | Property, plant and equipment (depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 306,905 | 325,818 | 315,512 |
Otjikoto Mine, Namibia | Cost | Property, plant and equipment (depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 782,208 | 696,956 | 638,664 |
Otjikoto Mine, Namibia | Accumulated depreciation and depletion | Property, plant and equipment (depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | (475,303) | (371,138) | (323,152) |
Gramalote Property, Colombia, net of impairment | Exploration and evaluation properties (pre-depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 119,866 | 95,435 | 0 |
Gramalote Property, Colombia, net of impairment | Cost | Exploration and evaluation properties (pre-depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 119,866 | 95,435 | 0 |
Gramalote Property, Colombia, net of impairment | Cost | Exploration and evaluation properties (pre-depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 119,866 | 95,435 | |
Menankoto Property, Mali | Exploration and evaluation properties (pre-depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 33,739 | 28,991 | 25,450 |
Menankoto Property, Mali | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 34,000 | ||
Menankoto Property, Mali | Cost | Exploration and evaluation properties (pre-depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 33,739 | 28,991 | 25,450 |
Bantako North Property, Mali | Cost | Exploration and evaluation properties (pre-depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 15,351 | 6,191 | |
Kiaka Royalty, Burkina Faso | Exploration and evaluation properties (pre-depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 18,488 | 0 | |
Kiaka Royalty, Burkina Faso | Cost | Exploration and evaluation properties (pre-depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 18,488 | 0 | |
Mocoa Royalty, Colombia | Exploration and evaluation properties (pre-depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 10,230 | 10,230 | 10,230 |
Mocoa Royalty, Colombia | Cost | Exploration and evaluation properties (pre-depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 10,230 | 10,230 | 10,230 |
Finland Properties, Finland | Exploration and evaluation properties (pre-depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 12,561 | 9,034 | 6,697 |
Finland Properties, Finland | Cost | Exploration and evaluation properties (pre-depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 12,561 | 9,034 | 6,697 |
Uzbekistan Properties, Uzbekistan | Exploration and evaluation properties (pre-depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 8,802 | 4,131 | 2,164 |
Uzbekistan Properties, Uzbekistan | Cost | Exploration and evaluation properties (pre-depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 8,802 | 4,131 | 2,164 |
Kiaka Project, Burkina Faso | Exploration and evaluation properties (pre-depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 0 | 80,927 | 76,807 |
Kiaka Project, Burkina Faso | Cost | Exploration and evaluation properties (pre-depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 0 | 80,927 | 76,807 |
Ondundu Property, Namibia | Exploration and evaluation properties (pre-depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 0 | 10,701 | 9,778 |
Ondundu Property, Namibia | Cost | Exploration and evaluation properties (pre-depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 0 | 10,701 | 9,778 |
Other | Exploration and evaluation properties (pre-depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 11,019 | 6,688 | 12,157 |
Other | Cost | Exploration and evaluation properties (pre-depletable) | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, carrying amount | 11,019 | 6,688 | 12,157 |
Calibre, Nicaragua | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Investments in associates accounted for using equity method | 93,728 | 76,235 | $ 53,471 |
BeMetals, Various | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Investments in associates accounted for using equity method | $ 10,508 | $ 0 |
Mining interests - Schedule o_2
Mining interests - Schedule of Gain on Sale of Operations (Details) - Disposal Group, Disposed By Sale, Not Discontinued Operations - USD ($) $ in Thousands | Nov. 30, 2021 | Oct. 25, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Kiaka Project | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Initial payment received upon agreement execution | $ 450 | |||
Cash consideration received upon closing | 22,500 | |||
Common shares of WAF, issued upon closing | 20,530 | |||
Cash consideration, one year from closing discounted at 10.22% | 41,239 | |||
NSR Royalty | 18,488 | $ 18,488 | $ 0 | |
Discount rate | 10.22% | |||
Transaction costs | (248) | |||
Total proceeds from sale, net of transaction costs | 102,959 | |||
Total assets sold | 85,656 | |||
Total liabilities sold | (5,356) | |||
Net assets sold | 80,300 | |||
Gain (loss) on disposals of property, plant and equipment | 22,659 | $ 23,000 | ||
Toega Project | ||||
Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Initial payment received upon agreement execution | 9,000 | |||
Cash consideration received upon closing | 9,000 | |||
NSR Royalty | 2,599 | 2,599 | 0 | |
Tax guarantee receivable | 1,858 | $ 1,858 | $ 0 | |
Transaction costs | (18) | |||
Total proceeds from sale, net of transaction costs | 22,439 | |||
Total assets sold | 23,237 | |||
Total liabilities sold | (602) | |||
Net assets sold | 22,635 | |||
Gain (loss) on disposals of property, plant and equipment | $ (196) |
Mining interests - Schedule o_3
Mining interests - Schedule of Investment in Associate (Details) - USD ($) $ in Thousands | Apr. 26, 2021 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 |
Investments Accounted For Using Equity Method Roll Forward [Roll Forward] | ||||
Investments in associates beginning balance | $ 76,235 | |||
Share of net income (loss) for the year | 17,543 | $ 22,167 | ||
Loss on dilution | (14) | |||
Investments in associates ending balance | 104,236 | 76,235 | ||
BeMetals | ||||
Investments Accounted For Using Equity Method Roll Forward [Roll Forward] | ||||
Investments in associates beginning balance | 0 | |||
Share consideration on Kronk sale | 4,741 | 0 | ||
Purchase of BeMetals shares | $ 6,000 | 5,945 | ||
Share of net income (loss) for the year | (164) | |||
Investments in associates ending balance | 10,508 | 0 | ||
Calibre, Nicaragua | ||||
Investments Accounted For Using Equity Method Roll Forward [Roll Forward] | ||||
Investments in associates beginning balance | 76,235 | 53,471 | ||
Share of net income (loss) for the year | $ 22,000 | 17,707 | 22,167 | |
Loss on dilution | (214) | 597 | ||
Investments in associates ending balance | $ 53,471 | $ 93,728 | $ 76,235 |
Mining interests - Narrative (D
Mining interests - Narrative (Details) oz in Thousands, $ in Thousands | Dec. 31, 2021USD ($) | Nov. 30, 2021USD ($)shares$ / $oz | Nov. 30, 2021USD ($)$ / $oz$ / shares | Apr. 26, 2021USD ($)shares | Oct. 15, 2019 | Dec. 31, 2019USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)$ / Ounce | Dec. 31, 2019USD ($)$ / Ounce | Dec. 31, 2014USD ($) | Dec. 31, 2021$ / shares | Apr. 26, 2021$ / shares |
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Closing foreign exchange rate | $ / shares | 1.27 | ||||||||||||
Assets classified as held for sale | $ 12,700 | $ 12,700 | $ 11,855 | ||||||||||
Write-downs of long-lived assets | 5,905 | (174,309) | |||||||||||
Current assets | 1,046,117 | 1,046,117 | 762,698 | ||||||||||
Total assets | 3,561,293 | 3,561,293 | 3,362,379 | ||||||||||
Miscellaneous other operating expense | 6,282 | 5,957 | |||||||||||
Stock-based compensation | 22,571 | 17,129 | |||||||||||
Income (loss) | 460,825 | 672,413 | |||||||||||
Comprehensive income (loss) | 463,059 | 678,951 | |||||||||||
Current liabilities | 231,189 | 231,189 | 286,093 | ||||||||||
Gold revenue | 1,762,264 | 1,788,928 | |||||||||||
Production costs | 493,389 | 407,865 | |||||||||||
Royalties and production taxes | 121,431 | 121,285 | |||||||||||
Depreciation and depletion | 378,892 | 301,491 | |||||||||||
Selling, general and administrative expense | 50,185 | 45,605 | |||||||||||
Current income tax, withholding and other taxes | 270,669 | 309,913 | |||||||||||
Deferred income tax (recovery) expense | (5,267) | 52,102 | |||||||||||
Share of net income of associates (Note 8) | 17,543 | 22,167 | |||||||||||
Property, plant and equipment | 2,231,831 | $ 2,046,731 | 2,231,831 | 2,387,020 | $ 2,046,731 | ||||||||
Impairment of long-lived assets | 5,905 | ||||||||||||
Write-down mineral property interests | 15 | 11,353 | |||||||||||
Leased Assets | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Property, plant and equipment | 25,000 | 25,000 | |||||||||||
Corporate Office | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Property, plant and equipment | 21,000 | 21,000 | |||||||||||
Other Leased Assets | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Property, plant and equipment | 4,000 | 4,000 | |||||||||||
Cost | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Property, plant and equipment | 3,771,828 | 2,926,890 | 3,771,828 | 3,540,389 | 2,926,890 | ||||||||
Cost | Corporate Office | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Property, plant and equipment | 25,000 | 25,000 | |||||||||||
Cost | Other Leased Assets | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Property, plant and equipment | 8,000 | 8,000 | |||||||||||
Accumulated depreciation and depletion | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Property, plant and equipment | (1,539,997) | (880,159) | (1,539,997) | (1,153,369) | (880,159) | ||||||||
Accumulated depreciation and depletion | Corporate Office | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Property, plant and equipment | (4,000) | (4,000) | |||||||||||
Accumulated depreciation and depletion | Other Leased Assets | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Property, plant and equipment | (4,000) | (4,000) | |||||||||||
BeMetals | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Exchange of subsidiaries' interest for associates' shares (in shares) | shares | 16,000,000 | ||||||||||||
Exchange of subsidiaries' interest for associates' shares (in shares) | $ 5,000 | ||||||||||||
Gain on disposal of subsidiary | $ 1,000 | ||||||||||||
Purchase of associates' shares (in shares) | shares | 17,000,000 | ||||||||||||
Share price (in CAD per share) | $ / shares | $ 0.24 | $ 0.44 | |||||||||||
Purchase of BeMetals shares | $ 6,000 | $ 5,945 | |||||||||||
Average foreign exchange rate | $ / shares | 1.25 | ||||||||||||
Proportion of ownership interest in associate | 19.00% | ||||||||||||
Quoted market value | 6,000 | $ 6,000 | |||||||||||
Current assets | $ 7,000 | ||||||||||||
Non-current assets | 22,000 | ||||||||||||
Total assets | 29,000 | ||||||||||||
Assets | 29,000 | ||||||||||||
Miscellaneous other operating expense | 1,000 | ||||||||||||
Stock-based compensation | (1,000) | ||||||||||||
Income (loss) | (1,000) | ||||||||||||
Comprehensive income (loss) | (1,000) | ||||||||||||
Share of net income of associates (Note 8) | (164) | ||||||||||||
Calibre, Nicaragua | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Proportion of ownership interest in associate | 33.00% | ||||||||||||
Current assets | 129,000 | ||||||||||||
Non-current assets | 288,000 | ||||||||||||
Total assets | 417,000 | ||||||||||||
Assets | 276,000 | ||||||||||||
Stock-based compensation | 2,000 | ||||||||||||
Income (loss) | 44,000 | ||||||||||||
Current liabilities | 45,000 | ||||||||||||
Non-current liabilities | 96,000 | ||||||||||||
Gold revenue | 240,000 | ||||||||||||
Production costs | 125,000 | ||||||||||||
Royalties and production taxes | 9,000 | ||||||||||||
Depreciation and depletion | 24,000 | ||||||||||||
Selling, general and administrative expense | 5,000 | ||||||||||||
Current income tax, withholding and other taxes | 20,000 | ||||||||||||
Deferred income tax (recovery) expense | $ 8,000 | ||||||||||||
Share of net income of associates (Note 8) | $ 22,000 | 17,707 | 22,167 | ||||||||||
Toega Project | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Assets classified as held for sale | 12,000 | ||||||||||||
Menankoto Property, Mali | Cost | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Property, plant and equipment | 34,000 | 34,000 | |||||||||||
Masbate Mine | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Impairment of long-lived assets | $ 436,000 | ||||||||||||
Tax effect of impairment in property, plant and equipment | (52,000) | 30,000 | 131,000 | ||||||||||
Impairment loss, net of tax | $ 305,000 | ||||||||||||
Reversal of impairment loss | 174,000 | 100,000 | |||||||||||
Reversal of impairment loss, net of tax | $ 122,000 | $ 70,000 | |||||||||||
Masbate Mine | Long-term gold price | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Fair value inputs price per ounce (in usd per oz) | $ / Ounce | 1,500 | 1,350 | |||||||||||
Non-core Properties | Other | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Write-down mineral property interests | $ 11,000 | ||||||||||||
Disposal Group, Disposed By Sale, Not Discontinued Operations | Kiaka Project | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Initial payment received upon agreement execution | $ 450 | ||||||||||||
Consideration to be received in cash or shares, upon closing | 43,000 | ||||||||||||
Proceeds from sale of subsidiary | $ 22,500 | ||||||||||||
Number of shares received (in shares) | shares | 22,190,508 | ||||||||||||
Shares received (in USD per share) | $ / shares | $ 1.31 | ||||||||||||
Closing foreign exchange rate | $ / $ | 1.41 | 1.41 | |||||||||||
Consideration to be received in cash or shares | $ 45,000 | 41,239 | 0 | ||||||||||
Net smelter returns (in percentage) | 0.027 | 0.027 | |||||||||||
Retained royalty interest on gold production (in ounces) | oz | 2,500 | 2,500 | |||||||||||
Additional net smelter returns (in percentage) | 0.0045 | 0.0045 | |||||||||||
Retained royalty interest on additional gold production (in ounces) | oz | 1,500 | 1,500 | |||||||||||
NSR Royalty | $ 18,488 | 18,488 | 0 | ||||||||||
Consideration to be received in share | $ 20,530 | ||||||||||||
Disposal Group, Disposed By Sale, Not Discontinued Operations | Kiaka Project | Bottom of range | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Payable term (minimum) | 6 months | ||||||||||||
Disposal Group, Disposed By Sale, Not Discontinued Operations | Toega Project | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Initial payment received upon agreement execution | 9,000 | ||||||||||||
Net smelter returns (in percentage) | 0.027 | 0.027 | |||||||||||
Retained royalty interest on gold production (in ounces) | oz | 1,500 | 1,500 | |||||||||||
Additional net smelter returns (in percentage) | 0.0045 | 0.0045 | |||||||||||
NSR Royalty | $ 2,599 | 2,599 | 0 | ||||||||||
NSR Royalty at 2.7% rate | 22,500 | $ 22,500 | |||||||||||
Tax guarantee receivable | $ 1,858 | 1,858 | $ 0 | ||||||||||
Disposal Group, Disposed By Sale, Not Discontinued Operations | Ondundu Property, Namibia | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Initial payment received upon agreement execution | 4,000 | ||||||||||||
Consideration to be received in cash or shares | 2,500 | ||||||||||||
Assets classified as held for sale | 13,000 | 13,000 | |||||||||||
Write-downs of long-lived assets | 6,000 | ||||||||||||
Consideration to be received in share | 5,000 | ||||||||||||
Consideration to be received in cash | $ 4,000 | ||||||||||||
Deferred consideration term | 6 months | ||||||||||||
Volta Resources (Cayman) Inc. | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Proportion of ownership interest in mining properties | 0.81 | 0.81 | |||||||||||
Calibre, Nicaragua | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Share price (in CAD per share) | $ / shares | $ 1.34 | ||||||||||||
Quoted market value | $ 117,000 | $ 117,000 | |||||||||||
West African Resources Ltd. (Note 8) | |||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||
Disposal of shares issued and outstanding, percentage | 1 | 1 |
Mining interests - Schedule o_4
Mining interests - Schedule of Fair Value Calculation Assumptions (Details) - Masbate Mine - $ / Ounce | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Discount rate | 5.00% | 5.00% |
Long-term gold price | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Fair value inputs price per ounce (in usd per oz) | 1,500 | 1,350 |
Silver price | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Fair value inputs price per ounce (in usd per oz) | 17 | 17 |
Other assets (Details)
Other assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Assets1 [Abstract] | ||
Low-grade stockpile | $ 34,318 | $ 28,322 |
Reclamation Deposits | 26,170 | 19,099 |
Debt service reserve account (Note 10) | 8,701 | 9,805 |
Deferred financing costs (Note 10) | 8,959 | 5,449 |
Derivative instruments at fair value | 2,602 | 1,348 |
Other | 1,621 | 3,119 |
Other non-current assets | $ 82,371 | $ 67,142 |
Long-term debt - Schedule of Lo
Long-term debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | |||
Principal | $ 75,134 | $ 110,022 | $ 261,851 |
Current portion of long-term debt | (25,408) | (34,111) | |
Long-term debt | 49,726 | 75,911 | |
Equipment loans/finance lease obligations: | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 75,134 | 110,022 | |
Fekola Equipment Loan Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 42,408 | 71,261 | |
Masbate Equipment Loan Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 3,865 | 7,254 | |
Lease liabilities | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 28,861 | $ 31,507 | $ 9,731 |
Current portion of long-term debt | (4,291) | ||
Long-term debt | $ 24,570 |
Long-term debt - Schedule of Ch
Long-term debt - Schedule of Changes in Debt Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Changes In Borrowings [Roll Forward] | ||
Beginning balance | $ 110,022 | $ 261,851 |
Drawdowns | 292,065 | |
Lease liabilities incurred | 398 | 22,879 |
Debt repayments | (32,686) | (482,082) |
Foreign exchange gains | (4,440) | 6,324 |
Reclass of deferred financing costs to other assets (Note 9) | (5,768) | 6,018 |
Deferred transaction costs incurred | 5,768 | (649) |
Non-cash interest and financing expense | 1,840 | 3,616 |
Ending balance | 75,134 | 110,022 |
Current portion of long-term debt | (25,408) | (34,111) |
Long-term debt | 49,726 | 75,911 |
Revolving credit facility | ||
Changes In Borrowings [Roll Forward] | ||
Beginning balance | 0 | 192,287 |
Drawdowns | 250,000 | |
Lease liabilities incurred | 0 | 0 |
Debt repayments | 0 | (450,000) |
Foreign exchange gains | 0 | 0 |
Reclass of deferred financing costs to other assets (Note 9) | 5,768 | 6,018 |
Deferred transaction costs incurred | 5,768 | 0 |
Non-cash interest and financing expense | 0 | 1,695 |
Ending balance | 0 | 0 |
Current portion of long-term debt | 0 | |
Long-term debt | 0 | |
Equipment loans | ||
Changes In Borrowings [Roll Forward] | ||
Beginning balance | 78,515 | 59,833 |
Drawdowns | 42,065 | |
Lease liabilities incurred | 0 | 0 |
Debt repayments | (28,797) | (28,445) |
Foreign exchange gains | (4,145) | 5,054 |
Reclass of deferred financing costs to other assets (Note 9) | 0 | 0 |
Deferred transaction costs incurred | 0 | (649) |
Non-cash interest and financing expense | 700 | 657 |
Ending balance | 46,273 | 78,515 |
Current portion of long-term debt | (21,117) | |
Long-term debt | 25,156 | |
Lease liabilities | ||
Changes In Borrowings [Roll Forward] | ||
Beginning balance | 31,507 | 9,731 |
Drawdowns | 0 | |
Lease liabilities incurred | 398 | 22,879 |
Debt repayments | (3,889) | (3,637) |
Foreign exchange gains | (295) | 1,270 |
Reclass of deferred financing costs to other assets (Note 9) | 0 | 0 |
Deferred transaction costs incurred | 0 | 0 |
Non-cash interest and financing expense | 1,140 | 1,264 |
Ending balance | 28,861 | $ 31,507 |
Current portion of long-term debt | (4,291) | |
Long-term debt | $ 24,570 |
Long-term debt - Revolving Cred
Long-term debt - Revolving Credit Facilities (Details) | Dec. 16, 2021USD ($) | Oct. 26, 2020EUR (€) | Sep. 29, 2020EUR (€) | Jun. 01, 2017USD ($)payment | Dec. 31, 2021USD ($)payment | Dec. 31, 2021EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2016EUR (€) |
Disclosure of detailed information about borrowings [line items] | |||||||||
Debt service reserve account | $ 8,701,000 | $ 9,805,000 | |||||||
Revolving credit facility | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 600,000,000 | 600,000,000 | |||||||
Accordion feature higher borrowing capacity | $ 200,000,000 | ||||||||
Borrowings maturity term | 4 years | ||||||||
Borrowing costs capitalised | $ 9,000,000 | ||||||||
Proceeds from borrowings, classified as financing activities | 0 | ||||||||
Undrawn borrowing facilities | $ 600,000,000 | ||||||||
Fekola Equipment Loan Facility, First Equipment Facility | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Line of credit facility, maximum borrowing capacity | € | € 71,000,000 | ||||||||
Borrowings maturity term | 5 years | ||||||||
Mandatory reserve deposit payment coverage period | 6 months | ||||||||
Debt service reserve account | $ 9,000,000 | € 8,000,000 | $ 10,000,000 | € 8,000,000 | |||||
Number of quarterly installment payments | payment | 20 | ||||||||
Fekola Equipment Loan Facility, Second Equipment Facility | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Line of credit facility, maximum borrowing capacity | € | € 40,000,000 | ||||||||
Borrowings maturity term | 5 years | ||||||||
Proceeds from borrowings, classified as financing activities | € | € 36,000,000 | ||||||||
Maximum borrowing capacity in percentage of cost of mining fleet and other mining equipment (in percentage) | 0.75 | ||||||||
Line of credit facility, expiration period (later of the day) | 12 months | ||||||||
Number of quarterly installment payments | payment | 20 | ||||||||
Otjikoto Equipment Loan Facility | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Unused capacity commitment fee | 1.20% | 1.20% | |||||||
Masbate Equipment Loan Facility | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 18,000,000 | ||||||||
Borrowings maturity term | 5 years | ||||||||
Number of quarterly installment payments | payment | 20 | ||||||||
Bottom of range | Revolving credit facility | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Unused capacity commitment fee | 0.45% | ||||||||
Top of range | Revolving credit facility | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Unused capacity commitment fee | 0.563% | ||||||||
London Interbank Offered Rate LIBOR | Otjikoto Equipment Loan Facility | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings, adjustment to interest rate basis | 3.85% | 3.85% | |||||||
London Interbank Offered Rate LIBOR | Masbate Equipment Loan Facility | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings, adjustment to interest rate basis | 3.85% | ||||||||
London Interbank Offered Rate LIBOR | Bottom of range | Revolving credit facility | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings, adjustment to interest rate basis | 2.00% | ||||||||
London Interbank Offered Rate LIBOR | Top of range | Revolving credit facility | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings, adjustment to interest rate basis | 2.50% | ||||||||
EURIBOR | Fekola Equipment Loan Facility, First Equipment Facility | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings, adjustment to interest rate basis | 5.10% | 5.10% | |||||||
EURIBOR | Fekola Equipment Loan Facility, Second Equipment Facility | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings, adjustment to interest rate basis | 4.25% | 4.25% |
Long-term debt - Lease Liabilit
Long-term debt - Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Long-Term Debt1 [Abstract] | ||
Depreciation of right-of-use assets | $ 4,000 | $ 3,000 |
Payments of lease liabilities | 4,000 | 4,000 |
Expense relating to short-term leases | 2,000 | 4,000 |
Variable lease payments | 7,000 | 10,000 |
Lease liabilities incurred | 398 | $ 22,879 |
Lease, term | 10 years | |
Lease, term extension | 5 years | |
Annual rental payments | $ 2,000 | |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liability | 35,228 | |
Less than one year | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liability | 3,763 | |
One to five years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liability | 12,501 | |
More than five years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liability | $ 18,964 |
Long-term debt - Schedule of _2
Long-term debt - Schedule of Long-Term Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | |||
Principal | $ 75,134 | $ 110,022 | $ 261,851 |
Principal and interest payable | 61,476 | ||
2022 | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal and interest payable | 26,367 | ||
2023 | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal and interest payable | 14,780 | ||
2024 | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal and interest payable | 11,172 | ||
2025 | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal and interest payable | 7,728 | ||
2026 | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal and interest payable | 1,429 | ||
Fekola Equipment Loan Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 42,408 | 71,261 | |
Interest | 3,623 | ||
Fekola Equipment Loan Facility | 2022 | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest | 1,816 | ||
Fekola Equipment Loan Facility | 2023 | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest | 1,063 | ||
Fekola Equipment Loan Facility | 2024 | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest | 586 | ||
Fekola Equipment Loan Facility | 2025 | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest | 158 | ||
Fekola Equipment Loan Facility | 2026 | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest | 0 | ||
Masbate Equipment Loan Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 3,865 | $ 7,254 | |
Interest | 195 | ||
Masbate Equipment Loan Facility | 2022 | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest | 167 | ||
Masbate Equipment Loan Facility | 2023 | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest | 26 | ||
Masbate Equipment Loan Facility | 2024 | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest | 2 | ||
Masbate Equipment Loan Facility | 2025 | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest | 0 | ||
Masbate Equipment Loan Facility | 2026 | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest | 0 | ||
Lease liabilities | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest | 11 | ||
Lease liabilities | 2022 | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest | 11 | ||
Lease liabilities | 2023 | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest | 0 | ||
Lease liabilities | 2024 | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest | 0 | ||
Lease liabilities | 2025 | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest | 0 | ||
Lease liabilities | 2026 | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest | 0 | ||
Principal | Fekola Equipment Loan Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 42,865 | ||
Principal | Fekola Equipment Loan Facility | 2022 | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 18,028 | ||
Principal | Fekola Equipment Loan Facility | 2023 | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 10,320 | ||
Principal | Fekola Equipment Loan Facility | 2024 | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 8,334 | ||
Principal | Fekola Equipment Loan Facility | 2025 | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 6,183 | ||
Principal | Fekola Equipment Loan Facility | 2026 | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 0 | ||
Principal | Masbate Equipment Loan Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 3,948 | ||
Principal | Masbate Equipment Loan Facility | 2022 | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 3,076 | ||
Principal | Masbate Equipment Loan Facility | 2023 | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 766 | ||
Principal | Masbate Equipment Loan Facility | 2024 | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 106 | ||
Principal | Masbate Equipment Loan Facility | 2025 | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 0 | ||
Principal | Masbate Equipment Loan Facility | 2026 | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 0 | ||
Principal | Lease liabilities | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 10,834 | ||
Principal | Lease liabilities | 2022 | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 3,269 | ||
Principal | Lease liabilities | 2023 | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 2,605 | ||
Principal | Lease liabilities | 2024 | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 2,144 | ||
Principal | Lease liabilities | 2025 | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | 1,387 | ||
Principal | Lease liabilities | 2026 | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | $ 1,429 |
Mine restoration provisions - N
Mine restoration provisions - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of fair value measurement of assets [line items] | ||
Inflation rate | 2.50% | |
Mine restoration provision | $ 105 | $ 89 |
Bottom of range | ||
Disclosure of fair value measurement of assets [line items] | ||
Discount rate | 1.52% | |
Top of range | ||
Disclosure of fair value measurement of assets [line items] | ||
Discount rate | 1.69% |
Mine restoration provisions - S
Mine restoration provisions - Schedule of Mine Restoration Provisions (Details) - Mine restoration provisions - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in other provisions [abstract] | ||
Balance, beginning of year | $ 104,282 | $ 75,419 |
Reclamation spending at continuing operations | (343) | (425) |
Accretion expense | 1,438 | 917 |
Change in obligation | 12,484 | 28,371 |
Liabilities associated with assets sold | (580) | 0 |
Balance, end of year | 117,281 | 104,282 |
Less: current portion | (734) | 0 |
Mine restoration provisions, noncurrent | $ 116,547 | $ 104,282 |
Share capital - Narrative (Deta
Share capital - Narrative (Details) $ / shares in Units, $ in Thousands | Oct. 12, 2007USD ($) | Jun. 29, 2007shares | Dec. 31, 2021USD ($)sharesyear$ / shares | Dec. 31, 2021USD ($)shares$ / shares | Dec. 31, 2020USD ($)sharesyear | Dec. 31, 2020USD ($)shares$ / shares | Feb. 22, 2022$ / shares | Dec. 31, 2019shares |
Disclosure of classes of share capital [line items] | ||||||||
Dividends paid (in USD per share) | $ / shares | $ 0.04 | |||||||
Dividends paid | $ | $ 170,000 | $ 116,000 | ||||||
Shares issued on exercise of stock options | $ | $ 6,435 | $ 44,651 | ||||||
Number of options exercised (in shares) | shares | 3,052,000 | 19,265,000 | ||||||
Cash proceeds from exercise of options | $ | $ 6,435 | $ 46,152 | ||||||
Proceeds from exercise of options pending issuance in prior year | $ | $ 1,000 | |||||||
Number of options granted (in shares) | shares | 19,461,000 | 395,000 | ||||||
Risk free annual interest rate | 0.70% | 1.60% | ||||||
Dividend yield rate | 1.00% | |||||||
Weighted average exercise price, options exercised (in Cdn.$per share) | $ / shares | $ 5.66 | $ 7.12 | ||||||
Number of common shares redeemable from each RSU (in shares) | shares | 1 | |||||||
Incentive Plan | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Shares issued on exercise of stock options | $ | $ 4,955 | |||||||
Number of options granted (in shares) | shares | 4,955,000 | |||||||
Stock Options | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Term of options granted (in years) | 5 years | 5 years | ||||||
Award vesting period (in years) | 5 years | 3 years | ||||||
Fair value of shares from share-based payment transactions | $ | $ 23,000 | $ 23,000 | $ 1,000 | $ 1,000 | ||||
Share-based payments expense | $ | 13,000 | 5,000 | ||||||
Share-based payments expense, capitalized to mining interests | $ | 2,000 | 0 | ||||||
Restricted Share Units | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Fair value of shares from share-based payment transactions | $ | 7,000 | $ 7,000 | 6,000 | $ 6,000 | ||||
Share-based payments expense | $ | $ 6,000 | $ 7,000 | ||||||
Number of shares granted (in shares) | shares | 1,329,000 | 1,777,000 | ||||||
Number of DSUs outstanding in share-based payment arrangement (in shares) | shares | 3,679,000 | 3,679,000 | 4,334,000 | 4,334,000 | 3,934,000 | |||
Deferred Share Unit | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Fair value of shares from share-based payment transactions | $ | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | ||||
Share-based payments expense | $ | $ 1,000 | $ 3,000 | ||||||
Number of shares granted (in shares) | shares | 400,000 | 400,000 | ||||||
Measurement period | 5 days | |||||||
Number of DSUs outstanding in share-based payment arrangement (in shares) | shares | 2,000,000 | 2,000,000 | ||||||
Performance Share Units | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Fair value of shares from share-based payment transactions | $ | $ 7,000 | $ 7,000 | $ 8,000 | $ 8,000 | ||||
Share-based payments expense | $ | $ 4,000 | $ 2,000 | ||||||
Number of shares granted (in shares) | shares | 1,000,000 | 2,000,000 | ||||||
Number of other equity instruments issued in share-based payment arrangement (in shares) | shares | 3,000,000 | 3,000,000 | ||||||
CANADA | Performance Share Units | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Risk free interest rate, performance share unit (in percentage) | 0.81% | 0.87% | ||||||
UNITED STATES | Performance Share Units | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Risk free interest rate, performance share unit (in percentage) | 0.35% | 0.61% | ||||||
Bottom of range | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Exercise price, share options granted (in Cdn.$per share) | $ / shares | $ 4.34 | $ 5.02 | ||||||
Expected volatility | 50.00% | 45.00% | ||||||
Bottom of range | Performance Share Units | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Shares receivable as percent of performance share unit | 0.00% | |||||||
Expected volatility, performance share unit (in percentage) | 32.00% | 25.00% | ||||||
Top of range | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Exercise price, share options granted (in Cdn.$per share) | $ / shares | $ 6.30 | $ 8.53 | ||||||
Expected option life (in years) | year | 3 | 3 | ||||||
Dividend yield rate | 4.00% | |||||||
Top of range | Performance Share Units | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Shares receivable as percent of performance share unit | 200.00% | |||||||
Expected volatility, performance share unit (in percentage) | 99.00% | 68.00% | ||||||
Vesting 1 year from grant | Restricted Share Units | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Award vesting percent | 33.33% | |||||||
Vesting 2 years from grant | Restricted Share Units | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Award vesting period (in years) | 2 years | |||||||
Award vesting percent | 33.33% | |||||||
Vesting 3 years from grant | Restricted Share Units | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Award vesting period (in years) | 3 years | |||||||
Award vesting percent | 33.33% | |||||||
Ordinary shares | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares outstanding (in shares) | shares | 1,056,333,691 | 1,056,333,691 | ||||||
Ordinary shares | Incentive Plan | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares held in trust under the Company's Incentive Plan (in shares) | shares | 1,705,000 | 1,705,000 | ||||||
Preference shares | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares outstanding (in shares) | shares | 0 | 0 | ||||||
Share capital | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares outstanding (in shares) | shares | 1,056,334,000 | 1,056,334,000 | 1,051,138,000 | 1,051,138,000 | 1,030,400,000 | |||
Shares issued on exercise of stock options | $ | $ 6,435 | $ 44,651 | ||||||
Number of options exercised (in shares) | shares | 3,053,000 | 19,265,000 | ||||||
Dividends Declared | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Dividends declared (in USD per share) | $ / shares | $ 0.04 |
Share capital - Stock Options R
Share capital - Stock Options Rollforward (Details) | 12 Months Ended | |
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | |
Disclosure of share capital, reserves and other equity interest [Abstract] | ||
Number of outstanding options, beginning of year (in shares) | shares | 16,853,000 | 36,066,000 |
Number of options granted (in shares) | shares | 19,461,000 | 395,000 |
Number of options exercised (in shares) | shares | (3,052,000) | (19,265,000) |
Number of options forfeited (in shares) | shares | (773,000) | (343,000) |
Number of outstanding options, ending of year (in shares) | shares | 32,489,000 | 16,853,000 |
Weighted-average exercise price, beginning of year (in Cdn.$per share) | $ / shares | $ 3.56 | $ 3.29 |
Weighted average exercise price, options granted (in Cdn.$per share) | $ / shares | 5.45 | 6.21 |
Weighted average exercise price, options exercised (in Cdn.$ per share) | $ / shares | 2.64 | 3.11 |
Weighted average exercise price, options forfeited (in Cdn.$per share) | $ / shares | 4.58 | 3.48 |
Weighted-average exercise price, end of year (in Cdn.$per share) | $ / shares | $ 4.75 | $ 3.56 |
Share capital - Stock Option Ra
Share capital - Stock Option Range of Exercise Prices and Weighted Average Years to Expiration (Details) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of outstanding options (in shares) | shares | 32,489 | 16,853 | 36,066 |
Weighted- average years to expiry (in years) | 3 years 9 months 7 days | ||
Weighted-average exercise price (in Cdn.$per share) | $ 4.75 | $ 3.56 | $ 3.29 |
Number of exercisable options (in shares) | shares | 15,564 | ||
Weighted-average exercise price (in Cdn.$per share) | $ 4.16 | ||
2.94 – 2.99 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of outstanding options (in shares) | shares | 33 | ||
Weighted- average years to expiry (in years) | 1 year 9 months | ||
Weighted-average exercise price (in Cdn.$per share) | $ 2.94 | ||
Number of exercisable options (in shares) | shares | 33 | ||
Weighted-average exercise price (in Cdn.$per share) | $ 2.94 | ||
3.00 – 3.99 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of outstanding options (in shares) | shares | 9,733 | ||
Weighted- average years to expiry (in years) | 1 year 4 months 6 days | ||
Weighted-average exercise price (in Cdn.$per share) | $ 3.42 | ||
Number of exercisable options (in shares) | shares | 9,518 | ||
Weighted-average exercise price (in Cdn.$per share) | $ 3.42 | ||
4.00 – 4.99 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of outstanding options (in shares) | shares | 3,615 | ||
Weighted- average years to expiry (in years) | 6 years 9 months 7 days | ||
Weighted-average exercise price (in Cdn.$per share) | $ 4.55 | ||
Number of exercisable options (in shares) | shares | 628 | ||
Weighted-average exercise price (in Cdn.$per share) | $ 4.26 | ||
5.00 – 5.99 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of outstanding options (in shares) | shares | 16,719 | ||
Weighted- average years to expiry (in years) | 4 years 5 months 19 days | ||
Weighted-average exercise price (in Cdn.$per share) | $ 5.35 | ||
Number of exercisable options (in shares) | shares | 4,683 | ||
Weighted-average exercise price (in Cdn.$per share) | $ 5.35 | ||
6.00 – 6.99 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of outstanding options (in shares) | shares | 2,269 | ||
Weighted- average years to expiry (in years) | 4 years 3 months 21 days | ||
Weighted-average exercise price (in Cdn.$per share) | $ 6.25 | ||
Number of exercisable options (in shares) | shares | 662 | ||
Weighted-average exercise price (in Cdn.$per share) | $ 6.24 | ||
7.00 – 8.53 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of outstanding options (in shares) | shares | 120 | ||
Weighted- average years to expiry (in years) | 3 years 6 months 25 days | ||
Weighted-average exercise price (in Cdn.$per share) | $ 8.01 | ||
Number of exercisable options (in shares) | shares | 40 | ||
Weighted-average exercise price (in Cdn.$per share) | $ 8.01 | ||
Bottom of range | 2.94 – 2.99 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding options (in Cdn.$per share) | 2.94 | ||
Bottom of range | 3.00 – 3.99 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding options (in Cdn.$per share) | 3 | ||
Bottom of range | 4.00 – 4.99 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding options (in Cdn.$per share) | 4 | ||
Bottom of range | 5.00 – 5.99 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding options (in Cdn.$per share) | 5 | ||
Bottom of range | 6.00 – 6.99 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding options (in Cdn.$per share) | 6 | ||
Bottom of range | 7.00 – 8.53 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding options (in Cdn.$per share) | 7 | ||
Top of range | 2.94 – 2.99 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding options (in Cdn.$per share) | 2.99 | ||
Top of range | 3.00 – 3.99 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding options (in Cdn.$per share) | 3.99 | ||
Top of range | 4.00 – 4.99 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding options (in Cdn.$per share) | 4.99 | ||
Top of range | 5.00 – 5.99 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding options (in Cdn.$per share) | 5.99 | ||
Top of range | 6.00 – 6.99 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding options (in Cdn.$per share) | 6.99 | ||
Top of range | 7.00 – 8.53 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding options (in Cdn.$per share) | $ 8.53 |
Share capital - Non-Option Equi
Share capital - Non-Option Equity Instruments Rollforward (Details) - Restricted Share Units - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding units, beginning of year (in shares) | 4,334 | 3,934 |
Granted (in shares) | 1,329 | 1,777 |
Units vested and converted to common shares (in shares) | (2,143) | (1,473) |
Reinvested dividend equivalents (in shares) | 159 | 96 |
Outstanding units, end of year (in shares) | 3,679 | 4,334 |
Share capital - Earnings Per Sh
Share capital - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | ||
Net income and diluted net income (attributable to shareholders of the Company) | $ 420,065 | $ 628,063 |
Basic weighted average number of shares outstanding (in shares) | 1,053,809 | 1,043,385 |
Effect of dilutive securities, stock options (in shares) | 4,883 | 8,541 |
Effect of dilutive securities, restricted share units (in shares) | 1,478 | 2,461 |
Effect of dilutive securities, performance share units (in shares) | 1,372 | 1,915 |
Diluted weighted average number of shares outstanding (in shares) | 1,061,542 | 1,056,302 |
Basic (in USD per share) | $ 0.40 | $ 0.60 |
Diluted (in USD per share) | $ 0.40 | $ 0.59 |
Non-controlling Interest - Chan
Non-controlling Interest - Changes in Non-controlling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in equity [abstract] | ||
Beginning balance equity | $ 2,660,590 | $ 2,051,652 |
Share of net income (loss) | 460,825 | 672,413 |
Ending balance equity | 2,961,007 | 2,660,590 |
Non- controlling interests | ||
Changes in equity [abstract] | ||
Beginning balance equity | 88,574 | 61,409 |
Share of net income (loss) | 40,760 | 44,350 |
Interest on loan to non-controlling interest | (3,184) | (3,082) |
Transactions with non-controlling interests (Note 13) | (31,153) | (14,240) |
Repayment of loan by non-controlling interest | 5,312 | |
Purchase of non-controlling interest | 1,099 | |
Non-controlling interest associated with mineral properties sold (Note 8) | (1,084) | |
Other | 389 | 137 |
Ending balance equity | 100,713 | 88,574 |
Fekola | Non- controlling interests | ||
Changes in equity [abstract] | ||
Beginning balance equity | 51,992 | 30,429 |
Share of net income (loss) | 32,292 | 35,742 |
Interest on loan to non-controlling interest | (3,184) | (3,082) |
Transactions with non-controlling interests (Note 13) | (22,011) | (11,097) |
Ending balance equity | 59,089 | 51,992 |
Masbate Mine | Non- controlling interests | ||
Changes in equity [abstract] | ||
Beginning balance equity | 16,302 | 16,189 |
Share of net income (loss) | 351 | 113 |
Ending balance equity | 16,653 | 16,302 |
Otjikoto Mine | Non- controlling interests | ||
Changes in equity [abstract] | ||
Beginning balance equity | 20,727 | 13,877 |
Share of net income (loss) | 7,641 | 9,856 |
Transactions with non-controlling interests (Note 13) | (9,142) | (3,143) |
Repayment of loan by non-controlling interest | 5,312 | |
Other | 389 | 137 |
Ending balance equity | 24,927 | 20,727 |
Other Mineral Properties | Non- controlling interests | ||
Changes in equity [abstract] | ||
Beginning balance equity | (447) | 914 |
Share of net income (loss) | 476 | (1,361) |
Purchase of non-controlling interest | 1,099 | |
Non-controlling interest associated with mineral properties sold (Note 8) | (1,084) | |
Ending balance equity | $ 44 | $ (447) |
Non-controlling Interest - Narr
Non-controlling Interest - Narrative (Details) $ in Millions | Dec. 31, 2020USD ($) |
State of Mali | |
Current payables to related parties | $ 5 |
Derivative financial instrume_3
Derivative financial instruments - Fuel Derivatives Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)l | Dec. 31, 2020USD ($) | Feb. 22, 2022l | |
Disclosure of detailed information about financial instruments [line items] | |||
Gains (losses) on derivative instruments (Note 14) | $ 24,373 | $ (5,706) | |
Fuel Derivatives | |||
Disclosure of detailed information about financial instruments [line items] | |||
Unrealized gains (losses) on change in fair value measurement | 11,000 | 6,000 | |
Gains (losses) on derivative instruments (Note 14) | 14,000 | $ (6,000) | |
Not Designated As Hedging Instrument | Forward – fuel oil: | Entering Into Forward Contracts | |||
Disclosure of detailed information about financial instruments [line items] | |||
Forward fuel contracts | l | 1,969,000 | ||
Forward contracts | Fuel Derivatives | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, at fair value | $ 15,000 | ||
Forward contracts | Not Designated As Hedging Instrument | Forward – gas oil: | |||
Disclosure of detailed information about financial instruments [line items] | |||
Forward fuel contracts | l | 27,000,000 | ||
Forward contracts | Not Designated As Hedging Instrument | Forward – fuel oil: | |||
Disclosure of detailed information about financial instruments [line items] | |||
Forward fuel contracts | l | 41,000,000 |
Derivative financial instrume_4
Derivative financial instruments - Schedule of Forward Contracts, Fuel Oil, Gas Oil and Diesel (Details) - Forward contracts l in Thousands | Feb. 22, 2022$ / l | Dec. 31, 2021$ / ll |
Forward – fuel oil: | Entering Into Forward Contracts | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average exercise price per litre (in USD per litre) | 0.43 | |
2022 | Forward – fuel oil: | ||
Disclosure of detailed information about financial instruments [line items] | ||
Forward fuel contracts | l | 51,884 | |
Average exercise price per litre (in USD per litre) | 0.32 | |
2022 | Forward – gas oil: | ||
Disclosure of detailed information about financial instruments [line items] | ||
Forward fuel contracts | l | 40,171 | |
Average exercise price per litre (in USD per litre) | 0.37 | |
2023 | Forward – fuel oil: | ||
Disclosure of detailed information about financial instruments [line items] | ||
Forward fuel contracts | l | 21,292 | |
Average exercise price per litre (in USD per litre) | 0.37 | |
2023 | Forward – gas oil: | ||
Disclosure of detailed information about financial instruments [line items] | ||
Forward fuel contracts | l | 17,066 | |
Average exercise price per litre (in USD per litre) | 0.43 | |
Total | Forward – fuel oil: | ||
Disclosure of detailed information about financial instruments [line items] | ||
Forward fuel contracts | l | 73,176 | |
Average exercise price per litre (in USD per litre) | 0.33 | |
Total | Forward – gas oil: | ||
Disclosure of detailed information about financial instruments [line items] | ||
Forward fuel contracts | l | 57,237 | |
Average exercise price per litre (in USD per litre) | 0.39 |
Derivative financial instrume_5
Derivative financial instruments - Interest Rate Swaps (Details) - Entering into significant commitments or contingent liabilities - Not Designated As Hedging Instrument - Interest rate swaps $ in Millions | Jan. 24, 2019USD ($) |
Disclosure of detailed information about financial instruments [line items] | |
Notional amount | $ 125 |
Bottom of range | |
Disclosure of detailed information about financial instruments [line items] | |
Derivative fixed interest rate | 2.36% |
Top of range | |
Disclosure of detailed information about financial instruments [line items] | |
Derivative fixed interest rate | 2.67% |
Financial instruments - Schedul
Financial instruments - Schedule of Assets and Liabilities Measured at Fair Value (Details) - Recurring fair value measurement - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Long-term investments (Note 7) | Level 1 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets measured at fair value | $ 32,118 | $ 9,354 |
Long-term investments (Note 7) | Level 2 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets measured at fair value | 0 | 0 |
Fuel derivative contracts (Note 14) | Level 2 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets measured at fair value | 15,424 | |
Interest rate swaps (Note 14) | Level 1 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities measured at fair value | 0 | 0 |
Interest rate swaps (Note 14) | Level 2 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Liabilities measured at fair value | 0 | (2,059) |
Fuel derivative contracts (Note 14) | Level 1 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets measured at fair value | $ 0 | 0 |
Fuel derivative contracts (Note 14) | Level 2 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Assets measured at fair value | $ 4,600 |
Financial instruments - Narrati
Financial instruments - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 16, 2021 | Dec. 31, 2019 | |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Cash and cash equivalents | $ 672,999,000 | $ 479,685,000 | $ 140,596,000 | |
Cash provided by operating activities | 724,113,000 | $ 950,645,000 | ||
Revolving credit facility | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 600,000,000 | $ 600,000,000 | ||
Undrawn borrowing facilities | 600,000,000 | |||
Currency risk | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Risk exposure associated with instruments sharing characteristic | $ 514,000,000 | |||
Reasonably possible change in risk variable, percent | 10.00% | |||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on cash and cash equivalents | $ 16,000,000 | |||
Fuel derivative contracts | Commodity price risk | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Reasonably possible change in risk variable, percent | 10.00% | |||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on financial liabilities | $ 6,000,000 |
Financial instruments - Sched_2
Financial instruments - Schedule of Liquidity Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Accounts payable and accrued liabilities | $ 111,716 | $ 89,062 | |
Principal | 75,134 | 110,022 | $ 261,851 |
Debt repayments | 248,598 | ||
Capital expenditure commitments | 62,113 | ||
Commitment fees on revolving credit facility | 10,688 | ||
Other liabilities | 2,605 | ||
2022 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Accounts payable and accrued liabilities | 111,716 | ||
Debt repayments | 201,535 | ||
Capital expenditure commitments | 59,712 | ||
Commitment fees on revolving credit facility | 2,700 | ||
Other liabilities | 1,040 | ||
2023 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Accounts payable and accrued liabilities | 0 | ||
Debt repayments | 21,446 | ||
Capital expenditure commitments | 2,401 | ||
Commitment fees on revolving credit facility | 2,700 | ||
Other liabilities | 1,565 | ||
2024 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Accounts payable and accrued liabilities | 0 | ||
Debt repayments | 13,872 | ||
Capital expenditure commitments | 0 | ||
Commitment fees on revolving credit facility | 2,700 | ||
Other liabilities | 0 | ||
2025 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Accounts payable and accrued liabilities | 0 | ||
Debt repayments | 10,316 | ||
Capital expenditure commitments | 0 | ||
Commitment fees on revolving credit facility | 2,588 | ||
Other liabilities | 0 | ||
2026 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Accounts payable and accrued liabilities | 0 | ||
Debt repayments | 1,429 | ||
Capital expenditure commitments | 0 | ||
Commitment fees on revolving credit facility | 0 | ||
Other liabilities | 0 | ||
Fekola Equipment Loan Facility | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Principal | 42,408 | 71,261 | |
Interest (estimated) | 3,623 | ||
Fekola Equipment Loan Facility | 2022 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Interest (estimated) | 1,816 | ||
Fekola Equipment Loan Facility | 2023 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Interest (estimated) | 1,063 | ||
Fekola Equipment Loan Facility | 2024 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Interest (estimated) | 586 | ||
Fekola Equipment Loan Facility | 2025 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Interest (estimated) | 158 | ||
Fekola Equipment Loan Facility | 2026 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Interest (estimated) | 0 | ||
Masbate Equipment Loan Facility | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Principal | 3,865 | $ 7,254 | |
Interest (estimated) | 195 | ||
Masbate Equipment Loan Facility | 2022 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Interest (estimated) | 167 | ||
Masbate Equipment Loan Facility | 2023 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Interest (estimated) | 26 | ||
Masbate Equipment Loan Facility | 2024 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Interest (estimated) | 2 | ||
Masbate Equipment Loan Facility | 2025 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Interest (estimated) | 0 | ||
Masbate Equipment Loan Facility | 2026 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Interest (estimated) | 0 | ||
Lease liabilities | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Interest (estimated) | 11 | ||
Lease liabilities | 2022 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Interest (estimated) | 11 | ||
Lease liabilities | 2023 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Interest (estimated) | 0 | ||
Lease liabilities | 2024 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Interest (estimated) | 0 | ||
Lease liabilities | 2025 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Interest (estimated) | 0 | ||
Lease liabilities | 2026 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Interest (estimated) | 0 | ||
Principal | Fekola Equipment Loan Facility | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Principal | 42,865 | ||
Principal | Fekola Equipment Loan Facility | 2022 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Principal | 18,028 | ||
Principal | Fekola Equipment Loan Facility | 2023 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Principal | 10,320 | ||
Principal | Fekola Equipment Loan Facility | 2024 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Principal | 8,334 | ||
Principal | Fekola Equipment Loan Facility | 2025 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Principal | 6,183 | ||
Principal | Fekola Equipment Loan Facility | 2026 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Principal | 0 | ||
Principal | Masbate Equipment Loan Facility | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Principal | 3,948 | ||
Principal | Masbate Equipment Loan Facility | 2022 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Principal | 3,076 | ||
Principal | Masbate Equipment Loan Facility | 2023 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Principal | 766 | ||
Principal | Masbate Equipment Loan Facility | 2024 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Principal | 106 | ||
Principal | Masbate Equipment Loan Facility | 2025 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Principal | 0 | ||
Principal | Masbate Equipment Loan Facility | 2026 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Principal | 0 | ||
Principal | Lease liabilities | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Principal | 10,834 | ||
Principal | Lease liabilities | 2022 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Principal | 3,269 | ||
Principal | Lease liabilities | 2023 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Principal | 2,605 | ||
Principal | Lease liabilities | 2024 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Principal | 2,144 | ||
Principal | Lease liabilities | 2025 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Principal | 1,387 | ||
Principal | Lease liabilities | 2026 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Principal | 1,429 | ||
Accounts Payable, Derivative Liabilities, Borrowings, and Interest on Borrowings | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Debt repayments | 173,192 | ||
Accounts Payable, Derivative Liabilities, Borrowings, and Interest on Borrowings | 2022 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Debt repayments | 138,083 | ||
Accounts Payable, Derivative Liabilities, Borrowings, and Interest on Borrowings | 2023 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Debt repayments | 14,780 | ||
Accounts Payable, Derivative Liabilities, Borrowings, and Interest on Borrowings | 2024 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Debt repayments | 11,172 | ||
Accounts Payable, Derivative Liabilities, Borrowings, and Interest on Borrowings | 2025 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Debt repayments | 7,728 | ||
Accounts Payable, Derivative Liabilities, Borrowings, and Interest on Borrowings | 2026 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | |||
Debt repayments | $ 1,429 |
Income and other taxes - Schedu
Income and other taxes - Schedule of Components of Income and Other Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||
Income from operations before taxes | $ 726,227 | $ 1,034,428 |
Canadian federal and provincial income tax rates | 27.00% | 27.00% |
Income tax expense at statutory rates | $ 196,081 | $ 279,296 |
Effects of different foreign statutory tax rates | 40,067 | 54,294 |
Change due to foreign exchange | 28,261 | (23,718) |
Withholding and other taxes | 28,249 | 13,682 |
Non-deductible expenditures | 24,356 | 29,499 |
Change in income tax rates | (20,143) | 0 |
Benefit of tax incentives | (16,544) | (19,185) |
Use of losses and temporary differences not previously recognized | (10,481) | 0 |
Future withholding tax | (3,300) | 24,300 |
Non-taxable portions of gains | (4,754) | (3,073) |
Losses for which no tax benefit has been recorded | 1,876 | 4,487 |
Change in accruals for tax audits | 1,200 | 2,757 |
Amounts under (over) provided for in prior years | 534 | (324) |
Income tax expense | 265,402 | 362,015 |
Current income tax, withholding and other taxes | 270,669 | 309,913 |
Deferred income tax recovery (expense) (Note 16) | $ 5,267 | $ (52,102) |
Income and other taxes - Narrat
Income and other taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax effect of future withholding tax | $ (3,300) | $ 24,300 |
Deferred tax liability not recognized | 112,000 | 99,000 |
Unrecognized deferred tax assets | 113,854 | 127,571 |
Income taxes paid | 324,000 | 217,000 |
CANADA | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | 295,000 | 282,000 |
CANADA | Capital Losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 310,000 | |
COLOMBIA | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | 1,000 | 17,000 |
Fekola | Non-participating Share Capital | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Income tax relating to priority dividend | $ 39,000 | $ 49,000 |
Priority dividend rate to non-controlling interest | 10.00% |
Income and other taxes - Sche_2
Income and other taxes - Schedule of Income and Other Taxes by Geography (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax [Line Items] | ||
Income tax expense | $ 265,402 | $ 362,015 |
Mali | ||
Income Tax [Line Items] | ||
Income tax expense | 216,560 | 215,115 |
Philippines | ||
Income Tax [Line Items] | ||
Income tax expense | (5,044) | 83,904 |
Namibia | ||
Income Tax [Line Items] | ||
Income tax expense | 45,773 | 63,879 |
Other | ||
Income Tax [Line Items] | ||
Income tax expense | $ 8,113 | $ (883) |
Income and other taxes - Sche_3
Income and other taxes - Schedule of Deferred Income Tax Liabilities and Deferred Tax Expense (Recovery) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax (liabilities)/assets | $ (186,432) | $ (196,356) | $ (144,254) |
Deferred income tax expense/(recovery) | (5,267) | 52,102 | |
Operating loss carry-forwards | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax (liabilities)/assets | 30,735 | 21,105 | |
Deferred income tax expense/(recovery) | (9,630) | (7,651) | |
Current assets and liabilities | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax (liabilities)/assets | (5,502) | 5,005 | |
Deferred income tax expense/(recovery) | 10,507 | 2,673 | |
Mining interests | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax (liabilities)/assets | (211,581) | (226,571) | |
Deferred income tax expense/(recovery) | (10,333) | 45,341 | |
Mine restoration provisions | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax (liabilities)/assets | 29,052 | 30,445 | |
Deferred income tax expense/(recovery) | 1,393 | (5,535) | |
Future withholding tax | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax (liabilities)/assets | (21,000) | (24,300) | |
Deferred income tax expense/(recovery) | (3,300) | 24,300 | |
Unrealized gains | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax (liabilities)/assets | (8,097) | (3,085) | |
Deferred income tax expense/(recovery) | 5,012 | (7,033) | |
Other | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax (liabilities)/assets | (39) | 1,045 | |
Deferred income tax expense/(recovery) | $ 1,084 | $ 7 |
Income and other taxes - Sche_4
Income and other taxes - Schedule of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of income tax [Abstract] | |||
Deferred tax asset | $ (1,455) | $ (24,547) | |
Deferred tax liability | 187,887 | 220,903 | |
Total deferred tax liability (asset) | $ 186,432 | $ 196,356 | $ 144,254 |
Income and other taxes - Sche_5
Income and other taxes - Schedule of Unrecognized Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 113,854 | $ 127,571 |
Capital and non-capital tax losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 109,567 | 117,734 |
Long-term debt | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 3,256 | 6,449 |
Mining interests and other | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 600 | 2,524 |
Mine restoration provisions | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | 431 | 0 |
Current assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognized deferred tax assets | $ 0 | $ 864 |
Income and other taxes - Reconc
Income and other taxes - Reconciliation of Deferred Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of income tax [Abstract] | ||
Beginning balance deferred tax liability (asset) | $ 196,356 | $ 144,254 |
Deferred income tax (recovery) expense | (5,267) | 52,102 |
Deferred income tax liability related to Kiaka disposal | (4,657) | 0 |
Increase (decrease) in deferred tax liability (asset) | (9,924) | 52,102 |
Ending balance deferred tax liability (asset) | $ 186,432 | $ 196,356 |
Supplementary cash flow infor_3
Supplementary cash flow information - Non-cash (Credits) Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of cash flows [abstract] | ||
Depreciation and depletion | $ 378,892 | $ 301,491 |
Share-based payments (Note 12) | 22,571 | 17,129 |
(Impairment) reversal of impairment of long-lived assets (Note 8) | 5,905 | (174,309) |
Net gain on disposal of Burkina Faso assets (Note 8) | (22,463) | 0 |
Share of net income of associates (Note 8) | (17,543) | (22,167) |
Write-down of mineral property interests (Note 8) | 15 | 11,353 |
Non-cash interest and financing expense | 8,797 | 12,806 |
Unrealized gains on derivative instruments (Note 14) | (12,884) | (5,336) |
Deferred income tax (recovery) expense (Note 16) | (5,267) | 52,102 |
Other | 11,533 | 4,989 |
Non-cash (credits) charges | $ 369,556 | $ 198,058 |
Supplementary cash flow infor_4
Supplementary cash flow information - Changes in Non-cash Working Capital (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of cash flows [abstract] | ||
Accounts receivable and prepaids | $ 568 | $ 3,977 |
Value-added and other tax receivables | (48,820) | (727) |
Inventories | (24,042) | (24,823) |
Accounts payable and accrued liabilities | 12,078 | 7,038 |
Current income and other taxes payable | (44,399) | 101,312 |
Changes in non-cash working capital | $ (104,615) | $ 86,777 |
Supplementary cash flow infor_5
Supplementary cash flow information - Other Exploration and Development (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fekola Mine | ||
Statement Of Cash Flows [Line Items] | ||
Other exploration and development | $ (13,014) | $ (14,718) |
Masbate Mine | ||
Statement Of Cash Flows [Line Items] | ||
Other exploration and development | (5,013) | (8,266) |
Otjikoto Mine | ||
Statement Of Cash Flows [Line Items] | ||
Other exploration and development | (4,424) | (3,183) |
Menankoto Property, Mali | ||
Statement Of Cash Flows [Line Items] | ||
Other exploration and development | (4,942) | (4,489) |
Bantako North Property, exploration | ||
Statement Of Cash Flows [Line Items] | ||
Other exploration and development | (9,057) | (3,199) |
Kiaka Project | ||
Statement Of Cash Flows [Line Items] | ||
Other exploration and development | (4,313) | (4,032) |
Ondundu Property | ||
Statement Of Cash Flows [Line Items] | ||
Other exploration and development | (188) | (922) |
Finland Properties, Finland | ||
Statement Of Cash Flows [Line Items] | ||
Other exploration and development | (3,527) | (2,336) |
Uzbekistan Properties, Uzbekistan | ||
Statement Of Cash Flows [Line Items] | ||
Other exploration and development | (4,456) | (1,967) |
Other | ||
Statement Of Cash Flows [Line Items] | ||
Other exploration and development | (7,182) | (5,070) |
Total | ||
Statement Of Cash Flows [Line Items] | ||
Other exploration and development | $ (56,116) | $ (48,182) |
Supplementary cash flow infor_6
Supplementary cash flow information - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands | Nov. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Of Cash Flows [Line Items] | |||
Change in current liabilities relating to mineral property expenditures | $ 8,762 | $ (2,931) | |
Interest on loan to non-controlling interest | 3,746 | 3,626 | |
Share-based payments, capitalized to mineral property interests | 2,124 | 400 | |
Foreign exchange losses | (5,895) | (15,301) | |
Share consideration received on disposal of Kiaka Project (Note 8) | 20,530 | 0 | |
Change in accrued distributions to non-controlling interests | 5,033 | (5,033) | |
Disposal Group, Disposed By Sale, Not Discontinued Operations | Kiaka Project | |||
Statement Of Cash Flows [Line Items] | |||
Consideration to be received in cash or shares | $ 45,000 | 41,239 | 0 |
Royalty Interest | 18,488 | 18,488 | 0 |
Disposal Group, Disposed By Sale, Not Discontinued Operations | Toega Project | |||
Statement Of Cash Flows [Line Items] | |||
Royalty Interest | 2,599 | 2,599 | 0 |
Tax guarantee receivable | $ 1,858 | 1,858 | 0 |
BeMetals | |||
Statement Of Cash Flows [Line Items] | |||
Share consideration on Kronk sale | 4,741 | 0 | |
Fekola Equipment Loan Facility | |||
Statement Of Cash Flows [Line Items] | |||
Foreign exchange losses | $ 4,145 | $ (5,055) |
Compensation of key managemen_2
Compensation of key management (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Analysis of income and expense [abstract] | ||
Salaries and short-term employee benefits | $ 8,891 | $ 8,952 |
Share-based payments | 11,946 | 9,268 |
Key management personnel compensation | $ 20,837 | $ 18,220 |
Production costs by nature (Det
Production costs by nature (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Expense By Nature [Line Items] | ||
Raw materials and consumables | $ 408,219 | $ 310,067 |
Salaries and employee benefits | 120,690 | 112,124 |
Contractors | 32,926 | 37,183 |
Equipment rental | 3,752 | 10,266 |
Other | 37,207 | 26,929 |
Change in inventories | (15,986) | (5,707) |
Capitalized to mining interests | (93,419) | (82,997) |
Total Production Expense | 493,389 | 407,865 |
General And Administrative Costs | ||
Disclosure Of Expense By Nature [Line Items] | ||
Salaries and employee benefits | $ 28,000 | $ 28,000 |
Segmented information - Operati
Segmented information - Operating Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | ||
Gold revenue | $ 1,762,264 | $ 1,788,928 |
Production costs | 493,389 | 407,865 |
Depreciation & depletion | 381,336 | 302,914 |
Impairment of long-lived assets | 5,905 | |
Reversal of impairment of long-lived assets | (5,905) | 174,309 |
Write-down mineral property interests | 15 | 11,353 |
Current income tax, withholding and other taxes | 270,669 | 309,913 |
Net income | 460,825 | 672,413 |
Capital expenditures | 303,971 | 353,868 |
Total assets | 3,561,293 | 3,362,379 |
Operating segments | Fekola Mine | ||
Disclosure of operating segments [line items] | ||
Gold revenue | 1,024,425 | 1,113,288 |
Production costs | 250,337 | 200,228 |
Depreciation & depletion | 188,601 | 164,591 |
Impairment of long-lived assets | 0 | |
Reversal of impairment of long-lived assets | 0 | |
Write-down mineral property interests | 0 | |
Current income tax, withholding and other taxes | 190,908 | 226,059 |
Net income | 263,218 | 411,251 |
Capital expenditures | 123,651 | 198,755 |
Total assets | 1,382,369 | 1,404,135 |
Operating segments | Masbate Mine | ||
Disclosure of operating segments [line items] | ||
Gold revenue | 398,879 | 368,473 |
Production costs | 146,671 | 131,780 |
Depreciation & depletion | 86,835 | 65,775 |
Impairment of long-lived assets | 0 | |
Reversal of impairment of long-lived assets | 174,309 | |
Write-down mineral property interests | 0 | |
Current income tax, withholding and other taxes | 25,750 | 33,385 |
Net income | 132,615 | 234,145 |
Capital expenditures | 35,756 | 42,307 |
Total assets | 786,770 | 864,043 |
Operating segments | Otjikoto Mine | ||
Disclosure of operating segments [line items] | ||
Gold revenue | 338,960 | 307,167 |
Production costs | 96,381 | 75,857 |
Depreciation & depletion | 103,456 | 71,125 |
Impairment of long-lived assets | 0 | |
Reversal of impairment of long-lived assets | 0 | |
Write-down mineral property interests | 0 | |
Current income tax, withholding and other taxes | 49,063 | 50,229 |
Net income | 71,576 | 68,075 |
Capital expenditures | 85,360 | 69,998 |
Total assets | 442,280 | 450,843 |
Operating segments | Other Mineral Properties | ||
Disclosure of operating segments [line items] | ||
Gold revenue | 0 | 0 |
Production costs | 0 | 0 |
Depreciation & depletion | 52 | 0 |
Impairment of long-lived assets | 5,905 | |
Reversal of impairment of long-lived assets | 0 | |
Write-down mineral property interests | 11,353 | |
Current income tax, withholding and other taxes | 37 | 240 |
Net income | 9,781 | 16,477 |
Capital expenditures | 57,552 | 41,513 |
Total assets | 362,133 | 354,577 |
Operating segments | Corporate & Other | ||
Disclosure of operating segments [line items] | ||
Gold revenue | 0 | 0 |
Production costs | 0 | 0 |
Depreciation & depletion | 2,392 | 1,423 |
Impairment of long-lived assets | 0 | |
Reversal of impairment of long-lived assets | 0 | |
Write-down mineral property interests | 0 | |
Current income tax, withholding and other taxes | 4,911 | 0 |
Net income | (16,365) | (57,535) |
Capital expenditures | 1,652 | 1,295 |
Total assets | $ 587,741 | $ 288,781 |
Segmented information - Mining
Segmented information - Mining Interest by Country (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of operating segments [line items] | |||
Mining interests | $ 2,336,067 | $ 2,463,255 | $ 2,177,467 |
Mali | |||
Disclosure of operating segments [line items] | |||
Mining interests | 1,084,580 | 1,134,868 | |
Philippines | |||
Disclosure of operating segments [line items] | |||
Mining interests | 636,525 | 685,139 | |
Namibia | |||
Disclosure of operating segments [line items] | |||
Mining interests | 307,434 | 336,897 | |
COLOMBIA | |||
Disclosure of operating segments [line items] | |||
Mining interests | 130,096 | 105,665 | |
Nicaragua | |||
Disclosure of operating segments [line items] | |||
Mining interests | 93,728 | 76,235 | |
Burkina Faso | |||
Disclosure of operating segments [line items] | |||
Mining interests | 21,087 | 81,382 | |
CANADA | |||
Disclosure of operating segments [line items] | |||
Mining interests | 23,420 | 24,160 | |
Finland | |||
Disclosure of operating segments [line items] | |||
Mining interests | 12,561 | 9,034 | |
Total | |||
Disclosure of operating segments [line items] | |||
Mining interests | $ 26,636 | $ 9,875 |
Commitments - Narrative (Detail
Commitments - Narrative (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Disclosure of detailed information about property, plant and equipment [line items] | |
Capital expenditure commitments | $ 62,113 |
Otjikoto Mine | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Capital expenditure commitments | 38,000 |
2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Capital expenditure commitments | 59,712 |
2022 | Otjikoto Mine | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Capital expenditure commitments | 36,000 |
2022 | Gramalote Property | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Capital expenditure commitments | 4,000 |
2022 | Power Grid Connection Line | Otjikoto Mine | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Capital expenditure commitments | 5,000 |
2022 | Mobile Equipment | Fekola Mine | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Capital expenditure commitments | 8,000 |
2022 | Mobile Equipment | Masbate Mine | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Capital expenditure commitments | 3,000 |
2022 | Tailing Storage Facility | Fekola Mine | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Capital expenditure commitments | 2,000 |
2022 | Other Projects | Fekola Mine | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Capital expenditure commitments | 2,000 |
2023 | Otjikoto Mine | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Capital expenditure commitments | $ 2,000 |
Mining Interest Schedule (Detai
Mining Interest Schedule (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | $ 2,387,020 | $ 2,046,731 |
Property, plant and equipment, ending balance | 2,231,831 | 2,387,020 |
Reconciliation Of Changes In Joint Ventures Accounted For Using Equity Method [Roll Forward] | ||
Investments in associates beginning balance | 76,235 | |
Investments accounted for using equity method, beginning balance | 76,235 | 130,736 |
Additions | 28,001 | 35,888 |
Disposals / write-offs | 0 | 0 |
Reclass / Mine restoration provision movements | 0 | (90,389) |
Investments in associates ending balance | 104,236 | 76,235 |
Investments accounted for using equity method, ending balance | 104,236 | 76,235 |
Reconciliation Of Changes In Property, Plant And Equipment And Joint Ventures Accounted For Using Equity Method [Roll Forward] | ||
Total property, plant and equipment and joint ventures, beginning balance | 2,463,255 | 2,177,467 |
Total property, plant and equipment and joint ventures, ending balance | 2,336,067 | 2,463,255 |
Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 3,540,389 | 2,926,890 |
Additions | 336,171 | 363,688 |
Disposals / write-offs | (104,229) | (39,269) |
Reclass / Mine restoration provision movements | (503) | 289,080 |
Property, plant and equipment, ending balance | 3,771,828 | 3,540,389 |
Reconciliation Of Changes In Property, Plant And Equipment And Joint Ventures Accounted For Using Equity Method [Roll Forward] | ||
Total property, plant and equipment and joint ventures, beginning balance | 3,616,624 | 3,057,626 |
Additions | 364,172 | 399,576 |
Disposals / write-offs | (104,229) | (39,269) |
Reclass / Mine restoration provision movements | (503) | 198,691 |
Total property, plant and equipment and joint ventures, ending balance | 3,876,064 | 3,616,624 |
Accumulated depreciation and depletion | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | (1,153,369) | (880,159) |
Depreciation | (391,626) | (299,972) |
Disposals / write-offs | 4,998 | 26,762 |
Property, plant and equipment, ending balance | (1,539,997) | (1,153,369) |
Property, plant and equipment (depletable) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 2,110,532 | 1,899,599 |
Property, plant and equipment, ending balance | 1,978,355 | 2,110,532 |
Property, plant and equipment (depletable) | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 3,259,667 | 2,776,947 |
Additions | 247,476 | 309,088 |
Disposals / write-offs | (6,069) | (27,916) |
Reclass / Mine restoration provision movements | 12,158 | 201,548 |
Property, plant and equipment, ending balance | 3,513,232 | 3,259,667 |
Property, plant and equipment (depletable) | Accumulated depreciation and depletion | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | (1,149,135) | (877,348) |
Depreciation | (389,234) | (298,549) |
Disposals / write-offs | 3,492 | 26,762 |
Property, plant and equipment, ending balance | (1,534,877) | (1,149,135) |
Exploration and evaluation properties (pre-depletable) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 252,328 | 144,972 |
Property, plant and equipment, ending balance | 230,056 | 252,328 |
Exploration and evaluation properties (pre-depletable) | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 252,328 | 144,972 |
Additions | 87,043 | 31,177 |
Disposals / write-offs | (96,654) | (11,353) |
Reclass / Mine restoration provision movements | (12,661) | 87,532 |
Property, plant and equipment, ending balance | 230,056 | 252,328 |
Office, furniture and equipment, net | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 24,160 | 2,160 |
Property, plant and equipment, ending balance | 23,420 | 24,160 |
Office, furniture and equipment, net | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 28,394 | 4,971 |
Additions | 1,652 | 23,423 |
Disposals / write-offs | (1,506) | 0 |
Reclass / Mine restoration provision movements | 0 | 0 |
Property, plant and equipment, ending balance | 28,540 | 28,394 |
Office, furniture and equipment, net | Accumulated depreciation and depletion | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | (4,234) | (2,811) |
Depreciation | (2,392) | (1,423) |
Disposals / write-offs | 1,506 | 0 |
Property, plant and equipment, ending balance | (5,120) | (4,234) |
Fekola Mine | Property, plant and equipment (depletable) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 1,099,575 | 1,064,285 |
Property, plant and equipment, ending balance | 1,035,438 | 1,099,575 |
Fekola Mine | Property, plant and equipment (depletable) | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 1,516,134 | 1,322,865 |
Additions | 126,824 | 192,924 |
Disposals / write-offs | (2,508) | (7,271) |
Reclass / Mine restoration provision movements | 4,887 | 7,616 |
Property, plant and equipment, ending balance | 1,645,337 | 1,516,134 |
Fekola Mine | Property, plant and equipment (depletable) | Accumulated depreciation and depletion | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | (416,559) | (258,580) |
Depreciation | (193,401) | (164,898) |
Disposals / write-offs | 61 | 6,919 |
Property, plant and equipment, ending balance | (609,899) | (416,559) |
Masbate Mine | Property, plant and equipment (depletable) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 685,139 | 519,802 |
Property, plant and equipment, ending balance | 636,012 | 685,139 |
Masbate Mine | Property, plant and equipment (depletable) | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 1,046,577 | 815,418 |
Additions | 35,081 | 42,559 |
Disposals / write-offs | (284) | (629) |
Reclass / Mine restoration provision movements | 4,313 | 189,229 |
Property, plant and equipment, ending balance | 1,085,687 | 1,046,577 |
Masbate Mine | Property, plant and equipment (depletable) | Accumulated depreciation and depletion | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | (361,438) | (295,616) |
Depreciation | (88,450) | (66,347) |
Disposals / write-offs | 213 | 525 |
Property, plant and equipment, ending balance | (449,675) | (361,438) |
Otjikoto Mine | Property, plant and equipment (depletable) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 325,818 | 315,512 |
Property, plant and equipment, ending balance | 306,905 | 325,818 |
Otjikoto Mine | Property, plant and equipment (depletable) | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 696,956 | 638,664 |
Additions | 85,571 | 73,605 |
Disposals / write-offs | (3,277) | (20,016) |
Reclass / Mine restoration provision movements | 2,958 | 4,703 |
Property, plant and equipment, ending balance | 782,208 | 696,956 |
Otjikoto Mine | Property, plant and equipment (depletable) | Accumulated depreciation and depletion | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | (371,138) | (323,152) |
Depreciation | (107,383) | (67,304) |
Disposals / write-offs | 3,218 | 19,318 |
Property, plant and equipment, ending balance | (475,303) | (371,138) |
Gramalote Property | ||
Reconciliation Of Changes In Joint Ventures Accounted For Using Equity Method [Roll Forward] | ||
Investments in joint ventures (accounted for using the equity method) beginning balance | 0 | 77,265 |
Additions | 13,124 | |
Disposals / write-offs | 0 | |
Reclass / Mine restoration provision movements | (90,389) | |
Investments in joint ventures (accounted for using the equity method) ending balance | 0 | |
Gramalote Property | Exploration and evaluation properties (pre-depletable) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 95,435 | 0 |
Property, plant and equipment, ending balance | 119,866 | 95,435 |
Gramalote Property | Exploration and evaluation properties (pre-depletable) | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 95,435 | 0 |
Additions | 24,392 | 7,903 |
Disposals / write-offs | 0 | 0 |
Reclass / Mine restoration provision movements | 39 | 87,532 |
Property, plant and equipment, ending balance | 119,866 | 95,435 |
Menankoto Property | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, ending balance | 34,000 | |
Menankoto Property | Exploration and evaluation properties (pre-depletable) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 28,991 | 25,450 |
Property, plant and equipment, ending balance | 33,739 | 28,991 |
Menankoto Property | Exploration and evaluation properties (pre-depletable) | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 28,991 | 25,450 |
Additions | 4,748 | 3,541 |
Disposals / write-offs | 0 | 0 |
Reclass / Mine restoration provision movements | 0 | 0 |
Property, plant and equipment, ending balance | 33,739 | 28,991 |
Bantako North Property | Exploration and evaluation properties (pre-depletable) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 6,191 | 1,689 |
Property, plant and equipment, ending balance | 15,351 | 6,191 |
Bantako North Property | Exploration and evaluation properties (pre-depletable) | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 6,191 | 1,689 |
Additions | 9,160 | 4,502 |
Disposals / write-offs | 0 | 0 |
Reclass / Mine restoration provision movements | 0 | 0 |
Property, plant and equipment, ending balance | 15,351 | 6,191 |
Kiaka Royalty, Burkina Faso | Exploration and evaluation properties (pre-depletable) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 0 | |
Property, plant and equipment, ending balance | 18,488 | 0 |
Kiaka Royalty, Burkina Faso | Exploration and evaluation properties (pre-depletable) | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 0 | |
Additions | 18,488 | |
Disposals / write-offs | 0 | |
Reclass / Mine restoration provision movements | 0 | |
Property, plant and equipment, ending balance | 18,488 | 0 |
Mocoa Royalty, Colombia | Exploration and evaluation properties (pre-depletable) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 10,230 | 10,230 |
Property, plant and equipment, ending balance | 10,230 | 10,230 |
Mocoa Royalty, Colombia | Exploration and evaluation properties (pre-depletable) | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 10,230 | 10,230 |
Additions | 0 | 0 |
Disposals / write-offs | 0 | 0 |
Reclass / Mine restoration provision movements | 0 | 0 |
Property, plant and equipment, ending balance | 10,230 | 10,230 |
Finland Properties | Exploration and evaluation properties (pre-depletable) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 9,034 | 6,697 |
Property, plant and equipment, ending balance | 12,561 | 9,034 |
Finland Properties | Exploration and evaluation properties (pre-depletable) | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 9,034 | 6,697 |
Additions | 3,527 | 2,337 |
Disposals / write-offs | 0 | 0 |
Reclass / Mine restoration provision movements | 0 | 0 |
Property, plant and equipment, ending balance | 12,561 | 9,034 |
Uzbekistan Properties, Uzbekistan | Exploration and evaluation properties (pre-depletable) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 4,131 | 2,164 |
Property, plant and equipment, ending balance | 8,802 | 4,131 |
Uzbekistan Properties, Uzbekistan | Exploration and evaluation properties (pre-depletable) | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 4,131 | 2,164 |
Additions | 4,671 | 1,967 |
Disposals / write-offs | 0 | 0 |
Reclass / Mine restoration provision movements | 0 | 0 |
Property, plant and equipment, ending balance | 8,802 | 4,131 |
Kiaka Project | Exploration and evaluation properties (pre-depletable) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 80,927 | 76,807 |
Property, plant and equipment, ending balance | 0 | 80,927 |
Kiaka Project | Exploration and evaluation properties (pre-depletable) | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 80,927 | 76,807 |
Additions | 4,639 | 4,120 |
Disposals / write-offs | (85,566) | 0 |
Reclass / Mine restoration provision movements | 0 | 0 |
Property, plant and equipment, ending balance | 0 | 80,927 |
Ondundu Property | Exploration and evaluation properties (pre-depletable) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 10,701 | 9,778 |
Property, plant and equipment, ending balance | 0 | 10,701 |
Ondundu Property | Exploration and evaluation properties (pre-depletable) | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 10,701 | 9,778 |
Additions | 7,904 | 923 |
Disposals / write-offs | (5,905) | 0 |
Reclass / Mine restoration provision movements | (12,700) | 0 |
Property, plant and equipment, ending balance | 0 | 10,701 |
Other | Exploration and evaluation properties (pre-depletable) | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 6,688 | 12,157 |
Property, plant and equipment, ending balance | 11,019 | 6,688 |
Other | Exploration and evaluation properties (pre-depletable) | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment, beginning balance | 6,688 | 12,157 |
Additions | 9,514 | 5,884 |
Disposals / write-offs | (5,183) | (11,353) |
Reclass / Mine restoration provision movements | 0 | 0 |
Property, plant and equipment, ending balance | 11,019 | 6,688 |
Calibre, Nicaragua | ||
Reconciliation Of Changes In Joint Ventures Accounted For Using Equity Method [Roll Forward] | ||
Investments in associates beginning balance | 76,235 | 53,471 |
Additions | 17,493 | 22,764 |
Disposals / write-offs | 0 | 0 |
Reclass / Mine restoration provision movements | 0 | |
Investments in associates ending balance | 93,728 | 76,235 |
BeMetals | ||
Reconciliation Of Changes In Joint Ventures Accounted For Using Equity Method [Roll Forward] | ||
Investments in associates beginning balance | 0 | |
Additions | 10,508 | |
Disposals / write-offs | 0 | |
Reclass / Mine restoration provision movements | 0 | |
Investments in associates ending balance | $ 10,508 | $ 0 |