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v3.19.3.a.u2

PROVISIONS | 12 Months Ended
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Dec. 31, 2019
Other provisions [abstract] |
PROVISIONS | PROVISIONS a) Provisions
| As at December 31, 2019 |  | As at December 31, 2018 |
Environmental rehabilitation (“PER”) |  | $2,922 |  |  | $2,726 |
Post-retirement benefits | 43 |  | 42 |
Share-based payments | 26 |  | 26 |
Other employee benefits | 19 |  | 22 |
Other | 104 |  | 88 |
|  | $3,114 |  |  | $2,904 |
b) Environmental Rehabilitation
| 2019 |  | 2018 |
At January 1 |  | $2,837 |  |  | $3,096 |
PERs acquired (divested) during the year | 425 |  | — |
Closed Sites |  |
Impact of revisions to expected cash flows recorded in earnings | (75 | ) | (30 | )
Settlements |  |
Cash payments | (72 | ) | (48 | )
Settlement gains | (3 | ) | (2 | )
Accretion | 18 |  | 13 |
Operating Sites |  |
PER revisions in the year | (87 | ) | (247 | )
Settlements |  |
Cash payments | (21 | ) | (18 | )
Settlement gains | (1 | ) | (1 | )
Accretion | 57 |  | 74 |
At December 31 |  | $3,078 |  |  | $2,837 |
Current portion (note 24) | (156 | ) | (111 | )
|  | $2,922 |  |  | $2,726 |
The eventual settlement of substantially all PERs estimated is expected to take place between 2020 and 2059. The total PER has decreased in the fourth quarter of 2019 by $511 million primarily due to changes in cost estimates at our Pascua-Lama, Carlin, Golden Sunlight and Cortez properties, combined with the divestment of Kalgoorlie. For the year ended December 31, 2019, our PER balance increased by $241 million primarily due to the contribution of Newmont’s assets to Nevada Gold Mines on July 1, 2019, the acquisition of Randgold on January 1, 2019, and a decrease in the discount rate. These were partially offset by changes in cost estimates primarily at our Pascua-Lama, Pierina, Golden Sunlight, Lagunas Note and Pueblo Viejo properties, combined with the divestment of Kalgoorlie. A 1% increase in the discount rate would result in a decrease in PER by $357 million and a 1% decrease in the discount rate would result in an increase in PER by $207 million, while holding the other assumptions constant.

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