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v3.20.4

PROVISIONS | 12 Months Ended
--- | ---
Dec. 31, 2020
Other provisions [abstract] |
PROVISIONS | Provisions
a) Provisions |  |
| As at December 31, 2020 | As at December 31, 2019
Environmental rehabilitation (“PER”) | $2,950 |  | $2,922 |
Post-retirement benefits | 43 |  | 43 |
Share-based payments | 24 |  | 26 |
Other employee benefits | 25 |  | 19 |
Other | 97 |  | 104 |
| $3,139 |  | $3,114 |
b) Environmental Rehabilitation |  |
| 2020 | 2019
At January 1 | $3,078 |  | $2,837 |
PERs acquired (divested) during the year | (6) |  | 425 |
Closed Sites |  |
Impact of revisions to expected cash flows recorded in earnings | 79 |  | (75) |
Settlements |  |
Cash payments | (67) |  | (72) |
Settlement gains | (3) |  | (3) |
Accretion | 16 |  | 18 |
Operating Sites |  |
PER revisions in the year | 1 |  | (87) |
Settlements |  |
Cash payments | (39) |  | (21) |
Settlement gains | (3) |  | (1) |
Accretion | 25 |  | 57 |
At December 31 | $3,081 |  | $3,078 |
Current portion (note 24) | (131) |  | (156) |
| $2,950 |  | $2,922 |
The eventual settlement of substantially all PERs estimated is expected to take place between 2021 and 2060. The total PER has decreased in the fourth quarter of 2020 by $121 million primarily due to changes in cost estimates at our Lumwana, Pascua-Lama, Veladero, Phoenix, Turquoise Ridge, Cortez and North Mara properties, combined with spending incurred during the quarter. For the year ended December 31, 2020, our PER balance increased by $3 million primarily due to a decrease in the discount rate, offset by the changes in cost estimates described above, combined with spending incurred in the year. A 1% increase in the discount rate would result in a decrease in PER by $374 million and a 1% decrease in the discount rate would result in a decrease in PER by $nil (as the discount rate used was 0%), while holding the other assumptions constant.

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