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Consolidated Statements of Cash Flow - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES        
Net income $ 634 $ 502 $ 1,121 $ 771
Adjustments for the following items:        
Depreciation 480 480 954 975
Finance costs, net 51 44 82 102
Impairment charges (note 8b) 1 22 18 23
Income tax expense (note 9) 407 264 581 469
Income from equity investees (note 11) (115) (58) (163) (111)
Gain on sale of non-current assets (5) (3) (6) (6)
Loss (gain) on currency translation 5 (12) 17 26
Change in working capital (note 10) 112 (33) (129) (224)
Other operating activities (note 10) (29) (63) (99) (26)
Operating cash flows before interest and income taxes 1,541 1,143 2,376 1,999
Interest paid (131) (130) (158) (153)
Interest received 50 51 118 100
Income taxes paid [1] (301) (232) (417) (338)
Net cash provided by operating activities 1,159 832 1,919 1,608
INVESTING ACTIVITIES        
Capital expenditures (note 4) (819) (769) (1,547) (1,457)
Sales proceeds 7 3 7 6
Investment sales 33 0 33 0
Funding of equity method investments (note 11) 11 0 55 0
Dividends received from equity method investments (note 11) 42 18 89 85
Shareholder loan repayments from equity method investments 45 5 90 5
Net cash used in investing activities (703) (743) (1,383) (1,361)
FINANCING ACTIVITIES        
Lease repayments (4) (4) (7) (8)
Dividends (175) (174) (350) (349)
Share buyback program 49 0 49 0
Funding from non-controlling interests (note 14) 30 10 52 10
Disbursements to non-controlling interests (note 14) 169 162 290 224
Pueblo Viejo JV partner shareholder loan 5 21   41
Net cash used in financing activities (362) (309) (646) (530)
Repayments of bonds, notes and debentures     2  
Effect of exchange rate changes on cash and equivalents 0 0 (2) 0
Net increase (decrease) in cash and equivalents 94 (220) (112) (283)
Cash and cash equivalents at beginning of period 3,942 4,377 4,148 4,440
Cash and equivalents $ 4,036 $ 4,157 $ 4,036 $ 4,157
[1] Income taxes paid excludes $12 million (2023: $28 million) for the three months ended June 30, 2024 and $29 million (2023: $56 million) for the six months ended June 30, 2024 of income taxes payable that were settled against offsetting value added taxes (“VAT”) receivables.