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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Fair value measurements [Abstract]  
Disclosure of fair value measurement of assets
Fair Value Measurements        
At December 31, 2023 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Aggregate Fair Value
(Level 1) (Level 2) (Level 3)
Other investments1
 $131  $—  $—  $131 
Receivables from provisional copper and gold sales —  246  —  246 
$131  $246  $—  $377 
Fair Value Measurements        
At December 31, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Aggregate Fair Value
(Level 1) (Level 2) (Level 3)
Other investments1
 $112  $—  $—  $112 
Derivatives —  59  —  59 
Receivables from provisional copper and gold sales —  188  —  188 
$112  $247  $—  $359 
1   Includes equity investments in other mining companies.
At December 31, 2023 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Aggregate fair value
(Level 1) (Level 2) (Level 3)
Property, plant and equipment1
 —  —  54  54 
1 Property, plant and equipment were written down by $312 million, which was included in earnings in this period.
Disclosure of fair value measurement of financial assets and liabilities
   At December 31, 2023 At December 31, 2022
Carrying amount Estimated fair value Carrying amount Estimated fair value
Financial assets
Other assets1,5
 $807  $807  $1,358  $1,358 
Other investments2
 131  131  112  112 
  Derivative assets3
 —  —  59  59 
  $938  $938  $1,529  $1,529 
Financial liabilities
Debt4
 $4,726  $5,107  $4,782  $4,922 
  Other liabilities5
 574  574  1,562  1,562 
$5,300  $5,681  $6,344  $6,484 
1Includes restricted cash and amounts due from our partners and joint ventures.
2Includes equity investments in other mining companies. Recorded at fair value. Quoted market prices are used to determine fair value.
32022 primarily consisted of contingent consideration received as part of the sale of Massawa and Lagunas Norte. During the first quarter of 2023, the final settlement of $46.25 million was received relating to the Massawa contingent consideration. During the fourth quarter of 2023, $15 million was received relating to the Lagunas Norte contingent consideration.
4Debt is generally recorded at amortized cost. The fair value of debt is primarily determined using quoted market prices. Balance includes both current and long-term portions of debt.
52022 other assets include a restricted cash balance and other liabilities include a liability to Antofagasta plc. The restricted cash funded Antofagasta plc’s exit from the Reko Diq project, following its reconstitution as described in note 4. This was settled in the second quarter of 2023.