DEFERRED INCOME TAXES

12 Months Ended

Dec. 31, 2024

n Deferred Income Taxes

Recognition and Measurement

We record deferred income tax assets and liabilities where temporary differences exist between the carrying amounts of assets and liabilities in our balance sheet and their tax bases. The measurement and recognition of deferred income tax assets and liabilities takes into account: substantively enacted rates that will apply when temporary differences reverse; interpretations of relevant tax legislation; estimates of the tax bases of assets and liabilities; and the deductibility of expenditures for income tax purposes. In addition, the measurement and recognition of deferred tax assets takes into account tax planning strategies. We recognize the effect of changes in our assessment of these estimates and factors when they occur. Changes in deferred income tax assets and liabilities are allocated between net income, other comprehensive income, equity and goodwill based on the source of the change.

Current income taxes of $3 million have been provided in the year on the undistributed earnings of certain foreign subsidiaries. Our total income tax provision for these items as at December 31, 2024 is $7 million. Deferred income taxes have not been provided on the undistributed earnings of all other foreign subsidiaries for which we are able to control the timing of the remittance, and it is probable that there will be no remittance in the foreseeable future. These undistributed earnings amounted to $16,974 million as at December 31, 2024.

Sources of Deferred Income Tax Assets and Liabilities


	As at December 31, 2024	As at December 31, 2023
Deferred tax assets
Tax loss carryforwards	$204	$292
Tax credits	105	58
Environmental rehabilitation	285	270

Post-retirement benefit obligations and other employee benefits	24	17

Other working capital	236	115

Other	11	10
	$865	$762
Deferred tax liabilities
Property, plant and equipment	(4,321)	(3,748)
Inventory	(419)	(446)
Accrued interest payable	(12)	(7)
	($3,887)	($3,439)
Classification:
Non-current assets	$—	$—
Non-current liabilities	(3,887)	(3,439)
	($3,887)	($3,439)

Expiry Dates of Tax Losses


	2025		2026		2027		2028		2029+		No expiry date		Total
Non-capital tax losses1

Barbados	$218		$2		$119		$2		$2		$—		$343
Canada	—		1		1		72		1,961		—		2,035
Chile	—		—		—		—		—		1,131		1,131

Peru	—		—		—		—		—		150		150

Tanzania	—		—		—		—		—		973		973
United Kingdom	—		—		—		—		—		164		164
Others	1		1		52		—		—		93		147


	$	219	$	4	$	172	$	74	$	1,963	$	2,511	$	4,943

1Represents the gross amount of tax loss carryforwards translated at closing exchange rates at December 31, 2024.

The non-capital tax losses include $4,261 million of losses which are not recognized in deferred tax assets. Of these, $219 million expire in 2025, $4 million expire in 2026, $172 million expire in 2027, $74 million expire in 2028, $1,963 million expire in 2029 or later, and $1,829 million have no expiry date.

Recognition of Deferred Tax Assets

We recognize deferred tax assets taking into account the effects of local tax law. Deferred tax assets are fully recognized when we conclude that sufficient positive evidence exists to demonstrate that it is probable that a deferred tax asset will be realized. The main factors considered are:

•Historic and expected future levels of taxable income;

•Tax plans that affect whether tax assets can be realized; and

•The nature, amount and expected timing of reversal of taxable temporary differences.

Levels of future income are mainly affected by: market prices for gold, copper and silver; forecasted future costs and expenses to produce gold and copper; quantities of proven and probable gold and copper reserves; market interest rates; and foreign currency exchange rates. If these factors or other circumstances change, we record an adjustment to the recognition of deferred tax assets to reflect our latest assessment of the amount of deferred tax assets that is probable will be realized.

Deferred Tax Assets Not Recognized


	As at December 31, 2024	As at December 31, 2023

Australia	$467	$303
Barbados	31	31
Canada	850	904
Chile	1,129	1,109
Côte d'Ivoire	7	8
Mali	4	10
Peru	69	67
Saudi Arabia	—	67
Tanzania	103	110
United Kingdom	41	41
United States	—	26
Others	25	12
	$2,726	$2,688

Deferred tax assets not recognized relate to: non-capital loss carryforwards of $1,059 million (2023: $1,163 million), capital loss carryforwards with no expiry date of $403 million (2023: $251 million), and other deductible temporary differences with no expiry date of $1,264 million (2023: $1,274 million).


Source of Changes in Deferred Tax Balances
For the years ended December 31	2024	2023
Temporary differences
Property, plant and equipment	($573)	($272)
Environmental rehabilitation	15	64
Tax loss carryforwards	(88)	(14)
AMT and other tax credits	48	58
Inventory	28	(58)
Working capital	121	31
Other	1	(20)
	($448)	($211)
Intraperiod allocation to:
Income before income taxes	($448)	($181)

Derecognition of Porgera´s joint operation	—	(29)
Income tax payable	(2)	2

Other comprehensive (income) loss	2	(3)

	($448)	($211)

Income Tax Related Contingent Liabilities
	2024	2023
At January 1	$48	$60
Additions based on uncertain tax positions related to prior years	—	1
Additions based on uncertain tax positions related to the current year	—	5
Reductions for tax positions of prior years	(2)	(18)

At December 311	$46	$48

1If reversed, the total amount of $46 million would be recognized as a benefit to income taxes on the income statement, and therefore would impact the reported effective tax rate.


Tax Years Still Under Examination
Argentina			2010-2011, 2017-2024
Australia			2020-2024
Canada			2019-2024
Chile			2021-2024
Côte d'Ivoire			2023-2024
Democratic Republic of Congo			2023-2024
Dominican Republic			2021-2024
Mali			2017-2024
Papua New Guinea			2023-2024
Peru			2019-2024
Saudi Arabia			2019-2024
Tanzania			2019-2024
United States			2024
Zambia			2018-2024