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DEFERRED INCOME TAXES | 12 Months Ended
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Dec. 31, 2024
Income tax [Abstract] |
Deferred Income Taxes | 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 losses 1 |  |  |  |  |  |  |  |
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 |  |
1 Represents 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 31 1 | $46 |  | $48 |
1 If 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

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- Definition Income tax + References No definition available. + Details
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- Definition The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2024-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard -URIDate 2024-03-27 + Details
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