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Leases
 6 Months Ended
Jun. 30, 2024
Disclosure Leases Abstract  
Leases

22. Leases

 

a) Right of use

 

         
  December 31, 2023 Additions and contract modifications Depreciation Translation adjustment June 30, 2024
Ports 628 - (27) (7) 594
Vessels 415 - (23) - 392
Pelletizing plants 193 - (26) (22) 145
Properties 80 (1) (12) (6) 61
Energy plants 34 - (3) (1) 30
Mining equipment 9 (3) (2) (1) 3
Total 1,359 (4) (93) (37) 1,225

 

b) Leases liabilities

 

           
  December 31, 2023 Additions and contract modifications Payments (i) Interest Translation adjustment June 30, 2024
Ports 682 - (34) 12 (2) 658
Vessels 397 - (34) 8 - 371
Pelletizing plants 207 - (5) 4 (25) 181
Properties 102 (1) (9) 2 (1) 93
Energy plants 49 - (2) 1 (1) 47
Mining equipment 15 (3) (1) 1 (2) 10
Total 1,452 (4) (85) 28 (31) 1,360
Current liabilities 197         177
Non-current liabilities 1,255         1,183
Total 1,452         1,360

 

(i) The total amount of the variable lease payments not included in the measurement of lease liabilities was US$117 recorded in the income statement in the six-month period ended June 30, 2024 (2023: US$74).

 

Annual minimum payments and remaining lease term

 

The following table presents the undiscounted lease obligation by maturity date. The lease liability recognized in the statement of financial position is measured at the present value of such obligations.

 

                               
    2024   2025   2026   2027   2028 onwards   Total   Remaining term (years)   Discount rate
Ports   33   66   54   43   694   890   2 to 19   4% to 5%
Vessels   30   59   54   53   239   435   1 to 9    3% to 4%
Pelletizing plants   50   44   15   15   85   209   1 to 9    2% to 6%
Properties   15   17   15   13   36   96   1 to 10    2% to 7%
Energy plants   4   9   6   5   39   63   2 to 6    5% to 6%
Mining equipment   4   5   4   1   -   14   1 to 4    3% to 6%
Total   136   200   148   130   1,093   1,707