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Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2020
Text block [abstract]  
Summary of Property, Plant and Equipment
United States Dollars

31 December 2019
       
United States Dollars

31 December 2020
 
Land, mineral

rights and

rehabilitation

assets
  
Mine

development,

infrastructure

and other

assets
  
Right-of-use

assets relating

to mine

development,

infrastructure

and other

assets
  
Total
       
Total
  
Right-of-use

assets relating

to mine

development,

infrastructure

and other

assets
  
Mine

development,

infrastructure

and other

assets
  
Land, mineral

rights and

rehabilitation

assets
 
                
 
14.
 
 
PROPERTY, PLANT AND EQUIPMENT Cost
                
 614.0   9,662.3   —     10,276.3      Balance at beginning of the year 
 
10,972.4
 
 
 
373.0
 
 
 
10,167.1
 
 
 
432.3
 
 (272.1)   271.7   0.4   —        Reclassifications 
 
(0.3
) 
 
 
(0.1
) 
 
 
12.6
 
 
 
(12.8
) 
 30.4   582.1   —   612.5      Additions 
 
583.7
 
 
 
—  
 
 
 
583.3
 
 
 
0.4
 
 —     —     —     —        Salares Norte project costs capitalised 
 
1.3
 
 
 
—  
 
 
 
1.3
 
 
 
—  
 
 —     (88.6)   88.6   —        Reclassification of finance lease assets to
right-of-use
assets on adoption of IFRS 16		 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 —     —     209.6   209.6      
Right-of-use
assets capitalised on adoption of IFRS 16 (refer note 33)		 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 —     —     67.3   67.3      
Right-of-use
assets capitalised during the year (refer note 33)		 
 
127.2
 
 
 
127.2
 
 
 
—  
 
 
 
—  
 
 —     —     5.9   5.9      Remeasurements of
right-of-use
assets capitalised (refer note 33)
1
 
 
12.8
 
 
 
12.8
 
 
 
—  
 
 
 
—  
 
 —     31.0   —     31.0      General borrowing costs capitalised
2
 
 
13.2
 
 
 
—  
 
 
 
13.2
 
 
 
—  
 
 (3.3)   (11.0)   —     (14.3)      Disposals 
 
(8.7
) 
 
 
—  
 
 
 
(8.7
) 
 
 
—  
 
 —     (10.0)   —     (10.0)      Disposal of subsidiary  —     —     —     —   
 (6.2)   (381.6)   (0.3)   (388.1)      Scrapping of assets 
 
(101.7
) 
 
 
(12.8
) 
 
 
(88.1
) 
 
 
(0.8
) 
 66.1   —     —     66.1      Changes in estimates of rehabilitation assets 
 
(6.6
) 
 
 
—  
 
 
 
—  
 
 
 
(6.6
) 
 3.4   111.2   1.5   116.1      Translation adjustment 
 
208.3
 
 
 
26.4
 
 
 
170.1
 
 
 
11.8
 
 
 
  
 
 
  
 
 
  
 
 
        
 
 
  
 
 
  
 
 
  
 
 
 
 432.3   10,167.1   373.0   10,972.4      
Balance at end of the year
 
 
11,801.6
 
 
 
526.5
 
 
 
10,850.8
 
 
 
424.3
 
 
 
  
 
 
  
 
 
  
 
 
        
 
 
  
 
 
  
 
 
  
 
 
 
                    
Accumulated depreciation and impairment
                
 35.5   5,981.6   —     6,017.1      Balance at beginning of the year 
 
6,315.3
 
 
 
44.0
 
 
 
6,227.7
 
 
 
43.6
 
 —     —     —     —        Reclassifications 
 
(0.3
) 
 
 
—  
 
 
 
(0.1
) 
 
 
(0.2
) 
 12.9   555.1   42.0   610.0      Charge for the year 
 
661.3
 
 
 
59.2
 
 
 
581.9
 
 
 
20.2
 
 —     —     —     —        Salares Norte depreciation capitalised 
 
0.6
 
 
 
0.6
 
 
 
—  
 
 
 
—  
 
 —     (1.3)   1.3   —        Reclassification of finance lease assets to
right-of-use
assets on adoption of IFRS 16		 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 —     —     0.2   0.2      Impairment 
 
11.7
 
 
 
—  
 
 
 
11.7
 
 
 
—  
 
 —     30.0   —     30.0      
Write-off
of exploration and evaluation assets
3
 
 
16.9
 
 
 
—  
 
 
 
16.9
 
 
 
—  
 
 (3.1)   (8.7)   —     (11.8)      Disposals 
 
(7.8
) 
 
 
—  
 
 
 
(7.8
) 
 
 
—  
 
 —     (4.1)   —     (4.1)      Disposal of subsidiary 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 (6.2)   (381.6)   (0.3)   (388.1)      Scrapping of assets 
 
(101.7
) 
 
 
(12.8
) 
 
 
(88.1
) 
 
 
(0.8
) 
 4.5   56.7   0.8   62.0      Translation adjustment 
 
134.4
 
 
 
6.9
 
 
 
117.9
 
 
 
9.6
 
 
 
  
 
 
  
 
 
  
 
 
        
 
 
  
 
 
  
 
 
  
 
 
 
 43.6   6,227.7   44.0   6,315.3      
Balance at end of the year
 
 
7,030.4
 
 
 
97.9
 
 
 
6,860.1
 
 
 
72.4
 
 
 
  
 
 
  
 
 
  
 
 
        
 
 
  
 
 
  
 
 
  
 
 
 
 388.7   3,939.4   329.0   4,657.1      
Carrying value at end of the year
 
 
4,771.2
 
 
 
428.6
 
 
 
3,990.7
 
 
 
351.9
 
 
 
  
 
 
  
 
 
  
 
 
        
 
 
  
 
 
  
 
 
  
 
 
 
 
1
 
The remeasurements relate mainly to leases at the Group’s Australian operations that have variable payments linked to the Austalian consumer price index (“CPI”).
2
 
General borrowing costs of US$13.2 million (2019: US$31.0 million) arising on group general borrowings were capitalised during the period and comprised US$12.1 million (2019: US20.0 million) borrowings costs related to the Damang reinvestment project, US$nil (2019: US$11.0 million) borrowings costs related to the Gruyere project and US$1.1 million (2019: US$nil) related to the Salares Norte project. An average interest capitalisation rate of 4.4% (2019: 6.2%) was applied. During 2020, capitalisation of borrowing costs ceased for the Damang reinvestment project and the Gruyere project due to both projects reaching commercial levels of production. In February 2020, the Salares Norte project was approved by the Board and capital expenditure commenced in April 2020, resulting in capitalisation of borrowing costs from that date.
3
 
The
write-off
of exploration and evaluation assets is due to specific exploration programmes not yielding results to warrant further exploration at the Group’s Australian operations and the US$16.9 million (2019: US$30.0 million) is included in the US$49.7 million (2019: US$84.4 million) “Exploration expense” in the consolidated income statement.