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CONSOLIDATED FINANCIAL STATEMENT DETAILS (Tables) | 12 Months Ended
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Dec. 31, 2018
CONSOLIDATED FINANCIAL STATEMENT DETAILS |
Schedule of cash and cash equivalents |
|  | December 31, |  | December 31,
|  | 2018 |  | 2017
Cash on hand and balances with banks |  | $ | 207.9 |  | $ | 600.8
Short-term deposits |  |  | 141.1 |  |  | 425.0
|  | $ | 349.0 |  | $ | 1,025.8
Schedule of restricted cash |
|  | December 31, |  | December 31,
|  | 2018 |  | 2017
Restricted cash (a) |  | $ | 12.7 |  | $ | 12.1
| (a) |  | Restricted cash relates to loan escrow judicial deposits and environmental indemnity deposits.
Schedule of accounts receivable and other assets |
|  | December 31, |  | December 31,
|  | 2018 |  | 2017
Trade receivables |  | $ | 3.6 |  | $ | 4.5
Prepaid expenses |  |  | 21.3 |  |  | 19.8
VAT receivable |  |  | 48.4 |  |  | 36.2
Deposits |  |  | 8.5 |  |  | 11.1
Other |  |  | 19.6 |  |  | 19.7
|  | $ | 101.4 |  | $ | 91.3
Schedule of inventories |
|  | December 31, |  | December 31,
|  | 2018 |  | 2017
Ore in stockpiles (a) |  | $ | 299.9 |  | $ | 242.6
Ore on leach pads (b) |  |  | 375.0 |  |  | 358.5
In-process |  |  | 113.5 |  |  | 122.3
Finished metal |  |  | 50.5 |  |  | 91.5
Materials and supplies |  |  | 540.7 |  |  | 519.3
|  |  | 1,379.6 |  |  | 1,334.2
Long-term portion of ore in stockpiles and ore on leach pads (a),(b) |  |  | (327.6) |  |  | (239.9)
|  | $ | 1,052.0 |  | $ | 1,094.3
| (a) |  | Ore in stockpiles relates to the Company’s operating mines. Low-grade material not scheduled for processing within the next 12 months is included in other long-term assets on the consolidated balance sheets. See Note 7vii.
| (b) |  | Ore on leach pads relates to the Company's Tasiast, Fort Knox, Round Mountain and Bald Mountain mines. Based on current mine plans, the Company expects to place the last tonne of ore on its leach pads at Tasiast in 2020, Bald Mountain in 2023, Round Mountain in 2025 and Fort Knox in 2027. Material not scheduled for processing within the next 12 months is included in other long-term assets on the consolidated balance sheets. See Note 7vii.
Schedule of property, plant and equipment |
|  |  |  |  | Mineral Interests |  |  |
|  |  |  |  | Development and |  |  |  |  |
|  |  | Land, plant and |  | operating |  | Pre-development |  |  |
|  | equipment |  | properties (a) |  | properties |  | Total
Cost |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2018 |  | $ | 8,374.7 |  | $ | 8,311.5 |  | $ | 15.5 |  | $ | 16,701.7
Additions |  |  | 629.4 |  |  | 457.1 |  |  | — |  |  | 1,086.5
Acquisitions (b) |  |  | 274.8 |  |  | 65.1 |  |  | — |  |  | 339.9
Capitalized interest |  |  | 23.8 |  |  | 17.7 |  |  | — |  |  | 41.5
Disposals |  |  | (115.7) |  |  | (39.9) |  |  | (2.1) |  |  | (157.7)
Other |  |  | (2.8) |  |  | 5.1 |  |  | — |  |  | 2.3
Balance at December 31, 2018 |  |  | 9,184.2 |  |  | 8,816.6 |  |  | 13.4 |  |  | 18,014.2
Accumulated depreciation, depletion, amortization |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2018 |  | $ | (5,308.4) |  | $ | (6,506.1) |  | $ | — |  | $ | (11,814.5)
Depreciation, depletion and amortization |  |  | (508.5) |  |  | (317.0) |  |  | — |  |  | (825.5)
Disposals |  |  | 106.5 |  |  | 39.9 |  |  | — |  |  | 146.4
Other |  |  | 8.3 |  |  | (9.8) |  |  | — |  |  | (1.5)
Balance at December 31, 2018 |  |  | (5,702.1) |  |  | (6,793.0) |  |  | — |  |  | (12,495.1)
Net book value |  | $ | 3,482.1 |  | $ | 2,023.6 |  | $ | 13.4 |  | $ | 5,519.1
Amount included above as at December 31, 2018: |  |  |  |  |  |  |  |  |  |  |  |
Assets under construction |  | $ | 495.0 |  | $ | 288.5 |  | $ | — |  | $ | 783.5
Assets not being depreciated (c) |  | $ | 719.1 |  | $ | 584.3 |  | $ | 13.4 |  | $ | 1,316.8
| (a) |  | At December 31, 2018, the significant development and operating properties include projects at Fort Knox, Round Mountain, Bald Mountain, Paracatu, Kupol, Tasiast, Chirano and Lobo-Marte.
| (b) |  | During the year ended December 31, 2018, the Company completed the acquisitions of the remaining 50% interest in the La Coipa Phase 7 mining concessions that it did not already own, two hydroelectric power plants in Brazil and the remaining 50% interest in the Bald Mountain exploration joint venture. See Notes 6i, 6ii and 6iii.
| (c) |  | Assets not being depreciated relate to land, capitalized E&E costs, assets under construction, which relate to expansion projects, and other assets that are in various stages of being readied for use.
|  |  |  |  | Mineral Interests |  |  |
|  |  |  |  | Development and |  |  |  |  |  |
|  | Land, plant and |  | operating |  | Pre-development |  |  |
|  | equipment |  | properties(a) |  | properties |  | Total
Cost |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2017 |  | $ | 7,791.3 |  | $ | 7,970.2 |  | $ | 164.3 |  | $ | 15,925.8
Additions |  |  | 626.9 |  |  | 298.5 |  |  | — |  |  | 925.4
Capitalized interest |  |  | 13.8 |  |  | 11.3 |  |  | — |  |  | 25.1
Disposals |  |  | (44.5) |  |  | — |  |  | (133.2) |  |  | (177.7)
Other |  |  | (12.8) |  |  | 31.5 |  |  | (15.6) |  |  | 3.1
Balance at December 31, 2017 |  |  | 8,374.7 |  |  | 8,311.5 |  |  | 15.5 |  |  | 16,701.7
Accumulated depreciation, depletion, amortization and impairment |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2017 |  | $ | (5,076.4) |  | $ | (5,852.4) |  | $ | (79.4) |  | $ | (11,008.2)
Depreciation, depletion and amortization |  |  | (529.3) |  |  | (371.5) |  |  | — |  |  | (900.8)
Impairment, net of reversals(b) |  |  | 260.9 |  |  | (282.4) |  |  | — |  |  | (21.5)
Disposals |  |  | 38.8 |  |  | — |  |  | 79.2 |  |  | 118.0
Other |  |  | (2.4) |  |  | 0.2 |  |  | 0.2 |  |  | (2.0)
Balance at December 31, 2017 |  |  | (5,308.4) |  |  | (6,506.1) |  |  | — |  |  | (11,814.5)
Net book value |  | $ | 3,066.3 |  | $ | 1,805.4 |  | $ | 15.5 |  | $ | 4,887.2
Amount included above as at December 31, 2017: |  |  |  |  |  |  |  |  |  |  |  |
Assets under construction |  | $ | 534.2 |  | $ | 116.4 |  | $ | — |  | $ | 650.6
Assets not being depreciated (c) |  | $ | 723.3 |  | $ | 342.8 |  | $ | 15.5 |  | $ | 1,081.6
| (a) |  | At December 31, 2017, the significant development and operating properties include Fort Knox, Round Mountain, Bald Mountain, Paracatu, Kupol, Tasiast, Chirano and Lobo-Marte.
| (b) |  | At December 31, 2017, an impairment charge was recorded at Paracatu and impairment reversals were recorded at Fort Knox and Tasiast, entirely related to property, plant and equipment. See Note 8.
| (c) |  | Assets not being depreciated relate to land, capitalized E&E costs, assets under construction, which relate to expansion projects, and other assets that are in various stages of being readied for use.
Schedule of long-term investments | Unrealized gains and losses on equity investments classified as financial assets at FVOCI were as follows:
|  | December 31, 2018 |  | December 31, 2017
|  |  |  |  | Gains (losses) in |  |  |  |  | Gains (losses) in
|  | Fair value |  | AOCI (a) |  | Fair value |  | AOCI (a)
Investments in an unrealized gain position |  | $ | 76.1 |  | $ | 5.1 |  | $ | 125.1 |  | $ | 26.6
Investments in an unrealized loss position |  |  | 79.8 |  |  | (80.3) |  |  | 62.9 |  |  | (19.7)
|  | $ | 155.9 |  | $ | (75.2) |  | $ | 188.0 |  | $ | 6.9
Schedule of other long-term assets |
|  | December 31, |  | December 31,
|  | 2018 |  | 2017
Long-term portion of ore in stockpiles and ore on leach pads (a) |  | $ | 327.6 |  | $ | 239.9
Deferred charges, net of amortization |  |  | 9.7 |  |  | 8.9
Long-term receivables(b) |  |  | 182.5 |  |  | 272.8
Advances for the purchase of capital equipment |  |  | 3.0 |  |  | 6.4
Other |  |  | 41.3 |  |  | 46.0
|  | $ | 564.1 |  | $ | 574.0
| (a) |  | Long-term portion of ore in stockpiles and ore on leach pads represents low-grade material not scheduled for processing within the next twelve months. As at December 31, 2018, long-term ore in stockpiles was at the Company’s Fort Knox, Kupol, Tasiast, Chirano and Paracatu mines, and long-term ore on leach pads was at the Company’s Fort Knox, Round Mountain, and Tasiast mines.
| (b) |  | As at December 31, 2018, Long-term receivables includes an estimated benefit of $66.1 million (December 31, 2017 - $124.4 million) related to the enactment of U.S Tax Reform legislation in December 2017. Of the original estimate of $124.4 million from 2017, $58.3 million has been reclassified to Current income tax recoverable. See Note 17 for additional information regarding U.S. Tax Reform impacts.
Schedule of accounts payable and accrued liabilities |
|  | December 31, |  | December 31,
|  | 2018 |  | 2017
Trade payables |  | $ | 89.1 |  | $ | 77.4
Accrued liabilities |  |  | 260.6 |  |  | 274.2
Employee related accrued liabilities |  |  | 116.2 |  |  | 131.0
|  | $ | 465.9 |  | $ | 482.6
Schedule of accumulated other comprehensive income (loss) |
|  | Long-term |  | Derivative |  |  |
|  | Investments |  | Contracts |  | Total
Balance at December 31, 2016 |  | $ | 23.6 |  | $ | 15.5 |  | $ | 39.1
Other comprehensive loss before tax |  |  | (16.4) |  |  | (2.4) |  |  | (18.8)
Tax |  |  | (0.3) |  |  | 1.1 |  |  | 0.8
Balance at December 31, 2017 |  | $ | 6.9 |  | $ | 14.2 |  | $ | 21.1
Adjustment on initial application of IFRS 9 (a) |  |  | (56.3) |  |  | — |  |  | (56.3)
Other comprehensive loss before tax |  |  | (26.1) |  |  | (77.7) |  |  | (103.8)
Tax |  |  | 0.3 |  |  | 20.7 |  |  | 21.0
Losses on cash flow hedges transferred to cost of non-financial assets (b) |  |  | — |  |  | 19.5 |  |  | 19.5
Balance at December 31, 2018 |  | $ | (75.2) |  | $ | (23.3) |  | $ | (98.5)
| (a) |  | See Note 4(a) for details of the Company’s initial application of IFRS 9.
| (b) |  | Net of tax recovery of $10.0 million.
Schedule of other operating expense |
|  | Years ended December 31,
|  | 2018 |  | 2017
Other operating expense |  | $ | 137.0 |  | $ | 129.6
|  | $ | 137.0 |  | $ | 129.6
Schedule of other income (expense), net |
|  | Years ended December 31,
|  | 2018 |  | 2017
Gain on disposition of associate and other interests - net (a) |  | $ | 2.1 |  | $ | 55.2
(Loss) gain on disposition of other assets - net |  |  | (2.9) |  |  | 1.9
Reversal of impairment charges (b) |  |  | — |  |  | 97.0
Foreign exchange losses |  |  | (4.3) |  |  | (4.9)
Net non-hedge derivative (losses) gains |  |  | (1.2) |  |  | 0.3
Other - net (c) |  |  | 9.5 |  |  | 38.6
|  | $ | 3.2 |  | $ | 188.1
| (a) |  | During the year ended December 31, 2017, the Company recognized a gain on disposition of its interests in Cerro Casale and Quebrada Seca of $12.7 million, a loss on disposition of its interest in White Gold of $1.7 million, and a gain on disposition of its interest in DeLamar of $44.2 million. See Note 6.
| (b) |  | During the year ended December 31, 2017, the Company recognized a reversal of impairment charges related to the sale of its interest in Cerro Casale. See Note 6iv.
| (c) |  | During the year ended December 31, 2017, the Company recognized $17.5 million of insurance recoveries, and $9.9 million related to a settlement of a royalty agreement.
Schedule of finance expense |
|  | Years ended December 31,
|  | 2018 |  | 2017
Accretion on reclamation and remediation obligations |  | $ | (29.1) |  | $ | (31.3)
Interest expense, including accretion on debt (a) |  |  | (72.1) |  |  | (86.5)
|  | $ | (101.2) |  | $ | (117.8)
| (a) |  | During the years ended December 31, 2018 and 2017, $41.5 million and $25.1 million, respectively, of interest was capitalized to property, plant and equipment. See Note 7iv.
Schedule of employee benefits expenses |
|  | Years ended December 31,
|  | 2018 |  | 2017
Salaries, short-term incentives, and other benefits |  | $ | 668.6 |  | $ | 678.5
Share-based payments |  |  | 21.3 |  |  | 25.9
Other |  |  | 9.6 |  |  | 11.2
|  | $ | 699.5 |  | $ | 715.6

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