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INCOME TAX EXPENSE (RECOVERY) (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAX EXPENSE

Schedule of components of the current and deferred tax expense

		Years ended December 31,
		2019			2018
Current tax expense
Current period		$	206.6		$	137.8
Adjustment for prior periods			(1.0)			(7.9)
Deferred tax expense
Origination and reversal of temporary differences			223.0			55.8
Impact of changes in tax rate			(1.6)			(0.1)
Change in unrecognized deductible temporary differences			(156.3)			(35.6)
Recognition of previously unrecognized tax losses			(24.0)			(11.2)
Total tax expense		$	246.7		$	138.8

Schedule of reconciliation of the combined Canadian federal and provincial statutory income tax rate to the effective tax rate

		2019		2018
Combined statutory income tax rate		26.5	%	26.5	%
Increase (decrease) resulting from:
Mining taxes		1.2	%	8.0	%
Percentage of depletion		(1.4)	%	(3.4)	%
Difference in foreign tax rates and foreign exchange on deferred income taxes within income tax expense		4.5	%	42.1	%
Change in unrecognized deferred tax assets		(4.1)	%	59.2	%
Over provided in prior periods		(0.4)	%	(34.4)	%
Income not subject to tax		(0.7)	%	(17.1)	%
Effect of non-deductible (non-taxable) impairment/(reversals)		(4.2)	%	0.2	%
Accounting expenses disallowed for tax		2.3	%	17.8	%
Taxes on repatriation of foreign earnings		0.5	%	12.4	%
AMT credit receivable due to US Tax Reform		(0.5)	%	(7.8)	%
Other		1.9	%	19.1	%
Effective tax rate		25.6	%	122.6	%

Schedule of summary of the components of deferred income tax and movement in net deferred tax liabilities

		December 31,			December 31,
		2019			2018
Deferred tax assets
Accrued expenses and other		$	29.2		$	39.5
Property, plant and equipment			26.3			25.5
Reclamation and remediation obligations			88.4			69.5
Inventory capitalization			11.5			4.3
Non-capital loss			34.7			19.3
			190.1			158.1
Deferred tax liabilities
Accrued expenses and other			2.7			2.4
Reclamation and remediation obligations			2.8			—
Property, plant and equipment			423.4			340.2
Inventory capitalization			30.5			35.7
Deferred tax liabilities - net		$	269.3		$	220.2

Schedule of unrecognized deferred tax assets and company's non-capital losses

		December 31,			December 31,
		2019			2018
Balance at the beginning of the period		$	220.2		$	222.3
Recognized in profit/loss			41.1			8.9
Recognized in OCI			8.0			(11.1)
Other			—			0.1
Balance at the end of the period		$	269.3		$	220.2

		December 31,			December 31,
		2019			2018
Deductible temporary differences		$	656.5		$	746.4
Tax losses		$	441.3		$	551.2

Country		Type		Amount			Expiry Date
Canada		Net operating losses		$	946.1		2027 - 2039
United States(a)		Net operating losses			54.8		2020 - 2033
Chile		Net operating losses			323.0		No expiry
Brazil		Net operating losses			6.3		No expiry
Mauritania		Net operating losses			219.7		2021 - 2023
Barbados		Net operating losses			677.3		2020 - 2025
Luxembourg		Net operating losses			74.4		Various
Other		Net operating losses			56.7		Various

X

- Definition

The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets]

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The disclosure of types of temporary differences, unused tax losses and unused tax credits. [Refer: Unused tax credits [member]; Unused tax losses [member]; Temporary differences [member]]

+ References

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The disclosure of detailed information about reconciliation using percentage or amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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The disclosure of detailed information about components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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