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INCOME TAX EXPENSE (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAX EXPENSE

Schedule of components of the current and deferred tax expense

​

​	​	​	​	​	​	​
​	​	Years ended December 31,
​		2021			2020
Current tax expense		​			​
Current period	​	$	264.5	​	$	297.7
Settlement or adjustment for prior periods	​		49.9	​		(75.8)
​	​	​	​	​	​	​
Deferred tax expense	​			​
Origination and reversal of temporary differences	​		(136.0)	​		334.6
Change in unrecognized deferred tax assets	​		72.3	​		(116.7)
Total tax expense	​	$	250.7	​	$	439.8

​

The Company settled tax amounts relating to prior taxation years resulting in an additional $49.9 million of tax expense during 2021.

​

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

​

​	​	​	​	​	​
​		2021		2020	​
Combined statutory income tax rate		26.5	%	26.5	%
​	​	​	​	​	​
Increase (decrease) resulting from:					​
Mining taxes		0.2	%	1.7	%
Percentage of depletion		(0.4)	%	(0.9)	%
Difference in foreign tax rates and foreign exchange on deferred income taxes within income tax expense		4.7	%	5.5	%
Change in unrecognized deferred tax assets	​	7.5	%	(0.4)	%
True-up of prior provisions to tax filings		(1.1)	%	—	​
Income not subject to tax		(0.1)	%	(0.7)	%
Effect of non-taxable impairment reversals		—	​	(6.9)	%
Accounting expenses disallowed for tax		6.3	%	1.7	%
Taxes on repatriation of foreign earnings		1.2	%	0.1	%
Impact of CARES Act	​	—	​	(1.4)	%
Settlement of prior period taxes	​	11.1	%	0.5	%
Other		(2.5)	%	(1.2)	%
Effective tax rate		53.4	%	24.5	%

​

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

​

​	​	​	​	​	​	​
​		December 31,			December 31,
​	​	2021		​	2020
Deferred tax assets		​			​
Accrued expenses and other	​	$	49.0	​	$	51.1
Property, plant and equipment	​		1.8	​		5.2
Reclamation and remediation obligations	​		118.6	​		123.3
Inventory capitalization	​	​	20.6	​		20.8
Losses	​		90.8	​	​	54.4
​	​		280.8	​		254.8
Deferred tax liabilities	​			​		​
Accrued expenses and other	​		1.3	​		2.4
Property, plant and equipment	​		662.7	​		677.5
Inventory capitalization	​		47.1	​		60.0
Deferred tax liabilities - net	​	$	430.3	​	$	485.1

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

​

​	​	​	​	​	​	​
​		December 31,			December 31,
​	​	2021		​	2020
Balance at the beginning of the period	​	$	485.1	​	$	269.3
Recognized in the statement of operations	​		(63.7)	​		217.9
Recognized in OCI	​		8.9	​		(2.1)
Balance at the end of the period	​	$	430.3	​	$	485.1

​

​

​	​	​	​	​	​	​
​		December 31,			December 31,
​	​	2021		​	2020
Deductible temporary differences	​	$	572.0	​	$	535.2
Tax losses	​	$	363.9	​	$	394.1

​

​

​	​	​	​	​	​	​	​
Country		Type		Amount			Expiry Date
Canada		Net operating losses	​	$	1,053.6		2027 - 2041
United States(a)		Net operating losses	​		37.6		2022 - 2040
Chile		Net operating losses	​		130.2		No expiry
Brazil	​	Net operating losses	​	​	1.6	​	No expiry
Russia	​	Net operating losses	​	​	24.7	​	No expiry
Mauritania	​	Net operating losses	​	​	4.8	​	2022 - 2026
Barbados	​	Net operating losses	​	​	144.6	​	2023 - 2027
Luxembourg		Net operating losses	​		77.2		Various
Other		Net operating losses	​		89.1		Various

​

(a) Utilization of the United States loss carry forwards will be limited in any year as a result of the previous changes in ownership.

X

- Definition

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

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- Definition

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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- Definition

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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- Definition

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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