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INCOME TAX EXPENSE (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAX EXPENSE

Schedule of components of the current and deferred tax expense

​

​	​	​	​	​	​	​
​	​	Years ended December 31,
​		2022			2021
Current tax expense		​			​
Current period	​	$	132.4	​	$	154.2
Settlement or adjustment for prior periods	​		(0.1)	​		(2.3)
​	​	​	​	​	​	​
Deferred tax expense	​			​
Origination and reversal of temporary differences	​		(77.5)	​		(61.1)
Change in unrecognized deferred tax assets from impairment and asset derecognition charges	​	​	32.9	​	​	0.3
Change in unrecognized deferred tax assets	​		(11.6)	​		23.9
Total tax expense	​	$	76.1	​	$	115.0

​

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

​

​	​	​	​	​	​	​	​
​		​	2022		​	2021	​
Earnings before income tax	​	$	106.7	​	$	84.3	​
Statutory Rate	​	​	26.5	%	​	26.5	%
Expected income tax expense	​	$	28.3	​	$	22.3	​
​	​	​	​	​	​	​	​
Increase (decrease) resulting from:		​			​		​
Difference in foreign tax rates and foreign exchange on deferred income taxes within income tax expense		​	18.6	​	​	53.9	​
Accounting expenses not deductible for tax	​	​	20.5	​	​	22.1	​
Accounting income not subject to tax	​	​	(3.8)	​	​	(0.3)	​
Change in unrecognized deferred tax assets	​	​	(11.6)	​	​	23.9	​
Change in unrecognized deferred tax assets from impairment and asset derecognition charges	​	​	32.9	​	​	0.3	​
Mining and state taxes	​	​	(3.9)	​	​	0.8	​
Percentage of depletion	​	​	(5.3)	​	​	(2.0)	​
Taxes on (recovery from) repatriation of foreign earnings	​	​	(1.0)	​	​	5.6	​
True-up of prior provisions to tax filings		​	2.2	​	​	(5.2)	​
Settlement of prior period taxes	​	​	0.8	​	​	(1.6)	​
Other		​	(1.6)	​	​	(4.8)	​
Income tax expense		$	76.1	​	$	115.0	​

​

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

​

​	​	​	​	​	​	​
​		December 31,			December 31,
​	​	2022		​	2021
Deferred tax assets		​			​
Accrued expenses and other	​	$	103.6	​	$	49.0
Property, plant and equipment	​		0.4	​		1.8
Reclamation and remediation obligations	​		74.2	​		118.6
Inventory capitalization	​	​	—	​		20.6
Losses	​		74.9	​	​	90.8
​	​		253.1	​		280.8
Deferred tax liabilities	​			​
Accrued expenses and other	​		0.5	​		1.3
Property, plant and equipment	​		507.5	​		662.7
Inventory capitalization	​		42.0	​		47.1
Deferred tax liabilities - net	​	$	296.9	​	$	430.3

​

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

​

​	​	​	​	​	​	​
​		December 31,			December 31,
​	​	2022		​	2021
Balance at the beginning of the period	​	$	430.3	​	$	485.1
Recognized in the statement of operations	​		(56.2)	​		(36.9)
Recognized in OCI	​		(2.6)	​		8.9
Discontinued operations	​		(74.6)	​		(26.8)
Balance at the end of the period	​	$	296.9	​	$	430.3

​

​

​	​	​	​	​	​	​
​		December 31,			December 31,
​	​	2022		​	2021
Deductible temporary differences	​	$	680.7	​	$	572.0
Tax losses	​	$	418.9	​	$	363.9

​

​

​	​	​	​	​	​	​	​
Country		Type		Amount			Expiry Date
Canada		Net operating losses	​	$	1,165.2		2027 - 2042
United States(a)		Net operating losses	​		184.5		2023 - 2026 & No expiry
Chile		Net operating losses	​		154.8		No expiry
Brazil	​	Net operating losses	​	​	3.1	​	No expiry
Mauritania	​	Net operating losses	​	​	6.2	​	2023 - 2027
Barbados	​	Net operating losses	​	​	144.6	​	2023 - 2028
Luxembourg		Net operating losses	​		65.4		Various
Other		Net operating losses	​		69.8		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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