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SEGMENTED INFORMATION | 12 Months Ended
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Dec. 31, 2024
SEGMENTED INFORMATION |
SEGMENTED INFORMATION |
17. | SEGMENTED INFORMATION
The Company operates primarily in the gold mining industry and its major product is gold. Its activities include gold production, acquisition, exploration and development of gold properties. The Company’s primary mining operations are in Canada, the United States, Brazil, Chile and Mauritania. The reportable segments are those operations whose operating results are reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance provided those operations pass certain quantitative thresholds. Operations whose revenues, earnings or losses or assets exceed 10% of the total consolidated revenue, earnings or losses or assets are reportable segments. In order to determine reportable operating segments, management reviews various factors, including geographical location and managerial structure. It was determined by management that a reportable operating segment generally consists of an individual mining property managed by a single general manager and management team. The Corporate and other segment includes corporate, shutdown and other non-operating assets (including Kettle River-Buckhorn, Lobo-Marte and Maricunga). Finance income, finance expense, and other income - net are managed on a consolidated basis and are not allocated to operating segments.
i. | Operating segments
The following tables set forth operating results by reportable segment for the following years: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating segments | ​ | Non-operating segments(a)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Round | ​ | Bald | ​ | ​ | ​ | Corporate and | ​ | ​ | ​
Year ended December 31, 2024 |  | Tasiast |  | Paracatu |  | La Coipa |  | Fort Knox(b) |  | Mountain |  | Mountain |  | Great Bear |  | other(c) |  | Total
Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Metal sales | ​ | $ | 1,456.5 |  | 1,258.9 | ​ | 573.3 |  | 912.5 |  | 506.8 |  | 438.2 |  | — |  | 2.6 | ​ | $ | 5,148.8
Cost of sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Production cost of sales | ​ |  | 415.4 |  | 548.6 |  | 231.3 |  | 452.5 |  | 328.3 |  | 220.3 |  | — |  | 0.7 | ​ |  | 2,197.1
Depreciation, depletion and amortization | ​ |  | 357.1 |  | 189.3 |  | 118.3 |  | 140.9 |  | 193.2 |  | 143.0 |  | 0.5 |  | 5.2 | ​ |  | 1,147.5
Reversal of impairment charge | ​ | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (74.1) | ​ | — | ​ | — | ​ | — | ​ | ​ | (74.1)
Total cost of sales | ​ |  | 772.5 |  | 737.9 |  | 349.6 |  | 593.4 |  | 447.4 |  | 363.3 |  | 0.5 |  | 5.9 | ​ |  | 3,270.5
Gross profit (loss) | ​ | $ | 684.0 |  | 521.0 |  | 223.7 |  | 319.1 |  | 59.4 |  | 74.9 |  | (0.5) |  | (3.3) | ​ | $ | 1,878.3
Other operating (income) expense | ​ |  | (21.6) |  | 7.5 |  | 9.6 |  | 0.5 |  | (9.7) |  | 0.9 |  | 6.2 |  | 20.6 | ​ |  | 14.0
Exploration and business development | ​ |  | 9.6 |  | 7.9 |  | 3.3 |  | 11.6 |  | 54.1 |  | 6.0 |  | 37.1 |  | 68.2 | ​ |  | 197.8
General and administrative | ​ |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 126.2 | ​ |  | 126.2
Operating earnings (loss) | ​ | $ | 696.0 |  | 505.6 |  | 210.8 |  | 307.0 |  | 15.0 |  | 68.0 |  | (43.8) |  | (218.3) | ​ | $ | 1,540.3
Other income - net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 14.3
Finance income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 18.2
Finance expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (91.4)
Earnings before tax | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,481.4
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures for the year ended December 31, 2024(d) | ​ | $ | 377.4 | ​ | 142.0 | ​ | 74.9 | ​ | 332.6 | ​ | 143.1 | ​ | 59.4 | ​ | 103.9 | ​ | 12.8 | ​ | $ | 1,246.1
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating segments | ​ | Non-operating segments(a)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Round | ​ | Bald | ​ | ​ | ​ | Corporate and | ​ | ​ | ​
Year ended December 31, 2023 |  | Tasiast |  | Paracatu |  | La Coipa |  | Fort Knox(b) |  | Mountain |  | Mountain |  | Great Bear |  | other(c) |  | Total
Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Metal sales | ​ | $ | 1,200.8 |  | 1,149.6 |  | 522.6 |  | 557.9 |  | 454.4 |  | 349.6 |  | — |  | 4.8 | ​ | $ | 4,239.7
Cost of sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Production cost of sales | ​ |  | 406.8 |  | 538.6 |  | 182.8 |  | 343.5 |  | 357.7 |  | 223.5 |  | — |  | 1.5 | ​ |  | 2,054.4
Depreciation, depletion and amortization | ​ |  | 244.4 |  | 186.6 |  | 187.8 |  | 96.8 |  | 157.2 |  | 107.8 |  | 0.5 |  | 5.7 | ​ |  | 986.8
Impairment charges | ​ | ​ | — | ​ | — | ​ | — | ​ | 38.9 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | ​ | 38.9
Total cost of sales | ​ |  | 651.2 |  | 725.2 |  | 370.6 |  | 479.2 |  | 514.9 |  | 331.3 |  | 0.5 |  | 7.2 | ​ |  | 3,080.1
Gross profit (loss) | ​ | $ | 549.6 |  | 424.4 |  | 152.0 |  | 78.7 |  | (60.5) |  | 18.3 |  | (0.5) |  | (2.4) | ​ | $ | 1,159.6
Other operating (income) expense | ​ |  | (3.9) |  | 11.3 |  | (8.2) |  | 0.8 |  | 4.1 |  | 1.2 |  | 0.3 |  | 58.9 | ​ |  | 64.5
Exploration and business development | ​ |  | 3.9 |  | 5.6 |  | 13.0 |  | 12.8 |  | 35.7 |  | 3.2 |  | 49.1 |  | 61.7 | ​ |  | 185.0
General and administrative | ​ |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 108.7 | ​ |  | 108.7
Operating earnings (loss) | ​ | $ | 549.6 |  | 407.5 |  | 147.2 |  | 65.1 |  | (100.3) |  | 13.9 |  | (49.9) |  | (231.7) | ​ | $ | 801.4
Other expense - net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (27.3)
Finance income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 40.5
Finance expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (106.0)
Earnings before tax | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 708.6
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures for the year ended December 31, 2023(d) | ​ | $ | 375.8 | ​ | 182.3 | ​ | 87.6 | ​ | 419.7 | ​ | 31.1 | ​ | 141.1 | ​ | 92.7 | ​ | 2.6 | ​ | $ | 1,332.9
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating segments | ​ | Non-operating segments(a)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Round | ​ | Bald | ​ | ​ | ​ | Corporate and | ​ | ​ | ​
​ |  | Tasiast |  | Paracatu |  | La Coipa |  | Fort Knox(b) |  | Mountain |  | Mountain |  | Great Bear |  | other |  | Total
Property, plant and equipment at |  | ​ |  |  |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ | ​ |
December 31, 2024 | ​ | $ | 2,305.5 |  | 1,600.1 |  | 359.9 |  | 1,079.6 |  | 396.3 |  | 168.9 |  | 1,595.2 |  | 463.1 |  | $ | 7,968.6
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets at | ​ |  | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ | ​
December 31, 2024 | ​ | $ | 3,059.0 |  | 2,028.1 |  | 511.1 |  | 1,649.7 |  | 688.5 |  | 423.9 |  | 1,596.4 |  | 908.9 |  | $ | 10,865.6
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating segments | ​ | Non-operating segments(a)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Round | ​ | Bald | ​ | ​ | ​ | Corporate and | ​ | ​ | ​
​ |  | Tasiast |  | Paracatu |  | La Coipa |  | Fort Knox(b) |  | Mountain |  | Mountain |  | Great Bear |  | other |  | Total
Property, plant and equipment at | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2023 | ​ | $ | 2,325.4 |  | 1,653.3 |  | 379.1 |  | 928.1 |  | 383.9 |  | 347.2 |  | 1,491.1 |  | 455.1 |  | $ | 7,963.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets at | ​ | ​ | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ | ​
December 31, 2023 | ​ | $ | 3,081.6 |  | 1,972.8 |  | 519.7 |  | 1,334.5 |  | 731.1 |  | 513.0 |  | 1,498.4 |  | 892.2 |  | $ | 10,543.3
(a) | Non-operating segments include development and pre-development properties.
(b) | The Fort Knox segment includes Manh Choh, which was aggregated with Fort Knox during the year ended December 31, 2024. Comparative figures are presented in accordance with the current year’s presentation.
(c) | Corporate and other includes metal sales and operating (loss) income of Maricunga of $2.6 and $(8.6) million, respectively, for the year ended December 31, 2024 ($4.8 million and $0.4 million, respectively, for the year ended December 31, 2023). During the year ended December 31, 2024, Maricunga sold its remaining finished metals inventories after transitioning all processing activities to care and maintenance in 2019. Maricunga’s operating (loss) income includes net reclamation (expense) recovery of $(1.8) million for the year ended December 31, 2024 (year ended December 31, 2023 - $29.1 million). Corporate and other also includes insurance recoveries recognized in other operating expense of $22.0 million for the year ended December 31, 2024.
(d) | Segment capital expenditures are presented on an accrual basis and include capitalized interest. Additions to property, plant and equipment in the consolidated statements of cash flows are presented on a cash basis.
ii. | Geographic segments
The following tables show metal sales and property, plant and equipment by geographic region: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Metal Sales
​ | ​ | As at December 31,
​ |  | 2024 |  | 2023
Geographic information(a) | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | $ | 1,857.5 | ​ | $ | 1,361.9
Mauritania | ​ |  | 1,456.5 | ​ |  | 1,200.8
Brazil | ​ |  | 1,258.9 | ​ |  | 1,149.6
Chile | ​ |  | 575.9 | ​ |  | 527.4
Total | ​ | $ | 5,148.8 | ​ | $ | 4,239.7
(a) | Geographic location is determined based on location of the mining assets.
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Property, Plant and Equipment
​ | ​ | As at December 31,
​ | ​ | 2024 | ​ | 2023
Geographic information(a) |  | ​ |  |  | ​ |
Mauritania | ​ | $ | 2,313.1 | ​ | $ | 2,335.1
United States | ​ |  | 1,652.9 | ​ |  | 1,668.6
Brazil | ​ |  | 1,604.3 | ​ |  | 1,658.8
Canada | ​ |  | 1,599.5 | ​ |  | 1,495.9
Chile | ​ |  | 798.8 | ​ |  | 804.8
Total | ​ | $ | 7,968.6 | ​ | $ | 7,963.2
(a) | Geographic location is determined based on location of the mining assets.
​
iii. | Significant customers
The following tables represent sales to individual customers exceeding 10% of annual metal sales for the following periods: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Round | ​ | Bald | ​ | Corporate and | ​ | ​ | ​ |
Year ended December 31, 2024: |  | Tasiast |  | Paracatu |  | La Coipa |  | Fort Knox | ​ | Mountain |  | Mountain |  | other(a) |  | Total |
Customer | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
1 | ​ | $ | — |  | 244.7 |  | 126.6 |  | 143.4 |  | 73.0 |  | 76.3 |  | ​ | 0.8 | ​ | $ | 664.8 | ​
2 | ​ |  | 403.6 |  | 57.0 |  | 17.3 |  | 19.8 |  | 60.1 |  | 56.7 |  | ​ | 0.3 | ​ |  | 614.8 | ​
3 | ​ |  | 350.5 |  | 56.2 |  | 50.2 |  | 62.7 |  | 30.7 |  | 37.8 |  | ​ | — | ​ |  | 588.1 | ​
4 | ​ | ​ | 288.5 | ​ | 78.7 | ​ | 48.7 | ​ | 71.8 | ​ | 70.7 | ​ | 16.8 | ​ | ​ | — | ​ | ​ | 575.2 | ​
5 | ​ | ​ | — | ​ | 233.5 | ​ | 64.0 | ​ | 109.2 | ​ | 92.5 | ​ | 65.4 | ​ | ​ | — | ​ | ​ | 564.6 | ​
6 | ​ | ​ | 313.2 | ​ | 113.3 | ​ | 23.7 | ​ | 53.9 | ​ | 23.8 | ​ | 22.2 | ​ | ​ | 0.4 | ​ | ​ | 550.5 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 3,558.0 | ​
% of total metal sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 69.1 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Round | ​ | Bald | ​ | Corporate and | ​ | ​ | ​ | ​
Year ended December 31, 2023: |  | Tasiast |  | Paracatu |  | La Coipa |  | Fort Knox |  | Mountain |  | Mountain |  | other(a) |  | Total | ​
Customer | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
1 | ​ | $ | 353.9 |  | 85.9 |  | 24.8 |  | 43.7 |  | 46.8 |  | 38.6 |  | ​ | 1.1 | ​ | $ | 594.8 | ​
2 | ​ |  | 155.2 |  | 163.2 |  | 27.7 |  | 100.3 |  | 66.8 |  | 80.2 |  |  | 0.5 | ​ |  | 593.9 | ​
3 | ​ |  | 203.1 |  | 96.6 |  | 100.9 |  | 66.9 |  | 37.3 |  | 39.3 |  |  | 1.1 | ​ |  | 545.2 | ​
4 | ​ | ​ | — | ​ | 134.5 | ​ | 132.0 | ​ | 64.2 | ​ | 65.8 | ​ | 60.2 | ​ | ​ | 0.3 | ​ | ​ | 457.0 | ​
5 | ​ | ​ | 249.5 | ​ | 77.4 | ​ | 12.1 | ​ | 39.5 | ​ | 60.3 | ​ | 14.2 | ​ | ​ | — | ​ | ​ | 453.0 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,643.9 | ​
% of total metal sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 62.4 | %
(a) | The Corporate and other segment includes metal sales for Maricunga for the year ended December 31, 2024 and 2023.
​ The Company is not economically dependent on a limited number of customers for the sale of its product as gold can be sold through numerous commodity market traders worldwide.

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