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Financial Instruments and Financial Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2018
Statement [LineItems] |
Schedules of Risks Arising from Financial Instruments | The table below outlines our outstanding settlement receivables and payables, which were provisionally valued at December 31, 2018, and December 31, 2017.
|  | Outstanding at December 31, 2018 |  |  | Outstanding at December 31, 2017 |
(Pounds in millions) |  | Pounds |  |  | US$/lb. |  |  | Pounds |  |  | US$/lb. |
Receivable positions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Copper |  |  | 93 |  |  | $ | 2.70 |  |  |  | 138 |  |  | $ | 3.26 |
Zinc |  |  | 208 |  |  | $ | 1.12 |  |  |  | 197 |  |  | $ | 1.50 |
Lead |  |  | 24 |  |  | $ | 0.91 |  |  |  | 44 |  |  | $ | 1.13 |
Payable positions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Zinc payable |  |  | 77 |  |  | $ | 1.12 |  |  |  | 97 |  |  | $ | 1.50 |
Lead payable |  |  | 16 |  |  | $ | 0.91 |  |  |  | 30 |  |  | $ | 1.13 |
Schedules of Risks Arising from Financial Instruments | A summary of these derivative contracts and related fair values as at December 31, 2018 is as follows:
Derivatives not designated as hedging instruments |  | Quantity |  |  | Average Price of Purchase Commitments |  |  | Average Price of Sale Commitments |  |  | Fair Value Asset (Liability) (CAD$ in millions) |
Zinc swaps |  |  | 122 million lbs. |  |  | US$ | 1.14/lb. |  |  | US$ | 1.11/lb. |  |  | $ | (6 | )
Lead swaps |  |  | 70 million lbs. |  |  | US$ | 0.90/lb. |  |  | US$ | 0.92/lb. |  |  |  | 2 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (4 | )
Schedules of Risks Arising from Financial Instruments | Derivatives Not Designated as Hedging Instruments and Embedded Derivatives
(CAD$ in millions) |  | Amount of Gain (Loss) Recognized in Other Operating Income (Expense) (Note 9) |
|  | 2018 |  |  | 2017 |
Zinc derivatives |  | $ | (40 | ) |  | $ | 11 |
Lead derivatives |  |  | (4 | ) |  |  | 10 |
Settlements receivable and payable |  |  | (117 | ) |  |  | 190 |
Contingent zinc escalation payment embedded derivative (c) |  |  | 13 |  |  |  | (24 | )
Gold stream embedded derivative (c) |  |  | (1 | ) |  |  | 13 |
Silver stream embedded derivative (c) |  |  | (4 | ) |  |  | 2 |
|  | $ | (153 | ) |  | $ | 202 |
Currency risk [member] |
Statement [LineItems] |
Schedules of Risks Arising from Financial Instruments | U.S. dollar financial instruments subject to foreign exchange risk consist of U.S. dollar denominated items held in Canada and are summarized below. This risk is reduced by our policy to apply a hedge against our U.S. dollar net investments using our U.S. dollar debt.
(US$ in millions) |  | December 31, 2018 |  |  | December 31, 2017 |
Cash and cash equivalents |  | $ | 907 |  |  | $ | 368 |
Trade and settlement receivables |  |  | 640 |  |  |  | 913 |
Trade accounts payable and other liabilities |  |  | (421 | ) |  |  | (569 | )
Debt |  |  | (3,809 | ) |  |  | (4,831 | )
|  |  | (2,683 | ) |  |  | (4,119 | )
Net investment in foreign operations hedged |  |  | 2,628 |  |  |  | 4,149 |
Net U.S. dollar exposure |  | $ | (55 | ) |  | $ | 30 |
Commodity Price Risk [member] |
Statement [LineItems] |
Schedules of Risks Arising from Financial Instruments | The following represents the effect on profit attributable to shareholders from a 10% change in commodity prices, based on outstanding receivables and payables subject to final pricing adjustments at December 31, 2018. There is no effect on other comprehensive income.
|  | Price on December 31, |  |  | Change in Profit Attributable to Shareholders |
(CAD$ in millions, except for US$/lb. data) |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Copper |  | US$ | 2.70/lb. |  |  | US$ | 3.26/lb. |  |  | $ | 21 |  |  | $ | 35 |
Zinc |  | US$ | 1.12/lb. |  |  | US$ | 1.50/lb. |  |  | $ | 7 |  |  | $ | 5 |
Liquidity risk [member] |
Statement [LineItems] |
Schedules of Risks Arising from Financial Instruments | Contractual undiscounted cash flow requirements for financial liabilities as at December 31, 2018 are as follows:
(CAD$ in millions) |  | Less Than 1 Year |  |  | 2–3 Years |  |  | 4–5 Years |  |  | More Than 5 Years |  |  | Total |
Trade accounts payable and other liabilities (Note 18) |  | $ | 2,333 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,333 |
Debt (Note 19(f)) |  |  | — |  |  |  | 190 |  |  |  | 575 |  |  |  | 4,462 |  |  |  | 5,227 |
Estimated interest payments on debt |  | $ | 317 |  |  | $ | 625 |  |  | $ | 582 |  |  | $ | 3,528 |  |  | $ | 5,052 |

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