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QB2 Advances from SMM/SC (Tables) | 12 Months Ended
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Dec. 31, 2022
Financial Instruments [Abstract] |
Scheduled Principal Payments |
($ in millions) |  | December 31, 2022 |  | December 31, 2021
|  | Face Value (US$) |  | Fair Value (CAD$) |  | Carrying Value (CAD$) |  | Face Value (US$) |  | Fair Value (CAD$) |  | Carrying Value (CAD$)
4.75% notes due January 2022 (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 150 |  |  | $ | 190 |  |  | $ | 190 |
3.75% notes due February 2023 (a) |  | 108 |  |  | 147 |  |  | 147 |  |  | 108 |  |  | 140 |  |  | 137 |
3.9% notes due July 2030 (a) |  | 503 |  |  | 614 |  |  | 673 |  |  | 550 |  |  | 751 |  |  | 688 |
6.125% notes due October 2035 (a) |  | 336 |  |  | 452 |  |  | 449 |  |  | 609 |  |  | 1,005 |  |  | 761 |
6.0% notes due August 2040 (a) |  | 480 |  |  | 631 |  |  | 648 |  |  | 490 |  |  | 795 |  |  | 620 |
6.25% notes due July 2041 (a) |  | 396 |  |  | 531 |  |  | 531 |  |  | 795 |  |  | 1,349 |  |  | 997 |
5.2% notes due March 2042 (a) |  | 395 |  |  | 471 |  |  | 529 |  |  | 399 |  |  | 602 |  |  | 500 |
5.4% notes due February 2043 (a) |  | 367 |  |  | 448 |  |  | 492 |  |  | 377 |  |  | 586 |  |  | 473 |
|  | 2,585 |  |  | 3,294 |  |  | 3,469 |  |  | 3,478 |  |  | 5,418 |  |  | 4,366 |
QB2 project financing facility (b) |  | 2,500 |  |  | 3,419 |  |  | 3,322 |  |  | 2,252 |  |  | 2,929 |  |  | 2,785 |
Carmen de Andacollo short-term loans (c) |  | 52 |  |  | 71 |  |  | 71 |  |  | — |  |  | — |  |  | — |
Antamina loan agreements (d) |  | 225 |  |  | 305 |  |  | 305 |  |  | 176 |  |  | 223 |  |  | 223 |
|  | $ | 5,362 |  |  | $ | 7,089 |  |  | $ | 7,167 |  |  | $ | 5,906 |  |  | $ | 8,570 |  |  | $ | 7,374 |
Less current portion of debt |  | (454) |  |  | (616) |  |  | (616) |  |  | (168) |  |  | (213) |  |  | (213) |
|  | $ | 4,908 |  |  | $ | 6,473 |  |  | $ | 6,551 |  |  | $ | 5,738 |  |  | $ | 8,357 |  |  | $ | 7,161 |
Amounts outstanding under the facility bear interest at LIBOR plus an applicable margin. In 2022, QBSA entered into a second subordinated loan facility agreement with SMM/SC to advance QBSA up to an additional US$750 million, under similar terms to the existing subordinated loan facility.
($ in millions) |  | December 31, 2022 |  | December 31, 2021
|  | Face Value (US$) |  | Fair Value (CAD$) |  | Carrying Value (CAD$) |  | Face Value (US$) |  | Fair Value (CAD$) |  | Carrying Value (CAD$)
QB2 advances from SMM/SC |  | $ | 1,693 |  |  | $ | 2,330 |  |  | $ | 2,279 |  |  | $ | 1,003 |  |  | $ | 1,288 |  |  | $ | 1,263 |
Summary of Debt Continuity | Debt Continuity
($ in millions) |  | US$ |  | CAD$ Equivalent
|  | 2022 |  | 2021 |  | 2022 |  | 2021
As at January 1 |  | $ | 5,816 |  |  | $ | 4,913 |  |  | $ | 7,374 |  |  | $ | 6,255 |
Cash flows |  |  |  |  |  |  |  |
Proceeds from debt |  | 445 |  |  | 1,305 |  |  | 569 |  |  | 1,639 |
Redemption, purchase or repayment of debt |  | (1,026) |  |  | (124) |  |  | (1,323) |  |  | (155) |
Revolving credit facilities |  | — |  |  | (262) |  |  | — |  |  | (335) |
Non-cash changes |  |  |  |  |  |  |  |
Loss on debt redemption or purchase |  | 45 |  |  | — |  |  | 58 |  |  | — |
Changes in foreign exchange rates |  | — |  |  | — |  |  | 474 |  |  | (10) |
Finance fees, discount amortization and other |  | 12 |  |  | (16) |  |  | 15 |  |  | (20) |
As at December 31 |  | $ | 5,292 |  |  | $ | 5,816 |  |  | $ | 7,167 |  |  | $ | 7,374 |
QB2 Advances from SMM/SC Carrying Value Continuity
($ in millions) |  | US$ |  | CAD$ Equivalent
|  | 2022 |  | 2021 |  | 2022 |  | 2021
As at January 1 |  | $ | 997 |  |  | $ | 734 |  |  | $ | 1,263 |  |  | $ | 934 |
Cash flows |  |  |  |  |  |  |  |
Advances |  | 685 |  |  | 262 |  |  | 899 |  |  | 326 |
Non-cash changes |  |  |  |  |  |  |  |
Finance fee amortization |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |
Changes in foreign exchange rates |  | — |  |  | — |  |  | 116 |  |  | 2 |
As at December 31 |  | $ | 1,683 |  |  | $ | 997 |  |  | $ | 2,279 |  |  | $ | 1,263 |

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