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Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Financial Instruments [Abstract] |
Scheduled Principal Payments |
($ in millions) |  | December 31, 2023 |  | December 31, 2022
|  | Face Value (US$) |  | Fair Value (CAD$) |  | Carrying Value (CAD$) |  | Face Value (US$) |  | Fair Value (CAD$) |  | Carrying Value (CAD$)
3.75% notes due February 2023 (a)(i) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 108 |  |  | $ | 147 |  |  | $ | 147 |
3.9% notes due July 2030 (a)(iii) |  | 503 |  |  | 621 |  |  | 658 |  |  | 503 |  |  | 614 |  |  | 673 |
6.125% notes due October 2035 (a)(iii)(iv) |  | 336 |  |  | 467 |  |  | 439 |  |  | 336 |  |  | 452 |  |  | 449 |
6.0% notes due August 2040 (a)(iv) |  | 473 |  |  | 642 |  |  | 624 |  |  | 480 |  |  | 631 |  |  | 648 |
6.25% notes due July 2041 (a)(iii)(iv) |  | 396 |  |  | 544 |  |  | 519 |  |  | 396 |  |  | 531 |  |  | 531 |
5.2% notes due March 2042 (a)(iii) |  | 395 |  |  | 488 |  |  | 516 |  |  | 395 |  |  | 471 |  |  | 529 |
5.4% notes due February 2043 (a)(iii) |  | 367 |  |  | 466 |  |  | 481 |  |  | 367 |  |  | 448 |  |  | 492 |
|  | 2,470 |  |  | 3,228 |  |  | 3,237 |  |  | 2,585 |  |  | 3,294 |  |  | 3,469 |
QB2 project financing facility (b) |  | 2,206 |  |  | 2,979 |  |  | 2,873 |  |  | 2,500 |  |  | 3,419 |  |  | 3,322 |
Carmen de Andacollo short-term loans (c) |  | 95 |  |  | 126 |  |  | 126 |  |  | 52 |  |  | 71 |  |  | 71 |
Antamina loan agreement (d) |  | 225 |  |  | 298 |  |  | 298 |  |  | 225 |  |  | 305 |  |  | 305 |
|  | $ | 4,996 |  |  | $ | 6,631 |  |  | $ | 6,534 |  |  | $ | 5,362 |  |  | $ | 7,089 |  |  | $ | 7,167 |
Less current portion of debt |  | (389) |  |  | (515) |  |  | (515) |  |  | (454) |  |  | (616) |  |  | (616) |
|  | $ | 4,607 |  |  | $ | 6,116 |  |  | $ | 6,019 |  |  | $ | 4,908 |  |  | $ | 6,473 |  |  | $ | 6,551 |
As at December 31, 2023, the original US$1.3 billion and the second US$750 million subordinated shareholder loan facilities were fully drawn, US$578 million was outstanding under the third subordinated shareholder loan facility and the fourth subordinated shareholder loan facility remains undrawn.
($ in millions) |  | December 31, 2023 |  | December 31, 2022
|  | Face Value (US$) |  | Fair Value (CAD$) |  | Carrying Value (CAD$) |  | Face Value (US$) |  | Fair Value (CAD$) |  | Carrying Value (CAD$)
QB2 advances from SMM/SC |  | $ | 2,661 |  |  | $ | 3,589 |  |  | $ | 3,497 |  |  | $ | 1,693 |  |  | $ | 2,330 |  |  | $ | 2,279 |
Schedule of Maturity Analysis for Non-Derivative Financial Liabilities | At December 31, 2023, scheduled principal payments during the next five years and thereafter are as follows:
($ in millions) |  | US$ |  | CAD$ Equivalent
2024 |  | $ | 389 |  |  | $ | 515 |
2025 |  | 294 |  |  | 389 |
2026 |  | 519 |  |  | 687 |
2027 |  | 294 |  |  | 389 |
2028 |  | 294 |  |  | 389 |
Thereafter |  | 3,206 |  |  | 4,240 |
|  | $ | 4,996 |  |  | $ | 6,609 |
Contractual undiscounted cash flow requirements for financial liabilities as at December 31, 2023 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 financial liabilities |  | $ | 3,497 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,497 |
Debt (Note 20(f)) |  | 515 |  |  | 1,076 |  |  | 778 |  |  | 4,240 |  |  | 6,609 |
Lease liabilities |  | 197 |  |  | 261 |  |  | 186 |  |  | 1,107 |  |  | 1,751 |
Obligation to Neptune Bulk Terminals |  | — |  |  | 31 |  |  | 30 |  |  | 143 |  |  | 204 |
ENAMI preferential dividend liability |  | — |  |  | — |  |  | — |  |  | 606 |  |  | 606 |
QB2 advances from SMM/SC |  | — |  |  | — |  |  | — |  |  | 3,520 |  |  | 3,520 |
QB2 variable consideration to IMSA |  | — |  |  | 132 |  |  | — |  |  | — |  |  | 132 |
Other liabilities |  | — |  |  | 104 |  |  | 11 |  |  | 13 |  |  | 128 |
Estimated interest payments on debt |  | 394 |  |  | 614 |  |  | 452 |  |  | 1,828 |  |  | 3,288 |
Estimated interest payments on QB2 advances from SMM/SC |  | — |  |  | — |  |  | — |  |  | 2,039 |  |  | 2,039 |
Estimated interest payments on lease and other liabilities |  | 18 |  |  | 26 |  |  | 19 |  |  | 81 |  |  | 144 |
Downstream pipeline take-or-pay toll commitment |  | 29 |  |  | 60 |  |  | 65 |  |  | 254 |  |  | 408 |
Summary of Debt Continuity | Debt Continuity
($ in millions) |  | US$ |  | CAD$ Equivalent
|  | 2023 |  | 2022 |  | 2023 |  | 2022
As at January 1 |  | $ | 5,292 |  |  | $ | 5,816 |  |  | $ | 7,167 |  |  | $ | 7,374 |
Cash flows |  |  |  |  |  |  |  |
Proceeds from debt |  | 170 |  |  | 445 |  |  | 230 |  |  | 569 |
Redemption, purchase or repayment of debt |  | (530) |  |  | (1,026) |  |  | (710) |  |  | (1,323) |
Non-cash changes |  |  |  |  |  |  |  |
Loss on debt redemption or purchase (Note 12) |  | — |  |  | 45 |  |  | — |  |  | 58 |
Changes in foreign exchange rates |  | — |  |  | — |  |  | (164) |  |  | 474 |
Finance fees, discount amortization and other |  | 8 |  |  | 12 |  |  | 11 |  |  | 15 |
As at December 31 |  | $ | 4,940 |  |  | $ | 5,292 |  |  | $ | 6,534 |  |  | $ | 7,167 |
QB2 Advances from SMM/SC Carrying Value Continuity
($ in millions) |  | US$ |  | CAD$ Equivalent
|  | 2023 |  | 2022 |  | 2023 |  | 2022
As at January 1 |  | $ | 1,683 |  |  | $ | 997 |  |  | $ | 2,279 |  |  | $ | 1,263 |
Cash flows |  |  |  |  |  |  |  |
Advances |  | 960 |  |  | 685 |  |  | 1,292 |  |  | 899 |
Non-cash changes |  |  |  |  |  |  |  |
Finance fee amortization |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |
Changes in foreign exchange rates |  | — |  |  | — |  |  | (75) |  |  | 116 |
As at December 31 |  | $ | 2,644 |  |  | $ | 1,683 |  |  | $ | 3,497 |  |  | $ | 2,279 |

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