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QB2 Advances from SMM/SC (Tables) | 12 Months Ended
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Dec. 31, 2024
Financial Instruments [Abstract] |
Summary of Principal Payments |
($ in millions) |  | December 31, 2024 |  | December 31, 2023
|  | Face Value (US$) |  | Fair Value (CAD$) |  | Carrying Value (CAD$) |  | Face Value (US$) |  | Fair Value (CAD$) |  | Carrying Value (CAD$)
3.9% notes due July 2030 (a) |  | $ | 143 |  |  | $ | 196 |  |  | $ | 204 |  |  | $ | 503 |  |  | $ | 621 |  |  | $ | 658 |
6.125% notes due October 2035 (a) |  | 187 |  |  | 273 |  |  | 266 |  |  | 336 |  |  | 467 |  |  | 439 |
6.0% notes due August 2040 (a) |  | 194 |  |  | 273 |  |  | 278 |  |  | 473 |  |  | 642 |  |  | 624 |
6.25% notes due July 2041 (a) |  | 245 |  |  | 350 |  |  | 349 |  |  | 396 |  |  | 544 |  |  | 519 |
5.2% notes due March 2042 (a) |  | 167 |  |  | 212 |  |  | 237 |  |  | 395 |  |  | 488 |  |  | 516 |
5.4% notes due February 2043 (a) |  | 108 |  |  | 141 |  |  | 154 |  |  | 367 |  |  | 466 |  |  | 481 |
|  | 1,044 |  |  | 1,445 |  |  | 1,488 |  |  | 2,470 |  |  | 3,228 |  |  | 3,237 |
QB project financing facility (b) |  | 1,912 |  |  | 2,847 |  |  | 2,719 |  |  | 2,206 |  |  | 2,979 |  |  | 2,873 |
Carmen de Andacollo short-term loans (c) |  | — |  |  | — |  |  | — |  |  | 95 |  |  | 126 |  |  | 126 |
Antamina loan agreement (d) |  | 225 |  |  | 324 |  |  | 324 |  |  | 225 |  |  | 298 |  |  | 298 |
|  | $ | 3,181 |  |  | $ | 4,616 |  |  | $ | 4,531 |  |  | $ | 4,996 |  |  | $ | 6,631 |  |  | $ | 6,534 |
Less current portion of debt |  | (294) |  |  | (423) |  |  | (423) |  |  | (389) |  |  | (515) |  |  | (515) |
|  | $ | 2,887 |  |  | $ | 4,193 |  |  | $ | 4,108 |  |  | $ | 4,607 |  |  | $ | 6,116 |  |  | $ | 6,019 |
24. QB Advances from SMM/SC In conjunction with the subscription arrangement with SMM/SC in 2019, QBSA entered into a subordinated loan facility agreement with SMM/SC to advance QBSA up to US$1.3 billion. QBSA subsequently entered into four additional subordinated loan facility agreements with SMM/SC to advance QBSA an additional US$2.0 billion. The four additional subordinated loan facilities contain similar terms to the original subordinated loan facility. The advances for all five facility agreements are due to be repaid in full at maturity on January 15, 2038. Amounts outstanding under the facilities bear interest at Term SOFR plus applicable margins that vary over time. As at December 31, 2024, US$3.1 billion was outstanding and US$141 million remained undrawn. 24. QB Advances from SMM/SC (continued)
($ in millions) |  | December 31, 2024 |  | December 31, 2023
|  | Face Value (US$) |  | Fair Value (CAD$) |  | Carrying Value (CAD$) |  | Face Value (US$) |  | Fair Value (CAD$) |  | Carrying Value (CAD$)
QB advances from SMM/SC |  | $ | 3,136 |  |  | $ | 4,707 |  |  | $ | 4,483 |  |  | $ | 2,661 |  |  | $ | 3,589 |  |  | $ | 3,497 |
Summary of Debt Continuity | Debt Continuity
($ in millions) |  | US$ |  | CAD$ Equivalent
|  | 2024 |  | 2023 |  | 2024 |  | 2023
At January 1 |  | $ | 4,940 |  |  | $ | 5,292 |  |  | $ | 6,534 |  |  | $ | 7,167 |
Cash flows |  |  |  |  |  |  |  |
Proceeds from debt |  | 56 |  |  | 170 |  |  | 77 |  |  | 230 |
Redemption, purchase or repayment of debt |  | (1,870) |  |  | (530) |  |  | (2,544) |  |  | (710) |
Non-cash changes |  |  |  |  |  |  |  |
Gain on debt redemption or purchase |  | (4) |  |  | — |  |  | (5) |  |  | — |
Changes in foreign exchange rates |  | — |  |  | — |  |  | 458 |  |  | (164) |
Finance fees, discount amortization and other |  | 27 |  |  | 8 |  |  | 11 |  |  | 11 |
At December 31 |  | $ | 3,149 |  |  | $ | 4,940 |  |  | $ | 4,531 |  |  | $ | 6,534 |
QB Advances from SMM/SC Carrying Value Continuity
($ in millions) |  | US$ |  | CAD$ Equivalent
|  | 2024 |  | 2023 |  | 2024 |  | 2023
At January 1 |  | $ | 2,644 |  |  | $ | 1,683 |  |  | $ | 3,497 |  |  | $ | 2,279 |
Cash flows |  |  |  |  |  |  |  |
Advances |  | 471 |  |  | 960 |  |  | 652 |  |  | 1,292 |
Non-cash changes |  |  |  |  |  |  |  |
Finance fee amortization |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |
Changes in foreign exchange rates |  | — |  |  | — |  |  | 333 |  |  | (75) |
At December 31 |  | $ | 3,116 |  |  | $ | 2,644 |  |  | $ | 4,483 |  |  | $ | 3,497 |

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