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Leases | 12 Months Ended
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Dec. 31, 2024
Presentation of leases for lessee [abstract] |
Leases | 23. Leases a) Significant Individual Lease Arrangements TAK leases road and port facilities from the Alaska Industrial Development and Export Authority, through which it ships all concentrates produced at the Red Dog mine. The lease requires TAK to pay a minimum annual user fee of US$6 million until 2040. As at December 31, 2024, the related lease liability was $89 million (2023 – $85 million). QBSA entered into a contract with Transelec S.A. to lease an electrical power transmission system to connect the QB project with the Chilean national power grid. In the fourth quarter of 2023, the Chilean National Electric Coordinator issued the certificate that approves the entry into operation for the transmission system, leading to the commencement date of the lease. The lease requires QBSA to pay approximately US$23 million per year, escalating by 2.2% annually. As at December 31, 2024, the related lease liability was $465 million (2023 – $428 million). The corresponding right-of-use asset was $466 million (2023 – $447 million). 23. Leases (continued) b) Right-of-Use Assets Our significant lease arrangements include contracts for leasing office premises, mining equipment, railcars, road and port facilities and electrical power transmission systems. As at December 31, 2024, $1.0 billion (2023 – $1.1 billion) of right-of-use assets are recorded as part of land, buildings, plant and equipment within property, plant and equipment.
(CAD$ in millions) | 2024 | 2023
Opening net book value | $ | 1,108 |  | $ | 612 |
Additions | 187 |  | 673 |
Depreciation | (137) |  | (147) |
Changes in foreign exchange rates and other | 49 |  | (30) |
Sale of steelmaking coal business | (196) |  | — |
Closing net book value | $ | 1,011 |  | $ | 1,108 |
c) Lease Liability Continuity
(CAD$ in millions) | 2024 | 2023
At January 1 | $ | 1,061 |  | $ | 571 |
Cash flows |  |
Principal payments | (120) |  | (160) |
Interest payments | (52) |  | (31) |
Non-cash changes |  |
Additions | 182 |  | 674 |
Interest expense | 49 |  | 31 |
Changes in foreign exchange rates and other | 40 |  | (24) |
Sale of steelmaking coal business | (209) |  | — |
At December 31 | $ | 951 |  | $ | 1,061 |
Less current portion of lease liabilities | (175) |  | (195) |
Non-current lease liabilities | $ | 776 |  | $ | 866 |

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- Definition The entire disclosure for leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2024-01-01 -Section Presentation -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2024-en-r&doctype=Standard&dita_xref=IFRS16_g47-50_TI -URIDate 2024-03-27 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2024-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2024-en-r&doctype=Standard&dita_xref=IFRS16_g51-60_TI -URIDate 2024-03-27 + Details
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