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Deferred income tax | 12 Months Ended
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Dec. 31, 2017
Disclosure of Deferred income tax [Abstract] |
Disclosure of deferred taxes [text block] |
27. | Deferred income tax
| (a) | The Group recognizes the effects of timing differences between the accounting and tax basis. This caption is made up as follows:
|  |  |  |  |  |  |  |  |  |  |  | Credit (debit) to |  |  |
|  |  |  |  |  | Credit (debit) to |  |  |  | Credit (debit) |  | consolidated |  |  |
|  |  |  | Credit (debit) to the |  | consolidated |  |  |  | to the |  | statements of |  |  |
|  |  |  | Consolidated |  | statements of other |  | As of |  | Consolidated |  | other |  | As of |
|  | As of January 1, |  | statement of |  | comprehensive |  | December 31, |  | statement of |  | comprehensive |  | December 31, |
|  | 2016 |  | profit or loss |  | income |  | 2016 |  | profit or loss |  | income |  | 2017 |
|  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000) |
Deferred asset for income tax included in results |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax - loss carryforward |  |  | 78,409 |  |  | 14,641 |  |  | - |  |  | 93,050 |  |  | 1,889 |  |  | - |  |  | 94,939 |
Difference in depreciation and amortization rates |  |  | 52,377 |  |  | 8,506 |  |  | - |  |  | 60,883 |  |  | 734 |  |  | - |  |  | 61,617 |
Provision for closure of mining units, net |  |  | 32,644 |  |  | 6,894 |  |  | - |  |  | 39,538 |  |  | 5,030 |  |  | - |  |  | 44,568 |
Impairment loss of long-lived assets |  |  | 5,185 |  |  | 2,407 |  |  | - |  |  | 7,592 |  |  | 2,328 |  |  | - |  |  | 9,920 |
Environmental liability for Santa Barbara mine |  |  | 1,556 |  |  | 13 |  |  | - |  |  | 1,569 |  |  | (273) |  |  | - |  |  | 1,296 |
Other minor |  |  | 14,866 |  |  | (1,785) |  |  | - |  |  | 13,081 |  |  | 1,082 |  |  | - |  |  | 14,163 |
|  |  | 185,037 |  |  | 30,676 |  |  | - |  |  | 215,713 |  |  | 10,790 |  |  | - |  |  | 226,503 |
Less - Allowance for deferred asset |  |  | (18,166) |  |  | (18,846) |  |  | - |  |  | (37,012) |  |  | (1,898) |  |  | - |  |  | (38,910) |
|  |  | 166,871 |  |  | 11,830 |  |  | - |  |  | 178,701 |  |  | 8,892 |  |  | - |  |  | 187,593 |
Deferred asset included in retained earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  | 2,441 |  |  | - |  |  | (1,301) |  |  | 1,140 |  |  | - |  |  | 7,963 |  |  | 9,103 |
|  |  | 169,312 |  |  | 11,830 |  |  | (1,301) |  |  | 179,841 |  |  | 8,892 |  |  | 7,963 |  |  | 196,696 |
Deferred assets for mining royalties and special mining tax included in results |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exploration expenses |  |  | (326) |  |  | 364 |  |  | - |  |  | 38 |  |  | (38) |  |  | - |  |  | - |
Other minors |  |  | 185 |  |  | (180) |  |  | - |  |  | 5 |  |  | 118 |  |  | - |  |  | 123 |
|  |  | (141) |  |  | 184 |  |  | - |  |  | 43 |  |  | 80 |  |  | - |  |  | 123 |
Total deferred asset |  |  | 169,171 |  |  | 12,014 |  |  | (1,301) |  |  | 179,884 |  |  | 8,972 |  |  | 7,963 |  |  | 196,819 |
Deferred liability for income tax included in results |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of translation into U.S. dollars |  |  | (73,537) |  |  | 3,012 |  |  | - |  |  | (70,525) |  |  | 24,502 |  |  | - |  |  | (46,023) |
Differences in amortization rates for development costs |  |  | (32,304) |  |  | (19,484) |  |  | - |  |  | (51,788) |  |  | 6,095 |  |  | - |  |  | (45,693) |
Other minors |  |  | (34,582) |  |  | (9,403) |  |  | - |  |  | (43,985) |  |  | (33,618) |  |  | - |  |  | (77,603) |
|  |  | (140,423) |  |  | (25,875) |  |  | - |  |  | (166,298) |  |  | (3,021) |  |  | - |  |  | (169,319) |
Deferred liability for mining royalties and special mining tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other minors |  |  | 164 |  |  | (199) |  |  | - |  |  | (35) |  |  | (126) |  |  | - |  |  | (161) |
|  |  | 164 |  |  | (199) |  |  | - |  |  | (35) |  |  | (126) |  |  | - |  |  | (161) |
Total deferred liability |  |  | (140,259) |  |  | (26,074) |  |  | - |  |  | (166,333) |  |  | (3,147) |  |  | - |  |  | (169,480) |
Deferred income tax asset, net |  |  | 28,912 |  |  | (14,060) |  |  | (1,301) |  |  | 13,551 |  |  | 5,825 |  |  | 7,963 |  |  | 27,339 |
| (b) | The deferred tax asset is presented in the consolidated statement of financial position:
|  | 2017 |  | 2016 |
|  | US$(000) |  | US$(000) |
Deferred income tax asset, net |  |  | 43,129 |  |  | 25,881 |
Deferred income tax liability, net |  |  | (15,790) |  |  | (12,330) |
|  |  | 27,339 |  |  | 13,551 |
| (c) | The following is the composition of the provision for income taxes shown in the consolidated statement of income for the years 2017, 2016 and 2015:
|  | 2017 |  | 2016 |  | 2015 |
|  | US$(000) |  | US$(000) |  | US$(000) |
Current |  |  | (23,837) |  |  | (39,444) |  |  | (14,222) |
Deferred |  |  | 5,825 |  |  | (14,060) |  |  | (541) |
|  |  | (18,012) |  |  | (53,504) |  |  | (14,763) |
| (d) | Below is a reconciliation of tax expense and the accounting profit multiplied by the statutory tax rate for the years 2017, 2016 and 2015:
|  | 2017 |  | 2016 |  | 2015 |
|  | US$(000) |  | US$(000) |  | US$(000) |
Profit (loss) before income tax |  |  | 92,545 |  |  | (255,237) |  |  | (340,549) |
Loss before income tax for discontinued operations |  |  | (10,098) |  |  | (19,073) |  |  | (20,230) |
Profit (loss) before income tax |  |  | 82,447 |  |  | (274,310) |  |  | (360,779) |
Theoretical loss (gain) for income tax |  |  | 24,322 |  |  | (76,807) |  |  | (101,018) |
Permanent items and others: |  |  |  |  |  |  |  |  |  |
Effect of translation into U.S. dollars |  |  | (24,502) |  |  | (3,012) |  |  | 42,044 |
Share in the results of associates |  |  | (3,896) |  |  | 102,290 |  |  | 48,545 |
Mining royalties and special mining tax |  |  | (1,538) |  |  | 247 |  |  | 663 |
Permanent items |  |  | 16,513 |  |  | 6,577 |  |  | 4,447 |
Allowance of deferred tax asset |  |  | 1,898 |  |  | 18,846 |  |  | 13,929 |
Effect of change in income tax rate net |  |  | - |  |  | (1,431) |  |  | 2,347 |
Income tax expense |  |  | 12,797 |  |  | 46,710 |  |  | 10,957 |
Mining Royalties and Special Mining Tax |  |  | 5,215 |  |  | 6,794 |  |  | 3,806 |
Total income tax |  |  | 18,012 |  |  | 53,504 |  |  | 14,763 |
| (e) | Related to the investment in associates, the Group has not recognized a deferred income tax asset by US$257.3 million as of December 31, 2017, originated by the difference between the financial and taxable basis of these investments (US$257.5 million as of December 31, 2016). Management believes that the timing differences will be reversed in the future without taxable effects. There is no legal or contractual obligation that would require the Company’s Management to sell its investment in its associates (which event would result in a taxable capital gain based on current tax law).

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- References No definition available. + Details
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- Definition The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2017-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2017-03-01&anchor=para_10_e&doctype=Standard -URIDate 2017-03-09 + Details
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