Deferred income tax (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Deferred income tax [Abstract]

Disclosure of temporary difference, unused tax losses and unused tax credits [text block]

(a)

The Group recognizes the effects of timing differences between the accounting and tax basis. This caption is made up as follows:

	As of January 1, 2017			Credit (debit) to the Consolidated statement of profit or loss			Credit (debit) to consolidated statements of other comprehensive income		As of December 31, 2017			Credit (debit) to the Consolidated statement of profit or loss			Credit (debit) to consolidated statements of other comprehensive income			Others movements			As of December 31, 2018
	US$(000)			US$(000)			US$(000)		US$(000)			US$(000)			US$(000)			US$(000)			US$(000)

Deferred asset for income tax included in results
Tax - loss carryforward		93,050			1,889			-		94,939			11,680			-			(396	)		106,223
Difference in depreciation and amortization rates		60,883			734			-		61,617			6,497			-			-			68,114
Provision for closure of mining units, net		39,538			5,030			-		44,568			3,291			-			-			47,859
Impairment loss of long-lived assets		7,592			2,328			-		9,920			(2,448	)		-			-			7,472
Other minor		14,650			809			-		15,459			5,369			-			(146	)		20,682
		215,713			10,790			-		226,503			24,389			-			(542	)		250,350
Less - Allowance for deferred asset		(37,012	)		(1,898	)		-		(38,910	)		(2,038	)		-			-			(40,948	)
		178,701			8,892			-		187,593			22,351			-			(542	)		209,402
Deferred asset included in retained earnings
Derivative financial instruments		1,140			-			7,963		9,103			-			(9,103	)		-			-
		179,841			8,892			7,963		196,696			22,351			(9,103	)		(542	)		209,402
Deferred assets for mining royalties and special mining tax included in results
Other minors		43			80			-		123			(87	)		-			-			36
		43			80			-		123			(87	)		-			-			36
Total deferred asset		179,884			8,972			7,963		196,819			22,264			(9,103	)		(542	)		209,438


Deferred liability for income tax included in results
Differences in amortization rates for development costs		(51,788	)		6,095			-		(45,693	)		(20,295	)		-			-			(65,988	)
Effect of translation into U.S. dollars		(70,525	)		24,502			-		(46,023	)		(15,248	)		-			-			(61,271	)
Other minors		(43,985	)		(33,618	)		-		(77,603	)		3,123			-			-			(74,480	)
		(166,298	)		(3,021	)		-		(169,319	)		(32,420	)		-			-			(201,739	)
Deferred liability for mining royalties and special mining tax included in results
Derivative financial instruments		-			-			-		-			-			(813	)		-			(813	)
		-			-			-		-			-			(813	)		-			(813	)

Deferred assets for mining royalties and special mining tax
Other minors		(35	)		(126	)		-		(161	)		158			-			-			(2	)
		(35	)		(126	)		-		(161	)		158			-			-			(2	)
Total deferred liability		(166,333	)		(3,147	)		-		(169,480	)		(32,262	)		(813	)		-			(202,554	)
Deferred income tax asset, net		13,551			5,825			7,963		27,339			(9,998	)		(9,916	)		(542	)		6,883

Disclosure of detailed information about net deferred tax asset [Text Block]

(b)

The deferred tax asset is presented in the consolidated statement of financial position:

	2018			2017
	US$(000)			US$(000)

Deferred income tax asset, net		38,305			43,129
Deferred income tax liability, net		(31,422	)		(15,790	)

		6,883			27,339

Disclosure of detailed information about provision for income taxes [Text Block]

(c)

The following is the composition of the provision for income taxes shown in the consolidated statement of income for the years 2018, 2017 and 2016:

	2018			2017			2016
	US$(000)			US$(000)			US$(000)

Income tax expense
Current		12,433			18,781			32,902
Deferred		10,069			(5,984	)		13,808
		22,502			12,797			46,710
Mining Royalties and Special Mining Tax
Current		4,495			5,056			6,542
Deferred		(71	)		159			252
		4,424			5,215			6,794

Total income tax		26,926			18,012			53,504

Disclosure of reconciliation of accounting profit multiplied by applicable tax rates [Text Block]

(d)

Below is a reconciliation of tax expense and the accounting profit multiplied by the statutory tax rate for the years 2018, 2017 and 2016:

	2018			2017			2016
	US$(000)			US$(000)			US$(000)

Profit (loss) before income tax		22,475			92,545			(255,327	)
Loss for discontinued operations		(7,203	)		(10,098	)		(19,073	)
Profit (loss) before income tax		15,272			82,447			(274,400	)

Theoretical loss (gain) for income tax		4,505			24,322			(76,807	)

Permanent items and others:
Effect of translation into U.S. dollars		15,248			(24,502	)		(3,012	)
Permanent items		3,492			16,513			6,577
Allowance of deferred tax asset		2,038			1,898			18,846
Share in the results of associates		337			(3,896	)		102,290
Mining royalties and special mining tax		(3,118	)		(1,538	)		247
Effect of change in income tax rate net		-			-			(1,431	)
Income tax expense		22,502			12,797			46,710
Mining Royalties and Special Mining Tax		4,424			5,215			6,794
		26,926			18,012			53,504