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Deferred income tax (Tables) | 12 Months Ended
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Dec. 31, 2020
Deferred income tax |
Schedule of temporary difference, unused tax losses and unused tax credits | (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) to |  | consolidated |  |  |  |  |  | Credit (debit) to |  | consolidated |  |
|  | As of |  | consolidated |  | statements of other |  |  |  | As of |  | consolidated |  | statements of other |  | As of
|  | January 1, |  | statement of profit |  | comprehensive |  | Others |  | December 31, |  | statement of profit |  | comprehensive |  | December 31,
|  | 2019 |  | or loss |  | income |  | movements |  | 2019 |  | or loss |  | income |  | 2020
|  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000) |  | US$(000)
Deferred asset for income tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax - loss carryforward |  | 105,462 |  | 25,866 |  | — |  | — |  | 131,328 |  | 27,185 |  | — |  | 158,513
Difference in depreciation and amortization rates |  | 61,390 |  | (103) |  | — |  | — |  | 61,287 |  | 2,616 |  | — |  | 63,903
Provision for closure of mining units, net |  | 11,829 |  | 3,684 |  | — |  | — |  | 15,513 |  | (1,313) |  | — |  | 14,200
Provision for impairment of value of inventory |  | 6,833 |  | 661 |  | — |  | — |  | 7,494 |  | (195) |  | — |  | 7,299
Contingent consideration liability |  | 4,648 |  | 193 |  | — |  | — |  | 4,841 |  | 1,671 |  | — |  | 6,512
Impairment loss of long-lived assets |  | 7,472 |  | 576 |  | — |  | — |  | 8,048 |  | (6,118) |  | — |  | 1,930
Other minor |  | 9,200 |  | (432) |  | — |  | 400 |  | 9,168 |  | 207 |  | — |  | 9,375
|  | 206,834 |  | 30,445 |  | — |  | 400 |  | 237,679 |  | 24,053 |  | — |  | 261,732
Derivative financial instruments |  | — |  | — |  | — |  | — |  | — |  | — |  | 5,440 |  | 5,440
|  | 206,834 |  | 30,445 |  | — |  | 400 |  | 237,679 |  | 24,053 |  | 5,440 |  | 267,172
Deferred assets for mining royalties and special mining tax |  | 36 |  | (6) |  | — |  | — |  | 30 |  | (30) |  | — |  | —
Total deferred asset |  | 206,870 |  | 30,439 |  | — |  | 400 |  | 237,709 |  | 24,023 |  | 5,440 |  | 267,172
Deferred liability for income tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of translation into U.S. dollars |  | (61,271) |  | 14,995 |  | — |  | — |  | (46,276) |  | (31,853) |  | — |  | (78,129)
Differences in amortization rates for development costs |  | (65,988) |  | (3,357) |  | — |  | — |  | (69,345) |  | 4,509 |  | — |  | (64,836)
Difference in depreciation and amortization rates |  | (36,468) |  | (7,539) |  | — |  | — |  | (44,007) |  | (3,028) |  | — |  | (47,035)
Fair value of mining concessions |  | (12,745) |  | (238) |  | — |  | — |  | (12,983) |  | (1,915) |  | — |  | (14,898)
Other minors |  | (22,700) |  | 3,367 |  | — |  | — |  | (19,333) |  | (7,036) |  | — |  | (26,369)
|  | (199,172) |  | 7,228 |  | — |  | — |  | (191,944) |  | (39,323) |  | — |  | (231,267)
Derivative financial instruments |  | (813) |  | — |  | 813 |  | — |  | — |  | — |  | — |  | —
Deferred liability for mining royalties and special mining tax |  | (2) |  | (166) |  | — |  | — |  | (168) |  | (206) |  | — |  | (374)
Total deferred liability |  | (199,987) |  | 7,062 |  | 813 |  | — |  | (192,112) |  | (39,529) |  | — |  | (231,641)
Deferred income tax asset, net |  | 6,883 |  | 37,501 |  | 813 |  | 400 |  | 45,597 |  | (15,506) |  | 5,440 |  | 35,531
Schedule of detailed information about net deferred tax asset |
|  | 2020 |  | 2019
|  | US$(000) |  | US$(000)
Deferred income tax asset |  | 73,850 |  | 74,556
Deferred income tax liability |  | (38,319) |  | (28,959)
|  | 35,531 |  | 45,597
Schedule of detailed information about provision for income taxes | (c)The following is the composition of the provision for income taxes shown in the consolidated statement of income for the years 2020, 2019 and 2018:
|  | 2020 |  | 2019 |  | 2018
|  | US$(000) |  | US$(000) |  | US$(000)
Income tax expense |  |  |  |  |  |
Current |  | (8,446) |  | (11,851) |  | (12,433)
Deferred |  | (15,270) |  | 37,617 |  | (10,029)
|  | (23,716) |  | 25,766 |  | (22,462)
Mining Royalties and Special Mining Tax |  |  |  |  |  |
Current |  | (1,478) |  | (60) |  | (4,449)
Deferred |  | (236) |  | (116) |  | 32
|  | (1,714) |  | (176) |  | (4,417)
Total income tax |  | (25,430) |  | 25,590 |  | (26,879)
Schedule of reconciliation of accounting profit multiplied by applicable tax rates | (d)Below is a reconciliation of tax expense and the accounting profit (loss) multiplied by the statutory tax rate for the years 2020, 2019 and 2018:
|  | 2020 |  | 2019 |  | 2018
|  | US$(000) |  | US$(000) |  | US$(000)
Profit (loss) before income tax |  | (130,318) |  | (43,535) |  | 27,033
Profit (loss) for discontinued operations |  | 5,409 |  | (10,514) |  | (11,808)
Profit (loss) before income tax |  | (124,909) |  | (54,049) |  | 15,225
Theoretical gain (loss) for income tax |  | 36,848 |  | 15,944 |  | (4,491)
Permanent items and others: |  |  |  |  |  |
Effect of translation into U.S. dollars |  | (31,853) |  | 14,995 |  | (15,248)
Non-deductible expenses |  | (11,789) |  | (6,877) |  | (1,095)
Foreign exchange difference of permanent items |  | (10,524) |  | (3,081) |  | (2,371)
Share in the results of associates and joint ventures |  | (2,808) |  | 14,074 |  | (337)
Unrecognized deferred tax asset |  | (2,342) |  | (9,265) |  | (2,038)
Deferred stripping cost |  | (2,521) |  | — |  | —
Mining royalties and special mining tax |  | 1,273 |  | (24) |  | 3,118
Income tax income (expense) |  | (23,716) |  | 25,766 |  | (22,462)
Mining Royalties and Special Mining Tax |  | (1,714) |  | (176) |  | (4,417)
Total income tax |  | (25,430) |  | 25,590 |  | (26,879)

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