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Deferred income tax (Tables)

12 Months Ended

Dec. 31, 2022

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
								consolidated								consolidated		Credit (debit) to
				Credit (debit) to		Credit (debit) to		statements of				Credit (debit) to		Credit (debit) to		statements		consolidated
		As of		consolidated		discontinued		other		As of		consolidated		discontinued		of changes		statements of other		As of
		January 1,		statement of profit		operations (note		comprehensive		December 31,		statement of profit		operations (note		in equity		comprehensive		December 31,
		2021		or loss		1(e))		income		2021		or loss		1(e))		(note 1(d))		income		2022
		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)		US$(000)

Deferred asset for income tax
Tax - loss carryforwards		158,513		28,368		—		—		186,881		16,450		—		(13,372)		—		189,959
Difference in depreciation and amortization rates		63,903		(11,406)		—		—		52,497		(9,705)		—		—		—		42,792
Provision for closure of mining units, net		14,200		16,151		—		—		30,351		(1,660)		—		—		—		28,691
Provision for impairment of value of inventory		7,299		1,709		—		—		9,008		(254)		—		—		—		8,754
Contingent consideration liability		6,512		(1,285)		—		—		5,227		(228)		—		—		—		4,999
Provision for bonuses to employees and officers		5,078		618						5,696		(2,724)		—		—		—		2,972
Impairment loss of long-lived assets provision		1,930		—		—		—		1,930		—		—		—		—		1,930
Contractors claims provisions		1,678		3,558		—		—		5,236		(4,100)		—		—		—		1,136
Provision for sale of investment in associate		—		—		50,444		—		50,444		—		(50,444)		—		—		—
Other		2,619		6,946		—		—		9,565		2,133		—		—		—		11,698
		261,732		44,659		50,444		—		356,835		(88)		(50,444)		(13,372)		—		292,931
Derivative financial instruments		5,440		—		—		(3,382)		2,058		—		—		—		(2,058)		—
		267,172		44,659		50,444		(3,382)		358,893		(88)		(50,444)		(13,372)		(2,058)		292,931
Deferred assets for mining royalties and special mining tax		—		—		—		—		—		51		—		—		—		51

Total deferred asset		267,172		44,659		50,444		(3,382)		358,893		(37)		(50,444)		(13,372)		(2,058)		292,982


Deferred liability for income tax
Effect of translation into U.S. dollars		(78,129)		(895)		(9,030)		—		(88,054)		20,153		9,030		—		—		(58,871)
Differences in amortization rates for development costs		(64,836)		558		—		—		(64,278)		(1,682)		—		—		—		(65,960)
Difference in depreciation and amortization rates		(47,035)		(2,078)		—		—		(49,113)		(10,509)		—		—		—		(59,622)
Fair value of mining concessions		(14,898)		—		—		—		(14,898)		—		—		—		—		(14,898)
Other		(26,369)		1,707		—		—		(24,662)		7,575		—		—		—		(17,087)
		(231,267)		(708)		(9,030)		—		(241,005)		15,537		9,030		—		—		(216,438)

Derivative financial instruments		—		—		—		—		—		—		—		—		(2,608)		(2,608)
		(231,267)		(708)		(9,030)		—		(241,005)		15,537		9,030		—		(2,608)		(219,046)
Deferred liability for mining royalties and special mining tax		(374)		95		—		—		(279)		92		—		—		—		(187)

Total deferred liability		(231,641)		(613)		(9,030)		—		(241,284)		15,629		9,030		—		(2,608)		(219,233)

Deferred income tax asset, net		35,531		44,046		41,414		(3,382)		117,609		15,592		(41,414)		(13,372)		(4,666)		73,749

Schedule of detailed information about net deferred tax asset


		2022		2021
		US$(000)		US$(000)

Deferred income tax asset, net		106,170		164,351
Deferred income tax liability, net		(32,421)		(46,742)

		73,749		117,609

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 2022, 2021 and 2020:


		2022		2021		2020
		US$(000)		US$(000)		US$(000)

Income tax expense
Current		(12,091)		(13,128)		(8,446)
Deferred		15,449		43,951		(15,270)
		3,358		30,823		(23,716)
Mining Royalties and Special Mining Tax
Current		(3,542)		(7,247)		(1,478)
Deferred		143		95		(236)
		(3,399)		(7,152)		(1,714)

Total income tax		(41)		23,671		(25,430)

Schedule of reconciliation of accounting profit multiplied by applicable tax rates

(d)

Below is a reconciliation of tax benefit (expense) and the accounting profit (loss) before income tax multiplied by the statutory tax rate for the years 2022, 2021 and 2020:


		2022		2021		2020
		US$(000)		US$(000)		US$(000)

Profit (loss) before income tax		124,429		101,129		(58,099)
Profit (loss) from discontinued operations before income tax		564,708		(429,018)		(66,810)

Profit (loss) before income tax		689,137		(327,889)		(124,909)

Theoretical income tax benefit (expense)		(203,295)		96,727		36,848

Permanent items and others:
Investment in associate available for sale		83,192		(83,192)		(21,305)
Share in the results of associates and joint venture		52,000		70,933		18,497
Effect of translation into U.S. dollars		20,153		(895)		(31,853)
Foreign exchange difference of permanent items		(14,051)		(9,001)		(10,524)
Non-deductible expenses		(13,144)		2,048		(14,310)
Non-deductible work-in-process write - off		(4,839)		—		—
Income tax from previous years		(1,982)		—		—
Mining royalties and special mining tax		(837)		(3,253)		1,273
Non-deductible deferred tax for striping cost		—		(1,130)		(2,342)
Income tax income (expense)		(82,803)		72,237		(23,716)
Mining Royalties and Special Mining Tax		(3,399)		(7,152)		(1,714)
Total income tax		(86,202)		65,085		(25,430)

Income tax from continuing operations		(41)		23,671		(25,430)
Income tax from discontinued operations		(86,161)		41,414		—
		(86,202)		65,085		(25,430)