Income taxes (Tables)

12 Months Ended

Dec. 31, 2021

Total income tax expense consists of:


	December 31, 2021		December 31, 2020

Current tax expense	$	90,174	$	88,575
Deferred tax expense (recovery)	49,796		(6,214)
	$	139,970	$	82,361

Income tax expense (recovery) attributable to each geographical jurisdiction for the Company is as follows:

The key factors affecting income tax expense for the years are as follows:


	2021		2020

Earnings from continuing operations before income tax	$	151,066	$	206,328
Canadian statutory tax rate	27%		27%

Tax expense on net earnings at Canadian statutory tax rate	$	40,788	$	55,709

Items that cause an increase (decrease) in income tax expense:
Foreign income subject to different income tax rates than Canada	(13,618)		(21,893)
Reduction in Greek income tax rate	(11,434)		—
Increase in Turkish income tax rate	6,150		—
Turkish investment tax credits	(47,394)		(21,669)
Québec mineral tax	12,089		12,389
Non-tax effected operating losses	9,734		26,040
Non-deductible expenses and other items	33,413		7,400
Flow-through share renouncement	6,397		—
Impairment and write-down of Stratoni assets	13,359		—
Turkish inflation adjustment exemption benefit	(10,761)		—
Foreign exchange related to the weakening of the Turkish Lira	77,254		18,295
Foreign exchange and other translation adjustments	16,292		(1,426)
Future and current withholding tax on foreign income dividends	7,655		8,705
Other	46		(1,189)
Income tax expense	$	139,970	$	82,361

The change in the Company’s net deferred tax position was as follows:


	2021		2020
Net deferred income tax liability
Balance at January 1,	$	414,554	$	416,291
Deferred income tax expense (recovery) in the statement of operations	49,796		(6,214)
Deferred tax assets from acquisition of QMX Gold Corporation	(14,122)		—
Deferred tax expense related to discontinued operations	—		5,040
Deferred tax impact on disposition of Tocantinzinho	(11,010)		—
Deferred tax recovery in the consolidated statement of OCI	(23)		(563)
Balance at December 31,	$	439,195	$	414,554

The composition of the Company’s net deferred income tax assets and liabilities and deferred tax expense (recovery) is as follows:


Type of temporary difference	Deferred tax assets				Deferred tax liabilities				Expense (Recovery)
	2021		2020		2021		2020		2021		2020

Property, plant and equipment	$	—	$	—	$	490,868	$	470,500	$	37,727	$	(32,891)
Loss carryforwards	19,166		33,587		—		—		22,206		7,325
Liabilities	34,012		35,794		—		10,070		(5,909)		1,647
Future withholding taxes	—		—		—		6,234		(6,234)		6,234
Other items	6,882		15,930		8,387		13,061		2,006		11,471
Balance at December 31,	$	60,060	$	85,311	$	499,255	$	499,865	$	49,796	$	(6,214)


Unrecognized deferred tax assets	2021		2020

Tax losses	$	192,880	$	181,667
Other deductible temporary differences	85,142		39,394
	$	278,022	$	221,061

The gross amount of tax losses for which no deferred tax asset was recognized expire as follows:


	2021		Expiry date	2020		Expiry date

Canadian net operating loss carryforwards	$	490,774	2026-2041	$	512,102	2025-2040
Canadian capital losses	240,081		none	65,836		none
Greek net operating loss carryforwards	125,401		2022-2026	140,196		2021-2025
Brazilian net operating loss carryforwards	Nil		none	2,421		none