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IMPAIRMENT (Tables) | 12 Months Ended
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Dec. 31, 2018
Disclosure of impairment loss and reversal of impairment loss [abstract] |
Disclosure of impairment loss and reversal of impairment loss [text block] | For the year ended December 31, 2018, the Company recorded an after-tax impairment loss of $953.2 million, as noted below:
June 30, 2018 | December 31, 2018 | Year ended December 31, 2018
(in millions of U.S. dollars) |  |  |
IMPAIRMENT LOSS |  |  |
Rainy River depletable mining properties | 383.7 | 452.9 | 836.6
Blackwater non-depletable mining properties | - | 218.2 | 218.2
Total impairment loss | 383.7 | 671.1 | 1,054.8
Tax recovery (1) | (101.6) | - | (101.6)
Total impairment loss, net of tax | 282.1 | 671.1 | 953.2
| 1. | There was no tax recovery associated with the impairment losses at Rainy River and Blackwater recorded during the fourth quarter of 2018 as the Company has not recognized any deferred tax assets as at December 31, 2018. Refer to Note 16 for further information.
Year ended December 31, 2017
(in millions of U.S. dollars) | Rainy River
IMPAIRMENT LOSS |
Rainy River depletable mining properties | 268.4
Tax recovery | (87.4)
Total impairment charge after tax | 181.0
Disclosure of impairment analysis, of commodity prices and exchange rate [text block] | the following commodity prices and exchange rate assumptions were used:
| As at June 30, 2018 | As at December 31, 2018 | As at December 31, 2017
(in U.S. dollars, except where noted) | 2018 - 2023 Average | Long-term Average | 2019 - 2023 Average | Long-term Average | 2018- 2022 Average | Long-term Average
COMMODITY PRICES |  |  |  |  |  |
Gold ($/ounce) | 1,311 | 1,300 | 1,299 | 1,300 | 1,300 | 1,300
Silver ($/ounce) | 18.00 | 18.17 | 17.69 | 18.17 | 19.16 | 19.25
EXCHANGE RATES |  |  |  |  |  |
CAD:USD | 1.24 | 1.23 | 1.26 | 1.25 | 1.24 | 1.24
Disclosure Of Detailed Information About Sensitivity Analysis On Key Assumptions Used In Determining Impairment Loss [text block] | Any variation in the key assumptions used to determine fair value would result in a change of the assessed fair value. It is estimated that changes in the key assumptions would have the following approximate impact on the fair value of the Rainy River and Blackwater CGUs at December 31, 2018:
| As at December 31, 2018
(in millions of U.S. dollars) | Rainy River | Blackwater
IMPACT OF CHANGES IN THE KEY ASSUMPTIONS USED TO DETERMINE FAIR VALUE |  |
$100 per ounce change in gold price | 256.6 | -
0.5% change in discount rate | 24.7 | -
5% change in foreign exchange rate | 103.4 | -
5% change in operating costs | 106.6 | -
5% change in in-situ ounces or in-situ value | 10.9 | 16.4

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