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Income and mining taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
INCOME AND MINING TAXES [Abstract] |
Schedule of the composition of income tax expense | The following table outlines the composition of income tax expense between current tax and deferred tax:
|  | Year ended December 31
(in millions of U.S. dollars) |  |  | 2022 | 2021
CURRENT INCOME AND MINING TAX EXPENSE |  |  |  |
Canada |  |  | 1.9 |  | 3.6 |
Foreign |  |  | 2.6 |  | 0.2 |
Adjustments in respect of prior year |  |  | (0.3) |  | (0.2) |
|  |  | 4.2 |  | 3.6 |
DEFERRED INCOME AND MINING TAX EXPENSE |  |  |  |
Canada |  |  | (1.5) |  | 14.0 |
Adjustments in respect of prior year |  |  | (1.3) |  | 2.1 |
|  |  | (2.8) |  | 16.1 |
Total income tax expense |  |  | 1.4 |  | 19.7 |
Schedule of reconciliation of Income tax recovery | The differences result from the following items:
|  | Year ended December 31
(in millions of U.S. dollars) |  |  | 2022 | 2021
Earnings (loss) before taxes |  |  | (65.4) | 160.3 |
Canadian federal and provincial income tax rates |  |  | 25.8 | % | 25.8 | %
Income tax expense (recovery) based on above rates |  |  | (16.9) | 41.4 |
INCREASE (DECREASE) DUE TO |  |  |  |
Permanent differences |  |  | 4.6 | (19.9) |
Different statutory tax rates on earnings of foreign subsidiaries |  |  | 0.2 | (0.3) |
Foreign exchange on non-monetary assets and liabilities |  |  | (1.6) | (0.5) |
Other foreign exchange differences |  |  | 20.8 | (32.8) |
Prior years’ adjustments relating to tax provision and tax returns |  |  | 0.1 | 1.9 |
Canadian mining tax |  |  | (1.3) | 16.7 |
Change in unrecognized deferred tax assets |  |  | (7.1) | 12.0 |
BC Mining exploration tax credits received |  |  | — | — |
Other |  |  | 2.6 |  | 1.2 |
Income tax expense |  |  | 1.4 | 19.7 |
Schedule of deferred tax assets and liabilities | The following tables provide analysis of the deferred tax assets and liabilities, all of which are located in Canada:
|  | Year ended December 31
(in millions of U.S. dollars) |  |  | 2022 | 2021
DEFERRED TAX ASSETS |  |  |  |
Capital losses |  |  | 6.0 |  | 7.0 |
Property, plant and equipment and Mining interests |  |  | 45.5 |  | 52.9 |
Tax credits |  |  | 62.7 |  | 66.5 |
Ontario Mining Tax |  |  | 43.5 |  | 53.2 |
Other |  |  | 127.9 |  | 148.8 |
|  |  | 285.6 |  | 328.4 |
DEFERRED TAX LIABILITIES |  |  |  |
British Columbia Mining Tax |  |  | (66.8) |  | (69.6) |
|  |  | (66.8) |  | (69.6) |
Unrecognized deferred tax asset |  |  | 285.6 |  | 328.4 |
Deferred income tax liabilities, net |  |  | (66.8) |  | (69.6) |
Schedule of the movement in the net deferred tax liabilities | The following table outlines the movement in the net deferred tax liabilities:
|  | Year ended December 31
(in millions of U.S. dollars) |  |  | 2022 | 2021
MOVEMENT IN THE NET DEFERRED TAX LIABILITIES |  |  |  |
Balance at the beginning of the year |  |  | (69.6) |  | (53.5) |
Recognized in net earnings/loss |  |  | 2.8 |  | (16.1) |
Total movement in the net deferred tax liabilities |  |  | (66.8) |  | (69.6) |

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