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Segmented information | 12 Months Ended
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Dec. 31, 2023
Disclosure of operating segments [abstract] |
Segmented information | Segmented information (a) Segment revenues and results The Company manages its reportable segments by operating mines. Income (loss) from operations of reportable operating segments are reviewed by the Company's chief operating decision maker to make decisions about resources to be allocated to the segments and to assess their performance. The results from operations for these reportable operating segments are summarized in the following tables:
Year ended December 31, 2023
(in millions of U.S. dollars) | Rainy River | New Afton | Corporate |  | Total
OPERATING SEGMENT RESULTS |  |  |  |  |
Gold revenues | 494.3 |  | 118.4 |  | — |  |  | 612.7 |
Copper revenues | — |  | 160.3 |  | — |  |  | 160.3 |
Silver revenues | 11.1 |  | 2.4 |  | — |  |  | 13.5 |
Total revenues(1) | 505.4 |  | 281.1 |  | — |  |  | 786.5 |
Operating expenses | 284.7 |  | 165.7 |  | — |  |  | 450.4 |
Depreciation and depletion | 166.9 |  | 67.3 |  | — |  |  | 234.2 |
Revenue less cost of goods sold | 53.8 |  | 48.1 |  | — |  |  | 101.9 |
Corporate administration | — |  | — |  | 24.5 |  |  | 24.5 |
Share-based payment expenses | — |  | — |  | 5.4 |  |  | 5.4 |
Exploration and business development | 0.2 |  | 9.2 |  | 0.8 |  |  | 10.2 |
Income (loss) from operations | 53.6 |  | 38.9 |  | (30.7) |  |  | 61.8 |
1.Segmented revenue reported above represents revenue generated from external customers. There were no inter-segment sales in the year ended December 31, 2023.
Year ended December 31, 2022
(in millions of U.S. dollars) | Rainy River | New Afton | Corporate |  | Total
OPERATING SEGMENT RESULTS |  |  |  |  |
Gold revenues | 413.1 |  | 69.0 |  | — |  |  | 482.1 |
Copper revenues | — |  | 111.8 |  | — |  |  | 111.8 |
Silver revenues | 8.6 |  | 1.9 |  | — |  |  | 10.5 |
Total revenues(1) | 421.7 |  | 182.7 |  | — |  |  | 604.4 |
Operating expenses | 230.4 |  | 152.3 |  | — |  |  | 382.7 |
Depreciation and depletion | 148.1 |  | 47.3 |  | — |  |  | 195.4 |
Revenue less cost of goods sold | 43.2 |  | (16.9) |  | — |  |  | 26.3 |
Corporate administration | — |  | — |  | 21.3 |  |  | 21.3 |
Corporate restructuring(2) | — |  | — |  | 2.1 |  |  | 2.1 |
Share-based payment expenses | — |  | — |  | 2.6 |  |  | 2.6 |
Exploration and business development | 2.7 |  | 12.8 |  | 0.5 |  |  | 16.0 |
Income (loss) from operations | 40.5 |  | (29.7) |  | (26.5) |  |  | (15.7) |
1.Segmented revenue reported above represents revenue generated from external customers. There were no inter-segment sales in the year ended December 31,2022. 2.In December 2022, the Company recognized a restructuring charge of $2.1 million in severance and other termination benefits related to changes at the executive leadership level of the organization. (b) Segmented assets and liabilities The following table presents the segmented assets and liabilities:
|  | Total assets | Total liabilities |  |  | Capital expenditures(1)
| As at December 31 | As at December 31 | As at December 31 | As at December 31 |  | Year ended December 31
(in millions of U.S. dollars) | 2023 | 2022 | 2023 | 2022 |  |  | 2023 | 2022
SEGMENTED ASSETS AND LIABILITIES |  |  |  |  |  |  |  |
Rainy River | 1,015.4 |  | 1,067.4 |  | 357.1 |  | 340.1 |  |  |  | 120.6 |  | 144.8 |
New Afton | 1,101.1 |  | 979.9 |  | 708.0 |  | 518.4 |  |  |  | 145.1 |  | 148.0 |
Other (2) | 169.5 |  | 196.2 |  | 431.7 |  | 425.5 |  |  |  | 0.2 |  | 0.1 |
Total segmented assets, liabilities and capital expenditures | 2,286.0 |  | 2,243.5 |  | 1,496.8 |  | 1,284.0 |  |  |  | 265.9 |  | 292.9 |
1.Capital expenditures per consolidated statement of cash flows. 2.Other includes corporate balances and Cerro San Pedro. (c) Geographical information The Company has operating mines in one principal geographical area - Canada (country of domicile). (d) Information about major customers The following table presents sales to individual customers exceeding 10% of annual sales. The following five customers represent 91.6% (2022 – five customers representing 90.4%) of the Company’s sales revenue for the year ended December 31, 2023.
|  | Year ended December 31
(in millions of U.S. dollars) |  | 2023
CUSTOMER | REPORTING SEGMENT |
1 | Rainy River | 206.0 |
2 | Rainy River | 198.6 |
3 | New Afton | 125.7 |
4 | Rainy River | 99.3 |
5 | New Afton | 91.1 |
Total sales to customers exceeding 10% of annual sales | 720.7 |
| Year ended December 31
(in millions of U.S. dollars) |  | 2022
CUSTOMER | REPORTING SEGMENT |
1 | Rainy River | 174.1 |
2 | Rainy River | 134.3 |
3 | Rainy River | 112.1 |
4 | New Afton | 76.1 |
5 | New Afton | 49.6 |
Total sales to customers exceeding 10% of annual sales | 546.2 |
The Company is not economically dependent on a limited number of customers for the sale of its product because gold and other metals can be sold through numerous commodity market traders worldwide. Refer to Note 20(a) for further discussion on the Company’s exposure to credit risk.

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