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Financial risk management (Tables) | 12 Months Ended
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Dec. 31, 2023
FINANCIAL RISK MANAGEMENT [Abstract] |
Schedule of maximum exposure to credit risk | The Company’s maximum exposure to credit risk is as follows:
| Year ended December 31 |  |  |  |
(in millions of U.S. dollars) | 2023 | 2022 |  |  |  |
CREDIT RISK EXPOSURE |  |  |  |  |  |
Cash and cash equivalents | 185.5 |  | 200.8 |  |  |  |  |
Trade and other receivables | 16.3 |  | 14.1 |  |  |  |  |
Total financial instrument exposure to credit risk | 201.8 |  | 214.9 |  |  |  |  |
Schedule of aging of trade and other receivables | The aging of trade and other receivables is as follows:
|  |  | As at December 31
(in millions of U.S. dollars) | 0-30 days | 31-60 days | 61-90 days | 91-120 days | Over 120 days | 2023 Total | 2022 Total
AGING TRADE AND OTHER RECEIVABLES |  |  |  |  |  |  |
Rainy River | 4.0 |  | — |  | — |  | — |  | — |  | 4.0 |  | 8.0 |
New Afton | 10.8 |  | — |  | — |  | — |  | — |  | 10.8 |  | 3.7 |
Cerro San Pedro | 0.5 |  | — |  | — |  | — |  | — |  | 0.5 |  | 1.3 |
Corporate | 1.0 |  | — |  | — |  | — |  | — |  | 1.0 |  | 1.1 |
Total trade and other receivables(1) | 16.3 |  | — |  | — |  | — |  | — |  | 16.3 |  | 14.1 |
1.For the year ended December 31, 2023 total trade and other receivables includes expected credit losses of $0.4 million (2022 - $0.4 million).
Schedule of contractual maturities of debt commitments | The following table shows the contractual maturities of debt commitments. The amounts presented represent the future undiscounted principal and interest cash flows, and therefore, do not equate to the carrying amounts on the consolidated statements of financial position.
|  |  |  |  | As at December 31 |  |
(in millions of U.S. dollars) | < 1 year | 1-3 years | 4-5 years | After 5 years | 2023 Total | 2022 Total |  |
DEBT COMMITMENTS |  |  |  |  |  |  |  |
Trade and other payables | 182.0 |  | — |  | — |  | — |  | 182.0 |  | 128.7 |  |  |
Long-term debt | — |  | — |  | 400.0 |  | — |  | 400.0 |  | 400.0 |  |  |
Interest payable on long-term debt | 30.0 |  | 60.0 |  | 30.0 |  | — |  | 120.0 |  | 150.0 |  |  |
New Afton free cash flow interest obligation | 42.7 |  | 146.3 | 313.0 | 157.0 | 659.0 |  | 598.6 |  |  |
Rainy River gold stream obligation | 34.0 | 77.0 | 54.0 | 52.0 | 217.0 |  | 225.7 |  |
Total debt commitments | 288.7 |  | 283.3 |  | 797.0 |  | 209.0 |  | 1,578.0 |  | 1,503.0 |  |  |
Schedule of currencies of financial instruments and other foreign currency denominated liabilities | The currencies of the Company’s financial instruments and other foreign currency denominated liabilities, based on notional amounts, were as follows:
As at December 31, 2023
(in millions of U.S. dollars) | CAD |
EXPOSURE TO CURRENCY RISK |  |
Cash and cash equivalents | 15.5 |  |
Trade and other receivables | 6.3 |  |
Investments | 7.1 |  |
Income tax receivable (payable) | 0.4 |  |
Deferred tax asset | 4.9 |  |
Trade and other payables | (126.2) |  |
Deferred tax liability | (74.8) |  |
Reclamation and closure cost obligations | (123.4) |  |
Share units | (9.9) |  |
Total exposure to currency risk | (300.1) |  |
As at December 31, 2022
(in millions of U.S. dollars) | CAD |  | MXN
EXPOSURE TO CURRENCY RISK |  |  |
Cash and cash equivalents | 33.9 |  |  | — |
Trade and other receivables | 10.4 |  |  | 0.4 |
Investments | 35.6 |  |  | — |
Income tax receivable | (0.4) |  |  | — |
Trade and other payables | (128.6) |  |  | (1.3) |
Deferred tax liability | (66.8) |  |  | — |
Reclamation and closure cost obligations | (119.5) |  |  | — |
Share units | (1.8) |  |  | — |
Total exposure to currency risk | (237.2) |  |  | (0.9) |
Schedule of changes in foreign exchange rates | A 10% strengthening (weakening) of the U.S. dollar against the following currencies would have increased (decreased) the Company’s net earnings from the financial instruments presented by the amounts shown below.
As at Year ended December 31
(in millions of U.S. dollars) | 2023 |  | 2022
IMPACT OF 10% CHANGE IN FOREIGN EXCHANGE RATES |  |  |
Canadian dollar | 30.5 |  |  | 23.7 |
Schedule of change in commodity prices | A 10% change in commodity prices and fuel and electricity prices would impact the Company’s net loss as follows:
| Year ended December 31, 2023 | Year ended December 31, 2022
(in millions of U.S. dollars) | Net Loss |  | Net Loss |
IMPACT OF 10% CHANGE IN COMMODITY PRICES |  |  |  |
Gold price | 62.0 |  |  | 48.6 |  |
Copper price | 17.0 |  |  | 11.9 |  |
Fuel and electricity price | 5.9 |  |  | 7.5 |  |

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