XML 105 R62.htm IDEA: XBRL DOCUMENT v3.21.1

FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2020

Financial Instruments [Abstract]

Disclosure of information about terms and conditions of hedging instruments and market risk

The following table summarizes the financial information relating to the future anticipated diesel consumption at Marigold that the Company has hedged as at December 31, 2020:

			2021			2022
Gallons hedged (in thousands)			10,440			1,380
Portion of forecast diesel consumption hedged (%)			89.2			12.7
Floor price ($/gallon) (1)			1.54			1.48
Cap price ($/gallon) (1)			1.91			1.80

(1)     Based on the U.S. Gulf Coast Ultra-Low Sulfur Diesel Index.

The following table summarizes the financial information relating to the future anticipated diesel consumption at Seabee that the Company has hedged as at December 31, 2020:

						2021
Litres hedged (in thousands)						3,560
Portion of forecast diesel consumption hedged (%)						94.9
Floor price ($/litre) (1)						0.43
Cap price ($/litre)(1)						0.48

(1)     Based on the NYMEX Heating Oil Ultra-Low Sulphur Diesel Index.

As at December 31, 2020, the Company had the following hedge positions outstanding:

			2021			2022
Notional amount (in thousands of CAD)			24,957			9,000
Portion of forecast exposure hedged (%)			33.9			11.9
Floor level (CAD per 1 USD)			1.32			1.35
Cap level (CAD per 1 USD)			1.38			1.42

Disclosure of nature and extent of risks arising from financial instruments

At December 31, 2020, the Company was primarily exposed to currency risk through the following financial assets and liabilities denominated in foreign currencies:

			December 31, 2020
			TRY			CAD			ARS
Financial assets
Cash and cash equivalents			$	1,435		$	4,556		$	3,325
Marketable securities			—			25,235			—
Accounts receivable and other financial assets (1)			11,395			363			2,670
Financial liabilities
Trade and other payables			(33,904)			(39,445)			(8,576)
Lease liabilities (1)			(6,389)			(3,284)			—
Other financial liabilities			(3,195)			(13,933)			(3)
			$	(30,658)		$	(26,508)		$	(2,584)

			December 31, 2019
			TRY			CAD			ARS
Financial assets
Cash and cash equivalents			$	—		$	4,786		$	146
Marketable securities			—			65,586			—
Accounts receivable and other financial assets (1)			—			—			1,250
Financial liabilities
Trade and other payables			—			(26,695)			(13,411)
Lease liabilities(1)			—			(3,679)			—
Other financial liabilities			—			—			—
			$	—		$	39,998		$	(12,015)

(1)Includes current and non-current portion.

Disclosure of sensitivity analysis for types of market risk

As at December 31, 2020, depreciation of the TRY, CAD, and ARS against the USD would have resulted in an increase to the Company's total comprehensive income as follows:

Year ended December 31						2020
TRY						$	2,453
CAD						1,935
ARS						485

Disclosure of credit risk exposure

The Company's maximum exposure to credit risk as at December 31, 2020 and December 31, 2019 was as follows:

			December 31, 2020			December 31, 2019
Cash and cash equivalents			$	860,637		$	503,647
Trade receivables			38,456			54,164
Value added tax receivable			30,279			21,416
Restricted cash			35,288			2,339
Other current and non-current financial assets			16,219			15,625
			$	980,879		$	597,191

Disclosure of liquidity risk

The Company enters into contracts in the normal course of business that give rise to commitments for future minimum payments. The following table summarizes the remaining contractual maturities of the Company's financial liabilities, operating and capital commitments, shown in contractual undiscounted cash flows:

			Payments due by period (as at December 31, 2020)
			Less than one year			1 - 3 years			4-5 years			After 5 years			Total
Accounts payable and accrued liabilities			$	123,534		$	—		$	—		$	—		$	123,534
Convertible notes (principal portion) (note 14(a))			—			—			—			230,000			230,000
Term Loan and other debt (principal portion (note 14(b))			71,025			142,063			—			—			213,088
Interest payments on debt (notes 14(a) and 14(b))			12,840			17,585			11,500			2,875			44,800
Lease liabilities			12,452			21,376			19,522			133,049			186,399
Derivative liabilities			3,764			117			—			—			3,881
Reclamation and closure costs			1,840			13,248			2,064			122,290			139,442
Operating expenditure commitments			2,900			752			—			—			3,652
Capital expenditure commitments			20,077			—			—			—			20,077
Other			696			330			327			—			1,353
Total contractual obligations			$	249,128		$	195,471		$	33,413		$	488,214		$	966,226

X

- Definition

The disclosure of how the entity manages its liquidity risk. [Refer: Liquidity risk [member]]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2020-01-01
-Paragraph 39
-Subparagraph c
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2020-en-r&anchor=para_39_c&doctype=Standard
-URIDate 2020-01-01

+ Details

Name:	ifrs-full_DescriptionOfManagingLiquidityRisk
Namespace Prefix:	ifrs-full_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The disclosure of the credit risk exposure. Credit risk exposure is the credit risk inherent in an entity’s financial assets and commitments to extend credit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2020-01-01
-Paragraph 35M
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2020-en-r&anchor=para_35M&doctype=Standard
-URIDate 2020-01-01

+ Details

Name:	ifrs-full_DisclosureOfCreditRiskExposureExplanatory
Namespace Prefix:	ifrs-full_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The disclosure of information about the terms and conditions of hedging instruments and how they affect future cash flows. [Refer: Hedging instruments [member]]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2020-01-01
-Paragraph 23A
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2020-en-r&anchor=para_23A&doctype=Standard
-URIDate 2020-01-01

+ Details

Name:	ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsExplanatory
Namespace Prefix:	ifrs-full_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The disclosure of information that enables users of financial statements to evaluate the nature and extent of risks arising from financial instruments to which the entity is exposed. [Refer: Financial instruments, class [member]]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2020-01-01
-Paragraph 31
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2020-en-r&anchor=para_31&doctype=Standard
-URIDate 2020-01-01

+ Details

Name:	ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsExplanatory
Namespace Prefix:	ifrs-full_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The disclosure of the sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss and equity would have been affected by changes in the relevant risk variable that were reasonably possible at that date. [Refer: Market risk [member]]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2020-01-01
-Paragraph 40
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2020-en-r&anchor=para_40_a&doctype=Standard
-URIDate 2020-01-01

+ Details

Name:	ifrs-full_SensitivityAnalysisForEachTypeOfMarketRisk
Namespace Prefix:	ifrs-full_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Financial Instruments [Abstract]

+ References

No definition available.

+ Details

Name:	ssrm_FinancialInstrumentsAbstract
Namespace Prefix:	ssrm_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration