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INCOME AND MINING TAXES
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME AND MINING TAXES INCOME AND MINING TAXES
The Company’s consolidated effective income tax rate was 2.1% for the first nine months of 2024 compared to (8.8)% for the first nine months of 2023. The primary drivers of the change in the effective rate were due to foreign currency fluctuations and changes in the valuation allowance. The Company’s statutory tax rate for the period is 27.0%. The effective rate differs from the statutory rate primarily due to foreign currency fluctuations and changes in the valuation allowance.
On June 19, 2024, Canada’s Bill C-69, Budget Implementation Act, 2024, No. 1, received third reading in the Canadian House of Commons and Pillar Two became substantively enacted for Canadian financial reporting purposes. The legislation is effective for the Company’s financial year beginning January 1, 2024. The Company has limited exposure to taxes under Pillar Two as most of its jurisdictions have an effective tax rate greater than the 15%. However, the Company may have exposure to taxes under Pillar Two in the range of $0 to $10.0 million for the 2024 year.
On July 28, 2024, the Republic of Türkiye enacted Pillar Two legislation and a unique domestic corporate minimum tax of 10%. The Turkish Pillar Two legislation will be effective for tax years beginning on or after January 1, 2024; however, the Company does not anticipate any incremental taxes under this system for 2024, other than those described above. The domestic corporate minimum tax will be effective for tax years beginning on or after January 1, 2025. The Company is still in the process of assessing its potential exposure to the domestic minimum tax for future periods.