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Credit facilities and long-term debt (Tables)

12 Months Ended

Dec. 31, 2024

Borrowings [abstract]

Carrying Amount and Fair Value of Lease and Debt Obligations

The carrying amount and the fair value of the Company’s debt obligations, including leases, at December 31, 2024, is as follows:

			2024
			Carrying Amount						Fair Value
Current
Loans from third parties			$	25,143					$	25,143
Loans from related parties			8,465						8,465
Lease liabilities			12,386						12,022
			$	45,994					$	45,630
Non-current
Loans from related parties			$	358,222					$	361,052
Lease liabilities			55,967						43,598
			$	414,189					$	404,650
Total borrowings			$	460,183					$	450,280

The carrying amount and the fair value of the Company’s debt obligations, including leases, as of December 31, 2023, is as follows:

			2023
			Carrying Amount						Fair Value
Current
Loans from third parties			$	2					$	2
Loans from related parties			267,668						264,446
Lease liabilities			11,737						11,395
			$	279,407					$	275,843
Non-current
Loans from related parties			$	76,262					$	75,330
Lease liabilities			53,744						41,246
			$	130,006					$	116,576
Total borrowings			$	409,413					$	392,419

Maturity Profile and Exposure of Non-Current Borrowings

The maturity profile of the Company’s non-current borrowings, including lease liabilities, is presented below:

			2024						2023
Loans from related parties
Between 1 and 2 years			$	13,298					$	—
Between 2 and 3 years			189,683						40,333
Between 3 and 4 years			—						35,929
Between 4 and 5 years			155,241						—
Over 5 years			—						—
Total loans from related parties			$	358,222					$	76,262
Lease liabilities
Between 1 and 2 years			$	7,950					$	8,777
Between 2 and 3 years			6,936						8,576
Between 3 and 4 years			5,524						5,406
Between 4 and 5 years			6,338						3,986
Over 5 years			29,219						26,999
Total lease liabilities			$	55,967					$	53,744
Total non-current borrowings			$	414,189					$	130,006

The table below summarizes the maturity profile of financial liabilities at December 31, 2024 based on contractual undiscounted payments.

			Less than 6 months						6 to 12 months						1 to 5 years						>5 years						Total
Loans from related parties			$	11,446					$	7,135					$	397,591					$	—					$	416,172
Loans from third parties			25,143						—						—						—						25,143
Lease liabilities			6,974						6,974						37,286						37,440						88,674
Derivative financial instruments			2,210						3,436						26,261						—						31,907
Other non-current liabilities			—						—						—						—						—
Trade and other payables			148,558						—						—						—						148,558
			$	194,331					$	17,545					$	461,138					$	37,440					$	710,454

The table below summarizes the maturity profile of financial liabilities at December 31, 2023 based on contractual undiscounted payments.

25. Financial risk management objectives and policies (continued)

			Less than 6 months						6 to 12 months						1 to 5 years						>5 years						Total
Loans from related parties			$	4,676					$	269,876					$	80,457					$	—					$	355,009
Loans from third parties			—						—						—						—						—
Lease liabilities			6,053						6,053						34,403						26,824						73,333
Derivative financial instruments			2,706						16,621						—						—						19,327
Other non-current liabilities			—						—						114						—						114
Trade and other payables			162,696						—						—						—						162,696
			$	176,131					$	292,550					$	114,974					$	26,824					$	610,479

Schedule of Weighted Average Fixed Interest Rates

The weighted average effective interest rates at December 31, 2024, 2023, and 2022 are as follows:

			2024						2023						2022
Variable rate loans from related parties			4.89		%				5.82		%				6.86		%
Fixed rate loans from related parties			3.94		%				3.09		%				3.09		%
Variable rate loans from third parties			6.34		%				N/A						5.82		%

Disclosure Of Undrawn Borrowing Facilities

The Company has the following amounts available to draw upon from borrowing facilities at December 31, 2024 and 2023, respectively:

			2024						2023
Floating rate:
Expiring within one year			$	132,864					$	132,466
Expiring beyond one year			121,759						69,880
Total			$	254,623					$	202,346

Disclosure Of Letters Of Credit And Bonds Issued

At December 31, 2024 and 2023, the banks had issued letters of credit on behalf of the Company totaling $11,637 and $12,534, respectively, as shown below:

			2024						2023
Facility amount			$	60,000					$	55,000
Less letters of credit issued in support of:
Insurance programs			(11,302)						(12,199)
Performance obligations			(100)						(100)
Other payment obligations			(235)						(235)
Available facility amount			$	48,363					$	42,466

At December 31, 2024 and 2023, the insurance company had issued performance bonds on behalf of the Company totaling $18,761 and $35,140, respectively, as shown below:

			2024						2023
Facility amount			$	60,000					$	60,000
Less performance bonds issued in support of:
Excavation and reclamation obligations			(4,954)						(4,954)
Surety bond			(3,629)						(3,629)
Other payment and performance obligations			(10,178)						(26,557)
Available facility amount			$	41,239					$	24,860

Disclosure of Changes Arising From Financing Activities

Changes arising from financing activities during the year ended December 31, 2024 are as follows:

			January 1, 2024						Cash Flows						Foreign Exchange						Mark-to-Market						Interest Expense												New Leases						Other						December 31, 2024
Borrowings			$	343,932					$	48,939					$	(22,220)					$	—					$	21,258											$	—					$	(79)					$	391,830
Lease liabilities			65,481						(13,284)						—						—						3,798												12,305						53						68,353
Changes in liabilities			409,413						35,655						(22,220)						—						25,056												12,305						(26)						460,183
Derivative financial instruments			3,126						(16,783)						—						22,441						(71)												—						10						8,723
Financial instrument collateral			(4,328)						243						—						—						—												—						—						(4,085)
Other financing activities			(1,202)						(16,540)												22,441						(71)												—						10						4,638
Total liabilities arising from financing activities			$	408,211					$	19,115					$	(22,220)					$	22,441					$	24,985											$	12,305					$	(16)					$	464,821

Changes arising from financing activities during the year ended December 31, 2023 are as follows:

			January 1, 2023						Cash Flows						Foreign Exchange						Mark-to-Market						Interest Expense												New Leases						Other						December 31, 2023
Borrowings			$	394,506					$	(83,046)					$	12,055					$	—					$	20,498											$	—					$	(81)					$	343,932
Lease liabilities			67,587						(15,198)						—						—						3,047												11,678						(1,633)						65,481
Changes in liabilities			462,093						(98,244)						12,055						—						23,545												11,678						(1,714)						409,413
Derivative financial instruments			13,575						3,272						—						(13,907)						186												—						—						3,126
Financial instrument collateral			(15,757)						11,399						30						—						—												—						—						(4,328)
Other financing activities			(2,182)						14,671						30						(13,907)						186												—						—						(1,202)
Total liabilities arising from financing activities			$	459,911					$	(83,573)					$	12,085					$	(13,907)					$	23,731											$	11,678					$	(1,714)					$	408,211

Changes arising from financing activities during the year ended December 31, 2022 are as follows:

			January 1, 2022						Cash Flows						Foreign Exchange						Mark-to-Market						Interest Expense												New Leases						Other						December 31, 2022
Borrowings			$	382,696					$	11,104					$	(19,670)					$	—					$	19,780											$	—					$	596					$	394,506
Lease liabilities			53,941						(13,428)						—						—						2,038												26,041						(1,005)						67,587
Changes in liabilities			436,637						(2,324)						(19,670)						—						21,818												26,041						(409)						462,093
Derivative financial instruments			16,877						(19,827)						—						20,236						(3,711)												—						—						13,575
Financial instrument collateral			(16,390)						490						—						—						—												—						143						(15,757)
Other financing activities			487						(19,337)						—						20,236						(3,711)												—						143						(2,182)
Total liabilities arising from financing activities			$	437,124					$	(21,661)					$	(19,670)					$	20,236					$	18,107											$	26,041					$	(266)					$	459,911

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