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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Taxes [abstract] |
Schedule of Income Tax Reconciliation | The significant reasons for the differences are as follows:
|  | Years ended December 31,
|  | 2018 |  | 2017
Net income before tax |  | $ | 67,340 |  | $ | 104,951
Statutory tax rate |  |  | 27.0% |  |  | 26.0%
Anticipated income tax at statutory rates |  |  | 18,182 |  |  | 27,287
Non-deductible expenditures |  |  | 1,935 |  |  | 1,082
Differences between Canadian and foreign tax rates |  |  | 2,159 |  |  | 5,804
Changes in estimate |  |  | (679) |  |  | 88
Effect of change in tax rates |  |  | 299 |  |  | (1,576)
Inflation adjustment |  |  | (6,408) |  |  | (2,242)
Impact of foreign exchange |  |  | 10,377 |  |  | (666)
Changes in deferred tax assets not recognized |  |  | (287) |  |  | 4,194
Mining taxes |  |  | 4,383 |  |  | 4,568
Withholding taxes |  |  | 3,180 |  |  | 649
Other items |  |  | 209 |  |  | (542)
Total income tax expense |  | $ | 33,350 |  | $ | 38,646
Total income tax represented by: |  |  |  |  |  |
Current income tax expense |  | $ | 30,563 |  | $ | 34,863
Deferred tax expense |  |  | 2,787 |  |  | 3,783
|  | $ | 33,350 |  | $ | 38,646
Schedule of Current and Deferred Taxes |
|  | Years ended December 31,
|  | 2018 |  | 2017
Current tax expense |  |  |  |  |  |
Current taxes on profit for the year |  | $ | 30,515 |  | $ | 34,940
Changes in estimates related to prior years |  |  | 48 |  |  | (77)
|  | $ | 30,563 |  | $ | 34,863
Deferred tax expense |  |  |  |  |  |
Origination and reversal of temporary differences and foreign exchange rate effects |  | $ | 3,216 |  | $ | 5,194
Changes in estimates related to prior years |  |  | (728) |  |  | 165
Effect of changes in tax rates |  |  | 299 |  |  | (1,576)
|  | $ | 2,787 |  | $ | 3,783
Total Tax expense |  | $ | 33,350 |  | $ | 38,646
Schedule of Deferred Tax Assets and Liabilities | The significant components of the recognized deferred tax assets and liabilities are:
|  | December 31, |  | December 31,
|  | 2018 |  | 2017
Deferred tax assets: |  |  |  |  |  |
Reclamation and closure cost obligation |  | $ | 4,594 |  | $ | 3,996
Carried forward tax loss |  |  | 3,386 |  |  | 1,079
Accounts payable and accrued liabilities |  |  | 5,642 |  |  | 4,235
Deductibility of resource taxes |  |  | 3,436 |  |  | 3,597
Other |  |  | 190 |  |  | 954
Total deferred tax assets |  | $ | 17,248 |  | $ | 13,861
Deferred tax liabilities: |  |  |  |  |  |
Mineral properties |  | $ | (34,541) |  | $ | (30,413)
Mining and foreign withholding taxes |  |  | (8,412) |  |  | (6,973)
Equipment and buildings |  |  | (4,413) |  |  | (4,658)
Other |  |  | (1,326) |  |  | (474)
Total deferred tax liabilities |  | $ | (48,692) |  | $ | (42,518)
Net deferred tax liabilities |  | $ | (31,444) |  | $ | (28,657)
Classification: |  |  |  |  |  |
|  |  | 2018 |  |  | 2017
Deferred tax assets |  | $ | - |  | $ | -
Deferred tax liabilities |  |  | (31,444) |  |  | (28,657)
Net deferred tax liabilities |  | $ | (31,444) |  | $ | (28,657)
The Company’s movement of net deferred tax liabilities is described below:
|  | 2018 |  | 2017
At January 1 |  | $ | 28,657 |  | $ | 24,874
Deferred income tax expense through income statement |  |  | 2,787 |  |  | 3,783
At December 31 |  | $ | 31,444 |  | $ | 28,657
Schedule of Unrecognized Deductible Temporary Difference and Unused Tax Losses | The Company recognizes tax benefits on losses or other deductible amounts where it is more likely than not that the deferred tax asset will be realized. The Company’s unrecognized deductible temporary differences and unused tax losses for which no deferred tax asset is recognized consists of the following amounts:
|  | December 31, |  | December 31,
|  | 2018 |  | 2017
Unrecognized deductible temporary differences and unused tax losses: |  |  |  |  |  |
Non capital losses |  | $ | 81,188 |  | $ | 73,994
Provisions |  |  | 5,173 |  |  | 11,720
Share issue costs |  |  | 3,354 |  |  | 4,473
Mineral properties, plant and equipment |  |  | 244 |  |  | 762
Capital losses |  |  | 2,326 |  |  | 906
Unrecognized deductible temporary differences |  | $ | 92,285 |  | $ | 91,855
As at December 31, 2018, the Company has temporary differences associated with investments in subsidiaries for which an income tax liability has not been recognized as the Company can control the timing of the reversal of the temporary differences and the Company plans to reinvest in its foreign subsidiaries. The temporary difference associated with investments in subsidiaries aggregate as follow:
|  | December 31, |  | December 31,
|  | 2018 |  | 2017
Mexico |  | $ | 97,705 |  | $ | 69,044
Peru |  |  | 69,669 |  |  | 98,070
Schedule of Tax Losses Expiry Dates | Tax losses have the following expiry dates:
|  |  |  | December 31, |  |  |  | December 31,
|  | Year of expiry |  | 2018 |  | Year of expiry |  | 2017
Canada |  | 2026 – 2038 |  | $ | 81,000 |  | 2026 – 2037 |  | $ | 74,300
Argentina |  | 2019 – 2023 |  |  | 11,900 |  | 2018 – 2022 |  |  | 3,700
Mexico |  | 2021 – 2026 |  |  | 349 |  | 2021 – 2025 |  |  | 332
Peru |  | 2021 |  |  | 238 |  | 2021 |  |  | 265

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