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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

Income taxes

Schedule of amounts recognised in profit or loss


		Six months ended 30 June
US$ thousand		2023		2022
Current income tax expense		—		—
		—		—

Deferred tax expense/(benefit)
Origination and reversal of temporary differences		(1,469)		—
		(1,469)		—
Total income tax expense/(benefit)		(1,469)		—

Summary of reconciliation of income tax expense


		Six months ended 30 June
US$ thousand		2023		2022
Profit/(loss) before income tax for the period		(33,732)		(11,767)
Total tax expense/(benefit)		(1,469)		—
Profit/(loss) after income tax		(32,263)		(11,767)

Tax using the statutory rate of 30% (2022 – 0%)		—		—
Tax effects of foreign jurisdiction (Australia):
Tax at the Australian tax rate of 30% (2022 – Cayman Island 0%)		(10,120)		—
Tax rate differential		8,471
Non-deductible expenses		180		—
Income tax expense/(benefit)		(1,469)		—

Schedule of movement in deferred tax balances


				Acquired
				through		Recognised
		Net balance		business		in profit or		Net balance		Deferred tax		Deferred tax
US$ thousand		at 1 January 2023		combination		loss		at 30 June 2023		assets		liabilities
Inventories		—		491		(4,896)		(4,405)		—		(4,405)
Property, plant and equipment		—		(154,903)		(4,320)		(159,223)		—		(159,223)
Lease liability		—		151		4,723		4,874		4,874		—
Provisions		—		11,320		235		11,555		11,555		—
Tax losses		—		—		5,833		5,833		5,833		—
Other		—		—		(106)		(106)		—		(106)
Net tax assets/(liabilities)		—		(142,941)		1,469		(141,472)		22,262		(163,734)