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Income tax (Tables) | 12 Months Ended
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Dec. 31, 2021
Disclosure Of Income tax [Abstract] |
Schedule of Components of Income Tax | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts in US$ ‘000 | ​ | 2021 | ​ | 2020 | ​ | 2019
Current income tax charge | ​ | (49,291) | ​ | (41,927) | ​ | (111,371)
Deferred income tax charge (Note 18) | ​ | (17,980) | ​ | (5,936) | ​ | (391)
​ | ​ | (67,271) | ​ | (47,863) | ​ | (111,762)
Summary of Income Tax Reconciliation | The tax on the Group’s (loss) profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts in US$ ‘000 | ​ | 2021 | ​ | 2020 | ​ | 2019
Profit (Loss) before tax | ​ | 128,398 | ​ | (185,087) | ​ | 169,519
Tax losses from non-taxable jurisdictions | ​ | 91,351 | ​ | 53,652 | ​ | 49,360
Taxable profit | ​ | 219,749 | ​ | (131,435) | ​ | 218,879
​ | ​ |  | ​ |  | ​ |
Income tax calculated at domestic tax rates applicable to Profit in the respective countries | ​ | (71,086) | ​ | 12,450 | ​ | (79,395)
Tax losses where no deferred tax benefit is recognized | ​ | (7,510) | ​ | (23,117) | ​ | (2,563)
Effect of currency translation on tax base | ​ | (10,354) | ​ | (923) | ​ | (16,795)
Effect of inflation adjustment for tax purposes | ​ | 2,482 | ​ | (867) | ​ | 541
Changes in the income tax rate (Note 16) | ​ | (1,703) | ​ | (925) | ​ | 1,279
Write-down of deferred tax benefits previously recognized (a) | ​ | (7,261) | ​ | (32,565) | ​ | —
Previously unrecognized tax losses | ​ | 9,593 | ​ | — | ​ | 1,820
Fiscal recognition of property, plant and equipment | ​ | 8,919 | ​ | — | ​ | —
Out of period adjustment (b) | ​ | — | ​ | — | ​ | (9,910)
Non-taxable results (c) | ​ | 9,649 | ​ | (1,916) | ​ | (6,739)
Income tax | ​ | (67,271) | ​ | (47,863) | ​ | (111,762)
(a) | Includes write-down of the deferred income tax asset in Peru due to the decision to retire from the Morona Block (see Note 36.4.1) in 2020, and write-down of a portion of tax losses and other deferred income tax assets in Chile, Brazil and Argentina where there is insufficient evidence of future taxable profits to offset them, in accordance with the expected future cash-flows as of December 31, 2021 and 2020.
(b) | Adjustment related to prior periods that increased the income tax expense during the year ended December 31, 2019, due to the increase in deferred tax liabilities as a result of computing as temporary, differences generated between the tax and book basis of Property, plant and equipment, that were originally considered as permanent. The Group concluded that this adjustment was not material to the year ended December 31, 2019 or to any previously reported Consolidated Financial Statements.
(c) | Includes non-deductible expenses and non-taxable gains in each jurisdiction.
Summary of Tax Losses Accumulated | The Group has tax losses available which can be utilized against future taxable profit in the following countries: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts in US$ ‘000 |  | 2021 |  | 2020 |  | 2019
Chile (a) |  | 285,456 |  | 403,258 |  | 317,644
Brazil (a) |  | 26,781 |  | 32,452 |  | 37,848
Argentina (b) |  | 35,773 |  | 20,734 |  | 22,930
Total tax losses as of December 31 |  | 348,010 |  | 456,444 |  | 378,422
(a) | Taxable losses have no expiration date.
(b) | Tax losses accumulated as of December 31, 2021 are: US$ 646,000, US$ 1,715,000, US$ 8,211,000, US$ 5,671,000 and US$ 19,530,000 expiring in 2022, 2023, 2024, 2025 and 2026, respectively.
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