Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Auditor [Line Items] | |
| Auditor Name | KPMG LLP |
| Auditor Location | Toronto, ON, Canada |
| Auditor Firm ID | 85 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - Fixed interest rate |
Dec. 31, 2021 |
Dec. 31, 2020 |
Sep. 23, 2020 |
Sep. 08, 2020 |
|---|---|---|---|---|
| 7.0% Senior Notes | ||||
| Disclosure of analysis of single amount of discontinued operations [line items] | ||||
| Interest rate | 7.00% | 7.00% | ||
| 5.75% senior notes | ||||
| Disclosure of analysis of single amount of discontinued operations [line items] | ||||
| Interest rate | 5.75% | 5.75% | 5.75% |
CORPORATE INFORMATION |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Corporate Information And Statement Of IFRS Compliance [Abstract] | |
| Corporate Information | Corporate InformationIAMGOLD Corporation (“IAMGOLD” or the "Company”) is a corporation governed by the Canada Business Corporations Act whose shares are publicly traded on the New York Stock Exchange (NYSE:IAG) and the Toronto Stock Exchange (TSX:IMG). The address of the Company’s registered office is 401 Bay Street, Suite 3200, Toronto, Ontario, Canada, M5H 2Y4.The principal activities of the Company are the exploration, development and operation of gold mining properties. |
BASIS OF PREPARATION |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate Information And Statement Of IFRS Compliance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of Preparation | Basis of Preparation (a) Statement of compliance These consolidated financial statements of IAMGOLD and all of its subsidiaries, joint venture and associate as at and for the years ended December 31, 2021 and 2020, have been prepared in accordance with IFRS as issued by the IASB. These consolidated financial statements were prepared on a going concern basis. The significant accounting policies applied in these consolidated financial statements are presented in note 3 and have been consistently applied in each of the years presented. These consolidated financial statements of IAMGOLD were authorized for issue in accordance with a resolution of the Board of Directors on February 23, 2022. (b) Basis of measurement The consolidated financial statements have been prepared on a historical cost basis, except for items measured at fair value as discussed in note 31. (c) Basis of consolidation Subsidiaries and divisions related to significant properties of the Company are accounted for as outlined below.
1.On April 22, 2020, Rosebel Gold Mines N.V. ("Rosebel") signed an Unincorporated Joint Venture (“Rosebel UJV”) agreement with Staatsolie Maatschappij Suriname N.V. (“Staatsolie”) relating to the concession areas within the Rosebel UJV Area of Interest, which includes Saramacca. The Rosebel UJV excludes the existing Rosebel mining concession, which is 95% owned by Rosebel and 5% owned by the Republic of Suriname. Rosebel holds a 70% participating interest and Staatsolie holds a 30% participating interest in the Rosebel UJV on behalf of the Republic of Suriname. 2.Part of IAMGOLD Corporation. 3.The Company holds a 70% participating interest in the assets, liabilities, revenues and expenses through an unincorporated joint venture with Sumitomo Metal Mining Co. Ltd. with respect to the Côté Gold project. A third party holds various net profit interests and net participation interests in the mineral tenure comprising the project. The net interest of IAMGOLD in the mineral tenure comprising the current pit shell is approximately 64.75%. (i) Subsidiaries Subsidiaries are entities over which the Company has the ability to exercise control. Control of an entity is defined to exist when the Company is exposed to variable returns from involvement with the entity and has the ability to affect those returns through power over the entity. Specifically, the Company controls an entity if the Company has all of the following: power over the entity (i.e. existing rights that give the Company the current ability to direct the relevant activities of the entity); exposure, or rights, to variable returns from involvement with the entity; and the ability to use power over the entity to affect its returns. Subsidiaries are consolidated from the acquisition date, which is the date on which the Company obtains control of the acquired entity. Where the Company’s interest in a subsidiary is less than 100%, the Company recognizes a non-controlling interest. All intercompany balances, transactions, income, expenses and profits or losses have been eliminated on consolidation. (ii)Associate An associate is an entity over which the Company has significant influence but neither control nor joint control. Significant influence is presumed to exist where the Company has between 20% and 50% of the voting rights, but can also arise where the Company has less than 20% of voting rights but has the power to be actively involved and influence in policy decisions affecting the entity. The Company's share of net assets and net income or loss of associate is accounted for in the consolidated financial statements using the equity method from the date significant influence commences until the date significant influence ceases or investment is sold. The Company had concluded that it had significant influence over its investment in INV Metals Inc. (“INV Metals”) through the level of ownership of voting rights until the date the investment was sold (note 19). Share of net losses from the associate is recognized in the consolidated financial statements until the carrying amount of the interest in the associate is reduced to nil. Thereafter, losses are recognized only to the extent that the Company has an obligation to fund the associate’s operations or has made payments on behalf of the associate. (iii)Joint arrangements Joint arrangements are those arrangements over which the Company has joint control established by contractual agreement and requiring unanimous consent of the joint venture parties for financial and operating decisions. The Company’s significant joint arrangements consist of a joint venture, which is structured through a separate legal entity. The financial results of the joint venture is accounted for using the equity method from the date that joint control commences until the date that joint control ceases or investment is classified as held for sale, and are prepared for the same reporting period as the Company, using consistent accounting policies. Share of net losses from the joint venture is recognized in the consolidated financial statements until the carrying amount of the interest in the joint venture is reduced to nil. Thereafter, losses are recognized only to the extent that the Company has an obligation to fund the joint venture’s operations or has made payments on behalf of the joint venture. Dividends received from the Company's joint venture are presented in the Company's consolidated statements of cash flows as operating activities. (iv)Unincorporated arrangements The Company participates in unincorporated arrangements and has rights to its share of the undivided assets, liabilities, revenues and expenses of the properties, subject to the arrangements, rather than a right to a net return, and does not share joint control. All such amounts are measured in accordance with the terms of the arrangements, which is usually in proportion to the Company’s interest in the assets, liabilities, revenues and expenses of the properties. These amounts are recorded in the Company’s consolidated financial statements on the appropriate lines. The Côté division and Saramacca are treated as unincorporated arrangements. (d) Functional and presentation currency The functional currency of the Company’s subsidiaries and joint venture is the U.S. dollar. The functional currency of the associate (INV Metals) was the Canadian dollar. The presentation currency of the Company's consolidated financial statements is the U.S. dollar. For the associate, assets and liabilities to July 2021 were translated at the exchange rate in effect at the balance sheet date. Revenues and expenses were translated at average exchange rates throughout the reporting period or at rates that approximate the actual exchange rates. Foreign exchange gains or losses on translation were included in other comprehensive income ("OCI"). The cumulative amount of the exchange differences is presented as a separate component of equity until disposal of the foreign operation. Transactions denominated in foreign currencies are translated into the entity's functional currency as follows: •Monetary assets and liabilities are translated at the exchange rate in effect at the balance sheet date; •Non-monetary assets and liabilities are translated at historical exchange rates prevailing at each transaction date; •Deferred tax assets and liabilities are translated at the exchange rate in effect at the balance sheet date with translation gains and losses recorded in income tax expense; and •Revenues and expenses are translated at the average exchange rates throughout the reporting period, except depreciation, which is translated at the rates of exchange applicable to the related assets, and share-based compensation expense, which is translated at the rates of exchange applicable at the date of grant of the share-based compensation. Exchange gains or losses on translation of transactions are included in the consolidated statements of earnings (loss). When a gain or loss on certain non-monetary items, such as financial assets at fair value through OCI, is recognized in OCI, the translation differences are also recognized in OCI.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended |
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Dec. 31, 2021 | |
| Corporate Information And Statement Of IFRS Compliance [Abstract] | |
| Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The accounting policies set out below have been applied consistently by the Company, for its subsidiaries, joint venture and associate in all periods presented in these consolidated financial statements. (a)Financial instruments The Company recognizes financial assets and financial liabilities on the date the Company becomes a party to the contractual provisions of the instruments. A financial asset is derecognized either when the Company has transferred substantially all the risks and rewards of ownership of the financial asset or when cash flows expire. A financial liability is derecognized when the obligation specified in the contract is discharged, canceled or expired. Certain financial instruments are recorded at fair value in the consolidated balance sheets. Refer to note 31 on fair value measurements. (i)Non-derivative financial instruments Non-derivative financial instruments are recognized initially at fair value plus attributable transaction costs, where applicable for financial instruments not classified as fair value through profit or loss ("FVTPL"). Subsequent to initial recognition, non-derivative financial instruments are classified and measured as described below. Financial assets at FVTPL Cash and cash equivalents, restricted cash, short-term investments, bond fund investments and warrants are classified as financial assets at FVTPL and are measured at fair value. Cash equivalents are short-term investments with initial maturities of three months or less. Short-term investments have initial maturities of more than three months and less than 12 months. The unrealized gains or losses related to changes in fair value are reported in interest income and derivatives and other investment gains (losses) in the consolidated statements of earnings (loss). Amortized cost Trade and other receivables and fixed rate investments are classified as and measured at amortized cost using the effective interest rate method, less impairment losses, if any. Financial assets at fair value through OCI The Company’s investments in equity marketable securities are designated as financial assets at fair value through OCI and are recorded at fair value on the trade date with directly attributable transaction costs included in the recorded amount. Subsequent changes in fair value are recognized in OCI. Non-derivative financial liabilities Accounts payable, accrued liabilities, senior notes, equipment loans, and borrowings under the credit facility are accounted for at amortized cost, using the effective interest rate method. The amortization of senior notes issue costs and equipment loans transaction costs is calculated using the effective interest rate method, and the amortization of credit facility issue costs is calculated on a straight-line basis over the term of the credit facility. (ii)Non-hedge derivatives The Company may hold derivative financial instruments to hedge its risk exposure to fluctuations of other currencies compared to the U.S. dollar, and fluctuations in commodity prices such as for gold, oil and fuel. All derivative financial instruments not designated in a hedge relationship that qualify for hedge accounting are classified as financial instruments at FVTPL. Derivative financial instruments at FVTPL, including embedded derivatives, requiring separation from its host contract are recorded in the consolidated balance sheets at fair value. Changes in the estimated fair value of non-hedge derivatives at each reporting date are included in the consolidated statements of earnings (loss) as non-hedge derivative gain or loss. Embedded derivatives in financial liabilities measured at amortized cost are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related. (iii)Hedge derivatives The Company uses derivative financial instruments to hedge its exposure to exchange rate fluctuations on foreign currency denominated revenues, operating expenses and purchases of non-financial assets and its exposure to price fluctuations of consumable purchases. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivative hedging instruments to forecasted transactions. Hedge effectiveness is assessed based on the degree to which the cash flows from the derivative contracts are expected to offset the cash flows of the underlying transaction being hedged. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in fair value is recognized in OCI, net of tax. For hedged items other than the purchase of non-financial assets, the amounts accumulated in OCI are reclassified to the consolidated statements of earnings (loss) when the underlying hedged transaction, identified at contract inception, affects profit or loss. When hedging a forecasted transaction that results in the recognition of a non-financial asset, the amounts accumulated in equity are removed and added to the carrying amount of the non-financial asset. Any ineffective portion of a hedge relationship is recognized immediately in the consolidated statements of earnings (loss). The Company has elected to exclude the time value component of options and the forward element of forward contracts from the hedging relationships, with changes in these amounts recorded in OCI and treated as a cost of hedging. For hedged items other than the purchase of non-financial assets, the cost of hedging amounts is reclassified to the consolidated statements of earnings (loss) when the underlying hedged transaction affects profit or loss. When hedging a forecasted transaction that results in the recognition of a non-financial asset, the cost of hedging is added to the carrying amount of the non-financial asset. When derivative contracts designated as cash flow hedges are terminated, expired, sold or no longer qualify for hedge accounting, hedge accounting is discontinued prospectively. Any amounts recorded in OCI until the time the contracts do not qualify for hedge accounting remain in OCI. Amounts recognized in OCI are recognized in the consolidated statements of earnings (loss) in the period in which the underlying hedged transaction is completed. Gains or losses arising subsequent to the derivative contracts not qualifying for hedge accounting are recognized in the period incurred in the consolidated statements of earnings (loss). If the forecasted transaction is no longer expected to occur, then the amounts accumulated in OCI are reclassified to the consolidated statements of earnings (loss) immediately. (b)Inventories Finished goods and ore stockpiles are measured at the lower of weighted average production cost and net realizable value. Mine supplies are measured at the lower of average purchase cost and net realizable value. Net realizable value is calculated as the difference between the estimated selling price and estimated costs to complete processing into a saleable form plus variable selling expenses. Production costs include the cost of materials, labour, mine site production overheads and depreciation to the applicable stage of processing. Production overheads are allocated to inventory based on the normal capacity of production facilities. The cost of ore stockpiles is increased based on the related current cost of production for the period, and decreases in stockpiles are charged to cost of sales using the weighted average cost per ounce. Stockpiles are segregated between current and non-current inventories in the consolidated balance sheets based on the period of planned usage. The cost of inventory is reduced to net realizable value to reflect changes in grades, quantity or other economic factors and to reflect current intentions for the use of redundant or slow-moving items. Provisions for redundant and slow-moving supplies inventory are made by reference to specific items of inventory. The Company reverses write-downs when there is a subsequent increase in net realizable value and where the inventory is still on hand. Spare parts, stand-by and servicing equipment held are generally classified as inventories. Major capital spare parts and stand-by equipment (insurance spares) are classified as a component of property, plant and equipment. (c)Property, plant and equipment Property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment charges. The initial cost of an asset comprises its purchase or construction cost, any costs directly attributable to bringing the asset to a working condition for its intended use, the initial estimate of the asset retirement obligation ("ARO"), and for qualifying assets, borrowing costs. The purchase price or the construction cost is the aggregate cash paid and the fair value of any other consideration given to acquire the asset. Gains or losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognized in the consolidated statements of earnings (loss) in other expenses. The cost of replacing part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The carrying amount of the replaced part is de-recognized. Costs of the day-to-day servicing of property, plant and equipment are recognized in the consolidated statements of earnings (loss) as incurred. Property, plant and equipment presented in the consolidated balance sheets represents the capitalized expenditures related to: construction in progress, mining properties, stripping costs, and plant and equipment, including corporate assets. (i)Construction in progress Upon determination of technical feasibility and commercial viability of extracting a mineral resource, the related exploration and evaluation assets (note 4(e)) are transferred to construction in progress costs. These amounts plus all subsequent mine development costs are capitalized. Costs are not depreciated until the project is ready for use as intended by management. Mine construction costs include expenditures to develop new ore bodies, define further mineralization in existing ore bodies, and construct, install and complete infrastructure facilities. Borrowing costs are capitalized and allocated specifically to qualifying assets when funds have been borrowed, either to specifically finance a project or for general borrowings during the period of construction. Qualifying assets are defined as assets that require more than six months to be brought to the location and condition intended by management. Capitalization of borrowing costs ceases when such assets are ready for their intended use. The date of transition from construction to production accounting is based on both qualitative and quantitative criteria such as substantial physical project completion, sustained level of mining, sustained level of processing activity, and passage of a reasonable period of time. Upon completion of mine construction activities (based on the determination of the commencement of production), costs are removed from construction in progress assets and classified into the appropriate categories of property, plant and equipment. (ii)Mining properties Capitalized costs for evaluation on or adjacent to sites where the Company has mineral deposits, are classified as mining properties within property, plant and equipment. (iii)Stripping costs Costs associated with stripping activities in an open pit mine are expensed within cost of sales unless the stripping activity can be shown to improve access to further quantities of ore that will be mined in future periods, in which case, the stripping costs are capitalized to mining properties within property, plant and equipment. Furthermore, stripping costs are capitalized to inventory to the extent that the benefits of the stripping activity relate to gold production inventories or ore stockpiles. (iv)Plant and equipment Plant and equipment located at corporate locations includes the following categories of assets: furniture and equipment, computer equipment, software, scientific instruments and equipment, vehicles and leasehold improvements and at the mine site includes land and buildings, plant equipment, capital spares, and other equipment. (d)Depreciation Effective from the point an asset is available for its intended use, property, plant and equipment are depreciated using either the straight-line or units-of-production methods over the shorter of the estimated economic life of the asset or the mining operation. Depreciation is determined based on the method which best represents the use of the assets. The reserve and resource estimates for each mining operation are the prime determinants of the life of a mine. In general, when the useful life of property, plant and equipment is akin to the life of the mining operation and the ore body's mineralization is reasonably well defined, the asset is depreciated on a units-of-production basis over its proven and probable mineral reserves. Non-reserve material may be included in depreciation calculations in limited circumstances where there is a high degree of confidence in its economic extraction. The Company evaluates the estimate of mineral reserves and resources at least on an annual basis and adjusts the units-of-production method calculation prospectively. In 2021 and 2020, the Company has not incorporated any non-reserve material in its depreciation calculations on a units-of-production basis. When property, plant and equipment are depreciated on a straight-line basis, the useful life of the mining operation is determined based on the most recent life of mine (“LOM”) plan. LOM plans are typically developed annually and are based on management’s current best estimates of optimized mine and processing plans, future operating costs and the assessment of capital expenditures of a mine site. Estimated useful lives normally vary from to fifteen years for items of plant and equipment to a maximum of twenty years for buildings. Amounts related to expected economic conversions of resources to reserves recorded in an asset acquisition or business combination are not depreciated until resources are converted into reserves. Amounts related to capitalized costs of exploration and evaluation assets and construction in progress are not depreciated as the assets are not available for use. Capitalized stripping costs are depreciated over the reserves that directly benefit from the specific stripping activity using the units-of-production method. Capitalized borrowing costs are depreciated over the useful life of the related asset. Residual values, useful lives and depreciation methods are reviewed at least annually and adjusted if appropriate. The impact of changes to the estimated useful lives, depreciation method or residual values is accounted for prospectively. (e)Mineral exploration and evaluation expenditures Exploration activities relate to the collection of exploration data which consists of geological, geophysical, geochemical, sampling, drilling, trenching, analytical test work, assaying, mineralogical, metallurgical, and other similar information that is derived from activities undertaken to locate, investigate, define or delineate a mineral prospect or mineral deposit. Mineral exploration costs are expensed as incurred. Evaluation costs are capitalized and relate to activities to evaluate the potential technical feasibility and commercial viability of extracting a mineral resource on sites where the Company does not have mineral deposits already being mined or constructed. The technical feasibility and commercial viability is based on management’s evaluation of the geological properties of an ore body based on information obtained through evaluation activities, including metallurgical testing, resource and reserve estimates and economic assessment whether the ore body can be mined economically. Exploration properties acquired through asset acquisitions are also recognized as exploration and evaluation assets. (f)Assets and liabilities held for sale and discontinued operations Non-current assets and disposal groups are classified as held for sale if their carrying value will be recovered principally through a sale transaction rather than through continuing use. The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset or disposal group and the sale expected to be completed within one year from the date of the classification. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell ("FVLCS"). If the FVLCS is lower than the carrying amount, an impairment loss is recognized in the consolidated statement of earnings (loss). Non-current assets are not depreciated or amortized once classified as held for sale. Equity accounting ceases for the investment in associate and incorporated joint venture once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the Company's consolidated balance sheets. A disposal group qualifies as a discontinued operation if it is a component of the Company that either has been disposed of, or is classified as held for sale, and: (i) represents a separate major line of business or geographical area of operations; (ii) is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or (iii) is a subsidiary acquired exclusively with a view to resale. A component of the Company comprises an operation and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the consolidated statement of earnings (loss). (g)Impairment and reversal of impairment (i)Financial assets The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the credit risk on the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to twelve month expected credit losses. Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the financial asset is no longer credit-impaired and the improvement can be related objectively to an event occurring after the impairment was recognized. (ii)Non-financial assets The carrying amounts of the Company’s non-current assets, including property, plant and equipment and exploration and evaluation assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indicator exists, the Company performs an impairment test. An impairment test requires the Company to determine the recoverable amount of an asset or group of assets. For non-current assets, including property, plant and equipment and exploration and evaluation assets, the recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. If this is the case, the individual assets are grouped together into a cash generating unit ("CGU") for impairment testing purposes. A CGU for impairment testing is typically considered to be an individual mine site or a development project. The recoverable amount is determined as the higher of the CGU’s fair value less costs of disposal ("FVLCD") and value in use (“VIU”). If the carrying amount of the asset or CGU exceeds its recoverable amount, an impairment charge is recorded to the other long-lived assets in the CGU on a pro rata basis. An assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses may no longer exist or may be reduced. If it has been determined that the impairment has reversed, the carrying amount of the asset is increased to its recoverable amount to a maximum of the carrying amount that would have been determined had no impairment charge been recognized in prior periods. An impairment charge reversal is recognized in the consolidated statements of earnings (loss). Impairment charges recognized in relation to goodwill are not reversed for subsequent increases in a CGU’s recoverable amount. In the absence of market related comparative information, the FVLCD is generally determined based on the present value of estimated future cash flows from each long-lived asset or CGU. The significant assumptions used in determining the FVLCD for the CGUs are typically LOM production profiles, long-term commodity prices, reserves and resources, discount rates, foreign exchange rates, values of known reserves and resources not included in the LOM (i.e. un-modeled mineralization), operating and capital expenditures, net asset value (“NAV”) multiples and expected commencement of production for exploration and evaluation and development projects. Management’s assumptions and estimates of future cash flows are subject to risks and uncertainties, particularly in market conditions where higher volatility exists, and may be partially or totally outside of the Company's control. Therefore, it is reasonably possible that changes could occur with evolving economic conditions, which may affect the recoverability of the Company’s long-lived assets. If the Company fails to achieve its valuation assumptions or if any of its long-lived assets or CGUs experience a decline in their fair value, this may result in an impairment charge in future periods, which would reduce the Company's earnings. (iii)Investments in associate and incorporated joint venture At the end of each reporting period, the Company assesses whether there is any objective evidence that an investment in an associate or incorporated joint venture is impaired. Objective evidence includes observable data indicating there is a measurable decrease in the estimated future cash flows of the investee’s operations. When there is objective evidence that an investment is impaired, the carrying amount of such investment is compared to its recoverable amount, being the higher of its FVLCD and VIU. If the recoverable amount of an investment is less than its carrying amount, the carrying amount is reduced to its recoverable amount and an impairment loss, being the excess of carrying amount over the recoverable amount, is recognized in the period in which the relevant circumstances are identified. When an impairment loss reverses in a subsequent period, the carrying amount of the investment is increased to the revised estimate of recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had an impairment loss not been previously recognized. A reversal of an impairment loss is recognized in the consolidated statement of earnings (loss) in the period in which the reversal occurs. (h)Asset retirement obligations The Company records legal and constructive obligations required to restore locations in the period in which the obligation is incurred with a corresponding increase in the carrying amount of the related property, plant and equipment, and if the effect of discounting is material, measures it at its present value. For locations where mining activities have ceased, changes to obligations are charged directly to the consolidated statements of earnings (loss). The obligation is generally considered to have been incurred when mine assets are constructed or the ground environment is disturbed at the production location. The discounted liability is adjusted at the end of each period to reflect the passage of time, based on a risk-free discount rate that reflects current market assessments, and changes in the estimated future cash flows underlying the obligation. The Company also estimates the timing of the outlays, which are subject to change depending on continued operation or newly discovered reserves. The periodic unwinding of the discount is recognized in earnings as accretion expense included in finance costs in the consolidated statements of earnings (loss). Additional disturbances or changes in restoration costs or in discount rates are recognized as changes to the corresponding assets and ARO when they occur. Environmental costs at operating mines, as well as changes to estimated costs and discount rates for closed mines, are charged to earnings in the period during which they occur. (i)Other provisions Provisions are recognized when a legal or constructive present obligation exists as a result of a past event, for which it is probable that an outflow of economic resources will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are reviewed at the end of each reporting period and adjusted to reflect management's current best estimate of the expenditure required to settle the present obligation at the end of the reporting period. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed. Provisions are reduced by actual expenditures in respect of the obligation for which the provision was originally recognized. Certain conditions may exist as of the date of the consolidated financial statements, which may result in a loss to the Company, but which will only be resolved when one or more future events will occur or fail to occur. If the assessment of a contingency determines that a loss is probable, and the amount can be reliably estimated, then a provision is recorded. When a contingent loss is not probable but is reasonably possible, then the contingent liability is disclosed in the consolidated financial statements. (j)Income taxes (i)Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date. Current income tax assets and current income tax liabilities are only offset if a legally enforceable right exists to set off the amounts, and the Company intends to settle on a net basis or to realize the asset and settle the liability simultaneously. Current income taxes related to items recognized directly in equity are recognized directly in equity. (ii)Deferred income tax Deferred income tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities in the consolidated balance sheets and tax bases. Deferred income tax liabilities are recognized for all taxable temporary differences, except: •Where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss); and •In respect of taxable temporary differences associated with investments in subsidiaries, associate and joint venture, where the timing of the reversal of the temporary differences can be controlled by the parent or the joint venture and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, the carry forward of unused tax credits and unused tax losses can be used, except: •When the temporary difference results from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss); and •In respect of deductible temporary differences associated with investments in subsidiaries, associate and joint venture, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be used. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be used. Unrecognized deferred income tax assets are reassessed at each balance sheet date and are recognized to the extent that it has become probable that future taxable profit will be available to allow the deferred tax asset to be recovered. A translation gain or loss may arise for deferred income tax purposes where the local tax currency is not the same as the functional currency for non-monetary assets. A deferred tax asset or liability is recognized on the difference between the carrying amount for accounting purposes (which reflects the historical cost in the entity’s functional currency) and the underlying tax basis (which reflects the current local tax cost, translated into the functional currency using the current foreign exchange rate). The translation gain or loss is recorded in income taxes in the consolidated statements of earnings (loss). Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is expected to be realized or the liability settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred income taxes related to items recognized directly in equity are recognized directly in equity. Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current income tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. There is no certainty that future income tax rates will be consistent with current estimates. (k)Earnings (loss) per share The Company presents basic and diluted earnings (loss) per share data for its common shares. Basic earnings (loss) per share are calculated by dividing earnings (loss) attributable to equity holders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the treasury method for stock options and warrants, and the if converted method for equity settled share units. The treasury method assumes that outstanding stock options and warrants with an average exercise price below the market price of the underlying shares are assumed to be exercised and the assumed proceeds are used to purchase common shares of the Company from treasury at the average market price of the common shares for the period. The if converted method assumes that all equity settled share units have been converted in determining diluted (earnings) loss per share if they are in-the-money, except where such conversion would be anti-dilutive. (l)Share-based compensation The Company has the following share-based compensation plans with related costs included in general and administrative expenses. (i)Share incentive plan The Company has a number of equity-settled share-based compensation plans in respect to its directors and employees. Share-based compensation costs are measured based on the grant date fair value of the equity-settled instruments and recognized upon grant date over the related service period in the consolidated statements of earnings (loss) and credited to contributed surplus within shareholders’ equity. The Company uses the graded vesting method for attributing share option expense over the vesting period. The grant date fair value is based on the underlying market price of the common shares of the Company taking into account the terms and conditions upon which those equity-settled instruments were granted. The fair value of equity-settled instruments granted is estimated using the Black-Scholes model or other appropriate method and assumptions at grant date. Equity-settled awards are not re-measured subsequent to the initial grant date. Determination of the grant date fair value requires management estimates such as risk-free interest rate, volatility and weighted average expected life. Share option expense incorporates an expected forfeiture rate which is estimated based on historical forfeiture rates and expectations of future forfeiture rates. The Company makes adjustments if the actual forfeiture rate differs from the expected rate. The weighted average grant date fair value is the basis for which share-based compensation is recognized in earnings. Upon exercise of options and/or issuance of shares, consideration paid by the holder, as well as the grant date fair value of the equity-settled instruments, are transferred to common shares. (ii) Share purchase plan The Company has adopted a share purchase plan where the Company contributes towards the purchase of shares on the open market. The Company’s contribution vests on December 31 of each year and is charged to earnings in the year of contribution. (m)Revenue recognition Revenues include sales of gold and by-products. The Company recognizes revenue when it transfers control of a product to the customer. The principal activity from which the Company generates its revenue is the sale of gold to third parties. Delivery of the gold is considered to be the only performance obligation. Revenue is measured based on the consideration specified in the contract with the customer. (n)Deferred revenue Deferred revenue is recognized in the consolidated balance sheets when a cash prepayment is received from a customer prior to the sale of gold. Revenue is subsequently recognized in the consolidated statement of earnings (loss) when control has been transferred to the customer. The Company recognizes the time value of money, where there is a significant financing component and the period between the payment by the customer and the transfer of the contracted goods exceeds one year. Interest expense on deferred revenue is recognized in finance costs in the consolidated statement of earnings (loss), unless capitalized to construction in progress in accordance with the Company’s policy on capitalized borrowing costs. The Company determines the current portion of deferred revenue based on quantities anticipated to be delivered over the next twelve months. (o)Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease by determining whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. A right-of-use ("ROU") asset and lease liability is recognized at the lease commencement date. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received. The ROU asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, including periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option. In addition, the ROU asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date. The lease payments are discounted using the implicit interest rate in the lease. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability. If the rate cannot be readily determined, the Company’s incremental rate of borrowing is used. Generally, the Company uses its incremental borrowing rate as the discount rate. The lease liability is subsequently measured at amortized cost using the effective interest method whereby the balance is increased by interest expense and decreased by lease payments. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. The Company presents ROU assets within property, plant and equipment. The Company has elected not to recognize ROU assets and lease liabilities for leases that have a lease term of 12 months or less and leases of low-value assets. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. (p)Segmented information The Company’s operating segments are those operations whose operating results are reviewed by the Company’s chief operating decision maker ("CODM") to make resource allocation decisions and assess their performance. The Company's CODM is its executive leadership team. Operating segments whose revenues, net earnings or losses or assets exceed 10% of the total consolidated revenues, net earnings or losses or assets, are reportable segments. In order to determine the reportable operating segments, various factors are considered, including geographical location and managerial structure. It was determined that the Company’s gold segment is divided into reportable geographic segments. The Company’s other reportable segments have been determined to be the Côté Gold project, exploration and evaluation and development and corporate operating segments, which includes royalty interests and investments in associate and joint venture. (q)Significant accounting judgments, estimates and assumptions The preparation of consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Assumptions about the future and other major sources of estimation uncertainty at the end of the reporting period have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities, within the next financial year. The most significant judgments and sources of estimation uncertainty that the Company believes could have a significant impact on the amounts recognized in its consolidated financial statements are described below. (i)Mineral reserves and resources Key sources of estimation uncertainty Mineral reserves and resources have been estimated by qualified persons as defined in accordance with Canadian Securities Administrators’ National Instrument 43-101 Standards of Disclosure for Mineral Projects requirements. Mineral reserve and resource estimates include numerous uncertainties and depend heavily on geological interpretations and statistical inferences drawn from drilling and other data, and require estimates of the future price for the commodity and the future cost of operations. The mineral reserve and resource estimates are subject to uncertainty and actual results may vary from these estimates. Results from drilling, testing and production, as well as material changes in metal prices and operating costs subsequent to the date of an estimate, may justify revision of such estimate. A number of accounting estimates, as described in the relevant accounting policy notes, are impacted by the mineral reserve and resource estimates, which form the basis of the Company's LOM plans: •Capitalization and depreciation of stripping costs (note 3(c)(iii)); •Determination of the useful life of property, plant and equipment and measurement of the depreciation expense (note 3(d)); •Exploration and evaluation of mineral resources and determination of technical feasibility and commercial viability (note 3(e)). The application of the Company’s accounting policy for exploration and evaluation expenditures requires judgment in determining whether future economic benefits may be realized, which are based on assumptions about future events and circumstances; •Consideration of whether assets acquired meet the definition of a business or should be accounted for as an asset acquisition; •Impairment and reversal of impairment analysis of non-financial assets including evaluation of estimated future cash flows of CGUs (note 3(g)(ii)); and •Estimates of the outlays and their timing for AROs (note 3(h)). (ii)Impairment and reversal of impairment assessment of non-financial assets Key sources of estimation uncertainty Management’s assumptions and estimates of future cash flows used in the Company’s impairment assessment of non-financial assets are subject to risk and uncertainties, particularly in market conditions where higher volatility exists, and may be partially or totally outside of the Company's control. If an indication of impairment or reversal of a previous impairment charge exists, or if an exploration and evaluation asset is determined to be technically feasible and commercially viable, an estimate of a CGU's recoverable amount is calculated. The recoverable amount is based on the higher of FVLCD and VIU using a discounted cash flow methodology taking into account assumptions that would be made by market participants, unless there is a market price available based on a recent purchase or sale of a mine. Cash flows are for periods up to the date that mining is expected to cease which depends on a number of variables including recoverable mineral reserves and resources, expansion plans and the forecasted selling prices for such production (note 7). In estimating the net realizable value of inventories, a significant estimate is made regarding the quantities of saleable metals included in stockpiles based on the quantities of ore, the grade of ore, the estimated recovery percentage, cost to complete and long-term commodity prices. There can be no assurance that actual quantities will not differ significantly from estimates used (note 18). Judgments made in relation to accounting policies Both internal and external sources of information are required to be considered when determining the presence of an impairment indicator or an indicator of reversal of a previous impairment. Judgment is required around significant adverse changes in the business climate which may be indicators of impairment such as a significant decline in the asset’s market value, decline in resources and/or reserves including as a result of geological re-assessment or change in timing of extraction of resources and/or reserves which would result in a change in the discounted cash flow, and lower metal prices or higher input cost prices than would have been expected since the most recent valuation. Judgment is also required when considering whether significant positive changes in any of these items indicate a previous impairment may have reversed. Judgment is required to determine whether there are indications that the carrying amount of an exploration project is unlikely to be recovered in full from the successful development or the sale of the project. (iii)Derivative financial instruments Judgments made in relation to accounting policies Judgment is required to determine if an effective hedging relationship exists throughout the financial reporting period for derivative financial instruments classified as cash flow hedges. Management assesses the relationships on an ongoing basis to determine if hedge accounting is appropriate. Key sources of estimation uncertainty The Company monitors on a regular basis its hedge position for its risk exposure to fluctuations of the U.S. dollar compared to other currencies, and fluctuations in prices of commodities such as oil and gold. Forecasts are based on estimates of future transactions. For its derivative contracts, valuations are based on forward rates considering the market price, rate of interest and volatility, and take into account the credit risk of the financial instrument. Refer to note 30 for more detailed information and sensitivity analyses based on changes in currencies and commodity prices. (iv)Provisions and recognition of a liability for loss contingencies Judgments made in relation to accounting policies Judgments are required to determine if a present obligation exists at the end of the reporting period by considering all available evidence, including the opinion of experts. The most significant provisions that require judgment to determine if a present obligation exists are contingent losses related to claims and AROs. This includes an assessment of how to account for obligations based on the most recent closure plans and environmental regulations. Key sources of estimation uncertainty Provisions related to present obligations, including AROs, are management’s best estimate of the amount of probable future outflow, expected timing of payments, and discount rates if the effect of discounting is material. Refer to note 25(a). (v)Deferred revenue Judgments made in relation to accounting policies In assessing the accounting for the Company’s forward gold sale arrangement (note 29), the Company used judgment to determine that the upfront cash prepayment received was not a financial liability as the sale is expected to be settled through the delivery of gold, which is a non-financial item rather than through cash or other financial assets. It is the Company’s intention to settle this arrangement through its own production. If such settlement is not expected to occur, the forward gold sale arrangement would become a financial liability as a cash settlement may be required.
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NEW ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE |
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Dec. 31, 2021 | |
| Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | |
| New Accounting Standards Issued but Not Yet Effective | New Accounting Standards Issued but Not Yet Effective The following new accounting standards were not yet effective for the year ended December 31, 2021, and have not been applied in preparing these consolidated financial statements. IAS 16, Property, Plant and Equipment The IASB issued an amendment to IAS 16, Property, Plant and Equipment to prohibit deducting from property, plant and equipment amounts received from selling items produced while preparing an asset for its intended use. Instead, sales proceeds and related costs must be recognized in profit or loss. The amendment will require companies to distinguish between costs associated with producing and selling items before the item of property, plant and equipment is available for use and costs associated with making the item of property, plant and equipment available for its intended use. The amendment is effective for annual periods beginning on or after January 1, 2022, with earlier application permitted. The amendment is applicable to the accounting for the Company's Côté Gold project and the Company will recognize any sales proceeds and related costs of producing and selling the incidental ounces in profit or loss effective January 1, 2022.
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COST OF SALES |
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| Analysis of income and expense [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of Sales | Cost of Sales
1.Operating costs include mine production, transport and smelter costs, and site administrative expenses. 2.Depreciation expense excludes depreciation related to corporate office assets, which is included in general and administrative expenses.
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GENERAL AND ADMINSTRATIVE EXPENSES |
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| General and Administrative Expenses | General and Administrative Expenses
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IMPAIRMENT CHARGES, NET OF REVERSAL |
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| Disclosure of impairment of assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impairment (Charge) Reversal | Impairment (Charge) Reversal
1.The Rosebel CGU consists of Rosebel and the Rosebel royalty payable to Euro Ressources S.A by the Company. The Company performs impairment testing for its property, plant and equipment when indicators of potential impairment or reversal of previously recognized impairment are identified. Rosebel CGU - December 31, 2021 The updated Mineral Reserves and Mineral Resources estimates and life-of-mine plan for Rosebel were considered by the Company to be an indicator of impairment for the Rosebel CGU. Doyon CGU - September 30, 2021 An increase in estimated costs over the life-of-mine based on the Company’s current plans and an increase in the asset retirement obligation were considered by the Company to be an indicator of impairment for the Doyon CGU, which includes the Westwood mine. Côté Gold CGU - June 30, 2021 An increase in the estimated project costs was considered by the Company to be an indicator of impairment for the Côté Gold CGU. Impairment tests The recoverable amounts of the CGUs were determined by calculating the FVLCD. The FVLCD was determined by calculating the net present value of the estimated future cash flows (level 3 of the fair value hierarchy). The significant estimates and assumptions used in determining the FVLCD for the CGUs were the life-of-mine production profile, future capital and operating expenditures, future gold prices, future foreign exchange rates, reserves and resources, discount rate and value of un-modeled mineralization. The estimates of future cash flows were derived from the most recent life-of-mine plans or technical reports. Management estimated gold prices based on observable market data, including spot price and industry analysts' forecast consensus. The Company used an estimated gold price of $1,750 per ounce for 2022 and 2023, $1,700 per ounce for 2024 and 2025, and $1,500 thereafter. The future cash flows used to calculate the FVLCD were discounted using a real weighted average cost of capital of 7.0% for Rosebel, 7.0% for Doyon and 5.5% for Côté Gold which reflected specific market risk factors for the mines. Un-modeled measured and indicated resources and a portion of un-modeled inferred resources, where applicable, were valued at $45 per ounce, based on recent market transactions. An impairment test was performed for the Rosebel CGU and it was determined that the carrying amount exceeded its estimated recoverable amount of $373.8 million. This resulted in an impairment charge of $205.1 million (post-tax impairment charge of $132.9 million) being recognized in the consolidated statements of earnings (loss). An impairment test was performed for the Doyon and Côté Gold CGUs, and it was determined that no impairment or reversal of impairment was required. Essakane CGU - December 31, 2020 In the consolidated statements of earnings (loss) for the year ended December 31, 2020, the Company recorded a $45.8 million reversal of the previous impairment charge recorded in 2013. As a result of the continued increase in the spot price of gold and the significant increase in analysts’ consensus for future gold prices, the Company increased its long-term gold price estimates as at December 31, 2020, which was considered to be an indicator of reversal of previously recognized impairment, as the gold price represented a significant change in the key inputs used to determine the Essakane CGU’s recoverable amount. As a result, an assessment was performed for the Essakane CGU, and it was determined that the recoverable amount exceeded its carrying amount of $701.6 million. This resulted in a full reversal of the remaining provision for the previously recognized impairment.
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OTHER EXPENSES |
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| Other Expenses | Other Expenses
1.COVID-19 expenses pertain to incremental costs resulting from the impact of COVID-19 on the operations of the Company, including costs related to incremental labour, transportation, safety and other operational measures and processes implemented to manage the impact of COVID-19. 2.Temporary suspension costs pertain to the temporary work stoppage at Rosebel from June 12 to July 24, 2020. 3.Westwood mine was on care and maintenance between March 25, 2020 and April 15, 2020 as directed by the Government of Quebec in response to the global COVID-19 crisis. Westwood mine was on care and maintenance between October 30, 2020 and June 1, 2021 due to a seismic event. 4.Changes in asset retirement obligations at closed mines primarily relates to an increase in the ARO for Doyon based on the updated closure plan.
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FINANCE COSTS |
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| Finance Costs | Finance Costs
1.Capitalized interest expense of $30.6 million and accretion expense for gold prepayment of $9.9 million to qualifying assets. Total interest paid during the year ended December 31, 2021 was $31.4 million (December 31, 2020 - $31.4 million). Interest paid relates to interest charges on the Company's 5.75% senior notes, credit facility, equipment loans and leases.
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INTEREST INCOME, DERIVATIVES AND OTHER INVESTMENT GAINS (LOSSES) |
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| Interest Income, Derivatives and Other Investment Gains (Losses) | Interest Income, Derivatives and Other Investment Gains (Losses)
1.The Company sold 35 royalties on various non-core exploration and development properties for cash consideration of $46.2 million. After transaction costs of $0.3 million, the Company recognized a gain of $45.9 million. 2.Rosebel Gold Mines received a business interruption insurance payment of $10.2 million related to the interruption of its operations in the third quarter 2019. 3.Upon the establishment of the Rosebel UJV, the Company derecognized 30% of the assets and liabilities related to the Area of Interest as defined in the Rosebel UJV and recorded a gain of $16.9 million.
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EXPENSES BY NATURE |
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| Analysis of income and expense [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expenses by Nature | Expenses by Nature The following employee benefits expenses are included in cost of sales, general and administrative expenses, exploration expenses and other expenses.
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INCOME TAXES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes The effective tax rates for the years ended December 31, 2021 and 2020 were 20.2% and 44.6%, respectively. Income tax expenses/(recoveries) consisted of the following components:
The Company is subject to income tax in several jurisdictions, at various tax rates. A number of factors other than the current year tax rates affect the relationship between the income or losses in a jurisdiction for financial accounting reporting purposes and the income tax provision required to be recognized for those same reporting purposes. These factors are illustrated below on all of the consolidated earnings (loss) before income taxes after applying a tax rate of 26.5%, reflecting the combined Canadian statutory corporate income tax rate which applies to the Company as a legal entity for the year ended December 31, 2021 and December 31, 2020:
The components that give rise to deferred income tax assets and liabilities are as follows:
Income tax expenses/(recoveries) related to OCI consisted of the following components:
Unrecognized Deferred Income Tax Assets As at December 31, 2021, the Company did not recognize the benefit related to the following deferred income tax assets for the above related items in its consolidated financial statements, as management did not consider it probable that the Company would be able to realize these deferred income tax assets in the future. Deferred income tax assets have not been recognized in respect of the following deductible temporary differences:
The net capital loss carry forwards are restricted in use against capital gains but may be carried forward indefinitely. The exploration and evaluation assets may be carried forward indefinitely. At December 31, 2021, the non-capital loss carry forwards expire as follows:
The Company has not recognized a deferred income tax liability on temporary differences of $724.1 million (December 31, 2020 - $717.0 million) related to investments in certain subsidiaries and joint venture because the Company can control the reversal of the temporary differences and the temporary differences are not expected to reverse in the foreseeable future. The Company designates all dividends paid to its shareholders to be eligible dividends. The 2021 movement for net deferred income tax liabilities is summarized as follows:
The 2020 movement for net deferred income tax liabilities is summarized as follows:
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EARNINGS (LOSS) PER SHARE |
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| Earnings per share [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings (Loss) Per Share | Earnings (Loss) Per Share (a)Basic earnings (loss) per share computation
(b)Diluted earnings (loss) per share computation
1.The impact of outstanding potentially dilutive instruments is excluded from the diluted share calculation for loss per share amounts as they are anti-dilutive. Equity instruments excluded from the computation of diluted earnings (loss) per share which could be dilutive in the future were as follows:
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CASH FLOW ITEMS |
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| Cash Flow Statement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Flow Items | Cash Flow Items (a)Adjustments for other non-cash items within operating activities
(b)Movements in non-cash working capital items and non-current ore stockpiles
(c) Other investing activities
(d) Reconciliation of long-term debt arising from financing activities
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CASH AND CASH EQUIVALENTS |
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| Subclassifications of assets, liabilities and equities [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Cash and Cash Equivalents |
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RESTRICTED CASH |
12 Months Ended |
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Dec. 31, 2021 | |
| Subclassifications of assets, liabilities and equities [abstract] | |
| Restricted Cash | The Company had long-term restricted cash of $42.2 million as at December 31, 2021 (December 31, 2020 - $38.6 million), in support of environmental closure costs obligations related to the Essakane mine. |
RECEIVABLES AND OTHER CURRENT ASSETS |
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| Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables and Other Current Assets |
1.Receivables from governments relate primarily to value added and sales taxes.
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INVENTORIES |
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| Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories |
For the year ended December 31, 2021, the Company recognized a net realizable value write-down in finished goods amounting to $28.1 million (December 31, 2020 - $nil). For the year ended December 31, 2021, the Company recognized a net realizable value write-down in current ore stockpiles amounting to $9.4 million (December 31, 2020 - $nil) and non-current ore stockpiles amounting to $101.1 million (December 31, 2020 - $nil). For the year ended December 31, 2021, the Company recognized a write-down in mine supplies inventories amounting to $4.9 million (December 31, 2020 - $5.7 million).
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INVESTMENT IN ASSOCIATE |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interests In Other Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment in Associate | Investment in Associate The Company had an investment in INV Metals, which was accounted for under the equity method.
1.Latest publicly available information for INV Metals. 2.Associate relates to INV Metals. The Company's ownership interest in INV Metals as at December 31, 2021 was 0% (December 31, 2020 - 35.5%). On January 28, 2021, the Company participated in a private placement and acquired an additional 4.8 million common shares of INV Metals at a price of CAD$0.45 per share for an aggregate amount of $1.7 million (CAD$2.2 million) to maintain a 35.5% ownership interest. Dundee Precious Metals Inc. (“DPM”) acquired all of the issued and outstanding shares of INV Metals in exchange for 0.0910 common shares of DPM for each common share of INV Metals. The Company received 4.9 million common shares of DPM with a fair value of $28.7 million, recorded as marketable securities. The transaction resulted in a gain of $16.1 million calculated as the difference between the fair value of the DPM common shares ($28.7 million) and the carrying amount of the investment ($9.4 million) and the amount reclassified from Currency translation adjustment ($3.2 million).
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ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS |
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| Disclosure of non-current assets held for sale and discontinued operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disposition of Sadiola | Disposition of Sadiola On December 30, 2020, the Company together with its joint venture partner AngloGold Ashanti Limited (“AGA”) completed the sale of their collective interest in Sadiola. Upon closing, the Company and AGA received $50.0 million ($25.0 million each). In addition, on January 4, 2021, the Company and AGA received additional consideration of $3.6 million ($1.8 million each). Following closing, the Company and AGA remain entitled to the following deferred consideration: •$25.0 million ($12.5 million each) upon the production of the first 250,000 ounces from the Sadiola Sulphides Project (“SSP”) (“milestone payment”); •$25.0 million ($12.5 million each) upon the production of a further 250,000 ounces from the SSP (“milestone payment”); and •$2.5 million ($1.25 million each) in the event a favourable settlement is achieved by Sadiola in ongoing litigation pending before the Malian courts (“litigation settlement”). Upon disposal, the Company recognized a gain of $4.1 million, net of transaction costs as calculated below, which has been included in net earnings from discontinued operations in the consolidated statements of earnings (loss).
1.Fair value ascribed to the contingent milestone payments. The significant estimates and assumptions used in determining the fair value of the contingent payments were the production profile and discount rate (level 3 of the fair value hierarchy).
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PROPERTY, PLANT AND EQUIPMENT |
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| Property, plant and equipment [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment | Property, Plant and Equipment
1.Right-of-use assets consist of property, plant and equipment related to assets leased and accounted for under IFRS 16. 2.Upon the establishment of the Rosebel UJV, the Company derecognized 30% of the assets and liabilities related to the Rosebel UJV Area of Interest and recorded a gain of $16.9 million, which has been included under interest income and derivatives and other investment gains (losses) in the consolidated statements of earnings (loss). 3.Excludes depreciation expense related to corporate office assets, included within other non-current assets, which is included in general and administrative expenses. In 2021, borrowing costs attributable to qualifying assets associated with the Essakane, Rosebel and Westwood mines and the Côté Gold and Saramacca projects totaling $40.5 million (2020 - $24.0 million) were capitalized using a weighted average interest rate of 5.80% (2020 - 6.42%). The weighted average interest rate was based on the 5.75% senior notes, equipment loans, gold prepayment and leases. As at December 31, 2021, mining properties included capitalized stripping costs of $276.3 million (December 31, 2020 - $230.8 million). Stripping costs of $127.3 million were capitalized during 2021 (2020 - $86.0 million), and $81.8 million were depreciated during 2021 (2020 - $66.5 million).
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EXPLORATION AND EVALUATION ASSETS |
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| Exploration For And Evaluation Of Mineral Resources [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exploration and Evaluation Assets | Exploration and Evaluation Assets
1.The Company acquired the Fayolle Property in exchange for 1,851,145 common shares of IAMGOLD (note 33). The value of the share consideration of $6.7 million, fees and subsequent exploration expenditures of $0.6 million were capitalized to exploration and evaluation assets. 2.The Company acquired the remaining 25% interest of the Monster Lake project from Tomagold Corporation in exchange for 1,464,377 common shares of IAMGOLD (note 33), valued at $4.9 million, and cash consideration of $0.4 million. The total value of the consideration of $5.3 million was capitalized to exploration and evaluation assets.
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OTHER NON-CURRENT ASSETS |
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| Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER NON-CURRENT ASSETS |
1.Includes advances related to the Côté Gold project of $33.0 million (December 31, 2020 - $nil). 2.The Company, through its 90%-owned subsidiary EURO Ressources S.A. (“EURO”), entered into an agreement with a subsidiary of Orezone Gold Corporation (“Orezone”) whereby EURO is entitled to receive 50% of the payable silver production over the life of mine on Orezone’s Bomboré Project for $7.15 million. The agreement also stipulates a minimum guaranteed delivery obligation in favour of EURO of 37,500 ounces of silver per annum subject to a catch-up payment on a shortfall on specified timelines, until delivery of 375,000 ounces of payable silver after which the minimum annual payment guarantee will no longer apply. The agreement is accounted for as a royalty interest. The royalty interest is recorded at cost and subsequently measured at cost less accumulated depreciation. 3.On March 6, 2017, the Company signed an agreement with a third-party for the construction of a solar power plant to deliver power to the Essakane mine for a period of 15 years upon commissioning for active use. The solar power plant was commissioned for active use on June 1, 2018. A prepayment of $4.9 million was made in 2017 towards the purchase of power in connection with the agreement, and for the year ended December 31, 2021, $0.3 million (year ended December 31, 2020 - $0.3 million) was utilized.
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OTHER CURRENT LIABILITIES |
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| Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Current Liabilities | Other Current Liabilities
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PROVISIONS |
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| Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROVISIONS |
(a)Asset retirement obligations The Company’s activities are subject to various laws and regulations regarding environmental restoration and closure for which the Company estimates future costs and recognizes a provision. These provisions may be revised on the basis of amendments to such laws and regulations and the availability of new information, such as changes in reserves corresponding to a change in the LOM, changes in discount rates, approved closure plans, estimated costs of reclamation activities and acquisition or construction of a new mine. The Company makes a provision based on the best estimate of the future cost of rehabilitating mine sites and related production facilities on a discounted basis. The following table presents the reconciliation of the provision for asset retirement obligations:
As at December 31, 2021, the Company had letters of credit worth $1.7 million for the guarantee of certain environmental obligations (December 31, 2020 - $1.7 million). In addition, the Company had restricted cash of $42.2 million (December 31, 2020 - $38.6 million) in support of environmental closure costs obligations related to the Essakane mine (note 16). As at December 31, 2021, the Company had CAD$167.4 million ($132.3 million; December 31, 2020 - CAD$167.4 million ($131.2 million)) of uncollateralized surety bonds, issued pursuant to arrangements with insurance companies, in support of environmental closure costs obligations related to the Doyon division (note 28(e)). As at December 31, 2021, the Company had CAD$47.9 million ($37.8 million; December 31, 2020 - CAD$47.9 million ($37.6 million)) of uncollateralized surety bonds, issued pursuant to arrangements with insurance companies, in support of environmental closure costs obligations related to the Côté Gold project. As at December 31, 2021, the schedule of estimated undiscounted future disbursements for rehabilitation was as follows:
1.Disbursements in US$ relate to the Essakane and Rosebel mines, and CAD$ disbursements relate to the Doyon division, including Westwood mine and other Canadian sites. As at December 31, 2021, estimated undiscounted amounts of cash flows required to settle the obligations and expected timing of payments assumed in measuring the asset retirement obligations were as follows:
(b)Provisions for litigation claims and regulatory assessments The Company is from time to time involved in legal proceedings and regulatory inquiries, arising in the ordinary course of business. Typically the amount of ultimate liability with respect to these actions will not, in the opinion of management, materially affect the Company’s financial position, results of operations or cash flows. The Attorney General of Burkina Faso commenced proceedings against Essakane S.A. and certain of its employees generally relating to its practice of exporting carbon fines containing gold and silver from Burkina Faso to a third-party facility in Canada for processing and eventual sale. From the sale of gold and silver extracted from carbon fines, Essakane S.A. has paid (and would pay in respect of the shipment that is currently embargoed) the royalty applicable under the Burkina Faso Mining Code to other gold and silver produced by Essakane. An internal review of the veracity of the allegations was undertaken and, other than in respect of certain notification and other relatively immaterial regulatory violations, the Company believes it is in a position to vigorously defend against the allegations. At this time, the Company cannot predict the outcome and any resulting penalties with any certainty, accordingly, no amounts have been recorded for any potential liability arising from the proceedings. Subsequent to the sale of the Company’s indirect interest in the Sadiola mine, its wholly-owned subsidiary that held the partial interest therein received a claim from tax authorities that taxes are owed on the proceeds. For a variety of reasons, including the fiscal stability provision in the mining convention, the subsidiary is of the view that the claim is without merit and is vigorously defending it. Essakane S.A. received correspondence from the Burkina Faso customs authorities regarding the rate applied to imports during an expansion in 2012. The Company is in discussions with authorities on the matter and the amount the Company may be required to pay is not yet known.
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LEASES |
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| Disclosure of leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases
Leases are entered into and exist to meet specific business requirements, considering the appropriate term and nature of the leased asset. Extension options Some property leases contain extension options exercisable by the Company up to one year before the end of the non-cancellable contract period. The extension options held are exercisable only by the Company and not by the lessors. The Company assesses at the lease commencement date whether it is reasonably certain to exercise the extension options. The Company reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant changes in circumstances within its control. Some mobile equipment leases contain extension options which are exercisable by the Company, but require renegotiation or mutual agreement with the lessor. As these extension options are not exercisable only by the Company, the lease terms do not reflect the extension options and this resulted in some of the leases being classified as short-term. Short-term and low-value leases and variable lease payments Short-term leases are leases with a lease term of twelve months or less and leases of low-value assets are comprised of miscellaneous equipment. Such items are recognized in cost of sales or general and administrative expenses in the consolidated statements of earnings (loss). Some lease payments are driven by variable rates which are based on time, usage or a combination of both. Variable lease payments are not included in the lease liability and are recognized in cost of sales or exploration expenses in the consolidated statements of earnings (loss) when incurred.
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Other Liabilities |
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| Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities | Other Liabilities
(a)Embedded derivative - Rosebel power purchase agreement Rosebel has a power purchase agreement with the Government of Suriname. This agreement specifies both the quantity of power Rosebel is expected to purchase as well as the price per kilowatt hour. An embedded derivative exists in the Rosebel power purchase agreement as increases in electricity prices are linked to the price of gold. This embedded derivative is accounted for separately from the host contract at FVTPL as the economic characteristics and risks of the host contract and the embedded derivative are not closely related. The Company recognized an embedded derivative liability of $29.2 million as at December 31, 2021 due primarily to the forward price of gold exceeding the minimum price threshold set in the agreement. (b)Yatela liability On February 14, 2019, Sadiola Exploration Limited ("SADEX"), a subsidiary jointly held by the Company and AGA, entered into a share purchase agreement with the Government of Mali, as amended from time to time, whereby SADEX agreed to sell to the Government of Mali its 80% participation in Société d’Exploitation des Mines d’Or de Yatela ("Yatela"), for a consideration of $1. The transaction remains subject to the fulfillment of a number of conditions precedent as specified in the transaction. As part of the transaction, and upon its completion, SADEX will make a one-time payment of approximately $37.0 million to the dedicated state account, corresponding to the estimated costs of completing the rehabilitation and closure of the Yatela mine, and also financing certain outstanding social programs. Upon completion and this payment being made, SADEX and its affiliated companies will be released of all obligations relating to the Yatela mine. The Company will fund approximately $18.5 million of the payment.
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LONG-TERM DEBT AND CREDIT FACILITY |
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| Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LONG-TERM DEBT AND CREDIT FACILITY | Long-term Debt and Credit Facility
(a)5.75% senior notes ("Notes") On September 23, 2020, the Company completed the issuance of $450 million aggregate principal amount of Notes with an interest rate of 5.75% per annum. The Notes are denominated in U.S. dollars and mature on October 15, 2028. Interest is payable in arrears in equal semi-annual installments on April 15 and October 15 of each year, beginning on April 15, 2021. The Notes are guaranteed by certain of the Company's subsidiaries. The Company incurred transaction costs of $7.5 million which have been capitalized and offset against the carrying amount of the Notes within long-term debt in the consolidated balance sheets and are being amortized using the effective interest rate method. Prior to October 15, 2023, the Company has the right to redeem some or all of the Notes at a price equal to 100% of the principal amount of the Notes plus a "make-whole" premium, plus accrued and unpaid interest, if any, up to the redemption date. After October 15, 2023, the Company has the right to redeem the Notes, in whole or in part, at the relevant redemption price (expressed as a percentage of the principal amount of the Notes) plus accrued and unpaid interest, if any, up to the redemption date. The redemption price for the Notes during the 12-month period beginning on October 15 of each of the following years is: 2023 – 104.313%; 2024 – 102.875%; 2025 - 101.438%; 2026 and thereafter - 100%. Prior to October 15, 2023, using the cash proceeds from an equity offering, the Company has the right to redeem up to 40% of the original aggregate principal amount of the Notes at a redemption price equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, up to the redemption date. The prepayment options are options that represent an embedded derivative asset to the Company and are presented as an offset to the Notes on the consolidated balance sheets. The debt component was initially recognized at $454.2 million, which represented the difference between the fair value of the financial instrument as a whole and the fair value of the embedded derivative at inception. Subsequently, the debt component is recognized at amortized cost using the effective interest rate method. The embedded derivative is classified as a financial asset at FVTPL. The fair value of the embedded derivative as at December 31, 2021 was $1.5 million (December 31, 2020 - $8.4 million) (note 31(a)). The following are the contractual maturities related to the Notes, including interest payments:
1.The carrying amount of the long-term debt excludes unamortized deferred transaction costs of $6.3 million as at December 31, 2021 (December 31, 2020 – $7.2 million) and the embedded derivative. (b)7% senior notes On September 8, 2020, the Company issued a notice to redeem its 7% senior notes for a total amount of $421.3 million, funded the redemption on September 29, 2020 and the indenture governing the 2025 Notes was satisfied and discharged on this date. The resulting loss of $22.5 million was recognized in interest income and derivatives and other investment gains (loss) in the consolidated statements of earnings (loss) (note 10). (c)Equipment loans On June 27, 2019, the Company executed a €20.5 million ($23.3 million) loan agreement with an interest rate of 5.23% per annum, secured by certain mobile equipment. This loan matures on June 27, 2024 and is repayable in quarterly installments beginning on September 27, 2019. The Company incurred transaction costs of $0.3 million which have been capitalized and offset against the carrying amount of the equipment loan within long-term debt in the consolidated balance sheets and are being amortized using the effective interest rate method. On May 12, 2020, the Company executed a CFA6.545 billion ($10.9 million) loan agreement with an interest rate of 5.95% per annum, secured by certain mobile equipment. This loan matures on May 31, 2024 and is repayable in monthly installments beginning on June 30, 2020. The equipment loans are carried at amortized cost on the consolidated balance sheets. The following are the contractual maturities related to the equipment loans, including interest payments:
1.The carrying amount of the long-term debt excludes unamortized deferred transaction costs of $0.2 million as at December 31, 2021 (December 31, 2020 – $0.2 million). (d)Credit facility The Company has a $500 million secured revolving credit facility, which was entered into in December 2017 and was amended, from time to time, including in February 2021 to primarily extend the maturity date from January 31, 2023 to January 31, 2025 for $490 million of the available credit. As of December 31, 2021, the Company had letters of credit worth $1.7 million drawn against the credit facility for the guarantee of certain environmental obligations (December 31, 2020 - $1.7 million). The credit facility provides for an interest rate margin above London Interbank Offered Rate, banker’s acceptance prime rate and base rate advances which vary according to the total net debt ratio of the Company. Fees related to the credit facility vary according to the total net debt ratio of the Company. This credit facility is secured by certain of the Company's real assets, guarantees by certain of the Company’s subsidiaries and pledges of shares of certain of the Company's subsidiaries. The key terms of the credit facility include certain limitations on incremental debt, certain restrictions on distributions and financial covenants including Net Debt to Earnings Before Interest, Taxes, Depreciation and Amortization, and Interest Coverage. The Company was in compliance with its credit facility covenants as at December 31, 2021. (e)Uncollateralized surety bonds As at December 31, 2021, the Company had CAD$215.3 million (December 31, 2021 - $170.1 million; December 31, 2020 ‐ CAD$215.3 million, $168.8 million) of uncollateralized surety bonds, issued pursuant to arrangements with insurance companies, in support of environmental closure costs obligations related to the Doyon division and the Côté Gold project. (f)Uncollateralized performance bonds As at December 31, 2021, uncollateralized performance bonds of CAD$39.1 million (December 31, 2021 - $30.9 million; December 31, 2020 - CAD$39.1 million, $30.7 million) were outstanding in support of certain obligations related to the construction of the Côté Gold project.
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DEFERRED REVENUE |
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| Disclosure of revenue from contracts with customers [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DEFERRED REVENUE | Deferred Revenue On January 15, 2019, the Company entered into a gold sale prepayment arrangement with a syndicate of banks whereby the Company received a cash prepayment of $169.8 million in exchange for delivering 12,500 ounces of gold per month in 2022 for a total of 150,000 ounces, with a gold floor price of $1,300 per ounce and a cap price of $1,500 per ounce. This arrangement has been accounted for as a contract in the scope of IFRS 15 Revenue from Contracts with Customers whereby the cash prepayment has been recorded as deferred revenue in the consolidated balance sheets and will be recognized as revenue when deliveries are made. The prepayment was made on the basis of $1,300 per ounce. If the spot price on delivery of the gold ounces exceeds $1,300 per ounce, the Company will receive in cash the difference between the spot price and $1,300 per ounce, capped at $1,500 per ounce, which also will be recognized as revenue when the gold is delivered. An interest cost of 5.38% per annum, representing the financing component of the cash prepayment, was recognized as part of finance costs. The following table summarizes the change in deferred revenue:
The Company entered into further gold sale prepayment arrangements at a weighted average cost of 4.45% per annum in respect of 150,000 gold ounces. These arrangements have an average forward contract price of $1,753 per ounce on 50,000 gold ounces and a collar range of $1,700 to $2,100 per ounce on 100,000 gold ounces. This will result in a total prepayment to the Company of $236 million over the course of 2022 and the requirement on the part of the Company to physically deliver such ounces to the counterparties over the course of 2024. The gold sale prepayment arrangements will be recorded as deferred revenue in the consolidated balance sheets when the prepayments are received and will be recognized as revenue in the consolidated statements of earnings (loss) when deliveries are made.
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FINANCIAL INSTRUMENTS |
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| Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FINANCIAL INSTRUMENTS | (a)Risks The Company is subject to various financial risks that could have a significant impact on profitability, levels of operating cash flow and financial conditions. Ongoing financial market conditions may have an impact on interest rates, gold prices and currency rates. The Company is exposed to various liquidity, credit and market risks associated with its financial instruments, and manages those risks as follows: (i)Liquidity risk Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing this risk is to ensure that there is sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damages. As at December 31, 2021, the Company’s cash and cash equivalents and short-term investments balance was $552.5 million (December 31, 2020 - $947.5 million) and it had $498.3 million available under its credit facility (note 28(d)). As at December 31, 2021, the Company had accounts payable and accrued liabilities of $304.4 million (December 31, 2020 - $244.7 million), total lease liabilities of $65.6 million (December 31, 2020 - $66.8 million), Notes payable of $445.7 million (December 31, 2020 - $438.6 million) and equipment loans payable of $18.7 million (December 31, 2020 - $28.0 million). The Company has a treasury policy designed to support management of liquidity risk as follows: •Evaluate, review and monitor on a periodic basis, credit ratings and limits for counterparties with whom funds are invested; •Monitor cash balances within each operating entity; •Perform short to medium-term cash flow forecasting, as well as medium and long-term forecasting incorporating relevant budget information; and •Determine market risks inherent in the business, including currency, fuel and gold commodities and evaluate, implement and monitor hedging strategies through the use of derivative instruments. Under the terms of the Company’s derivative agreements, counterparties cannot require the immediate settlement of outstanding derivatives, except upon the occurrence of customary events of default such as covenant breaches, including financial covenants, insolvency or bankruptcy. The Company generally mitigates liquidity risk associated with these instruments by spreading out the maturity of its derivatives over time. (ii)Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The maximum amount of credit risk is equal to the balance of cash and cash equivalents, receivables, short-term investments, derivative assets and restricted cash. Where applicable, the measurement of the fair value of derivatives accounts for counterparty credit risk. The Company holds cash and cash equivalents, short-term investments and restricted cash in creditworthy financial institutions that comply with the Company’s investment policy and its credit risk parameters. For derivatives, the Company mitigates credit risk by entering into derivatives with high quality counterparties, limiting the exposure per counterparty, and monitoring the financial condition of the counterparties. Credit risk related to gold receivables is considered minimal as gold is sold to creditworthy counterparties and settled promptly, usually within the following month. Credit risk is also related to receivables from Staatsolie and governments and the deferred consideration receivable from the sale of Sadiola. The receivables from governments primarily relate to value added and sales taxes. The Company has rights to these receivables based on application of tax laws and regularly monitors collection of the amounts. Receivables from Staatsolie relate to the amount outstanding from Staatsolie, in addition to ongoing operating and capital expenditures, which will be paid out of Staatsolie's gold entitlement from the Saramacca property and the Company monitors collection in line with the terms of the underlying agreements. (iii)Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. For hedging activities, it is the risk that the fair value of a derivative might be adversely affected by a change in underlying commodity prices or currency exchange rates, and that this in turn affects the Company’s financial condition. The Company mitigates market risk by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken, establishing trading agreements with counterparties under which there are no requirements to post any collateral or make any margin calls on derivatives. Counterparties cannot require settlement solely because of an adverse change in the fair value of a derivative. Market risk comprises the following types of risks: share and commodity market price risk, currency risk, and interest rate risk. Currency exchange rate risk Movements in the Canadian dollar (CAD) against the U.S. dollar (USD) have a direct impact on the Company’s consolidated financial statements. The Company manages its exposure to the Canadian dollar by executing option and forward contracts. The Company’s objective is to hedge its exposure to the Canadian dollar resulting from operating and capital expenditure requirements at some of its mine sites, corporate offices and development projects. The Company has designated option and forward contracts as cash flow hedges for its highly probable forecasted Canadian dollar expenditure requirements. The Company has elected to only designate the change in the intrinsic value of options in the hedging relationships. The change in fair value of the time value component of options is recorded in OCI as a cost of hedging (note 30(c)). As at December 31, 2021, the Company's outstanding derivative contracts which qualified for hedge accounting and the periods in which the cash flows are expected to occur and impact the consolidated statements of earnings (loss) and property, plant and equipment balance on the consolidated balance sheets are as follows:
1.The Company executed Canadian dollar collar options, which consist of Canadian dollar call and put options within the given range in 2022 through 2024. The Company will recognize a gain from the difference between a lower market price and the Canadian dollar call strike price. The Company will incur a loss from the difference between a higher market price and the Canadian dollar put strike price. The table below sets out the fair value of the Company's outstanding derivative contracts which qualified for hedge accounting as at December 31, 2021, and what the fair value would have been based on an increase or decrease of 10% in the U.S. dollar exchange rate. The entire change in fair value would be recorded in the consolidated statements of comprehensive income (loss) as OCI.
The Company entered into a Target Accrual Redemption Forward ("TARF") structure as part of its strategy to manage exposure to the Canadian dollar. The Company has not designated the TARF financial derivative contract as a hedge for accounting purposes, although the Company does consider this arrangement to be an effective economic hedge. The derivative structure includes a termination feature as well as a leverage component. Contractual terms of the TARF include the following: •On any monthly option fixing date, if the USDCAD exchange rate is below the strike price of 1.30675, the Company expects to exercise its option and deliver $7.7 million and receive CAD$10 million. •On any monthly option fixing date, if the USDCAD exchange rate is above the strike price of 1.30675, the Company expects that the counterparty will exercise its option in which case the Company will deliver $15.3 million and receive CAD$20 million. •The term of the arrangement is 30 months from January 2022 to June 2024. If the contract is exercised for a total of 12 times when the USDCAD is below 1.30675, the arrangement will be cancelled. In connection with the construction of the Côté Gold project, the Company entered into a forward contract with an extendable feature to purchase CAD$10 million per month during 2022 for a total of CAD$120 million at a forward exchange rate of 1.32 USDCAD. The counterparty has an option, at its sole discretion, to extend the contract for twelve months, which would require the Company to purchase CAD$10 million per month during 2024 at the forward exchange rate. The option expires in November 2023 (note 30(d)). Oil and fuel market price risk Low sulfur diesel and fuel oil are key inputs to extract tonnage and, in some cases, to wholly or partially power operations, and construction and development activities. Brent crude oil and West Texas Intermediate ("WTI") crude oil prices are components of diesel and fuel oil costs, respectively, such that changes in the price of crude oil directly impact diesel and fuel oil costs. The Company established a hedging strategy to economically hedge future consumption of diesel and fuel oil at the Rosebel and Essakane mines for operating purposes and at the Côté Gold project for construction purposes. The Company has designated option contracts as cash flow hedges for the crude oil component of its highly probable forecasted low sulfur diesel and fuel oil purchases. As at December 31, 2021, the Company’s outstanding crude oil derivative contracts, which qualified for hedge accounting, and the periods in which the cash flows are expected to occur and impact on the consolidated statements of earnings (loss) and the property, plant and equipment balance on the consolidated balance sheets are as follows:
1.Quantities of barrels are in thousands. 2.The Company executed Brent and WTI collar options, which consist of Brent and WTI put and call options with strike prices within the given range in 2022 through 2025. The Company will incur a loss from the difference between a lower market price and the put strike price. The Company will recognize a gain from the difference between a higher market price and the call strike price. The table below sets out the fair value of the Company's outstanding crude oil derivative contracts which qualified for hedge accounting as at December 31, 2021, and what the fair value would have been based on an increase or a decrease of 10% of the price. The entire change in fair value would be recorded in the consolidated statements of comprehensive income as OCI.
Gold bullion market price risk Movements in the spot price of gold have a direct impact on the Company’s consolidated financial statements as gold bullion is sold at prevailing market prices which fluctuate in line with market forces. The Company’s hedging strategy is designed to mitigate gold price risk during the Côté Gold project construction period. The Company has designated option contracts as cash flow hedges for its highly probable forecasted gold bullion sales. The Company has elected to only designate the change in the intrinsic value of options in the hedging relationships. The changes in fair value of the time value component of options is recorded in OCI as a cost of hedging and reclassified to earnings (loss) when revenue for the underlying gold sale is recognized. During the second quarter 2021, the Company entered into a gold prepayment arrangement (note 29) which included a collar instrument as part of the broader arrangement. The collar introduced a gold floor price of $1,700 per ounce and a cap price of $2,100 per ounce allowing the Company to participate in price increases to $2,100 per ounce. The Company has designated this collar as a cash flow hedge in relation to the highly probable gold sale commitments during 2024. As at December 31, 2021, the Company’s outstanding gold bullion derivative contracts, which qualified for hedge accounting, and the periods in which the cash flows are expected to occur and impact the consolidated statements of earnings (loss), are as follows:
1.Part of the gold sale prepayment arrangement entered into in the second quarter 2021. 2.Quantities of gold bullion are in thousands of ounces. 3.The Company executed gold collar options, which consist of gold put and call options with strike prices within the given range from 2022 to 2025. The Company will incur a loss from the difference between a higher market price and the call strike price. The Company will recognize a gain from the difference between a lower market price and the put strike price. The table below sets out the fair value of the Company's outstanding gold bullion derivative contracts which qualified for hedge accounting as at December 31, 2021, and what the fair value would have been based on an increase or decrease of 10% in the price of gold. The entire change in fair value would be recorded in the consolidated statements of comprehensive income (loss) as OCI.
(b)Marketable securities fair value reserve Share market price exposure risk is related to the fluctuation in the market price of marketable securities. The Company’s portfolio of marketable securities is not part of its core operations, and accordingly, gains and losses from these marketable securities are not representative of the Company’s performance during the year. Consequently, the Company has designated all of its investments in marketable securities to be measured at fair value through OCI. The Company’s portfolio of marketable securities is primarily focused on the mining sector and relates entirely to investments in equity securities.
At December 31, 2021, the impact of an increase of 10% in the fair value of marketable securities would have resulted in an increase in unrealized gains, net of tax of $3.9 million that would have been included in OCI with no impact on net earnings (loss). The impact of a decrease of 10% in the fair value of marketable securities would have resulted in a decrease in unrealized gains, net of tax, of $3.9 million that would have been included in OCI with no impact on net earnings (loss). (c)Cash flow hedge fair value reserve (i)Reconciliation of cash flow hedge assets (liabilities)
Additional information on hedging instruments and hedged forecast transactions related to oil and fuel market price risk as at December 31, 2021 and December 31, 2020 was as follows:
(ii)Allocation of realized hedge (gain) loss reclassified from cash flow hedge reserve
Realized hedge losses allocated to revenues includes $5.5 million (2020 - $nil) of losses related to premiums previously paid and realized during the year. There was no hedge ineffectiveness for the years ended December 31, 2021 and 2020. (d)Gain (loss) on non-hedge derivatives and warrants Non-hedge derivatives and warrants are accounted for at FVTPL and these gains and losses, including embedded derivatives and warrants, are included in interest income, derivatives and other investment gains (losses) (note 10) in the consolidated statement of earnings (loss). These gains and losses relate to the Company's fair value movements of the embedded derivative related to prepayment options for the Notes (note 28(a)), the embedded derivative related to the Rosebel power purchase agreement (note 27), the TARF, the extendible forward arrangement and warrants associated with investments in marketable securities.
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FAIR VALUE MEASUREMENTS |
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| Fair Value Measurement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE MEASUREMENTS | Fair Value Measurements The fair value hierarchy categorizes into three levels the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). •Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities which the entity can access at the measurement date. •Level 2 inputs are inputs other than quoted prices included within Level 1 which are observable for the asset or liability, either directly or indirectly such as those derived from prices. •Level 3 inputs are unobservable inputs for the asset or liability. There have been no changes in the classification of the financial instruments in the fair value hierarchy since December 31, 2020. (a)Financial assets and liabilities measured at fair value on a recurring basis The Company’s fair values of financial assets and liabilities were as follows:
1.The carrying amount excludes unamortized deferred gains of $1.9 million. 2.The carrying amount excludes unamortized deferred transaction costs of $6.3 million and the embedded derivative. 3.The carrying amount excludes unamortized deferred transaction costs of $0.2 million.
1.The carrying amount excludes unamortized deferred transaction costs of $7.2 million and the embedded derivative. 2.The carrying amount excludes unamortized deferred transaction costs of $0.2 million. (b)Valuation techniques Cash, cash equivalents, short-term investments and restricted cash Cash, cash equivalents, short-term investments and restricted cash are included in Level 1 due to the short-term maturity of these financial assets. Marketable securities and warrants The fair value of marketable securities included in Level 1 is determined based on a market approach. The closing price is a quoted market price from the exchange market which is the principal active market for the particular security. The fair value of investments in equity instruments which are not actively traded is determined using valuation techniques which require inputs that are both unobservable and significant, and therefore were categorized as Level 3 in the fair value hierarchy. The Company uses the latest market transaction price for these securities, obtained from the entity, to value these marketable securities.
Bond fund investments The fair value of bond fund investments included in Level 1 is measured using quoted prices (unadjusted) in active markets. Deferred consideration from the sale of Sadiola The significant estimates and assumptions used in determining the fair value of the contingent payments were the production profile and discount rate and therefore classified within Level 3 of the fair value hierarchy. Derivatives - options and forwards For derivative contracts, the Company obtains a valuation of the contracts from counterparties of those contracts. The Company assesses the reasonableness of these valuations through internal methods and third-party valuations. The Company then calculates a credit valuation adjustment to reflect the counterparty’s or the Company’s own default risk. Valuations are based on market valuations considering interest rate and volatility, taking into account the credit risk of the financial instrument. Valuations of derivative contracts are therefore classified within Level 2 of the fair value hierarchy. Derivative - TARF The fair value of the TARF as at December 31, 2021 was $3.0 million (December 31, 2020 - $nil) and is accounted for at FVTPL. The TARF contractually obligates the Company to future sales of U.S. dollars that are determined by future USDCAD exchange rates in line with notional amounts established by the arrangement. The valuation is based on the discounted estimated cash flows resulting from prevailing USDCAD rates at each future monthly option fixing date. Key inputs used in the valuation include the credit spread, volatility parameter, the risk-free rate curve and future USDCAD exchange rates. Valuation of the TARF is therefore classified within Level 2 of the fair value hierarchy. Derivative - Extendible forward arrangement The fair value of the extendible forward arrangement as at December 31, 2021 was $3.7 million (December 31, 2020 - $nil) and is accounted for at FVTPL. For both forward contracts and the extension option within this arrangement, the Company obtains a valuation of the contracts from the counterparty. The Company assesses the reasonableness of these valuations through internal methods and third-party valuations. The Company calculates a credit valuation adjustment to reflect the default risk of the counterparty or the Company. Valuations are based on market valuations considering interest rate and volatility, taking into account the credit risk of the financial instrument. Valuations of derivative contracts are therefore classified within Level 2 of the fair value hierarchy. Embedded derivatives - Prepayment options on the Notes The fair value of the embedded derivatives as at December 31, 2021 was $1.5 million (December 31, 2020 - $8.4 million) and is accounted for at FVTPL. The valuation is based on the discounted cash flows at the risk-free rate to determine the present value of the prepayment option. Key inputs used in the valuation include the credit spread, volatility parameter and the risk-free rate curve. Valuation of the prepayment option is therefore classified within Level 2 of the fair value hierarchy. Embedded derivative - Rosebel power purchase agreement The fair value of the embedded derivative on Rosebel's power purchase agreement as at December 31, 2021 was $29.2 million (December 31, 2020 - $23.3 million) and is accounted for at FVTPL. Included in the power purchase agreement is a price escalator which results in increases in electricity prices linked to the price of gold. The valuation is based on the discounted estimated incremental cash flows above the baseline power price at the risk-free rate to determine the present value of the price escalator. Key inputs used in the valuation include the credit spread, volatility parameter, the risk-free rate curve and future gold price estimates. Valuation of the price escalator is therefore classified within Level 2 of the fair value hierarchy. Notes The fair value of the Notes as at December 31, 2021 was $446 million (December 31, 2020 - $460.4 million). The fair value of the Notes is determined using quoted prices (unadjusted) in active markets, and is therefore classified within Level 1 of the fair value hierarchy. Equipment loans The fair value of the equipment loans as at December 31, 2021 was $19.1 million (December 31, 2020 - $28.9 million). The fair value of the equipment loans is determined by applying a discount rate, reflecting the credit spread based on the Company's credit ratings to future cash flows and is therefore classified within Level 2 of the fair value hierarchy. Other financial assets and liabilities The fair value of all other financial assets and liabilities of the Company approximate their carrying amounts.
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CAPITAL MANAGEMENT |
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| Corporate Information And Statement Of IFRS Compliance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CAPITAL MANAGEMENT | Capital Management IAMGOLD’s objectives when managing capital are to: •Ensure the Company has sufficient financial capacity to support its operations, current mine development plans, construction project, and long-term growth strategy; •Ensure the Company complies with its long-term debt covenants; and •Protect the Company’s value with respect to market and risk fluctuations.
1.The carrying amount of the long-term debt excludes unamortized deferred transaction costs of $6.3 million as at December 31, 2021 (December 31, 2020 – $7.2 million) and the embedded derivative. 2.The carrying amount of the long-term debt excludes unamortized deferred transaction costs of $0.2 million as at December 31, 2021 (December 31, 2020 – $0.2 million). The Company is in a capital intensive industry that experiences lengthy development lead times as well as risks associated with capital costs and timing of project completion. Factors affecting these risks, which are beyond the Company’s control, include the availability of resources, the issuance of necessary permits, costs of various inputs and the volatility of the gold price. The adequacy of the Company’s capital structure is assessed on an ongoing basis and adjusted as necessary after taking into consideration the Company’s strategy, the forward gold price, the mining industry, the capital requirements of the Company's operations and projects, economic conditions and associated risks. In order to maintain or adjust its capital structure, the Company may adjust its capital spending, adjust the amount of dividend distributions, issue new shares, purchase shares for cancellation pursuant to normal course issuer bids, extend its credit facility, issue new debt, repay existing debt, sell all or a portion of one or more of its assets, purchase or sell gold bullion or enter into forward gold sale arrangements. The Notes indenture contains a restriction on the use of proceeds from the sale of certain assets. The credit facility agreement contains certain restrictions on the assumption of certain additional debt and the sale of certain assets.
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SHARE CAPITAL |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Capital, Reserves And Other Equity Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Capital | Share Capital The Company is authorized to issue an unlimited number of common shares, first preference shares issuable in series and second preference shares issuable in series.
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NON-CONTROLLING INTERESTS |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noncontrolling Interest Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Controlling Interests | Non-Controlling Interests Financial information of subsidiaries that have material non-controlling interests are provided below:
1.The 5% non-controlling interest for Rosebel is based on the consolidated results of Rosebel which includes 70% of Saramacca. 2.For the year ended December 31, 2021, dividends paid to other non-controlling interests amounted to $1.9 million (December 31, 2020 – $1.4 million). Selected summarized information relating to these subsidiaries are provided below, before any intercompany eliminations:
The Company’s ability to access or use the assets of Essakane and Rosebel to settle its liabilities is not significantly restricted by known current contractual or regulatory requirements, or from the protective rights of non-controlling interests. Dividends payable by Rosebel and Essakane must be approved by the Supervisory Boards, which includes representation from the non-controlling interest.
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SHARE-BASED COMPENSATION |
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| Share-Based Payment Arrangements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation | Share-Based Compensation
(a)Options (i)Share option plan The Company has adopted a share option plan for its full-time employees and directors. The options vest over five years and expire no later than seven years from the grant date. A maximum of 23,905,624 common shares have been reserved for issuance pursuant to the share option plan of which, as of December 31, 2021, 16,071,053 have been issued and 7,834,571 remain issuable. As of December 31, 2021, options to purchase 5,119,591 common shares were outstanding and options to purchase 2,714,980 common shares remained available for further grants under the plan.
1.Exercise prices are denominated in Canadian dollars. The exchange rate at December 31, 2021 between the U.S. dollar and Canadian dollar was $0.7901/CAD. 2.The weighted average share price on date of options exercised was CAD$4.11. The following table summarizes information related to options outstanding at December 31, 2021:
(ii)Fair value of options granted The following were the weighted average inputs to the Black-Scholes model used in determining the fair value of the options granted during the year. The estimated fair value of the options is expensed over their expected life.
1.Expected volatility is estimated by considering historical average share price volatility based on the average expected life of the options. (b)Other share-based compensation (i)Share incentive plan A maximum of 21,756,762 common shares have been reserved for issuance under the share purchase plan, the share bonus plan and the share unit plan of which, as of December 31, 2021, 7,261,210 have been issued and 14,495,552 remain issuable. As of December 31, 2021, 6,895,016 common shares were subject to outstanding restricted share units, performance share units and deferred share units grants and 7,600,536 common shares remained available for further grants under these plans. A summary of the status of the Company’s outstanding share units issued to directors and employees under the Company's share incentive plan and changes during the year is presented below.
(ii)Summary of share units granted Deferred share units Directors can elect to receive the equity portion of their annual retainer in the form of deferred share units or restricted share units. Upon a director leaving the Board, the Company will issue that number of common shares equivalent to that number of deferred share units granted. As the deferred share units are equity settled, the cost to the Company is based on the grant date fair value. The estimated fair value of the awards is expensed over their vesting period.
1.The grant-date fair value is equal to the share price on grant date. Restricted share units Executive officers, directors and certain employees are granted restricted share units on an annual basis. Employee restricted share unit grants vest over twelve to thirty-six months, have no restrictions upon vesting and are equity settled. There are no cash settlement alternatives and no vesting conditions other than service. Restricted share units are granted to employees based on performance objectives and criteria determined on an annual basis based on guidelines established by the Human Resources and Compensation Committee of the Board of Directors. The number of restricted share units granted is determined as part of the employees’ overall compensation. The estimated fair value of the awards is expensed over their vesting period.
1.The grant-date fair value is equal to the share price on grant date. Performance share units Executive officers and certain employees are granted performance share units on an annual basis. The performance share unit grants vest over thirty-six months and are equity settled. There are no cash settlement alternatives for these grants. Performance share units are granted based on performance objectives and criteria determined on an annual basis based on guidelines established by the Human Resources and Compensation Committee of the Board of Directors. The number of performance share units granted is determined as part of the employees’ overall compensation. The estimated fair value of the awards is expensed over their vesting period.
1.The grant-date fair value was determined using a Black-Scholes model or Monte Carlo model. (c)Share purchase plan The Company has a share purchase plan for employees with more than three months of continuous service. Participants determine their contribution as a whole percentage of their base salary from 1% to 10%. The Company matches 75% of the first 5% of employee contributions, to a maximum of 3.75% of the employee’s salary, towards the purchase of shares on the open market. No shares are issued from treasury under the share purchase plan. The Company’s contribution is expensed and is considered vested on December 31 of each calendar year.
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SEGMENTED INFORMATION |
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| Operating Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segmented Information | Segmented Information The Company’s gold mines are divided into geographic segments as follows: •Burkina Faso - Essakane mine; •Suriname - Rosebel mine and Saramacca pit; and •Canada - Doyon division, including Westwood mine. The Company’s non-gold mine segments are divided as follows: •Côté Gold project1; •Exploration and evaluation and development; and •Corporate - includes royalty interest and investment in associate, up to sale of investment.
Year ended December 31, 2021
1.Excludes depreciation expense. 2.Depreciation expense excludes depreciation related to corporate office assets, which is included in general and administrative expenses. 3.Includes depreciation expense relating to corporate and exploration and evaluation assets. 4.Includes cash expenditures for property, plant and equipment and exploration and evaluation assets. 5.Changes in asset retirement obligation for Doyon closed site included in other expenses. 6.Includes earnings from royalty interests. ______________________________ 1.The Côté Gold project is considered a separate operating segment following the decision to proceed with construction in July 2020 as the financial information for the project is reviewed regularly by the Company’s CODM to assess the performance of the project and to make resource allocation decisions. The segment includes the financial information of the Côté unincorporated joint venture (the "Côté UJV") as well as other financial information for the Côté Gold project outside of the Côté UJV. Year ended December 31, 2020
1.Excludes depreciation expense. 2.Depreciation expense excludes depreciation related to corporate office assets, which is included in general and administrative expenses. 3.Includes depreciation expense relating to corporate and exploration and evaluation assets. 4.Includes cash expenditures for property, plant and equipment, exploration and evaluation assets. 5.Closed site costs on exploration and evaluation properties included in other expenses. 6.Includes earnings from royalty interests.
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COMMITMENTS |
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| Commitments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments | Commitments
(a) Commitments – payments due by period
1.Due over the period from January 1, 2022 to December 31, 2022. 2.Due over the period from January 1, 2023 to December 31, 2024. 3.Due over the period from January 1, 2025 to December 31, 2026. 4.Due from January 1, 2027 and beyond. (b)Royalties included in Cost of sales Production from certain mining operations is subject to third party royalties (included in cost of sales) based on various methods of calculation summarized as follows:
1.Royalty based on a percentage of gold sold applied to the gold market price the day before shipment; the royalty percentage varies according to the gold market price: 3% if the gold market price is lower or equal to $1,000 per ounce, 4% if the gold market price is between $1,000 and $1,300 per ounce, or 5% if the gold market price is above $1,300 per ounce. 2.2% in-kind royalty per ounce of gold production and price participation of 6.5% on the amount exceeding a market price of $425 per ounce when applicable, using for each calendar quarter the average market price determined by the London Gold Fix P.M. In addition, 0.25% of all minerals produced at Rosebel are payable to a charitable foundation for the purpose of promoting local development of natural resources within Suriname.
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RELATED PARTY TRANSACTIONS |
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| Related Party [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions | Related Party Transactions (a)Receivables from related parties The Company had non-interest bearing receivables from Sadiola and Yatela which were repaid during the year ended December 31, 2020. (b)Compensation of key management personnel Compensation breakdown for key management personnel, comprising of the Company’s directors and executive officers, is as follows:
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BASIS OF PREPARATION (Policies) |
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| Corporate Information And Statement Of IFRS Compliance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Statement of compliance | These consolidated financial statements of IAMGOLD and all of its subsidiaries, joint venture and associate as at and for the years ended December 31, 2021 and 2020, have been prepared in accordance with IFRS as issued by the IASB. These consolidated financial statements were prepared on a going concern basis. The significant accounting policies applied in these consolidated financial statements are presented in note 3 and have been consistently applied in each of the years presented. These consolidated financial statements of IAMGOLD were authorized for issue in accordance with a resolution of the Board of Directors on February 23, 2022.
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| Basis of measurement | The consolidated financial statements have been prepared on a historical cost basis, except for items measured at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of consolidation | Subsidiaries and divisions related to significant properties of the Company are accounted for as outlined below.
1.On April 22, 2020, Rosebel Gold Mines N.V. ("Rosebel") signed an Unincorporated Joint Venture (“Rosebel UJV”) agreement with Staatsolie Maatschappij Suriname N.V. (“Staatsolie”) relating to the concession areas within the Rosebel UJV Area of Interest, which includes Saramacca. The Rosebel UJV excludes the existing Rosebel mining concession, which is 95% owned by Rosebel and 5% owned by the Republic of Suriname. Rosebel holds a 70% participating interest and Staatsolie holds a 30% participating interest in the Rosebel UJV on behalf of the Republic of Suriname. 2.Part of IAMGOLD Corporation. 3.The Company holds a 70% participating interest in the assets, liabilities, revenues and expenses through an unincorporated joint venture with Sumitomo Metal Mining Co. Ltd. with respect to the Côté Gold project. A third party holds various net profit interests and net participation interests in the mineral tenure comprising the project. The net interest of IAMGOLD in the mineral tenure comprising the current pit shell is approximately 64.75%.
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| Subsidiaries | Subsidiaries are entities over which the Company has the ability to exercise control. Control of an entity is defined to exist when the Company is exposed to variable returns from involvement with the entity and has the ability to affect those returns through power over the entity. Specifically, the Company controls an entity if the Company has all of the following: power over the entity (i.e. existing rights that give the Company the current ability to direct the relevant activities of the entity); exposure, or rights, to variable returns from involvement with the entity; and the ability to use power over the entity to affect its returns. Subsidiaries are consolidated from the acquisition date, which is the date on which the Company obtains control of the acquired entity. Where the Company’s interest in a subsidiary is less than 100%, the Company recognizes a non-controlling interest. All intercompany balances, transactions, income, expenses and profits or losses have been eliminated on consolidation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Associate | An associate is an entity over which the Company has significant influence but neither control nor joint control. Significant influence is presumed to exist where the Company has between 20% and 50% of the voting rights, but can also arise where the Company has less than 20% of voting rights but has the power to be actively involved and influence in policy decisions affecting the entity. The Company's share of net assets and net income or loss of associate is accounted for in the consolidated financial statements using the equity method from the date significant influence commences until the date significant influence ceases or investment is sold. The Company had concluded that it had significant influence over its investment in INV Metals Inc. (“INV Metals”) through the level of ownership of voting rights until the date the investment was sold (note 19). Share of net losses from the associate is recognized in the consolidated financial statements until the carrying amount of the interest in the associate is reduced to nil. Thereafter, losses are recognized only to the extent that the Company has an obligation to fund the associate’s operations or has made payments on behalf of the associate.
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| Joint arrangements | Joint arrangements are those arrangements over which the Company has joint control established by contractual agreement and requiring unanimous consent of the joint venture parties for financial and operating decisions. The Company’s significant joint arrangements consist of a joint venture, which is structured through a separate legal entity. The financial results of the joint venture is accounted for using the equity method from the date that joint control commences until the date that joint control ceases or investment is classified as held for sale, and are prepared for the same reporting period as the Company, using consistent accounting policies. Share of net losses from the joint venture is recognized in the consolidated financial statements until the carrying amount of the interest in the joint venture is reduced to nil. Thereafter, losses are recognized only to the extent that the Company has an obligation to fund the joint venture’s operations or has made payments on behalf of the joint venture. Dividends received from the Company's joint venture are presented in the Company's consolidated statements of cash flows as operating activities.
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| Unincorporated arrangements | The Company participates in unincorporated arrangements and has rights to its share of the undivided assets, liabilities, revenues and expenses of the properties, subject to the arrangements, rather than a right to a net return, and does not share joint control. All such amounts are measured in accordance with the terms of the arrangements, which is usually in proportion to the Company’s interest in the assets, liabilities, revenues and expenses of the properties. These amounts are recorded in the Company’s consolidated financial statements on the appropriate lines. The Côté division and Saramacca are treated as unincorporated arrangements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Functional and presentation currency | The functional currency of the Company’s subsidiaries and joint venture is the U.S. dollar. The functional currency of the associate (INV Metals) was the Canadian dollar. The presentation currency of the Company's consolidated financial statements is the U.S. dollar. For the associate, assets and liabilities to July 2021 were translated at the exchange rate in effect at the balance sheet date. Revenues and expenses were translated at average exchange rates throughout the reporting period or at rates that approximate the actual exchange rates. Foreign exchange gains or losses on translation were included in other comprehensive income ("OCI"). The cumulative amount of the exchange differences is presented as a separate component of equity until disposal of the foreign operation. Transactions denominated in foreign currencies are translated into the entity's functional currency as follows: •Monetary assets and liabilities are translated at the exchange rate in effect at the balance sheet date; •Non-monetary assets and liabilities are translated at historical exchange rates prevailing at each transaction date; •Deferred tax assets and liabilities are translated at the exchange rate in effect at the balance sheet date with translation gains and losses recorded in income tax expense; and •Revenues and expenses are translated at the average exchange rates throughout the reporting period, except depreciation, which is translated at the rates of exchange applicable to the related assets, and share-based compensation expense, which is translated at the rates of exchange applicable at the date of grant of the share-based compensation. Exchange gains or losses on translation of transactions are included in the consolidated statements of earnings (loss). When a gain or loss on certain non-monetary items, such as financial assets at fair value through OCI, is recognized in OCI, the translation differences are also recognized in OCI.
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| Financial instruments | The Company recognizes financial assets and financial liabilities on the date the Company becomes a party to the contractual provisions of the instruments. A financial asset is derecognized either when the Company has transferred substantially all the risks and rewards of ownership of the financial asset or when cash flows expire. A financial liability is derecognized when the obligation specified in the contract is discharged, canceled or expired. Certain financial instruments are recorded at fair value in the consolidated balance sheets. Refer to note 31 on fair value measurements. (i)Non-derivative financial instruments Non-derivative financial instruments are recognized initially at fair value plus attributable transaction costs, where applicable for financial instruments not classified as fair value through profit or loss ("FVTPL"). Subsequent to initial recognition, non-derivative financial instruments are classified and measured as described below. Financial assets at FVTPL Cash and cash equivalents, restricted cash, short-term investments, bond fund investments and warrants are classified as financial assets at FVTPL and are measured at fair value. Cash equivalents are short-term investments with initial maturities of three months or less. Short-term investments have initial maturities of more than three months and less than 12 months. The unrealized gains or losses related to changes in fair value are reported in interest income and derivatives and other investment gains (losses) in the consolidated statements of earnings (loss). Amortized cost Trade and other receivables and fixed rate investments are classified as and measured at amortized cost using the effective interest rate method, less impairment losses, if any. Financial assets at fair value through OCI The Company’s investments in equity marketable securities are designated as financial assets at fair value through OCI and are recorded at fair value on the trade date with directly attributable transaction costs included in the recorded amount. Subsequent changes in fair value are recognized in OCI. Non-derivative financial liabilities Accounts payable, accrued liabilities, senior notes, equipment loans, and borrowings under the credit facility are accounted for at amortized cost, using the effective interest rate method. The amortization of senior notes issue costs and equipment loans transaction costs is calculated using the effective interest rate method, and the amortization of credit facility issue costs is calculated on a straight-line basis over the term of the credit facility. (ii)Non-hedge derivatives The Company may hold derivative financial instruments to hedge its risk exposure to fluctuations of other currencies compared to the U.S. dollar, and fluctuations in commodity prices such as for gold, oil and fuel. All derivative financial instruments not designated in a hedge relationship that qualify for hedge accounting are classified as financial instruments at FVTPL. Derivative financial instruments at FVTPL, including embedded derivatives, requiring separation from its host contract are recorded in the consolidated balance sheets at fair value. Changes in the estimated fair value of non-hedge derivatives at each reporting date are included in the consolidated statements of earnings (loss) as non-hedge derivative gain or loss. Embedded derivatives in financial liabilities measured at amortized cost are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related. (iii)Hedge derivatives The Company uses derivative financial instruments to hedge its exposure to exchange rate fluctuations on foreign currency denominated revenues, operating expenses and purchases of non-financial assets and its exposure to price fluctuations of consumable purchases. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivative hedging instruments to forecasted transactions. Hedge effectiveness is assessed based on the degree to which the cash flows from the derivative contracts are expected to offset the cash flows of the underlying transaction being hedged. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in fair value is recognized in OCI, net of tax. For hedged items other than the purchase of non-financial assets, the amounts accumulated in OCI are reclassified to the consolidated statements of earnings (loss) when the underlying hedged transaction, identified at contract inception, affects profit or loss. When hedging a forecasted transaction that results in the recognition of a non-financial asset, the amounts accumulated in equity are removed and added to the carrying amount of the non-financial asset. Any ineffective portion of a hedge relationship is recognized immediately in the consolidated statements of earnings (loss). The Company has elected to exclude the time value component of options and the forward element of forward contracts from the hedging relationships, with changes in these amounts recorded in OCI and treated as a cost of hedging. For hedged items other than the purchase of non-financial assets, the cost of hedging amounts is reclassified to the consolidated statements of earnings (loss) when the underlying hedged transaction affects profit or loss. When hedging a forecasted transaction that results in the recognition of a non-financial asset, the cost of hedging is added to the carrying amount of the non-financial asset. When derivative contracts designated as cash flow hedges are terminated, expired, sold or no longer qualify for hedge accounting, hedge accounting is discontinued prospectively. Any amounts recorded in OCI until the time the contracts do not qualify for hedge accounting remain in OCI. Amounts recognized in OCI are recognized in the consolidated statements of earnings (loss) in the period in which the underlying hedged transaction is completed. Gains or losses arising subsequent to the derivative contracts not qualifying for hedge accounting are recognized in the period incurred in the consolidated statements of earnings (loss). If the forecasted transaction is no longer expected to occur, then the amounts accumulated in OCI are reclassified to the consolidated statements of earnings (loss) immediately.
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| Inventories | Finished goods and ore stockpiles are measured at the lower of weighted average production cost and net realizable value. Mine supplies are measured at the lower of average purchase cost and net realizable value. Net realizable value is calculated as the difference between the estimated selling price and estimated costs to complete processing into a saleable form plus variable selling expenses. Production costs include the cost of materials, labour, mine site production overheads and depreciation to the applicable stage of processing. Production overheads are allocated to inventory based on the normal capacity of production facilities. The cost of ore stockpiles is increased based on the related current cost of production for the period, and decreases in stockpiles are charged to cost of sales using the weighted average cost per ounce. Stockpiles are segregated between current and non-current inventories in the consolidated balance sheets based on the period of planned usage. The cost of inventory is reduced to net realizable value to reflect changes in grades, quantity or other economic factors and to reflect current intentions for the use of redundant or slow-moving items. Provisions for redundant and slow-moving supplies inventory are made by reference to specific items of inventory. The Company reverses write-downs when there is a subsequent increase in net realizable value and where the inventory is still on hand. Spare parts, stand-by and servicing equipment held are generally classified as inventories. Major capital spare parts and stand-by equipment (insurance spares) are classified as a component of property, plant and equipment.
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| Property, plant and equipment | Property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment charges. The initial cost of an asset comprises its purchase or construction cost, any costs directly attributable to bringing the asset to a working condition for its intended use, the initial estimate of the asset retirement obligation ("ARO"), and for qualifying assets, borrowing costs. The purchase price or the construction cost is the aggregate cash paid and the fair value of any other consideration given to acquire the asset. Gains or losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognized in the consolidated statements of earnings (loss) in other expenses. The cost of replacing part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The carrying amount of the replaced part is de-recognized. Costs of the day-to-day servicing of property, plant and equipment are recognized in the consolidated statements of earnings (loss) as incurred. Property, plant and equipment presented in the consolidated balance sheets represents the capitalized expenditures related to: construction in progress, mining properties, stripping costs, and plant and equipment, including corporate assets. Plant and equipment located at corporate locations includes the following categories of assets: furniture and equipment, computer equipment, software, scientific instruments and equipment, vehicles and leasehold improvements and at the mine site includes land and buildings, plant equipment, capital spares, and other equipment.
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| Construction in progress | Upon determination of technical feasibility and commercial viability of extracting a mineral resource, the related exploration and evaluation assets (note 4(e)) are transferred to construction in progress costs. These amounts plus all subsequent mine development costs are capitalized. Costs are not depreciated until the project is ready for use as intended by management. Mine construction costs include expenditures to develop new ore bodies, define further mineralization in existing ore bodies, and construct, install and complete infrastructure facilities. Borrowing costs are capitalized and allocated specifically to qualifying assets when funds have been borrowed, either to specifically finance a project or for general borrowings during the period of construction. Qualifying assets are defined as assets that require more than six months to be brought to the location and condition intended by management. Capitalization of borrowing costs ceases when such assets are ready for their intended use. The date of transition from construction to production accounting is based on both qualitative and quantitative criteria such as substantial physical project completion, sustained level of mining, sustained level of processing activity, and passage of a reasonable period of time. Upon completion of mine construction activities (based on the determination of the commencement of production), costs are removed from construction in progress assets and classified into the appropriate categories of property, plant and equipment.
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| Mining properties | Capitalized costs for evaluation on or adjacent to sites where the Company has mineral deposits, are classified as mining properties within property, plant and equipment. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stripping Costs | Costs associated with stripping activities in an open pit mine are expensed within cost of sales unless the stripping activity can be shown to improve access to further quantities of ore that will be mined in future periods, in which case, the stripping costs are capitalized to mining properties within property, plant and equipment. Furthermore, stripping costs are capitalized to inventory to the extent that the benefits of the stripping activity relate to gold production inventories or ore stockpiles. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation | Effective from the point an asset is available for its intended use, property, plant and equipment are depreciated using either the straight-line or units-of-production methods over the shorter of the estimated economic life of the asset or the mining operation. Depreciation is determined based on the method which best represents the use of the assets. The reserve and resource estimates for each mining operation are the prime determinants of the life of a mine. In general, when the useful life of property, plant and equipment is akin to the life of the mining operation and the ore body's mineralization is reasonably well defined, the asset is depreciated on a units-of-production basis over its proven and probable mineral reserves. Non-reserve material may be included in depreciation calculations in limited circumstances where there is a high degree of confidence in its economic extraction. The Company evaluates the estimate of mineral reserves and resources at least on an annual basis and adjusts the units-of-production method calculation prospectively. In 2021 and 2020, the Company has not incorporated any non-reserve material in its depreciation calculations on a units-of-production basis. When property, plant and equipment are depreciated on a straight-line basis, the useful life of the mining operation is determined based on the most recent life of mine (“LOM”) plan. LOM plans are typically developed annually and are based on management’s current best estimates of optimized mine and processing plans, future operating costs and the assessment of capital expenditures of a mine site. Estimated useful lives normally vary from to fifteen years for items of plant and equipment to a maximum of twenty years for buildings. Amounts related to expected economic conversions of resources to reserves recorded in an asset acquisition or business combination are not depreciated until resources are converted into reserves. Amounts related to capitalized costs of exploration and evaluation assets and construction in progress are not depreciated as the assets are not available for use. Capitalized stripping costs are depreciated over the reserves that directly benefit from the specific stripping activity using the units-of-production method. Capitalized borrowing costs are depreciated over the useful life of the related asset. Residual values, useful lives and depreciation methods are reviewed at least annually and adjusted if appropriate. The impact of changes to the estimated useful lives, depreciation method or residual values is accounted for prospectively.
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| Mineral exploration and evaluation expenditures | Exploration activities relate to the collection of exploration data which consists of geological, geophysical, geochemical, sampling, drilling, trenching, analytical test work, assaying, mineralogical, metallurgical, and other similar information that is derived from activities undertaken to locate, investigate, define or delineate a mineral prospect or mineral deposit. Mineral exploration costs are expensed as incurred.Evaluation costs are capitalized and relate to activities to evaluate the potential technical feasibility and commercial viability of extracting a mineral resource on sites where the Company does not have mineral deposits already being mined or constructed. The technical feasibility and commercial viability is based on management’s evaluation of the geological properties of an ore body based on information obtained through evaluation activities, including metallurgical testing, resource and reserve estimates and economic assessment whether the ore body can be mined economically. Exploration properties acquired through asset acquisitions are also recognized as exploration and evaluation assets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets and liabilities held for sale and discontinued operations | Non-current assets and disposal groups are classified as held for sale if their carrying value will be recovered principally through a sale transaction rather than through continuing use. The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset or disposal group and the sale expected to be completed within one year from the date of the classification. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell ("FVLCS"). If the FVLCS is lower than the carrying amount, an impairment loss is recognized in the consolidated statement of earnings (loss). Non-current assets are not depreciated or amortized once classified as held for sale. Equity accounting ceases for the investment in associate and incorporated joint venture once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the Company's consolidated balance sheets. A disposal group qualifies as a discontinued operation if it is a component of the Company that either has been disposed of, or is classified as held for sale, and: (i) represents a separate major line of business or geographical area of operations; (ii) is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or (iii) is a subsidiary acquired exclusively with a view to resale. A component of the Company comprises an operation and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the consolidated statement of earnings (loss).
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| Impairment and reversal of impairment: Financial assets | The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the credit risk on the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to twelve month expected credit losses. Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the financial asset is no longer credit-impaired and the improvement can be related objectively to an event occurring after the impairment was recognized. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impairment and reversal of impairment: Non-financial assets | The carrying amounts of the Company’s non-current assets, including property, plant and equipment and exploration and evaluation assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indicator exists, the Company performs an impairment test. An impairment test requires the Company to determine the recoverable amount of an asset or group of assets. For non-current assets, including property, plant and equipment and exploration and evaluation assets, the recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. If this is the case, the individual assets are grouped together into a cash generating unit ("CGU") for impairment testing purposes. A CGU for impairment testing is typically considered to be an individual mine site or a development project. The recoverable amount is determined as the higher of the CGU’s fair value less costs of disposal ("FVLCD") and value in use (“VIU”). If the carrying amount of the asset or CGU exceeds its recoverable amount, an impairment charge is recorded to the other long-lived assets in the CGU on a pro rata basis. An assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses may no longer exist or may be reduced. If it has been determined that the impairment has reversed, the carrying amount of the asset is increased to its recoverable amount to a maximum of the carrying amount that would have been determined had no impairment charge been recognized in prior periods. An impairment charge reversal is recognized in the consolidated statements of earnings (loss). Impairment charges recognized in relation to goodwill are not reversed for subsequent increases in a CGU’s recoverable amount. In the absence of market related comparative information, the FVLCD is generally determined based on the present value of estimated future cash flows from each long-lived asset or CGU. The significant assumptions used in determining the FVLCD for the CGUs are typically LOM production profiles, long-term commodity prices, reserves and resources, discount rates, foreign exchange rates, values of known reserves and resources not included in the LOM (i.e. un-modeled mineralization), operating and capital expenditures, net asset value (“NAV”) multiples and expected commencement of production for exploration and evaluation and development projects. Management’s assumptions and estimates of future cash flows are subject to risks and uncertainties, particularly in market conditions where higher volatility exists, and may be partially or totally outside of the Company's control. Therefore, it is reasonably possible that changes could occur with evolving economic conditions, which may affect the recoverability of the Company’s long-lived assets. If the Company fails to achieve its valuation assumptions or if any of its long-lived assets or CGUs experience a decline in their fair value, this may result in an impairment charge in future periods, which would reduce the Company's earnings.
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| Impairment and reversal of impairment: Investments in associate and incorporated joint ventures | At the end of each reporting period, the Company assesses whether there is any objective evidence that an investment in an associate or incorporated joint venture is impaired. Objective evidence includes observable data indicating there is a measurable decrease in the estimated future cash flows of the investee’s operations. When there is objective evidence that an investment is impaired, the carrying amount of such investment is compared to its recoverable amount, being the higher of its FVLCD and VIU. If the recoverable amount of an investment is less than its carrying amount, the carrying amount is reduced to its recoverable amount and an impairment loss, being the excess of carrying amount over the recoverable amount, is recognized in the period in which the relevant circumstances are identified. When an impairment loss reverses in a subsequent period, the carrying amount of the investment is increased to the revised estimate of recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had an impairment loss not been previously recognized. A reversal of an impairment loss is recognized in the consolidated statement of earnings (loss) in the period in which the reversal occurs. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset retirement obligations | The Company records legal and constructive obligations required to restore locations in the period in which the obligation is incurred with a corresponding increase in the carrying amount of the related property, plant and equipment, and if the effect of discounting is material, measures it at its present value. For locations where mining activities have ceased, changes to obligations are charged directly to the consolidated statements of earnings (loss). The obligation is generally considered to have been incurred when mine assets are constructed or the ground environment is disturbed at the production location. The discounted liability is adjusted at the end of each period to reflect the passage of time, based on a risk-free discount rate that reflects current market assessments, and changes in the estimated future cash flows underlying the obligation. The Company also estimates the timing of the outlays, which are subject to change depending on continued operation or newly discovered reserves. The periodic unwinding of the discount is recognized in earnings as accretion expense included in finance costs in the consolidated statements of earnings (loss). Additional disturbances or changes in restoration costs or in discount rates are recognized as changes to the corresponding assets and ARO when they occur. Environmental costs at operating mines, as well as changes to estimated costs and discount rates for closed mines, are charged to earnings in the period during which they occur.
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| Other provisions | Provisions are recognized when a legal or constructive present obligation exists as a result of a past event, for which it is probable that an outflow of economic resources will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are reviewed at the end of each reporting period and adjusted to reflect management's current best estimate of the expenditure required to settle the present obligation at the end of the reporting period. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed. Provisions are reduced by actual expenditures in respect of the obligation for which the provision was originally recognized. Certain conditions may exist as of the date of the consolidated financial statements, which may result in a loss to the Company, but which will only be resolved when one or more future events will occur or fail to occur. If the assessment of a contingency determines that a loss is probable, and the amount can be reliably estimated, then a provision is recorded. When a contingent loss is not probable but is reasonably possible, then the contingent liability is disclosed in the consolidated financial statements.
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| Income taxes | Current income taxCurrent income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date. Current income tax assets and current income tax liabilities are only offset if a legally enforceable right exists to set off the amounts, and the Company intends to settle on a net basis or to realize the asset and settle the liability simultaneously. Current income taxes related to items recognized directly in equity are recognized directly in equity. (ii)Deferred income tax Deferred income tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities in the consolidated balance sheets and tax bases. Deferred income tax liabilities are recognized for all taxable temporary differences, except: •Where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss); and •In respect of taxable temporary differences associated with investments in subsidiaries, associate and joint venture, where the timing of the reversal of the temporary differences can be controlled by the parent or the joint venture and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred income tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, the carry forward of unused tax credits and unused tax losses can be used, except: •When the temporary difference results from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss); and •In respect of deductible temporary differences associated with investments in subsidiaries, associate and joint venture, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be used. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be used. Unrecognized deferred income tax assets are reassessed at each balance sheet date and are recognized to the extent that it has become probable that future taxable profit will be available to allow the deferred tax asset to be recovered. A translation gain or loss may arise for deferred income tax purposes where the local tax currency is not the same as the functional currency for non-monetary assets. A deferred tax asset or liability is recognized on the difference between the carrying amount for accounting purposes (which reflects the historical cost in the entity’s functional currency) and the underlying tax basis (which reflects the current local tax cost, translated into the functional currency using the current foreign exchange rate). The translation gain or loss is recorded in income taxes in the consolidated statements of earnings (loss). Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is expected to be realized or the liability settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred income taxes related to items recognized directly in equity are recognized directly in equity. Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current income tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. There is no certainty that future income tax rates will be consistent with current estimates.
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| Earnings (loss) per share | The Company presents basic and diluted earnings (loss) per share data for its common shares. Basic earnings (loss) per share are calculated by dividing earnings (loss) attributable to equity holders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the treasury method for stock options and warrants, and the if converted method for equity settled share units. The treasury method assumes that outstanding stock options and warrants with an average exercise price below the market price of the underlying shares are assumed to be exercised and the assumed proceeds are used to purchase common shares of the Company from treasury at the average market price of the common shares for the period. The if converted method assumes that all equity settled share units have been converted in determining diluted (earnings) loss per share if they are in-the-money, except where such conversion would be anti-dilutive. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | The Company has the following share-based compensation plans with related costs included in general and administrative expenses. (i)Share incentive plan The Company has a number of equity-settled share-based compensation plans in respect to its directors and employees. Share-based compensation costs are measured based on the grant date fair value of the equity-settled instruments and recognized upon grant date over the related service period in the consolidated statements of earnings (loss) and credited to contributed surplus within shareholders’ equity. The Company uses the graded vesting method for attributing share option expense over the vesting period. The grant date fair value is based on the underlying market price of the common shares of the Company taking into account the terms and conditions upon which those equity-settled instruments were granted. The fair value of equity-settled instruments granted is estimated using the Black-Scholes model or other appropriate method and assumptions at grant date. Equity-settled awards are not re-measured subsequent to the initial grant date. Determination of the grant date fair value requires management estimates such as risk-free interest rate, volatility and weighted average expected life. Share option expense incorporates an expected forfeiture rate which is estimated based on historical forfeiture rates and expectations of future forfeiture rates. The Company makes adjustments if the actual forfeiture rate differs from the expected rate. The weighted average grant date fair value is the basis for which share-based compensation is recognized in earnings. Upon exercise of options and/or issuance of shares, consideration paid by the holder, as well as the grant date fair value of the equity-settled instruments, are transferred to common shares. (ii) Share purchase plan The Company has adopted a share purchase plan where the Company contributes towards the purchase of shares on the open market. The Company’s contribution vests on December 31 of each year and is charged to earnings in the year of contribution.
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| Revenue recognition | Revenues include sales of gold and by-products. The Company recognizes revenue when it transfers control of a product to the customer. The principal activity from which the Company generates its revenue is the sale of gold to third parties. Delivery of the gold is considered to be the only performance obligation. Revenue is measured based on the consideration specified in the contract with the customer.
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| Deferred revenue | Deferred revenue is recognized in the consolidated balance sheets when a cash prepayment is received from a customer prior to the sale of gold. Revenue is subsequently recognized in the consolidated statement of earnings (loss) when control has been transferred to the customer. The Company recognizes the time value of money, where there is a significant financing component and the period between the payment by the customer and the transfer of the contracted goods exceeds one year. Interest expense on deferred revenue is recognized in finance costs in the consolidated statement of earnings (loss), unless capitalized to construction in progress in accordance with the Company’s policy on capitalized borrowing costs. The Company determines the current portion of deferred revenue based on quantities anticipated to be delivered over the next twelve months.
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| Leases | At inception of a contract, the Company assesses whether a contract is, or contains, a lease by determining whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. A right-of-use ("ROU") asset and lease liability is recognized at the lease commencement date. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received. The ROU asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, including periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option. In addition, the ROU asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date. The lease payments are discounted using the implicit interest rate in the lease. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability. If the rate cannot be readily determined, the Company’s incremental rate of borrowing is used. Generally, the Company uses its incremental borrowing rate as the discount rate. The lease liability is subsequently measured at amortized cost using the effective interest method whereby the balance is increased by interest expense and decreased by lease payments. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. The Company presents ROU assets within property, plant and equipment. The Company has elected not to recognize ROU assets and lease liabilities for leases that have a lease term of 12 months or less and leases of low-value assets. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
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| Segmented information | The Company’s operating segments are those operations whose operating results are reviewed by the Company’s chief operating decision maker ("CODM") to make resource allocation decisions and assess their performance. The Company's CODM is its executive leadership team. Operating segments whose revenues, net earnings or losses or assets exceed 10% of the total consolidated revenues, net earnings or losses or assets, are reportable segments.In order to determine the reportable operating segments, various factors are considered, including geographical location and managerial structure. It was determined that the Company’s gold segment is divided into reportable geographic segments. The Company’s other reportable segments have been determined to be the Côté Gold project, exploration and evaluation and development and corporate operating segments, which includes royalty interests and investments in associate and joint venture. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Significant accounting judgements, estimates and assumptions | The preparation of consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Assumptions about the future and other major sources of estimation uncertainty at the end of the reporting period have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities, within the next financial year. The most significant judgments and sources of estimation uncertainty that the Company believes could have a significant impact on the amounts recognized in its consolidated financial statements are described below. (i)Mineral reserves and resources Key sources of estimation uncertainty Mineral reserves and resources have been estimated by qualified persons as defined in accordance with Canadian Securities Administrators’ National Instrument 43-101 Standards of Disclosure for Mineral Projects requirements. Mineral reserve and resource estimates include numerous uncertainties and depend heavily on geological interpretations and statistical inferences drawn from drilling and other data, and require estimates of the future price for the commodity and the future cost of operations. The mineral reserve and resource estimates are subject to uncertainty and actual results may vary from these estimates. Results from drilling, testing and production, as well as material changes in metal prices and operating costs subsequent to the date of an estimate, may justify revision of such estimate. A number of accounting estimates, as described in the relevant accounting policy notes, are impacted by the mineral reserve and resource estimates, which form the basis of the Company's LOM plans: •Capitalization and depreciation of stripping costs (note 3(c)(iii)); •Determination of the useful life of property, plant and equipment and measurement of the depreciation expense (note 3(d)); •Exploration and evaluation of mineral resources and determination of technical feasibility and commercial viability (note 3(e)). The application of the Company’s accounting policy for exploration and evaluation expenditures requires judgment in determining whether future economic benefits may be realized, which are based on assumptions about future events and circumstances; •Consideration of whether assets acquired meet the definition of a business or should be accounted for as an asset acquisition; •Impairment and reversal of impairment analysis of non-financial assets including evaluation of estimated future cash flows of CGUs (note 3(g)(ii)); and •Estimates of the outlays and their timing for AROs (note 3(h)). (ii)Impairment and reversal of impairment assessment of non-financial assets Key sources of estimation uncertainty Management’s assumptions and estimates of future cash flows used in the Company’s impairment assessment of non-financial assets are subject to risk and uncertainties, particularly in market conditions where higher volatility exists, and may be partially or totally outside of the Company's control. If an indication of impairment or reversal of a previous impairment charge exists, or if an exploration and evaluation asset is determined to be technically feasible and commercially viable, an estimate of a CGU's recoverable amount is calculated. The recoverable amount is based on the higher of FVLCD and VIU using a discounted cash flow methodology taking into account assumptions that would be made by market participants, unless there is a market price available based on a recent purchase or sale of a mine. Cash flows are for periods up to the date that mining is expected to cease which depends on a number of variables including recoverable mineral reserves and resources, expansion plans and the forecasted selling prices for such production (note 7). In estimating the net realizable value of inventories, a significant estimate is made regarding the quantities of saleable metals included in stockpiles based on the quantities of ore, the grade of ore, the estimated recovery percentage, cost to complete and long-term commodity prices. There can be no assurance that actual quantities will not differ significantly from estimates used (note 18). Judgments made in relation to accounting policies Both internal and external sources of information are required to be considered when determining the presence of an impairment indicator or an indicator of reversal of a previous impairment. Judgment is required around significant adverse changes in the business climate which may be indicators of impairment such as a significant decline in the asset’s market value, decline in resources and/or reserves including as a result of geological re-assessment or change in timing of extraction of resources and/or reserves which would result in a change in the discounted cash flow, and lower metal prices or higher input cost prices than would have been expected since the most recent valuation. Judgment is also required when considering whether significant positive changes in any of these items indicate a previous impairment may have reversed. Judgment is required to determine whether there are indications that the carrying amount of an exploration project is unlikely to be recovered in full from the successful development or the sale of the project. (iii)Derivative financial instruments Judgments made in relation to accounting policies Judgment is required to determine if an effective hedging relationship exists throughout the financial reporting period for derivative financial instruments classified as cash flow hedges. Management assesses the relationships on an ongoing basis to determine if hedge accounting is appropriate. Key sources of estimation uncertainty The Company monitors on a regular basis its hedge position for its risk exposure to fluctuations of the U.S. dollar compared to other currencies, and fluctuations in prices of commodities such as oil and gold. Forecasts are based on estimates of future transactions. For its derivative contracts, valuations are based on forward rates considering the market price, rate of interest and volatility, and take into account the credit risk of the financial instrument. Refer to note 30 for more detailed information and sensitivity analyses based on changes in currencies and commodity prices. (iv)Provisions and recognition of a liability for loss contingencies Judgments made in relation to accounting policies Judgments are required to determine if a present obligation exists at the end of the reporting period by considering all available evidence, including the opinion of experts. The most significant provisions that require judgment to determine if a present obligation exists are contingent losses related to claims and AROs. This includes an assessment of how to account for obligations based on the most recent closure plans and environmental regulations. Key sources of estimation uncertainty Provisions related to present obligations, including AROs, are management’s best estimate of the amount of probable future outflow, expected timing of payments, and discount rates if the effect of discounting is material. Refer to note 25(a). (v)Deferred revenue Judgments made in relation to accounting policies In assessing the accounting for the Company’s forward gold sale arrangement (note 29), the Company used judgment to determine that the upfront cash prepayment received was not a financial liability as the sale is expected to be settled through the delivery of gold, which is a non-financial item rather than through cash or other financial assets. It is the Company’s intention to settle this arrangement through its own production. If such settlement is not expected to occur, the forward gold sale arrangement would become a financial liability as a cash settlement may be required.
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BASIS OF PREPARATION (Tables) |
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| Corporate Information And Statement Of IFRS Compliance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of subsidiaries | Subsidiaries and divisions related to significant properties of the Company are accounted for as outlined below.
1.On April 22, 2020, Rosebel Gold Mines N.V. ("Rosebel") signed an Unincorporated Joint Venture (“Rosebel UJV”) agreement with Staatsolie Maatschappij Suriname N.V. (“Staatsolie”) relating to the concession areas within the Rosebel UJV Area of Interest, which includes Saramacca. The Rosebel UJV excludes the existing Rosebel mining concession, which is 95% owned by Rosebel and 5% owned by the Republic of Suriname. Rosebel holds a 70% participating interest and Staatsolie holds a 30% participating interest in the Rosebel UJV on behalf of the Republic of Suriname. 2.Part of IAMGOLD Corporation. 3.The Company holds a 70% participating interest in the assets, liabilities, revenues and expenses through an unincorporated joint venture with Sumitomo Metal Mining Co. Ltd. with respect to the Côté Gold project. A third party holds various net profit interests and net participation interests in the mineral tenure comprising the project. The net interest of IAMGOLD in the mineral tenure comprising the current pit shell is approximately 64.75%.
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| Disclosure of joint ventures | Subsidiaries and divisions related to significant properties of the Company are accounted for as outlined below.
1.On April 22, 2020, Rosebel Gold Mines N.V. ("Rosebel") signed an Unincorporated Joint Venture (“Rosebel UJV”) agreement with Staatsolie Maatschappij Suriname N.V. (“Staatsolie”) relating to the concession areas within the Rosebel UJV Area of Interest, which includes Saramacca. The Rosebel UJV excludes the existing Rosebel mining concession, which is 95% owned by Rosebel and 5% owned by the Republic of Suriname. Rosebel holds a 70% participating interest and Staatsolie holds a 30% participating interest in the Rosebel UJV on behalf of the Republic of Suriname. 2.Part of IAMGOLD Corporation. 3.The Company holds a 70% participating interest in the assets, liabilities, revenues and expenses through an unincorporated joint venture with Sumitomo Metal Mining Co. Ltd. with respect to the Côté Gold project. A third party holds various net profit interests and net participation interests in the mineral tenure comprising the project. The net interest of IAMGOLD in the mineral tenure comprising the current pit shell is approximately 64.75%.
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COST OF SALES (Tables) |
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Analysis of income and expense [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of cost of sales |
1.Operating costs include mine production, transport and smelter costs, and site administrative expenses. 2.Depreciation expense excludes depreciation related to corporate office assets, which is included in general and administrative expenses.
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GENERAL AND ADMINSTRATIVE EXPENSES (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of general and administrative expenses |
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IMPAIRMENT CHARGES, NET OF REVERSAL (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of impairment of assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of impairment loss |
1.The Rosebel CGU consists of Rosebel and the Rosebel royalty payable to Euro Ressources S.A by the Company.
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OTHER EXPENSES (Tables) |
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| Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of other expenses (income) |
1.COVID-19 expenses pertain to incremental costs resulting from the impact of COVID-19 on the operations of the Company, including costs related to incremental labour, transportation, safety and other operational measures and processes implemented to manage the impact of COVID-19. 2.Temporary suspension costs pertain to the temporary work stoppage at Rosebel from June 12 to July 24, 2020. 3.Westwood mine was on care and maintenance between March 25, 2020 and April 15, 2020 as directed by the Government of Quebec in response to the global COVID-19 crisis. Westwood mine was on care and maintenance between October 30, 2020 and June 1, 2021 due to a seismic event. 4.Changes in asset retirement obligations at closed mines primarily relates to an increase in the ARO for Doyon based on the updated closure plan.
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FINANCE COSTS (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borrowing costs [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of financing costs |
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INTEREST INCOME, DERIVATIVES AND OTHER INVESTMENT GAINS (LOSSES) (Tables) |
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| Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of interest income and derivatives and other investment gains (losses) |
1.The Company sold 35 royalties on various non-core exploration and development properties for cash consideration of $46.2 million. After transaction costs of $0.3 million, the Company recognized a gain of $45.9 million. 2.Rosebel Gold Mines received a business interruption insurance payment of $10.2 million related to the interruption of its operations in the third quarter 2019. 3.Upon the establishment of the Rosebel UJV, the Company derecognized 30% of the assets and liabilities related to the Area of Interest as defined in the Rosebel UJV and recorded a gain of $16.9 million.
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EXPENSES BY NATURE (Tables) |
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Summary of expenses by nature | The following employee benefits expenses are included in cost of sales, general and administrative expenses, exploration expenses and other expenses.
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INCOME TAXES (Tables) |
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| Income Taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense/(recoveries) components | Income tax expenses/(recoveries) consisted of the following components:
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| Income tax expense/(recoveries) rate reconciliation | These factors are illustrated below on all of the consolidated earnings (loss) before income taxes after applying a tax rate of 26.5%, reflecting the combined Canadian statutory corporate income tax rate which applies to the Company as a legal entity for the year ended December 31, 2021 and December 31, 2020:
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| Components of deferred income tax assets and liabilities | The components that give rise to deferred income tax assets and liabilities are as follows:
The 2021 movement for net deferred income tax liabilities is summarized as follows:
The 2020 movement for net deferred income tax liabilities is summarized as follows:
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| Income tax expense/(recoveries) related to OCI | Income tax expenses/(recoveries) related to OCI consisted of the following components:
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| Disclosure of unrecognized deferred income tax assets | Deferred income tax assets have not been recognized in respect of the following deductible temporary differences:
The net capital loss carry forwards are restricted in use against capital gains but may be carried forward indefinitely. The exploration and evaluation assets may be carried forward indefinitely. At December 31, 2021, the non-capital loss carry forwards expire as follows:
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EARNINGS (LOSS) PER SHARE (Tables) |
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| Earnings per share [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings (loss) per share computations | Basic earnings (loss) per share computation
(b)Diluted earnings (loss) per share computation
1.The impact of outstanding potentially dilutive instruments is excluded from the diluted share calculation for loss per share amounts as they are anti-dilutive. Equity instruments excluded from the computation of diluted earnings (loss) per share which could be dilutive in the future were as follows:
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CASH FLOW ITEMS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Flow Statement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjustments for other non-cash items within operating activities | (a)Adjustments for other non-cash items within operating activities
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| Movements in non-cash working capital items and non-current ore stockpiles | Movements in non-cash working capital items and non-current ore stockpiles
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| Schedule of other investing activities | Other investing activities
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| Reconciliation of long-term debt arising from financing activities | Reconciliation of long-term debt arising from financing activities
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CASH AND CASH EQUIVALENTS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
| Subclassifications of assets, liabilities and equities [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of cash and cash equivalents |
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RECEIVABLES AND OTHER CURRENT ASSETS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of receivables and other current assets |
1.Receivables from governments relate primarily to value added and sales taxes.
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INVENTORIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of inventories |
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INVESTMENT IN ASSOCIATE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interests In Other Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of associates |
1.Latest publicly available information for INV Metals. 2.Associate relates to INV Metals. The Company's ownership interest in INV Metals as at December 31, 2021 was 0% (December 31, 2020 - 35.5%). On January 28, 2021, the Company participated in a private placement and acquired an additional 4.8 million common shares of INV Metals at a price of CAD$0.45 per share for an aggregate amount of $1.7 million (CAD$2.2 million) to maintain a 35.5% ownership interest.
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ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of non-current assets held for sale and discontinued operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of discontinued operations |
1.Fair value ascribed to the contingent milestone payments. The significant estimates and assumptions used in determining the fair value of the contingent payments were the production profile and discount rate (level 3 of the fair value hierarchy).
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PROPERTY, PLANT AND EQUIPMENT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Property, plant and equipment [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of property, plant and equipment |
1.Right-of-use assets consist of property, plant and equipment related to assets leased and accounted for under IFRS 16. 2.Upon the establishment of the Rosebel UJV, the Company derecognized 30% of the assets and liabilities related to the Rosebel UJV Area of Interest and recorded a gain of $16.9 million, which has been included under interest income and derivatives and other investment gains (losses) in the consolidated statements of earnings (loss). 3.Excludes depreciation expense related to corporate office assets, included within other non-current assets, which is included in general and administrative expenses.
1.The Company acquired the Fayolle Property in exchange for 1,851,145 common shares of IAMGOLD (note 33). The value of the share consideration of $6.7 million, fees and subsequent exploration expenditures of $0.6 million were capitalized to exploration and evaluation assets. 2.The Company acquired the remaining 25% interest of the Monster Lake project from Tomagold Corporation in exchange for 1,464,377 common shares of IAMGOLD (note 33), valued at $4.9 million, and cash consideration of $0.4 million. The total value of the consideration of $5.3 million was capitalized to exploration and evaluation assets.
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EXPLORATION AND EVALUATION ASSETS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exploration For And Evaluation Of Mineral Resources [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exploration and Evaluation Assets |
1.Right-of-use assets consist of property, plant and equipment related to assets leased and accounted for under IFRS 16. 2.Upon the establishment of the Rosebel UJV, the Company derecognized 30% of the assets and liabilities related to the Rosebel UJV Area of Interest and recorded a gain of $16.9 million, which has been included under interest income and derivatives and other investment gains (losses) in the consolidated statements of earnings (loss). 3.Excludes depreciation expense related to corporate office assets, included within other non-current assets, which is included in general and administrative expenses.
1.The Company acquired the Fayolle Property in exchange for 1,851,145 common shares of IAMGOLD (note 33). The value of the share consideration of $6.7 million, fees and subsequent exploration expenditures of $0.6 million were capitalized to exploration and evaluation assets. 2.The Company acquired the remaining 25% interest of the Monster Lake project from Tomagold Corporation in exchange for 1,464,377 common shares of IAMGOLD (note 33), valued at $4.9 million, and cash consideration of $0.4 million. The total value of the consideration of $5.3 million was capitalized to exploration and evaluation assets.
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OTHER NON-CURRENT ASSETS (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Non-Current Assets |
1.Includes advances related to the Côté Gold project of $33.0 million (December 31, 2020 - $nil). 2.The Company, through its 90%-owned subsidiary EURO Ressources S.A. (“EURO”), entered into an agreement with a subsidiary of Orezone Gold Corporation (“Orezone”) whereby EURO is entitled to receive 50% of the payable silver production over the life of mine on Orezone’s Bomboré Project for $7.15 million. The agreement also stipulates a minimum guaranteed delivery obligation in favour of EURO of 37,500 ounces of silver per annum subject to a catch-up payment on a shortfall on specified timelines, until delivery of 375,000 ounces of payable silver after which the minimum annual payment guarantee will no longer apply. The agreement is accounted for as a royalty interest. The royalty interest is recorded at cost and subsequently measured at cost less accumulated depreciation. 3.On March 6, 2017, the Company signed an agreement with a third-party for the construction of a solar power plant to deliver power to the Essakane mine for a period of 15 years upon commissioning for active use. The solar power plant was commissioned for active use on June 1, 2018. A prepayment of $4.9 million was made in 2017 towards the purchase of power in connection with the agreement, and for the year ended December 31, 2021, $0.3 million (year ended December 31, 2020 - $0.3 million) was utilized.
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OTHER CURRENT LIABILITIES (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Current Liabilities |
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PROVISIONS (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of provisions |
The following table presents the reconciliation of the provision for asset retirement obligations:
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| Disclosure of asset retirement obligations | As at December 31, 2021, the schedule of estimated undiscounted future disbursements for rehabilitation was as follows:
1.Disbursements in US$ relate to the Essakane and Rosebel mines, and CAD$ disbursements relate to the Doyon division, including Westwood mine and other Canadian sites. As at December 31, 2021, estimated undiscounted amounts of cash flows required to settle the obligations and expected timing of payments assumed in measuring the asset retirement obligations were as follows:
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LEASES (Tables) |
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| Disclosure of leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of quantitative information about right-of-use assets |
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Other Liabilities (Tables) |
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| Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of derivative liabilities |
(a)Embedded derivative - Rosebel power purchase agreement Rosebel has a power purchase agreement with the Government of Suriname. This agreement specifies both the quantity of power Rosebel is expected to purchase as well as the price per kilowatt hour. An embedded derivative exists in the Rosebel power purchase agreement as increases in electricity prices are linked to the price of gold. This embedded derivative is accounted for separately from the host contract at FVTPL as the economic characteristics and risks of the host contract and the embedded derivative are not closely related. The Company recognized an embedded derivative liability of $29.2 million as at December 31, 2021 due primarily to the forward price of gold exceeding the minimum price threshold set in the agreement. (b)Yatela liability
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LONG-TERM DEBT AND CREDIT FACILITY (Tables) |
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| Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of detailed information about borrowings |
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| Contractual maturities of notes | The following are the contractual maturities related to the Notes, including interest payments:
1.The carrying amount of the long-term debt excludes unamortized deferred transaction costs of $6.3 million as at December 31, 2021 (December 31, 2020 – $7.2 million) and the embedded derivative. The following are the contractual maturities related to the equipment loans, including interest payments:
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DEFERRED REVENUE (Tables) |
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| Disclosure of revenue from contracts with customers [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of changes in deferred income |
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FINANCIAL INSTRUMENTS (Tables) |
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| Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of terms and conditions of outstanding derivative contracts | As at December 31, 2021, the Company's outstanding derivative contracts which qualified for hedge accounting and the periods in which the cash flows are expected to occur and impact the consolidated statements of earnings (loss) and property, plant and equipment balance on the consolidated balance sheets are as follows:
1.The Company executed Canadian dollar collar options, which consist of Canadian dollar call and put options within the given range in 2022 through 2024. The Company will recognize a gain from the difference between a lower market price and the Canadian dollar call strike price. The Company will incur a loss from the difference between a higher market price and the Canadian dollar put strike price. As at December 31, 2021, the Company’s outstanding crude oil derivative contracts, which qualified for hedge accounting, and the periods in which the cash flows are expected to occur and impact on the consolidated statements of earnings (loss) and the property, plant and equipment balance on the consolidated balance sheets are as follows:
1.Quantities of barrels are in thousands. 2.The Company executed Brent and WTI collar options, which consist of Brent and WTI put and call options with strike prices within the given range in 2022 through 2025. The Company will incur a loss from the difference between a lower market price and the put strike price. The Company will recognize a gain from the difference between a higher market price and the call strike price. As at December 31, 2021, the Company’s outstanding gold bullion derivative contracts, which qualified for hedge accounting, and the periods in which the cash flows are expected to occur and impact the consolidated statements of earnings (loss), are as follows:
1.Part of the gold sale prepayment arrangement entered into in the second quarter 2021. 2.Quantities of gold bullion are in thousands of ounces. 3.The Company executed gold collar options, which consist of gold put and call options with strike prices within the given range from 2022 to 2025. The Company will incur a loss from the difference between a higher market price and the call strike price. The Company will recognize a gain from the difference between a lower market price and the put strike price.
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| Disclosure of detailed information about hedging instruments |
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| Sensitivity analysis for types of market risk |
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| Financial assets measured at fair value |
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| Disclosure of detailed information about hedged items | Additional information on hedging instruments and hedged forecast transactions related to oil and fuel market price risk as at December 31, 2021 and December 31, 2020 was as follows:
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| Disclosure of detailed information about non-hedge derivatives |
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FAIR VALUE MEASUREMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair value measurement of assets | The Company’s fair values of financial assets and liabilities were as follows:
1.The carrying amount excludes unamortized deferred gains of $1.9 million. 2.The carrying amount excludes unamortized deferred transaction costs of $6.3 million and the embedded derivative. 3.The carrying amount excludes unamortized deferred transaction costs of $0.2 million.
1.The carrying amount excludes unamortized deferred transaction costs of $7.2 million and the embedded derivative. 2.The carrying amount excludes unamortized deferred transaction costs of $0.2 million.
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| Fair value measurement of liabilities | The Company’s fair values of financial assets and liabilities were as follows:
1.The carrying amount excludes unamortized deferred gains of $1.9 million. 2.The carrying amount excludes unamortized deferred transaction costs of $6.3 million and the embedded derivative. 3.The carrying amount excludes unamortized deferred transaction costs of $0.2 million.
1.The carrying amount excludes unamortized deferred transaction costs of $7.2 million and the embedded derivative. 2.The carrying amount excludes unamortized deferred transaction costs of $0.2 million.
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| Fair value of marketable securities and warrants |
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CAPITAL MANAGEMENT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate Information And Statement Of IFRS Compliance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of capital items |
1.The carrying amount of the long-term debt excludes unamortized deferred transaction costs of $6.3 million as at December 31, 2021 (December 31, 2020 – $7.2 million) and the embedded derivative. 2.The carrying amount of the long-term debt excludes unamortized deferred transaction costs of $0.2 million as at December 31, 2021 (December 31, 2020 – $0.2 million).
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SHARE CAPITAL (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Capital, Reserves And Other Equity Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Outstanding common stock rollforward |
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NON-CONTROLLING INTERESTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noncontrolling Interest Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial information of subsidiaries with material non-controlling interests | Financial information of subsidiaries that have material non-controlling interests are provided below:
1.The 5% non-controlling interest for Rosebel is based on the consolidated results of Rosebel which includes 70% of Saramacca. 2.For the year ended December 31, 2021, dividends paid to other non-controlling interests amounted to $1.9 million (December 31, 2020 – $1.4 million). Selected summarized information relating to these subsidiaries are provided below, before any intercompany eliminations:
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SHARE-BASED COMPENSATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation plans |
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| Share option award plan |
1.Exercise prices are denominated in Canadian dollars. The exchange rate at December 31, 2021 between the U.S. dollar and Canadian dollar was $0.7901/CAD. 2.The weighted average share price on date of options exercised was CAD$4.11.
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| Disclosure of number and weighted average remaining contractual life of outstanding share options | The following table summarizes information related to options outstanding at December 31, 2021:
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| Inputs used in determining the fair value of the options granted | The following were the weighted average inputs to the Black-Scholes model used in determining the fair value of the options granted during the year. The estimated fair value of the options is expensed over their expected life.
The estimated fair value of the awards is expensed over their vesting period.
1.The grant-date fair value is equal to the share price on grant date.
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| Full value awards consisting of restricted share units | A summary of the status of the Company’s outstanding share units issued to directors and employees under the Company's share incentive plan and changes during the year is presented below.
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| Inputs used in determining fair value of restricted share units | The estimated fair value of the awards is expensed over their vesting period.
1.The grant-date fair value is equal to the share price on grant date. Performance share units Executive officers and certain employees are granted performance share units on an annual basis. The performance share unit grants vest over thirty-six months and are equity settled. There are no cash settlement alternatives for these grants. Performance share units are granted based on performance objectives and criteria determined on an annual basis based on guidelines established by the Human Resources and Compensation Committee of the Board of Directors. The number of performance share units granted is determined as part of the employees’ overall compensation. The estimated fair value of the awards is expensed over their vesting period.
1.The grant-date fair value was determined using a Black-Scholes model or Monte Carlo model.
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SEGMENTED INFORMATION (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of operating segments |
Year ended December 31, 2021
1.Excludes depreciation expense. 2.Depreciation expense excludes depreciation related to corporate office assets, which is included in general and administrative expenses. 3.Includes depreciation expense relating to corporate and exploration and evaluation assets. 4.Includes cash expenditures for property, plant and equipment and exploration and evaluation assets. 5.Changes in asset retirement obligation for Doyon closed site included in other expenses. 6.Includes earnings from royalty interests. ______________________________ 1.The Côté Gold project is considered a separate operating segment following the decision to proceed with construction in July 2020 as the financial information for the project is reviewed regularly by the Company’s CODM to assess the performance of the project and to make resource allocation decisions. The segment includes the financial information of the Côté unincorporated joint venture (the "Côté UJV") as well as other financial information for the Côté Gold project outside of the Côté UJV. Year ended December 31, 2020
1.Excludes depreciation expense. 2.Depreciation expense excludes depreciation related to corporate office assets, which is included in general and administrative expenses. 3.Includes depreciation expense relating to corporate and exploration and evaluation assets. 4.Includes cash expenditures for property, plant and equipment, exploration and evaluation assets. 5.Closed site costs on exploration and evaluation properties included in other expenses. 6.Includes earnings from royalty interests.
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COMMITMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Commitments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of commitments and payments due by period |
(a) Commitments – payments due by period
1.Due over the period from January 1, 2022 to December 31, 2022. 2.Due over the period from January 1, 2023 to December 31, 2024. 3.Due over the period from January 1, 2025 to December 31, 2026. 4.Due from January 1, 2027 and beyond.
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| Disclosure of royalty expense commitments | Production from certain mining operations is subject to third party royalties (included in cost of sales) based on various methods of calculation summarized as follows:
1.Royalty based on a percentage of gold sold applied to the gold market price the day before shipment; the royalty percentage varies according to the gold market price: 3% if the gold market price is lower or equal to $1,000 per ounce, 4% if the gold market price is between $1,000 and $1,300 per ounce, or 5% if the gold market price is above $1,300 per ounce. 2.2% in-kind royalty per ounce of gold production and price participation of 6.5% on the amount exceeding a market price of $425 per ounce when applicable, using for each calendar quarter the average market price determined by the London Gold Fix P.M. In addition, 0.25% of all minerals produced at Rosebel are payable to a charitable foundation for the purpose of promoting local development of natural resources within Suriname.
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RELATED PARTY TRANSACTIONS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of transactions between related parties | Compensation breakdown for key management personnel, comprising of the Company’s directors and executive officers, is as follows:
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Plant and Equipment | Bottom of range | |
| Disclosure of detailed information about property, plant and equipment [line items] | |
| Property, plant and equipment useful life | 3 years |
| Plant and Equipment | Top of range | |
| Disclosure of detailed information about property, plant and equipment [line items] | |
| Property, plant and equipment useful life | 15 years |
| Buildings | |
| Disclosure of detailed information about property, plant and equipment [line items] | |
| Property, plant and equipment useful life | 20 years |
COST OF SALES (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Analysis of income and expense [abstract] | ||
| Operating costs | $ 748.6 | $ 675.5 |
| Royalties | 60.6 | 59.2 |
| Depreciation expense | 339.8 | 256.7 |
| Cost of sales | $ 1,149.0 | $ 991.4 |
GENERAL AND ADMINSTRATIVE EXPENSES (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Analysis of income and expense [abstract] | ||
| Salaries | $ 22.8 | $ 24.2 |
| Directors' fees and expenses | 1.1 | 1.1 |
| Professional and consulting fees | 8.3 | 5.2 |
| Other administration costs | 4.5 | 2.2 |
| Share-based compensation | 6.1 | 10.7 |
| (Gain) loss on cash flow hedges | (2.6) | 1.8 |
| Depreciation expense | 1.8 | 1.6 |
| General and administrative | $ 42.0 | $ 46.8 |
IMPAIRMENT CHARGES, NET OF REVERSAL (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Disclosure of impairment loss and reversal of impairment loss [line items] | ||
| Impairment charge | $ 205.1 | $ (45.8) |
| Plant and equipment | Rosebel Gold mines | ||
| Disclosure of impairment loss and reversal of impairment loss [line items] | ||
| Impairment charge | 0.0 | |
| Plant and equipment | IAMGOLD Essakane S.A. ("Essakane S.A.") | ||
| Disclosure of impairment loss and reversal of impairment loss [line items] | ||
| Impairment charge | $ 0.0 | $ (45.8) |
OTHER EXPENSES (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Analysis of income and expense [abstract] | ||
| COVID-19 expenses | $ 16.0 | $ 27.4 |
| Temporary Suspension Expenses | 0.0 | 16.0 |
| Care and maintenance costs | 24.5 | 18.6 |
| Write-down of assets | 4.7 | 2.5 |
| Consulting costs | 0.5 | 1.5 |
| Changes in asset retirement obligations at closed mines4 | 40.7 | 6.1 |
| Restructuring costs | 1.0 | 0.0 |
| Other | 4.6 | 3.9 |
| Other expenses | $ 92.0 | $ 76.0 |
FINANCE COSTS (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Borrowing costs [abstract] | ||
| Interest expense1 | $ 0.0 | $ 9.1 |
| Credit facility fees | 5.2 | 4.8 |
| Accretion Expense, Gold Prepayment | 0.0 | 9.3 |
| Accretion expense - gold prepayment1 | 9.9 | 9.3 |
| Accretion expense - other | 0.0 | 0.1 |
| Finance costs | 5.2 | $ 23.3 |
| Capitalized interest expense | $ 30.6 | |
FINANCE COSTS - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Sep. 23, 2020 |
|
| Disclosure of attribution of expenses by nature to their function [line items] | |||
| Interest paid | $ 31.4 | $ 31.4 | |
| 5.75% senior notes | Fixed interest rate | |||
| Disclosure of attribution of expenses by nature to their function [line items] | |||
| Interest rate | 5.75% | 5.75% | 5.75% |
INTEREST INCOME, DERIVATIVES AND OTHER INVESTMENT GAINS (LOSSES) - Narrative (Details) $ in Millions |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2021
USD ($)
royalty
|
Dec. 31, 2020
USD ($)
|
|
| Disclosure of detailed information about borrowings [line items] | ||
| Number of royalties | royalty | 35 | |
| Sale of royalties, cash consideration | $ 46.2 | |
| Sale of royalties, transaction costs | 0.3 | |
| Gain on sale of royalties | 45.9 | $ 0.0 |
| Insurance recovery | 10.2 | |
| Percent of assets and liabilities derecognized | 30.00% | |
| Gain on establishment of the Rosebel UJV3 | $ 0.0 | $ 16.9 |
| Rosebel UJV | ||
| Disclosure of detailed information about borrowings [line items] | ||
| Percent of assets and liabilities derecognized | 30.00% | |
| Gain on establishment of the Rosebel UJV3 | $ 16.9 | |
EXPENSES BY NATURE (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Analysis of income and expense [abstract] | ||
| Salaries, short-term incentives, and other benefits | $ 219.6 | $ 228.3 |
| Share-based compensation | 6.3 | 11.5 |
| Other | 5.6 | 5.7 |
| Total expenses | $ 231.5 | $ 245.5 |
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Income Taxes [Abstract] | ||
| Average effective tax rate | 20.20% | 44.60% |
| Applicable tax rate | 26.50% | 26.50% |
| Deferred income tax liability not recognized | $ 724.1 | $ 717.0 |
INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
| Current income tax | $ 45.3 | $ 55.8 |
| Deferred income tax | (109.8) | (11.7) |
| Total income tax expense (recovery) | (64.5) | 44.1 |
| Domestic Country | ||
| Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
| Current income tax | 0.3 | 2.9 |
| Deferred income tax - origination and reversal of temporary differences | 0.0 | 0.0 |
| Foreign Country | ||
| Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
| Current income tax | 45.0 | 52.9 |
| Deferred income tax - origination and reversal of temporary differences | $ (109.8) | $ (11.7) |
INCOME TAXES - Reconciliation Of Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Income Taxes [Abstract] | ||
| Earnings (loss) before income taxes | $ (319.6) | $ 98.8 |
| Income tax provision - 26.5% | (84.7) | 26.2 |
| Increase (reduction) in income taxes resulting from: | ||
| Earnings in foreign jurisdictions subject to a different tax rate than 26.5% | (34.8) | (9.0) |
| Permanent items that are not included in income / losses for tax purposes: | ||
| Non-deductible expenses | (2.5) | 3.4 |
| Income/(losses) not recognized for tax purposes | (5.0) | 5.7 |
| Tax provisions not based on legal entity income or losses for the year: | ||
| Provincial mining duty tax | 0.3 | 3.0 |
| Non-resident withholding tax | 12.1 | 2.7 |
| Under/(over) tax provisions | (2.2) | (0.5) |
| Other | 1.9 | (1.0) |
| Other adjustments: | ||
| Unrecognized recoveries in deferred tax provisions | 39.0 | 25.1 |
| Foreign exchange related to deferred income taxes | 11.2 | (12.1) |
| Other | 0.2 | 0.6 |
| Total income tax expense (recovery) | $ (64.5) | $ 44.1 |
INCOME TAXES - Changes to OCI (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Income Taxes [Abstract] | ||
| Unrealized change in fair value of marketable securities | $ (0.4) | $ 0.3 |
| Hedges | 2.6 | (0.2) |
| Total income taxes related to OCI | $ 2.2 | $ 0.1 |
EARNINGS (LOSS) PER SHARE - Earnings (Loss) per Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Numerator | ||
| Net earnings (loss) from continuing operations attributable to equity holders | $ (254.4) | $ 38.5 |
| Net earnings from discontinued operations attributable to equity holders | 0.0 | 4.1 |
| Net earnings (loss) attributable to equity holders | $ (254.4) | $ 42.6 |
| Denominator | ||
| Weighted average number of common shares (basic) | 476.5 | 472.6 |
| Basic earnings (loss) from continuing operations attributable to equity holders of IAMGOLD per share (in dollars per share) | $ (0.53) | $ 0.08 |
| Basic earnings (loss) from discontinued operations attributable to equity holders of IAMGOLD per share (in dollars per share) | 0 | 0.01 |
| Basic earnings (loss) per share (in dollars per share) | $ (0.53) | $ 0.09 |
EARNINGS (LOSS) PER SHARE - Diluted Earnings (Loss) per Share Computation (Details) - $ / shares shares in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Earnings per share [abstract] | ||
| Weighted average number of common shares (basic) | 476.5 | 472.6 |
| Dilutive effect of options (in shares) | 0.0 | 0.4 |
| Dilutive effect of share units (in shares) | 0.0 | 5.0 |
| Weighted average number of common shares (diluted) | 476.5 | 478.0 |
| Diluted earnings (loss) from continuing operations per share attributable to equity holders (in dollars per share) | $ (0.53) | $ 0.08 |
| Diluted earnings (loss) from discontinued operations per share attributable to equity holders (in dollars per share) | 0 | 0.01 |
| Diluted earnings (loss) per share (in dollars per share) | $ (0.53) | $ 0.09 |
EARNINGS (LOSS) PER SHARE - Antidilutive Securities (Details) - shares shares in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Earnings per share [line items] | ||
| Antidilutive securities (in shares) | 12.0 | 3.3 |
| Options | ||
| Earnings per share [line items] | ||
| Antidilutive securities (in shares) | 5.1 | 3.3 |
| Share units | ||
| Earnings per share [line items] | ||
| Antidilutive securities (in shares) | 6.9 | 0.0 |
CASH FLOW ITEMS - Changes in Non-Cash Working Capital Items and Non-Current Ore Stockpiles (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Cash Flow Statement [Abstract] | ||
| Receivables and other current assets | $ 17.0 | $ (24.4) |
| Inventories and non-current ore stockpiles | (36.7) | (3.4) |
| Accounts payable and accrued liabilities | 11.7 | 7.2 |
| Movements in non-cash working capital items and non-current ore stockpiles | $ (8.0) | $ (20.6) |
CASH FLOW ITEMS - Changes in Other Investing Activities (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Cash Flow Statement [Abstract] | ||
| Advances to Staatsolie | $ (48.5) | $ (30.9) |
| Repayment from Staatsolie | 45.5 | 44.7 |
| Cash received on sale of Sadiola | 1.8 | 25.0 |
| Acquisition of investments | (0.2) | (2.2) |
| Interest received | 3.8 | 7.1 |
| Increase in restricted cash | (6.0) | (6.4) |
| Purchase of additional common shares of associate | (1.7) | 0.0 |
| Capital expenditures for exploration and evaluation assets | (1.9) | (0.6) |
| Acquisition of exploration and evaluation assets | (5.0) | (0.4) |
| Acquisition of royalty interests | (7.2) | 0.0 |
| Repayment for other assets | (0.3) | 0.2 |
| Advances to related parties | 0.0 | (0.1) |
| Repayments from related parties | 0.0 | 0.1 |
| Other | (1.7) | (0.1) |
| Other investing activities | $ (21.4) | $ 36.4 |
CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|---|
| Subclassifications of assets, liabilities and equities [abstract] | |||
| Cash | $ 429.7 | $ 920.9 | |
| Short-term deposits with initial maturities of three months or less | 115.2 | 20.6 | |
| Cash and cash equivalents | $ 544.9 | $ 941.5 | $ 830.6 |
RESTRICTED CASH (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Schedule Of Fair Value, Off-balance Sheet Risks1 [Line Items] | ||
| Non-current restricted cash | $ 42.2 | $ 38.6 |
RECEIVABLES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Subclassifications of assets, liabilities and equities [abstract] | ||
| Income taxes receivable | $ 0.5 | $ 8.3 |
| Receivables from governments | 40.0 | 56.7 |
| Receivable from Staatsolie | 0.0 | 7.5 |
| Receivable from the sale of Sadiola | 0.0 | 1.8 |
| Deferred consideration from the sale of Sadiola | 1.2 | 1.2 |
| Other receivables | 6.7 | 5.2 |
| Total receivables | 48.4 | 80.7 |
| Prepayment for other assets | 0.3 | 0.0 |
| Prepaid expenses | 17.1 | 19.6 |
| Hedge derivatives | 30.7 | 20.4 |
| Receivables and other current assets | $ 96.5 | $ 120.7 |
INVENTORIES (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Subclassifications of assets, liabilities and equities [abstract] | ||
| Finished goods | $ 95.2 | $ 74.4 |
| Ore stockpiles | 33.6 | 80.1 |
| Mine supplies | 173.3 | 172.8 |
| Current inventories | 302.1 | 327.3 |
| Non-current ore stockpiles | 124.1 | 198.3 |
| Inventories | $ 426.2 | $ 525.6 |
INVENTORIES - Narrative (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Finished Goods | ||
| Disclosure of Inventories [Line Items] | ||
| Inventory write-down (reversal) | $ 28,100,000 | $ 0 |
| Ore Stockpiles - Current | ||
| Disclosure of Inventories [Line Items] | ||
| Inventory write-down (reversal) | 9,400,000 | 0 |
| Ore Stockpiles - Non-Current | ||
| Disclosure of Inventories [Line Items] | ||
| Inventory write-down (reversal) | 101,100,000 | 0 |
| Mine Supplies | ||
| Disclosure of Inventories [Line Items] | ||
| Inventory write-down (reversal) | $ 4,900,000 | $ 5,700,000 |
INVESTMENT IN ASSOCIATE (Details) $ / shares in Units, shares in Millions, $ in Millions, $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Jan. 28, 2021
USD ($)
shares
|
Jan. 28, 2021
CAD ($)
$ / shares
shares
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
| Disclosure of associates [line items] | |||||
| Investment in associate | $ 0.0 | $ 9.0 | $ 10.0 | ||
| Investments In Subsidiaries, Joint Ventures And Associates, Foreign Exchange Gain (Loss) | (0.7) | 0.6 | |||
| Share of net loss from investment in associate, net of income taxes | (0.6) | $ (1.6) | |||
| Investments in subsidiaries, purchase of additional shares reported in separate financial statements | 1.7 | ||||
| Sale of investment | $ (9.4) | ||||
| INV Metals | |||||
| Disclosure of associates [line items] | |||||
| Proportion of ownership interest in associate | 35.50% | 35.50% | 0.00% | 35.50% | |
| Additional associate shares acquired | shares | 4.8 | 4.8 | |||
| Additional associate shares purchased (in cad per share) | $ / shares | $ 0.45 | ||||
| Purchase of additional shares of associate | $ 1.7 | $ 2.2 | |||
INVESTMENT IN ASSOCIATE - Narrative (Details) - DPM $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2021
USD ($)
shares
| |
| Disclosure of associates [line items] | |
| Investments in subsidiaries, conversion of common shares, from sale of investment | shares | 0.0910 |
| Investments in subsidiaries, shares received on transaction | shares | 4,900,000 |
| Investments in subsidiaries, fair value of shares received | $ 28.7 |
| Investments in subsidiaries, gain on sale of investment | 16.1 |
| Investments in subsidiaries, carrying amount of investment | 9.4 |
| Investments in subsidiaries, currency translation adjustment | $ 3.2 |
ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS - Summary of Consideration (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 30, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Disclosure of non-current assets held for sale and discontinued operations [Line Items] | |||
| Deferred consideration - litigation settlement | $ 1.2 | $ 1.2 | |
| Gains on disposals, net | $ 0.0 | 4.1 | |
| Sadiola | |||
| Disclosure of non-current assets held for sale and discontinued operations [Line Items] | |||
| Cash consideration upon closing | 25.0 | ||
| Additional consideration | 1.8 | ||
| Deferred consideration - milestone payments | 14.3 | ||
| Deferred consideration - litigation settlement | 1.2 | ||
| Total assets, consideration received | 42.3 | ||
| Investment in Sadiola, net of dividend received | (37.4) | ||
| Gain on disposal | 4.9 | ||
| Transaction costs | (0.8) | ||
| Gains on disposals, net | $ 4.1 | $ 4.1 | |
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Sep. 23, 2020 |
|
| Disclosure of detailed information about property, plant and equipment [line items] | |||
| Quoted borrowing costs capitalised | $ 40.5 | $ 24.0 | |
| Borrowing costs capitalized, weighted average interest rate | 5.80% | 6.42% | |
| 5.75% senior notes | Fixed interest rate | |||
| Disclosure of detailed information about property, plant and equipment [line items] | |||
| Interest rate | 5.75% | 5.75% | 5.75% |
| Mining properties | |||
| Disclosure of detailed information about property, plant and equipment [line items] | |||
| Mining properties, stripping costs capitalized | $ 276.3 | $ 230.8 | |
| Mining properties, stripping costs capitalized during period | 127.3 | 86.0 | |
| Mining properties, stripping costs, depreciation expense | $ 81.8 | $ 66.5 | |
OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Subclassifications of assets, liabilities and equities [abstract] | ||
| Current portion of provisions | $ 6.5 | $ 6.7 |
| Current portion of deferred revenue | 189.7 | 0.0 |
| Current portion of other liabilities | 22.7 | 27.9 |
| Other current liabilities | $ 218.9 | $ 34.6 |
PROVISIONS - Narrative (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|---|
| Disclosure of other provisions [line items] | |||
| Total provisions | $ 476.7 | $ 394.7 | |
| Current portion of provisions | 6.5 | 6.7 | |
| Non-current provisions | 470.2 | 388.0 | |
| Asset retirement obligations | |||
| Disclosure of other provisions [line items] | |||
| Total provisions | 460.4 | 380.0 | $ 368.4 |
| Current portion of provisions | 6.5 | 6.7 | |
| Non-current provisions | 453.9 | 373.3 | |
| Other | |||
| Disclosure of other provisions [line items] | |||
| Total provisions | $ 16.3 | $ 14.7 |
PROVISIONS - Asset Retirement Obligations (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Reconciliation of changes in other provisions [abstract] | ||
| Balance, beginning of the year | $ 394.7 | |
| Balance, end of the year | 476.7 | $ 394.7 |
| Less current portion | (6.5) | (6.7) |
| Non-current portion | 470.2 | 388.0 |
| Asset retirement obligations | ||
| Reconciliation of changes in other provisions [abstract] | ||
| Balance, beginning of the year | 380.0 | 368.4 |
| Revision of estimated cash flows and discount rates: Capitalized in property, plant and equipment | 42.0 | 7.6 |
| Revision of estimated cash flows and discount rates: Changes in asset retirement obligations at closed sites | 40.7 | 6.1 |
| Accretion expense | 0.0 | 0.1 |
| Disbursements | (2.3) | (2.2) |
| Balance, end of the year | 460.4 | 380.0 |
| Less current portion | (6.5) | (6.7) |
| Non-current portion | $ 453.9 | $ 373.3 |
PROVISIONS - Narrative (Details) $ in Millions, $ in Millions |
Dec. 31, 2021
USD ($)
|
Dec. 31, 2021
CAD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2020
CAD ($)
|
|---|---|---|---|---|
| Disclosure of other provisions [line items] | ||||
| Outstanding borrowing amount | $ 1.7 | $ 1.7 | ||
| Restricted cash | 42.2 | 38.6 | ||
| IAMGOLD Essakane S.A. ("Essakane S.A.") | ||||
| Disclosure of other provisions [line items] | ||||
| Collateral, restricted cash guaranteeing asset retirement obligations | 38.6 | |||
| Doyon division including the Westwood mine2 | ||||
| Disclosure of other provisions [line items] | ||||
| Bonds outstanding to guarantee asset retirement obligations related to the Doyon division | 132.3 | $ 167.4 | 131.2 | $ 167.4 |
| Côté Gold Project | ||||
| Disclosure of other provisions [line items] | ||||
| Bonds outstanding to guarantee asset retirement obligations related to the Doyon division | $ 37.8 | $ 47.9 | $ 37.6 | $ 47.9 |
PROVISIONS - Estimated Undiscounted Amounts Of Cash Flows Required To Settle Obligations (Details) - Dec. 31, 2021 $ in Millions, $ in Millions |
CAD ($) |
USD ($) |
|---|---|---|
| Disclosure of other provisions [line items] | ||
| Undiscounted amounts required | $ 302.2 | $ 206.0 |
| Rosebel mine | ||
| Disclosure of other provisions [line items] | ||
| Undiscounted amounts required | 0.0 | 116.2 |
| IAMGOLD Essakane S.A. ("Essakane S.A.") | ||
| Disclosure of other provisions [line items] | ||
| Undiscounted amounts required | 0.0 | 89.8 |
| Doyon division, including Westwood mine | ||
| Disclosure of other provisions [line items] | ||
| Undiscounted amounts required | 262.3 | 0.0 |
| Other Canadian sites | ||
| Disclosure of other provisions [line items] | ||
| Undiscounted amounts required | $ 39.9 | $ 0.0 |
LEASES (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Disclosure of leases [Roll Forward] | ||
| Balance, beginning of year | $ 66.8 | $ 58.8 |
| Additions | 18.1 | 24.4 |
| Interest expense | 2.6 | 2.9 |
| Foreign exchange impact | (0.4) | 0.2 |
| Principal lease payments | (18.9) | (16.5) |
| Interest payments | (2.6) | (3.0) |
| Balance, end of year | 65.6 | 66.8 |
| Current portion | 21.4 | 18.0 |
| Non-current portion | 44.2 | 48.8 |
| Lease obligations | 65.6 | 66.8 |
| Short-term and low-value leases | 42.7 | 47.2 |
| Variable lease payments | $ 26.6 | $ 30.1 |
Other Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Disclosure of detailed information about financial instruments [line items] | ||
| Other liabilities | $ 63.0 | $ 57.8 |
| Yatela liability | 18.5 | 18.5 |
| Other liabilities | 11.6 | 4.0 |
| Current portion of other liabilities | 22.7 | 27.9 |
| Non-current portion of other liabilities | 40.3 | 29.9 |
| Embedded derivative - Rosebel power purchase agreement | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Other liabilities | 29.2 | 23.3 |
| Hedge derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Other liabilities | 0.7 | 12.0 |
| Non-hedge derivative | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Other liabilities | $ 3.0 | $ 0.0 |
Other Liabilities - Narrative (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
Feb. 14, 2019 |
|---|---|---|---|
| Disclosure of detailed information about financial instruments [line items] | |||
| Other liabilities | $ 63.0 | $ 57.8 | |
| Yatela liability | 18.5 | 18.5 | |
| Yatela | |||
| Disclosure of detailed information about financial instruments [line items] | |||
| Percentage of voting equity interests acquired | 80.00% | ||
| Consideration transferred, acquisition-date fair value | $ 1.0 | ||
| Cash transferred | 37.0 | ||
| Yatela liability | $ 18.5 | ||
| Embedded derivative - Rosebel power purchase agreement | |||
| Disclosure of detailed information about financial instruments [line items] | |||
| Other liabilities | $ 29.2 | $ 23.3 |
LONG-TERM DEBT AND CREDIT FACILITY - Schedule of Long Term Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
Sep. 23, 2020 |
May 12, 2020 |
Jun. 27, 2019 |
|---|---|---|---|---|---|
| Disclosure of detailed information about borrowings [line items] | |||||
| Borrowings | $ 464.4 | $ 466.6 | |||
| Current portion of long-term debt | 7.5 | 7.9 | |||
| Non-current portion of long-term debt | 456.9 | 458.7 | |||
| 5.75% senior notes | |||||
| Disclosure of detailed information about borrowings [line items] | |||||
| Borrowings | $ 445.7 | $ 438.6 | |||
| 5.75% senior notes | Fixed interest rate | |||||
| Disclosure of detailed information about borrowings [line items] | |||||
| Interest rate | 5.75% | 5.75% | 5.75% | ||
| Equipment loans | |||||
| Disclosure of detailed information about borrowings [line items] | |||||
| Interest rate | 5.95% | 5.23% | |||
| Borrowings | $ 18.7 | $ 28.0 |
LONG-TERM DEBT AND CREDIT FACILITY - Equipment Loan (Details) $ in Millions |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Jun. 27, 2019
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
May 12, 2020
USD ($)
|
May 12, 2020
XAF (
)
|
Jun. 27, 2019
EUR (€)
|
|
| Disclosure of detailed information about borrowings [line items] | ||||||
| Borrowing costs capitalised | $ 31.4 | $ 24.5 | ||||
| Equipment loans | ||||||
| Disclosure of detailed information about borrowings [line items] | ||||||
| Outstanding amount | $ 23.3 | $ 10.9 | 6,545,000,000 | € 20,500,000 | ||
| Interest rate | 5.23% | 5.95% | 5.95% | 5.23% | ||
| Borrowing costs capitalised | $ 0.3 | |||||
LONG-TERM DEBT AND CREDIT FACILITY - Credit Facilities (Details) - USD ($) |
Dec. 31, 2021 |
Dec. 31, 2020 |
Feb. 26, 2020 |
|---|---|---|---|
| Disclosure of detailed information about borrowings [line items] | |||
| Outstanding borrowing amount | $ 1,700,000 | $ 1,700,000 | |
| Credit Facility | |||
| Disclosure of detailed information about borrowings [line items] | |||
| Maximum borrowing capacity | $ 500,000,000 | ||
| Credit Facility Due 2024 | |||
| Disclosure of detailed information about borrowings [line items] | |||
| Maximum borrowing capacity | $ 490,000,000 |
LONG-TERM DEBT AND CREDIT FACILITY - Uncollateralized Surety and Performance Bonds (Details) $ in Millions, $ in Millions |
Dec. 31, 2021
CAD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
CAD ($)
|
Dec. 31, 2020
USD ($)
|
|---|---|---|---|---|
| Doyon and Côté Gold | ||||
| Disclosure of detailed information about borrowings [line items] | ||||
| Bonds outstanding to guarantee asset retirement obligations related to the Doyon division | $ 215.3 | $ 170.1 | $ 215.3 | $ 168.8 |
| Côté Gold project | ||||
| Disclosure of detailed information about borrowings [line items] | ||||
| Bonds outstanding to guarantee asset retirement obligations related to the Doyon division | $ 39.1 | $ 30.9 | $ 39.1 | $ 30.7 |
DEFERRED REVENUE - Changes in Deferred Revenue (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Revenue From Contract With Customer [Roll Forward] | |||
| Accretion expense - gold prepayment1 | $ 9.9 | $ 9.3 | |
| Revenue from contracts with customers | 189.7 | $ 179.8 | $ 170.5 |
| Current portion of deferred revenue | 189.7 | ||
| Non-current deferred revenue | 0.0 | ||
| Receivables from contracts with customers | $ 189.7 | ||
FINANCIAL INSTRUMENTS - Currency Exchange Risk (Details) - Currency risk - Canadian dollar contracts $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2021
CAD ($)
| |
| Disclosure of detailed information about hedging instruments [line items] | |
| Risk exposure associated with instruments sharing characteristic | $ 24.6 |
| Increase of 10%, sensitivity analysis | 72.3 |
| Decrease of 10%, sensitivity analysis | $ (11.2) |
FINANCIAL INSTRUMENTS - Commodity Price Risk (Details) - Commodity price risk - Cash flow hedges $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2021
USD ($)
| |
| Brent Crude Oil Option Contracts (barrels) | |
| Disclosure of detailed information about hedging instruments [line items] | |
| Risk exposure associated with instruments sharing characteristic | $ 18.7 |
| Increase of 10%, sensitivity analysis | 26.7 |
| Decrease of 10%, sensitivity analysis | 10.9 |
| WTI Crude Oil Option Contracts | |
| Disclosure of detailed information about hedging instruments [line items] | |
| Risk exposure associated with instruments sharing characteristic | 19.7 |
| Increase of 10%, sensitivity analysis | 27.9 |
| Decrease of 10%, sensitivity analysis | 11.6 |
| Gold price contracts | |
| Disclosure of detailed information about hedging instruments [line items] | |
| Risk exposure associated with instruments sharing characteristic | 1.0 |
| Increase of 10%, sensitivity analysis | (7.9) |
| Decrease of 10%, sensitivity analysis | $ 15.0 |
FINANCIAL INSTRUMENTS - Marketable Securities (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Financial Instruments [Abstract] | ||
| Proceeds from sale of marketable securities | $ 0.5 | $ 10.4 |
| Acquisition date fair value of marketable securities sold | 0.0 | (10.3) |
| Gain (loss) on sale of marketable securities recorded in OCI | 0.5 | 0.1 |
| Reduction in value of marketable securities | 0.0 | (5.0) |
| Impairment loss on OCI realized on marketable securities sold | (0.3) | 0.0 |
| Reduction in value of marketable securities | $ 0.2 | $ (4.9) |
FINANCIAL INSTRUMENTS - Gain (Loss) on Non-Hedge Derivatives and Warrants (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
| Gain (loss) on non-hedge items | $ 2.6 | $ (1.8) |
| Warrants and other | 0.1 | (0.7) |
| Gains (losses) on non-hedge derivatives and warrants | (13.9) | (31.8) |
| Embedded derivative | ||
| Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
| Gain (loss) on non-hedge items | (6.9) | (7.8) |
| Embedded derivative | Rosebel Gold Mines N.V. | ||
| Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
| Gain (loss) on non-hedge items | (5.9) | (23.3) |
| TARF | ||
| Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
| Gain (loss) on non-hedge items | (3.0) | 0.0 |
| Extendible forward arrangement | ||
| Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
| Gain (loss) on non-hedge items | $ 1.8 | $ 0.0 |
SHARE CAPITAL (Details) - Common shares - shares shares in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Reconciliation of number of shares outstanding [abstract] | ||
| Outstanding, beginning of the year | 475.3 | 469.0 |
| Issuance of shares | 0.0 | 3.3 |
| Issuance of shares for share-based compensation | 1.7 | 3.0 |
| Outstanding, end of the year | 477.0 | 475.3 |
SHARE-BASED COMPENSATION - Share-based Compensation Plans (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
| Value of share-based payment arrangements | $ 6.9 | $ 11.7 |
| Options | ||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
| Value of share-based payment arrangements | 1.1 | 2.7 |
| Share units | ||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
| Value of share-based payment arrangements | $ 5.8 | $ 9.0 |
SHARE-BASED COMPENSATION - Share Option Award Plan (Details) |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2021
shares
$ / shares
|
Dec. 31, 2020
shares
$ / shares
|
|
| Share-Based Payment Arrangements [Abstract] | ||
| Outstanding, beginning of the period (in shares) | shares | 4,700,000 | 7,500,000 |
| Granted (in shares) | shares | 1,100,000 | 0 |
| Exercised (in shares) | shares | (200,000) | (1,800,000) |
| Forfeited (in shares) | shares | (100,000) | 0 |
| Expired (in shares) | shares | (400,000) | (1,000,000.0) |
| Outstanding, end of the period (in shares) | shares | 5,119,591 | 4,700,000 |
| Exercisable, end of the period (in shares) | shares | 2,600,000 | 2,300,000 |
| Outstanding, beginning of the period (C$ per share) | $ 4.91 | $ 5.11 |
| Granted (C$ per share) | 3.94 | 0 |
| Exercised (C$ per share) | 3.12 | 4.02 |
| Forfeited (C$ per share) | 4.84 | 0 |
| Expired (C$ per share) | 4.38 | 7.72 |
| Outstanding, end of the period (C$ per share) | 4.82 | 4.91 |
| Exercisable, end of the period (C$ per share) | $ 4.88 | $ 4.59 |
| Closing foreign exchange rate (C$ per share) | 0.7901 | |
SHARE-BASED COMPENSATION - Stock Options Fair Value Inputs (Details) |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2021
CAD ($)
year
$ / shares
|
Dec. 31, 2020
CAD ($)
year
$ / shares
|
|
| Options | ||
| Weighted average risk-free interest rate | 0.80% | 0.00% |
| Weighted average expected volatility | 56.00% | 0.00% |
| Weighted average dividend yield | 0.00% | 0.00% |
| Weighted average expected life of options issued (years) | year | 4.9 | 0 |
| Weighted average grant-date fair value (CAD per share) | $ | $ 1.97 | $ 0 |
| Weighted average share price at grant date (CAD per share) | $ / shares | $ 3.94 | $ 0 |
| Weighted average exercise price (CAD per share) | $ / shares | $ 3.94 | $ 0 |
| Deferred share units | ||
| Weighted average expected life of options issued (years) | year | 0.1 | 0.1 |
| Weighted average grant-date fair value (CAD per share) | $ | $ 4.51 | $ 3.68 |
SHARE-BASED COMPENSATION - Full Value Award Plans (Details) - shares |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Share-Based Payment Arrangements [Abstract] | ||
| Outstanding, beginning of the period (in shares) | 6,700,000 | 5,300,000 |
| Granted (in shares) | 2,500,000 | 3,200,000 |
| Issued (in shares) | (1,400,000) | (1,200,000) |
| Forfeited and withheld for tax (in shares) | (900,000) | (600,000) |
| Outstanding, end of the period (in shares) | 6,895,016 | 6,700,000 |
SHARE-BASED COMPENSATION - Restricted Stock and Performance Share Units Fair Value Inputs (Details) |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2021
CAD ($)
year
|
Dec. 31, 2020
CAD ($)
year
|
|
| Restricted Share Units | ||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
| Expected life of units issued (years) | year | 1.9 | 2.4 |
| Grant-date fair value (CAD per share)1 | $ | $ 4.12 | $ 3.32 |
| Performance Share Units | ||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
| Expected life of units issued (years) | year | 0.5 | 0.7 |
| Grant-date fair value (CAD per share)1 | $ | $ 4.39 | $ 3.23 |
COMMITMENTS - Contractual Obligation (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Commitments [Abstract] | ||
| Purchase obligations | $ 99.6 | $ 120.3 |
| Capital expenditure obligations | 426.2 | 400.6 |
| Lease obligations | 80.3 | 72.4 |
| Contractual Obligation | $ 606.1 | $ 593.3 |
RELATED PARTY TRANSACTIONS - Compensation of Key Management Personnel (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Related Party [Abstract] | ||
| Salaries and other benefits | $ 6.0 | $ 5.7 |
| Retirement benefits | 0.3 | 6.1 |
| Share-based payments | 3.1 | 2.5 |
| Key management personnel compensation | $ 9.4 | $ 14.3 |