Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Cover [Abstract] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | TASEKO MINES LTD |
Entity Central Index Key | 0000878518 |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 282,115,024 |
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and equivalents | $ 85,110 | $ 53,198 |
Accounts receivable | 6,689 | 13,791 |
Inventories | 58,841 | 43,620 |
Other financial assets | 3,583 | 730 |
Prepaids | 2,975 | 2,513 |
Total current assets | 157,198 | 113,852 |
Property, plant and equipment | 742,619 | 758,006 |
Other financial assets | 5,298 | 6,783 |
Goodwill | 5,250 | 5,355 |
Total assets | 910,365 | 883,996 |
Current liabilities | ||
Accounts payable and other liabilities | 51,747 | 43,685 |
Current portion of long-term debt | 17,617 | 16,460 |
Current portion of deferred revenue | 5,604 | 4,558 |
Interest payable on senior secured notes | 1,160 | 1,184 |
Current income tax payable | 2,356 | 1,406 |
Total current liabilities | 78,484 | 67,293 |
Long-term debt | 345,787 | 357,025 |
Provision for environmental rehabilitation ("PER") | 78,983 | 66,373 |
Deferred and other tax liabilities | 39,060 | 50,703 |
Deferred revenue | 47,154 | 39,433 |
Other financial liabilities | 3,525 | 1,483 |
Total liabilities | 592,993 | 582,310 |
EQUITY | ||
Share capital | 472,870 | 436,318 |
Contributed surplus | 53,433 | 51,622 |
Accumulated other comprehensive income ("AOCI") | 7,674 | 6,827 |
Deficit | (216,605) | (193,081) |
Total equity | 317,372 | 301,686 |
Total equity and liabilities | $ 910,365 | $ 883,996 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - CAD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating expenses from mining business [abstract] | ||
Revenues | $ 343,267 | $ 329,163 |
Cost of sales | ||
Production costs | (224,241) | (258,550) |
Depletion and amortization | (95,301) | (109,756) |
Earnings (loss) from mining operations | 23,725 | (39,143) |
General and administrative | (14,636) | (13,804) |
Share-based compensation expense | (5,075) | (2,946) |
Project evaluation expenditures | (1,397) | (3,569) |
Gain (loss) on derivatives | 1,937 | (2,834) |
Other income | 1,495 | 920 |
Income (loss) before financing costs and income taxes | 6,049 | (61,376) |
Finance expenses, net | (42,761) | (39,122) |
Foreign exchange gain | 4,092 | 14,779 |
Loss before income taxes | (32,620) | (85,719) |
Income tax recovery | 9,096 | 32,337 |
Net loss | (23,524) | (53,382) |
Other comprehensive income (loss): | ||
Gain on financial assets | 5,360 | 1,229 |
Foreign currency translation reserve | (4,513) | (8,466) |
Total other comprehensive income (loss) | 847 | (7,237) |
Total comprehensive loss | $ (22,677) | $ (60,619) |
Loss per share | ||
Basic (in dollars per share) | $ (0.09) | $ (0.22) |
Diluted (in dollars per share) | $ (0.09) | $ (0.22) |
Weighted average shares outstanding (thousands) | ||
Basic (in shares) | 250,529 | 243,914 |
Diluted (in shares) | 250,529 | 243,914 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | ||
Net loss for the year | $ (23,524) | $ (53,382) |
Adjustments for: | ||
Depletion and amortization | 95,301 | 109,756 |
Income tax recovery | (9,096) | (32,337) |
Share-based compensation expense | 5,310 | 3,126 |
(Gain) loss on derivatives | (1,937) | 2,834 |
Finance expenses, net | 42,761 | 39,122 |
Unrealized foreign exchange (gain) loss | (4,345) | (15,228) |
Deferred revenue deposit | 8,510 | |
Amortization of deferred revenue | (4,915) | (3,437) |
Other operating activities | 1,457 | (1,199) |
Net change in working capital | (3,327) | (6,614) |
Cash provided by operating activities | 106,195 | 42,641 |
Investing activities | ||
Purchase of property, plant and equipment | (65,496) | (50,751) |
Distribution of reclamation deposits | 30,000 | |
Release of restricted cash | 6,200 | |
Purchase of copper put and fuel call options | (6,025) | (2,834) |
Proceeds from copper put options | 6,104 | 241 |
Proceeds from the sale of marketable securities | 7,270 | |
Investment in other financial assets | (1,771) | |
Other investing activities | 275 | 213 |
Cash used for investing activities | (59,643) | (16,931) |
Financing activities | ||
Interest paid | (32,891) | (32,011) |
Repayment of equipment loans and leases | (14,362) | (18,920) |
Proceeds from equipment financings | 34,013 | |
Proceeds from equity issuance, net of costs | 34,299 | |
Proceeds on exercise of options | 1,018 | 176 |
Cash used for financing activities | (11,936) | (16,742) |
Effect of exchange rate changes on cash and equivalents | (2,704) | (1,435) |
Increase in cash and equivalents | 31,912 | 7,533 |
Cash and equivalents, beginning of year | 53,198 | 45,665 |
Cash and equivalents, end of year | $ 85,110 | $ 53,198 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CAD ($) $ in Thousands | Share capital [Member] | Contributed surplus [Member] | AOCI [Member] | Deficit [Member] | Total |
Beginning balance at Dec. 31, 2018 | $ 423,438 | $ 49,274 | $ 14,064 | $ (139,699) | $ 347,077 |
Statement [Line Items] | |||||
Fair value of shares issued for Yellowhead acquisition | 12,629 | 12,629 | |||
Share-based compensation | 2,800 | 2,800 | |||
Exercise of options | 251 | (75) | 176 | ||
Settlement of performance share units | (377) | (377) | |||
Total comprehensive income (loss) for the year | (7,237) | (53,382) | (60,619) | ||
Ending balance at Dec. 31, 2019 | 436,318 | 51,622 | 6,827 | (193,081) | 301,686 |
Statement [Line Items] | |||||
Common shares issued, net of issue costs | 34,299 | 34,299 | |||
Tax effect on share issue costs | 802 | 802 | |||
Share-based compensation | 2,244 | 2,244 | |||
Exercise of options | 1,451 | (433) | 1,018 | ||
Total comprehensive income (loss) for the year | 847 | (23,524) | (22,677) | ||
Ending balance at Dec. 31, 2020 | $ 472,870 | $ 53,433 | $ 7,674 | $ (216,605) | $ 317,372 |
REPORTING ENTITY
REPORTING ENTITY | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Reporting Entity [Abstract] | |
REPORTING ENTITY [Text Block] | 1. REPORTING ENTITY Taseko Mines Limited (the "Company" or "Taseko") is a corporation governed by the British Columbia Business Corporations Act. |
BASIS OF PREPARATION
BASIS OF PREPARATION | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Basis Of Preparation [Abstract] | |
BASIS OF PREPARATION [Text Block] | 2. BASIS OF PREPARATION 2.1 Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. These consolidated financial statements were authorized for issue by the Board of Directors on February 24, 2021. 2.2 Basis of measurement, judgment and estimation These consolidated financial statements have been prepared on a historical cost basis except those measured at fair value through profit or loss, fair value through other comprehensive income and derivative financial instruments, which are measured at fair value. These consolidated financial statements are presented in Canadian dollars, which is the Company's functional currency. Foreign currency monetary assets and liabilities are translated into Canadian dollars at the closing exchange rate as at the balance sheet date. Foreign currency non-monetary assets and liabilities, revenues and expenses are translated into Canadian dollars at the prevailing rate of exchange on the dates of the transactions. Any gains and losses are included in profit and loss. The Company's US subsidiary measures the items in its financial statements using the US dollar as its functional currency. The assets and liabilities of the US subsidiary are translated into Canadian dollars using the period end exchange rate. The income and expenses are translated into Canadian dollars at the weighted average exchange rates to the period end reporting date. Any gains and losses on translation are included in accumulated other comprehensive income ("AOCI"). All financial information presented in Canadian dollars has been rounded to the nearest thousand, unless otherwise noted. The preparation of these consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. In the process of applying the Company's accounting policies, significant areas where judgment is required include the determination of a joint arrangement, determining the timing of transfer of control of inventory for revenue recognition, reserve and resource estimates, functional currency, determination of the accounting treatment of the advance payment under the silver purchase and sale agreement reported as deferred revenue (Note 19), provisions for environmental rehabilitation, determination of business or asset acquisition treatment, and recovery of other deferred tax assets. On March 11, 2020, the World Health Organization declared the coronavirus ("COVID-19") outbreak a pandemic creating an unprecedented global health and economic crisis. COVID-19's impact on global markets has been significant. The duration and magnitude of COVID-19's effects on the economy, movement of goods and services across international borders, the copper market, and on the Company's financial and operational performance remains uncertain at this time. As of the date of these statements, there has not been any direct impact on the Company's operations as a result of COVID-19. The Company will continue to closely monitor the potential impact of COVID-19 on its business. Should the duration, spread or intensity of the COVID-19 pandemic deteriorate in the future, there could be a potentially material and negative impact on the Company's operating plan, its cash flows, and the valuation of its long-lived assets due to sustained decreases in metal prices, potential future decreases in revenue from the sale of its products and the profitability of its ongoing operations. Impacts from COVID-19 could also include a temporary cessation of mining operations at the Gibraltar Mine due to a localized outbreak amongst personnel at the mine site or in the Company's supply chain. The Company's access to financing to support the development of its other mineral properties, including the Florence Copper project, could also be negatively impacted or delayed as a result of COVID-19. Significant areas of estimation include reserve and resource estimation; asset valuations and the measurement of impairment charges or reversals; valuation of inventories; plant and equipment lives; tax provisions; provisions for environmental rehabilitation, including determination of appropriate discount rates; valuation of financial instruments and derivatives; capitalized stripping costs and share-based compensation. Key estimates and assumptions made by management with respect to these areas have been disclosed in the notes to these consolidated financial statements as appropriate. The accuracy of reserve and resource estimates is a function of the quantity and quality of available data and the assumptions made and judgment used in the engineering and geological interpretation and may be subject to revision based on various factors. Changes in reserve and resource estimates may impact the carrying value of property, plant and equipment; the calculation of depreciation expense; the capitalization of stripping costs incurred during production; and the timing of cash flows related to the provision for environmental rehabilitation. Changes in forecast prices of commodities, exchange rates, production costs and recovery rates may change the economic status of reserves and resources. Forecast prices of commodities, exchange rates, production costs and recovery rates, and discount rates assumptions, either individually or collectively, may impact the carrying value of derivative financial instruments, provisions for environmental rehabilitation, inventories, property, plant and equipment, and intangibles, as well as the measurement of impairment charges or reversals. 2.3 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and controlled entities as at December 31, 2020. Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of comprehensive income (loss) from the date the Company gains control until the date the Company ceases to control the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Company's accounting policies. All intercompany transactions between the subsidiaries of the Company are eliminated in full on consolidation. The Company applies the acquisition method in accounting for business combinations. The consideration transferred by the Company to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred and the equity interests issued by the Company, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. The Company recognizes identifiable assets acquired and liabilities assumed in a business combination regardless of whether they have been previously recognized in the acquiree's financial statements prior to the acquisition. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair values. Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the sum of a) fair value of consideration transferred, b) the recognized amount of any non-controlling 2.4 Significant Accounting Policies (a) Revenue recognition. Under IFRS 15, Revenue Contracts with Customers Under the terms of the Company's concentrate sales contracts, the final sales amount is based on final assay results and quoted market prices which may be in a period subsequent to the date of sale. Revenues for these sales, net of treatment and refining charges are recorded when the customer obtains control of the concentrate, based on an estimate of metal contained using initial assay results and forward market prices for the expected date that final sales prices will be fixed. The period between provisional pricing and final settlement can be up to four months. This settlement receivable is recorded at fair value each reporting period by reference to forward market prices until the date of final pricing, with the changes in fair value recorded as an adjustment to revenue. (b) Cash and equivalents Cash and equivalents consist of cash and highly-liquid investments having terms of three months or less from the date of acquisition and that are readily convertible to known amounts of cash. Cash and equivalents exclude cash subject to restrictions. (c) Financial instruments Financial assets and liabilities are recognized on the balance sheet when the Company becomes party to the contractual provisions of the instrument. The classification of financial instruments dictates how these assets and liabilities are measured subsequently in the Company's consolidated financial statements. A financial asset is classified as measured at fair value and subsequently at either: amortized cost; Fair Value through Other Comprehensive Income (FVOCI); or Fair Value through Profit or Loss (FVPL). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at amortized cost if: (i) it is held within a business model whose objective is to hold assets to collect contractual cash flows; and (ii) its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding; and (iii) it is not designated as FVPL. This category of financial assets is subsequently measured at amortized cost using the effective interest method, and reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis. Equity investments measured at FVOCI are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset as FVPL if doing so significantly reduces an accounting mismatch that would otherwise arise. Financial assets classified as FVPL are subsequently measured at fair value, with net gains and losses, including any interest or dividend income, recognized in profit or loss. Financial assets at amortized cost Financial assets at amortized cost are financial assets with fixed or determinable payments that are not quoted in an active market. Subsequent to initial recognition, these financial assets are recorded at amortized cost using the effective interest method, except for short-term receivables when the recognition of interest would be immaterial. Accounts receivable are assessed for evidence of impairment at each reporting date, with any impairment recognized in earnings for the period. Financial assets in this category include cash and cash equivalents and accounts receivables. Financial assets at fair value through other comprehensive income (FVOCI) Marketable securities, investment in subscription receipts and reclamation deposits are designated as FVOCI and recorded at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. All financial assets not classified as measured at amortized cost or FVOCI are measured at fair value through profit or loss (FVPL). Derivative financial instruments that are not designated and effective as hedging instruments are classified as FVPL. Financial instruments classified as FVPL are stated at fair value with any changes in fair value recognized in earnings for the period. Financial assets in this category include derivative financial instruments that the Company acquires to manage exposure to commodity price fluctuations. These instruments are non-hedge derivative instruments. Financial liabilities Financial liabilities are initially recorded at fair value, net of transaction costs, and are subsequently measured at amortized cost using the effective interest method. The Company has accounted for accounts payable and accrued liabilities and long-term debt under this method. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value, by reference to the reliability of the inputs used to estimate the fair values. Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs). (d) Exploration and evaluation Exploration and evaluation expenditures relate to the initial search for a mineral deposit and the subsequent evaluation to determine the economic potential of the mineral deposit. The exploration and evaluation stage commences when the Company obtains the legal right or license to begin exploration. Exploration and evaluation expenditures are recognized in earnings in the period in which they are incurred. Capitalization of development costs as mineral property, plant and equipment commences once the technical feasibility and commercial viability of the extraction of mineral reserve and resources associated with the Company's evaluation properties are established and management has made a decision to proceed with development. (e) Inventories Inventories are valued at the lower of cost and net realizable value. Cost is determined on a weighted average basis and includes direct labour and materials; non-capitalized stripping costs; depreciation and amortization; freight; and overhead costs. Net realizable value is determined with reference to relevant market prices, less applicable variable selling costs and estimated remaining costs of completion to bring the inventories into saleable form. Ore stockpiles represent stockpiled ore that have not yet completed the production process, and are not yet in a saleable form. Finished goods inventories represent metals in saleable form that have not yet been sold. Materials and supplies inventories represent consumables used in the production process, as well as spare parts and other maintenance supplies that are not classified as capital items. The quantity of recoverable metal in stockpiled ore and in the processing circuits is an estimate which is based on the tons of ore added and removed, expected grade and recovery. The quantity of recoverable metal in concentrate is an estimate using initial assay results. (f) Property, plant and equipment Land, buildings, plant and equipment Land, buildings, plant and equipment are recorded at cost, including all expenditures incurred to prepare an asset for its intended use. Repairs and maintenance costs are charged to expense as incurred, except when these repairs significantly extend the life of an asset or result in an operating improvement. In these instances, the portion of these repairs relating to the betterment is capitalized as part of plant and equipment. Depreciation is based on the cost of the asset less residual value. Where an item of plant and equipment is comprised of major components with different useful lives, the components are accounted for as separate items and depreciated separately. Depreciation commences when an asset is available for use. Estimates of remaining useful lives and residual values are reviewed annually. Changes in estimates are accounted for prospectively. The depreciation rates of the major asset categories are as follows: Land Not depreciated Buildings Straight-line basis over 10-25 Plant and equipment Units-of-production Mining equipment Straight-line basis over 5-20 Light vehicles and other mobile equipment Straight-line basis over 2-5 Furniture, computer and office equipment Straight-line basis over 2-3 Mineral properties Mineral properties consist of the cost of acquiring, permitting and developing mineral properties. Once in production, mineral properties are amortized on a units-of-production Property acquisition costs arise either as an individual asset purchase or as part of a business combination, and may represent a combination of either proven and probable reserves, resources, or future exploration potential. When management has not made a determination that technical feasibility and commercial viability of extracting a mineral resource are demonstrable, the entire amount is considered property acquisition costs and not amortized. When such property moves into development, the property acquisition cost asset is transferred to mineral properties within property, plant and equipment. Mineral property development costs include: stripping costs incurred in order to provide initial access to the ore body; stripping costs incurred during production that generate a future economic benefit by increasing the productive capacity, extending the productive life of the mine or allowing access to a mineable reserve; capitalized project development costs; and capitalized interest. Construction in progress Construction in progress includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for its intended use. Construction in progress includes advances on long-lead items. Construction in progress is not depreciated. Once the asset is complete and available for use, the costs of construction are transferred to the appropriate category of property, plant and equipment, and depreciation commences. Capitalized interest Interest is capitalized for qualifying assets. Qualifying assets are assets that require a substantial period of time to prepare for their intended use. Capitalization ceases when the asset is substantially complete or if construction is interrupted for an extended period. Where the funds used to finance a project form part of general borrowings, the amount capitalized is calculated using a weighted average of rates applicable to relevant general borrowings of the Company during the period. Leased assets The Company has adopted IFRS 16, Leases The ROU asset is initially measured based on the present value of lease payments, lease payments made at or before the commencement date, and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The ROU asset is depreciated over the shorter of the lease term or the useful life of the underlying asset and is subject to testing for impairment if there is an indicator of impairment. The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. Lease payments include fixed payments less any lease incentives, and any variable lease payments where variability depends on an index or rate. When the lease contains an extension or purchase option that the Company considers reasonably certain to be exercised, the cost of the option is included in the lease payments. ROU assets are included in property, plant, and equipment, (Note 15) and the lease liability is included in debt in the consolidated balance sheet (Note 18). Impairment The carrying amounts of the Company's non-financial assets are reviewed for impairment whenever circumstances suggest that the carrying value may not be recoverable. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. These assessments require the use of estimates and assumptions such as long-term commodity prices, discount rates, future capital requirements, exploration potential and operating performance. The recoverable amount of an asset or cash generating unit (CGU) is the higher of fair value less costs of disposal and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's-length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre‐tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows that are largely independent of the cash flows of other assets or CGU's. If the recoverable amount of an asset or its related CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is reduced to its recoverable amount and the impairment loss is recognized in earnings for the period. Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but not to an amount that exceeds the carrying amount that would have been determined had no impairment loss been recognized for the asset or CGU in prior years. A reversal of an impairment loss is recognized immediately in earnings. The carrying amount of the CGU to which goodwill has been allocated is tested annually for impairment or when there is an indication that the goodwill may be impaired. Any goodwill impairment is recognized as an expense in the profit or loss. Should there be a recovery in the value of a CGU, any impairment of goodwill previously recorded is not subsequently reversed. (g) Income taxes Income tax on the earnings for the periods presented comprises current and deferred tax. Income tax is recognized in earnings except to the extent that it relates to items recognized directly in equity or in other comprehensive income. Income tax is calculated using tax rates enacted or substantively enacted at the reporting date applicable to the period of expected realization or settlement. Current tax expense is the expected tax payable on the taxable income for the year, adjusted for amendments to tax payable with regards to previous years. Deferred tax is determined using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of assets or liabilities acquired (not in a business combination) that affect neither accounting nor taxable profit on acquisition; and differences relating to investments in subsidiaries, associates, and joint ventures to the extent that they are not probable to reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent it is no longer probable that the related tax benefit will be realized. (h) Share-based compensation The fair-value method is used for the Company's share-based payment transactions. Under this method, the cost of share options and equity-settled performance share units is recorded based on their estimated fair value at the grant date, including an estimate of the forfeiture rate. The fair value of the share options and performance share units is expensed on a graded amortization basis over the vesting period of the awards, with a corresponding increase in equity. Share-based compensation expense relating to cash-settled awards, including deferred share units, is recognized based on the quoted market value of the Company's common shares on the date of grant. The related liability is re-measured to fair value each reporting period to reflect changes in the market value of the Company's common shares, with changes in fair value recorded in net profit (loss). (i) Provisions Environmental rehabilitation The Company records the present value of estimated costs of legal and constructive obligations required to retire an asset in the period in which the obligation occurs. Environmental rehabilitation activities include facility decommissioning and dismantling; removal and treatment of waste materials, including water treatment; site and land rehabilitation, including compliance with and monitoring of environmental regulations; and related costs required to perform this work and/or operate equipment designed to reduce or eliminate environmental effects. The provision for environmental rehabilitation ("PER") is adjusted each period for new disturbances, and changes in regulatory requirements, the estimated amount of future cash flows required to discharge the liability, the timing of such cash flows and the pre-tax discount rate specific to the liability. The unwinding of the discount is recognized in earnings as a finance cost. When a PER is initially recognized, the corresponding cost is capitalized by increasing the carrying amount of the related asset, and is amortized to earnings on a unit-of-production Significant estimates and assumptions are made in determining the provision for environmental rehabilitation as there are a number of factors that will affect the ultimate liability. These factors include estimation of the extent and cost of rehabilitation activities; timing of future cash flows, changes in discount rates; inflation rate; and regulatory requirements. Other provisions Other provisions are recognized when the Company has a present obligation (legal or constructive) that has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation. Where the effect is material, the provision is discounted using a pre-tax rate that reflects current market assessments of the time value of money and the risk specific to the obligation. The accretion expense is included in finance expense. (j) Finance income and expenses Finance income comprises interest income on funds invested, gains on the disposal of marketable securities, and changes in the fair value of derivatives included in cash and equivalents and marketable securities. Interest income is recognized as it accrues in earnings, using the effective interest method. Finance expenses comprise interest expense on borrowings, unwinding of the discount on provisions, the finance component on deferred revenue, losses on the disposal of marketable securities, changes in the fair value of derivatives included in cash and cash equivalents and marketable securities, and impairment losses recognized on financial assets. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in earnings using the effective interest method. (k) Earnings (loss) per share The Company presents basic and diluted earnings (loss) per share data for its common shares, calculated by dividing the earnings (loss) attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined by adjusting the earnings attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares, which comprise warrants and share options granted. There is no dilution impact when the Company incurs a loss. (l) Interests in joint arrangements IFRS defines a joint arrangement as one over which two or more parties have joint control, which is the contractually agreed sharing of control over an arrangement. This exists only when the decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require the unanimous consent of the parties sharing control. A joint operation is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. In relation to its interests in joint operations, the Company recognizes its: Assets, including its share of any assets held jointly; Liabilities, including its share of any liabilities incurred jointly; Revenue from the sale of its share of the output arising from the joint operation; and Expenses, including its share of any expenses incurred jointly. 2.5 New standards and interpretations not yet adopted Several new standards, and amendments to standards and interpretations, are not yet effective for the year ended December 31, 2020, and have not been applied in preparing these consolidated financial statements. None are currently considered by the Company to be significant or likely to have a material impact on future financial statements. |
INTEREST IN GIBRALTAR JOINT VEN
INTEREST IN GIBRALTAR JOINT VENTURE | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of joint ventures [abstract] | |
INTEREST IN GIBRALTAR JOINT VENTURE [Text Block] | 3. INTEREST IN GIBRALTAR JOINT VENTURE On March 31, 2010, the Company entered into an agreement with Cariboo Copper Corp. (Cariboo) whereby the Company contributed certain assets and liabilities of the Gibraltar mine, operating in British Columbia, into an unincorporated joint venture to acquire a 75% interest in the joint venture. Cariboo contributed $186,800 to purchase the remaining 25% interest. The assets and liabilities contributed by the Company to the joint venture were mineral property interests, plant and equipment, inventories, prepaid expenses, reclamation deposits, capital lease obligations, and site closure and reclamation obligations. Certain key strategic, operating, investing and financing policies of the joint venture require unanimous approval such that neither venturer is in a position to exercise unilateral control over the joint venture. The Company continues to be the operator of the Gibraltar mine. The Company has joint control over the joint arrangement and as such consolidates its 75% portion of all the joint venture's assets, liabilities, income and expenses. The following is a summary of the Gibraltar joint venture financial information on a 100% basis. As at December 31, 2020 2019 Cash and equivalents 46,440 54,454 Other current assets 88,814 77,651 Current assets 135,254 132,105 Non-current assets 927,211 948,873 Accounts payable and accrued liabilities 53,662 46,845 Other current financial liabilities 23,703 22,698 Current liabilities 77,365 69,543 Long-term debt 40,178 52,177 Provision for environmental rehabilitation 97,432 80,460 Non-current liabilities 137,610 132,637 Years ended December 31, 2020 2019 Revenues 458,305 438,204 Production costs (298,988 ) (344,913 ) Depletion and amortization (139,643 ) (159,044 ) Other operating expense (4,529 ) (3,834 ) Interest expense (5,689 ) (6,031 ) Interest income 82 1,157 Foreign exchange gain (loss) 348 (1,976 ) Net earnings (loss) 9,886 (76,437 ) Other comprehensive income — 954 Comprehensive income (loss) for joint arrangement 9,886 (75,483 ) |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Revenue [Abstract] | |
REVENUE [Text Block] | 4. REVENUE Years ended December 31, 2020 2019 Copper contained in concentrate 331,584 321,082 Molybdenum concentrate 18,842 31,161 Silver (Note 19) 3,502 3,674 Price adjustments on settlement receivables 11,570 (419 ) Total gross revenue 365,498 355,498 Less: Treatment and refining costs (22,231 ) (26,335 ) Revenue 343,267 329,163 |
COST OF SALES
COST OF SALES | 12 Months Ended |
Dec. 31, 2020 | |
Cost Of Sales [abstract] | |
COST OF SALES [Text block] | 5. COST OF SALES Years ended December 31, 2020 2019 Site operating costs 216,415 244,611 Transportation costs 18,248 17,832 Changes in inventories of finished goods 939 (5,570 ) Changes in inventories of ore stockpiles (11,361 ) 1,677 Production costs 224,241 258,550 Depletion and amortization 95,301 109,756 Cost of sales 319,542 368,306 Site operating costs include personnel costs, non-capitalized waste stripping costs, repair and maintenance costs, consumables, operating supplies and external services. Included in site operating costs and general administrative expenses are $6,013 and $364, respectively, of benefits for claims submitted by the Company for the Canada Emergency Wage Subsidy during the year ended December 31, 2020 (2019 - $nil). |
COMPENSATION EXPENSE
COMPENSATION EXPENSE | 12 Months Ended |
Dec. 31, 2020 | |
COMPENSATION EXPENSE [Text Block] | 6. COMPENSATION EXPENSE Years ended December 31, 2020 2019 Wages, salaries and benefits 71,481 77,869 Post-employment benefits 1,986 1,639 Share-based compensation expense (Note 22c) 5,310 3,126 78,777 82,634 Compensation expense is presented as a component of cost of sales, general and administrative expense, and project evaluation expense. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
DERIVATIVE INSTRUMENTS [Text Block] | 7. DERIVATIVE INSTRUMENTS During the year ended December 31, 2020, the Company purchased copper put option contracts for 59.5 million pounds of copper with maturity dates ranging from January 2020 through to December 2020, at strike prices between US$2.30 and US$2.60 per pound, at a total cost of $1,742. In addition, during the quarter ended December 31, 2020, the Company purchased copper put option contracts for 37.5 million pounds of copper with maturity dates from January 2021 to June 2021 at strike prices between $2.80 and $3.20 per pound. The put options had a fair value of $1,514 at December 31, 2020. During the year ended December 31, 2019, the Company purchased copper put options for 48 million pounds of copper with maturity dates ranging from February through to December 2019 at a total cost of $2,834. The Company also purchased fuel call options during 2020 for diesel with maturity dates ranging from April 2020 to March 2021, at a total cost of $916. The fuel call options outstanding had a fair value of $278 at December 31, 2020. The following table outlines the (gains) losses associated with derivative instruments: Years ended December 31, 2020 2019 Realized (gain) loss on copper put options (4,361 ) 2,834 Realized loss on fuel call options 602 — Unrealized loss on copper put options 1,853 — Unrealized gain on fuel call options (31 ) — (1,937 ) 2,834 |
OTHER (EXPENSE) INCOME
OTHER (EXPENSE) INCOME | 12 Months Ended |
Dec. 31, 2020 | |
Other Expense Income [Abstract] | |
OTHER (EXPENSE) INCOME [Text Block] | 8. OTHER (EXPENSE) INCOME Years ended December 31, 2020 2019 Management fee income 1,198 1,186 Other operating (expense) income, net 297 (266 ) 1,495 920 |
FINANCE EXPENSES
FINANCE EXPENSES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Finance Cost [Abstract] | |
FINANCE EXPENSES [Text Block] | 9. FINANCE EXPENSES Years ended December 31, 2020 2019 Interest expense 37,288 34,593 Finance expense - deferred revenue (Note 19) 5,172 4,154 Accretion on PER (Note 20) 550 1,577 Finance income (249 ) (1,202 ) 42,761 39,122 For the year ended December 31, 2020, interest expense includes $2,012 (2019 - $1,709) from lease liabilities and lease related obligations. |
INCOME TAX
INCOME TAX | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax [Abstract] | |
INCOME TAX [Text Block] | 10. INCOME TAX (a) Income tax expense (recovery) Years ended December 31, 2020 2019 Current income tax: Current period expense 1,769 817 Deferred income tax: Origination and reversal of temporary differences (10,648 ) (33,145 ) Deferred tax adjustments related to prior periods (217 ) (9 ) Deferred income tax recovery (10,865 ) (33,154 ) Income tax recovery (9,096 ) (32,337 ) (b) Effective tax rate reconciliation Years ended December 31, 2020 2019 Income tax at Canadian statutory rate of 36.5% (2019: 36.5%) (11,922 ) (31,279 ) Permanent differences 4,189 885 Foreign tax rate differential (3 ) (191 ) Unrecognized tax benefits (1,143 ) (1,793 ) Deferred tax adjustments related to prior periods (217 ) 41 Income tax recovery (9,096 ) (32,337 ) (c) Deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: As at December 31, 2020 2019 Property, plant and equipment (154,587 ) (156,669 ) Other financial assets 5,714 2,951 Provisions 20,422 17,009 Tax loss carry forwards 89,391 86,006 Deferred tax liability (39,060 ) (50,703 ) (d) Unrecognized deferred tax assets and liabilities As at December 31, 2020 2019 Deductible temporary differences: Debt 58,643 65,024 Other investments 30,523 33,344 Losses and tax pools 33,344 31,823 Other financial assets 12,304 17,713 Deferred tax asset: Debt 7,873 8,778 Other investments 8,241 4,501 Losses and tax pools 4,501 8,592 Other financial assets 1,672 2,398 Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profit will be available against which the Company can utilize the benefits. There are no unrecognized deferred tax liabilities. Losses and tax pools of $33,344 (2019: $31,823) relate to non-capital losses in Canada which expire between 2027 and 2039. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2020 | |
Trade and other current receivables [abstract] | |
ACCOUNTS RECEIVABLE [Text Block] | 11. ACCOUNTS RECEIVABLE As at December 31, 2020 2019 Trade and settlement receivables 4,676 11,220 Goods and services tax receivable 1,358 1,162 Other receivables 655 1,409 6,689 13,791 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2020 | |
Classes of current inventories [abstract] | |
INVENTORIES [Text Block] | 12. INVENTORIES As at December 31, 2020 2019 Ore stockpiles 21,946 6,657 Copper contained in concentrate 7,948 9,055 Molybdenum concentrate 398 230 Materials and supplies 28,549 27,678 58,841 43,620 During the year ended December 31, 2020, the Company recorded an impairment of $5,353 (2019: $5,830) to adjust the carrying value of ore stockpiles to net realizable value, of which $2,216 (2019: $2,398) is recorded in depletion and amortization and the balance in production costs. |
OTHER FINANCIAL ASSETS
OTHER FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of financial assets [abstract] | |
OTHER FINANCIAL ASSETS [Text Block] | 13. OTHER FINANCIAL ASSETS As at December 31, 2020 2019 Current: Marketable securities 1,791 730 Copper put options (Note 7) 1,514 — Fuel call options (Note 7) 278 — 3,583 730 Long-term: Investment in subscription receipts 1,200 2,400 Reclamation deposits 2,825 3,083 Restricted cash 1,273 1,300 5,298 6,783 The Company holds strategic investments in publicly-traded and privately owned mineral exploration and development companies, including marketable securities and subscription receipts. Marketable securities and the investment in subscription receipts are accounted for at fair value through other comprehensive income (FVOCI). During the year ended December 31, 2020, the Company received net proceeds of $7,270 from the sale of marketable securitites of a publicly traded company and the resulting gain is recognized in other comprehensive income. The subscription receipts relate to an investment in a privately held company with two directors in common with Taseko and are to be convertible into units comprised of shares, or shares and warrants. The fair value of the investment in subscription receipts is based on public market information of comparable companies. In November 2019, the Company restructured its reclamation funding within the Gibraltar joint venture which resulted in $6,200 of net cash becoming unrestricted and $30,000 in funds being distributed out of reclamation deposits to the Company. Gibraltar issued to the Province of British Columbia a letter of credit in the amount of $50,000 as security for current reclamation obligations for the Gibraltar mine. The $50,000 letter of credit issued by a Canadian chartered bank is collateralized by a surety bond in the amount of $37,500 for the Company's share and $12,500 for Cariboo's share of the letter of credit. For the Florence Copper project, the Company has provided surety bonds totaling $12,489 to the federal and state regulators. The Company has provided cash collateral of $2,103 to the surety bond provider which is classified as reclamation deposits. |
YELLOWHEAD ACQUISITION
YELLOWHEAD ACQUISITION | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about business combination [abstract] | |
YELLOWHEAD ACQUISITION [Text Block] | 14. YELLOWHEAD ACQUISITION On February 15, 2019, the Company closed an agreement to acquire all of the outstanding common shares of Yellowhead Mining Inc. ("Yellowhead") that it did not already own, in exchange for approximately 17.3 million Taseko common shares. The total purchase consideration was calculated as follows: Fair value of common shares issued (17,300,385 shares at $0.73 per share) 12,629 Fair value of previously held investment in Yellowhead 3,365 Acquisition related legal and other costs 272 16,266 Prior to the acquisition, the Company held a 21% equity interest in Yellowhead. This investment was previously accounted for as a FVOCI financial asset and was remeasured to its fair value of $3,365 based on the trading price of its common shares on the acquisition date. The acquisition of Yellowhead has been accounted for as an asset acquisition and accordingly, the purchase consideration has been allocated to the assets acquired and liabilities assumed, based upon their estimated fair values at the date of acquisition. The following sets forth the allocation of the purchase price: Cash and cash equivalents 187 Accounts receivable and other assets 14 Reclamation deposits 85 Property, plant and equipment 16,240 Accounts payable and other liabilities (260 ) 16,266 Yellowhead had cumulative tax pools of approximately $57,000 comprised of non-capital losses and resource deductions at the date of acquisition. A full valuation allowance was provided against the deferred tax assets arising from these tax pools due to uncertainty over the timing of their potential utilization at the time of acquisition. Prior to January 2020, Yellowhead was in the evaluation phase and project related expenditures were expensed. In January 2020, the Company announced the results of its own technical studies on Yellowhead and filed a new NI 43-101 technical report and the project entered the development phase for accounting purposes. All costs since January 1, 2020 are being captitalized as mineral property, plant and equipment (Note 15). |
PROPERTY, PLANT & EQUIPMENT
PROPERTY, PLANT & EQUIPMENT | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY, PLANT & EQUIPMENT [Text Block] | 15. PROPERTY, PLANT & EQUIPMENT Cost Property Mineral Plant and Construction Total At January 1, 2019 99,872 385,504 719,211 188 1,204,775 Additions (Note 14) 16,240 34,750 28,565 9,514 89,069 Changes in rehabilitation cost asset — (31,695 ) — — (31,695 ) Disposals — — (6,978 ) — (6,978 ) Foreign exchange translation (4,468 ) (1,155 ) (2,205 ) — (7,828 ) Transfers between categories — — 9,702 (9,702 ) — At December 31, 2019 111,644 387,404 748,295 — 1,247,343 Additions (Note 14) — 44,454 22,351 12,660 79,465 Changes in rehabilitation cost asset — 12,906 — — 12,906 Disposals — — (7,023 ) — (7,023 ) Foreign exchange translation (1,749 ) (693 ) (1,029 ) (3,471 ) Transfers between categories — — 7,334 (7,334 ) — At December 31, 2020 109,895 444,071 769,928 5,326 1,329,220 Accumulated depreciation At January 1, 2019 — 160,849 222,639 — 383,488 Depletion and amortization — 70,265 40,501 — 110,766 Disposals — — (4,917 ) — (4,917 ) At December 31, 2019 — 231,114 258,223 — 489,337 Depletion and amortization — 59,540 43,929 — 103,469 Disposals — — (6,205 ) — (6,205 ) At December 31, 2020 — 290,654 295,947 — 586,601 Net book value At December 31, 2019 111,644 156,290 490,072 — 758,006 At December 31, 2020 109,895 153,417 473,981 5,326 742,619 Net book value Gibraltar Mines (75%) Florence Copper Yellowhead Aley Other Total At December 31, 2019 539,747 188,512 16,240 12,766 741 758,006 Net additions 55,355 18,091 2,409 1,095 1,697 78,647 Changes in rehabilitation cost asset (Note 20) 12,906 — — — — 12,906 Depletion and amortization (103,013 ) (53 ) — — (403 ) (103,469 ) Foreign exchange translation — (3,471 ) — — — (3,471 ) At December 31, 2020 504,995 203,079 18,649 13,861 2,035 742,619 During 2020, the Company capitalized stripping costs of $30,918 (2019: $25,705) and incurred other capital expenditures for Gibraltar of $23,057 (2019: $20,359). Non-cash additions to property, plant and equipment include $4,569 (2019: $2,847) of depreciation on mining assets related to capitalized stripping. The Company capitalized development costs of $18,059 (2019: $15,956) for the Florence Copper project. Since its acquisition of the Florence Copper project in November 2014, the Company has incurred and capitalized a total of $106 million in project development and other costs, including capitalized interest. Since January 1, 2020 development costs for Yellowhead of $2,409 have been capitalized as mineral property, plant and equipment. Depreciation related to the right of use assets for the year ended December 31, 2020 was $4,270 (2019: $4,217). |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of reconciliation of changes in goodwill [abstract] | |
GOODWILL [Text Block] | 16. GOODWILL Goodwill was recorded on the Company's acquisition of Curis Resources Ltd. ("Curis") in 2014 which at the time indirectly owned 100% of the Florence Copper Project. During the year ended December 31, 2020, the carrying value of the goodwill decreased to $5,250 as a result of foreign currency translation. The Company performed an annual goodwill impairment test and the recoverable amount of the Curis CGU was calculated to be higher than its carrying amount and no impairment loss was recognized. |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Payable And Accrued Liabilities [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES [Text Block] | 17. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES As at December 31, 2020 2019 Trade payables 32,775 24,171 Accrued liabilities 18,972 19,514 51,747 43,685 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about borrowings [abstract] | |
DEBT [Text Block] | 18. DEBT As at December 31, 2020 2019 Current: Lease liabilities (b) 8,094 7,990 Secured equipment loans (c) 7,536 6,626 Lease related obligations (d) 1,987 1,844 17,617 16,460 Long-term: Senior secured notes (a) 313,965 317,728 Lease liabilities (b) 11,829 11,107 Secured equipment loans (c) 12,536 18,746 Lease related obligations (d) 7,457 9,444 345,787 357,025 Total debt 363,404 373,485 (a) Senior secured notes In June 2017, the Company completed an offering of US$250,000 aggregate principal amount of senior secured notes (the "2022 Notes"). The Notes mature on June 15, 2022 and bear interest at an annual rate of 8.750%, payable semi-annually on June 15 and December 15. The 2022 Notes are secured by liens on the shares of Taseko's wholly-owned subsidiary, Gibraltar Mines Ltd., and the subsidiary's rights under the joint venture agreement relating to the Gibraltar Mine. The 2022 Notes are guaranteed by each of Taseko's existing and future restricted subsidiaries, other than Yellowhead. The Company is able to incur limited amounts of additional secured and unsecured debt under certain conditions as defined in the indenture. The Company is also subject to certain restrictions on asset sales, issuance of preferred stock, dividends and other restricted payments. However, there are no maintenance covenants with respect to the Company's financial performance. On February 10, 2021, the Company announced that it had closed an offering of US$400 million aggregate principal amount of Senior Secured Notes due 2026 (the "2026 Senior Secured Notes"). Interest on the 2026 Senior Secured Notes will accrue at an annual rate of 7.0% payable semi-annually. Taseko intends to use the majority of the net proceeds from this offering to redeem all the 2022 Notes, including the call premium of 102.188% and accrued interest (Note 27). (b) Lease liabilities Lease liabilities include the Company's outstanding lease liabilities under IFRS 16 . The lease liabilities have monthly repayment terms ranging between 8 and 70 months and with interest rates between 4.2% and 6.3%. (c) Secured equipment loans The equipment loans are secured by existing mining equipment at the Gibraltar Mine and commenced between June, 2018 and August, 2019 with monthly repayment terms ranging between 48 and 60 months and with interest rates ranging between 5.2% to 6.4%. In May 2019, Gibraltar entered into an equipment loan with the Company's share of proceeds being $13,875 and in August 2019, Gibraltar entered into an equipment loan with the Company's share of proceeds being $7,977. (d) Lease related obligations Lease related obligations relate to a lease arising under a sale leaseback transaction on certain items of equipment at the Gibraltar mine. The lease commenced in June 2019 and has a term of 54 months. At the end of the lease term, the Company has an option to renew the term, an option to purchase the equipment at fair market value or option to return the equipment. The lease contains a fixed price early buy-out option exercisable at the end of 48 months. (e) Debt continuity The following schedule shows the continuity of total debt for the year ended December 31, 2020: As at December 31, 2020 2019 Total debt as at January 1 373,485 355,481 Lease additions on initial application of IFRS 16 — 5,962 Lease additions 8,131 11,295 Equipment loan net proceeds — 21,852 Lease related obligations on sale leaseback transaction — 12,161 Lease liabilities and equipment loans repayments (14,362 ) (18,920 ) Unrealized foreign exchange gain (6,541 ) (16,654 ) Amortization of deferred financing charges 2,691 2,308 Total debt as at December 31 363,404 373,485 |
DEFERRED REVENUE
DEFERRED REVENUE | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Deferred Income [Abstract] | |
DEFERRED REVENUE [Text Block] | 19. DEFERRED REVENUE On March 3, 2017, the Company entered into a silver stream purchase and sale agreement with Osisko Gold Royalties Ltd. ("Osisko"), whereby the Company received an upfront cash deposit payment of US$33 million for the sale of an equivalent amount of its 75% share of Gibraltar payable silver production until 5.9 million ounces of silver have been delivered to Osisko. After that threshold has been met, 35% of an equivalent amount of Taseko's share of all future payable silver production from Gibraltar will be delivered to Osisko. The Company receives cash payments of US$2.75 per ounce for all silver deliveries made under the agreement. On April 24, 2020, Taseko entered into an amendment to its silver stream with Osisko and received $8,510 in exchange for reducing the delivery price of silver from US$2.75 per ounce to . The amendment is accounted for as a contract modification under IFRS 15 Revenue from Contracts with Customers The silver sale agreement has a minimum term of 50 years and automatically renews for successive 10-year at current market prices at time of the deliveries, a cash payment for the remaining amount will be due to Osisko at the expiry date of the agreement. The Company's obligations under the agreement are secured by a pledge of Taseko's 75% interest in the Gibraltar joint venture. In connection with the silver stream transaction, the Company issued share purchase warrants to Osisko, which expired unexercised on April 1, 2020. The Company recorded the deposits from Osisko as deferred revenue and recognizes amounts in revenue as silver is delivered. The amortization of deferred revenue is calculated on a per unit basis using the estimated total number of silver ounces expected to be delivered to Osisko over the life of the Gibraltar mine. The current portion of deferred revenue is an estimate based on deliveries anticipated over the next twelve months. The following table summarizes changes in the Osisko deferred revenue: Balance at January 1, 2019 43,274 Finance expense (Note 9) 4,154 Amortization of deferred revenue (3,437) Balance at December 31, 2019 43,991 Deferred revenue deposit (amendment to silver stream) 8,510 Finance expense (Note 9) 5,172 Amortization of deferred revenue (4,915) Balance at December 31, 2020 52,758 Deferred revenue is reflected in the consolid ated balance sheets as follows: As at December 31, 2020 2019 Current 5,604 4,558 Non-current 47,154 39,433 52,758 43,991 |
PROVISION FOR ENVIRONMENTAL REH
PROVISION FOR ENVIRONMENTAL REHABILITATION | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Provision For Environmental Rehabilitation [Abstract] | |
PROVISION FOR ENVIRONMENTAL REHABILITATION [Text Block] | 20. PROVISION FOR ENVIRONMENTAL REHABILITATION 2020 2019 Beginning balance at January 1 66,373 97,914 Change in estimates 12,906 (31,644 ) Accretion 550 1,577 Settlements (728) (1,409 ) Foreign exchange differences (118) (65 ) Ending balance at December 31 78,983 66,373 As at December 31, 2020, the PER was calculated on a present value basis for closure costs to be incurred in the first 30 years using a nominal risk-free discount rate of 1.63% (2019 - 1.93%) based on the 30 year overnight index swap (OIS) rate. For discounting annual closure cashflows beyond 30 years, a risk free yield curve was extrapolated from the implied OIS swap rate for liquid, investment grade corporate bonds with durations between 50 to 100 years. A nominal risk free rate of up to 2.86% was utilized in 2020 (2019 - 3.05%) for discounting closure costs up to 100 years from the estimated date of site closure for Gibraltar based on current reserves. An inflation rate of 1.49% (2019 - 1.42%) was applied in deriving nominal cash flow estimates. PER estimates are reviewed regularly and there have been adjustments to the amount and timing of cash flows as a result of updated information. Assumptions are based on the current economic environment, but actual rehabilitation costs will ultimately depend upon future market prices for the necessary decommissioning work required, which will reflect market conditions at the relevant time. Furthermore, the timing of rehabilitation will depend on when the mine ceases production which, in turn, will depend on future mineral reserves, metal prices, operating conditions and many other factors which are inherently uncertain. The Company has provided letters of credit, surety bonds and deposits held in trust to the regulatory authorities for its share of reclamation obligations (Note 13). Security for reclamation obligations is returned once the site is reclaimed to a satisfactory level and there are no ongoing monitoring or maintenance requirements. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2020 | |
Equity [abstract] | |
EQUITY [Text Block] | 21. EQUITY (a) Share capital Common shares (thousands Common shares outstanding at January 1, 2019 228,431 Issued to acquire Yellowhead (Note 14) 17,300 Exercise of share options 463 Common shares outstanding at December 31, 2019 246,194 Common shares issued 34,322 Exercise of share options 1,599 Common shares outstanding at December 31, 2020 282,115 The Company's authorized share capital consists of an unlimited number of common shares with no par value. On November 11, 2020, the Company announced a common share offering for a total of 34,322,138 common shares of the Company at the price of US$0.83 per offered share for net proceeds of $34,299. (b) Contributed surplus Contributed surplus represents employee entitlements to equity settled share-based awards that have been charged to the statement of comprehensive income and loss in the periods during which the entitlements were accrued and have not yet been exercised. (c) Accumulated other comprehensive income ("AOCI") AOCI is comprised of the cumulative net change in the fair value of FVOCI financial assets and cumulative translation adjustments arising from the translation of foreign subsidiaries. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
SHARE-BASED COMPENSATION [Text Block] | 22. SHARE-BASED COMPENSATION (a) Share Options The Company has an equity settled share option plan approved by the shareholders that allows it to grant options to directors, officers, employees and other service providers. Under the plan, a maximum of 9.5% of the Company's outstanding common shares may be granted. The maximum allowable number of outstanding options to independent directors as a group at any time is 1% of the Company's outstanding common shares. The exercise price of an option is set at the time of grant using the five-day Options (thousands) Average price Outstanding at January 1, 2019 10,337 1.64 Granted 4,612 0.75 Exercised (463 ) 0.38 Cancelled/forfeited (178 ) 1.58 Expired (3,552 ) 2.23 Outstanding at January 1, 2020 10,756 1.12 Granted 1,835 0.85 Exercised (1,599 ) 0.53 Cancelled/forfeited (74 ) 1.31 Expired (1,949 ) 1.02 Outstanding at December 31, 2020 8,969 1.19 Exercisable at December 31, 2020 6,365 1.35 During the year ended December 31, 2020, the Company granted 1,835,000 (2019 - 4,611,500) share options to directors, executives and employees, exercisable at an average exercise price of $0.85 per common share (2019 — $0.75 per common share) over a five year period. The total fair value of options granted was $844 (2019 — $1,891) based on a weighted average grant-date fair value of $0.46 (2019 — $0.41) per option. Range of exercise price Options (thousands) Average life $0.38 to $0.75 2,670 2.52 $0.76 to $1.00 2,823 3.03 $1.01 to $1.38 1,928 1.47 $1.39 to $2.86 1,548 1.55 8,969 2.17 The fair value of options was measured at the grant date using the Black-Scholes formula. Expected volatility is estimated by considering historic average share price volatility. The inputs used in the Black-Scholes formula are as follows: At December 31, 2020 2019 Expected term (years) 5.0 5.0 Forfeiture rate 0% 0% Volatility 65% 64% Dividend yield 0% 0% Risk-free interest rate 1.1% 1.8% Weighted-average fair value per option $ 0.46 $ 0.41 (b) Deferred The Company has adopted a Deferred Share Unit ("DSU") Plan (the "DSU Plan") that provides for an annual grant of DSUs to each non-employee The Company has established a Performance Share Unit ("PSU") Plan (the "PSU Plan") whereby PSUs are issued to executives as long-term incentive compensation. PSUs issued under the Plan entitle the holder to a cash or equity payment (as determined by the Board of Directors), at the end of a three-year performance period equal to the number of PSU's granted, adjusted for a performance factor and multiplied by the quoted market value of a Taseko common share on the completion of the performance period. The performance factor can range from 0% to 250% and is determined by comparing the Company's total shareholder return to those achieved by a peer group of companies. DSUs (thousands) PSUs (thousands) Outstanding at January 1, 2019 2,328 1,210 Granted 682 875 Settled (656 ) (410 ) Outstanding at January 1, 2020 2,354 1,675 Granted 572 825 Settled (803 ) (400 ) Outstanding at December 31, 2020 2,123 2,100 During the year ended December 31, 2020, 572,000 DSUs were issued to directors (2019 - 682,000) and 825,000 PSUs to senior executives (2019 - 875,000). The fair value of DSUs and PSUs granted was $899 (2019 - $1,696), with a weighted average fair value at the grant date of $0.72 per unit for the DSUs (2019 - $0.78 per unit) and $0.59 per unit for the PSUs (2019 - $1.33 per unit). (c) Share-based compensation expenses Share based compensation expense is comprised as follows: Years ended December 31, 2020 2019 Share options - amortization 1,013 1,786 Performance share units - amortization 1,231 1,015 Change in fair value of deferred share units 3,066 325 5,310 3,126 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES [text block] | 23. COMMITMENTS AND CONTINGENCIES (a) Commitments The Company is a party to certain contracts relating to service and supply agreements. Future minimum payments under these agreements as at December 31, 2020 are presented in the following table: 2021 5,911 2022 859 2023 — 2024 — 2025 — 2026 and thereafter — Total commitments 6,770 As at December 31, 2020, the Company had outstanding capital commitments (2019: $ nil (b) Contingencies The Company has guaranteed 100% of certain capital lease and equipment loans entered into by the Gibraltar joint venture in which it holds a 75% interest. As a result, the Company has guaranteed the joint venture partner’s 25% share of this debt which amounted to $14,683 as at December 31, 2020. |
SUPPLEMENTARY CASH FLOW INFORMA
SUPPLEMENTARY CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of supplementary cash flow information [abstract] | |
SUPPLEMENTARY CASH FLOW INFORMATION [Text Block] | 24. SUPPLEMENTARY CASH FLOW INFORMATION For the year ended December 31, 2020 2019 Change in non-cash working capital items Accounts receivable 7,409 713 Inventories (11,292 ) (4,634 ) Prepaids (1,584 ) (1,326 ) Accounts payable and accrued liabilities 2,967 (463 ) Interest payable (7 ) (17 ) Income tax payable (820 ) (887 ) (3,327 ) (6,614 ) Non-cash investing and financing activities Assets acquired under capital lease 4,267 1,780 ROU assets 3,864 9,355 |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Financial Risk Management [Abstract] | |
FINANCIAL RISK MANAGEMENT [Text Block] | 25. FINANCIAL RISK MANAGEMENT (a) Overview In the normal course of business, the Company is inherently exposed to market, liquidity and credit risk through its use of financial instruments. The timeframe and manner in which the Company manages these risks varies based upon management's assessment of the risk and available alternatives for mitigating risk. The Board approves and monitors risk management processes, including treasury policies, counterparty limits, controlling and reporting structures. (b) Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: commodity price risk; interest rate risk; and currency risk. Financial instruments affected by market risk include: cash and equivalents; accounts receivable; marketable securities; subscription receipts; reclamation deposits; accounts payable and accrued liabilities; debt and derivatives. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return. The Company buys copper put options in order to reduce commodity price risk. The derivative instruments employed by the Company are considered to be economic hedges but are not designated as hedges for accounting purposes. Commodity price risk The Company is exposed to the risk of fluctuations in prevailing market commodity prices on the metals it produces. The Company enters into copper put option contracts to reduce the risk of short-term copper price volatility. The amount and duration of the hedge position is based on an assessment of business-specific risk elements combined with the copper pricing outlook. Copper put option contracts are typically extended adding incremental quarters at established put strike prices to provide the necessary price protection. Provisional pricing mechanisms embedded within the Company's sales arrangements have the character of a commodity derivative and are carried at fair value as part of accounts receivable. The table below summarizes the impact on revenue and receivables for changes in commodity prices on the provisionally invoiced sales volumes. As at December 31, 2020 2019 Copper increase/decrease by US$0.37/lb. (2019: US$0.28/lb.) 1 9,542 7,992 1 The analysis is based on the assumption that the year-end The sensitivities in the above tables have been determined with foreign currency exchange rates held constant. The relationship between commodity prices and foreign currencies is complex and movements in foreign exchange can impact commodity prices. The sensitivities should therefore be used with care. Interest rate risk The Company is exposed to interest rate risk on its outstanding debt and investments, including cash and cash equivalents, from the possibility that changes in market interest rates will affect future cash flows or the fair value of fixed-rate interest-bearing financial instruments. The table below summarizes the impact on earnings after tax and equity for a change of 100 basis points in interest rates at the reporting date. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. This assumes that the change in interest rates is effective from the beginning of the financial year and balances are constant over the year. However, interest rates and balances of the Company may not remain constant in the coming financial year and therefore such sensitivity analysis should be used with care. Years ended December 31, 2020 2019 Fair value sensitivity for fixed-rate instruments Senior secured notes (1,696 ) (1,768 ) Lease liabilities (61 ) (149 ) Lease related obligations (83 ) (44 ) Secured equipment loans (142 ) (134 ) (1,982 ) (2,095 ) Cash flow sensitivity for variable-rate instruments Cash and equivalents 617 386 Currency risk The Canadian dollar is the functional currency of the Company and, as a result, currency exposure arises from transactions and balances in currencies other than the Canadian dollar, primarily the US dollar. The Company's potential currency exposures comprise translational exposure in respect of non-functional non-functional The following table demonstrates the sensitivity to a 10% strengthening in the CAD against the USD. With all other variables held constant, the Company's shareholders equity and earnings after tax would both increase/(decrease) due to changes in the carrying value of monetary assets and liabilities. A weakening in the CAD against the USD would have had the equal but opposite effect to the amounts shown below. Years ended December 31, 2020 2019 Cash and equivalents (6,213 ) (2,803 ) Accounts receivable (412 ) (824 ) Accounts payable and accrued liabilities 563 587 Senior secured notes 23,321 23,790 Equipment loans 414 527 Lease liabilities 40 62 The Company's financial asset and liability profile may not remain constant and, therefore, these sensitivities should be used with care. (c) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages liquidity risk by holding sufficient cash and equivalents and scheduling long-term obligations based on estimated cash inflows. There were no defaults on loans payable during the year. (d) Credit risk Credit risk is the risk of potential loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company is exposed to credit risk from its receivables, marketable securities and investments, and derivatives. In general, the Company manages its credit exposure by transacting only with reputable counterparties. The Company monitors the financial condition of its customers and counterparties to contracts. The Company deals with a limited number of counterparties for its metal sales. The Company had two significant customers in 2020 that represented 88% of gross copper concentrate revenues (2019: two customers accounted for 87% of gross copper concentrate revenues). The trade receivable balance at December 31, 2020 is comprised of three customers (2019: three customers). There are no impairments recognized on the trade receivables. (e) Fair values of financial instruments The fair values of the senior secured notes is $324,029 and the carrying value is $313,965 at December 31, 2020. The fair value of all other financial assets and liabilities approximates their carrying value. The Company uses the fair value hierarchy described in Note 2.4(c) for determining the fair value of instruments that are measured at fair value. Level 1 Level 2 Level 3 Total December 31, 2020 Financial assets designated as FVPL Derivative asset copper call options — 1,514 — 1,514 Derivative asset fuel call options — 278 — 278 — 1,792 — 1,792 Financial assets designated as FVOCI Marketable securities 1,791 — — 1,791 Investment in subscription receipts — — 1,200 1,200 Reclamation deposits 2,825 — — 2,825 4,616 — 1,200 5,816 December 31, 2019 Financial assets designated as FVOCI Marketable securities 730 — — 730 Investment in subscription receipts — — 2,400 2,400 Reclamation deposits 3,083 — — 3,083 3,813 — 2,400 6,213 There have been no transfers between fair value levels during the reporting period. The carrying value of cash and equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value as at December 31, 2020. The fair value of the senior secured notes, a Level 1 instrument, is determined based upon publicly available information. The Company's metal concentrate sales contracts are subject to provisional pricing with the selling price adjusted at the end of the quotational period. At each reporting date, the Company's settlement receivable on these contracts are marked-to-market The subscription receipts, a Level 3 instrument, are valued based on a management estimate. As the subscription receipts are an investment in a private exploration and development company, there are no observable market data inputs. At December 31, 2020 the determination of the estimated fair value of the investment includes comparison to the market capitalization of comparable public companies. (f) Capital management The Company's primary objective when managing capital is to ensure that the Company is able to continue its operations and that it has sufficient ability to satisfy its capital obligations and ongoing operational expenses, as well as to have sufficient liquidity available to fund suitable business opportunities as they arise. The Company considers the components of shareholders' equity, as well as its cash and equivalents, credit facilities and debt as capital. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue or buy back equity, issue, buy back or repay debt, sell assets, or return capital to shareholders. As at December 31, 2020 2019 Cash (85,110 ) (53,198 ) Current portion of long-term debt 17,617 16,460 Long-term debt 345,787 357,025 Net debt 278,294 320,287 Shareholders' equity 317,372 301,686 In order to facilitate the management of its capital requirements, the Company prepares annual operating budgets that are approved by the Board of Directors. Management also actively monitors the covenants on its long-term debt to ensure compliance. The Company's investment policy is to invest cash in highly liquid interest-bearing investments that are readily convertible to known amounts of cash. There were no changes to the Company's approach to capital management during the year ended December 31, 2020. |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of transactions between related parties [abstract] | |
RELATED PARTIES [Text Block] | 26. RELATED PARTIES (a) Subsidiaries Ownership interest as at December 31, 2020 2019 Gibraltar Mines Ltd. 100% 100% Curis Holdings (Canada) Ltd. 100% 100% Curis Resources Ltd. — 100% Florence Holdings Inc. 100% — Florence Copper Inc. 100% 100% Aley Corporation 100% 100% Yellowhead Mining Inc. 100% 100% Taseko Holdings Ltd. 100% 100% 1280860 BC Ltd. 100% — 672520 BC Ltd. 100% 100% (b) Key management personnel compensation Key management personnel include the members of the Board of Directors and executive officers of the Company. The Company contributes to a post-employment defined contribution pension plan on behalf of certain key management personnel. This retirement compensation arrangement ("RCA" Trust) was established to provide benefits to certain executive officers on or after retirement in recognition of their long service. Upon retirement, the participant is entitled to the distribution of the accumulated value of the contributions under the RCA Trust. Obligations for contributions to the defined contribution pension plan are recognized as compensation expense in profit or loss in the periods during which services are rendered by the executive officers. Certain executive officers are entitled to termination and change in control benefits. In the event of termination without cause, other than a change in control, these executive officers are entitled to an amount ranging from 9-month to 12-months' salary. In the event of a change in control, if a termination without cause or a resignation occurs within 12 months following the change of control, these executive officers are entitled to receive, among other things, an amount ranging from 24-month to 32-months' salary and accrued bonus, and all stock options held by these individuals will fully vest. Executive officers and directors also participate in the Company's share option program (Note 22). Compensation for key management personnel (includes all members of the Board of Directors and executive officers) is as follows: Year ended December 31, 2020 2019 Salaries and benefits 6,527 6,757 Post-employment benefits 1,827 1,639 Share-based compensation expense 4,963 2,710 13,317 11,106 (c) Related party transactions Effective from January 1, 2019 Hunter Dickinson Services Inc. ("HDSI"), a related party as three directors of the Company are also principals of HDSI, no longer provides services to the Company, and the Company had no transactions with HDSI, except for a reimbursement of warehouse rental costs. These costs amount to $45 $39) for the twelve month period ended December 31, 2020. Under the terms of the joint venture operating agreement, the Gibraltar joint venture pays the Company a management fee for services rendered by the Company as operator of Gibraltar. Net management fee income in 2020 was $1,291 (2019: $1,186). In addition, the Company pays certain expenses on behalf of the Gibraltar joint venture and invoices the joint venture for these expenses. In 2020, net reimbursable compensation expenses and third party costs of $190 (2019: $95) were charged to the joint venture. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENT [Text Block] | 27. SUBSEQUENT EVENT Subsequent to December 31, 2020, the Company completed its offering of US$400 million aggregate principal amount of 7.0% Senior Secured Notes due February 15, 2026. A portion of the proceeds were used to redeem the outstanding US$250 million 8.75% Senior Secured Notes due on June 15, 2022. The remaining proceeds, net of transaction costs, call premium and accrued interest, of approximately $167 million (US$131 million) are available for capital expenditures, including at its Florence Copper project and Gibraltar mine, working capital and for general corporate purposes. |
BASIS OF PREPARATION (Policies)
BASIS OF PREPARATION (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Basis Of Preparation [Abstract] | |
Revenue recognition [Policy Text Block] | (a) Revenue recognition. Under IFRS 15, Revenue Contracts with Customers Under the terms of the Company's concentrate sales contracts, the final sales amount is based on final assay results and quoted market prices which may be in a period subsequent to the date of sale. Revenues for these sales, net of treatment and refining charges are recorded when the customer obtains control of the concentrate, based on an estimate of metal contained using initial assay results and forward market prices for the expected date that final sales prices will be fixed. The period between provisional pricing and final settlement can be up to four months. This settlement receivable is recorded at fair value each reporting period by reference to forward market prices until the date of final pricing, with the changes in fair value recorded as an adjustment to revenue. |
Cash and equivalents [Policy Text Block] | (b) Cash and equivalents Cash and equivalents consist of cash and highly-liquid investments having terms of three months or less from the date of acquisition and that are readily convertible to known amounts of cash. Cash and equivalents exclude cash subject to restrictions. |
Financial instruments [Policy Text Block] | (c) Financial instruments Financial assets and liabilities are recognized on the balance sheet when the Company becomes party to the contractual provisions of the instrument. The classification of financial instruments dictates how these assets and liabilities are measured subsequently in the Company's consolidated financial statements. A financial asset is classified as measured at fair value and subsequently at either: amortized cost; Fair Value through Other Comprehensive Income (FVOCI); or Fair Value through Profit or Loss (FVPL). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at amortized cost if: (i) it is held within a business model whose objective is to hold assets to collect contractual cash flows; and (ii) its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding; and (iii) it is not designated as FVPL. This category of financial assets is subsequently measured at amortized cost using the effective interest method, and reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis. Equity investments measured at FVOCI are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset as FVPL if doing so significantly reduces an accounting mismatch that would otherwise arise. Financial assets classified as FVPL are subsequently measured at fair value, with net gains and losses, including any interest or dividend income, recognized in profit or loss. Financial assets at amortized cost Financial assets at amortized cost are financial assets with fixed or determinable payments that are not quoted in an active market. Subsequent to initial recognition, these financial assets are recorded at amortized cost using the effective interest method, except for short-term receivables when the recognition of interest would be immaterial. Accounts receivable are assessed for evidence of impairment at each reporting date, with any impairment recognized in earnings for the period. Financial assets in this category include cash and cash equivalents and accounts receivables. Financial assets at fair value through other comprehensive income (FVOCI) Marketable securities, investment in subscription receipts and reclamation deposits are designated as FVOCI and recorded at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. All financial assets not classified as measured at amortized cost or FVOCI are measured at fair value through profit or loss (FVPL). Derivative financial instruments that are not designated and effective as hedging instruments are classified as FVPL. Financial instruments classified as FVPL are stated at fair value with any changes in fair value recognized in earnings for the period. Financial assets in this category include derivative financial instruments that the Company acquires to manage exposure to commodity price fluctuations. These instruments are non-hedge derivative instruments. Financial liabilities Financial liabilities are initially recorded at fair value, net of transaction costs, and are subsequently measured at amortized cost using the effective interest method. The Company has accounted for accounts payable and accrued liabilities and long-term debt under this method. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value, by reference to the reliability of the inputs used to estimate the fair values. Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs). |
Exploration and evaluation [Policy Text Block] | (d) Exploration and evaluation Exploration and evaluation expenditures relate to the initial search for a mineral deposit and the subsequent evaluation to determine the economic potential of the mineral deposit. The exploration and evaluation stage commences when the Company obtains the legal right or license to begin exploration. Exploration and evaluation expenditures are recognized in earnings in the period in which they are incurred. Capitalization of development costs as mineral property, plant and equipment commences once the technical feasibility and commercial viability of the extraction of mineral reserve and resources associated with the Company's evaluation properties are established and management has made a decision to proceed with development. |
Inventories [Policy Text Block] | (e) Inventories Inventories are valued at the lower of cost and net realizable value. Cost is determined on a weighted average basis and includes direct labour and materials; non-capitalized stripping costs; depreciation and amortization; freight; and overhead costs. Net realizable value is determined with reference to relevant market prices, less applicable variable selling costs and estimated remaining costs of completion to bring the inventories into saleable form. Ore stockpiles represent stockpiled ore that have not yet completed the production process, and are not yet in a saleable form. Finished goods inventories represent metals in saleable form that have not yet been sold. Materials and supplies inventories represent consumables used in the production process, as well as spare parts and other maintenance supplies that are not classified as capital items. The quantity of recoverable metal in stockpiled ore and in the processing circuits is an estimate which is based on the tons of ore added and removed, expected grade and recovery. The quantity of recoverable metal in concentrate is an estimate using initial assay results. |
Property, plant and equipment [Policy Text Block] | (f) Property, plant and equipment Land, buildings, plant and equipment Land, buildings, plant and equipment are recorded at cost, including all expenditures incurred to prepare an asset for its intended use. Repairs and maintenance costs are charged to expense as incurred, except when these repairs significantly extend the life of an asset or result in an operating improvement. In these instances, the portion of these repairs relating to the betterment is capitalized as part of plant and equipment. Depreciation is based on the cost of the asset less residual value. Where an item of plant and equipment is comprised of major components with different useful lives, the components are accounted for as separate items and depreciated separately. Depreciation commences when an asset is available for use. Estimates of remaining useful lives and residual values are reviewed annually. Changes in estimates are accounted for prospectively. The depreciation rates of the major asset categories are as follows: Land Not depreciated Buildings Straight-line basis over 10-25 Plant and equipment Units-of-production Mining equipment Straight-line basis over 5-20 Light vehicles and other mobile equipment Straight-line basis over 2-5 Furniture, computer and office equipment Straight-line basis over 2-3 Mineral properties Mineral properties consist of the cost of acquiring, permitting and developing mineral properties. Once in production, mineral properties are amortized on a units-of-production Property acquisition costs arise either as an individual asset purchase or as part of a business combination, and may represent a combination of either proven and probable reserves, resources, or future exploration potential. When management has not made a determination that technical feasibility and commercial viability of extracting a mineral resource are demonstrable, the entire amount is considered property acquisition costs and not amortized. When such property moves into development, the property acquisition cost asset is transferred to mineral properties within property, plant and equipment. Mineral property development costs include: stripping costs incurred in order to provide initial access to the ore body; stripping costs incurred during production that generate a future economic benefit by increasing the productive capacity, extending the productive life of the mine or allowing access to a mineable reserve; capitalized project development costs; and capitalized interest. Construction in progress Construction in progress includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for its intended use. Construction in progress includes advances on long-lead items. Construction in progress is not depreciated. Once the asset is complete and available for use, the costs of construction are transferred to the appropriate category of property, plant and equipment, and depreciation commences. Capitalized interest Interest is capitalized for qualifying assets. Qualifying assets are assets that require a substantial period of time to prepare for their intended use. Capitalization ceases when the asset is substantially complete or if construction is interrupted for an extended period. Where the funds used to finance a project form part of general borrowings, the amount capitalized is calculated using a weighted average of rates applicable to relevant general borrowings of the Company during the period. Leased assets The Company has adopted IFRS 16, Leases The ROU asset is initially measured based on the present value of lease payments, lease payments made at or before the commencement date, and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The ROU asset is depreciated over the shorter of the lease term or the useful life of the underlying asset and is subject to testing for impairment if there is an indicator of impairment. The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. Lease payments include fixed payments less any lease incentives, and any variable lease payments where variability depends on an index or rate. When the lease contains an extension or purchase option that the Company considers reasonably certain to be exercised, the cost of the option is included in the lease payments. ROU assets are included in property, plant, and equipment, (Note 15) and the lease liability is included in debt in the consolidated balance sheet (Note 18). Impairment The carrying amounts of the Company's non-financial assets are reviewed for impairment whenever circumstances suggest that the carrying value may not be recoverable. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. These assessments require the use of estimates and assumptions such as long-term commodity prices, discount rates, future capital requirements, exploration potential and operating performance. The recoverable amount of an asset or cash generating unit (CGU) is the higher of fair value less costs of disposal and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's-length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre‐tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows that are largely independent of the cash flows of other assets or CGU's. If the recoverable amount of an asset or its related CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is reduced to its recoverable amount and the impairment loss is recognized in earnings for the period. Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but not to an amount that exceeds the carrying amount that would have been determined had no impairment loss been recognized for the asset or CGU in prior years. A reversal of an impairment loss is recognized immediately in earnings. The carrying amount of the CGU to which goodwill has been allocated is tested annually for impairment or when there is an indication that the goodwill may be impaired. Any goodwill impairment is recognized as an expense in the profit or loss. Should there be a recovery in the value of a CGU, any impairment of goodwill previously recorded is not subsequently reversed. |
Income taxes [Policy Text Block] | (g) Income taxes Income tax on the earnings for the periods presented comprises current and deferred tax. Income tax is recognized in earnings except to the extent that it relates to items recognized directly in equity or in other comprehensive income. Income tax is calculated using tax rates enacted or substantively enacted at the reporting date applicable to the period of expected realization or settlement. Current tax expense is the expected tax payable on the taxable income for the year, adjusted for amendments to tax payable with regards to previous years. Deferred tax is determined using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of assets or liabilities acquired (not in a business combination) that affect neither accounting nor taxable profit on acquisition; and differences relating to investments in subsidiaries, associates, and joint ventures to the extent that they are not probable to reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent it is no longer probable that the related tax benefit will be realized. |
Share-based compensation [Policy Text Block] | (h) Share-based compensation The fair-value method is used for the Company's share-based payment transactions. Under this method, the cost of share options and equity-settled performance share units is recorded based on their estimated fair value at the grant date, including an estimate of the forfeiture rate. The fair value of the share options and performance share units is expensed on a graded amortization basis over the vesting period of the awards, with a corresponding increase in equity. Share-based compensation expense relating to cash-settled awards, including deferred share units, is recognized based on the quoted market value of the Company's common shares on the date of grant. The related liability is re-measured to fair value each reporting period to reflect changes in the market value of the Company's common shares, with changes in fair value recorded in net profit (loss). |
Provisions [Policy Text Block] | (i) Provisions Environmental rehabilitation The Company records the present value of estimated costs of legal and constructive obligations required to retire an asset in the period in which the obligation occurs. Environmental rehabilitation activities include facility decommissioning and dismantling; removal and treatment of waste materials, including water treatment; site and land rehabilitation, including compliance with and monitoring of environmental regulations; and related costs required to perform this work and/or operate equipment designed to reduce or eliminate environmental effects. The provision for environmental rehabilitation ("PER") is adjusted each period for new disturbances, and changes in regulatory requirements, the estimated amount of future cash flows required to discharge the liability, the timing of such cash flows and the pre-tax discount rate specific to the liability. The unwinding of the discount is recognized in earnings as a finance cost. When a PER is initially recognized, the corresponding cost is capitalized by increasing the carrying amount of the related asset, and is amortized to earnings on a unit-of-production Significant estimates and assumptions are made in determining the provision for environmental rehabilitation as there are a number of factors that will affect the ultimate liability. These factors include estimation of the extent and cost of rehabilitation activities; timing of future cash flows, changes in discount rates; inflation rate; and regulatory requirements. Other provisions Other provisions are recognized when the Company has a present obligation (legal or constructive) that has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation. Where the effect is material, the provision is discounted using a pre-tax rate that reflects current market assessments of the time value of money and the risk specific to the obligation. The accretion expense is included in finance expense. |
Finance income and expenses [Policy Text Block] | (j) Finance income and expenses Finance income comprises interest income on funds invested, gains on the disposal of marketable securities, and changes in the fair value of derivatives included in cash and equivalents and marketable securities. Interest income is recognized as it accrues in earnings, using the effective interest method. Finance expenses comprise interest expense on borrowings, unwinding of the discount on provisions, the finance component on deferred revenue, losses on the disposal of marketable securities, changes in the fair value of derivatives included in cash and cash equivalents and marketable securities, and impairment losses recognized on financial assets. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in earnings using the effective interest method. |
Earnings (loss) per share [Policy Text Block] | (k) Earnings (loss) per share The Company presents basic and diluted earnings (loss) per share data for its common shares, calculated by dividing the earnings (loss) attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined by adjusting the earnings attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares, which comprise warrants and share options granted. There is no dilution impact when the Company incurs a loss. |
Interests in joint arrangements [Policy Text Block] | (l) Interests in joint arrangements IFRS defines a joint arrangement as one over which two or more parties have joint control, which is the contractually agreed sharing of control over an arrangement. This exists only when the decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require the unanimous consent of the parties sharing control. A joint operation is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. In relation to its interests in joint operations, the Company recognizes its: Assets, including its share of any assets held jointly; Liabilities, including its share of any liabilities incurred jointly; Revenue from the sale of its share of the output arising from the joint operation; and Expenses, including its share of any expenses incurred jointly. 2.5 New standards and interpretations not yet adopted Several new standards, and amendments to standards and interpretations, are not yet effective for the year ended December 31, 2020, and have not been applied in preparing these consolidated financial statements. None are currently considered by the Company to be significant or likely to have a material impact on future financial statements. |
BASIS OF PREPARATION (Tables)
BASIS OF PREPARATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Basis Of Preparation [Abstract] | |
Disclosure of depreciation rates of major asset categories [Table Text Block] | Land Not depreciated Buildings Straight-line basis over 10-25 Plant and equipment Units-of-production Mining equipment Straight-line basis over 5-20 Light vehicles and other mobile equipment Straight-line basis over 2-5 Furniture, computer and office equipment Straight-line basis over 2-3 |
INTEREST IN GIBRALTAR JOINT V_2
INTEREST IN GIBRALTAR JOINT VENTURE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of joint ventures [abstract] | |
Disclosure of joint venture financial information [Table Text Block] | As at December 31, 2020 2019 Cash and equivalents 46,440 54,454 Other current assets 88,814 77,651 Current assets 135,254 132,105 Non-current assets 927,211 948,873 Accounts payable and accrued liabilities 53,662 46,845 Other current financial liabilities 23,703 22,698 Current liabilities 77,365 69,543 Long-term debt 40,178 52,177 Provision for environmental rehabilitation 97,432 80,460 Non-current liabilities 137,610 132,637 Years ended December 31, 2020 2019 Revenues 458,305 438,204 Production costs (298,988 ) (344,913 ) Depletion and amortization (139,643 ) (159,044 ) Other operating expense (4,529 ) (3,834 ) Interest expense (5,689 ) (6,031 ) Interest income 82 1,157 Foreign exchange gain (loss) 348 (1,976 ) Net earnings (loss) 9,886 (76,437 ) Other comprehensive income — 954 Comprehensive income (loss) for joint arrangement 9,886 (75,483 ) |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Revenue [Abstract] | |
Disclosure of information about revenue [Table Text Block] | Years ended December 31, 2020 2019 Copper contained in concentrate 331,584 321,082 Molybdenum concentrate 18,842 31,161 Silver (Note 19) 3,502 3,674 Price adjustments on settlement receivables 11,570 (419 ) Total gross revenue 365,498 355,498 Less: Treatment and refining costs (22,231 ) (26,335 ) Revenue 343,267 329,163 |
COST OF SALES (Tables)
COST OF SALES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cost Of Sales [abstract] | |
Disclosure of cost of sales [Table Text Block] | Years ended December 31, 2020 2019 Site operating costs 216,415 244,611 Transportation costs 18,248 17,832 Changes in inventories of finished goods 939 (5,570 ) Changes in inventories of ore stockpiles (11,361 ) 1,677 Production costs 224,241 258,550 Depletion and amortization 95,301 109,756 Cost of sales 319,542 368,306 |
COMPENSATION EXPENSE (Tables)
COMPENSATION EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of compensation expense [Table Text Block] | Years ended December 31, 2020 2019 Wages, salaries and benefits 71,481 77,869 Post-employment benefits 1,986 1,639 Share-based compensation expense (Note 22c) 5,310 3,126 78,777 82,634 |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of (gains) losses associated with derivative instruments [Table Text Block] | Years ended December 31, 2020 2019 Realized (gain) loss on copper put options (4,361 ) 2,834 Realized loss on fuel call options 602 — Unrealized loss on copper put options 1,853 — Unrealized gain on fuel call options (31 ) — (1,937 ) 2,834 |
OTHER (EXPENSE) INCOME (Tables)
OTHER (EXPENSE) INCOME (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Expense Income [Abstract] | |
Disclosure of other (expense) income [Table Text Block] | Years ended December 31, 2020 2019 Management fee income 1,198 1,186 Other operating (expense) income, net 297 (266 ) 1,495 920 |
FINANCE EXPENSES (Tables)
FINANCE EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Finance Cost [Abstract] | |
Disclosure of finance expenses [Table Text Block] | Years ended December 31, 2020 2019 Interest expense 37,288 34,593 Finance expense - deferred revenue (Note 19) 5,172 4,154 Accretion on PER (Note 20) 550 1,577 Finance income (249 ) (1,202 ) 42,761 39,122 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax [Abstract] | |
Disclosure of income tax expense (recovery) [Table Text Block] | Years ended December 31, 2020 2019 Current income tax: Current period expense 1,769 817 Deferred income tax: Origination and reversal of temporary differences (10,648 ) (33,145 ) Deferred tax adjustments related to prior periods (217 ) (9 ) Deferred income tax recovery (10,865 ) (33,154 ) Income tax recovery (9,096 ) (32,337 ) |
Disclosure of effective tax rate reconciliation [Table Text Block] | Years ended December 31, 2020 2019 Income tax at Canadian statutory rate of 36.5% (2019: 36.5%) (11,922 ) (31,279 ) Permanent differences 4,189 885 Foreign tax rate differential (3 ) (191 ) Unrecognized tax benefits (1,143 ) (1,793 ) Deferred tax adjustments related to prior periods (217 ) 41 Income tax recovery (9,096 ) (32,337 ) |
Disclosure of deferred tax assets and liabilities [Table Text Block] | (c) Deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: As at December 31, 2020 2019 Property, plant and equipment (154,587 ) (156,669 ) Other financial assets 5,714 2,951 Provisions 20,422 17,009 Tax loss carry forwards 89,391 86,006 Deferred tax liability (39,060 ) (50,703 ) |
Disclosure of unrecognized deferred tax assets and liabilities [Table Text Block] | As at December 31, 2020 2019 Deductible temporary differences: Debt 58,643 65,024 Other investments 30,523 33,344 Losses and tax pools 33,344 31,823 Other financial assets 12,304 17,713 Deferred tax asset: Debt 7,873 8,778 Other investments 8,241 4,501 Losses and tax pools 4,501 8,592 Other financial assets 1,672 2,398 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Trade and other current receivables [abstract] | |
Disclosure of accounts receivable [Table Text Block] | As at December 31, 2020 2019 Trade and settlement receivables 4,676 11,220 Goods and services tax receivable 1,358 1,162 Other receivables 655 1,409 6,689 13,791 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Classes of current inventories [abstract] | |
Disclosure of Inventories [Table Text Block] | As at December 31, 2020 2019 Ore stockpiles 21,946 6,657 Copper contained in concentrate 7,948 9,055 Molybdenum concentrate 398 230 Materials and supplies 28,549 27,678 58,841 43,620 |
OTHER FINANCIAL ASSETS (Tables)
OTHER FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of financial assets [abstract] | |
Disclosure of other financial assets [Table Text Block] | As at December 31, 2020 2019 Current: Marketable securities 1,791 730 Copper put options (Note 7) 1,514 — Fuel call options (Note 7) 278 — 3,583 730 Long-term: Investment in subscription receipts 1,200 2,400 Reclamation deposits 2,825 3,083 Restricted cash 1,273 1,300 5,298 6,783 |
YELLOWHEAD ACQUISITION (Tables)
YELLOWHEAD ACQUISITION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about business combination [abstract] | |
Disclosure of detailed information in purchase consideration [Table Text Block] | Fair value of common shares issued (17,300,385 shares at $0.73 per share) 12,629 Fair value of previously held investment in Yellowhead 3,365 Acquisition related legal and other costs 272 16,266 |
Disclosure of allocation of purchase price [Table Text Block] | Cash and cash equivalents 187 Accounts receivable and other assets 14 Reclamation deposits 85 Property, plant and equipment 16,240 Accounts payable and other liabilities (260 ) 16,266 |
PROPERTY, PLANT & EQUIPMENT (Ta
PROPERTY, PLANT & EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of property, plant & equipment [Table Text Block] | Cost Property Mineral Plant and Construction Total At January 1, 2019 99,872 385,504 719,211 188 1,204,775 Additions (Note 14) 16,240 34,750 28,565 9,514 89,069 Changes in rehabilitation cost asset — (31,695 ) — — (31,695 ) Disposals — — (6,978 ) — (6,978 ) Foreign exchange translation (4,468 ) (1,155 ) (2,205 ) — (7,828 ) Transfers between categories — — 9,702 (9,702 ) — At December 31, 2019 111,644 387,404 748,295 — 1,247,343 Additions (Note 14) — 44,454 22,351 12,660 79,465 Changes in rehabilitation cost asset — 12,906 — — 12,906 Disposals — — (7,023 ) — (7,023 ) Foreign exchange translation (1,749 ) (693 ) (1,029 ) (3,471 ) Transfers between categories — — 7,334 (7,334 ) — At December 31, 2020 109,895 444,071 769,928 5,326 1,329,220 Accumulated depreciation At January 1, 2019 — 160,849 222,639 — 383,488 Depletion and amortization — 70,265 40,501 — 110,766 Disposals — — (4,917 ) — (4,917 ) At December 31, 2019 — 231,114 258,223 — 489,337 Depletion and amortization — 59,540 43,929 — 103,469 Disposals — — (6,205 ) — (6,205 ) At December 31, 2020 — 290,654 295,947 — 586,601 Net book value At December 31, 2019 111,644 156,290 490,072 — 758,006 At December 31, 2020 109,895 153,417 473,981 5,326 742,619 |
Disclosure of net book value of property, plant & equipment [Table Text Block] | Net book value Gibraltar Mines (75%) Florence Copper Yellowhead Aley Other Total At December 31, 2019 539,747 188,512 16,240 12,766 741 758,006 Net additions 55,355 18,091 2,409 1,095 1,697 78,647 Changes in rehabilitation cost asset (Note 20) 12,906 — — — — 12,906 Depletion and amortization (103,013 ) (53 ) — — (403 ) (103,469 ) Foreign exchange translation — (3,471 ) — — — (3,471 ) At December 31, 2020 504,995 203,079 18,649 13,861 2,035 742,619 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Payable And Accrued Liabilities [Abstract] | |
Disclosure of accounts payable and accrued liabilities [Table Text Block] | As at December 31, 2020 2019 Trade payables 32,775 24,171 Accrued liabilities 18,972 19,514 51,747 43,685 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about borrowings [abstract] | |
Disclosure of borrowings [Table Text Block] | As at December 31, 2020 2019 Current: Lease liabilities (b) 8,094 7,990 Secured equipment loans (c) 7,536 6,626 Lease related obligations (d) 1,987 1,844 17,617 16,460 Long-term: Senior secured notes (a) 313,965 317,728 Lease liabilities (b) 11,829 11,107 Secured equipment loans (c) 12,536 18,746 Lease related obligations (d) 7,457 9,444 345,787 357,025 Total debt 363,404 373,485 |
Disclosure of continuity of total debt [Table Text Block] | As at December 31, 2020 2019 Total debt as at January 1 373,485 355,481 Lease additions on initial application of IFRS 16 — 5,962 Lease additions 8,131 11,295 Equipment loan net proceeds — 21,852 Lease related obligations on sale leaseback transaction — 12,161 Lease liabilities and equipment loans repayments (14,362 ) (18,920 ) Unrealized foreign exchange gain (6,541 ) (16,654 ) Amortization of deferred financing charges 2,691 2,308 Total debt as at December 31 363,404 373,485 |
DEFERRED REVENUE (Tables)
DEFERRED REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Deferred Income [Abstract] | |
Disclosure of changes in deferred revenue [Table Text Block] | Balance at January 1, 2019 43,274 Finance expense (Note 9) 4,154 Amortization of deferred revenue (3,437) Balance at December 31, 2019 43,991 Deferred revenue deposit (amendment to silver stream) 8,510 Finance expense (Note 9) 5,172 Amortization of deferred revenue (4,915) Balance at December 31, 2020 52,758 |
Disclosure of deferred revenue [Table Text Block] | As at December 31, 2020 2019 Current 5,604 4,558 Non-current 47,154 39,433 52,758 43,991 |
PROVISION FOR ENVIRONMENTAL R_2
PROVISION FOR ENVIRONMENTAL REHABILITATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Provision For Environmental Rehabilitation [Abstract] | |
Disclosure of provision for environmental rehabilitation [Table Text Block] | 2020 2019 Beginning balance at January 1 66,373 97,914 Change in estimates 12,906 (31,644 ) Accretion 550 1,577 Settlements (728) (1,409 ) Foreign exchange differences (118) (65 ) Ending balance at December 31 78,983 66,373 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [abstract] | |
Disclosure of equity [Table Text Block] | Common shares (thousands Common shares outstanding at January 1, 2019 228,431 Issued to acquire Yellowhead (Note 14) 17,300 Exercise of share options 463 Common shares outstanding at December 31, 2019 246,194 Common shares issued 34,322 Exercise of share options 1,599 Common shares outstanding at December 31, 2020 282,115 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Disclosure of number and weighted average exercise prices of share options [Table Text Block] | Options (thousands) Average price Outstanding at January 1, 2019 10,337 1.64 Granted 4,612 0.75 Exercised (463 ) 0.38 Cancelled/forfeited (178 ) 1.58 Expired (3,552 ) 2.23 Outstanding at January 1, 2020 10,756 1.12 Granted 1,835 0.85 Exercised (1,599 ) 0.53 Cancelled/forfeited (74 ) 1.31 Expired (1,949 ) 1.02 Outstanding at December 31, 2020 8,969 1.19 Exercisable at December 31, 2020 6,365 1.35 |
Disclosure of options and average life [Table Text Block] | Range of exercise price Options (thousands) Average life $0.38 to $0.75 2,670 2.52 $0.76 to $1.00 2,823 3.03 $1.01 to $1.38 1,928 1.47 $1.39 to $2.86 1,548 1.55 8,969 2.17 |
Disclosure of inputs used in measurement of fair value at grant date [Table Text Block] | At December 31, 2020 2019 Expected term (years) 5.0 5.0 Forfeiture rate 0% 0% Volatility 65% 64% Dividend yield 0% 0% Risk-free interest rate 1.1% 1.8% Weighted-average fair value per option $ 0.46 $ 0.41 |
Disclosure of DSU's and PSU's issued and outstanding [Table Text Block] | DSUs (thousands) PSUs (thousands) Outstanding at January 1, 2019 2,328 1,210 Granted 682 875 Settled (656 ) (410 ) Outstanding at January 1, 2020 2,354 1,675 Granted 572 825 Settled (803 ) (400 ) Outstanding at December 31, 2020 2,123 2,100 |
Disclosure of share based compensation expense (recovery) [Table Text Block] | Years ended December 31, 2020 2019 Share options - amortization 1,013 1,786 Performance share units - amortization 1,231 1,015 Change in fair value of deferred share units 3,066 325 5,310 3,126 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies [Abstract] | |
Disclosure of commitments and contingencies [Table Text Block] | 2021 5,911 2022 859 2023 — 2024 — 2025 — 2026 and thereafter — Total commitments 6,770 |
SUPPLEMENTARY CASH FLOW INFOR_2
SUPPLEMENTARY CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of supplementary cash flow information [abstract] | |
Disclosure of supplements cash flow information [Table Text Block] | For the year ended December 31, 2020 2019 Change in non-cash working capital items Accounts receivable 7,409 713 Inventories (11,292 ) (4,634 ) Prepaids (1,584 ) (1,326 ) Accounts payable and accrued liabilities 2,967 (463 ) Interest payable (7 ) (17 ) Income tax payable (820 ) (887 ) (3,327 ) (6,614 ) Non-cash investing and financing activities Assets acquired under capital lease 4,267 1,780 ROU assets 3,864 9,355 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Financial Risk Management [Abstract] | |
Disclosure of exposure to commodity price risk [Table Text Block] | As at December 31, 2020 2019 Copper increase/decrease by US$0.37/lb. (2019: US$0.28/lb.) 1 9,542 7,992 1 The analysis is based on the assumption that the year-end |
Disclosure of impact on earnings after tax and equity [Table Text Block] | Years ended December 31, 2020 2019 Fair value sensitivity for fixed-rate instruments Senior secured notes (1,696 ) (1,768 ) Lease liabilities (61 ) (149 ) Lease related obligations (83 ) (44 ) Secured equipment loans (142 ) (134 ) (1,982 ) (2,095 ) Cash flow sensitivity for variable-rate instruments Cash and equivalents 617 386 |
Disclosure of changes in assets and liabilities on basis of strengthening CAD against USD [Table Text Block] | Years ended December 31, 2020 2019 Cash and equivalents (6,213 ) (2,803 ) Accounts receivable (412 ) (824 ) Accounts payable and accrued liabilities 563 587 Senior secured notes 23,321 23,790 Equipment loans 414 527 Lease liabilities 40 62 |
Disclosure of fair value measurement of assets [Table Text Block] | Level 1 Level 2 Level 3 Total December 31, 2020 Financial assets designated as FVPL Derivative asset copper call options — 1,514 — 1,514 Derivative asset fuel call options — 278 — 278 — 1,792 — 1,792 Financial assets designated as FVOCI Marketable securities 1,791 — — 1,791 Investment in subscription receipts — — 1,200 1,200 Reclamation deposits 2,825 — — 2,825 4,616 — 1,200 5,816 December 31, 2019 Financial assets designated as FVOCI Marketable securities 730 — — 730 Investment in subscription receipts — — 2,400 2,400 Reclamation deposits 3,083 — — 3,083 3,813 — 2,400 6,213 |
Disclosure of capital management [Table Text Block] | As at December 31, 2020 2019 Cash (85,110 ) (53,198 ) Current portion of long-term debt 17,617 16,460 Long-term debt 345,787 357,025 Net debt 278,294 320,287 Shareholders' equity 317,372 301,686 |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of transactions between related parties [abstract] | |
Disclosure of interests in subsidiaries [Table Text Block] | Ownership interest as at December 31, 2020 2019 Gibraltar Mines Ltd. 100% 100% Curis Holdings (Canada) Ltd. 100% 100% Curis Resources Ltd. — 100% Florence Holdings Inc. 100% — Florence Copper Inc. 100% 100% Aley Corporation 100% 100% Yellowhead Mining Inc. 100% 100% Taseko Holdings Ltd. 100% 100% 1280860 BC Ltd. 100% — 672520 BC Ltd. 100% 100% |
Disclosure of compensation for key management personnel [Table Text Block] | Year ended December 31, 2020 2019 Salaries and benefits 6,527 6,757 Post-employment benefits 1,827 1,639 Share-based compensation expense 4,963 2,710 13,317 11,106 |
REPORTING ENTITY (Narrative) (D
REPORTING ENTITY (Narrative) (Details) | 1 Months Ended | 12 Months Ended |
Mar. 31, 2010 | Dec. 31, 2020 | |
Gibraltar Joint Venture [Member] | ||
Disclosure Of Reporting Entity [Line Items] | ||
Ownership interest in joint venture | 75.00% | 75.00% |
BASIS OF PREPARATION - Disclosu
BASIS OF PREPARATION - Disclosure of depreciation rates of major asset categories (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Land [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates of major asset categories | Not depreciated |
Buildings [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates of major asset categories | Straight-line basis over 10-25 years |
Plant and equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates of major asset categories | Units-of-production basis |
Mineral properties [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates of major asset categories | Straight-line basis over 5-20 years |
Light vehicles and other mobile equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates of major asset categories | Straight-line basis over 2-5 years |
Furniture computer and office equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates of major asset categories | Straight-line basis over 2-3 years |
INTEREST IN GIBRALTAR JOINT V_3
INTEREST IN GIBRALTAR JOINT VENTURE (Narrative) (Details) - CAD ($) | 1 Months Ended | 12 Months Ended |
Mar. 31, 2010 | Dec. 31, 2020 | |
Cariboo Copper Corp [Member] | ||
Disclosure of joint ventures [line items] | ||
Amount contributed for purchase of remaining proportion of ownership interest in joint venture | $ 186,800 | |
Remaining portion of ownership interest in joint venture | 25.00% | 25.00% |
Gibraltar Joint Venture [Member] | ||
Disclosure of joint ventures [line items] | ||
Ownership interest in joint venture | 75.00% | 75.00% |
INTEREST IN GIBRALTAR JOINT V_4
INTEREST IN GIBRALTAR JOINT VENTURE - Disclosure of joint venture financial information (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of joint ventures [line items] | |||
Cash and equivalents | $ 85,110 | $ 53,198 | $ 45,665 |
Total current assets | 157,198 | 113,852 | |
Total current liabilities | 78,484 | 67,293 | |
Long-term debt | 345,787 | 357,025 | |
Provision for environmental rehabilitation | 78,983 | 66,373 | |
Revenues | 343,267 | 329,163 | |
Production costs | (224,241) | (258,550) | |
Depletion and amortization | (95,301) | (109,756) | |
Other operating expense | 297 | (266) | |
Interest expense | (37,288) | (34,593) | |
Foreign exchange gain (loss) | 4,092 | 14,779 | |
Net loss | (23,524) | (53,382) | |
Other comprehensive income | 847 | (7,237) | |
Comprehensive income (loss) for joint arrangement | (22,677) | (60,619) | |
Gibraltar Joint Venture [Member] | |||
Disclosure of joint ventures [line items] | |||
Cash and equivalents | 46,440 | 54,454 | |
Other current assets | 88,814 | 77,651 | |
Total current assets | 135,254 | 132,105 | |
Non-current assets | 927,211 | 948,873 | |
Accounts payable and accrued liabilities | 53,662 | 46,845 | |
Other current financial liabilities | 23,703 | 22,698 | |
Total current liabilities | 77,365 | 69,543 | |
Long-term debt | 40,178 | 52,177 | |
Provision for environmental rehabilitation | 97,432 | 80,460 | |
Non-current liabilities | 137,610 | 132,637 | |
Revenues | 458,305 | 438,204 | |
Production costs | (298,988) | (344,913) | |
Depletion and amortization | (139,643) | (159,044) | |
Other operating expense | (4,529) | (3,834) | |
Interest expense | (5,689) | (6,031) | |
Interest income | 82 | 1,157 | |
Foreign exchange gain (loss) | 348 | (1,976) | |
Net loss | 9,886 | (76,437) | |
Other comprehensive income | 0 | 954 | |
Comprehensive income (loss) for joint arrangement | $ 9,886 | $ (75,483) |
REVENUE - Disclosure of revenue
REVENUE - Disclosure of revenue (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Revenue [Abstract] | ||
Copper contained in concentrate | $ 331,584 | $ 321,082 |
Molybdenum concentrate | 18,842 | 31,161 |
Silver | 3,502 | 3,674 |
Price adjustments on settlement receivables | 11,570 | (419) |
Total gross revenue | 365,498 | 355,498 |
Less: Treatment and refining costs | (22,231) | (26,335) |
Total revenue | $ 343,267 | $ 329,163 |
COST OF SALES (Narrative) (Deta
COST OF SALES (Narrative) (Details) - Canada emergency wage subsidy [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2020CAD ($) | |
Site operating costs [Member] | |
Disclosure Of Cost Of Sales [Line Items] | |
Benefits for claims submitted for Canada Emergency Wage Subsidy | $ 6,013 |
General administrative expenses [Member] | |
Disclosure Of Cost Of Sales [Line Items] | |
Benefits for claims submitted for Canada Emergency Wage Subsidy | $ 364 |
COST OF SALES - Disclosure of c
COST OF SALES - Disclosure of cost of sales (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cost Of Sales [abstract] | ||
Site operating costs | $ 216,415 | $ 244,611 |
Transportation costs | 18,248 | 17,832 |
Changes in inventories of finished goods | 939 | (5,570) |
Changes in inventories of ore stockpiles | (11,361) | 1,677 |
Production costs | 224,241 | 258,550 |
Depletion and amortization | 95,301 | 109,756 |
Cost of sales | $ 319,542 | $ 368,306 |
COMPENSATION EXPENSE - Disclosu
COMPENSATION EXPENSE - Disclosure of compensation expense (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Wages, salaries and benefits | $ 71,481 | $ 77,869 |
Post-employment benefits | 1,986 | 1,639 |
Share-based compensation expense | 5,310 | 3,126 |
Compensation expense | $ 78,777 | $ 82,634 |
DERIVATIVE INSTRUMENTS (Narrati
DERIVATIVE INSTRUMENTS (Narrative) (Details) $ in Thousands, lb in Millions | 12 Months Ended | |
Dec. 31, 2020CAD ($)lb$ / Pound$ / Pound | Dec. 31, 2019CAD ($)lb | |
Disclosure of detailed information about financial instruments [line items] | ||
Purchase of put options | $ 6,025 | $ 2,834 |
Copper put option contracts one [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Number of pounds of copper for which put options were purchased | lb | 59.5 | 48 |
Purchase of put options | $ 1,742 | $ 2,834 |
Copper put option contracts one [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity date | from January 2020 | from February |
Strike price | $ / Pound | 2.30 | |
Copper put option contracts one [Member] | Top of range [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity date | to December 2020 | to December 2019 |
Strike price | $ / Pound | 2.60 | |
Copper put option contracts two [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Number of pounds of copper for which put options were purchased | lb | 37.5 | |
Purchase of put options | $ 1,514 | |
Copper put option contracts two [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity date | from January 2021 | |
Strike price | $ / Pound | 2.80 | |
Copper put option contracts two [Member] | Top of range [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity date | to June 2021 | |
Strike price | $ / Pound | 3.20 | |
Fuel call options [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Purchase of put options | $ 916 | |
Fuel call options outstanding at fair value | $ 278 | |
Fuel call options [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity date | from April 2020 | |
Fuel call options [Member] | Top of range [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maturity date | to March 2021 |
DERIVATIVE INSTRUMENTS - Disclo
DERIVATIVE INSTRUMENTS - Disclosure of (gains) losses associated with derivative instruments (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [line items] | ||
Losses associated with derivatives | $ (1,937) | $ 2,834 |
Copper put option contracts [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Realized (gain) loss on options | (4,361) | 2,834 |
Unrealized (gain) loss on options | 1,853 | 0 |
Fuel call options [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Realized (gain) loss on options | 602 | 0 |
Unrealized (gain) loss on options | $ (31) | $ 0 |
OTHER (EXPENSE) INCOME - Disclo
OTHER (EXPENSE) INCOME - Disclosure of other expense income (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Other Expense Income [Abstract] | ||
Management fee income | $ 1,198 | $ 1,186 |
Other operating (expense) income, net | 297 | (266) |
Other (expenses) income | $ 1,495 | $ 920 |
FINANCE EXPENSES (Narrative) (D
FINANCE EXPENSES (Narrative) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Finance Cost [Abstract] | ||
Lease liabilities and lease related obligations | $ 2,012 | $ 1,709 |
FINANCE EXPENSES - Disclosure o
FINANCE EXPENSES - Disclosure of finance expenses (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Finance Cost [Abstract] | ||
Interest expense | $ 37,288 | $ 34,593 |
Finance expense - deferred revenue | 5,172 | 4,154 |
Accretion on PER | 550 | 1,577 |
Finance income | (249) | (1,202) |
Finance expenses | $ 42,761 | $ 39,122 |
INCOME TAX (Narrative) (Details
INCOME TAX (Narrative) (Details) - Canada [Member] - Non-capital losses [Member] - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses and tax pools | $ 33,344 | $ 31,823 |
Bottom of range [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax loss carry forwards expiration year | 2027 | |
Top of range [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax loss carry forwards expiration year | 2039 |
INCOME TAX - Disclosure of inco
INCOME TAX - Disclosure of income tax expense (recovery) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current income tax: | ||
Current period expense | $ 1,769 | $ 817 |
Deferred income tax: | ||
Origination and reversal of temporary differences | (10,648) | (33,145) |
Deferred tax adjustments related to prior periods | (217) | (9) |
Deferred income tax recovery | (10,865) | (33,154) |
Income tax recovery | $ (9,096) | $ (32,337) |
INCOME TAX - Disclosure of effe
INCOME TAX - Disclosure of effective tax rate reconciliation (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax [Abstract] | ||
Income tax at Canadian statutory rate | $ (11,922) | $ (31,279) |
Applicable tax rate | 36.50% | 36.50% |
Permanent differences | $ 4,189 | $ 885 |
Foreign tax rate differential | (3) | (191) |
Unrecognized tax benefits | (1,143) | (1,793) |
Deferred tax adjustments related to prior periods | (217) | (9) |
Income tax recovery | $ (9,096) | $ (32,337) |
INCOME TAX - Disclosure of defe
INCOME TAX - Disclosure of deferred tax assets and liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax [Abstract] | ||
Property, plant and equipment | $ (154,587) | $ (156,669) |
Other financial assets | 5,714 | 2,951 |
Provisions | 20,422 | 17,009 |
Tax loss carry forwards | 89,391 | 86,006 |
Deferred tax liability | $ (39,060) | $ (50,703) |
INCOME TAX - Disclosure of unre
INCOME TAX - Disclosure of unrecognized deferred tax assets and liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences | $ 58,643 | $ 65,024 |
Deferred tax asset | 7,873 | 8,778 |
Other investments [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences | 30,523 | 33,344 |
Deferred tax asset | 8,241 | 4,501 |
Losses and tax pools [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences | 33,344 | 31,823 |
Deferred tax asset | 4,501 | 8,592 |
Other financial assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences | 12,304 | 17,713 |
Deferred tax asset | $ 1,672 | $ 2,398 |
ACCOUNTS RECEIVABLE - Disclosur
ACCOUNTS RECEIVABLE - Disclosure of accounts receivable (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Trade and other current receivables [abstract] | ||
Trade and settlement receivables | $ 4,676 | $ 11,220 |
Goods and services tax receivable | 1,358 | 1,162 |
Other receivables | 655 | 1,409 |
Total trade and other current receivables | $ 6,689 | $ 13,791 |
INVENTORIES (Narrative) (Detail
INVENTORIES (Narrative) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Inventories [Line Items] | ||
Impairment of inventories | $ 5,353 | $ 5,830 |
Depletion and amortization [Member] | ||
Inventories [Line Items] | ||
Impairment of inventories | $ 2,216 | $ 2,398 |
INVENTORIES - Disclosure of Inv
INVENTORIES - Disclosure of Inventories (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Classes of current inventories [abstract] | ||
Ore stockpiles | $ 21,946 | $ 6,657 |
Copper contained in concentrate | 7,948 | 9,055 |
Molybdenum concentrate | 398 | 230 |
Materials and supplies | 28,549 | 27,678 |
Inventories | $ 58,841 | $ 43,620 |
OTHER FINANCIAL ASSETS (Narrati
OTHER FINANCIAL ASSETS (Narrative) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2019 | Dec. 31, 2018 | |
Disclosure of financial assets [line items] | ||||
Net cash unrestricted | $ 85,110 | $ 53,198 | $ 45,665 | |
Net proceeds from the sale securities | 7,270 | |||
Marketable securities [Member] | ||||
Disclosure of financial assets [line items] | ||||
Net proceeds from the sale securities | 7,270 | |||
Gibraltar Joint Venture [Member] | ||||
Disclosure of financial assets [line items] | ||||
Net cash unrestricted | $ 46,440 | $ 54,454 | ||
Gibraltar Joint Venture [Member] | Reclamation Deposits [Member] | ||||
Disclosure of financial assets [line items] | ||||
Net cash unrestricted | $ 6,200 | |||
Reclamation Deposits | 30,000 | |||
Gibraltar Joint Venture [Member] | Surety Bonds [Member] | ||||
Disclosure of financial assets [line items] | ||||
Letter of credit issued | 50,000 | |||
Canadian Chartered Bank [Member] | Surety Bonds [Member] | ||||
Disclosure of financial assets [line items] | ||||
Collateralized bond amount | 37,500 | |||
Letter of credit issued | 50,000 | |||
Cariboo [Member] | Surety Bonds [Member] | ||||
Disclosure of financial assets [line items] | ||||
Letter of credit issued | 12,500 | |||
Florence copper project [Member] | Reclamation Deposits [Member] | ||||
Disclosure of financial assets [line items] | ||||
Cash collateral reclamation of deposits | 2,103 | |||
Florence copper project [Member] | Surety Bonds [Member] | ||||
Disclosure of financial assets [line items] | ||||
Collateralized bond amount | $ 12,489 |
OTHER FINANCIAL ASSETS - Disclo
OTHER FINANCIAL ASSETS - Disclosure of other financial assets (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial assets [line items] | ||
Other current financial assets | $ 3,583 | $ 730 |
Other non current financial assets | 5,298 | 6,783 |
Marketable securities [Member] | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 1,791 | 730 |
Copper put options [Member] | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 1,514 | 0 |
Fuel call options [Member] | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 278 | 0 |
Investment in subscription receipts [Member] | ||
Disclosure of financial assets [line items] | ||
Other non current financial assets | 1,200 | 2,400 |
Reclamation deposits [Member] | ||
Disclosure of financial assets [line items] | ||
Other non current financial assets | 2,825 | 3,083 |
Restricted cash [Member] | ||
Disclosure of financial assets [line items] | ||
Other non current financial assets | $ 1,273 | $ 1,300 |
YELLOWHEAD ACQUISITION (Narrati
YELLOWHEAD ACQUISITION (Narrative) (Details) - Yellowhead [Member] $ in Thousands, shares in Millions | 1 Months Ended |
Feb. 15, 2019CAD ($)shares | |
Disclosure of detailed information about business combination [line items] | |
Number of share outstanding | shares | 17.3 |
Percentage of equity interest acquiree | 21.00% |
Fair value of other comprehensive income financial assets | $ 3,365 |
Cumulative tax pools on non-capital losses and resource deductions | $ 57,000 |
YELLOWHEAD ACQUISITION - Disclo
YELLOWHEAD ACQUISITION - Disclosure of purchase consideration (Details) - Yellowhead [Member] $ / shares in Units, $ in Thousands | 1 Months Ended |
Feb. 15, 2019CAD ($)shares$ / shares | |
Disclosure of detailed information about business combination [line items] | |
Fair value of common shares issued | $ 12,629 |
Fair value of previously held investment in Yellowhead | 3,365 |
Acquisition related legal and other costs | 272 |
Total consideration transferred, acquisition-date fair value | $ 16,266 |
Ordinary shares [Member] | |
Disclosure of detailed information about business combination [line items] | |
Common shares issued | shares | 17,300,385 |
Share price of shares issued in business combination | $ / shares | $ 0.73 |
YELLOWHEAD ACQUISITION - Disc_2
YELLOWHEAD ACQUISITION - Disclosure of purchase price (Details) - Yellowhead [Member] $ in Thousands | Feb. 15, 2019CAD ($) |
Disclosure of detailed information about business combination [line items] | |
Cash and cash equivalents | $ 187 |
Accounts receivable and other assets | 14 |
Reclamation deposits | 85 |
Property, plant and equipment | 16,240 |
Accounts payable and other liabilities | (260) |
Consideration transferred, acquisition-date fair value | $ 16,266 |
PROPERTY, PLANT & EQUIPMENT (Na
PROPERTY, PLANT & EQUIPMENT (Narrative) (Details) - CAD ($) $ in Thousands | 12 Months Ended | 74 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation, right-of-use assets | $ 4,270 | $ 4,217 | |
Gibraltar mining property [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capitalized stripping costs | 30,918 | 25,705 | |
Other capital expenditures | 23,057 | 20,359 | |
Florence copper project [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capitalized stripping costs | 18,059 | 15,956 | |
Development costs capitalzed | $ 106,000 | ||
Mineral properties [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation on non-cash additions of mining assets | 4,569 | $ 2,847 | |
Development costs capitalzed | $ 2,409 |
PROPERTY, PLANT & EQUIPMENT - D
PROPERTY, PLANT & EQUIPMENT - Disclosure of property, plant & equipment (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | $ 758,006 | |
Additions | 78,647 | |
Depletion and amortization | 103,469 | |
Foreign exchange translation | (3,471) | |
Ending balance | 742,619 | $ 758,006 |
Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,247,343 | 1,204,775 |
Additions | 79,465 | 89,069 |
Changes in rehabilitation cost asset | 12,906 | (31,695) |
Disposals | (7,023) | (6,978) |
Foreign exchange translation | (3,471) | (7,828) |
Transfers between categories | 0 | 0 |
Ending balance | 1,329,220 | 1,247,343 |
Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 489,337 | 383,488 |
Depletion and amortization | 103,469 | 110,766 |
Disposals | (6,205) | (4,917) |
Ending balance | 586,601 | 489,337 |
Property acquisition costs [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 111,644 | |
Ending balance | 109,895 | 111,644 |
Property acquisition costs [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 111,644 | 99,872 |
Additions | 0 | 16,240 |
Changes in rehabilitation cost asset | 0 | 0 |
Disposals | 0 | 0 |
Foreign exchange translation | (1,749) | (4,468) |
Transfers between categories | 0 | 0 |
Ending balance | 109,895 | 111,644 |
Property acquisition costs [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 0 | 0 |
Depletion and amortization | 0 | 0 |
Disposals | 0 | 0 |
Ending balance | 0 | 0 |
Mineral properties [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 156,290 | |
Ending balance | 153,417 | 156,290 |
Mineral properties [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 387,404 | 385,504 |
Additions | 44,454 | 34,750 |
Changes in rehabilitation cost asset | 12,906 | (31,695) |
Disposals | 0 | |
Foreign exchange translation | (693) | (1,155) |
Transfers between categories | 0 | 0 |
Ending balance | 444,071 | 387,404 |
Mineral properties [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 231,114 | 160,849 |
Depletion and amortization | 59,540 | 70,265 |
Disposals | 0 | 0 |
Ending balance | 290,654 | 231,114 |
Plant and equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 490,072 | |
Ending balance | 473,981 | 490,072 |
Plant and equipment [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 748,295 | 719,211 |
Additions | 22,351 | 28,565 |
Changes in rehabilitation cost asset | 0 | 0 |
Disposals | (7,023) | (6,978) |
Foreign exchange translation | (1,029) | (2,205) |
Transfers between categories | 7,334 | 9,702 |
Ending balance | 769,928 | 748,295 |
Plant and equipment [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 258,223 | 222,639 |
Depletion and amortization | 43,929 | 40,501 |
Disposals | (6,205) | (4,917) |
Ending balance | 295,947 | 258,223 |
Construction in progress [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 0 | |
Ending balance | 5,326 | 0 |
Construction in progress [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 0 | 188 |
Additions | 12,660 | 9,514 |
Changes in rehabilitation cost asset | 0 | 0 |
Disposals | 0 | 0 |
Foreign exchange translation | 0 | |
Transfers between categories | (7,334) | (9,702) |
Ending balance | 5,326 | 0 |
Construction in progress [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 0 | 0 |
Depletion and amortization | 0 | 0 |
Disposals | 0 | 0 |
Ending balance | $ 0 | $ 0 |
PROPERTY, PLANT & EQUIPMENT -_2
PROPERTY, PLANT & EQUIPMENT - Disclosure of net book value of property, plant & equipment (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020CAD ($) | |
Disclosure of subsidiaries [line items] | |
Beginning balance | $ 758,006 |
Net additions | 78,647 |
Changes in rehabilitation cost asset | 12,906 |
Depletion and amortization | (103,469) |
Foreign exchange translation | (3,471) |
Ending balance | 742,619 |
Gibraltar Mines [Member] | |
Disclosure of subsidiaries [line items] | |
Beginning balance | 539,747 |
Net additions | 55,355 |
Changes in rehabilitation cost asset | 12,906 |
Depletion and amortization | (103,013) |
Foreign exchange translation | 0 |
Ending balance | 504,995 |
Florence Copper [Member] | |
Disclosure of subsidiaries [line items] | |
Beginning balance | 188,512 |
Net additions | 18,091 |
Changes in rehabilitation cost asset | 0 |
Depletion and amortization | (53) |
Foreign exchange translation | 3,471 |
Ending balance | 203,079 |
Yellowhead [Member] | |
Disclosure of subsidiaries [line items] | |
Beginning balance | 16,240 |
Net additions | 2,409 |
Changes in rehabilitation cost asset | 0 |
Depletion and amortization | 0 |
Foreign exchange translation | 0 |
Ending balance | 18,649 |
Aley [Member] | |
Disclosure of subsidiaries [line items] | |
Beginning balance | 12,766 |
Net additions | 1,095 |
Changes in rehabilitation cost asset | 0 |
Depletion and amortization | 0 |
Foreign exchange translation | 0 |
Ending balance | 13,861 |
Other [Member] | |
Disclosure of subsidiaries [line items] | |
Beginning balance | 741 |
Net additions | 1,697 |
Changes in rehabilitation cost asset | 0 |
Depletion and amortization | (403) |
Foreign exchange translation | 0 |
Ending balance | $ 2,035 |
GOODWILL (Narrative) (Details)
GOODWILL (Narrative) (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2014 |
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | $ 5,250 | $ 5,355 | |
Florence copper project [Member] | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Percentage of voting equity interests acquired | 100.00% |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES - Disclosure of accounts payable and accrued liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts Payable And Accrued Liabilities [Abstract] | ||
Trade payables | $ 32,775 | $ 24,171 |
Accrued liabilities | 18,972 | 19,514 |
Total trade and other current payables | $ 51,747 | $ 43,685 |
DEBT (Narrative) (Details)
DEBT (Narrative) (Details) $ in Thousands | Feb. 10, 2021USD ($) | May 01, 2019CAD ($) | Aug. 31, 2019CAD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2019CAD ($) |
Disclosure of detailed information about borrowings [line items] | ||||||
Proceeds from equipment financings | $ 34,013 | |||||
2022 Notes [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notes issued | $ 250,000 | |||||
Maturity date | June 15, 2022 | |||||
Interest rate | 8.75% | |||||
2026 Senior Secured Notes [Member] | Events after reporting period [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Notes issued | $ 400,000,000 | |||||
Interest rate | 7.00% | |||||
Redemption price percentage | 102.188% | |||||
Lease liabilities [Member] | IFRS 16 [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Carrying amount of leased assets | $ 32,449 | $ 37,254 | ||||
Lease liabilities [Member] | IFRS 16 [Member] | Bottom of range [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Interest rate | 4.20% | |||||
Lease Term | 8 months | |||||
Lease liabilities [Member] | IFRS 16 [Member] | Top of range [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Interest rate | 6.30% | |||||
Lease Term | 70 months | |||||
Secured equipment loans [Member] | Gibraltar Mines [Member] | Bottom of range [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Interest rate | 5.20% | |||||
Lease Term | 48 months | |||||
Secured equipment loans [Member] | Gibraltar Mines [Member] | Top of range [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Interest rate | 6.40% | |||||
Lease Term | 60 months | |||||
Equipment loan [Member] | Gibraltar Mines [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Proceeds from equipment financings | $ 13,875 | $ 7,977 |
DEBT - Disclosure of borrowings
DEBT - Disclosure of borrowings (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Current borrowings and current portion of non-current borrowings [abstract] | |||
Current portion of non-current borrowings | $ 17,617 | $ 16,460 | |
Non-current portion of non-current borrowings, by type [abstract] | |||
Non-current portion of non-current borrowings | 345,787 | 357,025 | |
Total debt | 363,404 | 373,485 | $ 355,481 |
Senior secured notes [Member] | |||
Non-current portion of non-current borrowings, by type [abstract] | |||
Non-current portion of non-current borrowings | 313,965 | 317,728 | |
Lease liabilities [Member] | |||
Current borrowings and current portion of non-current borrowings [abstract] | |||
Current portion of non-current borrowings | 8,094 | 7,990 | |
Non-current portion of non-current borrowings, by type [abstract] | |||
Non-current portion of non-current borrowings | 11,829 | 11,107 | |
Secured equipment loans [Member] | |||
Current borrowings and current portion of non-current borrowings [abstract] | |||
Current portion of non-current borrowings | 7,536 | 6,626 | |
Non-current portion of non-current borrowings, by type [abstract] | |||
Non-current portion of non-current borrowings | 12,536 | 18,746 | |
Lease related obligations [Member] | |||
Current borrowings and current portion of non-current borrowings [abstract] | |||
Current portion of non-current borrowings | 1,987 | 1,844 | |
Non-current portion of non-current borrowings, by type [abstract] | |||
Non-current portion of non-current borrowings | $ 7,457 | $ 9,444 |
DEBT - Disclosure of continuity
DEBT - Disclosure of continuity of total debt (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about borrowings [abstract] | ||
Total debt as at January 1 | $ 373,485 | $ 355,481 |
Lease additions on initial application of IFRS 16 | 0 | 5,962 |
Lease additions | 8,131 | 11,295 |
Equipment loan net proceeds | 0 | 21,852 |
Lease related obligations on sale leaseback transaction | 0 | 12,161 |
Lease liabilities and equipment loans repayments | (14,362) | (18,920) |
Unrealized foreign exchange gain | (6,541) | (16,654) |
Amortization of deferred financing charges | 2,691 | 2,308 |
Total debt as at December 31 | $ 363,404 | $ 373,485 |
DEFERRED REVENUE (Narrative) (D
DEFERRED REVENUE (Narrative) (Details) $ in Thousands, $ in Millions | Mar. 03, 2017USD ($)oz | Apr. 24, 2020CAD ($)oz | Mar. 31, 2010 | Dec. 31, 2020CAD ($) |
Gibraltar Joint Venture [Member] | ||||
Disclosure Of Deferred Income [Line Items] | ||||
Proportion of ownership interest in joint venture | 75.00% | 75.00% | ||
Osisko Gold Royalties Ltd [Member] | ||||
Disclosure Of Deferred Income [Line Items] | ||||
Upfront cash deposit received | $ | $ 33 | |||
Quantity of silver deliverable | oz | 5,900,000 | |||
Percentage of production to be delivered after threshold | 35.00% | |||
Deferred revenue deposit | $ | $ 8,510 | $ 8,510 | ||
Cash received per ounce of silver deliveries | oz | 2.75 | |||
Successive renewal term of sale agreement | 10 years | |||
Osisko Gold Royalties Ltd [Member] | Bottom of range [Member] | ||||
Disclosure Of Deferred Income [Line Items] | ||||
Successive renewal term of sale agreement | 50 years |
DEFERRED REVENUE - Disclosure o
DEFERRED REVENUE - Disclosure of changes in deferred revenue (Details) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Apr. 24, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Deferred Income [Line Items] | |||
Beginning balance | $ 43,991 | ||
Finance expense | 5,172 | $ 4,154 | |
Ending balance | 52,758 | 43,991 | |
Osisko Gold Royalties Ltd [Member] | |||
Disclosure Of Deferred Income [Line Items] | |||
Beginning balance | 43,991 | 43,274 | |
Deferred revenue deposit (amendment to silver stream) | $ 8,510 | 8,510 | |
Finance expense | 5,172 | 4,154 | |
Amortization of deferred revenue | (4,915) | (3,437) | |
Ending balance | $ 52,758 | $ 43,991 |
DEFERRED REVENUE - Disclosure_2
DEFERRED REVENUE - Disclosure of deferred revenue (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Deferred Income [Abstract] | ||
Current | $ 5,604 | $ 4,558 |
Non-current | 47,154 | 39,433 |
Total | $ 52,758 | $ 43,991 |
PROVISION FOR ENVIRONMENTAL R_3
PROVISION FOR ENVIRONMENTAL REHABILITATION (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of other provisions [line items] | ||
Inflation rate | 1.49% | 1.42% |
Provision for decommissioning, restoration and rehabilitation costs [Member] | ||
Disclosure of other provisions [line items] | ||
Risk-free discount rate | 1.63% | 1.93% |
Nominal Risk-Free Rate | 2.86% | 3.05% |
Provision for decommissioning, restoration and rehabilitation costs [Member] | Bottom of range [member] | ||
Disclosure of other provisions [line items] | ||
Investment grade corporate bonds | 50 years | |
Provision for decommissioning, restoration and rehabilitation costs [Member] | Top of range [Member] | ||
Disclosure of other provisions [line items] | ||
Beyond current mine life | 100 years | |
Investment grade corporate bonds | 100 years |
PROVISION FOR ENVIRONMENTAL R_4
PROVISION FOR ENVIRONMENTAL REHABILITATION - Disclosure of provision for environmental rehabilitation (Details) - Provision for decommissioning, restoration and rehabilitation costs [Member] - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of other provisions [line items] | ||
Beginning balance at January 1 | $ 66,373 | $ 97,914 |
Change in estimates | 12,906 | (31,644) |
Accretion | 550 | 1,577 |
Settlements | (728) | (1,409) |
Foreign exchange differences | (118) | (65) |
Ending balance at December 31 | $ 78,983 | $ 66,373 |
EQUITY (Narrative) (Details)
EQUITY (Narrative) (Details) $ in Thousands | Nov. 11, 2020CAD ($)shares | Nov. 11, 2020$ / shares | Dec. 31, 2020shares |
Equity [abstract] | |||
Common shares issued | shares | 34,322,138 | 34,322,000 | |
Price per share | $ / shares | $ 0.83 | ||
Net proceeds from the issue of shares | $ | $ 34,299 |
EQUITY - Disclosure of Equity (
EQUITY - Disclosure of Equity (Details) Share in Thousands | Nov. 11, 2020shares | Dec. 31, 2020Shareshares | Dec. 31, 2019Shareshares |
Equity [abstract] | |||
Common shares outstanding beginning balance | 246,194,000 | 228,431,000 | |
Issued to acquire Yellowhead | 17,300,000 | ||
Common shares issued | 34,322,138 | 34,322,000 | |
Exercise of share options | Share | 1,599 | 463 | |
Common shares outstanding ending balance | 282,115,000 | 246,194,000 |
SHARE-BASED COMPENSATION (Narra
SHARE-BASED COMPENSATION (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020CAD ($)Share$ / shares | Dec. 31, 2019CAD ($)Share$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share options granted | Share | 1,835,000 | 4,612,000 |
Share options granted, average exercise price | $ 0.85 | $ 0.75 |
Weighted average grant-date fair value | $ 0.46 | $ 0.41 |
Weighted average fair value at measurement date share options granted | $ | $ 899 | $ 1,696 |
Top of range [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Maximum allowable under the plan | 9.50% | |
Directors, executives and employees [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share options granted | Share | 1,835,000 | 4,611,500 |
Share options granted, average exercise price | $ 0.85 | $ 0.75 |
Total fair value of options granted | $ | $ 844 | $ 1,891 |
Weighted average grant-date fair value | $ 0.46 | $ 0.41 |
Independent directors [Member] | Top of range [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Maximum allowable under the plan for independent directors | 1.00% | |
Options exercise period | 5 years | |
Deferred Share Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Long-term financial liability | $ | $ 3,525 | $ 1,483 |
Number of units granted in share-based payment arrangement | Share | 572,000 | 682,000 |
Weighted average fair value at measurement date share awards granted per share | $ 0.72 | $ 0.78 |
Performance Share Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of units granted in share-based payment arrangement | Share | 825,000 | 875,000 |
Performance Share Units [Member] | Bottom of range [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Percentage of performance factor | 0.00% | |
Performance Share Units [Member] | Top of range [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Percentage of performance factor | 250.00% | |
Weighted average fair value at measurement date share awards granted per share | $ 0.59 | $ 1.33 |
Performance Share Units [Member] | Senior Executives [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of units granted in share-based payment arrangement | Share | 825,000 | 875,000 |
SHARE-BASED COMPENSATION - Disc
SHARE-BASED COMPENSATION - Disclosure of changes in number of share options and average price (Details) shares in Thousands, Share in Thousands | 12 Months Ended | |||
Dec. 31, 2020Share$ / shares | Dec. 31, 2020Share$ / shares | Dec. 31, 2020Shareshares$ / shares | Dec. 31, 2019Share$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||||
Outstanding , beginning balance | Share | 10,756 | 10,337 | ||
Granted | Share | 1,835 | 4,612 | ||
Exercised | Share | (1,599) | (463) | ||
Cancelled/forfeited | Share | (74) | (178) | ||
Expired | Share | (1,949) | (3,552) | ||
Outstanding, ending balance | 8,969 | 8,969 | 10,756 | |
Options, Exercisable | Share | 6,365 | 6,365 | 6,365 | |
Average price, Outstanding beginning balance | $ 1.12 | $ 1.64 | ||
Granted | 0.85 | 0.75 | ||
Exercised | 0.53 | 0.38 | ||
Cancelled/forfeited | 1.31 | 1.58 | ||
Expired | 1.02 | 2.23 | ||
Average price, Outstanding ending balance | 1.19 | $ 1.12 | ||
Average price, Exercisable | $ 1.35 | $ 1.35 | $ 1.35 |
SHARE-BASED COMPENSATION - Di_2
SHARE-BASED COMPENSATION - Disclosure of share options and average life (Details) shares in Thousands, Share in Thousands | 12 Months Ended | ||||
Dec. 31, 2020$ / shares | Dec. 31, 2020Share | Dec. 31, 2020shares | Dec. 31, 2019Share | Dec. 31, 2018Share | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price, option | 8,969 | 8,969 | 10,756 | 10,337 | |
Exercise price, Average life (years) | 2 years 2 months 1 day | ||||
$0.38 to $0.75 [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price, option | shares | 2,670 | ||||
Exercise price, Average life (years) | 2 years 6 months 7 days | ||||
$0.38 to $0.75 [Member] | Bottom of range [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price | $ 0.38 | ||||
$0.38 to $0.75 [Member] | Top of range [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price | $ 0.75 | ||||
$0.76 to $1.00 [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price, option | shares | 2,823 | ||||
Exercise price, Average life (years) | 3 years 10 days | ||||
$0.76 to $1.00 [Member] | Bottom of range [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price | $ 0.76 | ||||
$0.76 to $1.00 [Member] | Top of range [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price | $ 1 | ||||
$1.01 to $1.38 [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price, option | shares | 1,928 | ||||
Exercise price, Average life (years) | 1 year 5 months 19 days | ||||
$1.01 to $1.38 [Member] | Bottom of range [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price | $ 1.01 | ||||
$1.01 to $1.38 [Member] | Top of range [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price | $ 1.38 | ||||
$1.39 to $2.86 [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price, option | shares | 1,548 | ||||
Exercise price, Average life (years) | 1 year 6 months 18 days | ||||
$1.39 to $2.86 [Member] | Bottom of range [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price | $ 1.39 | ||||
$1.39 to $2.86 [Member] | Top of range [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price | $ 2.86 |
SHARE-BASED COMPENSATION - Di_3
SHARE-BASED COMPENSATION - Disclosure of fair value of options (Details) | 12 Months Ended | |
Dec. 31, 2020Year$ / shares | Dec. 31, 2019Year$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Expected term (years) | Year | 5 | 5 |
Forfeiture rate | 0.00% | 0.00% |
Volatility | 65.00% | 64.00% |
Dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 1.10% | 1.80% |
Weighted-average fair value per option | $ / shares | $ 0.46 | $ 0.41 |
SHARE-BASED COMPENSATION - Di_4
SHARE-BASED COMPENSATION - Disclosure of DSUs and PSUs issued and outstanding (Details) - Share Share in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Share Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding at beginning balance | 2,354 | 2,328 |
Granted | 572 | 682 |
Settled | (803) | (656) |
Outstanding at ending balance | 2,123 | 2,354 |
Performance Share Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding at beginning balance | 1,675 | 1,210 |
Granted | 825 | 875 |
Settled | (400) | (410) |
Outstanding at ending balance | 2,100 | 1,675 |
SHARE-BASED COMPENSATION - Di_5
SHARE-BASED COMPENSATION - Disclosure of share based compensation expense (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expense from share-based payment transactions | $ 5,310 | $ 3,126 |
Share options - amortization [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expense from share-based payment transactions | 1,013 | 1,786 |
Performance share units - amortization [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expense from share-based payment transactions | 1,231 | 1,015 |
Change in fair value of deferred share units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expense from share-based payment transactions | $ 3,066 | $ 325 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2010 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Commitments And Contingent Liabilities [Line Items] | |||
Capital commitments | $ 2,733 | ||
Cariboo Copper Corp [Member] | |||
Disclosure Of Commitments And Contingent Liabilities [Line Items] | |||
Remaining portion of ownership interest in joint venture | 25.00% | 25.00% | |
Gibraltar Joint Venture [Member] | |||
Disclosure Of Commitments And Contingent Liabilities [Line Items] | |||
Capital lease and equipment loans | 100.00% | ||
Ownership interest in joint venture | 75.00% | 75.00% | |
JV partner's portion of capital lease and equipment loans | $ 14,683 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Disclosure of future minimum payments (Details) $ in Thousands | Dec. 31, 2020CAD ($) |
Disclosure Of Commitments [Line Items] | |
Commitments | $ 6,770 |
2021 [Member] | |
Disclosure Of Commitments [Line Items] | |
Commitments | 5,911 |
2022 [Member] | |
Disclosure Of Commitments [Line Items] | |
Commitments | 859 |
2023 [member] | |
Disclosure Of Commitments [Line Items] | |
Commitments | 0 |
2024 [member] | |
Disclosure Of Commitments [Line Items] | |
Commitments | 0 |
2025 [Member] | |
Disclosure Of Commitments [Line Items] | |
Commitments | 0 |
2026 and thereafter [Member] | |
Disclosure Of Commitments [Line Items] | |
Commitments | $ 0 |
SUPPLEMENTARY CASH FLOW INFOR_3
SUPPLEMENTARY CASH FLOW INFORMATION - Disclosure of supplementary cash flow information (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of supplementary cash flow information [abstract] | ||
Accounts receivable | $ 7,409 | $ 713 |
Inventories | (11,292) | (4,634) |
Prepaids | (1,584) | (1,326) |
Accounts payable and accrued liabilities | 2,967 | (463) |
Interest payable | (7) | (17) |
Income tax payable | (820) | (887) |
Net change in working capital | (3,327) | (6,614) |
Non-cash investing and financing activities | ||
Assets acquired under capital lease | 4,267 | 1,780 |
ROU assets | $ 3,864 | $ 9,355 |
FINANCIAL RISK MANAGEMENT (Narr
FINANCIAL RISK MANAGEMENT (Narrative) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Financial Risk Management [Line Items] | ||
Percentage CAD strengthening against USD | 10.00% | |
Fair value of senior secured notes | $ 324,029 | |
Carrying value | 313,965 | |
Settlement receivables | $ 4,676 | $ 9,006 |
Commodity Derivatives [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Interest rate basis points | 100 basis points | |
Two Customers [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Revenue from significant customers | 88.00% | 87.00% |
FINANCIAL RISK MANAGEMENT - Dis
FINANCIAL RISK MANAGEMENT - Disclosure of exposure to commodity price risk (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commodity price risk [Member] | ||
Disclosure Of Commodity Price Risk For Financial Instruments [Line Items] | ||
Copper increase/decrease by US$0.37/lb. (2019: US$0.28/lb.) | $ 9,542 | $ 7,992 |
FINANCIAL RISK MANAGEMENT - D_2
FINANCIAL RISK MANAGEMENT - Disclosure of exposure to commodity price risk (Parentheticals) (Details) lb in Millions | 12 Months Ended | |
Dec. 31, 2020lb | Dec. 31, 2019lb | |
Disclosure Of Commodity Price Risk For Financial Instruments [Line Items] | ||
Assumed percentage of copper price increases or decrease | 10.00% | |
Copper in concentrate exposed to price movements | 20 | 22 |
USD [Member] | ||
Disclosure Of Commodity Price Risk For Financial Instruments [Line Items] | ||
US dollar increase in commodity price per lb of copper | 0.37 | 0.28 |
Closing exchange rate | 1.27 | 1.30 |
FINANCIAL RISK MANAGEMENT - D_3
FINANCIAL RISK MANAGEMENT - Disclosure of impact on earnings after tax and equity (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Interest Rate Sensitivity Analysis [Line Items] | ||
Fair value sensitivity for fixed-rate instruments | $ (1,982) | $ (2,095) |
Senior secured notes [Member] | ||
Schedule Of Interest Rate Sensitivity Analysis [Line Items] | ||
Fair value sensitivity for fixed-rate instruments | (1,696) | (1,768) |
Cash and cash equivalent [Member] | ||
Schedule Of Interest Rate Sensitivity Analysis [Line Items] | ||
Cash flow sensitivity for variable-rate instruments | 617 | 386 |
Lease liabilities [Member] | ||
Schedule Of Interest Rate Sensitivity Analysis [Line Items] | ||
Fair value sensitivity for fixed-rate instruments | (61) | (149) |
Lease related obligations [Member] | ||
Schedule Of Interest Rate Sensitivity Analysis [Line Items] | ||
Fair value sensitivity for fixed-rate instruments | (83) | (44) |
Secured equipment loans [Member] | ||
Schedule Of Interest Rate Sensitivity Analysis [Line Items] | ||
Fair value sensitivity for fixed-rate instruments | $ (142) | $ (134) |
FINANCIAL RISK MANAGEMENT - D_4
FINANCIAL RISK MANAGEMENT - Disclosure of changes in assets and liabilities on basis of strengthening CAD against USD (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalent [Member] | ||
Disclosure Foreign Currency Sensitivity Analysis [Line Items] | ||
Change in financial assets and liabilities due to exchange rate | $ (6,213) | $ (2,803) |
Accounts receivable [Member] | ||
Disclosure Foreign Currency Sensitivity Analysis [Line Items] | ||
Change in financial assets and liabilities due to exchange rate | (412) | (824) |
Accounts payable and accrued liabilities [Member] | ||
Disclosure Foreign Currency Sensitivity Analysis [Line Items] | ||
Change in financial assets and liabilities due to exchange rate | 563 | 587 |
Senior secured notes [Member] | ||
Disclosure Foreign Currency Sensitivity Analysis [Line Items] | ||
Change in financial assets and liabilities due to exchange rate | 23,321 | 23,790 |
Equipment loans [Member] | ||
Disclosure Foreign Currency Sensitivity Analysis [Line Items] | ||
Change in financial assets and liabilities due to exchange rate | 414 | 527 |
Lease liabilities [Member] | ||
Disclosure Foreign Currency Sensitivity Analysis [Line Items] | ||
Change in financial assets and liabilities due to exchange rate | $ 40 | $ 62 |
FINANCIAL RISK MANAGEMENT - D_5
FINANCIAL RISK MANAGEMENT - Disclosure of fair value measurement of assets (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financial assets at fair value through profit or loss, category [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset copper call options | $ 1,514 | |
Derivative asset fuel call options | 278 | |
Financial assets designated at fair value | 1,792 | |
Financial assets at fair value through profit or loss, category [Member] | Level 1 [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset copper call options | 0 | |
Derivative asset fuel call options | 0 | |
Financial assets designated at fair value | 0 | |
Financial assets at fair value through profit or loss, category [Member] | Level 2 [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset copper call options | 1,514 | |
Derivative asset fuel call options | 278 | |
Financial assets designated at fair value | 1,792 | |
Financial assets at fair value through profit or loss, category [Member] | Level 3 [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset copper call options | 0 | |
Derivative asset fuel call options | 0 | |
Financial assets designated at fair value | 0 | |
Financial assets at fair value through other comprehensive income, category [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Marketable securities | 1,791 | $ 730 |
Investment in subscription receipts | 1,200 | 2,400 |
Reclamation deposits | 2,825 | 3,083 |
Financial assets designated at fair value | 5,816 | 6,213 |
Financial assets at fair value through other comprehensive income, category [Member] | Level 1 [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Marketable securities | 1,791 | 730 |
Investment in subscription receipts | 0 | 0 |
Reclamation deposits | 2,825 | 3,083 |
Financial assets designated at fair value | 4,616 | 3,813 |
Financial assets at fair value through other comprehensive income, category [Member] | Level 2 [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Marketable securities | 0 | 0 |
Investment in subscription receipts | 0 | 0 |
Reclamation deposits | 0 | 0 |
Financial assets designated at fair value | 0 | 0 |
Financial assets at fair value through other comprehensive income, category [Member] | Level 3 [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Marketable securities | 0 | 0 |
Investment in subscription receipts | 1,200 | 2,400 |
Reclamation deposits | 0 | 0 |
Financial assets designated at fair value | $ 1,200 | $ 2,400 |
FINANCIAL RISK MANAGEMENT - D_6
FINANCIAL RISK MANAGEMENT - Disclosure of capital management (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Financial Risk Management [Abstract] | |||
Cash | $ (85,110) | $ (53,198) | $ (45,665) |
Current portion of long-term debt | 17,617 | 16,460 | |
Long-term debt | 345,787 | 357,025 | |
Net debt | 278,294 | 320,287 | |
Shareholders equity | $ 317,372 | $ 301,686 | $ 347,077 |
RELATED PARTIES (Narrative) (De
RELATED PARTIES (Narrative) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Related parties [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Reimbursements of office rent costs | $ 45 | $ 39 |
Gibraltar Joint Venture [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Management fee income | 1,291 | 1,186 |
Reimbursable compensation expenses and third party costs | $ 190 | $ 95 |
RELATED PARTIES - Disclosure of
RELATED PARTIES - Disclosure of ownership Interest of subsidiaries (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Gibraltar Mines Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Curis Holdings Canada Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Curis Resources Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 0.00% | 100.00% |
Florence Holdings Inc. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 0.00% |
Florence Copper Inc [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Aley Corporation [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Yellow Head Mining Inc [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Taseko Holdings Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
1280860 BC Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 0.00% |
672520 BC Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
RELATED PARTIES - Disclosure _2
RELATED PARTIES - Disclosure of compensation for key management personnel (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [abstract] | ||
Salaries and benefits | $ 6,527 | $ 6,757 |
Post-employment benefits | 1,827 | 1,639 |
Share-based compensation expense | 4,963 | 2,710 |
Key management personnel compensation | $ 13,317 | $ 11,106 |
SUBSEQUENT EVENT (Narrative) (D
SUBSEQUENT EVENT (Narrative) (Details) - Subsequent event [Member] $ in Millions, $ in Millions | Jan. 01, 2021CAD ($) | Jan. 01, 2021USD ($) |
Senior Secured Notes [Member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Notes issued | $ 400 | |
Maturity date | February 15, 2026 | February 15, 2026 |
Interest rate | 7.00% | |
Senior Secured Notes due on June 15, 2022 [Member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Maturity date | June 15, 2022 | June 15, 2022 |
Interest rate | 8.75% | |
Proceeds from borrowings used to redeem outstanding of 8.75% Senior Secured Notes | $ 250 | |
Florence Copper project and Gibraltar mine [Member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Remaining net proceeds from borrowings available for capital expenditure | $ 167 | $ 131 |