Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document - Document and Entity Information [Abstract] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Trading Symbol | EGO |
Entity Registrant Name | ELDORADO GOLD CORP /FI |
Entity Central Index Key | 0000918608 |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 158,801,722 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 286,312 | $ 479,501 |
Term deposits | 6,646 | 5,508 |
Restricted cash | 296 | 310 |
Marketable securities | 2,572 | 5,010 |
Accounts receivable and other | 80,987 | 78,344 |
Inventories | 137,885 | 168,844 |
Total current assets | 514,698 | 737,517 |
Restricted cash | 13,449 | 12,617 |
Other assets | 10,592 | 10,285 |
Defined benefit pension plan | 9,120 | 9,919 |
Property, plant and equipment | 3,988,476 | 4,227,397 |
Goodwill | 92,591 | 92,591 |
Total assets | 4,628,926 | 5,090,326 |
Current liabilities | ||
Accounts payable and accrued liabilities | 140,878 | 110,541 |
Current portion of asset retirement obligations | 824 | 3,489 |
Current liabilities | 141,702 | 114,030 |
Debt | 595,977 | 593,783 |
Lease liability | 6,538 | 110 |
Defined benefit pension plan | 14,375 | 13,599 |
Asset retirement obligations | 93,319 | 96,195 |
Deferred income tax liabilities | 429,929 | 549,127 |
Total liabilities | 1,281,840 | 1,366,844 |
Equity | ||
Share capital | 3,007,924 | 3,007,924 |
Treasury stock | (10,104) | (11,056) |
Contributed surplus | 2,620,799 | 2,616,593 |
Accumulated other comprehensive loss | (24,494) | (21,350) |
Deficit | (2,310,453) | (1,948,569) |
Total equity attributable to shareholders of the Company | 3,283,672 | 3,643,542 |
Attributable to non-controlling interests | 63,414 | 79,940 |
Equity | 3,347,086 | 3,723,482 |
Total liabilities and equity | $ 4,628,926 | $ 5,090,326 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue | ||
Metal sales | $ 459,016 | $ 391,406 |
Cost of sales | ||
Production costs | 267,980 | 192,740 |
Inventory write-down | 1,465 | 444 |
Depreciation and amortization | 105,732 | 72,130 |
Cost of sales | 375,177 | 265,314 |
Earnings from mine operations | 83,839 | 126,092 |
Exploration and evaluation expenses | 33,842 | 38,261 |
Mine standby costs | 16,510 | 4,886 |
Other operating items | 0 | 3,658 |
General and administrative expenses | 46,806 | 54,574 |
Acquisition costs | 0 | 4,270 |
Defined benefit pension plan expense | 3,555 | 3,451 |
Share based payments | 6,989 | 11,218 |
Impairment of property, plant, and equipment | 447,808 | 0 |
Other write-down of assets | 1,528 | 46,697 |
Foreign exchange loss (gain) | 3,574 | (2,382) |
Loss from operations | (476,773) | (38,541) |
Gain (loss) on disposal of assets | 130 | (462) |
Gain on derivatives and other investments | 665 | 27,425 |
Other income | 16,151 | 17,575 |
Asset retirement obligation accretion | (2,038) | (2,006) |
Interest and financing costs | (4,264) | (3,199) |
Earnings (loss) from continuing operations before income tax | (466,129) | 792 |
Income tax expense (recovery) | (86,498) | 19,383 |
Loss from continuing operations | (379,631) | (18,591) |
Loss from discontinued operations | 0 | (2,797) |
Net loss for the year | (379,631) | (21,388) |
Attributable to: | ||
Shareholders of the Company | (361,884) | (9,935) |
Non-controlling interests | (17,747) | (11,453) |
Net loss for the year | (379,631) | (21,388) |
Net loss attributable to shareholders of the Company: | ||
Continuing operations | (361,884) | (7,138) |
Discontinued operations | 0 | (2,797) |
Shareholders of the Company | $ (361,884) | $ (9,935) |
Weighted average number of shares outstanding | ||
Basic (in shares) | 158,509 | 150,531 |
Diluted (in shares) | 158,509 | 150,531 |
Net loss per share attributable to shareholders of the Company: | ||
Basic loss per share (USD per share) | $ (2.28) | $ (0.07) |
Diluted loss per share (USD per share) | (2.28) | (0.07) |
Net loss per share attributable to shareholders of the Company - continuing operations: | ||
Basic loss per share (USD per share) | (2.28) | (0.05) |
Diluted loss per share (USD per share) | $ (2.28) | $ (0.05) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of comprehensive income [abstract] | ||
Loss for the year | $ (379,631) | $ (21,388) |
Items that will not be reclassified to earnings or loss: | ||
Change in fair value of investments in equity securities | (2,306) | (160) |
Actuarial losses on defined benefit pension plans | (1,197) | (3,121) |
Income tax recovery on losses on defined benefit pension plans | 359 | 0 |
Other comprehensive income that will not be reclassified to profit or loss, before tax | (3,144) | (3,281) |
Items that may be reclassified subsequently to earnings or loss: | ||
Change in fair value of investments in equity securities | 0 | 16,038 |
Income tax on change in fair value of investments in equity securities | 0 | (2,595) |
Reclassification of the gain on equity securities on acquisition of Integra | 0 | (28,363) |
Income tax on the gain on equity securities on acquisition of Integra | 0 | 4,023 |
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss | 0 | (10,897) |
Total other comprehensive loss for the year | (3,144) | (14,178) |
Total comprehensive loss for the year | (382,775) | (35,566) |
Attributable to: | ||
Shareholders of the Company | (365,028) | (24,113) |
Non-controlling interests | (17,747) | (11,453) |
Total comprehensive loss for the year | $ (382,775) | $ (35,566) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | ||
Loss for the year from continuing operations | $ (379,631) | $ (18,591) |
Items not affecting cash: | ||
Asset retirement obligation accretion | 2,038 | 2,006 |
Depreciation and amortization | 105,732 | 72,130 |
Unrealized foreign exchange gain | 704 | (471) |
Deferred income tax recovery | (118,839) | (19,849) |
Loss (gain) on disposal of assets | (130) | 462 |
Gain on derivatives and other investments | (665) | (27,425) |
Impairment of property, plant, and equipment | 447,808 | 0 |
Other write-down of assets | 1,528 | 46,697 |
Share based payments | 6,989 | 11,218 |
Defined benefit pension plan expense | 3,555 | 3,451 |
Adjustments to reconcile profit (loss) other than changes in working capital | 69,089 | 69,628 |
Property reclamation payments | (5,536) | (3,097) |
Severance payments | (2,299) | 0 |
Changes in non-cash working capital | 5,062 | (35,755) |
Net cash provided by operating activities of continuing operations | 66,316 | 30,776 |
Net cash used by operating activities of discontinued operations | 0 | (2,797) |
Investing activities | ||
Net cash paid on acquisition of subsidiary | 0 | (121,664) |
Purchase of property, plant and equipment | (274,070) | (309,133) |
Capitalised interest | (36,750) | (36,750) |
Proceeds from the sale of property, plant and equipment | 7,882 | 252 |
Proceeds on pre-commercial production sales | 48,868 | 38,200 |
Value added taxes related to mineral property expenditures, net | (1,261) | 22,804 |
Investment in term deposits | (1,138) | (216) |
Increase in restricted cash | (928) | (9,817) |
Net cash used by investing activities of continuing operations | (257,397) | (416,324) |
Financing activities | ||
Issuance of common shares for cash | 0 | 586 |
Dividend paid to shareholders | 0 | (10,610) |
Purchase of treasury stock | (2,108) | (5,301) |
Net cash used by financing activities of continuing operations | (2,108) | (15,325) |
Net decrease in cash and cash equivalents | (193,189) | (403,670) |
Cash and cash equivalents - beginning of year | 479,501 | 883,171 |
Cash and cash equivalents - end of year | $ 286,312 | $ 479,501 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Share capital [member] | Share capital [member]Integra Gold Corp [member] | Treasury stock [member] | Contributed surplus [member] | Accumulated other comprehensive loss [member] | Deficit [member] | Equity attributable to owners of parent [member] | Non-controlling interests [member] |
Balance beginning of year at Dec. 31, 2016 | $ 2,819,101 | $ (7,794) | $ 2,606,567 | $ (7,172) | $ (1,928,024) | $ 88,786 | |||
Changes in equity [abstract] | |||||||||
Shares issued upon exercise of share options, for cash | $ 586 | 586 | |||||||
Transfer of contributed surplus on exercise of options | 176 | ||||||||
Shares issued on acquisition of Integra Gold Corp. | $ 188,061 | ||||||||
Purchase of treasury stock | (5,301) | ||||||||
Share based payments | 12,241 | ||||||||
Shares redeemed upon exercise of restricted share units | 2,039 | (2,039) | |||||||
Transfer to share capital on exercise of options | (176) | ||||||||
Other comprehensive loss for the year | (14,178) | (14,178) | |||||||
Dividends paid | (10,610) | ||||||||
Loss attributable to shareholders of the Company | (9,935) | (9,935) | |||||||
Loss attributable to non-controlling interests | (11,453) | (11,453) | |||||||
Contributions from non-controlling interests | 2,607 | ||||||||
Balance end of year at Dec. 31, 2017 | 3,723,482 | 3,007,924 | (11,056) | 2,616,593 | (21,350) | (1,948,569) | $ 3,643,542 | 79,940 | |
Changes in equity [abstract] | |||||||||
Shares issued upon exercise of share options, for cash | 0 | ||||||||
Transfer of contributed surplus on exercise of options | 0 | ||||||||
Shares issued on acquisition of Integra Gold Corp. | $ 0 | ||||||||
Purchase of treasury stock | (2,108) | ||||||||
Share based payments | 7,266 | ||||||||
Shares redeemed upon exercise of restricted share units | 3,060 | (3,060) | |||||||
Transfer to share capital on exercise of options | 0 | ||||||||
Other comprehensive loss for the year | (3,144) | (3,144) | |||||||
Dividends paid | 0 | ||||||||
Loss attributable to shareholders of the Company | (361,884) | (361,884) | |||||||
Loss attributable to non-controlling interests | (17,747) | (17,747) | |||||||
Contributions from non-controlling interests | 1,221 | ||||||||
Balance end of year at Dec. 31, 2018 | $ 3,347,086 | $ 3,007,924 | $ (10,104) | $ 2,620,799 | $ (24,494) | $ (2,310,453) | $ 3,283,672 | $ 63,414 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2018 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
General Information | 1. General Information Eldorado Gold Corporation (individually or collectively with its subsidiaries, as applicable, “Eldorado” or the “Company”) is a gold mining, development, and exploration company. The Company has mining operations, ongoing development projects and exploration in Turkey, Canada, Greece, Brazil, Romania and Serbia. In July 2017, the Company acquired Integra Gold Corporation (“Integra”), a Canadian mining company with mineral assets in Quebec, Canada (note 6) . Eldorado is a public company listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”) and is incorporated in the province of British Columbia, Canada. The Company's head office, principal address and records are located at 550 Burrard Street, Suite 1188, Vancouver, British Columbia, Canada, V6C 2B5. |
Basis of preparation
Basis of preparation | 12 Months Ended |
Dec. 31, 2018 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Basis of preparation | 2. Basis of preparation These consolidated financial statements, including comparatives, have been prepared in compliance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The significant accounting policies applied in these consolidated financial statements are presented in note 3 and have been applied consistently to all years presented, unless otherwise noted. Certain prior period balances have been reclassified to conform to current period presentation. The consolidated financial statements were approved by the Company's Board of Directors on February 21, 2019 . The consolidated financial statements have been prepared on a historical cost basis except for certain financial assets and liabilities which are measured at fair value. The preparation of the consolidated financial statements in compliance with IFRS requires management to make certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the Company's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4 . |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2018 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Significant accounting policies | 3. Significant accounting policies Except as disclosed in note 5 , the principal accounting policies are set out below and have been applied consistently to all years presented in these consolidated financial statements, and have been applied consistently by all Eldorado subsidiaries. 3.1 Basis of presentation and principles of consolidation (i) Subsidiaries and business combinations Subsidiaries are those entities controlled by Eldorado. Control exists when Eldorado is exposed to, or has rights, to variable returns from the subsidiary and has the ability to affect those returns through its power over the subsidiary. Power is defined as existing rights that give the Company the ability to direct the relevant activities of the subsidiary. In assessing control, potential voting rights that currently are exercisable are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. All intercompany transactions, balances, income and expenses are eliminated in full upon consolidation. The acquisition method of accounting is used to account for business acquisitions. The cost of an acquisition is measured at the fair value of the assets acquired, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. 3. Significant accounting policies (continued) The excess of the cost of acquisition over the fair value of Eldorado’s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets acquired, the difference, or gain, is recognised directly in the consolidated statement of operations. Transaction costs, other than those associated with the issue of debt or equity securities, which the Company incurs in connection with a business combination, are expensed as incurred. The subsidiaries of the Company as at December 31, 2018 are described below: Subsidiary Location Ownership Operations and Tüprag Metal Madencilik Sanayi ve Ticaret AS ("Tüprag") Turkey 100% Kişladağ Mine Hellas Gold SA ("Hellas") Greece 95% Stratoni Mine Integra Gold Corporation Canada 100% Lamaque Project Thracean Gold Mining SA Greece 100% Perama Hill Project Thrace Minerals SA Greece 100% Sapes Project Unamgen Mineração e Metalurgia SA Brazil 100% Vila Nova Iron Ore Mine Brazauro Recursos Minerais SA ("Brazauro") Brazil 100% Tocantinzinho Project Deva Gold SA ("Deva") Romania 80.5% Certej Project (ii) Discontinued operations A discontinued operation is a component of the Company’s business that represents a separate major line of business or geographical area of operations that has been disposed of, has been abandoned or meets the criteria to be classified as held for sale. Discontinued operations are presented in the consolidated statement of operations as a separate line. (iii) Assets held for sale Assets and businesses classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Impairment losses on initial classification as held for sale and gains or losses on subsequent re-measurements are included in the consolidated statement of operations. No depreciation is charged on assets and businesses classified as held for sale. Assets and businesses are classified as held for sale if their carrying amount will be recovered or settled principally through a sale transaction rather than through continuing use. The asset or business must be available for immediate sale and the sale must be highly probable within one year. (iv) Investments in associates Associates are those entities where Eldorado has the ability to exercise significant influence, but not control, over the financial and operating policies of those entities. Significant influence is presumed to exist when the Company holds between 20 and 50 percent of the voting power of another entity. Associates are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The consolidated financial statements include Eldorado’s share of the income and expenses and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of Eldorado, from the date that significant influence commences until the date that significant influence ceases. 3. Significant accounting policies (continued) When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Company has an obligation to make, or has made, payments on behalf of the investee. At each balance sheet date, each investment in associates is assessed for indicators of impairment. (v) Transactions with non-controlling interests For purchases from non-controlling interests, the difference between any consideration paid and the relevant share of the carrying value of net assets of the subsidiary acquired is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. Eldorado treats transactions in the ordinary course of business with non-controlling interests as transactions with third parties. (vi) Transactions eliminated on consolidation Intra-company and intercompany balances and transactions, and any unrealized income and expenses arising from all such transactions, are eliminated in preparing the consolidated financial statements. 3.2 Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of each of Eldorado’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in U.S. dollars, which is the Company’s functional and presentation currency, as well as the functional currency of all significant subsidiaries. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognised in the consolidated statement of operations. 3.3 Property, plant and equipment (i) Cost and valuation Property, plant and equipment are carried at cost less accumulated depreciation and any impairment in value. When an asset is disposed of, it is derecognized and the difference between its carrying value and net sales proceeds is recognized as a gain or loss in the consolidated statement of operations. (ii) Property, plant and equipment Property, plant and equipment includes expenditures incurred on properties under development, significant payments related to the acquisition of land, mineral rights and property, plant and equipment which are recorded at cost on initial acquisition. Cost includes the purchase price and the directly attributable costs of acquisition or construction required to bring an asset to the location and condition necessary for the asset to be capable of operating in the manner intended by management, including capitalized borrowing costs for qualifying assets. (iii) Depreciation Mine development costs, property, plant and equipment and other mining assets whose estimated useful life is the same as the remaining life of the mine are depreciated, depleted and amortized over a mine’s estimated life using the units-of-production method calculated based on proven and probable reserves. 3. Significant accounting policies (continued) Capitalized development costs related to a multi-pit operation are amortized on a pit-by-pit basis over the pit’s estimated life using the units-of-production method calculated based on proven and probable reserves related to each pit. Property, plant and equipment and other assets whose estimated useful lives are less than the remaining life of the mine are depreciated on a straight-line basis over the estimated useful lives of the assets. Where components of an asset have a different useful life and cost that is significant to the total cost of the asset, depreciation is calculated on each separate component. Depreciation methods, useful lives and residual values are reviewed at the end of each year and adjusted if appropriate. (iv) Subsequent costs Expenditure on major maintenance or repairs includes the cost of replacement parts of assets and overhaul costs. Where an asset or part of an asset is replaced and it is probable that further future economic benefit will flow to the Company, the expenditure is capitalized. Similarly, overhaul costs associated with major maintenance are capitalized when it is probable that future economic benefit will flow to the Company and any remaining costs of previous overhauls relating to the same asset are derecognized. All other expenditures are expensed as incurred. (v) Deferred stripping costs Stripping costs incurred during the production phase of a mine are considered production costs and included in the cost of inventory produced during the period in which the stripping costs are incurred, unless the stripping activity can be shown to provide access to additional mineral reserves, in which case the stripping costs are capitalized. Stripping costs incurred to prepare the ore body for extraction are capitalized as mine development costs (pre-stripping). Capitalized stripping costs are amortized on a unit-of-production basis over the proven and probable reserves to which they relate. (vi) Borrowing costs Borrowing costs are expensed as incurred except where they are attributable to the financing of construction or development of qualifying assets requiring a substantial period of time to prepare for their intended future use. Interest is capitalized up to the date when substantially all the activities necessary to prepare the asset for its intended use are complete. Interest is ceased to be capitalized during periods of prolonged suspension of construction or development. Investment income arising on the temporary investment of proceeds from borrowings is offset against borrowing costs being capitalized. (vii) Mine standby costs and restructuring costs Mine standby costs and costs related to restructuring a mining operation are charged directly to expense in the period incurred. Mine standby costs include labour, maintenance and mine support costs incurred during temporary shutdowns of a mine or a development project. 3.4 Exploration, evaluation and development expenditures (i) Exploration Exploration expenditures reflect the costs related to the initial search for mineral deposits with economic potential or obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with the acquisition of mineral licenses, prospecting, sampling, mapping, diamond drilling and other work involved in searching for mineral deposits. All expenditures relating to exploration activities are expensed as incurred except for the costs associated with the acquisition of mineral licenses which are capitalized. 3. Significant accounting policies (continued) (ii) Evaluation Evaluation expenditures reflect costs incurred at projects related to establishing the technical and commercial viability of mineral deposits identified through exploration or acquired through a business combination or asset acquisition. Evaluation expenditures include the cost of: a) establishing the volume and grade of deposits through drilling of core samples, trenching and sampling activities for an ore body that is classified as either a mineral resource or a proven and probable reserve; b) determining the optimal methods of extraction and metallurgical and treatment processes; c) studies related to surveying, transportation and infrastructure requirements; d) permitting activities; and e) economic evaluations to determine whether development of the mineralized material is commercially viable, including scoping, prefeasibility and final feasibility studies. Evaluation expenditures are capitalized if management determines that there is evidence to support probability of generating positive economic returns in the future. A mineral resource is considered to have economic potential when it is expected the technical feasibility and commercial viability of extraction of the mineral resource is demonstrable considering long-term metal prices. Therefore, prior to capitalizing such costs, management determines that the following conditions have been met: ▪ There is a probable future benefit that will contribute to future cash inflows; ▪ The Company can obtain the benefit and control access to it; and ▪ The transaction or event giving rise to the benefit has already occurred. The evaluation phase is complete once technical feasibility of the extraction of the mineral deposit has been determined through preparation of a reserve and resource statement, including a mining plan as well as receipt of required permits and approval of the Board of Directors to proceed with development of the mine. (iii) Development Development expenditures are those that are incurred during the phase of preparing a mineral deposit for extraction and processing. These include pre-stripping costs and underground development costs to gain access to the ore that is suitable for sustaining commercial mining, preparing land, construction of plant, equipment and buildings and costs of commissioning the mine and mill. It also includes proceeds received from pre-commercial production. Expenditures incurred on development projects continue to be capitalized until the mine and mill move into the production stage. The Company assesses each mine construction project to determine when a mine moves into the production stage. The criteria used to assess the start date are determined based on the nature of each mine construction project, such as the complexity of a plant or its location. Various relevant criteria are considered to assess when the mine is substantially complete and ready for its intended use and moved into the production stage. Some of the criteria considered would include, but are not limited to, the following: (1) the level of capital expenditures compared to construction cost estimates; (2) the completion of a reasonable period of testing of mine plant and equipment; (3) the ability to produce minerals in saleable form (within specification); and (4) the ability to sustain ongoing production of minerals. Alternatively, if the factors that impact the technical feasibility and commercial viability of a project change and no longer support the probability of generating positive economic returns in the future, expenditures will no longer be capitalized. 3. Significant accounting policies (continued) 3.5 Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Company’s share of the net assets of the acquired business at the date of acquisition. When the excess is negative (negative goodwill), it is recognized immediately in income. Goodwill on acquisition of subsidiaries and businesses is shown separately as goodwill in the consolidated financial statements. Goodwill on acquisition of associates is included in investments in significantly influenced companies and tested for impairment as part of the overall investment. Goodwill is carried at cost less accumulated impairment losses and tested annually for impairment. Impairment losses on goodwill are not reversed. The impairment testing is performed annually or more frequently if events or changes in circumstances indicate that it may be impaired. Goodwill is allocated to cash-generating units (“CGUs") for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. If the composition of one or more CGUs to which goodwill has been allocated changes due to a re-organization, the goodwill is re-allocated to the units affected. The gain or loss on disposal of an entity includes the carrying amount of goodwill relating to the entity sold. 3.6 Impairment of non-financial assets Other long-lived assets are reviewed each reporting period for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If such indicators exist, an impairment test is performed. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less cost of disposal ("FVLCD") and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows or CGUs. Value in use is determined as the present value of the future cash flows expected to be derived from an asset or CGU based on the detailed mine and/or production plans. 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. FVLCD is the amount obtainable from the sale of an asset or CGU in an arm’s length transaction between knowledgeable, willing parties, less the costs of disposal. For mining assets, FVLCD is often estimated using a discounted cash flow approach because a fair value is not readily available from an active market or binding sale agreement. Estimated future cash flows are calculated using estimated future prices, mineral reserves and resources, operating and capital costs. All assumptions used are those that an independent market participant would consider appropriate. Non-financial assets other than goodwill impaired in prior periods are reviewed for possible reversal of the impairment when events or changes in circumstances indicate that an item of mineral property and equipment or CGU is no longer impaired. 3. Significant accounting policies (continued) 3.7 Financial assets (i) Classification and measurement The Company classifies its financial assets in the following categories: at fair value through profit or loss (“FVTPL”), at fair value through other comprehensive income (“FVTOCI”) or at amortized cost. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. The classification of investments in debt instruments is driven by the business model for managing the financial assets and their contractual cash flow characteristics. Investments in debt instruments are measured at amortized cost if the business model is to hold the instrument for collection of contractual cash flows and those cash flows are solely principal and interest. If the business model is not to hold the debt instrument, it is classified as FVTPL. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payments of principal and interest. Equity instruments that are held for trading (including all equity derivative instruments) are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as FVTOCI. (a) Financial assets at FVTPL Financial assets carried as FVTPL are initially recorded at fair value with all transaction costs expensed in the consolidated statement of operations. Realized and unrealized gains and losses arising from changes in the fair value of the financial asset held at FVTPL are included in the consolidated statement of operations in the period in which they arise. Derivatives are also categorised as FVTPL unless they are designated as hedges. (b) Financial assets at FVTOCI Investments in equity instruments as FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive income. There is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. (c) Financial assets at amortized cost Financial assets at amortized cost are initially recognized at fair value and subsequently carried at amortized cost less any impairment. (ii) Impairment of financial assets The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the loss allowance for the financial asset is measured at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the credit risk on the financial asset has not increased significantly since initial recognition, the loss allowance is measured for the financial asset at an amount equal to twelve month expected credit losses. For trade receivables the Company applies the simplified approach to providing for expected credit losses, which allows the use of a lifetime expected loss provision. Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the amount of the loss decreases and the decrease can be objectively related to an event occurring after the impairment was recognized. (iii) Derecognition of financial assets Financial assets are derecognized when they mature or are sold, and substantially all the risks and rewards of ownership have been transferred. Gains and losses on derecognition of financial assets classified as FVTPL or amortized cost are recognized in the consolidated statement of operations. Gains or losses on financial assets classified as FVTOCI remain within accumulated other comprehensive income. 3. Significant accounting policies (continued) 3.8 Derivative financial instruments and hedging activities Derivatives are recognized initially at fair value on the date a derivative contract is entered into. Subsequent to initial recognition, derivatives are remeasured at their fair value. The method of recognising any resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are recognised immediately in the consolidated statement of operations. (a) Fair value hedge Changes in the fair values of derivatives that are designated and qualify as fair value hedges are recorded in the consolidated statement of operations, together with any changes in the fair values of the hedged assets or liabilities that are attributable to the hedged risk. (b) Cash-flow hedge The effective portions of changes in the fair values of derivatives that are designated and qualify as cash-flow hedges are recognised in equity. The gain or loss relating to any ineffective portion is recognised immediately in the consolidated statement of operations. Amounts accumulated in the hedge reserve are recycled in the consolidated statement of operations in the periods when the hedged items will affect profit or loss (for instance when the forecast sale that is hedged takes place). If a forecast transaction that is hedged results in the recognition of a non-financial asset (for example, inventory) or a liability, the gains and losses previously deferred in the hedge reserve are included in the initial measurement of the cost of the asset or liability. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in the hedge reserve at that time remains in the reserve and is recognised when the forecast transaction is ultimately recognised in the consolidated statement of operations. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in other comprehensive income is immediately transferred to the consolidated statement of operations. The Company has not designated any derivative contracts as hedges and therefore has not applied hedge accounting in these consolidated financial statements. 3.9 Inventories Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows: i) Product inventory consists of stockpiled ore, ore on leach pads, crushed ore, in-circuit material at properties with milling or processing operations, gold concentrate, other metal concentrate, iron ore stockpile awaiting shipment, doré awaiting refinement and unsold bullion. Product inventory costs consist of direct production costs including mining, crushing and processing; site administration costs; and allocated indirect costs, including depreciation and amortization of mineral property, plant and equipment. Inventory costs are charged to production costs on the basis of quantity of metal sold. At operations where the ore extracted contains significant amounts of metals other than gold, primarily silver, copper, lead and zinc, cost is allocated between the joint products. The Company regularly evaluates and refines estimates used in determining the costs charged to production costs and costs absorbed into inventory carrying values based upon actual gold recoveries and operating plans. Net realizable value is the estimated selling price, less the estimated costs of completion and selling expenses. ii) Materials and supplies inventory consists of consumables used in operations, such as fuel, chemicals, reagents and spare parts, which are valued at the lower of average cost and net realisable value and, where appropriate, less a provision for obsolescence. Costs include acquisition, freight and other directly attributable costs. 3. Significant accounting policies (continued) 3.10 Trade receivables Trade receivables are amounts due from customers for the sale of bullion and metals in concentrate in the ordinary course of business. Trade receivables are recognized initially at fair value and subsequently at amortized cost using the effective interest rate method. Trade receivables are recorded net of lifetime expected credit losses. Settlement receivables arise from the sale of metals in concentrate. Settlement receivables are classified as fair value through profit and loss and are recorded at fair value at each reporting period. Changes in fair value of settlements receivable are recorded in revenue. 3.11 Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks and other short-term highly liquid investments with maturities at the date of acquisition of three months or less. Bank overdrafts are shown within borrowings in current liabilities on the consolidated statement of financial position. 3.12 Share capital Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares and share options are recognized as a deduction from equity, net of any tax effects. Common shares held by the Company are classified as treasury stock and recorded as a reduction of shareholders’ equity. 3.13 Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. 3.14 Debt and borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost, calculated using the effective interest method. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the consolidated statement of operations over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities and other borrowings are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility and other borrowings will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility and borrowings will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the loan to which it relates. 3.15 Current and deferred income tax Income tax expense comprises current and deferred tax. Income tax expense is recognized in the consolidated statement of operations except to the extent that it relates to items recognized either in other comprehensive income or directly in equity, in which case it is recognized in other comprehensive income or in equity, respectively. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings. The tax rate used is the rate that is substantively enacted. 3. Significant accounting policies (continued) Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred income tax is not recorded if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. 3.16 Employee benefits (i) Defined benefit plans Certain employees have entitlements under Company pension plans which are defined benefit pension plans. For defined benefit plans, the level of benefit provided is based on the length of service and earnings of the person entitled. The cost of the defined benefit plan is determined using the projected unit credit method. The related pension liability recognized in the consolidated statement of financial position is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. The Company obtains actuarial valuations for defined benefit plans for each balance sheet date. Actuarial assumptions used in the determination of defined benefit pension plan liabilities are based on best estimates, including rate of salary escalation and expected retirement dates of employees. The discount rate is based on high quality bond yields. The assumption used to determine the interest income on plan assets is equal to the discount rate. Actuarial gains and losses are recognized in full in the period in which they occur in other comprehensive income without recycling to the consolidated statement of operations in subsequent periods. Current service cost, the vested element of any past service cost, the interest income on plan assets and the interest arising on the pension liability a |
Critical accounting estimates a
Critical accounting estimates and judgements | 12 Months Ended |
Dec. 31, 2018 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Critical accounting estimates and judgements | 4. Critical accounting estimates and judgments The preparation of 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 at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. 4. Critical accounting estimates and judgments (continued) Significant areas requiring the use of management assumptions, estimates and judgments include determining leach pad inventory, impairment of non-current assets, estimated recoverable reserves and resources, current and deferred taxes, business combinations, commencement of commercial production and functional currency. Actual results could differ from these estimates. Outlined below are some of the areas which require management to make significant judgments, estimates and assumptions. Leach pad inventory The Company considers ore stacked on its leach pads and in process at its mines as work-in-process inventory and records their value in earnings, and includes them in the cost of sales based on ounces of gold sold, using the following assumptions in its estimates: • the amount of gold and other metals estimated to be in the ore stacked on the leach pads; • the amount of gold and other metals expected to be recovered from the stacks; • the amount of gold and other metals in the mill circuits; • the amount of gold and other metals in concentrates; and • the gold and other metal prices expect to be realized when sold. If these estimates or assumptions are inaccurate, the Company could be required to write down the value it has recorded on its work-in-process inventories, which would reduce earnings and working capital. At December 31, 2018 , the cost of inventory was below its net realizable value. Impairment of non-current assets Non-current assets are tested for impairment when events or changes in circumstances suggest that the carrying amount may not be fully recoverable. We conduct an annual test for impairment of goodwill in the fourth quarter of each fiscal year and at any other time of the year if an indicator of impairment is identified. Calculating the estimated FVLCD of CGUs for non-current asset impairment tests and CGUs or groups of CGUs for goodwill impairment tests requires management to make estimates and assumptions with respect to future production levels, operating and capital costs in the Company's life-of-mine (“LOM”) plans, long-term metal prices, foreign exchange rates and discount rates. Changes in any of the assumptions or estimates used in determining the fair values could impact the impairment analysis. Estimated recoverable reserves and resources Mineral reserve and resource estimates are based on various assumptions relating to operating matters, including, with respect to production costs, mining and processing recoveries, cut-off grades, as well as assumptions relating to long-term commodity prices and, in some cases, exchange rates, inflation rates and capital costs. Cost estimates are based on feasibility study estimates or operating history. Estimates are prepared by appropriately qualified persons, but will be impacted by forecasted commodity prices, inflation rates, exchange rates, capital and production costs and recoveries amongst other factors. Estimated recoverable reserves and resources are used to determine the depreciation of property, plant and equipment at operating mine sites, in accounting for deferred stripping costs, in performing impairment testing and for forecasting the timing of the payment of decommissioning and restoration costs. Therefore, changes in the assumptions used could impact the carrying value of assets, depreciation and impairment charges recorded in the consolidated statement of operations and the carrying value of the decommissioning and restoration provision. 4. Critical accounting estimates and judgments (continued) Current and deferred taxes The Company calculates current and deferred tax provisions for each of the jurisdictions in which it operates. Actual amounts of income tax expense are not final until tax returns are filed and accepted by the relevant authorities. This occurs subsequent to the issuance of the consolidated financial statements. Therefore, earnings in subsequent periods will be affected by the amount that estimates differ from the final tax returns. Estimates of recoverability are required in assessing whether deferred tax assets and deferred tax liabilities are recognized on the consolidated statement of financial position. The Company also evaluates the recoverability of deferred tax assets based on an assessment of the ability to use the underlying future tax deductions before they expire against future taxable income. Deferred tax liabilities arising from temporary differences on investments in subsidiaries, joint ventures and associates are recognized unless the reversal of the temporary differences is not expected to occur in the foreseeable future and can be controlled. Assumptions about the generation of future taxable earnings and repatriation of retained earnings depend on management’s estimates of future production and sales volumes, commodity prices, reserves, operating costs, decommissioning and restoration costs, capital expenditures, dividends and other capital management transactions. Judgment is also required in the application of income tax legislation. These estimates and judgments are subject to risk and uncertainty and could result in an adjustment to current and deferred tax provisions and a corresponding credit or debit to earnings or loss for the period. Business combinations Determination of whether a set of assets acquired and liabilities assumed constitute the acquisition of a business or asset may require the Company to make certain judgements as to whether or not the assets acquired and liabilities assumed include the inputs, processes and outputs necessary to constitute a business as defined in IFRS 3 - Business Combinations . If an acquired set of assets and liabilities includes goodwill, the set is presumed to be a business. Based on an assessment of the relevant facts and circumstances, the Company concluded that the acquisitions of Integra (note 6) met the criteria of a business combination. Business combinations require estimates to be made at the date of acquisition in relation to determining asset and liability fair values and the allocation of the purchase consideration over the fair value of the assets and liabilities. In respect of mining company acquisitions purchase consideration is typically allocated to the mineral reserves and resources being acquired. The estimate of reserves and resources is subject to assumptions relating to life of the mine and may change when new information becomes available. Changes in reserves and resources as a result of factors such as production costs, recovery rates, grade or reserves or commodity prices could impact depreciation rates, asset carrying values and environmental and restoration provisions. Changes in assumptions over long-term commodity prices, market demand and supply, and economic and regulatory climates could also impact the carrying value of assets, including goodwill. Commencement of commercial production Until a mining property is declared as being in the commercial production stage, all costs related to its development are capitalized. The determination of the date on which a mine enters the commercial production stage is a matter of judgment that impacts when capitalization of development costs ceases and recognition of revenues and depreciation of the mining property commences and is charged to profit or loss. Functional currency The functional currency for each of the Company’s subsidiaries is the currency of the primary economic environment in which the entity operates. The Company has determined the functional currency of each entity is the US dollar. Determination of functional currency may involve certain judgements to determine the primary economic environment and the Company reconsiders the functional currency of its entities if there is a change in events and conditions which determined the primary economic environment. |
Adoption of new accounting stan
Adoption of new accounting standards | 12 Months Ended |
Dec. 31, 2018 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Adoption of new accounting standards | 5. Adoption of new accounting standards The following standards and amendments to existing standards have been adopted by the Company commencing January 1, 2018: • IFRS 9 ‘Financial Instruments’ – This standard was published in July 2014 and replaces the existing guidance in IAS 39, ‘ Financial Instruments: Recognition and Measurement’ . IFRS 9 includes revised guidance on the classification and measurement of financial instruments, including a new expected credit loss model for calculating impairment on financial assets, and new general hedge accounting requirements. Most of the requirements in IAS 39 for classification and measurement of financial liabilities were carried forward in IFRS 9, so the Company's accounting policy with respect to financial liabilities is substantially unchanged. The Company has changed its accounting policy with respect to the clarification of financial assets that were recognized at the date of transition, January 1, 2018. The new policy is included in note 3 , section 3.7 . The change did not impact the presentation or carrying value of any financial assets on the transition date. As part of the implementation of this standard, the Company completed an assessment of its financial instruments as at January 1, 2018 in compliance with IFRS 9. The following table shows the original classification under IAS 39 and the new classification under IFRS 9: Original classification New classification IAS 39 New classification IFRS 9 Financial assets Cash and cash equivalents Amortized cost Amortized cost Term deposit Amortized cost Amortized cost Restricted cash Amortized cost Amortized cost Trade receivables Amortized cost Amortized cost Settlement receivables Embedded derivative separately identified as FVTPL FVTPL Marketable securities Available-for-sale FVTOCI Derivatives FVTPL FVTPL Financial liabilities Accounts payable and accrued liabilities Amortized cost Amortized cost Debt Amortized cost Amortized cost Upon adoption of IFRS 9, the Company made an irrevocable election to classify marketable securities as FVTOCI since they are not held for trading and are held for strategic reasons. • IFRS 15 ‘Revenue from Contracts with Customers’ – This standard introduces a single model that applies to contracts with customers and two approaches to recognising revenue: at a point in time or over time. The model features a contract-based five-step analysis of transactions to determine whether, how much and when revenue is recognized. The Company's revenue recognition policy under the previous standard recognized revenue when persuasive evidence of an arrangement existed, the bullion, doré, metal concentrates and iron ore had been shipped, title had passed to the purchaser, the price was fixed or determinable, and collection was reasonably assured. The Company has adopted this standard with a modified retrospective approach and has changed its accounting policy for revenue recognition. The new policy is included in note 3 , section 3.19 . There was no adjustment to prior periods as a result of the implementation of this standard. The Company has provided additional disclosures required by this standard in note 28 of these audited consolidated financial statements. 5. Adoption of new accounting standards (continued) • IFRS 2 ‘Share-Based Payments’ – In June 2016, the IASB issued final amendments to this standard and clarified the classification and measurement of share-based payment transactions. These amendments deal with variations in the final settlement arrangements including: (a) accounting for cash-settled share-based payment transactions that include a performance condition, (b) classification of share-based payment transactions with net settlement features; and (c) accounting for modifications of share-based payment transactions from cash-settled to equity. At January 1, 2018, the Company adopted this standard and there was no impact on the consolidated financial statements for the year ended December 31, 2018. The following standard and interpretation will be adopted by the Company in the annual accounting periods beginning January 1, 2019: • IFRS 16 ‘Leases ’ – This standard was published in January 2016 and replaces the existing guidance in IAS 17, ‘Leases’. IFRS 16 introduces a single accounting model for lessees and for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee will be required to recognize a right-of-use asset, representing its right to use the underlying asset, and a lease liability, representing its obligation to make lease payments. The accounting treatment for lessors will remain largely the same as under IAS 17. The Company will adopt this standard effective January 1, 2019. Under this standard, the present value of lease commitments will be shown as a liability on the balance sheet together with an asset representing the right of use, including those leases classified as operating leases under the current standard IAS 17. This implies higher amounts of depreciation expense and interest expense on lease liabilities will be recorded in the Company’s consolidated net earnings or loss in 2019 and future years. Additionally, a corresponding reduction in G&A costs and/or production costs is expected. The Company is in the process of completing its review and analysis of IFRS 16 and will apply IFRS 16 using the cumulative catch-up approach where the additional right-of-use assets and lease liabilities will be recorded from that date forward and will not require restatement of prior years comparative information. The Company will provide the quantitative impact of adopting IFRS 16 in its Q1, 2019 unaudited condensed consolidated interim financial statements. • IFRIC 23 'Uncertainty over Income Tax Treatments' – This interpretation sets out how to determine the accounting tax position when there is uncertainty over income tax treatments. The Interpretation requires an entity to determine whether uncertain tax positions are assessed separately or as a group; and assess whether it is probable that a tax authority will accept an uncertain tax treatment used, or proposed to be used, by an entity in its income tax filings. If yes, the entity should determine its accounting tax position consistently with the tax treatment used or planned to be used in its income tax filings. If no, the entity should reflect the effect of uncertainty in determining its accounting tax position. The Interpretation is effective January 1, 2019. Entities can apply the interpretation with either full retrospective application or modified retrospective application without restatement of comparatives retrospectively or prospectively. The Company does not expect the application of the Interpretation will have a significant impact on the Company’s consolidated financial statements. There are other new standards, amendments to standards and interpretations that have been published and are not yet effective. The Company believes they will have no material impact on its consolidated financial statements. |
Acquisition of Integra
Acquisition of Integra | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about business combination [abstract] | |
Acquisition of Integra | 6. Acquisition of Integra On July 10, 2017, the Company acquired all of the remaining issued and outstanding common shares of Integra, by way of a plan of arrangement (the “Arrangement”). Pursuant to the Arrangement, Eldorado issued 15,436,179 common shares with a fair value of $188,061 and paid $99,823 in cash to the former Integra shareholders. Integra is a resource company engaged in the exploration of mineral properties with the primary focus on the Lamaque gold project located in Val-d’Or, Quebec. As part of the consideration, the Company included advances to Integra for $27,046 and the fair value of the existing available-for-sale Integra investment that it previously owned for $41,968 . The Company recognized a gain on marketable securities for $28,363 and taxes of $4,023 , as a reversal of the unrealized gain and taxes included in other comprehensive income at the date of acquisition related to this previously owned investment. The fair value of the common shares issued as part of the consideration paid for Integra was based on the closing share price on July 7, 2017 on the TSX of C $15.70 per share. The foreign exchange rate used at time of acquisition was CDN $1 = US $0.776 . Goodwill of $92,591 resulting from the acquisition arises mainly on the recognition of deferred income tax liabilities and represents, among other things, the exploration potential within the assets acquired and future variability in the price of minerals. No ne of the goodwill is deductible for tax purposes. The allocation of the purchase price is as follows: 15,436,179 common shares of shares of Eldorado at C$15.70/share (*) $ 188,061 Cash consideration including advances 126,869 Fair value of existing Integra investment by Eldorado 41,968 Total Consideration $ 356,898 Net assets acquired: Cash and cash equivalents $ 5,205 Marketable securities 2,857 Accounts receivable and other 5,920 Inventories 2,471 Other assets 3,495 Property, plant and equipment 393,647 Goodwill 92,591 Accounts payable and accrued liabilities (8,028 ) Flow-through share premium liability (4,722 ) Other liabilities (9,635 ) Deferred income taxes (126,903 ) $ 356,898 * common shares and price per share shown as post-share consolidation amounts. Please refer to Note 20. The purchase price allocation was finalized at June 30, 2018. There were no changes from the preliminary allocation as reported in the Company’s annual consolidated financial statements for the year ended December 31, 2017. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2018 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | 7. Cash and cash equivalents December 31, 2018 December 31, 2017 Cash at bank and on hand $ 200,644 $ 293,437 Short-term bank deposits 85,668 186,064 $ 286,312 $ 479,501 |
Restricted cash
Restricted cash | 12 Months Ended |
Dec. 31, 2018 | |
Restricted Cash [Abstract] | |
Restricted cash | 8. Restricted cash December 31, 2018 December 31, 2017 Current: Restricted cash deposits - Greece $ 296 $ 310 296 310 Non-current: Restricted credit card deposits 58 43 Restricted cash related to Letter of Guarantee - Greece 10,670 9,743 Environmental guarantee deposits 2,721 2,831 $ 13,449 $ 12,617 Restricted cash is held on account with a financial institution in Canada to support a Letter of Guarantee issued in Canada and counter-guaranteed by the financial institution's Athens branch. The Letter of Guarantee was issued pursuant to the request from the Ministry of Environment and Energy in Greece to support the operation and restoration of the Kokkinolakkas Tailings Management Facility. The funds are invested at prevailing bank rates and interest is accrued monthly. Interest is paid directly to the account with the total balance being recorded as restricted cash. The account allows for any excess, above the notional principal of the Letter of Guarantee, to be remitted back to the Company. |
Accounts receivable and other
Accounts receivable and other | 12 Months Ended |
Dec. 31, 2018 | |
Trade and other current receivables [abstract] | |
Accounts receivable and other | 9. Accounts receivable and other December 31, 2018 December 31, 2017 Trade receivables $ 22,072 $ 7,746 Value added tax and other taxes recoverable 34,791 44,717 Other receivables and advances 8,378 7,134 Prepaid expenses and deposits 15,746 18,747 $ 80,987 $ 78,344 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Classes of current inventories [abstract] | |
Inventories | 10. Inventories December 31, 2018 December 31, 2017 Ore stockpiles $ 1,620 $ 3,297 In-process inventory and finished goods 59,974 96,651 Materials and supplies 76,291 68,896 $ 137,885 $ 168,844 The cost of materials and supplies consumed during the year and included in production costs amounted to $87,269 ( 2017 – $120,422 ). Inventory write downs related to zinc inventory of $269 ( 2017 – $444 ) and to pyrite inventory of $1,196 ( 2017 – $ nil ) were recognized during the year. As at December 31, 2018, all inventories are held at cost. |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2018 | |
Miscellaneous non-current assets [abstract] | |
Other assets | 11. Other assets December 31, 2018 December 31, 2017 Prepaid loan costs (note 16(a)) $ 749 $ 1,272 Prepaid forestry fees 3,175 3,628 Long-term value added tax and other taxes recoverable 6,668 5,385 $ 10,592 $ 10,285 |
Non-controlling interests
Non-controlling interests | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of subsidiaries [abstract] | |
Non-controlling interests | 12. Non-controlling interests The following table summarizes the information relating to each of the Company’s subsidiaries that has material non-controlling interests (“NCI”). The amounts disclosed for each subsidiary are based on those included in the consolidated financial statements before inter-company eliminations. December 31, 2018 Hellas Deva NCI percentage 5% 19.5% Current assets $ 78,308 $ 2,177 Non-current assets 1,846,952 414,330 Current liabilities (1,212,864 ) (246,089 ) Non-current liabilities (160,765 ) (43,581 ) Net assets 551,631 126,837 Carrying amount of NCI $ 17,619 $ 44,169 Revenue 110,487 — Net loss (298,272 ) (14,100 ) Total comprehensive loss (298,272 ) (14,100 ) Loss allocated to NCI (14,913 ) (2,750 ) Dividends paid to NCI — — Cash flows from operating activities (66,135 ) (16,695 ) Cash flows from investing activities (80,306 ) (419 ) Cash flows from financing activities 133,520 15,218 Net decrease in cash and cash equivalents $ (12,921 ) $ (1,896 ) December 31, 2017 Hellas Deva NCI percentage 5% 19.5% Current assets $ 72,454 $ 4,958 Non-current assets 2,143,089 413,989 Current liabilities (1,113,471 ) (234,386 ) Non-current liabilities (291,447 ) (43,623 ) Net assets 810,625 140,938 Carrying amount of NCI $ 31,732 $ 46,919 Revenue 51,152 — Net loss (62,365 ) (42,632 ) Total comprehensive loss (62,365 ) (42,632 ) Loss allocated to NCI (3,118 ) (8,314 ) Dividends paid to NCI — — Cash flows from operating activities (9,253 ) (51,328 ) Cash flows from investing activities (181,116 ) (2,007 ) Cash flows from financing activities 172,431 53,007 Net decrease in cash and cash equivalents $ (17,938 ) $ (328 ) Net earnings or loss allocated to NCI in the consolidated statement of operations includes $ 84 related to non-material subsidiaries ( 2017 – $ 21 , including NCI in discontinued operations). The carrying value of the NCI related to non-material subsidiaries is $1,626 ( 2017 – $1,289 ). |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, plant and equipment | 13. Property, plant and equipment Land and buildings Plant and equipment Capital works in progress Mineral properties and leases Capitalized Evaluation Total Cost Balance at January 1, 2017 $ 164,540 $ 1,416,948 $ 141,922 $ 3,877,473 $ 77,495 $ 5,678,378 Additions/transfers 12,322 115,684 (42,933 ) 254,481 9,536 349,090 Acquisition of Integra (note 6) 4,820 3,646 — 385,181 — 393,647 Proceeds on pre-commercial production sales — — — (38,200 ) — (38,200 ) Other movements 4,251 (2,325 ) (12,336 ) 7,832 — (2,578 ) Disposals (10 ) (2,313 ) (29,832 ) (1,168 ) — (33,323 ) Balance at December 31, 2017 $ 185,923 $ 1,531,640 $ 56,821 $ 4,485,599 $ 87,031 $ 6,347,014 Balance at January 1, 2018 $ 185,923 $ 1,531,640 $ 56,821 $ 4,485,599 $ 87,031 $ 6,347,014 Additions/transfers 6,203 119,712 1,646 229,673 6,202 363,436 Proceeds on pre-commercial production sales — (9,179 ) — (39,689 ) — (48,868 ) Olympias commercial production transfers (*) 387 465,249 53,858 (506,206 ) — 13,288 Other movements (240 ) 13,011 1,769 (200 ) 226 14,566 Disposals (29 ) (8,400 ) — (20 ) — (8,449 ) Balance at December 31, 2018 $ 192,244 $ 2,112,033 $ 114,094 $ 4,169,157 $ 93,459 $ 6,680,987 Depreciation and impairment Balance at January 1, 2017 $ (38,635 ) $ (706,641 ) $ (4,733 ) $ (1,282,542 ) $ — $ (2,032,551 ) Depreciation for the year (4,245 ) (79,044 ) — (2,948 ) — (86,237 ) Other movements (546 ) (2,048 ) — 80 — (2,514 ) Disposals — 1,683 — 2 — 1,685 Balance at December 31, 2017 $ (43,426 ) $ (786,050 ) $ (4,733 ) $ (1,285,408 ) $ — $ (2,119,617 ) Balance at January 1, 2018 $ (43,426 ) $ (786,050 ) $ (4,733 ) $ (1,285,408 ) $ — $ (2,119,617 ) Depreciation for the year (3,125 ) (88,649 ) — (3,774 ) — (95,548 ) Olympias commercial production transfers (*) — (13,288 ) — — — (13,288 ) Other movements (1,060 ) (15,485 ) — (346 ) — (16,891 ) Impairment (363 ) (105,932 ) — (341,513 ) — (447,808 ) Disposals — 641 — — — 641 Balance at December 31, 2018 $ (47,974 ) $ (1,008,763 ) $ (4,733 ) $ (1,631,041 ) $ — $ (2,692,511 ) Carrying amounts At January 1, 2017 $ 125,905 $ 710,307 $ 137,189 $ 2,594,931 $ 77,495 $ 3,645,827 At December 31, 2017 142,497 745,590 52,088 3,200,191 87,031 4,227,397 Balance at December 31, 2018 $ 144,270 $ 1,103,270 $ 109,361 $ 2,538,116 $ 93,459 $ 3,988,476 * Effective January 1, 2018, $506,206 of costs were transferred at Olympias from mineral properties and leases to relevant categories of property, plant and equipment upon commencement of commercial production. 13. Property, plant and equipment (continued) The amount of capitalized interest during the year ended December 31, 2018 included in property, plant and equipment was $36,750 ( 2017 – $36,750 ). In accordance with the Company’s accounting policies each CGU is assessed for indicators of impairment, from both external and internal sources, at the end of each reporting period. If such indicators of impairment exist for any CGUs, those CGUs are tested for impairment. The recoverable amounts of the Company’s CGUs are based primarily on the future after-tax cash flows expected to be derived from the Company’s mining properties and represent each CGU’s FVLCD, a Level 3 fair value measurement. Determining the estimated fair values of each CGU requires Management to use judgment in determining estimates and assumptions with respect to discount rates, exchange rates, future production levels including amount of recoverable reserves, resources and exploration potential, recovery rates and concentrate grades, mining methods, operating and capital costs, long-term metal prices and income taxes. Metal pricing assumptions were based on long-term consensus forecast pricing, and the discount rates were based on the Company’s internal weighted average costs of capital, adjusted for country risk. Changes in any of the assumptions or estimates used in determining the fair values could impact the impairment analysis. Kisladag During the quarter ended September 30, 2018, the Company completed a feasibility study of a new mill at Kisladag and the decision to proceed with the new mill was approved by the Board of Directors on October 25, 2018. The feasibility study shows a transition in the mine plan which shortens the estimated useful life of the leach pad to 2020. Kisladag updated their production plan for the leach pad with additional drill data. As a result of the shortened estimated life of the leach pad and the new production plan, the Company assessed the recoverable amounts of leach pad costs and related plant and equipment for the Kisladag leach pad assets at September 30, 2018 using a value-in-use approach. The projected cash flows used in impairment testing are significantly affected by changes in assumptions for the amount of recoverable ounces, metal prices, and production costs estimates. The Company's impairment testing incorporated the following key assumptions: Gold price ($/oz) $1,250 Silver price ($/oz) $17 Discount rate 6.5 % As at September 30, 2018, the Company recorded an impairment charge to Kisladag leach pad costs and related plant and equipment of $117,570 ( $94,056 , net of deferred tax). As at December 31, 2018 , Management determined that no further impairment or reversal of impairment was identified for the Kisladag CGU (note 32) . 13. Property, plant and equipment (continued) Olympias As at December 31, 2018, Management determined that continued jurisdictional risk with obtaining permits in Greece, together with the softening global market for the sale of concentrate, represented an indicator of potential impairment for Olympias. No other indicators of impairment for other CGUs were identified. The key assumptions used for assessing the recoverable amount of the Olympias carrying values as at December 31, 2018 are as follows: Gold price ($/oz) $1,275 - $1,300 Silver price ($/oz) $17 - $18 Lead price ($/t) $2,200 - $2,300 Zinc price ($/t) $2,800 - $2,900 Discount rate 7 % At December 31, 2018, the Company recorded an impairment charge to the Olympias CGU of $330,238 ( $247,679 , net of deferred tax). |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
Changes in goodwill [abstract] | |
Goodwill | 14. Goodwill As a result of the purchase price allocation for the Integra acquisition, the Company recognized goodwill of $92,591 in 2017 (note 6) . As of December 31, 2018 all goodwill relates to Integra's Lamaque CGU. Impairment tests for goodwill Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may not be recoverable. Impairment is determined for goodwill by assessing the recoverable amount of each CGU or group of CGUs to which the goodwill relates. Where the recoverable amount of the CGU is less than its carrying amount including goodwill, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods. The key assumptions used for assessing the recoverable amount of goodwill in the Lamaque CGU are reflected in the table below. Management used judgment in determining estimates and assumptions with respect to discount rates, exchange rates, future production level including amount of recoverable reserves, resources and exploration potential, recovery rates and concentrate grades, mining methods, operating and capital costs, long-term metal prices and income taxes. Metal pricing assumptions were based on long-term consensus forecast pricing, and the discount rates were based on the Company's internal weighted average costs of capital, adjusted for country risk. Changes in any of the assumptions or estimates used in determining the fair values could impact the recoverable amount of goodwill analysis. 2018 Gold price ($/oz) $1,275 - $1,300 Discount rate 5 % Conversion factor of resources and exploration potential to proven and probable reserves 21 % Fair value per ounce of resources and exploration potential beyond proven and probable reserves $140 The estimated recoverable amount of the Lamaque CGU including goodwill exceeded its carrying amount by approximately $115.6 million . A change in the gold price to $1,200 per ounce would result in an impairment. |
Accounts payable and accrued li
Accounts payable and accrued liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Trade and other current payables [abstract] | |
Accounts payable and accrued liabilities | 15. Accounts payable and accrued liabilities December 31, 2018 December 31, 2017 Trade payables $ 38,969 $ 60,081 Taxes payable 201 213 Accrued expenses 101,708 50,247 $ 140,878 $ 110,541 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Borrowings [abstract] | |
Debt | 16. Debt (a) Revolving credit facility In November 2012, the Company entered into a $375 million revolving credit facility with a syndicate of banks. This credit facility was amended and restated in June 2016 (“the amended and restated credit agreement” or “ARCA”) and reduced to an available credit of $250 million with the option to increase by an additional $100 million through an accordion feature. The maturity date is June 13, 2020 . The ARCA is secured by the shares of SG Resources and Tuprag, wholly owned subsidiaries of the Company. The ARCA contains covenants that restrict, among other things, the ability of the Company to incur aggregate unsecured indebtedness exceeding $850 million , incur secured indebtedness exceeding $200 million and permitted unsecured indebtedness exceeding $150 million . The ARCA also contains restrictions for making distributions in certain circumstances, selling material assets and conducting business other than that which relates to the mining industry. Significant financial covenants include a maximum Net Debt to Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”) of 3.5 : 1 and a minimum EBITDA to Interest of 3 : 1 . The Company is in compliance with these covenants as at December 31, 2018 . Loan interest on the revolving credit facility is variable dependent on a Net Leverage ratio pricing grid. The Company’s current net leverage ratio is approximately 2.26 : 1 . At this ratio, interest charges and fees are as follows: LIBOR plus margin of 2.625% and undrawn standby fee of 0.725% . Fees of $2,031 were paid on the amendment dated June 2016. This amount has been deferred as pre-payment for liquidity services and is being amortized to financing costs over the term of the credit facility. As at December 31, 2018 , the prepaid loan cost on the consolidated statement of financial position was $ 749 ( 2017 - $ 1,272 ). No amounts were drawn down under the ARCA in 2018 and as at December 31, the balance is $ nil ( 2017 – $ nil ). (b) Senior notes On December 10, 2012, the Company completed an offering of $600.0 million senior notes (“the notes”) at par value, with a coupon rate of 6.125% due December 15, 2020 . The notes pay interest semi-annually on June 15 and December 15. The Company received proceeds of $589.5 million from the offering, which is net of the commission payment. The notes are redeemable by the Company in whole or in part, for cash: The fair market value of the notes as at December 31, 2018 is $550 million. Net deferred financing costs of $ 4,023 ( 2017 – $ 6,217 ) have been included as an offset in the balance of the notes in the consolidated financial statements and are being amortized over the term of the notes. The debt balance as at December 31, 2018 was $595,977 (2017 – $593,783 ). |
Asset retirement obligations
Asset retirement obligations | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of asset retirement obligations [abstract] | |
Asset retirement obligations | Turkey Canada Greece Romania Brazil Total At January 1, 2018 $ 37,321 $ 9,453 $ 47,461 $ 1,405 $ 4,044 $ 99,684 Accretion during the year 896 — 1,035 36 71 2,038 Revisions to estimate (1,117 ) 2,762 (3,512 ) (77 ) (99 ) (2,043 ) Settlements (621 ) — (4,915 ) — — (5,536 ) At December 31, 2018 36,479 12,215 40,069 1,364 4,016 94,143 Less: Current portion — — (824 ) — — (824 ) Long term portion 36,479 12,215 39,245 1,364 4,016 93,319 Estimated undiscounted amount $ 48,454 $ 14,989 $ 65,274 $ 2,335 $ 4,121 $ 135,173 Turkey Canada Greece Romania Brazil Total At January 1, 2017 $ 36,196 $ — $ 48,131 $ 1,359 $ 4,092 $ 89,778 Acquired during the year — 9,453 — — — 9,453 Accretion during the year 913 — 1,025 36 32 2,006 Revisions to estimate 502 — 1,112 10 (80 ) 1,544 Settlements (290 ) — (2,807 ) — — (3,097 ) At December 31, 2017 37,321 9,453 47,461 1,405 4,044 99,684 Less: Current portion — — (3,489 ) — — (3,489 ) Long term portion 37,321 9,453 43,972 1,405 4,044 96,195 Estimated undiscounted amount $ 49,257 $ 12,286 $ 71,591 $ 2,340 $ 4,117 $ 139,591 The Company’s asset retirement obligations relate to the restoration and rehabilitation of the Company’s mining operations and projects under development. The expected timing of the cash flows in respect of the provision is based on the estimated life of the various mining operations. The reduction in the estimate of the obligation in 2018 was mainly due to reclamation work performed during the year at Olympias. The provision is calculated as the present value of estimated future net cash outflows based on the following key assumptions: Turkey Canada Greece Romania Brazil % % % % % At December 31, 2017 Inflation rate 2.0 to 2.2 2.0 to 2.2 2.0 to 2.2 2.0 to 2.2 2.0 to 2.2 Discount rate 2.3 to 2.5 2.3 to 2.5 1.5 to 3.0 2.7 1.8 At December 31, 2018 Inflation rate 2.2 to 2.3 2.2 to 2.3 2.2 to 2.3 2.2 to 2.3 2.2 to 2.3 Discount rate 2.7 2.7 2.5 to 2.9 2.9 2.6 The discount rate is a risk-free rate based on U.S. Treasury bond rates with maturities commensurate with site mine lives. U.S. Treasury bond rates have been used for all of the mine sites as the liabilities are denominated in U.S. dollars and the majority of the expenditures are expected to be incurred in U.S. dollars. Similarly, the inflation rates used in determining the present value of the future net cash outflows are based on U.S inflation rates. 17. Asset retirement obligations (continued) In relation to the asset retirement obligations in Greece, the Company has the following: a) a €50.0 million Letter of Guarantee to the Greece Ministry of Environment, Energy and Climate Change ("MEECC") as security for the due and proper performance of rehabilitation works committed in relation to the mining and metallurgical facilities of the Kassandra Mines (Stratoni, Olympias and Skouries) and the removal, cleaning and rehabilitation of the old Olympias tailings. This Letter of Guarantee is renewed annually, expires on July 26, 2026 and has an annual fee of 57 basis points. b) a €7.5 million Letter of Guarantee to the MEECC for the due and proper performance of the Kokkinolakkas Tailings Management Facility, committed in connection with the Environmental Impact Assessment approved for the Kassandra Mines (Stratoni, Olympias and Skouries). The Letter of Guarantee is renewed annually and expires on July 26, 2026 . The Letter of Guarantee has an annual fee of 45 basis points. |
Defined benefit plans
Defined benefit plans | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of defined benefit plans [abstract] | |
Defined benefit plans | 18. Defined benefit plans December 31, 2018 December 31, 2017 Income statement charge for: Pension plan $ 3,463 $ 2,841 Supplemental Pension Plan 92 610 $ 3,555 $ 3,451 Actuarial losses recognised in the statement of other comprehensive income in the period (before tax) $ (1,197 ) $ (3,121 ) Cumulative actuarial losses recognised in the statement of other comprehensive income (before tax) $ (19,838 ) $ (18,641 ) The Company operates defined benefit pension plans in Canada including a registered pension plan (“the Pension Plan”) and a supplemental pension plan (“the SERP”). During the second quarter of 2012, the SERP was converted into a Retirement Compensation Arrangement (“RCA”), a trust account. As it is a trust account, the assets in the account are protected from the Company’s creditors. The RCA requires the Company to remit 50% of any contributions and any realized investment gains to the Receiver General of Canada as refundable tax. These plans, which are only available to certain qualifying employees, provide benefits based on an employee’s years of service and final average earnings at retirement. Annual contributions related to these plans are actuarially determined and are made at or in excess of minimum requirements prescribed by legislation. Eldorado’s plans have actuarial valuations performed for funding purposes. The last actuarial valuations for funding purposes performed for the Pension Plan and the SERP are as of January 1, 2017 and the next valuations will be prepared in accordance with the funding policy as of January 1, 2019. The measurement date to determine the pension obligation and assets for accounting purposes was December 31, 2018 . The SERP is designed to provide supplementary pension benefits to qualifying employees affected by the maximum pension limits under the Income Tax Act pursuant to the registered Pension Plan . Further, the Company is not required to pre-fund any benefit obligation under the SERP. 18. Defined benefit plans (continued) Total cash payments No contributions were required to the Pension Plan and the SERP during 2018 ( 2017 – $ 1,415 ). Cash payments totalling $ 4,182 were made directly to beneficiaries during the year ( 2017 – $ 1,542 ). For the year 2019, the expected amount of contributions to the Pension Plan is $ 31 . No contributions are expected to the SERP. Subsidiaries pension plan According to the Greek and Turkish labour laws, employees are entitled to compensation in case of dismissal or retirement, the amount of which varies depending on salary, years of service and the manner of termination (dismissal or retirement). Employees who resign or are dismissed with cause are not entitled to compensation. The Company considers this a defined benefit obligation. Amounts relating to these pension plans have been included in the tables in this note under “Pension Plan” when applicable. The amounts recognised in the consolidated statement of financial position for all pension plans are determined as follows: December 31, 2018 December 31, 2017 Pension Plan SERP Total Pension Plan SERP Total Present value of obligations $ (16,239 ) $ (37,075 ) $ (53,314 ) $ (16,028 ) $ (43,956 ) $ (59,984 ) Fair value of plan assets 1,864 46,195 48,059 2,429 53,875 56,304 Asset (liability) on balance sheet $ (14,375 ) $ 9,120 $ (5,255 ) $ (13,599 ) $ 9,919 $ (3,680 ) The movement in the present value of the defined benefit obligation over the years is as follows: 2018 2017 Pension Plan SERP Total Pension Plan SERP Total Balance at January 1, $ (16,028 ) $ (43,956 ) $ (59,984 ) $ (12,936 ) $ (37,686 ) $ (50,622 ) Current service cost (2,935 ) (269 ) (3,204 ) (2,102 ) (877 ) (2,979 ) Past service cost — (146 ) (146 ) (206 ) (208 ) (414 ) Interest cost (601 ) (1,403 ) (2,004 ) (620 ) (1,508 ) (2,128 ) Actuarial gain (loss) (1,209 ) 2,512 1,303 (292 ) (2,390 ) (2,682 ) Benefit payments 1,066 2,829 3,895 1,060 1,485 2,545 Exchange gain (loss) 3,468 3,358 6,826 (932 ) (2,772 ) (3,704 ) Balance at December 31, $ (16,239 ) $ (37,075 ) $ (53,314 ) $ (16,028 ) $ (43,956 ) $ (59,984 ) 18. Defined benefit plans (continued) The movement in the fair value of plan assets over the years is as follows: 2018 2017 Pension Plan SERP Total Pension Plan SERP Total At January 1, $ 2,429 $ 53,875 $ 56,304 $ 2,054 $ 49,306 $ 51,360 Interest income on plan assets 73 1,726 1,799 86 1,983 2,069 Actuarial gain (loss) (64 ) (2,436 ) (2,500 ) (55 ) (384 ) (439 ) Contributions by employer — — — 219 1,196 1,415 Benefit payments (399 ) (2,828 ) (3,227 ) (57 ) (1,485 ) (1,542 ) Exchange gain (loss) (175 ) (4,142 ) (4,317 ) 182 3,259 3,441 At December 31, $ 1,864 $ 46,195 $ 48,059 $ 2,429 $ 53,875 $ 56,304 The amounts recognised in the consolidated statement of operations are as follows: 2018 2017 Pension Plan SERP Total Pension Plan SERP Total Current service cost $ 2,935 $ 269 $ 3,204 $ 2,102 $ 877 $ 2,979 Interest cost 601 1,404 2,005 620 1,508 2,128 Past Service Cost — 146 146 206 208 414 Expected return on plan assets (73 ) (1,727 ) (1,800 ) (87 ) (1,983 ) (2,070 ) Defined benefit plans expense $ 3,463 $ 92 $ 3,555 $ 2,841 $ 610 $ 3,451 The actual return on plan assets was a loss of $ 685 ( 2017 – gain of $ 1,416 ). The principal actuarial assumptions used were as follows: 2018 2017 Pension Plan SERP Pension Plan SERP Greece Turkey Canada Canada Greece Turkey Canada Canada % % % % % % % % Expected return on plan assets — — 3.4 3.4 — — 3.9 3.9 Discount rate - beginning of year 1.7 11.0 3.4 3.4 1.6 10.5 3.9 3.9 Discount rate - end of year 1.7 15.0 3.9 3.9 1.7 11.0 3.4 3.4 Rate of salary escalation 2.8 9.0 2.0 2.0 2.8 6.5 2.0 2.0 Average remaining service period of active employees expected to receive benefits — — 1.6 years 1.6 years — — 8.2 years 8.2 years 18. Defined benefit plans (continued) Plan Assets The assets of the Pension Plan and the amounts deposited in the SERP account are managed by a major investment management company and are invested only in conformity with the investment requirements of applicable pension laws. The following table summarizes the defined benefit plans’ weighted average asset allocation percentages by asset category: December 31, 2018 December 31, 2017 Pension Plan SERP Pension Plan SERP Investment funds Money market 2 % 1 % — 6 % Canadian fixed income 98 % 6 % 100 % 2 % Canadian equities — 22 % — 20 % US equities — 10 % — 19 % International equities — 12 % — 7 % Other (1) — 49 % — 46 % Total 100 % 100 % 100 % 100 % 1 Assets held by the Canada Revenue Agency in the refundable tax account The sensitivity of the overall pension obligation to changes in the weighted principal assumptions is: Change in assumption Impact on overall obligation Discount rate Increase by 0.5% Decrease by $2,189 Decrease by 0.5% Increase by $2,401 Salary escalation rate Increase by 0.5% Increase by $nil Decrease by 0.5% Decrease by $nil |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2018 | |
Major components of tax expense (income) [abstract] | |
Income taxes | 19. Income taxes Total income tax expense (recovery) consists of: December 31, 2018 December 31, 2017 Current tax expense $ 32,341 $ 39,232 Deferred tax recovery (118,839 ) (19,849 ) $ (86,498 ) $ 19,383 Total income tax expense (recovery) attributable to each geographical jurisdiction for the Company is as follows: 2018 2017 Turkey $ 45,238 $ 30,139 Greece (129,213 ) (4,598 ) Brazil 3,608 (1,087 ) Canada (3,415 ) 2,960 Romania (2,716 ) (8,026 ) Other jurisdictions — (5 ) $ (86,498 ) $ 19,383 The key factors affecting income tax expense (recovery) for the years are as follows: 2018 2017 Earnings (loss) from continuing operations before income tax $ (466,129 ) $ 792 Canadian statutory tax rate 27 % 26 % Tax expense (recovery) on net income at Canadian statutory tax rate $ (125,855 ) $ 206 Items that cause an increase (decrease) in income tax expense: Foreign income subject to different income tax rates than Canada (17,498 ) (11,792 ) Reduction in Greek income tax rate (24,968 ) — Non-tax effected operating losses 12,716 9,691 Non-deductible expenses and other items 14,923 10,002 Foreign exchange and other translation adjustments 36,837 6,289 Future and current withholding tax on foreign income dividends 20,000 5,297 Other (2,653 ) (310 ) Income tax expense (recovery) $ (86,498 ) $ 19,383 19. Income taxes (continued) The change in the Company’s net deferred tax position was as follows: 2018 2017 Net deferred tax asset (liability) Balance at January 1, $ (549,127 ) $ (443,501 ) Deferred income tax liability related to Integra acquisition — (126,903 ) Deferred income tax recovery in the income statement 118,839 19,849 Deferred tax recovery in other comprehensive loss 359 1,428 Net balance at December 31, $ (429,929 ) $ (549,127 ) The composition of the Company’s net deferred income tax asset and liability and deferred tax expense is as follows: Type of temporary difference Deferred tax assets Deferred tax liabilities Expense (recovery) 2018 2017 2018 2017 2018 2017 Property, plant and equipment $ — $ — $ 483,561 $ 592,062 $ (108,501 ) $ (33,466 ) Loss carryforwards 37,245 31,457 — — (5,788 ) (4,641 ) Liabilities 27,321 24,690 — — (2,631 ) (80 ) Future withholding taxes — — 20,000 — 20,000 — Other items 19,477 1,997 10,411 15,208 (21,919 ) 18,338 Balance at December 31, $ 84,043 $ 58,144 $ 513,972 $ 607,270 $ (118,839 ) $ (19,849 ) Unrecognized deferred tax assets 2018 2017 Tax losses $ 160,052 $ 167,030 Other deductible temporary differences 11,967 11,253 Total unrecognized deferred tax assets $ 172,019 $ 178,283 Unrecognized tax losses At December 31, 2018 the Company had losses with a tax benefit of $ 160,052 ( 2017 – $ 167,030 ) which are not recognized as deferred tax assets. The Company recognizes the benefit of tax losses only to the extent of anticipated future taxable income that can be reduced by the tax losses. 19. Income taxes (continued) The gross amount of the tax losses for which a tax benefit has not been recorded expire in future years as follows: Expiry date Canada Brazil Greece Total 2019 $ — $ — $ 14,964 $ 14,964 2020 — — 25,221 25,221 2021 — — 10,451 10,451 2022 — — 8,007 8,007 2023 — — 10,337 10,337 2025 7,894 — — 7,894 2026 14,966 — — 14,966 2027 10,638 — — 10,638 2028 25,971 — — 25,971 2029 23,444 — — 23,444 2030 7,282 — — 7,282 2031 45,351 — — 45,351 2032 74,855 — — 74,855 2033 64,883 — — 64,883 2034 58,689 — — 58,689 2035 55,266 — — 55,266 2036 50,503 — — 50,503 2037 27,333 — — 27,333 2038 9,025 — — 9,025 No Expiry — 32,407 — 32,407 $ 476,100 $ 32,407 $ 68,980 $ 577,487 Capital losses with no expiry 64,837 — — 64,837 Tax effect of total losses not recognized $ 137,268 $ 5,538 $ 17,246 $ 160,052 Deductible temporary differences At December 31, 2018 the Company had deductible temporary differences for which deferred tax assets of $ 11,967 ( 2017 – $ 11,253 ) have not been recognized because it is not probable that future taxable profits will be available against which the Company can utilize the benefits. The vast majority of these temporary benefits have no expiry date. Temporary differences associated with investments in subsidiaries The Company has not recognized deferred tax liabilities in respect of historical unremitted earnings of foreign subsidiaries for which we are able to control the timing of the remittance and are considered reinvested for the foreseeable future. At December 31, 2018 , these earnings amount to $ 546,403 ( 2017 – $ 788,137 ). Substantially all of these earnings would be subject to withholding taxes if they were remitted by the foreign subsidiaries. 19. Income taxes (continued) Other factors affecting taxation During 2018 the Turkish Lira weakened, resulting in a deferred income tax expense during the year of $ 24,595 due to the decrease in the value of the future tax deductions associated with the Turkish operations. The Company expects that in the future significant foreign exchange movements in the Turkish Lira, Euro or Brazilian Real in relation to the U.S. dollar could cause significant volatility in the deferred income tax expense or recovery. |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of classes of share capital [abstract] | |
Share capital | 20. Share capital Eldorado’s authorized share capital consists of an unlimited number of voting common shares without par value and an unlimited number of non-voting common shares without par value. At December 31, 2018 there were no non-voting common shares outstanding ( December 31, 2017 – nil ). Effective December 27, 2018, the Company consolidated its issued and outstanding common shares (the "Pre-Consolidation Shares") on the basis of one ( 1 ) new common share (the "Post-Consolidation Shares") for every five ( 5 ) Pre-Consolidation Shares held (the "Share Consolidation"). As a result of the Share Consolidation, the 794,010,680 Pre-Consolidation Shares were consolidated to 158,801,722 Post-Consolidation Shares. The Share Consolidation was previously approved by shareholders at a meeting held on June 21, 2018. All references in the consolidated financial statements including amounts in the comparative period and the notes to the consolidated financial statements have been adjusted to reflect this share consolidation. Voting common shares Number of Shares Total At January 1, 2017 143,317,014 $ 2,819,101 Shares issued upon exercise of share options, for cash 48,529 586 Estimated fair value of share options exercised — 176 Shares issued for acquisition of Integra 15,436,179 188,061 At December 31, 2017 158,801,722 $ 3,007,924 At December 31, 2018 158,801,722 $ 3,007,924 |
Share-based payments
Share-based payments | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Share-Based Payments [Abstract] | |
Share-based payments | 21. Share-based payments Share based payments expense consists of: December 31, 2018 December 31, 2017 Share options $ 3,392 $ 6,736 Restricted shares with no performance criteria 1,425 2,716 Restricted shares with performance criteria 175 — Deferred units (277 ) (1,023 ) Performance shares 2,274 2,789 $ 6,989 $ 11,218 21. Share-based payments (continued) (a) Share option plans Previously, the Company had two share option plans (the “Plans”) approved, as amended and restated, by the shareholders from time to time. On June 21, 2018, shareholders approved the combination of the two plans into the Incentive Stock Option Plan effective as of June 21, 2018 under which share purchase options (“Options”) can be granted to officers, employees and consultants. The Company’s Incentive Stock Option Plan (the “Plan”) consists of options which are subject to a 5 -year maximum term and payable in shares of the Company when vested and exercised. The Plan prohibits the re-pricing of Options without shareholder approval. Options vest at the discretion of the Board of Directors at the time an Option is granted. Generally, Options granted before November 1, 2015 vest in three equal and separate tranches with the first tranche vesting on the grant date and the second and third tranches vesting on the second and third anniversary dates of the grant date. Options granted on or after November 1, 2015 vest in three equal and separate tranches with vesting commencing one year after the date of grant and the second and third tranches vesting on the second and third anniversary of the grant date. Options are subject to withholding tax on exercise, withholding tax is paid by the Option holder to the Company prior to receipt of the shares received pursuant to exercise. The Company is responsible for remittance of the withholding tax to the appropriate tax authority. As at December 31, 2018 , a total of 3,928,361 options ( 2017 – 3,575,074 ) were available to grant under the Plan. Movements in the number of share options outstanding and their related weighted average exercise prices are as follows: 2018 2017 Weighted Number of Weighted Number of At January 1, 30.18 5,944,510 37.75 5,779,205 Regular options granted 6.20 1,078,797 22.15 1,160,905 Exercised — — 16.10 (48,529 ) Expired 51.46 (870,904 ) 73.89 (788,672 ) Forfeited 26.99 (561,175 ) 33.78 (158,399 ) At December 31, 22.56 5,591,228 30.18 5,944,510 At December 31, 2018 , 3,576,150 share purchase options ( December 31, 2017 – 3,716,685 ) with a weighted average exercise price of Cdn$ 28.13 ( December 31, 2017 – Cdn$ 36.7 ) had vested and were exercisable. 21. Share-based payments (continued) Options outstanding are as follows: December 31, 2018 Total options outstanding Exercisable options Range of Shares Weighted Weighted Shares Weighted $6.00 to $6.99 1,070,517 4.3 6.20 — — $16.00 to $16.99 1,350,527 2.1 16.10 1,011,048 16.10 $18.00 to $18.99 2,591 2.1 18.55 1,727 18.55 $19.00 to $19.99 20,000 1.8 19.80 20,000 19.80 $21.00 to $21.99 20,000 2.8 21.15 13,333 21.15 $22.00 to $22.99 932,971 3.1 22.00 437,527 22.00 $23.00 to $23.99 151,933 3.2 23.18 50,643 23.18 $29.00 to $29.99 2,449 2.4 29.55 1,632 29.55 $30.00 to $30.99 27,800 0.8 30.75 27,800 30.75 $31.00 to $31.99 4,828 0.3 31.90 4,828 31.90 $33.00 to $33.99 1,159,157 1.1 33.35 1,159,157 33.35 $34.00 to $34.99 20,000 0.3 34.15 20,000 34.15 $35.00 to $35.99 20,000 1.0 35.40 20,000 35.40 $39.00 to $39.99 808,455 0.2 39.20 808,455 39.20 5,591,228 2.2 22.56 3,576,150 28.13 Share based payments expense related to share options for the year ended December 31, 2018 was $ 3,392 (2017 – $ 6,736 ). The assumptions used to estimate the fair value of options granted during the years ended December 31, 2018 and 2017 were: 2018 2017 Risk-free interest rate (range) (%) 1.80 – 2.20 0.70 – 1.05 Expected volatility (range) (%) 58 – 64 60 – 65 Expected life (range) (years) 1.79 – 3.79 1.80 – 3.80 Expected dividends (CDN$) — 0.02 Forfeiture rate (%) 8.0 11.0 The weighted average fair value per stock option granted was Cdn$ 2.32 ( 2017 – Cdn$ 7.65 ). Volatility was determined based on the historical volatility over the estimated lives of the options. 21. Share-based payments (continued) (b) Restricted share unit plan The Company has a Restricted Share Unit plan (“RSU” plan) whereby restricted share units may be granted to senior management of the Company. The current maximum number of common shares authorized for issue under the RSU plan is 5,000,000 . As at December 31, 2018 , 508,127 common shares purchased by the Company remain held in trust in connection with this plan (2017 – 1,706,096 ) and have been included in treasury stock within equity on the consolidated statement of financial position. Currently, the Company has two types of RSUs: i. RSU with no performance criteria These RSUs are exercisable into one common share once vested, entitling the holder to receive the common share for no additional consideration. They vest as follows: one third on the first anniversary of the grant date, one third on the second anniversary of the grant date and one third on the third anniversary of the grant date. RSUs with no performance criteria terminate on the third anniversary of the grant date. All vested RSUs which have not been redeemed by the date of termination are automatically redeemed. Such RSUs may be redeemed by the holder in shares or cash, with cash redemptions subject to the approval of the Board. RSU redemptions are subject to withholding tax, which is paid by the RSU holder to the Company prior to receipt of the resultant shares. Cash settlements are paid net of withholding tax. The Company is responsible for remittance of the withholding tax to the appropriate tax authority. A total of 214,859 RSUs with no performance criteria at an average grant-date fair value of Cdn $5.88 per unit were granted during the year ended December 31, 2018 under the Company’s RSU plan. The fair value of each RSU issued is determined as the closing share price at grant date. A summary of the status of the RSUs with no performance criteria and changes during the year ended December 31, 2018 is as follows: 2018 2017 At January 1, 341,198 248,013 Granted 214,859 187,366 Redeemed (181,491 ) (69,968 ) Forfeited (41,447 ) (24,213 ) At December 31, 333,119 341,198 As at December 31, 2018 , 29,371 restricted share units are fully vested and exercisable (2017 – 119,356 ). Compensation expense related to RSUs with no performance criteria for the year ended December 31, 2018 was $1,425 ( 2017 – $2,716 ). ii. RSU with performance criteria RSUs with performance criteria vest on the third anniversary of the grant date, subject to achievement of pre-determined performance criteria. When fully vested, the number of RSUs redeemed will range from 0% to 200% of the target award, subject to the performance of the share price over the 3 year period. A total of 167,976 RSUs with performance criteria were granted during the year ended December 31, 2018 under the Company’s RSU plan. No RSUs with performance criteria were granted by the Company in previous years. 21. Share-based payments (continued) A summary of the status of the RSUs with performance criteria and changes during the year ended December 31, 2018 is as follows: 2018 At January 1, — Granted 167,976 Forfeited (15,049 ) At December 31, 152,927 Compensation expense related to RSUs with performance criteria for the year ended December 31, 2018 was $175 ( 2017 - $ nil ). (c) Deferred units plan The Company has an Independent Directors Deferred Unit plan (“DU Plan”) under which DU’s are granted by the Board from time to time to independent directors (“the Participants”). DUs may be redeemed only on retirement of the independent director from the Board (the “Termination Date”) by providing the redemption notice (“Redemption Notice”) to the Company specifying the redemption date which shall be no later than December 15 of the first calendar year commencing after the calendar year in which the Termination Date occurred (the “Redemption Date”). Fifteen ( 15 ) trading days after the Redemption Date but no later than December 31 of the first calendar year commencing after the calendar year in which the Termination Date occurred, the Participant shall have the right to receive, and shall receive, with respect to all DUs held at the Redemption Date a cash payment equal to the market value of such DUs as of the Redemption Date. The Company will withhold income tax on redeemed DUs and is responsible for submission of the withholding tax to the tax authority. At December 31, 2018 , 234,125 DUs were outstanding ( 2017 – 119,367 ) with a value of $ 686 ( 2017 – $ 866 ), which is included in accounts payable and accrued liabilities. Compensation income related to the DUs for the year ended December 31, 2018 was $ 277 ( 2017 – $ 1,023 ). (d) Performance share units plan The Company has a Performance Share Unit plan (the “PSU” Plan) whereby PSUs may be granted to senior management of the Company at the discretion of the Board of Directors. Under the plan, PSUs cliff vest on the third anniversary of the grant date (the “Redemption Date”) and are subject to terms and conditions including the achievement of predetermined performance criteria (the “Performance Criteria”). When fully vested the number of PSUs redeemed will range from 0% to 200% of the target award, subject to the achievement of the Performance Criteria. Once vested, at the option of the Company, PSU’s are redeemable as a cash payment equal to the market value of the vested PSUs as of the Redemption Date, common shares of the Company equal to the number of vested PSUs, or a combination of cash and shares equal to the market value of the vested PSUs, for no additional consideration from the PSU holder and to be redeemed as soon as practicable after the Redemption Date. The Company will withhold income tax on redeemed PSUs and is responsible for submission of the withholding tax to the tax authority. A total of 261,523 PSUs were granted during the year ended December 31, 2018 under the PSU Plan ( 2017 – 113,938 ). The current maximum number of common shares authorized for issuance from treasury under the PSU Plan is 3,130,000 . 21. Share-based payments (continued) Movements in the PSUs during the year ended December 31, 2018 are as follows: 2018 2017 At January 1, 381,293 286,188 Granted 261,522 113,938 Expired (118,605 ) — Forfeited (39,311 ) (18,833 ) At December 31, 484,899 381,293 Compensation expense related to PSUs for the year ended December 31, 2018 was $ 2,274 ( 2017 – $ 2,789 ). |
Supplementary cash flow informa
Supplementary cash flow information | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Statement of Cash Flow [Abstract] | |
Supplementary cash flow information | 22. Supplementary cash flow information December 31, 2018 December 31, 2017 Changes in non-cash working capital Accounts receivable and other $ (1,471 ) $ (2,456 ) Inventories 20,775 (31,437 ) Accounts payable and accrued liabilities (14,242 ) (1,862 ) Total $ 5,062 $ (35,755 ) Supplementary cash flow information Income taxes paid $ 36,879 $ 42,293 Interest paid $ 36,750 $ 36,750 |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of risk management [abstract] | |
Financial risk management | 23. Financial risk management 23.1 Financial risk factors Eldorado’s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk and price risk), credit risk and liquidity risk. Eldorado’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company’s financial performance. (a) Market risk (i) Foreign exchange risk The Company operates principally in Turkey, Canada, Greece, Brazil and Romania, and is therefore exposed to foreign exchange risk arising from transactions denominated in foreign currencies. Foreign exchange risk arises when future commercial transactions or recognised assets or liabilities are denominated in a currency that is not the entity’s functional currency. Eldorado’s cash and cash equivalents, accounts receivable, marketable securities, accounts payable and accrued liabilities and debt are denominated in several currencies, and are therefore subject to fluctuation against the U.S. dollar. 23. Financial risk management (continued) The table below summarizes Eldorado’s exposure to the various currencies denominated in the foreign currency at December 31, 2018 and 2017, as listed below: 2018 Canadian dollar Australian dollar Euro Turkish lira Chinese renminbi Serbian dinar Romanian lei British pound Brazilian real (Amounts in thousands) $ $ € TRY ¥ din lei £ R$ Cash and cash equivalents 19,030 433 6,861 2,664 72 8,848 1,904 923 4,539 Marketable securities 3,509 — — — — — — — — Accounts receivable and other 23,672 3 15,552 54,772 — 8,386 4,487 — 9,970 Accounts payable and accrued liabilities (102,027 ) (7 ) (34,488 ) (44,516 ) — (1,004 ) (2,286 ) — (2,941 ) Other non-current liability (10,064 ) — (9,191 ) (15,877 ) — — — — — Net balance (65,880 ) 429 (21,266 ) (2,957 ) 72 16,230 4,105 923 11,568 Equivalent in U.S. dollars $ (48,292 ) $ 302 $ (24,334 ) $ (562 ) $ 11 $ 157 $ 1,010 $ 1,180 $ 2,982 2017 Canadian dollar Australian dollar Euro Turkish lira Chinese renminbi Serbian Dinar Romanian lei British pound Brazilian real (Amounts in thousands) $ $ € TRY ¥ din lei £ R$ Cash and cash equivalents 18,280 482 13,030 4,965 77 4,845 9,730 366 15,991 Marketable securities 6,286 — — — — — — — — Accounts receivable and other 13,706 4 24,508 60,111 — 43,157 7,542 — 12,547 Accounts payable and accrued liabilities (30,900 ) (42 ) (45,751 ) (50,099 ) — (9,000 ) (6,174 ) — (5,559 ) Other non-current liability (1,269 ) — (6,516 ) (17,999 ) — — — — — Net balance 6,103 444 (14,729 ) (3,022 ) 77 39,002 11,098 366 22,979 Equivalent in U.S. dollars $ 4,865 $ 347 $ (17,664 ) $ (802 ) $ 12 $ 394 $ 2,874 $ 495 $ 6,946 Based on the balances as at December 31, 2018 , a 1% increase/decrease in the U.S. dollar exchange rate against all of the other currencies on that date would have resulted in a decrease/increase of approximately $675 (2017 – $25 ) in earnings (loss) before taxes. There would be no effect on other comprehensive income. Cash flows from operations are exposed to foreign exchange risk, as commodity sales are set in U.S. dollars and a certain amount of operating expenses are in the currency of the country in which mining operations take place. (ii) Metal price and global market risk The Company is subject to price risk for fluctuations in the market price of gold and the global concentrate market. Gold and other metals prices are affected by numerous factors beyond the Company’s control, including central bank sales, demand for concentrate, producer hedging activities, the relative exchange rate of the U.S. dollar with other major currencies, global and regional demand and political and economic conditions. 23. Financial risk management (continued) Worldwide gold and other metals production levels also affect their prices, and the price of these metals is occasionally subject to rapid short-term changes due to speculative activities. From time to time, the Company may use commodity price contracts to manage its exposure to fluctuations in the price of gold and other metals, but has elected not to at this time. Other price risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices. This includes equity price risk, whereby the Company’s investments in marketable securities are subject to market price fluctuation. (iii) Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market interest rates. Current financial assets and financial liabilities are generally not exposed to interest rate risk because of their short-term nature. The Company’s debt is in the form of notes with a fixed interest rate of 6.125% . However, any future borrowings under the ARCA are at variable rates of interest and would expose the Company to interest rate risk. (b) Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents, restricted cash, term deposits and accounts receivable. In accordance with the Company's Investment Policy, term deposits and short term investments are held with high credit quality financial institutions as determined by rating agencies. The carrying value of $356,823 is the maximum amount exposed to credit risk. Payment for metal sales is normally in advance or within fifteen days of shipment depending on the buyer. While the historical level of customer defaults is negligible, which has reduced the credit risk associated with trade receivables at December 31, 2018, there is no guarantee that buyers, including under exclusive sales arrangements, will not default on its commitments, which may have an adverse impact on the Company's financial performance. (c) Liquidity risk Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. The Company manages liquidity by maintaining adequate cash and cash equivalent balances and by using its line of credit as required. Management monitors and reviews both actual and forecasted cash flows, and also matches the maturity profile of financial assets and liabilities. Contractual maturities relating to debt are included in note 16 . All other financial liabilities are due within one year. 23.2 Capital risk management Eldorado’s objective is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the Company's mining projects. Capital consists of all of the components of equity which includes share capital from ordinary shares, contributed surplus, accumulated other comprehensive income, deficit and non-controlling interests. Eldorado monitors capital on the basis of the debt to capital ratio and Net Debt to EBITDA. The debt to capital ratio is calculated as debt, including current and non-current debt, divided by capital plus debt. The Net Debt to EBITDA ratio is calculated as debt, including current and non-current debt, less cash, cash equivalents and term deposits, divided by earnings before interest costs, taxes, depreciation and amortization. As at December 31, 2018 , our debt to capital ratio was 15.2% ( 2017 – 13.8% ) and our Net Debt to EBITDA ratio was 2.26 :1 ( 2017 – 0.9:1 ). |
Commitments and Contractual Obl
Commitments and Contractual Obligations | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of contingent liabilities [abstract] | |
Commitments and Contractual Obligations | 24. Commitments and Contractual Obligations The Company’s commitments and contractual obligations, not recorded on the consolidated statement of financial position, at December 31, 2018 , include: 2019 2020 2021 2022 and later Operating leases $ 9,305 $ 8,145 $ 7,794 $ 39,446 Purchase obligations 30,883 234 148 278 Totals $ 40,188 $ 8,379 $ 7,942 $ 39,724 Purchase obligations as at December 31, 2018 relate primarily to mine development expenditures in Greece and Canada as well as operating costs in Turkey. As of 31 December, 2018, Hellas Gold, a subsidiary of Eldorado, had entered into off-take agreements pursuant to which Hellas Gold agreed to sell a total of 52,500 dry metric tonnes of zinc concentrates, 5,250 dry metric tonnes of lead/silver concentrates, and 241,000 dry metric tonnes of gold concentrate, through the year ending December 31, 2019. In April 2007, Hellas Gold agreed to sell to Silver Wheaton (Caymans) Ltd., a subsidiary of Wheaton Precious Metals (“Wheaton Precious Metals”) all of the payable silver contained in lead concentrate produced within an area of approximately seven square kilometers around Stratoni. The sale was made in consideration of a prepayment to Hellas Gold of $57.5 million in cash, plus a fixed price per ounce of payable silver to be delivered based on the lesser of $3.90 and the prevailing market price per ounce, adjusted higher by 1% every year. The Agreement was amended in October 2015 to provide for increases in the fixed price paid by Wheaton Precious Metals upon completion of certain expansion drilling milestones. 10,000 meters of expansion drilling was reached during the second quarter of 2018 and in accordance with the terms of the agreement, the fixed price has been adjusted by an additional $2.50 per ounce. Accordingly, the fixed price as of July 1, 2018 is equal to $6.77 per ounce. As at December 31, 2018, Tuprag Metal Madencilik Sanayi Ve Ticaret A.S. (“Tuprag”), a subsidiary of Eldorado had entered into off-take agreements pursuant to which Tuprag agreed to sell a total of 45,000 dry metric tonnes of gold concentrate through the year ending December 31, 2019. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of contingent liabilities [abstract] | |
Contingencies | 25. Contingencies Due to the size, complexity and nature of the Company’s operations, various legal, tax, environmental and regulatory matters are outstanding from time to time. By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. While the outcomes of these matters are uncertain, based upon the information currently available, the Company does not believe that these matters in aggregate will have a material adverse effect on its consolidated financial position, cash flows or results of operations. In the event that management’s estimate of the future resolution of these matters changes, the Company will recognize the effects of these changes in its consolidated financial statements in the appropriate period relative to when such changes occur. As at December 31, 2018 , the amount of ultimate liability with respect to these actions will not, in the opinion of management, materially affect Eldorado’s consolidated financial position, results of operations or cash flows. Accordingly, no amounts have been accrued as at December 31, 2018 . |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of transactions between related parties [abstract] | |
Related party transactions | 26. Related party transactions Key management includes directors (executive and non-executive), officers and senior management. The compensation paid or payable to key management for employee services, including amortization of share based payments, is shown below: 2018 2017 Salaries and other short-term employee benefits $ 6,191 $ 8,908 Defined benefit pension plan 268 754 Share based payments 2,632 5,920 Termination benefits 1,762 607 $ 10,853 $ 16,189 |
Financial instruments by catego
Financial instruments by category | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial instruments by category | 27. Financial instruments by category Fair value The following table provides the carrying value and the fair value of financial instruments at December 31, 2018 and December 31, 2017 : December 31, 2018 December 31, 2017 Carrying amount Fair value Carrying amount Fair value Financial Assets Fair value through OCI Marketable securities $ 2,572 $ 2,572 $ 5,010 $ 5,010 Amortized cost Cash and cash equivalents 286,312 286,312 479,501 479,501 Term deposit 6,646 6,646 5,508 5,508 Restricted cash 13,745 13,745 12,927 12,927 Accounts receivable and other 46,196 46,196 33,627 33,627 Other assets 3,924 3,924 4,900 4,900 Financial Liabilities at amortized cost Accounts payable and accrued liabilities 140,878 140,878 110,541 110,541 Debt $ 595,977 $ 549,606 $ 593,783 $ 595,698 Fair values are determined directly by reference to published price quotations in an active market, when available, or by using a valuation technique that uses inputs observed from relevant markets. The three levels of the fair value hierarchy are described below: • Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. • Level 2 – Inputs that are observable, either directly or indirectly, but do not qualify as Level 1 inputs (i.e., quoted prices for similar assets or liabilities). • Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). 27. Financial instruments by category (continued) Assets measured at fair value as at December 31, 2018 are marketable securities and long lived assets that have been impaired and their carrying values are now at FVLCD ( note 13 ). No liabilities are measured at fair value on a recurring basis as at December 31, 2018 . The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in Level 1. Instruments included in Level 1 comprise primarily publicly-traded equity investments classified as held-for-trading securities or available-for-sale securities. With the exception of the fair market value of the Company’s senior notes (note 16b) , which are included in level 2, all carrying amounts of financial instruments approximate their fair value. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Revenue | 28. Revenue Revenue by metal for the year was as follows: December 31, 2018 December 31, 2017 Gold revenue $ 385,953 $ 333,342 Zinc revenue 39,564 30,575 Lead revenue 21,625 18,272 Silver revenue 11,482 6,987 Iron revenue — 2,347 Revenue from contracts with customers $ 458,624 $ 391,523 Gain (loss) on revaluation of derivatives in trade receivables 392 (117 ) $ 459,016 $ 391,406 For the year ended December 31, 2018 , revenue from contracts with customers by product and segment was as follows: Turkey Greece Brazil Total Gold revenue - dore $ 220,382 $ — $ — $ 220,382 Gold revenue - concentrate 123,960 41,611 — 165,571 Silver revenue - dore 1,245 — — 1,245 Silver revenue - concentrate 2,941 7,296 — 10,237 Lead concentrate — 21,625 — 21,625 Zinc concentrate — 39,564 — 39,564 $ 348,528 $ 110,096 $ — $ 458,624 28. Revenue (continued) For the year ended December 31, 2017 , revenue from contracts with customers by product and segment was as follows: Turkey Greece Brazil Total Gold revenue - dore $ 215,739 $ — $ — $ 215,739 Gold revenue - concentrate 117,603 — — 117,603 Silver revenue - dore 1,400 — — 1,400 Silver revenue - concentrate 3,165 2,422 — 5,587 Lead concentrate — 18,272 — 18,272 Zinc concentrate — 30,575 — 30,575 Iron ore concentrate — — 2,347 2,347 $ 337,907 $ 51,269 $ 2,347 $ 391,523 |
Production costs
Production costs | 12 Months Ended |
Dec. 31, 2018 | |
Expenses by nature [abstract] | |
Production costs | 29. Production costs 2018 2017 Labour $ 74,023 $ 52,670 Fuel 14,910 23,241 Reagents 40,587 40,839 Electricity 14,288 12,132 Mining contractors 17,107 12,575 Operating and maintenance supplies and services 31,772 56,342 Site general and administrative costs 33,667 23,621 Inventory change 33,459 (36,501 ) Royalties, production taxes and selling expenses 8,167 7,821 $ 267,980 $ 192,740 |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2018 | |
Weighted average ordinary shares and adjusted weighted average ordinary shares [abstract] | |
Earnings per share | 30. Earnings per share The weighted average number of ordinary shares for the purposes of diluted earnings per share reconciles to the weighted average number of ordinary shares used in the calculation of basic earnings per share as follows: 2018 2017 Weighted average number of ordinary shares used in the calculation of basic earnings per share 158,509 150,531 Diluted impact of stock options — — Weighted average number of ordinary shares used in the calculation of diluted earnings per share 158,509 150,531 |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of operating segments [abstract] | |
Segment information | 31. Segment information Identification of reportable segments The Company has identified its operating segments based on the internal reports that are reviewed and used by the chief executive officer and the executive management (the chief operating decision makers or CODM) in assessing performance and in determining the allocation of resources. The CODM consider the business from both a geographic and product perspective and assess the performance of the operating segments based on measures of profit and loss as well as assets and liabilities. These measures include operating profit, expenditures on exploration, property, plant and equipment and non-current assets, as well as total debt. As at December 31, 2018 , Eldorado had six reportable segments based on the geographical location of mining and exploration and development activities. Geographical segments Geographically, the operating segments are identified by country and by operating mine or mine under construction. The Turkey reporting segment includes the Kişladağ and the Efemçukuru mines and exploration activities in Turkey. The Canada reporting segment includes the Lamaque project and exploration activities in Canada. The Greece reporting segment includes the Stratoni and Olympias mines, the Skouries, Perama Hill and Sapes projects and exploration activities in Greece. The Romania reporting segment includes the Certej project and exploration activities in Romania. The Brazil reporting segment includes the Vila Nova mine, Tocantinzinho project and exploration activities in Brazil. Other reporting segment includes operations of Eldorado’s corporate office and exploration activities in other countries. Financial information about each of these operating segments is reported to the CODM on a monthly basis. The mines in each of the different reporting segments share similar economic characteristics and have been aggregated accordingly. 31. Segment information (continued) 2018 Turkey Canada Greece Romania Brazil Other Total Information about profit and loss Revenues $ 348,528 $ — $ 110,488 $ — $ — $ — $ 459,016 Production costs 174,081 — 93,899 — — — 267,980 Inventory write-down — — 1,465 — — — 1,465 Depreciation 75,854 — 29,424 — — 454 105,732 Earnings (loss) from mine operations $ 98,593 $ — $ (14,300 ) $ — $ — $ (454 ) $ 83,839 Other material items of income and expense Impairment of property, plant and equipment $ 117,570 $ — $ 330,238 $ — $ — $ — $ 447,808 Exploration and evaluation expenses 840 103 15,947 13,499 1,728 1,725 33,842 Income tax expense (recovery) 45,238 (3,415 ) (129,213 ) (2,716 ) 3,608 — (86,498 ) Additions to property, plant and equipment during the period $ 68,737 $ 189,867 $ 61,716 $ 419 $ 6,612 $ 802 $ 328,153 Capitalised interest $ — $ 13,160 $ 23,590 $ — $ — $ — $ 36,750 Information about assets and liabilities Property, plant and equipment (*) $ 721,449 $ 582,895 $ 2,063,798 $ 416,197 $ 203,075 $ 1,062 $ 3,988,476 Goodwill — 92,591 — — — — 92,591 $ 721,449 $ 675,486 $ 2,063,798 $ 416,197 $ 203,075 $ 1,062 $ 4,081,067 Debt $ — $ — $ — $ — $ — $ 595,977 $ 595,977 * Net of proceeds from sale of pre-commercial production at Olympias and Lamaque. 31. Segment information (continued) 2017 Turkey Canada Greece Romania Brazil Other Total Information about profit and loss Revenues $ 337,907 $ — $ 51,152 $ — $ 2,347 $ — $ 391,406 Production costs 145,573 — 45,343 — 1,824 — 192,740 Inventory write-down — — 444 — — — 444 Depreciation 71,389 6 466 — — 269 72,130 Earnings (loss) from mine operations $ 120,945 $ (6 ) $ 4,899 $ — $ 523 $ (269 ) $ 126,092 Other material items of income and expense Other write-down (write-up) of assets $ 29,619 $ — $ 6,661 $ 10,454 $ (79 ) $ 42 $ 46,697 Exploration and evaluation expenses 3,203 6,616 7,512 10,168 4,733 6,029 38,261 Income tax expense (recovery) 30,139 1,532 (4,603 ) (8,026 ) (1,087 ) 1,428 19,383 Additions to property, plant and equipment during the period $ 65,013 $ 34,575 $ 197,788 $ 2,006 $ 10,029 $ 827 $ 310,238 Capitalised interest $ — $ 1,245 $ 35,505 $ — $ — $ — $ 36,750 Information about assets and liabilities Property, plant and equipment (*) $ 835,422 $ 416,795 $ 2,362,107 $ 415,856 $ 196,467 $ 750 $ 4,227,397 Goodwill — 92,591 — — — — 92,591 $ 835,422 $ 509,386 $ 2,362,107 $ 415,856 $ 196,467 $ 750 $ 4,319,988 Debt $ — $ — $ — $ — $ — $ 593,783 $ 593,783 * Net of proceeds from sale of pre-commercial production at Olympias The Turkey segment derives their revenues from sales of gold. The Brazil segment derives its revenue from sales of iron ore. The Greece segment derives its revenue from sales of gold, zinc, lead and silver concentrates. |
Events occurring after the repo
Events occurring after the reporting date | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Events After Reporting Period [Abstract] | |
Events occurring after the reporting date | 32. Events occurring after the reporting date On January 30, 2019, the Company announced that it will resume mining, crushing, stacking and heap leaching at its Kisladag gold mine in Turkey. Extended leach cycles show improved recoveries and revised heap leach plans show improved economics for the heap leaching scenario. As a result, advancement of the previously announced mill project was suspended. Mining is expected to recommence by the end of Q1 2019. Management performed a further impairment test of the Kisladag CGU and determined that no further impairment or reversal of impairment was identified for the Kisladag CGU. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Basis of presentation and principles of consolidation | 3.1 Basis of presentation and principles of consolidation (i) Subsidiaries and business combinations Subsidiaries are those entities controlled by Eldorado. Control exists when Eldorado is exposed to, or has rights, to variable returns from the subsidiary and has the ability to affect those returns through its power over the subsidiary. Power is defined as existing rights that give the Company the ability to direct the relevant activities of the subsidiary. In assessing control, potential voting rights that currently are exercisable are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. All intercompany transactions, balances, income and expenses are eliminated in full upon consolidation. The acquisition method of accounting is used to account for business acquisitions. The cost of an acquisition is measured at the fair value of the assets acquired, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. 3. Significant accounting policies (continued) The excess of the cost of acquisition over the fair value of Eldorado’s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets acquired, the difference, or gain, is recognised directly in the consolidated statement of operations. Transaction costs, other than those associated with the issue of debt or equity securities, which the Company incurs in connection with a business combination, are expensed as incurred. The subsidiaries of the Company as at December 31, 2018 are described below: Subsidiary Location Ownership Operations and Tüprag Metal Madencilik Sanayi ve Ticaret AS ("Tüprag") Turkey 100% Kişladağ Mine Hellas Gold SA ("Hellas") Greece 95% Stratoni Mine Integra Gold Corporation Canada 100% Lamaque Project Thracean Gold Mining SA Greece 100% Perama Hill Project Thrace Minerals SA Greece 100% Sapes Project Unamgen Mineração e Metalurgia SA Brazil 100% Vila Nova Iron Ore Mine Brazauro Recursos Minerais SA ("Brazauro") Brazil 100% Tocantinzinho Project Deva Gold SA ("Deva") Romania 80.5% Certej Project (ii) Discontinued operations A discontinued operation is a component of the Company’s business that represents a separate major line of business or geographical area of operations that has been disposed of, has been abandoned or meets the criteria to be classified as held for sale. Discontinued operations are presented in the consolidated statement of operations as a separate line. (iii) Assets held for sale Assets and businesses classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Impairment losses on initial classification as held for sale and gains or losses on subsequent re-measurements are included in the consolidated statement of operations. No depreciation is charged on assets and businesses classified as held for sale. Assets and businesses are classified as held for sale if their carrying amount will be recovered or settled principally through a sale transaction rather than through continuing use. The asset or business must be available for immediate sale and the sale must be highly probable within one year. (iv) Investments in associates Associates are those entities where Eldorado has the ability to exercise significant influence, but not control, over the financial and operating policies of those entities. Significant influence is presumed to exist when the Company holds between 20 and 50 percent of the voting power of another entity. Associates are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The consolidated financial statements include Eldorado’s share of the income and expenses and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of Eldorado, from the date that significant influence commences until the date that significant influence ceases. 3. Significant accounting policies (continued) When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Company has an obligation to make, or has made, payments on behalf of the investee. At each balance sheet date, each investment in associates is assessed for indicators of impairment. (v) Transactions with non-controlling interests For purchases from non-controlling interests, the difference between any consideration paid and the relevant share of the carrying value of net assets of the subsidiary acquired is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. Eldorado treats transactions in the ordinary course of business with non-controlling interests as transactions with third parties. (vi) Transactions eliminated on consolidation Intra-company and intercompany balances and transactions, and any unrealized income and expenses arising from all such transactions, are eliminated in preparing the consolidated financial statements. |
Foreign currency translation | 3.2 Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of each of Eldorado’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in U.S. dollars, which is the Company’s functional and presentation currency, as well as the functional currency of all significant subsidiaries. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognised in the consolidated statement of operations. |
Property, plant and equipment | 3.3 Property, plant and equipment (i) Cost and valuation Property, plant and equipment are carried at cost less accumulated depreciation and any impairment in value. When an asset is disposed of, it is derecognized and the difference between its carrying value and net sales proceeds is recognized as a gain or loss in the consolidated statement of operations. (ii) Property, plant and equipment Property, plant and equipment includes expenditures incurred on properties under development, significant payments related to the acquisition of land, mineral rights and property, plant and equipment which are recorded at cost on initial acquisition. Cost includes the purchase price and the directly attributable costs of acquisition or construction required to bring an asset to the location and condition necessary for the asset to be capable of operating in the manner intended by management, including capitalized borrowing costs for qualifying assets. (iii) Depreciation Mine development costs, property, plant and equipment and other mining assets whose estimated useful life is the same as the remaining life of the mine are depreciated, depleted and amortized over a mine’s estimated life using the units-of-production method calculated based on proven and probable reserves. 3. Significant accounting policies (continued) Capitalized development costs related to a multi-pit operation are amortized on a pit-by-pit basis over the pit’s estimated life using the units-of-production method calculated based on proven and probable reserves related to each pit. Property, plant and equipment and other assets whose estimated useful lives are less than the remaining life of the mine are depreciated on a straight-line basis over the estimated useful lives of the assets. Where components of an asset have a different useful life and cost that is significant to the total cost of the asset, depreciation is calculated on each separate component. Depreciation methods, useful lives and residual values are reviewed at the end of each year and adjusted if appropriate. (iv) Subsequent costs Expenditure on major maintenance or repairs includes the cost of replacement parts of assets and overhaul costs. Where an asset or part of an asset is replaced and it is probable that further future economic benefit will flow to the Company, the expenditure is capitalized. Similarly, overhaul costs associated with major maintenance are capitalized when it is probable that future economic benefit will flow to the Company and any remaining costs of previous overhauls relating to the same asset are derecognized. All other expenditures are expensed as incurred. (v) Deferred stripping costs Stripping costs incurred during the production phase of a mine are considered production costs and included in the cost of inventory produced during the period in which the stripping costs are incurred, unless the stripping activity can be shown to provide access to additional mineral reserves, in which case the stripping costs are capitalized. Stripping costs incurred to prepare the ore body for extraction are capitalized as mine development costs (pre-stripping). Capitalized stripping costs are amortized on a unit-of-production basis over the proven and probable reserves to which they relate. (vi) Borrowing costs Borrowing costs are expensed as incurred except where they are attributable to the financing of construction or development of qualifying assets requiring a substantial period of time to prepare for their intended future use. Interest is capitalized up to the date when substantially all the activities necessary to prepare the asset for its intended use are complete. Interest is ceased to be capitalized during periods of prolonged suspension of construction or development. Investment income arising on the temporary investment of proceeds from borrowings is offset against borrowing costs being capitalized. (vii) Mine standby costs and restructuring costs Mine standby costs and costs related to restructuring a mining operation are charged directly to expense in the period incurred. Mine standby costs include labour, maintenance and mine support costs incurred during temporary shutdowns of a mine or a development project. |
Exploration, evaluation and development expenditures | 3.4 Exploration, evaluation and development expenditures (i) Exploration Exploration expenditures reflect the costs related to the initial search for mineral deposits with economic potential or obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with the acquisition of mineral licenses, prospecting, sampling, mapping, diamond drilling and other work involved in searching for mineral deposits. All expenditures relating to exploration activities are expensed as incurred except for the costs associated with the acquisition of mineral licenses which are capitalized. 3. Significant accounting policies (continued) (ii) Evaluation Evaluation expenditures reflect costs incurred at projects related to establishing the technical and commercial viability of mineral deposits identified through exploration or acquired through a business combination or asset acquisition. Evaluation expenditures include the cost of: a) establishing the volume and grade of deposits through drilling of core samples, trenching and sampling activities for an ore body that is classified as either a mineral resource or a proven and probable reserve; b) determining the optimal methods of extraction and metallurgical and treatment processes; c) studies related to surveying, transportation and infrastructure requirements; d) permitting activities; and e) economic evaluations to determine whether development of the mineralized material is commercially viable, including scoping, prefeasibility and final feasibility studies. Evaluation expenditures are capitalized if management determines that there is evidence to support probability of generating positive economic returns in the future. A mineral resource is considered to have economic potential when it is expected the technical feasibility and commercial viability of extraction of the mineral resource is demonstrable considering long-term metal prices. Therefore, prior to capitalizing such costs, management determines that the following conditions have been met: ▪ There is a probable future benefit that will contribute to future cash inflows; ▪ The Company can obtain the benefit and control access to it; and ▪ The transaction or event giving rise to the benefit has already occurred. The evaluation phase is complete once technical feasibility of the extraction of the mineral deposit has been determined through preparation of a reserve and resource statement, including a mining plan as well as receipt of required permits and approval of the Board of Directors to proceed with development of the mine. (iii) Development Development expenditures are those that are incurred during the phase of preparing a mineral deposit for extraction and processing. These include pre-stripping costs and underground development costs to gain access to the ore that is suitable for sustaining commercial mining, preparing land, construction of plant, equipment and buildings and costs of commissioning the mine and mill. It also includes proceeds received from pre-commercial production. Expenditures incurred on development projects continue to be capitalized until the mine and mill move into the production stage. The Company assesses each mine construction project to determine when a mine moves into the production stage. The criteria used to assess the start date are determined based on the nature of each mine construction project, such as the complexity of a plant or its location. Various relevant criteria are considered to assess when the mine is substantially complete and ready for its intended use and moved into the production stage. Some of the criteria considered would include, but are not limited to, the following: (1) the level of capital expenditures compared to construction cost estimates; (2) the completion of a reasonable period of testing of mine plant and equipment; (3) the ability to produce minerals in saleable form (within specification); and (4) the ability to sustain ongoing production of minerals. Alternatively, if the factors that impact the technical feasibility and commercial viability of a project change and no longer support the probability of generating positive economic returns in the future, expenditures will no longer be capitalized. |
Goodwill | 3.5 Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Company’s share of the net assets of the acquired business at the date of acquisition. When the excess is negative (negative goodwill), it is recognized immediately in income. Goodwill on acquisition of subsidiaries and businesses is shown separately as goodwill in the consolidated financial statements. Goodwill on acquisition of associates is included in investments in significantly influenced companies and tested for impairment as part of the overall investment. Goodwill is carried at cost less accumulated impairment losses and tested annually for impairment. Impairment losses on goodwill are not reversed. The impairment testing is performed annually or more frequently if events or changes in circumstances indicate that it may be impaired. Goodwill is allocated to cash-generating units (“CGUs") for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. If the composition of one or more CGUs to which goodwill has been allocated changes due to a re-organization, the goodwill is re-allocated to the units affected. The gain or loss on disposal of an entity includes the carrying amount of goodwill relating to the entity sold. |
Impairment of non-financial assets | 3.6 Impairment of non-financial assets Other long-lived assets are reviewed each reporting period for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If such indicators exist, an impairment test is performed. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less cost of disposal ("FVLCD") and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows or CGUs. Value in use is determined as the present value of the future cash flows expected to be derived from an asset or CGU based on the detailed mine and/or production plans. 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. FVLCD is the amount obtainable from the sale of an asset or CGU in an arm’s length transaction between knowledgeable, willing parties, less the costs of disposal. For mining assets, FVLCD is often estimated using a discounted cash flow approach because a fair value is not readily available from an active market or binding sale agreement. Estimated future cash flows are calculated using estimated future prices, mineral reserves and resources, operating and capital costs. All assumptions used are those that an independent market participant would consider appropriate. Non-financial assets other than goodwill impaired in prior periods are reviewed for possible reversal of the impairment when events or changes in circumstances indicate that an item of mineral property and equipment or CGU is no longer impaired. |
Financial assets | 3.7 Financial assets (i) Classification and measurement The Company classifies its financial assets in the following categories: at fair value through profit or loss (“FVTPL”), at fair value through other comprehensive income (“FVTOCI”) or at amortized cost. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. The classification of investments in debt instruments is driven by the business model for managing the financial assets and their contractual cash flow characteristics. Investments in debt instruments are measured at amortized cost if the business model is to hold the instrument for collection of contractual cash flows and those cash flows are solely principal and interest. If the business model is not to hold the debt instrument, it is classified as FVTPL. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payments of principal and interest. Equity instruments that are held for trading (including all equity derivative instruments) are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as FVTOCI. (a) Financial assets at FVTPL Financial assets carried as FVTPL are initially recorded at fair value with all transaction costs expensed in the consolidated statement of operations. Realized and unrealized gains and losses arising from changes in the fair value of the financial asset held at FVTPL are included in the consolidated statement of operations in the period in which they arise. Derivatives are also categorised as FVTPL unless they are designated as hedges. (b) Financial assets at FVTOCI Investments in equity instruments as FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive income. There is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. (c) Financial assets at amortized cost Financial assets at amortized cost are initially recognized at fair value and subsequently carried at amortized cost less any impairment. (ii) Impairment of financial assets The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the loss allowance for the financial asset is measured at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the credit risk on the financial asset has not increased significantly since initial recognition, the loss allowance is measured for the financial asset at an amount equal to twelve month expected credit losses. For trade receivables the Company applies the simplified approach to providing for expected credit losses, which allows the use of a lifetime expected loss provision. Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the amount of the loss decreases and the decrease can be objectively related to an event occurring after the impairment was recognized. (iii) Derecognition of financial assets Financial assets are derecognized when they mature or are sold, and substantially all the risks and rewards of ownership have been transferred. Gains and losses on derecognition of financial assets classified as FVTPL or amortized cost are recognized in the consolidated statement of operations. Gains or losses on financial assets classified as FVTOCI remain within accumulated other comprehensive income. |
Derivative financial instruments and hedging activities | 3.8 Derivative financial instruments and hedging activities Derivatives are recognized initially at fair value on the date a derivative contract is entered into. Subsequent to initial recognition, derivatives are remeasured at their fair value. The method of recognising any resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are recognised immediately in the consolidated statement of operations. (a) Fair value hedge Changes in the fair values of derivatives that are designated and qualify as fair value hedges are recorded in the consolidated statement of operations, together with any changes in the fair values of the hedged assets or liabilities that are attributable to the hedged risk. (b) Cash-flow hedge The effective portions of changes in the fair values of derivatives that are designated and qualify as cash-flow hedges are recognised in equity. The gain or loss relating to any ineffective portion is recognised immediately in the consolidated statement of operations. Amounts accumulated in the hedge reserve are recycled in the consolidated statement of operations in the periods when the hedged items will affect profit or loss (for instance when the forecast sale that is hedged takes place). If a forecast transaction that is hedged results in the recognition of a non-financial asset (for example, inventory) or a liability, the gains and losses previously deferred in the hedge reserve are included in the initial measurement of the cost of the asset or liability. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in the hedge reserve at that time remains in the reserve and is recognised when the forecast transaction is ultimately recognised in the consolidated statement of operations. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in other comprehensive income is immediately transferred to the consolidated statement of operations. The Company has not designated any derivative contracts as hedges and therefore has not applied hedge accounting in these consolidated financial statements. |
Inventories | 3.9 Inventories Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows: i) Product inventory consists of stockpiled ore, ore on leach pads, crushed ore, in-circuit material at properties with milling or processing operations, gold concentrate, other metal concentrate, iron ore stockpile awaiting shipment, doré awaiting refinement and unsold bullion. Product inventory costs consist of direct production costs including mining, crushing and processing; site administration costs; and allocated indirect costs, including depreciation and amortization of mineral property, plant and equipment. Inventory costs are charged to production costs on the basis of quantity of metal sold. At operations where the ore extracted contains significant amounts of metals other than gold, primarily silver, copper, lead and zinc, cost is allocated between the joint products. The Company regularly evaluates and refines estimates used in determining the costs charged to production costs and costs absorbed into inventory carrying values based upon actual gold recoveries and operating plans. Net realizable value is the estimated selling price, less the estimated costs of completion and selling expenses. ii) Materials and supplies inventory consists of consumables used in operations, such as fuel, chemicals, reagents and spare parts, which are valued at the lower of average cost and net realisable value and, where appropriate, less a provision for obsolescence. Costs include acquisition, freight and other directly attributable costs. |
Trade receivables | 3.10 Trade receivables Trade receivables are amounts due from customers for the sale of bullion and metals in concentrate in the ordinary course of business. Trade receivables are recognized initially at fair value and subsequently at amortized cost using the effective interest rate method. Trade receivables are recorded net of lifetime expected credit losses. Settlement receivables arise from the sale of metals in concentrate. Settlement receivables are classified as fair value through profit and loss and are recorded at fair value at each reporting period. Changes in fair value of settlements receivable are recorded in revenue. |
Cash and cash equivalents | 3.11 Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks and other short-term highly liquid investments with maturities at the date of acquisition of three months or less. Bank overdrafts are shown within borrowings in current liabilities on the consolidated statement of financial position. |
Share capital | 3.12 Share capital Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares and share options are recognized as a deduction from equity, net of any tax effects. Common shares held by the Company are classified as treasury stock and recorded as a reduction of shareholders’ equity. |
Trade payables | 3.13 Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. |
Debt and borrowings | 3.14 Debt and borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost, calculated using the effective interest method. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the consolidated statement of operations over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities and other borrowings are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility and other borrowings will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility and borrowings will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the loan to which it relates. |
Current and deferred income tax | 3.15 Current and deferred income tax Income tax expense comprises current and deferred tax. Income tax expense is recognized in the consolidated statement of operations except to the extent that it relates to items recognized either in other comprehensive income or directly in equity, in which case it is recognized in other comprehensive income or in equity, respectively. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings. The tax rate used is the rate that is substantively enacted. 3. Significant accounting policies (continued) Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred income tax is not recorded if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. |
Employee benefits | 3.16 Employee benefits (i) Defined benefit plans Certain employees have entitlements under Company pension plans which are defined benefit pension plans. For defined benefit plans, the level of benefit provided is based on the length of service and earnings of the person entitled. The cost of the defined benefit plan is determined using the projected unit credit method. The related pension liability recognized in the consolidated statement of financial position is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. The Company obtains actuarial valuations for defined benefit plans for each balance sheet date. Actuarial assumptions used in the determination of defined benefit pension plan liabilities are based on best estimates, including rate of salary escalation and expected retirement dates of employees. The discount rate is based on high quality bond yields. The assumption used to determine the interest income on plan assets is equal to the discount rate. Actuarial gains and losses are recognized in full in the period in which they occur in other comprehensive income without recycling to the consolidated statement of operations in subsequent periods. Current service cost, the vested element of any past service cost, the interest income on plan assets and the interest arising on the pension liability are included in the same line items in the consolidated statement of operations or other comprehensive income as the related compensation cost. Past service costs are recognized immediately to the extent the benefits are vested, and otherwise are amortized on a straight-line basis over the average period until the benefits become vested. (ii) Defined contribution plans The Company’s contributions to defined contribution plans are charged to the consolidated statement of operations in the period to which the contributions relate. (iii) Termination benefits Eldorado recognizes termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal, or providing benefits as a result of an offer made to encourage voluntary termination. Benefits falling due more than twelve months after the end of the reporting period are discounted to their present value. (iv) Short-term benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. |
Share-based payment transactions | 3.17 Share-based payment transactions The Company applies the fair value method of accounting for all stock option awards and equity settled restricted share units and performance share units. Under this method the Company recognizes a compensation expense for all stock options awarded to employees, based on the fair value of the options on the date of grant which is determined by using the Black-Scholes option pricing model. For equity settled restricted share units, compensation expense is recognized based on the quoted market value of the shares. For equity settled performance share units, compensation expense is recognized based on the fair value of the shares on the date of grant which is determined by a valuator. The fair value of the options, restricted share units and performance share units are expensed over the vesting period of the awards with a corresponding increase in equity. No expense is recognized for awards that do not ultimately vest. Deferred share units are liability awards settled in cash accounted for at the quoted market price at the grant date with the corresponding liability is marked to market at each subsequent reporting date. |
Provisions | 3.18 Provisions A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. They are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Rehabilitation and restoration A provision is made for mine rehabilitation and restoration when an obligation is incurred. The provision is recognised as a liability with a corresponding asset recognised in relation to the mine site. At each reporting date the rehabilitation liability is re-measured in line with changes in discount rates, and timing or amount of the costs to be incurred. The rehabilitation liability is classified as an ‘Asset retirement obligation’ on the consolidated statement of financial position. The provision recognised represents management’s best estimate of the present value of the future costs required. Significant estimates and assumptions are made in determining the amount of restoration and rehabilitation provisions. Those estimates and assumptions deal with uncertainties such as: requirements of the relevant legal and regulatory frameworks, the magnitude of necessary remediation activities and the timing, extent and costs of required restoration and rehabilitation activity. These uncertainties may result in future actual expenditure differing from the amounts currently provided. The provision recognised is periodically reviewed and updated based on the facts and circumstances available at the time. Changes to the estimated future costs for operating sites are recognised in the consolidated statement of financial position by adjusting both the restoration and rehabilitation asset and provision. Such changes give rise to a change in future depreciation and financial charges. |
Revenue recognition | 3.19 Revenue recognition Revenue is generated from the sale of bullion and metals in concentrate. The Company produces doré, gold concentrate and other metal concentrates. The Company’s performance obligations relate primarily to the delivery of these products to customers, with each shipment representing a separate performance obligation. Revenue from the sale of bullion and metals in concentrates is recognized at the point the customer obtains control of the product. Control is transferred when title has passed to the purchaser, the product is physically delivered to the customer, the customer controls the risks and rewards of ownership and the Company has a present right to payment for the product. 3. Significant accounting policies (continued) (i) Metals in concentrate Control over metals in concentrates is transferred to the customer and revenue is recognized upon the placing of the material on board the vessel for shipment which is when the product is considered to be physically delivered to the customer under the terms of the customer contract. Metals in concentrate are sold under pricing arrangements where final prices are determined by market prices subsequent to the date of sale (the “quotational period”). Revenue from concentrate sales is recorded based on the estimated amounts to be received, based on the respective metals forward price at the expected settlement date. Adjustments are made to settlements receivable in subsequent periods based on fluctuations in the forward prices until the date of final metal pricing. These subsequent changes in the fair value of the settlements receivable are recorded in revenue separate from revenue from contracts with customers. Provisional invoices for metals in concentrate sales are typically issued for 80 - 90% of the estimated total value shortly after or on the passage of control of the product to the customer. Additional invoices are issued as final product weights and assays are determined over the quotational period. Provisionally invoiced amounts are generally collected promptly. (ii) Metals in doré The refiners who receive doré from the Company, refine the materials on the Company’s behalf and arrange for sale of the refined metal on the Precious Metal Market of the Borsa Istanbul, formerly “Istanbul Gold Exchange”. Control over the refined gold or silver produced from doré is transferred to the customer and revenue recognized upon delivery to the customer’s bullion account on the Precious Metal Market of the Borsa Istanbul. Refined metals are sold at spot prices on the Precious Metal Market of the Borsa Istanbul. Sales proceeds are collected within several days of the completion of the sale transaction. |
Finance income and expenses | 3.20 Finance income and expenses Finance income comprises interest income on funds invested (including financial assets carried at FVTPL) and changes in the fair value of financial assets at FVTPL. Interest income is recognized as it accrues in profit or loss, using the effective interest method. Finance expenses comprise interest expense on borrowings, unwinding of the discount on provisions, changes in the fair value of financial assets at fair value through profit or loss and impairment losses recognized on financial assets. All borrowing costs are recognized in profit or loss using the effective interest method, except for those amounts capitalized as part of the cost of qualifying property, plant and equipment. |
Earnings (loss) per share | 3.21 Earnings (loss) per share The Company presents basic and diluted earnings per share (“EPS”) data for its common shares. Basic EPS is calculated by dividing the earnings or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted EPS is determined by adjusting the earnings or loss 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 to employees. |
Adoption of new accounting standards | The following standards and amendments to existing standards have been adopted by the Company commencing January 1, 2018: • IFRS 9 ‘Financial Instruments’ – This standard was published in July 2014 and replaces the existing guidance in IAS 39, ‘ Financial Instruments: Recognition and Measurement’ . IFRS 9 includes revised guidance on the classification and measurement of financial instruments, including a new expected credit loss model for calculating impairment on financial assets, and new general hedge accounting requirements. Most of the requirements in IAS 39 for classification and measurement of financial liabilities were carried forward in IFRS 9, so the Company's accounting policy with respect to financial liabilities is substantially unchanged. The Company has changed its accounting policy with respect to the clarification of financial assets that were recognized at the date of transition, January 1, 2018. The new policy is included in note 3 , section 3.7 . The change did not impact the presentation or carrying value of any financial assets on the transition date. As part of the implementation of this standard, the Company completed an assessment of its financial instruments as at January 1, 2018 in compliance with IFRS 9. The following table shows the original classification under IAS 39 and the new classification under IFRS 9: Original classification New classification IAS 39 New classification IFRS 9 Financial assets Cash and cash equivalents Amortized cost Amortized cost Term deposit Amortized cost Amortized cost Restricted cash Amortized cost Amortized cost Trade receivables Amortized cost Amortized cost Settlement receivables Embedded derivative separately identified as FVTPL FVTPL Marketable securities Available-for-sale FVTOCI Derivatives FVTPL FVTPL Financial liabilities Accounts payable and accrued liabilities Amortized cost Amortized cost Debt Amortized cost Amortized cost Upon adoption of IFRS 9, the Company made an irrevocable election to classify marketable securities as FVTOCI since they are not held for trading and are held for strategic reasons. • IFRS 15 ‘Revenue from Contracts with Customers’ – This standard introduces a single model that applies to contracts with customers and two approaches to recognising revenue: at a point in time or over time. The model features a contract-based five-step analysis of transactions to determine whether, how much and when revenue is recognized. The Company's revenue recognition policy under the previous standard recognized revenue when persuasive evidence of an arrangement existed, the bullion, doré, metal concentrates and iron ore had been shipped, title had passed to the purchaser, the price was fixed or determinable, and collection was reasonably assured. The Company has adopted this standard with a modified retrospective approach and has changed its accounting policy for revenue recognition. The new policy is included in note 3 , section 3.19 . There was no adjustment to prior periods as a result of the implementation of this standard. The Company has provided additional disclosures required by this standard in note 28 of these audited consolidated financial statements. 5. Adoption of new accounting standards (continued) • IFRS 2 ‘Share-Based Payments’ – In June 2016, the IASB issued final amendments to this standard and clarified the classification and measurement of share-based payment transactions. These amendments deal with variations in the final settlement arrangements including: (a) accounting for cash-settled share-based payment transactions that include a performance condition, (b) classification of share-based payment transactions with net settlement features; and (c) accounting for modifications of share-based payment transactions from cash-settled to equity. At January 1, 2018, the Company adopted this standard and there was no impact on the consolidated financial statements for the year ended December 31, 2018. The following standard and interpretation will be adopted by the Company in the annual accounting periods beginning January 1, 2019: • IFRS 16 ‘Leases ’ – This standard was published in January 2016 and replaces the existing guidance in IAS 17, ‘Leases’. IFRS 16 introduces a single accounting model for lessees and for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee will be required to recognize a right-of-use asset, representing its right to use the underlying asset, and a lease liability, representing its obligation to make lease payments. The accounting treatment for lessors will remain largely the same as under IAS 17. The Company will adopt this standard effective January 1, 2019. Under this standard, the present value of lease commitments will be shown as a liability on the balance sheet together with an asset representing the right of use, including those leases classified as operating leases under the current standard IAS 17. This implies higher amounts of depreciation expense and interest expense on lease liabilities will be recorded in the Company’s consolidated net earnings or loss in 2019 and future years. Additionally, a corresponding reduction in G&A costs and/or production costs is expected. The Company is in the process of completing its review and analysis of IFRS 16 and will apply IFRS 16 using the cumulative catch-up approach where the additional right-of-use assets and lease liabilities will be recorded from that date forward and will not require restatement of prior years comparative information. The Company will provide the quantitative impact of adopting IFRS 16 in its Q1, 2019 unaudited condensed consolidated interim financial statements. • IFRIC 23 'Uncertainty over Income Tax Treatments' – This interpretation sets out how to determine the accounting tax position when there is uncertainty over income tax treatments. The Interpretation requires an entity to determine whether uncertain tax positions are assessed separately or as a group; and assess whether it is probable that a tax authority will accept an uncertain tax treatment used, or proposed to be used, by an entity in its income tax filings. If yes, the entity should determine its accounting tax position consistently with the tax treatment used or planned to be used in its income tax filings. If no, the entity should reflect the effect of uncertainty in determining its accounting tax position. The Interpretation is effective January 1, 2019. Entities can apply the interpretation with either full retrospective application or modified retrospective application without restatement of comparatives retrospectively or prospectively. The Company does not expect the application of the Interpretation will have a significant impact on the Company’s consolidated financial statements. There are other new standards, amendments to standards and interpretations that have been published and are not yet effective. The Company believes they will have no material impact on its consolidated financial statements. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Summary of Wholly-owned and Partially-owned Subsidiaries | The subsidiaries of the Company as at December 31, 2018 are described below: Subsidiary Location Ownership Operations and Tüprag Metal Madencilik Sanayi ve Ticaret AS ("Tüprag") Turkey 100% Kişladağ Mine Hellas Gold SA ("Hellas") Greece 95% Stratoni Mine Integra Gold Corporation Canada 100% Lamaque Project Thracean Gold Mining SA Greece 100% Perama Hill Project Thrace Minerals SA Greece 100% Sapes Project Unamgen Mineração e Metalurgia SA Brazil 100% Vila Nova Iron Ore Mine Brazauro Recursos Minerais SA ("Brazauro") Brazil 100% Tocantinzinho Project Deva Gold SA ("Deva") Romania 80.5% Certej Project |
Adoption of new accounting st_2
Adoption of new accounting standards (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Disclosure of changes in classifications | As part of the implementation of this standard, the Company completed an assessment of its financial instruments as at January 1, 2018 in compliance with IFRS 9. The following table shows the original classification under IAS 39 and the new classification under IFRS 9: Original classification New classification IAS 39 New classification IFRS 9 Financial assets Cash and cash equivalents Amortized cost Amortized cost Term deposit Amortized cost Amortized cost Restricted cash Amortized cost Amortized cost Trade receivables Amortized cost Amortized cost Settlement receivables Embedded derivative separately identified as FVTPL FVTPL Marketable securities Available-for-sale FVTOCI Derivatives FVTPL FVTPL Financial liabilities Accounts payable and accrued liabilities Amortized cost Amortized cost Debt Amortized cost Amortized cost |
Acquisition of Integra (Tables)
Acquisition of Integra (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Integra gold corporation [member] | |
Disclosure of detailed information about business combination [line items] | |
Summary of Preliminary Allocation of Purchase Price | The allocation of the purchase price is as follows: 15,436,179 common shares of shares of Eldorado at C$15.70/share (*) $ 188,061 Cash consideration including advances 126,869 Fair value of existing Integra investment by Eldorado 41,968 Total Consideration $ 356,898 Net assets acquired: Cash and cash equivalents $ 5,205 Marketable securities 2,857 Accounts receivable and other 5,920 Inventories 2,471 Other assets 3,495 Property, plant and equipment 393,647 Goodwill 92,591 Accounts payable and accrued liabilities (8,028 ) Flow-through share premium liability (4,722 ) Other liabilities (9,635 ) Deferred income taxes (126,903 ) $ 356,898 * common shares and price per share shown as post-share consolidation amounts. Please refer to Note 20. |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash and cash equivalents [abstract] | |
Summary of Cash and Cash Equivalents | December 31, 2018 December 31, 2017 Cash at bank and on hand $ 200,644 $ 293,437 Short-term bank deposits 85,668 186,064 $ 286,312 $ 479,501 |
Restricted cash (Tables)
Restricted cash (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restricted Cash [Abstract] | |
Summary of Restricted Cash | December 31, 2018 December 31, 2017 Current: Restricted cash deposits - Greece $ 296 $ 310 296 310 Non-current: Restricted credit card deposits 58 43 Restricted cash related to Letter of Guarantee - Greece 10,670 9,743 Environmental guarantee deposits 2,721 2,831 $ 13,449 $ 12,617 |
Accounts receivable and other (
Accounts receivable and other (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Trade and other current receivables [abstract] | |
Summary of Accounts Receivable and Other | December 31, 2018 December 31, 2017 Trade receivables $ 22,072 $ 7,746 Value added tax and other taxes recoverable 34,791 44,717 Other receivables and advances 8,378 7,134 Prepaid expenses and deposits 15,746 18,747 $ 80,987 $ 78,344 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Classes of current inventories [abstract] | |
Summary of Inventories | December 31, 2018 December 31, 2017 Ore stockpiles $ 1,620 $ 3,297 In-process inventory and finished goods 59,974 96,651 Materials and supplies 76,291 68,896 $ 137,885 $ 168,844 |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Miscellaneous non-current assets [abstract] | |
Summary of Other Assets | December 31, 2018 December 31, 2017 Prepaid loan costs (note 16(a)) $ 749 $ 1,272 Prepaid forestry fees 3,175 3,628 Long-term value added tax and other taxes recoverable 6,668 5,385 $ 10,592 $ 10,285 |
Non-controlling interests (Tabl
Non-controlling interests (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of subsidiaries [abstract] | |
Summary of Subsidiaries With Non-controlling Interests | The following table summarizes the information relating to each of the Company’s subsidiaries that has material non-controlling interests (“NCI”). The amounts disclosed for each subsidiary are based on those included in the consolidated financial statements before inter-company eliminations. December 31, 2018 Hellas Deva NCI percentage 5% 19.5% Current assets $ 78,308 $ 2,177 Non-current assets 1,846,952 414,330 Current liabilities (1,212,864 ) (246,089 ) Non-current liabilities (160,765 ) (43,581 ) Net assets 551,631 126,837 Carrying amount of NCI $ 17,619 $ 44,169 Revenue 110,487 — Net loss (298,272 ) (14,100 ) Total comprehensive loss (298,272 ) (14,100 ) Loss allocated to NCI (14,913 ) (2,750 ) Dividends paid to NCI — — Cash flows from operating activities (66,135 ) (16,695 ) Cash flows from investing activities (80,306 ) (419 ) Cash flows from financing activities 133,520 15,218 Net decrease in cash and cash equivalents $ (12,921 ) $ (1,896 ) December 31, 2017 Hellas Deva NCI percentage 5% 19.5% Current assets $ 72,454 $ 4,958 Non-current assets 2,143,089 413,989 Current liabilities (1,113,471 ) (234,386 ) Non-current liabilities (291,447 ) (43,623 ) Net assets 810,625 140,938 Carrying amount of NCI $ 31,732 $ 46,919 Revenue 51,152 — Net loss (62,365 ) (42,632 ) Total comprehensive loss (62,365 ) (42,632 ) Loss allocated to NCI (3,118 ) (8,314 ) Dividends paid to NCI — — Cash flows from operating activities (9,253 ) (51,328 ) Cash flows from investing activities (181,116 ) (2,007 ) Cash flows from financing activities 172,431 53,007 Net decrease in cash and cash equivalents $ (17,938 ) $ (328 ) |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of Property, Plant and Equipment | Land and buildings Plant and equipment Capital works in progress Mineral properties and leases Capitalized Evaluation Total Cost Balance at January 1, 2017 $ 164,540 $ 1,416,948 $ 141,922 $ 3,877,473 $ 77,495 $ 5,678,378 Additions/transfers 12,322 115,684 (42,933 ) 254,481 9,536 349,090 Acquisition of Integra (note 6) 4,820 3,646 — 385,181 — 393,647 Proceeds on pre-commercial production sales — — — (38,200 ) — (38,200 ) Other movements 4,251 (2,325 ) (12,336 ) 7,832 — (2,578 ) Disposals (10 ) (2,313 ) (29,832 ) (1,168 ) — (33,323 ) Balance at December 31, 2017 $ 185,923 $ 1,531,640 $ 56,821 $ 4,485,599 $ 87,031 $ 6,347,014 Balance at January 1, 2018 $ 185,923 $ 1,531,640 $ 56,821 $ 4,485,599 $ 87,031 $ 6,347,014 Additions/transfers 6,203 119,712 1,646 229,673 6,202 363,436 Proceeds on pre-commercial production sales — (9,179 ) — (39,689 ) — (48,868 ) Olympias commercial production transfers (*) 387 465,249 53,858 (506,206 ) — 13,288 Other movements (240 ) 13,011 1,769 (200 ) 226 14,566 Disposals (29 ) (8,400 ) — (20 ) — (8,449 ) Balance at December 31, 2018 $ 192,244 $ 2,112,033 $ 114,094 $ 4,169,157 $ 93,459 $ 6,680,987 Depreciation and impairment Balance at January 1, 2017 $ (38,635 ) $ (706,641 ) $ (4,733 ) $ (1,282,542 ) $ — $ (2,032,551 ) Depreciation for the year (4,245 ) (79,044 ) — (2,948 ) — (86,237 ) Other movements (546 ) (2,048 ) — 80 — (2,514 ) Disposals — 1,683 — 2 — 1,685 Balance at December 31, 2017 $ (43,426 ) $ (786,050 ) $ (4,733 ) $ (1,285,408 ) $ — $ (2,119,617 ) Balance at January 1, 2018 $ (43,426 ) $ (786,050 ) $ (4,733 ) $ (1,285,408 ) $ — $ (2,119,617 ) Depreciation for the year (3,125 ) (88,649 ) — (3,774 ) — (95,548 ) Olympias commercial production transfers (*) — (13,288 ) — — — (13,288 ) Other movements (1,060 ) (15,485 ) — (346 ) — (16,891 ) Impairment (363 ) (105,932 ) — (341,513 ) — (447,808 ) Disposals — 641 — — — 641 Balance at December 31, 2018 $ (47,974 ) $ (1,008,763 ) $ (4,733 ) $ (1,631,041 ) $ — $ (2,692,511 ) Carrying amounts At January 1, 2017 $ 125,905 $ 710,307 $ 137,189 $ 2,594,931 $ 77,495 $ 3,645,827 At December 31, 2017 142,497 745,590 52,088 3,200,191 87,031 4,227,397 Balance at December 31, 2018 $ 144,270 $ 1,103,270 $ 109,361 $ 2,538,116 $ 93,459 $ 3,988,476 * Effective January 1, 2018, $506,206 of costs were transferred at Olympias from mineral properties and leases to relevant categories of property, plant and equipment upon commencement of commercial production. |
Summary of Key Assumptions Used for Assessing Recoverable Amount of Company's CGUs Versus Carrying Values | The Company's impairment testing incorporated the following key assumptions: Gold price ($/oz) $1,250 Silver price ($/oz) $17 Discount rate 6.5 % The key assumptions used for assessing the recoverable amount of the Olympias carrying values as at December 31, 2018 are as follows: Gold price ($/oz) $1,275 - $1,300 Silver price ($/oz) $17 - $18 Lead price ($/t) $2,200 - $2,300 Zinc price ($/t) $2,800 - $2,900 Discount rate 7 % |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Changes in goodwill [abstract] | |
Summary of Key Assumptions Used for Assessing the Recoverable Amount of Goodwill | 2018 Gold price ($/oz) $1,275 - $1,300 Discount rate 5 % Conversion factor of resources and exploration potential to proven and probable reserves 21 % Fair value per ounce of resources and exploration potential beyond proven and probable reserves $140 |
Accounts payable and accrued _2
Accounts payable and accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Trade and other current payables [abstract] | |
Summary of Accounts Payable and Accrued Liabilities | December 31, 2018 December 31, 2017 Trade payables $ 38,969 $ 60,081 Taxes payable 201 213 Accrued expenses 101,708 50,247 $ 140,878 $ 110,541 |
Asset retirement obligations (T
Asset retirement obligations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of asset retirement obligations [abstract] | |
Summary of Asset Retirement Obligations | Turkey Canada Greece Romania Brazil Total At January 1, 2018 $ 37,321 $ 9,453 $ 47,461 $ 1,405 $ 4,044 $ 99,684 Accretion during the year 896 — 1,035 36 71 2,038 Revisions to estimate (1,117 ) 2,762 (3,512 ) (77 ) (99 ) (2,043 ) Settlements (621 ) — (4,915 ) — — (5,536 ) At December 31, 2018 36,479 12,215 40,069 1,364 4,016 94,143 Less: Current portion — — (824 ) — — (824 ) Long term portion 36,479 12,215 39,245 1,364 4,016 93,319 Estimated undiscounted amount $ 48,454 $ 14,989 $ 65,274 $ 2,335 $ 4,121 $ 135,173 Turkey Canada Greece Romania Brazil Total At January 1, 2017 $ 36,196 $ — $ 48,131 $ 1,359 $ 4,092 $ 89,778 Acquired during the year — 9,453 — — — 9,453 Accretion during the year 913 — 1,025 36 32 2,006 Revisions to estimate 502 — 1,112 10 (80 ) 1,544 Settlements (290 ) — (2,807 ) — — (3,097 ) At December 31, 2017 37,321 9,453 47,461 1,405 4,044 99,684 Less: Current portion — — (3,489 ) — — (3,489 ) Long term portion 37,321 9,453 43,972 1,405 4,044 96,195 Estimated undiscounted amount $ 49,257 $ 12,286 $ 71,591 $ 2,340 $ 4,117 $ 139,591 |
Summary of Present Value of Estimated Future Net Cash Outflows | The provision is calculated as the present value of estimated future net cash outflows based on the following key assumptions: Turkey Canada Greece Romania Brazil % % % % % At December 31, 2017 Inflation rate 2.0 to 2.2 2.0 to 2.2 2.0 to 2.2 2.0 to 2.2 2.0 to 2.2 Discount rate 2.3 to 2.5 2.3 to 2.5 1.5 to 3.0 2.7 1.8 At December 31, 2018 Inflation rate 2.2 to 2.3 2.2 to 2.3 2.2 to 2.3 2.2 to 2.3 2.2 to 2.3 Discount rate 2.7 2.7 2.5 to 2.9 2.9 2.6 |
Defined benefit plans (Tables)
Defined benefit plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of defined benefit plans [abstract] | |
Summary of Defined Benefit Plans | December 31, 2018 December 31, 2017 Income statement charge for: Pension plan $ 3,463 $ 2,841 Supplemental Pension Plan 92 610 $ 3,555 $ 3,451 Actuarial losses recognised in the statement of other comprehensive income in the period (before tax) $ (1,197 ) $ (3,121 ) Cumulative actuarial losses recognised in the statement of other comprehensive income (before tax) $ (19,838 ) $ (18,641 ) |
Summary of Amounts Recognised in the Balance Sheet for All Pension Plans | The amounts recognised in the consolidated statement of financial position for all pension plans are determined as follows: December 31, 2018 December 31, 2017 Pension Plan SERP Total Pension Plan SERP Total Present value of obligations $ (16,239 ) $ (37,075 ) $ (53,314 ) $ (16,028 ) $ (43,956 ) $ (59,984 ) Fair value of plan assets 1,864 46,195 48,059 2,429 53,875 56,304 Asset (liability) on balance sheet $ (14,375 ) $ 9,120 $ (5,255 ) $ (13,599 ) $ 9,919 $ (3,680 ) |
Summary of Movement in the Defined Benefit Obligation Over the Year | The movement in the present value of the defined benefit obligation over the years is as follows: 2018 2017 Pension Plan SERP Total Pension Plan SERP Total Balance at January 1, $ (16,028 ) $ (43,956 ) $ (59,984 ) $ (12,936 ) $ (37,686 ) $ (50,622 ) Current service cost (2,935 ) (269 ) (3,204 ) (2,102 ) (877 ) (2,979 ) Past service cost — (146 ) (146 ) (206 ) (208 ) (414 ) Interest cost (601 ) (1,403 ) (2,004 ) (620 ) (1,508 ) (2,128 ) Actuarial gain (loss) (1,209 ) 2,512 1,303 (292 ) (2,390 ) (2,682 ) Benefit payments 1,066 2,829 3,895 1,060 1,485 2,545 Exchange gain (loss) 3,468 3,358 6,826 (932 ) (2,772 ) (3,704 ) Balance at December 31, $ (16,239 ) $ (37,075 ) $ (53,314 ) $ (16,028 ) $ (43,956 ) $ (59,984 ) |
Summary of Movement in the Fair Value of Plan Assets of the Year | The movement in the fair value of plan assets over the years is as follows: 2018 2017 Pension Plan SERP Total Pension Plan SERP Total At January 1, $ 2,429 $ 53,875 $ 56,304 $ 2,054 $ 49,306 $ 51,360 Interest income on plan assets 73 1,726 1,799 86 1,983 2,069 Actuarial gain (loss) (64 ) (2,436 ) (2,500 ) (55 ) (384 ) (439 ) Contributions by employer — — — 219 1,196 1,415 Benefit payments (399 ) (2,828 ) (3,227 ) (57 ) (1,485 ) (1,542 ) Exchange gain (loss) (175 ) (4,142 ) (4,317 ) 182 3,259 3,441 At December 31, $ 1,864 $ 46,195 $ 48,059 $ 2,429 $ 53,875 $ 56,304 |
Summary of Amounts Recognised in the Income Statement | The amounts recognised in the consolidated statement of operations are as follows: 2018 2017 Pension Plan SERP Total Pension Plan SERP Total Current service cost $ 2,935 $ 269 $ 3,204 $ 2,102 $ 877 $ 2,979 Interest cost 601 1,404 2,005 620 1,508 2,128 Past Service Cost — 146 146 206 208 414 Expected return on plan assets (73 ) (1,727 ) (1,800 ) (87 ) (1,983 ) (2,070 ) Defined benefit plans expense $ 3,463 $ 92 $ 3,555 $ 2,841 $ 610 $ 3,451 |
Summary of Principal Actuarial Assumptions | The principal actuarial assumptions used were as follows: 2018 2017 Pension Plan SERP Pension Plan SERP Greece Turkey Canada Canada Greece Turkey Canada Canada % % % % % % % % Expected return on plan assets — — 3.4 3.4 — — 3.9 3.9 Discount rate - beginning of year 1.7 11.0 3.4 3.4 1.6 10.5 3.9 3.9 Discount rate - end of year 1.7 15.0 3.9 3.9 1.7 11.0 3.4 3.4 Rate of salary escalation 2.8 9.0 2.0 2.0 2.8 6.5 2.0 2.0 Average remaining service period of active employees expected to receive benefits — — 1.6 years 1.6 years — — 8.2 years 8.2 years |
Summary of Defined Benefit Plans' Weighted Average Asset Allocation Percentages by Asset Category | The following table summarizes the defined benefit plans’ weighted average asset allocation percentages by asset category: December 31, 2018 December 31, 2017 Pension Plan SERP Pension Plan SERP Investment funds Money market 2 % 1 % — 6 % Canadian fixed income 98 % 6 % 100 % 2 % Canadian equities — 22 % — 20 % US equities — 10 % — 19 % International equities — 12 % — 7 % Other (1) — 49 % — 46 % Total 100 % 100 % 100 % 100 % 1 Assets held by the Canada Revenue Agency in the refundable tax account |
Summary of Sensitivity of the Overall Pension Obligation to Changes in the Weighted Principal Assumptions | The sensitivity of the overall pension obligation to changes in the weighted principal assumptions is: Change in assumption Impact on overall obligation Discount rate Increase by 0.5% Decrease by $2,189 Decrease by 0.5% Increase by $2,401 Salary escalation rate Increase by 0.5% Increase by $nil Decrease by 0.5% Decrease by $nil |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Major components of tax expense (income) [abstract] | |
Summary of Income Tax Expense (Recovery) | Total income tax expense (recovery) consists of: December 31, 2018 December 31, 2017 Current tax expense $ 32,341 $ 39,232 Deferred tax recovery (118,839 ) (19,849 ) $ (86,498 ) $ 19,383 |
Summary of Income Tax Expense (Recovery) Attributable to Geographical Jurisdiction | Total income tax expense (recovery) attributable to each geographical jurisdiction for the Company is as follows: 2018 2017 Turkey $ 45,238 $ 30,139 Greece (129,213 ) (4,598 ) Brazil 3,608 (1,087 ) Canada (3,415 ) 2,960 Romania (2,716 ) (8,026 ) Other jurisdictions — (5 ) $ (86,498 ) $ 19,383 |
Summary of Factors Affecting Income Tax Expense (Recovery) | The key factors affecting income tax expense (recovery) for the years are as follows: 2018 2017 Earnings (loss) from continuing operations before income tax $ (466,129 ) $ 792 Canadian statutory tax rate 27 % 26 % Tax expense (recovery) on net income at Canadian statutory tax rate $ (125,855 ) $ 206 Items that cause an increase (decrease) in income tax expense: Foreign income subject to different income tax rates than Canada (17,498 ) (11,792 ) Reduction in Greek income tax rate (24,968 ) — Non-tax effected operating losses 12,716 9,691 Non-deductible expenses and other items 14,923 10,002 Foreign exchange and other translation adjustments 36,837 6,289 Future and current withholding tax on foreign income dividends 20,000 5,297 Other (2,653 ) (310 ) Income tax expense (recovery) $ (86,498 ) $ 19,383 |
Summary of Change in Net Deferred Tax Position | The change in the Company’s net deferred tax position was as follows: 2018 2017 Net deferred tax asset (liability) Balance at January 1, $ (549,127 ) $ (443,501 ) Deferred income tax liability related to Integra acquisition — (126,903 ) Deferred income tax recovery in the income statement 118,839 19,849 Deferred tax recovery in other comprehensive loss 359 1,428 Net balance at December 31, $ (429,929 ) $ (549,127 ) |
Summary of Temporary Difference | The composition of the Company’s net deferred income tax asset and liability and deferred tax expense is as follows: Type of temporary difference Deferred tax assets Deferred tax liabilities Expense (recovery) 2018 2017 2018 2017 2018 2017 Property, plant and equipment $ — $ — $ 483,561 $ 592,062 $ (108,501 ) $ (33,466 ) Loss carryforwards 37,245 31,457 — — (5,788 ) (4,641 ) Liabilities 27,321 24,690 — — (2,631 ) (80 ) Future withholding taxes — — 20,000 — 20,000 — Other items 19,477 1,997 10,411 15,208 (21,919 ) 18,338 Balance at December 31, $ 84,043 $ 58,144 $ 513,972 $ 607,270 $ (118,839 ) $ (19,849 ) |
Summary of Unrecognized Deferred Tax Assets | Unrecognized deferred tax assets 2018 2017 Tax losses $ 160,052 $ 167,030 Other deductible temporary differences 11,967 11,253 Total unrecognized deferred tax assets $ 172,019 $ 178,283 |
Summary of Unrecognized Tax Losses | The gross amount of the tax losses for which a tax benefit has not been recorded expire in future years as follows: Expiry date Canada Brazil Greece Total 2019 $ — $ — $ 14,964 $ 14,964 2020 — — 25,221 25,221 2021 — — 10,451 10,451 2022 — — 8,007 8,007 2023 — — 10,337 10,337 2025 7,894 — — 7,894 2026 14,966 — — 14,966 2027 10,638 — — 10,638 2028 25,971 — — 25,971 2029 23,444 — — 23,444 2030 7,282 — — 7,282 2031 45,351 — — 45,351 2032 74,855 — — 74,855 2033 64,883 — — 64,883 2034 58,689 — — 58,689 2035 55,266 — — 55,266 2036 50,503 — — 50,503 2037 27,333 — — 27,333 2038 9,025 — — 9,025 No Expiry — 32,407 — 32,407 $ 476,100 $ 32,407 $ 68,980 $ 577,487 Capital losses with no expiry 64,837 — — 64,837 Tax effect of total losses not recognized $ 137,268 $ 5,538 $ 17,246 $ 160,052 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of classes of share capital [abstract] | |
Summary of Share Capital | Voting common shares Number of Shares Total At January 1, 2017 143,317,014 $ 2,819,101 Shares issued upon exercise of share options, for cash 48,529 586 Estimated fair value of share options exercised — 176 Shares issued for acquisition of Integra 15,436,179 188,061 At December 31, 2017 158,801,722 $ 3,007,924 At December 31, 2018 158,801,722 $ 3,007,924 |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Share-Based Payments [Abstract] | |
Summary of Share Based Payments Expense | Share based payments expense consists of: December 31, 2018 December 31, 2017 Share options $ 3,392 $ 6,736 Restricted shares with no performance criteria 1,425 2,716 Restricted shares with performance criteria 175 — Deferred units (277 ) (1,023 ) Performance shares 2,274 2,789 $ 6,989 $ 11,218 |
Summary of Movements in Number of Share Options Outstanding and Weighted Average Exercise Prices | Movements in the number of share options outstanding and their related weighted average exercise prices are as follows: 2018 2017 Weighted Number of Weighted Number of At January 1, 30.18 5,944,510 37.75 5,779,205 Regular options granted 6.20 1,078,797 22.15 1,160,905 Exercised — — 16.10 (48,529 ) Expired 51.46 (870,904 ) 73.89 (788,672 ) Forfeited 26.99 (561,175 ) 33.78 (158,399 ) At December 31, 22.56 5,591,228 30.18 5,944,510 |
Summary of Range of Exercise Prices of Outstanding Share Options | Options outstanding are as follows: December 31, 2018 Total options outstanding Exercisable options Range of Shares Weighted Weighted Shares Weighted $6.00 to $6.99 1,070,517 4.3 6.20 — — $16.00 to $16.99 1,350,527 2.1 16.10 1,011,048 16.10 $18.00 to $18.99 2,591 2.1 18.55 1,727 18.55 $19.00 to $19.99 20,000 1.8 19.80 20,000 19.80 $21.00 to $21.99 20,000 2.8 21.15 13,333 21.15 $22.00 to $22.99 932,971 3.1 22.00 437,527 22.00 $23.00 to $23.99 151,933 3.2 23.18 50,643 23.18 $29.00 to $29.99 2,449 2.4 29.55 1,632 29.55 $30.00 to $30.99 27,800 0.8 30.75 27,800 30.75 $31.00 to $31.99 4,828 0.3 31.90 4,828 31.90 $33.00 to $33.99 1,159,157 1.1 33.35 1,159,157 33.35 $34.00 to $34.99 20,000 0.3 34.15 20,000 34.15 $35.00 to $35.99 20,000 1.0 35.40 20,000 35.40 $39.00 to $39.99 808,455 0.2 39.20 808,455 39.20 5,591,228 2.2 22.56 3,576,150 28.13 |
Summary of Assumptions Used to Estimate the Fair Value of Options Granted | The assumptions used to estimate the fair value of options granted during the years ended December 31, 2018 and 2017 were: 2018 2017 Risk-free interest rate (range) (%) 1.80 – 2.20 0.70 – 1.05 Expected volatility (range) (%) 58 – 64 60 – 65 Expected life (range) (years) 1.79 – 3.79 1.80 – 3.80 Expected dividends (CDN$) — 0.02 Forfeiture rate (%) 8.0 11.0 |
Summary of Status and Movements in RSUs and PSUs | Movements in the PSUs during the year ended December 31, 2018 are as follows: 2018 2017 At January 1, 381,293 286,188 Granted 261,522 113,938 Expired (118,605 ) — Forfeited (39,311 ) (18,833 ) At December 31, 484,899 381,293 A summary of the status of the RSUs with no performance criteria and changes during the year ended December 31, 2018 is as follows: 2018 2017 At January 1, 341,198 248,013 Granted 214,859 187,366 Redeemed (181,491 ) (69,968 ) Forfeited (41,447 ) (24,213 ) At December 31, 333,119 341,198 A summary of the status of the RSUs with performance criteria and changes during the year ended December 31, 2018 is as follows: 2018 At January 1, — Granted 167,976 Forfeited (15,049 ) At December 31, 152,927 |
Supplementary cash flow infor_2
Supplementary cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Statement of Cash Flow [Abstract] | |
Summary of Change in Cash Flow Information | December 31, 2018 December 31, 2017 Changes in non-cash working capital Accounts receivable and other $ (1,471 ) $ (2,456 ) Inventories 20,775 (31,437 ) Accounts payable and accrued liabilities (14,242 ) (1,862 ) Total $ 5,062 $ (35,755 ) Supplementary cash flow information Income taxes paid $ 36,879 $ 42,293 Interest paid $ 36,750 $ 36,750 |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of risk management [abstract] | |
Summary of Exposure to Various Currencies Denominated in Foreign Currency | The table below summarizes Eldorado’s exposure to the various currencies denominated in the foreign currency at December 31, 2018 and 2017, as listed below: 2018 Canadian dollar Australian dollar Euro Turkish lira Chinese renminbi Serbian dinar Romanian lei British pound Brazilian real (Amounts in thousands) $ $ € TRY ¥ din lei £ R$ Cash and cash equivalents 19,030 433 6,861 2,664 72 8,848 1,904 923 4,539 Marketable securities 3,509 — — — — — — — — Accounts receivable and other 23,672 3 15,552 54,772 — 8,386 4,487 — 9,970 Accounts payable and accrued liabilities (102,027 ) (7 ) (34,488 ) (44,516 ) — (1,004 ) (2,286 ) — (2,941 ) Other non-current liability (10,064 ) — (9,191 ) (15,877 ) — — — — — Net balance (65,880 ) 429 (21,266 ) (2,957 ) 72 16,230 4,105 923 11,568 Equivalent in U.S. dollars $ (48,292 ) $ 302 $ (24,334 ) $ (562 ) $ 11 $ 157 $ 1,010 $ 1,180 $ 2,982 2017 Canadian dollar Australian dollar Euro Turkish lira Chinese renminbi Serbian Dinar Romanian lei British pound Brazilian real (Amounts in thousands) $ $ € TRY ¥ din lei £ R$ Cash and cash equivalents 18,280 482 13,030 4,965 77 4,845 9,730 366 15,991 Marketable securities 6,286 — — — — — — — — Accounts receivable and other 13,706 4 24,508 60,111 — 43,157 7,542 — 12,547 Accounts payable and accrued liabilities (30,900 ) (42 ) (45,751 ) (50,099 ) — (9,000 ) (6,174 ) — (5,559 ) Other non-current liability (1,269 ) — (6,516 ) (17,999 ) — — — — — Net balance 6,103 444 (14,729 ) (3,022 ) 77 39,002 11,098 366 22,979 Equivalent in U.S. dollars $ 4,865 $ 347 $ (17,664 ) $ (802 ) $ 12 $ 394 $ 2,874 $ 495 $ 6,946 |
Commitments and Contractual O_2
Commitments and Contractual Obligations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of contingent liabilities [abstract] | |
Summary of Contractual Obligations | The Company’s commitments and contractual obligations, not recorded on the consolidated statement of financial position, at December 31, 2018 , include: 2019 2020 2021 2022 and later Operating leases $ 9,305 $ 8,145 $ 7,794 $ 39,446 Purchase obligations 30,883 234 148 278 Totals $ 40,188 $ 8,379 $ 7,942 $ 39,724 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of transactions between related parties [abstract] | |
Summary of Compensation Paid or Payable to Key Management | The compensation paid or payable to key management for employee services, including amortization of share based payments, is shown below: 2018 2017 Salaries and other short-term employee benefits $ 6,191 $ 8,908 Defined benefit pension plan 268 754 Share based payments 2,632 5,920 Termination benefits 1,762 607 $ 10,853 $ 16,189 |
Financial instruments by cate_2
Financial instruments by category (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of Carrying Value and Fair Value of Financial Instruments | The following table provides the carrying value and the fair value of financial instruments at December 31, 2018 and December 31, 2017 : December 31, 2018 December 31, 2017 Carrying amount Fair value Carrying amount Fair value Financial Assets Fair value through OCI Marketable securities $ 2,572 $ 2,572 $ 5,010 $ 5,010 Amortized cost Cash and cash equivalents 286,312 286,312 479,501 479,501 Term deposit 6,646 6,646 5,508 5,508 Restricted cash 13,745 13,745 12,927 12,927 Accounts receivable and other 46,196 46,196 33,627 33,627 Other assets 3,924 3,924 4,900 4,900 Financial Liabilities at amortized cost Accounts payable and accrued liabilities 140,878 140,878 110,541 110,541 Debt $ 595,977 $ 549,606 $ 593,783 $ 595,698 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Disclosure of Disaggregation of Revenue | Revenue by metal for the year was as follows: December 31, 2018 December 31, 2017 Gold revenue $ 385,953 $ 333,342 Zinc revenue 39,564 30,575 Lead revenue 21,625 18,272 Silver revenue 11,482 6,987 Iron revenue — 2,347 Revenue from contracts with customers $ 458,624 $ 391,523 Gain (loss) on revaluation of derivatives in trade receivables 392 (117 ) $ 459,016 $ 391,406 For the year ended December 31, 2018 , revenue from contracts with customers by product and segment was as follows: Turkey Greece Brazil Total Gold revenue - dore $ 220,382 $ — $ — $ 220,382 Gold revenue - concentrate 123,960 41,611 — 165,571 Silver revenue - dore 1,245 — — 1,245 Silver revenue - concentrate 2,941 7,296 — 10,237 Lead concentrate — 21,625 — 21,625 Zinc concentrate — 39,564 — 39,564 $ 348,528 $ 110,096 $ — $ 458,624 28. Revenue (continued) For the year ended December 31, 2017 , revenue from contracts with customers by product and segment was as follows: Turkey Greece Brazil Total Gold revenue - dore $ 215,739 $ — $ — $ 215,739 Gold revenue - concentrate 117,603 — — 117,603 Silver revenue - dore 1,400 — — 1,400 Silver revenue - concentrate 3,165 2,422 — 5,587 Lead concentrate — 18,272 — 18,272 Zinc concentrate — 30,575 — 30,575 Iron ore concentrate — — 2,347 2,347 $ 337,907 $ 51,269 $ 2,347 $ 391,523 |
Production costs (Tables)
Production costs (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Expenses by nature [abstract] | |
Summary of Product Cost | 2018 2017 Labour $ 74,023 $ 52,670 Fuel 14,910 23,241 Reagents 40,587 40,839 Electricity 14,288 12,132 Mining contractors 17,107 12,575 Operating and maintenance supplies and services 31,772 56,342 Site general and administrative costs 33,667 23,621 Inventory change 33,459 (36,501 ) Royalties, production taxes and selling expenses 8,167 7,821 $ 267,980 $ 192,740 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Weighted average ordinary shares and adjusted weighted average ordinary shares [abstract] | |
Summary of Weighted Average Shares and Adjusted Weighted Average Shares | The weighted average number of ordinary shares for the purposes of diluted earnings per share reconciles to the weighted average number of ordinary shares used in the calculation of basic earnings per share as follows: 2018 2017 Weighted average number of ordinary shares used in the calculation of basic earnings per share 158,509 150,531 Diluted impact of stock options — — Weighted average number of ordinary shares used in the calculation of diluted earnings per share 158,509 150,531 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of operating segments [abstract] | |
Summary of Operating Segments | 2018 Turkey Canada Greece Romania Brazil Other Total Information about profit and loss Revenues $ 348,528 $ — $ 110,488 $ — $ — $ — $ 459,016 Production costs 174,081 — 93,899 — — — 267,980 Inventory write-down — — 1,465 — — — 1,465 Depreciation 75,854 — 29,424 — — 454 105,732 Earnings (loss) from mine operations $ 98,593 $ — $ (14,300 ) $ — $ — $ (454 ) $ 83,839 Other material items of income and expense Impairment of property, plant and equipment $ 117,570 $ — $ 330,238 $ — $ — $ — $ 447,808 Exploration and evaluation expenses 840 103 15,947 13,499 1,728 1,725 33,842 Income tax expense (recovery) 45,238 (3,415 ) (129,213 ) (2,716 ) 3,608 — (86,498 ) Additions to property, plant and equipment during the period $ 68,737 $ 189,867 $ 61,716 $ 419 $ 6,612 $ 802 $ 328,153 Capitalised interest $ — $ 13,160 $ 23,590 $ — $ — $ — $ 36,750 Information about assets and liabilities Property, plant and equipment (*) $ 721,449 $ 582,895 $ 2,063,798 $ 416,197 $ 203,075 $ 1,062 $ 3,988,476 Goodwill — 92,591 — — — — 92,591 $ 721,449 $ 675,486 $ 2,063,798 $ 416,197 $ 203,075 $ 1,062 $ 4,081,067 Debt $ — $ — $ — $ — $ — $ 595,977 $ 595,977 * Net of proceeds from sale of pre-commercial production at Olympias and Lamaque. 2017 Turkey Canada Greece Romania Brazil Other Total Information about profit and loss Revenues $ 337,907 $ — $ 51,152 $ — $ 2,347 $ — $ 391,406 Production costs 145,573 — 45,343 — 1,824 — 192,740 Inventory write-down — — 444 — — — 444 Depreciation 71,389 6 466 — — 269 72,130 Earnings (loss) from mine operations $ 120,945 $ (6 ) $ 4,899 $ — $ 523 $ (269 ) $ 126,092 Other material items of income and expense Other write-down (write-up) of assets $ 29,619 $ — $ 6,661 $ 10,454 $ (79 ) $ 42 $ 46,697 Exploration and evaluation expenses 3,203 6,616 7,512 10,168 4,733 6,029 38,261 Income tax expense (recovery) 30,139 1,532 (4,603 ) (8,026 ) (1,087 ) 1,428 19,383 Additions to property, plant and equipment during the period $ 65,013 $ 34,575 $ 197,788 $ 2,006 $ 10,029 $ 827 $ 310,238 Capitalised interest $ — $ 1,245 $ 35,505 $ — $ — $ — $ 36,750 Information about assets and liabilities Property, plant and equipment (*) $ 835,422 $ 416,795 $ 2,362,107 $ 415,856 $ 196,467 $ 750 $ 4,227,397 Goodwill — 92,591 — — — — 92,591 $ 835,422 $ 509,386 $ 2,362,107 $ 415,856 $ 196,467 $ 750 $ 4,319,988 Debt $ — $ — $ — $ — $ — $ 593,783 $ 593,783 * Net of proceeds from sale of pre-commercial production at Olympias |
Significant accounting polici_4
Significant accounting policies - Summary of Wholly-owned and Partially-owned Subsidiaries (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Turkey [member] | Tuprag Metal Madencilik Sanayi ve Ticaret AS ("Tuprag") [member] | |
Disclosure of subsidiaries [line items] | |
Ownership interest | 100.00% |
Greece [member] | Hellas Gold SA ("Hellas") [member] | |
Disclosure of subsidiaries [line items] | |
Ownership interest | 95.00% |
Greece [member] | Thracean Gold Mining SA [member] | |
Disclosure of subsidiaries [line items] | |
Ownership interest | 100.00% |
Greece [member] | Thrace Minerals SA [member] | |
Disclosure of subsidiaries [line items] | |
Ownership interest | 100.00% |
Canada [member] | Integra Gold Corp [member] | |
Disclosure of subsidiaries [line items] | |
Ownership interest | 100.00% |
Brazil [member] | Unamgen Mineracao e Metalurgia S/A [member] | |
Disclosure of subsidiaries [line items] | |
Ownership interest | 100.00% |
Brazil [member] | Brazauro Resources Corporation ("Brazauro") [member] | |
Disclosure of subsidiaries [line items] | |
Ownership interest | 100.00% |
Romania [member] | Deva Gold SA ("Deva") [member] | |
Disclosure of subsidiaries [line items] | |
Ownership interest | 80.50% |
Acquisition of Integra - Additi
Acquisition of Integra - Additional Information (Detail) | Jul. 10, 2017USD ($) | Jul. 07, 2017$ / shares | Jul. 07, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jul. 10, 2017 | Jul. 10, 2017shares |
Disclosure of detailed information about business combination [line items] | |||||||
Taxes as a reversal of the unrealized gain | $ 0 | $ 2,595,000 | |||||
Integra gold corporation [member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Number of shares issued (in shares) | 15,436,179 | 15,436,179 | |||||
Fair value of shares issued | $ 188,061,000 | ||||||
Cash paid | 99,823,000 | ||||||
Advances as part of consideration | 27,046,000 | ||||||
Fair value of the existing available-for-sale investment | 41,968,000 | ||||||
Gain on marketable securities | 28,363,000 | ||||||
Taxes as a reversal of the unrealized gain | 4,023,000 | ||||||
Share price (CAD per share) | $ / shares | $ 15.70 | ||||||
Average foreign exchange rate | $ 0.776 | ||||||
Goodwill | 92,591,000 | ||||||
Goodwill deductible for tax purposes | $ 0 |
Acquisition of Integra - Summar
Acquisition of Integra - Summary of Preliminary Allocation of Purchase Price (Detail) $ in Thousands | Jul. 07, 2017$ / shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jul. 10, 2017USD ($) | Jul. 10, 2017 | Jul. 10, 2017shares |
Net assets acquired: | ||||||
Goodwill | $ 92,591 | $ 92,591 | ||||
Deferred income taxes | 0 | $ (126,903) | ||||
Integra gold corporation [member] | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Number of common shares issued (in shares) | 15,436,179 | 15,436,179 | ||||
Share price (CAD per share) | $ / shares | $ 15.70 | |||||
15,436,179 common shares of shares of Eldorado at C$15.70/share () | $ 188,061 | |||||
Cash consideration including advances | 126,869 | |||||
Fair value of existing Integra investment by Eldorado | 41,968 | |||||
Total Consideration | 356,898 | |||||
Net assets acquired: | ||||||
Cash and cash equivalents | 5,205 | |||||
Marketable securities | 2,857 | |||||
Accounts receivable and other | 5,920 | |||||
Inventories | 2,471 | |||||
Other assets | 3,495 | |||||
Property, plant and equipment | 393,647 | |||||
Goodwill | $ 115,600 | 92,591 | ||||
Accounts payable and accrued liabilities | (8,028) | |||||
Flow-through share premium liability | (4,722) | |||||
Other liabilities | (9,635) | |||||
Deferred income taxes | (126,903) | |||||
Total | $ 356,898 |
Cash and cash equivalents - Sum
Cash and cash equivalents - Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents [abstract] | |||
Cash at bank and on hand | $ 200,644 | $ 293,437 | |
Short-term bank deposits | 85,668 | 186,064 | |
Cash and cash equivalents | $ 286,312 | $ 479,501 | $ 883,171 |
Restricted cash (Details)
Restricted cash (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current: | ||
Restricted cash deposits - Greece | $ 296 | $ 310 |
Non-current: | ||
Restricted credit card deposits | 58 | 43 |
Restricted cash related to Letter of Guarantee - Greece | 10,670 | 9,743 |
Environmental guarantee deposits | 2,721 | 2,831 |
Restricted cash | $ 13,449 | $ 12,617 |
Accounts receivable and other -
Accounts receivable and other - Summary of Accounts Receivable and Other (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Trade and other current receivables [abstract] | ||
Trade receivables | $ 22,072 | $ 7,746 |
Value added tax and other taxes recoverable | 34,791 | 44,717 |
Other receivables and advances | 8,378 | 7,134 |
Prepaid expenses and deposits | 15,746 | 18,747 |
Accounts receivable and other | $ 80,987 | $ 78,344 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Classes of current inventories [abstract] | ||
Ore stockpiles | $ 1,620 | $ 3,297 |
In-process inventory and finished goods | 59,974 | 96,651 |
Materials and supplies | 76,291 | 68,896 |
Inventories | $ 137,885 | $ 168,844 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory [Line Items] | ||
Cost of materials and supplies consumed | $ 87,269,000 | $ 120,422,000 |
Inventory write-down | 1,465,000 | 444,000 |
Zinc [member] | ||
Inventory [Line Items] | ||
Inventory write-down | 269,000 | 444,000 |
Pyrite [Member] | ||
Inventory [Line Items] | ||
Inventory write-down | $ 1,196,000 | $ 0 |
Other assets - Summary of Other
Other assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Miscellaneous non-current assets [abstract] | ||
Prepaid loan costs | $ 749 | $ 1,272 |
Prepaid forestry fees | 3,175 | 3,628 |
Long-term value added tax and other taxes recoverable | 6,668 | 5,385 |
Other assets | $ 10,592 | $ 10,285 |
Non-controlling interests - Sum
Non-controlling interests - Summary of Non-controlling Interests in Subsidiaries (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of subsidiaries [line items] | ||
Current assets | $ 514,698 | $ 737,517 |
Current liabilities | (141,702) | (114,030) |
Carrying amount of NCI | 63,414 | 79,940 |
Revenue | 459,016 | 391,406 |
Net loss | (379,631) | (21,388) |
Total comprehensive loss | (382,775) | (35,566) |
Loss allocated to NCI | (17,747) | (11,453) |
Net decrease in cash and cash equivalents | $ (193,189) | $ (403,670) |
Hellas Gold SA ("Hellas") [member] | ||
Disclosure of subsidiaries [line items] | ||
NCI percentage | 5.00% | 5.00% |
Current assets | $ 78,308 | $ 72,454 |
Non-current assets | 1,846,952 | 2,143,089 |
Current liabilities | (1,212,864) | (1,113,471) |
Non-current liabilities | (160,765) | (291,447) |
Net assets | 551,631 | 810,625 |
Carrying amount of NCI | 17,619 | 31,732 |
Revenue | 110,487 | 51,152 |
Net loss | (298,272) | (62,365) |
Total comprehensive loss | (298,272) | (62,365) |
Loss allocated to NCI | (14,913) | (3,118) |
Dividends paid to NCI | 0 | 0 |
Cash flows from operating activities | (66,135) | (9,253) |
Cash flows from investing activities | (80,306) | (181,116) |
Cash flows from financing activities | 133,520 | 172,431 |
Net decrease in cash and cash equivalents | $ (12,921) | $ (17,938) |
Deva Gold SA ("Deva") [member] | ||
Disclosure of subsidiaries [line items] | ||
NCI percentage | 19.50% | 19.50% |
Current assets | $ 2,177 | $ 4,958 |
Non-current assets | 414,330 | 413,989 |
Current liabilities | (246,089) | (234,386) |
Non-current liabilities | (43,581) | (43,623) |
Net assets | 126,837 | 140,938 |
Carrying amount of NCI | 44,169 | 46,919 |
Revenue | 0 | 0 |
Net loss | (14,100) | (42,632) |
Total comprehensive loss | (14,100) | (42,632) |
Loss allocated to NCI | (2,750) | (8,314) |
Dividends paid to NCI | 0 | 0 |
Cash flows from operating activities | (16,695) | (51,328) |
Cash flows from investing activities | (419) | (2,007) |
Cash flows from financing activities | 15,218 | 53,007 |
Net decrease in cash and cash equivalents | $ (1,896) | $ (328) |
Non-controlling interests - Add
Non-controlling interests - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of subsidiaries [line items] | ||
Profit (loss) allocated to non-controlling interests | $ (17,747) | $ (11,453) |
Carrying amount of NCI | 63,414 | 79,940 |
Non-Material Subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Profit (loss) allocated to non-controlling interests | 84 | 21 |
Carrying amount of NCI | $ 1,626 | $ 1,289 |
Property, plant and equipment -
Property, plant and equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | $ 4,227,397 | $ 3,645,827 |
Impairment | 447,808 | 0 |
Ending balance | 3,988,476 | 4,227,397 |
Land and buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 142,497 | 125,905 |
Ending balance | 144,270 | 142,497 |
Plant and equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 745,590 | 710,307 |
Ending balance | 1,103,270 | 745,590 |
Capital works in progress [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 52,088 | 137,189 |
Ending balance | 109,361 | 52,088 |
Mineral properties and leases [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 3,200,191 | 2,594,931 |
Ending balance | 2,538,116 | 3,200,191 |
Capitalized Evaluation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 87,031 | 77,495 |
Ending balance | 93,459 | 87,031 |
Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 6,347,014 | 5,678,378 |
Additions/transfers | 363,436 | 349,090 |
Acquisition of Integra | 393,647 | |
Proceeds on pre-commercial production sales | (48,868) | (38,200) |
Olympias commercial production transfers | 13,288 | |
Other movements | 14,566 | (2,578) |
Disposals | (8,449) | (33,323) |
Ending balance | 6,680,987 | 6,347,014 |
Cost [member] | Land and buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 185,923 | 164,540 |
Additions/transfers | 6,203 | 12,322 |
Acquisition of Integra | 4,820 | |
Proceeds on pre-commercial production sales | 0 | 0 |
Olympias commercial production transfers | 387 | |
Other movements | (240) | 4,251 |
Disposals | (29) | (10) |
Ending balance | 192,244 | 185,923 |
Cost [member] | Plant and equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,531,640 | 1,416,948 |
Additions/transfers | 119,712 | 115,684 |
Acquisition of Integra | 3,646 | |
Proceeds on pre-commercial production sales | (9,179) | 0 |
Olympias commercial production transfers | 465,249 | |
Other movements | 13,011 | (2,325) |
Disposals | (8,400) | (2,313) |
Ending balance | 2,112,033 | 1,531,640 |
Cost [member] | Capital works in progress [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 56,821 | 141,922 |
Additions/transfers | 1,646 | (42,933) |
Acquisition of Integra | 0 | |
Proceeds on pre-commercial production sales | 0 | 0 |
Olympias commercial production transfers | 53,858 | |
Other movements | 1,769 | (12,336) |
Disposals | 0 | (29,832) |
Ending balance | 114,094 | 56,821 |
Cost [member] | Mineral properties and leases [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 4,485,599 | 3,877,473 |
Additions/transfers | 229,673 | 254,481 |
Acquisition of Integra | 385,181 | |
Proceeds on pre-commercial production sales | (39,689) | (38,200) |
Olympias commercial production transfers | (506,206) | |
Other movements | (200) | 7,832 |
Disposals | (20) | (1,168) |
Ending balance | 4,169,157 | 4,485,599 |
Cost [member] | Capitalized Evaluation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 87,031 | 77,495 |
Additions/transfers | 6,202 | 9,536 |
Acquisition of Integra | 0 | |
Proceeds on pre-commercial production sales | 0 | 0 |
Olympias commercial production transfers | 0 | |
Other movements | 226 | 0 |
Disposals | 0 | 0 |
Ending balance | 93,459 | 87,031 |
Depreciation and impairment losses [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (2,119,617) | (2,032,551) |
Depreciation for the year | (95,548) | (86,237) |
Olympias commercial production transfers | (13,288) | |
Other movements | (16,891) | (2,514) |
Impairment | (447,808) | |
Disposals | 641 | 1,685 |
Ending balance | (2,692,511) | (2,119,617) |
Depreciation and impairment losses [member] | Land and buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (43,426) | (38,635) |
Depreciation for the year | (3,125) | (4,245) |
Olympias commercial production transfers | 0 | |
Other movements | (1,060) | (546) |
Impairment | (363) | |
Disposals | 0 | 0 |
Ending balance | (47,974) | (43,426) |
Depreciation and impairment losses [member] | Plant and equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (786,050) | (706,641) |
Depreciation for the year | (88,649) | (79,044) |
Olympias commercial production transfers | (13,288) | |
Other movements | (15,485) | (2,048) |
Impairment | (105,932) | |
Disposals | 641 | 1,683 |
Ending balance | (1,008,763) | (786,050) |
Depreciation and impairment losses [member] | Capital works in progress [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (4,733) | (4,733) |
Depreciation for the year | 0 | 0 |
Olympias commercial production transfers | 0 | |
Other movements | 0 | 0 |
Impairment | 0 | |
Disposals | 0 | 0 |
Ending balance | (4,733) | (4,733) |
Depreciation and impairment losses [member] | Mineral properties and leases [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (1,285,408) | (1,282,542) |
Depreciation for the year | (3,774) | (2,948) |
Olympias commercial production transfers | 0 | |
Other movements | (346) | 80 |
Impairment | (341,513) | |
Disposals | 0 | 2 |
Ending balance | (1,631,041) | (1,285,408) |
Depreciation and impairment losses [member] | Capitalized Evaluation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 0 | 0 |
Depreciation for the year | 0 | 0 |
Olympias commercial production transfers | 0 | |
Other movements | 0 | 0 |
Impairment | 0 | |
Disposals | 0 | 0 |
Ending balance | $ 0 | $ 0 |
Property, plant and equipment_2
Property, plant and equipment - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capitalized interest | $ 36,750 | $ 36,750 | |
Impairment of property, plant, and equipment | 447,808 | $ 0 | |
Greece [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment of property, plant, and equipment | 330,238 | ||
Impairment charges, net of deferred tax | $ 247,679 | ||
Individual assets or cash-generating units [member] | Turkey [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment of property, plant, and equipment | $ 117,570 | ||
Impairment charges, net of deferred tax | $ 94,056 |
Property, plant and equipment_3
Property, plant and equipment - Summary of Key Assumptions Used for Assessing Recoverable Amount of Company's CGUs Versus Carrying Values (Detail) | Jul. 01, 2018$ / oz | Apr. 30, 2007$ / oz | Sep. 30, 2018$ / oz | Jun. 30, 2018$ / oz | Dec. 31, 2018$ / T$ / oz |
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Silver price ($/oz) | 6.77 | 3.90 | 2.50 | ||
Turkey [member] | Individual assets or cash-generating units [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Gold price ($/oz) | 1,250 | ||||
Silver price ($/oz) | 17 | ||||
Discount rate | 6.50% | ||||
Greece [member] | Individual assets or cash-generating units [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Discount rate | 7.00% | ||||
Greece [member] | Bottom of range [member] | Individual assets or cash-generating units [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Gold price ($/oz) | 1,275 | ||||
Silver price ($/oz) | 17 | ||||
Lead price ($/t) | $ / T | 2,200 | ||||
Zinc price ($/t) | $ / T | 2,800 | ||||
Greece [member] | Top of range [member] | Individual assets or cash-generating units [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Gold price ($/oz) | 1,300 | ||||
Silver price ($/oz) | 18 | ||||
Lead price ($/t) | $ / T | 2,300 | ||||
Zinc price ($/t) | $ / T | 2,900 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)$ / oz | Dec. 31, 2017USD ($) | Jul. 10, 2017USD ($) | |
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | $ 92,591 | $ 92,591 | |
Change in gold price ($/oz) | $ / oz | 1,200 | ||
Integra gold corporation [member] | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill recognized | $ 92,591 | ||
Goodwill | $ 115,600 | $ 92,591 |
Goodwill - Summary of Key Assum
Goodwill - Summary of Key Assumptions Used for Assessing the Recoverable Amount of Goodwil (Detail) - Goodwill [member] | 12 Months Ended |
Dec. 31, 2018$ / oz | |
Disclosure of reconciliation of changes in goodwill [line items] | |
Discount rate | 5.00% |
Conversion factor of resources and exploration potential to proven and probable reserves | 21.00% |
Fair value per ounce of resources and exploration potential beyond proven and probable reserves | 140 |
Bottom of range [member] | |
Disclosure of reconciliation of changes in goodwill [line items] | |
Gold price ($/oz) | 1,275 |
Top of range [member] | |
Disclosure of reconciliation of changes in goodwill [line items] | |
Gold price ($/oz) | 1,300 |
Accounts payable and accrued _3
Accounts payable and accrued liabilities - Summary of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Trade and other current payables [abstract] | ||
Trade payables | $ 38,969 | $ 60,081 |
Taxes payable | 201 | 213 |
Accrued expenses | 101,708 | 50,247 |
Accounts payable and accrued liabilities | $ 140,878 | $ 110,541 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Jun. 30, 2016USD ($) | Dec. 10, 2012USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Nov. 30, 2012USD ($) |
Disclosure Of Borrowings [Line Items] | ||||||
Debt | $ 595,977,000 | $ 593,783,000 | ||||
Revolving credit facility [member] | ||||||
Disclosure Of Borrowings [Line Items] | ||||||
Borrowings | $ 375,000,000 | |||||
Net Debt to EBITDA ratio | 2.26 | 0.9 | ||||
LIBOR interest plus margin | 2.625% | |||||
Loan undrawn standby fee | 0.725% | |||||
Loan undrawn standby fee paid | $ 2,031,000 | |||||
Prepaid loan cost | $ 749,000 | $ 1,272,000 | ||||
Revolving credit facility [member] | Amended and restated credit agreement [member] | ||||||
Disclosure Of Borrowings [Line Items] | ||||||
Borrowings | 250,000,000 | $ 250,000,000 | ||||
Additional borrowing capacity | $ 100,000,000 | $ 100,000,000 | ||||
Borrowings maturity | Jun. 13, 2020 | |||||
Aggregate unsecured indebtedness | 850,000,000 | |||||
Secured indebtedness incurred | 200,000,000 | |||||
Unsecured indebtedness | $ 150,000,000 | |||||
Net Debt to EBITDA ratio | 3.5 | |||||
Minimum EBITDA to Interest ratio | 3 | |||||
Loan undrawn standby fee paid | $ 0 | 0 | ||||
Senior notes [member] | ||||||
Disclosure Of Borrowings [Line Items] | ||||||
Borrowings maturity | Dec. 15, 2020 | |||||
Notes issued at par value | $ 600,000,000 | |||||
Debt fixed interest rate | 6.125% | |||||
Senior notes issued | $ 589,500,000 | |||||
Fair market value of notes issued | 550,000,000 | |||||
Deferred financing cost | $ 4,023,000 | $ 6,217,000 |
Asset retirement obligations -
Asset retirement obligations - Summary of Asset Retirement Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of asset retirement obligations [line items] | ||
Beginning Balance | $ 99,684 | $ 89,778 |
Acquired during the year | 9,453 | |
Accretion during the year | 2,038 | 2,006 |
Revisions to estimate | (2,043) | 1,544 |
Settlements | (5,536) | (3,097) |
Ending Balance | 94,143 | 99,684 |
Less: Current portion | (824) | (3,489) |
Long term portion | 93,319 | 96,195 |
Estimated undiscounted amount | 135,173 | 139,591 |
Turkey [member] | ||
Disclosure of asset retirement obligations [line items] | ||
Beginning Balance | 37,321 | 36,196 |
Acquired during the year | 0 | |
Accretion during the year | 896 | 913 |
Revisions to estimate | (1,117) | 502 |
Settlements | (621) | (290) |
Ending Balance | 36,479 | 37,321 |
Less: Current portion | 0 | 0 |
Long term portion | 36,479 | 37,321 |
Estimated undiscounted amount | 48,454 | 49,257 |
Canada [member] | ||
Disclosure of asset retirement obligations [line items] | ||
Beginning Balance | 9,453 | 0 |
Acquired during the year | 9,453 | |
Accretion during the year | 0 | 0 |
Revisions to estimate | 2,762 | 0 |
Settlements | 0 | 0 |
Ending Balance | 12,215 | 9,453 |
Less: Current portion | 0 | 0 |
Long term portion | 12,215 | 9,453 |
Estimated undiscounted amount | 14,989 | 12,286 |
Greece [member] | ||
Disclosure of asset retirement obligations [line items] | ||
Beginning Balance | 47,461 | 48,131 |
Acquired during the year | 0 | |
Accretion during the year | 1,035 | 1,025 |
Revisions to estimate | (3,512) | 1,112 |
Settlements | (4,915) | (2,807) |
Ending Balance | 40,069 | 47,461 |
Less: Current portion | (824) | (3,489) |
Long term portion | 39,245 | 43,972 |
Estimated undiscounted amount | 65,274 | 71,591 |
Romania [member] | ||
Disclosure of asset retirement obligations [line items] | ||
Beginning Balance | 1,405 | 1,359 |
Acquired during the year | 0 | |
Accretion during the year | 36 | 36 |
Revisions to estimate | (77) | 10 |
Settlements | 0 | 0 |
Ending Balance | 1,364 | 1,405 |
Less: Current portion | 0 | 0 |
Long term portion | 1,364 | 1,405 |
Estimated undiscounted amount | 2,335 | 2,340 |
Brazil [member] | ||
Disclosure of asset retirement obligations [line items] | ||
Beginning Balance | 4,044 | 4,092 |
Acquired during the year | 0 | |
Accretion during the year | 71 | 32 |
Revisions to estimate | (99) | (80) |
Settlements | 0 | 0 |
Ending Balance | 4,016 | 4,044 |
Less: Current portion | 0 | 0 |
Long term portion | 4,016 | 4,044 |
Estimated undiscounted amount | $ 4,121 | $ 4,117 |
Asset retirement obligations _2
Asset retirement obligations - Summary of Present Value of Estimated Future Net Cash Outflows (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
Turkey [member] | ||
Disclosure of asset retirement obligations [line items] | ||
Discount rate | 2.70% | |
Turkey [member] | Bottom of range [member] | ||
Disclosure of asset retirement obligations [line items] | ||
Inflation rate | 2.20% | 2.00% |
Discount rate | 2.30% | |
Turkey [member] | Top of range [member] | ||
Disclosure of asset retirement obligations [line items] | ||
Inflation rate | 2.30% | 2.20% |
Discount rate | 2.50% | |
Canada [member] | ||
Disclosure of asset retirement obligations [line items] | ||
Discount rate | 2.70% | |
Canada [member] | Bottom of range [member] | ||
Disclosure of asset retirement obligations [line items] | ||
Inflation rate | 2.20% | 2.00% |
Discount rate | 2.30% | |
Canada [member] | Top of range [member] | ||
Disclosure of asset retirement obligations [line items] | ||
Inflation rate | 2.30% | 2.20% |
Discount rate | 2.50% | |
Greece [member] | Bottom of range [member] | ||
Disclosure of asset retirement obligations [line items] | ||
Inflation rate | 2.20% | 2.00% |
Discount rate | 2.50% | 1.50% |
Greece [member] | Top of range [member] | ||
Disclosure of asset retirement obligations [line items] | ||
Inflation rate | 2.30% | 2.20% |
Discount rate | 2.90% | 3.00% |
Romania [member] | ||
Disclosure of asset retirement obligations [line items] | ||
Discount rate | 2.90% | 2.70% |
Romania [member] | Bottom of range [member] | ||
Disclosure of asset retirement obligations [line items] | ||
Inflation rate | 2.20% | 2.00% |
Romania [member] | Top of range [member] | ||
Disclosure of asset retirement obligations [line items] | ||
Inflation rate | 2.30% | 2.20% |
Brazil [member] | ||
Disclosure of asset retirement obligations [line items] | ||
Discount rate | 2.60% | 1.80% |
Brazil [member] | Bottom of range [member] | ||
Disclosure of asset retirement obligations [line items] | ||
Inflation rate | 2.20% | 2.00% |
Brazil [member] | Top of range [member] | ||
Disclosure of asset retirement obligations [line items] | ||
Inflation rate | 2.30% | 2.20% |
Asset retirement obligations _3
Asset retirement obligations - Additional Information (Detail) - Greece [member] | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
50.0 million Letter of Credit [member] | |
Disclosure of asset retirement obligations [line items] | |
Letter of guarantee | € 50,000,000 |
Letter of guarantee annual fee | 0.57% |
Letter of guarantee expiration date | Jul. 26, 2026 |
7.5 million Letter of Guarantee [member] | |
Disclosure of asset retirement obligations [line items] | |
Letter of guarantee | € 7,500,000 |
Letter of guarantee annual fee | 0.45% |
Letter of guarantee expiration date | Jul. 26, 2026 |
Defined benefit plans - Summary
Defined benefit plans - Summary of Defined Benefit Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income statement charge for: | ||
Defined benefit pension plan expense | $ 3,555 | $ 3,451 |
Actuarial losses recognised in the statement of other comprehensive income in the period (before tax) | (1,197) | (3,121) |
Cumulative actuarial losses recognised in the statement of other comprehensive income (before tax) | (19,838) | (18,641) |
Defined Benefit Pension Plans [member] | ||
Income statement charge for: | ||
Defined benefit pension plan expense | 3,463 | 2,841 |
Supplemental pension plan [member] | ||
Income statement charge for: | ||
Defined benefit pension plan expense | $ 92 | $ 610 |
Defined benefit plans - Additio
Defined benefit plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of defined benefit plans [line items] | ||
Refundable tax of percentage of gain on defined benefit pension plans | 50.00% | |
Actual return on plan assets | $ 685 | $ 1,416 |
Plan assets [member] | ||
Disclosure of defined benefit plans [line items] | ||
Contributions by employer | 0 | 1,415 |
Benefit payments | 4,182 | 1,542 |
Defined Benefit Pension Plans [member] | Plan assets [member] | ||
Disclosure of defined benefit plans [line items] | ||
Contributions by employer | 0 | 219 |
Supplemental pension plan [member] | Plan assets [member] | ||
Disclosure of defined benefit plans [line items] | ||
Contributions by employer | 0 | $ 1,196 |
Canadian Pension Plan [member] | Defined Benefit Pension Plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Contributions by employer | $ 31 |
Defined benefit plans - Summa_2
Defined benefit plans - Summary of Amounts Recognised in the Balance Sheet for All Pension Plans (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of defined benefit plans [line items] | ||
Present value of obligations | $ (53,314) | $ (59,984) |
Fair value of plan assets | 48,059 | 56,304 |
Asset (liability) on balance sheet | (5,255) | (3,680) |
Defined Benefit Pension Plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Present value of obligations | (16,239) | (16,028) |
Fair value of plan assets | 1,864 | 2,429 |
Asset (liability) on balance sheet | (14,375) | (13,599) |
Supplemental pension plan [member] | ||
Disclosure of defined benefit plans [line items] | ||
Present value of obligations | (37,075) | (43,956) |
Fair value of plan assets | 46,195 | 53,875 |
Asset (liability) on balance sheet | $ 9,120 | $ 9,919 |
Defined benefit plans - Summa_3
Defined benefit plans - Summary of Movement in the Defined Benefit Obligation Over the Year (Detail) - Present value of defined benefit obligation [member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Beginning Balance | $ (59,984) | $ (50,622) |
Current service cost | (3,204) | (2,979) |
Past service cost | (146) | (414) |
Interest cost | (2,004) | (2,128) |
Actuarial gain (loss) | 1,303 | (2,682) |
Benefit payments | 3,895 | 2,545 |
Exchange gain (loss) | 6,826 | (3,704) |
Ending Balance | (53,314) | (59,984) |
Defined Benefit Pension Plans [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Beginning Balance | (16,028) | (12,936) |
Current service cost | (2,935) | (2,102) |
Past service cost | 0 | (206) |
Interest cost | (601) | (620) |
Actuarial gain (loss) | (1,209) | (292) |
Benefit payments | 1,066 | 1,060 |
Exchange gain (loss) | 3,468 | (932) |
Ending Balance | (16,239) | (16,028) |
Supplemental pension plan [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Beginning Balance | (43,956) | (37,686) |
Current service cost | (269) | (877) |
Past service cost | (146) | (208) |
Interest cost | (1,403) | (1,508) |
Actuarial gain (loss) | 2,512 | (2,390) |
Benefit payments | 2,829 | 1,485 |
Exchange gain (loss) | 3,358 | (2,772) |
Ending Balance | $ (37,075) | $ (43,956) |
Defined benefit plans - Summa_4
Defined benefit plans - Summary of Movement in the Fair Value of Plan Assets of the Year (Detail) - Plan assets [member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of fair value of plan assets [line items] | ||
Beginning Balance | $ 56,304 | $ 51,360 |
Interest income on plan assets | 1,799 | 2,069 |
Actuarial gain (loss) | (2,500) | (439) |
Contributions by employer | 0 | 1,415 |
Benefit payments | (3,227) | (1,542) |
Exchange gain (loss) | (4,317) | 3,441 |
Ending Balance | 48,059 | 56,304 |
Defined Benefit Pension Plans [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Beginning Balance | 2,429 | 2,054 |
Interest income on plan assets | 73 | 86 |
Actuarial gain (loss) | (64) | (55) |
Contributions by employer | 0 | 219 |
Benefit payments | (399) | (57) |
Exchange gain (loss) | (175) | 182 |
Ending Balance | 1,864 | 2,429 |
Supplemental pension plan [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Beginning Balance | 53,875 | 49,306 |
Interest income on plan assets | 1,726 | 1,983 |
Actuarial gain (loss) | (2,436) | (384) |
Contributions by employer | 0 | 1,196 |
Benefit payments | (2,828) | (1,485) |
Exchange gain (loss) | (4,142) | 3,259 |
Ending Balance | $ 46,195 | $ 53,875 |
Defined benefit plans - Summa_5
Defined benefit plans - Summary of Amounts Recognised in the Income Statement (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | $ 3,204 | $ 2,979 |
Interest cost | 2,005 | 2,128 |
Past Service Cost | 146 | 414 |
Expected return on plan assets | (1,800) | (2,070) |
Defined benefit plans expense | 3,555 | 3,451 |
Defined Benefit Pension Plans [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 2,935 | 2,102 |
Interest cost | 601 | 620 |
Past Service Cost | 0 | 206 |
Expected return on plan assets | (73) | (87) |
Defined benefit plans expense | 3,463 | 2,841 |
Supplemental pension plan [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 269 | 877 |
Interest cost | 1,404 | 1,508 |
Past Service Cost | 146 | 208 |
Expected return on plan assets | (1,727) | (1,983) |
Defined benefit plans expense | $ 92 | $ 610 |
Defined benefit plans - Summa_6
Defined benefit plans - Summary of Principal Actuarial Assumptions (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Greece [member] | Defined Benefit Pension Plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate - beginning of year | 1.70% | 1.60% |
Discount rate - end of year | 1.70% | 1.70% |
Rate of salary escalation | 2.80% | 2.80% |
Turkey [member] | Defined Benefit Pension Plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate - beginning of year | 11.00% | 10.50% |
Discount rate - end of year | 15.00% | 11.00% |
Rate of salary escalation | 9.00% | 6.50% |
Canada [member] | Defined Benefit Pension Plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Expected return on plan assets | 3.40% | 3.90% |
Discount rate - beginning of year | 3.40% | 3.90% |
Discount rate - end of year | 3.90% | 3.40% |
Rate of salary escalation | 2.00% | 2.00% |
Average remaining service period of active employees expected to receive benefits | 1 year 7 months 6 days | 8 years 2 months 12 days |
Canada [member] | Supplemental pension plan [member] | ||
Disclosure of defined benefit plans [line items] | ||
Expected return on plan assets | 3.40% | 3.90% |
Discount rate - beginning of year | 3.40% | 3.90% |
Discount rate - end of year | 3.90% | 3.40% |
Rate of salary escalation | 2.00% | 2.00% |
Average remaining service period of active employees expected to receive benefits | 1 year 7 months 6 days | 8 years 2 months 12 days |
Defined benefit plans - Summa_7
Defined benefit plans - Summary of Defined Benefit Plans' Weighted Average Asset Allocation Percentages by Asset Category (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Pension Plans [member] | ||
Investment funds | ||
Money market | 2.00% | |
Canadian fixed income | 98.00% | 100.00% |
Total | 100.00% | 100.00% |
Supplemental pension plan [member] | ||
Investment funds | ||
Money market | 1.00% | 6.00% |
Canadian fixed income | 6.00% | 2.00% |
Other | 49.00% | 46.00% |
Total | 100.00% | 100.00% |
Supplemental pension plan [member] | Canada [member] | ||
Investment funds | ||
Equities | 22.00% | 20.00% |
Supplemental pension plan [member] | UNITED STATES | ||
Investment funds | ||
Equities | 10.00% | 19.00% |
Supplemental pension plan [member] | Other jurisdictions [member] | ||
Investment funds | ||
Equities | 12.00% | 7.00% |
Defined benefit plans - Summa_8
Defined benefit plans - Summary of Sensitivity of the Overall Pension Obligation to Changes in the Weighted Principal Assumptions (Detail) | Dec. 31, 2018USD ($) |
Discount rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption, increase | 0.50% |
Change in assumption, decrease | 0.50% |
Impact on overall obligation, due to 0.5 % decrease in actuarial assumption | $ 2,189,000 |
Impact on overall obligation, due to 0.5 % increase in actuarial assumption | $ 2,401,000 |
Salary escalation rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Change in assumption, increase | 0.50% |
Change in assumption, decrease | 0.50% |
Impact on overall obligation, due to 0.5 % decrease in actuarial assumption | $ 0 |
Impact on overall obligation, due to 0.5 % increase in actuarial assumption | $ 0 |
Income taxes - Summary of Incom
Income taxes - Summary of Income Tax Expense (Recovery) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Major components of tax expense (income) [abstract] | ||
Current tax expense | $ 32,341 | $ 39,232 |
Deferred tax recovery | (118,839) | (19,849) |
Income tax expense (recovery) | $ (86,498) | $ 19,383 |
Income taxes - Summary of Inc_2
Income taxes - Summary of Income Tax Expense (Recovery) Attributable to Geographical Jurisdiction (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of geographical areas [line items] | ||
Income tax expense (recovery) | $ (86,498) | $ 19,383 |
Turkey [member] | ||
Disclosure of geographical areas [line items] | ||
Income tax expense (recovery) | 45,238 | 30,139 |
Greece [member] | ||
Disclosure of geographical areas [line items] | ||
Income tax expense (recovery) | (129,213) | (4,598) |
Brazil [member] | ||
Disclosure of geographical areas [line items] | ||
Income tax expense (recovery) | 3,608 | (1,087) |
Canada [member] | ||
Disclosure of geographical areas [line items] | ||
Income tax expense (recovery) | (3,415) | 2,960 |
Romania [member] | ||
Disclosure of geographical areas [line items] | ||
Income tax expense (recovery) | (2,716) | (8,026) |
Other jurisdictions [member] | ||
Disclosure of geographical areas [line items] | ||
Income tax expense (recovery) | $ 0 | $ (5) |
Income taxes - Summary of Facto
Income taxes - Summary of Factors Affecting Income Tax Expense (Recovery) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Major components of tax expense (income) [abstract] | ||
Earnings (loss) from continuing operations before income tax | $ (466,129) | $ 792 |
Canadian statutory tax rate | 27.00% | 26.00% |
Tax expense (recovery) on net income at Canadian statutory tax rate | $ (125,855) | $ 206 |
Items that cause an increase (decrease) in income tax expense: | ||
Foreign income subject to different income tax rates than Canada | (17,498) | (11,792) |
Reduction in Greek income tax rate | (24,968) | 0 |
Non-tax effected operating losses | 12,716 | 9,691 |
Non-deductible expenses and other items | 14,923 | 10,002 |
Foreign exchange and other translation adjustments | 36,837 | 6,289 |
Future and current withholding tax on foreign income dividends | 20,000 | 5,297 |
Other | (2,653) | (310) |
Income tax expense (recovery) | $ (86,498) | $ 19,383 |
Income taxes - Summary of Chang
Income taxes - Summary of Change in Net Deferred Tax Position (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net deferred tax asset (liability) | ||
Beginning balance | $ (549,127) | $ (443,501) |
Deferred income tax liability related to Integra acquisition | 0 | (126,903) |
Deferred income tax recovery in the income statement | 118,839 | 19,849 |
Deferred tax recovery in other comprehensive loss | 359 | 1,428 |
Ending balance | $ (429,929) | $ (549,127) |
Income taxes - Summary of Tempo
Income taxes - Summary of Temporary Difference (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 84,043 | $ 58,144 |
Deferred tax liabilities | 513,972 | 607,270 |
Expense (recovery) | (118,839) | (19,849) |
Property, plant and equipment [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liabilities | 483,561 | 592,062 |
Expense (recovery) | (108,501) | (33,466) |
Loss carryforwards [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 37,245 | 31,457 |
Expense (recovery) | (5,788) | (4,641) |
Liabilities [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 27,321 | 24,690 |
Expense (recovery) | (2,631) | (80) |
Investment tax credits [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liabilities | 20,000 | 0 |
Expense (recovery) | 20,000 | 0 |
Other items [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 19,477 | 1,997 |
Deferred tax liabilities | 10,411 | 15,208 |
Expense (recovery) | $ (21,919) | $ 18,338 |
Income taxes - Summary of Unrec
Income taxes - Summary of Unrecognized Deferred Tax Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Unrecognized deferred tax assets | ||
Tax losses | $ 160,052 | $ 167,030 |
Other deductible temporary differences | 11,967 | 11,253 |
Total unrecognized deferred tax assets | $ 172,019 | $ 178,283 |
Income taxes - Additional Infor
Income taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Major components of tax expense income [line items] | ||
Tax effect of tax losses | $ 160,052 | $ 167,030 |
Tax effect of total losses not recognized as deferred tax assets | 160,052 | 167,030 |
Deductible temporary differences for which deferred tax assets have not been recognized | 11,967 | 11,253 |
Temporary differences associated with investments in subsidiaries | 546,403 | $ 788,137 |
Turkey [member] | ||
Major components of tax expense income [line items] | ||
Increase in deferred income tax expense due to exchange difference | $ 24,595 |
Income taxes - Summary of Unr_2
Income taxes - Summary of Unrecognized Tax Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax effect of tax losses | $ 160,052 | $ 167,030 |
Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax effect of tax losses | 137,268 | |
Brazil [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax effect of tax losses | 5,538 | |
Greece [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax effect of tax losses | 17,246 | |
2019 [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 14,964 | |
2019 [member] | Greece [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 14,964 | |
2020 [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 25,221 | |
2020 [member] | Greece [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 25,221 | |
2021 [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 10,451 | |
2021 [member] | Greece [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 10,451 | |
2022 [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 8,007 | |
2022 [member] | Greece [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 8,007 | |
2023 [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 10,337 | |
2023 [member] | Greece [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 10,337 | |
2025 [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 7,894 | |
2025 [member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 7,894 | |
2026 [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 14,966 | |
2026 [member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 14,966 | |
2027 [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 10,638 | |
2027 [member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 10,638 | |
2028 [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 25,971 | |
2028 [member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 25,971 | |
2029 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 23,444 | |
2029 [Member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 23,444 | |
2030 [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 7,282 | |
2030 [member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 7,282 | |
2031 [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 45,351 | |
2031 [member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 45,351 | |
2032 [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 74,855 | |
2032 [member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 74,855 | |
2033 [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 64,883 | |
2033 [member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 64,883 | |
2034 [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 58,689 | |
2034 [member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 58,689 | |
2035 [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 55,266 | |
2035 [member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 55,266 | |
2036 [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 50,503 | |
2036 [member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 50,503 | |
2037 [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 27,333 | |
2037 [member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 27,333 | |
2038 [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 9,025 | |
2038 [member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 9,025 | |
No Expiry [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 32,407 | |
No Expiry [member] | Brazil [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 32,407 | |
Tax losses carried forward [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 577,487 | |
Tax losses carried forward [member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 476,100 | |
Tax losses carried forward [member] | Brazil [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 32,407 | |
Tax losses carried forward [member] | Greece [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 68,980 | |
Capital losses with no expiry [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | 64,837 | |
Capital losses with no expiry [member] | Canada [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of the tax losses | $ 64,837 |
Share capital - Additional Info
Share capital - Additional Information (Detail) | Dec. 27, 2018shares | Dec. 31, 2018shares | Dec. 31, 2017shares | Dec. 31, 2016shares |
Disclosure of classes of share capital [line items] | ||||
Stock split, conversion ratio | 0.2 | |||
Non voting shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of non-voting common shares outstanding | 0 | 0 | ||
Voting common shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of non-voting common shares outstanding | 794,010,680 | 158,801,722 | 158,801,722 | 143,317,014 |
Share capital - Summary of Shar
Share capital - Summary of Share Capital (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of classes of share capital [line items] | ||
Shares issued upon exercise of share options, for cash (in shares) | 48,529 | |
Shares issued for acquisition of Integra (in shares) | 15,436,179 | |
Balance beginning of year | $ 3,723,482 | |
Shares issued upon exercise of share options, for cash | $ 586 | |
Estimated fair value of share options exercised | 176 | |
Balance end of year | $ 3,347,086 | $ 3,723,482 |
Voting common shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Beginning balance (in shares) | 158,801,722 | 143,317,014 |
Ending balance (in shares) | 158,801,722 | 158,801,722 |
Share capital [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance beginning of year | $ 3,007,924 | $ 2,819,101 |
Shares issued upon exercise of share options, for cash | 0 | 586 |
Shares issued for acquisition of Integra | 188,061 | |
Balance end of year | $ 3,007,924 | $ 3,007,924 |
Share-based payments - Summary
Share-based payments - Summary of Share Based Payments Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share based payments | $ 6,989 | $ 11,218 |
Employee stock option plan [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share based payments | 3,392 | 6,736 |
Restricted Shares Without Performance Criteria [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share based payments | 1,425 | 2,716 |
Restricted Shares With Performance Criteria [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share based payments | 175 | 0 |
Deferred share units plans [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share based payments | (277) | (1,023) |
Performance share unit [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share based payments | $ 2,274 | $ 2,789 |
Share-based payments - Addition
Share-based payments - Additional Information (Detail) | Jun. 20, 2018OptionPlans | Dec. 31, 2018USD ($)sharesTranches | Dec. 31, 2017USD ($)shares | Dec. 31, 2018CAD ($)shares | Dec. 31, 2017CAD ($)shares | Dec. 31, 2016shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Expense from share-based payment transactions | $ 6,989,000 | $ 11,218,000 | ||||
Employee stock option plan [member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of share option plans | OptionPlans | 2 | |||||
Expected term | 5 years | |||||
Number of tranches | Tranches | 3 | |||||
Number of share options available to grant under the plan | shares | 3,928,361 | 3,575,074 | ||||
Number of share purchase options vested and exercisable | shares | 3,576,150 | 3,716,685 | 3,576,150 | 3,716,685 | ||
Weighted average exercise price of share purchase options vested and exercisable | $ 28.13 | $ 36.70 | ||||
Expense from share-based payment transactions | $ 3,392,000 | $ 6,736,000 | ||||
Weighted average fair value per stock option | $ 2.32 | $ 7.65 | ||||
Vesting percentage on first anniversary | 33.00% | |||||
Vesting percentage on second anniversary | 33.00% | |||||
Vesting percentage on third anniversary | 33.00% | |||||
Restricted share unit plan [member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Maximum number of shares reserved for issue under options | shares | 5,000,000 | 5,000,000 | ||||
Number of share purchased held in trust share-based payment arrangement | shares | 508,127 | 1,706,096 | ||||
Restricted Shares Without Performance Criteria [member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of share purchase options vested and exercisable | shares | 29,371 | 119,356 | 29,371 | 119,356 | ||
Expense from share-based payment transactions | $ 1,425,000 | $ 2,716,000 | ||||
Vesting percentage on first anniversary | 33.00% | |||||
Vesting percentage on second anniversary | 33.00% | |||||
Vesting percentage on third anniversary | 33.00% | |||||
Number of share options granted in share-based payment arrangement | shares | 214,859 | 187,366 | ||||
Weighted average fair value per stock option | $ 5.88 | |||||
Compensation expense | $ 1,425,000 | $ 2,716,000 | ||||
Number of shares outstanding | shares | 333,119 | 341,198 | 333,119 | 341,198 | 248,013 | |
Restricted Shares With Performance Criteria [member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Expected term | 3 years | |||||
Expense from share-based payment transactions | $ 175,000 | $ 0 | ||||
Number of share options granted in share-based payment arrangement | shares | 167,976 | 0 | ||||
Compensation expense | $ 175,000 | $ 0 | ||||
Number of shares outstanding | shares | 152,927 | 0 | 152,927 | 0 | ||
Restricted Shares With Performance Criteria [member] | Bottom of range [member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Performance target award (range) | 0.00% | |||||
Restricted Shares With Performance Criteria [member] | Top of range [member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Performance target award (range) | 200.00% | |||||
Deferred share units plans [member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Expense from share-based payment transactions | $ (277,000) | $ (1,023,000) | ||||
Trading days | 15 days | |||||
Number of shares outstanding | shares | 234,125 | 119,367 | 234,125 | 119,367 | ||
Liabilities from share-based payment transactions | $ 686,000 | $ 866,000 | ||||
Compensation expense (income) | (277,000) | (1,023,000) | ||||
Performance share unit [member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Expense from share-based payment transactions | $ 2,274,000 | $ 2,789,000 | ||||
Maximum number of shares reserved for issue under options | shares | 3,130,000 | 3,130,000 | ||||
Number of share options granted in share-based payment arrangement | shares | 261,522 | 113,938 | ||||
Compensation expense | $ 2,274,000 | $ 2,789,000 | ||||
Number of shares outstanding | shares | 484,899 | 381,293 | 484,899 | 381,293 | 286,188 | |
Performance share unit [member] | Bottom of range [member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Performance target award (range) | 0.00% | |||||
Performance share unit [member] | Top of range [member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Performance target award (range) | 200.00% |
Share-based payments - Summar_2
Share-based payments - Summary of Movements in Number of Share Options Outstanding and Weighted Average Exercise Prices (Detail) - Employee stock option plan [member] | 12 Months Ended | |
Dec. 31, 2018CAD ($)shares | Dec. 31, 2017CAD ($)shares | |
Disclosure Of Number And Weighted Average Exercise Price Of Outstanding Share Options [Line Items] | ||
Weighted average exercise price, At January 1, | $ | $ 30.18 | $ 37.75 |
Weighted average exercise price, Regular options granted | $ | 6.20 | 22.15 |
Weighted average exercise price, Exercised | $ | 0 | 16.10 |
Weighted average exercise price, Expired | $ | 51.46 | 73.89 |
Weighted average exercise price, Forfeited | $ | 26.99 | 33.78 |
Weighted average exercise price, At December 31, | $ | $ 22.56 | $ 30.18 |
Number of options, At January 1, | shares | 5,944,510 | 5,779,205 |
Number of options, Regular options granted | shares | 1,078,797 | 1,160,905 |
Number of options, Exercised | shares | 0 | (48,529) |
Number of options, Expired | shares | (870,904) | (788,672) |
Number of options, Forfeited | shares | (561,175) | (158,399) |
Number of options, At December 31, | shares | 5,591,228 | 5,944,510 |
Share-based payments - Summar_3
Share-based payments - Summary of Range of Exercise Prices of Outstanding Share Options (Detail) - Employee stock option plan [member] | Dec. 31, 2018CAD ($)sharesyr | Dec. 31, 2017shares | Dec. 31, 2016shares |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Shares (in shares) | shares | 5,591,228 | 5,944,510 | 5,779,205 |
Option outstanding, weighted average remaining contractual life (years) | yr | 2.2 | ||
Option outstanding, Weighted average exercise price (CAD per share) | $ 22.56 | ||
Exercisable options, Shares (in shares) | shares | 3,576,150 | ||
Exercisable options, Weighted average exercise price (CAD per share) | $ 28.13 | ||
$6.00 to $6.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Shares (in shares) | shares | 1,070,517 | ||
Option outstanding, weighted average remaining contractual life (years) | yr | 4.3 | ||
Option outstanding, Weighted average exercise price (CAD per share) | $ 6.20 | ||
Exercisable options, Shares (in shares) | shares | 0 | ||
Exercisable options, Weighted average exercise price (CAD per share) | $ 0 | ||
$16.00 to $16.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Shares (in shares) | shares | 1,350,527 | ||
Option outstanding, weighted average remaining contractual life (years) | yr | 2.1 | ||
Option outstanding, Weighted average exercise price (CAD per share) | $ 16.10 | ||
Exercisable options, Shares (in shares) | shares | 1,011,048 | ||
Exercisable options, Weighted average exercise price (CAD per share) | $ 16.10 | ||
$18.00 to $18.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Shares (in shares) | shares | 2,591 | ||
Option outstanding, weighted average remaining contractual life (years) | yr | 2.1 | ||
Option outstanding, Weighted average exercise price (CAD per share) | $ 18.55 | ||
Exercisable options, Shares (in shares) | shares | 1,727 | ||
Exercisable options, Weighted average exercise price (CAD per share) | $ 18.55 | ||
$19.00 to $19.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Shares (in shares) | shares | 20,000 | ||
Option outstanding, weighted average remaining contractual life (years) | yr | 1.8 | ||
Option outstanding, Weighted average exercise price (CAD per share) | $ 19.80 | ||
Exercisable options, Shares (in shares) | shares | 20,000 | ||
Exercisable options, Weighted average exercise price (CAD per share) | $ 19.80 | ||
$21.00 to $21.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Shares (in shares) | shares | 20,000 | ||
Option outstanding, weighted average remaining contractual life (years) | yr | 2.8 | ||
Option outstanding, Weighted average exercise price (CAD per share) | $ 21.15 | ||
Exercisable options, Shares (in shares) | shares | 13,333 | ||
Exercisable options, Weighted average exercise price (CAD per share) | $ 21.15 | ||
$22.00 to $22.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Shares (in shares) | shares | 932,971 | ||
Option outstanding, weighted average remaining contractual life (years) | yr | 3.1 | ||
Option outstanding, Weighted average exercise price (CAD per share) | $ 22 | ||
Exercisable options, Shares (in shares) | shares | 437,527 | ||
Exercisable options, Weighted average exercise price (CAD per share) | $ 22 | ||
$23.00 to $23.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Shares (in shares) | shares | 151,933 | ||
Option outstanding, weighted average remaining contractual life (years) | yr | 3.2 | ||
Option outstanding, Weighted average exercise price (CAD per share) | $ 23.18 | ||
Exercisable options, Shares (in shares) | shares | 50,643 | ||
Exercisable options, Weighted average exercise price (CAD per share) | $ 23.18 | ||
$29.00 to $29.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Shares (in shares) | shares | 2,449 | ||
Option outstanding, weighted average remaining contractual life (years) | yr | 2.4 | ||
Option outstanding, Weighted average exercise price (CAD per share) | $ 29.55 | ||
Exercisable options, Shares (in shares) | shares | 1,632 | ||
Exercisable options, Weighted average exercise price (CAD per share) | $ 29.55 | ||
$30.00 to $30.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Shares (in shares) | shares | 27,800 | ||
Option outstanding, weighted average remaining contractual life (years) | yr | 0.8 | ||
Option outstanding, Weighted average exercise price (CAD per share) | $ 30.75 | ||
Exercisable options, Shares (in shares) | shares | 27,800 | ||
Exercisable options, Weighted average exercise price (CAD per share) | $ 30.75 | ||
$31.00 to $31.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Shares (in shares) | shares | 4,828 | ||
Option outstanding, weighted average remaining contractual life (years) | yr | 0.3 | ||
Option outstanding, Weighted average exercise price (CAD per share) | $ 31.90 | ||
Exercisable options, Shares (in shares) | shares | 4,828 | ||
Exercisable options, Weighted average exercise price (CAD per share) | $ 31.90 | ||
$33.00 to $33.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Shares (in shares) | shares | 1,159,157 | ||
Option outstanding, weighted average remaining contractual life (years) | yr | 1.1 | ||
Option outstanding, Weighted average exercise price (CAD per share) | $ 33.35 | ||
Exercisable options, Shares (in shares) | shares | 1,159,157 | ||
Exercisable options, Weighted average exercise price (CAD per share) | $ 33.35 | ||
$34.00 to $34.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Shares (in shares) | shares | 20,000 | ||
Option outstanding, weighted average remaining contractual life (years) | yr | 0.3 | ||
Option outstanding, Weighted average exercise price (CAD per share) | $ 34.15 | ||
Exercisable options, Shares (in shares) | shares | 20,000 | ||
Exercisable options, Weighted average exercise price (CAD per share) | $ 34.15 | ||
$35.00 to $35.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Shares (in shares) | shares | 20,000 | ||
Option outstanding, weighted average remaining contractual life (years) | yr | 1 | ||
Option outstanding, Weighted average exercise price (CAD per share) | $ 35.40 | ||
Exercisable options, Shares (in shares) | shares | 20,000 | ||
Exercisable options, Weighted average exercise price (CAD per share) | $ 35.40 | ||
$39.00 to $39.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Shares (in shares) | shares | 808,455 | ||
Option outstanding, weighted average remaining contractual life (years) | yr | 0.2 | ||
Option outstanding, Weighted average exercise price (CAD per share) | $ 39.20 | ||
Exercisable options, Shares (in shares) | shares | 808,455 | ||
Exercisable options, Weighted average exercise price (CAD per share) | $ 39.20 | ||
Bottom of range [member] | $6.00 to $6.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 6 | ||
Bottom of range [member] | $16.00 to $16.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 16 | ||
Bottom of range [member] | $18.00 to $18.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 18 | ||
Bottom of range [member] | $19.00 to $19.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 19 | ||
Bottom of range [member] | $21.00 to $21.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 21 | ||
Bottom of range [member] | $22.00 to $22.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 22 | ||
Bottom of range [member] | $23.00 to $23.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 23 | ||
Bottom of range [member] | $29.00 to $29.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 29 | ||
Bottom of range [member] | $30.00 to $30.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 30 | ||
Bottom of range [member] | $31.00 to $31.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 31 | ||
Bottom of range [member] | $33.00 to $33.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 33 | ||
Bottom of range [member] | $34.00 to $34.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 34 | ||
Bottom of range [member] | $35.00 to $35.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 35 | ||
Bottom of range [member] | $39.00 to $39.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 39 | ||
Top of range [member] | $6.00 to $6.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 6.99 | ||
Top of range [member] | $16.00 to $16.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 16.99 | ||
Top of range [member] | $18.00 to $18.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 18.99 | ||
Top of range [member] | $19.00 to $19.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 19.99 | ||
Top of range [member] | $21.00 to $21.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 21.99 | ||
Top of range [member] | $22.00 to $22.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 22.99 | ||
Top of range [member] | $23.00 to $23.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 23.99 | ||
Top of range [member] | $29.00 to $29.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 29.99 | ||
Top of range [member] | $30.00 to $30.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 30.99 | ||
Top of range [member] | $31.00 to $31.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 31.99 | ||
Top of range [member] | $33.00 to $33.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 33.99 | ||
Top of range [member] | $34.00 to $34.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 34.99 | ||
Top of range [member] | $35.00 to $35.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | 35.99 | ||
Top of range [member] | $39.00 to $39.99 [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Option outstanding, Weighted average exercise price (CAD per share) | $ 39.99 |
Share-based payments - Summar_4
Share-based payments - Summary of Assumptions Used to Estimate the Fair Value of Options Granted (Detail) | 12 Months Ended | |
Dec. 31, 2018CAD ($)yr | Dec. 31, 2017CAD ($)yr | |
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Expected dividends (CDN$) | $ | $ 0 | $ 0.02 |
Forfeiture rate (%) | 8.00% | 11.00% |
Bottom of range [member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Risk-free interest rate (range) (%) | 1.80% | 0.70% |
Expected volatility (range) (%) | 58.00% | 60.00% |
Expected life (range) (years) | 1.79 | 1.80 |
Top of range [member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Risk-free interest rate (range) (%) | 2.20% | 1.05% |
Expected volatility (range) (%) | 64.00% | 65.00% |
Expected life (range) (years) | 3.79 | 3.80 |
Share-based payments - Summar_5
Share-based payments - Summary of Status and Movements in RSUs and PSUs (Detail) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Shares Without Performance Criteria [member] | ||
Disclosure Of Other Equity Instruments [Line Items] | ||
At January 1, (in shares) | 341,198 | 248,013 |
Granted (in shares) | 214,859 | 187,366 |
Redeemed (in shares) | (181,491) | (69,968) |
Forfeited (in shares) | (41,447) | (24,213) |
At December 31, (in shares) | 333,119 | 341,198 |
Restricted Shares With Performance Criteria [member] | ||
Disclosure Of Other Equity Instruments [Line Items] | ||
At January 1, (in shares) | 0 | |
Granted (in shares) | 167,976 | 0 |
Forfeited (in shares) | (15,049) | |
At December 31, (in shares) | 152,927 | 0 |
Performance share unit [member] | ||
Disclosure Of Other Equity Instruments [Line Items] | ||
At January 1, (in shares) | 381,293 | 286,188 |
Granted (in shares) | 261,522 | 113,938 |
Expired (in shares) | (118,605) | 0 |
Forfeited (in shares) | (39,311) | (18,833) |
At December 31, (in shares) | 484,899 | 381,293 |
Supplementary cash flow infor_3
Supplementary cash flow information - Summary of Change in cash flow information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in non-cash working capital | ||
Accounts receivable and other | $ (1,471) | $ (2,456) |
Inventories | 20,775 | (31,437) |
Accounts payable and accrued liabilities | (14,242) | (1,862) |
Total | 5,062 | (35,755) |
Supplementary cash flow information | ||
Income taxes paid | 36,879 | 42,293 |
Interest paid | $ 36,750 | $ 36,750 |
Financial risk management - Sum
Financial risk management - Summary of Exposure to Various Currencies Denominated in Foreign Currency (Detail) ₺ in Thousands, € in Thousands, дин in Thousands, ¥ in Thousands, £ in Thousands, R$ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, in Thousands | Dec. 31, 2018EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2018BRL (R$) | Dec. 31, 2018RON ( ) | Dec. 31, 2018GBP (£) | Dec. 31, 2018RSD (дин) | Dec. 31, 2018CNY (¥) | Dec. 31, 2018AUD ($) | Dec. 31, 2018TRY (₺) | Dec. 31, 2018CAD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2017BRL (R$) | Dec. 31, 2017RON ( ) | Dec. 31, 2017GBP (£) | Dec. 31, 2017RSD (дин) | Dec. 31, 2017CNY (¥) | Dec. 31, 2017AUD ($) | Dec. 31, 2017TRY (₺) | Dec. 31, 2017CAD ($) | Dec. 31, 2016USD ($) |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||
Cash and cash equivalents | $ 286,312 | $ 479,501 | $ 883,171 | ||||||||||||||||||
Marketable securities | 2,572 | 5,010 | |||||||||||||||||||
Accounts receivable and other | 80,987 | 78,344 | |||||||||||||||||||
Accounts payable and accrued liabilities | (140,878) | (110,541) | |||||||||||||||||||
Canadian dollar [member] | Currency risk [member] | |||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||
Cash and cash equivalents | $ 19,030 | $ 18,280 | |||||||||||||||||||
Marketable securities | 3,509 | 6,286 | |||||||||||||||||||
Accounts receivable and other | 23,672 | 13,706 | |||||||||||||||||||
Accounts payable and accrued liabilities | (102,027) | (30,900) | |||||||||||||||||||
Other non-current liability | (10,064) | (1,269) | |||||||||||||||||||
Net assets | (48,292) | $ (65,880) | 4,865 | $ 6,103 | |||||||||||||||||
Australian dollar [member] | Currency risk [member] | |||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||
Cash and cash equivalents | $ 433 | $ 482 | |||||||||||||||||||
Accounts receivable and other | 3 | 4 | |||||||||||||||||||
Accounts payable and accrued liabilities | (7) | (42) | |||||||||||||||||||
Net assets | 302 | $ 429 | 347 | $ 444 | |||||||||||||||||
Euro [member] | Currency risk [member] | |||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||
Cash and cash equivalents | € | € 6,861 | € 13,030 | |||||||||||||||||||
Accounts receivable and other | € | 15,552 | 24,508 | |||||||||||||||||||
Accounts payable and accrued liabilities | € | (34,488) | (45,751) | |||||||||||||||||||
Other non-current liability | € | (9,191) | (6,516) | |||||||||||||||||||
Net assets | € (21,266) | (24,334) | € (14,729) | (17,664) | |||||||||||||||||
Turkish lira [member] | Currency risk [member] | |||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||
Cash and cash equivalents | ₺ | ₺ 2,664 | ₺ 4,965 | |||||||||||||||||||
Accounts receivable and other | ₺ | 54,772 | 60,111 | |||||||||||||||||||
Accounts payable and accrued liabilities | ₺ | (44,516) | (50,099) | |||||||||||||||||||
Other non-current liability | ₺ | (15,877) | (17,999) | |||||||||||||||||||
Net assets | (562) | ₺ (2,957) | (802) | ₺ (3,022) | |||||||||||||||||
Chinese renminbi [member] | Currency risk [member] | |||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||
Cash and cash equivalents | ¥ | ¥ 72 | ¥ 77 | |||||||||||||||||||
Net assets | 11 | ¥ 72 | 12 | ¥ 77 | |||||||||||||||||
Serbian Dinar [member] | Currency risk [member] | |||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||
Cash and cash equivalents | дин | дин 8,848 | дин 4,845 | |||||||||||||||||||
Accounts receivable and other | дин | 8,386 | 43,157 | |||||||||||||||||||
Accounts payable and accrued liabilities | дин | (1,004) | (9,000) | |||||||||||||||||||
Net assets | 157 | дин 16,230 | 394 | дин 39,002 | |||||||||||||||||
Romanian lei [member] | Currency risk [member] | |||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||
Cash and cash equivalents | | 1,904 | 9,730 | |||||||||||||||||||
Accounts receivable and other | | 4,487 | 7,542 | |||||||||||||||||||
Accounts payable and accrued liabilities | | (2,286) | (6,174) | |||||||||||||||||||
Net assets | 1,010 | 4,105 | 2,874 | 11,098 | |||||||||||||||||
Great British pound [member] | Currency risk [member] | |||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||
Cash and cash equivalents | £ | £ 923 | £ 366 | |||||||||||||||||||
Net assets | 1,180 | £ 923 | 495 | £ 366 | |||||||||||||||||
Brazilian real [member] | Currency risk [member] | |||||||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||||||||
Cash and cash equivalents | R$ | R$ 4539 | R$ 15991 | |||||||||||||||||||
Accounts receivable and other | R$ | 9,970 | 12,547 | |||||||||||||||||||
Accounts payable and accrued liabilities | R$ | (2,941) | (5,559) | |||||||||||||||||||
Net assets | $ 2,982 | R$ 11568 | $ 6,946 | R$ 22979 |
Financial risk management - Add
Financial risk management - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 10, 2012 | |
Disclosure of risk management [line items] | |||
Increase/decrease in the U.S. dollar exchange rate against all currencies except Canadian dollar, Australian dollar, Euro, Turkish lira, Chinese renminbi, Swedish krona, Romanian lei, Great British pound and Brazilian real | 1.00% | ||
Decrease/increase in profit (loss) before taxes due to 1% increase/decrease in the U.S. dollar exchange rate against all currencies except Canadian dollar, Australian dollar, Euro, Turkish lira, Chinese renminbi, Swedish krona, Romanian lei, Great British pound and Brazilian real | $ 675,000 | $ 25,000 | |
Decrease/increase in other comprehensive income due to 1% increase/decrease in the U.S. dollar exchange rate against all currencies except Canadian dollar, Australian dollar, Euro, Turkish lira, Chinese renminbi, Swedish krona, Romanian lei, Great British pound and Brazilian real | 0 | ||
Maximum exposure to credit risk | $ 356,823,000 | ||
Number of days from shipment | 15 days | ||
Debt to capital ratio | 15.20% | 13.80% | |
Senior notes [member] | |||
Disclosure of risk management [line items] | |||
Debt fixed interest rate | 6.125% | ||
Revolving credit facility [member] | |||
Disclosure of risk management [line items] | |||
Net Debt to EBITDA ratio | 2.26 | 0.9 |
Commitments and Contractual O_3
Commitments and Contractual Obligations - Summary of contractual obligations (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Later than one year and not later than two years [member] | |
Disclosure of contingent liabilities [line items] | |
Operating leases | $ 9,305 |
Purchase obligations | 30,883 |
Totals | 40,188 |
Later than two years and not later than three years [member] | |
Disclosure of contingent liabilities [line items] | |
Operating leases | 8,145 |
Purchase obligations | 234 |
Totals | 8,379 |
Later than three years and not later than four years [member] | |
Disclosure of contingent liabilities [line items] | |
Operating leases | 7,794 |
Purchase obligations | 148 |
Totals | 7,942 |
Later than four years [member] | |
Disclosure of contingent liabilities [line items] | |
Operating leases | 39,446 |
Purchase obligations | 278 |
Totals | $ 39,724 |
Commitments and Contractual O_4
Commitments and Contractual Obligations - Additional Information (Details) | Dec. 31, 2018T | Jul. 01, 2018$ / oz | Apr. 30, 2007USD ($)$ / oz | Jun. 30, 2018$ / ozm |
Disclosure of contingent liabilities [line items] | ||||
Consideration paid | $ | $ 57,500,000 | |||
Silver price ($/oz) | $ / oz | 6.77 | 3.90 | 2.50 | |
Expansion drilling (in meters) | m | 10,000 | |||
Zinc [member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Number of dry metric tonnes | 52,500 | |||
Lead/Silver Concentrates [member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Number of dry metric tonnes | 5,250 | |||
Gold Concentrate [member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Number of dry metric tonnes | 241,000 | |||
Subsidiaries [member] | Gold Concentrate [member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Number of dry metric tonnes | 45,000 |
Related party transactions - Su
Related party transactions - Summary of compensation paid or payable to key management (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [abstract] | ||
Salaries and other short-term employee benefits | $ 6,191 | $ 8,908 |
Defined benefit pension plan | 268 | 754 |
Share based payments | 2,632 | 5,920 |
Termination benefits | 1,762 | 607 |
Compensation for key management personnel | $ 10,853 | $ 16,189 |
Financial instruments by cate_3
Financial instruments by category - Summary of Carrying Value and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair value through OCI | |||
Marketable securities | $ 2,572 | $ 5,010 | |
Amortized cost | |||
Cash and cash equivalents | 286,312 | 479,501 | $ 883,171 |
Restricted cash | 296 | 310 | |
Other assets | 10,592 | 10,285 | |
Financial Liabilities at amortized cost | |||
Accounts payable and accrued liabilities | 140,878 | 110,541 | |
Debt | 595,977 | 593,783 | |
Fair value [member] | |||
Fair value through OCI | |||
Marketable securities | 2,572 | 5,010 | |
Amortized cost | |||
Cash and cash equivalents | 286,312 | 479,501 | |
Term deposit | 6,646 | 5,508 | |
Restricted cash | 13,745 | 12,927 | |
Accounts receivable and other | 46,196 | 33,627 | |
Other assets | 3,924 | 4,900 | |
Financial Liabilities at amortized cost | |||
Accounts payable and accrued liabilities | 140,878 | 110,541 | |
Debt | 549,606 | 595,698 | |
Carrying amount [member] | |||
Fair value through OCI | |||
Marketable securities | 2,572 | 5,010 | |
Amortized cost | |||
Cash and cash equivalents | 286,312 | 479,501 | |
Term deposit | 6,646 | 5,508 | |
Restricted cash | 13,745 | 12,927 | |
Accounts receivable and other | 46,196 | 33,627 | |
Other assets | 3,924 | 4,900 | |
Financial Liabilities at amortized cost | |||
Accounts payable and accrued liabilities | 140,878 | 110,541 | |
Debt | $ 595,977 | $ 593,783 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | $ 458,624 | $ 391,523 |
Gain (loss) on revaluation of derivatives in trade receivables | 392 | (117) |
Revenue | 459,016 | 391,406 |
Gold [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 385,953 | 333,342 |
Gold Dore [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 220,382 | 215,739 |
Gold Concentrate [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 165,571 | 117,603 |
Zinc [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 39,564 | 30,575 |
Lead [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 21,625 | 18,272 |
Silver [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 11,482 | 6,987 |
Silver Dore [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 1,245 | 1,400 |
Silver Concentrate [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 10,237 | 5,587 |
Iron [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 0 | 2,347 |
Turkey [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 348,528 | 337,907 |
Revenue | 348,528 | 337,907 |
Turkey [member] | Gold Dore [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 220,382 | 215,739 |
Turkey [member] | Gold Concentrate [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 123,960 | 117,603 |
Turkey [member] | Zinc [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 0 | 0 |
Turkey [member] | Lead [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 0 | 0 |
Turkey [member] | Silver Dore [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 1,245 | 1,400 |
Turkey [member] | Silver Concentrate [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 2,941 | 3,165 |
Turkey [member] | Iron [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 0 | |
Greece [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 110,096 | 51,269 |
Revenue | 110,488 | 51,152 |
Greece [member] | Gold Dore [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 0 | 0 |
Greece [member] | Gold Concentrate [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 41,611 | 0 |
Greece [member] | Zinc [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 39,564 | 30,575 |
Greece [member] | Lead [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 21,625 | 18,272 |
Greece [member] | Silver Dore [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 0 | 0 |
Greece [member] | Silver Concentrate [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 7,296 | 2,422 |
Greece [member] | Iron [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 0 | |
Brazil [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 0 | 2,347 |
Revenue | 0 | 2,347 |
Brazil [member] | Gold Dore [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 0 | 0 |
Brazil [member] | Gold Concentrate [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 0 | 0 |
Brazil [member] | Zinc [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 0 | 0 |
Brazil [member] | Lead [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 0 | 0 |
Brazil [member] | Silver Dore [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 0 | 0 |
Brazil [member] | Silver Concentrate [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | $ 0 | 0 |
Brazil [member] | Iron [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | $ 2,347 |
Production costs - Summary of P
Production costs - Summary of Product Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Expenses by nature [abstract] | ||
Labour | $ 74,023 | $ 52,670 |
Fuel | 14,910 | 23,241 |
Reagents | 40,587 | 40,839 |
Electricity | 14,288 | 12,132 |
Mining contractors | 17,107 | 12,575 |
Operating and maintenance supplies and services | 31,772 | 56,342 |
Site general and administrative costs | 33,667 | 23,621 |
Inventory change | 33,459 | (36,501) |
Royalties, production taxes and selling expenses | 8,167 | 7,821 |
Production costs | $ 267,980 | $ 192,740 |
Earnings per share - Summary of
Earnings per share - Summary of Weighted Average Shares and Adjusted Weighted Average Shares (Detail) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted average ordinary shares and adjusted weighted average ordinary shares [abstract] | ||
Weighted average number of ordinary shares used in the calculation of basic earnings per share (in shares) | 158,509 | 150,531 |
Diluted impact of stock options (in shares) | 0 | 0 |
Weighted average number of ordinary shares used in the calculation of diluted earnings per share (in shares) | 158,509 | 150,531 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | Dec. 31, 2018Segments |
Disclosure of operating segments [abstract] | |
Number of reportable segments | 6 |
Segment information - Summary o
Segment information - Summary of Operating Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Information about profit and loss | |||
Revenue | $ 459,016 | $ 391,406 | |
Production costs | 267,980 | 192,740 | |
Inventory write-down | 1,465 | 444 | |
Depreciation | 105,732 | 72,130 | |
Earnings from mine operations | 83,839 | 126,092 | |
Other material items of income and expense | |||
Other write-down (write-up) of assets | 46,697 | ||
Impairment of property, plant, and equipment | 447,808 | 0 | |
Exploration and evaluation expenses | 33,842 | 38,261 | |
Income tax expense (recovery) | (86,498) | 19,383 | |
Additions to property, plant and equipment during the period | 328,153 | 310,238 | |
Capitalised interest | 36,750 | 36,750 | |
Information about assets and liabilities | |||
Property, plant and equipment | 3,988,476 | 4,227,397 | $ 3,645,827 |
Goodwill | 92,591 | 92,591 | |
Information about assets and liabilities | 4,081,067 | 4,319,988 | |
Debt | 595,977 | 593,783 | |
Turkey [member] | |||
Information about profit and loss | |||
Revenue | 348,528 | 337,907 | |
Production costs | 174,081 | 145,573 | |
Inventory write-down | 0 | 0 | |
Depreciation | 75,854 | 71,389 | |
Earnings from mine operations | 98,593 | 120,945 | |
Other material items of income and expense | |||
Other write-down (write-up) of assets | 29,619 | ||
Impairment of property, plant, and equipment | 117,570 | ||
Exploration and evaluation expenses | 840 | 3,203 | |
Income tax expense (recovery) | 45,238 | 30,139 | |
Additions to property, plant and equipment during the period | 68,737 | 65,013 | |
Capitalised interest | 0 | 0 | |
Information about assets and liabilities | |||
Property, plant and equipment | 721,449 | 835,422 | |
Goodwill | 0 | 0 | |
Information about assets and liabilities | 721,449 | 835,422 | |
Debt | 0 | 0 | |
Canada [member] | |||
Information about profit and loss | |||
Revenue | 0 | 0 | |
Production costs | 0 | 0 | |
Inventory write-down | 0 | 0 | |
Depreciation | 0 | 6 | |
Earnings from mine operations | 0 | (6) | |
Other material items of income and expense | |||
Other write-down (write-up) of assets | 0 | ||
Impairment of property, plant, and equipment | 0 | ||
Exploration and evaluation expenses | 103 | 6,616 | |
Income tax expense (recovery) | (3,415) | 1,532 | |
Additions to property, plant and equipment during the period | 189,867 | 34,575 | |
Capitalised interest | 13,160 | 1,245 | |
Information about assets and liabilities | |||
Property, plant and equipment | 582,895 | 416,795 | |
Goodwill | 92,591 | 92,591 | |
Information about assets and liabilities | 675,486 | 509,386 | |
Debt | 0 | 0 | |
Greece [member] | |||
Information about profit and loss | |||
Revenue | 110,488 | 51,152 | |
Production costs | 93,899 | 45,343 | |
Inventory write-down | 1,465 | 444 | |
Depreciation | 29,424 | 466 | |
Earnings from mine operations | (14,300) | 4,899 | |
Other material items of income and expense | |||
Other write-down (write-up) of assets | 6,661 | ||
Impairment of property, plant, and equipment | 330,238 | ||
Exploration and evaluation expenses | 15,947 | 7,512 | |
Income tax expense (recovery) | (129,213) | (4,603) | |
Additions to property, plant and equipment during the period | 61,716 | 197,788 | |
Capitalised interest | 23,590 | 35,505 | |
Information about assets and liabilities | |||
Property, plant and equipment | 2,063,798 | 2,362,107 | |
Goodwill | 0 | 0 | |
Information about assets and liabilities | 2,063,798 | 2,362,107 | |
Debt | 0 | 0 | |
Romania [member] | |||
Information about profit and loss | |||
Revenue | 0 | 0 | |
Production costs | 0 | 0 | |
Inventory write-down | 0 | 0 | |
Depreciation | 0 | 0 | |
Earnings from mine operations | 0 | 0 | |
Other material items of income and expense | |||
Other write-down (write-up) of assets | 10,454 | ||
Impairment of property, plant, and equipment | 0 | ||
Exploration and evaluation expenses | 13,499 | 10,168 | |
Income tax expense (recovery) | (2,716) | (8,026) | |
Additions to property, plant and equipment during the period | 419 | 2,006 | |
Capitalised interest | 0 | 0 | |
Information about assets and liabilities | |||
Property, plant and equipment | 416,197 | 415,856 | |
Goodwill | 0 | 0 | |
Information about assets and liabilities | 416,197 | 415,856 | |
Debt | 0 | 0 | |
Brazil [member] | |||
Information about profit and loss | |||
Revenue | 0 | 2,347 | |
Production costs | 0 | 1,824 | |
Inventory write-down | 0 | 0 | |
Depreciation | 0 | 0 | |
Earnings from mine operations | 0 | 523 | |
Other material items of income and expense | |||
Other write-down (write-up) of assets | (79) | ||
Impairment of property, plant, and equipment | 0 | ||
Exploration and evaluation expenses | 1,728 | 4,733 | |
Income tax expense (recovery) | 3,608 | (1,087) | |
Additions to property, plant and equipment during the period | 6,612 | 10,029 | |
Capitalised interest | 0 | 0 | |
Information about assets and liabilities | |||
Property, plant and equipment | 203,075 | 196,467 | |
Goodwill | 0 | 0 | |
Information about assets and liabilities | 203,075 | 196,467 | |
Debt | 0 | 0 | |
Other [member] | |||
Information about profit and loss | |||
Revenue | 0 | 0 | |
Production costs | 0 | 0 | |
Inventory write-down | 0 | 0 | |
Depreciation | 454 | 269 | |
Earnings from mine operations | (454) | (269) | |
Other material items of income and expense | |||
Other write-down (write-up) of assets | 42 | ||
Impairment of property, plant, and equipment | 0 | ||
Exploration and evaluation expenses | 1,725 | 6,029 | |
Income tax expense (recovery) | 0 | 1,428 | |
Additions to property, plant and equipment during the period | 802 | 827 | |
Capitalised interest | 0 | 0 | |
Information about assets and liabilities | |||
Property, plant and equipment | 1,062 | 750 | |
Goodwill | 0 | 0 | |
Information about assets and liabilities | 1,062 | 750 | |
Debt | $ 595,977 | $ 593,783 |